# EDGAR Filing Document

**Accession Number:** 0000719423
**File Stem:** 0001193125-23-026537
**Filing Date:** 2023-2
**Character Count:** 2677852
**Document Hash:** 54b28a1adfed2041dac1ff4167d92cc7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-026537.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001193125-23-026537

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230207

**EFFECTIVENESS DATE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VALIC Co I
- **CENTRAL INDEX KEY:** 0000719423
- **IRS NUMBER:** 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:** 23593525

**BUSINESS ADDRESS:**
- **STREET 1:** HARBORSIDE 5
- **STREET 2:** 185 HUDSON STREET, SUITE 3300
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07311
- **BUSINESS PHONE:** 201-324-6378

**MAIL ADDRESS:**
- **STREET 1:** HARBORSIDE 5
- **STREET 2:** 185 HUDSON STREET, SUITE 3300
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07311

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Blue Chip Growth Fund (Series ID: S000008005)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Growth Fund (Series ID: S000008354)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

##### [**Table of Contents**](#toc)

------

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

------

**FORM N-CSR** 

------

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number 811-03738** 

------

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

------

**2929 Allen Parkway, Houston, TX 77019** 

**(Address of principal executive offices) (Zip code)** 

------

**John T. Genoy** 

**President** 

**SunAmerica Asset Management, LLC** 

**Harborside 5** 

**185 Hudson Street,** 

**Suite 3300** 

**Jersey City, NJ 07311** 

**(Name and address of agent for service)** 

**Registrant's telephone number, including area code: (201) 324-6414** 

------

**Date of fiscal year end: May 31** 

**Date of reporting period: November 30, 2022** 

------

##### [**Table of Contents**](#toc)
**Item 1. Reports to Stockholders** 

------

##### [**Table of Contents**](#toc)

## VALIC Company I
Semi-Annual Report, November 30, 2022

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**SEMI-ANNUAL REPORT NOVEMBER 30, 2022** 

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  [President's Letter](#toc406992_1) | 1 |
|  [Expense Example](#toc406992_2) | 2 |
|  Portfolio of Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Aggressive Growth Lifestyle Fund](#toc406992_3) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Asset Allocation Fund](#toc406992_4) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Blue Chip Growth Fund](#toc406992_5) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Capital Appreciation Fund](#toc406992_6) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Conservative Growth Lifestyle Fund](#toc406992_7) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Core Bond Fund](#toc406992_8) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Dividend Value Fund](#toc406992_9) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Dynamic Allocation Fund](#toc406992_10) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Emerging Economies Fund](#toc406992_11) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Global Real Estate Fund](#toc406992_12) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Global Strategy Fund](#toc406992_13) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Government Securities Fund](#toc406992_14) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Growth Fund](#toc406992_15) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [High Yield Bond Fund](#toc406992_16) | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Inflation Protected Fund](#toc406992_17) | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [International Equities Index Fund](#toc406992_18) | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [International Government Bond Fund](#toc406992_19) | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [International Growth Fund](#toc406992_20) | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [International Opportunities Fund](#toc406992_21) | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [International Socially Responsible Fund](#toc406992_22) | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [International Value Fund](#toc406992_23) | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Large Capital Growth Fund](#toc406992_24) | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mid Cap Index Fund](#toc406992_25) | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mid Cap Strategic Growth Fund](#toc406992_26) | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mid Cap Value Fund](#toc406992_27) | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Moderate Growth Lifestyle Fund](#toc406992_28) | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Nasdaq-100® Index Fund](#toc406992_29) | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Science & Technology Fund](#toc406992_30) | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Small Cap Growth Fund](#toc406992_31) | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Small Cap Index Fund](#toc406992_32) | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Small Cap Special Values Fund](#toc406992_33) | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Small Cap Value Fund](#toc406992_34) | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Stock Index Fund](#toc406992_35) | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Systematic Core Fund](#toc406992_36) | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Systematic Value Fund](#toc406992_37) | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [U.S. Socially Responsible Fund](#toc406992_38) | 221 |
|  [Statements of Assets and Liabilities](#toc406992_40) | 226 |
|  [Statements of Operations](#toc406992_41) | 232 |
|  [Statements of Changes in Net Assets](#toc406992_42) | 238 |
|  [Notes to Financial Statements](#toc406992_43) | 247 |
|  [Financial Highlights](#toc406992_44) | 277 |
|  [Approval of Advisory Agreements](#toc406992_46) | 295 |
|  [Supplements to the Prospectus](#toc406992_47) | 311 |
|  [Proxy Votes](#toc406992_48) | 315 |

---

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**PRESIDENT'S LETTER** 

------

Dear Valued Investor:

We are pleased to provide you with the following Semi-Annual Report for VALIC Company I consisting of investment portfolio information and financial statements for the six-month period ended November 30, 2022. We encourage you to carefully read this report.

We continue to believe that maintaining a well-diversified investment portfolio focused on the long-term can help smooth the inevitable ups-and-downs of market performance. Your financial advisor can assist by reviewing your financial situation and tax considerations to develop a plan that employs appropriate investment strategies and a diversified allocation among asset classes.

Our highest priority is to assist you in improving the likelihood of reaching your long-term investment goals.

Thank you for your investment.

Sincerely,

![LOGO](g406992g66s98.jpg)

John T. Genoy,

President VALIC Company I

------

Note: All performance figures quoted are for the VALIC Company I Funds. They do not reflect fees and charges associated with the variable annuity. Past performance is no guarantee of future results. Annuities are long-term investment vehicles designed for retirement purposes. Early withdrawal may be subject to withdrawal charges and if taken prior to age 591/2, a 10% federal tax penalty may apply. An investment in a variable annuity involves investment risk, including possible loss of principal. The contract, when redeemed, may be worth more or less than the total amount invested.

Investments in stocks and bonds are subject to risks, including stock market and interest rate fluctuations. 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.

Investments that concentrate on one economic sector or geographic region are generally subject to greater volatility than more diverse investments. Investments in real estate investment trusts (REITs) involve risks such as refinancing, economic conditions in the real estate industry, changes in property values, dependency on real estate management, and other risks associated with a concentration in one sector or geographic region. Investments in securities related to gold and other precious metals and minerals are speculative and impacted by a host of worldwide economic, financial and political factors.

Investments in debt securities are subject to credit risk (i.e., the risk that an issuer might not pay interest when due or repay principal at maturity of the obligation). Investments in lower-rated bonds and "junk bonds" are considered speculative due to the heightened risk of default and are subject to unpredictable losses as a result of changes in the issuer's creditworthiness.

Investments in derivatives are subject to heightened risk; gains or losses from non-hedging positions may be substantially greater than the cost of the position. Active trading may result in high portfolio turnover and correspondingly greater transaction costs for the portfolio and underlying portfolios.

There can be no assurance that the Portfolios will meet their investment objectives. A full description of the investment goals, principal strategies, and risks for each Portfolio are provided in the prospectus.

Investments are not guaranteed or endorsed by any bank, are not a deposit or obligation of any bank, and are not federally insured by Federal Deposit Corporation (FDIC), the Federal Reserve Board or any other federal government agency.

**\* Not FDIC or NCUA/NCUSIF Insured** 

**\* May Lose Value \* No Bank or Credit Union Guarantee** 

**\* Not a Deposit \* Not insured by any Federal Government Agency** 

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**EXPENSE EXAMPLE — *November 30, 2022 (unaudited)*** 

------

**Disclosure of Fund Expenses in Shareholder Reports** 

As a shareholder of a Fund in VALIC Company I ("VC I"), you incur ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at June 1, 2022 and held until November 30, 2022. Shares of VC I are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies ("Variable Contracts"), qualified retirement plans (the "Plans") and Individual Retirement Accounts ("IRAs") offered by The Variable Annuity Life Insurance Company ("VALIC"), the investment adviser to VC I, and other life insurance companies affiliated with VALIC. The fees and expenses associated with the Variable Contracts, Plans and IRA's are not included in these Examples, and had such fees and expenses been included, your costs would have been higher. Please see your Variable Contract prospectus or Plan/IRA document for more details on the fees associated with the Variable Contract, Plans or IRAs.

**Actual Expenses** 

The "Actual" section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled "Expenses Paid During the Six Months ended November 30, 2022" to estimate the expenses you paid on your account during this period. The "Expenses Paid During the Six Months ended November 30, 2022" column and the "Annualized Expense Ratio" column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRAs, in which the Funds are offered. Had these fees and expenses been included, the "Expenses Paid During the Six Months ended November 30, 2022" column would have been higher and the "Ending Account Value" column would have been lower.

**Hypothetical Example for Comparison Purposes** 

The "Hypothetical" section of the table provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an annual rate of return of 5% before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in these Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The "Expenses Paid During the Six Months ended November 30, 2022" column and the "Annualized Expense Ratio" column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRAs, in which the Funds are offered. Had these fees and expenses been included, the "Expenses Paid During the Six Months ended November 30, 2022" column would have been higher and the "Ending Account Value" column would have been lower.

Please note that 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 Contracts, Plans or IRAs. Please refer to your Variable Contract prospectus or Plan/IRA document for more information. Therefore, the "hypothetical" example is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these fees and expenses were included, your costs would have been higher.

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**EXPENSE EXAMPLE — *November 30, 2022 (unaudited) — (continued)*** 

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Actual** | **Actual** | **Actual** | **Hypothetical** | **Hypothetical** | **Hypothetical** | **Hypothetical** |
| <br>**Fund**<br>| **Beginning<br>Account Value<br>at June 1,<br>2022** | **Ending<br>Account Value<br>Using Actual<br>Return at<br>November 30,<br>2022** | **Expenses Paid<br>During the Six<br>Months Ended<br>November 30,<br>2022** | **Beginning<br>Account Value<br>at June 1,<br>2022** | **Ending<br>Account Value<br>Using a<br>Hypothetical<br>5% Annual<br>Return at<br>November 30,<br>2022** | **Expenses Paid<br>During the<br>Six Months Ended<br>November 30,<br>2022** | **Annualized<br>Expense<br>Ratio\*** |
|  Aggressive Growth Lifestyle# | $1000.00 | $981.50 | $0.45 | $1000.00 | $1024.62 | $0.46 | 0.09% |
|  Asset Allocation# | $1000.00 | $982.51 | $3.33 | $1000.00 | $1021.71 | $3.40 | 0.67% |
|  Blue Chip Growth# | $1000.00 | $930.70 | $4.07 | $1000.00 | $1020.86 | $4.26 | 0.84% |
|  Capital Appreciation# | $1000.00 | $965.70 | $3.15 | $1000.00 | $1021.86 | $3.24 | 0.64% |
|  Conservative Growth Lifestyle# | $1000.00 | $974.47 | $0.59 | $1000.00 | $1024.47 | $0.61 | 0.12% |
|  Core Bond | $1000.00 | $955.67 | $2.50 | $1000.00 | $1022.51 | $2.59 | 0.51% |
|  Dividend Value# | $1000.00 | $1000.76 | $3.46 | $1000.00 | $1021.61 | $3.50 | 0.69% |
|  Dynamic Allocation# | $1000.00 | $970.41 | $1.58 | $1000.00 | $1023.46 | $1.62 | 0.32% |
|  Emerging Economies | $1000.00 | $896.55 | $4.61 | $1000.00 | $1020.21 | $4.91 | 0.97% |
|  Global Real Estate | $1000.00 | $883.75 | $4.11 | $1000.00 | $1020.71 | $4.41 | 0.87% |
|  Global Strategy# | $1000.00 | $965.07 | $3.45 | $1000.00 | $1021.56 | $3.55 | 0.70% |
|  Government Securities | $1000.00 | $964.25 | $3.20 | $1000.00 | $1021.81 | $3.29 | 0.65% |
|  Growth# | $1000.00 | $944.41 | $3.22 | $1000.00 | $1021.76 | $3.35 | 0.66% |
|  High Yield Bond# | $1000.00 | $974.40 | $3.37 | $1000.00 | $1021.66 | $3.45 | 0.68% |
|  Inflation Protected# | $1000.00 | $962.79 | $2.66 | $1000.00 | $1022.36 | $2.74 | 0.54% |
|  International Equities Index | $1000.00 | $980.77 | $2.14 | $1000.00 | $1022.91 | $2.18 | 0.43% |
|  International Government Bond | $1000.00 | $945.19 | $3.46 | $1000.00 | $1021.51 | $3.60 | 0.71% |
|  International Growth# | $1000.00 | $978.89 | $4.46 | $1000.00 | $1020.56 | $4.56 | 0.90% |
|  International Opportunities# | $1000.00 | $938.83 | $4.62 | $1000.00 | $1020.31 | $4.81 | 0.95% |
|  International Socially Responsible | $1000.00 | $974.48 | $3.32 | $1000.00 | $1021.71 | $3.40 | 0.67% |
|  International Value# | $1000.00 | $963.64 | $3.84 | $1000.00 | $1021.16 | $3.95 | 0.78% |
|  Large Capital Growth | $1000.00 | $989.68 | $3.79 | $1000.00 | $1021.26 | $3.85 | 0.76% |
|  Mid Cap Index | $1000.00 | $1031.84 | $1.88 | $1000.00 | $1023.21 | $1.88 | 0.37% |
|  Mid Cap Strategic Growth | $1000.00 | $1007.83 | $3.93 | $1000.00 | $1021.16 | $3.95 | 0.78% |
|  Mid Cap Value# | $1000.00 | $1005.33 | $4.02 | $1000.00 | $1021.06 | $4.05 | 0.80% |
|  Moderate Growth Lifestyle# | $1000.00 | $979.75 | $0.55 | $1000.00 | $1024.52 | $0.56 | 0.11% |
|  Nasdaq -100<sup>®</sup> Index# | $1000.00 | $952.64 | $2.55 | $1000.00 | $1022.46 | $2.64 | 0.52% |
|  Science & Technology# | $1000.00 | $925.44 | $4.54 | $1000.00 | $1020.36 | $4.76 | 0.94% |
|  Small Cap Growth# | $1000.00 | $1000.00 | $4.41 | $1000.00 | $1020.66 | $4.46 | 0.88% |
|  Small Cap Index# | $1000.00 | $1017.81 | $2.18 | $1000.00 | $1022.91 | $2.18 | 0.43% |
|  Small Cap Special Values | $1000.00 | $983.48 | $4.43 | $1000.00 | $1020.61 | $4.51 | 0.89% |
|  Small Cap Value# | $1000.00 | $1002.95 | $3.87 | $1000.00 | $1021.21 | $3.90 | 0.77% |
|  Stock Index# | $1000.00 | $995.16 | $1.45 | $1000.00 | $1023.61 | $1.47 | 0.29% |
|  Systematic Core# | $1000.00 | $997.26 | $3.20 | $1000.00 | $1021.86 | $3.24 | 0.64% |
|  Systematic Value# | $1000.00 | $1016.91 | $2.53 | $1000.00 | $1022.56 | $2.54 | 0.50% |
|  U.S. Socially Responsible | $1000.00 | $1008.72 | $1.86 | $1000.00 | $1023.21 | $1.88 | 0.37% |

---

\* Expenses are equal to each Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days then divided by 365 days (to reflect the one-half year period). These ratios do not reflect fees and expenses associated with the Variable Contracts, Plans or IRA's. If such fees and expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details on expenses that apply to the Variable Contracts or your Plan/IRA document for details on the administrative fees charged by your Plan/IRA sponsor. 

# During the stated period, the investment adviser either waived a portion of or all fees and assumed a portion of or all expenses for the Funds or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. As a result, if these fees and expenses had not been waived or assumed, the "Actual/Hypothetical Ending Account Value" would have been lower and the "Actual/Hypothetical Expenses Paid During the Six Months Ended November 30, 2022" and the "Annualized Expense Ratio" would have been higher. If these fees and expenses had not been recouped, the "Actual/Hypothetical Ending Account Value" would have been higher and the "Actual/Hypothetical Expenses Paid During the Six Months Ended November 30, 2022" and the "Annualized Expense Ratio" would have been lower. 

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Domestic Equity Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;55.1% |
| Domestic Fixed Income Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;23.5 |
| International Equity Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;20.4 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
|  | &nbsp;&nbsp;100.1% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **AFFILIATED INVESTMENT COMPANIES#(1) — 99.0%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 99.0%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 99.0%** |
| **Domestic Equity Investment Companies — 55.1%** | **Domestic Equity Investment Companies — 55.1%** | **Domestic Equity Investment Companies — 55.1%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Blue Chip Growth Fund | 1753783 | &nbsp;&nbsp;$26850425 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Large Capital Growth Fund | 1616469 | &nbsp;&nbsp;&nbsp;&nbsp; 29468226 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Growth Fund | 2236966 | &nbsp;&nbsp;&nbsp;&nbsp; 33039996 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Value Fund | 2509425 | &nbsp;&nbsp;&nbsp;&nbsp; 34077987 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Stock Index Fund | 3588156 | &nbsp;&nbsp;&nbsp;&nbsp;169576260 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Value Fund | 4379401 | &nbsp;&nbsp;&nbsp;&nbsp; 57939473 |
| **Total Domestic Equity Investment Companies<br> (cost $349,719,174)** |  | &nbsp;&nbsp;&nbsp;&nbsp;350952367 |
| **Domestic Fixed Income Investment Companies — 23.5%** | **Domestic Fixed Income Investment Companies — 23.5%** | **Domestic Fixed Income Investment Companies — 23.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALIC Company I Core Bond Fund<br> (cost $167,053,621) | 15410804 | &nbsp;&nbsp;&nbsp;&nbsp;149484794 |
| **International Equity Investment Companies — 20.4%** | **International Equity Investment Companies — 20.4%** | **International Equity Investment Companies — 20.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALIC Company I International Equities Index Fund<br> (cost $118,997,283) | 18132890 | &nbsp;&nbsp;&nbsp;&nbsp;129468833 |
| **Total Long-Term Investment Securities<br> (cost $635,770,078)** |  | &nbsp;&nbsp;&nbsp;&nbsp;629905994 |

---

---

| | | |
|:---|:---|:---|
| **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> 3.66%(2)<br> (cost $6,993,324) | 6993324 | &nbsp;&nbsp;$6993324 |
| **TOTAL INVESTMENTS<br> (cost $642,763,402)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1% | &nbsp;&nbsp;&nbsp;&nbsp;636899318 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331400) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$636567918 |

---

# The VALIC Company I Aggressive Growth Lifestyle Fund invests in various VALIC Company I Funds. Additional information on the underlying funds including such funds' prospectuses and shareholder reports are available at our website, www.valic.com.

(1) See Note 3.

(2) The rate shown is the 7-day yield as of November 30, 2022.

(3) See Note 5 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, 2022 (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;$629905994 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$629905994 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6993324 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6993324 |
| **Total Investments at Value** | &nbsp;&nbsp;$636899318 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$636899318 |

---

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

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;17.4% |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;6.4 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Other Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Auto Loan Receivables | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Credit Card Receivables | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;100.3% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 61.1%** | **COMMON STOCKS — 61.1%** | **COMMON STOCKS — 61.1%** |
| **Aerospace/Defense — 0.9%** | **Aerospace/Defense — 0.9%** | **Aerospace/Defense — 0.9%** |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2148 | &nbsp;&nbsp;$1145507 |
| **Apparel — 0.6%** | **Apparel — 0.6%** | **Apparel — 0.6%** |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7830 | &nbsp;&nbsp;&nbsp;&nbsp; 858873 |
| **Auto Manufacturers — 1.2%** | **Auto Manufacturers — 1.2%** | **Auto Manufacturers — 1.2%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8272 | &nbsp;&nbsp;&nbsp;&nbsp; 1610558 |
| **Banks — 4.6%** | **Banks — 4.6%** | **Banks — 4.6%** |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;21448 | &nbsp;&nbsp;&nbsp;&nbsp; 1996165 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42706 | &nbsp;&nbsp;&nbsp;&nbsp; 1999068 |
| &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;28287 | &nbsp;&nbsp;&nbsp;&nbsp; 1283947 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;18831 | &nbsp;&nbsp;&nbsp;&nbsp; 902947 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6182127 |
| **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;28278 | &nbsp;&nbsp;&nbsp;&nbsp; 1798764 |
| **Biotechnology — 2.0%** | **Biotechnology — 2.0%** | **Biotechnology — 2.0%** |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2418 | &nbsp;&nbsp;&nbsp;&nbsp; 1817611 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868 | &nbsp;&nbsp;&nbsp;&nbsp; 907435 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725046 |
| **Building Materials — 0.7%** | **Building Materials — 0.7%** | **Building Materials — 0.7%** |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4936 | &nbsp;&nbsp;&nbsp;&nbsp; 904917 |
| **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8711 | &nbsp;&nbsp;&nbsp;&nbsp; 754547 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8907 | &nbsp;&nbsp;&nbsp;&nbsp; 1204404 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958951 |
| **Commercial Services — 1.2%** | **Commercial Services — 1.2%** | **Commercial Services — 1.2%** |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4529 | &nbsp;&nbsp;&nbsp;&nbsp; 1597831 |
| **Computers — 3.5%** | **Computers — 3.5%** | **Computers — 3.5%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27070 | &nbsp;&nbsp;&nbsp;&nbsp; 4007172 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5803 | &nbsp;&nbsp;&nbsp;&nbsp; 634442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4641614 |
| **Diversified Financial Services — 2.6%** | **Diversified Financial Services — 2.6%** | **Diversified Financial Services — 2.6%** |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3347 | &nbsp;&nbsp;&nbsp;&nbsp; 1111037 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6818 | &nbsp;&nbsp;&nbsp;&nbsp; 2429935 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3540972 |
| **Electric — 2.9%** | **Electric — 2.9%** | **Electric — 2.9%** |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31406 | &nbsp;&nbsp;&nbsp;&nbsp; 2660088 |
| &nbsp;&nbsp;&nbsp;PG&E Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;22488 | &nbsp;&nbsp;&nbsp;&nbsp; 353062 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12743 | &nbsp;&nbsp;&nbsp;&nbsp; 894813 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3907963 |
| **Healthcare-Products — 1.9%** | **Healthcare-Products — 1.9%** | **Healthcare-Products — 1.9%** |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;36439 | &nbsp;&nbsp;&nbsp;&nbsp; 1649593 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3282 | &nbsp;&nbsp;&nbsp;&nbsp; 887420 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2537013 |
| **Healthcare-Services — 2.1%** | **Healthcare-Services — 2.1%** | **Healthcare-Services — 2.1%** |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5186 | &nbsp;&nbsp;&nbsp;&nbsp; 2840683 |
| **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4663 | &nbsp;&nbsp;&nbsp;&nbsp; 616215 |
| **Internet — 6.3%** | **Internet — 6.3%** | **Internet — 6.3%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;47406 | &nbsp;&nbsp;&nbsp;&nbsp; 4787532 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;27893 | &nbsp;&nbsp;&nbsp;&nbsp; 2692790 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357 | &nbsp;&nbsp;&nbsp;&nbsp; 160262 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;28298 | &nbsp;&nbsp;&nbsp;&nbsp; 824604 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8465188 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp; 3173 | &nbsp;&nbsp;$524656 |
| **Machinery-Diversified — 1.1%** | **Machinery-Diversified — 1.1%** | **Machinery-Diversified — 1.1%** |
| &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp; 3350 | &nbsp;&nbsp;&nbsp;&nbsp; 1477350 |
| **Miscellaneous Manufacturing — 2.4%** | **Miscellaneous Manufacturing — 2.4%** | **Miscellaneous Manufacturing — 2.4%** |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp; 12058 | &nbsp;&nbsp;&nbsp;&nbsp; 1970880 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp; 7392 | &nbsp;&nbsp;&nbsp;&nbsp; 1318881 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3289761 |
| **Oil & Gas — 1.8%** | **Oil & Gas — 1.8%** | **Oil & Gas — 1.8%** |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp; 10807 | &nbsp;&nbsp;&nbsp;&nbsp; 1334773 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. | &nbsp;&nbsp; 4562 | &nbsp;&nbsp;&nbsp;&nbsp; 1076586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411359 |
| **Oil & Gas Services — 1.2%** | **Oil & Gas Services — 1.2%** | **Oil & Gas Services — 1.2%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp; 55547 | &nbsp;&nbsp;&nbsp;&nbsp; 1611974 |
| **Pharmaceuticals — 3.7%** | **Pharmaceuticals — 3.7%** | **Pharmaceuticals — 3.7%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp; 18455 | &nbsp;&nbsp;&nbsp;&nbsp; 2974577 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp; 25486 | &nbsp;&nbsp;&nbsp;&nbsp; 2046016 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5020593 |
| **REITS — 1.9%** | **REITS — 1.9%** | **REITS — 1.9%** |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp; 21398 | &nbsp;&nbsp;&nbsp;&nbsp; 2520470 |
| **Retail — 3.7%** | **Retail — 3.7%** | **Retail — 3.7%** |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp; 5388 | &nbsp;&nbsp;&nbsp;&nbsp; 1377604 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp; 4031 | &nbsp;&nbsp;&nbsp;&nbsp; 856789 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp; 6953 | &nbsp;&nbsp;&nbsp;&nbsp; 1896709 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp; 10418 | &nbsp;&nbsp;&nbsp;&nbsp; 833961 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4965063 |
| **Semiconductors — 4.3%** | **Semiconductors — 4.3%** | **Semiconductors — 4.3%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp; 16553 | &nbsp;&nbsp;&nbsp;&nbsp; 1285009 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp; 1036 | &nbsp;&nbsp;&nbsp;&nbsp; 630012 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp; 4461 | &nbsp;&nbsp;&nbsp;&nbsp; 754935 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp; 14591 | &nbsp;&nbsp;&nbsp;&nbsp; 2565682 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp; 6105 | &nbsp;&nbsp;&nbsp;&nbsp; 570512 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5806150 |
| **Software — 4.9%** | **Software — 4.9%** | **Software — 4.9%** |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 25850 | &nbsp;&nbsp;&nbsp;&nbsp; 6595369 |
| **Telecommunications — 0.8%** | **Telecommunications — 0.8%** | **Telecommunications — 0.8%** |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp; 26050 | &nbsp;&nbsp;&nbsp;&nbsp; 1015429 |
| **Transportation — 1.1%** | **Transportation — 1.1%** | **Transportation — 1.1%** |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp; 5930 | &nbsp;&nbsp;&nbsp;&nbsp; 1521045 |
| **Total Common Stocks<br> (cost $79,940,719)** |  | &nbsp;&nbsp;&nbsp;&nbsp;82091441 |
| **CORPORATE BONDS & NOTES — 10.0%** | **CORPORATE BONDS & NOTES — 10.0%** | **CORPORATE BONDS & NOTES — 10.0%** |
| **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; 4545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 02/01/2027 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 243916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 11/01/2028 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 17051 |
| &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; 56005 |
| &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 07/01/2030 | &nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp; 72213 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393730 |
| **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 02/04/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 37906 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Agriculture (continued)** | **Agriculture (continued)** | **Agriculture (continued)** |
| &nbsp;&nbsp;&nbsp;BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26%, 03/25/2028 | $113000 | &nbsp;&nbsp;$94726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, 09/25/2040 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 26777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.39%, 08/15/2037 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 15754 |
| &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; 21587 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196750 |
| **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; 58494 | &nbsp;&nbsp;&nbsp;&nbsp; 51604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 01/11/2032 | &nbsp;&nbsp; 104000 | &nbsp;&nbsp;&nbsp;&nbsp; 84897 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/10/2029 | &nbsp;&nbsp; 86844 | &nbsp;&nbsp;&nbsp;&nbsp; 73630 |
| &nbsp;&nbsp;&nbsp;JetBlue Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 05/15/2030 | &nbsp;&nbsp; 41149 | &nbsp;&nbsp;&nbsp;&nbsp; 39866 |
| &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 04/07/2030 | &nbsp;&nbsp; 25749 | &nbsp;&nbsp;&nbsp;&nbsp; 20173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/01/2029 | &nbsp;&nbsp; 42911 | &nbsp;&nbsp;&nbsp;&nbsp; 36841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 04/07/2027 to 07/07/2027 | &nbsp;&nbsp; 96752 | &nbsp;&nbsp;&nbsp;&nbsp; 86097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 09/01/2031 | &nbsp;&nbsp; 36410 | &nbsp;&nbsp;&nbsp;&nbsp; 29288 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422396 |
| **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;6.80%, 10/01/2027 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 105010 |
| &nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 04/07/2025 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28991 |
| &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; 101755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 02/10/2025\* | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 34550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/10/2027\*# | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 177611 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447917 |
| **Banks — 1.8%** | **Banks — 1.8%** | **Banks — 1.8%** |
| &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; 22365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 10/20/2032 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 31850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68%, 06/19/2041 | &nbsp;&nbsp; 144000 | &nbsp;&nbsp;&nbsp;&nbsp; 100454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97%, 02/04/2033 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 24521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.71%, 04/24/2028 | &nbsp;&nbsp; 149000 | &nbsp;&nbsp;&nbsp;&nbsp; 138794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/27/2028 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 43206 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52%, 11/03/2032 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 11787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06%, 01/25/2033 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 17261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 01/24/2039 | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 56027 |
| &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; 125931 |
| &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; 21886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 07/21/2032 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 11848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64%, 02/24/2028 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 33009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 10/21/2025 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 431409 |
| &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; 97903 |
| &nbsp;&nbsp;&nbsp;KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 04/06/2027 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 123846 |
| &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; 76740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.21%, 11/22/2024\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35203 |
| &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; 120047 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 04/23/2027 | $150000 | &nbsp;&nbsp;$144559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.46%, 04/22/2039 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 97833 |
| &nbsp;&nbsp;&nbsp;NatWest Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60%, 09/29/2026\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 173177 |
| &nbsp;&nbsp;&nbsp;Santander UK Group Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47%, 01/11/2028 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 170259 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 04/14/2025\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 191078 |
| &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; 51222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61%, 04/25/2053 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 71072 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 11/18/2041 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 16276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439563 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 05/01/2030 | &nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 64293 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 02/21/2040 | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 52282 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 10/01/2040 | &nbsp;&nbsp; 143000 | &nbsp;&nbsp;&nbsp;&nbsp; 102205 |
| &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; 43998 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198485 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/15/2030 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 47580 |
| &nbsp;&nbsp;&nbsp;Masco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/01/2030 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 44713 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92293 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47%, 12/01/2050\* | &nbsp;&nbsp; 112000 | &nbsp;&nbsp;&nbsp;&nbsp; 76991 |
| &nbsp;&nbsp;&nbsp;LYB International Finance III LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 10/01/2025 | &nbsp;&nbsp; 138000 | &nbsp;&nbsp;&nbsp;&nbsp; 122807 |
| &nbsp;&nbsp;&nbsp;Nutrien, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 11/07/2024 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 27312 |
| &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; 29414 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256524 |
| **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
| &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; 23071 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 03/01/2029\* | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 39107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 05/01/2029\* | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 42465 |
| &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; 86949 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191592 |
| **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
| &nbsp;&nbsp;&nbsp;CGI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 09/14/2031 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 32292 |
| &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 07/15/2030 | &nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 144994 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Leidos, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 02/15/2031 | $141000 | &nbsp;&nbsp;$109177 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286463 |
| **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;2.45%, 10/29/2026 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 131894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/29/2028 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 126733 |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 08/15/2026 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 07/01/2025 | &nbsp;&nbsp; 129000 | &nbsp;&nbsp;&nbsp;&nbsp; 121735 |
| &nbsp;&nbsp;&nbsp;Avolon Holdings Funding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53%, 11/18/2027\* | &nbsp;&nbsp; 78000 | &nbsp;&nbsp;&nbsp;&nbsp; 63090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 02/15/2025\* | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 22033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 04/15/2026\* | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 42644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2026\* | &nbsp;&nbsp; 154000 | &nbsp;&nbsp;&nbsp;&nbsp; 145869 |
| &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; 87827 |
| &nbsp;&nbsp;&nbsp;Park Aerospace Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/15/2023\* | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 45771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/15/2024\* | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6897 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803237 |
| **Electric — 1.5%** | **Electric — 1.5%** | **Electric — 1.5%** |
| &nbsp;&nbsp;&nbsp;Alexander Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84%, 11/15/2023\* | &nbsp;&nbsp; 74000 | &nbsp;&nbsp;&nbsp;&nbsp; 69773 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03%, 03/15/2024 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 153741 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 06/01/2025 | &nbsp;&nbsp; 299000 | &nbsp;&nbsp;&nbsp;&nbsp; 287046 |
| &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; 37406 |
| &nbsp;&nbsp;&nbsp;Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/15/2027 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17180 |
| &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; 137802 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 09/15/2029 | &nbsp;&nbsp; 151000 | &nbsp;&nbsp;&nbsp;&nbsp; 130350 |
| &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; 91037 |
| &nbsp;&nbsp;&nbsp;Jersey Central Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 01/15/2026\* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 62832 |
| &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; 35973 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/02/2025\* | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 42097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 12/02/2027\* | &nbsp;&nbsp; 308000 | &nbsp;&nbsp;&nbsp;&nbsp; 263567 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%, 05/26/2023 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14687 |
| &nbsp;&nbsp;&nbsp;Oklahoma Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%, 05/26/2023 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19572 |
| &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%, 11/15/2023 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 02/16/2024 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 58182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/15/2045 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7286 |
| &nbsp;&nbsp;&nbsp;PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 02/15/2050 | &nbsp;&nbsp; 183000 | &nbsp;&nbsp;&nbsp;&nbsp; 152090 |
| &nbsp;&nbsp;&nbsp;PG&E Recovery Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.54%, 07/15/2049 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30274 |
| &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; 18700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/01/2054 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28913 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%, 02/01/2026 | $112000 | &nbsp;&nbsp;$99696 |
| &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; 22028 |
| &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/13/2024\* | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 61535 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 10/15/2027 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 118890 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979835 |
| **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
| &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; 16014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/01/2039 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 35815 |
| &nbsp;&nbsp;&nbsp;Smithfield Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/15/2030\* | &nbsp;&nbsp; 122000 | &nbsp;&nbsp;&nbsp;&nbsp; 93946 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 02/15/2030 | &nbsp;&nbsp; 122000 | &nbsp;&nbsp;&nbsp;&nbsp; 102444 |
| &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; 41587 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289806 |
| **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; 23044 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 10/01/2030 | &nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 112553 |
| &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; 28245 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163842 |
| **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/15/2031 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 32816 |
| **Healthcare-Services — 0.2%** | **Healthcare-Services — 0.2%** | **Healthcare-Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 05/15/2030 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 47601 |
| &nbsp;&nbsp;&nbsp;HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/15/2051 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 4731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2026 | &nbsp;&nbsp; 158000 | &nbsp;&nbsp;&nbsp;&nbsp; 156746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2047 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9118 |
| &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; 33175 |
| &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; 15588 |
| &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; 22133 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 10/15/2030\* | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1599 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290691 |
| **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; 49015 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| &nbsp;&nbsp;&nbsp;Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 06/25/2024\* | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 53264 |
| &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; 20412 |
| &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; 43069 |
| &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; 41634 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 06/30/2026\* | $25000 | &nbsp;&nbsp;$22240 |
| &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; 52167 |
| &nbsp;&nbsp;&nbsp;Northwestern Mutual Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%, 06/01/2028\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 21177 |
| &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; 40895 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294858 |
| **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
| &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; 42722 |
| **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; 47001 |
| **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; 50351 |
| **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; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 79126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2041 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 23659 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/01/2039 | &nbsp;&nbsp; 154000 | &nbsp;&nbsp;&nbsp;&nbsp; 121678 |
| &nbsp;&nbsp;&nbsp;Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 05/15/2030 | &nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp;&nbsp; 79191 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/13/2040 | &nbsp;&nbsp; 96000 | &nbsp;&nbsp;&nbsp;&nbsp; 78955 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382609 |
| **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; 60860 |
| **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; 26129 |
| **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; 95872 |
| &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; 43407 |
| &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; 67374 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 10/01/2023 | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 54851 |
| &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; 44188 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305692 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;Schlumberger Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/21/2025\* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 63251 |
| **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; 28695 |
| **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 11/21/2026 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 17789 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 11/21/2029 | $47000 | &nbsp;&nbsp;$42910 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 06/15/2039 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 43581 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 08/21/2040 | &nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp;&nbsp; 66152 |
| &nbsp;&nbsp;&nbsp;Utah Acquisition Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 06/15/2026 | &nbsp;&nbsp; 159000 | &nbsp;&nbsp;&nbsp;&nbsp; 149012 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/22/2040 | &nbsp;&nbsp; 153000 | &nbsp;&nbsp;&nbsp;&nbsp; 105392 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 11/16/2032 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 42971 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467807 |
| **Pipelines — 0.5%** | **Pipelines — 0.5%** | **Pipelines — 0.5%** |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 05/15/2024 to 07/15/2026 | &nbsp;&nbsp; 188000 | &nbsp;&nbsp;&nbsp;&nbsp; 181160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 03/15/2027 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 47816 |
| &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; 42457 |
| &nbsp;&nbsp;&nbsp;Flex Intermediate Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36%, 06/30/2031\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 19950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32%, 12/30/2039\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 10803 |
| &nbsp;&nbsp;&nbsp;Gray Oak Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 10/15/2025\* | &nbsp;&nbsp; 139000 | &nbsp;&nbsp;&nbsp;&nbsp; 126108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/15/2027\* | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 36425 |
| &nbsp;&nbsp;&nbsp;MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 08/15/2030 | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 56623 |
| &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; 20456 |
| &nbsp;&nbsp;&nbsp;Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 03/01/2025 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65162 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 02/01/2033 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17490 |
| &nbsp;&nbsp;&nbsp;Tennessee Gas Pipeline Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 03/01/2030\* | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 59280 |
| &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; 34528 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718258 |
| **REITS — 0.7%** | **REITS — 0.7%** | **REITS — 0.7%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 01/31/2028 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 38819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 01/15/2051 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 36595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 06/15/2050 | &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 58161 |
| &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; 24829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/16/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 11368 |
| &nbsp;&nbsp;&nbsp;Corporate Office Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/15/2031 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 27201 |
| &nbsp;&nbsp;&nbsp;CubeSmart LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/15/2031 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 64721 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 11/18/2026 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 77693 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/15/2031 | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 42536 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 12/01/2028 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 32025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 01/15/2031 | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 47394 |
| &nbsp;&nbsp;&nbsp;Life Storage LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 10/15/2031 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 27014 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartments LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 06/01/2027 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 18060 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Office Properties Income Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 02/01/2027 | $45000 | &nbsp;&nbsp;$32518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/15/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 6403 |
| &nbsp;&nbsp;&nbsp;Physicians Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 11/01/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 11791 |
| &nbsp;&nbsp;&nbsp;Public Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%, 11/09/2028 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 15487 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 12/01/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 18746 |
| &nbsp;&nbsp;&nbsp;Safehold Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 01/15/2032 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 35333 |
| &nbsp;&nbsp;&nbsp;Scentre Group Trust 1/Scentre Group Trust 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 01/28/2026\* | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 131079 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10%, 08/01/2032 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 42329 |
| &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; 112113 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912215 |
| **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** |
| &nbsp;&nbsp;&nbsp;7-Eleven, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 02/10/2023\* | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 84248 |
| &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44%, 05/13/2041\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 25265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 05/13/2051\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 23989 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 04/15/2025 | &nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp;&nbsp; 81689 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 09/15/2052# | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 22761 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 04/15/2046 | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 51337 |
| &nbsp;&nbsp;&nbsp;Nordstrom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/01/2031 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 36497 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325786 |
| **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** |
| &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; 19570 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19%, 11/15/2036\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7283 |
| &nbsp;&nbsp;&nbsp;KLA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 03/01/2050 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 78655 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97%, 02/15/2024 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 11354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98%, 09/01/2024 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67%, 09/01/2023 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10757 |
| &nbsp;&nbsp;&nbsp;NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/11/2031 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 31657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 05/11/2041 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 28621 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/20/2052 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17750 |
| &nbsp;&nbsp;&nbsp;Xilinx, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 06/01/2030 | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 60395 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273439 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| &nbsp;&nbsp;&nbsp;Activision Blizzard, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35%, 09/15/2030 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 22129 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 11/15/2037 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 55435 |
| &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; 22503 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 04/14/2027 | $52000 | &nbsp;&nbsp;$49325 |
| &nbsp;&nbsp;&nbsp;VMware, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 08/15/2026 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 41335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 05/15/2030 | &nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp;&nbsp; 88266 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/01/2027 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33088 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312081 |
| **Telecommunications — 0.3%** | **Telecommunications — 0.3%** | **Telecommunications — 0.3%** |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 06/01/2031 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 151304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2041 | &nbsp;&nbsp; 87000 | &nbsp;&nbsp;&nbsp;&nbsp; 66475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 09/15/2055 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 21042 |
| &nbsp;&nbsp;&nbsp;Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 03/15/2052\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 16279 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 11/20/2040 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 39458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 03/22/2030 | &nbsp;&nbsp; 151000 | &nbsp;&nbsp;&nbsp;&nbsp; 134023 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428581 |
| **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;3.90%, 11/19/2029 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 42388 |
| **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
| &nbsp;&nbsp;&nbsp;Kansas City Southern |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 05/01/2048 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 19441 |
| **Total Corporate Bonds & Notes<br> (cost $16,534,168)** |  | &nbsp;&nbsp;&nbsp;&nbsp;13401412 |
| **ASSET BACKED SECURITIES — 5.7%** | **ASSET BACKED SECURITIES — 5.7%** | **ASSET BACKED SECURITIES — 5.7%** |
| **Auto Loan Receivables — 1.6%** | **Auto Loan Receivables — 1.6%** | **Auto Loan Receivables — 1.6%** |
| &nbsp;&nbsp;&nbsp;ACC Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class A<br> 1.08%, 04/15/2027\* | &nbsp;&nbsp; 22448 | &nbsp;&nbsp;&nbsp;&nbsp; 22095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class B<br> 1.79%, 04/15/2027\* | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 100340 |
| &nbsp;&nbsp;&nbsp;ACC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class B<br> 1.43%, 07/22/2024\* | &nbsp;&nbsp; 37564 | &nbsp;&nbsp;&nbsp;&nbsp; 37331 |
| &nbsp;&nbsp;&nbsp;CPS Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class C<br> 0.83%, 09/15/2026\* | &nbsp;&nbsp; 257312 | &nbsp;&nbsp;&nbsp;&nbsp; 253483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B, Class C<br> 1.23%, 03/15/2027\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 96525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-C, Class B<br> 4.88%, 04/15/2030\* | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 117221 |
| &nbsp;&nbsp;&nbsp;Credito Real USA Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A<br> 1.35%, 02/16/2027\* | &nbsp;&nbsp; 17378 | &nbsp;&nbsp;&nbsp;&nbsp; 16932 |
| &nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class D<br> 1.45%, 01/16/2029 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 111740 |
| &nbsp;&nbsp;&nbsp;DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class C<br> 0.84%, 10/15/2026\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 47757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4A, Class D<br> 2.85%, 07/15/2025\* | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 83823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A, Class D<br> 5.46%, 03/15/2028\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 51782 |
| &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class C<br> 0.74%, 01/15/2026 | &nbsp;&nbsp; 213367 | &nbsp;&nbsp;&nbsp;&nbsp; 208117 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A, Class C<br> 0.98%, 06/15/2026 | $95000 | &nbsp;&nbsp;$90656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4A, Class D<br> 5.98%, 12/15/2028 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 111074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-5A, Class C<br> 6.51%, 12/15/2027 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 74865 |
| &nbsp;&nbsp;&nbsp;FHF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A<br> 1.27%, 03/15/2027\* | &nbsp;&nbsp; 28839 | &nbsp;&nbsp;&nbsp;&nbsp; 27537 |
| &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A<br> 0.37%, 12/15/2026\* | &nbsp;&nbsp; 59285 | &nbsp;&nbsp;&nbsp;&nbsp; 58326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class B<br> 0.68%, 02/16/2027\* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 63114 |
| &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A, Class B<br> 0.77%, 09/15/2025\* | &nbsp;&nbsp; 93015 | &nbsp;&nbsp;&nbsp;&nbsp; 91691 |
| &nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A<br> 1.46%, 06/15/2026\* | &nbsp;&nbsp; 74342 | &nbsp;&nbsp;&nbsp;&nbsp; 70617 |
| &nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class B<br> 1.00%, 06/17/2024\* | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 119238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class C<br> 1.33%, 09/16/2024\* | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 113142 |
| &nbsp;&nbsp;&nbsp;United Auto Credit Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class C<br> 0.84%, 06/10/2026\* | &nbsp;&nbsp; 90394 | &nbsp;&nbsp;&nbsp;&nbsp; 89529 |
| &nbsp;&nbsp;&nbsp;US Auto Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class B<br> 1.49%, 03/17/2025\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98093 |
| &nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A<br> 0.92%, 10/15/2026\* | &nbsp;&nbsp; 27422 | &nbsp;&nbsp;&nbsp;&nbsp; 26950 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181978 |
| **Credit Card Receivables — 0.2%** | **Credit Card Receivables — 0.2%** | **Credit Card Receivables — 0.2%** |
| &nbsp;&nbsp;&nbsp;Mercury Financial Credit Card Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A<br> 1.54%, 03/20/2026\* | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 132785 |
| &nbsp;&nbsp;&nbsp;Mission Lane Credit Card Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class A<br> 1.59%, 09/15/2026\* | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 105889 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238674 |
| **Other Asset Backed Securities — 3.9%** | **Other Asset Backed Securities — 3.9%** | **Other Asset Backed Securities — 3.9%** |
| &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; 47617 | &nbsp;&nbsp;&nbsp;&nbsp; 41825 |
| &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; 80382 |
| &nbsp;&nbsp;&nbsp;AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SFR4, Class E2<br> 2.46%, 11/17/2037\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 87163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SFR3, Class E2<br> 2.76%, 09/17/2037\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 89148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SFR2, Class E2<br> 4.28%, 07/17/2037\* | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 132908 |
| &nbsp;&nbsp;&nbsp;Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A<br> 2.16%, 04/15/2036\* | &nbsp;&nbsp; 89021 | &nbsp;&nbsp;&nbsp;&nbsp; 77486 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class B<br> 2.92%, 04/15/2036\* | $120801 | &nbsp;&nbsp;$98106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A, Class A<br> 2.98%, 11/15/2035\* | &nbsp;&nbsp; 88847 | &nbsp;&nbsp;&nbsp;&nbsp; 80526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A, Class A<br> 4.46%, 06/15/2037\* | &nbsp;&nbsp; 94072 | &nbsp;&nbsp;&nbsp;&nbsp; 85787 |
| &nbsp;&nbsp;&nbsp;Crossroads Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class A2<br> 0.82%, 03/20/2024\* | &nbsp;&nbsp; 18932 | &nbsp;&nbsp;&nbsp;&nbsp; 18756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class B<br> 1.12%, 06/20/2025\* | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 198989 |
| &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; 150931 |
| &nbsp;&nbsp;&nbsp;Diamond Resorts Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A<br> 1.51%, 11/21/2033\* | &nbsp;&nbsp; 87198 | &nbsp;&nbsp;&nbsp;&nbsp; 80314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class C<br> 2.70%, 11/21/2033\* | &nbsp;&nbsp; 47959 | &nbsp;&nbsp;&nbsp;&nbsp; 43651 |
| &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; 74131 | &nbsp;&nbsp;&nbsp;&nbsp; 65871 |
| &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; 128724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR1, Class E1<br> 5.00%, 05/17/2039\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 85653 |
| &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\*(1) | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 80429 |
| &nbsp;&nbsp;&nbsp;FREED ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class B<br> 1.03%, 06/19/2028\* | &nbsp;&nbsp; 24155 | &nbsp;&nbsp;&nbsp;&nbsp; 24038 |
| &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; 126549 | &nbsp;&nbsp;&nbsp;&nbsp; 106802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3, Class D<br> 3.00%, 01/17/2041\* | &nbsp;&nbsp; 93530 | &nbsp;&nbsp;&nbsp;&nbsp; 77526 |
| &nbsp;&nbsp;&nbsp;Lendingpoint Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class A<br> 1.00%, 12/15/2028\* | &nbsp;&nbsp; 7091 | &nbsp;&nbsp;&nbsp;&nbsp; 7078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B, Class A<br> 1.11%, 02/15/2029\* | &nbsp;&nbsp; 35791 | &nbsp;&nbsp;&nbsp;&nbsp; 35273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B, Class B<br> 1.68%, 02/15/2029\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 93611 |
| &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; 110988 |
| &nbsp;&nbsp;&nbsp;Marlette Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class B<br> 1.00%, 06/16/2031\* | &nbsp;&nbsp; 60041 | &nbsp;&nbsp;&nbsp;&nbsp; 59102 |
| &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; 122840 | &nbsp;&nbsp;&nbsp;&nbsp; 108747 |
| &nbsp;&nbsp;&nbsp;NRZ Excess Spread-Collateralized Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FNT1, Class A<br> 2.98%, 03/25/2026\* | &nbsp;&nbsp; 95247 | &nbsp;&nbsp;&nbsp;&nbsp; 84410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FNT2, Class A<br> 3.23%, 05/25/2026\* | &nbsp;&nbsp; 146124 | &nbsp;&nbsp;&nbsp;&nbsp; 129258 |
| &nbsp;&nbsp;&nbsp;Octane Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A<br> 0.93%, 03/22/2027\* | &nbsp;&nbsp; 43488 | &nbsp;&nbsp;&nbsp;&nbsp; 41910 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Oportun Funding XIV LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class A<br> 1.21%, 03/08/2028\* | $100000 | &nbsp;&nbsp;$91699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class B<br> 1.76%, 03/08/2028\* | &nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 223897 |
| &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; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 221759 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Selection Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3, Class A<br> 1.15%, 05/15/2029\* | &nbsp;&nbsp; 81646 | &nbsp;&nbsp;&nbsp;&nbsp; 79334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A<br> 1.18%, 11/15/2027\* | &nbsp;&nbsp; 104542 | &nbsp;&nbsp;&nbsp;&nbsp; 102554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-HG1, Class A<br> 1.22%, 01/16/2029\* | &nbsp;&nbsp; 113055 | &nbsp;&nbsp;&nbsp;&nbsp; 106324 |
| &nbsp;&nbsp;&nbsp;PRET LLC VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RN4, Class A1<br> 2.49%, 10/25/2051\*(1) | &nbsp;&nbsp; 116797 | &nbsp;&nbsp;&nbsp;&nbsp; 102499 |
| &nbsp;&nbsp;&nbsp;Pretium Mtg. Credit Partners I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL1, Class A1<br> 2.24%, 09/27/2060\*(2) | &nbsp;&nbsp; 149125 | &nbsp;&nbsp;&nbsp;&nbsp; 134659 |
| &nbsp;&nbsp;&nbsp;Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR2, Class D<br> 2.20%, 04/19/2038\* | &nbsp;&nbsp; 267000 | &nbsp;&nbsp;&nbsp;&nbsp; 224180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SFR1, Class E<br> 3.03%, 04/17/2037\* | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 104460 |
| &nbsp;&nbsp;&nbsp;Regional Management Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A<br> 1.68%, 03/17/2031\* | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 112179 |
| &nbsp;&nbsp;&nbsp;Republic Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class A<br> 2.30%, 12/22/2031\* | &nbsp;&nbsp; 189000 | &nbsp;&nbsp;&nbsp;&nbsp; 168815 |
| &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; 49361 | &nbsp;&nbsp;&nbsp;&nbsp; 45472 |
| &nbsp;&nbsp;&nbsp;Theorem Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A<br> 1.21%, 12/15/2027\* | &nbsp;&nbsp; 42139 | &nbsp;&nbsp;&nbsp;&nbsp; 41362 |
| &nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST2, Class A<br> 2.50%, 04/20/2027\* | &nbsp;&nbsp; 41370 | &nbsp;&nbsp;&nbsp;&nbsp; 38940 |
| &nbsp;&nbsp;&nbsp;Upstart Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A<br> 0.87%, 03/20/2031\* | &nbsp;&nbsp; 8960 | &nbsp;&nbsp;&nbsp;&nbsp; 8912 |
| &nbsp;&nbsp;&nbsp;VCAT LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL2, Class A1<br> 2.12%, 03/27/2051\*(2) | &nbsp;&nbsp; 57185 | &nbsp;&nbsp;&nbsp;&nbsp; 51695 |
| &nbsp;&nbsp;&nbsp;VOLT XCII LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL1, Class A1<br> 1.89%, 02/27/2051\*(2) | &nbsp;&nbsp; 87846 | &nbsp;&nbsp;&nbsp;&nbsp; 77780 |
| &nbsp;&nbsp;&nbsp;VOLT XCIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL2, Class A1<br> 1.89%, 02/27/2051\*(2) | &nbsp;&nbsp; 242374 | &nbsp;&nbsp;&nbsp;&nbsp; 216994 |
| &nbsp;&nbsp;&nbsp;VOLT XCIV LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL3, Class A1<br> 2.24%, 02/27/2051\*(2) | &nbsp;&nbsp; 203174 | &nbsp;&nbsp;&nbsp;&nbsp; 179810 |
| &nbsp;&nbsp;&nbsp;VOLT XCV LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL4, Class A1<br> 2.24%, 03/27/2051\*(2) | &nbsp;&nbsp; 124445 | &nbsp;&nbsp;&nbsp;&nbsp; 115886 |
| &nbsp;&nbsp;&nbsp;VOLT XCVI LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL5, Class A1<br> 2.12%, 03/27/2051\*(2) | &nbsp;&nbsp; 152761 | &nbsp;&nbsp;&nbsp;&nbsp; 135933 |

---

---

| | | |
|:---|:---|:---|
| **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;VOLT XCVII LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL6, Class A1<br> 2.24%, 04/25/2051\*(2) | $171193 | &nbsp;&nbsp;$152689 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5243224 |
| **Total Asset Backed Securities<br> (cost $8,346,507)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7663876 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.5%** |
| **Commercial and Residential — 1.2%** | **Commercial and Residential — 1.2%** | **Commercial and Residential — 1.2%** |
| &nbsp;&nbsp;&nbsp;ACRE Commercial Mtg., Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FL4, Class A<br> 4.77%, (1 ML+0.83%), 12/18/2037\* | &nbsp;&nbsp; 75803 | &nbsp;&nbsp;&nbsp;&nbsp; 75152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FL4, Class AS<br> 5.04%, (1 ML+1.10%), 12/18/2037\* | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 107260 |
| &nbsp;&nbsp;&nbsp;Ajax Mtg. Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B, Class A<br> 2.24%, 06/25/2066\*(2) | &nbsp;&nbsp; 105533 | &nbsp;&nbsp;&nbsp;&nbsp; 96539 |
| &nbsp;&nbsp;&nbsp;Bayview Finance LLC CMO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84%, 07/12/2033(3) | &nbsp;&nbsp; 89289 | &nbsp;&nbsp;&nbsp;&nbsp; 87950 |
| &nbsp;&nbsp;&nbsp;BPR Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-KEN, Class A<br> 5.13%, (1 ML+1.25%), 02/15/2029\* | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 140757 |
| &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; 85075 |
| &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; 138101 | &nbsp;&nbsp;&nbsp;&nbsp; 116964 |
| &nbsp;&nbsp;&nbsp;CFMT LLC VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-HB5, Class A<br> 0.80%, 02/25/2031\*(1) | &nbsp;&nbsp; 179249 | &nbsp;&nbsp;&nbsp;&nbsp; 172097 |
| &nbsp;&nbsp;&nbsp;CSMC Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RPL1, Class A1<br> 1.67%, 09/27/2060\*(1) | &nbsp;&nbsp; 126879 | &nbsp;&nbsp;&nbsp;&nbsp; 118756 |
| &nbsp;&nbsp;&nbsp;Legacy Mtg. Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS1, Class A1<br> 1.89%, 10/25/2066\*(2) | &nbsp;&nbsp; 88704 | &nbsp;&nbsp;&nbsp;&nbsp; 79653 |
| &nbsp;&nbsp;&nbsp;LHOME Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RTL1, Class A1<br> 2.09%, 09/25/2026\*(1) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 188478 |
| &nbsp;&nbsp;&nbsp;PRPM LLC VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A1<br> 2.12%, 03/25/2026\*(1) | &nbsp;&nbsp; 165196 | &nbsp;&nbsp;&nbsp;&nbsp; 150896 |
| &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; 88723 |
| &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\*(1) | &nbsp;&nbsp; 225484 | &nbsp;&nbsp;&nbsp;&nbsp; 181997 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690297 |
| **U.S. Government Agency — 2.3%** | **U.S. Government Agency — 2.3%** | **U.S. Government Agency — 2.3%** |
| &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\*(1) | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 58069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-K58, Class B<br> 3.87%, 09/25/2049\*(1) | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 242489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-K56, Class B<br> 4.08%, 06/25/2049\*(1) | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 47317 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Multifamily Structured Credit Risk FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-MN2, Class M1<br> 5.35%, (SOFR30A+1.80%), 07/25/2041\* | &nbsp;&nbsp; 100274 | &nbsp;&nbsp;&nbsp;&nbsp; 91050 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K727, Class X1<br> 0.72%, 07/25/2024(1)(4) | $9501674 | &nbsp;&nbsp;$66777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K-150, Class A2<br> 3.71%, 09/25/2032(1) | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 113509 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3910, Class CU<br> 4.00%, 03/15/2041 | &nbsp;&nbsp; 38590 | &nbsp;&nbsp;&nbsp;&nbsp; 37555 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. SCRT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1, Class MTU<br> 3.25%, 11/25/2061 | &nbsp;&nbsp; 50990 | &nbsp;&nbsp;&nbsp;&nbsp; 45015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1, Class M60C<br> 3.50%, 05/25/2057 | &nbsp;&nbsp; 114947 | &nbsp;&nbsp;&nbsp;&nbsp; 108392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1, Class MT<br> 3.50%, 07/25/2058 | &nbsp;&nbsp; 51641 | &nbsp;&nbsp;&nbsp;&nbsp; 46428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3, Class MB<br> 3.50%, 10/25/2058 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 108068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2, Class M55D<br> 4.00%, 11/25/2057 | &nbsp;&nbsp; 180815 | &nbsp;&nbsp;&nbsp;&nbsp; 173606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4, Class M55D<br> 4.00%, 03/25/2058 | &nbsp;&nbsp; 164586 | &nbsp;&nbsp;&nbsp;&nbsp; 158292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2, Class M55D<br> 4.00%, 08/25/2058 | &nbsp;&nbsp; 166232 | &nbsp;&nbsp;&nbsp;&nbsp; 159022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3, Class M55D<br> 4.00%, 10/25/2058 | &nbsp;&nbsp; 155790 | &nbsp;&nbsp;&nbsp;&nbsp; 149022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4, Class M55D<br> 4.00%, 02/25/2059 | &nbsp;&nbsp; 56712 | &nbsp;&nbsp;&nbsp;&nbsp; 54269 |
| &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(1) | &nbsp;&nbsp; 152555 | &nbsp;&nbsp;&nbsp;&nbsp; 145370 |
| &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; 94104 | &nbsp;&nbsp;&nbsp;&nbsp; 95929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-T4, Class A1<br> 6.50%, 12/25/2041 | &nbsp;&nbsp; 10603 | &nbsp;&nbsp;&nbsp;&nbsp; 10964 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-M3, Class 1A1<br> 1.00%, 11/25/2033 | &nbsp;&nbsp; 54671 | &nbsp;&nbsp;&nbsp;&nbsp; 50962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-72, Class VB<br> 3.50%, 10/25/2031 | &nbsp;&nbsp; 177887 | &nbsp;&nbsp;&nbsp;&nbsp; 170758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-7, Class CA<br> 3.50%, 11/25/2057 | &nbsp;&nbsp; 224141 | &nbsp;&nbsp;&nbsp;&nbsp; 213626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-35, Class VA<br> 4.00%, 07/25/2028 | &nbsp;&nbsp; 88326 | &nbsp;&nbsp;&nbsp;&nbsp; 86474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-W3, Class A4<br> 6.50%, 11/25/2041 | &nbsp;&nbsp; 94442 | &nbsp;&nbsp;&nbsp;&nbsp; 97097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-W8, Class A1<br> 6.50%, 06/25/2042 | &nbsp;&nbsp; 48182 | &nbsp;&nbsp;&nbsp;&nbsp; 50963 |
| &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(1) | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 185580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-M10, Class A1<br> 3.47%, 07/25/2028(1) | &nbsp;&nbsp; 22788 | &nbsp;&nbsp;&nbsp;&nbsp; 22480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-M2S, Class A1<br> 3.75%, 05/25/2032(1) | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 115830 |

---

---

| | | |
|:---|:---|:---|
| **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;Government National Mtg. Assoc. REMIC VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-H14, Class YD<br> 16.04%, 06/20/2071(1) | $125000 | &nbsp;&nbsp;$130736 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035649 |
| **Total Collateralized Mortgage Obligations<br> (cost $5,210,565)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4725946 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 17.4%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 17.4%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 17.4%** |
| **U.S. Government — 8.9%** | **U.S. Government — 8.9%** | **U.S. Government — 8.9%** |
| &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;1724000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 11/15/2040 to 08/15/2050 | &nbsp;&nbsp;1859000 | &nbsp;&nbsp;&nbsp;&nbsp; 1134361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 11/15/2050 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 494125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 08/15/2041 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 55813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2051 to 11/15/2051 | &nbsp;&nbsp; 696000 | &nbsp;&nbsp;&nbsp;&nbsp; 458268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 02/15/2052 | &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 371906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 02/15/2042 | &nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp; 315062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/15/2052 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 141281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 02/15/2043 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 196453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2042 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 279027 |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 05/15/2027 to 05/15/2041 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp; 473371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 11/15/2027# | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 743080 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38%, 12/31/2025 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 259629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 11/30/2027 | &nbsp;&nbsp; 292000 | &nbsp;&nbsp;&nbsp;&nbsp; 249592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 07/31/2028 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 222940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 05/31/2028 | &nbsp;&nbsp; 214000 | &nbsp;&nbsp;&nbsp;&nbsp; 186957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 11/15/2031 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 24812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 05/15/2031 | &nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp;&nbsp; 730825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2032 | &nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp; 701791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 07/31/2027 to 08/15/2032 | &nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp;&nbsp; 689675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 06/15/2025 to 04/30/2029 | &nbsp;&nbsp; 841000 | &nbsp;&nbsp;&nbsp;&nbsp; 809073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 08/31/2027 to 08/31/2029 | &nbsp;&nbsp;1229000 | &nbsp;&nbsp;&nbsp;&nbsp; 1186565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 06/30/2027 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 336025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 09/30/2024 | &nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp; 792609 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11950205 |
| **U.S. Government Agency — 8.5%** | **U.S. Government Agency — 8.5%** | **U.S. Government Agency — 8.5%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80%, 11/01/2028 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 181846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/01/2050 to 02/01/2051 | &nbsp;&nbsp; 364715 | &nbsp;&nbsp;&nbsp;&nbsp; 314046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/01/2050 to 01/01/2052 | &nbsp;&nbsp; 323409 | &nbsp;&nbsp;&nbsp;&nbsp; 287679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 08/01/2032 | &nbsp;&nbsp; 249665 | &nbsp;&nbsp;&nbsp;&nbsp; 231264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/01/2042 to 01/01/2050 | &nbsp;&nbsp; 190475 | &nbsp;&nbsp;&nbsp;&nbsp; 177773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/2052 | &nbsp;&nbsp; 59226 | &nbsp;&nbsp;&nbsp;&nbsp; 56081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/01/2052 | &nbsp;&nbsp; 59463 | &nbsp;&nbsp;&nbsp;&nbsp; 58749 |
| &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; 240877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56%, 12/01/2030 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 207218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93%, 06/01/2035 | &nbsp;&nbsp; 104628 | &nbsp;&nbsp;&nbsp;&nbsp; 82525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%, 10/01/2029 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 343319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2052 | &nbsp;&nbsp; 120959 | &nbsp;&nbsp;&nbsp;&nbsp; 103976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 07/01/2026 | &nbsp;&nbsp; 151246 | &nbsp;&nbsp;&nbsp;&nbsp; 142050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97%, 08/01/2026 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 151463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/2050 to 02/01/2052 | &nbsp;&nbsp; 757673 | &nbsp;&nbsp;&nbsp;&nbsp; 674087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 10/01/2032 | &nbsp;&nbsp; 139000 | &nbsp;&nbsp;&nbsp;&nbsp; 124684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14%, 07/01/2032 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 76331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 09/01/2033 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 93091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 07/01/2032 | &nbsp;&nbsp; 234000 | &nbsp;&nbsp;&nbsp;&nbsp; 212401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33%, 04/01/2030 | &nbsp;&nbsp; 324213 | &nbsp;&nbsp;&nbsp;&nbsp; 302293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41%, 03/01/2033 | &nbsp;&nbsp; 107000 | &nbsp;&nbsp;&nbsp;&nbsp; 97484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 08/01/2033 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 128658 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/01/2052 to 11/01/2059 | $244473 | &nbsp;&nbsp;$227172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68%, 01/01/2032 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 150736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77%, 12/01/2025 | &nbsp;&nbsp; 70142 | &nbsp;&nbsp;&nbsp;&nbsp; 68924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81%, 10/01/2032 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 133374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97%, 01/01/2029 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 205725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/2049 to 01/01/2057 | &nbsp;&nbsp; 894864 | &nbsp;&nbsp;&nbsp;&nbsp; 859087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 07/01/2032 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 97211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 11/01/2032 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 151533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18%, 11/01/2030 | &nbsp;&nbsp; 35774 | &nbsp;&nbsp;&nbsp;&nbsp; 35142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34%, 01/01/2029 | &nbsp;&nbsp; 55801 | &nbsp;&nbsp;&nbsp;&nbsp; 55522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 12/01/2032 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 155572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/01/2052 | &nbsp;&nbsp; 161919 | &nbsp;&nbsp;&nbsp;&nbsp; 159535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93%, 10/01/2032 | &nbsp;&nbsp; 113000 | &nbsp;&nbsp;&nbsp;&nbsp; 117632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07%, 03/01/2028 | &nbsp;&nbsp; 69060 | &nbsp;&nbsp;&nbsp;&nbsp; 71161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/01/2052 | &nbsp;&nbsp; 59740 | &nbsp;&nbsp;&nbsp;&nbsp; 61565 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/20/2050 | &nbsp;&nbsp; 211449 | &nbsp;&nbsp;&nbsp;&nbsp; 182235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/20/2051 to 07/20/2051 | &nbsp;&nbsp;2098586 | &nbsp;&nbsp;&nbsp;&nbsp; 1906703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/20/2051 to 02/20/2052 | &nbsp;&nbsp;2089388 | &nbsp;&nbsp;&nbsp;&nbsp; 1942675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/20/2038 to 08/20/2052 | &nbsp;&nbsp; 415071 | &nbsp;&nbsp;&nbsp;&nbsp; 397626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/20/2031 to 05/20/2052 | &nbsp;&nbsp; 142091 | &nbsp;&nbsp;&nbsp;&nbsp; 140234 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11407259 |
| **Total U.S. Government & Agency Obligations<br> (cost $26,890,895)** |  | &nbsp;&nbsp;&nbsp;&nbsp;23357464 |
| **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lehman Brothers Holdings, Inc.<br> Escrow Notes<br> 5.50%, 04/04/2016†<br> (cost $0) | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 154 |
| **Total Long-Term Investment Securities<br> (cost $136,922,854)** |  | &nbsp;&nbsp;&nbsp;&nbsp;131240293 |
| **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> 3.86%(5)(6)<br> (cost $840,863) | &nbsp;&nbsp; 840863 | &nbsp;&nbsp;&nbsp;&nbsp; 840863 |
| **REPURCHASE AGREEMENTS — 2.0%** | **REPURCHASE AGREEMENTS — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.13% dated 11/30/2022, to be repurchased 12/01/2022 in the amount of $2,627,300 and collateralized by $2,873,200 of United States Treasury Notes, bearing interest at 1.13% due 01/15/2025 and having an approximate value of $2,679,819<br> (cost $2,627,218) | &nbsp;&nbsp;2627218 | &nbsp;&nbsp;&nbsp;&nbsp; 2627218 |
| **TOTAL INVESTMENTS<br> (cost $140,390,935)(7)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.3% | &nbsp;&nbsp;&nbsp;&nbsp;134708374 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(339586) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$134368788 |

---

---

| | |
|:---|:---|
| † | &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, 2022, the aggregate value of these securities was $12,181,740 representing 9.1% of net assets. |

---

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

(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) "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of November 30, 2022.

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

(4) Interest Only

(5) The rate shown is the 7-day yield as of November 30, 2022.

(6) At November 30, 2022, the Fund had loaned securities with a total value of $828,751. This was secured by collateral of $840,863, which was received in cash and subsequently invested in short-term investments currently valued at $840,863 as reported in the Portfolio of Investments.

(7) See Note 5 for cost of investments on a tax basis.

---

| |
|:---|
| 1 ML—1 Month USD LIBOR |
| 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, 2022 and unless noted otherwise, the dates shown are the original maturity dates.

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

#### Futures Contracts

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;$204352 | &nbsp;&nbsp;&nbsp;&nbsp;$204062 | &nbsp;&nbsp;&nbsp;&nbsp;$(290) |

---

\* 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, 2022 (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;$82091441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$82091441 |
| Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13401412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13401412 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7663876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7663876 |
| Collateralized Mortgage Obligations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and Residential | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1602347 | &nbsp;&nbsp;&nbsp;&nbsp;87950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690297 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3035649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035649 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23357464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23357464 |
| 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;154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840863 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2627218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2627218 |
| **Total Investments at Value** | &nbsp;&nbsp;$82932304 | &nbsp;&nbsp;$51688120 | &nbsp;&nbsp;$87950 | &nbsp;&nbsp;$134708374 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$290 |

---

---

| | |
|:---|:---|
| \* | &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**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;21.4% |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;21.0 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;10.4 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;7.5 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;7.4 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;6.5 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
|  | &nbsp;&nbsp;100.1% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.3%** | **COMMON STOCKS — 99.3%** | **COMMON STOCKS — 99.3%** |
| **Apparel — 0.8%** | **Apparel — 0.8%** | **Apparel — 0.8%** |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;51570 | &nbsp;&nbsp;$5656713 |
| **Auto Manufacturers — 2.5%** | **Auto Manufacturers — 2.5%** | **Auto Manufacturers — 2.5%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;88454 | &nbsp;&nbsp;&nbsp;&nbsp; 17221994 |
| **Banks — 1.4%** | **Banks — 1.4%** | **Banks — 1.4%** |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25800 | &nbsp;&nbsp;&nbsp;&nbsp; 9962670 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;12576 | &nbsp;&nbsp;&nbsp;&nbsp; 4231572 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;16054 | &nbsp;&nbsp;&nbsp;&nbsp; 4000336 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8231908 |
| **Commercial Services — 2.0%** | **Commercial Services — 2.0%** | **Commercial Services — 2.0%** |
| &nbsp;&nbsp;&nbsp;Adyen NV\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293 | &nbsp;&nbsp;&nbsp;&nbsp; 2015961 |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;32235 | &nbsp;&nbsp;&nbsp;&nbsp; 448711 |
| &nbsp;&nbsp;&nbsp;Block, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;35748 | &nbsp;&nbsp;&nbsp;&nbsp; 2422642 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2899 | &nbsp;&nbsp;&nbsp;&nbsp; 1338700 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;21670 | &nbsp;&nbsp;&nbsp;&nbsp; 1699145 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13614 | &nbsp;&nbsp;&nbsp;&nbsp; 4803019 |
| &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;14472 | &nbsp;&nbsp;&nbsp;&nbsp; 912894 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13641072 |
| **Computers — 10.4%** | **Computers — 10.4%** | **Computers — 10.4%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;474731 | &nbsp;&nbsp;&nbsp;&nbsp; 70274430 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8075 | &nbsp;&nbsp;&nbsp;&nbsp; 950024 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;19844 | &nbsp;&nbsp;&nbsp;&nbsp; 1054907 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;72279361 |
| **Diversified Financial Services — 7.4%** | **Diversified Financial Services — 7.4%** | **Diversified Financial Services — 7.4%** |
| &nbsp;&nbsp;&nbsp;ANT International Co., Ltd.<br> Class C†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;402788 | &nbsp;&nbsp;&nbsp;&nbsp; 571959 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72381 | &nbsp;&nbsp;&nbsp;&nbsp; 5974328 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;56750 | &nbsp;&nbsp;&nbsp;&nbsp; 20225700 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;114426 | &nbsp;&nbsp;&nbsp;&nbsp; 24830442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;51602429 |
| **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** |
| &nbsp;&nbsp;&nbsp;TE Connectivity, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11417 | &nbsp;&nbsp;&nbsp;&nbsp; 1439912 |
| **Healthcare-Products — 5.4%** | **Healthcare-Products — 5.4%** | **Healthcare-Products — 5.4%** |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3461 | &nbsp;&nbsp;&nbsp;&nbsp; 680640 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39213 | &nbsp;&nbsp;&nbsp;&nbsp; 10721226 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;46886 | &nbsp;&nbsp;&nbsp;&nbsp; 12677506 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21927 | &nbsp;&nbsp;&nbsp;&nbsp; 5128506 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4519 | &nbsp;&nbsp;&nbsp;&nbsp; 1057988 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13036 | &nbsp;&nbsp;&nbsp;&nbsp; 7303028 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;37568894 |
| **Healthcare-Services — 6.5%** | **Healthcare-Services — 6.5%** | **Healthcare-Services — 6.5%** |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp; 4369944 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13901 | &nbsp;&nbsp;&nbsp;&nbsp; 7644160 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60083 | &nbsp;&nbsp;&nbsp;&nbsp; 32911064 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;44925168 |
| **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;33871 | &nbsp;&nbsp;&nbsp;&nbsp; 7437733 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23792 | &nbsp;&nbsp;&nbsp;&nbsp; 4120299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11558032 |
| **Internet — 21.4%** | **Internet — 21.4%** | **Internet — 21.4%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;71088 | &nbsp;&nbsp;&nbsp;&nbsp; 7179177 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;541300 | &nbsp;&nbsp;&nbsp;&nbsp; 54914885 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;549311 | &nbsp;&nbsp;&nbsp;&nbsp; 53030484 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415 | &nbsp;&nbsp;&nbsp;&nbsp; 5021872 |

---

---

| | | |
|:---|:---|:---|
| **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;&nbsp;&nbsp;27747 | &nbsp;&nbsp;$1616263 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;89031 | &nbsp;&nbsp;&nbsp;&nbsp; 10514561 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;21952 | &nbsp;&nbsp;&nbsp;&nbsp; 6706995 |
| &nbsp;&nbsp;&nbsp;Sea, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;60644 | &nbsp;&nbsp;&nbsp;&nbsp; 3539790 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;76564 | &nbsp;&nbsp;&nbsp;&nbsp; 3129936 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;66500 | &nbsp;&nbsp;&nbsp;&nbsp; 2498851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;148152814 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| &nbsp;&nbsp;&nbsp;Walt Disney Co.† | &nbsp;&nbsp;&nbsp;&nbsp;23019 | &nbsp;&nbsp;&nbsp;&nbsp; 2252870 |
| **Miscellaneous Manufacturing — 0.4%** | **Miscellaneous Manufacturing — 0.4%** | **Miscellaneous Manufacturing — 0.4%** |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;29397 | &nbsp;&nbsp;&nbsp;&nbsp; 2527260 |
| **Pharmaceuticals — 3.3%** | **Pharmaceuticals — 3.3%** | **Pharmaceuticals — 3.3%** |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;37386 | &nbsp;&nbsp;&nbsp;&nbsp; 2541126 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;43533 | &nbsp;&nbsp;&nbsp;&nbsp; 16154226 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27351 | &nbsp;&nbsp;&nbsp;&nbsp; 4215883 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22911235 |
| **Retail — 4.5%** | **Retail — 4.5%** | **Retail — 4.5%** |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4394 | &nbsp;&nbsp;&nbsp;&nbsp; 7148862 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30801 | &nbsp;&nbsp;&nbsp;&nbsp; 7875200 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14939 | &nbsp;&nbsp;&nbsp;&nbsp; 5681451 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74985 | &nbsp;&nbsp;&nbsp;&nbsp; 8823485 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17723 | &nbsp;&nbsp;&nbsp;&nbsp; 1418726 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;30947724 |
| **Semiconductors — 7.5%** | **Semiconductors — 7.5%** | **Semiconductors — 7.5%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;85988 | &nbsp;&nbsp;&nbsp;&nbsp; 6675248 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;16343 | &nbsp;&nbsp;&nbsp;&nbsp; 9938505 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2488 | &nbsp;&nbsp;&nbsp;&nbsp; 1175281 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56951 | &nbsp;&nbsp;&nbsp;&nbsp; 2649361 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10088 | &nbsp;&nbsp;&nbsp;&nbsp; 3853212 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;117681 | &nbsp;&nbsp;&nbsp;&nbsp; 19915156 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;29612 | &nbsp;&nbsp;&nbsp;&nbsp; 2457204 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27854 | &nbsp;&nbsp;&nbsp;&nbsp; 5026533 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;51690500 |
| **Software — 21.0%** | **Software — 21.0%** | **Software — 21.0%** |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;19364 | &nbsp;&nbsp;&nbsp;&nbsp; 2547334 |
| &nbsp;&nbsp;&nbsp;Bill.com Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;23605 | &nbsp;&nbsp;&nbsp;&nbsp; 2842514 |
| &nbsp;&nbsp;&nbsp;Confluent, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;33096 | &nbsp;&nbsp;&nbsp;&nbsp; 762201 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;14882 | &nbsp;&nbsp;&nbsp;&nbsp; 1127758 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27815 | &nbsp;&nbsp;&nbsp;&nbsp; 11337116 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;352227 | &nbsp;&nbsp;&nbsp;&nbsp; 89867197 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14278 | &nbsp;&nbsp;&nbsp;&nbsp; 2180108 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402 | &nbsp;&nbsp;&nbsp;&nbsp; 1219808 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155 | &nbsp;&nbsp;&nbsp;&nbsp; 730760 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12590 | &nbsp;&nbsp;&nbsp;&nbsp; 5525625 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;37590 | &nbsp;&nbsp;&nbsp;&nbsp; 15648717 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9524 | &nbsp;&nbsp;&nbsp;&nbsp; 1360979 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;23933 | &nbsp;&nbsp;&nbsp;&nbsp; 8126211 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;10716 | &nbsp;&nbsp;&nbsp;&nbsp; 2039898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;145316226 |
| **Telecommunications — 1.0%** | **Telecommunications — 1.0%** | **Telecommunications — 1.0%** |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;47761 | &nbsp;&nbsp;&nbsp;&nbsp; 7233881 |
| **Transportation — 0.4%** | **Transportation — 0.4%** | **Transportation — 0.4%** |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8640 | &nbsp;&nbsp;&nbsp;&nbsp; 2614550 |
| **Total Common Stocks<br> (cost $506,971,609)** |  | &nbsp;&nbsp;&nbsp;&nbsp;687735213 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CONVERTIBLE PREFERRED STOCKS — 0.0%** | **CONVERTIBLE PREFERRED STOCKS — 0.0%** | **CONVERTIBLE PREFERRED STOCKS — 0.0%** |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| &nbsp;&nbsp;&nbsp;Databricks, Inc.<br> Series G†(1)(2)<br> (cost $323,873) | &nbsp;&nbsp; 5478 | &nbsp;&nbsp;$255987 |
| **CORPORATE BONDS & NOTES — 0.1%** | **CORPORATE BONDS & NOTES — 0.1%** | **CORPORATE BONDS & NOTES — 0.1%** |
| **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp;Carvana Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25%, 05/01/2030\*<br> (cost $1,544,074) | $1806000 | &nbsp;&nbsp;&nbsp;&nbsp; 767550 |
| **Total Long-Term Investment Securities<br> (cost $508,839,556)** |  | &nbsp;&nbsp;&nbsp;&nbsp;688758750 |

---

---

| | | |
|:---|:---|:---|
| **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> 3.66%(3) | &nbsp;&nbsp;&nbsp;&nbsp;627961 | &nbsp;&nbsp;$627961 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Government Reserve Fund<br> 3.86%(3) | 3962676 | &nbsp;&nbsp;&nbsp;&nbsp; 3962676 |
| **Total Short-Term Investments<br> (cost $4,590,637)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4590637 |
| **TOTAL INVESTMENTS<br> (cost $513,430,193)(4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1% | &nbsp;&nbsp;&nbsp;&nbsp;693349387 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(817283) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$692532104 |

---

---

| | |
|:---|:---|
| † | &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 Blue Chip Growth Fund has no right to demand registration of these securities. At November 30, 2022, the aggregate value of these securities was $2,783,511 representing 0.4% of net assets. |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan.<br>At November 30, 2022, the Fund had loaned securities with a total value of $211,514. This was secured by collateral of $199,134 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. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> November 30, 2022** |
| United States Treasury Bills | 0.00% | 12/15/2022 to 04/20/2023 | $145445 |
| United States Treasury Notes/Bonds | 0.13% to 4.50% | 02/28/2023 to 02/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;53689 |

---

(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, 2022, 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>** |
| ANT International Co., Ltd.<br> Class C | 06/07/2018 | 402788 | $1535176 | $571959 | $1.42 | 0.08% |
| **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** |
| Databricks, Inc.<br> Series G | 02/01/2021 | &nbsp;&nbsp;&nbsp;&nbsp;5478 | &nbsp;&nbsp;&nbsp;&nbsp;323874 | &nbsp;&nbsp;255987 | &nbsp;&nbsp;46.73 | 0.04 |
|  |  |  |  | $827946 |  | 0.12% |

---

(3) The
rate shown is the 7-day yield as of November 30, 2022.

(4) See
 Note 5 for cost of investments on a tax basis.

ADR—American Depositary Receipt

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2022 (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;$11625111 | &nbsp;&nbsp;$2015961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$13641072 |
| &nbsp;&nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;51030470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;571959 | &nbsp;&nbsp;&nbsp;&nbsp;51602429 |
| &nbsp;&nbsp;&nbsp;Internet | &nbsp;&nbsp;&nbsp;&nbsp;145653963 | &nbsp;&nbsp;&nbsp;&nbsp;2498851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;148152814 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;474338898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;474338898 |
| 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;255987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255987 |
| Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767550 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4590637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4590637 |
| **Total Investments at Value** | &nbsp;&nbsp;$687239079 | &nbsp;&nbsp;$5282362 | &nbsp;&nbsp;$827946 | &nbsp;&nbsp;$693349387 |

---

\* 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**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Software | &nbsp;&nbsp;18.9% |
| Internet | &nbsp;&nbsp;14.2 |
| Computers | &nbsp;&nbsp;10.4 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;8.3 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;6.0 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
|  | &nbsp;&nbsp;99.9% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.3%** | **COMMON STOCKS — 98.3%** | **COMMON STOCKS — 98.3%** |
| **Auto Manufacturers — 1.4%** | **Auto Manufacturers — 1.4%** | **Auto Manufacturers — 1.4%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3976 | &nbsp;&nbsp;$774127 |
| **Banks — 1.1%** | **Banks — 1.1%** | **Banks — 1.1%** |
| &nbsp;&nbsp;&nbsp;US Bancorp | 13327 | &nbsp;&nbsp;&nbsp;&nbsp; 604913 |
| **Beverages — 4.0%** | **Beverages — 4.0%** | **Beverages — 4.0%** |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;8424 | &nbsp;&nbsp;&nbsp;&nbsp; 866492 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7419 | &nbsp;&nbsp;&nbsp;&nbsp; 1376299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2242791 |
| **Biotechnology — 5.0%** | **Biotechnology — 5.0%** | **Biotechnology — 5.0%** |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | 23441 | &nbsp;&nbsp;&nbsp;&nbsp; 400372 |
| &nbsp;&nbsp;&nbsp;Horizon Therapeutics PLC† | 10010 | &nbsp;&nbsp;&nbsp;&nbsp; 1003903 |
| &nbsp;&nbsp;&nbsp;Seagen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1918 | &nbsp;&nbsp;&nbsp;&nbsp; 232826 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3680 | &nbsp;&nbsp;&nbsp;&nbsp; 1164352 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2801453 |
| **Commercial Services — 3.0%** | **Commercial Services — 3.0%** | **Commercial Services — 3.0%** |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2536 | &nbsp;&nbsp;&nbsp;&nbsp; 269830 |
| &nbsp;&nbsp;&nbsp;FleetCor Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2914 | &nbsp;&nbsp;&nbsp;&nbsp; 571727 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;5884 | &nbsp;&nbsp;&nbsp;&nbsp; 461365 |
| &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;5679 | &nbsp;&nbsp;&nbsp;&nbsp; 358231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1661153 |
| **Computers — 10.4%** | **Computers — 10.4%** | **Computers — 10.4%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 33801 | &nbsp;&nbsp;&nbsp;&nbsp; 5003562 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp; 175299 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | 11850 | &nbsp;&nbsp;&nbsp;&nbsp; 629946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5808807 |
| **Cosmetics/Personal Care — 0.8%** | **Cosmetics/Personal Care — 0.8%** | **Cosmetics/Personal Care — 0.8%** |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1997 | &nbsp;&nbsp;&nbsp;&nbsp; 470873 |
| **Diversified Financial Services — 3.8%** | **Diversified Financial Services — 3.8%** | **Diversified Financial Services — 3.8%** |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 2138400 |
| **Environmental Control — 1.3%** | **Environmental Control — 1.3%** | **Environmental Control — 1.3%** |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4234 | &nbsp;&nbsp;&nbsp;&nbsp; 710126 |
| **Food — 1.1%** | **Food — 1.1%** | **Food — 1.1%** |
| &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;2682 | &nbsp;&nbsp;&nbsp;&nbsp; 630726 |
| **Hand/Machine Tools — 0.7%** | **Hand/Machine Tools — 0.7%** | **Hand/Machine Tools — 0.7%** |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1728 | &nbsp;&nbsp;&nbsp;&nbsp; 415757 |
| **Healthcare-Products — 1.6%** | **Healthcare-Products — 1.6%** | **Healthcare-Products — 1.6%** |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2225 | &nbsp;&nbsp;&nbsp;&nbsp; 437568 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc.† | 11292 | &nbsp;&nbsp;&nbsp;&nbsp; 474829 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912397 |
| **Healthcare-Services — 1.7%** | **Healthcare-Services — 1.7%** | **Healthcare-Services — 1.7%** |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1432 | &nbsp;&nbsp;&nbsp;&nbsp; 312205 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1174 | &nbsp;&nbsp;&nbsp;&nbsp; 643070 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955275 |
| **Insurance — 0.8%** | **Insurance — 0.8%** | **Insurance — 0.8%** |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3430 | &nbsp;&nbsp;&nbsp;&nbsp; 453274 |
| **Internet — 14.2%** | **Internet — 14.2%** | **Internet — 14.2%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;7234 | &nbsp;&nbsp;&nbsp;&nbsp; 730562 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C† | 24870 | &nbsp;&nbsp;&nbsp;&nbsp; 2523061 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | 23759 | &nbsp;&nbsp;&nbsp;&nbsp; 2293694 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4151 | &nbsp;&nbsp;&nbsp;&nbsp; 443493 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1032 | &nbsp;&nbsp;&nbsp;&nbsp; 159558 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | 10149 | &nbsp;&nbsp;&nbsp;&nbsp; 803090 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;6635 | &nbsp;&nbsp;$783594 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;7551 | &nbsp;&nbsp;&nbsp;&nbsp; 191946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7928998 |
| **Leisure Time — 1.3%** | **Leisure Time — 1.3%** | **Leisure Time — 1.3%** |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc.† | 16484 | &nbsp;&nbsp;&nbsp;&nbsp; 739967 |
| **Miscellaneous Manufacturing — 1.5%** | **Miscellaneous Manufacturing — 1.5%** | **Miscellaneous Manufacturing — 1.5%** |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3154 | &nbsp;&nbsp;&nbsp;&nbsp; 580430 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3215 | &nbsp;&nbsp;&nbsp;&nbsp; 271732 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852162 |
| **Oil & Gas — 0.6%** | **Oil & Gas — 0.6%** | **Oil & Gas — 0.6%** |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2437 | &nbsp;&nbsp;&nbsp;&nbsp; 345883 |
| **Oil & Gas Services — 1.1%** | **Oil & Gas Services — 1.1%** | **Oil & Gas Services — 1.1%** |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 16378 | &nbsp;&nbsp;&nbsp;&nbsp; 620562 |
| **Packaging & Containers — 0.7%** | **Packaging & Containers — 0.7%** | **Packaging & Containers — 0.7%** |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7583 | &nbsp;&nbsp;&nbsp;&nbsp; 403643 |
| **Pharmaceuticals — 3.7%** | **Pharmaceuticals — 3.7%** | **Pharmaceuticals — 3.7%** |
| &nbsp;&nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2042 | &nbsp;&nbsp;&nbsp;&nbsp; 671593 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;2194 | &nbsp;&nbsp;&nbsp;&nbsp; 814150 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4773 | &nbsp;&nbsp;&nbsp;&nbsp; 606457 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2092200 |
| **Real Estate — 1.2%** | **Real Estate — 1.2%** | **Real Estate — 1.2%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp; 676600 |
| **REITS — 1.2%** | **REITS — 1.2%** | **REITS — 1.2%** |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;2199 | &nbsp;&nbsp;&nbsp;&nbsp; 655214 |
| **Retail — 6.0%** | **Retail — 6.0%** | **Retail — 6.0%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 | &nbsp;&nbsp;&nbsp;&nbsp; 974862 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2233 | &nbsp;&nbsp;&nbsp;&nbsp; 474624 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4004 | &nbsp;&nbsp;&nbsp;&nbsp; 409209 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp;&nbsp;&nbsp; 1092374 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3301 | &nbsp;&nbsp;&nbsp;&nbsp; 385887 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3336956 |
| **Semiconductors — 8.3%** | **Semiconductors — 8.3%** | **Semiconductors — 8.3%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;5325 | &nbsp;&nbsp;&nbsp;&nbsp; 413380 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2813 | &nbsp;&nbsp;&nbsp;&nbsp; 1550047 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5470 | &nbsp;&nbsp;&nbsp;&nbsp; 925688 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8812 | &nbsp;&nbsp;&nbsp;&nbsp; 1114630 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2280 | &nbsp;&nbsp;&nbsp;&nbsp; 213066 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2238 | &nbsp;&nbsp;&nbsp;&nbsp; 403870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4620681 |
| **Software — 18.9%** | **Software — 18.9%** | **Software — 18.9%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3160 | &nbsp;&nbsp;&nbsp;&nbsp; 1089979 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1910 | &nbsp;&nbsp;&nbsp;&nbsp; 385724 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A† | 23223 | &nbsp;&nbsp;&nbsp;&nbsp; 547134 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6639 | &nbsp;&nbsp;&nbsp;&nbsp; 868248 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 17433 | &nbsp;&nbsp;&nbsp;&nbsp; 4447856 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 | &nbsp;&nbsp;&nbsp;&nbsp; 446383 |
| &nbsp;&nbsp;&nbsp;New Relic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;5074 | &nbsp;&nbsp;&nbsp;&nbsp; 285514 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1758 | &nbsp;&nbsp;&nbsp;&nbsp; 731855 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;5833 | &nbsp;&nbsp;&nbsp;&nbsp; 1110370 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;3884 | &nbsp;&nbsp;&nbsp;&nbsp; 652124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10565187 |
| **Telecommunications — 1.3%** | **Telecommunications — 1.3%** | **Telecommunications — 1.3%** |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2593 | &nbsp;&nbsp;&nbsp;&nbsp; 705815 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
| **Transportation — 1.6%** | **Transportation — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4236 | &nbsp;&nbsp;$921033 |
| **Total Long-Term Investment Securities<br> (cost $45,592,339)** |  | &nbsp;&nbsp;&nbsp;&nbsp;55044973 |
| **SHORT-TERM INVESTMENTS — 1.6%** | **SHORT-TERM INVESTMENTS — 1.6%** |  |
| **Unaffiliated Investment Companies — 1.6%** | **Unaffiliated Investment Companies — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 3.66%(1)<br> (cost $893,468) | 893468 | &nbsp;&nbsp;&nbsp;&nbsp; 893468 |
| **TOTAL INVESTMENTS<br> (cost $46,485,807)(2)** | &nbsp;&nbsp;&nbsp;&nbsp;99.9% | &nbsp;&nbsp;&nbsp;&nbsp;55938441 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29779 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$55968220 |

---

† Non-income
 producing security

(1) The
rate shown is the 7-day yield as of November 30, 2022.

(2) See
 Note 5 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, 2022 (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;$55044973 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$55044973 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893468 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893468 |
| **Total Investments at Value** | &nbsp;&nbsp;$55938441 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$55938441 |

---

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

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Domestic Fixed Income Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;63.4% |
| Domestic Equity Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;26.2 |
| International Equity Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;9.8 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
|  | &nbsp;&nbsp;100.1% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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 — 63.4%** | **Domestic Fixed Income Investment Companies — 63.4%** | **Domestic Fixed Income Investment Companies — 63.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALIC Company I Core Bond Fund<br> (cost $219,585,631) | 20332089 | &nbsp;&nbsp;$197221266 |
| **Domestic Equity Investment Companies — 26.2%** | **Domestic Equity Investment Companies — 26.2%** | **Domestic Equity Investment Companies — 26.2%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Blue Chip Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;438758 | &nbsp;&nbsp;&nbsp;&nbsp; 6717381 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Large Capital Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;359772 | &nbsp;&nbsp;&nbsp;&nbsp; 6558643 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;507819 | &nbsp;&nbsp;&nbsp;&nbsp; 7500491 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;575269 | &nbsp;&nbsp;&nbsp;&nbsp; 7812161 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Stock Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;830435 | &nbsp;&nbsp;&nbsp;&nbsp; 39246331 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Value Fund | 1035319 | &nbsp;&nbsp;&nbsp;&nbsp; 13697272 |
| **Total Domestic Equity Investment Companies<br> (cost $79,936,605)** |  | &nbsp;&nbsp;&nbsp;&nbsp;81532279 |
| **International Equity Investment Companies — 9.8%** | **International Equity Investment Companies — 9.8%** | **International Equity Investment Companies — 9.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALIC Company I International Equities Index Fund<br> (cost $27,626,702) | 4280879 | &nbsp;&nbsp;&nbsp;&nbsp; 30565477 |
| **Total Long-Term Investment Securities<br> (cost $327,148,938)** |  | &nbsp;&nbsp;&nbsp;&nbsp;309319022 |

---

---

| | | |
|:---|:---|:---|
| **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> 3.66%(2)<br> (cost $2,268,875) | 2268875 | &nbsp;&nbsp;$2268875 |
| **TOTAL INVESTMENTS<br> (cost $329,417,813)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1% | &nbsp;&nbsp;&nbsp;&nbsp;311587897 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(276179) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$311311718 |

---

# The VALIC Company I Conservative Growth Lifestyle Fund invests in various VALIC Company I Funds. Additional information on the underlying funds including such funds' prospectuses and shareholder reports are available at our website, www.valic.com.

(1) See Note 3.

(2) The rate shown is the 7-day yield as of November 30, 2022.

(3) See Note 5 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, 2022 (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;$309319022 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$309319022 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2268875 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2268875 |
| **Total Investments at Value** | &nbsp;&nbsp;$311587897 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$311587897 |

---

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

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;59.6% |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;8.8 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Credit Card Receivables | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Multi-National | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Auto Loan Receivables | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Other Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Trucking & Leasing | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Oil Field Machinery & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Savings & Loans | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;101.3% |

---

---

| | |
|:---|:---|
| **Credit Quality†#** |  |
| Aaa | &nbsp;&nbsp;&nbsp;&nbsp;63.6% |
| Aa | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| A | &nbsp;&nbsp;&nbsp;&nbsp;10.2 |
| Baa | &nbsp;&nbsp;&nbsp;&nbsp;16.1 |
| Ba | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |

---

---

| | |
|:---|:---|
| B | &nbsp;&nbsp;&nbsp;&nbsp;2.5% |
| Caa | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Not Rated@ | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;Calculated as a percentage of net assets |
| † | &nbsp;&nbsp;Source: Moody's |
| # | &nbsp;&nbsp;Calculated as percentage of total debt issues, excluding short-term securities. |
| @ | &nbsp;&nbsp;Represent debt issues that either have no rating, or the rating is unavailable from the data |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 34.4%** | **CORPORATE BONDS & NOTES — 34.4%** | **CORPORATE BONDS & NOTES — 34.4%** |
| **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** |
| &nbsp;&nbsp;&nbsp;BAE Systems Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 12/15/2025\* | $1465000 | &nbsp;&nbsp;$1411778 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 06/15/2050 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 10446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 11/15/2063 | &nbsp;&nbsp; 716000 | &nbsp;&nbsp;&nbsp;&nbsp; 791948 |
| &nbsp;&nbsp;&nbsp;Moog, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 12/15/2027\* | &nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp;&nbsp; 767363 |
| &nbsp;&nbsp;&nbsp;Rolls-Royce PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/15/2027\* | &nbsp;&nbsp; 711000 | &nbsp;&nbsp;&nbsp;&nbsp; 676474 |
| &nbsp;&nbsp;&nbsp;Spirit AeroSystems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 04/15/2025\* | &nbsp;&nbsp; 918000 | &nbsp;&nbsp;&nbsp;&nbsp; 908131 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4566140 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp;American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.75%, 07/15/2025\* | &nbsp;&nbsp; 1196000 | &nbsp;&nbsp;&nbsp;&nbsp; 1328197 |
| &nbsp;&nbsp;&nbsp;British Airways Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 09/15/2036\* | &nbsp;&nbsp; 1734276 | &nbsp;&nbsp;&nbsp;&nbsp; 1429127 |
| &nbsp;&nbsp;&nbsp;United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/15/2029\* | &nbsp;&nbsp; 1255000 | &nbsp;&nbsp;&nbsp;&nbsp; 1117223 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3874547 |
| **Auto Manufacturers — 0.8%** | **Auto Manufacturers — 0.8%** | **Auto Manufacturers — 0.8%** |
| &nbsp;&nbsp;&nbsp;Daimler Trucks Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/14/2031\* | &nbsp;&nbsp; 444000 | &nbsp;&nbsp;&nbsp;&nbsp; 344347 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 02/12/2032 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 355646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/15/2043 | &nbsp;&nbsp; 628000 | &nbsp;&nbsp;&nbsp;&nbsp; 464744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 08/19/2032 | &nbsp;&nbsp; 986000 | &nbsp;&nbsp;&nbsp;&nbsp; 946188 |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 02/16/2028 | &nbsp;&nbsp; 1162000 | &nbsp;&nbsp;&nbsp;&nbsp; 970707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/13/2030 | &nbsp;&nbsp; 4723000 | &nbsp;&nbsp;&nbsp;&nbsp; 3994949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/28/2027 | &nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp; 525235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11%, 05/03/2029 | &nbsp;&nbsp; 402000 | &nbsp;&nbsp;&nbsp;&nbsp; 374781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.35%, 11/04/2027 | &nbsp;&nbsp; 226000 | &nbsp;&nbsp;&nbsp;&nbsp; 234563 |
| &nbsp;&nbsp;&nbsp;General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 10/15/2029 | &nbsp;&nbsp; 2113000 | &nbsp;&nbsp;&nbsp;&nbsp; 2039011 |
| &nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 06/10/2031 | &nbsp;&nbsp; 1404000 | &nbsp;&nbsp;&nbsp;&nbsp; 1102276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 06/20/2025 | &nbsp;&nbsp; 2499000 | &nbsp;&nbsp;&nbsp;&nbsp; 2352520 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/26/2025\* | &nbsp;&nbsp; 2197000 | &nbsp;&nbsp;&nbsp;&nbsp; 2212812 |
| &nbsp;&nbsp;&nbsp;PACCAR Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 10/03/2025 | &nbsp;&nbsp; 1151000 | &nbsp;&nbsp;&nbsp;&nbsp; 1159744 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90%, 04/06/2028# | &nbsp;&nbsp; 3267000 | &nbsp;&nbsp;&nbsp;&nbsp; 2857109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 11/10/2027 | &nbsp;&nbsp; 3387000 | &nbsp;&nbsp;&nbsp;&nbsp; 3482500 |
| &nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 06/08/2027\* | &nbsp;&nbsp; 1965000 | &nbsp;&nbsp;&nbsp;&nbsp; 1901644 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25318776 |
| **Banks — 8.8%** | **Banks — 8.8%** | **Banks — 8.8%** |
| &nbsp;&nbsp;&nbsp;Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72%, 09/14/2027 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1542101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89%, 05/24/2024 | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2547370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29%, 08/18/2027 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1552588 |
| &nbsp;&nbsp;&nbsp;Bank Hapoalim BM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26%, 01/21/2032\* | &nbsp;&nbsp; 3090000 | &nbsp;&nbsp;&nbsp;&nbsp; 2636450 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98%, 09/25/2025 | &nbsp;&nbsp; 3386000 | &nbsp;&nbsp;&nbsp;&nbsp; 3101674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46%, 10/22/2025 | &nbsp;&nbsp; 6202000 | &nbsp;&nbsp;&nbsp;&nbsp; 5835518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31%, 04/22/2042 | &nbsp;&nbsp; 2202000 | &nbsp;&nbsp;&nbsp;&nbsp; 1667253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/02/2026 | &nbsp;&nbsp; 1557000 | &nbsp;&nbsp;&nbsp;&nbsp; 1482614 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 03/08/2037 | $5359000 | &nbsp;&nbsp;$4539184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08%, 04/23/2040 | &nbsp;&nbsp; 3047000 | &nbsp;&nbsp;&nbsp;&nbsp; 2580029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18%, 11/25/2027 | &nbsp;&nbsp; 3821000 | &nbsp;&nbsp;&nbsp;&nbsp; 3640339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57%, 04/27/2033 | &nbsp;&nbsp; 947000 | &nbsp;&nbsp;&nbsp;&nbsp; 882581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11%, 01/29/2037 | &nbsp;&nbsp; 2789000 | &nbsp;&nbsp;&nbsp;&nbsp; 2891665 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 03/08/2027 | &nbsp;&nbsp; 835000 | &nbsp;&nbsp;&nbsp;&nbsp; 766251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 06/07/2025 | &nbsp;&nbsp; 1988000 | &nbsp;&nbsp;&nbsp;&nbsp; 1937082 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59%, 05/04/2037 | &nbsp;&nbsp; 3276000 | &nbsp;&nbsp;&nbsp;&nbsp; 2824828 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/17/2025 | &nbsp;&nbsp; 3643000 | &nbsp;&nbsp;&nbsp;&nbsp; 3613350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/11/2030 | &nbsp;&nbsp; 6586000 | &nbsp;&nbsp;&nbsp;&nbsp; 6105290 |
| &nbsp;&nbsp;&nbsp;Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56%, 09/23/2035 | &nbsp;&nbsp; 4158000 | &nbsp;&nbsp;&nbsp;&nbsp; 3158405 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32%, 01/13/2027\* | &nbsp;&nbsp; 1715000 | &nbsp;&nbsp;&nbsp;&nbsp; 1489643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68%, 06/30/2027\* | &nbsp;&nbsp; 3793000 | &nbsp;&nbsp;&nbsp;&nbsp; 3271885 |
| &nbsp;&nbsp;&nbsp;BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58%, 10/19/2042\* | &nbsp;&nbsp; 1684000 | &nbsp;&nbsp;&nbsp;&nbsp; 1097021 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 06/03/2031 | &nbsp;&nbsp; 839000 | &nbsp;&nbsp;&nbsp;&nbsp; 687598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67%, 01/29/2031 | &nbsp;&nbsp; 488000 | &nbsp;&nbsp;&nbsp;&nbsp; 405079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 11/03/2042 | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 505409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67%, 07/24/2028 | &nbsp;&nbsp; 1209000 | &nbsp;&nbsp;&nbsp;&nbsp; 1119478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/29/2027 | &nbsp;&nbsp; 3953000 | &nbsp;&nbsp;&nbsp;&nbsp; 3807295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61%, 09/29/2026 | &nbsp;&nbsp; 2553000 | &nbsp;&nbsp;&nbsp;&nbsp; 2561951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/22/2033 | &nbsp;&nbsp; 3407000 | &nbsp;&nbsp;&nbsp;&nbsp; 3422891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/31/2033 | &nbsp;&nbsp; 5397000 | &nbsp;&nbsp;&nbsp;&nbsp; 5576292 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64%, 09/30/2032 | &nbsp;&nbsp; 6370000 | &nbsp;&nbsp;&nbsp;&nbsp; 4760811 |
| &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 09/24/2026\* | &nbsp;&nbsp; 6151000 | &nbsp;&nbsp;&nbsp;&nbsp; 5418876 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 01/26/2027\* | &nbsp;&nbsp; 2068000 | &nbsp;&nbsp;&nbsp;&nbsp; 1802144 |
| &nbsp;&nbsp;&nbsp;Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02%, 11/15/2033\* | &nbsp;&nbsp; 484000 | &nbsp;&nbsp;&nbsp;&nbsp; 491389 |
| &nbsp;&nbsp;&nbsp;Danske Bank A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98%, 09/10/2025\* | &nbsp;&nbsp; 2230000 | &nbsp;&nbsp;&nbsp;&nbsp; 2020530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24%, 12/20/2025\* | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3029564 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22%, 09/18/2024 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1199252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31%, 11/16/2027 | &nbsp;&nbsp; 1671000 | &nbsp;&nbsp;&nbsp;&nbsp; 1395790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74%, 01/07/2033 | &nbsp;&nbsp; 4366000 | &nbsp;&nbsp;&nbsp;&nbsp; 3116761 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 10/27/2025 | &nbsp;&nbsp; 1049000 | &nbsp;&nbsp;&nbsp;&nbsp; 1057462 |
| &nbsp;&nbsp;&nbsp;First Horizon Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/01/2030 | &nbsp;&nbsp; 5696000 | &nbsp;&nbsp;&nbsp;&nbsp; 5559876 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54%, 09/10/2027 | &nbsp;&nbsp; 2797000 | &nbsp;&nbsp;&nbsp;&nbsp; 2416662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 07/21/2032 | &nbsp;&nbsp; 1961000 | &nbsp;&nbsp;&nbsp;&nbsp; 1548968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21%, 04/22/2042 | &nbsp;&nbsp; 1836000 | &nbsp;&nbsp;&nbsp;&nbsp; 1361025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/16/2026 | &nbsp;&nbsp; 4210000 | &nbsp;&nbsp;&nbsp;&nbsp; 4004457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 03/15/2030 | &nbsp;&nbsp; 774000 | &nbsp;&nbsp;&nbsp;&nbsp; 703495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 11/01/2024 | &nbsp;&nbsp; 2546000 | &nbsp;&nbsp;&nbsp;&nbsp; 2576498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/01/2037 | &nbsp;&nbsp; 4346000 | &nbsp;&nbsp;&nbsp;&nbsp; 4657768 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59%, 05/24/2027 | &nbsp;&nbsp; 4183000 | &nbsp;&nbsp;&nbsp;&nbsp; 3584010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 11/22/2027 | &nbsp;&nbsp; 3440000 | &nbsp;&nbsp;&nbsp;&nbsp; 2965108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18%, 12/09/2025 | &nbsp;&nbsp; 5502000 | &nbsp;&nbsp;&nbsp;&nbsp; 5299743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11%, 11/03/2033 | &nbsp;&nbsp; 1710000 | &nbsp;&nbsp;&nbsp;&nbsp; 1805343 |
| &nbsp;&nbsp;&nbsp;Huntington National Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 05/17/2028 | &nbsp;&nbsp; 2502000 | &nbsp;&nbsp;&nbsp;&nbsp; 2440166 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 07/01/2026\* | $4227000 | &nbsp;&nbsp;$3773844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 01/06/2026\* | &nbsp;&nbsp; 1185000 | &nbsp;&nbsp;&nbsp;&nbsp; 1158217 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/01/2042\* | &nbsp;&nbsp; 2864000 | &nbsp;&nbsp;&nbsp;&nbsp; 1882671 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%, 09/16/2024 | &nbsp;&nbsp; 3528000 | &nbsp;&nbsp;&nbsp;&nbsp; 3389618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58%, 04/22/2027 | &nbsp;&nbsp; 1181000 | &nbsp;&nbsp;&nbsp;&nbsp; 1042707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01%, 03/13/2026 | &nbsp;&nbsp; 7800000 | &nbsp;&nbsp;&nbsp;&nbsp; 7248147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07%, 06/01/2029 | &nbsp;&nbsp; 601000 | &nbsp;&nbsp;&nbsp;&nbsp; 505416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53%, 11/19/2041 | &nbsp;&nbsp; 7974000 | &nbsp;&nbsp;&nbsp;&nbsp; 5445987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 11/08/2032 | &nbsp;&nbsp; 928000 | &nbsp;&nbsp;&nbsp;&nbsp; 742722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54%, 05/01/2028 | &nbsp;&nbsp; 2966000 | &nbsp;&nbsp;&nbsp;&nbsp; 2755574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91%, 07/25/2033 | &nbsp;&nbsp; 2720000 | &nbsp;&nbsp;&nbsp;&nbsp; 2622936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 09/14/2033 | &nbsp;&nbsp; 3419000 | &nbsp;&nbsp;&nbsp;&nbsp; 3382296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 04/30/2024#(1) | &nbsp;&nbsp; 2751000 | &nbsp;&nbsp;&nbsp;&nbsp; 2680784 |
| &nbsp;&nbsp;&nbsp;KeyBank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 11/15/2027 | &nbsp;&nbsp; 1646000 | &nbsp;&nbsp;&nbsp;&nbsp; 1694439 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19%, 02/25/2025 | &nbsp;&nbsp; 1378000 | &nbsp;&nbsp;&nbsp;&nbsp; 1294139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79%, 07/18/2025 | &nbsp;&nbsp; 3128000 | &nbsp;&nbsp;&nbsp;&nbsp; 3095375 |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56%, 09/13/2025 | &nbsp;&nbsp; 4964000 | &nbsp;&nbsp;&nbsp;&nbsp; 4688390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56%, 09/13/2031 | &nbsp;&nbsp; 2186000 | &nbsp;&nbsp;&nbsp;&nbsp; 1673421 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16%, 10/21/2025 | &nbsp;&nbsp; 1365000 | &nbsp;&nbsp;&nbsp;&nbsp; 1248609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51%, 07/20/2027 | &nbsp;&nbsp; 3756000 | &nbsp;&nbsp;&nbsp;&nbsp; 3268162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/16/2036 | &nbsp;&nbsp; 377000 | &nbsp;&nbsp;&nbsp;&nbsp; 280276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22%, 04/22/2042 | &nbsp;&nbsp; 2114000 | &nbsp;&nbsp;&nbsp;&nbsp; 1591889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 01/20/2027 | &nbsp;&nbsp; 5778000 | &nbsp;&nbsp;&nbsp;&nbsp; 5490423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.68%, 07/17/2026 | &nbsp;&nbsp; 907000 | &nbsp;&nbsp;&nbsp;&nbsp; 896681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 04/20/2037 | &nbsp;&nbsp; 3741000 | &nbsp;&nbsp;&nbsp;&nbsp; 3482044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.34%, 10/18/2033 | &nbsp;&nbsp; 713000 | &nbsp;&nbsp;&nbsp;&nbsp; 758202 |
| &nbsp;&nbsp;&nbsp;National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%, 11/15/2024 | &nbsp;&nbsp; 1995000 | &nbsp;&nbsp;&nbsp;&nbsp; 1903095 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64%, 06/14/2027 | &nbsp;&nbsp; 1815000 | &nbsp;&nbsp;&nbsp;&nbsp; 1553882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03%, 11/28/2035 | &nbsp;&nbsp; 3869000 | &nbsp;&nbsp;&nbsp;&nbsp; 2841622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27%, 03/22/2025 | &nbsp;&nbsp; 531000 | &nbsp;&nbsp;&nbsp;&nbsp; 516680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 08/10/2025(1) | &nbsp;&nbsp; 1096000 | &nbsp;&nbsp;&nbsp;&nbsp; 1066846 |
| &nbsp;&nbsp;&nbsp;NatWest Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%, 08/12/2024\* | &nbsp;&nbsp; 1289000 | &nbsp;&nbsp;&nbsp;&nbsp; 1189434 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 09/22/2027\* | &nbsp;&nbsp; 1556000 | &nbsp;&nbsp;&nbsp;&nbsp; 1562001 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 12/10/2037 | &nbsp;&nbsp; 2697000 | &nbsp;&nbsp;&nbsp;&nbsp; 3044224 |
| &nbsp;&nbsp;&nbsp;Signature Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/2030 | &nbsp;&nbsp; 4220000 | &nbsp;&nbsp;&nbsp;&nbsp; 3858730 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/01/2041\* | &nbsp;&nbsp; 1420000 | &nbsp;&nbsp;&nbsp;&nbsp; 912301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 12/18/2023\*(1) | &nbsp;&nbsp; 1554000 | &nbsp;&nbsp;&nbsp;&nbsp; 1530068 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Bank, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%, 03/25/2024\* | &nbsp;&nbsp; 3357000 | &nbsp;&nbsp;&nbsp;&nbsp; 3165918 |
| &nbsp;&nbsp;&nbsp;SVB Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 04/29/2028 | &nbsp;&nbsp; 3789000 | &nbsp;&nbsp;&nbsp;&nbsp; 3572474 |
| &nbsp;&nbsp;&nbsp;Swedbank AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54%, 11/16/2026\* | &nbsp;&nbsp; 4167000 | &nbsp;&nbsp;&nbsp;&nbsp; 3643255 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/06/2031 | &nbsp;&nbsp; 2492000 | &nbsp;&nbsp;&nbsp;&nbsp; 2184156 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69%, 09/15/2027 | &nbsp;&nbsp; 5093000 | &nbsp;&nbsp;&nbsp;&nbsp; 5040219 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.26%, 07/28/2026 | $1754000 | &nbsp;&nbsp;$1722038 |
| &nbsp;&nbsp;&nbsp;UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%, 08/10/2027\* | &nbsp;&nbsp; 2410000 | &nbsp;&nbsp;&nbsp;&nbsp; 2070877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 09/24/2025\* | &nbsp;&nbsp; 269000 | &nbsp;&nbsp;&nbsp;&nbsp; 260952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/12/2028\* | &nbsp;&nbsp; 1677000 | &nbsp;&nbsp;&nbsp;&nbsp; 1610653 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 09/22/2026\* | &nbsp;&nbsp; 3353000 | &nbsp;&nbsp;&nbsp;&nbsp; 2950445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.46%, 06/30/2035\* | &nbsp;&nbsp; 1766000 | &nbsp;&nbsp;&nbsp;&nbsp; 1394473 |
| &nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49%, 11/03/2036 | &nbsp;&nbsp; 5884000 | &nbsp;&nbsp;&nbsp;&nbsp; 4553749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 10/21/2026 | &nbsp;&nbsp; 1698000 | &nbsp;&nbsp;&nbsp;&nbsp; 1734825 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/15/2031 | &nbsp;&nbsp; 2279000 | &nbsp;&nbsp;&nbsp;&nbsp; 2020517 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39%, 06/02/2028 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 937340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07%, 04/30/2041 | &nbsp;&nbsp; 2266000 | &nbsp;&nbsp;&nbsp;&nbsp; 1682155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 07/22/2027 | &nbsp;&nbsp; 7818000 | &nbsp;&nbsp;&nbsp;&nbsp; 7550493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61%, 04/25/2053 | &nbsp;&nbsp; 1328000 | &nbsp;&nbsp;&nbsp;&nbsp; 1179796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 11/04/2044 | &nbsp;&nbsp; 1209000 | &nbsp;&nbsp;&nbsp;&nbsp; 1047766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61%, 01/15/2044 | &nbsp;&nbsp; 1232000 | &nbsp;&nbsp;&nbsp;&nbsp; 1205655 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 10/29/2029 | &nbsp;&nbsp; 3140000 | &nbsp;&nbsp;&nbsp;&nbsp; 2588844 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278653264 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| &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; 6087000 | &nbsp;&nbsp;&nbsp;&nbsp; 5694287 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 04/15/2048 | &nbsp;&nbsp; 4253000 | &nbsp;&nbsp;&nbsp;&nbsp; 3863908 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 05/09/2027 | &nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp;&nbsp; 908882 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 03/19/2025 | &nbsp;&nbsp; 1713000 | &nbsp;&nbsp;&nbsp;&nbsp; 1633928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 02/18/2028 | &nbsp;&nbsp; 1248000 | &nbsp;&nbsp;&nbsp;&nbsp; 1208214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 07/18/2032 | &nbsp;&nbsp; 1898000 | &nbsp;&nbsp;&nbsp;&nbsp; 1820937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 07/18/2052 | &nbsp;&nbsp; 426000 | &nbsp;&nbsp;&nbsp;&nbsp; 397479 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15527635 |
| **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 08/15/2041 | &nbsp;&nbsp; 4186000 | &nbsp;&nbsp;&nbsp;&nbsp; 3001262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 02/21/2040 | &nbsp;&nbsp; 1539000 | &nbsp;&nbsp;&nbsp;&nbsp; 1183269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 03/01/2053 | &nbsp;&nbsp; 931000 | &nbsp;&nbsp;&nbsp;&nbsp; 849168 |
| &nbsp;&nbsp;&nbsp;CSL Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 04/27/2052\* | &nbsp;&nbsp; 1014000 | &nbsp;&nbsp;&nbsp;&nbsp; 921467 |
| &nbsp;&nbsp;&nbsp;Grifols Escrow Issuer SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/15/2028\* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 630285 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 09/15/2030 | &nbsp;&nbsp; 752000 | &nbsp;&nbsp;&nbsp;&nbsp; 590833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 09/15/2050 | &nbsp;&nbsp; 594000 | &nbsp;&nbsp;&nbsp;&nbsp; 376641 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 09/02/2031 | &nbsp;&nbsp; 2372000 | &nbsp;&nbsp;&nbsp;&nbsp; 1828632 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9381557 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/05/2040 | &nbsp;&nbsp; 2295000 | &nbsp;&nbsp;&nbsp;&nbsp; 1786314 |
| &nbsp;&nbsp;&nbsp;PGT Innovations, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 10/01/2029\* | &nbsp;&nbsp; 817000 | &nbsp;&nbsp;&nbsp;&nbsp; 688143 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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)** |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| &nbsp;&nbsp;&nbsp;Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 01/15/2031\* | $697000 | &nbsp;&nbsp;$534348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/2027\* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 230065 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3238870 |
| **Chemicals — 0.8%** | **Chemicals — 0.8%** | **Chemicals — 0.8%** |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 06/01/2027 | &nbsp;&nbsp; 1926000 | &nbsp;&nbsp;&nbsp;&nbsp; 1887922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 06/01/2052 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1174166 |
| &nbsp;&nbsp;&nbsp;Braskem Netherlands Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/10/2028\* | &nbsp;&nbsp; 1974000 | &nbsp;&nbsp;&nbsp;&nbsp; 1784002 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/2032 | &nbsp;&nbsp; 1634000 | &nbsp;&nbsp;&nbsp;&nbsp; 1516522 |
| &nbsp;&nbsp;&nbsp;Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 07/05/2024 | &nbsp;&nbsp; 2242000 | &nbsp;&nbsp;&nbsp;&nbsp; 2228292 |
| &nbsp;&nbsp;&nbsp;CF Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/15/2044 | &nbsp;&nbsp; 2339000 | &nbsp;&nbsp;&nbsp;&nbsp; 2151423 |
| &nbsp;&nbsp;&nbsp;Consolidated Energy Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 10/15/2028\* | &nbsp;&nbsp; 1082000 | &nbsp;&nbsp;&nbsp;&nbsp; 945397 |
| &nbsp;&nbsp;&nbsp;Dow Chemical Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 05/15/2053 | &nbsp;&nbsp; 714000 | &nbsp;&nbsp;&nbsp;&nbsp; 776344 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 12/15/2051 | &nbsp;&nbsp; 2191000 | &nbsp;&nbsp;&nbsp;&nbsp; 1412264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/15/2028 | &nbsp;&nbsp; 2425000 | &nbsp;&nbsp;&nbsp;&nbsp; 2475811 |
| &nbsp;&nbsp;&nbsp;Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/15/2027 | &nbsp;&nbsp; 647000 | &nbsp;&nbsp;&nbsp;&nbsp; 599339 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/2028\* | &nbsp;&nbsp; 751000 | &nbsp;&nbsp;&nbsp;&nbsp; 661961 |
| &nbsp;&nbsp;&nbsp;Nutrien, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 11/07/2025 | &nbsp;&nbsp; 1179000 | &nbsp;&nbsp;&nbsp;&nbsp; 1203476 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 01/15/2032 | &nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp; 564441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 03/01/2029 | &nbsp;&nbsp; 2322000 | &nbsp;&nbsp;&nbsp;&nbsp; 2159214 |
| &nbsp;&nbsp;&nbsp;Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 04/01/2029\* | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 419925 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2061 | &nbsp;&nbsp; 1993000 | &nbsp;&nbsp;&nbsp;&nbsp; 1203484 |
| &nbsp;&nbsp;&nbsp;Yara International ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 11/14/2032\* | &nbsp;&nbsp; 2657000 | &nbsp;&nbsp;&nbsp;&nbsp; 2814148 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25978131 |
| **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; 555000 | &nbsp;&nbsp;&nbsp;&nbsp; 550442 |
| **Commercial Services — 0.7%** | **Commercial Services — 0.7%** | **Commercial Services — 0.7%** |
| &nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/01/2028\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 168250 |
| &nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/01/2028\* | &nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp; 517350 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%, 05/15/2028 | &nbsp;&nbsp; 1340000 | &nbsp;&nbsp;&nbsp;&nbsp; 1176611 |
| &nbsp;&nbsp;&nbsp;Brink's Co/The |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/15/2027\* | &nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp;&nbsp; 680419 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 06/01/2029\* | &nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp;&nbsp; 901975 |
| &nbsp;&nbsp;&nbsp;Ford Foundation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82%, 06/01/2070 | &nbsp;&nbsp; 1828000 | &nbsp;&nbsp;&nbsp;&nbsp; 1079604 |
| &nbsp;&nbsp;&nbsp;Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/01/2029\* | &nbsp;&nbsp; 354000 | &nbsp;&nbsp;&nbsp;&nbsp; 286740 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 11/01/2027\* | $83000 | &nbsp;&nbsp;$76783 |
| &nbsp;&nbsp;&nbsp;Hertz Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2029\* | &nbsp;&nbsp; 686000 | &nbsp;&nbsp;&nbsp;&nbsp; 544396 |
| &nbsp;&nbsp;&nbsp;Korn Ferry |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 12/15/2027\* | &nbsp;&nbsp; 436000 | &nbsp;&nbsp;&nbsp;&nbsp; 398582 |
| &nbsp;&nbsp;&nbsp;Metis Merger Sub LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 05/15/2029\* | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 551745 |
| &nbsp;&nbsp;&nbsp;MPH Acquisition Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/01/2028\*# | &nbsp;&nbsp; 1118000 | &nbsp;&nbsp;&nbsp;&nbsp; 785395 |
| &nbsp;&nbsp;&nbsp;Paysafe Finance PLC/Paysafe Holdings US Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/2029\*# | &nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp;&nbsp; 495425 |
| &nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC/Prime Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/31/2027\* | &nbsp;&nbsp; 973000 | &nbsp;&nbsp;&nbsp;&nbsp; 856113 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/15/2029\* | &nbsp;&nbsp; 692000 | &nbsp;&nbsp;&nbsp;&nbsp; 602829 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 10/01/2041 | &nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp;&nbsp; 823759 |
| &nbsp;&nbsp;&nbsp;Rent-A-Center Inc/TX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 02/15/2029\* | &nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp; 612762 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 03/01/2029\* | &nbsp;&nbsp; 2831000 | &nbsp;&nbsp;&nbsp;&nbsp; 2516197 |
| &nbsp;&nbsp;&nbsp;Sotheby's |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 10/15/2027\* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 973995 |
| &nbsp;&nbsp;&nbsp;Sotheby's/Bidfair Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/01/2029\* | &nbsp;&nbsp; 291000 | &nbsp;&nbsp;&nbsp;&nbsp; 242180 |
| &nbsp;&nbsp;&nbsp;TriNet Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2029\* | &nbsp;&nbsp; 945000 | &nbsp;&nbsp;&nbsp;&nbsp; 785531 |
| &nbsp;&nbsp;&nbsp;Triton Container International, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 04/15/2026\* | &nbsp;&nbsp; 4862000 | &nbsp;&nbsp;&nbsp;&nbsp; 4227448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 06/15/2031\* | &nbsp;&nbsp; 4434000 | &nbsp;&nbsp;&nbsp;&nbsp; 3496972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22801061 |
| **Computers — 0.8%** | **Computers — 0.8%** | **Computers — 0.8%** |
| &nbsp;&nbsp;&nbsp;Ahead DB Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/01/2028\* | &nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp; 641361 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 08/05/2028 | &nbsp;&nbsp; 3559000 | &nbsp;&nbsp;&nbsp;&nbsp; 3055168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 05/11/2050 | &nbsp;&nbsp; 1693000 | &nbsp;&nbsp;&nbsp;&nbsp; 1170422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 08/05/2051 | &nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp;&nbsp; 639498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 08/08/2052 | &nbsp;&nbsp; 2059000 | &nbsp;&nbsp;&nbsp;&nbsp; 1800599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 08/08/2062 | &nbsp;&nbsp; 1469000 | &nbsp;&nbsp;&nbsp;&nbsp; 1272327 |
| &nbsp;&nbsp;&nbsp;Condor Merger Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 02/15/2030\* | &nbsp;&nbsp; 1422000 | &nbsp;&nbsp;&nbsp;&nbsp; 1165061 |
| &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 12/15/2041\* | &nbsp;&nbsp; 2448000 | &nbsp;&nbsp;&nbsp;&nbsp; 1686991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10%, 07/15/2036 | &nbsp;&nbsp; 1594000 | &nbsp;&nbsp;&nbsp;&nbsp; 1835326 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 04/01/2026# | &nbsp;&nbsp; 5711000 | &nbsp;&nbsp;&nbsp;&nbsp; 5171830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 10/15/2035 | &nbsp;&nbsp; 258000 | &nbsp;&nbsp;&nbsp;&nbsp; 270031 |
| &nbsp;&nbsp;&nbsp;HP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2033 | &nbsp;&nbsp; 1035000 | &nbsp;&nbsp;&nbsp;&nbsp; 988898 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 10/15/2026 | &nbsp;&nbsp; 1619000 | &nbsp;&nbsp;&nbsp;&nbsp; 1324599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 10/15/2031 | &nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 394296 |
| &nbsp;&nbsp;&nbsp;Leidos, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/15/2030 | &nbsp;&nbsp; 2076000 | &nbsp;&nbsp;&nbsp;&nbsp; 1893669 |
| &nbsp;&nbsp;&nbsp;NCR Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 04/15/2029\* | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 404299 |
| &nbsp;&nbsp;&nbsp;Seagate HDD Cayman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09%, 06/01/2029 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 430300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24144675 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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)** |
| **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** |
| &nbsp;&nbsp;&nbsp;Coty, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/2026\* | $656000 | &nbsp;&nbsp;$628933 |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 04/01/2029\* | &nbsp;&nbsp; 1096000 | &nbsp;&nbsp;&nbsp;&nbsp; 951909 |
| &nbsp;&nbsp;&nbsp;GSK Consumer Healthcare Capital UK PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 03/24/2025 | &nbsp;&nbsp; 2395000 | &nbsp;&nbsp;&nbsp;&nbsp; 2294441 |
| &nbsp;&nbsp;&nbsp;GSK Consumer Healthcare Capital US LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/24/2032 | &nbsp;&nbsp; 1733000 | &nbsp;&nbsp;&nbsp;&nbsp; 1529420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/24/2052 | &nbsp;&nbsp; 1365000 | &nbsp;&nbsp;&nbsp;&nbsp; 1088193 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6492896 |
| **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; 2099000 | &nbsp;&nbsp;&nbsp;&nbsp; 1845641 |
| &nbsp;&nbsp;&nbsp;AG Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/01/2028\* | &nbsp;&nbsp; 1008000 | &nbsp;&nbsp;&nbsp;&nbsp; 940013 |
| &nbsp;&nbsp;&nbsp;Aretec Escrow Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 04/01/2029\* | &nbsp;&nbsp; 682000 | &nbsp;&nbsp;&nbsp;&nbsp; 553006 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 12/15/2024\* | &nbsp;&nbsp; 883000 | &nbsp;&nbsp;&nbsp;&nbsp; 767955 |
| &nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/15/2028\* | &nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp; 838434 |
| &nbsp;&nbsp;&nbsp;Cobra AcquisitionCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/01/2029\* | &nbsp;&nbsp; 958000 | &nbsp;&nbsp;&nbsp;&nbsp; 641860 |
| &nbsp;&nbsp;&nbsp;Curo Group Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 08/01/2028\* | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 266500 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/15/2025\* | &nbsp;&nbsp; 1036000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007230 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 09/01/2024 to 09/15/2025\* | &nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1176523 |
| &nbsp;&nbsp;&nbsp;goeasy, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/01/2026\* | &nbsp;&nbsp; 577000 | &nbsp;&nbsp;&nbsp;&nbsp; 506468 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/15/2052 | &nbsp;&nbsp; 2219000 | &nbsp;&nbsp;&nbsp;&nbsp; 2126969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 06/15/2062 | &nbsp;&nbsp; 1248000 | &nbsp;&nbsp;&nbsp;&nbsp; 1211485 |
| &nbsp;&nbsp;&nbsp;LFS Topco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 10/15/2026\* | &nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp; 656015 |
| &nbsp;&nbsp;&nbsp;LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/15/2029\* | &nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp;&nbsp; 536486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/15/2027\* | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 411095 |
| &nbsp;&nbsp;&nbsp;NFP Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 08/15/2028\* | &nbsp;&nbsp; 356000 | &nbsp;&nbsp;&nbsp;&nbsp; 308450 |
| &nbsp;&nbsp;&nbsp;Rocket Mtg. LLC/Rocket Mtg. Co-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/01/2029\* | &nbsp;&nbsp; 456000 | &nbsp;&nbsp;&nbsp;&nbsp; 367080 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/23/2025 | &nbsp;&nbsp; 9699000 | &nbsp;&nbsp;&nbsp;&nbsp; 9286246 |
| &nbsp;&nbsp;&nbsp;USAA Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 05/01/2025\* | &nbsp;&nbsp; 2593000 | &nbsp;&nbsp;&nbsp;&nbsp; 2509321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25956777 |
| **Electric — 2.8%** | **Electric — 2.8%** | **Electric — 2.8%** |
| &nbsp;&nbsp;&nbsp;AEP Transmission Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 04/01/2050 | &nbsp;&nbsp; 591000 | &nbsp;&nbsp;&nbsp;&nbsp; 449896 |
| &nbsp;&nbsp;&nbsp;AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 01/15/2031 | &nbsp;&nbsp; 3472000 | &nbsp;&nbsp;&nbsp;&nbsp; 2758912 |
| &nbsp;&nbsp;&nbsp;Ameren Illinois Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 12/01/2052 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 436505 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/01/2027 | &nbsp;&nbsp; 940000 | &nbsp;&nbsp;&nbsp;&nbsp; 965098 |
| &nbsp;&nbsp;&nbsp;Atlantica Sustainable Infrastructure PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 06/15/2028\* | &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp; 533323 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;Avangrid, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 04/15/2025 | $5958000 | &nbsp;&nbsp;$5692295 |
| &nbsp;&nbsp;&nbsp;Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 03/01/2031\* | &nbsp;&nbsp; 933000 | &nbsp;&nbsp;&nbsp;&nbsp; 768744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2031\* | &nbsp;&nbsp; 624000 | &nbsp;&nbsp;&nbsp;&nbsp; 539440 |
| &nbsp;&nbsp;&nbsp;Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/15/2028\* | &nbsp;&nbsp; 432000 | &nbsp;&nbsp;&nbsp;&nbsp; 399066 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 12/01/2050 | &nbsp;&nbsp; 1451000 | &nbsp;&nbsp;&nbsp;&nbsp; 1073740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/01/2050 | &nbsp;&nbsp; 1693000 | &nbsp;&nbsp;&nbsp;&nbsp; 1408625 |
| &nbsp;&nbsp;&nbsp;Colbun SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 01/19/2032\* | &nbsp;&nbsp; 1911000 | &nbsp;&nbsp;&nbsp;&nbsp; 1581352 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 06/15/2061 | &nbsp;&nbsp; 2542000 | &nbsp;&nbsp;&nbsp;&nbsp; 1867259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 11/15/2052 | &nbsp;&nbsp; 678000 | &nbsp;&nbsp;&nbsp;&nbsp; 745589 |
| &nbsp;&nbsp;&nbsp;Dominion Energy South Carolina, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/01/2065 | &nbsp;&nbsp; 916000 | &nbsp;&nbsp;&nbsp;&nbsp; 854248 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/01/2033 | &nbsp;&nbsp; 2437000 | &nbsp;&nbsp;&nbsp;&nbsp; 2380706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/01/2054 | &nbsp;&nbsp; 1025000 | &nbsp;&nbsp;&nbsp;&nbsp; 954839 |
| &nbsp;&nbsp;&nbsp;DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 03/01/2049 | &nbsp;&nbsp; 2101000 | &nbsp;&nbsp;&nbsp;&nbsp; 1740810 |
| &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 03/15/2052 | &nbsp;&nbsp; 823000 | &nbsp;&nbsp;&nbsp;&nbsp; 627624 |
| &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 11/15/2052 | &nbsp;&nbsp; 914000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005570 |
| &nbsp;&nbsp;&nbsp;EDP Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 10/11/2027\* | &nbsp;&nbsp; 1008000 | &nbsp;&nbsp;&nbsp;&nbsp; 1025067 |
| &nbsp;&nbsp;&nbsp;Emera US Finance LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/15/2046 | &nbsp;&nbsp; 2299000 | &nbsp;&nbsp;&nbsp;&nbsp; 1820735 |
| &nbsp;&nbsp;&nbsp;Enel Finance America LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10%, 10/14/2027\* | &nbsp;&nbsp; 1528000 | &nbsp;&nbsp;&nbsp;&nbsp; 1588359 |
| &nbsp;&nbsp;&nbsp;Enel Finance International NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/25/2047\* | &nbsp;&nbsp; 1025000 | &nbsp;&nbsp;&nbsp;&nbsp; 797365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/14/2052\* | &nbsp;&nbsp; 1490000 | &nbsp;&nbsp;&nbsp;&nbsp; 1640673 |
| &nbsp;&nbsp;&nbsp;Engie Energia Chile SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 01/28/2030\* | &nbsp;&nbsp; 1517000 | &nbsp;&nbsp;&nbsp;&nbsp; 1218758 |
| &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/15/2052 | &nbsp;&nbsp; 667000 | &nbsp;&nbsp;&nbsp;&nbsp; 601655 |
| &nbsp;&nbsp;&nbsp;Entergy Mississippi LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2051 | &nbsp;&nbsp; 961000 | &nbsp;&nbsp;&nbsp;&nbsp; 702354 |
| &nbsp;&nbsp;&nbsp;Entergy Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/30/2039 | &nbsp;&nbsp; 3598000 | &nbsp;&nbsp;&nbsp;&nbsp; 3146947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/2052 | &nbsp;&nbsp; 653000 | &nbsp;&nbsp;&nbsp;&nbsp; 602887 |
| &nbsp;&nbsp;&nbsp;Evergy Missouri West, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 12/15/2027\* | &nbsp;&nbsp; 801000 | &nbsp;&nbsp;&nbsp;&nbsp; 803791 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Transmission LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 04/01/2049\* | &nbsp;&nbsp; 2248000 | &nbsp;&nbsp;&nbsp;&nbsp; 1831636 |
| &nbsp;&nbsp;&nbsp;Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 03/15/2051 | &nbsp;&nbsp; 2684000 | &nbsp;&nbsp;&nbsp;&nbsp; 1891598 |
| &nbsp;&nbsp;&nbsp;Interstate Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/30/2049 | &nbsp;&nbsp; 1814000 | &nbsp;&nbsp;&nbsp;&nbsp; 1320638 |
| &nbsp;&nbsp;&nbsp;ITC Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 09/22/2027\* | &nbsp;&nbsp; 2635000 | &nbsp;&nbsp;&nbsp;&nbsp; 2617326 |
| &nbsp;&nbsp;&nbsp;Liberty Utilities Finance GP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 09/15/2030\* | &nbsp;&nbsp; 1514000 | &nbsp;&nbsp;&nbsp;&nbsp; 1143847 |
| &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/07/2025 | &nbsp;&nbsp; 938000 | &nbsp;&nbsp;&nbsp;&nbsp; 880152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 01/27/2025 | &nbsp;&nbsp; 4921000 | &nbsp;&nbsp;&nbsp;&nbsp; 4736298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 12/15/2032 | &nbsp;&nbsp; 1621000 | &nbsp;&nbsp;&nbsp;&nbsp; 1518317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 04/30/2043 | &nbsp;&nbsp; 1503000 | &nbsp;&nbsp;&nbsp;&nbsp; 1386084 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 02/15/2031\* | &nbsp;&nbsp; 1266000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012357 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 06/01/2032\* | $1882000 | &nbsp;&nbsp;$1801638 |
| &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 12/01/2047 | &nbsp;&nbsp; 2862000 | &nbsp;&nbsp;&nbsp;&nbsp; 1995784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/15/2045 | &nbsp;&nbsp; 3385000 | &nbsp;&nbsp;&nbsp;&nbsp; 2466364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/08/2025 | &nbsp;&nbsp; 1406000 | &nbsp;&nbsp;&nbsp;&nbsp; 1379915 |
| &nbsp;&nbsp;&nbsp;Pattern Energy Operations LP/Pattern Energy Operations, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2028\* | &nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp;&nbsp; 1099276 |
| &nbsp;&nbsp;&nbsp;Public Service Co. of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 01/15/2051 | &nbsp;&nbsp; 4029000 | &nbsp;&nbsp;&nbsp;&nbsp; 2632969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 06/15/2028 | &nbsp;&nbsp; 1829000 | &nbsp;&nbsp;&nbsp;&nbsp; 1733083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 06/15/2048 | &nbsp;&nbsp; 1784000 | &nbsp;&nbsp;&nbsp;&nbsp; 1497213 |
| &nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 08/15/2031 | &nbsp;&nbsp; 2136000 | &nbsp;&nbsp;&nbsp;&nbsp; 1727343 |
| &nbsp;&nbsp;&nbsp;Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10%, 04/01/2024 | &nbsp;&nbsp; 5575000 | &nbsp;&nbsp;&nbsp;&nbsp; 5288057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 11/01/2027 | &nbsp;&nbsp; 1618000 | &nbsp;&nbsp;&nbsp;&nbsp; 1671159 |
| &nbsp;&nbsp;&nbsp;Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.48%, 08/01/2024(2) | &nbsp;&nbsp; 1935000 | &nbsp;&nbsp;&nbsp;&nbsp; 1905667 |
| &nbsp;&nbsp;&nbsp;Union Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 06/15/2027 | &nbsp;&nbsp; 2295000 | &nbsp;&nbsp;&nbsp;&nbsp; 2142127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 04/01/2052 | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 917845 |
| &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/31/2027\* | &nbsp;&nbsp; 952000 | &nbsp;&nbsp;&nbsp;&nbsp; 893618 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88222543 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/31/2029\* | &nbsp;&nbsp; 657000 | &nbsp;&nbsp;&nbsp;&nbsp; 558923 |
| &nbsp;&nbsp;&nbsp;EnerSys |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 12/15/2027\* | &nbsp;&nbsp; 799000 | &nbsp;&nbsp;&nbsp;&nbsp; 709113 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268036 |
| **Electronics — 0.4%** | **Electronics — 0.4%** | **Electronics — 0.4%** |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 03/12/2031 | &nbsp;&nbsp; 2690000 | &nbsp;&nbsp;&nbsp;&nbsp; 2192633 |
| &nbsp;&nbsp;&nbsp;Allegion US Holding Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41%, 07/01/2032 | &nbsp;&nbsp; 1447000 | &nbsp;&nbsp;&nbsp;&nbsp; 1386782 |
| &nbsp;&nbsp;&nbsp;Flex, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2028 | &nbsp;&nbsp; 792000 | &nbsp;&nbsp;&nbsp;&nbsp; 799232 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 02/15/2028 | &nbsp;&nbsp; 2067000 | &nbsp;&nbsp;&nbsp;&nbsp; 2108718 |
| &nbsp;&nbsp;&nbsp;Imola Merger Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2029\* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 669375 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 06/15/2028 | &nbsp;&nbsp; 912000 | &nbsp;&nbsp;&nbsp;&nbsp; 883659 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2029\*# | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 657465 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 04/01/2031 | &nbsp;&nbsp; 5330000 | &nbsp;&nbsp;&nbsp;&nbsp; 3829578 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12527442 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| &nbsp;&nbsp;&nbsp;VM Consolidated, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2029\* | &nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp;&nbsp; 576326 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 02/15/2029\* | &nbsp;&nbsp; 922000 | &nbsp;&nbsp;&nbsp;&nbsp; 525383 |
| &nbsp;&nbsp;&nbsp;Banijay Entertainment SASU |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/01/2025\* | &nbsp;&nbsp; 823000 | &nbsp;&nbsp;&nbsp;&nbsp; 780245 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/01/2025\* | $664000 | &nbsp;&nbsp;$656233 |
| &nbsp;&nbsp;&nbsp;Scientific Games Holdings LP/Scientific Games US FinCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/01/2030\* | &nbsp;&nbsp; 698000 | &nbsp;&nbsp;&nbsp;&nbsp; 587174 |
| &nbsp;&nbsp;&nbsp;SeaWorld Parks & Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/15/2029\* | &nbsp;&nbsp; 1480000 | &nbsp;&nbsp;&nbsp;&nbsp; 1275390 |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.64%, 03/15/2025\* | &nbsp;&nbsp; 1320000 | &nbsp;&nbsp;&nbsp;&nbsp; 1260390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2042\* | &nbsp;&nbsp; 1559000 | &nbsp;&nbsp;&nbsp;&nbsp; 1248055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14%, 03/15/2052\* | &nbsp;&nbsp; 728000 | &nbsp;&nbsp;&nbsp;&nbsp; 564099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 03/15/2062\* | &nbsp;&nbsp; 2297000 | &nbsp;&nbsp;&nbsp;&nbsp; 1777395 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8674364 |
| **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
| &nbsp;&nbsp;&nbsp;Covanta Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2030 | &nbsp;&nbsp; 843000 | &nbsp;&nbsp;&nbsp;&nbsp; 720234 |
| &nbsp;&nbsp;&nbsp;Harsco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/31/2027\* | &nbsp;&nbsp; 928000 | &nbsp;&nbsp;&nbsp;&nbsp; 749360 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 01/15/2032 | &nbsp;&nbsp; 2928000 | &nbsp;&nbsp;&nbsp;&nbsp; 2358760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 12/01/2028 | &nbsp;&nbsp; 1191000 | &nbsp;&nbsp;&nbsp;&nbsp; 1148773 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4977127 |
| **Food — 0.9%** | **Food — 0.9%** | **Food — 0.9%** |
| &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; 1046000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000206 |
| &nbsp;&nbsp;&nbsp;C&S Group Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2028\* | &nbsp;&nbsp; 1222000 | &nbsp;&nbsp;&nbsp;&nbsp; 907353 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/01/2028 | &nbsp;&nbsp; 2210000 | &nbsp;&nbsp;&nbsp;&nbsp; 2367968 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24%, 11/18/2025 | &nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp;&nbsp; 1091461 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%, 06/03/2024 | &nbsp;&nbsp; 1635000 | &nbsp;&nbsp;&nbsp;&nbsp; 1537576 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 06/01/2046 | &nbsp;&nbsp; 3584000 | &nbsp;&nbsp;&nbsp;&nbsp; 3020818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/01/2049 | &nbsp;&nbsp; 1094000 | &nbsp;&nbsp;&nbsp;&nbsp; 985059 |
| &nbsp;&nbsp;&nbsp;Land O'Lakes Capital Trust I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45%, 03/15/2028\* | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 306900 |
| &nbsp;&nbsp;&nbsp;Nestle Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/24/2025\* | &nbsp;&nbsp; 3340000 | &nbsp;&nbsp;&nbsp;&nbsp; 3256195 |
| &nbsp;&nbsp;&nbsp;Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2027\* | &nbsp;&nbsp; 497000 | &nbsp;&nbsp;&nbsp;&nbsp; 479605 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 09/30/2027\* | &nbsp;&nbsp; 431000 | &nbsp;&nbsp;&nbsp;&nbsp; 425914 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/2031\* | &nbsp;&nbsp; 662000 | &nbsp;&nbsp;&nbsp;&nbsp; 564170 |
| &nbsp;&nbsp;&nbsp;Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/01/2029\* | &nbsp;&nbsp; 453000 | &nbsp;&nbsp;&nbsp;&nbsp; 374857 |
| &nbsp;&nbsp;&nbsp;Smithfield Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/01/2027\* | &nbsp;&nbsp; 1866000 | &nbsp;&nbsp;&nbsp;&nbsp; 1717835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 04/01/2029\* | &nbsp;&nbsp; 2140000 | &nbsp;&nbsp;&nbsp;&nbsp; 1988185 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/15/2048 | &nbsp;&nbsp; 4014000 | &nbsp;&nbsp;&nbsp;&nbsp; 3370757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/01/2046 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2037221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 04/01/2030 | &nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 622168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60%, 04/01/2050 | &nbsp;&nbsp; 897000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000692 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27054940 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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)** |
| **Forest Products & Paper — 0.4%** | **Forest Products & Paper — 0.4%** | **Forest Products & Paper — 0.4%** |
| &nbsp;&nbsp;&nbsp;Georgia-Pacific LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%, 05/15/2026\* | $8467000 | &nbsp;&nbsp;$7437752 |
| &nbsp;&nbsp;&nbsp;Glatfelter Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/15/2029\* | &nbsp;&nbsp; 981000 | &nbsp;&nbsp;&nbsp;&nbsp; 640102 |
| &nbsp;&nbsp;&nbsp;Inversiones CMPC SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/06/2031\* | &nbsp;&nbsp; 1689000 | &nbsp;&nbsp;&nbsp;&nbsp; 1389914 |
| &nbsp;&nbsp;&nbsp;Suzano Austria GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 01/15/2032 | &nbsp;&nbsp; 1440000 | &nbsp;&nbsp;&nbsp;&nbsp; 1123572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 01/15/2031 | &nbsp;&nbsp; 392000 | &nbsp;&nbsp;&nbsp;&nbsp; 327570 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10918910 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/15/2052 | &nbsp;&nbsp; 2016000 | &nbsp;&nbsp;&nbsp;&nbsp; 2150538 |
| &nbsp;&nbsp;&nbsp;Spire Missouri, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 06/01/2051 | &nbsp;&nbsp; 1202000 | &nbsp;&nbsp;&nbsp;&nbsp; 843602 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2994140 |
| **Hand/Machine Tools — 0.1%** | **Hand/Machine Tools — 0.1%** | **Hand/Machine Tools — 0.1%** |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 02/24/2025 | &nbsp;&nbsp; 676000 | &nbsp;&nbsp;&nbsp;&nbsp; 641806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/15/2060# | &nbsp;&nbsp; 3228000 | &nbsp;&nbsp;&nbsp;&nbsp; 2758552 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400358 |
| **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** |
| &nbsp;&nbsp;&nbsp;Alcon Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/06/2052\* | &nbsp;&nbsp; 1207000 | &nbsp;&nbsp;&nbsp;&nbsp; 1221022 |
| &nbsp;&nbsp;&nbsp;GE Healthcare Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 11/15/2027\* | &nbsp;&nbsp; 2349000 | &nbsp;&nbsp;&nbsp;&nbsp; 2395622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/22/2052\* | &nbsp;&nbsp; 718000 | &nbsp;&nbsp;&nbsp;&nbsp; 798714 |
| &nbsp;&nbsp;&nbsp;Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/01/2029\* | &nbsp;&nbsp; 904000 | &nbsp;&nbsp;&nbsp;&nbsp; 777223 |
| &nbsp;&nbsp;&nbsp;STERIS PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 03/15/2051 | &nbsp;&nbsp; 1790000 | &nbsp;&nbsp;&nbsp;&nbsp; 1292370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6484951 |
| **Healthcare-Services — 1.0%** | **Healthcare-Services — 1.0%** | **Healthcare-Services — 1.0%** |
| &nbsp;&nbsp;&nbsp;CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 03/15/2027\* | &nbsp;&nbsp; 1412000 | &nbsp;&nbsp;&nbsp;&nbsp; 1198492 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/01/2030\* | &nbsp;&nbsp; 1051000 | &nbsp;&nbsp;&nbsp;&nbsp; 850764 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 09/15/2029 | &nbsp;&nbsp; 1761000 | &nbsp;&nbsp;&nbsp;&nbsp; 1554198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 10/15/2052 | &nbsp;&nbsp; 902000 | &nbsp;&nbsp;&nbsp;&nbsp; 981385 |
| &nbsp;&nbsp;&nbsp;HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/2030 to 07/15/2051 | &nbsp;&nbsp; 5352000 | &nbsp;&nbsp;&nbsp;&nbsp; 4203983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/15/2052\* | &nbsp;&nbsp; 2389000 | &nbsp;&nbsp;&nbsp;&nbsp; 1926217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/15/2026 | &nbsp;&nbsp; 1023000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031334 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35%, 02/03/2027 | &nbsp;&nbsp; 2177000 | &nbsp;&nbsp;&nbsp;&nbsp; 1878100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/01/2033 | &nbsp;&nbsp; 808000 | &nbsp;&nbsp;&nbsp;&nbsp; 841055 |
| &nbsp;&nbsp;&nbsp;Legacy LifePoint Health LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 02/15/2027\* | &nbsp;&nbsp; 748000 | &nbsp;&nbsp;&nbsp;&nbsp; 620060 |
| &nbsp;&nbsp;&nbsp;Roche Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 03/10/2025\* | &nbsp;&nbsp; 5909000 | &nbsp;&nbsp;&nbsp;&nbsp; 5618136 |
| &nbsp;&nbsp;&nbsp;Select Medical Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 08/15/2026\* | &nbsp;&nbsp; 1205000 | &nbsp;&nbsp;&nbsp;&nbsp; 1166271 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 07/15/2024 | &nbsp;&nbsp; 184000 | &nbsp;&nbsp;&nbsp;&nbsp; 180043 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 01/15/2026 | &nbsp;&nbsp; 3133000 | &nbsp;&nbsp;&nbsp;&nbsp; 2837056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/15/2062 | &nbsp;&nbsp; 747000 | &nbsp;&nbsp;&nbsp;&nbsp; 716483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 10/15/2025 | &nbsp;&nbsp; 2221000 | &nbsp;&nbsp;&nbsp;&nbsp; 2256318 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Services (continued)** | **Healthcare-Services (continued)** | **Healthcare-Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/15/2028 | $1688000 | &nbsp;&nbsp;$1736358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 02/15/2063 | &nbsp;&nbsp; 1759000 | &nbsp;&nbsp;&nbsp;&nbsp; 1973403 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31569656 |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| &nbsp;&nbsp;&nbsp;Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/01/2030\* | &nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 650553 |
| **Insurance — 1.3%** | **Insurance — 1.3%** | **Insurance — 1.3%** |
| &nbsp;&nbsp;&nbsp;Americo Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 04/15/2031\* | &nbsp;&nbsp; 1553000 | &nbsp;&nbsp;&nbsp;&nbsp; 1196127 |
| &nbsp;&nbsp;&nbsp;Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73%, 10/02/2026\* | &nbsp;&nbsp; 3450000 | &nbsp;&nbsp;&nbsp;&nbsp; 2975205 |
| &nbsp;&nbsp;&nbsp;Athene Holding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 05/15/2052 | &nbsp;&nbsp; 714000 | &nbsp;&nbsp;&nbsp;&nbsp; 445748 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60%, 06/28/2023\* | &nbsp;&nbsp; 2537000 | &nbsp;&nbsp;&nbsp;&nbsp; 2467404 |
| &nbsp;&nbsp;&nbsp;Enstar Group, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 09/01/2031 | &nbsp;&nbsp; 2058000 | &nbsp;&nbsp;&nbsp;&nbsp; 1508575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/01/2029 | &nbsp;&nbsp; 3919000 | &nbsp;&nbsp;&nbsp;&nbsp; 3595242 |
| &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%, 07/12/2026\* | &nbsp;&nbsp; 2742000 | &nbsp;&nbsp;&nbsp;&nbsp; 2397110 |
| &nbsp;&nbsp;&nbsp;F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%, 09/20/2024\* | &nbsp;&nbsp; 2390000 | &nbsp;&nbsp;&nbsp;&nbsp; 2181359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 04/11/2027\* | &nbsp;&nbsp; 4144000 | &nbsp;&nbsp;&nbsp;&nbsp; 3624602 |
| &nbsp;&nbsp;&nbsp;Liberty Mutual Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 02/01/2061\* | &nbsp;&nbsp; 4349000 | &nbsp;&nbsp;&nbsp;&nbsp; 2548340 |
| &nbsp;&nbsp;&nbsp;MassMutual Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 06/22/2024\* | &nbsp;&nbsp; 1494000 | &nbsp;&nbsp;&nbsp;&nbsp; 1442548 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 06/01/2025\* | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 492631 |
| &nbsp;&nbsp;&nbsp;Ohio National Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 01/24/2030\* | &nbsp;&nbsp; 2410000 | &nbsp;&nbsp;&nbsp;&nbsp; 2244507 |
| &nbsp;&nbsp;&nbsp;Principal Life Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 01/08/2024\* | &nbsp;&nbsp; 1490000 | &nbsp;&nbsp;&nbsp;&nbsp; 1417059 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91%, 12/07/2047 | &nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 452439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 06/15/2043 | &nbsp;&nbsp; 1852000 | &nbsp;&nbsp;&nbsp;&nbsp; 1836536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/15/2048 | &nbsp;&nbsp; 1373000 | &nbsp;&nbsp;&nbsp;&nbsp; 1274954 |
| &nbsp;&nbsp;&nbsp;Prudential PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 04/14/2030 | &nbsp;&nbsp; 1811000 | &nbsp;&nbsp;&nbsp;&nbsp; 1583282 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 02/01/2030\* | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 359100 |
| &nbsp;&nbsp;&nbsp;SBL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/18/2031\* | &nbsp;&nbsp; 1952000 | &nbsp;&nbsp;&nbsp;&nbsp; 1527191 |
| &nbsp;&nbsp;&nbsp;Security Benefit Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 05/17/2024\* | &nbsp;&nbsp; 1092000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018942 |
| &nbsp;&nbsp;&nbsp;Willis North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 06/15/2027 | &nbsp;&nbsp; 3440000 | &nbsp;&nbsp;&nbsp;&nbsp; 3340932 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39929833 |
| **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 04/13/2027 | &nbsp;&nbsp; 1828000 | &nbsp;&nbsp;&nbsp;&nbsp; 1752574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 04/13/2062 | &nbsp;&nbsp; 3699000 | &nbsp;&nbsp;&nbsp;&nbsp; 3118454 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/15/2027\* | &nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp;&nbsp; 1101750 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 03/15/2031 | &nbsp;&nbsp; 833000 | &nbsp;&nbsp;&nbsp;&nbsp; 677200 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/30/2027\* | &nbsp;&nbsp; 243000 | &nbsp;&nbsp;&nbsp;&nbsp; 244047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 09/30/2030\* | &nbsp;&nbsp; 474000 | &nbsp;&nbsp;&nbsp;&nbsp; 477830 |
| &nbsp;&nbsp;&nbsp;GrubHub Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/2027\* | &nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 522552 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;ION Trading Technologies Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/2028\* | $1276000 | &nbsp;&nbsp;$1040540 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 08/15/2052\* | &nbsp;&nbsp; 1163000 | &nbsp;&nbsp;&nbsp;&nbsp; 955670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 08/15/2062\* | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp;&nbsp; 993172 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10883789 |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| &nbsp;&nbsp;&nbsp;JAB Holdings BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/08/2052\* | &nbsp;&nbsp; 2775000 | &nbsp;&nbsp;&nbsp;&nbsp; 1866655 |
| &nbsp;&nbsp;&nbsp;Temasek Financial I, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 08/02/2061\* | &nbsp;&nbsp; 3030000 | &nbsp;&nbsp;&nbsp;&nbsp; 2077967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3944622 |
| **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** |
| &nbsp;&nbsp;&nbsp;ArcelorMittal SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 11/29/2027 | &nbsp;&nbsp; 2673000 | &nbsp;&nbsp;&nbsp;&nbsp; 2696042 |
| &nbsp;&nbsp;&nbsp;ATI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/01/2029 | &nbsp;&nbsp; 549000 | &nbsp;&nbsp;&nbsp;&nbsp; 467984 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/01/2029\* | &nbsp;&nbsp; 352000 | &nbsp;&nbsp;&nbsp;&nbsp; 308000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/01/2040 | &nbsp;&nbsp; 367000 | &nbsp;&nbsp;&nbsp;&nbsp; 300324 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/15/2031 | &nbsp;&nbsp; 753000 | &nbsp;&nbsp;&nbsp;&nbsp; 623649 |
| &nbsp;&nbsp;&nbsp;Mineral Resources, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/01/2027\* | &nbsp;&nbsp; 246000 | &nbsp;&nbsp;&nbsp;&nbsp; 252740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 05/01/2027\* | &nbsp;&nbsp; 481000 | &nbsp;&nbsp;&nbsp;&nbsp; 486893 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 04/01/2032 | &nbsp;&nbsp; 858000 | &nbsp;&nbsp;&nbsp;&nbsp; 732810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 05/23/2027 | &nbsp;&nbsp; 1825000 | &nbsp;&nbsp;&nbsp;&nbsp; 1782694 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7651136 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| &nbsp;&nbsp;&nbsp;Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2027\* | &nbsp;&nbsp; 1530000 | &nbsp;&nbsp;&nbsp;&nbsp; 1137685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 03/01/2026\* | &nbsp;&nbsp; 279000 | &nbsp;&nbsp;&nbsp;&nbsp; 235057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 06/01/2030\*# | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 119860 |
| &nbsp;&nbsp;&nbsp;NCL Corp., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 12/15/2024\*# | &nbsp;&nbsp; 1721000 | &nbsp;&nbsp;&nbsp;&nbsp; 1501745 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 07/01/2026\* | &nbsp;&nbsp; 1277000 | &nbsp;&nbsp;&nbsp;&nbsp; 1057892 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4052239 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| &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; 251000 | &nbsp;&nbsp;&nbsp;&nbsp; 207175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2029\* | &nbsp;&nbsp; 958000 | &nbsp;&nbsp;&nbsp;&nbsp; 829561 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 04/15/2031 | &nbsp;&nbsp; 4082000 | &nbsp;&nbsp;&nbsp;&nbsp; 3335246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/15/2032 | &nbsp;&nbsp; 3353000 | &nbsp;&nbsp;&nbsp;&nbsp; 2823188 |
| &nbsp;&nbsp;&nbsp;Melco Resorts Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/04/2029\* | &nbsp;&nbsp; 617000 | &nbsp;&nbsp;&nbsp;&nbsp; 487739 |
| &nbsp;&nbsp;&nbsp;Travel & Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/2027 | &nbsp;&nbsp; 586000 | &nbsp;&nbsp;&nbsp;&nbsp; 549470 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8232379 |
| **Machinery-Construction & Mining — 0.3%** | **Machinery-Construction & Mining — 0.3%** | **Machinery-Construction & Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp;Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%, 01/08/2027# | &nbsp;&nbsp; 1947000 | &nbsp;&nbsp;&nbsp;&nbsp; 1745283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 08/12/2027 | &nbsp;&nbsp; 1681000 | &nbsp;&nbsp;&nbsp;&nbsp; 1616239 |
| &nbsp;&nbsp;&nbsp;Komatsu Finance America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/06/2027\* | &nbsp;&nbsp; 1571000 | &nbsp;&nbsp;&nbsp;&nbsp; 1602591 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Machinery-Construction & Mining (continued)** | **Machinery-Construction & Mining (continued)** | **Machinery-Construction & Mining (continued)** |
| &nbsp;&nbsp;&nbsp;Weir Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 05/13/2026\* | $4904000 | &nbsp;&nbsp;$4335844 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9299957 |
| **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** |
| &nbsp;&nbsp;&nbsp;CNH Industrial Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 01/15/2026 | &nbsp;&nbsp; 539000 | &nbsp;&nbsp;&nbsp;&nbsp; 488185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 01/15/2024 | &nbsp;&nbsp; 2673000 | &nbsp;&nbsp;&nbsp;&nbsp; 2642281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 10/14/2025 | &nbsp;&nbsp; 844000 | &nbsp;&nbsp;&nbsp;&nbsp; 853176 |
| &nbsp;&nbsp;&nbsp;John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%, 10/13/2026 | &nbsp;&nbsp; 1251000 | &nbsp;&nbsp;&nbsp;&nbsp; 1112297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 06/06/2025 | &nbsp;&nbsp; 4939000 | &nbsp;&nbsp;&nbsp;&nbsp; 4818600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 09/15/2027 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 12758 |
| &nbsp;&nbsp;&nbsp;nVent Finance SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 11/15/2031 | &nbsp;&nbsp; 2026000 | &nbsp;&nbsp;&nbsp;&nbsp; 1540018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11467315 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| &nbsp;&nbsp;&nbsp;Altice Financing SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2028\* | &nbsp;&nbsp; 1226000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000269 |
| &nbsp;&nbsp;&nbsp;Belo Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 09/15/2027 | &nbsp;&nbsp; 828000 | &nbsp;&nbsp;&nbsp;&nbsp; 802423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 06/01/2027 | &nbsp;&nbsp; 424000 | &nbsp;&nbsp;&nbsp;&nbsp; 413400 |
| &nbsp;&nbsp;&nbsp;Block Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 03/01/2028\* | &nbsp;&nbsp; 786000 | &nbsp;&nbsp;&nbsp;&nbsp; 684661 |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2028\* | &nbsp;&nbsp; 361000 | &nbsp;&nbsp;&nbsp;&nbsp; 331853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 06/01/2029\* | &nbsp;&nbsp; 1801000 | &nbsp;&nbsp;&nbsp;&nbsp; 1634353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 09/01/2029\* | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp;&nbsp; 1086124 |
| &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; 1884000 | &nbsp;&nbsp;&nbsp;&nbsp; 1273544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/01/2061 | &nbsp;&nbsp; 1675000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/01/2050 | &nbsp;&nbsp; 2267000 | &nbsp;&nbsp;&nbsp;&nbsp; 1700926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/01/2038 | &nbsp;&nbsp; 288000 | &nbsp;&nbsp;&nbsp;&nbsp; 246391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/23/2035 | &nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028217 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 10/15/2028 | &nbsp;&nbsp; 1807000 | &nbsp;&nbsp;&nbsp;&nbsp; 1753287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 10/15/2038 | &nbsp;&nbsp; 1575000 | &nbsp;&nbsp;&nbsp;&nbsp; 1475271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/07/2025 | &nbsp;&nbsp; 844000 | &nbsp;&nbsp;&nbsp;&nbsp; 858406 |
| &nbsp;&nbsp;&nbsp;CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 12/01/2030\* | &nbsp;&nbsp; 1370000 | &nbsp;&nbsp;&nbsp;&nbsp; 868796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/01/2028\* | &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp; 572891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2030\* | &nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp; 650355 |
| &nbsp;&nbsp;&nbsp;Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/15/2049 | &nbsp;&nbsp; 2260000 | &nbsp;&nbsp;&nbsp;&nbsp; 1774656 |
| &nbsp;&nbsp;&nbsp;Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/15/2043 | &nbsp;&nbsp; 5918000 | &nbsp;&nbsp;&nbsp;&nbsp; 4175267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 09/01/2043 | &nbsp;&nbsp; 653000 | &nbsp;&nbsp;&nbsp;&nbsp; 552523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/30/2062 | &nbsp;&nbsp; 502000 | &nbsp;&nbsp;&nbsp;&nbsp; 415168 |
| &nbsp;&nbsp;&nbsp;Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/2028\* | &nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 680541 |
| &nbsp;&nbsp;&nbsp;Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 05/01/2037 | &nbsp;&nbsp; 3026000 | &nbsp;&nbsp;&nbsp;&nbsp; 2900291 |
| &nbsp;&nbsp;&nbsp;Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 06/01/2027\* | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 803988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 06/30/2030\* | &nbsp;&nbsp; 537000 | &nbsp;&nbsp;&nbsp;&nbsp; 535937 |
| &nbsp;&nbsp;&nbsp;UPC Broadband Finco BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/15/2031\* | &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp; 504518 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29756676 |
| **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp;AngloGold Ashanti Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 11/01/2028 | &nbsp;&nbsp; 1324000 | &nbsp;&nbsp;&nbsp;&nbsp; 1161181 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 10/01/2030 | $1297000 | &nbsp;&nbsp;$1122381 |
| &nbsp;&nbsp;&nbsp;FMG Resources August 2006 Pty., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/2027\* | &nbsp;&nbsp; 926000 | &nbsp;&nbsp;&nbsp;&nbsp; 847290 |
| &nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/01/2026\* | &nbsp;&nbsp; 567000 | &nbsp;&nbsp;&nbsp;&nbsp; 513501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 04/01/2029\* | &nbsp;&nbsp; 621000 | &nbsp;&nbsp;&nbsp;&nbsp; 555917 |
| &nbsp;&nbsp;&nbsp;South32 Treasury, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 04/14/2032\* | &nbsp;&nbsp; 4581000 | &nbsp;&nbsp;&nbsp;&nbsp; 3971662 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8171932 |
| **Miscellaneous Manufacturing — 0.4%** | **Miscellaneous Manufacturing — 0.4%** | **Miscellaneous Manufacturing — 0.4%** |
| &nbsp;&nbsp;&nbsp;GE Capital International Funding Co. ULC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42%, 11/15/2035 | &nbsp;&nbsp; 6444000 | &nbsp;&nbsp;&nbsp;&nbsp; 6082187 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 09/15/2027 | &nbsp;&nbsp; 1931000 | &nbsp;&nbsp;&nbsp;&nbsp; 1872734 |
| &nbsp;&nbsp;&nbsp;Siemens Financieringsmaatschappij NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 03/11/2031\*# | &nbsp;&nbsp; 1712000 | &nbsp;&nbsp;&nbsp;&nbsp; 1406922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 05/27/2025\* | &nbsp;&nbsp; 2521000 | &nbsp;&nbsp;&nbsp;&nbsp; 2432644 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11794487 |
| **Multi-National — 0.6%** | **Multi-National — 0.6%** | **Multi-National — 0.6%** |
| &nbsp;&nbsp;&nbsp;Asian Infrastructure Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 10/30/2024 | &nbsp;&nbsp; 2356000 | &nbsp;&nbsp;&nbsp;&nbsp; 2181620 |
| &nbsp;&nbsp;&nbsp;European Bank for Reconstruction & Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 02/13/2025 | &nbsp;&nbsp; 4139000 | &nbsp;&nbsp;&nbsp;&nbsp; 3895256 |
| &nbsp;&nbsp;&nbsp;Inter-American Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 07/20/2028 | &nbsp;&nbsp; 5263000 | &nbsp;&nbsp;&nbsp;&nbsp; 4510128 |
| &nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 11/24/2027 | &nbsp;&nbsp; 5257000 | &nbsp;&nbsp;&nbsp;&nbsp; 4496064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 11/20/2025 | &nbsp;&nbsp; 2237000 | &nbsp;&nbsp;&nbsp;&nbsp; 2171448 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17254516 |
| **Oil & Gas — 1.4%** | **Oil & Gas — 1.4%** | **Oil & Gas — 1.4%** |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/01/2030\* | &nbsp;&nbsp; 1222000 | &nbsp;&nbsp;&nbsp;&nbsp; 1144947 |
| &nbsp;&nbsp;&nbsp;Apache Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 10/15/2028 | &nbsp;&nbsp; 793000 | &nbsp;&nbsp;&nbsp;&nbsp; 711717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 07/01/2049 | &nbsp;&nbsp; 2924000 | &nbsp;&nbsp;&nbsp;&nbsp; 2313469 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/24/2050 | &nbsp;&nbsp; 1797000 | &nbsp;&nbsp;&nbsp;&nbsp; 1238301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54%, 04/06/2027 | &nbsp;&nbsp; 5377000 | &nbsp;&nbsp;&nbsp;&nbsp; 5148382 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 03/22/2030(1) | &nbsp;&nbsp; 1331000 | &nbsp;&nbsp;&nbsp;&nbsp; 1170947 |
| &nbsp;&nbsp;&nbsp;California Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 02/01/2026\* | &nbsp;&nbsp; 733000 | &nbsp;&nbsp;&nbsp;&nbsp; 712842 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55%, 05/11/2025 | &nbsp;&nbsp; 2069000 | &nbsp;&nbsp;&nbsp;&nbsp; 1934074 |
| &nbsp;&nbsp;&nbsp;Chevron USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 10/15/2049 | &nbsp;&nbsp; 1133000 | &nbsp;&nbsp;&nbsp;&nbsp; 974763 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 06/01/2026\* | &nbsp;&nbsp; 317000 | &nbsp;&nbsp;&nbsp;&nbsp; 309868 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/2026\* | &nbsp;&nbsp; 1164000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072684 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 05/01/2026\* | &nbsp;&nbsp; 664000 | &nbsp;&nbsp;&nbsp;&nbsp; 640986 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 03/24/2051# | &nbsp;&nbsp; 2043000 | &nbsp;&nbsp;&nbsp;&nbsp; 1607629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2053 | &nbsp;&nbsp; 2637000 | &nbsp;&nbsp;&nbsp;&nbsp; 2650705 |
| &nbsp;&nbsp;&nbsp;Earthstone Energy Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 04/15/2027\* | &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp; 616211 |
| &nbsp;&nbsp;&nbsp;EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 05/15/2031\*# | &nbsp;&nbsp; 4477000 | &nbsp;&nbsp;&nbsp;&nbsp; 3872746 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp;Hess Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2040 | $1404000 | &nbsp;&nbsp;$1408225 |
| &nbsp;&nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2031\* | &nbsp;&nbsp; 1194000 | &nbsp;&nbsp;&nbsp;&nbsp; 1097083 |
| &nbsp;&nbsp;&nbsp;Marathon Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60%, 10/01/2037 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp;&nbsp; 1490364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80%, 03/15/2032 | &nbsp;&nbsp; 1613000 | &nbsp;&nbsp;&nbsp;&nbsp; 1691830 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 07/15/2028 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 42409 |
| &nbsp;&nbsp;&nbsp;Nabors Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 05/15/2027\* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 486250 |
| &nbsp;&nbsp;&nbsp;Nabors Industries, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 01/15/2026\* | &nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp; 523881 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 09/01/2028 | &nbsp;&nbsp; 1383000 | &nbsp;&nbsp;&nbsp;&nbsp; 1412043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60%, 03/15/2046 | &nbsp;&nbsp; 2174000 | &nbsp;&nbsp;&nbsp;&nbsp; 2217480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/01/2031 | &nbsp;&nbsp; 963000 | &nbsp;&nbsp;&nbsp;&nbsp; 1044855 |
| &nbsp;&nbsp;&nbsp;Rockcliff Energy II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2029\* | &nbsp;&nbsp; 556000 | &nbsp;&nbsp;&nbsp;&nbsp; 510130 |
| &nbsp;&nbsp;&nbsp;Santos Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 04/29/2031\* | &nbsp;&nbsp; 1156000 | &nbsp;&nbsp;&nbsp;&nbsp; 922762 |
| &nbsp;&nbsp;&nbsp;Southwestern Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/01/2029 | &nbsp;&nbsp; 1013000 | &nbsp;&nbsp;&nbsp;&nbsp; 956272 |
| &nbsp;&nbsp;&nbsp;Strathcona Resources, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 08/01/2026\* | &nbsp;&nbsp; 1424000 | &nbsp;&nbsp;&nbsp;&nbsp; 1210957 |
| &nbsp;&nbsp;&nbsp;Var Energi ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/15/2028\* | &nbsp;&nbsp; 3494000 | &nbsp;&nbsp;&nbsp;&nbsp; 3570328 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44705140 |
| **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;Archrock Partners LP/Archrock Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/01/2028\* | &nbsp;&nbsp; 278000 | &nbsp;&nbsp;&nbsp;&nbsp; 257845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/01/2027\* | &nbsp;&nbsp; 486000 | &nbsp;&nbsp;&nbsp;&nbsp; 470205 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 08/01/2043 | &nbsp;&nbsp; 1372000 | &nbsp;&nbsp;&nbsp;&nbsp; 1198824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 11/15/2035 | &nbsp;&nbsp; 1729000 | &nbsp;&nbsp;&nbsp;&nbsp; 1620451 |
| &nbsp;&nbsp;&nbsp;Schlumberger Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 05/17/2028\* | &nbsp;&nbsp; 1486000 | &nbsp;&nbsp;&nbsp;&nbsp; 1402710 |
| &nbsp;&nbsp;&nbsp;USA Compression Partners LP/USA Compression Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/01/2026 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 789938 |
| &nbsp;&nbsp;&nbsp;Weatherford International, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/15/2028\* | &nbsp;&nbsp; 378000 | &nbsp;&nbsp;&nbsp;&nbsp; 363825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6103798 |
| **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** |
| &nbsp;&nbsp;&nbsp;Amcor Flexibles North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 05/25/2031 | &nbsp;&nbsp; 408000 | &nbsp;&nbsp;&nbsp;&nbsp; 329449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/17/2025 | &nbsp;&nbsp; 2925000 | &nbsp;&nbsp;&nbsp;&nbsp; 2839736 |
| &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/01/2028\* | &nbsp;&nbsp; 413000 | &nbsp;&nbsp;&nbsp;&nbsp; 348276 |
| &nbsp;&nbsp;&nbsp;Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 08/15/2030 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 239817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/2025 | &nbsp;&nbsp; 206000 | &nbsp;&nbsp;&nbsp;&nbsp; 205328 |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 04/15/2029\* | &nbsp;&nbsp; 958000 | &nbsp;&nbsp;&nbsp;&nbsp; 922994 |
| &nbsp;&nbsp;&nbsp;Crown Americas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/01/2030\*# | &nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp; 564250 |
| &nbsp;&nbsp;&nbsp;Klabin Austria GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/03/2049\* | &nbsp;&nbsp; 1104000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052813 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;LABL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/01/2028\* | $870000 | &nbsp;&nbsp;$768761 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/2029\* | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 106950 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 02/01/2028 | &nbsp;&nbsp; 657000 | &nbsp;&nbsp;&nbsp;&nbsp; 616890 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80%, 02/01/2025 | &nbsp;&nbsp; 5987000 | &nbsp;&nbsp;&nbsp;&nbsp; 5559795 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13555059 |
| **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 11/21/2039 | &nbsp;&nbsp; 3973000 | &nbsp;&nbsp;&nbsp;&nbsp; 3471012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/21/2049 | &nbsp;&nbsp; 5106000 | &nbsp;&nbsp;&nbsp;&nbsp; 4390545 |
| &nbsp;&nbsp;&nbsp;AmerisourceBergen Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 12/15/2027 | &nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp;&nbsp; 760042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 12/15/2047 | &nbsp;&nbsp; 1860000 | &nbsp;&nbsp;&nbsp;&nbsp; 1555731 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson and Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 08/22/2032 | &nbsp;&nbsp; 931000 | &nbsp;&nbsp;&nbsp;&nbsp; 886390 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 11/13/2025 | &nbsp;&nbsp; 2126000 | &nbsp;&nbsp;&nbsp;&nbsp; 1916801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 02/20/2028 | &nbsp;&nbsp; 2335000 | &nbsp;&nbsp;&nbsp;&nbsp; 2271014 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 03/15/2043 | &nbsp;&nbsp; 3438000 | &nbsp;&nbsp;&nbsp;&nbsp; 2862272 |
| &nbsp;&nbsp;&nbsp;Cigna Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 03/15/2050 | &nbsp;&nbsp; 3374000 | &nbsp;&nbsp;&nbsp;&nbsp; 2434843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/15/2047 | &nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 687457 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.78%, 03/25/2038 | &nbsp;&nbsp; 4511000 | &nbsp;&nbsp;&nbsp;&nbsp; 4169025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 07/20/2045 | &nbsp;&nbsp; 968000 | &nbsp;&nbsp;&nbsp;&nbsp; 903821 |
| &nbsp;&nbsp;&nbsp;Embecta Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/2030\* | &nbsp;&nbsp; 733000 | &nbsp;&nbsp;&nbsp;&nbsp; 628548 |
| &nbsp;&nbsp;&nbsp;HLF Financing Sarl LLC / Herbalife International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/2029\* | &nbsp;&nbsp; 1364000 | &nbsp;&nbsp;&nbsp;&nbsp; 974810 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 10/31/2029\* | &nbsp;&nbsp; 132000 | &nbsp;&nbsp;&nbsp;&nbsp; 112372 |
| &nbsp;&nbsp;&nbsp;Organon & Co./Organon Foreign Debt Co-Issuer BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 04/30/2028\* | &nbsp;&nbsp; 682000 | &nbsp;&nbsp;&nbsp;&nbsp; 613786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 04/30/2031\* | &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 603439 |
| &nbsp;&nbsp;&nbsp;Shire Acquisitions Investments Ireland DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 09/23/2026 | &nbsp;&nbsp; 1807000 | &nbsp;&nbsp;&nbsp;&nbsp; 1702591 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/22/2040 | &nbsp;&nbsp; 1766000 | &nbsp;&nbsp;&nbsp;&nbsp; 1216488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/22/2050 | &nbsp;&nbsp; 4510000 | &nbsp;&nbsp;&nbsp;&nbsp; 2933257 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 11/14/2025 | &nbsp;&nbsp; 812000 | &nbsp;&nbsp;&nbsp;&nbsp; 824267 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35918511 |
| **Pipelines — 1.3%** | **Pipelines — 1.3%** | **Pipelines — 1.3%** |
| &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; 642000 | &nbsp;&nbsp;&nbsp;&nbsp; 606690 |
| &nbsp;&nbsp;&nbsp;Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/01/2028\* | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 687812 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 01/31/2032 | &nbsp;&nbsp; 1163000 | &nbsp;&nbsp;&nbsp;&nbsp; 946391 |
| &nbsp;&nbsp;&nbsp;DCP Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 07/15/2027 | &nbsp;&nbsp; 747000 | &nbsp;&nbsp;&nbsp;&nbsp; 743984 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 06/15/2031\* | &nbsp;&nbsp; 437000 | &nbsp;&nbsp;&nbsp;&nbsp; 377004 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/15/2035 | &nbsp;&nbsp; 1601000 | &nbsp;&nbsp;&nbsp;&nbsp; 1440667 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/15/2028 | $1721000 | &nbsp;&nbsp;$1657613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 05/15/2045 | &nbsp;&nbsp; 982000 | &nbsp;&nbsp;&nbsp;&nbsp; 844734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 12/15/2045 | &nbsp;&nbsp; 774000 | &nbsp;&nbsp;&nbsp;&nbsp; 733057 |
| &nbsp;&nbsp;&nbsp;EnLink Midstream LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/01/2030\* | &nbsp;&nbsp; 423000 | &nbsp;&nbsp;&nbsp;&nbsp; 429607 |
| &nbsp;&nbsp;&nbsp;EnLink Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 04/01/2045 | &nbsp;&nbsp; 242000 | &nbsp;&nbsp;&nbsp;&nbsp; 183811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/12/2023(1) | &nbsp;&nbsp; 1051000 | &nbsp;&nbsp;&nbsp;&nbsp; 867075 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 02/15/2052 | &nbsp;&nbsp; 1227000 | &nbsp;&nbsp;&nbsp;&nbsp; 829724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/16/2077 | &nbsp;&nbsp; 996000 | &nbsp;&nbsp;&nbsp;&nbsp; 808669 |
| &nbsp;&nbsp;&nbsp;EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/15/2028 | &nbsp;&nbsp; 608000 | &nbsp;&nbsp;&nbsp;&nbsp; 563361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 06/01/2027 to 06/01/2030\* | &nbsp;&nbsp; 459000 | &nbsp;&nbsp;&nbsp;&nbsp; 463190 |
| &nbsp;&nbsp;&nbsp;Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2025 | &nbsp;&nbsp; 552000 | &nbsp;&nbsp;&nbsp;&nbsp; 531383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 01/15/2027 | &nbsp;&nbsp; 1317000 | &nbsp;&nbsp;&nbsp;&nbsp; 1256960 |
| &nbsp;&nbsp;&nbsp;Gray Oak Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/15/2023\* | &nbsp;&nbsp; 1899000 | &nbsp;&nbsp;&nbsp;&nbsp; 1845558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/15/2027\* | &nbsp;&nbsp; 3752000 | &nbsp;&nbsp;&nbsp;&nbsp; 3333348 |
| &nbsp;&nbsp;&nbsp;Harvest Midstream I LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 09/01/2028\* | &nbsp;&nbsp; 1089000 | &nbsp;&nbsp;&nbsp;&nbsp; 1042717 |
| &nbsp;&nbsp;&nbsp;Holly Energy Partners LP/Holly Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2028\* | &nbsp;&nbsp; 876000 | &nbsp;&nbsp;&nbsp;&nbsp; 798178 |
| &nbsp;&nbsp;&nbsp;Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/15/2027\* | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 789250 |
| &nbsp;&nbsp;&nbsp;ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/01/2029\* | &nbsp;&nbsp; 804000 | &nbsp;&nbsp;&nbsp;&nbsp; 688105 |
| &nbsp;&nbsp;&nbsp;NGL Energy Operating LLC/NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 02/01/2026\* | &nbsp;&nbsp; 797000 | &nbsp;&nbsp;&nbsp;&nbsp; 719864 |
| &nbsp;&nbsp;&nbsp;NGL Energy Partners LP/NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/01/2025# | &nbsp;&nbsp; 482000 | &nbsp;&nbsp;&nbsp;&nbsp; 395240 |
| &nbsp;&nbsp;&nbsp;NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/01/2025 | &nbsp;&nbsp; 243000 | &nbsp;&nbsp;&nbsp;&nbsp; 236317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/01/2030 | &nbsp;&nbsp; 414000 | &nbsp;&nbsp;&nbsp;&nbsp; 385020 |
| &nbsp;&nbsp;&nbsp;ONEOK Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 10/01/2036 | &nbsp;&nbsp; 3576000 | &nbsp;&nbsp;&nbsp;&nbsp; 3560941 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 11/15/2032 | &nbsp;&nbsp; 637000 | &nbsp;&nbsp;&nbsp;&nbsp; 648597 |
| &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; 1086000 | &nbsp;&nbsp;&nbsp;&nbsp; 790996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 01/15/2037 | &nbsp;&nbsp; 1351000 | &nbsp;&nbsp;&nbsp;&nbsp; 1352267 |
| &nbsp;&nbsp;&nbsp;Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 09/15/2037\* | &nbsp;&nbsp; 1114000 | &nbsp;&nbsp;&nbsp;&nbsp; 1127718 |
| &nbsp;&nbsp;&nbsp;Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/15/2032 | &nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; 836149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 02/01/2031 | &nbsp;&nbsp; 277000 | &nbsp;&nbsp;&nbsp;&nbsp; 252297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/15/2027 | &nbsp;&nbsp; 3523000 | &nbsp;&nbsp;&nbsp;&nbsp; 3542130 |
| &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2029\* | &nbsp;&nbsp; 776000 | &nbsp;&nbsp;&nbsp;&nbsp; 670270 |
| &nbsp;&nbsp;&nbsp;Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/01/2028 | &nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 73273 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/24/2044 | &nbsp;&nbsp; 3325000 | &nbsp;&nbsp;&nbsp;&nbsp; 3237859 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40297826 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/15/2028\* | &nbsp;&nbsp; 1087000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038183 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/01/2029 | &nbsp;&nbsp; 1056000 | &nbsp;&nbsp;&nbsp;&nbsp; 857208 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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)** |
| **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
| &nbsp;&nbsp;&nbsp;Ontario Teachers' Cadillac Fairview Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/15/2031\* | $1061000 | &nbsp;&nbsp;$827966 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723357 |
| **REITS — 0.6%** | **REITS — 0.6%** | **REITS — 0.6%** |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/15/2029\* | &nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 629038 |
| &nbsp;&nbsp;&nbsp;Corporate Office Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 12/01/2033 | &nbsp;&nbsp; 859000 | &nbsp;&nbsp;&nbsp;&nbsp; 613299 |
| &nbsp;&nbsp;&nbsp;CTR Partnership LP/CareTrust Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 06/30/2028\* | &nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp;&nbsp; 653540 |
| &nbsp;&nbsp;&nbsp;HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 06/15/2026\* | &nbsp;&nbsp; 1214000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055949 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/15/2030 | &nbsp;&nbsp; 3572000 | &nbsp;&nbsp;&nbsp;&nbsp; 2981467 |
| &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; 885000 | &nbsp;&nbsp;&nbsp;&nbsp; 772163 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 10/01/2031 | &nbsp;&nbsp; 964000 | &nbsp;&nbsp;&nbsp;&nbsp; 733608 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/2031 | &nbsp;&nbsp; 1697000 | &nbsp;&nbsp;&nbsp;&nbsp; 1229696 |
| &nbsp;&nbsp;&nbsp;Office Properties Income Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/15/2031 | &nbsp;&nbsp; 1244000 | &nbsp;&nbsp;&nbsp;&nbsp; 796541 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 04/15/2033 | &nbsp;&nbsp; 3803000 | &nbsp;&nbsp;&nbsp;&nbsp; 2788516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 02/01/2031 | &nbsp;&nbsp; 1984000 | &nbsp;&nbsp;&nbsp;&nbsp; 1550720 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 02/15/2030 | &nbsp;&nbsp; 1747000 | &nbsp;&nbsp;&nbsp;&nbsp; 1225835 |
| &nbsp;&nbsp;&nbsp;Spirit Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 02/15/2032 | &nbsp;&nbsp; 621000 | &nbsp;&nbsp;&nbsp;&nbsp; 464286 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/15/2025 | &nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp;&nbsp; 890114 |
| &nbsp;&nbsp;&nbsp;Vornado Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 06/01/2026 | &nbsp;&nbsp; 852000 | &nbsp;&nbsp;&nbsp;&nbsp; 720107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 06/01/2031 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 53361 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/09/2052 | &nbsp;&nbsp; 1031000 | &nbsp;&nbsp;&nbsp;&nbsp; 795869 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17954109 |
| **Retail — 0.6%** | **Retail — 0.6%** | **Retail — 0.6%** |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2024\* | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 42460 |
| &nbsp;&nbsp;&nbsp;Carvana Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2027\* | &nbsp;&nbsp; 1091000 | &nbsp;&nbsp;&nbsp;&nbsp; 391571 |
| &nbsp;&nbsp;&nbsp;CEC Entertainment LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/01/2026\* | &nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000889 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 11/01/2025\* | &nbsp;&nbsp; 782000 | &nbsp;&nbsp;&nbsp;&nbsp; 785844 |
| &nbsp;&nbsp;&nbsp;eG Global Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/07/2025\* | &nbsp;&nbsp; 811000 | &nbsp;&nbsp;&nbsp;&nbsp; 738010 |
| &nbsp;&nbsp;&nbsp;Ferrellgas LP/Ferrellgas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/01/2026\* | &nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp;&nbsp; 910800 |
| &nbsp;&nbsp;&nbsp;FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 09/01/2028\* | &nbsp;&nbsp; 631000 | &nbsp;&nbsp;&nbsp;&nbsp; 555251 |
| &nbsp;&nbsp;&nbsp;Ken Garff Automotive LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 09/15/2028\* | &nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp; 672732 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 07/17/2045 | &nbsp;&nbsp; 4210000 | &nbsp;&nbsp;&nbsp;&nbsp; 2786115 |
| &nbsp;&nbsp;&nbsp;LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2029\* | &nbsp;&nbsp; 711000 | &nbsp;&nbsp;&nbsp;&nbsp; 489747 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;Lowe's Cos, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 05/03/2027 | $821000 | &nbsp;&nbsp;$770975 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 04/01/2062 | &nbsp;&nbsp; 1526000 | &nbsp;&nbsp;&nbsp;&nbsp; 1233497 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/01/2027 | &nbsp;&nbsp; 1732000 | &nbsp;&nbsp;&nbsp;&nbsp; 1656766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 09/01/2049 | &nbsp;&nbsp; 2453000 | &nbsp;&nbsp;&nbsp;&nbsp; 1901811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/01/2047 | &nbsp;&nbsp; 1756000 | &nbsp;&nbsp;&nbsp;&nbsp; 1561665 |
| &nbsp;&nbsp;&nbsp;Murphy Oil USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/15/2029 | &nbsp;&nbsp; 624000 | &nbsp;&nbsp;&nbsp;&nbsp; 576270 |
| &nbsp;&nbsp;&nbsp;Nordstrom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 04/08/2024 | &nbsp;&nbsp; 953000 | &nbsp;&nbsp;&nbsp;&nbsp; 896392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/01/2031 | &nbsp;&nbsp; 658000 | &nbsp;&nbsp;&nbsp;&nbsp; 510963 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 09/01/2027 | &nbsp;&nbsp; 1657000 | &nbsp;&nbsp;&nbsp;&nbsp; 1574726 |
| &nbsp;&nbsp;&nbsp;Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 08/01/2029\* | &nbsp;&nbsp; 657000 | &nbsp;&nbsp;&nbsp;&nbsp; 448951 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 04/11/2023 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 79354 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19584789 |
| **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** |
| &nbsp;&nbsp;&nbsp;New York Community Bancorp, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 11/06/2028 | &nbsp;&nbsp; 3332000 | &nbsp;&nbsp;&nbsp;&nbsp; 3203818 |
| **Semiconductors — 0.5%** | **Semiconductors — 0.5%** | **Semiconductors — 0.5%** |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 02/15/2031\* | &nbsp;&nbsp; 3358000 | &nbsp;&nbsp;&nbsp;&nbsp; 2649343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19%, 11/15/2036\* | &nbsp;&nbsp; 2473000 | &nbsp;&nbsp;&nbsp;&nbsp; 1801114 |
| &nbsp;&nbsp;&nbsp;Entegris Escrow Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 06/15/2030\* | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 672515 |
| &nbsp;&nbsp;&nbsp;Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/05/2032# | &nbsp;&nbsp; 5364000 | &nbsp;&nbsp;&nbsp;&nbsp; 5060864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 08/05/2052# | &nbsp;&nbsp; 653000 | &nbsp;&nbsp;&nbsp;&nbsp; 595980 |
| &nbsp;&nbsp;&nbsp;KLA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/15/2052 | &nbsp;&nbsp; 1762000 | &nbsp;&nbsp;&nbsp;&nbsp; 1697356 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 09/01/2028\* | &nbsp;&nbsp; 504000 | &nbsp;&nbsp;&nbsp;&nbsp; 446892 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/20/2053 | &nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012098 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 08/16/2052 | &nbsp;&nbsp; 691000 | &nbsp;&nbsp;&nbsp;&nbsp; 617087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 02/15/2028 | &nbsp;&nbsp; 1592000 | &nbsp;&nbsp;&nbsp;&nbsp; 1601772 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16155021 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| &nbsp;&nbsp;&nbsp;Central Parent, Inc. / CDK Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 06/15/2029\* | &nbsp;&nbsp; 714000 | &nbsp;&nbsp;&nbsp;&nbsp; 689006 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 07/15/2052 | &nbsp;&nbsp; 1403000 | &nbsp;&nbsp;&nbsp;&nbsp; 1312632 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 07/01/2049 | &nbsp;&nbsp; 1412000 | &nbsp;&nbsp;&nbsp;&nbsp; 1163782 |
| &nbsp;&nbsp;&nbsp;Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 05/01/2028\* | &nbsp;&nbsp; 683000 | &nbsp;&nbsp;&nbsp;&nbsp; 522290 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92%, 03/17/2052 | &nbsp;&nbsp; 2028000 | &nbsp;&nbsp;&nbsp;&nbsp; 1504483 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 03/25/2028 | &nbsp;&nbsp; 5368000 | &nbsp;&nbsp;&nbsp;&nbsp; 4651118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 11/15/2037 | &nbsp;&nbsp; 4404000 | &nbsp;&nbsp;&nbsp;&nbsp; 3487685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2047 | &nbsp;&nbsp; 1933000 | &nbsp;&nbsp;&nbsp;&nbsp; 1429637 |
| &nbsp;&nbsp;&nbsp;Rackspace Technology Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/15/2028\* | &nbsp;&nbsp; 744000 | &nbsp;&nbsp;&nbsp;&nbsp; 509900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15270533 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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 — 1.3%** | **Telecommunications — 1.3%** | **Telecommunications — 1.3%** |
| &nbsp;&nbsp;&nbsp;Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 07/15/2029\* | $783000 | &nbsp;&nbsp;$617090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2028 to 10/15/2029\* | &nbsp;&nbsp; 1167000 | &nbsp;&nbsp;&nbsp;&nbsp; 939672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 02/01/2027\* | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 204788 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/01/2060 | &nbsp;&nbsp; 934000 | &nbsp;&nbsp;&nbsp;&nbsp; 681389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/15/2035 | &nbsp;&nbsp; 9051000 | &nbsp;&nbsp;&nbsp;&nbsp; 8294076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2046 | &nbsp;&nbsp; 1086000 | &nbsp;&nbsp;&nbsp;&nbsp; 944508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 08/15/2037 | &nbsp;&nbsp; 3504000 | &nbsp;&nbsp;&nbsp;&nbsp; 3267414 |
| &nbsp;&nbsp;&nbsp;Connect Finco SARL/Connect US Finco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/01/2026\* | &nbsp;&nbsp; 1106000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045170 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 11/15/2079 | &nbsp;&nbsp; 3581000 | &nbsp;&nbsp;&nbsp;&nbsp; 3181992 |
| &nbsp;&nbsp;&nbsp;Hughes Satellite Systems Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 08/01/2026 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 441591 |
| &nbsp;&nbsp;&nbsp;Iliad Holding SASU |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/15/2028\* | &nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp;&nbsp; 934570 |
| &nbsp;&nbsp;&nbsp;NTT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16%, 04/03/2026\* | &nbsp;&nbsp; 1669000 | &nbsp;&nbsp;&nbsp;&nbsp; 1482457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37%, 07/27/2027\* | &nbsp;&nbsp; 871000 | &nbsp;&nbsp;&nbsp;&nbsp; 858921 |
| &nbsp;&nbsp;&nbsp;Telefonica Emisiones SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/06/2048 | &nbsp;&nbsp; 2264000 | &nbsp;&nbsp;&nbsp;&nbsp; 1768146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21%, 03/08/2047 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 408546 |
| &nbsp;&nbsp;&nbsp;Telesat Canada / Telesat LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/2027\* | &nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; 437755 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2041 | &nbsp;&nbsp; 6858000 | &nbsp;&nbsp;&nbsp;&nbsp; 4987995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 11/15/2060 | &nbsp;&nbsp; 1449000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004324 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 09/03/2041 | &nbsp;&nbsp; 4130000 | &nbsp;&nbsp;&nbsp;&nbsp; 2936754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/20/2060 | &nbsp;&nbsp; 2625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1619053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 03/22/2041 | &nbsp;&nbsp; 1482000 | &nbsp;&nbsp;&nbsp;&nbsp; 1137547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 03/01/2052# | &nbsp;&nbsp; 1018000 | &nbsp;&nbsp;&nbsp;&nbsp; 790267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 11/01/2034 | &nbsp;&nbsp; 1458000 | &nbsp;&nbsp;&nbsp;&nbsp; 1346056 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/04/2081 | &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp;&nbsp; 592072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/30/2048 | &nbsp;&nbsp; 923000 | &nbsp;&nbsp;&nbsp;&nbsp; 828914 |
| &nbsp;&nbsp;&nbsp;Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/01/2028\* | &nbsp;&nbsp; 253000 | &nbsp;&nbsp;&nbsp;&nbsp; 137253 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40888320 |
| **Transportation — 0.5%** | **Transportation — 0.5%** | **Transportation — 0.5%** |
| &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/15/2043 | &nbsp;&nbsp; 1711000 | &nbsp;&nbsp;&nbsp;&nbsp; 1570670 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 08/05/2052 | &nbsp;&nbsp; 1556000 | &nbsp;&nbsp;&nbsp;&nbsp; 1407269 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35%, 12/02/2024 | &nbsp;&nbsp; 2956000 | &nbsp;&nbsp;&nbsp;&nbsp; 2752644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/02/2041 | &nbsp;&nbsp; 603000 | &nbsp;&nbsp;&nbsp;&nbsp; 453891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 09/15/2115 | &nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 702701 |
| &nbsp;&nbsp;&nbsp;Cargo Aircraft Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/01/2028\* | &nbsp;&nbsp; 1480000 | &nbsp;&nbsp;&nbsp;&nbsp; 1322942 |
| &nbsp;&nbsp;&nbsp;CSX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2052 | &nbsp;&nbsp; 2075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1853722 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 05/15/2031# | &nbsp;&nbsp; 744000 | &nbsp;&nbsp;&nbsp;&nbsp; 607418 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 08/20/2035 | &nbsp;&nbsp; 3747258 | &nbsp;&nbsp;&nbsp;&nbsp; 3078015 |
| &nbsp;&nbsp;&nbsp;Kansas City Southern |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 05/01/2048 | &nbsp;&nbsp; 1257000 | &nbsp;&nbsp;&nbsp;&nbsp; 1110799 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 05/15/2031 | $469000 | &nbsp;&nbsp;$390113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 03/15/2053 | &nbsp;&nbsp; 1656000 | &nbsp;&nbsp;&nbsp;&nbsp; 1262452 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16512636 |
| **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** |
| &nbsp;&nbsp;&nbsp;AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/15/2045\* | &nbsp;&nbsp; 719000 | &nbsp;&nbsp;&nbsp;&nbsp; 664147 |
| &nbsp;&nbsp;&nbsp;GATX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/15/2026 | &nbsp;&nbsp; 1844000 | &nbsp;&nbsp;&nbsp;&nbsp; 1704352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/15/2033 | &nbsp;&nbsp; 524000 | &nbsp;&nbsp;&nbsp;&nbsp; 493756 |
| &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 11/15/2026\* | &nbsp;&nbsp; 3078000 | &nbsp;&nbsp;&nbsp;&nbsp; 2833262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 07/01/2027\* | &nbsp;&nbsp; 1570000 | &nbsp;&nbsp;&nbsp;&nbsp; 1493541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7189058 |
| **Water — 0.0%** | **Water — 0.0%** | **Water — 0.0%** |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 04/15/2050 | &nbsp;&nbsp; 1306000 | &nbsp;&nbsp;&nbsp;&nbsp; 901248 |
| **Total Corporate Bonds & Notes<br> (cost $1,220,882,399)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1089206221 |
| **ASSET BACKED SECURITIES — 1.2%** | **ASSET BACKED SECURITIES — 1.2%** | **ASSET BACKED SECURITIES — 1.2%** |
| **Auto Loan Receivables — 0.3%** | **Auto Loan Receivables — 0.3%** | **Auto Loan Receivables — 0.3%** |
| &nbsp;&nbsp;&nbsp;Capital One Prime Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2, Class A3<br> 1.92%, 05/15/2024 | &nbsp;&nbsp; 76559 | &nbsp;&nbsp;&nbsp;&nbsp; 76328 |
| &nbsp;&nbsp;&nbsp;Carmax Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4, Class D<br> 4.15%, 04/15/2025 | &nbsp;&nbsp; 1315000 | &nbsp;&nbsp;&nbsp;&nbsp; 1314142 |
| &nbsp;&nbsp;&nbsp;CarMax Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1, Class A2<br> 0.91%, 02/18/2025 | &nbsp;&nbsp; 528262 | &nbsp;&nbsp;&nbsp;&nbsp; 520729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2, Class A3<br> 2.68%, 03/15/2024 | &nbsp;&nbsp; 16354 | &nbsp;&nbsp;&nbsp;&nbsp; 16341 |
| &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3, Class A3<br> 2.18%, 04/16/2024 | &nbsp;&nbsp; 15147 | &nbsp;&nbsp;&nbsp;&nbsp; 15131 |
| &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A<br> 1.21%, 12/26/2025\* | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2475080 |
| &nbsp;&nbsp;&nbsp;Honda Auto Receivables Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3, Class A4<br> 0.46%, 04/19/2027 | &nbsp;&nbsp; 1490000 | &nbsp;&nbsp;&nbsp;&nbsp; 1416166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2, Class A4<br> 1.09%, 10/15/2026 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 770762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2, Class A4<br> 3.76%, 12/18/2028 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 681326 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A3<br> 0.46%, 06/15/2026 | &nbsp;&nbsp; 1720000 | &nbsp;&nbsp;&nbsp;&nbsp; 1626066 |
| &nbsp;&nbsp;&nbsp;Toyota Auto Loan Extended Note Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A, Class A<br> 2.56%, 11/25/2031\* | &nbsp;&nbsp; 1425000 | &nbsp;&nbsp;&nbsp;&nbsp; 1364283 |
| &nbsp;&nbsp;&nbsp;Volkswagen Auto Loan Enhanced Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class A4<br> 1.26%, 08/20/2026 | &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp; 566037 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10842391 |
| **Credit Card Receivables — 0.7%** | **Credit Card Receivables — 0.7%** | **Credit Card Receivables — 0.7%** |
| &nbsp;&nbsp;&nbsp;American Express Credit Account Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3, Class A<br> 3.75%, 08/15/2027 | &nbsp;&nbsp; 3790000 | &nbsp;&nbsp;&nbsp;&nbsp; 3687813 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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)** |
| **Credit Card Receivables (continued)** | **Credit Card Receivables (continued)** | **Credit Card Receivables (continued)** |
| &nbsp;&nbsp;&nbsp;BA Credit Card Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A1, Class A1<br> 3.53%, 11/15/2027 | $4700000 | &nbsp;&nbsp;$4553901 |
| &nbsp;&nbsp;&nbsp;Capital One Multi-Asset Execution Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A1, Class A1<br> 0.55%, 07/15/2026 | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2510175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A2, Class A2<br> 1.39%, 07/15/2030 | &nbsp;&nbsp; 4038000 | &nbsp;&nbsp;&nbsp;&nbsp; 3362517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A1, Class A1<br> 2.80%, 03/15/2027 | &nbsp;&nbsp; 1575000 | &nbsp;&nbsp;&nbsp;&nbsp; 1504864 |
| &nbsp;&nbsp;&nbsp;Chase Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A1, Class A<br> 3.97%, 09/15/2027 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2202430 |
| &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; 4340000 | &nbsp;&nbsp;&nbsp;&nbsp; 4149018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21970718 |
| **Other Asset Backed Securities — 0.2%** | **Other Asset Backed Securities — 0.2%** | **Other Asset Backed Securities — 0.2%** |
| &nbsp;&nbsp;&nbsp;CNH Equipment Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class A3<br> 0.40%, 12/15/2025 | &nbsp;&nbsp; 1931249 | &nbsp;&nbsp;&nbsp;&nbsp; 1845639 |
| &nbsp;&nbsp;&nbsp;John Deere Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class A4<br> 0.62%, 12/15/2027 | &nbsp;&nbsp; 1340000 | &nbsp;&nbsp;&nbsp;&nbsp; 1232883 |
| &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; 1169418 | &nbsp;&nbsp;&nbsp;&nbsp; 1048047 |
| &nbsp;&nbsp;&nbsp;Verizon Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class C<br> 1.38%, 04/20/2028 | &nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 3130837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7257406 |
| **Total Asset Backed Securities<br> (cost $41,740,895)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40070515 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.2%** |
| **Commercial and Residential — 0.8%** | **Commercial and Residential — 0.8%** | **Commercial and Residential — 0.8%** |
| &nbsp;&nbsp;&nbsp;BANK VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK42, Class A5<br> 4.49%, 06/15/2055(3) | &nbsp;&nbsp; 1727000 | &nbsp;&nbsp;&nbsp;&nbsp; 1655012 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-IMC, Class A<br> 4.87%, (1 ML+1.00%), 04/15/2034\* | &nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp;&nbsp; 3211788 |
| &nbsp;&nbsp;&nbsp;CAMB Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-LIFE, Class A<br> 4.94%, (1 ML+1.07%), 12/15/2037\* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 734004 |
| &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\*(3) | &nbsp;&nbsp; 1118095 | &nbsp;&nbsp;&nbsp;&nbsp; 976009 |
| &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(3) | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 948702 |
| &nbsp;&nbsp;&nbsp;COMM Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-CR22, Class XA<br> 0.82%, 03/10/2048(3)(4) | &nbsp;&nbsp; 3385852 | &nbsp;&nbsp;&nbsp;&nbsp; 50690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-787S, Class B<br> 3.83%, 02/10/2036\*(3) | &nbsp;&nbsp; 1629000 | &nbsp;&nbsp;&nbsp;&nbsp; 1472604 |
| &nbsp;&nbsp;&nbsp;CSAIL Commercial Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C17, Class A2<br> 3.00%, 09/15/2052 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1806878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C1, Class A4<br> 3.51%, 04/15/2050 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 467134 |

---

---

| | | |
|:---|:---|:---|
| **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;MSDB Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-712F, Class A<br> 3.43%, 07/11/2039\*(3) | $5310000 | &nbsp;&nbsp;$4669066 |
| &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; 9365905 |
| &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\*(3) | &nbsp;&nbsp; 203830 | &nbsp;&nbsp;&nbsp;&nbsp; 181433 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25539225 |
| **U.S. Government Agency — 0.4%** | **U.S. Government Agency — 0.4%** | **U.S. Government Agency — 0.4%** |
| &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; 655800 | &nbsp;&nbsp;&nbsp;&nbsp; 627579 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3572, Class JS<br> 2.93%, (6.80%-1 ML), 09/15/2039(4)(5) | &nbsp;&nbsp; 373806 | &nbsp;&nbsp;&nbsp;&nbsp; 21598 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-100, Class NP<br> 3.00%, 12/25/2047 | &nbsp;&nbsp; 2609211 | &nbsp;&nbsp;&nbsp;&nbsp; 2383079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-27, Class EA<br> 3.00%, 05/25/2048 | &nbsp;&nbsp; 3883264 | &nbsp;&nbsp;&nbsp;&nbsp; 3536211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-35, Class CD<br> 3.00%, 05/25/2048 | &nbsp;&nbsp; 3895351 | &nbsp;&nbsp;&nbsp;&nbsp; 3486751 |
| &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(3) | &nbsp;&nbsp; 1872473 | &nbsp;&nbsp;&nbsp;&nbsp; 1751442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11806660 |
| **Total Collateralized Mortgage Obligations<br> (cost $40,823,302)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37345885 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 59.6%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 59.6%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 59.6%** |
| **U.S. Government — 13.7%** | **U.S. Government — 13.7%** | **U.S. Government — 13.7%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 08/15/2041 | &nbsp;&nbsp; 20674000 | &nbsp;&nbsp;&nbsp;&nbsp; 14423345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2051 to 11/15/2051 | &nbsp;&nbsp; 28193000 | &nbsp;&nbsp;&nbsp;&nbsp; 18549869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/15/2041 to 08/15/2051 | &nbsp;&nbsp; 30580000 | &nbsp;&nbsp;&nbsp;&nbsp; 21622037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 02/15/2052 | &nbsp;&nbsp; 13600000 | &nbsp;&nbsp;&nbsp;&nbsp; 9821219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 02/15/2042 to 05/15/2051 | &nbsp;&nbsp; 85463000 | &nbsp;&nbsp;&nbsp;&nbsp; 64862472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 11/15/2042 to 08/15/2047 | &nbsp;&nbsp; 1652000 | &nbsp;&nbsp;&nbsp;&nbsp; 1333084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 11/15/2046 to 05/15/2052 | &nbsp;&nbsp; 627400 | &nbsp;&nbsp;&nbsp;&nbsp; 518121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/15/2045 to 05/15/2047 | &nbsp;&nbsp; 10591000 | &nbsp;&nbsp;&nbsp;&nbsp; 8906388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 11/15/2041 to 02/15/2042 | &nbsp;&nbsp; 2695000 | &nbsp;&nbsp;&nbsp;&nbsp; 2382953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 05/15/2042 | &nbsp;&nbsp; 9976000 | &nbsp;&nbsp;&nbsp;&nbsp; 8961254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2042 to 11/15/2048 | &nbsp;&nbsp; 20810000 | &nbsp;&nbsp;&nbsp;&nbsp; 18934952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 08/15/2041 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2040 | &nbsp;&nbsp; 301000 | &nbsp;&nbsp;&nbsp;&nbsp; 300177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 05/15/2039 | &nbsp;&nbsp; 256000 | &nbsp;&nbsp;&nbsp;&nbsp; 269840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 11/15/2039 to 05/15/2041 | &nbsp;&nbsp; 3595000 | &nbsp;&nbsp;&nbsp;&nbsp; 3828269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2040 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 71515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2037 | &nbsp;&nbsp; 564000 | &nbsp;&nbsp;&nbsp;&nbsp; 630292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2037 | &nbsp;&nbsp; 153000 | &nbsp;&nbsp;&nbsp;&nbsp; 174785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/2028 | &nbsp;&nbsp; 354000 | &nbsp;&nbsp;&nbsp;&nbsp; 379541 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%, 04/30/2023 to 12/15/2023 | &nbsp;&nbsp; 6100000 | &nbsp;&nbsp;&nbsp;&nbsp; 5955574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 09/30/2023 to 05/15/2024 | &nbsp;&nbsp; 15100000 | &nbsp;&nbsp;&nbsp;&nbsp; 14449309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 02/28/2026 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 892852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 01/31/2024 | &nbsp;&nbsp; 3363000 | &nbsp;&nbsp;&nbsp;&nbsp; 3219547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 02/29/2028 to 02/15/2031 | &nbsp;&nbsp; 6400000 | &nbsp;&nbsp;&nbsp;&nbsp; 5345797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 12/31/2026 | &nbsp;&nbsp; 4996000 | &nbsp;&nbsp;&nbsp;&nbsp; 4494058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 01/31/2025 to 11/15/2031 | &nbsp;&nbsp; 2870000 | &nbsp;&nbsp;&nbsp;&nbsp; 2543672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 11/30/2024 to 02/15/2030 | &nbsp;&nbsp; 15719000 | &nbsp;&nbsp;&nbsp;&nbsp; 13950310 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** |
| **U.S. Government (continued)** | **U.S. Government (continued)** | **U.S. Government (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 02/15/2026 to 11/30/2026 | $6439000 | &nbsp;&nbsp;$5949214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 11/15/2029 | &nbsp;&nbsp; 6700000 | &nbsp;&nbsp;&nbsp;&nbsp; 5936043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/28/2027 | &nbsp;&nbsp; 27750000 | &nbsp;&nbsp;&nbsp;&nbsp; 25556016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/15/2025# | &nbsp;&nbsp; 1729000 | &nbsp;&nbsp;&nbsp;&nbsp; 1645724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/15/2026 | &nbsp;&nbsp; 384000 | &nbsp;&nbsp;&nbsp;&nbsp; 356655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 04/30/2024 | &nbsp;&nbsp; 167000 | &nbsp;&nbsp;&nbsp;&nbsp; 161592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 11/15/2024 to 08/15/2027# | &nbsp;&nbsp; 4172000 | &nbsp;&nbsp;&nbsp;&nbsp; 3989869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 05/15/2029 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 460020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 02/15/2029 to 07/31/2029 | &nbsp;&nbsp; 30171000 | &nbsp;&nbsp;&nbsp;&nbsp; 28148920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/30/2027 to 08/15/2032 | &nbsp;&nbsp; 41909000 | &nbsp;&nbsp;&nbsp;&nbsp; 39851086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 04/30/2029 to 05/15/2032 | &nbsp;&nbsp; 12121000 | &nbsp;&nbsp;&nbsp;&nbsp; 11409558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/31/2024 to 07/15/2025 | &nbsp;&nbsp; 60000000 | &nbsp;&nbsp;&nbsp;&nbsp; 58423828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 08/15/2025 to 08/31/2029 | &nbsp;&nbsp; 3323000 | &nbsp;&nbsp;&nbsp;&nbsp; 3220988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 06/30/2029 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1065711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 09/30/2029 | &nbsp;&nbsp; 1513000 | &nbsp;&nbsp;&nbsp;&nbsp; 1523402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 09/30/2027 | &nbsp;&nbsp; 4265000 | &nbsp;&nbsp;&nbsp;&nbsp; 4316980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2025 | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15168750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434039632 |
| **U.S. Government Agency — 45.9%** | **U.S. Government Agency — 45.9%** | **U.S. Government Agency — 45.9%** |
| &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; 6865047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/16/2028# | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 967264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/15/2036 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 278394 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 04/01/2037 | &nbsp;&nbsp; 24610468 | &nbsp;&nbsp;&nbsp;&nbsp; 21581019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2036 to 04/01/2052 | &nbsp;&nbsp;178875181 | &nbsp;&nbsp;&nbsp;&nbsp; 150164621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2028 to 07/01/2052 | &nbsp;&nbsp; 60339659 | &nbsp;&nbsp;&nbsp;&nbsp; 52181230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/2027 to 11/01/2046 | &nbsp;&nbsp; 14177462 | &nbsp;&nbsp;&nbsp;&nbsp; 13011751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/01/2032 to 02/01/2052 | &nbsp;&nbsp; 55441018 | &nbsp;&nbsp;&nbsp;&nbsp; 51707390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2040 to 06/01/2052 | &nbsp;&nbsp; 34479374 | &nbsp;&nbsp;&nbsp;&nbsp; 32984055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/2039 to 07/01/2052 | &nbsp;&nbsp; 29198508 | &nbsp;&nbsp;&nbsp;&nbsp; 28564654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2033 to 11/01/2043 | &nbsp;&nbsp; 1699119 | &nbsp;&nbsp;&nbsp;&nbsp; 1750484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/2032 to 11/01/2052 | &nbsp;&nbsp; 10118574 | &nbsp;&nbsp;&nbsp;&nbsp; 10245186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/01/2033 to 03/01/2040 | &nbsp;&nbsp; 207691 | &nbsp;&nbsp;&nbsp;&nbsp; 215305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/01/2035 to 05/01/2037 | &nbsp;&nbsp; 26126 | &nbsp;&nbsp;&nbsp;&nbsp; 27056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/15/2029 to 03/15/2031 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 877917 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74%, (6 ML+1.49%), 02/01/2037 | &nbsp;&nbsp; 66799 | &nbsp;&nbsp;&nbsp;&nbsp; 66195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14%, (12 ML+1.87%), 11/01/2037 | &nbsp;&nbsp; 594820 | &nbsp;&nbsp;&nbsp;&nbsp; 593173 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 05/01/2036 to 03/01/2051 | &nbsp;&nbsp; 26497927 | &nbsp;&nbsp;&nbsp;&nbsp; 21061589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 07/01/2035 to 03/01/2052 | &nbsp;&nbsp;282930444 | &nbsp;&nbsp;&nbsp;&nbsp; 236057198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/01/2026 to 05/01/2052 | &nbsp;&nbsp;240345815 | &nbsp;&nbsp;&nbsp;&nbsp; 208974070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/2027 to 07/01/2052 | &nbsp;&nbsp;233693812 | &nbsp;&nbsp;&nbsp;&nbsp; 211761461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2026 to 04/01/2052 | &nbsp;&nbsp;108961655 | &nbsp;&nbsp;&nbsp;&nbsp; 100883018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/2025 to 08/01/2052 | &nbsp;&nbsp; 84606182 | &nbsp;&nbsp;&nbsp;&nbsp; 80840017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2024 to 10/01/2049 | &nbsp;&nbsp; 19094433 | &nbsp;&nbsp;&nbsp;&nbsp; 18989225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/2023 to 08/01/2052 | &nbsp;&nbsp; 41423164 | &nbsp;&nbsp;&nbsp;&nbsp; 41316157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2029 to 09/01/2039 | &nbsp;&nbsp; 1521471 | &nbsp;&nbsp;&nbsp;&nbsp; 1594513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2032 to 06/01/2040 | &nbsp;&nbsp; 664122 | &nbsp;&nbsp;&nbsp;&nbsp; 696938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2037 to 11/01/2037 | &nbsp;&nbsp; 22596 | &nbsp;&nbsp;&nbsp;&nbsp; 23291 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09%, (12 ML+1.57%), 05/01/2037 | &nbsp;&nbsp; 86692 | &nbsp;&nbsp;&nbsp;&nbsp; 87117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18%, (12 ML+1.68%), 07/01/2039 | &nbsp;&nbsp; 366166 | &nbsp;&nbsp;&nbsp;&nbsp; 365368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33%, (12 ML+1.77%), 05/01/2040 | &nbsp;&nbsp; 494807 | &nbsp;&nbsp;&nbsp;&nbsp; 498419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58%, (1 Yr USTYCR+2.22%), 10/01/2035 | &nbsp;&nbsp; 464475 | &nbsp;&nbsp;&nbsp;&nbsp; 470185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.64%, (1 Yr USTYCR+2.27%), 11/01/2036 | &nbsp;&nbsp; 207859 | &nbsp;&nbsp;&nbsp;&nbsp; 211480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, (12 ML+1.91%), 08/01/2035 | &nbsp;&nbsp; 351721 | &nbsp;&nbsp;&nbsp;&nbsp; 356715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, (6 ML+1.54%), 09/01/2035 | &nbsp;&nbsp; 595774 | &nbsp;&nbsp;&nbsp;&nbsp; 604082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07%, (12 ML+1.82%), 10/01/2040 | &nbsp;&nbsp; 90915 | &nbsp;&nbsp;&nbsp;&nbsp; 92030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08%, (12 ML+1.83%), 10/01/2040 | &nbsp;&nbsp; 288915 | &nbsp;&nbsp;&nbsp;&nbsp; 291777 |

---

---

| | | |
|:---|:---|:---|
| **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;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/20/2050 | $11847675 | &nbsp;&nbsp;$10140324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/20/2050 to 12/20/2051 | &nbsp;&nbsp; 60108951 | &nbsp;&nbsp;&nbsp;&nbsp; 52985471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/20/2045 to 03/20/2052 | &nbsp;&nbsp; 72021648 | &nbsp;&nbsp;&nbsp;&nbsp; 65600942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/20/2045 to 10/20/2047 | &nbsp;&nbsp; 2031486 | &nbsp;&nbsp;&nbsp;&nbsp; 1916441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/20/2044 to 05/20/2048 | &nbsp;&nbsp; 2477436 | &nbsp;&nbsp;&nbsp;&nbsp; 2399301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/15/2039 to 07/20/2052 | &nbsp;&nbsp; 26232232 | &nbsp;&nbsp;&nbsp;&nbsp; 25778007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/15/2039 | &nbsp;&nbsp; 404979 | &nbsp;&nbsp;&nbsp;&nbsp; 423066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/15/2039 | &nbsp;&nbsp; 119601 | &nbsp;&nbsp;&nbsp;&nbsp; 123481 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1456622424 |
| **Total U.S. Government & Agency Obligations<br> (cost $2,092,507,845)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1890662056 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 0.6%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.6%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.6%** |
| **Banks — 0.4%** | **Banks — 0.4%** | **Banks — 0.4%** |
| &nbsp;&nbsp;&nbsp;BNG Bank NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 11/24/2025\* | &nbsp;&nbsp; 1102000 | &nbsp;&nbsp;&nbsp;&nbsp; 979609 |
| &nbsp;&nbsp;&nbsp;Development Bank of Japan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 02/18/2025\* | &nbsp;&nbsp; 5960000 | &nbsp;&nbsp;&nbsp;&nbsp; 5587738 |
| &nbsp;&nbsp;&nbsp;Industrial Bank of Korea |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04%, 06/22/2025\* | &nbsp;&nbsp; 5694000 | &nbsp;&nbsp;&nbsp;&nbsp; 5118577 |
| &nbsp;&nbsp;&nbsp;Korea Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 10/27/2023 | &nbsp;&nbsp; 1489000 | &nbsp;&nbsp;&nbsp;&nbsp; 1433388 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13119312 |
| **Sovereign — 0.2%** | **Sovereign — 0.2%** | **Sovereign — 0.2%** |
| &nbsp;&nbsp;&nbsp;Republic of Chile |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 01/31/2027 | &nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp;&nbsp; 850857 |
| &nbsp;&nbsp;&nbsp;Republic of Italy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 05/06/2051 | &nbsp;&nbsp; 1462000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000078 |
| &nbsp;&nbsp;&nbsp;United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28%, 08/14/2041 | &nbsp;&nbsp; 4405000 | &nbsp;&nbsp;&nbsp;&nbsp; 3540808 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5391743 |
| **Total Foreign Government Obligations<br> (cost $20,729,106)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18511055 |
| **COMMON STOCKS — 0.2%** | **COMMON STOCKS — 0.2%** | **COMMON STOCKS — 0.2%** |
| **Oil Field Machinery & Equipment — 0.2%** | **Oil Field Machinery & Equipment — 0.2%** | **Oil Field Machinery & Equipment — 0.2%** |
| &nbsp;&nbsp;&nbsp;Hi-Crush, Inc.†(6)(7)<br> (cost $746,075) | &nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp; 5700927 |
| **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 $115,290) | &nbsp;&nbsp; 7467 | &nbsp;&nbsp;&nbsp;&nbsp; 16427 |
| **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lehman Brothers Holdings, Inc.<br> Escrow Notes<br> 5.50%, 04/04/2016†<br> (cost $0) | &nbsp;&nbsp; 186000 | &nbsp;&nbsp;&nbsp;&nbsp; 651 |
| **Total Long-Term Investment Securities<br> (cost $3,417,544,912)** |  | &nbsp;&nbsp;&nbsp;&nbsp;3081513737 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 4.1%** | **SHORT-TERM INVESTMENTS — 4.1%** |  |
| **Unaffiliated Investment Companies — 4.1%** | **Unaffiliated Investment Companies — 4.1%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Liquid Reserves Fund, Premier Class<br> 3.95%(8) | 114353181 | &nbsp;&nbsp;$114376052 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 3.86%(8)(9) | 15134305 | &nbsp;&nbsp;&nbsp;&nbsp; 15134305 |
| **Total Short-Term Investments<br> (cost $129,506,563)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129510357 |
| **TOTAL INVESTMENTS<br> (cost $3,547,051,475)(10)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.3% | &nbsp;&nbsp;&nbsp;&nbsp;3211024094 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41897545) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$3169126549 |

---

---

| | |
|:---|:---|
| \* | &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, 2022, the aggregate value of these securities was $353,668,338 representing 11.2% of net assets. |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| † | &nbsp;&nbsp;Non-income producing security |
| (1) | &nbsp;&nbsp;Perpetual maturity - maturity date reflects the next call date. |
| (2) | &nbsp;&nbsp;"Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of November 30, 2022. |
| (3) | &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. |
| (4) | &nbsp;&nbsp;Interest Only |
| (5) | &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, 2022. |

---

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

(7) 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, 2022, the Fund held the following restricted
securities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition <br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition <br> Cost** | **Value** | **Value <br> Per Share** | **% of<br> Net Assets** |
| **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** |
| Hi-Crush, Inc. |  |  |  |  |  |  |
|  | 01/29/2021 | &nbsp;&nbsp;&nbsp;&nbsp;0 | $12271 |  |  |  |
|  | 12/22/2021 | 123 | 733804 |  |  |  |
|  |  | 123 | 746075 | $5700927 | $46349.00 | 0.18% |

---

(8) The
rate shown is the 7-day yield as of November 30, 2022.

(9) At
 November 30, 2022, the Fund had loaned securities with a total value of $27,695,401. This was secured by collateral of $15,134,305, which was received in cash and subsequently invested in short-term investments currently valued at $15,134,305 as
reported in the Portfolio of Investments. Additional collateral of $13,235,124 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, 2022** |
| Federal Home Loan Mtg. Corp. | 1.50% to 4.50% | 02/25/2034 to 08/25/2052 | &nbsp;&nbsp;$982672 |
| Federal National Mtg. Assoc. | 1.50% to 4.50% | 09/25/2032 to 12/25/2052 | &nbsp;&nbsp;&nbsp;1360088 |
| Government National Mtg. Assoc. | 1.25% to 4.59% | 11/20/2033 to 10/16/2064 | &nbsp;&nbsp;&nbsp;3584820 |
| United States Treasury Notes/Bonds | 0.13% to 5.00% | 07/15/2023 to 02/15/2052 | &nbsp;&nbsp;&nbsp;7307544 |

---

(10) See
 Note 5 for cost of investments on a tax basis.

---

| |
|:---|
| 1 ML—1 Month USD LIBOR |
| 1 Yr USTYCR—1 Year US Treasury Yield Curve Rate |
| 12 ML—12 Month USD LIBOR |
| 6 ML—6 Month USD LIBOR |
| DAC—Designated Activity Company |
| FRS—Floating Rate Security |
| REMIC—Real Estate Mortgage Investment Conduit |
| ULC—Unlimited Liability Corp. |
| VRS—Variable Rate Security |

---

The rates shown on FRS and/or VRS are the current interest rates at November 30, 2022 and unless noted otherwise, the dates shown are the original maturity dates.

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2022 (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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$1089206221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$1089206221 |
| 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;&nbsp;40070515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40070515 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37345885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37345885 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1890662056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1890662056 |
| 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;&nbsp;18511055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18511055 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5700927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700927 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16427 |
| 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;651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;129510357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129510357 |
| **Total Investments at Value** | &nbsp;&nbsp;$129526784 | &nbsp;&nbsp;$3075796383 | &nbsp;&nbsp;$5700927 | &nbsp;&nbsp;$3211024094 |

---

\* 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**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;9.7% |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;9.6 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;6.6 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;6.5 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;5.3 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Housewares | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
|  | &nbsp;&nbsp;99.8% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 96.7%** | **COMMON STOCKS — 96.7%** | **COMMON STOCKS — 96.7%** |
| **Aerospace/Defense — 3.6%** | **Aerospace/Defense — 3.6%** | **Aerospace/Defense — 3.6%** |
| &nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63458 | &nbsp;&nbsp;$7326642 |
| &nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;&nbsp;868208 | &nbsp;&nbsp;&nbsp;&nbsp; 8618625 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35663 | &nbsp;&nbsp;&nbsp;&nbsp; 8098354 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11370 | &nbsp;&nbsp;&nbsp;&nbsp; 6063507 |
| &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;152000 | &nbsp;&nbsp;&nbsp;&nbsp; 15005440 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45112568 |
| **Agriculture — 0.6%** | **Agriculture — 0.6%** | **Agriculture — 0.6%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80564 | &nbsp;&nbsp;&nbsp;&nbsp; 3752671 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94980 | &nbsp;&nbsp;&nbsp;&nbsp; 3919825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7672496 |
| **Apparel — 0.5%** | **Apparel — 0.5%** | **Apparel — 0.5%** |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55102 | &nbsp;&nbsp;&nbsp;&nbsp; 6233138 |
| **Auto Manufacturers — 1.9%** | **Auto Manufacturers — 1.9%** | **Auto Manufacturers — 1.9%** |
| &nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;587437 | &nbsp;&nbsp;&nbsp;&nbsp; 23826445 |
| **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp;Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30468 | &nbsp;&nbsp;&nbsp;&nbsp; 4394704 |
| **Banks — 9.7%** | **Banks — 9.7%** | **Banks — 9.7%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;542144 | &nbsp;&nbsp;&nbsp;&nbsp; 20520151 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;457237 | &nbsp;&nbsp;&nbsp;&nbsp; 22134843 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99380 | &nbsp;&nbsp;&nbsp;&nbsp; 4211724 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17287 | &nbsp;&nbsp;&nbsp;&nbsp; 14114144 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;224846 | &nbsp;&nbsp;&nbsp;&nbsp; 31069220 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34120 | &nbsp;&nbsp;&nbsp;&nbsp; 5741031 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;525948 | &nbsp;&nbsp;&nbsp;&nbsp; 25219207 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123010320 |
| **Beverages — 1.5%** | **Beverages — 1.5%** | **Beverages — 1.5%** |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;150820 | &nbsp;&nbsp;&nbsp;&nbsp; 9593660 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34317 | &nbsp;&nbsp;&nbsp;&nbsp; 8831480 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18425140 |
| **Building Materials — 0.8%** | **Building Materials — 0.8%** | **Building Materials — 0.8%** |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53250 | &nbsp;&nbsp;&nbsp;&nbsp; 9762323 |
| **Chemicals — 2.3%** | **Chemicals — 2.3%** | **Chemicals — 2.3%** |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37630 | &nbsp;&nbsp;&nbsp;&nbsp; 12661743 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123456 | &nbsp;&nbsp;&nbsp;&nbsp; 16693720 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29355463 |
| **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;Robert Half International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36519 | &nbsp;&nbsp;&nbsp;&nbsp; 2876967 |
| **Computers — 3.7%** | **Computers — 3.7%** | **Computers — 3.7%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118810 | &nbsp;&nbsp;&nbsp;&nbsp; 17587444 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;302811 | &nbsp;&nbsp;&nbsp;&nbsp; 18837872 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94083 | &nbsp;&nbsp;&nbsp;&nbsp; 10286095 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46711411 |
| **Cosmetics/Personal Care — 2.1%** | **Cosmetics/Personal Care — 2.1%** | **Cosmetics/Personal Care — 2.1%** |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68920 | &nbsp;&nbsp;&nbsp;&nbsp; 10280107 |
| &nbsp;&nbsp;&nbsp;Unilever PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;331955 | &nbsp;&nbsp;&nbsp;&nbsp; 16723893 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27004000 |
| **Diversified Financial Services — 4.8%** | **Diversified Financial Services — 4.8%** | **Diversified Financial Services — 4.8%** |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;353945 | &nbsp;&nbsp;&nbsp;&nbsp; 24560244 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20436 | &nbsp;&nbsp;&nbsp;&nbsp; 2109813 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57025 | &nbsp;&nbsp;&nbsp;&nbsp; 4706843 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21980 | &nbsp;&nbsp;&nbsp;&nbsp; 7833672 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40976 | &nbsp;&nbsp;&nbsp;&nbsp; 4790094 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80420 | &nbsp;&nbsp;&nbsp;&nbsp; 17451140 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61451806 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric — 3.5%** | **Electric — 3.5%** | **Electric — 3.5%** |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56644 | &nbsp;&nbsp;$5483139 |
| &nbsp;&nbsp;&nbsp;Edison International | &nbsp;&nbsp;&nbsp;&nbsp;148317 | &nbsp;&nbsp;&nbsp;&nbsp; 9886811 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50380 | &nbsp;&nbsp;&nbsp;&nbsp; 2084221 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;186060 | &nbsp;&nbsp;&nbsp;&nbsp; 11265933 |
| &nbsp;&nbsp;&nbsp;Sempra Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93959 | &nbsp;&nbsp;&nbsp;&nbsp; 15615046 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44335150 |
| **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30840 | &nbsp;&nbsp;&nbsp;&nbsp; 2083242 |
| **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;40630 | &nbsp;&nbsp;&nbsp;&nbsp; 6814464 |
| **Food — 2.7%** | **Food — 2.7%** | **Food — 2.7%** |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;323780 | &nbsp;&nbsp;&nbsp;&nbsp; 12740743 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;190131 | &nbsp;&nbsp;&nbsp;&nbsp; 12854757 |
| &nbsp;&nbsp;&nbsp;Nestle SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75490 | &nbsp;&nbsp;&nbsp;&nbsp; 8982555 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34578055 |
| **Healthcare-Products — 4.0%** | **Healthcare-Products — 4.0%** | **Healthcare-Products — 4.0%** |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171180 | &nbsp;&nbsp;&nbsp;&nbsp; 9676805 |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips NV | &nbsp;&nbsp;&nbsp;&nbsp;515738 | &nbsp;&nbsp;&nbsp;&nbsp; 7768462 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;247046 | &nbsp;&nbsp;&nbsp;&nbsp; 19526516 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117232 | &nbsp;&nbsp;&nbsp;&nbsp; 14079563 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51051346 |
| **Healthcare-Services — 4.3%** | **Healthcare-Services — 4.3%** | **Healthcare-Services — 4.3%** |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25034 | &nbsp;&nbsp;&nbsp;&nbsp; 13341119 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22381 | &nbsp;&nbsp;&nbsp;&nbsp; 12307312 |
| &nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71963 | &nbsp;&nbsp;&nbsp;&nbsp; 17321494 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20580 | &nbsp;&nbsp;&nbsp;&nbsp; 11272901 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54242826 |
| **Home Furnishings — 0.7%** | **Home Furnishings — 0.7%** | **Home Furnishings — 0.7%** |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;935900 | &nbsp;&nbsp;&nbsp;&nbsp; 8739346 |
| **Housewares — 0.4%** | **Housewares — 0.4%** | **Housewares — 0.4%** |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;372690 | &nbsp;&nbsp;&nbsp;&nbsp; 4833789 |
| **Insurance — 6.6%** | **Insurance — 6.6%** | **Insurance — 6.6%** |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37056 | &nbsp;&nbsp;&nbsp;&nbsp; 4961798 |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42450 | &nbsp;&nbsp;&nbsp;&nbsp; 9321596 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80539 | &nbsp;&nbsp;&nbsp;&nbsp; 2556308 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;213816 | &nbsp;&nbsp;&nbsp;&nbsp; 8629614 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84512 | &nbsp;&nbsp;&nbsp;&nbsp; 6454181 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;190402 | &nbsp;&nbsp;&nbsp;&nbsp; 14603833 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54201 | &nbsp;&nbsp;&nbsp;&nbsp; 5855334 |
| &nbsp;&nbsp;&nbsp;Prudential PLC | &nbsp;&nbsp;&nbsp;&nbsp;491988 | &nbsp;&nbsp;&nbsp;&nbsp; 5869892 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50330 | &nbsp;&nbsp;&nbsp;&nbsp; 9553137 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65372 | &nbsp;&nbsp;&nbsp;&nbsp; 16091972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83897665 |
| **Machinery-Construction & Mining — 0.7%** | **Machinery-Construction & Mining — 0.7%** | **Machinery-Construction & Mining — 0.7%** |
| &nbsp;&nbsp;&nbsp;Komatsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;375200 | &nbsp;&nbsp;&nbsp;&nbsp; 8737644 |
| **Media — 3.2%** | **Media — 3.2%** | **Media — 3.2%** |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;719491 | &nbsp;&nbsp;&nbsp;&nbsp; 26362150 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;254939 | &nbsp;&nbsp;&nbsp;&nbsp; 8272771 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54430 | &nbsp;&nbsp;&nbsp;&nbsp; 5327064 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39961985 |
| **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88130 | &nbsp;&nbsp;&nbsp;&nbsp; 3507574 |
| **Miscellaneous Manufacturing — 0.6%** | **Miscellaneous Manufacturing — 0.6%** | **Miscellaneous Manufacturing — 0.6%** |
| &nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59295 | &nbsp;&nbsp;&nbsp;&nbsp; 8114140 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Oil & Gas — 5.3%** | **Oil & Gas — 5.3%** | **Oil & Gas — 5.3%** |
| &nbsp;&nbsp;&nbsp;BP PLC | 3950670 | &nbsp;&nbsp;$23635587 |
| &nbsp;&nbsp;&nbsp;Chesapeake Energy Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46070 | &nbsp;&nbsp;&nbsp;&nbsp; 4768245 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61278 | &nbsp;&nbsp;&nbsp;&nbsp; 7568446 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;294469 | &nbsp;&nbsp;&nbsp;&nbsp; 12488430 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35595 | &nbsp;&nbsp;&nbsp;&nbsp; 5122476 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22850 | &nbsp;&nbsp;&nbsp;&nbsp; 5392372 |
| &nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;280930 | &nbsp;&nbsp;&nbsp;&nbsp; 8218919 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67194475 |
| **Packaging & Containers — 0.7%** | **Packaging & Containers — 0.7%** | **Packaging & Containers — 0.7%** |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;164415 | &nbsp;&nbsp;&nbsp;&nbsp; 8751810 |
| **Pharmaceuticals — 9.6%** | **Pharmaceuticals — 9.6%** | **Pharmaceuticals — 9.6%** |
| &nbsp;&nbsp;&nbsp;AmerisourceBergen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27587 | &nbsp;&nbsp;&nbsp;&nbsp; 4708825 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;121167 | &nbsp;&nbsp;&nbsp;&nbsp; 16395642 |
| &nbsp;&nbsp;&nbsp;Bayer AG | &nbsp;&nbsp;&nbsp;&nbsp;237365 | &nbsp;&nbsp;&nbsp;&nbsp; 13721719 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47540 | &nbsp;&nbsp;&nbsp;&nbsp; 11853624 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131247 | &nbsp;&nbsp;&nbsp;&nbsp; 10522072 |
| &nbsp;&nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36734 | &nbsp;&nbsp;&nbsp;&nbsp; 12081445 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11270 | &nbsp;&nbsp;&nbsp;&nbsp; 4182072 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53730 | &nbsp;&nbsp;&nbsp;&nbsp; 9563940 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105010 | &nbsp;&nbsp;&nbsp;&nbsp; 11563701 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36593 | &nbsp;&nbsp;&nbsp;&nbsp; 4559488 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152860 | &nbsp;&nbsp;&nbsp;&nbsp; 7662872 |
| &nbsp;&nbsp;&nbsp;Sanofi | &nbsp;&nbsp;&nbsp;&nbsp;164438 | &nbsp;&nbsp;&nbsp;&nbsp; 14856407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121671807 |
| **Pipelines — 3.5%** | **Pipelines — 3.5%** | **Pipelines — 3.5%** |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;293680 | &nbsp;&nbsp;&nbsp;&nbsp; 12126047 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;732206 | &nbsp;&nbsp;&nbsp;&nbsp; 18166031 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;398800 | &nbsp;&nbsp;&nbsp;&nbsp; 13838360 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44130438 |
| **Private Equity — 0.2%** | **Private Equity — 0.2%** | **Private Equity — 0.2%** |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21370 | &nbsp;&nbsp;&nbsp;&nbsp; 1955996 |
| **REITS — 0.9%** | **REITS — 0.9%** | **REITS — 0.9%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp; 6349875 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25500 | &nbsp;&nbsp;&nbsp;&nbsp; 4459950 |
| &nbsp;&nbsp;&nbsp;Boston Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12060 | &nbsp;&nbsp;&nbsp;&nbsp; 869285 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11679110 |
| **Retail — 3.1%** | **Retail — 3.1%** | **Retail — 3.1%** |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32643 | &nbsp;&nbsp;&nbsp;&nbsp; 8346162 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30940 | &nbsp;&nbsp;&nbsp;&nbsp; 10024251 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84687 | &nbsp;&nbsp;&nbsp;&nbsp; 9965119 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67829 | &nbsp;&nbsp;&nbsp;&nbsp; 10338496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38674028 |
| **Semiconductors — 2.0%** | **Semiconductors — 2.0%** | **Semiconductors — 2.0%** |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11050 | &nbsp;&nbsp;&nbsp;&nbsp; 6088881 |
| &nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;155110 | &nbsp;&nbsp;&nbsp;&nbsp; 4664158 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9827 | &nbsp;&nbsp;&nbsp;&nbsp; 11749356 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18880 | &nbsp;&nbsp;&nbsp;&nbsp; 3407085 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25909480 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software — 6.5%** | **Software — 6.5%** |  |
| &nbsp;&nbsp;&nbsp;Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73535 | &nbsp;&nbsp;$5437913 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;193175 | &nbsp;&nbsp;&nbsp;&nbsp; 14020641 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;132905 | &nbsp;&nbsp;&nbsp;&nbsp; 33909382 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90890 | &nbsp;&nbsp;&nbsp;&nbsp; 7546597 |
| &nbsp;&nbsp;&nbsp;SAP SE ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69090 | &nbsp;&nbsp;&nbsp;&nbsp; 7660008 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;246679 | &nbsp;&nbsp;&nbsp;&nbsp; 13261463 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81836004 |
| **Telecommunications — 3.6%** | **Telecommunications — 3.6%** |  |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;453127 | &nbsp;&nbsp;&nbsp;&nbsp; 22529474 |
| &nbsp;&nbsp;&nbsp;Rogers Communications, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;108336 | &nbsp;&nbsp;&nbsp;&nbsp; 4983706 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;461274 | &nbsp;&nbsp;&nbsp;&nbsp; 17980461 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45493641 |
| **Transportation — 1.6%** | **Transportation — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52733 | &nbsp;&nbsp;&nbsp;&nbsp; 11465736 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47780 | &nbsp;&nbsp;&nbsp;&nbsp; 9065300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20531036 |
| **Total Long-Term Investment Securities<br> (cost $1,191,988,838)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1224561832 |
| **SHORT-TERM INVESTMENTS — 3.1%** | **SHORT-TERM INVESTMENTS — 3.1%** |  |
| **Unaffiliated Investment Companies — 3.1%** | **Unaffiliated Investment Companies — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Liquid Reserves Fund, Premier Class<br> 3.95%(1) | 35951980 | &nbsp;&nbsp;&nbsp;&nbsp; 35959170 |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 3.66%(1) | 3002733 | &nbsp;&nbsp;&nbsp;&nbsp; 3002733 |
| **Total Short-Term Investments<br> (cost $38,957,475)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38961903 |
| **TOTAL INVESTMENTS<br> (cost $1,230,946,313)(2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.8% | &nbsp;&nbsp;&nbsp;&nbsp;1263523735 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712934 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1266236669 |

---

# The security or a portion thereof is out on loan.At November 30, 2022, the Fund had loaned securities with a total value of $11,413,830. This was secured by collateral of $12,051,445 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.

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> November 30, 2022** |
| United States Treasury Bills | 0.00% | 01/12/2023 to 02/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;$60374 |
| United States Treasury Notes/Bonds | 0.13% to 4.50% | 02/28/2023 to 02/15/2052 | &nbsp;&nbsp;&nbsp;11991071 |

---

† Non-income
 producing security

(1) The
rate shown is the 7-day yield as of November 30, 2022.

(2) See
 Note 5 for cost of investments on a tax basis.

ADR—American Depositary Receipt <br> GDR—Global Depositary Receipt

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2022 (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;Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;$29167301 | &nbsp;&nbsp;$15945267 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$45112568 |
| &nbsp;&nbsp;&nbsp;Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43282884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7768462 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51051346 |
| &nbsp;&nbsp;&nbsp;Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8739346 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8739346 |
| &nbsp;&nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78027773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5869892 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83897665 |
| &nbsp;&nbsp;&nbsp;Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8737644 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8737644 |
| &nbsp;&nbsp;&nbsp;Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8114140 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8114140 |
| &nbsp;&nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35339969 | &nbsp;&nbsp;&nbsp;&nbsp;31854506 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67194475 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76698039 | &nbsp;&nbsp;&nbsp;&nbsp;44973768 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121671807 |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14160124 | &nbsp;&nbsp;&nbsp;&nbsp;11749356 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25909480 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804133361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804133361 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38961903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38961903 |
| **Total Investments at Value** | &nbsp;&nbsp;$1119771354 | &nbsp;&nbsp;$143752381 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1263523735 |

---

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

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Domestic Equity Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;53.6% |
| Domestic Fixed Income Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;19.5 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;14.1 |
| International Equity Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;9.8 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Purchased Options | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| International Fixed Income Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
|  | &nbsp;&nbsp;101.2% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **AFFILIATED INVESTMENT COMPANIES#(1) — 83.3%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 83.3%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 83.3%** |
| **Domestic Equity Investment Companies — 53.6%** | **Domestic Equity Investment Companies — 53.6%** | **Domestic Equity Investment Companies — 53.6%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Blue Chip Growth Fund | &nbsp;&nbsp; 253276 | &nbsp;&nbsp;$3877660 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Capital Appreciation Fund | &nbsp;&nbsp; 299164 | &nbsp;&nbsp;&nbsp;&nbsp; 5558474 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Dividend Value Fund | &nbsp;&nbsp; 724731 | &nbsp;&nbsp;&nbsp;&nbsp; 9580944 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Growth Fund | &nbsp;&nbsp; 401098 | &nbsp;&nbsp;&nbsp;&nbsp; 5519106 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Large Capital Growth Fund | &nbsp;&nbsp; 347269 | &nbsp;&nbsp;&nbsp;&nbsp; 6330717 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Mid Cap Index Fund | &nbsp;&nbsp; 64116 | &nbsp;&nbsp;&nbsp;&nbsp; 1745229 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Mid Cap Strategic Growth Fund | &nbsp;&nbsp; 91469 | &nbsp;&nbsp;&nbsp;&nbsp; 1648265 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Mid Cap Value Fund | &nbsp;&nbsp; 113194 | &nbsp;&nbsp;&nbsp;&nbsp; 2348768 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Growth Fund | &nbsp;&nbsp; 40320 | &nbsp;&nbsp;&nbsp;&nbsp; 595534 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Index Fund | &nbsp;&nbsp; 50435 | &nbsp;&nbsp;&nbsp;&nbsp; 893196 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Special Values Fund | &nbsp;&nbsp; 93203 | &nbsp;&nbsp;&nbsp;&nbsp; 1165036 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Value Fund | &nbsp;&nbsp; 31121 | &nbsp;&nbsp;&nbsp;&nbsp; 422618 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Stock Index Fund | &nbsp;&nbsp; 256240 | &nbsp;&nbsp;&nbsp;&nbsp; 12109899 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Core Fund | &nbsp;&nbsp; 381590 | &nbsp;&nbsp;&nbsp;&nbsp; 9722925 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Value Fund | &nbsp;&nbsp;1099155 | &nbsp;&nbsp;&nbsp;&nbsp; 14541816 |
| &nbsp;&nbsp;&nbsp;VALIC Company I U.S. Socially Responsible Fund | &nbsp;&nbsp; 389871 | &nbsp;&nbsp;&nbsp;&nbsp; 8117123 |
| **Total Domestic Equity Investment Companies<br> (cost $84,989,797)** |  | &nbsp;&nbsp;&nbsp;&nbsp;84177310 |
| **Domestic Fixed Income Investment Companies — 19.5%** | **Domestic Fixed Income Investment Companies — 19.5%** | **Domestic Fixed Income Investment Companies — 19.5%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Core Bond Fund | &nbsp;&nbsp;2056494 | &nbsp;&nbsp;&nbsp;&nbsp; 19947992 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Government Securities Fund | &nbsp;&nbsp; 743532 | &nbsp;&nbsp;&nbsp;&nbsp; 7018940 |
| &nbsp;&nbsp;&nbsp;VALIC Company I High Yield Bond Fund | &nbsp;&nbsp; 189717 | &nbsp;&nbsp;&nbsp;&nbsp; 1299560 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Inflation Protected Fund | &nbsp;&nbsp; 227735 | &nbsp;&nbsp;&nbsp;&nbsp; 2416271 |
| **Total Domestic Fixed Income Investment Companies<br> (cost $35,053,907)** |  | &nbsp;&nbsp;&nbsp;&nbsp;30682763 |
| **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; 128296 | &nbsp;&nbsp;&nbsp;&nbsp; 833925 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Global Real Estate Fund | &nbsp;&nbsp; 264536 | &nbsp;&nbsp;&nbsp;&nbsp; 1769748 |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Equities Index Fund | &nbsp;&nbsp; 386822 | &nbsp;&nbsp;&nbsp;&nbsp; 2761906 |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Growth Fund | &nbsp;&nbsp; 255483 | &nbsp;&nbsp;&nbsp;&nbsp; 2961049 |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Opportunities Fund | &nbsp;&nbsp; 29359 | &nbsp;&nbsp;&nbsp;&nbsp; 441562 |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Socially Responsible Fund | &nbsp;&nbsp; 94681 | &nbsp;&nbsp;&nbsp;&nbsp; 2024276 |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Value Fund | &nbsp;&nbsp; 481742 | &nbsp;&nbsp;&nbsp;&nbsp; 4595820 |
| **Total International Equity Investment Companies<br> (cost $16,239,927)** |  | &nbsp;&nbsp;&nbsp;&nbsp;15388286 |
| **International Fixed Income Investment Companies — 0.4%** | **International Fixed Income Investment Companies — 0.4%** | **International Fixed Income Investment Companies — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALIC Company I International Government Bond Fund<br> (cost $678,657) | &nbsp;&nbsp; 58383 | &nbsp;&nbsp;&nbsp;&nbsp; 573908 |
| **Total Affiliated Investment Companies<br> (cost $136,962,288)** |  | &nbsp;&nbsp;&nbsp;&nbsp;130822267 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 14.1%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 14.1%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 14.1%** |
| **U.S. Government — 14.1%** | **U.S. Government — 14.1%** | **U.S. Government — 14.1%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 05/15/2030 to 08/15/2030 | $2445600 | &nbsp;&nbsp;&nbsp;&nbsp; 1960475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 11/15/2030 | &nbsp;&nbsp;4882600 | &nbsp;&nbsp;&nbsp;&nbsp; 3967303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 08/15/2031 | &nbsp;&nbsp;6333600 | &nbsp;&nbsp;&nbsp;&nbsp; 5213839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 11/15/2031 | &nbsp;&nbsp;2670500 | &nbsp;&nbsp;&nbsp;&nbsp; 2208691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 02/15/2030(2) | &nbsp;&nbsp;2393500 | &nbsp;&nbsp;&nbsp;&nbsp; 2067666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 05/15/2031 | &nbsp;&nbsp; 246500 | &nbsp;&nbsp;&nbsp;&nbsp; 210700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2032 | &nbsp;&nbsp;1976000 | &nbsp;&nbsp;&nbsp;&nbsp; 1701521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 08/15/2032 | &nbsp;&nbsp;1213900 | &nbsp;&nbsp;&nbsp;&nbsp; 1124375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2032 | &nbsp;&nbsp;4005700 | &nbsp;&nbsp;&nbsp;&nbsp; 3754718 |
| **Total U.S. Government & Agency Obligations<br> (cost $25,185,157)** |  | &nbsp;&nbsp;&nbsp;&nbsp;22209288 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **PURCHASED OPTIONS† — 0.6%** | **PURCHASED OPTIONS† — 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: 04/21/2023; Strike Price: $3,000.00; Counterparty: Citibank N.A.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$38019 |
| &nbsp;&nbsp;&nbsp;Over the Counter put option on the S&P 500 Index (Expiration Date: 04/21/2023; Strike Price: $3,000.00; Counterparty: Goldman Sachs International) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 76038 |
| &nbsp;&nbsp;&nbsp;Over the Counter put option on the S&P 500 Index (Expiration Date: 05/19/2023; Strike Price: $3,225.00; Counterparty: UBS AG) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 139853 |
| &nbsp;&nbsp;&nbsp;Over the Counter put option on the S&P 500 Index (Expiration Date: 06/16/2023; Strike Price: $3,425.00; Counterparty: Bank of America International) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 108815 |
| &nbsp;&nbsp;&nbsp;Over the Counter put option on the S&P 500 Index (Expiration Date: 06/16/2023; Strike Price: $3,425.00; Counterparty: Citibank, N.A.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 290172 |
| &nbsp;&nbsp;&nbsp;Over the Counter put option on the S&P 500 Index (Expiration Date: 06/16/2023; Strike Price: $3,425.00; Counterparty: UBS AG) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 253901 |
| &nbsp;&nbsp;&nbsp;Over the Counter put option on the S&P 500 Index (Expiration Date: 06/16/2023; Strike Price: $3,425.00; Counterparty: UBS AG) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 36272 |
| **Total Purchased Options<br> (cost $1,642,760)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943070 |
| **Total Long-Term Investment Securities<br> (cost $163,790,205)** |  | &nbsp;&nbsp;&nbsp;&nbsp;153974625 |
| **SHORT-TERM INVESTMENTS — 3.2%** | **SHORT-TERM INVESTMENTS — 3.2%** |  |
| **Unaffiliated Investment Companies — 3.2%** | **Unaffiliated Investment Companies — 3.2%** |  |
| &nbsp;&nbsp;&nbsp;AllianceBernstein Government STIF Portfolio, Class AB<br> 3.65%(3)<br> (cost $5,021,164) | 5021164 | &nbsp;&nbsp;&nbsp;&nbsp; 5021163 |
| **TOTAL INVESTMENTS<br> (cost $168,811,369)(4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.2% | &nbsp;&nbsp;&nbsp;&nbsp;158995788 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1955695) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$157040093 |

---

---

| | |
|:---|:---|
| # | &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.valic.com. |
| † | &nbsp;&nbsp;Non-income producing security |
| (1) | &nbsp;&nbsp;See Note 3. |
| (2) | &nbsp;&nbsp;The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
| (3) | &nbsp;&nbsp;The rate shown is the 7-day yield as of November 30, 2022. |
| (4) | &nbsp;&nbsp;See Note 5 for cost of investments on a tax basis. |

---

STIF—Short Term Index Fund

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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** |
| 30 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;$5972382 | &nbsp;&nbsp;&nbsp;&nbsp;$6121875 | &nbsp;&nbsp;&nbsp;&nbsp;$149493 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized <br> (Depreciation)** |
| 100 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;$19590544 | &nbsp;&nbsp;&nbsp;&nbsp;$20406250 | &nbsp;&nbsp;&nbsp;&nbsp;$(815706) |
| Net Unrealized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(666213) |

---

\* 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, 2022 (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;$130822267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$130822267 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;22209288 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;22209288 |
| 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;943070 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943070 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5021163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5021163 |
| **Total Investments at Value** | &nbsp;&nbsp;$135843430 | &nbsp;&nbsp;$23152358 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$158995788 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$149493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$149493 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$815706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$815706 |

---

---

| | |
|:---|:---|
| \* | &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**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Banks | &nbsp;&nbsp;15.7% |
| Semiconductors | &nbsp;&nbsp;14.2 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;9.1 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;6.5 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Energy - Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
|  | &nbsp;&nbsp;98.6% |

---

---

| | |
|:---|:---|
| **Country Allocation\*** |  |
| South Korea | &nbsp;&nbsp;16.8% |
| China | &nbsp;&nbsp;14.0 |
| Cayman Islands | &nbsp;&nbsp;13.2 |
| India | &nbsp;&nbsp;10.7 |
| Taiwan | &nbsp;&nbsp;10.4 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;7.7 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;6.0 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;5.3 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Panama | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Qatar | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Czech Republic | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |

---

---

| | |
|:---|:---|
| Greece | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
|  | &nbsp;&nbsp;98.6% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.0%** | **COMMON STOCKS — 98.0%** | **COMMON STOCKS — 98.0%** |
| **Bermuda — 2.0%** | **Bermuda — 2.0%** | **Bermuda — 2.0%** |
| &nbsp;&nbsp;&nbsp;Brilliance China Automotive Holdings, Ltd.† | 4380000 | &nbsp;&nbsp;$2495343 |
| &nbsp;&nbsp;&nbsp;China Resources Gas Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;439500 | &nbsp;&nbsp;&nbsp;&nbsp; 1559263 |
| &nbsp;&nbsp;&nbsp;Credicorp, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34428 | &nbsp;&nbsp;&nbsp;&nbsp; 5286420 |
| &nbsp;&nbsp;&nbsp;Kunlun Energy Co., Ltd. | 2612000 | &nbsp;&nbsp;&nbsp;&nbsp; 2007034 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11348060 |
| **Brazil — 7.7%** | **Brazil — 7.7%** | **Brazil — 7.7%** |
| &nbsp;&nbsp;&nbsp;Ambev SA ADR | 1393109 | &nbsp;&nbsp;&nbsp;&nbsp; 4248983 |
| &nbsp;&nbsp;&nbsp;Atacadao SA | &nbsp;&nbsp;&nbsp;&nbsp;454823 | &nbsp;&nbsp;&nbsp;&nbsp; 1399698 |
| &nbsp;&nbsp;&nbsp;Banco do Brasil SA† | &nbsp;&nbsp;&nbsp;&nbsp;775165 | &nbsp;&nbsp;&nbsp;&nbsp; 5269990 |
| &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes SA | &nbsp;&nbsp;&nbsp;&nbsp;598537 | &nbsp;&nbsp;&nbsp;&nbsp; 3612433 |
| &nbsp;&nbsp;&nbsp;Centrais Eletricas Brasileiras SA (Preference Shares)† | &nbsp;&nbsp;&nbsp;&nbsp;186021 | &nbsp;&nbsp;&nbsp;&nbsp; 1759355 |
| &nbsp;&nbsp;&nbsp;Cia Energetica de Minas Gerais ADR | 1286324 | &nbsp;&nbsp;&nbsp;&nbsp; 2817050 |
| &nbsp;&nbsp;&nbsp;EDP - Energias do Brasil SA† | &nbsp;&nbsp;&nbsp;&nbsp;622917 | &nbsp;&nbsp;&nbsp;&nbsp; 2547197 |
| &nbsp;&nbsp;&nbsp;Gerdau SA (Preference Shares)† | &nbsp;&nbsp;&nbsp;&nbsp;308376 | &nbsp;&nbsp;&nbsp;&nbsp; 1876041 |
| &nbsp;&nbsp;&nbsp;Localiza Rent a Car SA† | &nbsp;&nbsp;&nbsp;&nbsp;112829 | &nbsp;&nbsp;&nbsp;&nbsp; 1306719 |
| &nbsp;&nbsp;&nbsp;Lojas Renner SA† | &nbsp;&nbsp;&nbsp;&nbsp;328577 | &nbsp;&nbsp;&nbsp;&nbsp; 1465802 |
| &nbsp;&nbsp;&nbsp;Marfrig Global Foods SA | &nbsp;&nbsp;&nbsp;&nbsp;448054 | &nbsp;&nbsp;&nbsp;&nbsp; 755484 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA (Preference Shares)† | 1602192 | &nbsp;&nbsp;&nbsp;&nbsp; 8231173 |
| &nbsp;&nbsp;&nbsp;Raia Drogasil SA | &nbsp;&nbsp;&nbsp;&nbsp;461474 | &nbsp;&nbsp;&nbsp;&nbsp; 2049770 |
| &nbsp;&nbsp;&nbsp;Sao Martinho SA† | &nbsp;&nbsp;&nbsp;&nbsp;342656 | &nbsp;&nbsp;&nbsp;&nbsp; 1892438 |
| &nbsp;&nbsp;&nbsp;Sendas Distribuidora SA | &nbsp;&nbsp;&nbsp;&nbsp;464179 | &nbsp;&nbsp;&nbsp;&nbsp; 1793440 |
| &nbsp;&nbsp;&nbsp;SLC Agricola SA | &nbsp;&nbsp;&nbsp;&nbsp;226716 | &nbsp;&nbsp;&nbsp;&nbsp; 1960749 |
| &nbsp;&nbsp;&nbsp;TIM SA | &nbsp;&nbsp;&nbsp;&nbsp;705453 | &nbsp;&nbsp;&nbsp;&nbsp; 1767252 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;44753574 |
| **Cayman Islands — 13.2%** | **Cayman Islands — 13.2%** | **Cayman Islands — 13.2%** |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd.† | 1480644 | &nbsp;&nbsp;&nbsp;&nbsp; 16159362 |
| &nbsp;&nbsp;&nbsp;Bosideng International Holdings, Ltd. | 4576000 | &nbsp;&nbsp;&nbsp;&nbsp; 2256613 |
| &nbsp;&nbsp;&nbsp;JD Logistics, Inc.\*† | &nbsp;&nbsp;&nbsp;&nbsp;807700 | &nbsp;&nbsp;&nbsp;&nbsp; 1462935 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;432950 | &nbsp;&nbsp;&nbsp;&nbsp; 12329462 |
| &nbsp;&nbsp;&nbsp;KE Holdings, Inc. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp; 2318040 |
| &nbsp;&nbsp;&nbsp;Longfor Group Holdings, Ltd.\*# | &nbsp;&nbsp;&nbsp;&nbsp;884500 | &nbsp;&nbsp;&nbsp;&nbsp; 2684980 |
| &nbsp;&nbsp;&nbsp;Meituan, Class B† | &nbsp;&nbsp;&nbsp;&nbsp;237000 | &nbsp;&nbsp;&nbsp;&nbsp; 5090094 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;467200 | &nbsp;&nbsp;&nbsp;&nbsp; 6601236 |
| &nbsp;&nbsp;&nbsp;SITC International Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;597000 | &nbsp;&nbsp;&nbsp;&nbsp; 1306747 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;506800 | &nbsp;&nbsp;&nbsp;&nbsp; 19043875 |
| &nbsp;&nbsp;&nbsp;Want Want China Holdings, Ltd. | 2193000 | &nbsp;&nbsp;&nbsp;&nbsp; 1488928 |
| &nbsp;&nbsp;&nbsp;WH Group, Ltd.\* | 2308000 | &nbsp;&nbsp;&nbsp;&nbsp; 1367262 |
| &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman, Inc.\*† | &nbsp;&nbsp;&nbsp;&nbsp;488500 | &nbsp;&nbsp;&nbsp;&nbsp; 3198634 |
| &nbsp;&nbsp;&nbsp;Zhen Ding Technology Holding, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;442000 | &nbsp;&nbsp;&nbsp;&nbsp; 1737378 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;77045546 |
| **Chile — 0.8%** | **Chile — 0.8%** | **Chile — 0.8%** |
| &nbsp;&nbsp;&nbsp;Banco de Chile† | 16346379 | &nbsp;&nbsp;&nbsp;&nbsp; 1546527 |
| &nbsp;&nbsp;&nbsp;Banco Santander Chile ADR | &nbsp;&nbsp;&nbsp;&nbsp;112227 | &nbsp;&nbsp;&nbsp;&nbsp; 1751863 |
| &nbsp;&nbsp;&nbsp;Cencosud SA | 1075292 | &nbsp;&nbsp;&nbsp;&nbsp; 1598750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4897140 |
| **China — 14.0%** | **China — 14.0%** | **China — 14.0%** |
| &nbsp;&nbsp;&nbsp;Bank of Jiangsu Co, Ltd., Class A | 4122276 | &nbsp;&nbsp;&nbsp;&nbsp; 4297361 |
| &nbsp;&nbsp;&nbsp;China Construction Bank Corp. | 15900000 | &nbsp;&nbsp;&nbsp;&nbsp; 9658661 |
| &nbsp;&nbsp;&nbsp;China Merchants Energy Shipping Co., Ltd., Class A† | 1589380 | &nbsp;&nbsp;&nbsp;&nbsp; 1468740 |
| &nbsp;&nbsp;&nbsp;China Railway Group, Ltd. | 4411000 | &nbsp;&nbsp;&nbsp;&nbsp; 2484731 |
| &nbsp;&nbsp;&nbsp;China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;350700 | &nbsp;&nbsp;&nbsp;&nbsp; 2914980 |
| &nbsp;&nbsp;&nbsp;China State Construction Engineering Corp., Ltd., Class A | 3441340 | &nbsp;&nbsp;&nbsp;&nbsp; 2842849 |
| &nbsp;&nbsp;&nbsp;China Yangtze Power Co., Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;810400 | &nbsp;&nbsp;&nbsp;&nbsp; 2411227 |
| &nbsp;&nbsp;&nbsp;Chongqing Fuling Zhacai Group Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;595100 | &nbsp;&nbsp;&nbsp;&nbsp; 2123046 |
| &nbsp;&nbsp;&nbsp;ENN Natural Gas Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;912135 | &nbsp;&nbsp;&nbsp;&nbsp; 2378641 |
| &nbsp;&nbsp;&nbsp;Fangda Special Steel Technology Co., Ltd., Class A | 2401800 | &nbsp;&nbsp;&nbsp;&nbsp; 2057059 |
| &nbsp;&nbsp;&nbsp;Guangzhou Automobile Group Co., Ltd. | 4632000 | &nbsp;&nbsp;&nbsp;&nbsp; 3335940 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home Co., Ltd. | 1705800 | &nbsp;&nbsp;&nbsp;&nbsp; 5653771 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **China (continued)** | **China (continued)** | **China (continued)** |
| &nbsp;&nbsp;&nbsp;Hubei Xingfa Chemicals Group Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;309700 | &nbsp;&nbsp;$1341234 |
| &nbsp;&nbsp;&nbsp;Inner Mongolia Yili Industrial Group Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;340700 | &nbsp;&nbsp;&nbsp;&nbsp; 1384560 |
| &nbsp;&nbsp;&nbsp;Kweichow Moutai Co, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16099 | &nbsp;&nbsp;&nbsp;&nbsp; 3617671 |
| &nbsp;&nbsp;&nbsp;Nongfu Spring Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;295200 | &nbsp;&nbsp;&nbsp;&nbsp; 1724201 |
| &nbsp;&nbsp;&nbsp;PetroChina Co., Ltd. | 11718000 | &nbsp;&nbsp;&nbsp;&nbsp; 5332258 |
| &nbsp;&nbsp;&nbsp;PICC Property & Casualty Co., Ltd. | 6202000 | &nbsp;&nbsp;&nbsp;&nbsp; 6251600 |
| &nbsp;&nbsp;&nbsp;Poly Developments and Holdings Group Co., Ltd., Class A | 1023100 | &nbsp;&nbsp;&nbsp;&nbsp; 2385344 |
| &nbsp;&nbsp;&nbsp;TBEA Co., Ltd., Class A | 1052100 | &nbsp;&nbsp;&nbsp;&nbsp; 3185404 |
| &nbsp;&nbsp;&nbsp;Tongwei Co., Ltd.<br> Class A | &nbsp;&nbsp;&nbsp;&nbsp;466068 | &nbsp;&nbsp;&nbsp;&nbsp; 2841737 |
| &nbsp;&nbsp;&nbsp;Tsingtao Brewery Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp; 3022705 |
| &nbsp;&nbsp;&nbsp;Xiamen Xiangyu Co., Ltd.† | 1210045 | &nbsp;&nbsp;&nbsp;&nbsp; 1998819 |
| &nbsp;&nbsp;&nbsp;YTO Express Group Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;750430 | &nbsp;&nbsp;&nbsp;&nbsp; 2051299 |
| &nbsp;&nbsp;&nbsp;Zhuhai Huafa Properties Co., Ltd., Class A | 1191000 | &nbsp;&nbsp;&nbsp;&nbsp; 1873078 |
| &nbsp;&nbsp;&nbsp;Zhuzhou CRRC Times Electric Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;591500 | &nbsp;&nbsp;&nbsp;&nbsp; 2743704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;81380620 |
| **Colombia — 0.3%** | **Colombia — 0.3%** | **Colombia — 0.3%** |
| &nbsp;&nbsp;&nbsp;Ecopetrol SA ADR# | &nbsp;&nbsp;&nbsp;&nbsp;147932 | &nbsp;&nbsp;&nbsp;&nbsp; 1460089 |
| **Czech Republic — 0.3%** | **Czech Republic — 0.3%** | **Czech Republic — 0.3%** |
| &nbsp;&nbsp;&nbsp;CEZ AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54180 | &nbsp;&nbsp;&nbsp;&nbsp; 1862225 |
| **Greece — 0.3%** | **Greece — 0.3%** | **Greece — 0.3%** |
| &nbsp;&nbsp;&nbsp;Hellenic Telecommunications Organization SA† | &nbsp;&nbsp;&nbsp;&nbsp;115451 | &nbsp;&nbsp;&nbsp;&nbsp; 1771746 |
| **Hong Kong — 1.1%** | **Hong Kong — 1.1%** | **Hong Kong — 1.1%** |
| &nbsp;&nbsp;&nbsp;China Resources Pharmaceutical Group, Ltd.\* | 2378500 | &nbsp;&nbsp;&nbsp;&nbsp; 1964456 |
| &nbsp;&nbsp;&nbsp;Lenovo Group, Ltd. | 5024000 | &nbsp;&nbsp;&nbsp;&nbsp; 4327217 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6291673 |
| **Hungary — 0.3%** | **Hungary — 0.3%** | **Hungary — 0.3%** |
| &nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp;&nbsp;&nbsp;262156 | &nbsp;&nbsp;&nbsp;&nbsp; 1902549 |
| **India — 10.7%** | **India — 10.7%** | **India — 10.7%** |
| &nbsp;&nbsp;&nbsp;Bharat Electronics, Ltd. | 3935171 | &nbsp;&nbsp;&nbsp;&nbsp; 5119896 |
| &nbsp;&nbsp;&nbsp;GAIL India, Ltd. | 3659854 | &nbsp;&nbsp;&nbsp;&nbsp; 4268461 |
| &nbsp;&nbsp;&nbsp;HCL Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;206525 | &nbsp;&nbsp;&nbsp;&nbsp; 2846846 |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98459 | &nbsp;&nbsp;&nbsp;&nbsp; 6948252 |
| &nbsp;&nbsp;&nbsp;Housing Development Finance Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;360145 | &nbsp;&nbsp;&nbsp;&nbsp; 12011529 |
| &nbsp;&nbsp;&nbsp;ICICI Bank, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;490869 | &nbsp;&nbsp;&nbsp;&nbsp; 11643413 |
| &nbsp;&nbsp;&nbsp;Oil & Natural Gas Corp., Ltd. | 2825634 | &nbsp;&nbsp;&nbsp;&nbsp; 4912615 |
| &nbsp;&nbsp;&nbsp;Power Grid Corp. of India, Ltd. | 1097291 | &nbsp;&nbsp;&nbsp;&nbsp; 3039495 |
| &nbsp;&nbsp;&nbsp;Reliance Industries, Ltd. GDR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72020 | &nbsp;&nbsp;&nbsp;&nbsp; 4764123 |
| &nbsp;&nbsp;&nbsp;Tata Power Co., Ltd. | 1008822 | &nbsp;&nbsp;&nbsp;&nbsp; 2812980 |
| &nbsp;&nbsp;&nbsp;UPL, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;405800 | &nbsp;&nbsp;&nbsp;&nbsp; 3961689 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;62329299 |
| **Indonesia — 0.8%** | **Indonesia — 0.8%** | **Indonesia — 0.8%** |
| &nbsp;&nbsp;&nbsp;Telkom Indonesia Persero Tbk PT | 18784100 | &nbsp;&nbsp;&nbsp;&nbsp; 4830073 |
| **Malaysia — 1.1%** | **Malaysia — 1.1%** | **Malaysia — 1.1%** |
| &nbsp;&nbsp;&nbsp;CIMB Group Holdings Bhd† | 2351300 | &nbsp;&nbsp;&nbsp;&nbsp; 3078913 |
| &nbsp;&nbsp;&nbsp;Petronas Chemicals Group Bhd | 1873600 | &nbsp;&nbsp;&nbsp;&nbsp; 3611050 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6689963 |
| **Mexico — 5.3%** | **Mexico — 5.3%** | **Mexico — 5.3%** |
| &nbsp;&nbsp;&nbsp;America Movil SAB de CV, Series L ADR# | &nbsp;&nbsp;&nbsp;&nbsp;393269 | &nbsp;&nbsp;&nbsp;&nbsp; 7653015 |
| &nbsp;&nbsp;&nbsp;Arca Continental SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;421333 | &nbsp;&nbsp;&nbsp;&nbsp; 3507105 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Pacifico SAB de CV, Class B | &nbsp;&nbsp;&nbsp;&nbsp;150203 | &nbsp;&nbsp;&nbsp;&nbsp; 2439728 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV, Class B | &nbsp;&nbsp;&nbsp;&nbsp;130253 | &nbsp;&nbsp;&nbsp;&nbsp; 3230334 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp;&nbsp;&nbsp;877387 | &nbsp;&nbsp;&nbsp;&nbsp; 7041742 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico SAB de CV | 1756627 | &nbsp;&nbsp;&nbsp;&nbsp; 6942200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;30814124 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Panama — 0.4%** | **Panama — 0.4%** | **Panama — 0.4%** |
| &nbsp;&nbsp;&nbsp;Copa Holdings SA, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24407 | &nbsp;&nbsp;$2138785 |
| **Poland — 1.1%** | **Poland — 1.1%** | **Poland — 1.1%** |
| &nbsp;&nbsp;&nbsp;Bank Polska Kasa Opieki SA | &nbsp;&nbsp;&nbsp;&nbsp;140280 | &nbsp;&nbsp;&nbsp;&nbsp; 2686155 |
| &nbsp;&nbsp;&nbsp;Dino Polska SA\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25696 | &nbsp;&nbsp;&nbsp;&nbsp; 2105674 |
| &nbsp;&nbsp;&nbsp;Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp;&nbsp;&nbsp;230414 | &nbsp;&nbsp;&nbsp;&nbsp; 1647029 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6438858 |
| **Qatar — 0.4%** | **Qatar — 0.4%** | **Qatar — 0.4%** |
| &nbsp;&nbsp;&nbsp;Industries Qatar QSC | &nbsp;&nbsp;&nbsp;&nbsp;516339 | &nbsp;&nbsp;&nbsp;&nbsp; 2115647 |
| **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 — 0.7%** | **Saudi Arabia — 0.7%** | **Saudi Arabia — 0.7%** |
| &nbsp;&nbsp;&nbsp;Etihad Etisalat Co. | &nbsp;&nbsp;&nbsp;&nbsp;168444 | &nbsp;&nbsp;&nbsp;&nbsp; 1641092 |
| &nbsp;&nbsp;&nbsp;SABIC Agri-Nutrients Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33401 | &nbsp;&nbsp;&nbsp;&nbsp; 1289676 |
| &nbsp;&nbsp;&nbsp;Sahara International Petrochemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;130026 | &nbsp;&nbsp;&nbsp;&nbsp; 1250496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4181264 |
| **South Africa — 6.0%** | **South Africa — 6.0%** | **South Africa — 6.0%** |
| &nbsp;&nbsp;&nbsp;Absa Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;258444 | &nbsp;&nbsp;&nbsp;&nbsp; 3085188 |
| &nbsp;&nbsp;&nbsp;African Rainbow Minerals, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;129785 | &nbsp;&nbsp;&nbsp;&nbsp; 2188752 |
| &nbsp;&nbsp;&nbsp;Anglo American Platinum, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18592 | &nbsp;&nbsp;&nbsp;&nbsp; 1884245 |
| &nbsp;&nbsp;&nbsp;Bidvest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;133502 | &nbsp;&nbsp;&nbsp;&nbsp; 1796468 |
| &nbsp;&nbsp;&nbsp;Clicks Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;142350 | &nbsp;&nbsp;&nbsp;&nbsp; 2433834 |
| &nbsp;&nbsp;&nbsp;FirstRand, Ltd. | 1970348 | &nbsp;&nbsp;&nbsp;&nbsp; 7641921 |
| &nbsp;&nbsp;&nbsp;Mr. Price Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;159143 | &nbsp;&nbsp;&nbsp;&nbsp; 1564060 |
| &nbsp;&nbsp;&nbsp;MTN Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;320712 | &nbsp;&nbsp;&nbsp;&nbsp; 2624725 |
| &nbsp;&nbsp;&nbsp;Sanlam, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;555793 | &nbsp;&nbsp;&nbsp;&nbsp; 1809531 |
| &nbsp;&nbsp;&nbsp;Shoprite Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;309631 | &nbsp;&nbsp;&nbsp;&nbsp; 4567429 |
| &nbsp;&nbsp;&nbsp;Truworths International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;516307 | &nbsp;&nbsp;&nbsp;&nbsp; 1721656 |
| &nbsp;&nbsp;&nbsp;Vodacom Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;225892 | &nbsp;&nbsp;&nbsp;&nbsp; 1652243 |
| &nbsp;&nbsp;&nbsp;Woolworths Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;442207 | &nbsp;&nbsp;&nbsp;&nbsp; 1700762 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;34670814 |
| **South Korea — 16.8%** | **South Korea — 16.8%** | **South Korea — 16.8%** |
| &nbsp;&nbsp;&nbsp;BGF retail Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14799 | &nbsp;&nbsp;&nbsp;&nbsp; 2320467 |
| &nbsp;&nbsp;&nbsp;Hana Financial Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;223238 | &nbsp;&nbsp;&nbsp;&nbsp; 7648385 |
| &nbsp;&nbsp;&nbsp;Hite Jinro Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72023 | &nbsp;&nbsp;&nbsp;&nbsp; 1445987 |
| &nbsp;&nbsp;&nbsp;Hyundai Glovis Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12690 | &nbsp;&nbsp;&nbsp;&nbsp; 1721454 |
| &nbsp;&nbsp;&nbsp;Industrial Bank of Korea† | &nbsp;&nbsp;&nbsp;&nbsp;413876 | &nbsp;&nbsp;&nbsp;&nbsp; 3534645 |
| &nbsp;&nbsp;&nbsp;Kia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;121061 | &nbsp;&nbsp;&nbsp;&nbsp; 6379776 |
| &nbsp;&nbsp;&nbsp;Korea Gas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58174 | &nbsp;&nbsp;&nbsp;&nbsp; 1554576 |
| &nbsp;&nbsp;&nbsp;LG Chem, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11077 | &nbsp;&nbsp;&nbsp;&nbsp; 6333984 |
| &nbsp;&nbsp;&nbsp;LG Innotek Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7718 | &nbsp;&nbsp;&nbsp;&nbsp; 1866851 |
| &nbsp;&nbsp;&nbsp;Orion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21990 | &nbsp;&nbsp;&nbsp;&nbsp; 1972417 |
| &nbsp;&nbsp;&nbsp;Pan Ocean Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;349728 | &nbsp;&nbsp;&nbsp;&nbsp; 1455587 |
| &nbsp;&nbsp;&nbsp;POSCO Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31356 | &nbsp;&nbsp;&nbsp;&nbsp; 7146531 |
| &nbsp;&nbsp;&nbsp;Samsung Electro-Mechanics Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36143 | &nbsp;&nbsp;&nbsp;&nbsp; 3952124 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;603327 | &nbsp;&nbsp;&nbsp;&nbsp; 28974007 |
| &nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12052 | &nbsp;&nbsp;&nbsp;&nbsp; 1886858 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;242737 | &nbsp;&nbsp;&nbsp;&nbsp; 7084869 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123052 | &nbsp;&nbsp;&nbsp;&nbsp; 8139441 |
| &nbsp;&nbsp;&nbsp;SK Telecom Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44752 | &nbsp;&nbsp;&nbsp;&nbsp; 1703654 |
| &nbsp;&nbsp;&nbsp;S-Oil Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43112 | &nbsp;&nbsp;&nbsp;&nbsp; 2846700 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;97968313 |
| **Taiwan — 10.4%** | **Taiwan — 10.4%** | **Taiwan — 10.4%** |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding Co., Ltd. | 1216000 | &nbsp;&nbsp;&nbsp;&nbsp; 3903748 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Taiwan (continued)** | **Taiwan (continued)** |  |
| &nbsp;&nbsp;&nbsp;Compeq Manufacturing Co., Ltd.† | 1026000 | &nbsp;&nbsp;$1675901 |
| &nbsp;&nbsp;&nbsp;Fubon Financial Holding Co., Ltd. | 1583715 | &nbsp;&nbsp;&nbsp;&nbsp; 3152458 |
| &nbsp;&nbsp;&nbsp;Gold Circuit Electronics, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp; 1733959 |
| &nbsp;&nbsp;&nbsp;Largan Precision Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp; 3256987 |
| &nbsp;&nbsp;&nbsp;Lite-On Technology Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;927000 | &nbsp;&nbsp;&nbsp;&nbsp; 1985518 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 2581000 | &nbsp;&nbsp;&nbsp;&nbsp; 41234570 |
| &nbsp;&nbsp;&nbsp;Uni-President Enterprises Corp. | &nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp; 1573114 |
| &nbsp;&nbsp;&nbsp;Wiwynn Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp; 1711681 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;60227936 |
| **Thailand — 1.9%** | **Thailand — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;Indorama Ventures PCL | 1384800 | &nbsp;&nbsp;&nbsp;&nbsp; 1668907 |
| &nbsp;&nbsp;&nbsp;Krung Thai Bank PCL | 6100500 | &nbsp;&nbsp;&nbsp;&nbsp; 3044627 |
| &nbsp;&nbsp;&nbsp;PTT Exploration & Production PCL | 1208500 | &nbsp;&nbsp;&nbsp;&nbsp; 6374053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11087587 |
| **United Arab Emirates — 1.1%** | **United Arab Emirates — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;Dubai Islamic Bank PJSC | 1072713 | &nbsp;&nbsp;&nbsp;&nbsp; 1666412 |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 1846261 | &nbsp;&nbsp;&nbsp;&nbsp; 3066505 |
| &nbsp;&nbsp;&nbsp;Fertiglobe PLC | 1194070 | &nbsp;&nbsp;&nbsp;&nbsp; 1499908 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6232825 |
| **United Kingdom — 1.3%** | **United Kingdom — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;Airtel Africa PLC\* | 1007319 | &nbsp;&nbsp;&nbsp;&nbsp; 1498644 |
| &nbsp;&nbsp;&nbsp;Anglo American PLC | &nbsp;&nbsp;&nbsp;&nbsp;140498 | &nbsp;&nbsp;&nbsp;&nbsp; 5842936 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7341580 |
| **Total Long-Term Investment Securities<br> (cost $639,705,527)** |  | &nbsp;&nbsp;&nbsp;&nbsp;569780290 |
| **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> 3.86%(3)(4)<br> (cost $3,721,486) | 3721486 | &nbsp;&nbsp;&nbsp;&nbsp; 3721486 |
| **TOTAL INVESTMENTS<br> (cost $643,427,013)(5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.6% | &nbsp;&nbsp;&nbsp;&nbsp;573501776 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8170882 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$581672658 |

---

---

| | |
|:---|:---|
| † | &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 Emerging Economies Fund has no right to demand registration of these securities. At November 30, 2022, the aggregate value of these securities was $20,770,909 representing 3.6% of net assets. |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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, 2022, the Fund held the following restricted
securities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition <br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition <br> Cost** | **Value** | **Value <br> Per Share** | **% of<br> Net Assets** |
| **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** |
| Gazprom PJSC | 06/10/2021 | 1262418 | $4856005 | $0 | $0.00 | 0.00% |
| Magnitogorsk Iron & Steel Works PJSC |  |  |  |  |  |  |
|  | 12/14/2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4530 |  |  |  |
|  | 12/16/2020 | &nbsp;&nbsp;&nbsp;187873 | &nbsp;&nbsp;&nbsp;&nbsp;134493 |  |  |  |
|  | 02/10/2021 | 2096108 | &nbsp;&nbsp;1468240 |  |  |  |
|  |  | 2290683 | &nbsp;&nbsp;1607263 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00 | 0.00 |
| Sberbank of Russia PJSC |  |  |  |  |  |  |
|  | 11/12/2020 | &nbsp;&nbsp;&nbsp;664800 | &nbsp;&nbsp;2189656 |  |  |  |
|  | 11/20/2020 | &nbsp;&nbsp;&nbsp;136860 | &nbsp;&nbsp;&nbsp;&nbsp;443444 |  |  |  |
|  | 12/14/2020 | &nbsp;&nbsp;&nbsp;&nbsp;29992 | &nbsp;&nbsp;&nbsp;&nbsp;120624 |  |  |  |
|  | 12/16/2020 | &nbsp;&nbsp;&nbsp;137196 | &nbsp;&nbsp;&nbsp;&nbsp;538640 |  |  |  |
|  | 11/24/2021 | &nbsp;&nbsp;&nbsp;331152 | &nbsp;&nbsp;1424053 |  |  |  |
|  |  | 1300000 | &nbsp;&nbsp;4716417 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00 | 0.00 |
| Severstal PAO GDR |  |  |  |  |  |  |
|  | 10/30/2020 | &nbsp;&nbsp;&nbsp;&nbsp;51320 | &nbsp;&nbsp;&nbsp;&nbsp;695308 |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition <br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition <br> Cost** | **Value** | **Value <br> Per Share** | **% of<br> Net Assets** |
| **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** |
|  | 11/20/2020 | &nbsp;&nbsp;&nbsp;&nbsp;10696 | &nbsp;&nbsp;&nbsp;$154403 |  |  |  |
|  | 12/14/2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39368 |  |  |  |
|  | 12/16/2020 | &nbsp;&nbsp;&nbsp;&nbsp;10722 | &nbsp;&nbsp;&nbsp;&nbsp;184609 |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;75082 | &nbsp;&nbsp;1073688 | $0 | $0.00 | 0.00% |
|  |  |  |  | $0 |  | 0.00% |

---

(3) The
rate shown is the 7-day yield as of November 30, 2022.

(4) At
 November 30, 2022, the Fund had loaned securities with a total value of $18,138,184. This was secured by collateral of $3,721,486, which was received in cash and subsequently invested in short-term investments currently valued at $3,721,486 as
reported in the Portfolio of Investments. Additional collateral of $15,315,316 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, 2022** |
| Government National Mtg. Assoc. | 1.75% to 2.50% | 11/20/2051 to 02/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;$160199 |
| United States Treasury Bills | 0.00% | 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235777 |
| United States Treasury Notes/Bonds | 0.00% to 6.13% | 03/31/2023 to 11/15/2051 | &nbsp;&nbsp;&nbsp;14919340 |

---

(5) See
 Note 5 for cost of investments on a tax basis.

ADR—American Depositary Receipt <br> GDR—Global Depositary Receipt <br> QSC—Qatar Shareholding Company

#### 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** |
| 147 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | &nbsp;&nbsp;December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;$6979119 | &nbsp;&nbsp;&nbsp;&nbsp;$7221375 | &nbsp;&nbsp;&nbsp;&nbsp;$242256 |

---

\* 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**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2022 (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;&nbsp;$7781763 | &nbsp;&nbsp;&nbsp;$3566297 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$11348060 |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;44753574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;44753574 |
| &nbsp;&nbsp;&nbsp;Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2318040 | &nbsp;&nbsp;&nbsp;&nbsp;74727506 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;77045546 |
| &nbsp;&nbsp;&nbsp;Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4897140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4897140 |
| &nbsp;&nbsp;&nbsp;Colombia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460089 |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;23355788 | &nbsp;&nbsp;&nbsp;&nbsp;38973511 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;62329299 |
| &nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;30814124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;30814124 |
| &nbsp;&nbsp;&nbsp;Panama | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138785 |
| &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;Thailand | &nbsp;&nbsp;&nbsp;&nbsp;11087587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11087587 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;323906086 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;323906086 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3721486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3721486 |
| **Total Investments at Value** | &nbsp;&nbsp;$132328376 | &nbsp;&nbsp;$441173400 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$573501776 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$242256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$242256 |

---

---

| | |
|:---|:---|
| \* | &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**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| REITS | &nbsp;&nbsp;82.8% |
| Real Estate | &nbsp;&nbsp;13.2 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
|  | &nbsp;&nbsp;99.8% |

---

---

| | |
|:---|:---|
| **Country Allocation\*** |  |
| United States | &nbsp;&nbsp;62.2% |
| Japan | &nbsp;&nbsp;11.1 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
|  | &nbsp;&nbsp;99.8% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.1%** | **COMMON STOCKS — 98.1%** | **COMMON STOCKS — 98.1%** |
| **Australia — 4.0%** | **Australia — 4.0%** | **Australia — 4.0%** |
| &nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;&nbsp;226935 | &nbsp;&nbsp;$2998800 |
| &nbsp;&nbsp;&nbsp;Ingenia Communities Group | &nbsp;&nbsp;&nbsp;&nbsp;994079 | &nbsp;&nbsp;&nbsp;&nbsp; 2973804 |
| &nbsp;&nbsp;&nbsp;NEXTDC, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;113650 | &nbsp;&nbsp;&nbsp;&nbsp; 779106 |
| &nbsp;&nbsp;&nbsp;Scentre Group | 2720778 | &nbsp;&nbsp;&nbsp;&nbsp; 5564859 |
| &nbsp;&nbsp;&nbsp;Stockland † | 1719430 | &nbsp;&nbsp;&nbsp;&nbsp; 4492943 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16809512 |
| **Bermuda — 0.7%** | **Bermuda — 0.7%** | **Bermuda — 0.7%** |
| &nbsp;&nbsp;&nbsp;Hongkong Land Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;772100 | &nbsp;&nbsp;&nbsp;&nbsp; 3105074 |
| **Canada — 3.0%** | **Canada — 3.0%** | **Canada — 3.0%** |
| &nbsp;&nbsp;&nbsp;Allied Properties Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;73920 | &nbsp;&nbsp;&nbsp;&nbsp; 1443065 |
| &nbsp;&nbsp;&nbsp;Canadian Apartment Properties REIT | &nbsp;&nbsp;&nbsp;&nbsp;128003 | &nbsp;&nbsp;&nbsp;&nbsp; 4158444 |
| &nbsp;&nbsp;&nbsp;Chartwell Retirement Residences | &nbsp;&nbsp;&nbsp;&nbsp;350505 | &nbsp;&nbsp;&nbsp;&nbsp; 2167938 |
| &nbsp;&nbsp;&nbsp;Granite Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;41763 | &nbsp;&nbsp;&nbsp;&nbsp; 2474143 |
| &nbsp;&nbsp;&nbsp;Summit Industrial Income REIT | &nbsp;&nbsp;&nbsp;&nbsp;140250 | &nbsp;&nbsp;&nbsp;&nbsp; 2351141 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12594731 |
| **Cayman Islands — 0.9%** | **Cayman Islands — 0.9%** | **Cayman Islands — 0.9%** |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;596500 | &nbsp;&nbsp;&nbsp;&nbsp; 3582939 |
| **France — 1.9%** | **France — 1.9%** | **France — 1.9%** |
| &nbsp;&nbsp;&nbsp;Gecina SA | &nbsp;&nbsp;&nbsp;&nbsp;45817 | &nbsp;&nbsp;&nbsp;&nbsp; 4497949 |
| &nbsp;&nbsp;&nbsp;Klepierre SA | &nbsp;&nbsp;&nbsp;&nbsp;156710 | &nbsp;&nbsp;&nbsp;&nbsp; 3651416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8149365 |
| **Germany — 2.5%** | **Germany — 2.5%** | **Germany — 2.5%** |
| &nbsp;&nbsp;&nbsp;Instone Real Estate Group SE\* | &nbsp;&nbsp;&nbsp;&nbsp;116133 | &nbsp;&nbsp;&nbsp;&nbsp; 1027769 |
| &nbsp;&nbsp;&nbsp;Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;385517 | &nbsp;&nbsp;&nbsp;&nbsp; 9459420 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10487189 |
| **Hong Kong — 2.9%** | **Hong Kong — 2.9%** | **Hong Kong — 2.9%** |
| &nbsp;&nbsp;&nbsp;Fortune Real Estate Investment Trust | 1637000 | &nbsp;&nbsp;&nbsp;&nbsp; 1165531 |
| &nbsp;&nbsp;&nbsp;Henderson Land Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;409000 | &nbsp;&nbsp;&nbsp;&nbsp; 1356057 |
| &nbsp;&nbsp;&nbsp;Link REIT | &nbsp;&nbsp;&nbsp;&nbsp;415600 | &nbsp;&nbsp;&nbsp;&nbsp; 2827622 |
| &nbsp;&nbsp;&nbsp;Sino Land Co., Ltd. | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2491076 |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;256004 | &nbsp;&nbsp;&nbsp;&nbsp; 3095753 |
| &nbsp;&nbsp;&nbsp;Swire Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;538800 | &nbsp;&nbsp;&nbsp;&nbsp; 1208545 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12144584 |
| **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** |
| &nbsp;&nbsp;&nbsp;Dalata Hotel Group PLC† | &nbsp;&nbsp;&nbsp;&nbsp;260924 | &nbsp;&nbsp;&nbsp;&nbsp; 941762 |
| **Japan — 11.1%** | **Japan — 11.1%** | **Japan — 11.1%** |
| &nbsp;&nbsp;&nbsp;Comforia Residential REIT, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp; 3625108 |
| &nbsp;&nbsp;&nbsp;Hoshino Resorts REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 2226686 |
| &nbsp;&nbsp;&nbsp;Hulic REIT, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083 | &nbsp;&nbsp;&nbsp;&nbsp; 2611714 |
| &nbsp;&nbsp;&nbsp;Japan Metropolitan Fund Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5688 | &nbsp;&nbsp;&nbsp;&nbsp; 4574618 |
| &nbsp;&nbsp;&nbsp;Kenedix Office Investment Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 | &nbsp;&nbsp;&nbsp;&nbsp; 2444075 |
| &nbsp;&nbsp;&nbsp;Kenedix Retail REIT Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp; 1427312 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Estate Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;465100 | &nbsp;&nbsp;&nbsp;&nbsp; 6606499 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Estate Logistics REIT Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;&nbsp;&nbsp; 2351769 |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;401100 | &nbsp;&nbsp;&nbsp;&nbsp; 8155273 |
| &nbsp;&nbsp;&nbsp;Nippon Prologis REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397 | &nbsp;&nbsp;&nbsp;&nbsp; 3443883 |
| &nbsp;&nbsp;&nbsp;Open House Group Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;49100 | &nbsp;&nbsp;&nbsp;&nbsp; 2085616 |
| &nbsp;&nbsp;&nbsp;Sumitomo Realty & Development Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;109900 | &nbsp;&nbsp;&nbsp;&nbsp; 2995943 |
| &nbsp;&nbsp;&nbsp;United Urban Investment Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3578 | &nbsp;&nbsp;&nbsp;&nbsp; 4013100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;46561596 |
| **Netherlands — 0.3%** | **Netherlands — 0.3%** | **Netherlands — 0.3%** |
| &nbsp;&nbsp;&nbsp;CTP NV\* | &nbsp;&nbsp;&nbsp;&nbsp;98573 | &nbsp;&nbsp;&nbsp;&nbsp; 1086493 |
| **Singapore — 3.0%** | **Singapore — 3.0%** | **Singapore — 3.0%** |
| &nbsp;&nbsp;&nbsp;CapitaLand Ascendas REIT# | 1893200 | &nbsp;&nbsp;&nbsp;&nbsp; 3912232 |
| &nbsp;&nbsp;&nbsp;CapitaLand India Trust | 2631900 | &nbsp;&nbsp;&nbsp;&nbsp; 2279714 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| &nbsp;&nbsp;&nbsp;Far East Hospitality Trust† | 4605600 | &nbsp;&nbsp;$2148188 |
| &nbsp;&nbsp;&nbsp;Lendlease Global Commercial REIT | 4448162 | &nbsp;&nbsp;&nbsp;&nbsp; 2384431 |
| &nbsp;&nbsp;&nbsp;Mapletree Industrial Trust | 1133700 | &nbsp;&nbsp;&nbsp;&nbsp; 1871773 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12596338 |
| **Spain — 0.6%** | **Spain — 0.6%** | **Spain — 0.6%** |
| &nbsp;&nbsp;&nbsp;Cellnex Telecom SA\* | &nbsp;&nbsp;&nbsp;&nbsp;75032 | &nbsp;&nbsp;&nbsp;&nbsp; 2597721 |
| **Sweden — 0.9%** | **Sweden — 0.9%** | **Sweden — 0.9%** |
| &nbsp;&nbsp;&nbsp;Castellum AB | &nbsp;&nbsp;&nbsp;&nbsp;286879 | &nbsp;&nbsp;&nbsp;&nbsp; 3534247 |
| **Switzerland — 1.1%** | **Switzerland — 1.1%** | **Switzerland — 1.1%** |
| &nbsp;&nbsp;&nbsp;PSP Swiss Property AG | &nbsp;&nbsp;&nbsp;&nbsp;41061 | &nbsp;&nbsp;&nbsp;&nbsp; 4530360 |
| **United Kingdom — 4.5%** | **United Kingdom — 4.5%** | **United Kingdom — 4.5%** |
| &nbsp;&nbsp;&nbsp;Big Yellow Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;261368 | &nbsp;&nbsp;&nbsp;&nbsp; 3436862 |
| &nbsp;&nbsp;&nbsp;Capital & Counties Properties PLC | 1188998 | &nbsp;&nbsp;&nbsp;&nbsp; 1454280 |
| &nbsp;&nbsp;&nbsp;Derwent London PLC | &nbsp;&nbsp;&nbsp;&nbsp;78060 | &nbsp;&nbsp;&nbsp;&nbsp; 2241730 |
| &nbsp;&nbsp;&nbsp;LondonMetric Property PLC | 1207113 | &nbsp;&nbsp;&nbsp;&nbsp; 2592557 |
| &nbsp;&nbsp;&nbsp;Segro PLC | &nbsp;&nbsp;&nbsp;&nbsp;524476 | &nbsp;&nbsp;&nbsp;&nbsp; 5094202 |
| &nbsp;&nbsp;&nbsp;Tritax EuroBox PLC\* | 1187256 | &nbsp;&nbsp;&nbsp;&nbsp; 915467 |
| &nbsp;&nbsp;&nbsp;UNITE Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;272173 | &nbsp;&nbsp;&nbsp;&nbsp; 3052257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18787355 |
| **United States — 60.5%** | **United States — 60.5%** | **United States — 60.5%** |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67849 | &nbsp;&nbsp;&nbsp;&nbsp; 4746038 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56489 | &nbsp;&nbsp;&nbsp;&nbsp; 8790253 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;&nbsp;66317 | &nbsp;&nbsp;&nbsp;&nbsp; 2193103 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101100 | &nbsp;&nbsp;&nbsp;&nbsp; 22368375 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55270 | &nbsp;&nbsp;&nbsp;&nbsp; 9666723 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;255648 | &nbsp;&nbsp;&nbsp;&nbsp; 5925921 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65185 | &nbsp;&nbsp;&nbsp;&nbsp; 9219115 |
| &nbsp;&nbsp;&nbsp;CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;159574 | &nbsp;&nbsp;&nbsp;&nbsp; 6604768 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78229 | &nbsp;&nbsp;&nbsp;&nbsp; 8797633 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19342 | &nbsp;&nbsp;&nbsp;&nbsp; 13358552 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78850 | &nbsp;&nbsp;&nbsp;&nbsp; 5237217 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98732 | &nbsp;&nbsp;&nbsp;&nbsp; 2291570 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;24161 | &nbsp;&nbsp;&nbsp;&nbsp; 2684287 |
| &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83517 | &nbsp;&nbsp;&nbsp;&nbsp; 4393829 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;263386 | &nbsp;&nbsp;&nbsp;&nbsp; 5407315 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192622 | &nbsp;&nbsp;&nbsp;&nbsp; 5058254 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4151 | &nbsp;&nbsp;&nbsp;&nbsp; 592016 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;229148 | &nbsp;&nbsp;&nbsp;&nbsp; 4340063 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;306859 | &nbsp;&nbsp;&nbsp;&nbsp; 10012809 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;109622 | &nbsp;&nbsp;&nbsp;&nbsp; 4737863 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;314365 | &nbsp;&nbsp;&nbsp;&nbsp; 7205246 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;19923 | &nbsp;&nbsp;&nbsp;&nbsp; 1995089 |
| &nbsp;&nbsp;&nbsp;Life Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56384 | &nbsp;&nbsp;&nbsp;&nbsp; 6060716 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107387 | &nbsp;&nbsp;&nbsp;&nbsp; 1964108 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;179811 | &nbsp;&nbsp;&nbsp;&nbsp; 21179938 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;157676 | &nbsp;&nbsp;&nbsp;&nbsp; 9944625 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;161177 | &nbsp;&nbsp;&nbsp;&nbsp; 8911476 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18872 | &nbsp;&nbsp;&nbsp;&nbsp; 1727354 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;44960 | &nbsp;&nbsp;&nbsp;&nbsp; 13456528 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71344 | &nbsp;&nbsp;&nbsp;&nbsp; 10480434 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;54910 | &nbsp;&nbsp;&nbsp;&nbsp; 3219922 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;257296 | &nbsp;&nbsp;&nbsp;&nbsp; 10670065 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139321 | &nbsp;&nbsp;&nbsp;&nbsp; 6482606 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;292324 | &nbsp;&nbsp;&nbsp;&nbsp; 9997481 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60575 | &nbsp;&nbsp;&nbsp;&nbsp; 4302642 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;254023934 |
| **Total Long-Term Investment Securities<br> (cost $470,901,995)** |  | &nbsp;&nbsp;&nbsp;&nbsp;411533200 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 1.7%** | **SHORT-TERM INVESTMENTS — 1.7%** |  |
| **Unaffiliated Investment Companies — 1.7%** | **Unaffiliated Investment Companies — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Administration Class 3.41%(1) | 3883848 | &nbsp;&nbsp;$3883849 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio 3.86% (1)(2) | 3227528 | &nbsp;&nbsp;&nbsp;&nbsp; 3227528 |
| **Total Short-Term Investments<br> (cost $7,111,377)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7111377 |
| **TOTAL INVESTMENTS<br> (cost $478,013,372)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.8% | &nbsp;&nbsp;&nbsp;&nbsp;418644577 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042318 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$419686895 |

---

# 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 Global Real Estate Fund has no right to demand registration of these securities. At November 30, 2022, the aggregate value of these securities was $5,627,450 representing 1.3% of net assets.

(1) The rate shown is the 7-day yield as of November 30, 2022.

(2) At November 30, 2022, the Fund had loaned securities with a total value of $7,155,489. This was secured by collateral of $3,227,528, which was received in cash and subsequently invested in short-term investments currently valued at $3,227,528 as reported in the Portfolio of Investments. Additional collateral of $4,295,432 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, 2022** |
| United States Treasury Notes/Bonds | 0.13% to 4.50% | 01/31/2023 to 11/15/2051 | $4295432 |

---

(3) See
 Note 5 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, 2022 (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;$12594731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$12594731 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;254023934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;254023934 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;144914535 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;144914535 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7111377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7111377 |
| **Total Investments at Value** | &nbsp;&nbsp;$273730042 | &nbsp;&nbsp;$144914535 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$418644577 |

---

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

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;5.9% |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Office/Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;101.3% |

---

---

| | |
|:---|:---|
| **Country Allocation\*** |  |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;58.0% |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| India | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Panama | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| SupraNational | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Jersey | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Qatar | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Philippines | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;101.3% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 60.1%** | **COMMON STOCKS — 60.1%** | **COMMON STOCKS — 60.1%** |
| **Australia — 1.1%** | **Australia — 1.1%** | **Australia — 1.1%** |
| &nbsp;&nbsp;&nbsp;Aristocrat Leisure, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5272 | &nbsp;&nbsp;$127506 |
| &nbsp;&nbsp;&nbsp;ASX, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710 | &nbsp;&nbsp;&nbsp;&nbsp; 130942 |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11850 | &nbsp;&nbsp;&nbsp;&nbsp; 369560 |
| &nbsp;&nbsp;&nbsp;Brambles, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16102 | &nbsp;&nbsp;&nbsp;&nbsp; 131766 |
| &nbsp;&nbsp;&nbsp;Computershare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11480 | &nbsp;&nbsp;&nbsp;&nbsp; 217269 |
| &nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11558 | &nbsp;&nbsp;&nbsp;&nbsp; 152732 |
| &nbsp;&nbsp;&nbsp;Lottery Corp., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43072 | &nbsp;&nbsp;&nbsp;&nbsp; 136378 |
| &nbsp;&nbsp;&nbsp;Macquarie Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp; 133360 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20953 | &nbsp;&nbsp;&nbsp;&nbsp; 152081 |
| &nbsp;&nbsp;&nbsp;Origin Energy, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31978 | &nbsp;&nbsp;&nbsp;&nbsp; 173468 |
| &nbsp;&nbsp;&nbsp;Scentre Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63959 | &nbsp;&nbsp;&nbsp;&nbsp; 130817 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5703 | &nbsp;&nbsp;&nbsp;&nbsp; 126515 |
| &nbsp;&nbsp;&nbsp;South32, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48179 | &nbsp;&nbsp;&nbsp;&nbsp; 133196 |
| &nbsp;&nbsp;&nbsp;Transurban Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13597 | &nbsp;&nbsp;&nbsp;&nbsp; 133486 |
| &nbsp;&nbsp;&nbsp;Treasury Wine Estates, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14489 | &nbsp;&nbsp;&nbsp;&nbsp; 136108 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2385184 |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| &nbsp;&nbsp;&nbsp;OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397 | &nbsp;&nbsp;&nbsp;&nbsp; 127153 |
| **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275 | &nbsp;&nbsp;&nbsp;&nbsp; 133697 |
| &nbsp;&nbsp;&nbsp;Groupe Bruxelles Lambert NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589 | &nbsp;&nbsp;&nbsp;&nbsp; 128859 |
| &nbsp;&nbsp;&nbsp;KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2249 | &nbsp;&nbsp;&nbsp;&nbsp; 125867 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388423 |
| **Bermuda — 0.2%** | **Bermuda — 0.2%** | **Bermuda — 0.2%** |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2834 | &nbsp;&nbsp;&nbsp;&nbsp; 169785 |
| &nbsp;&nbsp;&nbsp;Everest Re Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp; 120644 |
| &nbsp;&nbsp;&nbsp;Jardine Matheson Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp; 116141 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406570 |
| **Brazil — 0.4%** | **Brazil — 0.4%** | **Brazil — 0.4%** |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA (Preference Shares)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 100205 |
| &nbsp;&nbsp;&nbsp;Itausa SA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62289 | &nbsp;&nbsp;&nbsp;&nbsp; 106589 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19100 | &nbsp;&nbsp;&nbsp;&nbsp; 111854 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA (Preference Shares)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90900 | &nbsp;&nbsp;&nbsp;&nbsp; 466994 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785642 |
| **Canada — 1.6%** | **Canada — 1.6%** | **Canada — 1.6%** |
| &nbsp;&nbsp;&nbsp;ARC Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14100 | &nbsp;&nbsp;&nbsp;&nbsp; 209432 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 126970 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 128380 |
| &nbsp;&nbsp;&nbsp;CCL Industries, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 118834 |
| &nbsp;&nbsp;&nbsp;CGI, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 122229 |
| &nbsp;&nbsp;&nbsp;Constellation Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 161210 |
| &nbsp;&nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 367230 |
| &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 114750 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 130759 |
| &nbsp;&nbsp;&nbsp;Hydro One, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp; 198567 |
| &nbsp;&nbsp;&nbsp;Imperial Oil, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 119476 |
| &nbsp;&nbsp;&nbsp;Loblaw Cos., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 189525 |
| &nbsp;&nbsp;&nbsp;Manulife Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp; 127891 |
| &nbsp;&nbsp;&nbsp;Metro Inc/CN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 126523 |
| &nbsp;&nbsp;&nbsp;National Bank of Canada# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 121236 |
| &nbsp;&nbsp;&nbsp;Northland Power, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp; 116128 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 129290 |
| &nbsp;&nbsp;&nbsp;Shaw Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 122808 |
| &nbsp;&nbsp;&nbsp;Suncor Energy, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp; 108508 |
| &nbsp;&nbsp;&nbsp;Teck Resources, Ltd., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 129733 |
| &nbsp;&nbsp;&nbsp;Thomson Reuters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 141299 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;$126460 |
| &nbsp;&nbsp;&nbsp;Tourmaline Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 121726 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3358964 |
| **Cayman Islands — 1.1%** | **Cayman Islands — 1.1%** | **Cayman Islands — 1.1%** |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13400 | &nbsp;&nbsp;&nbsp;&nbsp; 146244 |
| &nbsp;&nbsp;&nbsp;China Mengniu Dairy Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 134238 |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp; 123135 |
| &nbsp;&nbsp;&nbsp;CK Hutchison Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55500 | &nbsp;&nbsp;&nbsp;&nbsp; 325321 |
| &nbsp;&nbsp;&nbsp;KE Holdings, Inc. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp; 172584 |
| &nbsp;&nbsp;&nbsp;Li Ning Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42500 | &nbsp;&nbsp;&nbsp;&nbsp; 340591 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp; 134229 |
| &nbsp;&nbsp;&nbsp;Pinduoduo, Inc. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp; 787584 |
| &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman, Inc.\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21500 | &nbsp;&nbsp;&nbsp;&nbsp; 140779 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2304705 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile SA, Class B (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212 | &nbsp;&nbsp;&nbsp;&nbsp; 120315 |
| **China — 0.6%** | **China — 0.6%** | **China — 0.6%** |
| &nbsp;&nbsp;&nbsp;BYD Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp;&nbsp; 414463 |
| &nbsp;&nbsp;&nbsp;China Shenhua Energy Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp; 129707 |
| &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;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 113891 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42400 | &nbsp;&nbsp;&nbsp;&nbsp; 140532 |
| &nbsp;&nbsp;&nbsp;Nongfu Spring Co., Ltd.\*# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp; 221950 |
| &nbsp;&nbsp;&nbsp;PICC Property & Casualty Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 151200 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116000 | &nbsp;&nbsp;&nbsp;&nbsp; 151444 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323187 |
| **Cyprus — 0.0%** | **Cyprus — 0.0%** | **Cyprus — 0.0%** |
| &nbsp;&nbsp;&nbsp;TCS Group Holding PLC GDR†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Denmark — 0.6%** | **Denmark — 0.6%** | **Denmark — 0.6%** |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp; 151666 |
| &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;9274 | &nbsp;&nbsp;&nbsp;&nbsp; 1161009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312675 |
| **Finland — 0.2%** | **Finland — 0.2%** | **Finland — 0.2%** |
| &nbsp;&nbsp;&nbsp;Elisa Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444 | &nbsp;&nbsp;&nbsp;&nbsp; 127199 |
| &nbsp;&nbsp;&nbsp;Nokia Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27020 | &nbsp;&nbsp;&nbsp;&nbsp; 132356 |
| &nbsp;&nbsp;&nbsp;Sampo Oyj, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2593 | &nbsp;&nbsp;&nbsp;&nbsp; 131896 |
| &nbsp;&nbsp;&nbsp;Stora Enso Oyj, Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8531 | &nbsp;&nbsp;&nbsp;&nbsp; 126400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517851 |
| **France — 1.8%** | **France — 1.8%** | **France — 1.8%** |
| &nbsp;&nbsp;&nbsp;Air Liquide SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 | &nbsp;&nbsp;&nbsp;&nbsp; 130891 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2347 | &nbsp;&nbsp;&nbsp;&nbsp; 132876 |
| &nbsp;&nbsp;&nbsp;Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742 | &nbsp;&nbsp;&nbsp;&nbsp; 135096 |
| &nbsp;&nbsp;&nbsp;Carrefour SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7235 | &nbsp;&nbsp;&nbsp;&nbsp; 123933 |
| &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4617 | &nbsp;&nbsp;&nbsp;&nbsp; 130502 |
| &nbsp;&nbsp;&nbsp;Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289 | &nbsp;&nbsp;&nbsp;&nbsp; 127963 |
| &nbsp;&nbsp;&nbsp;Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8775 | &nbsp;&nbsp;&nbsp;&nbsp; 134306 |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;&nbsp;&nbsp; 137742 |
| &nbsp;&nbsp;&nbsp;Hermes International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp; 162726 |
| &nbsp;&nbsp;&nbsp;L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173 | &nbsp;&nbsp;&nbsp;&nbsp; 443635 |
| &nbsp;&nbsp;&nbsp;Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12172 | &nbsp;&nbsp;&nbsp;&nbsp; 123938 |
| &nbsp;&nbsp;&nbsp;Sanofi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp; 127840 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5353 | &nbsp;&nbsp;&nbsp;&nbsp; 135998 |
| &nbsp;&nbsp;&nbsp;Thales SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021 | &nbsp;&nbsp;&nbsp;&nbsp; 129882 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25539 | &nbsp;&nbsp;&nbsp;&nbsp; 1595334 |
| &nbsp;&nbsp;&nbsp;Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238 | &nbsp;&nbsp;&nbsp;&nbsp; 126046 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3898708 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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)** |
| **Germany — 1.2%** | **Germany — 1.2%** | **Germany — 1.2%** |
| &nbsp;&nbsp;&nbsp;Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631 | &nbsp;&nbsp;$134594 |
| &nbsp;&nbsp;&nbsp;Bayer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12081 | &nbsp;&nbsp;&nbsp;&nbsp; 698385 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702 | &nbsp;&nbsp;&nbsp;&nbsp; 152868 |
| &nbsp;&nbsp;&nbsp;Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp; 157115 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967 | &nbsp;&nbsp;&nbsp;&nbsp; 544265 |
| &nbsp;&nbsp;&nbsp;Hannover Rueck SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp; 136829 |
| &nbsp;&nbsp;&nbsp;HeidelbergCement AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2462 | &nbsp;&nbsp;&nbsp;&nbsp; 133418 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4611 | &nbsp;&nbsp;&nbsp;&nbsp; 151570 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5854 | &nbsp;&nbsp;&nbsp;&nbsp; 393223 |
| &nbsp;&nbsp;&nbsp;RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042 | &nbsp;&nbsp;&nbsp;&nbsp; 133376 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635643 |
| **Hong Kong — 0.6%** | **Hong Kong — 0.6%** | **Hong Kong — 0.6%** |
| &nbsp;&nbsp;&nbsp;AIA Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14200 | &nbsp;&nbsp;&nbsp;&nbsp; 144826 |
| &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp; 118297 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp; 232888 |
| &nbsp;&nbsp;&nbsp;Hang Seng Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp; 128532 |
| &nbsp;&nbsp;&nbsp;Hong Kong & China Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149000 | &nbsp;&nbsp;&nbsp;&nbsp; 127524 |
| &nbsp;&nbsp;&nbsp;Lenovo Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154000 | &nbsp;&nbsp;&nbsp;&nbsp; 132642 |
| &nbsp;&nbsp;&nbsp;Link REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18800 | &nbsp;&nbsp;&nbsp;&nbsp; 127910 |
| &nbsp;&nbsp;&nbsp;Power Assets Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 129209 |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500 | &nbsp;&nbsp;&nbsp;&nbsp; 126972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268800 |
| **India — 1.1%** | **India — 1.1%** | **India — 1.1%** |
| &nbsp;&nbsp;&nbsp;Asian Paints, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3059 | &nbsp;&nbsp;&nbsp;&nbsp; 120625 |
| &nbsp;&nbsp;&nbsp;Avenue Supermarts, Ltd.\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335 | &nbsp;&nbsp;&nbsp;&nbsp; 116659 |
| &nbsp;&nbsp;&nbsp;Cipla, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8492 | &nbsp;&nbsp;&nbsp;&nbsp; 119821 |
| &nbsp;&nbsp;&nbsp;Hindalco Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22605 | &nbsp;&nbsp;&nbsp;&nbsp; 126803 |
| &nbsp;&nbsp;&nbsp;Hindustan Unilever, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3951 | &nbsp;&nbsp;&nbsp;&nbsp; 130671 |
| &nbsp;&nbsp;&nbsp;Housing Development Finance Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3914 | &nbsp;&nbsp;&nbsp;&nbsp; 130540 |
| &nbsp;&nbsp;&nbsp;Infosys, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6429 | &nbsp;&nbsp;&nbsp;&nbsp; 131470 |
| &nbsp;&nbsp;&nbsp;ITC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61096 | &nbsp;&nbsp;&nbsp;&nbsp; 257071 |
| &nbsp;&nbsp;&nbsp;Kotak Mahindra Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5123 | &nbsp;&nbsp;&nbsp;&nbsp; 123553 |
| &nbsp;&nbsp;&nbsp;Larsen & Toubro, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4830 | &nbsp;&nbsp;&nbsp;&nbsp; 124003 |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18836 | &nbsp;&nbsp;&nbsp;&nbsp; 305427 |
| &nbsp;&nbsp;&nbsp;Maruti Suzuki India, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054 | &nbsp;&nbsp;&nbsp;&nbsp; 116798 |
| &nbsp;&nbsp;&nbsp;Nestle India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;&nbsp; 118625 |
| &nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9360 | &nbsp;&nbsp;&nbsp;&nbsp; 121339 |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9390 | &nbsp;&nbsp;&nbsp;&nbsp; 396171 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439576 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| &nbsp;&nbsp;&nbsp;Astra International Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290300 | &nbsp;&nbsp;&nbsp;&nbsp; 112200 |
| &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241000 | &nbsp;&nbsp;&nbsp;&nbsp; 143397 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255597 |
| **Ireland — 0.3%** | **Ireland — 0.3%** | **Ireland — 0.3%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 120372 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 154140 |
| &nbsp;&nbsp;&nbsp;CRH PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3219 | &nbsp;&nbsp;&nbsp;&nbsp; 128862 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5567 | &nbsp;&nbsp;&nbsp;&nbsp; 110413 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 168240 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682027 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;12315 | &nbsp;&nbsp;&nbsp;&nbsp; 113288 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2273 | &nbsp;&nbsp;&nbsp;&nbsp; 301923 |
| &nbsp;&nbsp;&nbsp;Israel Discount Bank, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20484 | &nbsp;&nbsp;&nbsp;&nbsp; 122900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538111 |
| **Japan — 4.5%** | **Japan — 4.5%** | **Japan — 4.5%** |
| &nbsp;&nbsp;&nbsp;AGC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp; 138550 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;Asahi Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;$135066 |
| &nbsp;&nbsp;&nbsp;Asahi Kasei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18300 | &nbsp;&nbsp;&nbsp;&nbsp; 136393 |
| &nbsp;&nbsp;&nbsp;Astellas Pharma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp; 130692 |
| &nbsp;&nbsp;&nbsp;Canon, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19400 | &nbsp;&nbsp;&nbsp;&nbsp; 451568 |
| &nbsp;&nbsp;&nbsp;Central Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 132872 |
| &nbsp;&nbsp;&nbsp;Daiichi Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp; 122545 |
| &nbsp;&nbsp;&nbsp;East Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 125212 |
| &nbsp;&nbsp;&nbsp;ENEOS Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 118482 |
| &nbsp;&nbsp;&nbsp;Hankyu Hanshin Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp; 128173 |
| &nbsp;&nbsp;&nbsp;Hitachi, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp; 155848 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 144936 |
| &nbsp;&nbsp;&nbsp;Japan Post Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17600 | &nbsp;&nbsp;&nbsp;&nbsp; 137636 |
| &nbsp;&nbsp;&nbsp;KDDI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19900 | &nbsp;&nbsp;&nbsp;&nbsp; 595593 |
| &nbsp;&nbsp;&nbsp;Kikkoman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 119225 |
| &nbsp;&nbsp;&nbsp;Kirin Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 126246 |
| &nbsp;&nbsp;&nbsp;Komatsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp; 144385 |
| &nbsp;&nbsp;&nbsp;Kyocera Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 133293 |
| &nbsp;&nbsp;&nbsp;Kyowa Kirin Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp; 120969 |
| &nbsp;&nbsp;&nbsp;Marubeni Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20400 | &nbsp;&nbsp;&nbsp;&nbsp; 231408 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 134847 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp;&nbsp; 134322 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp; 267240 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24800 | &nbsp;&nbsp;&nbsp;&nbsp; 135900 |
| &nbsp;&nbsp;&nbsp;Mitsui & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 145858 |
| &nbsp;&nbsp;&nbsp;Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp; 602500 |
| &nbsp;&nbsp;&nbsp;Nippon Telegraph & Telephone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26100 | &nbsp;&nbsp;&nbsp;&nbsp; 723231 |
| &nbsp;&nbsp;&nbsp;Nitori Holdings Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 160552 |
| &nbsp;&nbsp;&nbsp;Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 189994 |
| &nbsp;&nbsp;&nbsp;Olympus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27700 | &nbsp;&nbsp;&nbsp;&nbsp; 572365 |
| &nbsp;&nbsp;&nbsp;Ono Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp; 133516 |
| &nbsp;&nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp; 130744 |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13900 | &nbsp;&nbsp;&nbsp;&nbsp; 129797 |
| &nbsp;&nbsp;&nbsp;Resona Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30300 | &nbsp;&nbsp;&nbsp;&nbsp; 146151 |
| &nbsp;&nbsp;&nbsp;Secom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 130196 |
| &nbsp;&nbsp;&nbsp;Sekisui House, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp; 134950 |
| &nbsp;&nbsp;&nbsp;Shimadzu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 141841 |
| &nbsp;&nbsp;&nbsp;Shimano, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 137827 |
| &nbsp;&nbsp;&nbsp;Shionogi & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 132171 |
| &nbsp;&nbsp;&nbsp;Shiseido Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 149601 |
| &nbsp;&nbsp;&nbsp;SoftBank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp; 129762 |
| &nbsp;&nbsp;&nbsp;Sompo Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp; 123193 |
| &nbsp;&nbsp;&nbsp;Sumitomo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp;&nbsp;&nbsp; 141415 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp; 138983 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 132218 |
| &nbsp;&nbsp;&nbsp;TIS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 122802 |
| &nbsp;&nbsp;&nbsp;Tokyo Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp;&nbsp;&nbsp; 162282 |
| &nbsp;&nbsp;&nbsp;Tokyu Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp; 132719 |
| &nbsp;&nbsp;&nbsp;Toshiba Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 163059 |
| &nbsp;&nbsp;&nbsp;Unicharm Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 148449 |
| &nbsp;&nbsp;&nbsp;West Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 127497 |
| &nbsp;&nbsp;&nbsp;Yakult Honsha Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 134018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9619092 |
| **Jersey — 0.2%** | **Jersey — 0.2%** | **Jersey — 0.2%** |
| &nbsp;&nbsp;&nbsp;Glencore PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49669 | &nbsp;&nbsp;&nbsp;&nbsp; 336017 |
| **Luxembourg — 0.1%** | **Luxembourg — 0.1%** | **Luxembourg — 0.1%** |
| &nbsp;&nbsp;&nbsp;Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7794 | &nbsp;&nbsp;&nbsp;&nbsp; 135982 |
| **Malaysia — 0.2%** | **Malaysia — 0.2%** | **Malaysia — 0.2%** |
| &nbsp;&nbsp;&nbsp;CIMB Group Holdings Bhd† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104700 | &nbsp;&nbsp;&nbsp;&nbsp; 137100 |
| &nbsp;&nbsp;&nbsp;Malayan Banking Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66600 | &nbsp;&nbsp;&nbsp;&nbsp; 129232 |
| &nbsp;&nbsp;&nbsp;Public Bank Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129100 | &nbsp;&nbsp;&nbsp;&nbsp; 130860 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397192 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Mexico — 0.2%** | **Mexico — 0.2%** | **Mexico — 0.2%** |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;$127691 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13900 | &nbsp;&nbsp;&nbsp;&nbsp; 111559 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30300 | &nbsp;&nbsp;&nbsp;&nbsp; 119746 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358996 |
| **Netherlands — 1.5%** | **Netherlands — 1.5%** | **Netherlands — 1.5%** |
| &nbsp;&nbsp;&nbsp;BNP Paribas Emissions- und Handelsgesellschaft mbH† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10859 | &nbsp;&nbsp;&nbsp;&nbsp; 132032 |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19412 | &nbsp;&nbsp;&nbsp;&nbsp; 315621 |
| &nbsp;&nbsp;&nbsp;Heineken NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419 | &nbsp;&nbsp;&nbsp;&nbsp; 130821 |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42655 | &nbsp;&nbsp;&nbsp;&nbsp; 130826 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp; 120714 |
| &nbsp;&nbsp;&nbsp;NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3053 | &nbsp;&nbsp;&nbsp;&nbsp; 131124 |
| &nbsp;&nbsp;&nbsp;Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370 | &nbsp;&nbsp;&nbsp;&nbsp; 155861 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872 | &nbsp;&nbsp;&nbsp;&nbsp; 141696 |
| &nbsp;&nbsp;&nbsp;Stellantis NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47631 | &nbsp;&nbsp;&nbsp;&nbsp; 744571 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11891 | &nbsp;&nbsp;&nbsp;&nbsp; 460119 |
| &nbsp;&nbsp;&nbsp;Universal Music Group NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15847 | &nbsp;&nbsp;&nbsp;&nbsp; 379641 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4409 | &nbsp;&nbsp;&nbsp;&nbsp; 486998 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3330024 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;10278 | &nbsp;&nbsp;&nbsp;&nbsp; 154423 |
| **Norway — 0.3%** | **Norway — 0.3%** | **Norway — 0.3%** |
| &nbsp;&nbsp;&nbsp;Equinor ASA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18535 | &nbsp;&nbsp;&nbsp;&nbsp; 713918 |
| **Philippines — 0.1%** | **Philippines — 0.1%** | **Philippines — 0.1%** |
| &nbsp;&nbsp;&nbsp;SM Prime Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216300 | &nbsp;&nbsp;&nbsp;&nbsp; 140062 |
| **Portugal — 0.1%** | **Portugal — 0.1%** | **Portugal — 0.1%** |
| &nbsp;&nbsp;&nbsp;EDP - Energias de Portugal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27372 | &nbsp;&nbsp;&nbsp;&nbsp; 130062 |
| **Qatar — 0.1%** | **Qatar — 0.1%** | **Qatar — 0.1%** |
| &nbsp;&nbsp;&nbsp;Commercial Bank PSQC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69262 | &nbsp;&nbsp;&nbsp;&nbsp; 113080 |
| &nbsp;&nbsp;&nbsp;Masraf Al Rayan QSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114264 | &nbsp;&nbsp;&nbsp;&nbsp; 111500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224580 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Saudi Arabia — 0.3%** | **Saudi Arabia — 0.3%** | **Saudi Arabia — 0.3%** |
| &nbsp;&nbsp;&nbsp;Al Rajhi Bank† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5270 | &nbsp;&nbsp;&nbsp;&nbsp; 113686 |
| &nbsp;&nbsp;&nbsp;Alinma Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11903 | &nbsp;&nbsp;&nbsp;&nbsp; 110149 |
| &nbsp;&nbsp;&nbsp;Banque Saudi Fransi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10578 | &nbsp;&nbsp;&nbsp;&nbsp; 121391 |
| &nbsp;&nbsp;&nbsp;Riyad Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12331 | &nbsp;&nbsp;&nbsp;&nbsp; 114007 |
| &nbsp;&nbsp;&nbsp;Sahara International Petrochemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14248 | &nbsp;&nbsp;&nbsp;&nbsp; 137027 |
| &nbsp;&nbsp;&nbsp;Saudi British Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10345 | &nbsp;&nbsp;&nbsp;&nbsp; 113568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709828 |
| **Singapore — 0.3%** | **Singapore — 0.3%** | **Singapore — 0.3%** |
| &nbsp;&nbsp;&nbsp;CapitaLand Ascendas REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65100 | &nbsp;&nbsp;&nbsp;&nbsp; 134527 |
| &nbsp;&nbsp;&nbsp;Capitaland Investment, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51900 | &nbsp;&nbsp;&nbsp;&nbsp; 141284 |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 124807 |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66100 | &nbsp;&nbsp;&nbsp;&nbsp; 132961 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp; 136116 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669695 |
| **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** |
| &nbsp;&nbsp;&nbsp;FirstRand, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32165 | &nbsp;&nbsp;&nbsp;&nbsp; 124751 |
| &nbsp;&nbsp;&nbsp;Naspers, Ltd., Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753 | &nbsp;&nbsp;&nbsp;&nbsp; 269938 |
| &nbsp;&nbsp;&nbsp;Sasol, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6804 | &nbsp;&nbsp;&nbsp;&nbsp; 118704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513393 |
| **South Korea — 0.6%** | **South Korea — 0.6%** | **South Korea — 0.6%** |
| &nbsp;&nbsp;&nbsp;Hana Financial Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4810 | &nbsp;&nbsp;&nbsp;&nbsp; 164796 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827 | &nbsp;&nbsp;$135237 |
| &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3534 | &nbsp;&nbsp;&nbsp;&nbsp; 141944 |
| &nbsp;&nbsp;&nbsp;Kia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3582 | &nbsp;&nbsp;&nbsp;&nbsp; 188767 |
| &nbsp;&nbsp;&nbsp;KT&G Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791 | &nbsp;&nbsp;&nbsp;&nbsp; 135834 |
| &nbsp;&nbsp;&nbsp;Samsung C&T Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382 | &nbsp;&nbsp;&nbsp;&nbsp; 129651 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10112 | &nbsp;&nbsp;&nbsp;&nbsp; 295143 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970 | &nbsp;&nbsp;&nbsp;&nbsp; 130309 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321681 |
| **Spain — 0.4%** | **Spain — 0.4%** | **Spain — 0.4%** |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22397 | &nbsp;&nbsp;&nbsp;&nbsp; 133289 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13389 | &nbsp;&nbsp;&nbsp;&nbsp; 347135 |
| &nbsp;&nbsp;&nbsp;Red Electrica Corp. SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8542 | &nbsp;&nbsp;&nbsp;&nbsp; 150125 |
| &nbsp;&nbsp;&nbsp;Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9171 | &nbsp;&nbsp;&nbsp;&nbsp; 141563 |
| &nbsp;&nbsp;&nbsp;Telefonica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32753 | &nbsp;&nbsp;&nbsp;&nbsp; 121960 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894072 |
| **Sweden — 0.5%** | **Sweden — 0.5%** | **Sweden — 0.5%** |
| &nbsp;&nbsp;&nbsp;Boliden AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3676 | &nbsp;&nbsp;&nbsp;&nbsp; 139080 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7425 | &nbsp;&nbsp;&nbsp;&nbsp; 144568 |
| &nbsp;&nbsp;&nbsp;Investor AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6881 | &nbsp;&nbsp;&nbsp;&nbsp; 133260 |
| &nbsp;&nbsp;&nbsp;Sandvik AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7270 | &nbsp;&nbsp;&nbsp;&nbsp; 133191 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12358 | &nbsp;&nbsp;&nbsp;&nbsp; 125621 |
| &nbsp;&nbsp;&nbsp;Swedish Match AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11213 | &nbsp;&nbsp;&nbsp;&nbsp; 123064 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21459 | &nbsp;&nbsp;&nbsp;&nbsp; 135140 |
| &nbsp;&nbsp;&nbsp;Volvo AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9278 | &nbsp;&nbsp;&nbsp;&nbsp; 172499 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106423 |
| **Switzerland — 1.3%** | **Switzerland — 1.3%** | **Switzerland — 1.3%** |
| &nbsp;&nbsp;&nbsp;ABB, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5611 | &nbsp;&nbsp;&nbsp;&nbsp; 176755 |
| &nbsp;&nbsp;&nbsp;Alcon, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047 | &nbsp;&nbsp;&nbsp;&nbsp; 141624 |
| &nbsp;&nbsp;&nbsp;Baloise Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp;&nbsp;&nbsp; 129598 |
| &nbsp;&nbsp;&nbsp;Barry Callebaut AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp; 127079 |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259 | &nbsp;&nbsp;&nbsp;&nbsp; 167474 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373 | &nbsp;&nbsp;&nbsp;&nbsp; 127675 |
| &nbsp;&nbsp;&nbsp;Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082 | &nbsp;&nbsp;&nbsp;&nbsp; 128757 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp; 152164 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | &nbsp;&nbsp;&nbsp;&nbsp; 120914 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG (BR)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582 | &nbsp;&nbsp;&nbsp;&nbsp; 233050 |
| &nbsp;&nbsp;&nbsp;SGS SA | &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; 126266 |
| &nbsp;&nbsp;&nbsp;Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026 | &nbsp;&nbsp;&nbsp;&nbsp; 262950 |
| &nbsp;&nbsp;&nbsp;Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238 | &nbsp;&nbsp;&nbsp;&nbsp; 145732 |
| &nbsp;&nbsp;&nbsp;Swiss Life Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;&nbsp; 130928 |
| &nbsp;&nbsp;&nbsp;Swisscom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 129009 |
| &nbsp;&nbsp;&nbsp;TE Connectivity, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018 | &nbsp;&nbsp;&nbsp;&nbsp; 128390 |
| &nbsp;&nbsp;&nbsp;UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13504 | &nbsp;&nbsp;&nbsp;&nbsp; 251283 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp; 168518 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2848166 |
| **Taiwan — 1.0%** | **Taiwan — 1.0%** | **Taiwan — 1.0%** |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp; 150885 |
| &nbsp;&nbsp;&nbsp;China Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143000 | &nbsp;&nbsp;&nbsp;&nbsp; 136116 |
| &nbsp;&nbsp;&nbsp;Chunghwa Telecom Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 129163 |
| &nbsp;&nbsp;&nbsp;Delta Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp; 138581 |
| &nbsp;&nbsp;&nbsp;First Financial Holding Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152740 | &nbsp;&nbsp;&nbsp;&nbsp; 130680 |
| &nbsp;&nbsp;&nbsp;Fubon Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73345 | &nbsp;&nbsp;&nbsp;&nbsp; 145997 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp; 124785 |
| &nbsp;&nbsp;&nbsp;Hua Nan Financial Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179154 | &nbsp;&nbsp;&nbsp;&nbsp; 132847 |
| &nbsp;&nbsp;&nbsp;Largan Precision Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 151488 |
| &nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 169918 |
| &nbsp;&nbsp;&nbsp;Mega Financial Holding Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129000 | &nbsp;&nbsp;&nbsp;&nbsp; 134732 |
| &nbsp;&nbsp;&nbsp;Quanta Computer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp; 133305 |
| &nbsp;&nbsp;&nbsp;Shanghai Commercial & Savings Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84000 | &nbsp;&nbsp;&nbsp;&nbsp; 139042 |
| &nbsp;&nbsp;&nbsp;Taiwan Cooperative Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148620 | &nbsp;&nbsp;&nbsp;&nbsp; 129327 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Uni-President Enterprises Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;$127142 |
| &nbsp;&nbsp;&nbsp;United Microelectronics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103000 | &nbsp;&nbsp;&nbsp;&nbsp; 156872 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230880 |
| **Thailand — 0.2%** | **Thailand — 0.2%** | **Thailand — 0.2%** |
| &nbsp;&nbsp;&nbsp;Airports of Thailand PCL† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59700 | &nbsp;&nbsp;&nbsp;&nbsp; 127388 |
| &nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services PCL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146800 | &nbsp;&nbsp;&nbsp;&nbsp; 126271 |
| &nbsp;&nbsp;&nbsp;CP ALL PCL† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73200 | &nbsp;&nbsp;&nbsp;&nbsp; 135594 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389253 |
| **United Arab Emirates — 0.1%** | **United Arab Emirates — 0.1%** | **United Arab Emirates — 0.1%** |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78671 | &nbsp;&nbsp;&nbsp;&nbsp; 130667 |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24240 | &nbsp;&nbsp;&nbsp;&nbsp; 116250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246917 |
| **United Kingdom — 2.5%** | **United Kingdom — 2.5%** | **United Kingdom — 2.5%** |
| &nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20676 | &nbsp;&nbsp;&nbsp;&nbsp; 342333 |
| &nbsp;&nbsp;&nbsp;Auto Trader Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20041 | &nbsp;&nbsp;&nbsp;&nbsp; 139025 |
| &nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15837 | &nbsp;&nbsp;&nbsp;&nbsp; 157212 |
| &nbsp;&nbsp;&nbsp;BP PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22160 | &nbsp;&nbsp;&nbsp;&nbsp; 132576 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069 | &nbsp;&nbsp;&nbsp;&nbsp; 125937 |
| &nbsp;&nbsp;&nbsp;BT Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90824 | &nbsp;&nbsp;&nbsp;&nbsp; 132997 |
| &nbsp;&nbsp;&nbsp;Burberry Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7141 | &nbsp;&nbsp;&nbsp;&nbsp; 188464 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557 | &nbsp;&nbsp;&nbsp;&nbsp; 135751 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5729 | &nbsp;&nbsp;&nbsp;&nbsp; 129889 |
| &nbsp;&nbsp;&nbsp;Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2810 | &nbsp;&nbsp;&nbsp;&nbsp; 130568 |
| &nbsp;&nbsp;&nbsp;GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14370 | &nbsp;&nbsp;&nbsp;&nbsp; 244106 |
| &nbsp;&nbsp;&nbsp;Haleon PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37642 | &nbsp;&nbsp;&nbsp;&nbsp; 129620 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131196 | &nbsp;&nbsp;&nbsp;&nbsp; 808710 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6011 | &nbsp;&nbsp;&nbsp;&nbsp; 154409 |
| &nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2271 | &nbsp;&nbsp;&nbsp;&nbsp; 133625 |
| &nbsp;&nbsp;&nbsp;National Grid PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10750 | &nbsp;&nbsp;&nbsp;&nbsp; 132735 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116521 | &nbsp;&nbsp;&nbsp;&nbsp; 370490 |
| &nbsp;&nbsp;&nbsp;Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018 | &nbsp;&nbsp;&nbsp;&nbsp; 144007 |
| &nbsp;&nbsp;&nbsp;Pearson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11549 | &nbsp;&nbsp;&nbsp;&nbsp; 138861 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013 | &nbsp;&nbsp;&nbsp;&nbsp; 145642 |
| &nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4543 | &nbsp;&nbsp;&nbsp;&nbsp; 127196 |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061 | &nbsp;&nbsp;&nbsp;&nbsp; 140013 |
| &nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4841 | &nbsp;&nbsp;&nbsp;&nbsp; 141629 |
| &nbsp;&nbsp;&nbsp;SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20030 | &nbsp;&nbsp;&nbsp;&nbsp; 416339 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34566 | &nbsp;&nbsp;&nbsp;&nbsp; 258032 |
| &nbsp;&nbsp;&nbsp;United Utilities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10879 | &nbsp;&nbsp;&nbsp;&nbsp; 134982 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98921 | &nbsp;&nbsp;&nbsp;&nbsp; 109913 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5345061 |
| **United States — 33.9%** | **United States — 33.9%** | **United States — 33.9%** |
| &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013 | &nbsp;&nbsp;&nbsp;&nbsp; 127608 |
| &nbsp;&nbsp;&nbsp;A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122 | &nbsp;&nbsp;&nbsp;&nbsp; 128890 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp; 153149 |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 133369 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537 | &nbsp;&nbsp;&nbsp;&nbsp; 427271 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33215 | &nbsp;&nbsp;&nbsp;&nbsp; 3354383 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8598 | &nbsp;&nbsp;&nbsp;&nbsp; 872267 |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611 | &nbsp;&nbsp;&nbsp;&nbsp; 121620 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7837 | &nbsp;&nbsp;&nbsp;&nbsp; 756584 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466 | &nbsp;&nbsp;&nbsp;&nbsp; 130943 |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537 | &nbsp;&nbsp;&nbsp;&nbsp; 218592 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp; 163983 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557 | &nbsp;&nbsp;&nbsp;&nbsp; 125229 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6520 | &nbsp;&nbsp;&nbsp;&nbsp; 141288 |
| &nbsp;&nbsp;&nbsp;APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6335 | &nbsp;&nbsp;&nbsp;&nbsp; 296795 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24510 | &nbsp;&nbsp;&nbsp;&nbsp; 3628215 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381 | &nbsp;&nbsp;&nbsp;&nbsp; 232147 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &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;962 | &nbsp;&nbsp;$134007 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp; 123964 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | &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; 125656 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6485 | &nbsp;&nbsp;&nbsp;&nbsp; 125002 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp; 409417 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp; 415219 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp; 124179 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2867 | &nbsp;&nbsp;&nbsp;&nbsp; 131595 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538 | &nbsp;&nbsp;&nbsp;&nbsp; 134145 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899 | &nbsp;&nbsp;&nbsp;&nbsp; 605021 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742 | &nbsp;&nbsp;&nbsp;&nbsp; 148593 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp; 145411 |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319 | &nbsp;&nbsp;&nbsp;&nbsp; 120728 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp; 401334 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435 | &nbsp;&nbsp;&nbsp;&nbsp; 146022 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130 | &nbsp;&nbsp;&nbsp;&nbsp; 126927 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769 | &nbsp;&nbsp;&nbsp;&nbsp; 129172 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6227 | &nbsp;&nbsp;&nbsp;&nbsp; 1071293 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp; 128151 |
| &nbsp;&nbsp;&nbsp;Campbell Soup Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2337 | &nbsp;&nbsp;&nbsp;&nbsp; 125427 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;&nbsp;&nbsp; 138659 |
| &nbsp;&nbsp;&nbsp;Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292 | &nbsp;&nbsp;&nbsp;&nbsp; 138632 |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454 | &nbsp;&nbsp;&nbsp;&nbsp; 126571 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4637 | &nbsp;&nbsp;&nbsp;&nbsp; 501677 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp; 133430 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444 | &nbsp;&nbsp;&nbsp;&nbsp; 428580 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;&nbsp; 118785 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664 | &nbsp;&nbsp;&nbsp;&nbsp; 136232 |
| &nbsp;&nbsp;&nbsp;Cigna Corp. | &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; 132214 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;&nbsp; 133454 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668 | &nbsp;&nbsp;&nbsp;&nbsp; 132653 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083 | &nbsp;&nbsp;&nbsp;&nbsp; 127209 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3909 | &nbsp;&nbsp;&nbsp;&nbsp; 248651 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2257 | &nbsp;&nbsp;&nbsp;&nbsp; 140408 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11467 | &nbsp;&nbsp;&nbsp;&nbsp; 888463 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3301 | &nbsp;&nbsp;&nbsp;&nbsp; 125372 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247 | &nbsp;&nbsp;&nbsp;&nbsp; 154017 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110 | &nbsp;&nbsp;&nbsp;&nbsp; 206864 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;&nbsp; 125072 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922 | &nbsp;&nbsp;&nbsp;&nbsp; 497188 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403 | &nbsp;&nbsp;&nbsp;&nbsp; 244818 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481 | &nbsp;&nbsp;&nbsp;&nbsp; 131510 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688 | &nbsp;&nbsp;&nbsp;&nbsp; 127917 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5758 | &nbsp;&nbsp;&nbsp;&nbsp; 257901 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13678 | &nbsp;&nbsp;&nbsp;&nbsp; 937217 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2904 | &nbsp;&nbsp;&nbsp;&nbsp; 314677 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769 | &nbsp;&nbsp;&nbsp;&nbsp; 108104 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 128281 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893 | &nbsp;&nbsp;&nbsp;&nbsp; 126761 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5552 | &nbsp;&nbsp;&nbsp;&nbsp; 130805 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057 | &nbsp;&nbsp;&nbsp;&nbsp; 122623 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269 | &nbsp;&nbsp;&nbsp;&nbsp; 126811 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12079 | &nbsp;&nbsp;&nbsp;&nbsp; 548870 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733 | &nbsp;&nbsp;&nbsp;&nbsp; 133874 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp; 152415 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3406 | &nbsp;&nbsp;&nbsp;&nbsp; 326193 |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 134648 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 | &nbsp;&nbsp;&nbsp;&nbsp; 126793 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2466 | &nbsp;&nbsp;&nbsp;&nbsp; 325734 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21717 | &nbsp;&nbsp;&nbsp;&nbsp; 898432 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp; 155520 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;&nbsp;&nbsp; 138675 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235 | &nbsp;&nbsp;&nbsp;&nbsp; 248845 |

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##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 | &nbsp;&nbsp;$391635 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp; 379269 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3007 | &nbsp;&nbsp;&nbsp;&nbsp; 121362 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17247 | &nbsp;&nbsp;&nbsp;&nbsp; 916850 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 | &nbsp;&nbsp;&nbsp;&nbsp; 529059 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5776 | &nbsp;&nbsp;&nbsp;&nbsp; 132617 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;&nbsp; 120390 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608 | &nbsp;&nbsp;&nbsp;&nbsp; 137162 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881 | &nbsp;&nbsp;&nbsp;&nbsp; 161514 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905 | &nbsp;&nbsp;&nbsp;&nbsp; 167316 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3205 | &nbsp;&nbsp;&nbsp;&nbsp; 121437 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2631 | &nbsp;&nbsp;&nbsp;&nbsp; 618732 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9320 | &nbsp;&nbsp;&nbsp;&nbsp; 156390 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5323 | &nbsp;&nbsp;&nbsp;&nbsp; 405400 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 | &nbsp;&nbsp;&nbsp;&nbsp; 139640 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6907 | &nbsp;&nbsp;&nbsp;&nbsp; 130819 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21908 | &nbsp;&nbsp;&nbsp;&nbsp; 658116 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 118228 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;&nbsp;&nbsp; 123171 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp; 154165 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;&nbsp; 137847 |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4027 | &nbsp;&nbsp;&nbsp;&nbsp; 138368 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp; 134097 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp; 122438 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743 | &nbsp;&nbsp;&nbsp;&nbsp; 330037 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686 | &nbsp;&nbsp;&nbsp;&nbsp; 126149 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 | &nbsp;&nbsp;&nbsp;&nbsp; 123354 |
| &nbsp;&nbsp;&nbsp;Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 124015 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3212 | &nbsp;&nbsp;&nbsp;&nbsp; 124208 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397 | &nbsp;&nbsp;&nbsp;&nbsp; 252703 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969 | &nbsp;&nbsp;&nbsp;&nbsp; 131425 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2784 | &nbsp;&nbsp;&nbsp;&nbsp; 1094530 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2461 | &nbsp;&nbsp;&nbsp;&nbsp; 136413 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15188 | &nbsp;&nbsp;&nbsp;&nbsp; 747098 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;&nbsp; 132038 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp. - Liberty Formula One, Series C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4086 | &nbsp;&nbsp;&nbsp;&nbsp; 249001 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp. - Liberty SiriusXM, Series C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008 | &nbsp;&nbsp;&nbsp;&nbsp; 131841 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680 | &nbsp;&nbsp;&nbsp;&nbsp; 122237 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166 | &nbsp;&nbsp;&nbsp;&nbsp; 1050922 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5364 | &nbsp;&nbsp;&nbsp;&nbsp; 1140118 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690 | &nbsp;&nbsp;&nbsp;&nbsp; 400040 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 | &nbsp;&nbsp;&nbsp;&nbsp; 457133 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20065 | &nbsp;&nbsp;&nbsp;&nbsp; 109756 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506 | &nbsp;&nbsp;&nbsp;&nbsp; 256050 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5688 | &nbsp;&nbsp;&nbsp;&nbsp; 692855 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp; 133349 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3106 | &nbsp;&nbsp;&nbsp;&nbsp; 157723 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp; 146480 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504 | &nbsp;&nbsp;&nbsp;&nbsp; 128111 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2736 | &nbsp;&nbsp;&nbsp;&nbsp; 746353 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 | &nbsp;&nbsp;&nbsp;&nbsp; 311451 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11463 | &nbsp;&nbsp;&nbsp;&nbsp; 150395 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497 | &nbsp;&nbsp;&nbsp;&nbsp; 164850 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4850 | &nbsp;&nbsp;&nbsp;&nbsp; 572785 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1822 | &nbsp;&nbsp;&nbsp;&nbsp; 139747 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481 | &nbsp;&nbsp;&nbsp;&nbsp; 706858 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9935 | &nbsp;&nbsp;&nbsp;&nbsp; 2534816 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 | &nbsp;&nbsp;&nbsp;&nbsp; 127452 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7077 | &nbsp;&nbsp;&nbsp;&nbsp; 1244915 |
| &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;823 | &nbsp;&nbsp;&nbsp;&nbsp; 277162 |
| &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;2320 | &nbsp;&nbsp;&nbsp;&nbsp; 127855 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879 | &nbsp;&nbsp;&nbsp;&nbsp; 127039 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213 | &nbsp;&nbsp;$124769 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp; 136906 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 142905 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;&nbsp; 384427 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;&nbsp;&nbsp; 136016 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4588 | &nbsp;&nbsp;&nbsp;&nbsp; 128189 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508 | &nbsp;&nbsp;&nbsp;&nbsp; 130302 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5119 | &nbsp;&nbsp;&nbsp;&nbsp; 217302 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5496 | &nbsp;&nbsp;&nbsp;&nbsp; 824125 |
| &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;438 | &nbsp;&nbsp;&nbsp;&nbsp; 132543 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1821 | &nbsp;&nbsp;&nbsp;&nbsp; 145243 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8836 | &nbsp;&nbsp;&nbsp;&nbsp; 664467 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563 | &nbsp;&nbsp;&nbsp;&nbsp; 129776 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623 | &nbsp;&nbsp;&nbsp;&nbsp; 126740 |
| &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081 | &nbsp;&nbsp;&nbsp;&nbsp; 184876 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539 | &nbsp;&nbsp;&nbsp;&nbsp; 162995 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp; 129775 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7236 | &nbsp;&nbsp;&nbsp;&nbsp; 897481 |
| &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;888 | &nbsp;&nbsp;&nbsp;&nbsp; 164733 |
| &nbsp;&nbsp;&nbsp;PerkinElmer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 | &nbsp;&nbsp;&nbsp;&nbsp; 127294 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56012 | &nbsp;&nbsp;&nbsp;&nbsp; 2807882 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp; 131564 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2597 | &nbsp;&nbsp;&nbsp;&nbsp; 232899 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883 | &nbsp;&nbsp;&nbsp;&nbsp; 131708 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp; 130158 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3677 | &nbsp;&nbsp;&nbsp;&nbsp; 1095599 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3309 | &nbsp;&nbsp;&nbsp;&nbsp; 148177 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11131 | &nbsp;&nbsp;&nbsp;&nbsp; 1407960 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 | &nbsp;&nbsp;&nbsp;&nbsp; 146364 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973 | &nbsp;&nbsp;&nbsp;&nbsp; 230644 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859 | &nbsp;&nbsp;&nbsp;&nbsp; 1397410 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10254 | &nbsp;&nbsp;&nbsp;&nbsp; 237995 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082 | &nbsp;&nbsp;&nbsp;&nbsp; 150712 |
| &nbsp;&nbsp;&nbsp;Robert Half International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254 | &nbsp;&nbsp;&nbsp;&nbsp; 177570 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 138715 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3618 | &nbsp;&nbsp;&nbsp;&nbsp; 146312 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2734 | &nbsp;&nbsp;&nbsp;&nbsp; 145531 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259 | &nbsp;&nbsp;&nbsp;&nbsp; 140690 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239 | &nbsp;&nbsp;&nbsp;&nbsp; 147986 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116 | &nbsp;&nbsp;&nbsp;&nbsp; 268510 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3204 | &nbsp;&nbsp;&nbsp;&nbsp; 127872 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2427 | &nbsp;&nbsp;&nbsp;&nbsp; 130475 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3944 | &nbsp;&nbsp;&nbsp;&nbsp; 409900 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4034 | &nbsp;&nbsp;&nbsp;&nbsp; 151598 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3446 | &nbsp;&nbsp;&nbsp;&nbsp; 1170055 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444 | &nbsp;&nbsp;&nbsp;&nbsp; 124920 |
| &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp; 124467 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11927 | &nbsp;&nbsp;&nbsp;&nbsp; 2152346 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;&nbsp; 133893 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766 | &nbsp;&nbsp;&nbsp;&nbsp; 117050 |
| &nbsp;&nbsp;&nbsp;UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4592 | &nbsp;&nbsp;&nbsp;&nbsp; 177481 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112 | &nbsp;&nbsp;&nbsp;&nbsp; 516902 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 | &nbsp;&nbsp;&nbsp;&nbsp; 131328 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231 | &nbsp;&nbsp;&nbsp;&nbsp; 423288 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739 | &nbsp;&nbsp;&nbsp;&nbsp; 952555 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp; 141905 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6221 | &nbsp;&nbsp;&nbsp;&nbsp; 831250 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712 | &nbsp;&nbsp;&nbsp;&nbsp; 135536 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840 | &nbsp;&nbsp;&nbsp;&nbsp; 367650 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;&nbsp; 179082 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661 | &nbsp;&nbsp;&nbsp;&nbsp; 143437 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5199 | &nbsp;&nbsp;&nbsp;&nbsp; 126492 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4607 | &nbsp;&nbsp;&nbsp;&nbsp; 351422 |

---

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##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Walgreens Boots Alliance, Inc. | &nbsp;&nbsp; 3205 | &nbsp;&nbsp;$133007 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp; 842 | &nbsp;&nbsp;&nbsp;&nbsp; 128338 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp; 1296 | &nbsp;&nbsp;&nbsp;&nbsp; 449194 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. | &nbsp;&nbsp; 1535 | &nbsp;&nbsp;&nbsp;&nbsp; 120958 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 120612 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp; 1116 | &nbsp;&nbsp;&nbsp;&nbsp; 143585 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;73132285 |
| **Total Common Stocks<br> (cost $129,548,461)** |  | &nbsp;&nbsp;&nbsp;&nbsp;129697133 |
| **CORPORATE BONDS & NOTES — 25.8%** | **CORPORATE BONDS & NOTES — 25.8%** | **CORPORATE BONDS & NOTES — 25.8%** |
| **Bermuda — 0.1%** | **Bermuda — 0.1%** | **Bermuda — 0.1%** |
| &nbsp;&nbsp;&nbsp;Geopark, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/17/2027\* | $348000 | &nbsp;&nbsp;&nbsp;&nbsp; 304935 |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| &nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 09/20/2031\* | &nbsp;&nbsp; 288000 | &nbsp;&nbsp;&nbsp;&nbsp; 236160 |
| &nbsp;&nbsp;&nbsp;Banco do Brasil SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/30/2026\* | &nbsp;&nbsp; 278000 | &nbsp;&nbsp;&nbsp;&nbsp; 251697 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487857 |
| **Canada — 0.8%** | **Canada — 0.8%** | **Canada — 0.8%** |
| &nbsp;&nbsp;&nbsp;Air Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2026\* | &nbsp;&nbsp; 383000 | &nbsp;&nbsp;&nbsp;&nbsp; 350445 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/01/2024\* | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 443256 |
| &nbsp;&nbsp;&nbsp;Taseko Mines, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/15/2026\*# | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 461452 |
| &nbsp;&nbsp;&nbsp;Teine Energy, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/15/2029\* | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 398200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653353 |
| **Cayman Islands — 1.2%** | **Cayman Islands — 1.2%** | **Cayman Islands — 1.2%** |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 12/06/2047# | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 367452 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68%, 04/22/2041\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 291808 |
| &nbsp;&nbsp;&nbsp;Weibo Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 07/08/2030# | &nbsp;&nbsp; 1603000 | &nbsp;&nbsp;&nbsp;&nbsp; 1178426 |
| &nbsp;&nbsp;&nbsp;XP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 07/01/2026\* | &nbsp;&nbsp; 797000 | &nbsp;&nbsp;&nbsp;&nbsp; 710663 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2548349 |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
| &nbsp;&nbsp;&nbsp;Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 01/16/2025 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 230587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 05/28/2045 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 89513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320100 |
| **France — 0.5%** | **France — 0.5%** | **France — 0.5%** |
| &nbsp;&nbsp;&nbsp;Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 02/01/2027\* | &nbsp;&nbsp; 1228000 | &nbsp;&nbsp;&nbsp;&nbsp; 1169670 |
| **Hong Kong — 0.7%** | **Hong Kong — 0.7%** | **Hong Kong — 0.7%** |
| &nbsp;&nbsp;&nbsp;Xiaomi Best Time International, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/29/2030\* | &nbsp;&nbsp; 2085000 | &nbsp;&nbsp;&nbsp;&nbsp; 1556082 |
| **Israel — 0.3%** | **Israel — 0.3%** | **Israel — 0.3%** |
| &nbsp;&nbsp;&nbsp;Energean Israel Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/30/2024\* | &nbsp;&nbsp; 608000 | &nbsp;&nbsp;&nbsp;&nbsp; 587996 |
| **Italy — 0.4%** | **Italy — 0.4%** | **Italy — 0.4%** |
| &nbsp;&nbsp;&nbsp;Telecom Italia SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/30/2024\* | &nbsp;&nbsp; 928000 | &nbsp;&nbsp;&nbsp;&nbsp; 898768 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Japan — 0.7%** | **Japan — 0.7%** | **Japan — 0.7%** |
| &nbsp;&nbsp;&nbsp;Nissan Motor Co., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 09/17/2027\* | $1745000 | &nbsp;&nbsp;$1572202 |
| **Luxembourg — 0.5%** | **Luxembourg — 0.5%** | **Luxembourg — 0.5%** |
| &nbsp;&nbsp;&nbsp;Amaggi Luxembourg International SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/28/2028 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 395850 |
| &nbsp;&nbsp;&nbsp;Kenbourne Invest SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 11/26/2024 | &nbsp;&nbsp; 498000 | &nbsp;&nbsp;&nbsp;&nbsp; 460650 |
| &nbsp;&nbsp;&nbsp;Rumo Luxembourg Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 01/18/2032\*# | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 209485 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065985 |
| **Mexico — 0.7%** | **Mexico — 0.7%** | **Mexico — 0.7%** |
| &nbsp;&nbsp;&nbsp;Braskem Idesa SAPI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45%, 11/15/2029\* | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 181692 |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/12/2028 | &nbsp;&nbsp; 1527000 | &nbsp;&nbsp;&nbsp;&nbsp; 1275045 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456737 |
| **Netherlands — 0.6%** | **Netherlands — 0.6%** | **Netherlands — 0.6%** |
| &nbsp;&nbsp;&nbsp;Embraer Netherlands Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 01/17/2028\* | &nbsp;&nbsp; 736000 | &nbsp;&nbsp;&nbsp;&nbsp; 731591 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 01/31/2025# | &nbsp;&nbsp; 582000 | &nbsp;&nbsp;&nbsp;&nbsp; 583164 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314755 |
| **Norway — 0.2%** | **Norway — 0.2%** | **Norway — 0.2%** |
| &nbsp;&nbsp;&nbsp;Var Energi ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/15/2028\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/15/2032\* | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 214402 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418771 |
| **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; 1574000 | &nbsp;&nbsp;&nbsp;&nbsp; 1316349 |
| **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 01/19/2031 | &nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp; 400033 |
| **SupraNational — 0.4%** | **SupraNational — 0.4%** | **SupraNational — 0.4%** |
| &nbsp;&nbsp;&nbsp;JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/01/2028\* | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 123966 |
| &nbsp;&nbsp;&nbsp;NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 05/01/2030 | &nbsp;&nbsp; 954000 | &nbsp;&nbsp;&nbsp;&nbsp; 829544 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953510 |
| **United Kingdom — 0.5%** | **United Kingdom — 0.5%** | **United Kingdom — 0.5%** |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29%, 09/12/2026 | &nbsp;&nbsp; 1093000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041262 |
| **United States — 17.0%** | **United States — 17.0%** | **United States — 17.0%** |
| &nbsp;&nbsp;&nbsp;Aethon United BR LP/Aethon United Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 02/15/2026\* | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 218883 |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 08/15/2027\* | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 418880 |
| &nbsp;&nbsp;&nbsp;AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 08/20/2026 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 409575 |
| &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; 1241387 |
| &nbsp;&nbsp;&nbsp;Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 06/15/2028 | &nbsp;&nbsp; 1530000 | &nbsp;&nbsp;&nbsp;&nbsp; 1256868 |
| &nbsp;&nbsp;&nbsp;Ashtead Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/11/2032\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 191703 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Bain Capital Specialty Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 03/10/2026 | $607000 | &nbsp;&nbsp;$525232 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57%, 04/27/2033 | &nbsp;&nbsp; 1180000 | &nbsp;&nbsp;&nbsp;&nbsp; 1099731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 07/22/2033 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 473055 |
| &nbsp;&nbsp;&nbsp;BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/19/2032 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 594970 |
| &nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 12/15/2026 | &nbsp;&nbsp; 438000 | &nbsp;&nbsp;&nbsp;&nbsp; 372184 |
| &nbsp;&nbsp;&nbsp;Blackstone Secured Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 09/30/2028 | &nbsp;&nbsp; 1473000 | &nbsp;&nbsp;&nbsp;&nbsp; 1169672 |
| &nbsp;&nbsp;&nbsp;Block Financial LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2030 | &nbsp;&nbsp; 947000 | &nbsp;&nbsp;&nbsp;&nbsp; 834343 |
| &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; 773044 |
| &nbsp;&nbsp;&nbsp;Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/01/2025 | &nbsp;&nbsp; 467000 | &nbsp;&nbsp;&nbsp;&nbsp; 462668 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%, 02/15/2028\* | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 431055 |
| &nbsp;&nbsp;&nbsp;Cheniere Corpus Christi Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74%, 12/31/2039 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 410182 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 03/14/2027\*# | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 37858 |
| &nbsp;&nbsp;&nbsp;CommScope, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/01/2026\* | &nbsp;&nbsp; 703000 | &nbsp;&nbsp;&nbsp;&nbsp; 680124 |
| &nbsp;&nbsp;&nbsp;Consolidated Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2028\* | &nbsp;&nbsp; 389000 | &nbsp;&nbsp;&nbsp;&nbsp; 293814 |
| &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02%, 06/15/2026 | &nbsp;&nbsp; 1277000 | &nbsp;&nbsp;&nbsp;&nbsp; 1304143 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2033 | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 496752 |
| &nbsp;&nbsp;&nbsp;DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/01/2028\* | &nbsp;&nbsp; 812000 | &nbsp;&nbsp;&nbsp;&nbsp; 658573 |
| &nbsp;&nbsp;&nbsp;DPL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 07/01/2025 | &nbsp;&nbsp; 212000 | &nbsp;&nbsp;&nbsp;&nbsp; 199737 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 08/19/2032# | &nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp; 806083 |
| &nbsp;&nbsp;&nbsp;Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 03/12/2029\*# | &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 375733 |
| &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; 799992 |
| &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; 409739 |
| &nbsp;&nbsp;&nbsp;Horizon Therapeutics USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/2027\* | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 436700 |
| &nbsp;&nbsp;&nbsp;HP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/15/2028 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 311052 |
| &nbsp;&nbsp;&nbsp;Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/05/2032# | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 306633 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 01/15/2030 | &nbsp;&nbsp; 1119000 | &nbsp;&nbsp;&nbsp;&nbsp; 994776 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91%, 07/25/2033 | &nbsp;&nbsp; 1640000 | &nbsp;&nbsp;&nbsp;&nbsp; 1581476 |
| &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 07/15/2029\*# | &nbsp;&nbsp; 411000 | &nbsp;&nbsp;&nbsp;&nbsp; 297225 |
| &nbsp;&nbsp;&nbsp;Liberty Interactive LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 02/01/2030 | &nbsp;&nbsp; 449000 | &nbsp;&nbsp;&nbsp;&nbsp; 224500 |
| &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; 587730 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 10/01/2026\* | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 407001 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 08/15/2052\* | $460000 | &nbsp;&nbsp;$377995 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 06/15/2028\*# | &nbsp;&nbsp; 437000 | &nbsp;&nbsp;&nbsp;&nbsp; 323227 |
| &nbsp;&nbsp;&nbsp;Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/20/2027\* | &nbsp;&nbsp; 1137150 | &nbsp;&nbsp;&nbsp;&nbsp; 1131453 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/15/2025\* | &nbsp;&nbsp; 1645000 | &nbsp;&nbsp;&nbsp;&nbsp; 1606721 |
| &nbsp;&nbsp;&nbsp;Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/01/2028\* | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 231379 |
| &nbsp;&nbsp;&nbsp;Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 03/09/2028\* | &nbsp;&nbsp; 498000 | &nbsp;&nbsp;&nbsp;&nbsp; 400596 |
| &nbsp;&nbsp;&nbsp;Outfront Media Capital LLC/Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/2029\* | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 242150 |
| &nbsp;&nbsp;&nbsp;Owl Rock Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 01/15/2027 | &nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp;&nbsp; 907172 |
| &nbsp;&nbsp;&nbsp;Owl Rock Technology Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 12/15/2025\* | &nbsp;&nbsp; 1444000 | &nbsp;&nbsp;&nbsp;&nbsp; 1311032 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 11/17/2029 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 142374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/17/2032 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 226551 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 05/01/2030\* | &nbsp;&nbsp; 223000 | &nbsp;&nbsp;&nbsp;&nbsp; 182476 |
| &nbsp;&nbsp;&nbsp;ROCC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 08/15/2026\* | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 120058 |
| &nbsp;&nbsp;&nbsp;Sabre GLBL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25%, 12/15/2027\* | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 235750 |
| &nbsp;&nbsp;&nbsp;Scientific Games International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 07/01/2025\* | &nbsp;&nbsp; 648000 | &nbsp;&nbsp;&nbsp;&nbsp; 668250 |
| &nbsp;&nbsp;&nbsp;Select Medical Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 08/15/2026\*# | &nbsp;&nbsp; 754000 | &nbsp;&nbsp;&nbsp;&nbsp; 729766 |
| &nbsp;&nbsp;&nbsp;SVB Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80%, 02/02/2031 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 237482 |
| &nbsp;&nbsp;&nbsp;Talos Production, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.00%, 01/15/2026 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 397100 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/15/2026\* | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 234587 |
| &nbsp;&nbsp;&nbsp;TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2026\* | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 467716 |
| &nbsp;&nbsp;&nbsp;Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 02/15/2025\* | &nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp; 823446 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%, 09/01/2026\* | &nbsp;&nbsp; 792000 | &nbsp;&nbsp;&nbsp;&nbsp; 679777 |
| &nbsp;&nbsp;&nbsp;Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2025\* | &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp; 617600 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 12/01/2051 | &nbsp;&nbsp; 879000 | &nbsp;&nbsp;&nbsp;&nbsp; 640330 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80%, 04/01/2026 | &nbsp;&nbsp; 604000 | &nbsp;&nbsp;&nbsp;&nbsp; 509244 |
| &nbsp;&nbsp;&nbsp;World Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 11/01/2026\* | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 287873 |
| &nbsp;&nbsp;&nbsp;Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2025\* | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 815940 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;36641118 |
| **Total Corporate Bonds & Notes<br> (cost $62,931,947)** |  | &nbsp;&nbsp;&nbsp;&nbsp;55707832 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CONVERTIBLE BONDS & NOTES — 0.2%** | **CONVERTIBLE BONDS & NOTES — 0.2%** | **CONVERTIBLE BONDS & NOTES — 0.2%** | **CONVERTIBLE BONDS & NOTES — 0.2%** |
| **Panama — 0.2%** | **Panama — 0.2%** | **Panama — 0.2%** | **Panama — 0.2%** |
| &nbsp;&nbsp;&nbsp;Carnival Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/01/2027\*<br> (cost $376,495) |  | $380000 | &nbsp;&nbsp;$381900 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.6%** |
| **Bermuda — 2.4%** | **Bermuda — 2.4%** | **Bermuda — 2.4%** | **Bermuda — 2.4%** |
| &nbsp;&nbsp;&nbsp;Bellemeade Re, Ltd. FRS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2A, Class M2<br> 10.02%, (1 ML+6.00%), 08/26/2030\* |  | &nbsp;&nbsp; 2780000 | &nbsp;&nbsp;&nbsp;&nbsp; 2796049 |
| &nbsp;&nbsp;&nbsp;Eagle RE, Ltd. FRS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class M1B<br> 5.60%, (SOFR30A+2.05%), 04/25/2034\* |  | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2428301 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5224350 |
| **United States — 1.2%** | **United States — 1.2%** | **United States — 1.2%** | **United States — 1.2%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-DNA1, Class M2B 5.82%, (1 ML+1.80%), 07/25/2030 |  | &nbsp;&nbsp; 2595000 | &nbsp;&nbsp;&nbsp;&nbsp; 2500676 |
| **Total Collateralized Mortgage Obligations<br> (cost $8,054,917)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7725026 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 5.7%** | **FOREIGN GOVERNMENT OBLIGATIONS — 5.7%** | **FOREIGN GOVERNMENT OBLIGATIONS — 5.7%** | **FOREIGN GOVERNMENT OBLIGATIONS — 5.7%** |
| **Brazil — 0.4%** | **Brazil — 0.4%** | **Brazil — 0.4%** | **Brazil — 0.4%** |
| &nbsp;&nbsp;&nbsp;Federative Republic of Brazil |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F 10.00%, 01/01/2033 | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 4690000 | &nbsp;&nbsp;&nbsp;&nbsp; 806379 |
| **Canada — 3.5%** | **Canada — 3.5%** | **Canada — 3.5%** | **Canada — 3.5%** |
| &nbsp;&nbsp;&nbsp;Government of Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 02/01/2023 | &nbsp;&nbsp;CAD | &nbsp;&nbsp; 10120000 | &nbsp;&nbsp;&nbsp;&nbsp; 7475702 |
| **Colombia — 0.3%** | **Colombia — 0.3%** | **Colombia — 0.3%** | **Colombia — 0.3%** |
| &nbsp;&nbsp;&nbsp;Republic of Colombia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 03/26/2031 | &nbsp;&nbsp;COP | &nbsp;&nbsp;4830000000 | &nbsp;&nbsp;&nbsp;&nbsp; 697113 |
| **Japan — 1.1%** | **Japan — 1.1%** | **Japan — 1.1%** | **Japan — 1.1%** |
| &nbsp;&nbsp;&nbsp;Government of Japan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%, 09/20/2023 to 12/20/2023 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 197600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1433462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60%, 12/20/2023 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 131500000 | &nbsp;&nbsp;&nbsp;&nbsp; 959029 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2392491 |
| **Peru — 0.4%** | **Peru — 0.4%** | **Peru — 0.4%** | **Peru — 0.4%** |
| &nbsp;&nbsp;&nbsp;Republic of Peru |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 08/12/2040 | &nbsp;&nbsp;PEN | &nbsp;&nbsp; 2170000 | &nbsp;&nbsp;&nbsp;&nbsp; 431706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 08/12/2032 | &nbsp;&nbsp;PEN | &nbsp;&nbsp; 1840000 | &nbsp;&nbsp;&nbsp;&nbsp; 431388 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863094 |
| **Total Foreign Government Obligations<br> (cost $12,276,167)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12234779 |
| **Total Long-Term Investment Securities<br> (cost $213,187,987)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;205746670 |
| **SHORT-TERM INVESTMENTS — 5.9%** | **SHORT-TERM INVESTMENTS — 5.9%** | **SHORT-TERM INVESTMENTS — 5.9%** | **SHORT-TERM INVESTMENTS — 5.9%** |
| **Sovereign — 1.4%** | **Sovereign — 1.4%** | **Sovereign — 1.4%** | **Sovereign — 1.4%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank<br> 3.25%, 12/01/2022 |  | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Unaffiliated Investment Companies — 4.5%** | **Unaffiliated Investment Companies — 4.5%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class 3.66%(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4973125 | &nbsp;&nbsp;$4973125 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio 3.86% (3)(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4670293 | &nbsp;&nbsp;&nbsp;&nbsp; 4670293 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9643418 |
| **Total Short-Term Investments<br> (cost $12,743,418)** |  | &nbsp;&nbsp;&nbsp;&nbsp;12743418 |
| **TOTAL INVESTMENTS<br> (cost $225,931,405)(5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.3% | &nbsp;&nbsp;&nbsp;&nbsp;218490088 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2854835) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$215635253 |

---

---

| | |
|:---|:---|
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| † | &nbsp;&nbsp;Non-income producing security |
| \* | &nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Global Strategy Fund has no right to demand registration of these securities. At November 30, 2022, the aggregate value of these securities was $35,271,841 representing 16.4% of net assets. |
| (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, 2022, 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>** |
| MMC Norilsk Nickel PJSC |  |  |  |  |  |  |
|  | 02/03/2020 | &nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;$9349 |  |  |  |
|  | 04/28/2020 | &nbsp;&nbsp;&nbsp;457 | 123804 |  |  |  |
|  | 12/15/2020 | &nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;25736 |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;563 | 158889 | $0 | $0.00 | 0.00% |
| TCS Group Holding PLC GDR | 12/10/2021 | 1847 | 160236 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00 | 0.00 |
|  |  |  |  | $0 |  | 0.00% |

---

(3) The
rate shown is the 7-day yield as of November 30, 2022.

(4) At
 November 30, 2022, the Fund had loaned securities with a total value of $6,133,458. This was secured by collateral of $4,670,293, which was received in cash and subsequently invested in short-term investments currently valued at $4,670,293 as
reported in the Portfolio of Investments. Additional collateral of $1,652,324 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, 2022** |
| United States Treasury Bills | 0.00% | 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;$15845 |
| United States Treasury Notes/Bonds | 0.00% to 5.38% | 01/31/2023 to 11/15/2051 | &nbsp;&nbsp;&nbsp;1636479 |

---

(5) See
 Note 5 for cost of investments on a tax basis.

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| |
|:---|
| 1 ML—1 Month USD LIBOR |
| ADR—American Depositary Receipt |
| BR—Bearer Shares |
| FRS—Floating Rate Security |
| GDR—Global Depositary Receipt |
| QSC—Qatar Shareholding Company |
| SOFR30A—US 30 Day Average Secured Overnight Financing Rate |

---

---

| |
|:---|
| BRL—Brazilian Real |
| CAD—Canadian Dollar |
| COP—Columbian Peso |
| JPY—Japanese Yen |
| PEN—Peruvian Sol |

---

The rates shown on FRS and/or VRS are the current interest rates at November 30, 2022 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** |
| 69 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | &nbsp;&nbsp;March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;$7808971 | &nbsp;&nbsp;&nbsp;&nbsp;$7831500 | &nbsp;&nbsp;&nbsp;&nbsp;$22529 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized <br> (Depreciation)** |
| 131 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Bonds | &nbsp;&nbsp;March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;$18084646 | &nbsp;&nbsp;&nbsp;&nbsp;$17852844 | &nbsp;&nbsp;&nbsp;&nbsp;$(231802) |
| 37 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7356607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7550313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193706) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(425508) |
| Net Unrealized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(402979) |

---

\* 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;USD | &nbsp;&nbsp;&nbsp;&nbsp;2448763 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;2340000 | &nbsp;&nbsp;02/03/2023 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1620) |
| HSBC Bank PLC | &nbsp;&nbsp;CAD | &nbsp;&nbsp;10740000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;7800600 | &nbsp;&nbsp;01/25/2023 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(190404) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2295001 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;3590000 | &nbsp;&nbsp;12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;142075 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2342476 | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;3860000 | &nbsp;&nbsp;01/11/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 91311 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1543795 | &nbsp;&nbsp;THB | &nbsp;&nbsp;55000000 | &nbsp;&nbsp;02/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 27185 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;260571 | &nbsp;&nbsp;&nbsp;&nbsp;(190404) |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;3590000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2265792 | &nbsp;&nbsp;12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(171283) |
|  | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;9180000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;10872861 | &nbsp;&nbsp;12/05/2022 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(192165) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2285010 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;3410000 | &nbsp;&nbsp;12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 29872 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712872 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;01/25/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 8848 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2292334 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;02/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 8399 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;10582146 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;9180000 | &nbsp;&nbsp;12/05/2022 | &nbsp;&nbsp;&nbsp;&nbsp;482880 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;529999 | &nbsp;&nbsp;&nbsp;&nbsp;(363448) |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$790570 | &nbsp;&nbsp;$(555472) |

---

---

| |
|:---|
| AUD—Australian Dollar |
| CAD—Canadian Dollar |
| EUR—Euro Currency |
| GBP—British Pound |
| NZD—New Zealand Dollar |
| THB—Thailand Baht |
| USD—United States Dollar |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2022 (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;&nbsp;&nbsp;$290429 | &nbsp;&nbsp;&nbsp;&nbsp;$116141 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$406570 |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785642 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;3358964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3358964 |
| &nbsp;&nbsp;&nbsp;Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344537 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2304705 |
| &nbsp;&nbsp;&nbsp;Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120315 |
| &nbsp;&nbsp;&nbsp;Cyprus | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239275 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682027 |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236188 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538111 |
| &nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358996 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3209310 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3330024 |
| &nbsp;&nbsp;&nbsp;Russia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2592101 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2848166 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5209310 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5345061 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;73132285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;73132285 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;36486267 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;36486267 |
| Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;55707832 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;55707832 |
| 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;381900 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381900 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7725026 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7725026 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12234779 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12234779 |
| 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;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100000 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;9643418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9643418 |
| **Total Investments at Value** | &nbsp;&nbsp;$89907422 | &nbsp;&nbsp;$128582666 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$218490088 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$22529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22529 |
| 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;790570 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790570 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;$22529 | &nbsp;&nbsp;&nbsp;&nbsp;$790570 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$813099 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$425508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$425508 |
| 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;555472 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555472 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;$425508 | &nbsp;&nbsp;&nbsp;&nbsp;$555472 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$980980 |

---

---

| | |
|:---|:---|
| \* | &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**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;58.3% |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;26.0 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;7.3 |
| Other Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Auto Loan Receivables | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Municipal Securities | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;101.3% |

---

---

| | |
|:---|:---|
| **Credit Quality†#** |  |
| Aaa | &nbsp;&nbsp;&nbsp;&nbsp;92.6% |
| Aa | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| A | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Baa | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Not Rated@ | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
|  | &nbsp;&nbsp;100.0% |

---

\* Calculated as a percentage of net assets

---

| | |
|:---|:---|
| @ | &nbsp;&nbsp;Represents debt issues that either have no rating, or the rating is unavailable from the data source. |
| † | &nbsp;&nbsp;Source: Moody's |
| # | &nbsp;&nbsp;Calculated as a percentage of total debt issues, excluding short-term securities. |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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%** |
| **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** |
| &nbsp;&nbsp;&nbsp;American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/15/2030 | $540170 | &nbsp;&nbsp;$476537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 04/15/2031 | &nbsp;&nbsp; 247359 | &nbsp;&nbsp;&nbsp;&nbsp; 217580 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694117 |
| **Banks — 0.8%** | **Banks — 0.8%** | **Banks — 0.8%** |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76%, 09/13/2026 | &nbsp;&nbsp; 217000 | &nbsp;&nbsp;&nbsp;&nbsp; 198877 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92%, 07/28/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 940398 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139275 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/01/2025 | &nbsp;&nbsp; 144000 | &nbsp;&nbsp;&nbsp;&nbsp; 140618 |
| **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 12/05/2024 | &nbsp;&nbsp; 104000 | &nbsp;&nbsp;&nbsp;&nbsp; 101689 |
| **Electric — 1.3%** | **Electric — 1.3%** | **Electric — 1.3%** |
| &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 04/01/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 915239 |
| &nbsp;&nbsp;&nbsp;Fells Point Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 01/31/2027\* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 910366 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825605 |
| **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** |
| &nbsp;&nbsp;&nbsp;Chevron USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 11/15/2024 | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp;&nbsp; 114497 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/25/2028 | &nbsp;&nbsp; 171000 | &nbsp;&nbsp;&nbsp;&nbsp; 166232 |
| **REITS — 0.2%** | **REITS — 0.2%** | **REITS — 0.2%** |
| &nbsp;&nbsp;&nbsp;Boston Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 10/01/2026 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 217747 |
| **Telecommunications — 0.4%** | **Telecommunications — 0.4%** | **Telecommunications — 0.4%** |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%, 02/01/2028 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 497910 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 02/15/2023 | &nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 88686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.59%, 05/17/2025 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 19254 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107940 |
| **Total Corporate Bonds & Notes<br> (cost $5,491,974)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5005630 |
| **ASSET BACKED SECURITIES — 4.0%** | **ASSET BACKED SECURITIES — 4.0%** | **ASSET BACKED SECURITIES — 4.0%** |
| **Auto Loan Receivables — 0.3%** | **Auto Loan Receivables — 0.3%** | **Auto Loan Receivables — 0.3%** |
| &nbsp;&nbsp;&nbsp;ACC Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class A<br> 1.08%, 04/15/2027\* | &nbsp;&nbsp; 94281 | &nbsp;&nbsp;&nbsp;&nbsp; 92797 |
| &nbsp;&nbsp;&nbsp;DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A, Class A<br> 0.33%, 04/15/2025\* | &nbsp;&nbsp; 145235 | &nbsp;&nbsp;&nbsp;&nbsp; 143626 |
| &nbsp;&nbsp;&nbsp;US Auto Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A<br> 0.79%, 07/15/2024\* | &nbsp;&nbsp; 101156 | &nbsp;&nbsp;&nbsp;&nbsp; 100792 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337215 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Asset Backed Securities — 3.7%** | **Other Asset Backed Securities — 3.7%** | **Other Asset Backed Securities — 3.7%** |
| &nbsp;&nbsp;&nbsp;AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SFR3, Class A<br> 1.36%, 09/17/2037\* | $568738 | &nbsp;&nbsp;$509047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR2, Class A<br> 1.53%, 08/17/2038\* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 858546 |
| &nbsp;&nbsp;&nbsp;AMSR Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR1, Class A<br> 1.95%, 06/17/2038\*(1) | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 246585 |
| &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; 1317633 | &nbsp;&nbsp;&nbsp;&nbsp; 1128165 |
| &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; 612064 | &nbsp;&nbsp;&nbsp;&nbsp; 587804 |
| &nbsp;&nbsp;&nbsp;Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR6, Class A<br> 1.52%, 07/17/2038\* | &nbsp;&nbsp; 998857 | &nbsp;&nbsp;&nbsp;&nbsp; 859349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR4, Class A<br> 1.56%, 05/17/2038\* | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 604101 |
| &nbsp;&nbsp;&nbsp;Sofi Professional Loan Program Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B, Class A2FX<br> 3.34%, 08/25/2047\* | &nbsp;&nbsp; 257828 | &nbsp;&nbsp;&nbsp;&nbsp; 247538 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5041135 |
| **Total Asset Backed Securities<br> (cost $6,091,673)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5378350 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.0%** |
| **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-BN26, Class A4<br> 2.40%, 03/15/2063 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 418709 |
| &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; 454994 |
| &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; 175390 | &nbsp;&nbsp;&nbsp;&nbsp; 162494 |
| &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; 1057700 |
| &nbsp;&nbsp;&nbsp;COMM Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-CBM, Class A1<br> 2.24%, 02/10/2037\*(1) | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 546773 |
| &nbsp;&nbsp;&nbsp;Eleven Madison Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-11MD, Class A<br> 3.55%, 09/10/2035\*(1) | &nbsp;&nbsp; 398000 | &nbsp;&nbsp;&nbsp;&nbsp; 368098 |
| &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; 1014207 |
| &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; 806574 |
| &nbsp;&nbsp;&nbsp;UBS-BAMLL Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-WRM, Class A<br> 3.66%, 06/10/2030\* | &nbsp;&nbsp; 6877 | &nbsp;&nbsp;&nbsp;&nbsp; 6868 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4836417 |
| **U.S. Government Agency — 22.5%** | **U.S. Government Agency — 22.5%** | **U.S. Government Agency — 22.5%** |
| &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; 544313 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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 K145, Class A2<br> 2.58%, 05/25/2032 | $430000 | &nbsp;&nbsp;$370294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series KW10, Class A2<br> 2.69%, 09/25/2029 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1799583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series KJ14, Class A2<br> 2.81%, 09/25/2024 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 359306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K146, Class A2<br> 2.92%, 06/25/2032 | &nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp; 625911 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K149, Class A2<br> 3.53%, 08/25/2032(1) | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1868356 |
| &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; 1012121 |
| &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; 1581511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4594, Class GN<br> 2.50%, 02/15/2045 | &nbsp;&nbsp; 389288 | &nbsp;&nbsp;&nbsp;&nbsp; 350326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3981, Class PA<br> 3.00%, 04/15/2031 | &nbsp;&nbsp; 47923 | &nbsp;&nbsp;&nbsp;&nbsp; 46622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4097, Class YK<br> 3.00%, 08/15/2032 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1613053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4150, Class IG<br> 3.00%, 01/15/2033(2) | &nbsp;&nbsp; 1304051 | &nbsp;&nbsp;&nbsp;&nbsp; 93274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4838, Class CY<br> 3.00%, 01/15/2038 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 910774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4365, Class HZ<br> 3.00%, 01/15/2040 | &nbsp;&nbsp; 477166 | &nbsp;&nbsp;&nbsp;&nbsp; 444663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4599, Class PA<br> 3.00%, 09/15/2045 | &nbsp;&nbsp; 615459 | &nbsp;&nbsp;&nbsp;&nbsp; 570820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4057, Class WY<br> 3.50%, 06/15/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 964840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3813, Class D<br> 4.00%, 02/15/2026 | &nbsp;&nbsp; 355314 | &nbsp;&nbsp;&nbsp;&nbsp; 350718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3917, Class B<br> 4.50%, 08/15/2026 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 458189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3927, Class AY<br> 4.50%, 09/15/2026 | &nbsp;&nbsp; 1494968 | &nbsp;&nbsp;&nbsp;&nbsp; 1466002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3786, Class PB<br> 4.50%, 07/15/2040 | &nbsp;&nbsp; 227265 | &nbsp;&nbsp;&nbsp;&nbsp; 224743 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4039, Class SA<br> 2.63%, (6.50%-1 ML), 05/15/2042(2)(3) | &nbsp;&nbsp; 156840 | &nbsp;&nbsp;&nbsp;&nbsp; 16587 |
| &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; 280737 | &nbsp;&nbsp;&nbsp;&nbsp; 257311 |
| &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; 78438 | &nbsp;&nbsp;&nbsp;&nbsp; 72161 |
| &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; 164775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-12, Class JC<br> 2.00%, 03/25/2050 | &nbsp;&nbsp; 823352 | &nbsp;&nbsp;&nbsp;&nbsp; 712223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-23, Class KJ<br> 2.25%, 05/25/2042 | &nbsp;&nbsp; 738136 | &nbsp;&nbsp;&nbsp;&nbsp; 670575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-93, Class ME<br> 2.50%, 01/25/2042 | &nbsp;&nbsp; 605599 | &nbsp;&nbsp;&nbsp;&nbsp; 553788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-73, Class TD<br> 2.50%, 09/25/2042 | &nbsp;&nbsp; 262840 | &nbsp;&nbsp;&nbsp;&nbsp; 243159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-M22, Class A2<br> 2.52%, 08/25/2029 | &nbsp;&nbsp; 335676 | &nbsp;&nbsp;&nbsp;&nbsp; 300675 |

---

---

| | | |
|:---|:---|:---|
| **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-M31, Class A2<br> 2.85%, 04/25/2034 | $1000000 | &nbsp;&nbsp;$855576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-106, Class PY<br> 3.00%, 10/25/2033 | &nbsp;&nbsp; 2510301 | &nbsp;&nbsp;&nbsp;&nbsp; 2369484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-87, Class CZ<br> 3.00%, 08/25/2042 | &nbsp;&nbsp; 2428652 | &nbsp;&nbsp;&nbsp;&nbsp; 2219286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-30, Class PA<br> 3.00%, 04/25/2045 | &nbsp;&nbsp; 375748 | &nbsp;&nbsp;&nbsp;&nbsp; 349756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-25, Class LA<br> 3.00%, 07/25/2045 | &nbsp;&nbsp; 279861 | &nbsp;&nbsp;&nbsp;&nbsp; 260753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-33, Class JA<br> 3.00%, 07/25/2045 | &nbsp;&nbsp; 277661 | &nbsp;&nbsp;&nbsp;&nbsp; 257282 |
| &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; 1714596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-38, Class NA<br> 3.00%, 01/25/2046 | &nbsp;&nbsp; 513158 | &nbsp;&nbsp;&nbsp;&nbsp; 470795 |
| &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; 755159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-117, Class DY<br> 4.50%, 10/25/2025 | &nbsp;&nbsp; 511625 | &nbsp;&nbsp;&nbsp;&nbsp; 506304 |
| &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; 240896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-116, Class PB<br> 5.50%, 08/25/2035 | &nbsp;&nbsp; 27766 | &nbsp;&nbsp;&nbsp;&nbsp; 28395 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. REMIC VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-M3, Class A2<br> 1.71%, 11/25/2031(1) | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 802797 |
| &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; 78135 | &nbsp;&nbsp;&nbsp;&nbsp; 15275 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. REMIC |  |  |
| &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; 393140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-18, Class Z<br> 4.50%, 03/16/2034 | &nbsp;&nbsp; 115386 | &nbsp;&nbsp;&nbsp;&nbsp; 114165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-6, Class GL<br> 4.50%, 02/20/2038 | &nbsp;&nbsp; 437045 | &nbsp;&nbsp;&nbsp;&nbsp; 433297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-21, Class Z<br> 5.00%, 03/20/2035 | &nbsp;&nbsp; 212580 | &nbsp;&nbsp;&nbsp;&nbsp; 214520 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;30648149 |
| **Total Collateralized Mortgage Obligations<br> (cost $39,346,887)** |  | &nbsp;&nbsp;&nbsp;&nbsp;35484566 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 58.3%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 58.3%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 58.3%** |
| **U.S. Government — 30.0%** | **U.S. Government — 30.0%** | **U.S. Government — 30.0%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2041 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1300781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/15/2041 to 02/15/2050 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3870059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 08/15/2045 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 823320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2048 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 631846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 02/15/2043 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1746250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 05/15/2042 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 449141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 08/15/2041 to 11/15/2043 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4850390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2040 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1495898 |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 08/15/2024 | &nbsp;&nbsp; 2040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1894097 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38%, 07/15/2024 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1871875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 08/15/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 798828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 04/30/2026 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3585313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 06/30/2028 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1307461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2032 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1291641 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** |
| **U.S. Government (continued)** | **U.S. Government (continued)** | **U.S. Government (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 06/30/2024 | $3000000 | &nbsp;&nbsp;$2884453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 02/15/2024 to 05/15/2025 | &nbsp;&nbsp;12500000 | &nbsp;&nbsp;&nbsp;&nbsp; 12105469 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;40906822 |
| **U.S. Government Agency — 28.3%** | **U.S. Government Agency — 28.3%** | **U.S. Government Agency — 28.3%** |
| &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; 436701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 10/21/2025 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 977931 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2051 | &nbsp;&nbsp; 1587649 | &nbsp;&nbsp;&nbsp;&nbsp; 1310484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2033 | &nbsp;&nbsp; 494501 | &nbsp;&nbsp;&nbsp;&nbsp; 473163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 05/01/2037 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2679390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2052 to 08/01/2052 | &nbsp;&nbsp; 4829199 | &nbsp;&nbsp;&nbsp;&nbsp; 4580666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/01/2039 to 06/01/2041 | &nbsp;&nbsp; 1069272 | &nbsp;&nbsp;&nbsp;&nbsp; 1070062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2034 | &nbsp;&nbsp; 18105 | &nbsp;&nbsp;&nbsp;&nbsp; 18136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2036 | &nbsp;&nbsp; 2973 | &nbsp;&nbsp;&nbsp;&nbsp; 3013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/01/2033 | &nbsp;&nbsp; 33381 | &nbsp;&nbsp;&nbsp;&nbsp; 34828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/01/2032 | &nbsp;&nbsp; 10513 | &nbsp;&nbsp;&nbsp;&nbsp; 10919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 08/01/2030 to 06/01/2031 | &nbsp;&nbsp; 608 | &nbsp;&nbsp;&nbsp;&nbsp; 612 |
| &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; 524901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04%, 06/01/2037 | &nbsp;&nbsp; 247699 | &nbsp;&nbsp;&nbsp;&nbsp; 183527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14%, 10/01/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 874707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2052 | &nbsp;&nbsp; 2295611 | &nbsp;&nbsp;&nbsp;&nbsp; 1986524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53%, 04/01/2034 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2051937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 09/01/2034 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 580507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/01/2043 to 03/01/2052 | &nbsp;&nbsp; 4729621 | &nbsp;&nbsp;&nbsp;&nbsp; 4256744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 02/01/2030 | &nbsp;&nbsp; 2817165 | &nbsp;&nbsp;&nbsp;&nbsp; 2604850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43%, 05/01/2032 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1849597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69%, 05/01/2030 | &nbsp;&nbsp; 1423613 | &nbsp;&nbsp;&nbsp;&nbsp; 1371906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2040 to 07/01/2048 | &nbsp;&nbsp; 3724607 | &nbsp;&nbsp;&nbsp;&nbsp; 3610213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2036 | &nbsp;&nbsp; 3709 | &nbsp;&nbsp;&nbsp;&nbsp; 3708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2033 to 10/01/2034 | &nbsp;&nbsp; 13561 | &nbsp;&nbsp;&nbsp;&nbsp; 13786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/01/2032 | &nbsp;&nbsp; 2313 | &nbsp;&nbsp;&nbsp;&nbsp; 2430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/01/2031 | &nbsp;&nbsp; 4219 | &nbsp;&nbsp;&nbsp;&nbsp; 4244 |
| &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; 1121169 | &nbsp;&nbsp;&nbsp;&nbsp; 1053559 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/20/2051 | &nbsp;&nbsp; 1469327 | &nbsp;&nbsp;&nbsp;&nbsp; 1265434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/15/2048 to 09/20/2051 | &nbsp;&nbsp; 4638256 | &nbsp;&nbsp;&nbsp;&nbsp; 4294019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/15/2038 to 08/15/2040 | &nbsp;&nbsp; 388869 | &nbsp;&nbsp;&nbsp;&nbsp; 389460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/2035 to 05/15/2036 | &nbsp;&nbsp; 28788 | &nbsp;&nbsp;&nbsp;&nbsp; 29534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2032 | &nbsp;&nbsp; 3578 | &nbsp;&nbsp;&nbsp;&nbsp; 3694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/15/2031 | &nbsp;&nbsp; 3120 | &nbsp;&nbsp;&nbsp;&nbsp; 3200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;38554386 |
| **Total U.S. Government & Agency Obligations<br> (cost $87,623,405)** |  | &nbsp;&nbsp;&nbsp;&nbsp;79461208 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS — 1.8%** | **FOREIGN GOVERNMENT OBLIGATIONS — 1.8%** |  |
| **Sovereign — 1.8%** | **Sovereign — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;Israel Government AID |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 02/15/2024<br> (cost $2,574,717) | $2641000 | &nbsp;&nbsp;$2495529 |
| **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; 257467 |
| **Total Long-Term Investment Securities<br> (cost $141,403,656)** |  | &nbsp;&nbsp;&nbsp;&nbsp;128082750 |
| **REPURCHASE AGREEMENTS — 7.3%** | **REPURCHASE AGREEMENTS — 7.3%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.13% dated 11/30/2022, to be repurchased 12/01/2022 in the amount of $9,934,983 and collateralized by $10,864,700 of United States Treasury Notes, bearing interest at 1.13% due 01/15/2025 and having an approximate value of $10,133,451<br> (cost $9,934,671) | &nbsp;&nbsp; 9934671 | &nbsp;&nbsp;&nbsp;&nbsp; 9934671 |
| **TOTAL INVESTMENTS<br> (cost $151,338,327)(5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.3% | &nbsp;&nbsp;&nbsp;&nbsp;138017421 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1757721) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$136259700 |

---

\* 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, 2022, the aggregate value of these securities was $8,179,523 representing 6.0% of net assets.

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

(2) Interest Only

(3) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at November 30, 2022.

(4) Principal Only

(5) See Note 5 for cost of investments on a tax basis.

---

| |
|:---|
| 1 ML—1 Month USD LIBOR |
| FRS—Floating Rate Security |
| REMIC—Real Estate Mortgage Investment Conduit |
| 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, 2022 and unless noted otherwise, the dates shown are the original maturity dates.

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2022 (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;&nbsp;$5005630 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$5005630 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5378350 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5378350 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;35484566 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;35484566 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;79461208 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;79461208 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495529 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495529 |
| Municipal Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257467 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257467 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9934671 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9934671 |
| **Total Investments at Value** | &nbsp;&nbsp;$— | &nbsp;&nbsp;$138017421 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$138017421 |

---

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

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;17.9% |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;15.1 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;10.2 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;9.3 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;7.0 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;100.3% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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 — 1.9%** | **Aerospace/Defense — 1.9%** | **Aerospace/Defense — 1.9%** |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138 | &nbsp;&nbsp;$258417 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26452 | &nbsp;&nbsp;&nbsp;&nbsp; 16625082 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16883499 |
| **Apparel — 2.9%** | **Apparel — 2.9%** | **Apparel — 2.9%** |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;22885 | &nbsp;&nbsp;&nbsp;&nbsp; 17718957 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;71676 | &nbsp;&nbsp;&nbsp;&nbsp; 7862141 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;25581098 |
| **Auto Manufacturers — 3.0%** | **Auto Manufacturers — 3.0%** | **Auto Manufacturers — 3.0%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;133773 | &nbsp;&nbsp;&nbsp;&nbsp; 26045603 |
| **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;1572 | &nbsp;&nbsp;&nbsp;&nbsp; 167685 |
| **Banks — 0.9%** | **Banks — 0.9%** | **Banks — 0.9%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43532 | &nbsp;&nbsp;&nbsp;&nbsp; 1647686 |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833 | &nbsp;&nbsp;&nbsp;&nbsp; 59759 |
| &nbsp;&nbsp;&nbsp;First Republic Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586 | &nbsp;&nbsp;&nbsp;&nbsp; 330000 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4831 | &nbsp;&nbsp;&nbsp;&nbsp; 1865491 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;19091 | &nbsp;&nbsp;&nbsp;&nbsp; 2637994 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9286 | &nbsp;&nbsp;&nbsp;&nbsp; 864248 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5951 | &nbsp;&nbsp;&nbsp;&nbsp; 138123 |
| &nbsp;&nbsp;&nbsp;Signature Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp; 124155 |
| &nbsp;&nbsp;&nbsp;SVB Financial Group† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836 | &nbsp;&nbsp;&nbsp;&nbsp; 193768 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023 | &nbsp;&nbsp;&nbsp;&nbsp; 53012 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7914236 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2886 | &nbsp;&nbsp;&nbsp;&nbsp; 111601 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2831 | &nbsp;&nbsp;&nbsp;&nbsp; 291197 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8204 | &nbsp;&nbsp;&nbsp;&nbsp; 1521924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924722 |
| **Biotechnology — 0.5%** | **Biotechnology — 0.5%** | **Biotechnology — 0.5%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3104 | &nbsp;&nbsp;&nbsp;&nbsp; 888986 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp; 69257 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089 | &nbsp;&nbsp;&nbsp;&nbsp; 237489 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124 | &nbsp;&nbsp;&nbsp;&nbsp; 89549 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4762 | &nbsp;&nbsp;&nbsp;&nbsp; 837683 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517 | &nbsp;&nbsp;&nbsp;&nbsp; 1140329 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178 | &nbsp;&nbsp;&nbsp;&nbsp; 689119 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3952412 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| &nbsp;&nbsp;&nbsp;Fortune Brands Home & Security, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824 | &nbsp;&nbsp;&nbsp;&nbsp; 53840 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5947 | &nbsp;&nbsp;&nbsp;&nbsp; 395119 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp; 187638 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532 | &nbsp;&nbsp;&nbsp;&nbsp; 77795 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903 | &nbsp;&nbsp;&nbsp;&nbsp; 165547 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879939 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127 | &nbsp;&nbsp;&nbsp;&nbsp; 313295 |
| &nbsp;&nbsp;&nbsp;Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607 | &nbsp;&nbsp;&nbsp;&nbsp; 65131 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692 | &nbsp;&nbsp;&nbsp;&nbsp; 183057 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3597 | &nbsp;&nbsp;&nbsp;&nbsp; 1210319 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769 | &nbsp;&nbsp;&nbsp;&nbsp; 440799 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2212601 |
| **Commercial Services — 3.2%** | **Commercial Services — 3.2%** | **Commercial Services — 3.2%** |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116 | &nbsp;&nbsp;&nbsp;&nbsp; 823060 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp; 258597 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2802 | &nbsp;&nbsp;&nbsp;&nbsp; 227074 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732 | &nbsp;&nbsp;$341845 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp; 392414 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp; 68588 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474 | &nbsp;&nbsp;&nbsp;&nbsp; 439650 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8839 | &nbsp;&nbsp;&nbsp;&nbsp; 693066 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093 | &nbsp;&nbsp;&nbsp;&nbsp; 163819 |
| &nbsp;&nbsp;&nbsp;Robert Half International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054 | &nbsp;&nbsp;&nbsp;&nbsp; 83034 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442 | &nbsp;&nbsp;&nbsp;&nbsp; 58314 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67491 | &nbsp;&nbsp;&nbsp;&nbsp; 23810825 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594 | &nbsp;&nbsp;&nbsp;&nbsp; 209700 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133 | &nbsp;&nbsp;&nbsp;&nbsp; 208143 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27778129 |
| **Computers — 10.2%** | **Computers — 10.2%** | **Computers — 10.2%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5192 | &nbsp;&nbsp;&nbsp;&nbsp; 1562429 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;586040 | &nbsp;&nbsp;&nbsp;&nbsp; 86751501 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812 | &nbsp;&nbsp;&nbsp;&nbsp; 299287 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9262 | &nbsp;&nbsp;&nbsp;&nbsp; 492368 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6439 | &nbsp;&nbsp;&nbsp;&nbsp; 193428 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208 | &nbsp;&nbsp;&nbsp;&nbsp; 149283 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018 | &nbsp;&nbsp;&nbsp;&nbsp; 106893 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;89555189 |
| **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936 | &nbsp;&nbsp;&nbsp;&nbsp; 456489 |
| **Distribution/Wholesale — 2.1%** | **Distribution/Wholesale — 2.1%** | **Distribution/Wholesale — 2.1%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;273644 | &nbsp;&nbsp;&nbsp;&nbsp; 18213745 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3904 | &nbsp;&nbsp;&nbsp;&nbsp; 201095 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586 | &nbsp;&nbsp;&nbsp;&nbsp; 86167 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp; 184470 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18685477 |
| **Diversified Financial Services — 5.5%** | **Diversified Financial Services — 5.5%** | **Diversified Financial Services — 5.5%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3735 | &nbsp;&nbsp;&nbsp;&nbsp; 588599 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934 | &nbsp;&nbsp;&nbsp;&nbsp; 310041 |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109 | &nbsp;&nbsp;&nbsp;&nbsp; 794044 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607 | &nbsp;&nbsp;&nbsp;&nbsp; 269147 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp; 110351 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14695 | &nbsp;&nbsp;&nbsp;&nbsp; 1212925 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3866 | &nbsp;&nbsp;&nbsp;&nbsp; 418920 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1809 | &nbsp;&nbsp;&nbsp;&nbsp; 48499 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4506 | &nbsp;&nbsp;&nbsp;&nbsp; 488045 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;24597 | &nbsp;&nbsp;&nbsp;&nbsp; 8766371 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3742 | &nbsp;&nbsp;&nbsp;&nbsp; 256177 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622 | &nbsp;&nbsp;&nbsp;&nbsp; 189612 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3887 | &nbsp;&nbsp;&nbsp;&nbsp; 146073 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236 | &nbsp;&nbsp;&nbsp;&nbsp; 279299 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;156448 | &nbsp;&nbsp;&nbsp;&nbsp; 33949216 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;47827319 |
| **Electric — 0.0%** | **Electric — 0.0%** | **Electric — 0.0%** |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3328 | &nbsp;&nbsp;&nbsp;&nbsp; 141274 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 | &nbsp;&nbsp;&nbsp;&nbsp; 95390 |
| **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2537 | &nbsp;&nbsp;&nbsp;&nbsp; 393184 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4462 | &nbsp;&nbsp;&nbsp;&nbsp; 358879 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114 | &nbsp;&nbsp;&nbsp;&nbsp; 103591 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910 | &nbsp;&nbsp;&nbsp;&nbsp; 345500 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp; 295382 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962 | &nbsp;&nbsp;&nbsp;&nbsp; 117229 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613765 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1917 | &nbsp;&nbsp;$614571 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 176327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790898 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp; 100599 |
| **Entertainment — 1.7%** | **Entertainment — 1.7%** | **Entertainment — 1.7%** |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942 | &nbsp;&nbsp;&nbsp;&nbsp; 98673 |
| &nbsp;&nbsp;&nbsp;Evolution AB\* | &nbsp;&nbsp;&nbsp;&nbsp;142221 | &nbsp;&nbsp;&nbsp;&nbsp; 14571383 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 62937 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14732993 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| &nbsp;&nbsp;&nbsp;Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp; 61789 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279 | &nbsp;&nbsp;&nbsp;&nbsp; 178152 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715 | &nbsp;&nbsp;&nbsp;&nbsp; 455360 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695301 |
| **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;935 | &nbsp;&nbsp;&nbsp;&nbsp; 219884 |
| **Healthcare-Products — 7.0%** | **Healthcare-Products — 7.0%** | **Healthcare-Products — 7.0%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;13136 | &nbsp;&nbsp;&nbsp;&nbsp; 1413171 |
| &nbsp;&nbsp;&nbsp;ABIOMED, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;&nbsp; 133738 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028 | &nbsp;&nbsp;&nbsp;&nbsp; 202166 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220 | &nbsp;&nbsp;&nbsp;&nbsp; 188678 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79283 | &nbsp;&nbsp;&nbsp;&nbsp; 21676765 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5527 | &nbsp;&nbsp;&nbsp;&nbsp; 426961 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615 | &nbsp;&nbsp;&nbsp;&nbsp; 199158 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 | &nbsp;&nbsp;&nbsp;&nbsp; 346232 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;74236 | &nbsp;&nbsp;&nbsp;&nbsp; 20072672 |
| &nbsp;&nbsp;&nbsp;PerkinElmer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786 | &nbsp;&nbsp;&nbsp;&nbsp; 249558 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 | &nbsp;&nbsp;&nbsp;&nbsp; 276700 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594 | &nbsp;&nbsp;&nbsp;&nbsp; 110330 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954 | &nbsp;&nbsp;&nbsp;&nbsp; 457021 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27803 | &nbsp;&nbsp;&nbsp;&nbsp; 15575797 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;&nbsp; 217318 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048 | &nbsp;&nbsp;&nbsp;&nbsp; 245924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;61792189 |
| **Healthcare-Services — 5.4%** | **Healthcare-Services — 5.4%** | **Healthcare-Services — 5.4%** |
| &nbsp;&nbsp;&nbsp;Catalent, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522 | &nbsp;&nbsp;&nbsp;&nbsp; 76298 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp; 164570 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1767 | &nbsp;&nbsp;&nbsp;&nbsp; 424469 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927 | &nbsp;&nbsp;&nbsp;&nbsp; 420125 |
| &nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678 | &nbsp;&nbsp;&nbsp;&nbsp; 163195 |
| &nbsp;&nbsp;&nbsp;Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;36778 | &nbsp;&nbsp;&nbsp;&nbsp; 19438434 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 | &nbsp;&nbsp;&nbsp;&nbsp; 135718 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759 | &nbsp;&nbsp;&nbsp;&nbsp; 115239 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48112 | &nbsp;&nbsp;&nbsp;&nbsp; 26353829 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;47291877 |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2372 | &nbsp;&nbsp;&nbsp;&nbsp; 203992 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp; 102058 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306050 |
| **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp; 113485 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2823 | &nbsp;&nbsp;&nbsp;&nbsp; 36614 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791 | &nbsp;&nbsp;$552129 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299 | &nbsp;&nbsp;&nbsp;&nbsp; 137733 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp; 260834 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289 | &nbsp;&nbsp;&nbsp;&nbsp; 136402 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059 | &nbsp;&nbsp;&nbsp;&nbsp; 117507 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4308 | &nbsp;&nbsp;&nbsp;&nbsp; 746059 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950664 |
| **Internet — 14.2%** | **Internet — 14.2%** | **Internet — 14.2%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;403344 | &nbsp;&nbsp;&nbsp;&nbsp; 40733710 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;75885 | &nbsp;&nbsp;&nbsp;&nbsp; 7698533 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;589163 | &nbsp;&nbsp;&nbsp;&nbsp; 56877796 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129 | &nbsp;&nbsp;&nbsp;&nbsp; 212975 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5987 | &nbsp;&nbsp;&nbsp;&nbsp; 272049 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792 | &nbsp;&nbsp;&nbsp;&nbsp; 236705 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447 | &nbsp;&nbsp;&nbsp;&nbsp; 69111 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;242484 | &nbsp;&nbsp;&nbsp;&nbsp; 12259991 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;32278 | &nbsp;&nbsp;&nbsp;&nbsp; 3812032 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6294 | &nbsp;&nbsp;&nbsp;&nbsp; 1923006 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 | &nbsp;&nbsp;&nbsp;&nbsp; 124082 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;124219990 |
| **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 299900 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592 | &nbsp;&nbsp;&nbsp;&nbsp; 227051 |
| **Machinery-Diversified — 1.4%** | **Machinery-Diversified — 1.4%** | **Machinery-Diversified — 1.4%** |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;75226 | &nbsp;&nbsp;&nbsp;&nbsp; 10756566 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811 | &nbsp;&nbsp;&nbsp;&nbsp; 798651 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp; 132723 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;&nbsp; 104020 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp; 108549 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379 | &nbsp;&nbsp;&nbsp;&nbsp; 185776 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 | &nbsp;&nbsp;&nbsp;&nbsp; 224323 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 | &nbsp;&nbsp;&nbsp;&nbsp; 117406 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12428014 |
| **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;311 | &nbsp;&nbsp;&nbsp;&nbsp; 143461 |
| **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8905 | &nbsp;&nbsp;&nbsp;&nbsp; 354419 |
| **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
| &nbsp;&nbsp;&nbsp;A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909 | &nbsp;&nbsp;&nbsp;&nbsp; 55213 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635 | &nbsp;&nbsp;&nbsp;&nbsp; 371913 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427126 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 144600 |
| **Oil & Gas — 0.6%** | **Oil & Gas — 0.6%** | **Oil & Gas — 0.6%** |
| &nbsp;&nbsp;&nbsp;APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541 | &nbsp;&nbsp;&nbsp;&nbsp; 119046 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9267 | &nbsp;&nbsp;&nbsp;&nbsp; 634975 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2516 | &nbsp;&nbsp;&nbsp;&nbsp; 372418 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3815 | &nbsp;&nbsp;&nbsp;&nbsp; 541463 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59973 | &nbsp;&nbsp;&nbsp;&nbsp; 2543455 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp; 402948 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4324 | &nbsp;&nbsp;&nbsp;&nbsp; 300475 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892 | &nbsp;&nbsp;&nbsp;&nbsp; 446493 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5361273 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp; 60150 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13513 | &nbsp;&nbsp;$2178025 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;102937 | &nbsp;&nbsp;&nbsp;&nbsp; 6996628 |
| &nbsp;&nbsp;&nbsp;DexCom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5556 | &nbsp;&nbsp;&nbsp;&nbsp; 646052 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;11162 | &nbsp;&nbsp;&nbsp;&nbsp; 4141995 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42892 | &nbsp;&nbsp;&nbsp;&nbsp; 2150176 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85909 | &nbsp;&nbsp;&nbsp;&nbsp; 13242013 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29354889 |
| **Pipelines — 1.1%** | **Pipelines — 1.1%** | **Pipelines — 1.1%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54470 | &nbsp;&nbsp;&nbsp;&nbsp; 9551859 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2719 | &nbsp;&nbsp;&nbsp;&nbsp; 181955 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207 | &nbsp;&nbsp;&nbsp;&nbsp; 238569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9972383 |
| **Private Equity — 0.4%** | **Private Equity — 0.4%** | **Private Equity — 0.4%** |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40643 | &nbsp;&nbsp;&nbsp;&nbsp; 3720054 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2273 | &nbsp;&nbsp;&nbsp;&nbsp; 180931 |
| **REITS — 1.0%** | **REITS — 1.0%** | **REITS — 1.0%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3360 | &nbsp;&nbsp;&nbsp;&nbsp; 743400 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831 | &nbsp;&nbsp;&nbsp;&nbsp; 145342 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507 | &nbsp;&nbsp;&nbsp;&nbsp; 181337 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2758 | &nbsp;&nbsp;&nbsp;&nbsp; 390064 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;&nbsp; 409555 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406 | &nbsp;&nbsp;&nbsp;&nbsp; 89474 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895 | &nbsp;&nbsp;&nbsp;&nbsp; 304508 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 | &nbsp;&nbsp;&nbsp;&nbsp; 48106 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3775 | &nbsp;&nbsp;&nbsp;&nbsp; 123178 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510 | &nbsp;&nbsp;&nbsp;&nbsp; 136368 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013 | &nbsp;&nbsp;&nbsp;&nbsp; 167023 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38501 | &nbsp;&nbsp;&nbsp;&nbsp; 4535033 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp; 393307 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp; 255902 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2779 | &nbsp;&nbsp;&nbsp;&nbsp; 331924 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378 | &nbsp;&nbsp;&nbsp;&nbsp; 98616 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4401 | &nbsp;&nbsp;&nbsp;&nbsp; 143957 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8497094 |
| **Retail — 2.7%** | **Retail — 2.7%** | **Retail — 2.7%** |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp;&nbsp;&nbsp; 62208 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp; 711804 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 89250 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194 | &nbsp;&nbsp;&nbsp;&nbsp; 82816 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6747 | &nbsp;&nbsp;&nbsp;&nbsp; 10977099 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3197 | &nbsp;&nbsp;&nbsp;&nbsp; 1723982 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 132168 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11054 | &nbsp;&nbsp;&nbsp;&nbsp; 3581386 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9045 | &nbsp;&nbsp;&nbsp;&nbsp; 1922515 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4685 | &nbsp;&nbsp;&nbsp;&nbsp; 1278021 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903 | &nbsp;&nbsp;&nbsp;&nbsp; 780680 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8282 | &nbsp;&nbsp;&nbsp;&nbsp; 846420 |
| &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610 | &nbsp;&nbsp;&nbsp;&nbsp; 603123 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571 | &nbsp;&nbsp;&nbsp;&nbsp; 355533 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 190584 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1893 | &nbsp;&nbsp;&nbsp;&nbsp; 243553 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23581142 |
| **Semiconductors — 9.3%** | **Semiconductors — 9.3%** | **Semiconductors — 9.3%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;153844 | &nbsp;&nbsp;&nbsp;&nbsp; 11942910 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12312 | &nbsp;&nbsp;&nbsp;&nbsp; 1349395 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;43294 | &nbsp;&nbsp;&nbsp;&nbsp; 26327947 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257 | &nbsp;&nbsp;&nbsp;&nbsp; 1794705 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007 | &nbsp;&nbsp;$789052 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939 | &nbsp;&nbsp;&nbsp;&nbsp; 915945 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;376715 | &nbsp;&nbsp;&nbsp;&nbsp; 17524782 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3753 | &nbsp;&nbsp;&nbsp;&nbsp; 297200 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 | &nbsp;&nbsp;&nbsp;&nbsp; 240253 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;96671 | &nbsp;&nbsp;&nbsp;&nbsp; 16359633 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2341 | &nbsp;&nbsp;&nbsp;&nbsp; 411641 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4660 | &nbsp;&nbsp;&nbsp;&nbsp; 350432 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp; 71063 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15893 | &nbsp;&nbsp;&nbsp;&nbsp; 2010306 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067 | &nbsp;&nbsp;&nbsp;&nbsp; 102027 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218 | &nbsp;&nbsp;&nbsp;&nbsp; 207272 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6337 | &nbsp;&nbsp;&nbsp;&nbsp; 1143575 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;81838138 |
| **Software — 17.9%** | **Software — 17.9%** | **Software — 17.9%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6623 | &nbsp;&nbsp;&nbsp;&nbsp; 2284471 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp; 89643 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 | &nbsp;&nbsp;&nbsp;&nbsp; 194285 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968 | &nbsp;&nbsp;&nbsp;&nbsp; 397438 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp; 108850 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;110278 | &nbsp;&nbsp;&nbsp;&nbsp; 18972227 |
| &nbsp;&nbsp;&nbsp;Ceridian HCM Holding, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888 | &nbsp;&nbsp;&nbsp;&nbsp; 60775 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75739 | &nbsp;&nbsp;&nbsp;&nbsp; 30870459 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;322737 | &nbsp;&nbsp;&nbsp;&nbsp; 82343118 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp; 578926 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21498 | &nbsp;&nbsp;&nbsp;&nbsp; 1784979 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402 | &nbsp;&nbsp;&nbsp;&nbsp; 297920 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp; 174976 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748 | &nbsp;&nbsp;&nbsp;&nbsp; 95153 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8590 | &nbsp;&nbsp;&nbsp;&nbsp; 1376548 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;39980 | &nbsp;&nbsp;&nbsp;&nbsp; 16643674 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp; 492333 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp; 145324 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 125100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;157036199 |
| **Telecommunications — 0.3%** | **Telecommunications — 0.3%** | **Telecommunications — 0.3%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3489 | &nbsp;&nbsp;&nbsp;&nbsp; 486017 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26372 | &nbsp;&nbsp;&nbsp;&nbsp; 1311216 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394 | &nbsp;&nbsp;&nbsp;&nbsp; 379447 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2176680 |
| **Transportation — 0.3%** | **Transportation — 0.3%** | **Transportation — 0.3%** |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316 | &nbsp;&nbsp;&nbsp;&nbsp; 268795 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 | &nbsp;&nbsp;&nbsp;&nbsp; 127436 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297 | &nbsp;&nbsp;&nbsp;&nbsp; 392485 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3624 | &nbsp;&nbsp;&nbsp;&nbsp; 787966 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4454 | &nbsp;&nbsp;&nbsp;&nbsp; 845058 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2421740 |
| **Total Common Stocks<br> (cost $809,210,309)** |  | &nbsp;&nbsp;&nbsp;&nbsp;862190615 |
| **CONVERTIBLE PREFERRED STOCKS — 0.9%** | **CONVERTIBLE PREFERRED STOCKS — 0.9%** | **CONVERTIBLE PREFERRED STOCKS — 0.9%** |
| **Internet — 0.9%** | **Internet — 0.9%** | **Internet — 0.9%** |
| &nbsp;&nbsp;&nbsp;ByteDance, Ltd.,<br> Series E-1†(1)(2)<br> (cost $5,246,961) | &nbsp;&nbsp;&nbsp;&nbsp;47885 | &nbsp;&nbsp;&nbsp;&nbsp; 7800275 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.7%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 500 Growth ETF<br> # (cost $5,477,996) | &nbsp;&nbsp; 103400 | &nbsp;&nbsp;$5684932 |
| **Total Long-Term Investment Securities<br> (cost $819,935,266)** |  | &nbsp;&nbsp;&nbsp;&nbsp;875675822 |
| **SHORT-TERM INVESTMENTS — 0.4%** | **SHORT-TERM INVESTMENTS — 0.4%** |  |
| **Unaffiliated Investment Companies — 0.4%** | **Unaffiliated Investment Companies — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Premier Class<br> 3.49%(3) | &nbsp;&nbsp; 860705 | &nbsp;&nbsp;&nbsp;&nbsp; 860705 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 3.86%(3)(4) | &nbsp;&nbsp;2601500 | &nbsp;&nbsp;&nbsp;&nbsp; 2601500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3462205 |
| **U.S. Government — 0.0%** | **U.S. Government — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97%, 10/05/2023(5) | $70000 | &nbsp;&nbsp;&nbsp;&nbsp; 67314 |
| **Total Short-Term Investments<br> (cost $3,529,826)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3529519 |
| **TOTAL INVESTMENTS<br> (cost $823,465,092)(6)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.3% | &nbsp;&nbsp;&nbsp;&nbsp;879205341 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2353581) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$876851760 |

---

---

| | |
|:---|:---|
| † | &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 Growth Fund has no right to demand registration of these securities. At November 30, 2022, the aggregate value of these securities was $14,571,383 representing 1.7% of net assets. |
| # | &nbsp;&nbsp;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, 2022, the Fund held the following restricted
securities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition <br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition <br> Cost** | **Value** | **Value <br> Per Share** | **% of<br> Net Assets** |
| **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** |
| ByteDance, Ltd.,<br> Series E-1 | 12/10/2020 | 47885 | $5246961 | $7800275 | $162.90 | 0.89% |

---

(3) The
rate shown is the 7-day yield as of November 30, 2022.

(4) At
 November 30, 2022, the Fund had loaned securities with a total value of $2,710,514. This was secured by collateral of $2,601,500, which was received in cash and subsequently invested in short-term investments currently valued at $2,601,500 as
reported in the Portfolio of Investments. Additional collateral of $48,467 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, 2022** |
| United States Treasury Notes/Bonds | 0.25% to 4.38% | 09/30/2025 to 08/15/2050 | $48467 |

---

(5) The
security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

(6) See
 Note 5 for cost of investments on a tax basis.

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

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number <br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration <br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional <br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional <br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized <br> (Depreciation)** |
| 2 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;$408632 | &nbsp;&nbsp;&nbsp;&nbsp;$408125 | &nbsp;&nbsp;&nbsp;&nbsp;$(507) |

---

\* 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**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2022 (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;Apparel | &nbsp;&nbsp;&nbsp;$7862141 | &nbsp;&nbsp;$17718957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$25581098 |
| &nbsp;&nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161610 | &nbsp;&nbsp;&nbsp;&nbsp;14571383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14732993 |
| &nbsp;&nbsp;&nbsp;Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;27853443 | &nbsp;&nbsp;&nbsp;&nbsp;19438434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;47291877 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;774584647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;774584647 |
| 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;7800275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800275 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5684932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5684932 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67314 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3462205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3462205 |
| **Total Investments at Value** | &nbsp;&nbsp;$819608978 | &nbsp;&nbsp;$51796088 | &nbsp;&nbsp;$7800275 | &nbsp;&nbsp;$879205341 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$507 |

---

---

| | |
|:---|:---|
| \* | &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**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;9.0% |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;6.2 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;5.3 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Office/Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
|  | &nbsp;&nbsp;100.9% |

---

---

| | |
|:---|:---|
| **Credit Quality†#** |  |
| Baa | &nbsp;&nbsp;&nbsp;&nbsp;3.3% |
| Ba | &nbsp;&nbsp;&nbsp;&nbsp;42.4 |
| B | &nbsp;&nbsp;&nbsp;&nbsp;42.9 |
| Caa | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| Not Rated@ | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
|  | &nbsp;&nbsp;100.0% |

---

\* Calculated as a percentage of net assets

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Source: Moody's |
| # | &nbsp;&nbsp;Calculated as a percentage of total debt issues, excluding short-term securities. |
| @ | &nbsp;&nbsp;Represents debt issues that either have no rating, or the rating is unavailable from the data source. |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 94.0%** | **CORPORATE BONDS & NOTES — 94.0%** | **CORPORATE BONDS & NOTES — 94.0%** | **CORPORATE BONDS & NOTES — 94.0%** |
| **Advertising — 0.6%** | **Advertising — 0.6%** | **Advertising — 0.6%** | **Advertising — 0.6%** |
| &nbsp;&nbsp;&nbsp;Lamar Media Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/15/2028 |  | $2975000 | &nbsp;&nbsp;$2688656 |
| **Aerospace/Defense — 2.1%** | **Aerospace/Defense — 2.1%** | **Aerospace/Defense — 2.1%** | **Aerospace/Defense — 2.1%** |
| &nbsp;&nbsp;&nbsp;Spirit AeroSystems, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 11/30/2029\* |  | &nbsp;&nbsp; 1775000 | &nbsp;&nbsp;&nbsp;&nbsp; 1868187 |
| &nbsp;&nbsp;&nbsp;TransDigm, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/15/2027 |  | &nbsp;&nbsp; 2330000 | &nbsp;&nbsp;&nbsp;&nbsp; 2196025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2026\* |  | &nbsp;&nbsp; 4210000 | &nbsp;&nbsp;&nbsp;&nbsp; 4189539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 12/15/2025\* |  | &nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp;&nbsp; 859788 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9113539 |
| **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/15/2030\* |  | &nbsp;&nbsp; 3070000 | &nbsp;&nbsp;&nbsp;&nbsp; 2993833 |
| **Auto Manufacturers — 2.4%** | **Auto Manufacturers — 2.4%** | **Auto Manufacturers — 2.4%** | **Auto Manufacturers — 2.4%** |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 02/12/2032 |  | &nbsp;&nbsp; 1065000 | &nbsp;&nbsp;&nbsp;&nbsp; 841696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/15/2043 |  | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 462524 |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/04/2025 |  | &nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; 922594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.54%, 08/01/2026 |  | &nbsp;&nbsp; 2665000 | &nbsp;&nbsp;&nbsp;&nbsp; 2508005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/28/2027 |  | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 681386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/16/2025 |  | &nbsp;&nbsp; 3265000 | &nbsp;&nbsp;&nbsp;&nbsp; 3161538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 03/18/2024 |  | &nbsp;&nbsp; 1901000 | &nbsp;&nbsp;&nbsp;&nbsp; 1879614 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10457357 |
| **Auto Parts & Equipment — 0.8%** | **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;3.50%, 08/15/2024 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1085000 | &nbsp;&nbsp;&nbsp;&nbsp; 1095681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 08/15/2026\* |  | &nbsp;&nbsp; 2580000 | &nbsp;&nbsp;&nbsp;&nbsp; 2408198 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3503879 |
| **Banks — 2.3%** | **Banks — 2.3%** | **Banks — 2.3%** | **Banks — 2.3%** |
| &nbsp;&nbsp;&nbsp;Barclays PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 03/15/2029(1) |  | &nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 3204500 |
| &nbsp;&nbsp;&nbsp;Credit Suisse Group AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 12/18/2024(1) |  | &nbsp;&nbsp; 3610000 | &nbsp;&nbsp;&nbsp;&nbsp; 2743600 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/26/2026\*(1) |  | &nbsp;&nbsp; 2170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1804073 |
| &nbsp;&nbsp;&nbsp;UBS Group AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 02/12/2027(1) |  | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2268633 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10020806 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| &nbsp;&nbsp;&nbsp;Grifols Escrow Issuer SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/15/2028\* |  | &nbsp;&nbsp; 935000 | &nbsp;&nbsp;&nbsp;&nbsp; 785755 |
| **Building Materials — 1.2%** | **Building Materials — 1.2%** | **Building Materials — 1.2%** | **Building Materials — 1.2%** |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/01/2032\* |  | &nbsp;&nbsp; 1085000 | &nbsp;&nbsp;&nbsp;&nbsp; 879567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2030\* |  | &nbsp;&nbsp; 3585000 | &nbsp;&nbsp;&nbsp;&nbsp; 3180088 |
| &nbsp;&nbsp;&nbsp;Standard Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 07/15/2030\* |  | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1107000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5166655 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| &nbsp;&nbsp;&nbsp;Avient Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 08/01/2030\* |  | &nbsp;&nbsp; 940000 | &nbsp;&nbsp;&nbsp;&nbsp; 917722 |
| **Commercial Services — 3.8%** | **Commercial Services — 3.8%** | **Commercial Services — 3.8%** | **Commercial Services — 3.8%** |
| &nbsp;&nbsp;&nbsp;APX Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/15/2027\* |  | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 529200 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 06/01/2026 | $1300000 | &nbsp;&nbsp;$1161810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2031# | &nbsp;&nbsp; 1135000 | &nbsp;&nbsp;&nbsp;&nbsp; 921064 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/15/2027\* | &nbsp;&nbsp; 2755000 | &nbsp;&nbsp;&nbsp;&nbsp; 2604108 |
| &nbsp;&nbsp;&nbsp;Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2030 | &nbsp;&nbsp; 3150000 | &nbsp;&nbsp;&nbsp;&nbsp; 2622375 |
| &nbsp;&nbsp;&nbsp;Signal Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 04/01/2029\* | &nbsp;&nbsp; 1332000 | &nbsp;&nbsp;&nbsp;&nbsp; 579420 |
| &nbsp;&nbsp;&nbsp;United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 01/15/2032 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 253426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/15/2031 | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp;&nbsp; 868913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 01/15/2028 | &nbsp;&nbsp; 4935000 | &nbsp;&nbsp;&nbsp;&nbsp; 4732961 |
| &nbsp;&nbsp;&nbsp;Williams Scotsman International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 08/15/2028\* | &nbsp;&nbsp; 2559000 | &nbsp;&nbsp;&nbsp;&nbsp; 2326643 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16599920 |
| **Computers — 1.3%** | **Computers — 1.3%** | **Computers — 1.3%** |
| &nbsp;&nbsp;&nbsp;Condor Merger Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 02/15/2030\* | &nbsp;&nbsp; 2055000 | &nbsp;&nbsp;&nbsp;&nbsp; 1683685 |
| &nbsp;&nbsp;&nbsp;Presidio Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 02/01/2027\* | &nbsp;&nbsp; 3231000 | &nbsp;&nbsp;&nbsp;&nbsp; 3015266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 02/01/2028\* | &nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp; 751773 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5450724 |
| **Distribution/Wholesale — 0.5%** | **Distribution/Wholesale — 0.5%** | **Distribution/Wholesale — 0.5%** |
| &nbsp;&nbsp;&nbsp;American Builders & Contractors Supply Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/15/2028\* | &nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 2126774 |
| **Diversified Financial Services — 5.5%** | **Diversified Financial Services — 5.5%** | **Diversified Financial Services — 5.5%** |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 12/31/2024\* | &nbsp;&nbsp; 1470000 | &nbsp;&nbsp;&nbsp;&nbsp; 1383402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2026# | &nbsp;&nbsp; 1565000 | &nbsp;&nbsp;&nbsp;&nbsp; 1478925 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/15/2025\* | &nbsp;&nbsp; 3340000 | &nbsp;&nbsp;&nbsp;&nbsp; 3247248 |
| &nbsp;&nbsp;&nbsp;goeasy, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/01/2026\* | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 473990 |
| &nbsp;&nbsp;&nbsp;LD Holdings Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 04/01/2028\* | &nbsp;&nbsp; 1390000 | &nbsp;&nbsp;&nbsp;&nbsp; 701950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 11/01/2025\* | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 910000 |
| &nbsp;&nbsp;&nbsp;Nationstar Mortgage Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 12/15/2030\* | &nbsp;&nbsp; 1580000 | &nbsp;&nbsp;&nbsp;&nbsp; 1231775 |
| &nbsp;&nbsp;&nbsp;OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/15/2030 | &nbsp;&nbsp; 1260000 | &nbsp;&nbsp;&nbsp;&nbsp; 946252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2029 | &nbsp;&nbsp; 4135000 | &nbsp;&nbsp;&nbsp;&nbsp; 3453552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 03/15/2025 | &nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp;&nbsp; 951869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 03/15/2026 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 460178 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/15/2029\* | &nbsp;&nbsp; 1360000 | &nbsp;&nbsp;&nbsp;&nbsp; 1064798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 10/15/2025\* | &nbsp;&nbsp; 2825000 | &nbsp;&nbsp;&nbsp;&nbsp; 2581654 |
| &nbsp;&nbsp;&nbsp;SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 11/02/2026 | &nbsp;&nbsp; 3011000 | &nbsp;&nbsp;&nbsp;&nbsp; 2589460 |
| &nbsp;&nbsp;&nbsp;United Wholesale Mtg. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2029\* | &nbsp;&nbsp; 2965000 | &nbsp;&nbsp;&nbsp;&nbsp; 2453538 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23928591 |
| **Electric — 1.1%** | **Electric — 1.1%** | **Electric — 1.1%** |
| &nbsp;&nbsp;&nbsp;Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/15/2031 to 01/15/2032\* | &nbsp;&nbsp; 2420000 | &nbsp;&nbsp;&nbsp;&nbsp; 2036901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/15/2028\* | &nbsp;&nbsp; 1865000 | &nbsp;&nbsp;&nbsp;&nbsp; 1722820 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 09/01/2030 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 186784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 03/01/2030 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 62007 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;4.40%, 07/15/2027 | $410000 | &nbsp;&nbsp;$386638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 11/15/2031 | &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 579896 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4975046 |
| **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 12/31/2027\* | &nbsp;&nbsp; 1320000 | &nbsp;&nbsp;&nbsp;&nbsp; 1249989 |
| **Electronics — 1.4%** | **Electronics — 1.4%** | **Electronics — 1.4%** |
| &nbsp;&nbsp;&nbsp;Coherent Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2029\* | &nbsp;&nbsp; 3142000 | &nbsp;&nbsp;&nbsp;&nbsp; 2772815 |
| &nbsp;&nbsp;&nbsp;Imola Merger Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2029\* | &nbsp;&nbsp; 3785000 | &nbsp;&nbsp;&nbsp;&nbsp; 3378113 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6150928 |
| **Entertainment — 2.9%** | **Entertainment — 2.9%** | **Entertainment — 2.9%** |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/01/2025\* | &nbsp;&nbsp; 1940000 | &nbsp;&nbsp;&nbsp;&nbsp; 1917307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 07/01/2027\*# | &nbsp;&nbsp; 2615000 | &nbsp;&nbsp;&nbsp;&nbsp; 2624937 |
| &nbsp;&nbsp;&nbsp;Caesars Resort Collection LLC/CRC Finco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/01/2025\* | &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp; 632227 |
| &nbsp;&nbsp;&nbsp;Cinemark USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/15/2028\*# | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1437750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/15/2026\*# | &nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 542903 |
| &nbsp;&nbsp;&nbsp;Speedway Motorsports LLC/Speedway Funding II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/01/2027\* | &nbsp;&nbsp; 3058000 | &nbsp;&nbsp;&nbsp;&nbsp; 2688472 |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76%, 03/15/2027\* | &nbsp;&nbsp; 2925000 | &nbsp;&nbsp;&nbsp;&nbsp; 2665502 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12509098 |
| **Environmental Control — 0.4%** | **Environmental Control — 0.4%** | **Environmental Control — 0.4%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/15/2027\* | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1552650 |
| **Food — 2.5%** | **Food — 2.5%** | **Food — 2.5%** |
| &nbsp;&nbsp;&nbsp;B&G Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 09/15/2027 | &nbsp;&nbsp; 2890000 | &nbsp;&nbsp;&nbsp;&nbsp; 2324716 |
| &nbsp;&nbsp;&nbsp;Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/01/2029\* | &nbsp;&nbsp; 1525000 | &nbsp;&nbsp;&nbsp;&nbsp; 1355222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2027\* | &nbsp;&nbsp; 3715000 | &nbsp;&nbsp;&nbsp;&nbsp; 3584975 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 01/15/2028\* | &nbsp;&nbsp; 2974000 | &nbsp;&nbsp;&nbsp;&nbsp; 2837285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2027\* | &nbsp;&nbsp; 984000 | &nbsp;&nbsp;&nbsp;&nbsp; 959247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11061445 |
| **Food Service — 0.5%** | **Food Service — 0.5%** | **Food Service — 0.5%** |
| &nbsp;&nbsp;&nbsp;Aramark Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2028\* | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp;&nbsp; 2127512 |
| **Gas — 0.6%** | **Gas — 0.6%** | **Gas — 0.6%** |
| &nbsp;&nbsp;&nbsp;AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/20/2025 | &nbsp;&nbsp; 751000 | &nbsp;&nbsp;&nbsp;&nbsp; 728470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 05/20/2024 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 08/20/2026 | &nbsp;&nbsp; 1979000 | &nbsp;&nbsp;&nbsp;&nbsp; 1884998 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618399 |
| **Healthcare-Products — 2.5%** | **Healthcare-Products — 2.5%** | **Healthcare-Products — 2.5%** |
| &nbsp;&nbsp;&nbsp;Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 07/15/2028\* | &nbsp;&nbsp; 3380000 | &nbsp;&nbsp;&nbsp;&nbsp; 3109600 |
| &nbsp;&nbsp;&nbsp;Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/01/2029\* | &nbsp;&nbsp; 7305000 | &nbsp;&nbsp;&nbsp;&nbsp; 6280547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/01/2029\*# | &nbsp;&nbsp; 1789000 | &nbsp;&nbsp;&nbsp;&nbsp; 1458035 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10848182 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Services — 2.6%** | **Healthcare-Services — 2.6%** | **Healthcare-Services — 2.6%** | **Healthcare-Services — 2.6%** |
| &nbsp;&nbsp;&nbsp;Catalent Pharma Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 02/15/2029\* |  | $575000 | &nbsp;&nbsp;$470063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/01/2030\*# |  | &nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp;&nbsp; 501225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/2027\* |  | &nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp; 519249 |
| &nbsp;&nbsp;&nbsp;CHS/Community Health Systems, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2031\* |  | &nbsp;&nbsp; 3410000 | &nbsp;&nbsp;&nbsp;&nbsp; 2498473 |
| &nbsp;&nbsp;&nbsp;HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 11/15/2095 |  | &nbsp;&nbsp; 892000 | &nbsp;&nbsp;&nbsp;&nbsp; 950534 |
| &nbsp;&nbsp;&nbsp;IQVIA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2027\* |  | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1480109 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 06/15/2030\* |  | &nbsp;&nbsp; 5275000 | &nbsp;&nbsp;&nbsp;&nbsp; 4998484 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;11418137 |
| **Home Builders — 3.3%** | **Home Builders — 3.3%** | **Home Builders — 3.3%** | **Home Builders — 3.3%** |
| &nbsp;&nbsp;&nbsp;Ashton Woods USA LLC/Ashton Woods Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 08/01/2029 to 04/01/2030\* |  | &nbsp;&nbsp; 2629000 | &nbsp;&nbsp;&nbsp;&nbsp; 2043906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 01/15/2028\* |  | &nbsp;&nbsp; 2056000 | &nbsp;&nbsp;&nbsp;&nbsp; 1824061 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2029\* |  | &nbsp;&nbsp; 2915000 | &nbsp;&nbsp;&nbsp;&nbsp; 2352405 |
| &nbsp;&nbsp;&nbsp;KB Home |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/2031 |  | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp;&nbsp; 969436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 11/15/2029 |  | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp; 657400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 06/15/2027 |  | &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 573494 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 02/15/2030 |  | &nbsp;&nbsp; 1910000 | &nbsp;&nbsp;&nbsp;&nbsp; 1460718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 02/01/2028 |  | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 626381 |
| &nbsp;&nbsp;&nbsp;STL Holding Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 02/15/2026\* |  | &nbsp;&nbsp; 1840000 | &nbsp;&nbsp;&nbsp;&nbsp; 1583446 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Communities, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 08/01/2030\* |  | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 375381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2028\* |  | &nbsp;&nbsp; 2055000 | &nbsp;&nbsp;&nbsp;&nbsp; 1909281 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;14375909 |
| **Insurance — 0.9%** | **Insurance — 0.9%** | **Insurance — 0.9%** | **Insurance — 0.9%** |
| &nbsp;&nbsp;&nbsp;AssuredPartners, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 01/15/2029\* |  | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp;&nbsp; 862750 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/15/2028 |  | &nbsp;&nbsp; 2310000 | &nbsp;&nbsp;&nbsp;&nbsp; 2101877 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 06/01/2025\* |  | &nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; 980236 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3944863 |
| **Internet — 2.9%** | **Internet — 2.9%** | **Internet — 2.9%** | **Internet — 2.9%** |
| &nbsp;&nbsp;&nbsp;Endurance International Group Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/15/2029\* |  | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2182892 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/30/2027\* |  | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp;&nbsp; 2284806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 09/30/2030\* |  | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1612928 |
| &nbsp;&nbsp;&nbsp;Go Daddy Operating Co. LLC/GD Finance Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2029\* |  | &nbsp;&nbsp; 4845000 | &nbsp;&nbsp;&nbsp;&nbsp; 4094406 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2029\* |  | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1088156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/01/2026\* |  | &nbsp;&nbsp; 1335000 | &nbsp;&nbsp;&nbsp;&nbsp; 1350198 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12613386 |
| **Leisure Time — 3.2%** | **Leisure Time — 3.2%** | **Leisure Time — 3.2%** | **Leisure Time — 3.2%** |
| &nbsp;&nbsp;&nbsp;Carnival Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2027\* |  | &nbsp;&nbsp; 1454000 | &nbsp;&nbsp;&nbsp;&nbsp; 1081173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/01/2029\* |  | &nbsp;&nbsp; 2890000 | &nbsp;&nbsp;&nbsp;&nbsp; 2051900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 03/01/2026\*# |  | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 404400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 03/01/2026\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 308174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 06/01/2030\*# |  | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 813333 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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)** |
| **Leisure Time (continued)** | **Leisure Time (continued)** | **Leisure Time (continued)** |
| &nbsp;&nbsp;&nbsp;MajorDrive Holdings IV LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 06/01/2029\* | $2045000 | &nbsp;&nbsp;$1595100 |
| &nbsp;&nbsp;&nbsp;NCL Corp., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/15/2027\* | &nbsp;&nbsp; 1865000 | &nbsp;&nbsp;&nbsp;&nbsp; 1660465 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 07/15/2027\* | &nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp; 696025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/31/2026\* | &nbsp;&nbsp; 4325000 | &nbsp;&nbsp;&nbsp;&nbsp; 3751937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 01/15/2029\* | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 634438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.63%, 08/15/2027\* | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp; 904200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13901145 |
| **Lodging — 1.8%** | **Lodging — 1.8%** | **Lodging — 1.8%** |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 12/01/2027 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 441750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/15/2031\* | &nbsp;&nbsp; 3175000 | &nbsp;&nbsp;&nbsp;&nbsp; 2770188 |
| &nbsp;&nbsp;&nbsp;Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 05/15/2025\* | &nbsp;&nbsp; 1310000 | &nbsp;&nbsp;&nbsp;&nbsp; 1232261 |
| &nbsp;&nbsp;&nbsp;Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/2027\*# | &nbsp;&nbsp; 1290000 | &nbsp;&nbsp;&nbsp;&nbsp; 1181769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2025\* | &nbsp;&nbsp; 2110000 | &nbsp;&nbsp;&nbsp;&nbsp; 2025452 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7651420 |
| **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; 1195000 | &nbsp;&nbsp;&nbsp;&nbsp; 1084486 |
| **Media — 4.9%** | **Media — 4.9%** | **Media — 4.9%** |
| &nbsp;&nbsp;&nbsp;Belo Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 09/15/2027 | &nbsp;&nbsp; 713000 | &nbsp;&nbsp;&nbsp;&nbsp; 690975 |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/01/2031 to 01/15/2034\* | &nbsp;&nbsp; 6670000 | &nbsp;&nbsp;&nbsp;&nbsp; 5317126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2030\* | &nbsp;&nbsp; 1605000 | &nbsp;&nbsp;&nbsp;&nbsp; 1352212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/01/2032 | &nbsp;&nbsp; 1240000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023329 |
| &nbsp;&nbsp;&nbsp;DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/15/2024 | &nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp; 745954 |
| &nbsp;&nbsp;&nbsp;Scripps Escrow, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 07/15/2027\* | &nbsp;&nbsp; 3385000 | &nbsp;&nbsp;&nbsp;&nbsp; 3012650 |
| &nbsp;&nbsp;&nbsp;Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 09/01/2026\* | &nbsp;&nbsp; 3925000 | &nbsp;&nbsp;&nbsp;&nbsp; 3543686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 07/01/2030\* | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 949298 |
| &nbsp;&nbsp;&nbsp;UPC Broadband Finco BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/15/2031\* | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2394322 |
| &nbsp;&nbsp;&nbsp;Virgin Media Secured Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2030\* | &nbsp;&nbsp; 2510000 | &nbsp;&nbsp;&nbsp;&nbsp; 2096178 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21125730 |
| **Metal Fabricate/Hardware — 0.8%** | **Metal Fabricate/Hardware — 0.8%** | **Metal Fabricate/Hardware — 0.8%** |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/30/2027\* | &nbsp;&nbsp; 2398000 | &nbsp;&nbsp;&nbsp;&nbsp; 2235116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 06/15/2030\* | &nbsp;&nbsp; 1147000 | &nbsp;&nbsp;&nbsp;&nbsp; 1103815 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3338931 |
| **Mining — 2.4%** | **Mining — 2.4%** | **Mining — 2.4%** |
| &nbsp;&nbsp;&nbsp;Constellium SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/15/2029\*# | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 341010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 06/15/2028\* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 228613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/15/2026\* | &nbsp;&nbsp; 1899000 | &nbsp;&nbsp;&nbsp;&nbsp; 1821654 |
| &nbsp;&nbsp;&nbsp;FMG Resources August 2006 Pty, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/01/2031\* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 63187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 04/15/2030\* | &nbsp;&nbsp; 4160000 | &nbsp;&nbsp;&nbsp;&nbsp; 3896048 |
| &nbsp;&nbsp;&nbsp;FMG Resources August 2006 Pty., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/2027\* | &nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp;&nbsp; 1107150 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| &nbsp;&nbsp;&nbsp;Novelis Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2031\* |  | $1070000 | &nbsp;&nbsp;$877400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/30/2030\* |  | &nbsp;&nbsp; 2530000 | &nbsp;&nbsp;&nbsp;&nbsp; 2249419 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10584481 |
| **Office/Business Equipment — 0.3%** | **Office/Business Equipment — 0.3%** | **Office/Business Equipment — 0.3%** | **Office/Business Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp;Xerox Holdings Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/2025\* |  | &nbsp;&nbsp; 1490000 | &nbsp;&nbsp;&nbsp;&nbsp; 1385536 |
| **Oil & Gas — 4.1%** | **Oil & Gas — 4.1%** | **Oil & Gas — 4.1%** | **Oil & Gas — 4.1%** |
| &nbsp;&nbsp;&nbsp;Apache Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 10/15/2028 |  | &nbsp;&nbsp; 2775000 | &nbsp;&nbsp;&nbsp;&nbsp; 2490563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 09/01/2040 |  | &nbsp;&nbsp; 1777000 | &nbsp;&nbsp;&nbsp;&nbsp; 1461583 |
| &nbsp;&nbsp;&nbsp;Earthstone Energy Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 04/15/2027\*# |  | &nbsp;&nbsp; 3550000 | &nbsp;&nbsp;&nbsp;&nbsp; 3418046 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 03/15/2026 |  | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 09/01/2028 |  | &nbsp;&nbsp; 288000 | &nbsp;&nbsp;&nbsp;&nbsp; 294048 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 02/01/2028 |  | &nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp;&nbsp; 905414 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2030\* |  | &nbsp;&nbsp; 895000 | &nbsp;&nbsp;&nbsp;&nbsp; 803236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/15/2025 |  | &nbsp;&nbsp; 2230000 | &nbsp;&nbsp;&nbsp;&nbsp; 2160959 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/15/2028# |  | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 454728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/15/2026 |  | &nbsp;&nbsp; 2735000 | &nbsp;&nbsp;&nbsp;&nbsp; 2680300 |
| &nbsp;&nbsp;&nbsp;Southwestern Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/01/2032 |  | &nbsp;&nbsp; 2560000 | &nbsp;&nbsp;&nbsp;&nbsp; 2238155 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;17922032 |
| **Oil & Gas Services — 2.3%** | **Oil & Gas Services — 2.3%** | **Oil & Gas Services — 2.3%** | **Oil & Gas Services — 2.3%** |
| &nbsp;&nbsp;&nbsp;Archrock Partners LP/Archrock Partners Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/01/2028\* |  | &nbsp;&nbsp; 1854000 | &nbsp;&nbsp;&nbsp;&nbsp; 1719585 |
| &nbsp;&nbsp;&nbsp;Enerflex, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 10/15/2027\* |  | &nbsp;&nbsp; 3955000 | &nbsp;&nbsp;&nbsp;&nbsp; 3907421 |
| &nbsp;&nbsp;&nbsp;USA Compression Partners LP/USA Compression Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 09/01/2027 |  | &nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 367560 |
| &nbsp;&nbsp;&nbsp;Weatherford International, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 04/30/2030\* |  | &nbsp;&nbsp; 4125000 | &nbsp;&nbsp;&nbsp;&nbsp; 3955875 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9950441 |
| **Packaging & Containers — 2.6%** | **Packaging & Containers — 2.6%** | **Packaging & Containers — 2.6%** | **Packaging & Containers — 2.6%** |
| &nbsp;&nbsp;&nbsp;Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/15/2026\* |  | &nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1166000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/30/2025 to 08/15/2027\* |  | &nbsp;&nbsp; 2765000 | &nbsp;&nbsp;&nbsp;&nbsp; 2320982 |
| &nbsp;&nbsp;&nbsp;Berry Global, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 07/15/2027\*# |  | &nbsp;&nbsp; 1835000 | &nbsp;&nbsp;&nbsp;&nbsp; 1798300 |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 04/15/2029\* |  | &nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 370932 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/01/2030\* |  | &nbsp;&nbsp; 1190000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010215 |
| &nbsp;&nbsp;&nbsp;Mauser Packaging Solutions Holding Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 04/15/2025\*# |  | &nbsp;&nbsp; 1525000 | &nbsp;&nbsp;&nbsp;&nbsp; 1391563 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 06/01/2028 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2046330 |
| &nbsp;&nbsp;&nbsp;Trivium Packaging Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/15/2026\* |  | &nbsp;&nbsp; 1445000 | &nbsp;&nbsp;&nbsp;&nbsp; 1357823 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;11462145 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** |
| &nbsp;&nbsp;&nbsp;Owens & Minor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 04/01/2030\* | $2905000 | &nbsp;&nbsp;$2581586 |
| &nbsp;&nbsp;&nbsp;Prestige Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 01/15/2028\* | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2262000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4843586 |
| **Pipelines — 5.3%** | **Pipelines — 5.3%** | **Pipelines — 5.3%** |
| &nbsp;&nbsp;&nbsp;Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 12/01/2026 | &nbsp;&nbsp; 1926000 | &nbsp;&nbsp;&nbsp;&nbsp; 1699695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 03/01/2025\* | &nbsp;&nbsp; 945000 | &nbsp;&nbsp;&nbsp;&nbsp; 907417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 12/01/2027 | &nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp;&nbsp; 676294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/01/2028\* | &nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp;&nbsp; 852000 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2031 | &nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 690263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2029 | &nbsp;&nbsp; 1379000 | &nbsp;&nbsp;&nbsp;&nbsp; 1265922 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 06/15/2029\* | &nbsp;&nbsp; 3313000 | &nbsp;&nbsp;&nbsp;&nbsp; 2919084 |
| &nbsp;&nbsp;&nbsp;EnLink Midstream LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 06/01/2029 | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 738188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 01/15/2028\* | &nbsp;&nbsp; 2445000 | &nbsp;&nbsp;&nbsp;&nbsp; 2383875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/01/2030\* | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 192968 |
| &nbsp;&nbsp;&nbsp;EnLink Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 04/01/2045 | &nbsp;&nbsp; 852000 | &nbsp;&nbsp;&nbsp;&nbsp; 647137 |
| &nbsp;&nbsp;&nbsp;EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/15/2029\* | &nbsp;&nbsp; 1415000 | &nbsp;&nbsp;&nbsp;&nbsp; 1243643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/15/2031\* | &nbsp;&nbsp; 2535000 | &nbsp;&nbsp;&nbsp;&nbsp; 2134065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 07/01/2025\* | &nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp;&nbsp; 1200500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/01/2027\* | &nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp;&nbsp; 664450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/15/2048 | &nbsp;&nbsp; 1035000 | &nbsp;&nbsp;&nbsp;&nbsp; 801772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 06/01/2027 to 06/01/2030\* | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 292805 |
| &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2029\* | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1468375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/15/2031\* | &nbsp;&nbsp; 1335000 | &nbsp;&nbsp;&nbsp;&nbsp; 1151437 |
| &nbsp;&nbsp;&nbsp;Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 02/01/2030 | &nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp;&nbsp; 1229704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23159594 |
| **REITS — 0.8%** | **REITS — 0.8%** | **REITS — 0.8%** |
| &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; 3095000 | &nbsp;&nbsp;&nbsp;&nbsp; 2700388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/01/2025\* | &nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 921752 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3622140 |
| **Retail — 9.0%** | **Retail — 9.0%** | **Retail — 9.0%** |
| &nbsp;&nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/15/2029\* | &nbsp;&nbsp; 2295000 | &nbsp;&nbsp;&nbsp;&nbsp; 1956815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 01/15/2028\* | &nbsp;&nbsp; 4015000 | &nbsp;&nbsp;&nbsp;&nbsp; 3583337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/2030\* | &nbsp;&nbsp; 1535000 | &nbsp;&nbsp;&nbsp;&nbsp; 1292716 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/15/2029\* | &nbsp;&nbsp; 2315000 | &nbsp;&nbsp;&nbsp;&nbsp; 2019838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/01/2030 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp; 303496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/2032\* | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp; 743500 |
| &nbsp;&nbsp;&nbsp;FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 09/01/2028\* | &nbsp;&nbsp; 1960000 | &nbsp;&nbsp;&nbsp;&nbsp; 1724710 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 10/01/2029\* | &nbsp;&nbsp; 1760000 | &nbsp;&nbsp;&nbsp;&nbsp; 1352111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/01/2031\*# | &nbsp;&nbsp; 1760000 | &nbsp;&nbsp;&nbsp;&nbsp; 1328800 |
| &nbsp;&nbsp;&nbsp;LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2029\* | &nbsp;&nbsp; 5652000 | &nbsp;&nbsp;&nbsp;&nbsp; 3893176 |
| &nbsp;&nbsp;&nbsp;Michaels Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/01/2028\* | &nbsp;&nbsp; 3935000 | &nbsp;&nbsp;&nbsp;&nbsp; 2882132 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;PetSmart, Inc./PetSmart Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2028\* |  | $5215000 | &nbsp;&nbsp;$4764580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/15/2029\* |  | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1295000 |
| &nbsp;&nbsp;&nbsp;Specialty Building Products Holdings LLC/SBP Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 09/30/2026\* |  | &nbsp;&nbsp; 3650000 | &nbsp;&nbsp;&nbsp;&nbsp; 3015467 |
| &nbsp;&nbsp;&nbsp;SRS Distribution, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 07/01/2028\* |  | &nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1921455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/2029\* |  | &nbsp;&nbsp; 1025000 | &nbsp;&nbsp;&nbsp;&nbsp; 839613 |
| &nbsp;&nbsp;&nbsp;Staples, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 04/15/2026\* |  | &nbsp;&nbsp; 3685000 | &nbsp;&nbsp;&nbsp;&nbsp; 3287518 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/15/2031 |  | &nbsp;&nbsp; 683000 | &nbsp;&nbsp;&nbsp;&nbsp; 569451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 01/31/2032 |  | &nbsp;&nbsp; 993000 | &nbsp;&nbsp;&nbsp;&nbsp; 878805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/01/2032 |  | &nbsp;&nbsp; 1399000 | &nbsp;&nbsp;&nbsp;&nbsp; 1297670 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;38950190 |
| **Semiconductors — 0.9%** | **Semiconductors — 0.9%** | **Semiconductors — 0.9%** | **Semiconductors — 0.9%** |
| &nbsp;&nbsp;&nbsp;Entegris Escrow Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 04/15/2029\* |  | &nbsp;&nbsp; 4220000 | &nbsp;&nbsp;&nbsp;&nbsp; 3819457 |
| **Software — 5.9%** | **Software — 5.9%** | **Software — 5.9%** | **Software — 5.9%** |
| &nbsp;&nbsp;&nbsp;AthenaHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2030\*# |  | &nbsp;&nbsp; 3805000 | &nbsp;&nbsp;&nbsp;&nbsp; 2849572 |
| &nbsp;&nbsp;&nbsp;Black Knight InfoServ LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 09/01/2028\* |  | &nbsp;&nbsp; 1955000 | &nbsp;&nbsp;&nbsp;&nbsp; 1757056 |
| &nbsp;&nbsp;&nbsp;Dun & Bradstreet Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2029\* |  | &nbsp;&nbsp; 3370000 | &nbsp;&nbsp;&nbsp;&nbsp; 2899379 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/2028\* |  | &nbsp;&nbsp; 2075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1898625 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 09/01/2030\* |  | &nbsp;&nbsp; 1515000 | &nbsp;&nbsp;&nbsp;&nbsp; 1272034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/15/2031\* |  | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 364888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2029\* |  | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006654 |
| &nbsp;&nbsp;&nbsp;Open Text Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/15/2028 to 12/01/2029\* |  | &nbsp;&nbsp; 2205000 | &nbsp;&nbsp;&nbsp;&nbsp; 1819654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 12/01/2027\* |  | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 260325 |
| &nbsp;&nbsp;&nbsp;Open Text Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 02/15/2030 to 12/01/2031\* |  | &nbsp;&nbsp; 2330000 | &nbsp;&nbsp;&nbsp;&nbsp; 1859691 |
| &nbsp;&nbsp;&nbsp;PTC, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 02/15/2025\* |  | &nbsp;&nbsp; 2905000 | &nbsp;&nbsp;&nbsp;&nbsp; 2769228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/2028\* |  | &nbsp;&nbsp; 1275000 | &nbsp;&nbsp;&nbsp;&nbsp; 1163501 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 05/01/2030\* |  | &nbsp;&nbsp; 3205000 | &nbsp;&nbsp;&nbsp;&nbsp; 2622587 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/30/2027\* |  | &nbsp;&nbsp; 3115000 | &nbsp;&nbsp;&nbsp;&nbsp; 2977213 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;25520407 |
| **Telecommunications — 4.1%** | **Telecommunications — 4.1%** | **Telecommunications — 4.1%** | **Telecommunications — 4.1%** |
| &nbsp;&nbsp;&nbsp;Altice France SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2028\* |  | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 437540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 02/01/2027\* |  | &nbsp;&nbsp; 3590000 | &nbsp;&nbsp;&nbsp;&nbsp; 3419475 |
| &nbsp;&nbsp;&nbsp;Embarq Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 06/01/2036 |  | &nbsp;&nbsp; 3305000 | &nbsp;&nbsp;&nbsp;&nbsp; 1404063 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/2028\* |  | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1068000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 10/15/2027\* |  | &nbsp;&nbsp; 2025000 | &nbsp;&nbsp;&nbsp;&nbsp; 1926828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/01/2029 |  | &nbsp;&nbsp; 757036 | &nbsp;&nbsp;&nbsp;&nbsp; 604270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/01/2029\* |  | &nbsp;&nbsp; 1745000 | &nbsp;&nbsp;&nbsp;&nbsp; 1466027 |
| &nbsp;&nbsp;&nbsp;Iliad Holding SASU |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/15/2026\* |  | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp; 722946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/15/2028\* |  | &nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp;&nbsp; 618327 |
| &nbsp;&nbsp;&nbsp;Kaixo Bondco Telecom SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 09/30/2029\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1975000 | &nbsp;&nbsp;&nbsp;&nbsp; 1757183 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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)** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| &nbsp;&nbsp;&nbsp;Lorca Telecom Bondco SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/18/2027\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 2460000 | &nbsp;&nbsp;$2316416 |
| &nbsp;&nbsp;&nbsp;Sprint LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 02/15/2025 |  | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035824 |
| &nbsp;&nbsp;&nbsp;Telecom Italia Capital SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/15/2033 |  | &nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1129219 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;17906118 |
| **Toys/Games/Hobbies — 0.4%** | **Toys/Games/Hobbies — 0.4%** | **Toys/Games/Hobbies — 0.4%** | **Toys/Games/Hobbies — 0.4%** |
| &nbsp;&nbsp;&nbsp;Mattel, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/01/2026\* |  | &nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp;&nbsp; 844845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 12/15/2027\* |  | &nbsp;&nbsp; 1035000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012065 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1856910 |
| **Transportation — 0.4%** | **Transportation — 0.4%** | **Transportation — 0.4%** | **Transportation — 0.4%** |
| &nbsp;&nbsp;&nbsp;First Student Bidco, Inc./First Transit Parent, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/31/2029\* |  | &nbsp;&nbsp; 1875000 | &nbsp;&nbsp;&nbsp;&nbsp; 1556250 |
| **Total Corporate Bonds & Notes<br> (cost $451,802,090)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;408840754 |
| **CONVERTIBLE BONDS & NOTES — 1.2%** | **CONVERTIBLE BONDS & NOTES — 1.2%** | **CONVERTIBLE BONDS & NOTES — 1.2%** | **CONVERTIBLE BONDS & NOTES — 1.2%** |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 04/01/2026 |  | &nbsp;&nbsp; 1249000 | &nbsp;&nbsp;&nbsp;&nbsp; 936126 |
| **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 03/15/2026 |  | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 526830 |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;Block, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%, 03/01/2025 |  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 488125 |
| **Healthcare-Products — 0.4%** | **Healthcare-Products — 0.4%** | **Healthcare-Products — 0.4%** | **Healthcare-Products — 0.4%** |
| &nbsp;&nbsp;&nbsp;Insulet Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38%, 09/01/2026 |  | &nbsp;&nbsp; 726000 | &nbsp;&nbsp;&nbsp;&nbsp; 1034913 |
| &nbsp;&nbsp;&nbsp;NuVasive, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38%, 03/15/2025 |  | &nbsp;&nbsp; 1035000 | &nbsp;&nbsp;&nbsp;&nbsp; 888547 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923460 |
| **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** |
| &nbsp;&nbsp;&nbsp;Middleby Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 09/01/2025 |  | &nbsp;&nbsp; 641000 | &nbsp;&nbsp;&nbsp;&nbsp; 793238 |
| **Oil & Gas — 0.2%** | **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; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 738125 |
| **Total Convertible Bonds & Notes<br> (cost $5,746,975)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5405904 |
| **LOANS(2)(3)(4) — 1.5%** |  |  |  |
| **Computers — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;McAfee Corp. FRS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL-B <br> 7.63%, (SOFR12+ 3.75%), 03/01/2029 |  | &nbsp;&nbsp; 1342275 | &nbsp;&nbsp;&nbsp;&nbsp; 1271432 |
| **Entertainment — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Crown Finance US, Inc. FRS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL <br> 13.88%, (SOFR4+ 10.00%), 09/07/2023 |  | &nbsp;&nbsp; 60497 | &nbsp;&nbsp;&nbsp;&nbsp; 58228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL <br> 14.21%, (SOFR4+ 10.00%), 09/07/2023 |  | &nbsp;&nbsp; 719914 | &nbsp;&nbsp;&nbsp;&nbsp; 692918 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751146 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Southwestern Energy Co. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL <br> 6.20%, (SOFR4+2.50%), 06/22/2027 | $704675 | &nbsp;&nbsp;$694986 |
| **Packaging & Containers — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL-B <br> 8.36%, (SOFR12+4.18%), 04/13/2029 | &nbsp;&nbsp; 1945125 | &nbsp;&nbsp;&nbsp;&nbsp; 1870636 |
| **Pharmaceuticals — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Owens & Minor, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL-B <br> 7.83%, (SOFR6+ 3.75%), 03/29/2029 | &nbsp;&nbsp; 170733 | &nbsp;&nbsp;&nbsp;&nbsp; 169880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL-B <br> 7.94%, (SOFR12+ 3.75%), 03/29/2029 | &nbsp;&nbsp; 346667 | &nbsp;&nbsp;&nbsp;&nbsp; 344933 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514813 |
| **Software — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Ascend Learning LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL <br> 7.57%, (1 ML+3.50%), 12/11/2028 | &nbsp;&nbsp; 6094 | &nbsp;&nbsp;&nbsp;&nbsp; 5756 |
| &nbsp;&nbsp;&nbsp;Dun & Bradstreet Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL <br> 7.29%, (1 ML+3.25%), 02/06/2026 | &nbsp;&nbsp; 1393417 | &nbsp;&nbsp;&nbsp;&nbsp; 1372805 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378561 |
| **Total Loans<br> (cost $6,550,442)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6481574 |
| **COMMON STOCKS — 0.4%** | **COMMON STOCKS — 0.4%** | **COMMON STOCKS — 0.4%** |
| **Coal — 0.0%** | **Coal — 0.0%** | **Coal — 0.0%** |
| &nbsp;&nbsp;&nbsp;Foresight Energy LLC†(5) | &nbsp;&nbsp; 3805 | &nbsp;&nbsp;&nbsp;&nbsp; 43756 |
| **Telecommunications — 0.4%** | **Telecommunications — 0.4%** | **Telecommunications — 0.4%** |
| &nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc.† | &nbsp;&nbsp; 59553 | &nbsp;&nbsp;&nbsp;&nbsp; 1534681 |
| **Total Common Stocks<br> (cost $1,607,521)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578437 |
| **Total Long-Term Investment Securities<br> (cost $465,707,028)** |  | &nbsp;&nbsp;&nbsp;&nbsp;422306669 |
| **SHORT-TERM INVESTMENTS — 3.2%** | **SHORT-TERM INVESTMENTS — 3.2%** | **SHORT-TERM INVESTMENTS — 3.2%** |
| **Unaffiliated Investment Companies — 3.2%** | **Unaffiliated Investment Companies — 3.2%** | **Unaffiliated Investment Companies — 3.2%** |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 3.86%(6)(7)<br> (cost $14,185,025) | &nbsp;&nbsp;14185025 | &nbsp;&nbsp;&nbsp;&nbsp; 14185025 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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 1.13% dated 11/30/2022, to be repurchased 12/01/2022 in the amount of $2,461,749 and collateralized by $2,692,100 of United States Treasury Notes, bearing interest at 1.13% due 01/15/2025 and having an approximate value of $2,510,908<br> (cost $2,461,672) | $2461672 | &nbsp;&nbsp;$2461672 |
| **TOTAL INVESTMENTS<br> (cost $482,353,725)(8)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.9% | &nbsp;&nbsp;&nbsp;&nbsp;438953366 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4015411) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$434937955 |

---

---

| | |
|:---|:---|
| \* | &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, 2022, the aggregate value of these securities was $316,996,941 representing 72.9% of net assets. |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| † | &nbsp;&nbsp;Non-income producing security |
| (1) | &nbsp;&nbsp;Perpetual maturity - maturity date reflects the next call date. |
| (2) | &nbsp;&nbsp;All loans in the Fund were purchased through assignment agreements unless otherwise indicated. |
| (3) | &nbsp;&nbsp;The Fund invests in senior loans which generally pay interest at rates which are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate ("LIBOR"), the Secured Overnight Financing Rate ("SOFR"), or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. 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. |

---

(4) 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.

(5) 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, 2022, 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>** |
| Foresight Energy LLC | 08/25/2020 | 3805 | $2584 | $43756 | $11.50 | 0.01% |

---

(6) The
rate shown is the 7-day yield as of November 30, 2022.

(7) At
 November 30, 2022, the Fund had loaned securities with a total value of $14,751,541. This was secured by collateral of $14,185,025, which was received in cash and subsequently invested in short-term investments currently valued at $14,185,025 as
reported in the Portfolio of Investments. Additional collateral of $813,151 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:

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> November 30, 2022** |
| United States Treasury Bills | 0.00% | 02/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;$542 |
| United States Treasury Notes/Bonds | 0.13% to 5.00% | 04/15/2023 to 08/15/2046 | &nbsp;&nbsp;&nbsp;812609 |

---

(8) See
 Note 5 for cost of investments on a tax basis.

---

| |
|:---|
| 1 ML—1 Month USD LIBOR |
| BTL—Bank Term Loan |
| FRS—Floating Rate Security |
| SOFR12—Secured Overnight Financing Rate 1 month |
| SOFR4—Secured Overnight Financing Rate 3 month |
| SOFR6—Secured Overnight Financing Rate 6 month |

---

EUR—Euro Currency

The rates shown on FRS and/or VRS are the current interest rates at November 30, 2022 and unless noted otherwise, the dates shown are the original maturity dates.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps - Buyer** | **Credit Default Swaps - Buyer** | **Credit Default Swaps - Buyer** | **Credit Default Swaps - Buyer** | **Credit Default Swaps - Buyer** | **Credit Default Swaps - Buyer** | **Credit Default Swaps - Buyer** | **Credit Default Swaps - Buyer** | **Credit Default Swaps - Buyer** | **Credit Default Swaps - Buyer** | **Credit Default Swaps - Buyer** |
| **Counterparty (OTC)/<br> Centrally cleared** | &nbsp;&nbsp;**Reference <br> obligation** | &nbsp;&nbsp;**Notional <br> amount** | &nbsp;&nbsp;**Currency** | &nbsp;&nbsp;**USD <br> notional<br> amount** | &nbsp;&nbsp;**Pay <br> fixed<br> rate** | &nbsp;&nbsp;**Fixed <br> payment<br> frequency** | &nbsp;&nbsp;**Maturity <br> date** | &nbsp;&nbsp;**Upfront <br> payment paid<br> (received)** | &nbsp;&nbsp;**Unrealized <br> appreciation<br> (depreciation)** | &nbsp;&nbsp;**Value** |
| Centrally Cleared | &nbsp;&nbsp;CDX North American High Yield Index Series 39 | &nbsp;&nbsp;$4675000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;$4675000 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;Dec 2027 | &nbsp;&nbsp;$(87857) | &nbsp;&nbsp;$175516 | &nbsp;&nbsp;$87659 |

---

USD—United States Dollar

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| **Counterparty** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**In <br> Exchange For** | &nbsp;&nbsp;**In <br> Exchange For** | &nbsp;&nbsp;**Delivery <br> Date** | &nbsp;&nbsp;**Unrealized <br> Appreciation** | &nbsp;&nbsp;**Unrealized <br> (Depreciation)** |
| UBS AG | &nbsp;&nbsp;EUR | &nbsp;&nbsp;7566000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;7802498 | &nbsp;&nbsp;12/30/2022 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(90014) |

---

EUR—Euro Currency <br> USD—United States Dollar

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2022 (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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$408840754 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$408840754 |
| Convertible Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5405904 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5405904 |
| Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6481574 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6481574 |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Coal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43756 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43756 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;1534681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534681 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;14185025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14185025 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2461672 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2461672 |
| **Total Investments at Value** | &nbsp;&nbsp;$15719706 | &nbsp;&nbsp;$423233660 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$438953366 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$175516 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$175516 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$90014 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$90014 |

---

---

| | |
|:---|:---|
| \* | &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**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;58.5% |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;32.2 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| Other Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Municipal Securities | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Auto Loan Receivables | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Trucking & Leasing | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Office/Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Credit Card Receivables | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;104.9% |

---

---

| | |
|:---|:---|
| **Credit Quality†#** |  |
| Aaa | &nbsp;&nbsp;&nbsp;&nbsp;81.6% |
| Aa | &nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| Baa | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Ba | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| B | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Not Rated@ | &nbsp;&nbsp;&nbsp;&nbsp;10.5 |
|  | &nbsp;&nbsp;100.0% |

---

\* Calculated as a percentage of net assets

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Source: Moody's |
| # | &nbsp;&nbsp;Calculated as a percentage of total debt issues, excluding short-term securities. |
| @ | &nbsp;&nbsp;Represents debt issues that either have no rating, or the rating is unavailable from the data source. |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 1.9%** | **CORPORATE BONDS & NOTES — 1.9%** | **CORPORATE BONDS & NOTES — 1.9%** |
| **Banks — 0.5%** | **Banks — 0.5%** | **Banks — 0.5%** |
| &nbsp;&nbsp;&nbsp;Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 08/09/2033 | $2210000 | &nbsp;&nbsp;$2116853 |
| &nbsp;&nbsp;&nbsp;Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.44%, 08/11/2028\* | &nbsp;&nbsp; 2215000 | &nbsp;&nbsp;&nbsp;&nbsp; 2009334 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4126187 |
| **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** |
| &nbsp;&nbsp;&nbsp;FS Luxembourg SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 12/15/2025\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 403492 |
| **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
| &nbsp;&nbsp;&nbsp;NBM US Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 05/14/2026 | &nbsp;&nbsp; 1595000 | &nbsp;&nbsp;&nbsp;&nbsp; 1579804 |
| **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 02/15/2029 | &nbsp;&nbsp; 1386000 | &nbsp;&nbsp;&nbsp;&nbsp; 1175300 |
| **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** |
| &nbsp;&nbsp;&nbsp;Hess Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 10/01/2029 | &nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1483377 |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/28/2031 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp; 659091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84%, 01/23/2030 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1230848 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3373316 |
| **Pipelines — 0.2%** | **Pipelines — 0.2%** | **Pipelines — 0.2%** |
| &nbsp;&nbsp;&nbsp;Cheniere Corpus Christi Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 11/15/2029 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 529088 |
| &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; 1074677 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603765 |
| **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 02/15/2031\* | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1420136 |
| **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** |
| &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 11/01/2029\* | &nbsp;&nbsp; 1398000 | &nbsp;&nbsp;&nbsp;&nbsp; 1179938 |
| **Total Corporate Bonds & Notes<br> (cost $16,526,064)** |  | &nbsp;&nbsp;&nbsp;&nbsp;14861938 |
| **LOANS(1)(2)(3) — 0.0%** |  |  |
| **Commercial Services — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;WW International, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL - B<br> 7.58%, (1 ML+ 3.50%), 04/13/2028<br> (cost $89,366) | &nbsp;&nbsp; 94500 | &nbsp;&nbsp;&nbsp;&nbsp; 57125 |
| **ASSET BACKED SECURITIES — 3.6%** | **ASSET BACKED SECURITIES — 3.6%** | **ASSET BACKED SECURITIES — 3.6%** |
| **Auto Loan Receivables — 0.2%** | **Auto Loan Receivables — 0.2%** | **Auto Loan Receivables — 0.2%** |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A, Class A<br> 1.00%, 05/15/2030\* | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 509309 |
| &nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class B<br> 1.00%, 06/17/2024\* | &nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp; 705490 |
| &nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3A, Class D<br> 1.65%, 02/17/2026\* | &nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp; 728405 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943204 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Credit Card Receivables — 0.1%** | **Credit Card Receivables — 0.1%** | **Credit Card Receivables — 0.1%** |
| &nbsp;&nbsp;&nbsp;Mercury Financial Credit Card Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A 1.54%, 03/20/2026\* | $770000 | &nbsp;&nbsp;$730318 |
| **Other Asset Backed Securities — 3.3%** | **Other Asset Backed Securities — 3.3%** | **Other Asset Backed Securities — 3.3%** |
| &nbsp;&nbsp;&nbsp;510 Asset Backed Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL1, Class A1<br> 2.24%, 06/25/2061\*(4) | &nbsp;&nbsp; 1285918 | &nbsp;&nbsp;&nbsp;&nbsp; 1186385 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FL2, Class A<br> 4.98%, (1 ML+1.10%), 05/15/2036\* | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 296373 |
| &nbsp;&nbsp;&nbsp;Avant Loans Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-REV1, Class A<br> 1.21%, 07/15/2030\* | &nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp;&nbsp; 629626 |
| &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2A, Class AR2<br> 5.54%, (3 ML+1.18%), 07/25/2034\* | &nbsp;&nbsp; 1940000 | &nbsp;&nbsp;&nbsp;&nbsp; 1881763 |
| &nbsp;&nbsp;&nbsp;Battery Park CLO II, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A, Class A1<br> 6.39%, (3M TSFR+2.21%), 10/20/2035\* | &nbsp;&nbsp; 1695000 | &nbsp;&nbsp;&nbsp;&nbsp; 1683342 |
| &nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XXVII, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-27A, Class A1<br> 4.29%, (3M TSFR+1.80%), 07/20/2035\* | &nbsp;&nbsp; 1980000 | &nbsp;&nbsp;&nbsp;&nbsp; 1957943 |
| &nbsp;&nbsp;&nbsp;BlueMountain CLO XXXI, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-31A, Class A1<br> 5.38%, (3 ML+1.15%), 04/19/2034\* | &nbsp;&nbsp; 2370000 | &nbsp;&nbsp;&nbsp;&nbsp; 2295795 |
| &nbsp;&nbsp;&nbsp;Harriman Park CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A, Class A1R<br> 5.36%, (3 ML+1.12%), 04/20/2034\* | &nbsp;&nbsp; 2515000 | &nbsp;&nbsp;&nbsp;&nbsp; 2449429 |
| &nbsp;&nbsp;&nbsp;Nassau, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-IA, Class A1<br> 5.33%, (3 ML+1.25%), 08/26/2034\* | &nbsp;&nbsp; 2010000 | &nbsp;&nbsp;&nbsp;&nbsp; 1901808 |
| &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-EA, Class A<br> 0.97%, 12/16/2069\* | &nbsp;&nbsp; 537925 | &nbsp;&nbsp;&nbsp;&nbsp; 444394 |
| &nbsp;&nbsp;&nbsp;OZLM XVIII, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-18A, Class A<br> 5.10%, (3 ML+1.02%), 04/15/2031\* | &nbsp;&nbsp; 1365000 | &nbsp;&nbsp;&nbsp;&nbsp; 1332529 |
| &nbsp;&nbsp;&nbsp;PRET LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL3, Class A1<br> 1.87%, 07/25/2051\*(4) | &nbsp;&nbsp; 642834 | &nbsp;&nbsp;&nbsp;&nbsp; 573946 |
| &nbsp;&nbsp;&nbsp;Pretium Mtg. Credit Partners I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL2, Class A1<br> 1.99%, 06/27/2060\*(4) | &nbsp;&nbsp; 744709 | &nbsp;&nbsp;&nbsp;&nbsp; 685961 |
| &nbsp;&nbsp;&nbsp;Pretium Mtg. Credit Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RN1, Class A1<br> 1.99%, 02/25/2061\*(4) | &nbsp;&nbsp; 1295579 | &nbsp;&nbsp;&nbsp;&nbsp; 1157831 |
| &nbsp;&nbsp;&nbsp;Sound Point CLO XXIX, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A<br> 5.43%, (3 ML+1.07%), 04/25/2034\* | &nbsp;&nbsp; 1960000 | &nbsp;&nbsp;&nbsp;&nbsp; 1882935 |
| &nbsp;&nbsp;&nbsp;VCAT LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL2, Class A1<br> 2.12%, 03/27/2051\*(4) | &nbsp;&nbsp; 182992 | &nbsp;&nbsp;&nbsp;&nbsp; 165423 |
| &nbsp;&nbsp;&nbsp;Venture 37 CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-37A, Class A1R<br> 5.23%, (3 ML+1.15%), 07/15/2032\* | &nbsp;&nbsp; 2040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1981525 |
| &nbsp;&nbsp;&nbsp;Venture 43 CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-43A, Class A1<br> 5.32%, (3 ML+1.24%), 04/15/2034\* | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp; 734983 |
| &nbsp;&nbsp;&nbsp;Wellfleet CLO X, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-XA, Class A1R<br> 5.41%, (3 ML+1.17%), 07/20/2032\* | &nbsp;&nbsp; 1530000 | &nbsp;&nbsp;&nbsp;&nbsp; 1488375 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Wendy's Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2I<br> 2.37%, 06/15/2051\* | $1713313 | &nbsp;&nbsp;$1376525 |
| &nbsp;&nbsp;&nbsp;Wingstop Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A, Class A2<br> 2.84%, 12/05/2050\* | &nbsp;&nbsp; 312638 | &nbsp;&nbsp;&nbsp;&nbsp; 266090 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26372981 |
| **Total Asset Backed Securities<br> (cost $30,629,615)** |  | &nbsp;&nbsp;&nbsp;&nbsp;29046503 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 2.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 2.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 2.0%** |
| **Commercial and Residential — 1.9%** | **Commercial and Residential — 1.9%** | **Commercial and Residential — 1.9%** |
| &nbsp;&nbsp;&nbsp;Ajax Mtg. Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C, Class A<br> 2.12%, 01/25/2061\*(4) | &nbsp;&nbsp; 387796 | &nbsp;&nbsp;&nbsp;&nbsp; 356620 |
| &nbsp;&nbsp;&nbsp;BANK VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN29, Class XA<br> 1.45%, 11/15/2053(5)(6) | &nbsp;&nbsp; 10931645 | &nbsp;&nbsp;&nbsp;&nbsp; 823127 |
| &nbsp;&nbsp;&nbsp;Benchmark Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B22, Class XA<br> 1.63%, 01/15/2054(5)(6) | &nbsp;&nbsp; 3884621 | &nbsp;&nbsp;&nbsp;&nbsp; 341805 |
| &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\*(6) | &nbsp;&nbsp; 308520 | &nbsp;&nbsp;&nbsp;&nbsp; 256162 |
| &nbsp;&nbsp;&nbsp;BXSC Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-WSS, Class C<br> 6.19%, (1M TSFR+2.39%), 03/15/2035\* | &nbsp;&nbsp; 1135000 | &nbsp;&nbsp;&nbsp;&nbsp; 1080947 |
| &nbsp;&nbsp;&nbsp;CAMB Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-LIFE, Class A<br> 4.94%, (1 ML+1.07%), 12/15/2037\* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 734004 |
| &nbsp;&nbsp;&nbsp;CSMC Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4, Class A1<br> 1.10%, 05/25/2066\*(6) | &nbsp;&nbsp; 1032491 | &nbsp;&nbsp;&nbsp;&nbsp; 837898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RPL4, Class A1<br> 1.80%, 12/27/2060\*(6) | &nbsp;&nbsp; 443147 | &nbsp;&nbsp;&nbsp;&nbsp; 401415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RPL2, Class M3<br> 3.51%, 01/25/2060\*(6) | &nbsp;&nbsp; 376575 | &nbsp;&nbsp;&nbsp;&nbsp; 241598 |
| &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\*(6) | &nbsp;&nbsp; 293267 | &nbsp;&nbsp;&nbsp;&nbsp; 228035 |
| &nbsp;&nbsp;&nbsp;GCAT Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM3, Class A1<br> 1.09%, 05/25/2066\*(6) | &nbsp;&nbsp; 811153 | &nbsp;&nbsp;&nbsp;&nbsp; 651351 |
| &nbsp;&nbsp;&nbsp;Legacy Mtg. Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS2, Class A1<br> 1.75%, 04/25/2061\*(4) | &nbsp;&nbsp; 446009 | &nbsp;&nbsp;&nbsp;&nbsp; 400711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS3, Class A1<br> 1.75%, 07/25/2061\*(4) | &nbsp;&nbsp; 579937 | &nbsp;&nbsp;&nbsp;&nbsp; 513029 |
| &nbsp;&nbsp;&nbsp;MFA Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM1, Class A1<br> 1.15%, 04/25/2065\*(6) | &nbsp;&nbsp; 392858 | &nbsp;&nbsp;&nbsp;&nbsp; 339222 |
| &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\*(6) | &nbsp;&nbsp; 313492 | &nbsp;&nbsp;&nbsp;&nbsp; 271389 |
| &nbsp;&nbsp;&nbsp;NMLT Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1, Class A1<br> 1.19%, 05/25/2056\*(6) | &nbsp;&nbsp; 1304564 | &nbsp;&nbsp;&nbsp;&nbsp; 1040468 |
| &nbsp;&nbsp;&nbsp;PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5, Class A1<br> 1.79%, 06/25/2026\*(4) | &nbsp;&nbsp; 819450 | &nbsp;&nbsp;&nbsp;&nbsp; 739826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3, Class A1<br> 1.87%, 04/25/2026\*(4) | &nbsp;&nbsp; 605273 | &nbsp;&nbsp;&nbsp;&nbsp; 535841 |

---

---

| | | |
|:---|:---|:---|
| **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;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-6, Class A1<br> 2.36%, 11/25/2025\*(4) | $263725 | &nbsp;&nbsp;$241073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-9, Class A1<br> 2.36%, 10/25/2026\*(4) | &nbsp;&nbsp; 1537361 | &nbsp;&nbsp;&nbsp;&nbsp; 1369914 |
| &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\*(6) | &nbsp;&nbsp; 1092786 | &nbsp;&nbsp;&nbsp;&nbsp; 888781 |
| &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\*(6) | &nbsp;&nbsp; 247573 | &nbsp;&nbsp;&nbsp;&nbsp; 228091 |
| &nbsp;&nbsp;&nbsp;Toorak Mtg. Corp., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A1<br> 2.24%, 06/25/2024\*(4) | &nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 911227 |
| &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\*(6) | &nbsp;&nbsp; 1809080 | &nbsp;&nbsp;&nbsp;&nbsp; 1460179 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14892713 |
| **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> 4.32%, (1 ML+0.45%), 01/15/2041 | &nbsp;&nbsp; 167503 | &nbsp;&nbsp;&nbsp;&nbsp; 166699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4001, Class FM<br> 4.37%, (1 ML+0.50%), 02/15/2042 | &nbsp;&nbsp; 161965 | &nbsp;&nbsp;&nbsp;&nbsp; 158748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3355, Class BF<br> 4.57%, (1 ML+0.70%), 08/15/2037 | &nbsp;&nbsp; 191484 | &nbsp;&nbsp;&nbsp;&nbsp; 190384 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-93, Class BF<br> 4.42%, (1 ML+0.40%), 09/25/2042 | &nbsp;&nbsp; 225919 | &nbsp;&nbsp;&nbsp;&nbsp; 220272 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-14, Class FN<br> 4.44%, (1 ML+0.55%), 02/16/2040 | &nbsp;&nbsp; 152295 | &nbsp;&nbsp;&nbsp;&nbsp; 151778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887881 |
| **Total Collateralized Mortgage Obligations<br> (cost $18,242,013)** |  | &nbsp;&nbsp;&nbsp;&nbsp;15780594 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 58.5%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 58.5%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 58.5%** |
| **U.S. Government — 53.3%** | **U.S. Government — 53.3%** | **U.S. Government — 53.3%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds TIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%, 02/15/2051(7) | &nbsp;&nbsp; 541476 | &nbsp;&nbsp;&nbsp;&nbsp; 372173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 02/15/2050(7) | &nbsp;&nbsp; 42556587 | &nbsp;&nbsp;&nbsp;&nbsp; 30363682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 02/15/2043(7) | &nbsp;&nbsp; 25798237 | &nbsp;&nbsp;&nbsp;&nbsp; 21371891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 02/15/2045(7) | &nbsp;&nbsp; 32186815 | &nbsp;&nbsp;&nbsp;&nbsp; 26909519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 02/15/2047(7) | &nbsp;&nbsp; 10542791 | &nbsp;&nbsp;&nbsp;&nbsp; 8976747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 02/15/2046(7) | &nbsp;&nbsp; 11159809 | &nbsp;&nbsp;&nbsp;&nbsp; 9815836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 02/15/2044(7) | &nbsp;&nbsp; 12715298 | &nbsp;&nbsp;&nbsp;&nbsp; 12143607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 02/15/2040(7) | &nbsp;&nbsp; 3295512 | &nbsp;&nbsp;&nbsp;&nbsp; 3575180 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes TIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%, 10/15/2024 to 01/15/2032(7) | &nbsp;&nbsp;177854188 | &nbsp;&nbsp;&nbsp;&nbsp;163397824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 07/15/2029(7) | &nbsp;&nbsp; 11602600 | &nbsp;&nbsp;&nbsp;&nbsp; 10780447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 01/15/2028(7) | &nbsp;&nbsp; 22824514 | &nbsp;&nbsp;&nbsp;&nbsp; 21763828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 01/15/2026 to 07/15/2032(7) | &nbsp;&nbsp; 16923116 | &nbsp;&nbsp;&nbsp;&nbsp; 16051897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 07/15/2028(7) | &nbsp;&nbsp; 23623153 | &nbsp;&nbsp;&nbsp;&nbsp; 22821873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 01/15/2029(7)(8) | &nbsp;&nbsp; 71939133 | &nbsp;&nbsp;&nbsp;&nbsp; 69525238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 10/15/2027(7) | &nbsp;&nbsp; 8410783 | &nbsp;&nbsp;&nbsp;&nbsp; 8503433 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;426373175 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** |
| **U.S. Government Agency — 5.2%** | **U.S. Government Agency — 5.2%** | **U.S. Government Agency — 5.2%** | **U.S. Government Agency — 5.2%** |
| &nbsp;&nbsp;&nbsp;Uniform Mtg. Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, December 30 TBA |  | $21350000 | &nbsp;&nbsp;$20779555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, January 30 TBA |  | &nbsp;&nbsp; 21350000 | &nbsp;&nbsp;&nbsp;&nbsp; 20777886 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;41557441 |
| **Total U.S. Government & Agency Obligations<br> (cost $542,400,713)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;467930616 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 32.2%** | **FOREIGN GOVERNMENT OBLIGATIONS — 32.2%** | **FOREIGN GOVERNMENT OBLIGATIONS — 32.2%** | **FOREIGN GOVERNMENT OBLIGATIONS — 32.2%** |
| **Regional(State/Province) — 4.6%** | **Regional(State/Province) — 4.6%** | **Regional(State/Province) — 4.6%** | **Regional(State/Province) — 4.6%** |
| &nbsp;&nbsp;&nbsp;Province of Ontario, Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/2036(7) | &nbsp;&nbsp;CAD | &nbsp;&nbsp; 50574365 | &nbsp;&nbsp;&nbsp;&nbsp; 36556865 |
| **Sovereign — 27.6%** | **Sovereign — 27.6%** | **Sovereign — 27.6%** | **Sovereign — 27.6%** |
| &nbsp;&nbsp;&nbsp;Commonwealth of Australia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 08/21/2040(7) | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 24765000 | &nbsp;&nbsp;&nbsp;&nbsp; 19348778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%, 11/21/2027(7) | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 23826600 | &nbsp;&nbsp;&nbsp;&nbsp; 16237154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/21/2035(7) | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 18820000 | &nbsp;&nbsp;&nbsp;&nbsp; 17007525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94%, 09/20/2025(7) | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 16144172 | &nbsp;&nbsp;&nbsp;&nbsp; 12089308 |
| &nbsp;&nbsp;&nbsp;Federative Republic of Brazil |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.98%, 05/15/2027(7) | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 11416000 | &nbsp;&nbsp;&nbsp;&nbsp; 8769985 |
| &nbsp;&nbsp;&nbsp;Government of Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/2041(7) | &nbsp;&nbsp;CAD | &nbsp;&nbsp; 5581001 | &nbsp;&nbsp;&nbsp;&nbsp; 4689925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/2031(7) | &nbsp;&nbsp;CAD | &nbsp;&nbsp; 28406320 | &nbsp;&nbsp;&nbsp;&nbsp; 26326238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 12/01/2026(7) | &nbsp;&nbsp;CAD | &nbsp;&nbsp; 28096261 | &nbsp;&nbsp;&nbsp;&nbsp; 23280326 |
| &nbsp;&nbsp;&nbsp;Government of New Zealand |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/20/2040(7) | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11450548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48%, 09/20/2025(7) | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 49015500 | &nbsp;&nbsp;&nbsp;&nbsp; 31731954 |
| &nbsp;&nbsp;&nbsp;Government of Romania |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 02/08/2038(7) | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 2765000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/03/2049(7) | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp;&nbsp; 1443736 |
| &nbsp;&nbsp;&nbsp;Republic of Italy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%, 05/21/2026\*(7) | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 34827492 | &nbsp;&nbsp;&nbsp;&nbsp; 36031289 |
| &nbsp;&nbsp;&nbsp;United Mexican States |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 01/17/2030#(7) | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1293986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 11/27/2031(7) | &nbsp;&nbsp;MXN | &nbsp;&nbsp;198355524 | &nbsp;&nbsp;&nbsp;&nbsp; 8981463 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;220683775 |
| **Total Foreign Government Obligations<br> (cost $273,127,565)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;257240640 |
| **MUNICIPAL SECURITIES — 1.0%** | **MUNICIPAL SECURITIES — 1.0%** | **MUNICIPAL SECURITIES — 1.0%** | **MUNICIPAL SECURITIES — 1.0%** |
| &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; 1677019 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts<br> General Obligation Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66%, 09/01/2039 |  | &nbsp;&nbsp; 2077302 | &nbsp;&nbsp;&nbsp;&nbsp; 1621146 |
| &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; 1622463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.55%, 04/01/2039 |  | &nbsp;&nbsp; 1275000 | &nbsp;&nbsp;&nbsp;&nbsp; 1638424 |
| &nbsp;&nbsp;&nbsp;State of Connecticut<br> General Obligation Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 03/15/2032 |  | &nbsp;&nbsp; 1630000 | &nbsp;&nbsp;&nbsp;&nbsp; 1745101 |
| **Total Municipal Securities<br> (cost $9,357,374)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8304153 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lehman Brothers Holdings, Inc.<br> Escrow Notes<br> 1.00%, 11/01/2014†(9)<br> (cost $0) | $1000000 | &nbsp;&nbsp;$2100 |
| **Total Long-Term Investment Securities<br> (cost $890,372,710)** |  | &nbsp;&nbsp;&nbsp;&nbsp;793223669 |
| **SHORT-TERM INVESTMENTS — 0.0%** | **SHORT-TERM INVESTMENTS — 0.0%** | **SHORT-TERM INVESTMENTS — 0.0%** |
| **Unaffiliated Investment Companies — 0.0%** | **Unaffiliated Investment Companies — 0.0%** | **Unaffiliated Investment Companies — 0.0%** |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 3.86%(10)(11)<br> (cost $267,750) | &nbsp;&nbsp; 267750 | &nbsp;&nbsp;&nbsp;&nbsp; 267750 |
| **REPURCHASE AGREEMENTS — 5.7%** | **REPURCHASE AGREEMENTS — 5.7%** | **REPURCHASE AGREEMENTS — 5.7%** |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.13% dated 11/30/2022, to be repurchased 12/01/2022 in the amount of $45,855,861 and collateralized by $50,146,700 of United States Treasury Notes, bearing interest at 1.13% due 01/15/2025 and having an approximate value of $46,771,576<br> (cost $45,854,421) | &nbsp;&nbsp; 45854421 | &nbsp;&nbsp;&nbsp;&nbsp; 45854421 |
| **TOTAL INVESTMENTS<br> (cost $936,494,881)(12)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104.9% | &nbsp;&nbsp;&nbsp;&nbsp;839345840 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.9) | &nbsp;&nbsp;&nbsp;&nbsp;(39419103) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$799926737 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Inflation Protected Fund has no right to demand registration of these securities. At November 30, 2022, the aggregate value of these securities was $83,818,473 representing 10.5% of net assets. |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| † | &nbsp;&nbsp;Non-income producing security |
| (1) | &nbsp;&nbsp;All loans in the Fund were purchased through assignment agreements unless otherwise indicated. |
| (2) | &nbsp;&nbsp;The Fund invests in senior loans which generally pay interest at rates which are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate ("LIBOR"), the Secured Overnight Financing Rate ("SOFR"), or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. 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. |
| (3) | &nbsp;&nbsp;Senior loans in the Fund are generally subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments may occur. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. |
| (4) | &nbsp;&nbsp;"Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of November 30, 2022. |
| (5) | &nbsp;&nbsp;Interest Only |
| (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;Principal amount of security is adjusted for inflation. |
| (8) | &nbsp;&nbsp;The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
| (9) | &nbsp;&nbsp;Securities classified as Level 3 (see Note 2). |
| (10) | &nbsp;&nbsp;The rate shown is the 7-day yield as of November 30, 2022. |

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------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

(11) At
November 30, 2022, the Fund had loaned securities with a total value of $261,386. This was secured by collateral of $267,750, which was received in cash and subsequently invested in short-term investments currently valued at $267,750 as
reported in the Portfolio of Investments.

(12) See
 Note 5 for cost of investments on a tax basis.

---

| |
|:---|
| 1 ML—1 Month USD LIBOR |
| 1M TSFR—1 Month Term Secured Overnight Financing Rate |
| 3 ML—3 Month USD LIBOR |
| 3M TSFR—3 Month Term Secured Overnight Financing Rate |
| BTL—Bank Term Loan |
| CLO—Collateralized Loan Obligation |
| FRS—Floating Rate Security |
| REMIC—Real Estate Mortgage Investment Conduit |
| 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 <br> VRS—Variable Rate Security

---

| |
|:---|
| AUD—Australian Dollar |
| BRL—Brazilian Real |
| CAD—Canadian Dollar |
| EUR—Euro Currency |
| MXN—Mexican Peso |
| NZD—New Zealand Dollar |

---

The rates shown on FRS and/or VRS are the current interest rates at November 30, 2022 and unless noted otherwise, the dates shown are the original maturity dates.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Bank of America, N.A. | 75000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.430% | 12-Month USA CPI | Maturity | Maturity | Apr 2027 | $— | &nbsp;&nbsp;$(436394) | &nbsp;&nbsp;$(436394) |
| Goldman Sachs International | 12000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.490 | 12-Month USA CPI | Maturity | Maturity | Apr 2027 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(105375) | &nbsp;&nbsp;&nbsp;&nbsp;(105375) |
|  |  |  |  |  |  |  |  | $— | $(541769) | $(541769) |

---

#### 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** |
| 203 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Australian 10 Year Bonds | &nbsp;&nbsp;December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;$16474841 | &nbsp;&nbsp;&nbsp;&nbsp;$16625224 | &nbsp;&nbsp;&nbsp;&nbsp;$150383 |
| 31 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | &nbsp;&nbsp;March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3491310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3518500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27190 |
| 219 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 2 Year Notes | &nbsp;&nbsp;March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44864659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44973704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109045 |
| 73 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Bonds | &nbsp;&nbsp;March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9879299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9948531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69232 |
| 39 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-BUND | &nbsp;&nbsp;December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5892949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5717390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175559 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$531409 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized <br> (Depreciation)** |
| 521 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Canada 10 Year Bonds | &nbsp;&nbsp;March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;$48596965 | &nbsp;&nbsp;&nbsp;&nbsp;$48701290 | &nbsp;&nbsp;&nbsp;&nbsp;$(104325) |
| 48 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro Buxl 30 Year Bonds | &nbsp;&nbsp;December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7618480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7906896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288416) |
| 180 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-BTP | &nbsp;&nbsp;December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21945672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22345845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400173) |
| 181 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury 5 Year Notes | &nbsp;&nbsp;March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19562277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19651226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (88949) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(881863) |
| Net Unrealized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(350454) |

---

\* 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)** |
| Bank of America, N.A. | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;45473000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;8517298 | &nbsp;&nbsp;12/21/2022 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(214205) |
| Citibank, N.A. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;171635000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;8380124 | &nbsp;&nbsp;12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (486639) |
| Commonwealth Bank of Australia Sydney | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;8214000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;5419416 | &nbsp;&nbsp;12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (160290) |
| Deutsche Bank AG | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;49108000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;49437515 | &nbsp;&nbsp;12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1746174) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2880139 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;3955000 | &nbsp;&nbsp;12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 60978 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60978 | &nbsp;&nbsp;&nbsp;&nbsp;(1746174) |
| Goldman Sachs International | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;3145000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2308235 | &nbsp;&nbsp;12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (30530) |
|  | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;2014000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1994944 | &nbsp;&nbsp;12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (104184) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2007235 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;2990000 | &nbsp;&nbsp;12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 23849 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;1464273 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;1975000 | &nbsp;&nbsp;12/21/2022 | &nbsp;&nbsp;$4426 | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1502496 | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;2525000 | &nbsp;&nbsp;12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 88979 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134714) |
| HSBC Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1420313 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1412000 | &nbsp;&nbsp;12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 51369 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;2525000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1633919 | &nbsp;&nbsp;12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (81294) |
| Natwest Markets PLC | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;25335000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;16553433 | &nbsp;&nbsp;12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (656438) |
| State Street Bank & Trust Company | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;2155000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1619808 | &nbsp;&nbsp;12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 17252 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;16235954 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;22120000 | &nbsp;&nbsp;12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 213482 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Toronto Dominion Bank | &nbsp;&nbsp;CAD | &nbsp;&nbsp;151213000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;113739737 | &nbsp;&nbsp;12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1290891 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;70628000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;42049580 | &nbsp;&nbsp;12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(2466336) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1290891 | &nbsp;&nbsp;&nbsp;&nbsp;(2466336) |
| UBS AG | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;59063000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;39476233 | &nbsp;&nbsp;12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (644809) |
|  | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86626 | &nbsp;&nbsp;12/30/2022 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (999) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;3847783 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;5206000 | &nbsp;&nbsp;12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 23635 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;9260719 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;9220000 | &nbsp;&nbsp;12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 348990 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(645808) |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$2123851 | &nbsp;&nbsp;$(6591898) |

---

---

| |
|:---|
| AUD—Australian Dollar |
| BRL—Brazilian Real |
| CAD—Canadian Dollar |
| EUR—Euro Currency |
| MXN—Mexican Peso |
| NZD—New Zealand Dollar |
| USD—United States Dollar |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2022 (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;&nbsp;&nbsp;$— | &nbsp;&nbsp;$14861938 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$14861938 |
| Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57125 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;29046503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;29046503 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15780594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15780594 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;467930616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;467930616 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;257240640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;257240640 |
| Municipal Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8304153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8304153 |
| 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;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;267750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267750 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;45854421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;45854421 |
| **Total Investments at Value** | &nbsp;&nbsp;$267750 | &nbsp;&nbsp;$839075990 | &nbsp;&nbsp;$2100 | &nbsp;&nbsp;$839345840 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$531409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$531409 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2123851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2123851 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$531409 | &nbsp;&nbsp;&nbsp;$2123851 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$2655260 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$541769 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$541769 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;881863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881863 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6591898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6591898 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$881863 | &nbsp;&nbsp;&nbsp;$7133667 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$8015530 |

---

---

| | |
|:---|:---|
| \* | &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**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;9.7% |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Office/Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Holding Companies-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;103.1% |

---

---

| | |
|:---|:---|
| **Country Allocation\*** |  |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;20.2% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;13.4 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;10.5 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;10.2 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;9.4 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;7.6 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;7.3 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Jersey | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| SupraNational | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Isle of Man | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;103.1% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 92.6%** | **COMMON STOCKS — 92.6%** | **COMMON STOCKS — 92.6%** |
| **Australia — 7.3%** | **Australia — 7.3%** | **Australia — 7.3%** |
| &nbsp;&nbsp;&nbsp;Ampol, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26244 | &nbsp;&nbsp;$510821 |
| &nbsp;&nbsp;&nbsp;APA Group | &nbsp;&nbsp;&nbsp;&nbsp;129781 | &nbsp;&nbsp;&nbsp;&nbsp; 994003 |
| &nbsp;&nbsp;&nbsp;Aristocrat Leisure, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66290 | &nbsp;&nbsp;&nbsp;&nbsp; 1603262 |
| &nbsp;&nbsp;&nbsp;ASX, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21295 | &nbsp;&nbsp;&nbsp;&nbsp; 1028932 |
| &nbsp;&nbsp;&nbsp;Aurizon Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;202719 | &nbsp;&nbsp;&nbsp;&nbsp; 526368 |
| &nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;328260 | &nbsp;&nbsp;&nbsp;&nbsp; 5573940 |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;557567 | &nbsp;&nbsp;&nbsp;&nbsp; 17388563 |
| &nbsp;&nbsp;&nbsp;BlueScope Steel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52828 | &nbsp;&nbsp;&nbsp;&nbsp; 636643 |
| &nbsp;&nbsp;&nbsp;Brambles, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;158124 | &nbsp;&nbsp;&nbsp;&nbsp; 1293965 |
| &nbsp;&nbsp;&nbsp;Cochlear, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7235 | &nbsp;&nbsp;&nbsp;&nbsp; 1067154 |
| &nbsp;&nbsp;&nbsp;Coles Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;147167 | &nbsp;&nbsp;&nbsp;&nbsp; 1701199 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;&nbsp;187942 | &nbsp;&nbsp;&nbsp;&nbsp; 13939718 |
| &nbsp;&nbsp;&nbsp;Computershare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59765 | &nbsp;&nbsp;&nbsp;&nbsp; 1131107 |
| &nbsp;&nbsp;&nbsp;CSL, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53055 | &nbsp;&nbsp;&nbsp;&nbsp; 10899382 |
| &nbsp;&nbsp;&nbsp;Dexus | &nbsp;&nbsp;&nbsp;&nbsp;118305 | &nbsp;&nbsp;&nbsp;&nbsp; 654237 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza Enterprises, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6671 | &nbsp;&nbsp;&nbsp;&nbsp; 307137 |
| &nbsp;&nbsp;&nbsp;Endeavour Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;147748 | &nbsp;&nbsp;&nbsp;&nbsp; 704426 |
| &nbsp;&nbsp;&nbsp;Evolution Mining, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;201435 | &nbsp;&nbsp;&nbsp;&nbsp; 371842 |
| &nbsp;&nbsp;&nbsp;Fortescue Metals Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;186515 | &nbsp;&nbsp;&nbsp;&nbsp; 2482452 |
| &nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;&nbsp;185190 | &nbsp;&nbsp;&nbsp;&nbsp; 2447167 |
| &nbsp;&nbsp;&nbsp;GPT Group | &nbsp;&nbsp;&nbsp;&nbsp;210540 | &nbsp;&nbsp;&nbsp;&nbsp; 651738 |
| &nbsp;&nbsp;&nbsp;IDP Education, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22945 | &nbsp;&nbsp;&nbsp;&nbsp; 473300 |
| &nbsp;&nbsp;&nbsp;Insurance Australia Group, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;271147 | &nbsp;&nbsp;&nbsp;&nbsp; 888525 |
| &nbsp;&nbsp;&nbsp;Lendlease Corp., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75834 | &nbsp;&nbsp;&nbsp;&nbsp; 398787 |
| &nbsp;&nbsp;&nbsp;Lottery Corp., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;244669 | &nbsp;&nbsp;&nbsp;&nbsp; 774689 |
| &nbsp;&nbsp;&nbsp;Macquarie Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40143 | &nbsp;&nbsp;&nbsp;&nbsp; 4966128 |
| &nbsp;&nbsp;&nbsp;Medibank Private, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;302925 | &nbsp;&nbsp;&nbsp;&nbsp; 606343 |
| &nbsp;&nbsp;&nbsp;Mineral Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18755 | &nbsp;&nbsp;&nbsp;&nbsp; 1135043 |
| &nbsp;&nbsp;&nbsp;Mirvac Group | &nbsp;&nbsp;&nbsp;&nbsp;433648 | &nbsp;&nbsp;&nbsp;&nbsp; 667851 |
| &nbsp;&nbsp;&nbsp;National Australia Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;353537 | &nbsp;&nbsp;&nbsp;&nbsp; 7648194 |
| &nbsp;&nbsp;&nbsp;Newcrest Mining, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98368 | &nbsp;&nbsp;&nbsp;&nbsp; 1342059 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;128158 | &nbsp;&nbsp;&nbsp;&nbsp; 930193 |
| &nbsp;&nbsp;&nbsp;Orica, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49504 | &nbsp;&nbsp;&nbsp;&nbsp; 502675 |
| &nbsp;&nbsp;&nbsp;Origin Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;193723 | &nbsp;&nbsp;&nbsp;&nbsp; 1050870 |
| &nbsp;&nbsp;&nbsp;Qantas Airways, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;101779 | &nbsp;&nbsp;&nbsp;&nbsp; 439050 |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;163366 | &nbsp;&nbsp;&nbsp;&nbsp; 1447746 |
| &nbsp;&nbsp;&nbsp;Ramsay Health Care, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20141 | &nbsp;&nbsp;&nbsp;&nbsp; 899875 |
| &nbsp;&nbsp;&nbsp;REA Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5820 | &nbsp;&nbsp;&nbsp;&nbsp; 498984 |
| &nbsp;&nbsp;&nbsp;Reece, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24869 | &nbsp;&nbsp;&nbsp;&nbsp; 265827 |
| &nbsp;&nbsp;&nbsp;Rio Tinto, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40886 | &nbsp;&nbsp;&nbsp;&nbsp; 3073353 |
| &nbsp;&nbsp;&nbsp;Santos, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;354385 | &nbsp;&nbsp;&nbsp;&nbsp; 1784209 |
| &nbsp;&nbsp;&nbsp;Scentre Group | &nbsp;&nbsp;&nbsp;&nbsp;570911 | &nbsp;&nbsp;&nbsp;&nbsp; 1167695 |
| &nbsp;&nbsp;&nbsp;SEEK, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36993 | &nbsp;&nbsp;&nbsp;&nbsp; 569647 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50233 | &nbsp;&nbsp;&nbsp;&nbsp; 1114365 |
| &nbsp;&nbsp;&nbsp;South32, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;511698 | &nbsp;&nbsp;&nbsp;&nbsp; 1414647 |
| &nbsp;&nbsp;&nbsp;Stockland † | &nbsp;&nbsp;&nbsp;&nbsp;262575 | &nbsp;&nbsp;&nbsp;&nbsp; 686119 |
| &nbsp;&nbsp;&nbsp;Suncorp Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;138880 | &nbsp;&nbsp;&nbsp;&nbsp; 1136688 |
| &nbsp;&nbsp;&nbsp;Telstra Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;447284 | &nbsp;&nbsp;&nbsp;&nbsp; 1208304 |
| &nbsp;&nbsp;&nbsp;Transurban Group | &nbsp;&nbsp;&nbsp;&nbsp;338210 | &nbsp;&nbsp;&nbsp;&nbsp; 3320311 |
| &nbsp;&nbsp;&nbsp;Treasury Wine Estates, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79498 | &nbsp;&nbsp;&nbsp;&nbsp; 746798 |
| &nbsp;&nbsp;&nbsp;Vicinity, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;426146 | &nbsp;&nbsp;&nbsp;&nbsp; 594349 |
| &nbsp;&nbsp;&nbsp;Washington H. Soul Pattinson & Co., Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23845 | &nbsp;&nbsp;&nbsp;&nbsp; 464265 |
| &nbsp;&nbsp;&nbsp;Wesfarmers, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;124915 | &nbsp;&nbsp;&nbsp;&nbsp; 4171736 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | &nbsp;&nbsp;&nbsp;&nbsp;385615 | &nbsp;&nbsp;&nbsp;&nbsp; 6288858 |
| &nbsp;&nbsp;&nbsp;WiseTech Global, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16153 | &nbsp;&nbsp;&nbsp;&nbsp; 642342 |
| &nbsp;&nbsp;&nbsp;Woodside Energy Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;209129 | &nbsp;&nbsp;&nbsp;&nbsp; 5276852 |
| &nbsp;&nbsp;&nbsp;Woolworths Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;133700 | &nbsp;&nbsp;&nbsp;&nbsp; 3154448 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127665181 |
| **Austria — 0.2%** | **Austria — 0.2%** | **Austria — 0.2%** |
| &nbsp;&nbsp;&nbsp;Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37821 | &nbsp;&nbsp;&nbsp;&nbsp; 1190668 |
| &nbsp;&nbsp;&nbsp;OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16199 | &nbsp;&nbsp;&nbsp;&nbsp; 859301 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Austria (continued)** | **Austria (continued)** | **Austria (continued)** |
| &nbsp;&nbsp;&nbsp;Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7490 | &nbsp;&nbsp;$679883 |
| &nbsp;&nbsp;&nbsp;voestalpine AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12782 | &nbsp;&nbsp;&nbsp;&nbsp; 348035 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3077887 |
| **Belgium — 0.8%** | **Belgium — 0.8%** | **Belgium — 0.8%** |
| &nbsp;&nbsp;&nbsp;Ageas SA/NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17762 | &nbsp;&nbsp;&nbsp;&nbsp; 716624 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95667 | &nbsp;&nbsp;&nbsp;&nbsp; 5622167 |
| &nbsp;&nbsp;&nbsp;D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2736 | &nbsp;&nbsp;&nbsp;&nbsp; 521937 |
| &nbsp;&nbsp;&nbsp;Elia Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3633 | &nbsp;&nbsp;&nbsp;&nbsp; 517655 |
| &nbsp;&nbsp;&nbsp;Groupe Bruxelles Lambert NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10954 | &nbsp;&nbsp;&nbsp;&nbsp; 888307 |
| &nbsp;&nbsp;&nbsp;KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27512 | &nbsp;&nbsp;&nbsp;&nbsp; 1539724 |
| &nbsp;&nbsp;&nbsp;Proximus SADP# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16753 | &nbsp;&nbsp;&nbsp;&nbsp; 174430 |
| &nbsp;&nbsp;&nbsp;Sofina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1697 | &nbsp;&nbsp;&nbsp;&nbsp; 371497 |
| &nbsp;&nbsp;&nbsp;Solvay SA, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8151 | &nbsp;&nbsp;&nbsp;&nbsp; 799807 |
| &nbsp;&nbsp;&nbsp;UCB SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13906 | &nbsp;&nbsp;&nbsp;&nbsp; 1114762 |
| &nbsp;&nbsp;&nbsp;Umicore SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23037 | &nbsp;&nbsp;&nbsp;&nbsp; 836538 |
| &nbsp;&nbsp;&nbsp;Warehouses De Pauw CVA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16361 | &nbsp;&nbsp;&nbsp;&nbsp; 438736 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13542184 |
| **Bermuda — 0.1%** | **Bermuda — 0.1%** | **Bermuda — 0.1%** |
| &nbsp;&nbsp;&nbsp;CK Infrastructure Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69500 | &nbsp;&nbsp;&nbsp;&nbsp; 352716 |
| &nbsp;&nbsp;&nbsp;Hongkong Land Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;124400 | &nbsp;&nbsp;&nbsp;&nbsp; 500287 |
| &nbsp;&nbsp;&nbsp;Jardine Matheson Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17486 | &nbsp;&nbsp;&nbsp;&nbsp; 846183 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699186 |
| **Cayman Islands — 0.6%** | **Cayman Islands — 0.6%** | **Cayman Islands — 0.6%** |
| &nbsp;&nbsp;&nbsp;Budweiser Brewing Co. APAC, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;189500 | &nbsp;&nbsp;&nbsp;&nbsp; 550010 |
| &nbsp;&nbsp;&nbsp;Chow Tai Fook Jewellery Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;219800 | &nbsp;&nbsp;&nbsp;&nbsp; 388217 |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;220808 | &nbsp;&nbsp;&nbsp;&nbsp; 1326306 |
| &nbsp;&nbsp;&nbsp;CK Hutchison Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;295808 | &nbsp;&nbsp;&nbsp;&nbsp; 1733917 |
| &nbsp;&nbsp;&nbsp;ESR Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;221400 | &nbsp;&nbsp;&nbsp;&nbsp; 505517 |
| &nbsp;&nbsp;&nbsp;Futu Holdings, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6533 | &nbsp;&nbsp;&nbsp;&nbsp; 401714 |
| &nbsp;&nbsp;&nbsp;Grab Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;142995 | &nbsp;&nbsp;&nbsp;&nbsp; 431845 |
| &nbsp;&nbsp;&nbsp;Sands China, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;267200 | &nbsp;&nbsp;&nbsp;&nbsp; 729492 |
| &nbsp;&nbsp;&nbsp;Sea, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39799 | &nbsp;&nbsp;&nbsp;&nbsp; 2323067 |
| &nbsp;&nbsp;&nbsp;SITC International Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;147000 | &nbsp;&nbsp;&nbsp;&nbsp; 321762 |
| &nbsp;&nbsp;&nbsp;WH Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;917000 | &nbsp;&nbsp;&nbsp;&nbsp; 543232 |
| &nbsp;&nbsp;&nbsp;Wharf Real Estate Investment Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;184000 | &nbsp;&nbsp;&nbsp;&nbsp; 855535 |
| &nbsp;&nbsp;&nbsp;Xinyi Glass Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;199000 | &nbsp;&nbsp;&nbsp;&nbsp; 386988 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10497602 |
| **Denmark — 2.6%** | **Denmark — 2.6%** | **Denmark — 2.6%** |
| &nbsp;&nbsp;&nbsp;AP Moller - Maersk A/S, Series A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp; 728426 |
| &nbsp;&nbsp;&nbsp;AP Moller - Maersk A/S, Series B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 | &nbsp;&nbsp;&nbsp;&nbsp; 1206580 |
| &nbsp;&nbsp;&nbsp;Carlsberg A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10721 | &nbsp;&nbsp;&nbsp;&nbsp; 1347083 |
| &nbsp;&nbsp;&nbsp;Chr. Hansen Holding A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11602 | &nbsp;&nbsp;&nbsp;&nbsp; 722276 |
| &nbsp;&nbsp;&nbsp;Coloplast A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13066 | &nbsp;&nbsp;&nbsp;&nbsp; 1548189 |
| &nbsp;&nbsp;&nbsp;Danske Bank A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75868 | &nbsp;&nbsp;&nbsp;&nbsp; 1374687 |
| &nbsp;&nbsp;&nbsp;Demant A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10149 | &nbsp;&nbsp;&nbsp;&nbsp; 290437 |
| &nbsp;&nbsp;&nbsp;DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20618 | &nbsp;&nbsp;&nbsp;&nbsp; 3265725 |
| &nbsp;&nbsp;&nbsp;Genmab A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7242 | &nbsp;&nbsp;&nbsp;&nbsp; 3340598 |
| &nbsp;&nbsp;&nbsp;GN Store Nord A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14355 | &nbsp;&nbsp;&nbsp;&nbsp; 346982 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;182331 | &nbsp;&nbsp;&nbsp;&nbsp; 22825960 |
| &nbsp;&nbsp;&nbsp;Novozymes A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22527 | &nbsp;&nbsp;&nbsp;&nbsp; 1315559 |
| &nbsp;&nbsp;&nbsp;Orsted A/S\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20835 | &nbsp;&nbsp;&nbsp;&nbsp; 1829865 |
| &nbsp;&nbsp;&nbsp;Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9992 | &nbsp;&nbsp;&nbsp;&nbsp; 760296 |
| &nbsp;&nbsp;&nbsp;ROCKWOOL A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979 | &nbsp;&nbsp;&nbsp;&nbsp; 216949 |
| &nbsp;&nbsp;&nbsp;Tryg A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39604 | &nbsp;&nbsp;&nbsp;&nbsp; 921478 |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;&nbsp;111228 | &nbsp;&nbsp;&nbsp;&nbsp; 2880671 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44921761 |
| **Finland — 1.2%** | **Finland — 1.2%** | **Finland — 1.2%** |
| &nbsp;&nbsp;&nbsp;Elisa Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15645 | &nbsp;&nbsp;&nbsp;&nbsp; 814247 |
| &nbsp;&nbsp;&nbsp;Fortum Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48817 | &nbsp;&nbsp;&nbsp;&nbsp; 772540 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| &nbsp;&nbsp;&nbsp;Kesko Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30042 | &nbsp;&nbsp;$648803 |
| &nbsp;&nbsp;&nbsp;Kone Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37386 | &nbsp;&nbsp;&nbsp;&nbsp; 1879408 |
| &nbsp;&nbsp;&nbsp;Neste Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46596 | &nbsp;&nbsp;&nbsp;&nbsp; 2397601 |
| &nbsp;&nbsp;&nbsp;Nokia Oyj | &nbsp;&nbsp;&nbsp;&nbsp;596019 | &nbsp;&nbsp;&nbsp;&nbsp; 2919570 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp | &nbsp;&nbsp;&nbsp;&nbsp;375641 | &nbsp;&nbsp;&nbsp;&nbsp; 3966545 |
| &nbsp;&nbsp;&nbsp;Orion Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11747 | &nbsp;&nbsp;&nbsp;&nbsp; 622130 |
| &nbsp;&nbsp;&nbsp;Sampo Oyj, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52741 | &nbsp;&nbsp;&nbsp;&nbsp; 2682738 |
| &nbsp;&nbsp;&nbsp;Stora Enso Oyj, Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60622 | &nbsp;&nbsp;&nbsp;&nbsp; 898209 |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58786 | &nbsp;&nbsp;&nbsp;&nbsp; 2168754 |
| &nbsp;&nbsp;&nbsp;Wartsila Oyj Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52133 | &nbsp;&nbsp;&nbsp;&nbsp; 454868 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20225413 |
| **France — 10.2%** | **France — 10.2%** | **France — 10.2%** |
| &nbsp;&nbsp;&nbsp;Accor SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18711 | &nbsp;&nbsp;&nbsp;&nbsp; 502930 |
| &nbsp;&nbsp;&nbsp;Aeroports de Paris† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3270 | &nbsp;&nbsp;&nbsp;&nbsp; 502265 |
| &nbsp;&nbsp;&nbsp;Air Liquide SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57596 | &nbsp;&nbsp;&nbsp;&nbsp; 8432634 |
| &nbsp;&nbsp;&nbsp;Alstom SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34903 | &nbsp;&nbsp;&nbsp;&nbsp; 924455 |
| &nbsp;&nbsp;&nbsp;Amundi SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6694 | &nbsp;&nbsp;&nbsp;&nbsp; 379555 |
| &nbsp;&nbsp;&nbsp;Arkema SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6536 | &nbsp;&nbsp;&nbsp;&nbsp; 585324 |
| &nbsp;&nbsp;&nbsp;AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;205855 | &nbsp;&nbsp;&nbsp;&nbsp; 5888855 |
| &nbsp;&nbsp;&nbsp;BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4613 | &nbsp;&nbsp;&nbsp;&nbsp; 468400 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;122355 | &nbsp;&nbsp;&nbsp;&nbsp; 6927129 |
| &nbsp;&nbsp;&nbsp;Bollore SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97341 | &nbsp;&nbsp;&nbsp;&nbsp; 551222 |
| &nbsp;&nbsp;&nbsp;Bouygues SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25244 | &nbsp;&nbsp;&nbsp;&nbsp; 778676 |
| &nbsp;&nbsp;&nbsp;Bureau Veritas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32343 | &nbsp;&nbsp;&nbsp;&nbsp; 853966 |
| &nbsp;&nbsp;&nbsp;Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18038 | &nbsp;&nbsp;&nbsp;&nbsp; 3284185 |
| &nbsp;&nbsp;&nbsp;Carrefour SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66495 | &nbsp;&nbsp;&nbsp;&nbsp; 1139035 |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54830 | &nbsp;&nbsp;&nbsp;&nbsp; 2555834 |
| &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74721 | &nbsp;&nbsp;&nbsp;&nbsp; 2112033 |
| &nbsp;&nbsp;&nbsp;Covivio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5201 | &nbsp;&nbsp;&nbsp;&nbsp; 301040 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;133310 | &nbsp;&nbsp;&nbsp;&nbsp; 1362883 |
| &nbsp;&nbsp;&nbsp;Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70710 | &nbsp;&nbsp;&nbsp;&nbsp; 3695036 |
| &nbsp;&nbsp;&nbsp;Dassault Aviation SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2758 | &nbsp;&nbsp;&nbsp;&nbsp; 438394 |
| &nbsp;&nbsp;&nbsp;Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73362 | &nbsp;&nbsp;&nbsp;&nbsp; 2752430 |
| &nbsp;&nbsp;&nbsp;Edenred | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27490 | &nbsp;&nbsp;&nbsp;&nbsp; 1518820 |
| &nbsp;&nbsp;&nbsp;Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9156 | &nbsp;&nbsp;&nbsp;&nbsp; 908945 |
| &nbsp;&nbsp;&nbsp;Electricite de France SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61657 | &nbsp;&nbsp;&nbsp;&nbsp; 769917 |
| &nbsp;&nbsp;&nbsp;Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;201168 | &nbsp;&nbsp;&nbsp;&nbsp; 3078985 |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31684 | &nbsp;&nbsp;&nbsp;&nbsp; 5945783 |
| &nbsp;&nbsp;&nbsp;Eurazeo SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4793 | &nbsp;&nbsp;&nbsp;&nbsp; 304334 |
| &nbsp;&nbsp;&nbsp;Gecina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5056 | &nbsp;&nbsp;&nbsp;&nbsp; 496358 |
| &nbsp;&nbsp;&nbsp;Getlink SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48397 | &nbsp;&nbsp;&nbsp;&nbsp; 802166 |
| &nbsp;&nbsp;&nbsp;Hermes International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3489 | &nbsp;&nbsp;&nbsp;&nbsp; 5734841 |
| &nbsp;&nbsp;&nbsp;Ipsen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4153 | &nbsp;&nbsp;&nbsp;&nbsp; 464618 |
| &nbsp;&nbsp;&nbsp;Kering SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8240 | &nbsp;&nbsp;&nbsp;&nbsp; 4997506 |
| &nbsp;&nbsp;&nbsp;Klepierre SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23665 | &nbsp;&nbsp;&nbsp;&nbsp; 551406 |
| &nbsp;&nbsp;&nbsp;La Francaise des Jeux SAEM\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11555 | &nbsp;&nbsp;&nbsp;&nbsp; 466621 |
| &nbsp;&nbsp;&nbsp;Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29457 | &nbsp;&nbsp;&nbsp;&nbsp; 2435898 |
| &nbsp;&nbsp;&nbsp;L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26579 | &nbsp;&nbsp;&nbsp;&nbsp; 10052330 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30577 | &nbsp;&nbsp;&nbsp;&nbsp; 23674571 |
| &nbsp;&nbsp;&nbsp;Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;219735 | &nbsp;&nbsp;&nbsp;&nbsp; 2237387 |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23075 | &nbsp;&nbsp;&nbsp;&nbsp; 4615407 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25092 | &nbsp;&nbsp;&nbsp;&nbsp; 1659569 |
| &nbsp;&nbsp;&nbsp;Remy Cointreau SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2530 | &nbsp;&nbsp;&nbsp;&nbsp; 436569 |
| &nbsp;&nbsp;&nbsp;Renault SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21169 | &nbsp;&nbsp;&nbsp;&nbsp; 773418 |
| &nbsp;&nbsp;&nbsp;Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37646 | &nbsp;&nbsp;&nbsp;&nbsp; 4632061 |
| &nbsp;&nbsp;&nbsp;Sanofi | &nbsp;&nbsp;&nbsp;&nbsp;125418 | &nbsp;&nbsp;&nbsp;&nbsp; 11331085 |
| &nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3046 | &nbsp;&nbsp;&nbsp;&nbsp; 1044635 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59756 | &nbsp;&nbsp;&nbsp;&nbsp; 8861724 |
| &nbsp;&nbsp;&nbsp;SEB SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2740 | &nbsp;&nbsp;&nbsp;&nbsp; 217899 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87591 | &nbsp;&nbsp;&nbsp;&nbsp; 2225333 |
| &nbsp;&nbsp;&nbsp;Sodexo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9732 | &nbsp;&nbsp;&nbsp;&nbsp; 934792 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **France (continued)** | **France (continued)** | **France (continued)** |
| &nbsp;&nbsp;&nbsp;Teleperformance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6470 | &nbsp;&nbsp;$1465631 |
| &nbsp;&nbsp;&nbsp;Thales SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11737 | &nbsp;&nbsp;&nbsp;&nbsp; 1493072 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;273069 | &nbsp;&nbsp;&nbsp;&nbsp; 17057685 |
| &nbsp;&nbsp;&nbsp;Ubisoft Entertainment SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10327 | &nbsp;&nbsp;&nbsp;&nbsp; 291136 |
| &nbsp;&nbsp;&nbsp;Valeo | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22681 | &nbsp;&nbsp;&nbsp;&nbsp; 432438 |
| &nbsp;&nbsp;&nbsp;Veolia Environnement SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73303 | &nbsp;&nbsp;&nbsp;&nbsp; 1891580 |
| &nbsp;&nbsp;&nbsp;Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58771 | &nbsp;&nbsp;&nbsp;&nbsp; 5983742 |
| &nbsp;&nbsp;&nbsp;Vivendi SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79258 | &nbsp;&nbsp;&nbsp;&nbsp; 717377 |
| &nbsp;&nbsp;&nbsp;Wendel SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2955 | &nbsp;&nbsp;&nbsp;&nbsp; 276772 |
| &nbsp;&nbsp;&nbsp;Worldline SA\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26295 | &nbsp;&nbsp;&nbsp;&nbsp; 1258741 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176477433 |
| **Germany — 7.6%** | **Germany — 7.6%** | **Germany — 7.6%** |
| &nbsp;&nbsp;&nbsp;adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19042 | &nbsp;&nbsp;&nbsp;&nbsp; 2428181 |
| &nbsp;&nbsp;&nbsp;Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44987 | &nbsp;&nbsp;&nbsp;&nbsp; 9595874 |
| &nbsp;&nbsp;&nbsp;BASF SE | &nbsp;&nbsp;&nbsp;&nbsp;101161 | &nbsp;&nbsp;&nbsp;&nbsp; 5110541 |
| &nbsp;&nbsp;&nbsp;Bayer AG | &nbsp;&nbsp;&nbsp;&nbsp;108205 | &nbsp;&nbsp;&nbsp;&nbsp; 6255171 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36467 | &nbsp;&nbsp;&nbsp;&nbsp; 3275346 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6542 | &nbsp;&nbsp;&nbsp;&nbsp; 563261 |
| &nbsp;&nbsp;&nbsp;Bechtle AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9019 | &nbsp;&nbsp;&nbsp;&nbsp; 322477 |
| &nbsp;&nbsp;&nbsp;Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11088 | &nbsp;&nbsp;&nbsp;&nbsp; 1201440 |
| &nbsp;&nbsp;&nbsp;BNP Paribas Emissions- und Handelsgesellschaft mbH† | &nbsp;&nbsp;&nbsp;&nbsp;430310 | &nbsp;&nbsp;&nbsp;&nbsp; 5232053 |
| &nbsp;&nbsp;&nbsp;Brenntag SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16994 | &nbsp;&nbsp;&nbsp;&nbsp; 1062134 |
| &nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4433 | &nbsp;&nbsp;&nbsp;&nbsp; 596552 |
| &nbsp;&nbsp;&nbsp;Commerzbank AG† | &nbsp;&nbsp;&nbsp;&nbsp;117089 | &nbsp;&nbsp;&nbsp;&nbsp; 978988 |
| &nbsp;&nbsp;&nbsp;Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12099 | &nbsp;&nbsp;&nbsp;&nbsp; 721602 |
| &nbsp;&nbsp;&nbsp;Covestro AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21251 | &nbsp;&nbsp;&nbsp;&nbsp; 848132 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49786 | &nbsp;&nbsp;&nbsp;&nbsp; 1624568 |
| &nbsp;&nbsp;&nbsp;Delivery Hero SE\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17944 | &nbsp;&nbsp;&nbsp;&nbsp; 773532 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;227635 | &nbsp;&nbsp;&nbsp;&nbsp; 2403541 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20926 | &nbsp;&nbsp;&nbsp;&nbsp; 3838658 |
| &nbsp;&nbsp;&nbsp;Deutsche Lufthansa AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65830 | &nbsp;&nbsp;&nbsp;&nbsp; 524793 |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;109176 | &nbsp;&nbsp;&nbsp;&nbsp; 4306321 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;&nbsp;356987 | &nbsp;&nbsp;&nbsp;&nbsp; 7242620 |
| &nbsp;&nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;247278 | &nbsp;&nbsp;&nbsp;&nbsp; 2353409 |
| &nbsp;&nbsp;&nbsp;Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23095 | &nbsp;&nbsp;&nbsp;&nbsp; 450461 |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22561 | &nbsp;&nbsp;&nbsp;&nbsp; 702654 |
| &nbsp;&nbsp;&nbsp;Fresenius SE & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46074 | &nbsp;&nbsp;&nbsp;&nbsp; 1271864 |
| &nbsp;&nbsp;&nbsp;GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16601 | &nbsp;&nbsp;&nbsp;&nbsp; 670169 |
| &nbsp;&nbsp;&nbsp;Hannover Rueck SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6633 | &nbsp;&nbsp;&nbsp;&nbsp; 1255307 |
| &nbsp;&nbsp;&nbsp;HeidelbergCement AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15929 | &nbsp;&nbsp;&nbsp;&nbsp; 863205 |
| &nbsp;&nbsp;&nbsp;HelloFresh SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18155 | &nbsp;&nbsp;&nbsp;&nbsp; 443707 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11431 | &nbsp;&nbsp;&nbsp;&nbsp; 758194 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19597 | &nbsp;&nbsp;&nbsp;&nbsp; 1395590 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;143834 | &nbsp;&nbsp;&nbsp;&nbsp; 4728041 |
| &nbsp;&nbsp;&nbsp;KION Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7947 | &nbsp;&nbsp;&nbsp;&nbsp; 222864 |
| &nbsp;&nbsp;&nbsp;Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7989 | &nbsp;&nbsp;&nbsp;&nbsp; 452182 |
| &nbsp;&nbsp;&nbsp;LEG Immobilien SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8006 | &nbsp;&nbsp;&nbsp;&nbsp; 503650 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88374 | &nbsp;&nbsp;&nbsp;&nbsp; 5936228 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14234 | &nbsp;&nbsp;&nbsp;&nbsp; 2578999 |
| &nbsp;&nbsp;&nbsp;MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5878 | &nbsp;&nbsp;&nbsp;&nbsp; 1225753 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15431 | &nbsp;&nbsp;&nbsp;&nbsp; 4861959 |
| &nbsp;&nbsp;&nbsp;Nemetschek SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6361 | &nbsp;&nbsp;&nbsp;&nbsp; 309539 |
| &nbsp;&nbsp;&nbsp;Porsche Automobil Holding SE (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16842 | &nbsp;&nbsp;&nbsp;&nbsp; 1022547 |
| &nbsp;&nbsp;&nbsp;Puma SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11612 | &nbsp;&nbsp;&nbsp;&nbsp; 588815 |
| &nbsp;&nbsp;&nbsp;Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563 | &nbsp;&nbsp;&nbsp;&nbsp; 348312 |
| &nbsp;&nbsp;&nbsp;Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4791 | &nbsp;&nbsp;&nbsp;&nbsp; 970399 |
| &nbsp;&nbsp;&nbsp;RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70755 | &nbsp;&nbsp;&nbsp;&nbsp; 3102235 |
| &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;115012 | &nbsp;&nbsp;&nbsp;&nbsp; 12447795 |
| &nbsp;&nbsp;&nbsp;Sartorius AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2677 | &nbsp;&nbsp;&nbsp;&nbsp; 995427 |
| &nbsp;&nbsp;&nbsp;Scout24 SE\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8821 | &nbsp;&nbsp;&nbsp;&nbsp; 475711 |
| &nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84257 | &nbsp;&nbsp;&nbsp;&nbsp; 11530029 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Siemens Energy AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47955 | &nbsp;&nbsp;$788688 |
| &nbsp;&nbsp;&nbsp;Siemens Healthineers AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31018 | &nbsp;&nbsp;&nbsp;&nbsp; 1637613 |
| &nbsp;&nbsp;&nbsp;Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14605 | &nbsp;&nbsp;&nbsp;&nbsp; 1656264 |
| &nbsp;&nbsp;&nbsp;Telefonica Deutschland Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;114657 | &nbsp;&nbsp;&nbsp;&nbsp; 273365 |
| &nbsp;&nbsp;&nbsp;Uniper SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10076 | &nbsp;&nbsp;&nbsp;&nbsp; 46227 |
| &nbsp;&nbsp;&nbsp;United Internet AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10683 | &nbsp;&nbsp;&nbsp;&nbsp; 224680 |
| &nbsp;&nbsp;&nbsp;Volkswagen AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3246 | &nbsp;&nbsp;&nbsp;&nbsp; 619628 |
| &nbsp;&nbsp;&nbsp;Volkswagen AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20440 | &nbsp;&nbsp;&nbsp;&nbsp; 2977371 |
| &nbsp;&nbsp;&nbsp;Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78890 | &nbsp;&nbsp;&nbsp;&nbsp; 1935722 |
| &nbsp;&nbsp;&nbsp;Zalando SE\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24499 | &nbsp;&nbsp;&nbsp;&nbsp; 758552 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132288940 |
| **Hong Kong — 2.0%** | **Hong Kong — 2.0%** | **Hong Kong — 2.0%** |
| &nbsp;&nbsp;&nbsp;AIA Group, Ltd. | 1326600 | &nbsp;&nbsp;&nbsp;&nbsp; 13529974 |
| &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;407000 | &nbsp;&nbsp;&nbsp;&nbsp; 1301272 |
| &nbsp;&nbsp;&nbsp;CLP Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;181000 | &nbsp;&nbsp;&nbsp;&nbsp; 1317587 |
| &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp; 1454099 |
| &nbsp;&nbsp;&nbsp;Hang Lung Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;223000 | &nbsp;&nbsp;&nbsp;&nbsp; 411891 |
| &nbsp;&nbsp;&nbsp;Hang Seng Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84100 | &nbsp;&nbsp;&nbsp;&nbsp; 1302351 |
| &nbsp;&nbsp;&nbsp;Henderson Land Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;159231 | &nbsp;&nbsp;&nbsp;&nbsp; 527937 |
| &nbsp;&nbsp;&nbsp;Hong Kong & China Gas Co., Ltd. | 1231523 | &nbsp;&nbsp;&nbsp;&nbsp; 1054023 |
| &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;132700 | &nbsp;&nbsp;&nbsp;&nbsp; 5295917 |
| &nbsp;&nbsp;&nbsp;Link REIT | &nbsp;&nbsp;&nbsp;&nbsp;232400 | &nbsp;&nbsp;&nbsp;&nbsp; 1581182 |
| &nbsp;&nbsp;&nbsp;MTR Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;170500 | &nbsp;&nbsp;&nbsp;&nbsp; 825714 |
| &nbsp;&nbsp;&nbsp;New World Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;166750 | &nbsp;&nbsp;&nbsp;&nbsp; 399091 |
| &nbsp;&nbsp;&nbsp;Power Assets Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;153000 | &nbsp;&nbsp;&nbsp;&nbsp; 790757 |
| &nbsp;&nbsp;&nbsp;Sino Land Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;382000 | &nbsp;&nbsp;&nbsp;&nbsp; 475796 |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;159500 | &nbsp;&nbsp;&nbsp;&nbsp; 1928769 |
| &nbsp;&nbsp;&nbsp;Swire Pacific, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 431227 |
| &nbsp;&nbsp;&nbsp;Swire Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;128800 | &nbsp;&nbsp;&nbsp;&nbsp; 288902 |
| &nbsp;&nbsp;&nbsp;Techtronic Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;151500 | &nbsp;&nbsp;&nbsp;&nbsp; 1824372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34740861 |
| **Ireland — 0.6%** | **Ireland — 0.6%** | **Ireland — 0.6%** |
| &nbsp;&nbsp;&nbsp;CRH PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84054 | &nbsp;&nbsp;&nbsp;&nbsp; 3364823 |
| &nbsp;&nbsp;&nbsp;DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10848 | &nbsp;&nbsp;&nbsp;&nbsp; 581320 |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18393 | &nbsp;&nbsp;&nbsp;&nbsp; 2770819 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48986 | &nbsp;&nbsp;&nbsp;&nbsp; 971562 |
| &nbsp;&nbsp;&nbsp;Kerry Group PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17538 | &nbsp;&nbsp;&nbsp;&nbsp; 1656838 |
| &nbsp;&nbsp;&nbsp;Kingspan Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17006 | &nbsp;&nbsp;&nbsp;&nbsp; 953489 |
| &nbsp;&nbsp;&nbsp;Smurfit Kappa Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27227 | &nbsp;&nbsp;&nbsp;&nbsp; 992393 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11291244 |
| **Isle of Man — 0.1%** | **Isle of Man — 0.1%** | **Isle of Man — 0.1%** |
| &nbsp;&nbsp;&nbsp;Entain PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64796 | &nbsp;&nbsp;&nbsp;&nbsp; 1113567 |
| **Israel — 0.7%** | **Israel — 0.7%** | **Israel — 0.7%** |
| &nbsp;&nbsp;&nbsp;Azrieli Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4674 | &nbsp;&nbsp;&nbsp;&nbsp; 334162 |
| &nbsp;&nbsp;&nbsp;Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp;139878 | &nbsp;&nbsp;&nbsp;&nbsp; 1364849 |
| &nbsp;&nbsp;&nbsp;Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;170036 | &nbsp;&nbsp;&nbsp;&nbsp; 1564188 |
| &nbsp;&nbsp;&nbsp;Bezeq The Israeli Telecommunication Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;228449 | &nbsp;&nbsp;&nbsp;&nbsp; 423094 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11288 | &nbsp;&nbsp;&nbsp;&nbsp; 1499385 |
| &nbsp;&nbsp;&nbsp;CyberArk Software, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4484 | &nbsp;&nbsp;&nbsp;&nbsp; 668430 |
| &nbsp;&nbsp;&nbsp;Elbit Systems, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920 | &nbsp;&nbsp;&nbsp;&nbsp; 512402 |
| &nbsp;&nbsp;&nbsp;ICL Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77869 | &nbsp;&nbsp;&nbsp;&nbsp; 652504 |
| &nbsp;&nbsp;&nbsp;Israel Discount Bank, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;136064 | &nbsp;&nbsp;&nbsp;&nbsp; 816360 |
| &nbsp;&nbsp;&nbsp;Mizrahi Tefahot Bank, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16927 | &nbsp;&nbsp;&nbsp;&nbsp; 630488 |
| &nbsp;&nbsp;&nbsp;NICE, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6991 | &nbsp;&nbsp;&nbsp;&nbsp; 1356802 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;122295 | &nbsp;&nbsp;&nbsp;&nbsp; 1072527 |
| &nbsp;&nbsp;&nbsp;Tower Semiconductor, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11998 | &nbsp;&nbsp;&nbsp;&nbsp; 533400 |
| &nbsp;&nbsp;&nbsp;Wix.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6306 | &nbsp;&nbsp;&nbsp;&nbsp; 570630 |
| &nbsp;&nbsp;&nbsp;ZIM Integrated Shipping Services, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9225 | &nbsp;&nbsp;&nbsp;&nbsp; 193910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12193131 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Italy — 1.7%** | **Italy — 1.7%** | **Italy — 1.7%** |
| &nbsp;&nbsp;&nbsp;Amplifon SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13713 | &nbsp;&nbsp;$390284 |
| &nbsp;&nbsp;&nbsp;Assicurazioni Generali SpA | &nbsp;&nbsp;&nbsp;&nbsp;122324 | &nbsp;&nbsp;&nbsp;&nbsp; 2187436 |
| &nbsp;&nbsp;&nbsp;Atlantia SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54499 | &nbsp;&nbsp;&nbsp;&nbsp; 1300933 |
| &nbsp;&nbsp;&nbsp;DiaSorin SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2773 | &nbsp;&nbsp;&nbsp;&nbsp; 371202 |
| &nbsp;&nbsp;&nbsp;Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp;895810 | &nbsp;&nbsp;&nbsp;&nbsp; 4880838 |
| &nbsp;&nbsp;&nbsp;Eni SpA | &nbsp;&nbsp;&nbsp;&nbsp;277985 | &nbsp;&nbsp;&nbsp;&nbsp; 4126507 |
| &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67086 | &nbsp;&nbsp;&nbsp;&nbsp; 1101451 |
| &nbsp;&nbsp;&nbsp;Infrastrutture Wireless Italiane SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37012 | &nbsp;&nbsp;&nbsp;&nbsp; 371366 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA# | 1819068 | &nbsp;&nbsp;&nbsp;&nbsp; 4098750 |
| &nbsp;&nbsp;&nbsp;Mediobanca Banca di Credito Finanziario SpA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66578 | &nbsp;&nbsp;&nbsp;&nbsp; 647106 |
| &nbsp;&nbsp;&nbsp;Moncler SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22561 | &nbsp;&nbsp;&nbsp;&nbsp; 1185282 |
| &nbsp;&nbsp;&nbsp;Nexi SpA\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57646 | &nbsp;&nbsp;&nbsp;&nbsp; 508830 |
| &nbsp;&nbsp;&nbsp;Poste Italiane SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57538 | &nbsp;&nbsp;&nbsp;&nbsp; 570211 |
| &nbsp;&nbsp;&nbsp;Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28019 | &nbsp;&nbsp;&nbsp;&nbsp; 986432 |
| &nbsp;&nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11516 | &nbsp;&nbsp;&nbsp;&nbsp; 493818 |
| &nbsp;&nbsp;&nbsp;Snam SpA | &nbsp;&nbsp;&nbsp;&nbsp;221805 | &nbsp;&nbsp;&nbsp;&nbsp; 1137847 |
| &nbsp;&nbsp;&nbsp;Telecom Italia SpA#† | 1097366 | &nbsp;&nbsp;&nbsp;&nbsp; 240513 |
| &nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale SpA# | &nbsp;&nbsp;&nbsp;&nbsp;154762 | &nbsp;&nbsp;&nbsp;&nbsp; 1193254 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;228562 | &nbsp;&nbsp;&nbsp;&nbsp; 3148943 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28941003 |
| **Japan — 20.2%** | **Japan — 20.2%** | **Japan — 20.2%** |
| &nbsp;&nbsp;&nbsp;Advantest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20800 | &nbsp;&nbsp;&nbsp;&nbsp; 1430141 |
| &nbsp;&nbsp;&nbsp;Aeon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71900 | &nbsp;&nbsp;&nbsp;&nbsp; 1484670 |
| &nbsp;&nbsp;&nbsp;AGC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21300 | &nbsp;&nbsp;&nbsp;&nbsp; 719787 |
| &nbsp;&nbsp;&nbsp;Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16200 | &nbsp;&nbsp;&nbsp;&nbsp; 446923 |
| &nbsp;&nbsp;&nbsp;Ajinomoto Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50200 | &nbsp;&nbsp;&nbsp;&nbsp; 1578980 |
| &nbsp;&nbsp;&nbsp;ANA Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17600 | &nbsp;&nbsp;&nbsp;&nbsp; 378215 |
| &nbsp;&nbsp;&nbsp;Asahi Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50200 | &nbsp;&nbsp;&nbsp;&nbsp; 1614363 |
| &nbsp;&nbsp;&nbsp;Asahi Intecc Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23900 | &nbsp;&nbsp;&nbsp;&nbsp; 425598 |
| &nbsp;&nbsp;&nbsp;Asahi Kasei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;137900 | &nbsp;&nbsp;&nbsp;&nbsp; 1027790 |
| &nbsp;&nbsp;&nbsp;Astellas Pharma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;202200 | &nbsp;&nbsp;&nbsp;&nbsp; 3145945 |
| &nbsp;&nbsp;&nbsp;Azbil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12600 | &nbsp;&nbsp;&nbsp;&nbsp; 387164 |
| &nbsp;&nbsp;&nbsp;Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp; 1460126 |
| &nbsp;&nbsp;&nbsp;Bridgestone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62900 | &nbsp;&nbsp;&nbsp;&nbsp; 2388672 |
| &nbsp;&nbsp;&nbsp;Brother Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp; 422086 |
| &nbsp;&nbsp;&nbsp;Canon, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;110200 | &nbsp;&nbsp;&nbsp;&nbsp; 2565093 |
| &nbsp;&nbsp;&nbsp;Capcom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19300 | &nbsp;&nbsp;&nbsp;&nbsp; 587697 |
| &nbsp;&nbsp;&nbsp;Central Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15900 | &nbsp;&nbsp;&nbsp;&nbsp; 1920603 |
| &nbsp;&nbsp;&nbsp;Chiba Bank, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58300 | &nbsp;&nbsp;&nbsp;&nbsp; 354523 |
| &nbsp;&nbsp;&nbsp;Chubu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70800 | &nbsp;&nbsp;&nbsp;&nbsp; 663000 |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73900 | &nbsp;&nbsp;&nbsp;&nbsp; 1964362 |
| &nbsp;&nbsp;&nbsp;Concordia Financial Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;119700 | &nbsp;&nbsp;&nbsp;&nbsp; 414152 |
| &nbsp;&nbsp;&nbsp;CyberAgent, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47296 | &nbsp;&nbsp;&nbsp;&nbsp; 429759 |
| &nbsp;&nbsp;&nbsp;Dai Nippon Printing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24500 | &nbsp;&nbsp;&nbsp;&nbsp; 509648 |
| &nbsp;&nbsp;&nbsp;Daifuku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11091 | &nbsp;&nbsp;&nbsp;&nbsp; 576874 |
| &nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107900 | &nbsp;&nbsp;&nbsp;&nbsp; 2006150 |
| &nbsp;&nbsp;&nbsp;Daiichi Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;193000 | &nbsp;&nbsp;&nbsp;&nbsp; 6392209 |
| &nbsp;&nbsp;&nbsp;Daikin Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27500 | &nbsp;&nbsp;&nbsp;&nbsp; 4550994 |
| &nbsp;&nbsp;&nbsp;Daito Trust Construction Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp; 758495 |
| &nbsp;&nbsp;&nbsp;Daiwa House Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp; 1527843 |
| &nbsp;&nbsp;&nbsp;Daiwa House REIT Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;&nbsp; 542663 |
| &nbsp;&nbsp;&nbsp;Daiwa Securities Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146900 | &nbsp;&nbsp;&nbsp;&nbsp; 653221 |
| &nbsp;&nbsp;&nbsp;Denso Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47800 | &nbsp;&nbsp;&nbsp;&nbsp; 2649193 |
| &nbsp;&nbsp;&nbsp;Dentsu Group, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23800 | &nbsp;&nbsp;&nbsp;&nbsp; 770866 |
| &nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 961693 |
| &nbsp;&nbsp;&nbsp;East Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33300 | &nbsp;&nbsp;&nbsp;&nbsp; 1895261 |
| &nbsp;&nbsp;&nbsp;Eisai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27800 | &nbsp;&nbsp;&nbsp;&nbsp; 1906963 |
| &nbsp;&nbsp;&nbsp;ENEOS Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;337500 | &nbsp;&nbsp;&nbsp;&nbsp; 1142504 |
| &nbsp;&nbsp;&nbsp;FANUC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21200 | &nbsp;&nbsp;&nbsp;&nbsp; 3175439 |
| &nbsp;&nbsp;&nbsp;Fast Retailing Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp; 3803087 |
| &nbsp;&nbsp;&nbsp;Fuji Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp; 578539 |
| &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39600 | &nbsp;&nbsp;&nbsp;&nbsp; 2142270 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Fujitsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21700 | &nbsp;&nbsp;$2946580 |
| &nbsp;&nbsp;&nbsp;GLP J-REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp; 525966 |
| &nbsp;&nbsp;&nbsp;GMO Payment Gateway, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 414407 |
| &nbsp;&nbsp;&nbsp;Hakuhodo DY Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25800 | &nbsp;&nbsp;&nbsp;&nbsp; 253178 |
| &nbsp;&nbsp;&nbsp;Hamamatsu Photonics KK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15500 | &nbsp;&nbsp;&nbsp;&nbsp; 817359 |
| &nbsp;&nbsp;&nbsp;Hankyu Hanshin Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25200 | &nbsp;&nbsp;&nbsp;&nbsp; 787792 |
| &nbsp;&nbsp;&nbsp;Hikari Tsushin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 308661 |
| &nbsp;&nbsp;&nbsp;Hirose Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235 | &nbsp;&nbsp;&nbsp;&nbsp; 437189 |
| &nbsp;&nbsp;&nbsp;Hitachi Construction Machinery Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp; 281463 |
| &nbsp;&nbsp;&nbsp;Hitachi, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;106600 | &nbsp;&nbsp;&nbsp;&nbsp; 5728765 |
| &nbsp;&nbsp;&nbsp;Honda Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;179600 | &nbsp;&nbsp;&nbsp;&nbsp; 4387588 |
| &nbsp;&nbsp;&nbsp;Hoshizaki Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp; 406525 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40300 | &nbsp;&nbsp;&nbsp;&nbsp; 4172096 |
| &nbsp;&nbsp;&nbsp;Hulic Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42300 | &nbsp;&nbsp;&nbsp;&nbsp; 356187 |
| &nbsp;&nbsp;&nbsp;Ibiden Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12400 | &nbsp;&nbsp;&nbsp;&nbsp; 508697 |
| &nbsp;&nbsp;&nbsp;Idemitsu Kosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22976 | &nbsp;&nbsp;&nbsp;&nbsp; 539760 |
| &nbsp;&nbsp;&nbsp;Iida Group Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16200 | &nbsp;&nbsp;&nbsp;&nbsp; 260174 |
| &nbsp;&nbsp;&nbsp;Inpex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;114400 | &nbsp;&nbsp;&nbsp;&nbsp; 1269242 |
| &nbsp;&nbsp;&nbsp;Isuzu Motors, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64100 | &nbsp;&nbsp;&nbsp;&nbsp; 841690 |
| &nbsp;&nbsp;&nbsp;Ito En, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5943 | &nbsp;&nbsp;&nbsp;&nbsp; 229935 |
| &nbsp;&nbsp;&nbsp;ITOCHU Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;130900 | &nbsp;&nbsp;&nbsp;&nbsp; 4124101 |
| &nbsp;&nbsp;&nbsp;Itochu Techno-Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10600 | &nbsp;&nbsp;&nbsp;&nbsp; 262589 |
| &nbsp;&nbsp;&nbsp;Japan Airlines Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15800 | &nbsp;&nbsp;&nbsp;&nbsp; 312976 |
| &nbsp;&nbsp;&nbsp;Japan Exchange Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55200 | &nbsp;&nbsp;&nbsp;&nbsp; 801293 |
| &nbsp;&nbsp;&nbsp;Japan Metropolitan Fund Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768 | &nbsp;&nbsp;&nbsp;&nbsp; 617670 |
| &nbsp;&nbsp;&nbsp;Japan Post Bank Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45400 | &nbsp;&nbsp;&nbsp;&nbsp; 347029 |
| &nbsp;&nbsp;&nbsp;Japan Post Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;261900 | &nbsp;&nbsp;&nbsp;&nbsp; 2048115 |
| &nbsp;&nbsp;&nbsp;Japan Post Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21900 | &nbsp;&nbsp;&nbsp;&nbsp; 363805 |
| &nbsp;&nbsp;&nbsp;Japan Real Estate Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp; 607721 |
| &nbsp;&nbsp;&nbsp;Japan Tobacco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132100 | &nbsp;&nbsp;&nbsp;&nbsp; 2703355 |
| &nbsp;&nbsp;&nbsp;JFE Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54100 | &nbsp;&nbsp;&nbsp;&nbsp; 604085 |
| &nbsp;&nbsp;&nbsp;JSR Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19900 | &nbsp;&nbsp;&nbsp;&nbsp; 422689 |
| &nbsp;&nbsp;&nbsp;Kajima Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46500 | &nbsp;&nbsp;&nbsp;&nbsp; 526808 |
| &nbsp;&nbsp;&nbsp;Kakaku.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14700 | &nbsp;&nbsp;&nbsp;&nbsp; 263419 |
| &nbsp;&nbsp;&nbsp;Kansai Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77500 | &nbsp;&nbsp;&nbsp;&nbsp; 660596 |
| &nbsp;&nbsp;&nbsp;Kao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52400 | &nbsp;&nbsp;&nbsp;&nbsp; 2091134 |
| &nbsp;&nbsp;&nbsp;KDDI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;177700 | &nbsp;&nbsp;&nbsp;&nbsp; 5318436 |
| &nbsp;&nbsp;&nbsp;Keio Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11300 | &nbsp;&nbsp;&nbsp;&nbsp; 423033 |
| &nbsp;&nbsp;&nbsp;Keisei Electric Railway Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14200 | &nbsp;&nbsp;&nbsp;&nbsp; 404983 |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21500 | &nbsp;&nbsp;&nbsp;&nbsp; 9143098 |
| &nbsp;&nbsp;&nbsp;Kikkoman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp; 908379 |
| &nbsp;&nbsp;&nbsp;Kintetsu Group Holdings Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18900 | &nbsp;&nbsp;&nbsp;&nbsp; 674513 |
| &nbsp;&nbsp;&nbsp;Kirin Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90500 | &nbsp;&nbsp;&nbsp;&nbsp; 1428153 |
| &nbsp;&nbsp;&nbsp;Kobayashi Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5901 | &nbsp;&nbsp;&nbsp;&nbsp; 366237 |
| &nbsp;&nbsp;&nbsp;Kobe Bussan Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16640 | &nbsp;&nbsp;&nbsp;&nbsp; 437134 |
| &nbsp;&nbsp;&nbsp;Koei Tecmo Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12860 | &nbsp;&nbsp;&nbsp;&nbsp; 224190 |
| &nbsp;&nbsp;&nbsp;Koito Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23100 | &nbsp;&nbsp;&nbsp;&nbsp; 368610 |
| &nbsp;&nbsp;&nbsp;Komatsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;101700 | &nbsp;&nbsp;&nbsp;&nbsp; 2368386 |
| &nbsp;&nbsp;&nbsp;Konami Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10300 | &nbsp;&nbsp;&nbsp;&nbsp; 487480 |
| &nbsp;&nbsp;&nbsp;Kose Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3679 | &nbsp;&nbsp;&nbsp;&nbsp; 391904 |
| &nbsp;&nbsp;&nbsp;Kubota Corp. | &nbsp;&nbsp;&nbsp;&nbsp;112300 | &nbsp;&nbsp;&nbsp;&nbsp; 1669001 |
| &nbsp;&nbsp;&nbsp;Kurita Water Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp; 513805 |
| &nbsp;&nbsp;&nbsp;Kyocera Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp; 1814836 |
| &nbsp;&nbsp;&nbsp;Kyowa Kirin Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29700 | &nbsp;&nbsp;&nbsp;&nbsp; 690919 |
| &nbsp;&nbsp;&nbsp;Lasertec Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8225 | &nbsp;&nbsp;&nbsp;&nbsp; 1554761 |
| &nbsp;&nbsp;&nbsp;LIXIL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32700 | &nbsp;&nbsp;&nbsp;&nbsp; 508595 |
| &nbsp;&nbsp;&nbsp;M3, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48600 | &nbsp;&nbsp;&nbsp;&nbsp; 1522123 |
| &nbsp;&nbsp;&nbsp;Makita Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24700 | &nbsp;&nbsp;&nbsp;&nbsp; 568981 |
| &nbsp;&nbsp;&nbsp;Marubeni Corp. | &nbsp;&nbsp;&nbsp;&nbsp;170200 | &nbsp;&nbsp;&nbsp;&nbsp; 1930672 |
| &nbsp;&nbsp;&nbsp;Mazda Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62500 | &nbsp;&nbsp;&nbsp;&nbsp; 501403 |
| &nbsp;&nbsp;&nbsp;McDonald's Holdings Co. Japan, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp; 351568 |
| &nbsp;&nbsp;&nbsp;MEIJI Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp; 590238 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;Minebea Mitsumi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;$665416 |
| &nbsp;&nbsp;&nbsp;MISUMI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31300 | &nbsp;&nbsp;&nbsp;&nbsp; 776686 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Chemical Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;140800 | &nbsp;&nbsp;&nbsp;&nbsp; 752479 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;139100 | &nbsp;&nbsp;&nbsp;&nbsp; 4689289 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;212800 | &nbsp;&nbsp;&nbsp;&nbsp; 2149157 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Estate Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;130200 | &nbsp;&nbsp;&nbsp;&nbsp; 1849422 |
| &nbsp;&nbsp;&nbsp;Mitsubishi HC Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72800 | &nbsp;&nbsp;&nbsp;&nbsp; 347156 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35300 | &nbsp;&nbsp;&nbsp;&nbsp; 1407996 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | 1316600 | &nbsp;&nbsp;&nbsp;&nbsp; 7214738 |
| &nbsp;&nbsp;&nbsp;Mitsui & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;153800 | &nbsp;&nbsp;&nbsp;&nbsp; 4486579 |
| &nbsp;&nbsp;&nbsp;Mitsui Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20300 | &nbsp;&nbsp;&nbsp;&nbsp; 462011 |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99800 | &nbsp;&nbsp;&nbsp;&nbsp; 2029160 |
| &nbsp;&nbsp;&nbsp;Mitsui OSK Lines, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37800 | &nbsp;&nbsp;&nbsp;&nbsp; 932839 |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;265620 | &nbsp;&nbsp;&nbsp;&nbsp; 3312480 |
| &nbsp;&nbsp;&nbsp;MonotaRO Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27600 | &nbsp;&nbsp;&nbsp;&nbsp; 476557 |
| &nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp; 1465968 |
| &nbsp;&nbsp;&nbsp;Murata Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63300 | &nbsp;&nbsp;&nbsp;&nbsp; 3482218 |
| &nbsp;&nbsp;&nbsp;NEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp; 959215 |
| &nbsp;&nbsp;&nbsp;Nexon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54600 | &nbsp;&nbsp;&nbsp;&nbsp; 1160799 |
| &nbsp;&nbsp;&nbsp;NGK Insulators, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26200 | &nbsp;&nbsp;&nbsp;&nbsp; 346968 |
| &nbsp;&nbsp;&nbsp;Nidec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49300 | &nbsp;&nbsp;&nbsp;&nbsp; 3118115 |
| &nbsp;&nbsp;&nbsp;Nihon M&A Center Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33348 | &nbsp;&nbsp;&nbsp;&nbsp; 454964 |
| &nbsp;&nbsp;&nbsp;Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;121800 | &nbsp;&nbsp;&nbsp;&nbsp; 5241750 |
| &nbsp;&nbsp;&nbsp;Nippon Building Fund, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp; 789823 |
| &nbsp;&nbsp;&nbsp;Nippon Express Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp; 496743 |
| &nbsp;&nbsp;&nbsp;Nippon Paint Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91200 | &nbsp;&nbsp;&nbsp;&nbsp; 752963 |
| &nbsp;&nbsp;&nbsp;Nippon Prologis REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 579322 |
| &nbsp;&nbsp;&nbsp;Nippon Sanso Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19100 | &nbsp;&nbsp;&nbsp;&nbsp; 319542 |
| &nbsp;&nbsp;&nbsp;Nippon Shinyaku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp; 320291 |
| &nbsp;&nbsp;&nbsp;Nippon Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp; 1425048 |
| &nbsp;&nbsp;&nbsp;Nippon Telegraph & Telephone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;131600 | &nbsp;&nbsp;&nbsp;&nbsp; 3646633 |
| &nbsp;&nbsp;&nbsp;Nippon Yusen KK# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53500 | &nbsp;&nbsp;&nbsp;&nbsp; 1188425 |
| &nbsp;&nbsp;&nbsp;Nissan Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14100 | &nbsp;&nbsp;&nbsp;&nbsp; 702246 |
| &nbsp;&nbsp;&nbsp;Nissan Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;255300 | &nbsp;&nbsp;&nbsp;&nbsp; 920923 |
| &nbsp;&nbsp;&nbsp;Nisshin Seifun Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21700 | &nbsp;&nbsp;&nbsp;&nbsp; 255066 |
| &nbsp;&nbsp;&nbsp;Nissin Foods Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp; 518134 |
| &nbsp;&nbsp;&nbsp;Nitori Holdings Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8900 | &nbsp;&nbsp;&nbsp;&nbsp; 1020649 |
| &nbsp;&nbsp;&nbsp;Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15700 | &nbsp;&nbsp;&nbsp;&nbsp; 994303 |
| &nbsp;&nbsp;&nbsp;Nomura Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;320100 | &nbsp;&nbsp;&nbsp;&nbsp; 1160738 |
| &nbsp;&nbsp;&nbsp;Nomura Real Estate Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp; 315868 |
| &nbsp;&nbsp;&nbsp;Nomura Real Estate Master Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467 | &nbsp;&nbsp;&nbsp;&nbsp; 585267 |
| &nbsp;&nbsp;&nbsp;Nomura Research Institute, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp; 821153 |
| &nbsp;&nbsp;&nbsp;NTT Data Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69600 | &nbsp;&nbsp;&nbsp;&nbsp; 1076059 |
| &nbsp;&nbsp;&nbsp;Obayashi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71500 | &nbsp;&nbsp;&nbsp;&nbsp; 534668 |
| &nbsp;&nbsp;&nbsp;OBIC Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp; 1226367 |
| &nbsp;&nbsp;&nbsp;Odakyu Electric Railway Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32399 | &nbsp;&nbsp;&nbsp;&nbsp; 425872 |
| &nbsp;&nbsp;&nbsp;Oji Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89400 | &nbsp;&nbsp;&nbsp;&nbsp; 344671 |
| &nbsp;&nbsp;&nbsp;Olympus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;135900 | &nbsp;&nbsp;&nbsp;&nbsp; 2808102 |
| &nbsp;&nbsp;&nbsp;Omron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20400 | &nbsp;&nbsp;&nbsp;&nbsp; 1064423 |
| &nbsp;&nbsp;&nbsp;Ono Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39900 | &nbsp;&nbsp;&nbsp;&nbsp; 1024480 |
| &nbsp;&nbsp;&nbsp;Open House Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100 | &nbsp;&nbsp;&nbsp;&nbsp; 386540 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 254859 |
| &nbsp;&nbsp;&nbsp;Oriental Land Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp; 3177802 |
| &nbsp;&nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;131600 | &nbsp;&nbsp;&nbsp;&nbsp; 2124192 |
| &nbsp;&nbsp;&nbsp;Osaka Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41200 | &nbsp;&nbsp;&nbsp;&nbsp; 637079 |
| &nbsp;&nbsp;&nbsp;Otsuka Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp; 419742 |
| &nbsp;&nbsp;&nbsp;Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43100 | &nbsp;&nbsp;&nbsp;&nbsp; 1478235 |
| &nbsp;&nbsp;&nbsp;Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41800 | &nbsp;&nbsp;&nbsp;&nbsp; 729949 |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;243230 | &nbsp;&nbsp;&nbsp;&nbsp; 2271259 |
| &nbsp;&nbsp;&nbsp;Persol Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19574 | &nbsp;&nbsp;&nbsp;&nbsp; 455398 |
| &nbsp;&nbsp;&nbsp;Rakuten Group, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95700 | &nbsp;&nbsp;&nbsp;&nbsp; 461501 |
| &nbsp;&nbsp;&nbsp;Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;158783 | &nbsp;&nbsp;&nbsp;&nbsp; 5068098 |
| &nbsp;&nbsp;&nbsp;Renesas Electronics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;128300 | &nbsp;&nbsp;&nbsp;&nbsp; 1270662 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Resona Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;237700 | &nbsp;&nbsp;$1146541 |
| &nbsp;&nbsp;&nbsp;Ricoh Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp; 501853 |
| &nbsp;&nbsp;&nbsp;Rohm Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp; 769754 |
| &nbsp;&nbsp;&nbsp;SBI Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp; 517527 |
| &nbsp;&nbsp;&nbsp;SCSK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17142 | &nbsp;&nbsp;&nbsp;&nbsp; 277050 |
| &nbsp;&nbsp;&nbsp;Secom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23100 | &nbsp;&nbsp;&nbsp;&nbsp; 1432158 |
| &nbsp;&nbsp;&nbsp;Seiko Epson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30800 | &nbsp;&nbsp;&nbsp;&nbsp; 486673 |
| &nbsp;&nbsp;&nbsp;Sekisui Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40800 | &nbsp;&nbsp;&nbsp;&nbsp; 576640 |
| &nbsp;&nbsp;&nbsp;Sekisui House, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67700 | &nbsp;&nbsp;&nbsp;&nbsp; 1268908 |
| &nbsp;&nbsp;&nbsp;Seven & i Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83000 | &nbsp;&nbsp;&nbsp;&nbsp; 3386667 |
| &nbsp;&nbsp;&nbsp;SG Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31656 | &nbsp;&nbsp;&nbsp;&nbsp; 493359 |
| &nbsp;&nbsp;&nbsp;Sharp Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26900 | &nbsp;&nbsp;&nbsp;&nbsp; 192335 |
| &nbsp;&nbsp;&nbsp;Shimadzu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26100 | &nbsp;&nbsp;&nbsp;&nbsp; 804791 |
| &nbsp;&nbsp;&nbsp;Shimano, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 1378269 |
| &nbsp;&nbsp;&nbsp;Shimizu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60800 | &nbsp;&nbsp;&nbsp;&nbsp; 327968 |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41400 | &nbsp;&nbsp;&nbsp;&nbsp; 5363166 |
| &nbsp;&nbsp;&nbsp;Shionogi & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29200 | &nbsp;&nbsp;&nbsp;&nbsp; 1484382 |
| &nbsp;&nbsp;&nbsp;Shiseido Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp; 1880697 |
| &nbsp;&nbsp;&nbsp;Shizuoka Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200 | &nbsp;&nbsp;&nbsp;&nbsp; 358071 |
| &nbsp;&nbsp;&nbsp;SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp; 2881812 |
| &nbsp;&nbsp;&nbsp;SoftBank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;316400 | &nbsp;&nbsp;&nbsp;&nbsp; 3450145 |
| &nbsp;&nbsp;&nbsp;SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;132800 | &nbsp;&nbsp;&nbsp;&nbsp; 5827868 |
| &nbsp;&nbsp;&nbsp;Sompo Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34500 | &nbsp;&nbsp;&nbsp;&nbsp; 1517920 |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;138900 | &nbsp;&nbsp;&nbsp;&nbsp; 11497072 |
| &nbsp;&nbsp;&nbsp;Square Enix Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp; 420799 |
| &nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67600 | &nbsp;&nbsp;&nbsp;&nbsp; 1164390 |
| &nbsp;&nbsp;&nbsp;SUMCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38504 | &nbsp;&nbsp;&nbsp;&nbsp; 583099 |
| &nbsp;&nbsp;&nbsp;Sumitomo Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;163800 | &nbsp;&nbsp;&nbsp;&nbsp; 596714 |
| &nbsp;&nbsp;&nbsp;Sumitomo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;124100 | &nbsp;&nbsp;&nbsp;&nbsp; 2040645 |
| &nbsp;&nbsp;&nbsp;Sumitomo Electric Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78600 | &nbsp;&nbsp;&nbsp;&nbsp; 922603 |
| &nbsp;&nbsp;&nbsp;Sumitomo Metal Mining Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27200 | &nbsp;&nbsp;&nbsp;&nbsp; 928412 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;143800 | &nbsp;&nbsp;&nbsp;&nbsp; 4874588 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37200 | &nbsp;&nbsp;&nbsp;&nbsp; 1196384 |
| &nbsp;&nbsp;&nbsp;Sumitomo Realty & Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34100 | &nbsp;&nbsp;&nbsp;&nbsp; 929587 |
| &nbsp;&nbsp;&nbsp;Suntory Beverage & Food, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15300 | &nbsp;&nbsp;&nbsp;&nbsp; 520335 |
| &nbsp;&nbsp;&nbsp;Suzuki Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40600 | &nbsp;&nbsp;&nbsp;&nbsp; 1462923 |
| &nbsp;&nbsp;&nbsp;Sysmex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18500 | &nbsp;&nbsp;&nbsp;&nbsp; 1133745 |
| &nbsp;&nbsp;&nbsp;T&D Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58300 | &nbsp;&nbsp;&nbsp;&nbsp; 711248 |
| &nbsp;&nbsp;&nbsp;Taisei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19900 | &nbsp;&nbsp;&nbsp;&nbsp; 604170 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;165500 | &nbsp;&nbsp;&nbsp;&nbsp; 4862690 |
| &nbsp;&nbsp;&nbsp;TDK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42800 | &nbsp;&nbsp;&nbsp;&nbsp; 1543518 |
| &nbsp;&nbsp;&nbsp;Terumo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71100 | &nbsp;&nbsp;&nbsp;&nbsp; 2105458 |
| &nbsp;&nbsp;&nbsp;TIS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24856 | &nbsp;&nbsp;&nbsp;&nbsp; 709850 |
| &nbsp;&nbsp;&nbsp;Tobu Railway Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20800 | &nbsp;&nbsp;&nbsp;&nbsp; 502039 |
| &nbsp;&nbsp;&nbsp;Toho Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp; 476526 |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;202300 | &nbsp;&nbsp;&nbsp;&nbsp; 4176368 |
| &nbsp;&nbsp;&nbsp;Tokyo Electric Power Co. Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;168100 | &nbsp;&nbsp;&nbsp;&nbsp; 614331 |
| &nbsp;&nbsp;&nbsp;Tokyo Electron, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp;&nbsp; 5653839 |
| &nbsp;&nbsp;&nbsp;Tokyo Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43700 | &nbsp;&nbsp;&nbsp;&nbsp; 805877 |
| &nbsp;&nbsp;&nbsp;Tokyu Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58300 | &nbsp;&nbsp;&nbsp;&nbsp; 743993 |
| &nbsp;&nbsp;&nbsp;Toppan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28800 | &nbsp;&nbsp;&nbsp;&nbsp; 449675 |
| &nbsp;&nbsp;&nbsp;Toray Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152600 | &nbsp;&nbsp;&nbsp;&nbsp; 827663 |
| &nbsp;&nbsp;&nbsp;Toshiba Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp; 1460734 |
| &nbsp;&nbsp;&nbsp;Tosoh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28600 | &nbsp;&nbsp;&nbsp;&nbsp; 338576 |
| &nbsp;&nbsp;&nbsp;TOTO, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15600 | &nbsp;&nbsp;&nbsp;&nbsp; 542596 |
| &nbsp;&nbsp;&nbsp;Toyota Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16100 | &nbsp;&nbsp;&nbsp;&nbsp; 923316 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. | 1168100 | &nbsp;&nbsp;&nbsp;&nbsp; 17140274 |
| &nbsp;&nbsp;&nbsp;Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23400 | &nbsp;&nbsp;&nbsp;&nbsp; 905941 |
| &nbsp;&nbsp;&nbsp;Trend Micro, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14700 | &nbsp;&nbsp;&nbsp;&nbsp; 729774 |
| &nbsp;&nbsp;&nbsp;Unicharm Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44400 | &nbsp;&nbsp;&nbsp;&nbsp; 1647781 |
| &nbsp;&nbsp;&nbsp;USS Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24099 | &nbsp;&nbsp;&nbsp;&nbsp; 404943 |
| &nbsp;&nbsp;&nbsp;Welcia Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp; 230024 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;West Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24100 | &nbsp;&nbsp;$1024226 |
| &nbsp;&nbsp;&nbsp;Yakult Honsha Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14100 | &nbsp;&nbsp;&nbsp;&nbsp; 899837 |
| &nbsp;&nbsp;&nbsp;Yamaha Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15500 | &nbsp;&nbsp;&nbsp;&nbsp; 618555 |
| &nbsp;&nbsp;&nbsp;Yamaha Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32700 | &nbsp;&nbsp;&nbsp;&nbsp; 818061 |
| &nbsp;&nbsp;&nbsp;Yamato Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32100 | &nbsp;&nbsp;&nbsp;&nbsp; 536877 |
| &nbsp;&nbsp;&nbsp;Yaskawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26400 | &nbsp;&nbsp;&nbsp;&nbsp; 869355 |
| &nbsp;&nbsp;&nbsp;Yokogawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25100 | &nbsp;&nbsp;&nbsp;&nbsp; 473430 |
| &nbsp;&nbsp;&nbsp;Z Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;292400 | &nbsp;&nbsp;&nbsp;&nbsp; 796786 |
| &nbsp;&nbsp;&nbsp;ZOZO, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13793 | &nbsp;&nbsp;&nbsp;&nbsp; 347422 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351672298 |
| **Jersey — 0.9%** | **Jersey — 0.9%** | **Jersey — 0.9%** |
| &nbsp;&nbsp;&nbsp;Experian PLC | &nbsp;&nbsp;&nbsp;&nbsp;101429 | &nbsp;&nbsp;&nbsp;&nbsp; 3606277 |
| &nbsp;&nbsp;&nbsp;Ferguson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23617 | &nbsp;&nbsp;&nbsp;&nbsp; 2677853 |
| &nbsp;&nbsp;&nbsp;Glencore PLC | 1085905 | &nbsp;&nbsp;&nbsp;&nbsp; 7346277 |
| &nbsp;&nbsp;&nbsp;WPP PLC | &nbsp;&nbsp;&nbsp;&nbsp;120281 | &nbsp;&nbsp;&nbsp;&nbsp; 1279227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14909634 |
| **Luxembourg — 0.2%** | **Luxembourg — 0.2%** | **Luxembourg — 0.2%** |
| &nbsp;&nbsp;&nbsp;ArcelorMittal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58010 | &nbsp;&nbsp;&nbsp;&nbsp; 1573930 |
| &nbsp;&nbsp;&nbsp;Aroundtown SA | &nbsp;&nbsp;&nbsp;&nbsp;110029 | &nbsp;&nbsp;&nbsp;&nbsp; 263525 |
| &nbsp;&nbsp;&nbsp;Eurofins Scientific SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14803 | &nbsp;&nbsp;&nbsp;&nbsp; 1038862 |
| &nbsp;&nbsp;&nbsp;Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51941 | &nbsp;&nbsp;&nbsp;&nbsp; 906216 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3782533 |
| **Netherlands — 5.1%** | **Netherlands — 5.1%** | **Netherlands — 5.1%** |
| &nbsp;&nbsp;&nbsp;ABN AMRO Bank NV CVA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46585 | &nbsp;&nbsp;&nbsp;&nbsp; 604871 |
| &nbsp;&nbsp;&nbsp;Adyen NV\*#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2388 | &nbsp;&nbsp;&nbsp;&nbsp; 3723213 |
| &nbsp;&nbsp;&nbsp;Aegon NV# | &nbsp;&nbsp;&nbsp;&nbsp;196929 | &nbsp;&nbsp;&nbsp;&nbsp; 973574 |
| &nbsp;&nbsp;&nbsp;AerCap Holdings NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14866 | &nbsp;&nbsp;&nbsp;&nbsp; 912772 |
| &nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65105 | &nbsp;&nbsp;&nbsp;&nbsp; 7516799 |
| &nbsp;&nbsp;&nbsp;Akzo Nobel NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19975 | &nbsp;&nbsp;&nbsp;&nbsp; 1445111 |
| &nbsp;&nbsp;&nbsp;Argenx SE † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6065 | &nbsp;&nbsp;&nbsp;&nbsp; 2430592 |
| &nbsp;&nbsp;&nbsp;ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5152 | &nbsp;&nbsp;&nbsp;&nbsp; 1446150 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44769 | &nbsp;&nbsp;&nbsp;&nbsp; 27231691 |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;112557 | &nbsp;&nbsp;&nbsp;&nbsp; 1830070 |
| &nbsp;&nbsp;&nbsp;Davide Campari-Milano NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57568 | &nbsp;&nbsp;&nbsp;&nbsp; 610563 |
| &nbsp;&nbsp;&nbsp;Euronext NV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9418 | &nbsp;&nbsp;&nbsp;&nbsp; 723797 |
| &nbsp;&nbsp;&nbsp;EXOR NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11929 | &nbsp;&nbsp;&nbsp;&nbsp; 941605 |
| &nbsp;&nbsp;&nbsp;Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13883 | &nbsp;&nbsp;&nbsp;&nbsp; 3076980 |
| &nbsp;&nbsp;&nbsp;Heineken Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11089 | &nbsp;&nbsp;&nbsp;&nbsp; 835065 |
| &nbsp;&nbsp;&nbsp;Heineken NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28549 | &nbsp;&nbsp;&nbsp;&nbsp; 2631998 |
| &nbsp;&nbsp;&nbsp;IMCD NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6264 | &nbsp;&nbsp;&nbsp;&nbsp; 932282 |
| &nbsp;&nbsp;&nbsp;JDE Peet's NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11033 | &nbsp;&nbsp;&nbsp;&nbsp; 342894 |
| &nbsp;&nbsp;&nbsp;Just Eat Takeaway.com NV \*#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20098 | &nbsp;&nbsp;&nbsp;&nbsp; 470465 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp;115177 | &nbsp;&nbsp;&nbsp;&nbsp; 3339324 |
| &nbsp;&nbsp;&nbsp;Koninklijke DSM NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19251 | &nbsp;&nbsp;&nbsp;&nbsp; 2503756 |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | &nbsp;&nbsp;&nbsp;&nbsp;363347 | &nbsp;&nbsp;&nbsp;&nbsp; 1114408 |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97353 | &nbsp;&nbsp;&nbsp;&nbsp; 1466409 |
| &nbsp;&nbsp;&nbsp;NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30729 | &nbsp;&nbsp;&nbsp;&nbsp; 1319790 |
| &nbsp;&nbsp;&nbsp;OCI NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11589 | &nbsp;&nbsp;&nbsp;&nbsp; 491554 |
| &nbsp;&nbsp;&nbsp;Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91357 | &nbsp;&nbsp;&nbsp;&nbsp; 6008024 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25052 | &nbsp;&nbsp;&nbsp;&nbsp; 1235993 |
| &nbsp;&nbsp;&nbsp;Randstad NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13152 | &nbsp;&nbsp;&nbsp;&nbsp; 766796 |
| &nbsp;&nbsp;&nbsp;Stellantis NV | &nbsp;&nbsp;&nbsp;&nbsp;242388 | &nbsp;&nbsp;&nbsp;&nbsp; 3789026 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75277 | &nbsp;&nbsp;&nbsp;&nbsp; 2912822 |
| &nbsp;&nbsp;&nbsp;Universal Music Group NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79784 | &nbsp;&nbsp;&nbsp;&nbsp; 1911355 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28914 | &nbsp;&nbsp;&nbsp;&nbsp; 3193710 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88733459 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** | **New Zealand — 0.2%** |
| &nbsp;&nbsp;&nbsp;Auckland International Airport, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;137690 | &nbsp;&nbsp;&nbsp;&nbsp; 698061 |
| &nbsp;&nbsp;&nbsp;Fisher & Paykel Healthcare Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63480 | &nbsp;&nbsp;&nbsp;&nbsp; 953762 |
| &nbsp;&nbsp;&nbsp;Mercury NZ, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76098 | &nbsp;&nbsp;&nbsp;&nbsp; 264807 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **New Zealand (continued)** | **New Zealand (continued)** | **New Zealand (continued)** |
| &nbsp;&nbsp;&nbsp;Meridian Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;141623 | &nbsp;&nbsp;$439640 |
| &nbsp;&nbsp;&nbsp;Spark New Zealand, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;205629 | &nbsp;&nbsp;&nbsp;&nbsp; 670187 |
| &nbsp;&nbsp;&nbsp;Xero, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14804 | &nbsp;&nbsp;&nbsp;&nbsp; 731931 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3758388 |
| **Norway — 0.7%** | **Norway — 0.7%** | **Norway — 0.7%** |
| &nbsp;&nbsp;&nbsp;Adevinta ASA#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31975 | &nbsp;&nbsp;&nbsp;&nbsp; 258656 |
| &nbsp;&nbsp;&nbsp;Aker BP ASA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34788 | &nbsp;&nbsp;&nbsp;&nbsp; 1213667 |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;102454 | &nbsp;&nbsp;&nbsp;&nbsp; 2006293 |
| &nbsp;&nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;107641 | &nbsp;&nbsp;&nbsp;&nbsp; 4146041 |
| &nbsp;&nbsp;&nbsp;Gjensidige Forsikring ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22027 | &nbsp;&nbsp;&nbsp;&nbsp; 426856 |
| &nbsp;&nbsp;&nbsp;Kongsberg Gruppen ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9835 | &nbsp;&nbsp;&nbsp;&nbsp; 407303 |
| &nbsp;&nbsp;&nbsp;Mowi ASA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45503 | &nbsp;&nbsp;&nbsp;&nbsp; 720527 |
| &nbsp;&nbsp;&nbsp;Norsk Hydro ASA | &nbsp;&nbsp;&nbsp;&nbsp;147927 | &nbsp;&nbsp;&nbsp;&nbsp; 1116194 |
| &nbsp;&nbsp;&nbsp;Orkla ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82614 | &nbsp;&nbsp;&nbsp;&nbsp; 587692 |
| &nbsp;&nbsp;&nbsp;Salmar ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6479 | &nbsp;&nbsp;&nbsp;&nbsp; 230567 |
| &nbsp;&nbsp;&nbsp;Telenor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76967 | &nbsp;&nbsp;&nbsp;&nbsp; 745278 |
| &nbsp;&nbsp;&nbsp;Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18198 | &nbsp;&nbsp;&nbsp;&nbsp; 833121 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12692195 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| &nbsp;&nbsp;&nbsp;EDP - Energias de Portugal SA | &nbsp;&nbsp;&nbsp;&nbsp;305340 | &nbsp;&nbsp;&nbsp;&nbsp; 1450868 |
| &nbsp;&nbsp;&nbsp;Galp Energia SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55136 | &nbsp;&nbsp;&nbsp;&nbsp; 677577 |
| &nbsp;&nbsp;&nbsp;Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31125 | &nbsp;&nbsp;&nbsp;&nbsp; 691746 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2820191 |
| **Singapore — 1.2%** | **Singapore — 1.2%** | **Singapore — 1.2%** |
| &nbsp;&nbsp;&nbsp;CapitaLand Ascendas REIT | &nbsp;&nbsp;&nbsp;&nbsp;369424 | &nbsp;&nbsp;&nbsp;&nbsp; 763402 |
| &nbsp;&nbsp;&nbsp;CapitaLand Integrated Commercial Trust† | &nbsp;&nbsp;&nbsp;&nbsp;584068 | &nbsp;&nbsp;&nbsp;&nbsp; 898919 |
| &nbsp;&nbsp;&nbsp;Capitaland Investment, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;286200 | &nbsp;&nbsp;&nbsp;&nbsp; 779105 |
| &nbsp;&nbsp;&nbsp;City Developments, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45100 | &nbsp;&nbsp;&nbsp;&nbsp; 276256 |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;199500 | &nbsp;&nbsp;&nbsp;&nbsp; 5187299 |
| &nbsp;&nbsp;&nbsp;Genting Singapore, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;665900 | &nbsp;&nbsp;&nbsp;&nbsp; 434434 |
| &nbsp;&nbsp;&nbsp;Keppel Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;160200 | &nbsp;&nbsp;&nbsp;&nbsp; 895310 |
| &nbsp;&nbsp;&nbsp;Mapletree Logistics Trust | &nbsp;&nbsp;&nbsp;&nbsp;360078 | &nbsp;&nbsp;&nbsp;&nbsp; 430303 |
| &nbsp;&nbsp;&nbsp;Mapletree Pan Asia Commercial Trust | &nbsp;&nbsp;&nbsp;&nbsp;259300 | &nbsp;&nbsp;&nbsp;&nbsp; 328746 |
| &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;372900 | &nbsp;&nbsp;&nbsp;&nbsp; 3423100 |
| &nbsp;&nbsp;&nbsp;Singapore Airlines, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;147349 | &nbsp;&nbsp;&nbsp;&nbsp; 597286 |
| &nbsp;&nbsp;&nbsp;Singapore Exchange, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94300 | &nbsp;&nbsp;&nbsp;&nbsp; 632078 |
| &nbsp;&nbsp;&nbsp;Singapore Technologies Engineering, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;172000 | &nbsp;&nbsp;&nbsp;&nbsp; 436371 |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;909500 | &nbsp;&nbsp;&nbsp;&nbsp; 1829464 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;129800 | &nbsp;&nbsp;&nbsp;&nbsp; 2994558 |
| &nbsp;&nbsp;&nbsp;UOL Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51200 | &nbsp;&nbsp;&nbsp;&nbsp; 252865 |
| &nbsp;&nbsp;&nbsp;Venture Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30552 | &nbsp;&nbsp;&nbsp;&nbsp; 392431 |
| &nbsp;&nbsp;&nbsp;Wilmar International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;211200 | &nbsp;&nbsp;&nbsp;&nbsp; 640960 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21192887 |
| **Spain — 2.3%** | **Spain — 2.3%** | **Spain — 2.3%** |
| &nbsp;&nbsp;&nbsp;Acciona SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715 | &nbsp;&nbsp;&nbsp;&nbsp; 533097 |
| &nbsp;&nbsp;&nbsp;ACS Actividades de Construccion y Servicios SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25435 | &nbsp;&nbsp;&nbsp;&nbsp; 721098 |
| &nbsp;&nbsp;&nbsp;Aena SME SA\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8250 | &nbsp;&nbsp;&nbsp;&nbsp; 1075254 |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49618 | &nbsp;&nbsp;&nbsp;&nbsp; 2701428 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;734404 | &nbsp;&nbsp;&nbsp;&nbsp; 4370578 |
| &nbsp;&nbsp;&nbsp;Banco Santander SA | 1881277 | &nbsp;&nbsp;&nbsp;&nbsp; 5682225 |
| &nbsp;&nbsp;&nbsp;CaixaBank SA | &nbsp;&nbsp;&nbsp;&nbsp;487644 | &nbsp;&nbsp;&nbsp;&nbsp; 1821530 |
| &nbsp;&nbsp;&nbsp;Cellnex Telecom SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59857 | &nbsp;&nbsp;&nbsp;&nbsp; 2072339 |
| &nbsp;&nbsp;&nbsp;EDP Renovaveis SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31698 | &nbsp;&nbsp;&nbsp;&nbsp; 739168 |
| &nbsp;&nbsp;&nbsp;Enagas SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27411 | &nbsp;&nbsp;&nbsp;&nbsp; 492322 |
| &nbsp;&nbsp;&nbsp;Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34937 | &nbsp;&nbsp;&nbsp;&nbsp; 648381 |
| &nbsp;&nbsp;&nbsp;Ferrovial SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53999 | &nbsp;&nbsp;&nbsp;&nbsp; 1464437 |
| &nbsp;&nbsp;&nbsp;Grifols SA#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32810 | &nbsp;&nbsp;&nbsp;&nbsp; 353096 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA | &nbsp;&nbsp;&nbsp;&nbsp;655858 | &nbsp;&nbsp;&nbsp;&nbsp; 7423581 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp;120144 | &nbsp;&nbsp;&nbsp;&nbsp; 3114962 |

---

---

| | | |
|:---|:---|:---|
| **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;15998 | &nbsp;&nbsp;$447993 |
| &nbsp;&nbsp;&nbsp;Red Electrica Corp. SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44637 | &nbsp;&nbsp;&nbsp;&nbsp; 784493 |
| &nbsp;&nbsp;&nbsp;Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;159817 | &nbsp;&nbsp;&nbsp;&nbsp; 2466934 |
| &nbsp;&nbsp;&nbsp;Siemens Gamesa Renewable Energy SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26256 | &nbsp;&nbsp;&nbsp;&nbsp; 492543 |
| &nbsp;&nbsp;&nbsp;Telefonica SA | &nbsp;&nbsp;&nbsp;&nbsp;577085 | &nbsp;&nbsp;&nbsp;&nbsp; 2148845 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39554304 |
| **SupraNational — 0.1%** | **SupraNational — 0.1%** | **SupraNational — 0.1%** |
| &nbsp;&nbsp;&nbsp;HK Electric Investments & HK Electric Investments, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;291769 | &nbsp;&nbsp;&nbsp;&nbsp; 215964 |
| &nbsp;&nbsp;&nbsp;HKT Trust & HKT, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;417000 | &nbsp;&nbsp;&nbsp;&nbsp; 507044 |
| &nbsp;&nbsp;&nbsp;Unibail-Rodamco-Westfield † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12959 | &nbsp;&nbsp;&nbsp;&nbsp; 700222 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423230 |
| **Sweden — 3.0%** | **Sweden — 3.0%** | **Sweden — 3.0%** |
| &nbsp;&nbsp;&nbsp;Alfa Laval AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31909 | &nbsp;&nbsp;&nbsp;&nbsp; 917979 |
| &nbsp;&nbsp;&nbsp;Assa Abloy AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;110393 | &nbsp;&nbsp;&nbsp;&nbsp; 2549056 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;295991 | &nbsp;&nbsp;&nbsp;&nbsp; 3730322 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;171694 | &nbsp;&nbsp;&nbsp;&nbsp; 1956910 |
| &nbsp;&nbsp;&nbsp;Boliden AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30085 | &nbsp;&nbsp;&nbsp;&nbsp; 1138254 |
| &nbsp;&nbsp;&nbsp;Electrolux AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24221 | &nbsp;&nbsp;&nbsp;&nbsp; 344833 |
| &nbsp;&nbsp;&nbsp;Embracer Group AB† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73796 | &nbsp;&nbsp;&nbsp;&nbsp; 315070 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72711 | &nbsp;&nbsp;&nbsp;&nbsp; 1415720 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42877 | &nbsp;&nbsp;&nbsp;&nbsp; 720151 |
| &nbsp;&nbsp;&nbsp;EQT AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32839 | &nbsp;&nbsp;&nbsp;&nbsp; 763953 |
| &nbsp;&nbsp;&nbsp;Essity AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66987 | &nbsp;&nbsp;&nbsp;&nbsp; 1647697 |
| &nbsp;&nbsp;&nbsp;Evolution AB\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20112 | &nbsp;&nbsp;&nbsp;&nbsp; 2060593 |
| &nbsp;&nbsp;&nbsp;Fastighets AB Balder, Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69487 | &nbsp;&nbsp;&nbsp;&nbsp; 313810 |
| &nbsp;&nbsp;&nbsp;Getinge AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25140 | &nbsp;&nbsp;&nbsp;&nbsp; 591725 |
| &nbsp;&nbsp;&nbsp;H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80333 | &nbsp;&nbsp;&nbsp;&nbsp; 908418 |
| &nbsp;&nbsp;&nbsp;Hexagon AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;214380 | &nbsp;&nbsp;&nbsp;&nbsp; 2479831 |
| &nbsp;&nbsp;&nbsp;Holmen AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10318 | &nbsp;&nbsp;&nbsp;&nbsp; 428163 |
| &nbsp;&nbsp;&nbsp;Husqvarna AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46081 | &nbsp;&nbsp;&nbsp;&nbsp; 365029 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14464 | &nbsp;&nbsp;&nbsp;&nbsp; 375513 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16941 | &nbsp;&nbsp;&nbsp;&nbsp; 437095 |
| &nbsp;&nbsp;&nbsp;Indutrade AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30044 | &nbsp;&nbsp;&nbsp;&nbsp; 653691 |
| &nbsp;&nbsp;&nbsp;Investment AB Latour, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16305 | &nbsp;&nbsp;&nbsp;&nbsp; 325854 |
| &nbsp;&nbsp;&nbsp;Investor AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54847 | &nbsp;&nbsp;&nbsp;&nbsp; 1062184 |
| &nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;200847 | &nbsp;&nbsp;&nbsp;&nbsp; 3759084 |
| &nbsp;&nbsp;&nbsp;Kinnevik AB, Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26641 | &nbsp;&nbsp;&nbsp;&nbsp; 416134 |
| &nbsp;&nbsp;&nbsp;L E Lundbergforetagen AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8370 | &nbsp;&nbsp;&nbsp;&nbsp; 367175 |
| &nbsp;&nbsp;&nbsp;Lifco AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25621 | &nbsp;&nbsp;&nbsp;&nbsp; 442388 |
| &nbsp;&nbsp;&nbsp;Nibe Industrier AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;166697 | &nbsp;&nbsp;&nbsp;&nbsp; 1591044 |
| &nbsp;&nbsp;&nbsp;Sagax AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20936 | &nbsp;&nbsp;&nbsp;&nbsp; 467850 |
| &nbsp;&nbsp;&nbsp;Sandvik AB | &nbsp;&nbsp;&nbsp;&nbsp;117434 | &nbsp;&nbsp;&nbsp;&nbsp; 2151462 |
| &nbsp;&nbsp;&nbsp;Securitas AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52926 | &nbsp;&nbsp;&nbsp;&nbsp; 432452 |
| &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;179256 | &nbsp;&nbsp;&nbsp;&nbsp; 2073828 |
| &nbsp;&nbsp;&nbsp;Skanska AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37421 | &nbsp;&nbsp;&nbsp;&nbsp; 611480 |
| &nbsp;&nbsp;&nbsp;SKF AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42166 | &nbsp;&nbsp;&nbsp;&nbsp; 700365 |
| &nbsp;&nbsp;&nbsp;Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66642 | &nbsp;&nbsp;&nbsp;&nbsp; 912624 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;160435 | &nbsp;&nbsp;&nbsp;&nbsp; 1630843 |
| &nbsp;&nbsp;&nbsp;Swedbank AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99611 | &nbsp;&nbsp;&nbsp;&nbsp; 1622817 |
| &nbsp;&nbsp;&nbsp;Swedish Match AB | &nbsp;&nbsp;&nbsp;&nbsp;167964 | &nbsp;&nbsp;&nbsp;&nbsp; 1843424 |
| &nbsp;&nbsp;&nbsp;Swedish Orphan Biovitrum AB† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18580 | &nbsp;&nbsp;&nbsp;&nbsp; 402441 |
| &nbsp;&nbsp;&nbsp;Tele2 AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62434 | &nbsp;&nbsp;&nbsp;&nbsp; 553096 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp;&nbsp;&nbsp;321476 | &nbsp;&nbsp;&nbsp;&nbsp; 2024529 |
| &nbsp;&nbsp;&nbsp;Telia Co. AB | &nbsp;&nbsp;&nbsp;&nbsp;292393 | &nbsp;&nbsp;&nbsp;&nbsp; 803299 |
| &nbsp;&nbsp;&nbsp;Volvo AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21831 | &nbsp;&nbsp;&nbsp;&nbsp; 420359 |
| &nbsp;&nbsp;&nbsp;Volvo AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;166436 | &nbsp;&nbsp;&nbsp;&nbsp; 3094430 |
| &nbsp;&nbsp;&nbsp;Volvo Car AB, Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65546 | &nbsp;&nbsp;&nbsp;&nbsp; 331315 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52154290 |
| **Switzerland — 9.4%** | **Switzerland — 9.4%** | **Switzerland — 9.4%** |
| &nbsp;&nbsp;&nbsp;ABB, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;180907 | &nbsp;&nbsp;&nbsp;&nbsp; 5698842 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Adecco Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17749 | &nbsp;&nbsp;$608431 |
| &nbsp;&nbsp;&nbsp;Alcon, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55037 | &nbsp;&nbsp;&nbsp;&nbsp; 3807802 |
| &nbsp;&nbsp;&nbsp;Bachem Holding AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3655 | &nbsp;&nbsp;&nbsp;&nbsp; 361878 |
| &nbsp;&nbsp;&nbsp;Baloise Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5038 | &nbsp;&nbsp;&nbsp;&nbsp; 766331 |
| &nbsp;&nbsp;&nbsp;Barry Callebaut AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp; 805514 |
| &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; 1139902 |
| &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG (Participation Certificate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp; 1259167 |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57494 | &nbsp;&nbsp;&nbsp;&nbsp; 7647913 |
| &nbsp;&nbsp;&nbsp;Clariant AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23762 | &nbsp;&nbsp;&nbsp;&nbsp; 388437 |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22137 | &nbsp;&nbsp;&nbsp;&nbsp; 543812 |
| &nbsp;&nbsp;&nbsp;Credit Suisse Group AG# | &nbsp;&nbsp;&nbsp;&nbsp;291567 | &nbsp;&nbsp;&nbsp;&nbsp; 889583 |
| &nbsp;&nbsp;&nbsp;EMS-Chemie Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 | &nbsp;&nbsp;&nbsp;&nbsp; 544073 |
| &nbsp;&nbsp;&nbsp;Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3951 | &nbsp;&nbsp;&nbsp;&nbsp; 1914436 |
| &nbsp;&nbsp;&nbsp;Givaudan SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017 | &nbsp;&nbsp;&nbsp;&nbsp; 3468568 |
| &nbsp;&nbsp;&nbsp;Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61055 | &nbsp;&nbsp;&nbsp;&nbsp; 3155853 |
| &nbsp;&nbsp;&nbsp;Julius Baer Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24334 | &nbsp;&nbsp;&nbsp;&nbsp; 1409207 |
| &nbsp;&nbsp;&nbsp;Kuehne & Nagel International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5977 | &nbsp;&nbsp;&nbsp;&nbsp; 1453183 |
| &nbsp;&nbsp;&nbsp;Logitech International SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19026 | &nbsp;&nbsp;&nbsp;&nbsp; 1154495 |
| &nbsp;&nbsp;&nbsp;Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8202 | &nbsp;&nbsp;&nbsp;&nbsp; 4335038 |
| &nbsp;&nbsp;&nbsp;Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;310045 | &nbsp;&nbsp;&nbsp;&nbsp; 36895105 |
| &nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;238272 | &nbsp;&nbsp;&nbsp;&nbsp; 21243379 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2497 | &nbsp;&nbsp;&nbsp;&nbsp; 2499690 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77380 | &nbsp;&nbsp;&nbsp;&nbsp; 25151373 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG (BR)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934 | &nbsp;&nbsp;&nbsp;&nbsp; 1174859 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583 | &nbsp;&nbsp;&nbsp;&nbsp; 463501 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG (Participation Certificate)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4479 | &nbsp;&nbsp;&nbsp;&nbsp; 853546 |
| &nbsp;&nbsp;&nbsp;SGS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;&nbsp;&nbsp; 1641459 |
| &nbsp;&nbsp;&nbsp;SIG Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33683 | &nbsp;&nbsp;&nbsp;&nbsp; 747947 |
| &nbsp;&nbsp;&nbsp;Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16086 | &nbsp;&nbsp;&nbsp;&nbsp; 4148029 |
| &nbsp;&nbsp;&nbsp;Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5907 | &nbsp;&nbsp;&nbsp;&nbsp; 1513887 |
| &nbsp;&nbsp;&nbsp;Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12294 | &nbsp;&nbsp;&nbsp;&nbsp; 1447200 |
| &nbsp;&nbsp;&nbsp;Swatch Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3185 | &nbsp;&nbsp;&nbsp;&nbsp; 844704 |
| &nbsp;&nbsp;&nbsp;Swatch Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5776 | &nbsp;&nbsp;&nbsp;&nbsp; 281337 |
| &nbsp;&nbsp;&nbsp;Swiss Life Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3473 | &nbsp;&nbsp;&nbsp;&nbsp; 1871246 |
| &nbsp;&nbsp;&nbsp;Swiss Prime Site AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8439 | &nbsp;&nbsp;&nbsp;&nbsp; 706290 |
| &nbsp;&nbsp;&nbsp;Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33221 | &nbsp;&nbsp;&nbsp;&nbsp; 2997782 |
| &nbsp;&nbsp;&nbsp;Swisscom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850 | &nbsp;&nbsp;&nbsp;&nbsp; 1531978 |
| &nbsp;&nbsp;&nbsp;Temenos AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6988 | &nbsp;&nbsp;&nbsp;&nbsp; 433937 |
| &nbsp;&nbsp;&nbsp;UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp;387397 | &nbsp;&nbsp;&nbsp;&nbsp; 7208714 |
| &nbsp;&nbsp;&nbsp;VAT Group AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2968 | &nbsp;&nbsp;&nbsp;&nbsp; 841670 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16572 | &nbsp;&nbsp;&nbsp;&nbsp; 8024944 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163875042 |
| **United Kingdom — 13.4%** | **United Kingdom — 13.4%** | **United Kingdom — 13.4%** |
| &nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;107050 | &nbsp;&nbsp;&nbsp;&nbsp; 1772429 |
| &nbsp;&nbsp;&nbsp;Abrdn PLC# | &nbsp;&nbsp;&nbsp;&nbsp;240165 | &nbsp;&nbsp;&nbsp;&nbsp; 562604 |
| &nbsp;&nbsp;&nbsp;Admiral Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19770 | &nbsp;&nbsp;&nbsp;&nbsp; 482658 |
| &nbsp;&nbsp;&nbsp;Anglo American PLC | &nbsp;&nbsp;&nbsp;&nbsp;139956 | &nbsp;&nbsp;&nbsp;&nbsp; 5820396 |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43376 | &nbsp;&nbsp;&nbsp;&nbsp; 744821 |
| &nbsp;&nbsp;&nbsp;Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48777 | &nbsp;&nbsp;&nbsp;&nbsp; 2972887 |
| &nbsp;&nbsp;&nbsp;Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39185 | &nbsp;&nbsp;&nbsp;&nbsp; 753400 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;170659 | &nbsp;&nbsp;&nbsp;&nbsp; 23092624 |
| &nbsp;&nbsp;&nbsp;Auto Trader Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;103958 | &nbsp;&nbsp;&nbsp;&nbsp; 721160 |
| &nbsp;&nbsp;&nbsp;AVEVA Group PLC# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13267 | &nbsp;&nbsp;&nbsp;&nbsp; 508630 |
| &nbsp;&nbsp;&nbsp;Aviva PLC | &nbsp;&nbsp;&nbsp;&nbsp;311196 | &nbsp;&nbsp;&nbsp;&nbsp; 1688102 |
| &nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;&nbsp;347608 | &nbsp;&nbsp;&nbsp;&nbsp; 3450674 |
| &nbsp;&nbsp;&nbsp;Barclays PLC | 1843124 | &nbsp;&nbsp;&nbsp;&nbsp; 3597698 |
| &nbsp;&nbsp;&nbsp;Barratt Developments PLC | &nbsp;&nbsp;&nbsp;&nbsp;112475 | &nbsp;&nbsp;&nbsp;&nbsp; 542743 |
| &nbsp;&nbsp;&nbsp;Berkeley Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12265 | &nbsp;&nbsp;&nbsp;&nbsp; 565741 |
| &nbsp;&nbsp;&nbsp;BP PLC | 2128051 | &nbsp;&nbsp;&nbsp;&nbsp; 12731444 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC | &nbsp;&nbsp;&nbsp;&nbsp;237236 | &nbsp;&nbsp;&nbsp;&nbsp; 9735037 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| &nbsp;&nbsp;&nbsp;British Land Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96958 | &nbsp;&nbsp;$468189 |
| &nbsp;&nbsp;&nbsp;BT Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;764295 | &nbsp;&nbsp;&nbsp;&nbsp; 1119188 |
| &nbsp;&nbsp;&nbsp;Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37111 | &nbsp;&nbsp;&nbsp;&nbsp; 1363083 |
| &nbsp;&nbsp;&nbsp;Burberry Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43693 | &nbsp;&nbsp;&nbsp;&nbsp; 1153138 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22639 | &nbsp;&nbsp;&nbsp;&nbsp; 1201905 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;196482 | &nbsp;&nbsp;&nbsp;&nbsp; 4454673 |
| &nbsp;&nbsp;&nbsp;Croda International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15347 | &nbsp;&nbsp;&nbsp;&nbsp; 1260364 |
| &nbsp;&nbsp;&nbsp;Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;251909 | &nbsp;&nbsp;&nbsp;&nbsp; 11705068 |
| &nbsp;&nbsp;&nbsp;GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;447961 | &nbsp;&nbsp;&nbsp;&nbsp; 7609605 |
| &nbsp;&nbsp;&nbsp;Haleon PLC† | &nbsp;&nbsp;&nbsp;&nbsp;559165 | &nbsp;&nbsp;&nbsp;&nbsp; 1925481 |
| &nbsp;&nbsp;&nbsp;Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41758 | &nbsp;&nbsp;&nbsp;&nbsp; 1116098 |
| &nbsp;&nbsp;&nbsp;Hargreaves Lansdown PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39178 | &nbsp;&nbsp;&nbsp;&nbsp; 404318 |
| &nbsp;&nbsp;&nbsp;Hikma Pharmaceuticals PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18272 | &nbsp;&nbsp;&nbsp;&nbsp; 333346 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | 2213774 | &nbsp;&nbsp;&nbsp;&nbsp; 13646001 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99444 | &nbsp;&nbsp;&nbsp;&nbsp; 2554500 |
| &nbsp;&nbsp;&nbsp;Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp;161401 | &nbsp;&nbsp;&nbsp;&nbsp; 1212458 |
| &nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20241 | &nbsp;&nbsp;&nbsp;&nbsp; 1190974 |
| &nbsp;&nbsp;&nbsp;Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17753 | &nbsp;&nbsp;&nbsp;&nbsp; 869548 |
| &nbsp;&nbsp;&nbsp;J Sainsbury PLC | &nbsp;&nbsp;&nbsp;&nbsp;193195 | &nbsp;&nbsp;&nbsp;&nbsp; 521622 |
| &nbsp;&nbsp;&nbsp;JD Sports Fashion PLC | &nbsp;&nbsp;&nbsp;&nbsp;284036 | &nbsp;&nbsp;&nbsp;&nbsp; 444846 |
| &nbsp;&nbsp;&nbsp;Johnson Matthey PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20226 | &nbsp;&nbsp;&nbsp;&nbsp; 512589 |
| &nbsp;&nbsp;&nbsp;Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;222121 | &nbsp;&nbsp;&nbsp;&nbsp; 648779 |
| &nbsp;&nbsp;&nbsp;Land Securities Group PLC# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77481 | &nbsp;&nbsp;&nbsp;&nbsp; 583923 |
| &nbsp;&nbsp;&nbsp;Legal & General Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;657597 | &nbsp;&nbsp;&nbsp;&nbsp; 2027764 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | 7670112 | &nbsp;&nbsp;&nbsp;&nbsp; 4416746 |
| &nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36298 | &nbsp;&nbsp;&nbsp;&nbsp; 3649789 |
| &nbsp;&nbsp;&nbsp;M&G PLC | &nbsp;&nbsp;&nbsp;&nbsp;283192 | &nbsp;&nbsp;&nbsp;&nbsp; 663504 |
| &nbsp;&nbsp;&nbsp;Melrose Industries PLC | &nbsp;&nbsp;&nbsp;&nbsp;480942 | &nbsp;&nbsp;&nbsp;&nbsp; 783631 |
| &nbsp;&nbsp;&nbsp;Mondi PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53409 | &nbsp;&nbsp;&nbsp;&nbsp; 995355 |
| &nbsp;&nbsp;&nbsp;National Grid PLC | &nbsp;&nbsp;&nbsp;&nbsp;401638 | &nbsp;&nbsp;&nbsp;&nbsp; 4959189 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;589508 | &nbsp;&nbsp;&nbsp;&nbsp; 1874398 |
| &nbsp;&nbsp;&nbsp;Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14367 | &nbsp;&nbsp;&nbsp;&nbsp; 1025246 |
| &nbsp;&nbsp;&nbsp;Ocado Group PLC#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63579 | &nbsp;&nbsp;&nbsp;&nbsp; 482394 |
| &nbsp;&nbsp;&nbsp;Pearson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73804 | &nbsp;&nbsp;&nbsp;&nbsp; 887390 |
| &nbsp;&nbsp;&nbsp;Persimmon PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35111 | &nbsp;&nbsp;&nbsp;&nbsp; 538933 |
| &nbsp;&nbsp;&nbsp;Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82459 | &nbsp;&nbsp;&nbsp;&nbsp; 593970 |
| &nbsp;&nbsp;&nbsp;Prudential PLC | &nbsp;&nbsp;&nbsp;&nbsp;302810 | &nbsp;&nbsp;&nbsp;&nbsp; 3612816 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78758 | &nbsp;&nbsp;&nbsp;&nbsp; 5698185 |
| &nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;212023 | &nbsp;&nbsp;&nbsp;&nbsp; 5936250 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;205284 | &nbsp;&nbsp;&nbsp;&nbsp; 1356802 |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;123837 | &nbsp;&nbsp;&nbsp;&nbsp; 8412827 |
| &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC† | &nbsp;&nbsp;&nbsp;&nbsp;920388 | &nbsp;&nbsp;&nbsp;&nbsp; 1018291 |
| &nbsp;&nbsp;&nbsp;Sage Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;111967 | &nbsp;&nbsp;&nbsp;&nbsp; 1079852 |
| &nbsp;&nbsp;&nbsp;Schroders PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80531 | &nbsp;&nbsp;&nbsp;&nbsp; 431420 |
| &nbsp;&nbsp;&nbsp;Segro PLC | &nbsp;&nbsp;&nbsp;&nbsp;133074 | &nbsp;&nbsp;&nbsp;&nbsp; 1292539 |
| &nbsp;&nbsp;&nbsp;Severn Trent PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27510 | &nbsp;&nbsp;&nbsp;&nbsp; 908367 |
| &nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;819269 | &nbsp;&nbsp;&nbsp;&nbsp; 23968623 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96084 | &nbsp;&nbsp;&nbsp;&nbsp; 1257516 |
| &nbsp;&nbsp;&nbsp;Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41303 | &nbsp;&nbsp;&nbsp;&nbsp; 794117 |
| &nbsp;&nbsp;&nbsp;Spirax-Sarco Engineering PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8126 | &nbsp;&nbsp;&nbsp;&nbsp; 1118870 |
| &nbsp;&nbsp;&nbsp;SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;117594 | &nbsp;&nbsp;&nbsp;&nbsp; 2444283 |
| &nbsp;&nbsp;&nbsp;St. James's Place PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59871 | &nbsp;&nbsp;&nbsp;&nbsp; 845921 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;&nbsp;277845 | &nbsp;&nbsp;&nbsp;&nbsp; 2074086 |
| &nbsp;&nbsp;&nbsp;Taylor Wimpey PLC | &nbsp;&nbsp;&nbsp;&nbsp;392509 | &nbsp;&nbsp;&nbsp;&nbsp; 495377 |
| &nbsp;&nbsp;&nbsp;Tesco PLC | &nbsp;&nbsp;&nbsp;&nbsp;831449 | &nbsp;&nbsp;&nbsp;&nbsp; 2307662 |
| &nbsp;&nbsp;&nbsp;Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;281065 | &nbsp;&nbsp;&nbsp;&nbsp; 14110672 |
| &nbsp;&nbsp;&nbsp;United Utilities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75004 | &nbsp;&nbsp;&nbsp;&nbsp; 930615 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | 2942519 | &nbsp;&nbsp;&nbsp;&nbsp; 3269504 |
| &nbsp;&nbsp;&nbsp;Whitbread PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22219 | &nbsp;&nbsp;&nbsp;&nbsp; 706017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233011665 |
| **Total Common Stocks<br> (cost $1,468,685,046)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1608255509 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **UNAFFILIATED INVESTMENT COMPANIES — 4.1%** | **UNAFFILIATED INVESTMENT COMPANIES — 4.1%** |  |
| **United States — 4.1%** | **United States — 4.1%** |  |
| &nbsp;&nbsp;&nbsp;iShares MSCI EAFE ETF#<br> (cost $73,346,114) | &nbsp;&nbsp; 1060800 | &nbsp;&nbsp;$71200896 |
| **WARRANTS — 0.0%** | **WARRANTS — 0.0%** |  |
| **Switzerland — 0.0%** | **Switzerland — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA<br> Expires 11/22/2023†<br> (cost $0) | &nbsp;&nbsp; 94272 | &nbsp;&nbsp;&nbsp;&nbsp; 83687 |
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |  |
| **Switzerland — 0.0%** | **Switzerland — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Credit Suisse Group AG<br> Expires 12/08/2022#†<br> (cost $0) | &nbsp;&nbsp; 291567 | &nbsp;&nbsp;&nbsp;&nbsp; 27115 |
| **Total Long-Term Investment Securities<br> (cost $1,542,031,160)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1679567207 |
| **SHORT-TERM INVESTMENTS — 4.7%** | **SHORT-TERM INVESTMENTS — 4.7%** |  |
| **U.S. Government — 0.5%** | **U.S. Government — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91%, 05/18/2023 | $200000 | &nbsp;&nbsp;&nbsp;&nbsp; 195820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93%, 04/20/2023 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97%, 04/20/2023 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 491524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01%, 04/20/2023 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 06/15/2023 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3417061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79%, 06/15/2023 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 244076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82%, 05/18/2023 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86%, 05/18/2023 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 489551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97%, 10/05/2023 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 480814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41%, 11/02/2023 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 814336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 11/02/2023 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1532867 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7872450 |
| **Unaffiliated Investment Companies — 4.2%** | **Unaffiliated Investment Companies — 4.2%** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 3.86%(1)(2) | &nbsp;&nbsp;72857369 | &nbsp;&nbsp;&nbsp;&nbsp; 72857369 |
| **Total Short-Term Investments<br> (cost $80,776,793)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80729819 |
| **REPURCHASE AGREEMENTS — 1.7%** | **REPURCHASE AGREEMENTS — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.13% dated 11/30/2022, to be repurchased 12/01/2022 in the amount of $29,807,879 and collateralized by $34,426,700 of United States Treasury Notes, bearing interest at 0.63% due 07/31/2026 and having an approximate value of $30,403,149<br> (cost $29,806,944) | &nbsp;&nbsp;29806944 | &nbsp;&nbsp;&nbsp;&nbsp; 29806944 |
| **TOTAL INVESTMENTS<br> (cost $1,652,614,897)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103.1% | &nbsp;&nbsp;&nbsp;&nbsp;1790103970 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53276713) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1736827257 |

---

# 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, 2022, the aggregate value of these securities was $23,986,814 representing 1.4% of net assets.

(1) The rate shown is the 7-day yield as of November 30, 2022.

(2) At November 30, 2022, the Fund had loaned securities with a total value of $96,119,954. This was secured by collateral of $72,857,369, which was received in cash and subsequently invested in short-term investments currently valued at $72,857,369 as reported in the Portfolio of Investments. Additional collateral of $26,040,351 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, 2022** |
| United States Treasury Bills | 0.00% | 12/15/2022 to 02/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;$263376 |
| United States Treasury Notes/Bonds | 0.00% to 6.63% | 12/31/2022 to 02/15/2052 | &nbsp;&nbsp;&nbsp;25776975 |

---

(3) See
 Note 5 for cost of investments on a tax basis.

---

| |
|:---|
| ADR—American Depositary Receipt |
| BR—Bearer Shares |
| CVA—Certification Van Aandelen (Dutch Cert.) |
| ETF—Exchange Traded Fund |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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** |
| 555 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;MSCI EAFE Index | &nbsp;&nbsp;December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;$49417612 | &nbsp;&nbsp;&nbsp;&nbsp;$54939450 | &nbsp;&nbsp;&nbsp;&nbsp;$5521838 |

---

\* 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, 2022 (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;Australia | &nbsp;&nbsp;&nbsp;$1208304 | &nbsp;&nbsp;$126456877 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$127665181 |
| &nbsp;&nbsp;&nbsp;Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3156626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7340976 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10497602 |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4004882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8188249 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12193131 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351314227 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351672298 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87820687 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88733459 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231809760 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233011665 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784482173 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784482173 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;71200896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71200896 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83687 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27115 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7872450 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7872450 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;72857369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72857369 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29806944 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29806944 |
| **Total Investments at Value** | &nbsp;&nbsp;$155011627 | &nbsp;&nbsp;$1635092343 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1790103970 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;$5521838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$5521838 |

---

---

| | |
|:---|:---|
| \* | &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**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Foreign Government Obligations | &nbsp;&nbsp;56.0% |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;30.9 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
|  | &nbsp;&nbsp;96.0% |

---

---

| | |
|:---|:---|
| **Country Allocation\*** |  |
| United States | &nbsp;&nbsp;31.4% |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;9.0 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Egypt | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Panama | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Romania | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Ivory Coast | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Qatar | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Dominican Republic | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Ecuador | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Guatemala | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| British Virgin Islands | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Oman | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Philippines | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Angola | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Argentina | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Morocco | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |

---

---

| | |
|:---|:---|
| Jersey | &nbsp;&nbsp;&nbsp;&nbsp;0.4% |
| Mauritius | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Senegal | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Mongolia | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Paraguay | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
|  | &nbsp;&nbsp;96.0% |

---

---

| | |
|:---|:---|
| **Credit Quality†#** |  |
| Aaa | &nbsp;&nbsp;&nbsp;&nbsp;40.3% |
| Aa | &nbsp;&nbsp;&nbsp;&nbsp;11.4 |
| A | &nbsp;&nbsp;&nbsp;&nbsp;10.9 |
| Baa | &nbsp;&nbsp;&nbsp;&nbsp;16.5 |
| Ba | &nbsp;&nbsp;&nbsp;&nbsp;6.9 |
| B | &nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| Not Rated@ | &nbsp;&nbsp;&nbsp;&nbsp;9.3 |
|  | &nbsp;&nbsp;100.0% |

---

\* Calculated as a percentage of net assets

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Source: Moody's |
| # | &nbsp;&nbsp;Calculated as a percentage of total debt issues, excluding short-term securities. |
| @ | &nbsp;&nbsp;Represents debt issues that either have no rating, or the rating is unavailable from the data source. |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 8.6%** | **CORPORATE BONDS & NOTES — 8.6%** | **CORPORATE BONDS & NOTES — 8.6%** |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| &nbsp;&nbsp;&nbsp;Natura Cosmeticos SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 05/03/2028 | $200000 | &nbsp;&nbsp;$159187 |
| **British Virgin Islands — 0.6%** | **British Virgin Islands — 0.6%** | **British Virgin Islands — 0.6%** |
| &nbsp;&nbsp;&nbsp;China Cinda 2020 I Management, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/20/2028 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 163934 |
| &nbsp;&nbsp;&nbsp;Yunda Holding Investment, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 08/19/2025 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 348815 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512749 |
| **Cayman Islands — 0.7%** | **Cayman Islands — 0.7%** | **Cayman Islands — 0.7%** |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 02/09/2041 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 128277 |
| &nbsp;&nbsp;&nbsp;Grupo Aval, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 02/04/2030\* | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 197880 |
| &nbsp;&nbsp;&nbsp;Termocandelaria Power, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 01/30/2029 | &nbsp;&nbsp; 348500 | &nbsp;&nbsp;&nbsp;&nbsp; 317553 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643710 |
| **Chile — 0.7%** | **Chile — 0.7%** | **Chile — 0.7%** |
| &nbsp;&nbsp;&nbsp;Agrosuper SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 01/20/2032# | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 253347 |
| &nbsp;&nbsp;&nbsp;Celulosa Arauco y Constitucion SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/30/2049 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 332788 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586135 |
| **Colombia — 0.5%** | **Colombia — 0.5%** | **Colombia — 0.5%** |
| &nbsp;&nbsp;&nbsp;Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/29/2030 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 268617 |
| &nbsp;&nbsp;&nbsp;Empresas Publicas de Medellin ESP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 02/15/2031\* | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 177600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446217 |
| **Jersey — 0.4%** | **Jersey — 0.4%** | **Jersey — 0.4%** |
| &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 03/31/2036 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 318505 |
| **Luxembourg — 0.4%** | **Luxembourg — 0.4%** | **Luxembourg — 0.4%** |
| &nbsp;&nbsp;&nbsp;Minerva Luxembourg SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/18/2031\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 328087 |
| **Malaysia — 0.8%** | **Malaysia — 0.8%** | **Malaysia — 0.8%** |
| &nbsp;&nbsp;&nbsp;Petronas Capital, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/18/2025 to 04/21/2030 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 662533 |
| **Mauritius — 0.4%** | **Mauritius — 0.4%** | **Mauritius — 0.4%** |
| &nbsp;&nbsp;&nbsp;India Clean Energy Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/18/2027 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 312113 |
| **Mexico — 0.8%** | **Mexico — 0.8%** | **Mexico — 0.8%** |
| &nbsp;&nbsp;&nbsp;Infraestructura Energetica Nova SAPI de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/15/2051\* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 180778 |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 06/15/2038 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 200400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/21/2047 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 317381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698559 |
| **Netherlands — 1.2%** | **Netherlands — 1.2%** | **Netherlands — 1.2%** |
| &nbsp;&nbsp;&nbsp;Braskem Netherlands Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/31/2030 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 255799 |
| &nbsp;&nbsp;&nbsp;Minejesa Capital BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 08/10/2037 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 192385 |
| &nbsp;&nbsp;&nbsp;Mong Duong Finance Holdings BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/07/2029 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 357000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| &nbsp;&nbsp;&nbsp;Prosus NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99%, 01/19/2052 | $300000 | &nbsp;&nbsp;$208970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1014154 |
| **Peru — 0.7%** | **Peru — 0.7%** | **Peru — 0.7%** |
| &nbsp;&nbsp;&nbsp;Auna SAA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 11/20/2025 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 301564 |
| &nbsp;&nbsp;&nbsp;Orazul Energy Peru SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/28/2027 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 262875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564439 |
| **Singapore — 0.8%** | **Singapore — 0.8%** | **Singapore — 0.8%** |
| &nbsp;&nbsp;&nbsp;BOC Aviation, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 09/17/2030\* | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 461709 |
| &nbsp;&nbsp;&nbsp;LLPL Capital Pte, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/04/2039 | &nbsp;&nbsp; 255960 | &nbsp;&nbsp;&nbsp;&nbsp; 218816 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680525 |
| **United Arab Emirates — 0.4%** | **United Arab Emirates — 0.4%** | **United Arab Emirates — 0.4%** |
| &nbsp;&nbsp;&nbsp;DP World, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 09/30/2049 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 322572 |
| **Total Corporate Bonds & Notes<br> (cost $8,561,721)** |  | &nbsp;&nbsp;&nbsp;&nbsp;7249485 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 30.9%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 30.9%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 30.9%** |
| **United States — 30.9%** | **United States — 30.9%** | **United States — 30.9%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 11/15/2040 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 663164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2041 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 722656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/15/2041 to 08/15/2051 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1116601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 05/15/2051 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 743672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/15/2045 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 385488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2049 to 05/15/2052 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 747109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2047 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 08/15/2044 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 777832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 05/15/2044 to 11/15/2048 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 11/15/2043 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 479805 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 07/31/2025 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 903047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 01/31/2024 | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2201891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/15/2025 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1890625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 03/31/2024 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1935469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 05/15/2025# | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 475742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 11/15/2024 to 11/15/2025# | &nbsp;&nbsp; 4100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3908293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 08/15/2024# | &nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1977930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 05/15/2027 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1125891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/15/2024 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1649730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 02/15/2024 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1173375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 11/15/2028 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1155328 |
| **Total U.S. Government & Agency Obligations<br> (cost $29,684,435)** |  | &nbsp;&nbsp;&nbsp;&nbsp;26081603 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 56.0%** | **FOREIGN GOVERNMENT OBLIGATIONS — 56.0%** | **FOREIGN GOVERNMENT OBLIGATIONS — 56.0%** |
| **Angola — 0.5%** | **Angola — 0.5%** | **Angola — 0.5%** |
| &nbsp;&nbsp;&nbsp;Republic of Angola |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 04/14/2032 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 449530 |
| **Argentina — 0.5%** | **Argentina — 0.5%** | **Argentina — 0.5%** |
| &nbsp;&nbsp;&nbsp;Republic of Argentina |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 07/09/2035(1) | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 327267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/09/2038(1) | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 74809 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402076 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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)** |
| **Australia — 0.4%** | **Australia — 0.4%** | **Australia — 0.4%** | **Australia — 0.4%** |
| &nbsp;&nbsp;&nbsp;Commonwealth of Australia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/21/2047 | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;$348014 |
| **Austria — 0.8%** | **Austria — 0.8%** | **Austria — 0.8%** | **Austria — 0.8%** |
| &nbsp;&nbsp;&nbsp;Republic of Austria |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 10/20/2026\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 690857 |
| **Belgium — 1.1%** | **Belgium — 1.1%** | **Belgium — 1.1%** | **Belgium — 1.1%** |
| &nbsp;&nbsp;&nbsp;Kingdom of Belgium |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%, 06/22/2029\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 955379 |
| **Canada — 1.3%** | **Canada — 1.3%** | **Canada — 1.3%** | **Canada — 1.3%** |
| &nbsp;&nbsp;&nbsp;Government of Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 09/01/2026 | &nbsp;&nbsp;CAD | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 374649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 03/01/2025 | &nbsp;&nbsp;CAD | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 703111 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1077760 |
| **Chile — 0.2%** | **Chile — 0.2%** | **Chile — 0.2%** | **Chile — 0.2%** |
| &nbsp;&nbsp;&nbsp;Republic of Chile |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 01/21/2026 |  | $200000 | &nbsp;&nbsp;&nbsp;&nbsp; 191232 |
| **Colombia — 0.8%** | **Colombia — 0.8%** | **Colombia — 0.8%** | **Colombia — 0.8%** |
| &nbsp;&nbsp;&nbsp;Republic of Colombia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 04/15/2031 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 218922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/15/2029 |  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 425892 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644814 |
| **Dominican Republic — 0.9%** | **Dominican Republic — 0.9%** | **Dominican Republic — 0.9%** | **Dominican Republic — 0.9%** |
| &nbsp;&nbsp;&nbsp;Dominican Republic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/22/2029 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 274736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/30/2060 |  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 444750 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719486 |
| **Ecuador — 0.8%** | **Ecuador — 0.8%** | **Ecuador — 0.8%** | **Ecuador — 0.8%** |
| &nbsp;&nbsp;&nbsp;Republic of Ecuador |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/31/2035(1) |  | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 339760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/31/2030(1) |  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 303923 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643683 |
| **Egypt — 1.3%** | **Egypt — 1.3%** | **Egypt — 1.3%** | **Egypt — 1.3%** |
| &nbsp;&nbsp;&nbsp;Arab Republic of Egypt |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/16/2030 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 367646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 02/16/2061 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 254000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 05/29/2032 |  | &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp; 473962 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1095608 |
| **Finland — 0.7%** | **Finland — 0.7%** | **Finland — 0.7%** | **Finland — 0.7%** |
| &nbsp;&nbsp;&nbsp;Republic of Finland |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 09/15/2028\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 562018 |
| **France — 3.9%** | **France — 3.9%** | **France — 3.9%** | **France — 3.9%** |
| &nbsp;&nbsp;&nbsp;Government of France |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 11/25/2028 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 955448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 05/25/2034 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 452974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 05/25/2066\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 209007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/25/2029 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 450347 | &nbsp;&nbsp;&nbsp;&nbsp; 558659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/25/2025 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1150298 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3326386 |
| **Germany — 5.4%** | **Germany — 5.4%** | **Germany — 5.4%** | **Germany — 5.4%** |
| &nbsp;&nbsp;&nbsp;Federal Republic of Germany |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 08/15/2028 to 02/15/2029 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1511552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 02/15/2026 to 02/15/2028 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1271633 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 07/04/2034 to 07/04/2040 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;$943280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/04/2031 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 786824 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4513289 |
| **Guatemala — 0.7%** | **Guatemala — 0.7%** | **Guatemala — 0.7%** | **Guatemala — 0.7%** |
| &nbsp;&nbsp;&nbsp;Republic of Guatemala |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 06/01/2030 |  | $650000 | &nbsp;&nbsp;&nbsp;&nbsp; 611627 |
| **Hungary — 0.4%** | **Hungary — 0.4%** | **Hungary — 0.4%** | **Hungary — 0.4%** |
| &nbsp;&nbsp;&nbsp;Republic of Hungary |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 09/21/2051 |  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 360163 |
| **Indonesia — 1.7%** | **Indonesia — 1.7%** | **Indonesia — 1.7%** | **Indonesia — 1.7%** |
| &nbsp;&nbsp;&nbsp;Republic of Indonesia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 03/12/2051# |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 141921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 10/15/2030 |  | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 749572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 01/15/2025 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 395414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 10/12/2035 |  | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 125354 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1412261 |
| **Ireland — 0.7%** | **Ireland — 0.7%** | **Ireland — 0.7%** | **Ireland — 0.7%** |
| &nbsp;&nbsp;&nbsp;Republic of Ireland |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 05/15/2026 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 601384 |
| **Israel — 0.2%** | **Israel — 0.2%** | **Israel — 0.2%** | **Israel — 0.2%** |
| &nbsp;&nbsp;&nbsp;Israel Government USAID |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 06/30/2023 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197536 |
| **Italy — 2.6%** | **Italy — 2.6%** | **Italy — 2.6%** | **Italy — 2.6%** |
| &nbsp;&nbsp;&nbsp;Republic of Italy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 12/01/2026 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 485130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2028 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 489148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 03/01/2047\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 429343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 12/01/2028 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 404001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/2029 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 192470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/01/2028\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 167430 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2167522 |
| **Ivory Coast — 1.0%** | **Ivory Coast — 1.0%** | **Ivory Coast — 1.0%** | **Ivory Coast — 1.0%** |
| &nbsp;&nbsp;&nbsp;Republic of Ivory Coast |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 01/30/2032 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 163374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 06/15/2033 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 178000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/03/2028 |  | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 529177 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870551 |
| **Japan — 9.0%** | **Japan — 9.0%** | **Japan — 9.0%** | **Japan — 9.0%** |
| &nbsp;&nbsp;&nbsp;Government of Japan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%, 06/20/2030 to 12/20/2030 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;120000000 | &nbsp;&nbsp;&nbsp;&nbsp; 857705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%, 06/20/2042 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;130000000 | &nbsp;&nbsp;&nbsp;&nbsp; 907129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 03/20/2034 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 90000000 | &nbsp;&nbsp;&nbsp;&nbsp; 722177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%, 09/20/2032 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;130000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1062810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/20/2041 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp; 836998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 03/20/2051 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 33000000 | &nbsp;&nbsp;&nbsp;&nbsp; 279003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 12/20/2036 to 03/20/2039 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;230000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2005895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/20/2038 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp; 892990 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;7564707 |
| **Mexico — 1.1%** | **Mexico — 1.1%** | **Mexico — 1.1%** | **Mexico — 1.1%** |
| &nbsp;&nbsp;&nbsp;United Mexican States |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 02/12/2052 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 307171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/27/2051 |  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 212485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 11/20/2036 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 435953 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955609 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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)** |
| **Mongolia — 0.3%** | **Mongolia — 0.3%** | **Mongolia — 0.3%** | **Mongolia — 0.3%** |
| &nbsp;&nbsp;&nbsp;Republic of Mongolia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 04/07/2026 |  | $300000 | &nbsp;&nbsp;$241366 |
| **Morocco — 0.5%** | **Morocco — 0.5%** | **Morocco — 0.5%** | **Morocco — 0.5%** |
| &nbsp;&nbsp;&nbsp;Kingdom of Morocco |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/15/2032 |  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 396090 |
| **Netherlands — 1.1%** | **Netherlands — 1.1%** | **Netherlands — 1.1%** | **Netherlands — 1.1%** |
| &nbsp;&nbsp;&nbsp;Kingdom of the Netherlands |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 07/15/2029\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 921071 |
| **Norway — 0.6%** | **Norway — 0.6%** | **Norway — 0.6%** | **Norway — 0.6%** |
| &nbsp;&nbsp;&nbsp;Kingdom of Norway |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/14/2024\* | &nbsp;&nbsp;NOK | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 504829 |
| **Oman — 0.6%** | **Oman — 0.6%** | **Oman — 0.6%** | **Oman — 0.6%** |
| &nbsp;&nbsp;&nbsp;Sultanate of Oman |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/08/2027 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 194796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/28/2027 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 309694 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504490 |
| **Panama — 1.2%** | **Panama — 1.2%** | **Panama — 1.2%** | **Panama — 1.2%** |
| &nbsp;&nbsp;&nbsp;Republic of Panama |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87%, 07/23/2060 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 132730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/01/2056 |  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 370848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 02/14/2035 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 312005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 01/26/2036 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 211263 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1026846 |
| **Paraguay — 0.2%** | **Paraguay — 0.2%** | **Paraguay — 0.2%** | **Paraguay — 0.2%** |
| &nbsp;&nbsp;&nbsp;Republic of Paraquay |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/2026 |  | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 179100 |
| **Peru — 0.2%** | **Peru — 0.2%** | **Peru — 0.2%** | **Peru — 0.2%** |
| &nbsp;&nbsp;&nbsp;Republic of Peru |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78%, 01/23/2031 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 167517 |
| **Philippines — 0.6%** | **Philippines — 0.6%** | **Philippines — 0.6%** | **Philippines — 0.6%** |
| &nbsp;&nbsp;&nbsp;Republic of the Philippines |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56%, 09/29/2032 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 270321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/30/2026 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204647 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474968 |
| **Poland — 0.7%** | **Poland — 0.7%** | **Poland — 0.7%** | **Poland — 0.7%** |
| &nbsp;&nbsp;&nbsp;Republic of Poland |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/25/2026 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 381566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/22/2024 |  | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 177751 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559317 |
| **Qatar — 0.9%** | **Qatar — 0.9%** | **Qatar — 0.9%** | **Qatar — 0.9%** |
| &nbsp;&nbsp;&nbsp;State of Qatar |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 06/02/2026 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 288007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 04/16/2050\* |  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 228442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 04/16/2050 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 274131 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790580 |
| **Romania — 1.2%** | **Romania — 1.2%** | **Romania — 1.2%** | **Romania — 1.2%** |
| &nbsp;&nbsp;&nbsp;Government of Romania |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/14/2031 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 159292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/25/2027\* |  | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 310603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/25/2034 |  | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 141145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 01/22/2044 |  | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 401092 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1012132 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Saudi Arabia — 0.9%** | **Saudi Arabia — 0.9%** | **Saudi Arabia — 0.9%** | **Saudi Arabia — 0.9%** |
| &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 02/02/2061 |  | $300000 | &nbsp;&nbsp;$215109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/04/2047 |  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 535452 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750561 |
| **Senegal — 0.3%** | **Senegal — 0.3%** | **Senegal — 0.3%** | **Senegal — 0.3%** |
| &nbsp;&nbsp;&nbsp;Republic of Senegal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 05/23/2033 |  | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 292250 |
| **South Africa — 0.7%** | **South Africa — 0.7%** | **South Africa — 0.7%** | **South Africa — 0.7%** |
| &nbsp;&nbsp;&nbsp;Republic of South Africa |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 10/12/2028 |  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 453000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67%, 01/17/2024 |  | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 177300 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630300 |
| **Spain — 3.4%** | **Spain — 3.4%** | **Spain — 3.4%** | **Spain — 3.4%** |
| &nbsp;&nbsp;&nbsp;Kingdom of Spain |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 10/31/2050\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 311662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%, 10/31/2026\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 698846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 04/30/2028\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 489493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%, 07/30/2030\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 985860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/31/2029 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 372761 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2858622 |
| **Sweden — 0.6%** | **Sweden — 0.6%** | **Sweden — 0.6%** | **Sweden — 0.6%** |
| &nbsp;&nbsp;&nbsp;Kingdom of Sweden |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 05/12/2028 | &nbsp;&nbsp;SEK | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 533023 |
| **Turkey — 1.7%** | **Turkey — 1.7%** | **Turkey — 1.7%** | **Turkey — 1.7%** |
| &nbsp;&nbsp;&nbsp;Hazine Mustesarligi Varlik Kiralama AS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.76%, 11/13/2025\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 207750 |
| &nbsp;&nbsp;&nbsp;Republic of Turkey |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/17/2028 |  | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 301525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 03/17/2036 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 248190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.60%, 09/24/2027 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 301950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88%, 01/15/2028 |  | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 365155 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1424570 |
| **United Arab Emirates — 1.0%** | **United Arab Emirates — 1.0%** | **United Arab Emirates — 1.0%** | **United Arab Emirates — 1.0%** |
| &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 09/02/2070 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 246141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 10/11/2027 |  | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 621395 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867536 |
| **United Kingdom — 3.1%** | **United Kingdom — 3.1%** | **United Kingdom — 3.1%** | **United Kingdom — 3.1%** |
| &nbsp;&nbsp;&nbsp;United Kingdom Gilt Treasury |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 10/22/2029 to 01/31/2046 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 765093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 07/22/2027 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 440293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 01/22/2044 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 458824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 03/07/2036 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 654300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 12/07/2030 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 268319 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2586829 |
| **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; 196842 |
| **Total Foreign Government Obligations<br> (cost $55,440,167)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;47280331 |
| **Total Long-Term Investment Securities<br> (cost $93,686,323)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;80611419 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 0.5%** | **SHORT-TERM INVESTMENTS — 0.5%** | **SHORT-TERM INVESTMENTS — 0.5%** |
| **Unaffiliated Investment Companies — 0.5%** | **Unaffiliated Investment Companies — 0.5%** | **Unaffiliated Investment Companies — 0.5%** |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 3.86%(2)(3)<br> (cost $396,559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396559 | &nbsp;&nbsp;$396559 |
| **TOTAL INVESTMENTS<br> (cost $94,082,882)(4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.0% | &nbsp;&nbsp;&nbsp;&nbsp;81007978 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.0 | &nbsp;&nbsp;&nbsp;&nbsp;3385326 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$84393304 |

---

\* 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, 2022, the aggregate value of these securities was $9,018,644 representing 10.7% 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, 2022.

(2) The rate shown is the 7-day yield as of November 30, 2022.

(3) At November 30, 2022, the Fund had loaned securities with a total value of $6,769,784. This was secured by collateral of $396,559, which was received in cash and subsequently invested in short-term investments currently valued at $396,559 as reported in the Portfolio of Investments. Additional collateral of $6,689,125 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, 2022** |
| Federal Home Loan Mtg. Corp. | 1.50% to 4.50% | 02/25/2034 to 08/25/2052 | $1108921 |
| Federal National Mtg. Assoc. | 1.50% to 4.50% | 09/25/2032 to 12/25/2052 | &nbsp;&nbsp;&nbsp;1534825 |
| Government National Mtg. Assoc. | 1.25% to 4.59% | 11/20/2033 to 10/16/2064 | &nbsp;&nbsp;&nbsp;4045379 |

---

(4) See
 Note 5 for cost of investments on a tax basis.

USAID—United States Agency for International Development

---

| |
|:---|
| AUD—Australian Dollar |
| CAD—Canadian Dollar |
| EUR—Euro Currency |
| GBP—British Pound |
| JPY—Japanese Yen |
| MXN—Mexican Peso |
| NOK—Norwegian Krone |
| PLN—Polish Zloty |
| SEK—Swedish Krona |

---

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2022 (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;&nbsp;&nbsp;$— | &nbsp;&nbsp;$7249485 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$7249485 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;26081603 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;26081603 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;47280331 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;47280331 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;396559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396559 |
| **Total Investments at Value** | &nbsp;&nbsp;$396559 | &nbsp;&nbsp;$80611419 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$81007978 |

---

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

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;14.1% |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;10.7 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;10.6 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;9.7 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;7.6 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;7.3 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
|  | &nbsp;&nbsp;100.8% |

---

---

| | |
|:---|:---|
| **Country Allocation\*** |  |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;11.7% |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;10.6 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;9.1 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;8.5 |
| India | &nbsp;&nbsp;&nbsp;&nbsp;7.3 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;6.9 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;6.4 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;5.8 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
|  | &nbsp;&nbsp;100.8% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.7%** | **COMMON STOCKS — 98.7%** | **COMMON STOCKS — 98.7%** |
| **Bermuda — 4.7%** | **Bermuda — 4.7%** | **Bermuda — 4.7%** |
| &nbsp;&nbsp;&nbsp;AutoStore Holdings, Ltd.\*#† | 1548308 | &nbsp;&nbsp;$2889582 |
| &nbsp;&nbsp;&nbsp;Brookfield Infrastructure Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;424932 | &nbsp;&nbsp;&nbsp;&nbsp; 15939199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18828781 |
| **Canada — 9.1%** | **Canada — 9.1%** | **Canada — 9.1%** |
| &nbsp;&nbsp;&nbsp;Brookfield Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;383743 | &nbsp;&nbsp;&nbsp;&nbsp; 18093483 |
| &nbsp;&nbsp;&nbsp;Canada Goose Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;583297 | &nbsp;&nbsp;&nbsp;&nbsp; 10942652 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;174355 | &nbsp;&nbsp;&nbsp;&nbsp; 7127632 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;36163767 |
| **Cayman Islands — 1.4%** | **Cayman Islands — 1.4%** | **Cayman Islands — 1.4%** |
| &nbsp;&nbsp;&nbsp;Grab Holdings, Ltd., Class A† | 1860464 | &nbsp;&nbsp;&nbsp;&nbsp; 5618601 |
| **China — 2.0%** | **China — 2.0%** | **China — 2.0%** |
| &nbsp;&nbsp;&nbsp;Foshan Haitian Flavouring & Food Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;788774 | &nbsp;&nbsp;&nbsp;&nbsp; 7850233 |
| **Denmark — 10.6%** | **Denmark — 10.6%** | **Denmark — 10.6%** |
| &nbsp;&nbsp;&nbsp;Chr. Hansen Holding A/S | &nbsp;&nbsp;&nbsp;&nbsp;162172 | &nbsp;&nbsp;&nbsp;&nbsp; 10095924 |
| &nbsp;&nbsp;&nbsp;DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;201450 | &nbsp;&nbsp;&nbsp;&nbsp; 31908055 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;42003979 |
| **France — 8.5%** | **France — 8.5%** | **France — 8.5%** |
| &nbsp;&nbsp;&nbsp;Hermes International | &nbsp;&nbsp;&nbsp;&nbsp;15313 | &nbsp;&nbsp;&nbsp;&nbsp; 25169854 |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;42549 | &nbsp;&nbsp;&nbsp;&nbsp; 8510550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;33680404 |
| **Germany — 6.4%** | **Germany — 6.4%** | **Germany — 6.4%** |
| &nbsp;&nbsp;&nbsp;adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;113503 | &nbsp;&nbsp;&nbsp;&nbsp; 14473578 |
| &nbsp;&nbsp;&nbsp;HelloFresh SE† | &nbsp;&nbsp;&nbsp;&nbsp;202516 | &nbsp;&nbsp;&nbsp;&nbsp; 4949476 |
| &nbsp;&nbsp;&nbsp;Puma SE | &nbsp;&nbsp;&nbsp;&nbsp;119232 | &nbsp;&nbsp;&nbsp;&nbsp; 6045948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;25469002 |
| **Hong Kong — 2.7%** | **Hong Kong — 2.7%** | **Hong Kong — 2.7%** |
| &nbsp;&nbsp;&nbsp;AIA Group, Ltd. | 1054318 | &nbsp;&nbsp;&nbsp;&nbsp; 10752974 |
| **India — 7.3%** | **India — 7.3%** | **India — 7.3%** |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd. | 1457494 | &nbsp;&nbsp;&nbsp;&nbsp; 29132658 |
| **Italy — 5.4%** | **Italy — 5.4%** | **Italy — 5.4%** |
| &nbsp;&nbsp;&nbsp;Moncler SpA | &nbsp;&nbsp;&nbsp;&nbsp;409273 | &nbsp;&nbsp;&nbsp;&nbsp; 21501870 |
| **Japan — 5.6%** | **Japan — 5.6%** | **Japan — 5.6%** |
| &nbsp;&nbsp;&nbsp;Change, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;143100 | &nbsp;&nbsp;&nbsp;&nbsp; 2325803 |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46700 | &nbsp;&nbsp;&nbsp;&nbsp; 19859660 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22185463 |
| **Netherlands — 11.7%** | **Netherlands — 11.7%** | **Netherlands — 11.7%** |
| &nbsp;&nbsp;&nbsp;Adyen NV\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7029 | &nbsp;&nbsp;&nbsp;&nbsp; 10959156 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;37452 | &nbsp;&nbsp;&nbsp;&nbsp; 22780970 |
| &nbsp;&nbsp;&nbsp;Davide Campari-Milano NV# | 1182077 | &nbsp;&nbsp;&nbsp;&nbsp; 12537047 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;46277173 |
| **Sweden — 2.8%** | **Sweden — 2.8%** | **Sweden — 2.8%** |
| &nbsp;&nbsp;&nbsp;Evolution AB\* | &nbsp;&nbsp;&nbsp;&nbsp;78906 | &nbsp;&nbsp;&nbsp;&nbsp; 8084386 |
| &nbsp;&nbsp;&nbsp;Vitrolife AB | &nbsp;&nbsp;&nbsp;&nbsp;174141 | &nbsp;&nbsp;&nbsp;&nbsp; 3146613 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11230999 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Switzerland — 6.9%** | **Switzerland — 6.9%** |  |
| &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;$5492254 |
| &nbsp;&nbsp;&nbsp;Kuehne & Nagel International AG | &nbsp;&nbsp;&nbsp;&nbsp;43962 | &nbsp;&nbsp;&nbsp;&nbsp; 10688445 |
| &nbsp;&nbsp;&nbsp;Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;95830 | &nbsp;&nbsp;&nbsp;&nbsp; 11280718 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27461417 |
| **Taiwan — 4.9%** | **Taiwan — 4.9%** |  |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 1212000 | &nbsp;&nbsp;&nbsp;&nbsp; 19363153 |
| **United Kingdom — 5.0%** | **United Kingdom — 5.0%** |  |
| &nbsp;&nbsp;&nbsp;Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;191191 | &nbsp;&nbsp;&nbsp;&nbsp; 8883778 |
| &nbsp;&nbsp;&nbsp;Rightmove PLC | 1615900 | &nbsp;&nbsp;&nbsp;&nbsp; 10898705 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19782483 |
| **United States — 3.7%** | **United States — 3.7%** |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15792 | &nbsp;&nbsp;&nbsp;&nbsp; 14702115 |
| **Total Long-Term Investment Securities<br> (cost $372,100,860)** |  | &nbsp;&nbsp;&nbsp;&nbsp;392005072 |
| **SHORT-TERM INVESTMENTS — 2.1%** | **SHORT-TERM INVESTMENTS — 2.1%** |  |
| **Unaffiliated Investment Companies — 2.1%** | **Unaffiliated Investment Companies — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 3.86%(1)(2)<br> (cost $8,440,395) | 8440395 | &nbsp;&nbsp;&nbsp;&nbsp; 8440395 |
| **TOTAL INVESTMENTS<br> (cost $380,541,255)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.8% | &nbsp;&nbsp;&nbsp;&nbsp;400445467 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3226912) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$397218555 |

---

---

| | |
|:---|:---|
| \* | &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, 2022, the aggregate value of these securities was $21,933,124 representing 5.5% of net assets. |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| † | &nbsp;&nbsp;Non-income producing security |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of November 30, 2022. |
| (2) | &nbsp;&nbsp;At November 30, 2022, the Fund had loaned securities with a total value of $13,863,044. This was secured by collateral of $8,440,395, which was received in cash and subsequently invested in short-term investments currently valued at $8,440,395 as reported in the Portfolio of Investments. Additional collateral of $5,343,196 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, 2022** |
| United States Treasury Bills | 0.00% | 12/15/2022 | &nbsp;&nbsp;$198872 |
| United States Treasury Notes/Bonds | 0.00% to 5.38% | 06/30/2023 to 08/15/2051 | &nbsp;&nbsp;&nbsp;5144324 |

---

(3) See
 Note 5 for cost of investments on a tax basis.

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2022 (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;$15939199 | &nbsp;&nbsp;&nbsp;$2889582 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$18828781 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;36163767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;36163767 |
| &nbsp;&nbsp;&nbsp;Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;5618601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5618601 |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;7850233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7850233 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;2325803 | &nbsp;&nbsp;&nbsp;&nbsp;19859660 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;22185463 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;14702115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14702115 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;286656112 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;286656112 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;8440395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8440395 |
| **Total Investments at Value** | &nbsp;&nbsp;$91040113 | &nbsp;&nbsp;$309405354 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$400445467 |

---

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

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;6.2% |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;5.8 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Holding Companies-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Textiles | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;98.6% |

---

---

| | |
|:---|:---|
| **Country Allocation\*** |  |
| Japan | &nbsp;&nbsp;28.0% |
| United Kingdom | &nbsp;&nbsp;10.2 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;6.8 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;6.4 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| India | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| British Virgin Islands | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Philippines | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Jersey | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Mauritius | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Faroe Islands | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Czech Republic | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;98.6% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 92.2%** | **COMMON STOCKS — 92.2%** | **COMMON STOCKS — 92.2%** |
| **Australia — 4.2%** | **Australia — 4.2%** | **Australia — 4.2%** |
| &nbsp;&nbsp;&nbsp;ALS, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38073 | &nbsp;&nbsp;$318763 |
| &nbsp;&nbsp;&nbsp;Ansell, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30083 | &nbsp;&nbsp;&nbsp;&nbsp; 595845 |
| &nbsp;&nbsp;&nbsp;ASX, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795 | &nbsp;&nbsp;&nbsp;&nbsp; 86731 |
| &nbsp;&nbsp;&nbsp;AUB Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84851 | &nbsp;&nbsp;&nbsp;&nbsp; 1352270 |
| &nbsp;&nbsp;&nbsp;carsales.com, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17797 | &nbsp;&nbsp;&nbsp;&nbsp; 281830 |
| &nbsp;&nbsp;&nbsp;Cedar Woods Properties, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59142 | &nbsp;&nbsp;&nbsp;&nbsp; 180223 |
| &nbsp;&nbsp;&nbsp;Codan, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54645 | &nbsp;&nbsp;&nbsp;&nbsp; 149661 |
| &nbsp;&nbsp;&nbsp;Deterra Royalties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;119286 | &nbsp;&nbsp;&nbsp;&nbsp; 377514 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza Enterprises, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6957 | &nbsp;&nbsp;&nbsp;&nbsp; 320305 |
| &nbsp;&nbsp;&nbsp;HUB24, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;151613 | &nbsp;&nbsp;&nbsp;&nbsp; 2852210 |
| &nbsp;&nbsp;&nbsp;Iluka Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79787 | &nbsp;&nbsp;&nbsp;&nbsp; 561707 |
| &nbsp;&nbsp;&nbsp;Imdex, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;243771 | &nbsp;&nbsp;&nbsp;&nbsp; 406138 |
| &nbsp;&nbsp;&nbsp;IPH, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;515819 | &nbsp;&nbsp;&nbsp;&nbsp; 3232480 |
| &nbsp;&nbsp;&nbsp;IRESS, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47316 | &nbsp;&nbsp;&nbsp;&nbsp; 309661 |
| &nbsp;&nbsp;&nbsp;Nick Scali, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12367 | &nbsp;&nbsp;&nbsp;&nbsp; 96869 |
| &nbsp;&nbsp;&nbsp;Omni Bridgeway, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;173773 | &nbsp;&nbsp;&nbsp;&nbsp; 515459 |
| &nbsp;&nbsp;&nbsp;Pinnacle Investment Management Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34523 | &nbsp;&nbsp;&nbsp;&nbsp; 210790 |
| &nbsp;&nbsp;&nbsp;Pro Medicus, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73052 | &nbsp;&nbsp;&nbsp;&nbsp; 3025799 |
| &nbsp;&nbsp;&nbsp;Reliance Worldwide Corp, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;146736 | &nbsp;&nbsp;&nbsp;&nbsp; 313190 |
| &nbsp;&nbsp;&nbsp;SEEK, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22897 | &nbsp;&nbsp;&nbsp;&nbsp; 352586 |
| &nbsp;&nbsp;&nbsp;Seven Group Holdings, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29705 | &nbsp;&nbsp;&nbsp;&nbsp; 429391 |
| &nbsp;&nbsp;&nbsp;Steadfast Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;233063 | &nbsp;&nbsp;&nbsp;&nbsp; 849708 |
| &nbsp;&nbsp;&nbsp;Webjet, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;103756 | &nbsp;&nbsp;&nbsp;&nbsp; 460043 |
| &nbsp;&nbsp;&nbsp;WiseTech Global, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17912 | &nbsp;&nbsp;&nbsp;&nbsp; 712291 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17991464 |
| **Austria — 0.5%** | **Austria — 0.5%** | **Austria — 0.5%** |
| &nbsp;&nbsp;&nbsp;Mayr-Melnhof Karton AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4168 | &nbsp;&nbsp;&nbsp;&nbsp; 705934 |
| &nbsp;&nbsp;&nbsp;Vienna Insurance Group AG Wiener Versicherung Gruppe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58859 | &nbsp;&nbsp;&nbsp;&nbsp; 1380718 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086652 |
| **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** |
| &nbsp;&nbsp;&nbsp;Melexis NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5325 | &nbsp;&nbsp;&nbsp;&nbsp; 468517 |
| **Bermuda — 1.4%** | **Bermuda — 1.4%** | **Bermuda — 1.4%** |
| &nbsp;&nbsp;&nbsp;Cafe de Coral Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;486000 | &nbsp;&nbsp;&nbsp;&nbsp; 704701 |
| &nbsp;&nbsp;&nbsp;China Resources Gas Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;214300 | &nbsp;&nbsp;&nbsp;&nbsp; 760296 |
| &nbsp;&nbsp;&nbsp;Credicorp, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112 | &nbsp;&nbsp;&nbsp;&nbsp; 324298 |
| &nbsp;&nbsp;&nbsp;DFI Retail Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;190400 | &nbsp;&nbsp;&nbsp;&nbsp; 488632 |
| &nbsp;&nbsp;&nbsp;Golar LNG, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63567 | &nbsp;&nbsp;&nbsp;&nbsp; 1593625 |
| &nbsp;&nbsp;&nbsp;Hiscox, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60775 | &nbsp;&nbsp;&nbsp;&nbsp; 747807 |
| &nbsp;&nbsp;&nbsp;Midland Holdings, Ltd.† | 1156000 | &nbsp;&nbsp;&nbsp;&nbsp; 85929 |
| &nbsp;&nbsp;&nbsp;Shangri-La Asia, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;888000 | &nbsp;&nbsp;&nbsp;&nbsp; 554578 |
| &nbsp;&nbsp;&nbsp;VTech Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;114549 | &nbsp;&nbsp;&nbsp;&nbsp; 727709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5987575 |
| **Brazil — 3.2%** | **Brazil — 3.2%** | **Brazil — 3.2%** |
| &nbsp;&nbsp;&nbsp;3R Petroleum Oleo e Gas SA† | &nbsp;&nbsp;&nbsp;&nbsp;336581 | &nbsp;&nbsp;&nbsp;&nbsp; 2399170 |
| &nbsp;&nbsp;&nbsp;Arezzo Industria e Comercio SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60544 | &nbsp;&nbsp;&nbsp;&nbsp; 1045011 |
| &nbsp;&nbsp;&nbsp;Cielo SA | 1279556 | &nbsp;&nbsp;&nbsp;&nbsp; 1181087 |
| &nbsp;&nbsp;&nbsp;Energisa SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34600 | &nbsp;&nbsp;&nbsp;&nbsp; 288769 |
| &nbsp;&nbsp;&nbsp;Equatorial Energia SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp; 222976 |
| &nbsp;&nbsp;&nbsp;Gerdau SA (Preference Shares)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80200 | &nbsp;&nbsp;&nbsp;&nbsp; 487906 |
| &nbsp;&nbsp;&nbsp;Hypera SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21681 | &nbsp;&nbsp;&nbsp;&nbsp; 185669 |
| &nbsp;&nbsp;&nbsp;Iguatemi SA | &nbsp;&nbsp;&nbsp;&nbsp;248128 | &nbsp;&nbsp;&nbsp;&nbsp; 904657 |
| &nbsp;&nbsp;&nbsp;JHSF Participacoes SA | 1207161 | &nbsp;&nbsp;&nbsp;&nbsp; 1288730 |
| &nbsp;&nbsp;&nbsp;Localiza Rent a Car SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp;&nbsp; 225837 |
| &nbsp;&nbsp;&nbsp;Localiza Rent a Car SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 1211 |
| &nbsp;&nbsp;&nbsp;Lojas Renner SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53117 | &nbsp;&nbsp;&nbsp;&nbsp; 236958 |
| &nbsp;&nbsp;&nbsp;Multiplan Empreendimentos Imobiliarios SA | &nbsp;&nbsp;&nbsp;&nbsp;121527 | &nbsp;&nbsp;&nbsp;&nbsp; 536987 |
| &nbsp;&nbsp;&nbsp;Petro Rio SA† | &nbsp;&nbsp;&nbsp;&nbsp;382789 | &nbsp;&nbsp;&nbsp;&nbsp; 2659205 |
| &nbsp;&nbsp;&nbsp;Sendas Distribuidora SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52900 | &nbsp;&nbsp;&nbsp;&nbsp; 204389 |
| &nbsp;&nbsp;&nbsp;SLC Agricola SA | &nbsp;&nbsp;&nbsp;&nbsp;124856 | &nbsp;&nbsp;&nbsp;&nbsp; 1079815 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Brazil (continued)** | **Brazil (continued)** | **Brazil (continued)** |
| &nbsp;&nbsp;&nbsp;Suzano SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33800 | &nbsp;&nbsp;$346184 |
| &nbsp;&nbsp;&nbsp;TOTVS SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49800 | &nbsp;&nbsp;&nbsp;&nbsp; 296150 |
| &nbsp;&nbsp;&nbsp;Transmissora Alianca de Energia Eletrica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25842 | &nbsp;&nbsp;&nbsp;&nbsp; 172003 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13762714 |
| **British Virgin Islands — 0.5%** | **British Virgin Islands — 0.5%** | **British Virgin Islands — 0.5%** |
| &nbsp;&nbsp;&nbsp;Arcos Dorados Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;262072 | &nbsp;&nbsp;&nbsp;&nbsp; 1962919 |
| **Canada — 6.8%** | **Canada — 6.8%** | **Canada — 6.8%** |
| &nbsp;&nbsp;&nbsp;Agnico Eagle Mines, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20114 | &nbsp;&nbsp;&nbsp;&nbsp; 1013064 |
| &nbsp;&nbsp;&nbsp;Aritzia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83553 | &nbsp;&nbsp;&nbsp;&nbsp; 3178387 |
| &nbsp;&nbsp;&nbsp;ATS Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;205172 | &nbsp;&nbsp;&nbsp;&nbsp; 6836270 |
| &nbsp;&nbsp;&nbsp;Capital Power Corp. | &nbsp;&nbsp;&nbsp;&nbsp;135541 | &nbsp;&nbsp;&nbsp;&nbsp; 4659269 |
| &nbsp;&nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25534 | &nbsp;&nbsp;&nbsp;&nbsp; 1562810 |
| &nbsp;&nbsp;&nbsp;Enerplus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;112629 | &nbsp;&nbsp;&nbsp;&nbsp; 2094080 |
| &nbsp;&nbsp;&nbsp;Granite Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30322 | &nbsp;&nbsp;&nbsp;&nbsp; 1796350 |
| &nbsp;&nbsp;&nbsp;Jamieson Wellness, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85300 | &nbsp;&nbsp;&nbsp;&nbsp; 2100239 |
| &nbsp;&nbsp;&nbsp;Major Drilling Group International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;240050 | &nbsp;&nbsp;&nbsp;&nbsp; 1643579 |
| &nbsp;&nbsp;&nbsp;SunOpta, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;229736 | &nbsp;&nbsp;&nbsp;&nbsp; 2157057 |
| &nbsp;&nbsp;&nbsp;TMX Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5833 | &nbsp;&nbsp;&nbsp;&nbsp; 611595 |
| &nbsp;&nbsp;&nbsp;Vermilion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73924 | &nbsp;&nbsp;&nbsp;&nbsp; 1461279 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29113979 |
| **Cayman Islands — 1.9%** | **Cayman Islands — 1.9%** | **Cayman Islands — 1.9%** |
| &nbsp;&nbsp;&nbsp;Afya, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16880 | &nbsp;&nbsp;&nbsp;&nbsp; 253538 |
| &nbsp;&nbsp;&nbsp;Airtac International Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 279849 |
| &nbsp;&nbsp;&nbsp;ASMPT, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;111800 | &nbsp;&nbsp;&nbsp;&nbsp; 834896 |
| &nbsp;&nbsp;&nbsp;Burning Rock Biotech, Ltd. ADR#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8509 | &nbsp;&nbsp;&nbsp;&nbsp; 21358 |
| &nbsp;&nbsp;&nbsp;China Literature, Ltd.\*#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68200 | &nbsp;&nbsp;&nbsp;&nbsp; 247170 |
| &nbsp;&nbsp;&nbsp;CIMC Enric Holdings, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp; 795867 |
| &nbsp;&nbsp;&nbsp;ESR Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;201400 | &nbsp;&nbsp;&nbsp;&nbsp; 459851 |
| &nbsp;&nbsp;&nbsp;Haitian International Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;424000 | &nbsp;&nbsp;&nbsp;&nbsp; 1101927 |
| &nbsp;&nbsp;&nbsp;Inter & Co., Inc. BDR | &nbsp;&nbsp;&nbsp;&nbsp;170898 | &nbsp;&nbsp;&nbsp;&nbsp; 420547 |
| &nbsp;&nbsp;&nbsp;Pacific Textiles Holdings, Ltd.† | 1161000 | &nbsp;&nbsp;&nbsp;&nbsp; 381382 |
| &nbsp;&nbsp;&nbsp;Shenguan Holdings Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;352000 | &nbsp;&nbsp;&nbsp;&nbsp; 12187 |
| &nbsp;&nbsp;&nbsp;Silergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 92790 |
| &nbsp;&nbsp;&nbsp;Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 653436 |
| &nbsp;&nbsp;&nbsp;Trip.com Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11224 | &nbsp;&nbsp;&nbsp;&nbsp; 357960 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24248 | &nbsp;&nbsp;&nbsp;&nbsp; 270365 |
| &nbsp;&nbsp;&nbsp;Xtep International Holdings, Ltd.# | 1529500 | &nbsp;&nbsp;&nbsp;&nbsp; 1746260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7929383 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| &nbsp;&nbsp;&nbsp;Aguas Andinas SA, Class A | 1102768 | &nbsp;&nbsp;&nbsp;&nbsp; 255104 |
| &nbsp;&nbsp;&nbsp;Banco Santander Chile† | 4809576 | &nbsp;&nbsp;&nbsp;&nbsp; 186982 |
| &nbsp;&nbsp;&nbsp;Falabella SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91258 | &nbsp;&nbsp;&nbsp;&nbsp; 162943 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605029 |
| **China — 0.2%** | **China — 0.2%** | **China — 0.2%** |
| &nbsp;&nbsp;&nbsp;Guangzhou Kingmed Diagnostics Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20200 | &nbsp;&nbsp;&nbsp;&nbsp; 193957 |
| &nbsp;&nbsp;&nbsp;Zhejiang Supor Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69600 | &nbsp;&nbsp;&nbsp;&nbsp; 447975 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641932 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| &nbsp;&nbsp;&nbsp;Komercni Banka AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13898 | &nbsp;&nbsp;&nbsp;&nbsp; 414788 |
| **Denmark — 1.4%** | **Denmark — 1.4%** | **Denmark — 1.4%** |
| &nbsp;&nbsp;&nbsp;Carlsberg A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4134 | &nbsp;&nbsp;&nbsp;&nbsp; 519433 |
| &nbsp;&nbsp;&nbsp;Demant A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8477 | &nbsp;&nbsp;&nbsp;&nbsp; 242589 |
| &nbsp;&nbsp;&nbsp;Jyske Bank A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79600 | &nbsp;&nbsp;&nbsp;&nbsp; 4891331 |
| &nbsp;&nbsp;&nbsp;SimCorp A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2217 | &nbsp;&nbsp;&nbsp;&nbsp; 143813 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5797166 |
| **Faroe Islands — 0.2%** | **Faroe Islands — 0.2%** | **Faroe Islands — 0.2%** |
| &nbsp;&nbsp;&nbsp;Bakkafrost P/F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16833 | &nbsp;&nbsp;&nbsp;&nbsp; 925410 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Finland — 0.5%** | **Finland — 0.5%** | **Finland — 0.5%** |
| &nbsp;&nbsp;&nbsp;Valmet Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73614 | &nbsp;&nbsp;$1913183 |
| **France — 3.3%** | **France — 3.3%** | **France — 3.3%** |
| &nbsp;&nbsp;&nbsp;Alten SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4235 | &nbsp;&nbsp;&nbsp;&nbsp; 538008 |
| &nbsp;&nbsp;&nbsp;Cie Plastic Omnium SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9685 | &nbsp;&nbsp;&nbsp;&nbsp; 152882 |
| &nbsp;&nbsp;&nbsp;IPSOS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49180 | &nbsp;&nbsp;&nbsp;&nbsp; 2831476 |
| &nbsp;&nbsp;&nbsp;Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18954 | &nbsp;&nbsp;&nbsp;&nbsp; 1567369 |
| &nbsp;&nbsp;&nbsp;LISI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16984 | &nbsp;&nbsp;&nbsp;&nbsp; 359781 |
| &nbsp;&nbsp;&nbsp;Rothschild & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40749 | &nbsp;&nbsp;&nbsp;&nbsp; 1607597 |
| &nbsp;&nbsp;&nbsp;SEB SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5055 | &nbsp;&nbsp;&nbsp;&nbsp; 402000 |
| &nbsp;&nbsp;&nbsp;Sodexo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15579 | &nbsp;&nbsp;&nbsp;&nbsp; 1496416 |
| &nbsp;&nbsp;&nbsp;SOITEC † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14538 | &nbsp;&nbsp;&nbsp;&nbsp; 2403973 |
| &nbsp;&nbsp;&nbsp;Somfy SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2811 | &nbsp;&nbsp;&nbsp;&nbsp; 422554 |
| &nbsp;&nbsp;&nbsp;Verallia SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57128 | &nbsp;&nbsp;&nbsp;&nbsp; 1739897 |
| &nbsp;&nbsp;&nbsp;Virbac SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2727 | &nbsp;&nbsp;&nbsp;&nbsp; 698458 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14220411 |
| **Germany — 3.5%** | **Germany — 3.5%** | **Germany — 3.5%** |
| &nbsp;&nbsp;&nbsp;Amadeus Fire AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4261 | &nbsp;&nbsp;&nbsp;&nbsp; 501033 |
| &nbsp;&nbsp;&nbsp;CANCOM SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13579 | &nbsp;&nbsp;&nbsp;&nbsp; 404486 |
| &nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24515 | &nbsp;&nbsp;&nbsp;&nbsp; 1517485 |
| &nbsp;&nbsp;&nbsp;GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38797 | &nbsp;&nbsp;&nbsp;&nbsp; 1566204 |
| &nbsp;&nbsp;&nbsp;Gerresheimer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17319 | &nbsp;&nbsp;&nbsp;&nbsp; 1270717 |
| &nbsp;&nbsp;&nbsp;HUGO BOSS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43310 | &nbsp;&nbsp;&nbsp;&nbsp; 2405332 |
| &nbsp;&nbsp;&nbsp;K +S AG | &nbsp;&nbsp;&nbsp;&nbsp;105291 | &nbsp;&nbsp;&nbsp;&nbsp; 2298921 |
| &nbsp;&nbsp;&nbsp;LEG Immobilien SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20075 | &nbsp;&nbsp;&nbsp;&nbsp; 1262901 |
| &nbsp;&nbsp;&nbsp;MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp; 257537 |
| &nbsp;&nbsp;&nbsp;Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp; 57536 |
| &nbsp;&nbsp;&nbsp;Scout24 SE\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14472 | &nbsp;&nbsp;&nbsp;&nbsp; 780467 |
| &nbsp;&nbsp;&nbsp;Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22691 | &nbsp;&nbsp;&nbsp;&nbsp; 2573247 |
| &nbsp;&nbsp;&nbsp;TAG Immobilien AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23908 | &nbsp;&nbsp;&nbsp;&nbsp; 141624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15037490 |
| **Greece — 0.1%** | **Greece — 0.1%** | **Greece — 0.1%** |
| &nbsp;&nbsp;&nbsp;Hellenic Telecommunications Organization SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26035 | &nbsp;&nbsp;&nbsp;&nbsp; 399541 |
| **Hong Kong — 0.5%** | **Hong Kong — 0.5%** | **Hong Kong — 0.5%** |
| &nbsp;&nbsp;&nbsp;China Resources Beer Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;136000 | &nbsp;&nbsp;&nbsp;&nbsp; 942107 |
| &nbsp;&nbsp;&nbsp;Swire Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;250800 | &nbsp;&nbsp;&nbsp;&nbsp; 562552 |
| &nbsp;&nbsp;&nbsp;Techtronic Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 662314 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166973 |
| **India — 1.2%** | **India — 1.2%** | **India — 1.2%** |
| &nbsp;&nbsp;&nbsp;Bharat Heavy Electricals, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;432413 | &nbsp;&nbsp;&nbsp;&nbsp; 446696 |
| &nbsp;&nbsp;&nbsp;CESC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;926095 | &nbsp;&nbsp;&nbsp;&nbsp; 854075 |
| &nbsp;&nbsp;&nbsp;Dabur India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75568 | &nbsp;&nbsp;&nbsp;&nbsp; 548028 |
| &nbsp;&nbsp;&nbsp;Embassy Office Parks REIT | &nbsp;&nbsp;&nbsp;&nbsp;100620 | &nbsp;&nbsp;&nbsp;&nbsp; 420778 |
| &nbsp;&nbsp;&nbsp;Hero MotoCorp, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17641 | &nbsp;&nbsp;&nbsp;&nbsp; 621363 |
| &nbsp;&nbsp;&nbsp;Ipca Laboratories, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46185 | &nbsp;&nbsp;&nbsp;&nbsp; 492878 |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26446 | &nbsp;&nbsp;&nbsp;&nbsp; 428823 |
| &nbsp;&nbsp;&nbsp;MOIL, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;182216 | &nbsp;&nbsp;&nbsp;&nbsp; 362213 |
| &nbsp;&nbsp;&nbsp;Shriram Transport Finance Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50222 | &nbsp;&nbsp;&nbsp;&nbsp; 839307 |
| &nbsp;&nbsp;&nbsp;Spencer's Retail, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20426 | &nbsp;&nbsp;&nbsp;&nbsp; 17525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5031686 |
| **Indonesia — 0.9%** | **Indonesia — 0.9%** | **Indonesia — 0.9%** |
| &nbsp;&nbsp;&nbsp;AKR Corporindo Tbk PT | 17790500 | &nbsp;&nbsp;&nbsp;&nbsp; 1566415 |
| &nbsp;&nbsp;&nbsp;Indocement Tunggal Prakarsa Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;764100 | &nbsp;&nbsp;&nbsp;&nbsp; 485052 |
| &nbsp;&nbsp;&nbsp;Kalbe Farma Tbk PT | 6621400 | &nbsp;&nbsp;&nbsp;&nbsp; 874805 |
| &nbsp;&nbsp;&nbsp;United Tractors Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;422200 | &nbsp;&nbsp;&nbsp;&nbsp; 826494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3752766 |
| **Ireland — 1.2%** | **Ireland — 1.2%** | **Ireland — 1.2%** |
| &nbsp;&nbsp;&nbsp;DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13093 | &nbsp;&nbsp;&nbsp;&nbsp; 701625 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5807 | &nbsp;&nbsp;$873192 |
| &nbsp;&nbsp;&nbsp;Glenveagh Properties PLC\*† | 2024297 | &nbsp;&nbsp;&nbsp;&nbsp; 1960298 |
| &nbsp;&nbsp;&nbsp;Grafton Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67194 | &nbsp;&nbsp;&nbsp;&nbsp; 634606 |
| &nbsp;&nbsp;&nbsp;Greencore Group PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36933 | &nbsp;&nbsp;&nbsp;&nbsp; 28719 |
| &nbsp;&nbsp;&nbsp;ICON PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183 | &nbsp;&nbsp;&nbsp;&nbsp; 254865 |
| &nbsp;&nbsp;&nbsp;Kerry Group PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6448 | &nbsp;&nbsp;&nbsp;&nbsp; 609151 |
| &nbsp;&nbsp;&nbsp;Kingspan Group PLC (ISE) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305 | &nbsp;&nbsp;&nbsp;&nbsp; 129236 |
| &nbsp;&nbsp;&nbsp;Kingspan Group PLC (LSE) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp; 7196 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5198888 |
| **Israel — 0.6%** | **Israel — 0.6%** | **Israel — 0.6%** |
| &nbsp;&nbsp;&nbsp;Inmode, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70149 | &nbsp;&nbsp;&nbsp;&nbsp; 2693020 |
| **Italy — 2.6%** | **Italy — 2.6%** | **Italy — 2.6%** |
| &nbsp;&nbsp;&nbsp;Azimut Holding SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84863 | &nbsp;&nbsp;&nbsp;&nbsp; 1746712 |
| &nbsp;&nbsp;&nbsp;Brunello Cucinelli SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34138 | &nbsp;&nbsp;&nbsp;&nbsp; 2284447 |
| &nbsp;&nbsp;&nbsp;Carel Industries SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4115 | &nbsp;&nbsp;&nbsp;&nbsp; 102434 |
| &nbsp;&nbsp;&nbsp;Cembre SpA#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16618 | &nbsp;&nbsp;&nbsp;&nbsp; 488599 |
| &nbsp;&nbsp;&nbsp;Enav SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;146487 | &nbsp;&nbsp;&nbsp;&nbsp; 648663 |
| &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29081 | &nbsp;&nbsp;&nbsp;&nbsp; 477466 |
| &nbsp;&nbsp;&nbsp;Gruppo MutuiOnline SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5303 | &nbsp;&nbsp;&nbsp;&nbsp; 148318 |
| &nbsp;&nbsp;&nbsp;Infrastrutture Wireless Italiane SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38967 | &nbsp;&nbsp;&nbsp;&nbsp; 390982 |
| &nbsp;&nbsp;&nbsp;Italgas SpA | &nbsp;&nbsp;&nbsp;&nbsp;185313 | &nbsp;&nbsp;&nbsp;&nbsp; 1100313 |
| &nbsp;&nbsp;&nbsp;Reply SpA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19416 | &nbsp;&nbsp;&nbsp;&nbsp; 2335156 |
| &nbsp;&nbsp;&nbsp;Tinexta Spa# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50262 | &nbsp;&nbsp;&nbsp;&nbsp; 1215077 |
| &nbsp;&nbsp;&nbsp;Unipol Gruppo SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61870 | &nbsp;&nbsp;&nbsp;&nbsp; 321063 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11259230 |
| **Japan — 28.0%** | **Japan — 28.0%** | **Japan — 28.0%** |
| &nbsp;&nbsp;&nbsp;ABC-Mart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 151542 |
| &nbsp;&nbsp;&nbsp;Aeon Delight Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp; 179172 |
| &nbsp;&nbsp;&nbsp;AEON Financial Service Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73400 | &nbsp;&nbsp;&nbsp;&nbsp; 788772 |
| &nbsp;&nbsp;&nbsp;Air Water, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22700 | &nbsp;&nbsp;&nbsp;&nbsp; 268298 |
| &nbsp;&nbsp;&nbsp;Amano Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7241 | &nbsp;&nbsp;&nbsp;&nbsp; 131334 |
| &nbsp;&nbsp;&nbsp;Amvis Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;187000 | &nbsp;&nbsp;&nbsp;&nbsp; 4431767 |
| &nbsp;&nbsp;&nbsp;Arata Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 132608 |
| &nbsp;&nbsp;&nbsp;Argo Graphics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19600 | &nbsp;&nbsp;&nbsp;&nbsp; 546889 |
| &nbsp;&nbsp;&nbsp;Ariake Japan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12900 | &nbsp;&nbsp;&nbsp;&nbsp; 434665 |
| &nbsp;&nbsp;&nbsp;As One Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 450507 |
| &nbsp;&nbsp;&nbsp;Asante, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 58248 |
| &nbsp;&nbsp;&nbsp;Asics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;232100 | &nbsp;&nbsp;&nbsp;&nbsp; 5073274 |
| &nbsp;&nbsp;&nbsp;Azbil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23700 | &nbsp;&nbsp;&nbsp;&nbsp; 728238 |
| &nbsp;&nbsp;&nbsp;Bank of Kyoto, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17600 | &nbsp;&nbsp;&nbsp;&nbsp; 735372 |
| &nbsp;&nbsp;&nbsp;BayCurrent Consulting, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87600 | &nbsp;&nbsp;&nbsp;&nbsp; 2885362 |
| &nbsp;&nbsp;&nbsp;BML, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17100 | &nbsp;&nbsp;&nbsp;&nbsp; 433592 |
| &nbsp;&nbsp;&nbsp;Central Automotive Products, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 27654 |
| &nbsp;&nbsp;&nbsp;Chiba Bank, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;118100 | &nbsp;&nbsp;&nbsp;&nbsp; 718167 |
| &nbsp;&nbsp;&nbsp;COMSYS Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10900 | &nbsp;&nbsp;&nbsp;&nbsp; 196139 |
| &nbsp;&nbsp;&nbsp;Comture Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp; 363837 |
| &nbsp;&nbsp;&nbsp;Cosmos Pharmaceutical Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 193844 |
| &nbsp;&nbsp;&nbsp;Daifuku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 119629 |
| &nbsp;&nbsp;&nbsp;Daikyonishikawa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9387 | &nbsp;&nbsp;&nbsp;&nbsp; 40637 |
| &nbsp;&nbsp;&nbsp;Daiseki Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62880 | &nbsp;&nbsp;&nbsp;&nbsp; 2166797 |
| &nbsp;&nbsp;&nbsp;Daito Pharmaceutical Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18200 | &nbsp;&nbsp;&nbsp;&nbsp; 345270 |
| &nbsp;&nbsp;&nbsp;Demae-Can Co., Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp; 65585 |
| &nbsp;&nbsp;&nbsp;DeNA Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp;&nbsp;&nbsp; 131105 |
| &nbsp;&nbsp;&nbsp;Digital Garage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 295626 |
| &nbsp;&nbsp;&nbsp;dip Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85400 | &nbsp;&nbsp;&nbsp;&nbsp; 2564278 |
| &nbsp;&nbsp;&nbsp;DMG Mori Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;212700 | &nbsp;&nbsp;&nbsp;&nbsp; 2865696 |
| &nbsp;&nbsp;&nbsp;Doshisha Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 38923 |
| &nbsp;&nbsp;&nbsp;DTS Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23900 | &nbsp;&nbsp;&nbsp;&nbsp; 577548 |
| &nbsp;&nbsp;&nbsp;Eiken Chemical Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21800 | &nbsp;&nbsp;&nbsp;&nbsp; 303771 |
| &nbsp;&nbsp;&nbsp;Elecom Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24300 | &nbsp;&nbsp;&nbsp;&nbsp; 260068 |
| &nbsp;&nbsp;&nbsp;Ezaki Glico Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13200 | &nbsp;&nbsp;&nbsp;&nbsp; 344061 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Fuji Seal International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47800 | &nbsp;&nbsp;$655168 |
| &nbsp;&nbsp;&nbsp;Fuji Soft, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp; 334015 |
| &nbsp;&nbsp;&nbsp;Fujimi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80400 | &nbsp;&nbsp;&nbsp;&nbsp; 4163270 |
| &nbsp;&nbsp;&nbsp;Fujitec Co., Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41400 | &nbsp;&nbsp;&nbsp;&nbsp; 914854 |
| &nbsp;&nbsp;&nbsp;Fukuda Denshi Co., Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp; 549606 |
| &nbsp;&nbsp;&nbsp;Fukui Computer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp; 131766 |
| &nbsp;&nbsp;&nbsp;Fukuoka Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;223100 | &nbsp;&nbsp;&nbsp;&nbsp; 4371661 |
| &nbsp;&nbsp;&nbsp;Fukushima Galilei Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17600 | &nbsp;&nbsp;&nbsp;&nbsp; 561859 |
| &nbsp;&nbsp;&nbsp;FULLCAST Holdings Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21800 | &nbsp;&nbsp;&nbsp;&nbsp; 492772 |
| &nbsp;&nbsp;&nbsp;GungHo Online Entertainment, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9300 | &nbsp;&nbsp;&nbsp;&nbsp; 140301 |
| &nbsp;&nbsp;&nbsp;Hachijuni Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;112800 | &nbsp;&nbsp;&nbsp;&nbsp; 428799 |
| &nbsp;&nbsp;&nbsp;Hamakyorex Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp; 77679 |
| &nbsp;&nbsp;&nbsp;Heian Ceremony Service Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp; 56802 |
| &nbsp;&nbsp;&nbsp;Hogy Medical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 65548 |
| &nbsp;&nbsp;&nbsp;IHI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;144100 | &nbsp;&nbsp;&nbsp;&nbsp; 3968923 |
| &nbsp;&nbsp;&nbsp;Insource Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;123200 | &nbsp;&nbsp;&nbsp;&nbsp; 3052925 |
| &nbsp;&nbsp;&nbsp;Inter Action Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp;&nbsp;&nbsp; 160511 |
| &nbsp;&nbsp;&nbsp;Iriso Electronics Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp; 126282 |
| &nbsp;&nbsp;&nbsp;Iwatani Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14200 | &nbsp;&nbsp;&nbsp;&nbsp; 599785 |
| &nbsp;&nbsp;&nbsp;JAFCO Group Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300 | &nbsp;&nbsp;&nbsp;&nbsp; 127404 |
| &nbsp;&nbsp;&nbsp;Japan Exchange Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp; 52258 |
| &nbsp;&nbsp;&nbsp;Japan Pure Chemical Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 23675 |
| &nbsp;&nbsp;&nbsp;JCR Pharmaceuticals Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61200 | &nbsp;&nbsp;&nbsp;&nbsp; 863621 |
| &nbsp;&nbsp;&nbsp;JCU Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24300 | &nbsp;&nbsp;&nbsp;&nbsp; 601195 |
| &nbsp;&nbsp;&nbsp;Jeol, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 236034 |
| &nbsp;&nbsp;&nbsp;JGC Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7560 | &nbsp;&nbsp;&nbsp;&nbsp; 105017 |
| &nbsp;&nbsp;&nbsp;JM Holdings Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 96415 |
| &nbsp;&nbsp;&nbsp;JMDC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53200 | &nbsp;&nbsp;&nbsp;&nbsp; 2025329 |
| &nbsp;&nbsp;&nbsp;Kakaku.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15900 | &nbsp;&nbsp;&nbsp;&nbsp; 284923 |
| &nbsp;&nbsp;&nbsp;Kansai Paint Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 413714 |
| &nbsp;&nbsp;&nbsp;Katitas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81100 | &nbsp;&nbsp;&nbsp;&nbsp; 1897224 |
| &nbsp;&nbsp;&nbsp;Kato Sangyo Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21200 | &nbsp;&nbsp;&nbsp;&nbsp; 543212 |
| &nbsp;&nbsp;&nbsp;Kawai Musical Instruments Manufacturing Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 60401 |
| &nbsp;&nbsp;&nbsp;KH Neochem Co., Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp; 240487 |
| &nbsp;&nbsp;&nbsp;Kikkoman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 181676 |
| &nbsp;&nbsp;&nbsp;Kissei Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56100 | &nbsp;&nbsp;&nbsp;&nbsp; 1038828 |
| &nbsp;&nbsp;&nbsp;Kitanotatsujin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32700 | &nbsp;&nbsp;&nbsp;&nbsp; 72615 |
| &nbsp;&nbsp;&nbsp;Kobayashi Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp; 490302 |
| &nbsp;&nbsp;&nbsp;Koito Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36800 | &nbsp;&nbsp;&nbsp;&nbsp; 587223 |
| &nbsp;&nbsp;&nbsp;Konami Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 108855 |
| &nbsp;&nbsp;&nbsp;Kureha Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp; 386134 |
| &nbsp;&nbsp;&nbsp;Lion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31200 | &nbsp;&nbsp;&nbsp;&nbsp; 332977 |
| &nbsp;&nbsp;&nbsp;Mebuki Financial Group, Inc. | 1930500 | &nbsp;&nbsp;&nbsp;&nbsp; 4388292 |
| &nbsp;&nbsp;&nbsp;Medipal Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp; 293827 |
| &nbsp;&nbsp;&nbsp;Meitec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32600 | &nbsp;&nbsp;&nbsp;&nbsp; 609731 |
| &nbsp;&nbsp;&nbsp;METAWATER Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31800 | &nbsp;&nbsp;&nbsp;&nbsp; 416837 |
| &nbsp;&nbsp;&nbsp;MISUMI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp; 166255 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Pencil Co., Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp; 70306 |
| &nbsp;&nbsp;&nbsp;Mitsui High-Tec, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32300 | &nbsp;&nbsp;&nbsp;&nbsp; 1905165 |
| &nbsp;&nbsp;&nbsp;MonotaRO Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19900 | &nbsp;&nbsp;&nbsp;&nbsp; 343604 |
| &nbsp;&nbsp;&nbsp;Morinaga & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25100 | &nbsp;&nbsp;&nbsp;&nbsp; 675259 |
| &nbsp;&nbsp;&nbsp;Nabtesco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp; 594894 |
| &nbsp;&nbsp;&nbsp;Nakanishi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65800 | &nbsp;&nbsp;&nbsp;&nbsp; 1377441 |
| &nbsp;&nbsp;&nbsp;NGK Spark Plug Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22500 | &nbsp;&nbsp;&nbsp;&nbsp; 440617 |
| &nbsp;&nbsp;&nbsp;Nihon Kohden Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 350749 |
| &nbsp;&nbsp;&nbsp;Nihon Parkerizing Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30200 | &nbsp;&nbsp;&nbsp;&nbsp; 219746 |
| &nbsp;&nbsp;&nbsp;Nippon Television Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22300 | &nbsp;&nbsp;&nbsp;&nbsp; 172377 |
| &nbsp;&nbsp;&nbsp;Nishimatsuya Chain Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp; 396889 |
| &nbsp;&nbsp;&nbsp;Nissei ASB Machine Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp; 129540 |
| &nbsp;&nbsp;&nbsp;Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp; 227993 |
| &nbsp;&nbsp;&nbsp;NOF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100 | &nbsp;&nbsp;&nbsp;&nbsp; 385349 |
| &nbsp;&nbsp;&nbsp;Nohmi Bosai, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19200 | &nbsp;&nbsp;&nbsp;&nbsp; 223681 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;NS Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;104000 | &nbsp;&nbsp;$2621561 |
| &nbsp;&nbsp;&nbsp;Obara Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp; 84154 |
| &nbsp;&nbsp;&nbsp;OBIC Business Consultants Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 89445 |
| &nbsp;&nbsp;&nbsp;OBIC Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19100 | &nbsp;&nbsp;&nbsp;&nbsp; 3042028 |
| &nbsp;&nbsp;&nbsp;Omron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 260888 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp; 450448 |
| &nbsp;&nbsp;&nbsp;PALTAC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13800 | &nbsp;&nbsp;&nbsp;&nbsp; 435620 |
| &nbsp;&nbsp;&nbsp;Paramount Bed Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39300 | &nbsp;&nbsp;&nbsp;&nbsp; 771167 |
| &nbsp;&nbsp;&nbsp;Park24 Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp; 148659 |
| &nbsp;&nbsp;&nbsp;Pasona Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17600 | &nbsp;&nbsp;&nbsp;&nbsp; 267383 |
| &nbsp;&nbsp;&nbsp;PCA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40200 | &nbsp;&nbsp;&nbsp;&nbsp; 380174 |
| &nbsp;&nbsp;&nbsp;Pole To Win Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49300 | &nbsp;&nbsp;&nbsp;&nbsp; 338108 |
| &nbsp;&nbsp;&nbsp;Proto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp; 302473 |
| &nbsp;&nbsp;&nbsp;Rakuten Group, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 15432 |
| &nbsp;&nbsp;&nbsp;Resona Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146100 | &nbsp;&nbsp;&nbsp;&nbsp; 704710 |
| &nbsp;&nbsp;&nbsp;Rinnai Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 193886 |
| &nbsp;&nbsp;&nbsp;Ryohin Keikaku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35600 | &nbsp;&nbsp;&nbsp;&nbsp; 378786 |
| &nbsp;&nbsp;&nbsp;S Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24200 | &nbsp;&nbsp;&nbsp;&nbsp; 514686 |
| &nbsp;&nbsp;&nbsp;Sagami Rubber Industries Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp; 41472 |
| &nbsp;&nbsp;&nbsp;San-A Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 82173 |
| &nbsp;&nbsp;&nbsp;San-Ai Obbli Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89700 | &nbsp;&nbsp;&nbsp;&nbsp; 849918 |
| &nbsp;&nbsp;&nbsp;Sankyu, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18100 | &nbsp;&nbsp;&nbsp;&nbsp; 656130 |
| &nbsp;&nbsp;&nbsp;Santen Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58800 | &nbsp;&nbsp;&nbsp;&nbsp; 480358 |
| &nbsp;&nbsp;&nbsp;SCSK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24800 | &nbsp;&nbsp;&nbsp;&nbsp; 400818 |
| &nbsp;&nbsp;&nbsp;Seino Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;107000 | &nbsp;&nbsp;&nbsp;&nbsp; 943697 |
| &nbsp;&nbsp;&nbsp;Senko Group Holdings Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18600 | &nbsp;&nbsp;&nbsp;&nbsp; 137979 |
| &nbsp;&nbsp;&nbsp;Seria Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp; 99217 |
| &nbsp;&nbsp;&nbsp;SG Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp; 483135 |
| &nbsp;&nbsp;&nbsp;Shima Seiki Manufacturing, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp; 86343 |
| &nbsp;&nbsp;&nbsp;Shimadzu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18100 | &nbsp;&nbsp;&nbsp;&nbsp; 558112 |
| &nbsp;&nbsp;&nbsp;Shimamura Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 153835 |
| &nbsp;&nbsp;&nbsp;Shizuoka Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026179 |
| &nbsp;&nbsp;&nbsp;SHO-BOND Holdings Co., Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70100 | &nbsp;&nbsp;&nbsp;&nbsp; 3092449 |
| &nbsp;&nbsp;&nbsp;SK Kaken Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 892172 |
| &nbsp;&nbsp;&nbsp;SMS Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;110100 | &nbsp;&nbsp;&nbsp;&nbsp; 2942325 |
| &nbsp;&nbsp;&nbsp;Sohgo Security Services Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16300 | &nbsp;&nbsp;&nbsp;&nbsp; 443577 |
| &nbsp;&nbsp;&nbsp;Stanley Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 513627 |
| &nbsp;&nbsp;&nbsp;Sugi Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp; 313161 |
| &nbsp;&nbsp;&nbsp;Sundrug Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30800 | &nbsp;&nbsp;&nbsp;&nbsp; 822434 |
| &nbsp;&nbsp;&nbsp;Suzuken Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp;&nbsp;&nbsp; 260035 |
| &nbsp;&nbsp;&nbsp;T Hasegawa Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89600 | &nbsp;&nbsp;&nbsp;&nbsp; 2023529 |
| &nbsp;&nbsp;&nbsp;Taisei Lamick Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 145256 |
| &nbsp;&nbsp;&nbsp;Takasago International Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 99880 |
| &nbsp;&nbsp;&nbsp;Takuma Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28100 | &nbsp;&nbsp;&nbsp;&nbsp; 262896 |
| &nbsp;&nbsp;&nbsp;TBS Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26100 | &nbsp;&nbsp;&nbsp;&nbsp; 298704 |
| &nbsp;&nbsp;&nbsp;TechnoPro Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171300 | &nbsp;&nbsp;&nbsp;&nbsp; 4766607 |
| &nbsp;&nbsp;&nbsp;Temairazu, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp; 286817 |
| &nbsp;&nbsp;&nbsp;THK Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp; 64887 |
| &nbsp;&nbsp;&nbsp;TIS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16200 | &nbsp;&nbsp;&nbsp;&nbsp; 462648 |
| &nbsp;&nbsp;&nbsp;Toei Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 318498 |
| &nbsp;&nbsp;&nbsp;Toho Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp; 677984 |
| &nbsp;&nbsp;&nbsp;Toho Titanium Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;162800 | &nbsp;&nbsp;&nbsp;&nbsp; 3289878 |
| &nbsp;&nbsp;&nbsp;Tokyo Seimitsu Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 1299946 |
| &nbsp;&nbsp;&nbsp;Toshiba TEC Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp; 170697 |
| &nbsp;&nbsp;&nbsp;TOTO, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp; 125215 |
| &nbsp;&nbsp;&nbsp;Toyo Seikan Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40600 | &nbsp;&nbsp;&nbsp;&nbsp; 473390 |
| &nbsp;&nbsp;&nbsp;Trancom Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 150672 |
| &nbsp;&nbsp;&nbsp;TS Tech Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp; 341470 |
| &nbsp;&nbsp;&nbsp;Unicharm Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25300 | &nbsp;&nbsp;&nbsp;&nbsp; 938938 |
| &nbsp;&nbsp;&nbsp;USS Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14100 | &nbsp;&nbsp;&nbsp;&nbsp; 236926 |
| &nbsp;&nbsp;&nbsp;Yamato Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38700 | &nbsp;&nbsp;&nbsp;&nbsp; 647263 |
| &nbsp;&nbsp;&nbsp;Zenkoku Hosho Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp; 200694 |
| &nbsp;&nbsp;&nbsp;Zojirushi Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp; 59899 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;ZOZO, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38500 | &nbsp;&nbsp;$969748 |
| &nbsp;&nbsp;&nbsp;Zuken, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16100 | &nbsp;&nbsp;&nbsp;&nbsp; 390204 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;119040272 |
| **Jersey — 0.4%** | **Jersey — 0.4%** | **Jersey — 0.4%** |
| &nbsp;&nbsp;&nbsp;Breedon Group PLC | 2187176 | &nbsp;&nbsp;&nbsp;&nbsp; 1596519 |
| **Luxembourg — 0.7%** | **Luxembourg — 0.7%** | **Luxembourg — 0.7%** |
| &nbsp;&nbsp;&nbsp;Befesa SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13030 | &nbsp;&nbsp;&nbsp;&nbsp; 552190 |
| &nbsp;&nbsp;&nbsp;Eurofins Scientific SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046 | &nbsp;&nbsp;&nbsp;&nbsp; 73408 |
| &nbsp;&nbsp;&nbsp;Subsea 7 SA | &nbsp;&nbsp;&nbsp;&nbsp;201643 | &nbsp;&nbsp;&nbsp;&nbsp; 2268937 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2894535 |
| **Malaysia — 0.2%** | **Malaysia — 0.2%** | **Malaysia — 0.2%** |
| &nbsp;&nbsp;&nbsp;Alliance Bank Malaysia Bhd | &nbsp;&nbsp;&nbsp;&nbsp;980700 | &nbsp;&nbsp;&nbsp;&nbsp; 854494 |
| **Mauritius — 0.2%** | **Mauritius — 0.2%** | **Mauritius — 0.2%** |
| &nbsp;&nbsp;&nbsp;MakeMyTrip, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp; 950080 |
| **Mexico — 2.6%** | **Mexico — 2.6%** | **Mexico — 2.6%** |
| &nbsp;&nbsp;&nbsp;Banco del Bajio SA\* | &nbsp;&nbsp;&nbsp;&nbsp;660313 | &nbsp;&nbsp;&nbsp;&nbsp; 2145487 |
| &nbsp;&nbsp;&nbsp;Bolsa Mexicana de Valores SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;220500 | &nbsp;&nbsp;&nbsp;&nbsp; 435309 |
| &nbsp;&nbsp;&nbsp;Corp Inmobiliaria Vesta SAB de CV | 1063114 | &nbsp;&nbsp;&nbsp;&nbsp; 2374291 |
| &nbsp;&nbsp;&nbsp;GCC SAB de CV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35011 | &nbsp;&nbsp;&nbsp;&nbsp; 250470 |
| &nbsp;&nbsp;&nbsp;Genomma Lab Internacional SAB de CV, Class B | &nbsp;&nbsp;&nbsp;&nbsp;462783 | &nbsp;&nbsp;&nbsp;&nbsp; 372980 |
| &nbsp;&nbsp;&nbsp;Gruma SAB de CV, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26942 | &nbsp;&nbsp;&nbsp;&nbsp; 333542 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;513523 | &nbsp;&nbsp;&nbsp;&nbsp; 4457861 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083 | &nbsp;&nbsp;&nbsp;&nbsp; 267815 |
| &nbsp;&nbsp;&nbsp;Operadora De Sites Mexicanos SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;249400 | &nbsp;&nbsp;&nbsp;&nbsp; 276881 |
| &nbsp;&nbsp;&nbsp;Prologis Property Mexico SA de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70158 | &nbsp;&nbsp;&nbsp;&nbsp; 214467 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11129103 |
| **Netherlands — 1.0%** | **Netherlands — 1.0%** | **Netherlands — 1.0%** |
| &nbsp;&nbsp;&nbsp;Aalberts NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9794 | &nbsp;&nbsp;&nbsp;&nbsp; 393860 |
| &nbsp;&nbsp;&nbsp;ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580 | &nbsp;&nbsp;&nbsp;&nbsp; 724198 |
| &nbsp;&nbsp;&nbsp;Euronext NV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7276 | &nbsp;&nbsp;&nbsp;&nbsp; 559179 |
| &nbsp;&nbsp;&nbsp;IMCD NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6554 | &nbsp;&nbsp;&nbsp;&nbsp; 975443 |
| &nbsp;&nbsp;&nbsp;Just Eat Takeaway.com NV (LSE)\*#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264 | &nbsp;&nbsp;&nbsp;&nbsp; 52608 |
| &nbsp;&nbsp;&nbsp;Just Eat Takeaway.com NV (XAMS)\*#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37830 | &nbsp;&nbsp;&nbsp;&nbsp; 885546 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5541 | &nbsp;&nbsp;&nbsp;&nbsp; 612034 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4202868 |
| **New Zealand — 0.3%** | **New Zealand — 0.3%** | **New Zealand — 0.3%** |
| &nbsp;&nbsp;&nbsp;Arvida Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;144926 | &nbsp;&nbsp;&nbsp;&nbsp; 112487 |
| &nbsp;&nbsp;&nbsp;Fletcher Building, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52767 | &nbsp;&nbsp;&nbsp;&nbsp; 169546 |
| &nbsp;&nbsp;&nbsp;Freightways, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63863 | &nbsp;&nbsp;&nbsp;&nbsp; 403051 |
| &nbsp;&nbsp;&nbsp;Mainfreight, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7844 | &nbsp;&nbsp;&nbsp;&nbsp; 355631 |
| &nbsp;&nbsp;&nbsp;Ryman Healthcare, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48611 | &nbsp;&nbsp;&nbsp;&nbsp; 204135 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244850 |
| **Norway — 1.2%** | **Norway — 1.2%** | **Norway — 1.2%** |
| &nbsp;&nbsp;&nbsp;Aker Solutions ASA | &nbsp;&nbsp;&nbsp;&nbsp;494255 | &nbsp;&nbsp;&nbsp;&nbsp; 1803309 |
| &nbsp;&nbsp;&nbsp;Borregaard ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031 | &nbsp;&nbsp;&nbsp;&nbsp; 64313 |
| &nbsp;&nbsp;&nbsp;TOMRA Systems ASA | &nbsp;&nbsp;&nbsp;&nbsp;177158 | &nbsp;&nbsp;&nbsp;&nbsp; 3417593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5285215 |
| **Philippines — 0.4%** | **Philippines — 0.4%** | **Philippines — 0.4%** |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank & Trust Co. | &nbsp;&nbsp;&nbsp;&nbsp;814572 | &nbsp;&nbsp;&nbsp;&nbsp; 831538 |
| &nbsp;&nbsp;&nbsp;Universal Robina Corp. | &nbsp;&nbsp;&nbsp;&nbsp;407030 | &nbsp;&nbsp;&nbsp;&nbsp; 961402 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792940 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Portugal — 0.3%** | **Portugal — 0.3%** | **Portugal — 0.3%** |
| &nbsp;&nbsp;&nbsp;Galp Energia SGPS SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69302 | &nbsp;&nbsp;$851665 |
| &nbsp;&nbsp;&nbsp;NOS SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67342 | &nbsp;&nbsp;&nbsp;&nbsp; 271221 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122886 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| &nbsp;&nbsp;&nbsp;Detsky Mir PJSC\*(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;601792 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;Moscow Exchange MICEX-RTS PJSC†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;205642 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| **Singapore — 0.8%** | **Singapore — 0.8%** | **Singapore — 0.8%** |
| &nbsp;&nbsp;&nbsp;CapitaLand India Trust | &nbsp;&nbsp;&nbsp;&nbsp;375700 | &nbsp;&nbsp;&nbsp;&nbsp; 325426 |
| &nbsp;&nbsp;&nbsp;Capitaland Investment, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;155800 | &nbsp;&nbsp;&nbsp;&nbsp; 424125 |
| &nbsp;&nbsp;&nbsp;CDL Hospitality Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13672 | &nbsp;&nbsp;&nbsp;&nbsp; 11963 |
| &nbsp;&nbsp;&nbsp;City Developments, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87100 | &nbsp;&nbsp;&nbsp;&nbsp; 533524 |
| &nbsp;&nbsp;&nbsp;Mapletree Pan Asia Commercial Trust | &nbsp;&nbsp;&nbsp;&nbsp;307900 | &nbsp;&nbsp;&nbsp;&nbsp; 390363 |
| &nbsp;&nbsp;&nbsp;Singapore Technologies Engineering, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;370200 | &nbsp;&nbsp;&nbsp;&nbsp; 939213 |
| &nbsp;&nbsp;&nbsp;Venture Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67563 | &nbsp;&nbsp;&nbsp;&nbsp; 867827 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3492441 |
| **South Africa — 1.6%** | **South Africa — 1.6%** | **South Africa — 1.6%** |
| &nbsp;&nbsp;&nbsp;AVI, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;123513 | &nbsp;&nbsp;&nbsp;&nbsp; 524615 |
| &nbsp;&nbsp;&nbsp;Clicks Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;106289 | &nbsp;&nbsp;&nbsp;&nbsp; 1817280 |
| &nbsp;&nbsp;&nbsp;Motus Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;318528 | &nbsp;&nbsp;&nbsp;&nbsp; 2150304 |
| &nbsp;&nbsp;&nbsp;Transaction Capital, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;945362 | &nbsp;&nbsp;&nbsp;&nbsp; 2095021 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6587220 |
| **South Korea — 2.4%** | **South Korea — 2.4%** | **South Korea — 2.4%** |
| &nbsp;&nbsp;&nbsp;Amorepacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6299 | &nbsp;&nbsp;&nbsp;&nbsp; 634972 |
| &nbsp;&nbsp;&nbsp;CJ CheilJedang Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5422 | &nbsp;&nbsp;&nbsp;&nbsp; 1636185 |
| &nbsp;&nbsp;&nbsp;Doosan Bobcat, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25412 | &nbsp;&nbsp;&nbsp;&nbsp; 696058 |
| &nbsp;&nbsp;&nbsp;Douzone Bizon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13675 | &nbsp;&nbsp;&nbsp;&nbsp; 378259 |
| &nbsp;&nbsp;&nbsp;Hite Jinro Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55890 | &nbsp;&nbsp;&nbsp;&nbsp; 1122089 |
| &nbsp;&nbsp;&nbsp;LEENO Industrial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11098 | &nbsp;&nbsp;&nbsp;&nbsp; 1470965 |
| &nbsp;&nbsp;&nbsp;LS Electric Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19129 | &nbsp;&nbsp;&nbsp;&nbsp; 846531 |
| &nbsp;&nbsp;&nbsp;NCSoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413 | &nbsp;&nbsp;&nbsp;&nbsp; 514430 |
| &nbsp;&nbsp;&nbsp;Orion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11066 | &nbsp;&nbsp;&nbsp;&nbsp; 992577 |
| &nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5206 | &nbsp;&nbsp;&nbsp;&nbsp; 815050 |
| &nbsp;&nbsp;&nbsp;Samyang Foods Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10288 | &nbsp;&nbsp;&nbsp;&nbsp; 881059 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9988175 |
| **Spain — 1.9%** | **Spain — 1.9%** | **Spain — 1.9%** |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19161 | &nbsp;&nbsp;&nbsp;&nbsp; 1043212 |
| &nbsp;&nbsp;&nbsp;Banco de Sabadell SA | 2863676 | &nbsp;&nbsp;&nbsp;&nbsp; 2672063 |
| &nbsp;&nbsp;&nbsp;Cellnex Telecom SA\*# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45823 | &nbsp;&nbsp;&nbsp;&nbsp; 1586461 |
| &nbsp;&nbsp;&nbsp;Melia Hotels International SA† | &nbsp;&nbsp;&nbsp;&nbsp;356531 | &nbsp;&nbsp;&nbsp;&nbsp; 1947414 |
| &nbsp;&nbsp;&nbsp;Viscofan SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11853 | &nbsp;&nbsp;&nbsp;&nbsp; 742580 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7991730 |
| **Sweden — 1.2%** | **Sweden — 1.2%** | **Sweden — 1.2%** |
| &nbsp;&nbsp;&nbsp;Catena AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52414 | &nbsp;&nbsp;&nbsp;&nbsp; 1860964 |
| &nbsp;&nbsp;&nbsp;Essity AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26968 | &nbsp;&nbsp;&nbsp;&nbsp; 663339 |
| &nbsp;&nbsp;&nbsp;Fortnox AB | &nbsp;&nbsp;&nbsp;&nbsp;464277 | &nbsp;&nbsp;&nbsp;&nbsp; 2077532 |
| &nbsp;&nbsp;&nbsp;Karnov Group AB† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37488 | &nbsp;&nbsp;&nbsp;&nbsp; 197856 |
| &nbsp;&nbsp;&nbsp;Saab AB, Series B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4373 | &nbsp;&nbsp;&nbsp;&nbsp; 161654 |
| &nbsp;&nbsp;&nbsp;Thule Group AB\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8663 | &nbsp;&nbsp;&nbsp;&nbsp; 201916 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5163261 |
| **Switzerland — 1.2%** | **Switzerland — 1.2%** | **Switzerland — 1.2%** |
| &nbsp;&nbsp;&nbsp;DKSH Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430 | &nbsp;&nbsp;&nbsp;&nbsp; 107966 |
| &nbsp;&nbsp;&nbsp;Julius Baer Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12219 | &nbsp;&nbsp;&nbsp;&nbsp; 707615 |
| &nbsp;&nbsp;&nbsp;Kardex Holding AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2862 | &nbsp;&nbsp;&nbsp;&nbsp; 468984 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp; 104112 |
| &nbsp;&nbsp;&nbsp;SIG Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49679 | &nbsp;&nbsp;&nbsp;&nbsp; 1103146 |
| &nbsp;&nbsp;&nbsp;Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5263 | &nbsp;&nbsp;&nbsp;&nbsp; 1357147 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210 | &nbsp;&nbsp;$822681 |
| &nbsp;&nbsp;&nbsp;Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp; 41436 |
| &nbsp;&nbsp;&nbsp;Temenos AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586 | &nbsp;&nbsp;&nbsp;&nbsp; 160584 |
| &nbsp;&nbsp;&nbsp;VAT Group AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp; 267985 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5141656 |
| **Taiwan — 2.1%** | **Taiwan — 2.1%** | **Taiwan — 2.1%** |
| &nbsp;&nbsp;&nbsp;Advantech Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83571 | &nbsp;&nbsp;&nbsp;&nbsp; 918684 |
| &nbsp;&nbsp;&nbsp;Chroma ATE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp; 1062569 |
| &nbsp;&nbsp;&nbsp;E.Sun Financial Holding Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;609206 | &nbsp;&nbsp;&nbsp;&nbsp; 491566 |
| &nbsp;&nbsp;&nbsp;Eclat Textile Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp; 241255 |
| &nbsp;&nbsp;&nbsp;Lotes Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2847441 |
| &nbsp;&nbsp;&nbsp;Tripod Technology Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;209000 | &nbsp;&nbsp;&nbsp;&nbsp; 661227 |
| &nbsp;&nbsp;&nbsp;Voltronic Power Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10675 | &nbsp;&nbsp;&nbsp;&nbsp; 605890 |
| &nbsp;&nbsp;&nbsp;Wafer Works Corp.† | 1136000 | &nbsp;&nbsp;&nbsp;&nbsp; 1731854 |
| &nbsp;&nbsp;&nbsp;Win Semiconductors Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp; 455844 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9016330 |
| **Thailand — 0.5%** | **Thailand — 0.5%** | **Thailand — 0.5%** |
| &nbsp;&nbsp;&nbsp;AEON Thana Sinsap Thailand PCL† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76700 | &nbsp;&nbsp;&nbsp;&nbsp; 349081 |
| &nbsp;&nbsp;&nbsp;Land & Houses PCL | 5876900 | &nbsp;&nbsp;&nbsp;&nbsp; 1599837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948918 |
| **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** |
| &nbsp;&nbsp;&nbsp;Selcuk Ecza Deposu Ticaret ve Sanayi AS† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65688 | &nbsp;&nbsp;&nbsp;&nbsp; 106409 |
| **United Kingdom — 10.2%** | **United Kingdom — 10.2%** | **United Kingdom — 10.2%** |
| &nbsp;&nbsp;&nbsp;4imprint Group PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096 | &nbsp;&nbsp;&nbsp;&nbsp; 159204 |
| &nbsp;&nbsp;&nbsp;Abcam PLC ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15453 | &nbsp;&nbsp;&nbsp;&nbsp; 247866 |
| &nbsp;&nbsp;&nbsp;Admiral Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6643 | &nbsp;&nbsp;&nbsp;&nbsp; 162180 |
| &nbsp;&nbsp;&nbsp;Allfunds Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20345 | &nbsp;&nbsp;&nbsp;&nbsp; 151593 |
| &nbsp;&nbsp;&nbsp;Auto Trader Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54244 | &nbsp;&nbsp;&nbsp;&nbsp; 376292 |
| &nbsp;&nbsp;&nbsp;Babcock International Group PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43488 | &nbsp;&nbsp;&nbsp;&nbsp; 149391 |
| &nbsp;&nbsp;&nbsp;Beazley PLC | &nbsp;&nbsp;&nbsp;&nbsp;322287 | &nbsp;&nbsp;&nbsp;&nbsp; 2541080 |
| &nbsp;&nbsp;&nbsp;Bellway PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19157 | &nbsp;&nbsp;&nbsp;&nbsp; 464984 |
| &nbsp;&nbsp;&nbsp;Big Yellow Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32960 | &nbsp;&nbsp;&nbsp;&nbsp; 433408 |
| &nbsp;&nbsp;&nbsp;Britvic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20451 | &nbsp;&nbsp;&nbsp;&nbsp; 198189 |
| &nbsp;&nbsp;&nbsp;Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24163 | &nbsp;&nbsp;&nbsp;&nbsp; 887505 |
| &nbsp;&nbsp;&nbsp;Burberry Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17930 | &nbsp;&nbsp;&nbsp;&nbsp; 473205 |
| &nbsp;&nbsp;&nbsp;Capricorn Energy PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16867 | &nbsp;&nbsp;&nbsp;&nbsp; 50700 |
| &nbsp;&nbsp;&nbsp;Coats Group PLC† | &nbsp;&nbsp;&nbsp;&nbsp;166994 | &nbsp;&nbsp;&nbsp;&nbsp; 134217 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41888 | &nbsp;&nbsp;&nbsp;&nbsp; 949692 |
| &nbsp;&nbsp;&nbsp;ConvaTec Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;118361 | &nbsp;&nbsp;&nbsp;&nbsp; 328381 |
| &nbsp;&nbsp;&nbsp;Cranswick PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33131 | &nbsp;&nbsp;&nbsp;&nbsp; 1242917 |
| &nbsp;&nbsp;&nbsp;Croda International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21671 | &nbsp;&nbsp;&nbsp;&nbsp; 1779720 |
| &nbsp;&nbsp;&nbsp;Dechra Pharmaceuticals PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26826 | &nbsp;&nbsp;&nbsp;&nbsp; 887924 |
| &nbsp;&nbsp;&nbsp;EMIS Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15264 | &nbsp;&nbsp;&nbsp;&nbsp; 345371 |
| &nbsp;&nbsp;&nbsp;Essentra PLC | &nbsp;&nbsp;&nbsp;&nbsp;356036 | &nbsp;&nbsp;&nbsp;&nbsp; 1051898 |
| &nbsp;&nbsp;&nbsp;Forterra PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;449304 | &nbsp;&nbsp;&nbsp;&nbsp; 1096183 |
| &nbsp;&nbsp;&nbsp;Future PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64854 | &nbsp;&nbsp;&nbsp;&nbsp; 1106201 |
| &nbsp;&nbsp;&nbsp;Greggs PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52666 | &nbsp;&nbsp;&nbsp;&nbsp; 1481657 |
| &nbsp;&nbsp;&nbsp;Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17429 | &nbsp;&nbsp;&nbsp;&nbsp; 465838 |
| &nbsp;&nbsp;&nbsp;Hargreaves Lansdown PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13670 | &nbsp;&nbsp;&nbsp;&nbsp; 141075 |
| &nbsp;&nbsp;&nbsp;Helios Towers PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95511 | &nbsp;&nbsp;&nbsp;&nbsp; 132589 |
| &nbsp;&nbsp;&nbsp;Howden Joinery Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52145 | &nbsp;&nbsp;&nbsp;&nbsp; 369993 |
| &nbsp;&nbsp;&nbsp;Inchcape PLC | &nbsp;&nbsp;&nbsp;&nbsp;298365 | &nbsp;&nbsp;&nbsp;&nbsp; 3001538 |
| &nbsp;&nbsp;&nbsp;Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15559 | &nbsp;&nbsp;&nbsp;&nbsp; 762085 |
| &nbsp;&nbsp;&nbsp;Johnson Service Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70097 | &nbsp;&nbsp;&nbsp;&nbsp; 81035 |
| &nbsp;&nbsp;&nbsp;Keywords Studios PLC | &nbsp;&nbsp;&nbsp;&nbsp;112792 | &nbsp;&nbsp;&nbsp;&nbsp; 4011158 |
| &nbsp;&nbsp;&nbsp;Marshalls PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33309 | &nbsp;&nbsp;&nbsp;&nbsp; 116577 |
| &nbsp;&nbsp;&nbsp;Moneysupermarket.com Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;220476 | &nbsp;&nbsp;&nbsp;&nbsp; 504961 |
| &nbsp;&nbsp;&nbsp;Noble Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64343 | &nbsp;&nbsp;&nbsp;&nbsp; 2336177 |
| &nbsp;&nbsp;&nbsp;PageGroup PLC | &nbsp;&nbsp;&nbsp;&nbsp;241843 | &nbsp;&nbsp;&nbsp;&nbsp; 1405783 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United Kingdom (continued)** | **United Kingdom (continued)** |  |
| &nbsp;&nbsp;&nbsp;PZ Cussons PLC† | &nbsp;&nbsp; 11372 | &nbsp;&nbsp;$28408 |
| &nbsp;&nbsp;&nbsp;Rathbones Group PLC | &nbsp;&nbsp; 25414 | &nbsp;&nbsp;&nbsp;&nbsp; 651974 |
| &nbsp;&nbsp;&nbsp;Rightmove PLC | &nbsp;&nbsp; 91706 | &nbsp;&nbsp;&nbsp;&nbsp; 618526 |
| &nbsp;&nbsp;&nbsp;Rotork PLC | &nbsp;&nbsp; 69539 | &nbsp;&nbsp;&nbsp;&nbsp; 256824 |
| &nbsp;&nbsp;&nbsp;RS Group PLC | &nbsp;&nbsp; 657206 | &nbsp;&nbsp;&nbsp;&nbsp; 7423716 |
| &nbsp;&nbsp;&nbsp;Sage Group PLC | &nbsp;&nbsp; 20315 | &nbsp;&nbsp;&nbsp;&nbsp; 195926 |
| &nbsp;&nbsp;&nbsp;Savills PLC | &nbsp;&nbsp; 81073 | &nbsp;&nbsp;&nbsp;&nbsp; 928144 |
| &nbsp;&nbsp;&nbsp;Schroders PLC | &nbsp;&nbsp; 118998 | &nbsp;&nbsp;&nbsp;&nbsp; 637495 |
| &nbsp;&nbsp;&nbsp;Shaftesbury PLC# | &nbsp;&nbsp; 41369 | &nbsp;&nbsp;&nbsp;&nbsp; 180274 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC | &nbsp;&nbsp; 55990 | &nbsp;&nbsp;&nbsp;&nbsp; 732779 |
| &nbsp;&nbsp;&nbsp;Spirax-Sarco Engineering PLC | &nbsp;&nbsp; 3375 | &nbsp;&nbsp;&nbsp;&nbsp; 464704 |
| &nbsp;&nbsp;&nbsp;Tate & Lyle PLC | &nbsp;&nbsp; 11761 | &nbsp;&nbsp;&nbsp;&nbsp; 104804 |
| &nbsp;&nbsp;&nbsp;UNITE Group PLC | &nbsp;&nbsp; 88052 | &nbsp;&nbsp;&nbsp;&nbsp; 987450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;43239591 |
| **United States — 0.0%** | **United States — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;PerkinElmer, Inc. | &nbsp;&nbsp; 645 | &nbsp;&nbsp;&nbsp;&nbsp; 90126 |
| &nbsp;&nbsp;&nbsp;Thoughtworks Holding, Inc.† | &nbsp;&nbsp; 3936 | &nbsp;&nbsp;&nbsp;&nbsp; 35896 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126022 |
| **Total Common Stocks<br> (cost $400,768,399)** |  | &nbsp;&nbsp;&nbsp;&nbsp;392276231 |
| **UNAFFILIATED INVESTMENT COMPANIES — 1.9%** | **UNAFFILIATED INVESTMENT COMPANIES — 1.9%** |  |
| **United States — 1.9%** | **United States — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;iShares MSCI India Small-Cap ETF<br> (cost $9,014,303) | &nbsp;&nbsp; 148968 | &nbsp;&nbsp;&nbsp;&nbsp; 8124715 |
| **Total Long-Term Investment Securities<br> (cost $409,782,702)** |  | &nbsp;&nbsp;&nbsp;&nbsp;400400946 |
| **SHORT-TERM INVESTMENTS — 2.3%** | **SHORT-TERM INVESTMENTS — 2.3%** |  |
| **Unaffiliated Investment Companies — 2.3%** | **Unaffiliated Investment Companies — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 3.86%(3)(4)<br> (cost $9,612,769) | &nbsp;&nbsp; 9612769 | &nbsp;&nbsp;&nbsp;&nbsp; 9612769 |
| **REPURCHASE AGREEMENTS — 2.2%** | **REPURCHASE AGREEMENTS — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.13% dated 11/30/2022, to be repurchased 12/01/2022 in the amount of $9,440,121 and collateralized by $10,323,500 of United States Treasury Notes, bearing interest at 1.13% due 01/15/2025 and having an approximate value of $9,628,677<br> (cost $9,439,824) | $9439824 | &nbsp;&nbsp;&nbsp;&nbsp; 9439824 |
| **TOTAL INVESTMENTS<br> (cost $428,835,295)(5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.6% | &nbsp;&nbsp;&nbsp;&nbsp;419453539 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6154760 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$425608299 |

---

---

| | |
|:---|:---|
| # | &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, 2022, the aggregate value of these securities was $16,482,229 representing 3.9% of net assets. |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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, 2022, 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>** |
| Detsky Mir PJSC |  |  |  |  |  |  |
|  | 12/02/2020 | 534295 | $989158 |  |  |  |
|  | 02/22/2021 | &nbsp;&nbsp;56107 | &nbsp;&nbsp;&nbsp;109095 |  |  |  |
|  | 03/18/2021 | &nbsp;&nbsp;11390 | &nbsp;&nbsp;&nbsp;&nbsp;20905 |  |  |  |
|  |  | 601792 | 1119158 | $0 | $0.00 | 0.00% |
| Moscow Exchange MICEX-RTS PJSC |  |  |  |  |  |  |
|  | 03/26/2020 | &nbsp;&nbsp;27771 | &nbsp;&nbsp;&nbsp;&nbsp;33435 |  |  |  |
|  | 03/27/2020 | 156529 | &nbsp;&nbsp;&nbsp;182610 |  |  |  |
|  | 10/19/2020 | &nbsp;&nbsp;21342 | &nbsp;&nbsp;&nbsp;&nbsp;40021 |  |  |  |
|  |  | 205642 | &nbsp;&nbsp;&nbsp;256066 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00 | 0.00 |
|  |  |  |  | $0 |  | 0.00% |

---

(3) The
rate shown is the 7-day yield as of November 30, 2022.

(4) At
 November 30, 2022, the Fund had loaned securities with a total value of $20,243,114. This was secured by collateral of $9,612,769, which was received in cash and subsequently invested in short-term investments currently valued at $9,612,769 as
reported in the Portfolio of Investments. Additional collateral of $11,845,823 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, 2022** |
| United States Treasury Bills | 0.00% | 01/24/2023 to 02/23/2023 | $1559648 |
| United States Treasury Notes/Bonds | 0.13% to 6.62% | 12/31/2022 to 02/15/2052 | &nbsp;&nbsp;&nbsp;10286175 |

---

(5) See
 Note 5 for cost of investments on a tax basis.

---

| |
|:---|
| ADR—American Depositary Receipt |
| BDR—Brazilian Depositary Receipt |
| ETF—Exchange Traded Fund |
| ISE—Irish Stock Exchange |
| LSE—London Stock Exchange |
| XAMS—Euronext Amsterdam Stock Exchange |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2022 (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;$1917923 | &nbsp;&nbsp;&nbsp;$4069652 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$5987575 |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;13762714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13762714 |
| &nbsp;&nbsp;&nbsp;British Virgin Islands | &nbsp;&nbsp;&nbsp;&nbsp;1962919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962919 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;29113979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;29113979 |
| &nbsp;&nbsp;&nbsp;Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6963575 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7929383 |
| &nbsp;&nbsp;&nbsp;Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605029 |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4944023 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5198888 |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;2693020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2693020 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;1918351 | &nbsp;&nbsp;&nbsp;&nbsp;117121921 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;119040272 |
| &nbsp;&nbsp;&nbsp;Mauritius | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950080 |
| &nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;11129103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11129103 |
| &nbsp;&nbsp;&nbsp;Russia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;Thailand | &nbsp;&nbsp;&nbsp;&nbsp;1948918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948918 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2584043 | &nbsp;&nbsp;&nbsp;&nbsp;40655548 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;43239591 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126022 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;148588738 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;148588738 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;8124715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8124715 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;9612769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9612769 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9439824 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9439824 |
| **Total Investments at Value** | &nbsp;&nbsp;$87670258 | &nbsp;&nbsp;$331783281 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$419453539 |

---

\* 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**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;7.4% |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;6.7 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;5.3 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Office/Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Holding Companies-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;97.9% |

---

---

| | |
|:---|:---|
| **Country Allocation\*** |  |
| Japan | &nbsp;&nbsp;21.8% |
| United Kingdom | &nbsp;&nbsp;11.2 |

---

---

| | |
|:---|:---|
| France | &nbsp;&nbsp;&nbsp;&nbsp;9.8% |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;8.6 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;7.0 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;6.0 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Jersey | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| SupraNational | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;97.9% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 92.5%** | **COMMON STOCKS — 92.5%** | **COMMON STOCKS — 92.5%** |
| **Australia — 7.0%** | **Australia — 7.0%** | **Australia — 7.0%** |
| &nbsp;&nbsp;&nbsp;Ampol, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24450 | &nbsp;&nbsp;$475902 |
| &nbsp;&nbsp;&nbsp;APA Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78325 | &nbsp;&nbsp;&nbsp;&nbsp; 599897 |
| &nbsp;&nbsp;&nbsp;ASX, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5887 | &nbsp;&nbsp;&nbsp;&nbsp; 284448 |
| &nbsp;&nbsp;&nbsp;Aurizon Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;124984 | &nbsp;&nbsp;&nbsp;&nbsp; 324526 |
| &nbsp;&nbsp;&nbsp;BlueScope Steel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52281 | &nbsp;&nbsp;&nbsp;&nbsp; 630051 |
| &nbsp;&nbsp;&nbsp;Brambles, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53194 | &nbsp;&nbsp;&nbsp;&nbsp; 435299 |
| &nbsp;&nbsp;&nbsp;Cochlear, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2474 | &nbsp;&nbsp;&nbsp;&nbsp; 364912 |
| &nbsp;&nbsp;&nbsp;Coles Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49058 | &nbsp;&nbsp;&nbsp;&nbsp; 567093 |
| &nbsp;&nbsp;&nbsp;Computershare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18983 | &nbsp;&nbsp;&nbsp;&nbsp; 359271 |
| &nbsp;&nbsp;&nbsp;CSL, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12823 | &nbsp;&nbsp;&nbsp;&nbsp; 2634300 |
| &nbsp;&nbsp;&nbsp;Dexus | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29402 | &nbsp;&nbsp;&nbsp;&nbsp; 162596 |
| &nbsp;&nbsp;&nbsp;Evolution Mining, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;146743 | &nbsp;&nbsp;&nbsp;&nbsp; 270883 |
| &nbsp;&nbsp;&nbsp;Fortescue Metals Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80670 | &nbsp;&nbsp;&nbsp;&nbsp; 1073691 |
| &nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53320 | &nbsp;&nbsp;&nbsp;&nbsp; 704590 |
| &nbsp;&nbsp;&nbsp;GPT Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64357 | &nbsp;&nbsp;&nbsp;&nbsp; 199221 |
| &nbsp;&nbsp;&nbsp;Lendlease Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15962 | &nbsp;&nbsp;&nbsp;&nbsp; 83939 |
| &nbsp;&nbsp;&nbsp;Macquarie Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12862 | &nbsp;&nbsp;&nbsp;&nbsp; 1591170 |
| &nbsp;&nbsp;&nbsp;Mineral Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12454 | &nbsp;&nbsp;&nbsp;&nbsp; 753709 |
| &nbsp;&nbsp;&nbsp;Mirvac Group | &nbsp;&nbsp;&nbsp;&nbsp;130811 | &nbsp;&nbsp;&nbsp;&nbsp; 201459 |
| &nbsp;&nbsp;&nbsp;Newcrest Mining, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54459 | &nbsp;&nbsp;&nbsp;&nbsp; 742998 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67951 | &nbsp;&nbsp;&nbsp;&nbsp; 493200 |
| &nbsp;&nbsp;&nbsp;Origin Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28376 | &nbsp;&nbsp;&nbsp;&nbsp; 153928 |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38536 | &nbsp;&nbsp;&nbsp;&nbsp; 341505 |
| &nbsp;&nbsp;&nbsp;Ramsay Health Care, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9762 | &nbsp;&nbsp;&nbsp;&nbsp; 436154 |
| &nbsp;&nbsp;&nbsp;Santos, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;215263 | &nbsp;&nbsp;&nbsp;&nbsp; 1083776 |
| &nbsp;&nbsp;&nbsp;Scentre Group | &nbsp;&nbsp;&nbsp;&nbsp;288584 | &nbsp;&nbsp;&nbsp;&nbsp; 590246 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33490 | &nbsp;&nbsp;&nbsp;&nbsp; 742939 |
| &nbsp;&nbsp;&nbsp;South32, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;305749 | &nbsp;&nbsp;&nbsp;&nbsp; 845278 |
| &nbsp;&nbsp;&nbsp;Stockland † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89385 | &nbsp;&nbsp;&nbsp;&nbsp; 233567 |
| &nbsp;&nbsp;&nbsp;Suncorp Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57148 | &nbsp;&nbsp;&nbsp;&nbsp; 467738 |
| &nbsp;&nbsp;&nbsp;Telstra Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;201740 | &nbsp;&nbsp;&nbsp;&nbsp; 544985 |
| &nbsp;&nbsp;&nbsp;Transurban Group | &nbsp;&nbsp;&nbsp;&nbsp;137701 | &nbsp;&nbsp;&nbsp;&nbsp; 1351853 |
| &nbsp;&nbsp;&nbsp;Vicinity, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;173414 | &nbsp;&nbsp;&nbsp;&nbsp; 241862 |
| &nbsp;&nbsp;&nbsp;Washington H. Soul Pattinson & Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33670 | &nbsp;&nbsp;&nbsp;&nbsp; 655558 |
| &nbsp;&nbsp;&nbsp;WiseTech Global, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3358 | &nbsp;&nbsp;&nbsp;&nbsp; 133535 |
| &nbsp;&nbsp;&nbsp;Woodside Energy Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67944 | &nbsp;&nbsp;&nbsp;&nbsp; 1714398 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22490477 |
| **Austria — 0.6%** | **Austria — 0.6%** | **Austria — 0.6%** |
| &nbsp;&nbsp;&nbsp;Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10063 | &nbsp;&nbsp;&nbsp;&nbsp; 316800 |
| &nbsp;&nbsp;&nbsp;OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17561 | &nbsp;&nbsp;&nbsp;&nbsp; 931551 |
| &nbsp;&nbsp;&nbsp;Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691 | &nbsp;&nbsp;&nbsp;&nbsp; 153495 |
| &nbsp;&nbsp;&nbsp;voestalpine AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25828 | &nbsp;&nbsp;&nbsp;&nbsp; 703259 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105105 |
| **Belgium — 1.0%** | **Belgium — 1.0%** | **Belgium — 1.0%** |
| &nbsp;&nbsp;&nbsp;Ageas SA/NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665 | &nbsp;&nbsp;&nbsp;&nbsp; 107522 |
| &nbsp;&nbsp;&nbsp;D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167 | &nbsp;&nbsp;&nbsp;&nbsp; 222624 |
| &nbsp;&nbsp;&nbsp;Elia Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 119689 |
| &nbsp;&nbsp;&nbsp;Groupe Bruxelles Lambert NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8502 | &nbsp;&nbsp;&nbsp;&nbsp; 689464 |
| &nbsp;&nbsp;&nbsp;KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12810 | &nbsp;&nbsp;&nbsp;&nbsp; 716919 |
| &nbsp;&nbsp;&nbsp;Proximus SADP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14455 | &nbsp;&nbsp;&nbsp;&nbsp; 150503 |
| &nbsp;&nbsp;&nbsp;Sofina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp; 61734 |
| &nbsp;&nbsp;&nbsp;Solvay SA, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3781 | &nbsp;&nbsp;&nbsp;&nbsp; 371006 |
| &nbsp;&nbsp;&nbsp;UCB SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8370 | &nbsp;&nbsp;&nbsp;&nbsp; 670974 |
| &nbsp;&nbsp;&nbsp;Umicore SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5185 | &nbsp;&nbsp;&nbsp;&nbsp; 188282 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3298717 |
| **Bermuda — 0.0%** | **Bermuda — 0.0%** | **Bermuda — 0.0%** |
| &nbsp;&nbsp;&nbsp;CK Infrastructure Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp; 43138 |
| &nbsp;&nbsp;&nbsp;Hongkong Land Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14100 | &nbsp;&nbsp;&nbsp;&nbsp; 56704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99842 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Cayman Islands — 0.9%** | **Cayman Islands — 0.9%** | **Cayman Islands — 0.9%** |
| &nbsp;&nbsp;&nbsp;Chow Tai Fook Jewellery Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;110800 | &nbsp;&nbsp;$195698 |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;107808 | &nbsp;&nbsp;&nbsp;&nbsp; 647560 |
| &nbsp;&nbsp;&nbsp;CK Hutchison Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp; 644779 |
| &nbsp;&nbsp;&nbsp;ESR Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63800 | &nbsp;&nbsp;&nbsp;&nbsp; 145673 |
| &nbsp;&nbsp;&nbsp;Futu Holdings, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189 | &nbsp;&nbsp;&nbsp;&nbsp; 73112 |
| &nbsp;&nbsp;&nbsp;Sea, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7846 | &nbsp;&nbsp;&nbsp;&nbsp; 457971 |
| &nbsp;&nbsp;&nbsp;SITC International Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp; 70043 |
| &nbsp;&nbsp;&nbsp;WH Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;441000 | &nbsp;&nbsp;&nbsp;&nbsp; 261249 |
| &nbsp;&nbsp;&nbsp;Wharf Real Estate Investment Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp; 265030 |
| &nbsp;&nbsp;&nbsp;Xinyi Glass Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp; 83620 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2844735 |
| **Denmark — 2.9%** | **Denmark — 2.9%** | **Denmark — 2.9%** |
| &nbsp;&nbsp;&nbsp;Chr. Hansen Holding A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2681 | &nbsp;&nbsp;&nbsp;&nbsp; 166904 |
| &nbsp;&nbsp;&nbsp;Demant A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2709 | &nbsp;&nbsp;&nbsp;&nbsp; 77524 |
| &nbsp;&nbsp;&nbsp;DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5403 | &nbsp;&nbsp;&nbsp;&nbsp; 855792 |
| &nbsp;&nbsp;&nbsp;Genmab A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709 | &nbsp;&nbsp;&nbsp;&nbsp; 788329 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47461 | &nbsp;&nbsp;&nbsp;&nbsp; 5941628 |
| &nbsp;&nbsp;&nbsp;Novozymes A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4455 | &nbsp;&nbsp;&nbsp;&nbsp; 260169 |
| &nbsp;&nbsp;&nbsp;Orsted A/S\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4983 | &nbsp;&nbsp;&nbsp;&nbsp; 437639 |
| &nbsp;&nbsp;&nbsp;Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873 | &nbsp;&nbsp;&nbsp;&nbsp; 294698 |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21644 | &nbsp;&nbsp;&nbsp;&nbsp; 560554 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9383237 |
| **Finland — 1.4%** | **Finland — 1.4%** | **Finland — 1.4%** |
| &nbsp;&nbsp;&nbsp;Elisa Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 18216 |
| &nbsp;&nbsp;&nbsp;Kone Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5520 | &nbsp;&nbsp;&nbsp;&nbsp; 277492 |
| &nbsp;&nbsp;&nbsp;Neste Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16160 | &nbsp;&nbsp;&nbsp;&nbsp; 831514 |
| &nbsp;&nbsp;&nbsp;Nokia Oyj | &nbsp;&nbsp;&nbsp;&nbsp;142575 | &nbsp;&nbsp;&nbsp;&nbsp; 698397 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp | &nbsp;&nbsp;&nbsp;&nbsp;129319 | &nbsp;&nbsp;&nbsp;&nbsp; 1365532 |
| &nbsp;&nbsp;&nbsp;Orion Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5734 | &nbsp;&nbsp;&nbsp;&nbsp; 303677 |
| &nbsp;&nbsp;&nbsp;Sampo Oyj, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5815 | &nbsp;&nbsp;&nbsp;&nbsp; 295787 |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16793 | &nbsp;&nbsp;&nbsp;&nbsp; 619533 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4410148 |
| **France — 9.8%** | **France — 9.8%** | **France — 9.8%** |
| &nbsp;&nbsp;&nbsp;Accor SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5321 | &nbsp;&nbsp;&nbsp;&nbsp; 143022 |
| &nbsp;&nbsp;&nbsp;Aeroports de Paris† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616 | &nbsp;&nbsp;&nbsp;&nbsp; 248214 |
| &nbsp;&nbsp;&nbsp;Air Liquide SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18961 | &nbsp;&nbsp;&nbsp;&nbsp; 2776081 |
| &nbsp;&nbsp;&nbsp;Alstom SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5687 | &nbsp;&nbsp;&nbsp;&nbsp; 150628 |
| &nbsp;&nbsp;&nbsp;Amundi SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319 | &nbsp;&nbsp;&nbsp;&nbsp; 131489 |
| &nbsp;&nbsp;&nbsp;Arkema SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3642 | &nbsp;&nbsp;&nbsp;&nbsp; 326155 |
| &nbsp;&nbsp;&nbsp;AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89317 | &nbsp;&nbsp;&nbsp;&nbsp; 2555075 |
| &nbsp;&nbsp;&nbsp;BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051 | &nbsp;&nbsp;&nbsp;&nbsp; 106718 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34568 | &nbsp;&nbsp;&nbsp;&nbsp; 1957067 |
| &nbsp;&nbsp;&nbsp;Bouygues SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21980 | &nbsp;&nbsp;&nbsp;&nbsp; 677995 |
| &nbsp;&nbsp;&nbsp;Bureau Veritas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582 | &nbsp;&nbsp;&nbsp;&nbsp; 41770 |
| &nbsp;&nbsp;&nbsp;Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5513 | &nbsp;&nbsp;&nbsp;&nbsp; 1003754 |
| &nbsp;&nbsp;&nbsp;Carrefour SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32989 | &nbsp;&nbsp;&nbsp;&nbsp; 565089 |
| &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34654 | &nbsp;&nbsp;&nbsp;&nbsp; 979516 |
| &nbsp;&nbsp;&nbsp;Covivio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116 | &nbsp;&nbsp;&nbsp;&nbsp; 122477 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43081 | &nbsp;&nbsp;&nbsp;&nbsp; 440435 |
| &nbsp;&nbsp;&nbsp;Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28824 | &nbsp;&nbsp;&nbsp;&nbsp; 1506233 |
| &nbsp;&nbsp;&nbsp;Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22871 | &nbsp;&nbsp;&nbsp;&nbsp; 858085 |
| &nbsp;&nbsp;&nbsp;Edenred | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7442 | &nbsp;&nbsp;&nbsp;&nbsp; 411170 |
| &nbsp;&nbsp;&nbsp;Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6233 | &nbsp;&nbsp;&nbsp;&nbsp; 618770 |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11448 | &nbsp;&nbsp;&nbsp;&nbsp; 2148318 |
| &nbsp;&nbsp;&nbsp;Eurazeo SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2946 | &nbsp;&nbsp;&nbsp;&nbsp; 187058 |
| &nbsp;&nbsp;&nbsp;Gecina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629 | &nbsp;&nbsp;&nbsp;&nbsp; 159922 |
| &nbsp;&nbsp;&nbsp;Getlink SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17604 | &nbsp;&nbsp;&nbsp;&nbsp; 291781 |
| &nbsp;&nbsp;&nbsp;Hermes International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352 | &nbsp;&nbsp;&nbsp;&nbsp; 2222271 |
| &nbsp;&nbsp;&nbsp;Ipsen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3833 | &nbsp;&nbsp;&nbsp;&nbsp; 428818 |
| &nbsp;&nbsp;&nbsp;Klepierre SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10717 | &nbsp;&nbsp;&nbsp;&nbsp; 249711 |
| &nbsp;&nbsp;&nbsp;Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5563 | &nbsp;&nbsp;&nbsp;&nbsp; 460023 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9553 | &nbsp;&nbsp;$3612999 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9462 | &nbsp;&nbsp;&nbsp;&nbsp; 625811 |
| &nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282 | &nbsp;&nbsp;&nbsp;&nbsp; 439666 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14510 | &nbsp;&nbsp;&nbsp;&nbsp; 2151811 |
| &nbsp;&nbsp;&nbsp;Sodexo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3285 | &nbsp;&nbsp;&nbsp;&nbsp; 315535 |
| &nbsp;&nbsp;&nbsp;Ubisoft Entertainment SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp; 35522 |
| &nbsp;&nbsp;&nbsp;Valeo | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4414 | &nbsp;&nbsp;&nbsp;&nbsp; 84158 |
| &nbsp;&nbsp;&nbsp;Veolia Environnement SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22993 | &nbsp;&nbsp;&nbsp;&nbsp; 593333 |
| &nbsp;&nbsp;&nbsp;Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12565 | &nbsp;&nbsp;&nbsp;&nbsp; 1279300 |
| &nbsp;&nbsp;&nbsp;Vivendi SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18899 | &nbsp;&nbsp;&nbsp;&nbsp; 171058 |
| &nbsp;&nbsp;&nbsp;Wendel SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393 | &nbsp;&nbsp;&nbsp;&nbsp; 130472 |
| &nbsp;&nbsp;&nbsp;Worldline SA\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6614 | &nbsp;&nbsp;&nbsp;&nbsp; 316612 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;31523922 |
| **Germany — 6.0%** | **Germany — 6.0%** | **Germany — 6.0%** |
| &nbsp;&nbsp;&nbsp;adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5624 | &nbsp;&nbsp;&nbsp;&nbsp; 717156 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23239 | &nbsp;&nbsp;&nbsp;&nbsp; 2087250 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3887 | &nbsp;&nbsp;&nbsp;&nbsp; 334668 |
| &nbsp;&nbsp;&nbsp;Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8478 | &nbsp;&nbsp;&nbsp;&nbsp; 918634 |
| &nbsp;&nbsp;&nbsp;Brenntag SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501 | &nbsp;&nbsp;&nbsp;&nbsp; 156314 |
| &nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842 | &nbsp;&nbsp;&nbsp;&nbsp; 113308 |
| &nbsp;&nbsp;&nbsp;Commerzbank AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35196 | &nbsp;&nbsp;&nbsp;&nbsp; 294276 |
| &nbsp;&nbsp;&nbsp;Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4401 | &nbsp;&nbsp;&nbsp;&nbsp; 262482 |
| &nbsp;&nbsp;&nbsp;Covestro AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5526 | &nbsp;&nbsp;&nbsp;&nbsp; 220544 |
| &nbsp;&nbsp;&nbsp;Delivery Hero SE\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3027 | &nbsp;&nbsp;&nbsp;&nbsp; 130488 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6083 | &nbsp;&nbsp;&nbsp;&nbsp; 1115863 |
| &nbsp;&nbsp;&nbsp;Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7662 | &nbsp;&nbsp;&nbsp;&nbsp; 149445 |
| &nbsp;&nbsp;&nbsp;Hannover Rueck SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706 | &nbsp;&nbsp;&nbsp;&nbsp; 322863 |
| &nbsp;&nbsp;&nbsp;HeidelbergCement AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6870 | &nbsp;&nbsp;&nbsp;&nbsp; 372291 |
| &nbsp;&nbsp;&nbsp;HelloFresh SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3798 | &nbsp;&nbsp;&nbsp;&nbsp; 92823 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4370 | &nbsp;&nbsp;&nbsp;&nbsp; 289853 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11874 | &nbsp;&nbsp;&nbsp;&nbsp; 845601 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33428 | &nbsp;&nbsp;&nbsp;&nbsp; 1098829 |
| &nbsp;&nbsp;&nbsp;KION Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780 | &nbsp;&nbsp;&nbsp;&nbsp; 49918 |
| &nbsp;&nbsp;&nbsp;Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173 | &nbsp;&nbsp;&nbsp;&nbsp; 66392 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7406 | &nbsp;&nbsp;&nbsp;&nbsp; 1341862 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5888 | &nbsp;&nbsp;&nbsp;&nbsp; 1855176 |
| &nbsp;&nbsp;&nbsp;Nemetschek SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545 | &nbsp;&nbsp;&nbsp;&nbsp; 75183 |
| &nbsp;&nbsp;&nbsp;Puma SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5773 | &nbsp;&nbsp;&nbsp;&nbsp; 292734 |
| &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29849 | &nbsp;&nbsp;&nbsp;&nbsp; 3230569 |
| &nbsp;&nbsp;&nbsp;Sartorius AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172 | &nbsp;&nbsp;&nbsp;&nbsp; 435801 |
| &nbsp;&nbsp;&nbsp;Siemens Healthineers AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14328 | &nbsp;&nbsp;&nbsp;&nbsp; 756455 |
| &nbsp;&nbsp;&nbsp;Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3954 | &nbsp;&nbsp;&nbsp;&nbsp; 448399 |
| &nbsp;&nbsp;&nbsp;Telefonica Deutschland Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;111457 | &nbsp;&nbsp;&nbsp;&nbsp; 265736 |
| &nbsp;&nbsp;&nbsp;United Internet AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5332 | &nbsp;&nbsp;&nbsp;&nbsp; 112140 |
| &nbsp;&nbsp;&nbsp;Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30597 | &nbsp;&nbsp;&nbsp;&nbsp; 750758 |
| &nbsp;&nbsp;&nbsp;Zalando SE\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4410 | &nbsp;&nbsp;&nbsp;&nbsp; 136545 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19340356 |
| **Hong Kong — 2.6%** | **Hong Kong — 2.6%** | **Hong Kong — 2.6%** |
| &nbsp;&nbsp;&nbsp;AIA Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;310600 | &nbsp;&nbsp;&nbsp;&nbsp; 3167805 |
| &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;131500 | &nbsp;&nbsp;&nbsp;&nbsp; 420436 |
| &nbsp;&nbsp;&nbsp;Hang Lung Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp; 97893 |
| &nbsp;&nbsp;&nbsp;Hang Seng Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22900 | &nbsp;&nbsp;&nbsp;&nbsp; 354623 |
| &nbsp;&nbsp;&nbsp;Henderson Land Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92503 | &nbsp;&nbsp;&nbsp;&nbsp; 306697 |
| &nbsp;&nbsp;&nbsp;Hong Kong & China Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;420252 | &nbsp;&nbsp;&nbsp;&nbsp; 359681 |
| &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30800 | &nbsp;&nbsp;&nbsp;&nbsp; 1229196 |
| &nbsp;&nbsp;&nbsp;Link REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40100 | &nbsp;&nbsp;&nbsp;&nbsp; 272829 |
| &nbsp;&nbsp;&nbsp;MTR Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp; 387432 |
| &nbsp;&nbsp;&nbsp;New World Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51250 | &nbsp;&nbsp;&nbsp;&nbsp; 122659 |
| &nbsp;&nbsp;&nbsp;Power Assets Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45500 | &nbsp;&nbsp;&nbsp;&nbsp; 235160 |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp; 640908 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| &nbsp;&nbsp;&nbsp;Swire Pacific, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;$250895 |
| &nbsp;&nbsp;&nbsp;Swire Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56400 | &nbsp;&nbsp;&nbsp;&nbsp; 126507 |
| &nbsp;&nbsp;&nbsp;Techtronic Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp; 385346 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8358067 |
| **Ireland — 0.8%** | **Ireland — 0.8%** | **Ireland — 0.8%** |
| &nbsp;&nbsp;&nbsp;CRH PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25808 | &nbsp;&nbsp;&nbsp;&nbsp; 1033138 |
| &nbsp;&nbsp;&nbsp;DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7665 | &nbsp;&nbsp;&nbsp;&nbsp; 410750 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6365 | &nbsp;&nbsp;&nbsp;&nbsp; 126240 |
| &nbsp;&nbsp;&nbsp;Kerry Group PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8238 | &nbsp;&nbsp;&nbsp;&nbsp; 778255 |
| &nbsp;&nbsp;&nbsp;Smurfit Kappa Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3683 | &nbsp;&nbsp;&nbsp;&nbsp; 134241 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2482624 |
| **Israel — 0.8%** | **Israel — 0.8%** | **Israel — 0.8%** |
| &nbsp;&nbsp;&nbsp;Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47744 | &nbsp;&nbsp;&nbsp;&nbsp; 465858 |
| &nbsp;&nbsp;&nbsp;Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64704 | &nbsp;&nbsp;&nbsp;&nbsp; 595222 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3853 | &nbsp;&nbsp;&nbsp;&nbsp; 511794 |
| &nbsp;&nbsp;&nbsp;CyberArk Software, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 | &nbsp;&nbsp;&nbsp;&nbsp; 61566 |
| &nbsp;&nbsp;&nbsp;ICL Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30860 | &nbsp;&nbsp;&nbsp;&nbsp; 258592 |
| &nbsp;&nbsp;&nbsp;Mizrahi Tefahot Bank, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2702 | &nbsp;&nbsp;&nbsp;&nbsp; 100643 |
| &nbsp;&nbsp;&nbsp;NICE, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827 | &nbsp;&nbsp;&nbsp;&nbsp; 354581 |
| &nbsp;&nbsp;&nbsp;Wix.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989 | &nbsp;&nbsp;&nbsp;&nbsp; 89495 |
| &nbsp;&nbsp;&nbsp;ZIM Integrated Shipping Services, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3260 | &nbsp;&nbsp;&nbsp;&nbsp; 68525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506276 |
| **Italy — 1.9%** | **Italy — 1.9%** | **Italy — 1.9%** |
| &nbsp;&nbsp;&nbsp;Amplifon SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4628 | &nbsp;&nbsp;&nbsp;&nbsp; 131717 |
| &nbsp;&nbsp;&nbsp;Assicurazioni Generali SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80258 | &nbsp;&nbsp;&nbsp;&nbsp; 1435198 |
| &nbsp;&nbsp;&nbsp;DiaSorin SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp; 119807 |
| &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15005 | &nbsp;&nbsp;&nbsp;&nbsp; 246359 |
| &nbsp;&nbsp;&nbsp;Infrastrutture Wireless Italiane SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5868 | &nbsp;&nbsp;&nbsp;&nbsp; 58877 |
| &nbsp;&nbsp;&nbsp;Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58473 | &nbsp;&nbsp;&nbsp;&nbsp; 568330 |
| &nbsp;&nbsp;&nbsp;Moncler SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11217 | &nbsp;&nbsp;&nbsp;&nbsp; 589305 |
| &nbsp;&nbsp;&nbsp;Nexi SpA\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8177 | &nbsp;&nbsp;&nbsp;&nbsp; 72177 |
| &nbsp;&nbsp;&nbsp;Poste Italiane SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46399 | &nbsp;&nbsp;&nbsp;&nbsp; 459821 |
| &nbsp;&nbsp;&nbsp;Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958 | &nbsp;&nbsp;&nbsp;&nbsp; 104139 |
| &nbsp;&nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15885 | &nbsp;&nbsp;&nbsp;&nbsp; 681165 |
| &nbsp;&nbsp;&nbsp;Snam SpA | &nbsp;&nbsp;&nbsp;&nbsp;199615 | &nbsp;&nbsp;&nbsp;&nbsp; 1024014 |
| &nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79232 | &nbsp;&nbsp;&nbsp;&nbsp; 610899 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6101808 |
| **Japan — 21.8%** | **Japan — 21.8%** | **Japan — 21.8%** |
| &nbsp;&nbsp;&nbsp;Advantest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 185643 |
| &nbsp;&nbsp;&nbsp;Aeon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26900 | &nbsp;&nbsp;&nbsp;&nbsp; 555461 |
| &nbsp;&nbsp;&nbsp;Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 110351 |
| &nbsp;&nbsp;&nbsp;Ajinomoto Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28600 | &nbsp;&nbsp;&nbsp;&nbsp; 899578 |
| &nbsp;&nbsp;&nbsp;ANA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp; 137533 |
| &nbsp;&nbsp;&nbsp;Astellas Pharma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87000 | &nbsp;&nbsp;&nbsp;&nbsp; 1353596 |
| &nbsp;&nbsp;&nbsp;Bridgestone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21100 | &nbsp;&nbsp;&nbsp;&nbsp; 801288 |
| &nbsp;&nbsp;&nbsp;Canon, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28800 | &nbsp;&nbsp;&nbsp;&nbsp; 670369 |
| &nbsp;&nbsp;&nbsp;Central Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp; 760994 |
| &nbsp;&nbsp;&nbsp;Chiba Bank, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp; 49864 |
| &nbsp;&nbsp;&nbsp;Chubu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp; 31839 |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28400 | &nbsp;&nbsp;&nbsp;&nbsp; 754910 |
| &nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29300 | &nbsp;&nbsp;&nbsp;&nbsp; 544765 |
| &nbsp;&nbsp;&nbsp;Daiichi Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54200 | &nbsp;&nbsp;&nbsp;&nbsp; 1795118 |
| &nbsp;&nbsp;&nbsp;Daikin Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp; 810904 |
| &nbsp;&nbsp;&nbsp;Denso Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16300 | &nbsp;&nbsp;&nbsp;&nbsp; 903386 |
| &nbsp;&nbsp;&nbsp;Dentsu Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 148991 |
| &nbsp;&nbsp;&nbsp;East Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10600 | &nbsp;&nbsp;&nbsp;&nbsp; 603296 |
| &nbsp;&nbsp;&nbsp;Eisai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10900 | &nbsp;&nbsp;&nbsp;&nbsp; 747694 |
| &nbsp;&nbsp;&nbsp;ENEOS Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;318700 | &nbsp;&nbsp;&nbsp;&nbsp; 1078862 |
| &nbsp;&nbsp;&nbsp;FANUC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 718967 |
| &nbsp;&nbsp;&nbsp;Fast Retailing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 594232 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;FUJIFILM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10400 | &nbsp;&nbsp;$562616 |
| &nbsp;&nbsp;&nbsp;Fujitsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp; 420940 |
| &nbsp;&nbsp;&nbsp;Hankyu Hanshin Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp; 256345 |
| &nbsp;&nbsp;&nbsp;Hitachi, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26900 | &nbsp;&nbsp;&nbsp;&nbsp; 1445626 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp; 983497 |
| &nbsp;&nbsp;&nbsp;Idemitsu Kosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp; 577912 |
| &nbsp;&nbsp;&nbsp;Inpex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63800 | &nbsp;&nbsp;&nbsp;&nbsp; 707847 |
| &nbsp;&nbsp;&nbsp;Isuzu Motors, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28300 | &nbsp;&nbsp;&nbsp;&nbsp; 371604 |
| &nbsp;&nbsp;&nbsp;Ito En, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp; 228272 |
| &nbsp;&nbsp;&nbsp;ITOCHU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18500 | &nbsp;&nbsp;&nbsp;&nbsp; 582856 |
| &nbsp;&nbsp;&nbsp;Japan Airlines Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp; 75273 |
| &nbsp;&nbsp;&nbsp;JFE Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46200 | &nbsp;&nbsp;&nbsp;&nbsp; 515873 |
| &nbsp;&nbsp;&nbsp;Kajima Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23400 | &nbsp;&nbsp;&nbsp;&nbsp; 265104 |
| &nbsp;&nbsp;&nbsp;Kao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17900 | &nbsp;&nbsp;&nbsp;&nbsp; 714338 |
| &nbsp;&nbsp;&nbsp;KDDI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53500 | &nbsp;&nbsp;&nbsp;&nbsp; 1601217 |
| &nbsp;&nbsp;&nbsp;Keio Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 78617 |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 2041250 |
| &nbsp;&nbsp;&nbsp;Kintetsu Group Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp; 110634 |
| &nbsp;&nbsp;&nbsp;Kobayashi Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 24825 |
| &nbsp;&nbsp;&nbsp;Komatsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26600 | &nbsp;&nbsp;&nbsp;&nbsp; 619460 |
| &nbsp;&nbsp;&nbsp;Kose Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 138482 |
| &nbsp;&nbsp;&nbsp;Kubota Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27700 | &nbsp;&nbsp;&nbsp;&nbsp; 411677 |
| &nbsp;&nbsp;&nbsp;Kyocera Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp; 328106 |
| &nbsp;&nbsp;&nbsp;Kyowa Kirin Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;&nbsp;&nbsp; 390823 |
| &nbsp;&nbsp;&nbsp;Lasertec Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 151223 |
| &nbsp;&nbsp;&nbsp;M3, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 250555 |
| &nbsp;&nbsp;&nbsp;Marubeni Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56700 | &nbsp;&nbsp;&nbsp;&nbsp; 643179 |
| &nbsp;&nbsp;&nbsp;Mazda Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45300 | &nbsp;&nbsp;&nbsp;&nbsp; 363417 |
| &nbsp;&nbsp;&nbsp;MEIJI Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp; 407888 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Chemical Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp; 331347 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40300 | &nbsp;&nbsp;&nbsp;&nbsp; 1358579 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33800 | &nbsp;&nbsp;&nbsp;&nbsp; 341360 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Estate Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39100 | &nbsp;&nbsp;&nbsp;&nbsp; 555395 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;271400 | &nbsp;&nbsp;&nbsp;&nbsp; 1487225 |
| &nbsp;&nbsp;&nbsp;Mitsui & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48100 | &nbsp;&nbsp;&nbsp;&nbsp; 1403150 |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27400 | &nbsp;&nbsp;&nbsp;&nbsp; 557104 |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46500 | &nbsp;&nbsp;&nbsp;&nbsp; 579890 |
| &nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp;&nbsp;&nbsp; 406881 |
| &nbsp;&nbsp;&nbsp;Murata Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15300 | &nbsp;&nbsp;&nbsp;&nbsp; 841674 |
| &nbsp;&nbsp;&nbsp;Nexon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;&nbsp; 184962 |
| &nbsp;&nbsp;&nbsp;Nidec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100 | &nbsp;&nbsp;&nbsp;&nbsp; 575555 |
| &nbsp;&nbsp;&nbsp;Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30100 | &nbsp;&nbsp;&nbsp;&nbsp; 1295375 |
| &nbsp;&nbsp;&nbsp;Nippon Express Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 153754 |
| &nbsp;&nbsp;&nbsp;Nippon Paint Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp; 103202 |
| &nbsp;&nbsp;&nbsp;Nippon Shinyaku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 94901 |
| &nbsp;&nbsp;&nbsp;Nippon Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56300 | &nbsp;&nbsp;&nbsp;&nbsp; 901463 |
| &nbsp;&nbsp;&nbsp;Nippon Telegraph & Telephone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp; 1440919 |
| &nbsp;&nbsp;&nbsp;Nippon Yusen KK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp;&nbsp; 257677 |
| &nbsp;&nbsp;&nbsp;Nisshin Seifun Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17100 | &nbsp;&nbsp;&nbsp;&nbsp; 200997 |
| &nbsp;&nbsp;&nbsp;Nissin Foods Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 160012 |
| &nbsp;&nbsp;&nbsp;Nitori Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 114680 |
| &nbsp;&nbsp;&nbsp;Nomura Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65900 | &nbsp;&nbsp;&nbsp;&nbsp; 238965 |
| &nbsp;&nbsp;&nbsp;NTT Data Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12900 | &nbsp;&nbsp;&nbsp;&nbsp; 199442 |
| &nbsp;&nbsp;&nbsp;Obayashi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17100 | &nbsp;&nbsp;&nbsp;&nbsp; 127872 |
| &nbsp;&nbsp;&nbsp;Odakyu Electric Railway Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp; 77553 |
| &nbsp;&nbsp;&nbsp;Ono Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30800 | &nbsp;&nbsp;&nbsp;&nbsp; 790827 |
| &nbsp;&nbsp;&nbsp;Oriental Land Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp; 808895 |
| &nbsp;&nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp; 742499 |
| &nbsp;&nbsp;&nbsp;Osaka Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29200 | &nbsp;&nbsp;&nbsp;&nbsp; 451522 |
| &nbsp;&nbsp;&nbsp;Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp; 994636 |
| &nbsp;&nbsp;&nbsp;Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 69852 |
| &nbsp;&nbsp;&nbsp;Rakuten Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp; 40026 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31500 | &nbsp;&nbsp;$1005429 |
| &nbsp;&nbsp;&nbsp;Renesas Electronics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500 | &nbsp;&nbsp;&nbsp;&nbsp; 133702 |
| &nbsp;&nbsp;&nbsp;Resona Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68300 | &nbsp;&nbsp;&nbsp;&nbsp; 329444 |
| &nbsp;&nbsp;&nbsp;Secom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 247993 |
| &nbsp;&nbsp;&nbsp;Sekisui House, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400 | &nbsp;&nbsp;&nbsp;&nbsp; 213671 |
| &nbsp;&nbsp;&nbsp;SG Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 74808 |
| &nbsp;&nbsp;&nbsp;Shimano, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 275654 |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp; 1489768 |
| &nbsp;&nbsp;&nbsp;Shionogi & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13100 | &nbsp;&nbsp;&nbsp;&nbsp; 665939 |
| &nbsp;&nbsp;&nbsp;Shiseido Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp;&nbsp; 568483 |
| &nbsp;&nbsp;&nbsp;Shizuoka Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp; 34206 |
| &nbsp;&nbsp;&nbsp;SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 686146 |
| &nbsp;&nbsp;&nbsp;SoftBank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72600 | &nbsp;&nbsp;&nbsp;&nbsp; 791658 |
| &nbsp;&nbsp;&nbsp;SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28400 | &nbsp;&nbsp;&nbsp;&nbsp; 1246321 |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 | &nbsp;&nbsp;&nbsp;&nbsp; 2441783 |
| &nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39100 | &nbsp;&nbsp;&nbsp;&nbsp; 673486 |
| &nbsp;&nbsp;&nbsp;Sumitomo Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46600 | &nbsp;&nbsp;&nbsp;&nbsp; 169761 |
| &nbsp;&nbsp;&nbsp;Sumitomo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39800 | &nbsp;&nbsp;&nbsp;&nbsp; 654453 |
| &nbsp;&nbsp;&nbsp;Sumitomo Electric Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44800 | &nbsp;&nbsp;&nbsp;&nbsp; 525860 |
| &nbsp;&nbsp;&nbsp;Sumitomo Metal Mining Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20100 | &nbsp;&nbsp;&nbsp;&nbsp; 686069 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46100 | &nbsp;&nbsp;&nbsp;&nbsp; 1562716 |
| &nbsp;&nbsp;&nbsp;Sumitomo Realty & Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp; 313497 |
| &nbsp;&nbsp;&nbsp;Suntory Beverage & Food, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17800 | &nbsp;&nbsp;&nbsp;&nbsp; 605357 |
| &nbsp;&nbsp;&nbsp;Suzuki Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17900 | &nbsp;&nbsp;&nbsp;&nbsp; 644983 |
| &nbsp;&nbsp;&nbsp;Sysmex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 294161 |
| &nbsp;&nbsp;&nbsp;TDK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp; 147860 |
| &nbsp;&nbsp;&nbsp;Terumo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19900 | &nbsp;&nbsp;&nbsp;&nbsp; 589291 |
| &nbsp;&nbsp;&nbsp;Tobu Railway Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 9655 |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50600 | &nbsp;&nbsp;&nbsp;&nbsp; 1044608 |
| &nbsp;&nbsp;&nbsp;Tokyo Electron, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 1096502 |
| &nbsp;&nbsp;&nbsp;Tokyo Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25900 | &nbsp;&nbsp;&nbsp;&nbsp; 477625 |
| &nbsp;&nbsp;&nbsp;Tokyu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp; 178660 |
| &nbsp;&nbsp;&nbsp;Toppan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 9368 |
| &nbsp;&nbsp;&nbsp;Toray Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43700 | &nbsp;&nbsp;&nbsp;&nbsp; 237018 |
| &nbsp;&nbsp;&nbsp;TOTO, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 27825 |
| &nbsp;&nbsp;&nbsp;Toyota Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp; 298214 |
| &nbsp;&nbsp;&nbsp;Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp; 209063 |
| &nbsp;&nbsp;&nbsp;Unicharm Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18400 | &nbsp;&nbsp;&nbsp;&nbsp; 682864 |
| &nbsp;&nbsp;&nbsp;Welcia Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 33177 |
| &nbsp;&nbsp;&nbsp;West Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp; 331492 |
| &nbsp;&nbsp;&nbsp;Yakult Honsha Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp; 421200 |
| &nbsp;&nbsp;&nbsp;Yamaha Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26600 | &nbsp;&nbsp;&nbsp;&nbsp; 665457 |
| &nbsp;&nbsp;&nbsp;Z Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39900 | &nbsp;&nbsp;&nbsp;&nbsp; 108727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;70319242 |
| **Jersey — 0.6%** | **Jersey — 0.6%** | **Jersey — 0.6%** |
| &nbsp;&nbsp;&nbsp;Ferguson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8777 | &nbsp;&nbsp;&nbsp;&nbsp; 995195 |
| &nbsp;&nbsp;&nbsp;WPP PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79185 | &nbsp;&nbsp;&nbsp;&nbsp; 842158 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1837353 |
| **Luxembourg — 0.5%** | **Luxembourg — 0.5%** | **Luxembourg — 0.5%** |
| &nbsp;&nbsp;&nbsp;Aroundtown SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45646 | &nbsp;&nbsp;&nbsp;&nbsp; 109324 |
| &nbsp;&nbsp;&nbsp;Eurofins Scientific SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454 | &nbsp;&nbsp;&nbsp;&nbsp; 172220 |
| &nbsp;&nbsp;&nbsp;Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69384 | &nbsp;&nbsp;&nbsp;&nbsp; 1210545 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492089 |
| **Netherlands — 5.9%** | **Netherlands — 5.9%** | **Netherlands — 5.9%** |
| &nbsp;&nbsp;&nbsp;ABN AMRO Bank NV CVA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20953 | &nbsp;&nbsp;&nbsp;&nbsp; 272059 |
| &nbsp;&nbsp;&nbsp;Adyen NV\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 | &nbsp;&nbsp;&nbsp;&nbsp; 774890 |
| &nbsp;&nbsp;&nbsp;Akzo Nobel NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7750 | &nbsp;&nbsp;&nbsp;&nbsp; 560682 |
| &nbsp;&nbsp;&nbsp;Argenx SE † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425 | &nbsp;&nbsp;&nbsp;&nbsp; 571079 |
| &nbsp;&nbsp;&nbsp;ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;&nbsp; 177681 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9577 | &nbsp;&nbsp;&nbsp;&nbsp; 5825413 |
| &nbsp;&nbsp;&nbsp;BNP Paribas Emissions- und Handelsgesellschaft mbH† | &nbsp;&nbsp;&nbsp;&nbsp;116180 | &nbsp;&nbsp;&nbsp;&nbsp; 1412609 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37283 | &nbsp;&nbsp;$606186 |
| &nbsp;&nbsp;&nbsp;EXOR NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8358 | &nbsp;&nbsp;&nbsp;&nbsp; 659731 |
| &nbsp;&nbsp;&nbsp;Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6324 | &nbsp;&nbsp;&nbsp;&nbsp; 1401630 |
| &nbsp;&nbsp;&nbsp;JDE Peet's NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9655 | &nbsp;&nbsp;&nbsp;&nbsp; 300067 |
| &nbsp;&nbsp;&nbsp;Just Eat Takeaway.com NV \*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4786 | &nbsp;&nbsp;&nbsp;&nbsp; 112033 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29715 | &nbsp;&nbsp;&nbsp;&nbsp; 861526 |
| &nbsp;&nbsp;&nbsp;Koninklijke DSM NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6229 | &nbsp;&nbsp;&nbsp;&nbsp; 810134 |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | &nbsp;&nbsp;&nbsp;&nbsp;162616 | &nbsp;&nbsp;&nbsp;&nbsp; 498753 |
| &nbsp;&nbsp;&nbsp;NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14734 | &nbsp;&nbsp;&nbsp;&nbsp; 632815 |
| &nbsp;&nbsp;&nbsp;Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21872 | &nbsp;&nbsp;&nbsp;&nbsp; 1438396 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8125 | &nbsp;&nbsp;&nbsp;&nbsp; 400864 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16055 | &nbsp;&nbsp;&nbsp;&nbsp; 621244 |
| &nbsp;&nbsp;&nbsp;Universal Music Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24562 | &nbsp;&nbsp;&nbsp;&nbsp; 588423 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6025 | &nbsp;&nbsp;&nbsp;&nbsp; 665494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19191709 |
| **New Zealand — 0.3%** | **New Zealand — 0.3%** | **New Zealand — 0.3%** |
| &nbsp;&nbsp;&nbsp;Auckland International Airport, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66347 | &nbsp;&nbsp;&nbsp;&nbsp; 336366 |
| &nbsp;&nbsp;&nbsp;Fisher & Paykel Healthcare Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13669 | &nbsp;&nbsp;&nbsp;&nbsp; 205371 |
| &nbsp;&nbsp;&nbsp;Mercury NZ, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17150 | &nbsp;&nbsp;&nbsp;&nbsp; 59679 |
| &nbsp;&nbsp;&nbsp;Meridian Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32734 | &nbsp;&nbsp;&nbsp;&nbsp; 101616 |
| &nbsp;&nbsp;&nbsp;Spark New Zealand, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27294 | &nbsp;&nbsp;&nbsp;&nbsp; 88957 |
| &nbsp;&nbsp;&nbsp;Xero, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp; 106299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898288 |
| **Norway — 1.1%** | **Norway — 1.1%** | **Norway — 1.1%** |
| &nbsp;&nbsp;&nbsp;Aker BP ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15872 | &nbsp;&nbsp;&nbsp;&nbsp; 553735 |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11133 | &nbsp;&nbsp;&nbsp;&nbsp; 218010 |
| &nbsp;&nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49586 | &nbsp;&nbsp;&nbsp;&nbsp; 1909919 |
| &nbsp;&nbsp;&nbsp;Mowi ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19894 | &nbsp;&nbsp;&nbsp;&nbsp; 315016 |
| &nbsp;&nbsp;&nbsp;Orkla ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41957 | &nbsp;&nbsp;&nbsp;&nbsp; 298470 |
| &nbsp;&nbsp;&nbsp;Telenor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20071 | &nbsp;&nbsp;&nbsp;&nbsp; 194349 |
| &nbsp;&nbsp;&nbsp;Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4126 | &nbsp;&nbsp;&nbsp;&nbsp; 188892 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3678391 |
| **Portugal — 0.6%** | **Portugal — 0.6%** | **Portugal — 0.6%** |
| &nbsp;&nbsp;&nbsp;EDP - Energias de Portugal SA | &nbsp;&nbsp;&nbsp;&nbsp;141009 | &nbsp;&nbsp;&nbsp;&nbsp; 670026 |
| &nbsp;&nbsp;&nbsp;Galp Energia SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65041 | &nbsp;&nbsp;&nbsp;&nbsp; 799301 |
| &nbsp;&nbsp;&nbsp;Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16614 | &nbsp;&nbsp;&nbsp;&nbsp; 369242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838569 |
| **Singapore — 1.2%** | **Singapore — 1.2%** | **Singapore — 1.2%** |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54900 | &nbsp;&nbsp;&nbsp;&nbsp; 1427482 |
| &nbsp;&nbsp;&nbsp;Keppel Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31100 | &nbsp;&nbsp;&nbsp;&nbsp; 173809 |
| &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;113200 | &nbsp;&nbsp;&nbsp;&nbsp; 1039139 |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;308200 | &nbsp;&nbsp;&nbsp;&nbsp; 619946 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24700 | &nbsp;&nbsp;&nbsp;&nbsp; 569842 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830218 |
| **Spain — 1.8%** | **Spain — 1.8%** | **Spain — 1.8%** |
| &nbsp;&nbsp;&nbsp;Aena SME SA\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5918 | &nbsp;&nbsp;&nbsp;&nbsp; 771316 |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14862 | &nbsp;&nbsp;&nbsp;&nbsp; 809154 |
| &nbsp;&nbsp;&nbsp;Cellnex Telecom SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13789 | &nbsp;&nbsp;&nbsp;&nbsp; 477396 |
| &nbsp;&nbsp;&nbsp;Enagas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30770 | &nbsp;&nbsp;&nbsp;&nbsp; 552652 |
| &nbsp;&nbsp;&nbsp;Ferrovial SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32681 | &nbsp;&nbsp;&nbsp;&nbsp; 886299 |
| &nbsp;&nbsp;&nbsp;Grifols SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15495 | &nbsp;&nbsp;&nbsp;&nbsp; 166755 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29331 | &nbsp;&nbsp;&nbsp;&nbsp; 760462 |
| &nbsp;&nbsp;&nbsp;Red Electrica Corp. SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35053 | &nbsp;&nbsp;&nbsp;&nbsp; 616054 |
| &nbsp;&nbsp;&nbsp;Telefonica SA | &nbsp;&nbsp;&nbsp;&nbsp;255256 | &nbsp;&nbsp;&nbsp;&nbsp; 950476 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5990564 |
| **SupraNational — 0.1%** | **SupraNational — 0.1%** | **SupraNational — 0.1%** |
| &nbsp;&nbsp;&nbsp;Unibail-Rodamco-Westfield † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3797 | &nbsp;&nbsp;&nbsp;&nbsp; 205166 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Sweden — 3.1%** | **Sweden — 3.1%** | **Sweden — 3.1%** |
| &nbsp;&nbsp;&nbsp;Assa Abloy AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15992 | &nbsp;&nbsp;$369267 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68959 | &nbsp;&nbsp;&nbsp;&nbsp; 869078 |
| &nbsp;&nbsp;&nbsp;Boliden AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19793 | &nbsp;&nbsp;&nbsp;&nbsp; 748860 |
| &nbsp;&nbsp;&nbsp;Embracer Group AB† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10243 | &nbsp;&nbsp;&nbsp;&nbsp; 43732 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22606 | &nbsp;&nbsp;&nbsp;&nbsp; 379684 |
| &nbsp;&nbsp;&nbsp;EQT AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3203 | &nbsp;&nbsp;&nbsp;&nbsp; 74513 |
| &nbsp;&nbsp;&nbsp;Essity AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34817 | &nbsp;&nbsp;&nbsp;&nbsp; 856403 |
| &nbsp;&nbsp;&nbsp;H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20848 | &nbsp;&nbsp;&nbsp;&nbsp; 235753 |
| &nbsp;&nbsp;&nbsp;Hexagon AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40043 | &nbsp;&nbsp;&nbsp;&nbsp; 463196 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269 | &nbsp;&nbsp;&nbsp;&nbsp; 32946 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3113 | &nbsp;&nbsp;&nbsp;&nbsp; 80318 |
| &nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;103503 | &nbsp;&nbsp;&nbsp;&nbsp; 1937179 |
| &nbsp;&nbsp;&nbsp;Sandvik AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31143 | &nbsp;&nbsp;&nbsp;&nbsp; 570559 |
| &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64601 | &nbsp;&nbsp;&nbsp;&nbsp; 747374 |
| &nbsp;&nbsp;&nbsp;Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp; 75470 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57867 | &nbsp;&nbsp;&nbsp;&nbsp; 588226 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91950 | &nbsp;&nbsp;&nbsp;&nbsp; 579065 |
| &nbsp;&nbsp;&nbsp;Volvo AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60551 | &nbsp;&nbsp;&nbsp;&nbsp; 1125783 |
| &nbsp;&nbsp;&nbsp;Volvo Car AB, Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20585 | &nbsp;&nbsp;&nbsp;&nbsp; 104051 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9881457 |
| **Switzerland — 8.6%** | **Switzerland — 8.6%** | **Switzerland — 8.6%** |
| &nbsp;&nbsp;&nbsp;ABB, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74124 | &nbsp;&nbsp;&nbsp;&nbsp; 2335017 |
| &nbsp;&nbsp;&nbsp;Adecco Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6866 | &nbsp;&nbsp;&nbsp;&nbsp; 235365 |
| &nbsp;&nbsp;&nbsp;Alcon, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20304 | &nbsp;&nbsp;&nbsp;&nbsp; 1404757 |
| &nbsp;&nbsp;&nbsp;Bachem Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp; 107425 |
| &nbsp;&nbsp;&nbsp;Baloise Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3303 | &nbsp;&nbsp;&nbsp;&nbsp; 502420 |
| &nbsp;&nbsp;&nbsp;Clariant AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33012 | &nbsp;&nbsp;&nbsp;&nbsp; 539646 |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38444 | &nbsp;&nbsp;&nbsp;&nbsp; 944406 |
| &nbsp;&nbsp;&nbsp;EMS-Chemie Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853 | &nbsp;&nbsp;&nbsp;&nbsp; 600381 |
| &nbsp;&nbsp;&nbsp;Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807 | &nbsp;&nbsp;&nbsp;&nbsp; 875572 |
| &nbsp;&nbsp;&nbsp;Givaudan SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 | &nbsp;&nbsp;&nbsp;&nbsp; 1435857 |
| &nbsp;&nbsp;&nbsp;Julius Baer Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14086 | &nbsp;&nbsp;&nbsp;&nbsp; 815735 |
| &nbsp;&nbsp;&nbsp;Kuehne & Nagel International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2659 | &nbsp;&nbsp;&nbsp;&nbsp; 646481 |
| &nbsp;&nbsp;&nbsp;Logitech International SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7111 | &nbsp;&nbsp;&nbsp;&nbsp; 431495 |
| &nbsp;&nbsp;&nbsp;Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2989 | &nbsp;&nbsp;&nbsp;&nbsp; 1579789 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132 | &nbsp;&nbsp;&nbsp;&nbsp; 1133220 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp; 40016 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG (Participation Certificate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3474 | &nbsp;&nbsp;&nbsp;&nbsp; 662027 |
| &nbsp;&nbsp;&nbsp;SGS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp; 745905 |
| &nbsp;&nbsp;&nbsp;Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5917 | &nbsp;&nbsp;&nbsp;&nbsp; 1525792 |
| &nbsp;&nbsp;&nbsp;Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2426 | &nbsp;&nbsp;&nbsp;&nbsp; 621752 |
| &nbsp;&nbsp;&nbsp;Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4706 | &nbsp;&nbsp;&nbsp;&nbsp; 553971 |
| &nbsp;&nbsp;&nbsp;Swatch Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150 | &nbsp;&nbsp;&nbsp;&nbsp; 1100635 |
| &nbsp;&nbsp;&nbsp;Swiss Life Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2679 | &nbsp;&nbsp;&nbsp;&nbsp; 1443440 |
| &nbsp;&nbsp;&nbsp;Swiss Prime Site AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3413 | &nbsp;&nbsp;&nbsp;&nbsp; 285646 |
| &nbsp;&nbsp;&nbsp;Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17311 | &nbsp;&nbsp;&nbsp;&nbsp; 1562102 |
| &nbsp;&nbsp;&nbsp;Swisscom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680 | &nbsp;&nbsp;&nbsp;&nbsp; 1440597 |
| &nbsp;&nbsp;&nbsp;Temenos AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540 | &nbsp;&nbsp;&nbsp;&nbsp; 157727 |
| &nbsp;&nbsp;&nbsp;VAT Group AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 | &nbsp;&nbsp;&nbsp;&nbsp; 202194 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7810 | &nbsp;&nbsp;&nbsp;&nbsp; 3781970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27711340 |
| **United Kingdom — 11.2%** | **United Kingdom — 11.2%** | **United Kingdom — 11.2%** |
| &nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57351 | &nbsp;&nbsp;&nbsp;&nbsp; 949562 |
| &nbsp;&nbsp;&nbsp;Abrdn PLC | &nbsp;&nbsp;&nbsp;&nbsp;119489 | &nbsp;&nbsp;&nbsp;&nbsp; 279912 |
| &nbsp;&nbsp;&nbsp;Admiral Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6456 | &nbsp;&nbsp;&nbsp;&nbsp; 157615 |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55678 | &nbsp;&nbsp;&nbsp;&nbsp; 956061 |
| &nbsp;&nbsp;&nbsp;Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15723 | &nbsp;&nbsp;&nbsp;&nbsp; 958294 |
| &nbsp;&nbsp;&nbsp;Auto Trader Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27182 | &nbsp;&nbsp;&nbsp;&nbsp; 188562 |
| &nbsp;&nbsp;&nbsp;AVEVA Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7982 | &nbsp;&nbsp;&nbsp;&nbsp; 306013 |
| &nbsp;&nbsp;&nbsp;Aviva PLC | &nbsp;&nbsp;&nbsp;&nbsp;176464 | &nbsp;&nbsp;&nbsp;&nbsp; 957240 |
| &nbsp;&nbsp;&nbsp;Barratt Developments PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43774 | &nbsp;&nbsp;&nbsp;&nbsp; 211229 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Berkeley Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5167 | &nbsp;&nbsp;$238336 |
| &nbsp;&nbsp;&nbsp;British Land Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73716 | &nbsp;&nbsp;&nbsp;&nbsp; 355959 |
| &nbsp;&nbsp;&nbsp;BT Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;377407 | &nbsp;&nbsp;&nbsp;&nbsp; 552652 |
| &nbsp;&nbsp;&nbsp;Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13917 | &nbsp;&nbsp;&nbsp;&nbsp; 511170 |
| &nbsp;&nbsp;&nbsp;Burberry Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32307 | &nbsp;&nbsp;&nbsp;&nbsp; 852641 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14865 | &nbsp;&nbsp;&nbsp;&nbsp; 789183 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66260 | &nbsp;&nbsp;&nbsp;&nbsp; 1502258 |
| &nbsp;&nbsp;&nbsp;Croda International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6275 | &nbsp;&nbsp;&nbsp;&nbsp; 515331 |
| &nbsp;&nbsp;&nbsp;Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20659 | &nbsp;&nbsp;&nbsp;&nbsp; 552169 |
| &nbsp;&nbsp;&nbsp;Hargreaves Lansdown PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17936 | &nbsp;&nbsp;&nbsp;&nbsp; 185100 |
| &nbsp;&nbsp;&nbsp;Hikma Pharmaceuticals PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31754 | &nbsp;&nbsp;&nbsp;&nbsp; 579306 |
| &nbsp;&nbsp;&nbsp;Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75897 | &nbsp;&nbsp;&nbsp;&nbsp; 570144 |
| &nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11885 | &nbsp;&nbsp;&nbsp;&nbsp; 699309 |
| &nbsp;&nbsp;&nbsp;Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11056 | &nbsp;&nbsp;&nbsp;&nbsp; 541527 |
| &nbsp;&nbsp;&nbsp;J Sainsbury PLC | &nbsp;&nbsp;&nbsp;&nbsp;188195 | &nbsp;&nbsp;&nbsp;&nbsp; 508122 |
| &nbsp;&nbsp;&nbsp;JD Sports Fashion PLC | &nbsp;&nbsp;&nbsp;&nbsp;147296 | &nbsp;&nbsp;&nbsp;&nbsp; 230689 |
| &nbsp;&nbsp;&nbsp;Johnson Matthey PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13093 | &nbsp;&nbsp;&nbsp;&nbsp; 331817 |
| &nbsp;&nbsp;&nbsp;Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99076 | &nbsp;&nbsp;&nbsp;&nbsp; 289385 |
| &nbsp;&nbsp;&nbsp;Land Securities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64520 | &nbsp;&nbsp;&nbsp;&nbsp; 486245 |
| &nbsp;&nbsp;&nbsp;Legal & General Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;294866 | &nbsp;&nbsp;&nbsp;&nbsp; 909248 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | 2500028 | &nbsp;&nbsp;&nbsp;&nbsp; 1439613 |
| &nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10185 | &nbsp;&nbsp;&nbsp;&nbsp; 1024109 |
| &nbsp;&nbsp;&nbsp;M&G PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82420 | &nbsp;&nbsp;&nbsp;&nbsp; 193106 |
| &nbsp;&nbsp;&nbsp;Mondi PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29418 | &nbsp;&nbsp;&nbsp;&nbsp; 548247 |
| &nbsp;&nbsp;&nbsp;National Grid PLC | &nbsp;&nbsp;&nbsp;&nbsp;182519 | &nbsp;&nbsp;&nbsp;&nbsp; 2253637 |
| &nbsp;&nbsp;&nbsp;Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8256 | &nbsp;&nbsp;&nbsp;&nbsp; 589158 |
| &nbsp;&nbsp;&nbsp;Ocado Group PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19155 | &nbsp;&nbsp;&nbsp;&nbsp; 145335 |
| &nbsp;&nbsp;&nbsp;Pearson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32547 | &nbsp;&nbsp;&nbsp;&nbsp; 391332 |
| &nbsp;&nbsp;&nbsp;Persimmon PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14556 | &nbsp;&nbsp;&nbsp;&nbsp; 223426 |
| &nbsp;&nbsp;&nbsp;Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22927 | &nbsp;&nbsp;&nbsp;&nbsp; 165148 |
| &nbsp;&nbsp;&nbsp;Prudential PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76893 | &nbsp;&nbsp;&nbsp;&nbsp; 917408 |
| &nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74580 | &nbsp;&nbsp;&nbsp;&nbsp; 2088101 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86618 | &nbsp;&nbsp;&nbsp;&nbsp; 572492 |
| &nbsp;&nbsp;&nbsp;Sage Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75798 | &nbsp;&nbsp;&nbsp;&nbsp; 731024 |
| &nbsp;&nbsp;&nbsp;Schroders PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87960 | &nbsp;&nbsp;&nbsp;&nbsp; 471218 |
| &nbsp;&nbsp;&nbsp;Segro PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60345 | &nbsp;&nbsp;&nbsp;&nbsp; 586127 |
| &nbsp;&nbsp;&nbsp;Severn Trent PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13793 | &nbsp;&nbsp;&nbsp;&nbsp; 455438 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54117 | &nbsp;&nbsp;&nbsp;&nbsp; 708266 |
| &nbsp;&nbsp;&nbsp;Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37497 | &nbsp;&nbsp;&nbsp;&nbsp; 720941 |
| &nbsp;&nbsp;&nbsp;Spirax-Sarco Engineering PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3722 | &nbsp;&nbsp;&nbsp;&nbsp; 512483 |
| &nbsp;&nbsp;&nbsp;SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65337 | &nbsp;&nbsp;&nbsp;&nbsp; 1358081 |
| &nbsp;&nbsp;&nbsp;St. James's Place PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36890 | &nbsp;&nbsp;&nbsp;&nbsp; 521221 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90834 | &nbsp;&nbsp;&nbsp;&nbsp; 678067 |
| &nbsp;&nbsp;&nbsp;Taylor Wimpey PLC | &nbsp;&nbsp;&nbsp;&nbsp;149098 | &nbsp;&nbsp;&nbsp;&nbsp; 188173 |
| &nbsp;&nbsp;&nbsp;United Utilities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82444 | &nbsp;&nbsp;&nbsp;&nbsp; 1022927 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;976414 | &nbsp;&nbsp;&nbsp;&nbsp; 1084917 |
| &nbsp;&nbsp;&nbsp;Whitbread PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10679 | &nbsp;&nbsp;&nbsp;&nbsp; 339329 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;36094403 |
| **Total Long-Term Investment Securities<br> (cost $268,940,242)** |  | &nbsp;&nbsp;&nbsp;&nbsp;297914103 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 0.5%** | **SHORT-TERM INVESTMENTS — 0.5%** |  |
| **U.S. Government — 0.5%** | **U.S. Government — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91%, 04/20/2023(1) | $1500000 | &nbsp;&nbsp;$1474573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 11/02/2023(1) | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 114965 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589538 |
| **Unaffiliated Investment Companies — 0.0%** | **Unaffiliated Investment Companies — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 3.86%(2)(3) | &nbsp;&nbsp; 71720 | &nbsp;&nbsp;&nbsp;&nbsp; 71720 |
| **Total Short-Term Investments<br> (cost $1,675,625)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661258 |
| **REPURCHASE AGREEMENTS — 4.9%** | **REPURCHASE AGREEMENTS — 4.9%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.13% dated 11/30/2022, to be repurchased 12/01/2022 in the amount of $15,569,377 and collateralized by $17,026,300 of United States Treasury Notes, bearing interest at 1.13% due 01/15/2025 and having an approximate value of $15,880,345<br> (cost $15,568,888) | &nbsp;&nbsp;15568888 | &nbsp;&nbsp;&nbsp;&nbsp; 15568888 |
| **TOTAL INVESTMENTS<br> (cost $286,184,755)(4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.9% | &nbsp;&nbsp;&nbsp;&nbsp;315144249 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6888007 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$322032256 |

---

---

| | |
|:---|:---|
| † | &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, 2022, the aggregate value of these securities was $5,926,019 representing 1.8% of net assets. |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| (1) | &nbsp;&nbsp;The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
| (2) | &nbsp;&nbsp;The rate shown is the 7-day yield as of November 30, 2022. |
| (3) | &nbsp;&nbsp;At November 30, 2022, the Fund had loaned securities with a total value of $68,525. This was secured by collateral of $71,720, which was received in cash and subsequently invested in short-term investments currently valued at $71,720 as reported in the Portfolio of Investments. |
| (4) | &nbsp;&nbsp;See Note 5 for cost of investments on a tax basis. |

---

ADR—American Depositary Receipt <br> CVA—Certification Van Aandelen (Dutch Cert.)

#### 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** |
| 237 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;MSCI EAFE Index | &nbsp;&nbsp;December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;$21763540 | &nbsp;&nbsp;&nbsp;&nbsp;$23460630 | &nbsp;&nbsp;&nbsp;&nbsp;$1697090 |

---

\* 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**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2022 (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;Australia | &nbsp;&nbsp;$544985 | &nbsp;&nbsp;$21945492 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$22490477 |
| &nbsp;&nbsp;&nbsp;Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313652 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2844735 |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774896 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506276 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34206 | &nbsp;&nbsp;&nbsp;&nbsp;70285036 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;70319242 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789183 | &nbsp;&nbsp;&nbsp;&nbsp;35305220 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;36094403 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;163658970 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;163658970 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589538 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589538 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71720 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15568888 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15568888 |
| **Total Investments at Value** | &nbsp;&nbsp;$2702557 | &nbsp;&nbsp;$312441692 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$315144249 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$1697090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1697090 |

---

---

| | |
|:---|:---|
| \* | &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**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;17.8% |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
|  | &nbsp;&nbsp;101.6% |

---

---

| | |
|:---|:---|
| **Country Allocation\*** |  |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;14.0% |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;12.0 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;11.2 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;8.9 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;6.7 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| British Virgin Islands | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| India | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |

---

---

| | |
|:---|:---|
| Isle of Man | &nbsp;&nbsp;&nbsp;&nbsp;1.5% |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
|  | &nbsp;&nbsp;101.6% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 93.5%** | **COMMON STOCKS — 93.5%** | **COMMON STOCKS — 93.5%** |
| **Australia — 2.5%** | **Australia — 2.5%** | **Australia — 2.5%** |
| &nbsp;&nbsp;&nbsp;Qantas Airways, Ltd.† | 3122818 | &nbsp;&nbsp;$13471080 |
| **Bermuda — 2.0%** | **Bermuda — 2.0%** | **Bermuda — 2.0%** |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;398286 | &nbsp;&nbsp;&nbsp;&nbsp; 10689996 |
| **Brazil — 1.1%** | **Brazil — 1.1%** | **Brazil — 1.1%** |
| &nbsp;&nbsp;&nbsp;CPFL Energia SA | &nbsp;&nbsp;&nbsp;&nbsp;832500 | &nbsp;&nbsp;&nbsp;&nbsp; 5598822 |
| **British Virgin Islands — 2.3%** | **British Virgin Islands — 2.3%** | **British Virgin Islands — 2.3%** |
| &nbsp;&nbsp;&nbsp;Nomad Foods, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;714902 | &nbsp;&nbsp;&nbsp;&nbsp; 12503636 |
| **Canada — 1.8%** | **Canada — 1.8%** | **Canada — 1.8%** |
| &nbsp;&nbsp;&nbsp;SNC-Lavalin Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;538900 | &nbsp;&nbsp;&nbsp;&nbsp; 9723156 |
| **Cayman Islands — 3.5%** | **Cayman Islands — 3.5%** | **Cayman Islands — 3.5%** |
| &nbsp;&nbsp;&nbsp;China Resources Land, Ltd. | 1654000 | &nbsp;&nbsp;&nbsp;&nbsp; 7716002 |
| &nbsp;&nbsp;&nbsp;Topsports International Holdings, Ltd.\* | 10751000 | &nbsp;&nbsp;&nbsp;&nbsp; 6874717 |
| &nbsp;&nbsp;&nbsp;Xinyi Glass Holdings, Ltd. | 2007000 | &nbsp;&nbsp;&nbsp;&nbsp; 3902939 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18493658 |
| **China — 5.5%** | **China — 5.5%** | **China — 5.5%** |
| &nbsp;&nbsp;&nbsp;LONGi Green Energy Technology Co., Ltd., Class A | 1598791 | &nbsp;&nbsp;&nbsp;&nbsp; 10351048 |
| &nbsp;&nbsp;&nbsp;Midea Group Co., Ltd., Class A | 1892412 | &nbsp;&nbsp;&nbsp;&nbsp; 12777038 |
| &nbsp;&nbsp;&nbsp;Oppein Home Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;387380 | &nbsp;&nbsp;&nbsp;&nbsp; 5950688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29078774 |
| **France — 5.5%** | **France — 5.5%** | **France — 5.5%** |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37340 | &nbsp;&nbsp;&nbsp;&nbsp; 1740559 |
| &nbsp;&nbsp;&nbsp;Sanofi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94541 | &nbsp;&nbsp;&nbsp;&nbsp; 8541454 |
| &nbsp;&nbsp;&nbsp;Sodexo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91872 | &nbsp;&nbsp;&nbsp;&nbsp; 8824617 |
| &nbsp;&nbsp;&nbsp;Worldline SA\*† | &nbsp;&nbsp;&nbsp;&nbsp;207771 | &nbsp;&nbsp;&nbsp;&nbsp; 9945992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29052622 |
| **Germany — 3.1%** | **Germany — 3.1%** | **Germany — 3.1%** |
| &nbsp;&nbsp;&nbsp;Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70339 | &nbsp;&nbsp;&nbsp;&nbsp; 14246906 |
| &nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14751 | &nbsp;&nbsp;&nbsp;&nbsp; 2018579 |
| &nbsp;&nbsp;&nbsp;Siemens Energy AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23220 | &nbsp;&nbsp;&nbsp;&nbsp; 381886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16647371 |
| **India — 1.6%** | **India — 1.6%** | **India — 1.6%** |
| &nbsp;&nbsp;&nbsp;Tech Mahindra, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;645809 | &nbsp;&nbsp;&nbsp;&nbsp; 8689136 |
| **Ireland — 2.3%** | **Ireland — 2.3%** | **Ireland — 2.3%** |
| &nbsp;&nbsp;&nbsp;Greencore Group PLC† | 4343345 | &nbsp;&nbsp;&nbsp;&nbsp; 3377348 |
| &nbsp;&nbsp;&nbsp;ICON PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40277 | &nbsp;&nbsp;&nbsp;&nbsp; 8677277 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12054625 |
| **Isle of Man — 1.5%** | **Isle of Man — 1.5%** | **Isle of Man — 1.5%** |
| &nbsp;&nbsp;&nbsp;Entain PLC | &nbsp;&nbsp;&nbsp;&nbsp;470843 | &nbsp;&nbsp;&nbsp;&nbsp; 8091782 |
| **Israel — 1.9%** | **Israel — 1.9%** | **Israel — 1.9%** |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77440 | &nbsp;&nbsp;&nbsp;&nbsp; 10286355 |
| **Italy — 4.5%** | **Italy — 4.5%** | **Italy — 4.5%** |
| &nbsp;&nbsp;&nbsp;Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;348336 | &nbsp;&nbsp;&nbsp;&nbsp; 12263454 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;849690 | &nbsp;&nbsp;&nbsp;&nbsp; 11706345 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23969799 |
| **Japan — 12.0%** | **Japan — 12.0%** | **Japan — 12.0%** |
| &nbsp;&nbsp;&nbsp;Asahi Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;417300 | &nbsp;&nbsp;&nbsp;&nbsp; 13419792 |
| &nbsp;&nbsp;&nbsp;Hitachi, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;295300 | &nbsp;&nbsp;&nbsp;&nbsp; 15869645 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | 2844900 | &nbsp;&nbsp;&nbsp;&nbsp; 15589556 |
| &nbsp;&nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;520900 | &nbsp;&nbsp;&nbsp;&nbsp; 8407991 |
| &nbsp;&nbsp;&nbsp;Showa Denko KK | &nbsp;&nbsp;&nbsp;&nbsp;648900 | &nbsp;&nbsp;&nbsp;&nbsp; 10439413 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;63726397 |
| **Luxembourg — 2.7%** | **Luxembourg — 2.7%** | **Luxembourg — 2.7%** |
| &nbsp;&nbsp;&nbsp;Samsonite International SA\*† | 5332600 | &nbsp;&nbsp;&nbsp;&nbsp; 14246582 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Netherlands — 6.7%** | **Netherlands — 6.7%** |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas Emissions- und Handelsgesellschaft mbH† | 1297221 | &nbsp;&nbsp;$15772650 |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;329541 | &nbsp;&nbsp;&nbsp;&nbsp; 5358025 |
| &nbsp;&nbsp;&nbsp;NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;184584 | &nbsp;&nbsp;&nbsp;&nbsp; 7927759 |
| &nbsp;&nbsp;&nbsp;OCI NV# | &nbsp;&nbsp;&nbsp;&nbsp;156848 | &nbsp;&nbsp;&nbsp;&nbsp; 6652794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;35711228 |
| **Norway — 2.1%** | **Norway — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;576829 | &nbsp;&nbsp;&nbsp;&nbsp; 11295680 |
| **South Korea — 8.9%** | **South Korea — 8.9%** |  |
| &nbsp;&nbsp;&nbsp;Coway Co, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;104226 | &nbsp;&nbsp;&nbsp;&nbsp; 4571601 |
| &nbsp;&nbsp;&nbsp;Hana Financial Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;400934 | &nbsp;&nbsp;&nbsp;&nbsp; 13736450 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;244441 | &nbsp;&nbsp;&nbsp;&nbsp; 11738966 |
| &nbsp;&nbsp;&nbsp;SK Telecom Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;449907 | &nbsp;&nbsp;&nbsp;&nbsp; 17127407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;47174424 |
| **Thailand — 4.9%** | **Thailand — 4.9%** |  |
| &nbsp;&nbsp;&nbsp;Minor International PCL† | 14785400 | &nbsp;&nbsp;&nbsp;&nbsp; 12892416 |
| &nbsp;&nbsp;&nbsp;SCB X PCL | 4503200 | &nbsp;&nbsp;&nbsp;&nbsp; 13408082 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26300498 |
| **United Kingdom — 11.2%** | **United Kingdom — 11.2%** |  |
| &nbsp;&nbsp;&nbsp;ConvaTec Group PLC\* | 3960060 | &nbsp;&nbsp;&nbsp;&nbsp; 10986800 |
| &nbsp;&nbsp;&nbsp;Informa PLC | 2349549 | &nbsp;&nbsp;&nbsp;&nbsp; 17650005 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC | 4176843 | &nbsp;&nbsp;&nbsp;&nbsp; 13280677 |
| &nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;603461 | &nbsp;&nbsp;&nbsp;&nbsp; 17654920 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;59572402 |
| **United States — 5.9%** | **United States — 5.9%** |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;357720 | &nbsp;&nbsp;&nbsp;&nbsp; 10381034 |
| &nbsp;&nbsp;&nbsp;Berry Global Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100462 | &nbsp;&nbsp;&nbsp;&nbsp; 5887073 |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;151527 | &nbsp;&nbsp;&nbsp;&nbsp; 7543014 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;256253 | &nbsp;&nbsp;&nbsp;&nbsp; 7405712 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;31216833 |
| **Total Common Stocks<br> (cost $520,660,395)** |  | &nbsp;&nbsp;&nbsp;&nbsp;497594856 |
| **UNAFFILIATED INVESTMENT COMPANIES — 3.0%** | **UNAFFILIATED INVESTMENT COMPANIES — 3.0%** |  |
| **United States — 3.0%** | **United States — 3.0%** |  |
| &nbsp;&nbsp;&nbsp;iShares MSCI ACWI ex US ETF#<br> (cost $15,172,463) | &nbsp;&nbsp;&nbsp;&nbsp;337666 | &nbsp;&nbsp;&nbsp;&nbsp; 15856795 |
| **Total Long-Term Investment Securities<br> (cost $535,832,858)** |  | &nbsp;&nbsp;&nbsp;&nbsp;513451651 |
| **SHORT-TERM INVESTMENTS — 5.1%** | **SHORT-TERM INVESTMENTS — 5.1%** |  |
| **Unaffiliated Investment Companies — 5.1%** | **Unaffiliated Investment Companies — 5.1%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class 3.66%(1) | 15668798 | &nbsp;&nbsp;&nbsp;&nbsp; 15668798 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio 3.86% (1)(2) | 11333399 | &nbsp;&nbsp;&nbsp;&nbsp; 11333399 |
| **Total Short-Term Investments<br> (cost $27,002,197)** |  | &nbsp;&nbsp;&nbsp;&nbsp;27002197 |
| **TOTAL INVESTMENTS<br> (cost $562,835,055)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.6% | &nbsp;&nbsp;&nbsp;&nbsp;540453848 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8326034) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$532127814 |

---

---

| | |
|:---|:---|
| † | &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, 2022, the aggregate value of these securities was $42,054,091 representing 7.9% of net assets. |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

# 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, 2022.

(2) At November 30, 2022, the Fund had loaned securities with a total value of $11,996,794. This was secured by collateral of $11,333,399, which was received in cash and subsequently invested in short-term investments currently valued at $11,333,399 as reported in the Portfolio of Investments. Additional collateral of $676,923 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, 2022** |
| United States Treasury Notes/Bonds | 0.13% to 6.62% | 12/31/2022 to 05/15/2052 | $676923 |

---

(3) See
 Note 5 for cost of investments on a tax basis.

ETF—Exchange Traded Fund

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2022 (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;$10689996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$10689996 |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5598822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5598822 |
| &nbsp;&nbsp;&nbsp;British Virgin Islands | &nbsp;&nbsp;&nbsp;&nbsp;12503636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12503636 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9723156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9723156 |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8677277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3377348 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12054625 |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;10286355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10286355 |
| &nbsp;&nbsp;&nbsp;Thailand | &nbsp;&nbsp;&nbsp;&nbsp;26300498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;26300498 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;31216833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;31216833 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;379220935 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;379220935 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;15856795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15856795 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;27002197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;27002197 |
| **Total Investments at Value** | &nbsp;&nbsp;$157855565 | &nbsp;&nbsp;$382598283 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$540453848 |

---

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

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Software | &nbsp;&nbsp;19.4% |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;9.4 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;8.8 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;7.7 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;7.4 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;6.8 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
|  | &nbsp;&nbsp;98.6% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** |
| **Apparel — 3.3%** | **Apparel — 3.3%** | **Apparel — 3.3%** |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;9683 | &nbsp;&nbsp;$7497167 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | 140314 | &nbsp;&nbsp;&nbsp;&nbsp; 15391042 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22888209 |
| **Auto Parts & Equipment — 1.8%** | **Auto Parts & Equipment — 1.8%** | **Auto Parts & Equipment — 1.8%** |
| &nbsp;&nbsp;&nbsp;Aptiv PLC† | 117916 | &nbsp;&nbsp;&nbsp;&nbsp; 12578100 |
| **Beverages — 1.4%** | **Beverages — 1.4%** | **Beverages — 1.4%** |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 50962 | &nbsp;&nbsp;&nbsp;&nbsp; 9453961 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 33810 | &nbsp;&nbsp;&nbsp;&nbsp; 8424776 |
| **Commercial Services — 4.2%** | **Commercial Services — 4.2%** | **Commercial Services — 4.2%** |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | 50365 | &nbsp;&nbsp;&nbsp;&nbsp; 9940540 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | 15816 | &nbsp;&nbsp;&nbsp;&nbsp; 5541452 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 30670 | &nbsp;&nbsp;&nbsp;&nbsp; 9147941 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 21723 | &nbsp;&nbsp;&nbsp;&nbsp; 3990732 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28620665 |
| **Computers — 9.4%** | **Computers — 9.4%** | **Computers — 9.4%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | 82161 | &nbsp;&nbsp;&nbsp;&nbsp; 24724710 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 240452 | &nbsp;&nbsp;&nbsp;&nbsp; 35594109 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 70275 | &nbsp;&nbsp;&nbsp;&nbsp; 4371808 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;64690627 |
| **Cosmetics/Personal Care — 2.0%** | **Cosmetics/Personal Care — 2.0%** | **Cosmetics/Personal Care — 2.0%** |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 86275 | &nbsp;&nbsp;&nbsp;&nbsp; 6684587 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | 29548 | &nbsp;&nbsp;&nbsp;&nbsp; 6967123 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13651710 |
| **Diversified Financial Services — 6.8%** | **Diversified Financial Services — 6.8%** | **Diversified Financial Services — 6.8%** |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 129190 | &nbsp;&nbsp;&nbsp;&nbsp; 10663342 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 23462 | &nbsp;&nbsp;&nbsp;&nbsp; 8361857 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 126517 | &nbsp;&nbsp;&nbsp;&nbsp; 27454189 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;46479388 |
| **Electric — 1.0%** | **Electric — 1.0%** | **Electric — 1.0%** |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 94317 | &nbsp;&nbsp;&nbsp;&nbsp; 6622940 |
| **Electronics — 7.4%** | **Electronics — 7.4%** | **Electronics — 7.4%** |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 65499 | &nbsp;&nbsp;&nbsp;&nbsp; 10151035 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 216749 | &nbsp;&nbsp;&nbsp;&nbsp; 17433122 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 199051 | &nbsp;&nbsp;&nbsp;&nbsp; 13445895 |
| &nbsp;&nbsp;&nbsp;TE Connectivity, Ltd. | 77999 | &nbsp;&nbsp;&nbsp;&nbsp; 9837234 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;50867286 |
| **Food — 1.6%** | **Food — 1.6%** | **Food — 1.6%** |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | 126817 | &nbsp;&nbsp;&nbsp;&nbsp; 10802272 |
| **Healthcare-Products — 8.8%** | **Healthcare-Products — 8.8%** | **Healthcare-Products — 8.8%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 60867 | &nbsp;&nbsp;&nbsp;&nbsp; 6548072 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | 321146 | &nbsp;&nbsp;&nbsp;&nbsp; 14538279 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 33771 | &nbsp;&nbsp;&nbsp;&nbsp; 9233329 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | 51476 | &nbsp;&nbsp;&nbsp;&nbsp; 9561152 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 28548 | &nbsp;&nbsp;&nbsp;&nbsp; 6677092 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 24872 | &nbsp;&nbsp;&nbsp;&nbsp; 13933792 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;60491716 |
| **Healthcare-Services — 2.0%** | **Healthcare-Services — 2.0%** | **Healthcare-Services — 2.0%** |
| &nbsp;&nbsp;&nbsp;ICON PLC† | 65281 | &nbsp;&nbsp;&nbsp;&nbsp; 14064139 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Household Products/Wares — 2.5%** | **Household Products/Wares — 2.5%** |  |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 209636 | &nbsp;&nbsp;$17162899 |
| **Insurance — 3.7%** | **Insurance — 3.7%** |  |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | 55071 | &nbsp;&nbsp;&nbsp;&nbsp; 16977288 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 49772 | &nbsp;&nbsp;&nbsp;&nbsp; 8619515 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;25596803 |
| **Internet — 7.7%** | **Internet — 7.7%** |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A† | 459149 | &nbsp;&nbsp;&nbsp;&nbsp; 46369457 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | 175300 | &nbsp;&nbsp;&nbsp;&nbsp; 6587197 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;52956654 |
| **Machinery-Diversified — 1.2%** | **Machinery-Diversified — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 107456 | &nbsp;&nbsp;&nbsp;&nbsp; 8391239 |
| **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 41385 | &nbsp;&nbsp;&nbsp;&nbsp; 10318936 |
| &nbsp;&nbsp;&nbsp;Cigna Corp. | 15603 | &nbsp;&nbsp;&nbsp;&nbsp; 5131671 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15450607 |
| **Private Equity — 0.4%** | **Private Equity — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | 31382 | &nbsp;&nbsp;&nbsp;&nbsp; 2872394 |
| **REITS — 1.6%** | **REITS — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | 50371 | &nbsp;&nbsp;&nbsp;&nbsp; 11144584 |
| **Retail — 4.3%** | **Retail — 4.3%** |  |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 113314 | &nbsp;&nbsp;&nbsp;&nbsp; 13333658 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 72187 | &nbsp;&nbsp;&nbsp;&nbsp; 7377512 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 110845 | &nbsp;&nbsp;&nbsp;&nbsp; 8873142 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29584312 |
| **Semiconductors — 3.1%** | **Semiconductors — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 47762 | &nbsp;&nbsp;&nbsp;&nbsp; 8210766 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 63156 | &nbsp;&nbsp;&nbsp;&nbsp; 5240685 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 43690 | &nbsp;&nbsp;&nbsp;&nbsp; 7884297 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21335748 |
| **Software — 19.4%** | **Software — 19.4%** |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | 41730 | &nbsp;&nbsp;&nbsp;&nbsp; 14393929 |
| &nbsp;&nbsp;&nbsp;Black Knight, Inc.† | 157965 | &nbsp;&nbsp;&nbsp;&nbsp; 9792250 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 121887 | &nbsp;&nbsp;&nbsp;&nbsp; 15940382 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 101631 | &nbsp;&nbsp;&nbsp;&nbsp; 7376378 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | 124107 | &nbsp;&nbsp;&nbsp;&nbsp; 12951807 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 285053 | &nbsp;&nbsp;&nbsp;&nbsp; 72728422 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;133183168 |
| **Transportation — 1.5%** | **Transportation — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Railway, Ltd. | 123824 | &nbsp;&nbsp;&nbsp;&nbsp; 10142424 |
| **TOTAL INVESTMENTS<br> (cost $522,086,859)(1)** | &nbsp;&nbsp;&nbsp;&nbsp;98.6% | &nbsp;&nbsp;&nbsp;&nbsp;677456621 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9321026 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$686777647 |

---

† Non-income
 producing security

(1) See
 Note 5 for cost of investments on a tax basis.

ADR—American Depositary Receipt

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2022 (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;Apparel | &nbsp;&nbsp;$15391042 | &nbsp;&nbsp;$7497167 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$22888209 |
| &nbsp;&nbsp;&nbsp;Internet | &nbsp;&nbsp;&nbsp;&nbsp;46369457 | &nbsp;&nbsp;&nbsp;&nbsp;6587197 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;52956654 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;601611758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;601611758 |
| **Total Investments at Value** | &nbsp;&nbsp;$663372257 | &nbsp;&nbsp;$14084364 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$677456621 |

---

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

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;7.6% |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;7.1 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;5.8 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Savings & Loans | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Trucking & Leasing | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Housewares | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Office/Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;101.0% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51982 | &nbsp;&nbsp;$9182620 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;113865 | &nbsp;&nbsp;&nbsp;&nbsp; 6826207 |
| &nbsp;&nbsp;&nbsp;Mercury Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78083 | &nbsp;&nbsp;&nbsp;&nbsp; 3968178 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19977005 |
| **Agriculture — 0.5%** | **Agriculture — 0.5%** | **Agriculture — 0.5%** |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;217126 | &nbsp;&nbsp;&nbsp;&nbsp; 15596161 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;438463 | &nbsp;&nbsp;&nbsp;&nbsp; 3490165 |
| **Apparel — 2.1%** | **Apparel — 2.1%** | **Apparel — 2.1%** |
| &nbsp;&nbsp;&nbsp;Capri Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;186882 | &nbsp;&nbsp;&nbsp;&nbsp; 10717683 |
| &nbsp;&nbsp;&nbsp;Carter's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52796 | &nbsp;&nbsp;&nbsp;&nbsp; 3856220 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47916 | &nbsp;&nbsp;&nbsp;&nbsp; 4292794 |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83467 | &nbsp;&nbsp;&nbsp;&nbsp; 8430167 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35920 | &nbsp;&nbsp;&nbsp;&nbsp; 14327770 |
| &nbsp;&nbsp;&nbsp;Hanesbrands, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;472430 | &nbsp;&nbsp;&nbsp;&nbsp; 3174730 |
| &nbsp;&nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90658 | &nbsp;&nbsp;&nbsp;&nbsp; 6090404 |
| &nbsp;&nbsp;&nbsp;Skechers USA, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;182614 | &nbsp;&nbsp;&nbsp;&nbsp; 7700832 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;255464 | &nbsp;&nbsp;&nbsp;&nbsp; 2554640 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;270241 | &nbsp;&nbsp;&nbsp;&nbsp; 2356502 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63501742 |
| **Auto Parts & Equipment — 1.5%** | **Auto Parts & Equipment — 1.5%** | **Auto Parts & Equipment — 1.5%** |
| &nbsp;&nbsp;&nbsp;Adient PLC† | &nbsp;&nbsp;&nbsp;&nbsp;128364 | &nbsp;&nbsp;&nbsp;&nbsp; 4998494 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;172735 | &nbsp;&nbsp;&nbsp;&nbsp; 3041863 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57219 | &nbsp;&nbsp;&nbsp;&nbsp; 6070936 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;318340 | &nbsp;&nbsp;&nbsp;&nbsp; 9200026 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.† | &nbsp;&nbsp;&nbsp;&nbsp;382884 | &nbsp;&nbsp;&nbsp;&nbsp; 4295959 |
| &nbsp;&nbsp;&nbsp;Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80384 | &nbsp;&nbsp;&nbsp;&nbsp; 11594588 |
| &nbsp;&nbsp;&nbsp;Visteon Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38074 | &nbsp;&nbsp;&nbsp;&nbsp; 5589263 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44791129 |
| **Banks — 7.1%** | **Banks — 7.1%** | **Banks — 7.1%** |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp | &nbsp;&nbsp;&nbsp;&nbsp;203497 | &nbsp;&nbsp;&nbsp;&nbsp; 5006026 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54403 | &nbsp;&nbsp;&nbsp;&nbsp; 4388690 |
| &nbsp;&nbsp;&nbsp;Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;150566 | &nbsp;&nbsp;&nbsp;&nbsp; 6948621 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;247033 | &nbsp;&nbsp;&nbsp;&nbsp; 7124432 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;100760 | &nbsp;&nbsp;&nbsp;&nbsp; 4682317 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;147701 | &nbsp;&nbsp;&nbsp;&nbsp; 11065759 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86823 | &nbsp;&nbsp;&nbsp;&nbsp; 12595413 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;190787 | &nbsp;&nbsp;&nbsp;&nbsp; 13395155 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175619 | &nbsp;&nbsp;&nbsp;&nbsp; 6489122 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;726510 | &nbsp;&nbsp;&nbsp;&nbsp; 18053774 |
| &nbsp;&nbsp;&nbsp;FNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;474858 | &nbsp;&nbsp;&nbsp;&nbsp; 6695498 |
| &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;226583 | &nbsp;&nbsp;&nbsp;&nbsp; 4212178 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149963 | &nbsp;&nbsp;&nbsp;&nbsp; 8682858 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;116050 | &nbsp;&nbsp;&nbsp;&nbsp; 6364182 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;258201 | &nbsp;&nbsp;&nbsp;&nbsp; 6571215 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71628 | &nbsp;&nbsp;&nbsp;&nbsp; 3773363 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;396544 | &nbsp;&nbsp;&nbsp;&nbsp; 7577956 |
| &nbsp;&nbsp;&nbsp;PacWest Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;159450 | &nbsp;&nbsp;&nbsp;&nbsp; 4164834 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;103460 | &nbsp;&nbsp;&nbsp;&nbsp; 8679259 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123493 | &nbsp;&nbsp;&nbsp;&nbsp; 9332366 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;196815 | &nbsp;&nbsp;&nbsp;&nbsp; 8291816 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67538 | &nbsp;&nbsp;&nbsp;&nbsp; 4051605 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58861 | &nbsp;&nbsp;&nbsp;&nbsp; 5033793 |
| &nbsp;&nbsp;&nbsp;Umpqua Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;293864 | &nbsp;&nbsp;&nbsp;&nbsp; 5956623 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;182208 | &nbsp;&nbsp;&nbsp;&nbsp; 7814901 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;568976 | &nbsp;&nbsp;&nbsp;&nbsp; 7203236 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;238060 | &nbsp;&nbsp;$12936180 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82230 | &nbsp;&nbsp;&nbsp;&nbsp; 7518289 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214609461 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| &nbsp;&nbsp;&nbsp;Boston Beer Co., Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12876 | &nbsp;&nbsp;&nbsp;&nbsp; 4949148 |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54277 | &nbsp;&nbsp;&nbsp;&nbsp; 6043201 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6232 | &nbsp;&nbsp;&nbsp;&nbsp; 3064898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14057247 |
| **Biotechnology — 1.3%** | **Biotechnology — 1.3%** | **Biotechnology — 1.3%** |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;143308 | &nbsp;&nbsp;&nbsp;&nbsp; 4614518 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;435726 | &nbsp;&nbsp;&nbsp;&nbsp; 7442200 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;186538 | &nbsp;&nbsp;&nbsp;&nbsp; 10681166 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61623 | &nbsp;&nbsp;&nbsp;&nbsp; 17247661 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39985545 |
| **Building Materials — 2.4%** | **Building Materials — 2.4%** | **Building Materials — 2.4%** |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;211308 | &nbsp;&nbsp;&nbsp;&nbsp; 13508920 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51021 | &nbsp;&nbsp;&nbsp;&nbsp; 6956203 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43653 | &nbsp;&nbsp;&nbsp;&nbsp; 11368551 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100014 | &nbsp;&nbsp;&nbsp;&nbsp; 6380893 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;275315 | &nbsp;&nbsp;&nbsp;&nbsp; 8669669 |
| &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;130297 | &nbsp;&nbsp;&nbsp;&nbsp; 11575586 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58442 | &nbsp;&nbsp;&nbsp;&nbsp; 5438028 |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;149283 | &nbsp;&nbsp;&nbsp;&nbsp; 6850597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70748447 |
| **Chemicals — 2.5%** | **Chemicals — 2.5%** | **Chemicals — 2.5%** |
| &nbsp;&nbsp;&nbsp;Ashland, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67434 | &nbsp;&nbsp;&nbsp;&nbsp; 7543842 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;115731 | &nbsp;&nbsp;&nbsp;&nbsp; 4005450 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76223 | &nbsp;&nbsp;&nbsp;&nbsp; 5611537 |
| &nbsp;&nbsp;&nbsp;Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;210040 | &nbsp;&nbsp;&nbsp;&nbsp; 6521742 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48423 | &nbsp;&nbsp;&nbsp;&nbsp; 3790068 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9354 | &nbsp;&nbsp;&nbsp;&nbsp; 2956051 |
| &nbsp;&nbsp;&nbsp;Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;182754 | &nbsp;&nbsp;&nbsp;&nbsp; 10413323 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;174663 | &nbsp;&nbsp;&nbsp;&nbsp; 18098580 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56914 | &nbsp;&nbsp;&nbsp;&nbsp; 4252045 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;239666 | &nbsp;&nbsp;&nbsp;&nbsp; 7904185 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46763 | &nbsp;&nbsp;&nbsp;&nbsp; 5034037 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76130860 |
| **Commercial Services — 4.1%** | **Commercial Services — 4.1%** | **Commercial Services — 4.1%** |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67965 | &nbsp;&nbsp;&nbsp;&nbsp; 6157629 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39046 | &nbsp;&nbsp;&nbsp;&nbsp; 8730686 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63963 | &nbsp;&nbsp;&nbsp;&nbsp; 3821789 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63771 | &nbsp;&nbsp;&nbsp;&nbsp; 5927514 |
| &nbsp;&nbsp;&nbsp;FTI Consulting, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46763 | &nbsp;&nbsp;&nbsp;&nbsp; 8081582 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5251 | &nbsp;&nbsp;&nbsp;&nbsp; 3379964 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43275 | &nbsp;&nbsp;&nbsp;&nbsp; 4893104 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;160592 | &nbsp;&nbsp;&nbsp;&nbsp; 7525341 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;216073 | &nbsp;&nbsp;&nbsp;&nbsp; 9444551 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;114226 | &nbsp;&nbsp;&nbsp;&nbsp; 7251066 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48395 | &nbsp;&nbsp;&nbsp;&nbsp; 5737227 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58192 | &nbsp;&nbsp;&nbsp;&nbsp; 2758883 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70053 | &nbsp;&nbsp;&nbsp;&nbsp; 6131039 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55382 | &nbsp;&nbsp;&nbsp;&nbsp; 12063861 |
| &nbsp;&nbsp;&nbsp;Progyny, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;100981 | &nbsp;&nbsp;&nbsp;&nbsp; 3698934 |
| &nbsp;&nbsp;&nbsp;R1 RCM, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;185894 | &nbsp;&nbsp;&nbsp;&nbsp; 1682341 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;213474 | &nbsp;&nbsp;&nbsp;&nbsp; 15252717 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59807 | &nbsp;&nbsp;&nbsp;&nbsp; 10115756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122653984 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Computers — 2.4%** | **Computers — 2.4%** | **Computers — 2.4%** |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31704 | &nbsp;&nbsp;$9901159 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44764 | &nbsp;&nbsp;&nbsp;&nbsp; 8379821 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;228544 | &nbsp;&nbsp;&nbsp;&nbsp; 10538164 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;188251 | &nbsp;&nbsp;&nbsp;&nbsp; 9726929 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;276311 | &nbsp;&nbsp;&nbsp;&nbsp; 3235602 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93418 | &nbsp;&nbsp;&nbsp;&nbsp; 5132385 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81979 | &nbsp;&nbsp;&nbsp;&nbsp; 5763123 |
| &nbsp;&nbsp;&nbsp;NCR Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;185347 | &nbsp;&nbsp;&nbsp;&nbsp; 4424233 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47266 | &nbsp;&nbsp;&nbsp;&nbsp; 5828843 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75389 | &nbsp;&nbsp;&nbsp;&nbsp; 8301083 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71231342 |
| **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** |
| &nbsp;&nbsp;&nbsp;Coty, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;488554 | &nbsp;&nbsp;&nbsp;&nbsp; 3844920 |
| **Distribution/Wholesale — 0.9%** | **Distribution/Wholesale — 0.9%** | **Distribution/Wholesale — 0.9%** |
| &nbsp;&nbsp;&nbsp;IAA, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;181078 | &nbsp;&nbsp;&nbsp;&nbsp; 6766885 |
| &nbsp;&nbsp;&nbsp;Univar Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;225821 | &nbsp;&nbsp;&nbsp;&nbsp; 7481449 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44958 | &nbsp;&nbsp;&nbsp;&nbsp; 12092803 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26341137 |
| **Diversified Financial Services — 2.6%** | **Diversified Financial Services — 2.6%** | **Diversified Financial Services — 2.6%** |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51754 | &nbsp;&nbsp;&nbsp;&nbsp; 8302377 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48757 | &nbsp;&nbsp;&nbsp;&nbsp; 5615831 |
| &nbsp;&nbsp;&nbsp;Federated Hermes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;114642 | &nbsp;&nbsp;&nbsp;&nbsp; 4351810 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;139239 | &nbsp;&nbsp;&nbsp;&nbsp; 11180892 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;179426 | &nbsp;&nbsp;&nbsp;&nbsp; 4537684 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;251772 | &nbsp;&nbsp;&nbsp;&nbsp; 9564818 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;149829 | &nbsp;&nbsp;&nbsp;&nbsp; 2482666 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;139412 | &nbsp;&nbsp;&nbsp;&nbsp; 8682579 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;340346 | &nbsp;&nbsp;&nbsp;&nbsp; 5942441 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;143708 | &nbsp;&nbsp;&nbsp;&nbsp; 9233239 |
| &nbsp;&nbsp;&nbsp;Western Union Co. | &nbsp;&nbsp;&nbsp;&nbsp;522269 | &nbsp;&nbsp;&nbsp;&nbsp; 7656464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77550801 |
| **Electric — 1.9%** | **Electric — 1.9%** | **Electric — 1.9%** |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77269 | &nbsp;&nbsp;&nbsp;&nbsp; 5115208 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88111 | &nbsp;&nbsp;&nbsp;&nbsp; 6311391 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;148208 | &nbsp;&nbsp;&nbsp;&nbsp; 6088385 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68450 | &nbsp;&nbsp;&nbsp;&nbsp; 7565778 |
| &nbsp;&nbsp;&nbsp;NorthWestern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76020 | &nbsp;&nbsp;&nbsp;&nbsp; 4440328 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;271052 | &nbsp;&nbsp;&nbsp;&nbsp; 10966764 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65884 | &nbsp;&nbsp;&nbsp;&nbsp; 5957890 |
| &nbsp;&nbsp;&nbsp;PNM Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116211 | &nbsp;&nbsp;&nbsp;&nbsp; 5694339 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;120825 | &nbsp;&nbsp;&nbsp;&nbsp; 5948215 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58088298 |
| **Electrical Components & Equipment — 1.4%** | **Electrical Components & Equipment — 1.4%** | **Electrical Components & Equipment — 1.4%** |
| &nbsp;&nbsp;&nbsp;Acuity Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44290 | &nbsp;&nbsp;&nbsp;&nbsp; 8339364 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58928 | &nbsp;&nbsp;&nbsp;&nbsp; 4740168 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89718 | &nbsp;&nbsp;&nbsp;&nbsp; 3058487 |
| &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55046 | &nbsp;&nbsp;&nbsp;&nbsp; 4160377 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33516 | &nbsp;&nbsp;&nbsp;&nbsp; 8261694 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48257 | &nbsp;&nbsp;&nbsp;&nbsp; 7612542 |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58828 | &nbsp;&nbsp;&nbsp;&nbsp; 6625209 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42797841 |
| **Electronics — 3.1%** | **Electronics — 3.1%** | **Electronics — 3.1%** |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86882 | &nbsp;&nbsp;&nbsp;&nbsp; 9447549 |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128170 | &nbsp;&nbsp;&nbsp;&nbsp; 5789439 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;175500 | &nbsp;&nbsp;&nbsp;&nbsp; 6435585 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72674 | &nbsp;&nbsp;&nbsp;&nbsp; 18463556 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;186235 | &nbsp;&nbsp;&nbsp;&nbsp; 13444305 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| &nbsp;&nbsp;&nbsp;National Instruments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;179141 | &nbsp;&nbsp;$7348364 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC | &nbsp;&nbsp;&nbsp;&nbsp;225406 | &nbsp;&nbsp;&nbsp;&nbsp; 9018494 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57097 | &nbsp;&nbsp;&nbsp;&nbsp; 5841023 |
| &nbsp;&nbsp;&nbsp;Vicor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30105 | &nbsp;&nbsp;&nbsp;&nbsp; 1625369 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176927 | &nbsp;&nbsp;&nbsp;&nbsp; 4076398 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;213839 | &nbsp;&nbsp;&nbsp;&nbsp; 4197659 |
| &nbsp;&nbsp;&nbsp;Woodward, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81455 | &nbsp;&nbsp;&nbsp;&nbsp; 7803389 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93491130 |
| **Energy-Alternate Sources — 1.2%** | **Energy-Alternate Sources — 1.2%** | **Energy-Alternate Sources — 1.2%** |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;134216 | &nbsp;&nbsp;&nbsp;&nbsp; 23156286 |
| &nbsp;&nbsp;&nbsp;SunPower Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;115494 | &nbsp;&nbsp;&nbsp;&nbsp; 2800730 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;287165 | &nbsp;&nbsp;&nbsp;&nbsp; 9355836 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35312852 |
| **Engineering & Construction — 1.7%** | **Engineering & Construction — 1.7%** | **Engineering & Construction — 1.7%** |
| &nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;&nbsp;189070 | &nbsp;&nbsp;&nbsp;&nbsp; 16070950 |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40010 | &nbsp;&nbsp;&nbsp;&nbsp; 3646511 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66812 | &nbsp;&nbsp;&nbsp;&nbsp; 10349179 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;192365 | &nbsp;&nbsp;&nbsp;&nbsp; 6465388 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79817 | &nbsp;&nbsp;&nbsp;&nbsp; 7249778 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43837 | &nbsp;&nbsp;&nbsp;&nbsp; 6754405 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50536272 |
| **Entertainment — 1.1%** | **Entertainment — 1.1%** | **Entertainment — 1.1%** |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44914 | &nbsp;&nbsp;&nbsp;&nbsp; 9969112 |
| &nbsp;&nbsp;&nbsp;Light & Wonder, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;127712 | &nbsp;&nbsp;&nbsp;&nbsp; 8271906 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53189 | &nbsp;&nbsp;&nbsp;&nbsp; 7924097 |
| &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;214676 | &nbsp;&nbsp;&nbsp;&nbsp; 7554448 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33719563 |
| **Environmental Control — 0.9%** | **Environmental Control — 0.9%** | **Environmental Control — 0.9%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68122 | &nbsp;&nbsp;&nbsp;&nbsp; 8174640 |
| &nbsp;&nbsp;&nbsp;Stericycle, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;124801 | &nbsp;&nbsp;&nbsp;&nbsp; 6505876 |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72188 | &nbsp;&nbsp;&nbsp;&nbsp; 11159543 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25840059 |
| **Food — 1.7%** | **Food — 1.7%** | **Food — 1.7%** |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;261245 | &nbsp;&nbsp;&nbsp;&nbsp; 7850412 |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;119422 | &nbsp;&nbsp;&nbsp;&nbsp; 3614904 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88709 | &nbsp;&nbsp;&nbsp;&nbsp; 8690821 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26829 | &nbsp;&nbsp;&nbsp;&nbsp; 5557359 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.† | &nbsp;&nbsp;&nbsp;&nbsp;209856 | &nbsp;&nbsp;&nbsp;&nbsp; 12797019 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61492 | &nbsp;&nbsp;&nbsp;&nbsp; 1608631 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73624 | &nbsp;&nbsp;&nbsp;&nbsp; 6891942 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;145482 | &nbsp;&nbsp;&nbsp;&nbsp; 4994397 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52005485 |
| **Gas — 1.4%** | **Gas — 1.4%** | **Gas — 1.4%** |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;123848 | &nbsp;&nbsp;&nbsp;&nbsp; 8202453 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;130282 | &nbsp;&nbsp;&nbsp;&nbsp; 6481529 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73297 | &nbsp;&nbsp;&nbsp;&nbsp; 6373174 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83462 | &nbsp;&nbsp;&nbsp;&nbsp; 5713809 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71070 | &nbsp;&nbsp;&nbsp;&nbsp; 5266287 |
| &nbsp;&nbsp;&nbsp;UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;283480 | &nbsp;&nbsp;&nbsp;&nbsp; 10956502 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42993754 |
| **Hand/Machine Tools — 1.1%** | **Hand/Machine Tools — 1.1%** | **Hand/Machine Tools — 1.1%** |
| &nbsp;&nbsp;&nbsp;Kennametal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110123 | &nbsp;&nbsp;&nbsp;&nbsp; 2909450 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78416 | &nbsp;&nbsp;&nbsp;&nbsp; 11596158 |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49794 | &nbsp;&nbsp;&nbsp;&nbsp; 7021452 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90004 | &nbsp;&nbsp;&nbsp;&nbsp; 11800424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33327484 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Healthcare-Products — 4.4%** | **Healthcare-Products — 4.4%** | **Healthcare-Products — 4.4%** |
| &nbsp;&nbsp;&nbsp;Azenta, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101569 | &nbsp;&nbsp;$6115470 |
| &nbsp;&nbsp;&nbsp;Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;136383 | &nbsp;&nbsp;&nbsp;&nbsp; 9193578 |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;221213 | &nbsp;&nbsp;&nbsp;&nbsp; 7547788 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;104299 | &nbsp;&nbsp;&nbsp;&nbsp; 7706653 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69478 | &nbsp;&nbsp;&nbsp;&nbsp; 5927168 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27180 | &nbsp;&nbsp;&nbsp;&nbsp; 4327871 |
| &nbsp;&nbsp;&nbsp;Inari Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65056 | &nbsp;&nbsp;&nbsp;&nbsp; 4786821 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98358 | &nbsp;&nbsp;&nbsp;&nbsp; 5403789 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93069 | &nbsp;&nbsp;&nbsp;&nbsp; 5777724 |
| &nbsp;&nbsp;&nbsp;LivaNova PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72495 | &nbsp;&nbsp;&nbsp;&nbsp; 4014048 |
| &nbsp;&nbsp;&nbsp;Masimo Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65430 | &nbsp;&nbsp;&nbsp;&nbsp; 9483424 |
| &nbsp;&nbsp;&nbsp;Neogen Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;292586 | &nbsp;&nbsp;&nbsp;&nbsp; 4845224 |
| &nbsp;&nbsp;&nbsp;NuVasive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70485 | &nbsp;&nbsp;&nbsp;&nbsp; 2737637 |
| &nbsp;&nbsp;&nbsp;Omnicell, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59962 | &nbsp;&nbsp;&nbsp;&nbsp; 3094639 |
| &nbsp;&nbsp;&nbsp;Patterson Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117285 | &nbsp;&nbsp;&nbsp;&nbsp; 3335585 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51297 | &nbsp;&nbsp;&nbsp;&nbsp; 10747234 |
| &nbsp;&nbsp;&nbsp;QuidelOrtho Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73424 | &nbsp;&nbsp;&nbsp;&nbsp; 6432677 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69870 | &nbsp;&nbsp;&nbsp;&nbsp; 12495551 |
| &nbsp;&nbsp;&nbsp;Shockwave Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48641 | &nbsp;&nbsp;&nbsp;&nbsp; 12335358 |
| &nbsp;&nbsp;&nbsp;STAAR Surgical Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65038 | &nbsp;&nbsp;&nbsp;&nbsp; 3714320 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86948 | &nbsp;&nbsp;&nbsp;&nbsp; 3656163 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133678722 |
| **Healthcare-Services — 2.0%** | **Healthcare-Services — 2.0%** | **Healthcare-Services — 2.0%** |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;122988 | &nbsp;&nbsp;&nbsp;&nbsp; 10953311 |
| &nbsp;&nbsp;&nbsp;Amedisys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43924 | &nbsp;&nbsp;&nbsp;&nbsp; 4001037 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20180 | &nbsp;&nbsp;&nbsp;&nbsp; 10493600 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;135088 | &nbsp;&nbsp;&nbsp;&nbsp; 7899946 |
| &nbsp;&nbsp;&nbsp;LHC Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42008 | &nbsp;&nbsp;&nbsp;&nbsp; 6864527 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33995 | &nbsp;&nbsp;&nbsp;&nbsp; 7135211 |
| &nbsp;&nbsp;&nbsp;Sotera Health Co.† | &nbsp;&nbsp;&nbsp;&nbsp;134057 | &nbsp;&nbsp;&nbsp;&nbsp; 1118035 |
| &nbsp;&nbsp;&nbsp;Syneos Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;138980 | &nbsp;&nbsp;&nbsp;&nbsp; 4903215 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;146069 | &nbsp;&nbsp;&nbsp;&nbsp; 6745467 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60114349 |
| **Home Builders — 0.7%** | **Home Builders — 0.7%** | **Home Builders — 0.7%** |
| &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;114382 | &nbsp;&nbsp;&nbsp;&nbsp; 3590451 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;153883 | &nbsp;&nbsp;&nbsp;&nbsp; 4676504 |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73829 | &nbsp;&nbsp;&nbsp;&nbsp; 6359630 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144770 | &nbsp;&nbsp;&nbsp;&nbsp; 6935931 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21562516 |
| **Home Furnishings — 0.5%** | **Home Furnishings — 0.5%** | **Home Furnishings — 0.5%** |
| &nbsp;&nbsp;&nbsp;Leggett & Platt, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;179551 | &nbsp;&nbsp;&nbsp;&nbsp; 6393811 |
| &nbsp;&nbsp;&nbsp;Tempur Sealy International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;233133 | &nbsp;&nbsp;&nbsp;&nbsp; 7406636 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13800447 |
| **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** |
| &nbsp;&nbsp;&nbsp;Helen of Troy, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32450 | &nbsp;&nbsp;&nbsp;&nbsp; 3197623 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54760 | &nbsp;&nbsp;&nbsp;&nbsp; 3062727 |
| **Insurance — 4.6%** | **Insurance — 4.6%** | **Insurance — 4.6%** |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94546 | &nbsp;&nbsp;&nbsp;&nbsp; 13446332 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97232 | &nbsp;&nbsp;&nbsp;&nbsp; 5419712 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;154882 | &nbsp;&nbsp;&nbsp;&nbsp; 3636629 |
| &nbsp;&nbsp;&nbsp;Essent Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;145810 | &nbsp;&nbsp;&nbsp;&nbsp; 5845523 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;141025 | &nbsp;&nbsp;&nbsp;&nbsp; 7707016 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48244 | &nbsp;&nbsp;&nbsp;&nbsp; 7106341 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86448 | &nbsp;&nbsp;&nbsp;&nbsp; 4920620 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29149 | &nbsp;&nbsp;&nbsp;&nbsp; 8984013 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;410824 | &nbsp;&nbsp;&nbsp;&nbsp; 5640614 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;388988 | &nbsp;&nbsp;&nbsp;&nbsp; 9530206 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50708 | &nbsp;&nbsp;$7557013 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90720 | &nbsp;&nbsp;&nbsp;&nbsp; 13099968 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59172 | &nbsp;&nbsp;&nbsp;&nbsp; 11178182 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54668 | &nbsp;&nbsp;&nbsp;&nbsp; 7110667 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81680 | &nbsp;&nbsp;&nbsp;&nbsp; 7851082 |
| &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;254532 | &nbsp;&nbsp;&nbsp;&nbsp; 10736160 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132572 | &nbsp;&nbsp;&nbsp;&nbsp; 8747101 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138517179 |
| **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** |
| &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;141042 | &nbsp;&nbsp;&nbsp;&nbsp; 2875846 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63891 | &nbsp;&nbsp;&nbsp;&nbsp; 5894584 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8770430 |
| **Iron/Steel — 2.3%** | **Iron/Steel — 2.3%** | **Iron/Steel — 2.3%** |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;700364 | &nbsp;&nbsp;&nbsp;&nbsp; 10841635 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;163130 | &nbsp;&nbsp;&nbsp;&nbsp; 8029258 |
| &nbsp;&nbsp;&nbsp;Reliance Steel & Aluminum Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81631 | &nbsp;&nbsp;&nbsp;&nbsp; 17247814 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;234874 | &nbsp;&nbsp;&nbsp;&nbsp; 24410455 |
| &nbsp;&nbsp;&nbsp;United States Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;321179 | &nbsp;&nbsp;&nbsp;&nbsp; 8443796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68972958 |
| **Leisure Time — 1.1%** | **Leisure Time — 1.1%** | **Leisure Time — 1.1%** |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100687 | &nbsp;&nbsp;&nbsp;&nbsp; 7470975 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180077 | &nbsp;&nbsp;&nbsp;&nbsp; 8487029 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75794 | &nbsp;&nbsp;&nbsp;&nbsp; 8645064 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;187619 | &nbsp;&nbsp;&nbsp;&nbsp; 3930618 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;116673 | &nbsp;&nbsp;&nbsp;&nbsp; 5237451 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33771137 |
| **Lodging — 0.8%** | **Lodging — 0.8%** | **Lodging — 0.8%** |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;109936 | &nbsp;&nbsp;&nbsp;&nbsp; 6742375 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39271 | &nbsp;&nbsp;&nbsp;&nbsp; 4838973 |
| &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;113490 | &nbsp;&nbsp;&nbsp;&nbsp; 4411356 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122291 | &nbsp;&nbsp;&nbsp;&nbsp; 8966376 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24959080 |
| **Machinery-Construction & Mining — 0.4%** | **Machinery-Construction & Mining — 0.4%** | **Machinery-Construction & Mining — 0.4%** |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88506 | &nbsp;&nbsp;&nbsp;&nbsp; 8148747 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91794 | &nbsp;&nbsp;&nbsp;&nbsp; 4214263 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12363010 |
| **Machinery-Diversified — 3.2%** | **Machinery-Diversified — 3.2%** | **Machinery-Diversified — 3.2%** |
| &nbsp;&nbsp;&nbsp;AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83828 | &nbsp;&nbsp;&nbsp;&nbsp; 11125652 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48556 | &nbsp;&nbsp;&nbsp;&nbsp; 6943022 |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;234760 | &nbsp;&nbsp;&nbsp;&nbsp; 11686353 |
| &nbsp;&nbsp;&nbsp;Crane Holdings Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64558 | &nbsp;&nbsp;&nbsp;&nbsp; 6839275 |
| &nbsp;&nbsp;&nbsp;Enovis Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64492 | &nbsp;&nbsp;&nbsp;&nbsp; 3490952 |
| &nbsp;&nbsp;&nbsp;Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69911 | &nbsp;&nbsp;&nbsp;&nbsp; 3309587 |
| &nbsp;&nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;176944 | &nbsp;&nbsp;&nbsp;&nbsp; 5548964 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;228965 | &nbsp;&nbsp;&nbsp;&nbsp; 16020681 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72953 | &nbsp;&nbsp;&nbsp;&nbsp; 10519093 |
| &nbsp;&nbsp;&nbsp;Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;141578 | &nbsp;&nbsp;&nbsp;&nbsp; 15713742 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36967 | &nbsp;&nbsp;&nbsp;&nbsp; 5857421 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97054742 |
| **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** |
| &nbsp;&nbsp;&nbsp;Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6606 | &nbsp;&nbsp;&nbsp;&nbsp; 4784660 |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;224027 | &nbsp;&nbsp;&nbsp;&nbsp; 8210589 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52523 | &nbsp;&nbsp;&nbsp;&nbsp; 9956260 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;302068 | &nbsp;&nbsp;&nbsp;&nbsp; 5962822 |
| &nbsp;&nbsp;&nbsp;World Wrestling Entertainment, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58550 | &nbsp;&nbsp;&nbsp;&nbsp; 4676974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33591305 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Metal Fabricate/Hardware — 0.6%** | **Metal Fabricate/Hardware — 0.6%** | **Metal Fabricate/Hardware — 0.6%** |
| &nbsp;&nbsp;&nbsp;Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90490 | &nbsp;&nbsp;$6875430 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28907 | &nbsp;&nbsp;&nbsp;&nbsp; 9789645 |
| &nbsp;&nbsp;&nbsp;Worthington Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40900 | &nbsp;&nbsp;&nbsp;&nbsp; 2320666 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18985741 |
| **Mining — 0.9%** | **Mining — 0.9%** | **Mining — 0.9%** |
| &nbsp;&nbsp;&nbsp;Alcoa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;243599 | &nbsp;&nbsp;&nbsp;&nbsp; 12211618 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;124983 | &nbsp;&nbsp;&nbsp;&nbsp; 4155685 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88868 | &nbsp;&nbsp;&nbsp;&nbsp; 9982542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26349845 |
| **Miscellaneous Manufacturing — 1.8%** | **Miscellaneous Manufacturing — 1.8%** | **Miscellaneous Manufacturing — 1.8%** |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91420 | &nbsp;&nbsp;&nbsp;&nbsp; 16824023 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70029 | &nbsp;&nbsp;&nbsp;&nbsp; 18425330 |
| &nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;167284 | &nbsp;&nbsp;&nbsp;&nbsp; 10190941 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111966 | &nbsp;&nbsp;&nbsp;&nbsp; 9463366 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54903660 |
| **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp;Xerox Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;151649 | &nbsp;&nbsp;&nbsp;&nbsp; 2473395 |
| **Oil & Gas — 2.9%** | **Oil & Gas — 2.9%** | **Oil & Gas — 2.9%** |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;381295 | &nbsp;&nbsp;&nbsp;&nbsp; 13936332 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;256498 | &nbsp;&nbsp;&nbsp;&nbsp; 4455370 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;196701 | &nbsp;&nbsp;&nbsp;&nbsp; 12262340 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;151923 | &nbsp;&nbsp;&nbsp;&nbsp; 10081610 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;197838 | &nbsp;&nbsp;&nbsp;&nbsp; 9337954 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;154039 | &nbsp;&nbsp;&nbsp;&nbsp; 6126131 |
| &nbsp;&nbsp;&nbsp;PDC Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130388 | &nbsp;&nbsp;&nbsp;&nbsp; 9690436 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;335474 | &nbsp;&nbsp;&nbsp;&nbsp; 9685135 |
| &nbsp;&nbsp;&nbsp;Southwestern Energy Co.† | 1508649 | &nbsp;&nbsp;&nbsp;&nbsp; 10439851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86015159 |
| **Oil & Gas Services — 0.7%** | **Oil & Gas Services — 0.7%** | **Oil & Gas Services — 0.7%** |
| &nbsp;&nbsp;&nbsp;ChampionX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;274749 | &nbsp;&nbsp;&nbsp;&nbsp; 8473259 |
| &nbsp;&nbsp;&nbsp;NOV, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;531810 | &nbsp;&nbsp;&nbsp;&nbsp; 11944453 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20417712 |
| **Packaging & Containers — 0.9%** | **Packaging & Containers — 0.9%** | **Packaging & Containers — 0.9%** |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88458 | &nbsp;&nbsp;&nbsp;&nbsp; 9388932 |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36051 | &nbsp;&nbsp;&nbsp;&nbsp; 2534746 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113408 | &nbsp;&nbsp;&nbsp;&nbsp; 5999283 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;132012 | &nbsp;&nbsp;&nbsp;&nbsp; 8101577 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26024538 |
| **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;183376 | &nbsp;&nbsp;&nbsp;&nbsp; 4567896 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84863 | &nbsp;&nbsp;&nbsp;&nbsp; 13315853 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;129485 | &nbsp;&nbsp;&nbsp;&nbsp; 16452364 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;209287 | &nbsp;&nbsp;&nbsp;&nbsp; 6301632 |
| &nbsp;&nbsp;&nbsp;Perrigo Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;182258 | &nbsp;&nbsp;&nbsp;&nbsp; 5874175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46511920 |
| **Pipelines — 0.6%** | **Pipelines — 0.6%** | **Pipelines — 0.6%** |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;453446 | &nbsp;&nbsp;&nbsp;&nbsp; 5137543 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130968 | &nbsp;&nbsp;&nbsp;&nbsp; 7901300 |
| &nbsp;&nbsp;&nbsp;Equitrans Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;585937 | &nbsp;&nbsp;&nbsp;&nbsp; 4916011 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17954854 |
| **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64875 | &nbsp;&nbsp;&nbsp;&nbsp; 10910029 |
| **REITS — 7.6%** | **REITS — 7.6%** | **REITS — 7.6%** |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;583630 | &nbsp;&nbsp;&nbsp;&nbsp; 12647262 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;Apartment Income REIT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;208752 | &nbsp;&nbsp;$7943014 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;405719 | &nbsp;&nbsp;&nbsp;&nbsp; 9404566 |
| &nbsp;&nbsp;&nbsp;Corporate Office Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp;152209 | &nbsp;&nbsp;&nbsp;&nbsp; 4226844 |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;205025 | &nbsp;&nbsp;&nbsp;&nbsp; 5408560 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;237992 | &nbsp;&nbsp;&nbsp;&nbsp; 4122021 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58984 | &nbsp;&nbsp;&nbsp;&nbsp; 9156676 |
| &nbsp;&nbsp;&nbsp;EPR Properties | &nbsp;&nbsp;&nbsp;&nbsp;101563 | &nbsp;&nbsp;&nbsp;&nbsp; 4226036 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;178810 | &nbsp;&nbsp;&nbsp;&nbsp; 9038846 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;515221 | &nbsp;&nbsp;&nbsp;&nbsp; 10577487 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142409 | &nbsp;&nbsp;&nbsp;&nbsp; 4243788 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300323 | &nbsp;&nbsp;&nbsp;&nbsp; 5441853 |
| &nbsp;&nbsp;&nbsp;JBG SMITH Properties | &nbsp;&nbsp;&nbsp;&nbsp;134740 | &nbsp;&nbsp;&nbsp;&nbsp; 2776991 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;142407 | &nbsp;&nbsp;&nbsp;&nbsp; 6154831 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;296656 | &nbsp;&nbsp;&nbsp;&nbsp; 6763757 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;117945 | &nbsp;&nbsp;&nbsp;&nbsp; 11811012 |
| &nbsp;&nbsp;&nbsp;Life Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;114248 | &nbsp;&nbsp;&nbsp;&nbsp; 12280518 |
| &nbsp;&nbsp;&nbsp;Macerich Co. | &nbsp;&nbsp;&nbsp;&nbsp;290783 | &nbsp;&nbsp;&nbsp;&nbsp; 3692944 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;810980 | &nbsp;&nbsp;&nbsp;&nbsp; 10640058 |
| &nbsp;&nbsp;&nbsp;National Retail Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;239790 | &nbsp;&nbsp;&nbsp;&nbsp; 11116664 |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | &nbsp;&nbsp;&nbsp;&nbsp;115539 | &nbsp;&nbsp;&nbsp;&nbsp; 4599608 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;316961 | &nbsp;&nbsp;&nbsp;&nbsp; 9597579 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;304413 | &nbsp;&nbsp;&nbsp;&nbsp; 3905619 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp;177971 | &nbsp;&nbsp;&nbsp;&nbsp; 2963217 |
| &nbsp;&nbsp;&nbsp;Physicians Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;306413 | &nbsp;&nbsp;&nbsp;&nbsp; 4574746 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;109123 | &nbsp;&nbsp;&nbsp;&nbsp; 5214988 |
| &nbsp;&nbsp;&nbsp;Rayonier, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;198239 | &nbsp;&nbsp;&nbsp;&nbsp; 7112815 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;231606 | &nbsp;&nbsp;&nbsp;&nbsp; 12805496 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;312707 | &nbsp;&nbsp;&nbsp;&nbsp; 4037047 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87057 | &nbsp;&nbsp;&nbsp;&nbsp; 3652912 |
| &nbsp;&nbsp;&nbsp;Spirit Realty Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;184592 | &nbsp;&nbsp;&nbsp;&nbsp; 7645801 |
| &nbsp;&nbsp;&nbsp;STORE Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;359765 | &nbsp;&nbsp;&nbsp;&nbsp; 11476503 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229260059 |
| **Retail — 5.8%** | **Retail — 5.8%** | **Retail — 5.8%** |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52299 | &nbsp;&nbsp;&nbsp;&nbsp; 6480369 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;183021 | &nbsp;&nbsp;&nbsp;&nbsp; 13770500 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50432 | &nbsp;&nbsp;&nbsp;&nbsp; 12255985 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30854 | &nbsp;&nbsp;&nbsp;&nbsp; 3542039 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77045 | &nbsp;&nbsp;&nbsp;&nbsp; 9213041 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51582 | &nbsp;&nbsp;&nbsp;&nbsp; 4841487 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75127 | &nbsp;&nbsp;&nbsp;&nbsp; 12084929 |
| &nbsp;&nbsp;&nbsp;Foot Locker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108763 | &nbsp;&nbsp;&nbsp;&nbsp; 4328767 |
| &nbsp;&nbsp;&nbsp;GameStop Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;342194 | &nbsp;&nbsp;&nbsp;&nbsp; 8968905 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;288949 | &nbsp;&nbsp;&nbsp;&nbsp; 4201318 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;173922 | &nbsp;&nbsp;&nbsp;&nbsp; 5579418 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37268 | &nbsp;&nbsp;&nbsp;&nbsp; 8918605 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;365189 | &nbsp;&nbsp;&nbsp;&nbsp; 8581942 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64081 | &nbsp;&nbsp;&nbsp;&nbsp; 5500072 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29086 | &nbsp;&nbsp;&nbsp;&nbsp; 8603930 |
| &nbsp;&nbsp;&nbsp;Nordstrom, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;152184 | &nbsp;&nbsp;&nbsp;&nbsp; 3191298 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78689 | &nbsp;&nbsp;&nbsp;&nbsp; 4792160 |
| &nbsp;&nbsp;&nbsp;Papa John's International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43549 | &nbsp;&nbsp;&nbsp;&nbsp; 3625890 |
| &nbsp;&nbsp;&nbsp;RH † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27066 | &nbsp;&nbsp;&nbsp;&nbsp; 7763341 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90512 | &nbsp;&nbsp;&nbsp;&nbsp; 8989652 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.† | &nbsp;&nbsp;&nbsp;&nbsp;112480 | &nbsp;&nbsp;&nbsp;&nbsp; 5174080 |
| &nbsp;&nbsp;&nbsp;Wendy's Co. | &nbsp;&nbsp;&nbsp;&nbsp;230490 | &nbsp;&nbsp;&nbsp;&nbsp; 5199854 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93098 | &nbsp;&nbsp;&nbsp;&nbsp; 10883156 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40500 | &nbsp;&nbsp;&nbsp;&nbsp; 6703155 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173193893 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Savings & Loans — 0.4%** | **Savings & Loans — 0.4%** | **Savings & Loans — 0.4%** |
| &nbsp;&nbsp;&nbsp;New York Community Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;921016 | &nbsp;&nbsp;$8611500 |
| &nbsp;&nbsp;&nbsp;Washington Federal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88442 | &nbsp;&nbsp;&nbsp;&nbsp; 3119349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11730849 |
| **Semiconductors — 2.6%** | **Semiconductors — 2.6%** | **Semiconductors — 2.6%** |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135908 | &nbsp;&nbsp;&nbsp;&nbsp; 3808142 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75737 | &nbsp;&nbsp;&nbsp;&nbsp; 5658311 |
| &nbsp;&nbsp;&nbsp;IPG Photonics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44864 | &nbsp;&nbsp;&nbsp;&nbsp; 4083970 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;185912 | &nbsp;&nbsp;&nbsp;&nbsp; 13539971 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69180 | &nbsp;&nbsp;&nbsp;&nbsp; 4751974 |
| &nbsp;&nbsp;&nbsp;MKS Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77419 | &nbsp;&nbsp;&nbsp;&nbsp; 6492357 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77417 | &nbsp;&nbsp;&nbsp;&nbsp; 6230520 |
| &nbsp;&nbsp;&nbsp;Semtech Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85942 | &nbsp;&nbsp;&nbsp;&nbsp; 2641857 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46335 | &nbsp;&nbsp;&nbsp;&nbsp; 6738963 |
| &nbsp;&nbsp;&nbsp;SiTime Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21614 | &nbsp;&nbsp;&nbsp;&nbsp; 2279413 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53642 | &nbsp;&nbsp;&nbsp;&nbsp; 5684443 |
| &nbsp;&nbsp;&nbsp;Wolfspeed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;167389 | &nbsp;&nbsp;&nbsp;&nbsp; 15219008 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77128929 |
| **Software — 2.6%** | **Software — 2.6%** | **Software — 2.6%** |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;154407 | &nbsp;&nbsp;&nbsp;&nbsp; 3227106 |
| &nbsp;&nbsp;&nbsp;Aspen Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39179 | &nbsp;&nbsp;&nbsp;&nbsp; 9030760 |
| &nbsp;&nbsp;&nbsp;Blackbaud, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60309 | &nbsp;&nbsp;&nbsp;&nbsp; 3574514 |
| &nbsp;&nbsp;&nbsp;CommVault Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60664 | &nbsp;&nbsp;&nbsp;&nbsp; 4003824 |
| &nbsp;&nbsp;&nbsp;Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57780 | &nbsp;&nbsp;&nbsp;&nbsp; 7071116 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;272319 | &nbsp;&nbsp;&nbsp;&nbsp; 10552361 |
| &nbsp;&nbsp;&nbsp;Envestnet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74731 | &nbsp;&nbsp;&nbsp;&nbsp; 4410624 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34190 | &nbsp;&nbsp;&nbsp;&nbsp; 21188227 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84915 | &nbsp;&nbsp;&nbsp;&nbsp; 10694195 |
| &nbsp;&nbsp;&nbsp;Teradata Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;139180 | &nbsp;&nbsp;&nbsp;&nbsp; 4752997 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78505724 |
| **Telecommunications — 1.2%** | **Telecommunications — 1.2%** | **Telecommunications — 1.2%** |
| &nbsp;&nbsp;&nbsp;Calix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76846 | &nbsp;&nbsp;&nbsp;&nbsp; 5479120 |
| &nbsp;&nbsp;&nbsp;Ciena Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;202684 | &nbsp;&nbsp;&nbsp;&nbsp; 9112672 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;301832 | &nbsp;&nbsp;&nbsp;&nbsp; 7778211 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;171909 | &nbsp;&nbsp;&nbsp;&nbsp; 9128368 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;102290 | &nbsp;&nbsp;&nbsp;&nbsp; 3487066 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34985437 |
| **Toys/Games/Hobbies — 0.3%** | **Toys/Games/Hobbies — 0.3%** | **Toys/Games/Hobbies — 0.3%** |
| &nbsp;&nbsp;&nbsp;Mattel, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;478265 | &nbsp;&nbsp;&nbsp;&nbsp; 8718771 |
| **Transportation — 1.8%** | **Transportation — 1.8%** | **Transportation — 1.8%** |
| &nbsp;&nbsp;&nbsp;Kirby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81099 | &nbsp;&nbsp;&nbsp;&nbsp; 5659899 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;217523 | &nbsp;&nbsp;&nbsp;&nbsp; 12057300 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49318 | &nbsp;&nbsp;&nbsp;&nbsp; 8531028 |
| &nbsp;&nbsp;&nbsp;RXO, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;155752 | &nbsp;&nbsp;&nbsp;&nbsp; 2959288 |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69312 | &nbsp;&nbsp;&nbsp;&nbsp; 6479979 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35759 | &nbsp;&nbsp;&nbsp;&nbsp; 8710535 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79851 | &nbsp;&nbsp;&nbsp;&nbsp; 3511847 |
| &nbsp;&nbsp;&nbsp;XPO Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;155752 | &nbsp;&nbsp;&nbsp;&nbsp; 6015142 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53925018 |
| **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** |
| &nbsp;&nbsp;&nbsp;GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47792 | &nbsp;&nbsp;&nbsp;&nbsp; 5388548 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Water — 0.5%** | **Water — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | &nbsp;&nbsp; 322878 | &nbsp;&nbsp;$15575635 |
| **Total Long-Term Investment Securities<br> (cost $2,209,430,488)** |  | &nbsp;&nbsp;&nbsp;&nbsp;2984998625 |
| **SHORT-TERM INVESTMENTS — 0.8%** | **SHORT-TERM INVESTMENTS — 0.8%** |  |
| **Unaffiliated Investment Companies — 0.5%** | **Unaffiliated Investment Companies — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 3.86%(1)(2) | &nbsp;&nbsp;16523612 | &nbsp;&nbsp;&nbsp;&nbsp; 16523612 |
| **U.S. Government — 0.3%** | **U.S. Government — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36%, 12/29/2022(3) | $6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5982272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36%, 12/29/2022(3) | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 299114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54%, 12/29/2022(3) | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2492613 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8773999 |
| **Total Short-Term Investments<br> (cost $25,320,823)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25297611 |
| **REPURCHASE AGREEMENTS — 0.9%** | **REPURCHASE AGREEMENTS — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.13% dated 11/30/2022, to be repurchased 12/01/2022 in the amount of $25,333,639 and collateralized by $27,704,200 of United States Treasury Notes, bearing interest at 1.13% due 01/15/2025 and having an approximate value of $25,839,569<br> (cost $25,332,844) | &nbsp;&nbsp;25332844 | &nbsp;&nbsp;&nbsp;&nbsp; 25332844 |
| **TOTAL INVESTMENTS<br> (cost $2,260,084,155)(4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.0% | &nbsp;&nbsp;&nbsp;&nbsp;3035629080 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28742916) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$3006886164 |

---

---

| | |
|:---|:---|
| † | &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, 2022. |
| (2) | &nbsp;&nbsp;At November 30, 2022, the Fund had loaned securities with a total value of $37,137,858. This was secured by collateral of $16,523,612, which was received in cash and subsequently invested in short-term investments currently valued at $16,523,612 as reported in the Portfolio of Investments. Additional collateral of $20,699,188 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, 2022** |
| United States Treasury Bills | 0.00% | 12/15/2022 to 04/20/2023 | $2440075 |
| United States Treasury Notes/Bonds | 0.13% to 6.12% | 08/31/2023 to 02/15/2052 | &nbsp;&nbsp;&nbsp;18259113 |

---

(3) The
security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

(4) See
 Note 5 for cost of investments on a tax basis.

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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** |
| 93 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P Mid Cap 400 E-Mini Index | &nbsp;&nbsp;December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;$21698683 | &nbsp;&nbsp;&nbsp;&nbsp;$23992140 | &nbsp;&nbsp;&nbsp;&nbsp;$2293457 |

---

\* 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, 2022 (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;$2984998625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2984998625 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8773999 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8773999 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16523612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16523612 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;25332844 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25332844 |
| **Total Investments at Value** | &nbsp;&nbsp;$3001522237 | &nbsp;&nbsp;$34106843 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3035629080 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$2293457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$2293457 |

---

---

| | |
|:---|:---|
| \* | &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**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Software | &nbsp;&nbsp;12.0% |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;8.3 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;7.2 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;6.5 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;6.0 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
|  | &nbsp;&nbsp;97.3% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 95.5%** | **COMMON STOCKS — 95.5%** | **COMMON STOCKS — 95.5%** |
| **Aerospace/Defense — 2.8%** | **Aerospace/Defense — 2.8%** | **Aerospace/Defense — 2.8%** |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22220 | &nbsp;&nbsp;$3606528 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;162166 | &nbsp;&nbsp;&nbsp;&nbsp; 9721852 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21012 | &nbsp;&nbsp;&nbsp;&nbsp; 4771405 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18099785 |
| **Airlines — 0.4%** | **Airlines — 0.4%** | **Airlines — 0.4%** |
| &nbsp;&nbsp;&nbsp;Ryanair Holdings PLC ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31264 | &nbsp;&nbsp;&nbsp;&nbsp; 2366372 |
| **Apparel — 1.3%** | **Apparel — 1.3%** | **Apparel — 1.3%** |
| &nbsp;&nbsp;&nbsp;Gildan Activewear, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106696 | &nbsp;&nbsp;&nbsp;&nbsp; 3082447 |
| &nbsp;&nbsp;&nbsp;On Holding AG, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;264349 | &nbsp;&nbsp;&nbsp;&nbsp; 5133658 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8216105 |
| **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** |
| &nbsp;&nbsp;&nbsp;Visteon Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10896 | &nbsp;&nbsp;&nbsp;&nbsp; 1599533 |
| **Biotechnology — 3.8%** | **Biotechnology — 3.8%** | **Biotechnology — 3.8%** |
| &nbsp;&nbsp;&nbsp;Abcam PLC ADR#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44146 | &nbsp;&nbsp;&nbsp;&nbsp; 708102 |
| &nbsp;&nbsp;&nbsp;Argenx SE ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470 | &nbsp;&nbsp;&nbsp;&nbsp; 982986 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26296 | &nbsp;&nbsp;&nbsp;&nbsp; 2655370 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32081 | &nbsp;&nbsp;&nbsp;&nbsp; 2154560 |
| &nbsp;&nbsp;&nbsp;Horizon Therapeutics PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63370 | &nbsp;&nbsp;&nbsp;&nbsp; 6355377 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18508 | &nbsp;&nbsp;&nbsp;&nbsp; 4036225 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25138 | &nbsp;&nbsp;&nbsp;&nbsp; 4422025 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16727 | &nbsp;&nbsp;&nbsp;&nbsp; 2054243 |
| &nbsp;&nbsp;&nbsp;Seagen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10030 | &nbsp;&nbsp;&nbsp;&nbsp; 1217542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24586430 |
| **Commercial Services — 4.4%** | **Commercial Services — 4.4%** | **Commercial Services — 4.4%** |
| &nbsp;&nbsp;&nbsp;Cimpress PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12522 | &nbsp;&nbsp;&nbsp;&nbsp; 370526 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28579 | &nbsp;&nbsp;&nbsp;&nbsp; 2965929 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79597 | &nbsp;&nbsp;&nbsp;&nbsp; 11929998 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65261 | &nbsp;&nbsp;&nbsp;&nbsp; 431335 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;101308 | &nbsp;&nbsp;&nbsp;&nbsp; 3348230 |
| &nbsp;&nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46633 | &nbsp;&nbsp;&nbsp;&nbsp; 2557820 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39373 | &nbsp;&nbsp;&nbsp;&nbsp; 6659549 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28263387 |
| **Computers — 5.0%** | **Computers — 5.0%** | **Computers — 5.0%** |
| &nbsp;&nbsp;&nbsp;Amdocs, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76058 | &nbsp;&nbsp;&nbsp;&nbsp; 6758514 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30788 | &nbsp;&nbsp;&nbsp;&nbsp; 11347841 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69813 | &nbsp;&nbsp;&nbsp;&nbsp; 7632655 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47945 | &nbsp;&nbsp;&nbsp;&nbsp; 6398260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;32137270 |
| **Distribution/Wholesale — 1.7%** | **Distribution/Wholesale — 1.7%** | **Distribution/Wholesale — 1.7%** |
| &nbsp;&nbsp;&nbsp;Ferguson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92579 | &nbsp;&nbsp;&nbsp;&nbsp; 10853036 |
| **Diversified Financial Services — 1.7%** | **Diversified Financial Services — 1.7%** | **Diversified Financial Services — 1.7%** |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14320 | &nbsp;&nbsp;&nbsp;&nbsp; 1816349 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42376 | &nbsp;&nbsp;&nbsp;&nbsp; 3497715 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24821 | &nbsp;&nbsp;&nbsp;&nbsp; 5875379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11189443 |
| **Electric — 0.3%** | **Electric — 0.3%** | **Electric — 0.3%** |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34348 | &nbsp;&nbsp;&nbsp;&nbsp; 1933792 |
| **Electrical Components & Equipment — 1.1%** | **Electrical Components & Equipment — 1.1%** | **Electrical Components & Equipment — 1.1%** |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47584 | &nbsp;&nbsp;&nbsp;&nbsp; 6776913 |
| **Electronics — 6.5%** | **Electronics — 6.5%** | **Electronics — 6.5%** |
| &nbsp;&nbsp;&nbsp;Flex, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;258444 | &nbsp;&nbsp;&nbsp;&nbsp; 5680599 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61772 | &nbsp;&nbsp;&nbsp;&nbsp; 11173937 |
| &nbsp;&nbsp;&nbsp;National Instruments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94824 | &nbsp;&nbsp;&nbsp;&nbsp; 3889680 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp;138566 | &nbsp;&nbsp;$6249327 |
| &nbsp;&nbsp;&nbsp;TE Connectivity, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;115972 | &nbsp;&nbsp;&nbsp;&nbsp; 14626389 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;41619932 |
| **Energy-Alternate Sources — 1.7%** | **Energy-Alternate Sources — 1.7%** | **Energy-Alternate Sources — 1.7%** |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33952 | &nbsp;&nbsp;&nbsp;&nbsp; 10884672 |
| **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56149 | &nbsp;&nbsp;&nbsp;&nbsp; 1312202 |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
| &nbsp;&nbsp;&nbsp;Entain PLC | &nbsp;&nbsp;&nbsp;&nbsp;175691 | &nbsp;&nbsp;&nbsp;&nbsp; 3019379 |
| **Environmental Control — 1.2%** | **Environmental Control — 1.2%** | **Environmental Control — 1.2%** |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55260 | &nbsp;&nbsp;&nbsp;&nbsp; 7985070 |
| **Food Service — 0.6%** | **Food Service — 0.6%** | **Food Service — 0.6%** |
| &nbsp;&nbsp;&nbsp;Aramark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97095 | &nbsp;&nbsp;&nbsp;&nbsp; 4039152 |
| **Hand/Machine Tools — 0.2%** | **Hand/Machine Tools — 0.2%** | **Hand/Machine Tools — 0.2%** |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8162 | &nbsp;&nbsp;&nbsp;&nbsp; 1070120 |
| **Healthcare-Products — 8.3%** | **Healthcare-Products — 8.3%** | **Healthcare-Products — 8.3%** |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;129589 | &nbsp;&nbsp;&nbsp;&nbsp; 2887243 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;314659 | &nbsp;&nbsp;&nbsp;&nbsp; 14244613 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20617 | &nbsp;&nbsp;&nbsp;&nbsp; 6522188 |
| &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61707 | &nbsp;&nbsp;&nbsp;&nbsp; 1867254 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19204 | &nbsp;&nbsp;&nbsp;&nbsp; 3057853 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19127 | &nbsp;&nbsp;&nbsp;&nbsp; 8145615 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17694 | &nbsp;&nbsp;&nbsp;&nbsp; 4784281 |
| &nbsp;&nbsp;&nbsp;PerkinElmer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18970 | &nbsp;&nbsp;&nbsp;&nbsp; 2650678 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15810 | &nbsp;&nbsp;&nbsp;&nbsp; 2936549 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20136 | &nbsp;&nbsp;&nbsp;&nbsp; 4714240 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4686 | &nbsp;&nbsp;&nbsp;&nbsp; 1624168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;53434682 |
| **Healthcare-Services — 2.6%** | **Healthcare-Services — 2.6%** | **Healthcare-Services — 2.6%** |
| &nbsp;&nbsp;&nbsp;Catalent, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;120978 | &nbsp;&nbsp;&nbsp;&nbsp; 6064627 |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60170 | &nbsp;&nbsp;&nbsp;&nbsp; 5237799 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;117458 | &nbsp;&nbsp;&nbsp;&nbsp; 5424210 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16726636 |
| **Home Builders — 1.1%** | **Home Builders — 1.1%** | **Home Builders — 1.1%** |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82758 | &nbsp;&nbsp;&nbsp;&nbsp; 7117188 |
| **Insurance — 4.2%** | **Insurance — 4.2%** | **Insurance — 4.2%** |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3814 | &nbsp;&nbsp;&nbsp;&nbsp; 1175780 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53600 | &nbsp;&nbsp;&nbsp;&nbsp; 10672296 |
| &nbsp;&nbsp;&nbsp;Intact Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48941 | &nbsp;&nbsp;&nbsp;&nbsp; 7322504 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46258 | &nbsp;&nbsp;&nbsp;&nbsp; 1863272 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77235 | &nbsp;&nbsp;&nbsp;&nbsp; 5891486 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26925338 |
| **Internet — 4.2%** | **Internet — 4.2%** | **Internet — 4.2%** |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63377 | &nbsp;&nbsp;&nbsp;&nbsp; 6771199 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85521 | &nbsp;&nbsp;&nbsp;&nbsp; 6767277 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62661 | &nbsp;&nbsp;&nbsp;&nbsp; 10646104 |
| &nbsp;&nbsp;&nbsp;Upwork, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27369 | &nbsp;&nbsp;&nbsp;&nbsp; 335270 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7569 | &nbsp;&nbsp;&nbsp;&nbsp; 277328 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19803 | &nbsp;&nbsp;&nbsp;&nbsp; 1827025 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26624203 |
| **Lodging — 1.6%** | **Lodging — 1.6%** | **Lodging — 1.6%** |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;224447 | &nbsp;&nbsp;&nbsp;&nbsp; 10513097 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Machinery-Diversified — 3.1%** | **Machinery-Diversified — 3.1%** | **Machinery-Diversified — 3.1%** |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94846 | &nbsp;&nbsp;$5118839 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;143557 | &nbsp;&nbsp;&nbsp;&nbsp; 14512177 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19631016 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp. - Liberty Formula One, Series C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79635 | &nbsp;&nbsp;&nbsp;&nbsp; 4852957 |
| **Miscellaneous Manufacturing — 1.6%** | **Miscellaneous Manufacturing — 1.6%** | **Miscellaneous Manufacturing — 1.6%** |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24973 | &nbsp;&nbsp;&nbsp;&nbsp; 10491157 |
| **Oil & Gas — 2.3%** | **Oil & Gas — 2.3%** | **Oil & Gas — 2.3%** |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42269 | &nbsp;&nbsp;&nbsp;&nbsp; 6256657 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61374 | &nbsp;&nbsp;&nbsp;&nbsp; 8200794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14457451 |
| **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41974 | &nbsp;&nbsp;&nbsp;&nbsp; 2234276 |
| **Pharmaceuticals — 3.5%** | **Pharmaceuticals — 3.5%** | **Pharmaceuticals — 3.5%** |
| &nbsp;&nbsp;&nbsp;Ascendis Pharma A/S ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14598 | &nbsp;&nbsp;&nbsp;&nbsp; 1796430 |
| &nbsp;&nbsp;&nbsp;DexCom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92187 | &nbsp;&nbsp;&nbsp;&nbsp; 10719504 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94633 | &nbsp;&nbsp;&nbsp;&nbsp; 1217927 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19280 | &nbsp;&nbsp;&nbsp;&nbsp; 7358790 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9024 | &nbsp;&nbsp;&nbsp;&nbsp; 1146590 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22239241 |
| **REITS — 0.7%** | **REITS — 0.7%** | **REITS — 0.7%** |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42205 | &nbsp;&nbsp;&nbsp;&nbsp; 4226409 |
| **Retail — 6.0%** | **Retail — 6.0%** | **Retail — 6.0%** |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12053 | &nbsp;&nbsp;&nbsp;&nbsp; 2358531 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52933 | &nbsp;&nbsp;&nbsp;&nbsp; 3671433 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7857 | &nbsp;&nbsp;&nbsp;&nbsp; 1180828 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14756 | &nbsp;&nbsp;&nbsp;&nbsp; 5611854 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12640 | &nbsp;&nbsp;&nbsp;&nbsp; 10927786 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45355 | &nbsp;&nbsp;&nbsp;&nbsp; 10264290 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28378 | &nbsp;&nbsp;&nbsp;&nbsp; 4696843 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;38711565 |
| **Semiconductors — 7.2%** | **Semiconductors — 7.2%** | **Semiconductors — 7.2%** |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38106 | &nbsp;&nbsp;&nbsp;&nbsp; 6550803 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8736 | &nbsp;&nbsp;&nbsp;&nbsp; 3434558 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15872 | &nbsp;&nbsp;&nbsp;&nbsp; 7497615 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65849 | &nbsp;&nbsp;&nbsp;&nbsp; 5214582 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19232 | &nbsp;&nbsp;&nbsp;&nbsp; 7345855 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27346 | &nbsp;&nbsp;&nbsp;&nbsp; 4808521 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;153149 | &nbsp;&nbsp;&nbsp;&nbsp; 11516805 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;46368739 |
| **Software — 12.0%** | **Software — 12.0%** | **Software — 12.0%** |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36898 | &nbsp;&nbsp;&nbsp;&nbsp; 4853932 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23638 | &nbsp;&nbsp;&nbsp;&nbsp; 3524662 |
| &nbsp;&nbsp;&nbsp;Ceridian HCM Holding, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52093 | &nbsp;&nbsp;&nbsp;&nbsp; 3565245 |
| &nbsp;&nbsp;&nbsp;Constellation Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5188 | &nbsp;&nbsp;&nbsp;&nbsp; 8363589 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93570 | &nbsp;&nbsp;&nbsp;&nbsp; 7090735 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37839 | &nbsp;&nbsp;&nbsp;&nbsp; 1466261 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35772 | &nbsp;&nbsp;&nbsp;&nbsp; 2596332 |
| &nbsp;&nbsp;&nbsp;Gitlab, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;113868 | &nbsp;&nbsp;&nbsp;&nbsp; 4503479 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19603 | &nbsp;&nbsp;&nbsp;&nbsp; 5940297 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** |  |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp; 20323 | &nbsp;&nbsp;$10320629 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc.† | &nbsp;&nbsp; 20962 | &nbsp;&nbsp;&nbsp;&nbsp; 7108214 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 115283 | &nbsp;&nbsp;&nbsp;&nbsp; 6197614 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp; 10880 | &nbsp;&nbsp;&nbsp;&nbsp; 3694195 |
| &nbsp;&nbsp;&nbsp;Topicus.com, Inc.† | &nbsp;&nbsp; 14338 | &nbsp;&nbsp;&nbsp;&nbsp; 797296 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Inc.† | &nbsp;&nbsp; 240095 | &nbsp;&nbsp;&nbsp;&nbsp; 6866717 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;76889197 |
| **Telecommunications — 1.1%** | **Telecommunications — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;Maxar Technologies, Inc. | &nbsp;&nbsp; 139615 | &nbsp;&nbsp;&nbsp;&nbsp; 3378683 |
| &nbsp;&nbsp;&nbsp;NICE, Ltd. ADR† | &nbsp;&nbsp; 17743 | &nbsp;&nbsp;&nbsp;&nbsp; 3445158 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6823841 |
| **Transportation — 1.3%** | **Transportation — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 37225 | &nbsp;&nbsp;&nbsp;&nbsp; 6845305 |
| &nbsp;&nbsp;&nbsp;TFI International, Inc. | &nbsp;&nbsp; 13371 | &nbsp;&nbsp;&nbsp;&nbsp; 1451422 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8296727 |
| **Total Long-Term Investment Securities<br> (cost $636,574,469)** |  | &nbsp;&nbsp;&nbsp;&nbsp;612516313 |
| **SHORT-TERM INVESTMENTS — 1.8%** | **SHORT-TERM INVESTMENTS — 1.8%** |  |
| **Commercial Paper — 1.7%** | **Commercial Paper — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77%, 12/01/2022 | $11400000 | &nbsp;&nbsp;&nbsp;&nbsp; 11398813 |
| **Unaffiliated Investment Companies — 0.1%** | **Unaffiliated Investment Companies — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 3.86%(1)(2) | &nbsp;&nbsp; 579944 | &nbsp;&nbsp;&nbsp;&nbsp; 579944 |
| **Total Short-Term Investments<br> (cost $11,979,944)** |  | &nbsp;&nbsp;&nbsp;&nbsp;11978757 |
| **TOTAL INVESTMENTS<br> (cost $648,554,413)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.3% | &nbsp;&nbsp;&nbsp;&nbsp;624495070 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | &nbsp;&nbsp;&nbsp;&nbsp;17009053 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$641504123 |

---

---

| | |
|:---|:---|
| † | &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, 2022. |
| (2) | &nbsp;&nbsp;At November 30, 2022, the Fund had loaned securities with a total value of $5,546,200. This was secured by collateral of $579,944, which was received in cash and subsequently invested in short-term investments currently valued at $579,944 as reported in the Portfolio of Investments. Additional collateral of $4,939,691 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |

---

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> November 30, 2022** |
| United States Treasury Bills | 0.00% | 12/15/2022 to 02/09/2023 | &nbsp;&nbsp;$216077 |
| United States Treasury Notes/Bonds | 0.13% to 6.12% | 02/28/2023 to 02/15/2052 | &nbsp;&nbsp;&nbsp;4723614 |

---

(3) See
 Note 5 for cost of investments on a tax basis.

ADR—American Depositary Receipt

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2022 (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;$27832052 | &nbsp;&nbsp;&nbsp;&nbsp;$431335 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$28263387 |
| &nbsp;&nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3019379 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3019379 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;581233547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;581233547 |
| 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;11398813 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11398813 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579944 |
| **Total Investments at Value** | &nbsp;&nbsp;$609645543 | &nbsp;&nbsp;$14849527 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$624495070 |

---

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

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;8.7% |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;7.8 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
|  | &nbsp;&nbsp;99.8% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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 — 0.2%** | **Advertising — 0.2%** | **Advertising — 0.2%** |
| &nbsp;&nbsp;&nbsp;Taboola.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;488953 | &nbsp;&nbsp;$1359289 |
| **Aerospace/Defense — 3.6%** | **Aerospace/Defense — 3.6%** | **Aerospace/Defense — 3.6%** |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43014 | &nbsp;&nbsp;&nbsp;&nbsp; 7598423 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57721 | &nbsp;&nbsp;&nbsp;&nbsp; 3460374 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;297869 | &nbsp;&nbsp;&nbsp;&nbsp; 11220725 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10575 | &nbsp;&nbsp;&nbsp;&nbsp; 2401371 |
| &nbsp;&nbsp;&nbsp;Spirit AeroSystems Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;157252 | &nbsp;&nbsp;&nbsp;&nbsp; 4121575 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28802468 |
| **Airlines — 0.6%** | **Airlines — 0.6%** | **Airlines — 0.6%** |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;55695 | &nbsp;&nbsp;&nbsp;&nbsp; 2642171 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;283513 | &nbsp;&nbsp;&nbsp;&nbsp; 2256763 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4898934 |
| **Apparel — 1.3%** | **Apparel — 1.3%** | **Apparel — 1.3%** |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp;57561 | &nbsp;&nbsp;&nbsp;&nbsp; 5156890 |
| &nbsp;&nbsp;&nbsp;Steven Madden, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;148791 | &nbsp;&nbsp;&nbsp;&nbsp; 5139241 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10296131 |
| **Auto Parts & Equipment — 1.6%** | **Auto Parts & Equipment — 1.6%** | **Auto Parts & Equipment — 1.6%** |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;244831 | &nbsp;&nbsp;&nbsp;&nbsp; 7075616 |
| &nbsp;&nbsp;&nbsp;Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12579 | &nbsp;&nbsp;&nbsp;&nbsp; 1814395 |
| &nbsp;&nbsp;&nbsp;Visteon Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;26087 | &nbsp;&nbsp;&nbsp;&nbsp; 3829571 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12719582 |
| **Banks — 8.7%** | **Banks — 8.7%** | **Banks — 8.7%** |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;111442 | &nbsp;&nbsp;&nbsp;&nbsp; 5893053 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49899 | &nbsp;&nbsp;&nbsp;&nbsp; 1779897 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;215644 | &nbsp;&nbsp;&nbsp;&nbsp; 6219173 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92754 | &nbsp;&nbsp;&nbsp;&nbsp; 6512258 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;192813 | &nbsp;&nbsp;&nbsp;&nbsp; 7010681 |
| &nbsp;&nbsp;&nbsp;First Republic Bank | &nbsp;&nbsp;&nbsp;&nbsp;16677 | &nbsp;&nbsp;&nbsp;&nbsp; 2128152 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;468983 | &nbsp;&nbsp;&nbsp;&nbsp; 7259857 |
| &nbsp;&nbsp;&nbsp;KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;373802 | &nbsp;&nbsp;&nbsp;&nbsp; 7031215 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;65464 | &nbsp;&nbsp;&nbsp;&nbsp; 5751012 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7422 | &nbsp;&nbsp;&nbsp;&nbsp; 591311 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;149274 | &nbsp;&nbsp;&nbsp;&nbsp; 6288914 |
| &nbsp;&nbsp;&nbsp;Triumph Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;34764 | &nbsp;&nbsp;&nbsp;&nbsp; 2077497 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29033 | &nbsp;&nbsp;&nbsp;&nbsp; 1359035 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;90399 | &nbsp;&nbsp;&nbsp;&nbsp; 4912282 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;72836 | &nbsp;&nbsp;&nbsp;&nbsp; 4992179 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;69806516 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;42080 | &nbsp;&nbsp;&nbsp;&nbsp; 2234027 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74104 | &nbsp;&nbsp;&nbsp;&nbsp; 2865602 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5099629 |
| **Biotechnology — 0.7%** | **Biotechnology — 0.7%** | **Biotechnology — 0.7%** |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84982 | &nbsp;&nbsp;&nbsp;&nbsp; 5707391 |
| **Building Materials — 2.1%** | **Building Materials — 2.1%** | **Building Materials — 2.1%** |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;98897 | &nbsp;&nbsp;&nbsp;&nbsp; 6322485 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Home & Security, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48259 | &nbsp;&nbsp;&nbsp;&nbsp; 3153243 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;76853 | &nbsp;&nbsp;&nbsp;&nbsp; 3902595 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17639 | &nbsp;&nbsp;&nbsp;&nbsp; 1787360 |
| &nbsp;&nbsp;&nbsp;PGT Innovations, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;80488 | &nbsp;&nbsp;&nbsp;&nbsp; 1592858 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16758541 |
| **Chemicals — 3.5%** | **Chemicals — 3.5%** | **Chemicals — 3.5%** |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;105128 | &nbsp;&nbsp;&nbsp;&nbsp; 2821636 |
| &nbsp;&nbsp;&nbsp;Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38177 | &nbsp;&nbsp;&nbsp;&nbsp; 4096392 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66628 | &nbsp;&nbsp;&nbsp;&nbsp; 4697940 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| &nbsp;&nbsp;&nbsp;FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67725 | &nbsp;&nbsp;$8847594 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33243 | &nbsp;&nbsp;&nbsp;&nbsp; 4495118 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99367 | &nbsp;&nbsp;&nbsp;&nbsp; 3277124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28235804 |
| **Commercial Services — 2.6%** | **Commercial Services — 2.6%** | **Commercial Services — 2.6%** |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;26990 | &nbsp;&nbsp;&nbsp;&nbsp; 2445294 |
| &nbsp;&nbsp;&nbsp;EVERTEC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33284 | &nbsp;&nbsp;&nbsp;&nbsp; 1124001 |
| &nbsp;&nbsp;&nbsp;FleetCor Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20681 | &nbsp;&nbsp;&nbsp;&nbsp; 4057612 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19627 | &nbsp;&nbsp;&nbsp;&nbsp; 2036890 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32280 | &nbsp;&nbsp;&nbsp;&nbsp; 4137327 |
| &nbsp;&nbsp;&nbsp;Monro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90413 | &nbsp;&nbsp;&nbsp;&nbsp; 4111079 |
| &nbsp;&nbsp;&nbsp;Robert Half International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16823 | &nbsp;&nbsp;&nbsp;&nbsp; 1325316 |
| &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;29210 | &nbsp;&nbsp;&nbsp;&nbsp; 1842567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21080086 |
| **Computers — 3.0%** | **Computers — 3.0%** | **Computers — 3.0%** |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;30635 | &nbsp;&nbsp;&nbsp;&nbsp; 4069247 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;44313 | &nbsp;&nbsp;&nbsp;&nbsp; 2756712 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57919 | &nbsp;&nbsp;&nbsp;&nbsp; 6332284 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;73242 | &nbsp;&nbsp;&nbsp;&nbsp; 4023915 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35658 | &nbsp;&nbsp;&nbsp;&nbsp; 2410837 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22780 | &nbsp;&nbsp;&nbsp;&nbsp; 2508306 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;49666 | &nbsp;&nbsp;&nbsp;&nbsp; 1825226 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23926527 |
| **Distribution/Wholesale — 1.5%** | **Distribution/Wholesale — 1.5%** | **Distribution/Wholesale — 1.5%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;58110 | &nbsp;&nbsp;&nbsp;&nbsp; 3867801 |
| &nbsp;&nbsp;&nbsp;Ferguson PLC | &nbsp;&nbsp;&nbsp;&nbsp;23451 | &nbsp;&nbsp;&nbsp;&nbsp; 2749161 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;69149 | &nbsp;&nbsp;&nbsp;&nbsp; 3756865 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;93048 | &nbsp;&nbsp;&nbsp;&nbsp; 1507378 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11881205 |
| **Diversified Financial Services — 3.2%** | **Diversified Financial Services — 3.2%** | **Diversified Financial Services — 3.2%** |
| &nbsp;&nbsp;&nbsp;AerCap Holdings NV† | &nbsp;&nbsp;&nbsp;&nbsp;123885 | &nbsp;&nbsp;&nbsp;&nbsp; 7606539 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33397 | &nbsp;&nbsp;&nbsp;&nbsp; 11086134 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;48068 | &nbsp;&nbsp;&nbsp;&nbsp; 5208649 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;84724 | &nbsp;&nbsp;&nbsp;&nbsp; 1479281 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;25380603 |
| **Electric — 3.8%** | **Electric — 3.8%** | **Electric — 3.8%** |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;64960 | &nbsp;&nbsp;&nbsp;&nbsp; 3657248 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35329 | &nbsp;&nbsp;&nbsp;&nbsp; 3419847 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;255279 | &nbsp;&nbsp;&nbsp;&nbsp; 7941730 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;33313 | &nbsp;&nbsp;&nbsp;&nbsp; 3864641 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;44630 | &nbsp;&nbsp;&nbsp;&nbsp; 5189130 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51352 | &nbsp;&nbsp;&nbsp;&nbsp; 3040552 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72144 | &nbsp;&nbsp;&nbsp;&nbsp; 2975219 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;30088367 |
| **Electrical Components & Equipment — 0.9%** | **Electrical Components & Equipment — 0.9%** | **Electrical Components & Equipment — 0.9%** |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50731 | &nbsp;&nbsp;&nbsp;&nbsp; 7225109 |
| **Electronics — 3.4%** | **Electronics — 3.4%** | **Electronics — 3.4%** |
| &nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;37999 | &nbsp;&nbsp;&nbsp;&nbsp; 4318586 |
| &nbsp;&nbsp;&nbsp;Flex, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;291456 | &nbsp;&nbsp;&nbsp;&nbsp; 6406203 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34909 | &nbsp;&nbsp;&nbsp;&nbsp; 3246188 |
| &nbsp;&nbsp;&nbsp;National Instruments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;123435 | &nbsp;&nbsp;&nbsp;&nbsp; 5063304 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC | &nbsp;&nbsp;&nbsp;&nbsp;49931 | &nbsp;&nbsp;&nbsp;&nbsp; 1997739 |
| &nbsp;&nbsp;&nbsp;TE Connectivity, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;49075 | &nbsp;&nbsp;&nbsp;&nbsp; 6189339 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27221359 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Engineering & Construction — 0.5%** | **Engineering & Construction — 0.5%** | **Engineering & Construction — 0.5%** |
| &nbsp;&nbsp;&nbsp;Fluor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;71542 | &nbsp;&nbsp;$2404527 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;74677 | &nbsp;&nbsp;&nbsp;&nbsp; 1745201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4149728 |
| **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** |
| &nbsp;&nbsp;&nbsp;International Game Technology PLC | &nbsp;&nbsp;&nbsp;&nbsp;71260 | &nbsp;&nbsp;&nbsp;&nbsp; 1748720 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15669 | &nbsp;&nbsp;&nbsp;&nbsp; 1140077 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888797 |
| **Environmental Control — 0.7%** | **Environmental Control — 0.7%** | **Environmental Control — 0.7%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;46826 | &nbsp;&nbsp;&nbsp;&nbsp; 5619120 |
| **Food — 1.5%** | **Food — 1.5%** | **Food — 1.5%** |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;330254 | &nbsp;&nbsp;&nbsp;&nbsp; 12080691 |
| **Food Service — 0.3%** | **Food Service — 0.3%** | **Food Service — 0.3%** |
| &nbsp;&nbsp;&nbsp;Sovos Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;157384 | &nbsp;&nbsp;&nbsp;&nbsp; 2264756 |
| **Gas — 0.6%** | **Gas — 0.6%** | **Gas — 0.6%** |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53166 | &nbsp;&nbsp;&nbsp;&nbsp; 4622784 |
| **Healthcare-Products — 2.9%** | **Healthcare-Products — 2.9%** | **Healthcare-Products — 2.9%** |
| &nbsp;&nbsp;&nbsp;Avanos Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;108623 | &nbsp;&nbsp;&nbsp;&nbsp; 2921959 |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;83552 | &nbsp;&nbsp;&nbsp;&nbsp; 1861538 |
| &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92503 | &nbsp;&nbsp;&nbsp;&nbsp; 2799141 |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;52230 | &nbsp;&nbsp;&nbsp;&nbsp; 1782087 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;30081 | &nbsp;&nbsp;&nbsp;&nbsp; 4789798 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;94951 | &nbsp;&nbsp;&nbsp;&nbsp; 5216608 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29312 | &nbsp;&nbsp;&nbsp;&nbsp; 3520371 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22891502 |
| **Healthcare-Services — 4.3%** | **Healthcare-Services — 4.3%** | **Healthcare-Services — 4.3%** |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;18505 | &nbsp;&nbsp;&nbsp;&nbsp; 1610860 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;84897 | &nbsp;&nbsp;&nbsp;&nbsp; 4964777 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19307 | &nbsp;&nbsp;&nbsp;&nbsp; 4637928 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8558 | &nbsp;&nbsp;&nbsp;&nbsp; 4706044 |
| &nbsp;&nbsp;&nbsp;ICON PLC† | &nbsp;&nbsp;&nbsp;&nbsp;28273 | &nbsp;&nbsp;&nbsp;&nbsp; 6091135 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9461 | &nbsp;&nbsp;&nbsp;&nbsp; 2062687 |
| &nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6897 | &nbsp;&nbsp;&nbsp;&nbsp; 1660108 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16309 | &nbsp;&nbsp;&nbsp;&nbsp; 5492382 |
| &nbsp;&nbsp;&nbsp;Syneos Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;91682 | &nbsp;&nbsp;&nbsp;&nbsp; 3234541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;34460462 |
| **Home Builders — 0.8%** | **Home Builders — 0.8%** | **Home Builders — 0.8%** |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;54831 | &nbsp;&nbsp;&nbsp;&nbsp; 4737947 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 | &nbsp;&nbsp;&nbsp;&nbsp; 2045803 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6783750 |
| **Home Furnishings — 0.8%** | **Home Furnishings — 0.8%** | **Home Furnishings — 0.8%** |
| &nbsp;&nbsp;&nbsp;Tempur Sealy International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107858 | &nbsp;&nbsp;&nbsp;&nbsp; 3426648 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19811 | &nbsp;&nbsp;&nbsp;&nbsp; 2902906 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6329554 |
| **Household Products/Wares — 0.4%** | **Household Products/Wares — 0.4%** | **Household Products/Wares — 0.4%** |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15020 | &nbsp;&nbsp;&nbsp;&nbsp; 2903817 |
| **Insurance — 7.8%** | **Insurance — 7.8%** | **Insurance — 7.8%** |
| &nbsp;&nbsp;&nbsp;Aegon NV | 1407565 | &nbsp;&nbsp;&nbsp;&nbsp; 6854842 |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29678 | &nbsp;&nbsp;&nbsp;&nbsp; 2134740 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13318 | &nbsp;&nbsp;&nbsp;&nbsp; 1783280 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;14684 | &nbsp;&nbsp;&nbsp;&nbsp; 4526783 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;33323 | &nbsp;&nbsp;&nbsp;&nbsp; 1996381 |
| &nbsp;&nbsp;&nbsp;Everest Re Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;31032 | &nbsp;&nbsp;&nbsp;&nbsp; 10486954 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64270 | &nbsp;&nbsp;&nbsp;&nbsp; 7709829 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26152 | &nbsp;&nbsp;&nbsp;&nbsp; 3852190 |
| &nbsp;&nbsp;&nbsp;James River Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;181231 | &nbsp;&nbsp;&nbsp;&nbsp; 4353169 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;137558 | &nbsp;&nbsp;$7829801 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9056 | &nbsp;&nbsp;&nbsp;&nbsp; 1710769 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7479 | &nbsp;&nbsp;&nbsp;&nbsp; 1419589 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;116641 | &nbsp;&nbsp;&nbsp;&nbsp; 7695973 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;62354300 |
| **Internet — 1.7%** | **Internet — 1.7%** | **Internet — 1.7%** |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;114768 | &nbsp;&nbsp;&nbsp;&nbsp; 1501166 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;28830 | &nbsp;&nbsp;&nbsp;&nbsp; 3080197 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;41828 | &nbsp;&nbsp;&nbsp;&nbsp; 6467027 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94651 | &nbsp;&nbsp;&nbsp;&nbsp; 2173187 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13221577 |
| **Iron/Steel — 0.7%** | **Iron/Steel — 0.7%** | **Iron/Steel — 0.7%** |
| &nbsp;&nbsp;&nbsp;Reliance Steel & Aluminum Co. | &nbsp;&nbsp;&nbsp;&nbsp;25884 | &nbsp;&nbsp;&nbsp;&nbsp; 5469030 |
| **Leisure Time — 1.3%** | **Leisure Time — 1.3%** | **Leisure Time — 1.3%** |
| &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116664 | &nbsp;&nbsp;&nbsp;&nbsp; 5498374 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;33075 | &nbsp;&nbsp;&nbsp;&nbsp; 3772535 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;53243 | &nbsp;&nbsp;&nbsp;&nbsp; 1115441 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10386350 |
| **Lodging — 1.8%** | **Lodging — 1.8%** | **Lodging — 1.8%** |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;56121 | &nbsp;&nbsp;&nbsp;&nbsp; 2628707 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;22851 | &nbsp;&nbsp;&nbsp;&nbsp; 3778413 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105112 | &nbsp;&nbsp;&nbsp;&nbsp; 7706812 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14113932 |
| **Machinery-Construction & Mining — 0.4%** | **Machinery-Construction & Mining — 0.4%** | **Machinery-Construction & Mining — 0.4%** |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55329 | &nbsp;&nbsp;&nbsp;&nbsp; 3368983 |
| **Machinery-Diversified — 3.4%** | **Machinery-Diversified — 3.4%** | **Machinery-Diversified — 3.4%** |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52060 | &nbsp;&nbsp;&nbsp;&nbsp; 7389917 |
| &nbsp;&nbsp;&nbsp;Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;77171 | &nbsp;&nbsp;&nbsp;&nbsp; 3653275 |
| &nbsp;&nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;104675 | &nbsp;&nbsp;&nbsp;&nbsp; 3282608 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54559 | &nbsp;&nbsp;&nbsp;&nbsp; 2944549 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;44887 | &nbsp;&nbsp;&nbsp;&nbsp; 6472257 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42091 | &nbsp;&nbsp;&nbsp;&nbsp; 3286886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27029492 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 1516480 |
| **Metal Fabricate/Hardware — 0.3%** | **Metal Fabricate/Hardware — 0.3%** | **Metal Fabricate/Hardware — 0.3%** |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23505 | &nbsp;&nbsp;&nbsp;&nbsp; 2286096 |
| **Miscellaneous Manufacturing — 3.0%** | **Miscellaneous Manufacturing — 3.0%** | **Miscellaneous Manufacturing — 3.0%** |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;40388 | &nbsp;&nbsp;&nbsp;&nbsp; 6601419 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22749 | &nbsp;&nbsp;&nbsp;&nbsp; 1922745 |
| &nbsp;&nbsp;&nbsp;John Bean Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38235 | &nbsp;&nbsp;&nbsp;&nbsp; 3512267 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18856 | &nbsp;&nbsp;&nbsp;&nbsp; 5636813 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84926 | &nbsp;&nbsp;&nbsp;&nbsp; 6062018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23735262 |
| **Oil & Gas — 4.2%** | **Oil & Gas — 4.2%** | **Oil & Gas — 4.2%** |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;183886 | &nbsp;&nbsp;&nbsp;&nbsp; 5132258 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50654 | &nbsp;&nbsp;&nbsp;&nbsp; 1569261 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;64486 | &nbsp;&nbsp;&nbsp;&nbsp; 4418581 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55589 | &nbsp;&nbsp;&nbsp;&nbsp; 8228284 |
| &nbsp;&nbsp;&nbsp;Marathon Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;155100 | &nbsp;&nbsp;&nbsp;&nbsp; 4750713 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32126 | &nbsp;&nbsp;&nbsp;&nbsp; 3913268 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;14921 | &nbsp;&nbsp;&nbsp;&nbsp; 3521207 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15742 | &nbsp;&nbsp;&nbsp;&nbsp; 2103446 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;33637018 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Oil & Gas Services — 1.2%** | **Oil & Gas Services — 1.2%** | **Oil & Gas Services — 1.2%** |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;126202 | &nbsp;&nbsp;$4781794 |
| &nbsp;&nbsp;&nbsp;Schlumberger, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;97847 | &nbsp;&nbsp;&nbsp;&nbsp; 5044013 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9825807 |
| **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** |
| &nbsp;&nbsp;&nbsp;AmerisourceBergen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38592 | &nbsp;&nbsp;&nbsp;&nbsp; 6587269 |
| &nbsp;&nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5605 | &nbsp;&nbsp;&nbsp;&nbsp; 1843428 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8430697 |
| **REITS — 6.3%** | **REITS — 6.3%** | **REITS — 6.3%** |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89370 | &nbsp;&nbsp;&nbsp;&nbsp; 2617647 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;&nbsp;58698 | &nbsp;&nbsp;&nbsp;&nbsp; 1941143 |
| &nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95149 | &nbsp;&nbsp;&nbsp;&nbsp; 2840198 |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60079 | &nbsp;&nbsp;&nbsp;&nbsp; 1584884 |
| &nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;36373 | &nbsp;&nbsp;&nbsp;&nbsp; 2359153 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;197280 | &nbsp;&nbsp;&nbsp;&nbsp; 4578869 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13124 | &nbsp;&nbsp;&nbsp;&nbsp; 2892267 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86791 | &nbsp;&nbsp;&nbsp;&nbsp; 4387285 |
| &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100752 | &nbsp;&nbsp;&nbsp;&nbsp; 5300563 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79224 | &nbsp;&nbsp;&nbsp;&nbsp; 2080422 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28661 | &nbsp;&nbsp;&nbsp;&nbsp; 1238729 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;31263 | &nbsp;&nbsp;&nbsp;&nbsp; 3130677 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23137 | &nbsp;&nbsp;&nbsp;&nbsp; 2725307 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;66559 | &nbsp;&nbsp;&nbsp;&nbsp; 4421514 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45830 | &nbsp;&nbsp;&nbsp;&nbsp; 4194820 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60545 | &nbsp;&nbsp;&nbsp;&nbsp; 4300511 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;50593989 |
| **Retail — 3.2%** | **Retail — 3.2%** | **Retail — 3.2%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3402 | &nbsp;&nbsp;&nbsp;&nbsp; 8773758 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8856 | &nbsp;&nbsp;&nbsp;&nbsp; 1732942 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16788 | &nbsp;&nbsp;&nbsp;&nbsp; 2467668 |
| &nbsp;&nbsp;&nbsp;Denny's Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;275517 | &nbsp;&nbsp;&nbsp;&nbsp; 3454983 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5182 | &nbsp;&nbsp;&nbsp;&nbsp; 2014399 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14185 | &nbsp;&nbsp;&nbsp;&nbsp; 2281799 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40249 | &nbsp;&nbsp;&nbsp;&nbsp; 4736100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;25461649 |
| **Semiconductors — 3.5%** | **Semiconductors — 3.5%** | **Semiconductors — 3.5%** |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;118017 | &nbsp;&nbsp;&nbsp;&nbsp; 3675049 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;47780 | &nbsp;&nbsp;&nbsp;&nbsp; 3569644 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4187 | &nbsp;&nbsp;&nbsp;&nbsp; 1646119 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57832 | &nbsp;&nbsp;&nbsp;&nbsp; 4579716 |
| &nbsp;&nbsp;&nbsp;MKS Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52279 | &nbsp;&nbsp;&nbsp;&nbsp; 4384117 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;14470 | &nbsp;&nbsp;&nbsp;&nbsp; 2544405 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;35841 | &nbsp;&nbsp;&nbsp;&nbsp; 3557219 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;37840 | &nbsp;&nbsp;&nbsp;&nbsp; 4009905 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27966174 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software — 1.5%** | **Software — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4828 | &nbsp;&nbsp;$2992008 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;84535 | &nbsp;&nbsp;&nbsp;&nbsp; 4507406 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52776 | &nbsp;&nbsp;&nbsp;&nbsp; 2837238 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;18028 | &nbsp;&nbsp;&nbsp;&nbsp; 1905379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12242031 |
| **Telecommunications — 0.2%** | **Telecommunications — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;Maxar Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53779 | &nbsp;&nbsp;&nbsp;&nbsp; 1301452 |
| **Toys/Games/Hobbies — 0.2%** | **Toys/Games/Hobbies — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26787 | &nbsp;&nbsp;&nbsp;&nbsp; 1682759 |
| **Transportation — 2.0%** | **Transportation — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29249 | &nbsp;&nbsp;&nbsp;&nbsp; 3394639 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89332 | &nbsp;&nbsp;&nbsp;&nbsp; 4951673 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18151 | &nbsp;&nbsp;&nbsp;&nbsp; 3139760 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16608 | &nbsp;&nbsp;&nbsp;&nbsp; 4259952 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15746024 |
| **Total Long-Term Investment Securities<br> (cost $697,761,090)** |  | &nbsp;&nbsp;&nbsp;&nbsp;785851604 |
| **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 Liquid Reserves Fund, Administration Class<br> 3.70%(1) | 8464764 | &nbsp;&nbsp;&nbsp;&nbsp; 8466457 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 3.86%(1)(2) | 1714757 | &nbsp;&nbsp;&nbsp;&nbsp; 1714757 |
| **Total Short-Term Investments<br> (cost $10,180,441)** |  | &nbsp;&nbsp;&nbsp;&nbsp;10181214 |
| **TOTAL INVESTMENTS<br> (cost $707,941,531)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.8% | &nbsp;&nbsp;&nbsp;&nbsp;796032818 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374580 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$797407398 |

---

---

| | |
|:---|:---|
| † | &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, 2022. |
| (2) | &nbsp;&nbsp;At November 30, 2022, the Fund had loaned securities with a total value of $1,713,376. This was secured by collateral of $1,714,757, which was received in cash and subsequently invested in short-term investments currently valued at $1,714,757 as reported in the Portfolio of Investments. |
| (3) | &nbsp;&nbsp;See Note 5 for cost of investments on a tax basis. |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2022 (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;$785851604 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$785851604 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;10181214 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10181214 |
| **Total Investments at Value** | &nbsp;&nbsp;$796032818 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$796032818 |

---

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

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Domestic Fixed Income Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;43.4% |
| Domestic Equity Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;40.7 |
| International Equity Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;15.1 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
|  | &nbsp;&nbsp;100.0% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **AFFILIATED INVESTMENT COMPANIES#(1) — 99.2%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 99.2%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 99.2%** |
| **Domestic Fixed Income Investment Companies — 43.4%** | **Domestic Fixed Income Investment Companies — 43.4%** | **Domestic Fixed Income Investment Companies — 43.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALIC Company I Core Bond Fund<br> (cost $475,299,971) | 44767987 | &nbsp;&nbsp;$434249471 |
| **Domestic Equity Investment Companies — 40.7%** | **Domestic Equity Investment Companies — 40.7%** | **Domestic Equity Investment Companies — 40.7%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Blue Chip Growth Fund | 2009114 | &nbsp;&nbsp;&nbsp;&nbsp; 30759534 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Large Capital Growth Fund | 1850716 | &nbsp;&nbsp;&nbsp;&nbsp; 33738562 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Growth Fund | 2580524 | &nbsp;&nbsp;&nbsp;&nbsp; 38114334 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Value Fund | 2885252 | &nbsp;&nbsp;&nbsp;&nbsp; 39181723 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Stock Index Fund | 4215212 | &nbsp;&nbsp;&nbsp;&nbsp; 199210922 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Value Fund | 5022499 | &nbsp;&nbsp;&nbsp;&nbsp; 66447663 |
| **Total Domestic Equity Investment Companies<br> (cost $407,760,039)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407452738 |
| **International Equity Investment Companies — 15.1%** | **International Equity Investment Companies — 15.1%** | **International Equity Investment Companies — 15.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALIC Company I International Equities Index Fund<br> (cost $143,826,240) | 21136834 | &nbsp;&nbsp;&nbsp;&nbsp; 150916997 |
| **Total Long-Term Investment Securities<br> (cost $1,026,886,250)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992619206 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 0.8%** | **SHORT-TERM INVESTMENTS — 0.8%** |  |
| **Unaffiliated Investment Companies — 0.8%** | **Unaffiliated Investment Companies — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 3.66%(2)<br> (cost $7,633,783) | 7633783 | &nbsp;&nbsp;$7633783 |
| **TOTAL INVESTMENTS<br> (cost $1,034,520,033)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;1000252989 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70967 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1000323956 |

---

# The VALIC Company I Moderate Growth Lifestyle Fund invests in various VALIC Company I Funds. Additional information on the underlying funds including such funds' prospectuses and shareholder reports are available at our website, www.valic.com.

(1) See Note 3.

(2) The rate shown is the 7-day yield as of November 30, 2022.

(3) See Note 5 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, 2022 (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;$992619206 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$992619206 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7633783 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7633783 |
| **Total Investments at Value** | &nbsp;&nbsp;$1000252989 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1000252989 |

---

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

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;18.4% |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;17.0 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;15.0 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;13.7 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;5.3 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
|  | &nbsp;&nbsp;100.2% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 97.7%** | **COMMON STOCKS — 97.7%** | **COMMON STOCKS — 97.7%** |
| **Auto Manufacturers — 3.7%** | **Auto Manufacturers — 3.7%** | **Auto Manufacturers — 3.7%** |
| &nbsp;&nbsp;&nbsp;Lucid Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97716 | &nbsp;&nbsp;$990840 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20251 | &nbsp;&nbsp;&nbsp;&nbsp; 2144784 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;109103 | &nbsp;&nbsp;&nbsp;&nbsp; 21242354 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24377978 |
| **Beverages — 3.2%** | **Beverages — 3.2%** | **Beverages — 3.2%** |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82473 | &nbsp;&nbsp;&nbsp;&nbsp; 3189231 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30686 | &nbsp;&nbsp;&nbsp;&nbsp; 3156362 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80365 | &nbsp;&nbsp;&nbsp;&nbsp; 14908511 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21254104 |
| **Biotechnology — 5.3%** | **Biotechnology — 5.3%** | **Biotechnology — 5.3%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31154 | &nbsp;&nbsp;&nbsp;&nbsp; 8922506 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8451 | &nbsp;&nbsp;&nbsp;&nbsp; 2578992 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72995 | &nbsp;&nbsp;&nbsp;&nbsp; 6411151 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9161 | &nbsp;&nbsp;&nbsp;&nbsp; 1997831 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22783 | &nbsp;&nbsp;&nbsp;&nbsp; 4007757 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6243 | &nbsp;&nbsp;&nbsp;&nbsp; 4692863 |
| &nbsp;&nbsp;&nbsp;Seagen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10742 | &nbsp;&nbsp;&nbsp;&nbsp; 1303971 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14936 | &nbsp;&nbsp;&nbsp;&nbsp; 4725750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;34640821 |
| **Commercial Services — 2.4%** | **Commercial Services — 2.4%** | **Commercial Services — 2.4%** |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24200 | &nbsp;&nbsp;&nbsp;&nbsp; 6392188 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5943 | &nbsp;&nbsp;&nbsp;&nbsp; 2744359 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67352 | &nbsp;&nbsp;&nbsp;&nbsp; 5281070 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9141 | &nbsp;&nbsp;&nbsp;&nbsp; 1679293 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16096910 |
| **Computers — 13.7%** | **Computers — 13.7%** | **Computers — 13.7%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;564140 | &nbsp;&nbsp;&nbsp;&nbsp; 83509644 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30155 | &nbsp;&nbsp;&nbsp;&nbsp; 1875942 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12512 | &nbsp;&nbsp;&nbsp;&nbsp; 1472037 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45923 | &nbsp;&nbsp;&nbsp;&nbsp; 2441267 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8262 | &nbsp;&nbsp;&nbsp;&nbsp; 1102564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;90401454 |
| **Distribution/Wholesale — 0.5%** | **Distribution/Wholesale — 0.5%** | **Distribution/Wholesale — 0.5%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27684 | &nbsp;&nbsp;&nbsp;&nbsp; 1842647 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33469 | &nbsp;&nbsp;&nbsp;&nbsp; 1723988 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3566635 |
| **Electric — 1.4%** | **Electric — 1.4%** | **Electric — 1.4%** |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29920 | &nbsp;&nbsp;&nbsp;&nbsp; 2896256 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19023 | &nbsp;&nbsp;&nbsp;&nbsp; 1828491 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57858 | &nbsp;&nbsp;&nbsp;&nbsp; 2393586 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31856 | &nbsp;&nbsp;&nbsp;&nbsp; 2236928 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9355261 |
| **Electronics — 1.3%** | **Electronics — 1.3%** | **Electronics — 1.3%** |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39236 | &nbsp;&nbsp;&nbsp;&nbsp; 8614264 |
| **Energy-Alternate Sources — 0.4%** | **Energy-Alternate Sources — 0.4%** | **Energy-Alternate Sources — 0.4%** |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7889 | &nbsp;&nbsp;&nbsp;&nbsp; 2529135 |
| **Food — 1.2%** | **Food — 1.2%** | **Food — 1.2%** |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71369 | &nbsp;&nbsp;&nbsp;&nbsp; 2808370 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79821 | &nbsp;&nbsp;&nbsp;&nbsp; 5396698 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8205068 |
| **Healthcare-Products — 1.3%** | **Healthcare-Products — 1.3%** | **Healthcare-Products — 1.3%** |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4549 | &nbsp;&nbsp;&nbsp;&nbsp; 894606 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Products (continued)** | **Healthcare-Products (continued)** | **Healthcare-Products (continued)** |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4849 | &nbsp;&nbsp;$2065044 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20798 | &nbsp;&nbsp;&nbsp;&nbsp; 5623571 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8583221 |
| **Internet — 18.4%** | **Internet — 18.4%** | **Internet — 18.4%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23247 | &nbsp;&nbsp;&nbsp;&nbsp; 2374449 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;210481 | &nbsp;&nbsp;&nbsp;&nbsp; 21256476 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;216343 | &nbsp;&nbsp;&nbsp;&nbsp; 21947997 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;357619 | &nbsp;&nbsp;&nbsp;&nbsp; 34524538 |
| &nbsp;&nbsp;&nbsp;Baidu, Inc. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10600 | &nbsp;&nbsp;&nbsp;&nbsp; 1151160 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2312 | &nbsp;&nbsp;&nbsp;&nbsp; 4807688 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31995 | &nbsp;&nbsp;&nbsp;&nbsp; 1453853 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29390 | &nbsp;&nbsp;&nbsp;&nbsp; 1680520 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16481 | &nbsp;&nbsp;&nbsp;&nbsp; 833279 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2932 | &nbsp;&nbsp;&nbsp;&nbsp; 2729648 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;119881 | &nbsp;&nbsp;&nbsp;&nbsp; 14157946 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25899 | &nbsp;&nbsp;&nbsp;&nbsp; 7912922 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17408 | &nbsp;&nbsp;&nbsp;&nbsp; 2957619 |
| &nbsp;&nbsp;&nbsp;Pinduoduo, Inc. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27261 | &nbsp;&nbsp;&nbsp;&nbsp; 2236493 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6248 | &nbsp;&nbsp;&nbsp;&nbsp; 1248413 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;121273001 |
| **Lodging — 0.5%** | **Lodging — 0.5%** | **Lodging — 0.5%** |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18902 | &nbsp;&nbsp;&nbsp;&nbsp; 3125446 |
| **Media — 2.2%** | **Media — 2.2%** | **Media — 2.2%** |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9357 | &nbsp;&nbsp;&nbsp;&nbsp; 3661300 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;256474 | &nbsp;&nbsp;&nbsp;&nbsp; 9397207 |
| &nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;226797 | &nbsp;&nbsp;&nbsp;&nbsp; 1471913 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14530420 |
| **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34469 | &nbsp;&nbsp;&nbsp;&nbsp; 2342858 |
| &nbsp;&nbsp;&nbsp;DexCom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22864 | &nbsp;&nbsp;&nbsp;&nbsp; 2658626 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001484 |
| **Retail — 5.0%** | **Retail — 5.0%** | **Retail — 5.0%** |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25798 | &nbsp;&nbsp;&nbsp;&nbsp; 13911571 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13042 | &nbsp;&nbsp;&nbsp;&nbsp; 1960082 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7124 | &nbsp;&nbsp;&nbsp;&nbsp; 2709328 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3688 | &nbsp;&nbsp;&nbsp;&nbsp; 3188424 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20379 | &nbsp;&nbsp;&nbsp;&nbsp; 2397997 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66824 | &nbsp;&nbsp;&nbsp;&nbsp; 6829413 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50333 | &nbsp;&nbsp;&nbsp;&nbsp; 2088820 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;33085635 |
| **Semiconductors — 15.0%** | **Semiconductors — 15.0%** | **Semiconductors — 15.0%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94017 | &nbsp;&nbsp;&nbsp;&nbsp; 7298540 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29955 | &nbsp;&nbsp;&nbsp;&nbsp; 5149564 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50104 | &nbsp;&nbsp;&nbsp;&nbsp; 5491398 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5014 | &nbsp;&nbsp;&nbsp;&nbsp; 3049114 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23586 | &nbsp;&nbsp;&nbsp;&nbsp; 12996594 |
| &nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;239131 | &nbsp;&nbsp;&nbsp;&nbsp; 7190669 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8259 | &nbsp;&nbsp;&nbsp;&nbsp; 3247026 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7978 | &nbsp;&nbsp;&nbsp;&nbsp; 3768648 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49655 | &nbsp;&nbsp;&nbsp;&nbsp; 2309951 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32176 | &nbsp;&nbsp;&nbsp;&nbsp; 2548017 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64247 | &nbsp;&nbsp;&nbsp;&nbsp; 3703840 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;123011 | &nbsp;&nbsp;&nbsp;&nbsp; 20817151 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15294 | &nbsp;&nbsp;&nbsp;&nbsp; 2689297 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65402 | &nbsp;&nbsp;&nbsp;&nbsp; 8272699 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9344 | &nbsp;&nbsp;&nbsp;&nbsp; 893473 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53214 | &nbsp;&nbsp;&nbsp;&nbsp; 9602998 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;99028979 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Software — 17.0%** | **Software — 17.0%** | **Software — 17.0%** |
| &nbsp;&nbsp;&nbsp;Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45561 | &nbsp;&nbsp;$3369236 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27256 | &nbsp;&nbsp;&nbsp;&nbsp; 9401412 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5071 | &nbsp;&nbsp;&nbsp;&nbsp; 1289555 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8438 | &nbsp;&nbsp;&nbsp;&nbsp; 1110019 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12572 | &nbsp;&nbsp;&nbsp;&nbsp; 2538915 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15950 | &nbsp;&nbsp;&nbsp;&nbsp; 2744038 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16937 | &nbsp;&nbsp;&nbsp;&nbsp; 1283486 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11645 | &nbsp;&nbsp;&nbsp;&nbsp; 548130 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16193 | &nbsp;&nbsp;&nbsp;&nbsp; 2117721 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37249 | &nbsp;&nbsp;&nbsp;&nbsp; 3887306 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16428 | &nbsp;&nbsp;&nbsp;&nbsp; 6695888 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;261798 | &nbsp;&nbsp;&nbsp;&nbsp; 66795142 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9458 | &nbsp;&nbsp;&nbsp;&nbsp; 672653 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20961 | &nbsp;&nbsp;&nbsp;&nbsp; 2599793 |
| &nbsp;&nbsp;&nbsp;Splunk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9475 | &nbsp;&nbsp;&nbsp;&nbsp; 736018 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8905 | &nbsp;&nbsp;&nbsp;&nbsp; 3023604 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11706 | &nbsp;&nbsp;&nbsp;&nbsp; 1965437 |
| &nbsp;&nbsp;&nbsp;Zoom Video Communications, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14617 | &nbsp;&nbsp;&nbsp;&nbsp; 1102560 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;111880913 |
| **Telecommunications — 3.5%** | **Telecommunications — 3.5%** | **Telecommunications — 3.5%** |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;241167 | &nbsp;&nbsp;&nbsp;&nbsp; 11990823 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73034 | &nbsp;&nbsp;&nbsp;&nbsp; 11061730 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23052553 |
| **Transportation — 0.9%** | **Transportation — 0.9%** | **Transportation — 0.9%** |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;124704 | &nbsp;&nbsp;&nbsp;&nbsp; 4076574 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6509 | &nbsp;&nbsp;&nbsp;&nbsp; 1969688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6046262 |
| **Total Long-Term Investment Securities<br> (cost $292,438,623)** |  | &nbsp;&nbsp;&nbsp;&nbsp;644649544 |
| **SHORT-TERM INVESTMENTS — 0.9%** | **SHORT-TERM INVESTMENTS — 0.9%** | **SHORT-TERM INVESTMENTS — 0.9%** |
| **Unaffiliated Investment Companies — 0.4%** | **Unaffiliated Investment Companies — 0.4%** | **Unaffiliated Investment Companies — 0.4%** |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 3.86%(1)(2) | 2508040 | &nbsp;&nbsp;&nbsp;&nbsp; 2508040 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Government — 0.5%** | **U.S. Government — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91%, 04/20/2023(3) | $3500000 | &nbsp;&nbsp;$3440669 |
| **Total Short-Term Investments<br> (cost $5,982,009)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5948709 |
| **REPURCHASE AGREEMENTS — 1.6%** | **REPURCHASE AGREEMENTS — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.13% dated 11/30/2022, to be repurchased 12/01/2022 in the amount of $10,459,312 and collateralized by $11,438,000 of United States Treasury Notes, bearing interest at 1.13% due 01/15/2025 and having an approximate value of $10,668,165<br> (cost $10,458,984) | &nbsp;&nbsp;10458984 | &nbsp;&nbsp;&nbsp;&nbsp; 10458984 |
| **TOTAL INVESTMENTS<br> (cost $308,879,616)(4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.2% | &nbsp;&nbsp;&nbsp;&nbsp;661057237 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1217642) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$659839595 |

---

---

| | |
|:---|:---|
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| † | &nbsp;&nbsp;Non-income producing security |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of November 30, 2022. |
| (2) | &nbsp;&nbsp;At November 30, 2022, the Fund had loaned securities with a total value of $2,462,753. This was secured by collateral of $2,508,040, which was received in cash and subsequently invested in short-term investments currently valued at $2,508,040 as reported in the Portfolio of Investments. |
| (3) | &nbsp;&nbsp;The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
| (4) | &nbsp;&nbsp;See Note 5 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** |
| 61 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;NASDAQ 100 E-Mini Index | &nbsp;&nbsp;December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;$13998902 | &nbsp;&nbsp;&nbsp;&nbsp;$14691545 | &nbsp;&nbsp;&nbsp;&nbsp;$692643 |

---

\* 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**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2022 (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;$644649544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$644649544 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3440669 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3440669 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2508040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2508040 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10458984 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10458984 |
| **Total Investments at Value** | &nbsp;&nbsp;$647157584 | &nbsp;&nbsp;$13899653 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$661057237 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$692643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$692643 |

---

---

| | |
|:---|:---|
| \* | &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**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Internet | &nbsp;&nbsp;26.2% |
| Software | &nbsp;&nbsp;22.5 |
| Semiconductors | &nbsp;&nbsp;21.7 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;9.1 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Medical Labs & Testing Services | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Automotive - Cars & Lt. Trucks | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| E-Commerce/Services | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Medical - Biomedical/Gene | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Entertainment Software | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Therapeutics | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;99.2% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 95.4%** | **COMMON STOCKS — 95.4%** | **COMMON STOCKS — 95.4%** |
| **Advertising — 0.5%** | **Advertising — 0.5%** | **Advertising — 0.5%** |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;176960 | &nbsp;&nbsp;$9226694 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| &nbsp;&nbsp;&nbsp;boohoo Group PLC† | &nbsp;&nbsp;&nbsp;&nbsp;831683 | &nbsp;&nbsp;&nbsp;&nbsp; 425592 |
| **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34943 | &nbsp;&nbsp;&nbsp;&nbsp; 1119574 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87795 | &nbsp;&nbsp;&nbsp;&nbsp; 17093686 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18213260 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Mobileye Global, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp; 196719 |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
| &nbsp;&nbsp;&nbsp;Flame Biosciences, Inc.†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48560 | &nbsp;&nbsp;&nbsp;&nbsp; 222890 |
| &nbsp;&nbsp;&nbsp;Ginkgo Bioworks, Inc., Earnout Shares 15.00†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12842 | &nbsp;&nbsp;&nbsp;&nbsp; 9796 |
| &nbsp;&nbsp;&nbsp;Ginkgo Bioworks, Inc., Earnout Shares 17.50†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12842 | &nbsp;&nbsp;&nbsp;&nbsp; 8939 |
| &nbsp;&nbsp;&nbsp;Ginkgo Bioworks, Inc., Earnout Shares 20.00†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12842 | &nbsp;&nbsp;&nbsp;&nbsp; 8219 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249844 |
| **Commercial Services — 3.9%** | **Commercial Services — 3.9%** | **Commercial Services — 3.9%** |
| &nbsp;&nbsp;&nbsp;Adyen NV\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 | &nbsp;&nbsp;&nbsp;&nbsp; 1217684 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40690 | &nbsp;&nbsp;&nbsp;&nbsp; 10747857 |
| &nbsp;&nbsp;&nbsp;Block, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;164998 | &nbsp;&nbsp;&nbsp;&nbsp; 11181914 |
| &nbsp;&nbsp;&nbsp;FleetCor Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42030 | &nbsp;&nbsp;&nbsp;&nbsp; 8246286 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;168404 | &nbsp;&nbsp;&nbsp;&nbsp; 17476967 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;174467 | &nbsp;&nbsp;&nbsp;&nbsp; 13679958 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63101 | &nbsp;&nbsp;&nbsp;&nbsp; 10672903 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73223569 |
| **Computers — 9.1%** | **Computers — 9.1%** | **Computers — 9.1%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85455 | &nbsp;&nbsp;&nbsp;&nbsp; 25715973 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;385215 | &nbsp;&nbsp;&nbsp;&nbsp; 57023377 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;101305 | &nbsp;&nbsp;&nbsp;&nbsp; 11918533 |
| &nbsp;&nbsp;&nbsp;DXC Technology Co.† | &nbsp;&nbsp;&nbsp;&nbsp;233795 | &nbsp;&nbsp;&nbsp;&nbsp; 6936698 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;288755 | &nbsp;&nbsp;&nbsp;&nbsp; 15350216 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;231907 | &nbsp;&nbsp;&nbsp;&nbsp; 10693232 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;789516 | &nbsp;&nbsp;&nbsp;&nbsp; 23045972 |
| &nbsp;&nbsp;&nbsp;Rapid7, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39831 | &nbsp;&nbsp;&nbsp;&nbsp; 1171031 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;117530 | &nbsp;&nbsp;&nbsp;&nbsp; 6225564 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 1470000 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67865 | &nbsp;&nbsp;&nbsp;&nbsp; 9056584 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168607180 |
| **Diversified Financial Services — 3.6%** | **Diversified Financial Services — 3.6%** | **Diversified Financial Services — 3.6%** |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72840 | &nbsp;&nbsp;&nbsp;&nbsp; 25960176 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;190177 | &nbsp;&nbsp;&nbsp;&nbsp; 41268409 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67228585 |
| **E-Commerce/Services — 0.0%** | **E-Commerce/Services — 0.0%** | **E-Commerce/Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc. (dba Instacart)<br> Non-Voting†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523 | &nbsp;&nbsp;&nbsp;&nbsp; 25355 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc. (dba Instacart)<br> Voting†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10016 | &nbsp;&nbsp;&nbsp;&nbsp; 485576 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510931 |
| **Electronics — 2.0%** | **Electronics — 2.0%** | **Electronics — 2.0%** |
| &nbsp;&nbsp;&nbsp;Flex, Ltd.† | 1035146 | &nbsp;&nbsp;&nbsp;&nbsp; 22752509 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co., Ltd. | 1768000 | &nbsp;&nbsp;&nbsp;&nbsp; 5805772 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 9317335 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37875616 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24182 | &nbsp;&nbsp;&nbsp;&nbsp; 1496873 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Entertainment Software — 0.2%** | **Entertainment Software — 0.2%** | **Entertainment Software — 0.2%** |
| &nbsp;&nbsp;&nbsp;Epic Games, Inc.(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3904 | &nbsp;&nbsp;$2685288 |
| **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;Bright Health Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;181044 | &nbsp;&nbsp;&nbsp;&nbsp; 178690 |
| &nbsp;&nbsp;&nbsp;Ginkgo Bioworks Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;440922 | &nbsp;&nbsp;&nbsp;&nbsp; 877435 |
| &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; 1052441 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108566 |
| **Internet — 26.2%** | **Internet — 26.2%** | **Internet — 26.2%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68569 | &nbsp;&nbsp;&nbsp;&nbsp; 7003638 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;210408 | &nbsp;&nbsp;&nbsp;&nbsp; 18423324 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;740111 | &nbsp;&nbsp;&nbsp;&nbsp; 74743810 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;538290 | &nbsp;&nbsp;&nbsp;&nbsp; 54609520 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | 1351925 | &nbsp;&nbsp;&nbsp;&nbsp; 130514839 |
| &nbsp;&nbsp;&nbsp;Auto1 Group SE\*† | &nbsp;&nbsp;&nbsp;&nbsp;338692 | &nbsp;&nbsp;&nbsp;&nbsp; 2924155 |
| &nbsp;&nbsp;&nbsp;Baidu, Inc. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;106136 | &nbsp;&nbsp;&nbsp;&nbsp; 11526370 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6879 | &nbsp;&nbsp;&nbsp;&nbsp; 14304537 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;230742 | &nbsp;&nbsp;&nbsp;&nbsp; 3018105 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;138871 | &nbsp;&nbsp;&nbsp;&nbsp; 2705207 |
| &nbsp;&nbsp;&nbsp;Deliveroo PLC\*† | 2316765 | &nbsp;&nbsp;&nbsp;&nbsp; 2434929 |
| &nbsp;&nbsp;&nbsp;Delivery Hero SE\*† | &nbsp;&nbsp;&nbsp;&nbsp;250500 | &nbsp;&nbsp;&nbsp;&nbsp; 10798581 |
| &nbsp;&nbsp;&nbsp;D-MARKET Elektronik Hizmetler ve Ticaret AS ADR#† | &nbsp;&nbsp;&nbsp;&nbsp;264176 | &nbsp;&nbsp;&nbsp;&nbsp; 182731 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43623 | &nbsp;&nbsp;&nbsp;&nbsp; 2541040 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54401 | &nbsp;&nbsp;&nbsp;&nbsp; 7185828 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65807 | &nbsp;&nbsp;&nbsp;&nbsp; 10174420 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81400 | &nbsp;&nbsp;&nbsp;&nbsp; 1868944 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63799 | &nbsp;&nbsp;&nbsp;&nbsp; 5048415 |
| &nbsp;&nbsp;&nbsp;Kanzhun, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62428 | &nbsp;&nbsp;&nbsp;&nbsp; 1174895 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395 | &nbsp;&nbsp;&nbsp;&nbsp; 1298724 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;346006 | &nbsp;&nbsp;&nbsp;&nbsp; 40863309 |
| &nbsp;&nbsp;&nbsp;Naspers, Ltd., Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47531 | &nbsp;&nbsp;&nbsp;&nbsp; 7319128 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50405 | &nbsp;&nbsp;&nbsp;&nbsp; 15400240 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36243 | &nbsp;&nbsp;&nbsp;&nbsp; 1932477 |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;115128 | &nbsp;&nbsp;&nbsp;&nbsp; 212987 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;187031 | &nbsp;&nbsp;&nbsp;&nbsp; 31776567 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;106712 | &nbsp;&nbsp;&nbsp;&nbsp; 2712619 |
| &nbsp;&nbsp;&nbsp;Sea, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21100 | &nbsp;&nbsp;&nbsp;&nbsp; 1231607 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;102300 | &nbsp;&nbsp;&nbsp;&nbsp; 3844097 |
| &nbsp;&nbsp;&nbsp;Tongcheng Travel Holdings, Ltd.† | 1307400 | &nbsp;&nbsp;&nbsp;&nbsp; 2828828 |
| &nbsp;&nbsp;&nbsp;Trainline PLC\*† | 1389149 | &nbsp;&nbsp;&nbsp;&nbsp; 5639901 |
| &nbsp;&nbsp;&nbsp;Trip.com Group, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;152552 | &nbsp;&nbsp;&nbsp;&nbsp; 4874036 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25603 | &nbsp;&nbsp;&nbsp;&nbsp; 5115735 |
| &nbsp;&nbsp;&nbsp;VK Co., Ltd. GDR†(1)(2) | 1166135 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22196 | &nbsp;&nbsp;&nbsp;&nbsp; 813261 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487046804 |
| **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
| &nbsp;&nbsp;&nbsp;Longboard Pharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32938 | &nbsp;&nbsp;&nbsp;&nbsp; 176877 |
| &nbsp;&nbsp;&nbsp;Progenics Pharmaceuticals, Inc. CVR†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp; 62149 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239026 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| &nbsp;&nbsp;&nbsp;KE Holdings, Inc. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94282 | &nbsp;&nbsp;&nbsp;&nbsp; 1595251 |
| **Retail — 1.4%** | **Retail — 1.4%** | **Retail — 1.4%** |
| &nbsp;&nbsp;&nbsp;Warby Parker, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;286472 | &nbsp;&nbsp;&nbsp;&nbsp; 4878618 |
| &nbsp;&nbsp;&nbsp;Zalando SE\*† | &nbsp;&nbsp;&nbsp;&nbsp;709359 | &nbsp;&nbsp;&nbsp;&nbsp; 21963584 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26842202 |
| **Semiconductors — 21.7%** | **Semiconductors — 21.7%** | **Semiconductors — 21.7%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;596032 | &nbsp;&nbsp;&nbsp;&nbsp; 46269964 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34680 | &nbsp;&nbsp;&nbsp;&nbsp; 5961839 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;121815 | &nbsp;&nbsp;&nbsp;&nbsp; 13350924 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14120 | &nbsp;&nbsp;&nbsp;&nbsp; 8586654 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;ASPEED Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;$3218943 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34495 | &nbsp;&nbsp;&nbsp;&nbsp; 19007780 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;287140 | &nbsp;&nbsp;&nbsp;&nbsp; 9438726 |
| &nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;181765 | &nbsp;&nbsp;&nbsp;&nbsp; 5465674 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56266 | &nbsp;&nbsp;&nbsp;&nbsp; 22120978 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32634 | &nbsp;&nbsp;&nbsp;&nbsp; 15415649 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;539066 | &nbsp;&nbsp;&nbsp;&nbsp; 25077350 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50595 | &nbsp;&nbsp;&nbsp;&nbsp; 4006618 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;390470 | &nbsp;&nbsp;&nbsp;&nbsp; 22510595 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20145 | &nbsp;&nbsp;&nbsp;&nbsp; 7694584 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;230687 | &nbsp;&nbsp;&nbsp;&nbsp; 39039161 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57230 | &nbsp;&nbsp;&nbsp;&nbsp; 10063323 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;673699 | &nbsp;&nbsp;&nbsp;&nbsp; 50662165 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155613 | &nbsp;&nbsp;&nbsp;&nbsp; 19683488 |
| &nbsp;&nbsp;&nbsp;Rohm Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75100 | &nbsp;&nbsp;&nbsp;&nbsp; 6021719 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81951 | &nbsp;&nbsp;&nbsp;&nbsp; 3935592 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68206 | &nbsp;&nbsp;&nbsp;&nbsp; 4511578 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics NV | &nbsp;&nbsp;&nbsp;&nbsp;108930 | &nbsp;&nbsp;&nbsp;&nbsp; 4215015 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;111000 | &nbsp;&nbsp;&nbsp;&nbsp; 1773358 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;175450 | &nbsp;&nbsp;&nbsp;&nbsp; 14558841 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;228267 | &nbsp;&nbsp;&nbsp;&nbsp; 41193063 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403783581 |
| **Software — 22.5%** | **Software — 22.5%** | **Software — 22.5%** |
| &nbsp;&nbsp;&nbsp;Alignment Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;131699 | &nbsp;&nbsp;&nbsp;&nbsp; 1751597 |
| &nbsp;&nbsp;&nbsp;Alteryx, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66715 | &nbsp;&nbsp;&nbsp;&nbsp; 2992168 |
| &nbsp;&nbsp;&nbsp;Aspen Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48779 | &nbsp;&nbsp;&nbsp;&nbsp; 11243559 |
| &nbsp;&nbsp;&nbsp;Ceridian HCM Holding, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;208487 | &nbsp;&nbsp;&nbsp;&nbsp; 14268850 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80895 | &nbsp;&nbsp;&nbsp;&nbsp; 6130223 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;129570 | &nbsp;&nbsp;&nbsp;&nbsp; 4404084 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45570 | &nbsp;&nbsp;&nbsp;&nbsp; 4755685 |
| &nbsp;&nbsp;&nbsp;Five9, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33736 | &nbsp;&nbsp;&nbsp;&nbsp; 2162815 |
| &nbsp;&nbsp;&nbsp;Gitlab, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72860 | &nbsp;&nbsp;&nbsp;&nbsp; 2881613 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67888 | &nbsp;&nbsp;&nbsp;&nbsp; 4026437 |
| &nbsp;&nbsp;&nbsp;HashiCorp, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;205686 | &nbsp;&nbsp;&nbsp;&nbsp; 5615228 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37688 | &nbsp;&nbsp;&nbsp;&nbsp; 11420595 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23028 | &nbsp;&nbsp;&nbsp;&nbsp; 9385982 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;669962 | &nbsp;&nbsp;&nbsp;&nbsp; 170934105 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81357 | &nbsp;&nbsp;&nbsp;&nbsp; 12422400 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;136730 | &nbsp;&nbsp;&nbsp;&nbsp; 11352692 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23840 | &nbsp;&nbsp;&nbsp;&nbsp; 8084144 |
| &nbsp;&nbsp;&nbsp;Qualtrics International, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;454264 | &nbsp;&nbsp;&nbsp;&nbsp; 4660749 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;375648 | &nbsp;&nbsp;&nbsp;&nbsp; 60197592 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;101994 | &nbsp;&nbsp;&nbsp;&nbsp; 1478913 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53069 | &nbsp;&nbsp;&nbsp;&nbsp; 22092625 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94622 | &nbsp;&nbsp;&nbsp;&nbsp; 13521484 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19285 | &nbsp;&nbsp;&nbsp;&nbsp; 2038232 |
| &nbsp;&nbsp;&nbsp;TeamViewer AG† | &nbsp;&nbsp;&nbsp;&nbsp;261802 | &nbsp;&nbsp;&nbsp;&nbsp; 3356763 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30149 | &nbsp;&nbsp;&nbsp;&nbsp; 5739164 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90534 | &nbsp;&nbsp;&nbsp;&nbsp; 15200658 |
| &nbsp;&nbsp;&nbsp;Zoom Video Communications, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96855 | &nbsp;&nbsp;&nbsp;&nbsp; 7305773 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419424130 |
| **Telecommunications — 3.0%** | **Telecommunications — 3.0%** | **Telecommunications — 3.0%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;180715 | &nbsp;&nbsp;&nbsp;&nbsp; 25173599 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125475 | &nbsp;&nbsp;&nbsp;&nbsp; 6238617 |
| &nbsp;&nbsp;&nbsp;Harmonic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;353852 | &nbsp;&nbsp;&nbsp;&nbsp; 5428090 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35660 | &nbsp;&nbsp;&nbsp;&nbsp; 9706652 |
| &nbsp;&nbsp;&nbsp;Nokia Oyj ADR | 1937169 | &nbsp;&nbsp;&nbsp;&nbsp; 9550243 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56097201 |
| **Total Common Stocks<br> (cost $2,065,103,649)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1777076912 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CONVERTIBLE PREFERRED STOCKS — 1.6%** | **CONVERTIBLE PREFERRED STOCKS — 1.6%** | **CONVERTIBLE PREFERRED STOCKS — 1.6%** |
| **Automotive - Cars & Lt. Trucks — 0.3%** | **Automotive - Cars & Lt. Trucks — 0.3%** | **Automotive - Cars & Lt. Trucks — 0.3%** |
| &nbsp;&nbsp;&nbsp;GM Cruise Holdings LLC<br> Class F†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89700 | &nbsp;&nbsp;$2601300 |
| &nbsp;&nbsp;&nbsp;Waymo LLC<br> Series A-2†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21059 | &nbsp;&nbsp;&nbsp;&nbsp; 1931573 |
| &nbsp;&nbsp;&nbsp;Waymo LLC<br> Series B-2†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10055 | &nbsp;&nbsp;&nbsp;&nbsp; 922265 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5455138 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| &nbsp;&nbsp;&nbsp;Freenome Holdings, Inc.<br> Series B†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94602 | &nbsp;&nbsp;&nbsp;&nbsp; 1104005 |
| &nbsp;&nbsp;&nbsp;Freenome Holdings, Inc.<br> Series C†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53807 | &nbsp;&nbsp;&nbsp;&nbsp; 627928 |
| &nbsp;&nbsp;&nbsp;Insitro, Inc.<br> Series B†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52029 | &nbsp;&nbsp;&nbsp;&nbsp; 951668 |
| &nbsp;&nbsp;&nbsp;PrognomIQ, Inc.<br> Series A-4†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35670 | &nbsp;&nbsp;&nbsp;&nbsp; 109150 |
| &nbsp;&nbsp;&nbsp;PrognomIQ, Inc.<br> Series A-5†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30468 | &nbsp;&nbsp;&nbsp;&nbsp; 93232 |
| &nbsp;&nbsp;&nbsp;PrognomIQ, Inc.<br> Series B†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;216177 | &nbsp;&nbsp;&nbsp;&nbsp; 661502 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3547485 |
| **E-Commerce/Services — 0.2%** | **E-Commerce/Services — 0.2%** | **E-Commerce/Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc. (dba Instacart)<br> Series G†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20650 | &nbsp;&nbsp;&nbsp;&nbsp; 1001112 |
| &nbsp;&nbsp;&nbsp;Rappi, Inc.<br> Series E†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39184 | &nbsp;&nbsp;&nbsp;&nbsp; 2019151 |
| &nbsp;&nbsp;&nbsp;Rappi, Inc.<br> Series F†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14609 | &nbsp;&nbsp;&nbsp;&nbsp; 752802 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3773065 |
| **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;Caris Life Sciences, Inc.<br> Series C†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;217911 | &nbsp;&nbsp;&nbsp;&nbsp; 1433854 |
| **Medical - Biomedical/Gene — 0.2%** | **Medical - Biomedical/Gene — 0.2%** | **Medical - Biomedical/Gene — 0.2%** |
| &nbsp;&nbsp;&nbsp;National Resilience, Inc.<br> Series B†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69360 | &nbsp;&nbsp;&nbsp;&nbsp; 4212233 |
| **Medical Imaging Systems — 0.0%** | **Medical Imaging Systems — 0.0%** | **Medical Imaging Systems — 0.0%** |
| &nbsp;&nbsp;&nbsp;RefleXion Medical, Inc.<br> Series C†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;160251 | &nbsp;&nbsp;&nbsp;&nbsp; 379881 |
| &nbsp;&nbsp;&nbsp;RefleXion Medical, Inc.<br> Series D†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67040 | &nbsp;&nbsp;&nbsp;&nbsp; 158921 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538802 |
| **Medical Information Systems — 0.0%** | **Medical Information Systems — 0.0%** | **Medical Information Systems — 0.0%** |
| &nbsp;&nbsp;&nbsp;Kardium, Inc.<br> Series D-5†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;542402 | &nbsp;&nbsp;&nbsp;&nbsp; 550994 |
| **Medical Labs & Testing Services — 0.4%** | **Medical Labs & Testing Services — 0.4%** | **Medical Labs & Testing Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;Tempus Labs, Inc.<br> Series D†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60677 | &nbsp;&nbsp;&nbsp;&nbsp; 3572662 |
| &nbsp;&nbsp;&nbsp;Tempus Labs, Inc.<br> Series E†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39722 | &nbsp;&nbsp;&nbsp;&nbsp; 2400798 |
| &nbsp;&nbsp;&nbsp;Tempus Labs, Inc.<br> Series F†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10551 | &nbsp;&nbsp;&nbsp;&nbsp; 646143 |
| &nbsp;&nbsp;&nbsp;Tempus Labs, Inc.<br> Series G†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6661 | &nbsp;&nbsp;&nbsp;&nbsp; 412849 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7032452 |
| **Retirement/Aged Care — 0.0%** | **Retirement/Aged Care — 0.0%** | **Retirement/Aged Care — 0.0%** |
| &nbsp;&nbsp;&nbsp;Honor Tech, Inc.<br> Series D†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;180527 | &nbsp;&nbsp;&nbsp;&nbsp; 521723 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CONVERTIBLE PREFERRED STOCKS (continued)** | **CONVERTIBLE PREFERRED STOCKS (continued)** |  |
| **Software — 0.0%** | **Software — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Mesosphere, Inc.<br> Series D†(1)(2) | &nbsp;&nbsp; 151129 | &nbsp;&nbsp;$101256 |
| **Therapeutics — 0.2%** | **Therapeutics — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;Color Health, Inc.<br> Series D-1†(1)(2) | &nbsp;&nbsp; 26210 | &nbsp;&nbsp;&nbsp;&nbsp; 2620188 |
| **Total Convertible Preferred Stocks<br> (cost $17,272,432)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29787190 |
| **ESCROWS AND LITIGATION TRUSTS — 0.1%** | **ESCROWS AND LITIGATION TRUSTS — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exact Sciences Expense Fund<br> †(1) | &nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exact Sciences CMO Milestone<br> †(1) | &nbsp;&nbsp; 216096 | &nbsp;&nbsp;&nbsp;&nbsp; 114531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exact Sciences FDA Milestone<br> †(1) | &nbsp;&nbsp; 108048 | &nbsp;&nbsp;&nbsp;&nbsp; 57266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acerta Pharma B.V. (Escrow Shares)<br> †(1) | &nbsp;&nbsp; 1007214 | &nbsp;&nbsp;&nbsp;&nbsp; 883326 |
| **Total Escrows and Litigation Trusts<br> (cost $1,007,213)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055321 |
| **Total Long-Term Investment Securities<br> (cost $2,083,383,294)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1807919423 |
| **SHORT-TERM INVESTMENTS — 2.0%** | **SHORT-TERM INVESTMENTS — 2.0%** |  |
| **Unaffiliated Investment Companies — 2.0%** | **Unaffiliated Investment Companies — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 3.66%(3) | &nbsp;&nbsp; 673791 | &nbsp;&nbsp;&nbsp;&nbsp; 673791 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 3.86%(3)(4) | &nbsp;&nbsp; 8769938 | &nbsp;&nbsp;&nbsp;&nbsp; 8769938 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Government Reserve Fund<br> 3.86%(3) | &nbsp;&nbsp;28517462 | &nbsp;&nbsp;&nbsp;&nbsp; 28517462 |
| **Total Short-Term Investments<br> (cost $37,961,191)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37961191 |
| **REPURCHASE AGREEMENTS — 0.1%** | **REPURCHASE AGREEMENTS — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.13% dated 11/30/2022, to be repurchased 12/01/2022 in the amount of $2,222,605 and collateralized by $2,430,600 of United States Treasury Notes, bearing interest at 1.13% due 01/15/2025 and having an approximate value of $2,267,008<br> (cost $2,222,536) | $2222536 | &nbsp;&nbsp;&nbsp;&nbsp; 2222536 |
| **TOTAL INVESTMENTS<br> (cost $2,123,567,021)(5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.2% | &nbsp;&nbsp;&nbsp;&nbsp;1848103150 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14106734 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1862209884 |

---

---

| | |
|:---|:---|
| † | &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 Science & Technology Fund has no right to demand registration of these securities. At November 30, 2022, the aggregate value of these securities was $44,978,834 representing 2.4% 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, 2022, the Fund held the following restricted
securities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition <br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition <br> Cost** | **Value** | **Value <br> Per Share** | **% of<br> Net Assets** |
| **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** |
| Epic Games, Inc. |  |  |  |  |  |  |
|  | 06/18/2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2883 | $1657725 |  |  |  |
|  | 03/29/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021 | &nbsp;&nbsp;&nbsp;&nbsp;903585 |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3904 | &nbsp;&nbsp;2561310 | $2685288 | $687.83 | 0.15% |
| Flame Biosciences, Inc. | 09/28/2020 | &nbsp;&nbsp;&nbsp;&nbsp;48560 | &nbsp;&nbsp;&nbsp;&nbsp;318068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222890 | &nbsp;&nbsp;&nbsp;&nbsp;4.59 | 0.01 |
| Maplebear, Inc. (dba Instacart)<br> Non-Voting | 08/07/2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25355 | &nbsp;&nbsp;&nbsp;&nbsp;48.48 | 0.00 |
| Maplebear, Inc. (dba Instacart)<br> Voting | 08/07/2020 | &nbsp;&nbsp;&nbsp;&nbsp;10016 | &nbsp;&nbsp;&nbsp;&nbsp;464080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485576 | &nbsp;&nbsp;&nbsp;&nbsp;48.48 | 0.02 |
| Verily Life Sciences LLC<br> Series B | 01/23/2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6986 | &nbsp;&nbsp;&nbsp;&nbsp;861094 | &nbsp;&nbsp;&nbsp;&nbsp;1052441 | &nbsp;&nbsp;150.65 | 0.06 |
| VK Co., Ltd. GDR | 08/07/2018 - 01/27/2022 | 1166135 | 24375243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | 0.00 |
| **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** |
| Caris Life Sciences, Inc.<br> Series C | 08/14/2020 | &nbsp;&nbsp;&nbsp;217911 | &nbsp;&nbsp;&nbsp;&nbsp;601434 | &nbsp;&nbsp;&nbsp;&nbsp;1433854 | &nbsp;&nbsp;&nbsp;&nbsp;6.58 | 0.08 |
| Color Health, Inc.<br> Series D-1 | 01/13/2020 | &nbsp;&nbsp;&nbsp;&nbsp;26210 | &nbsp;&nbsp;&nbsp;&nbsp;543971 | &nbsp;&nbsp;&nbsp;&nbsp;2620187 | &nbsp;&nbsp;&nbsp;&nbsp;99.97 | 0.14 |
| Freenome Holdings, Inc.<br> Series B | 06/24/2019 | &nbsp;&nbsp;&nbsp;&nbsp;94602 | &nbsp;&nbsp;&nbsp;&nbsp;431111 | &nbsp;&nbsp;&nbsp;&nbsp;1104005 | &nbsp;&nbsp;&nbsp;&nbsp;11.67 | 0.06 |
| Freenome Holdings, Inc.<br> Series C | 08/14/2020 | &nbsp;&nbsp;&nbsp;&nbsp;53807 | &nbsp;&nbsp;&nbsp;&nbsp;355842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627928 | &nbsp;&nbsp;&nbsp;&nbsp;11.67 | 0.03 |
| GM Cruise Holdings LLC<br> Class F | 05/07/2019 | &nbsp;&nbsp;&nbsp;&nbsp;89700 | &nbsp;&nbsp;1637025 | &nbsp;&nbsp;&nbsp;&nbsp;2601300 | &nbsp;&nbsp;&nbsp;&nbsp;29.00 | 0.14 |
| Honor Tech, Inc.<br> Series D | 10/16/2020 | &nbsp;&nbsp;&nbsp;180527 | &nbsp;&nbsp;&nbsp;&nbsp;434723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521723 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 | 0.03 |
| Insitro, Inc.<br> Series B | 05/21/2020 | &nbsp;&nbsp;&nbsp;&nbsp;52029 | &nbsp;&nbsp;&nbsp;&nbsp;324177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951668 | &nbsp;&nbsp;&nbsp;&nbsp;18.29 | 0.05 |
| Kardium, Inc.<br> Series D-5 | 11/29/2018 | &nbsp;&nbsp;&nbsp;542402 | &nbsp;&nbsp;&nbsp;&nbsp;525533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550994 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | 0.03 |
| Maplebear, Inc. (dba Instacart)<br> Series G | 07/02/2020 | &nbsp;&nbsp;&nbsp;&nbsp;20650 | &nbsp;&nbsp;&nbsp;&nbsp;993098 | &nbsp;&nbsp;&nbsp;&nbsp;1001112 | &nbsp;&nbsp;&nbsp;&nbsp;48.48 | 0.05 |
| Mesosphere, Inc.<br> Series D | 05/04/2018 | &nbsp;&nbsp;&nbsp;151129 | &nbsp;&nbsp;1670656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101256 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | 0.01 |
| National Resilience, Inc.<br> Series B | 10/23/2020 | &nbsp;&nbsp;&nbsp;&nbsp;69360 | &nbsp;&nbsp;&nbsp;&nbsp;947458 | &nbsp;&nbsp;&nbsp;&nbsp;4212233 | &nbsp;&nbsp;&nbsp;&nbsp;60.73 | 0.23 |
| PrognomIQ, Inc.<br> Series A-4 | 11/15/2019 | &nbsp;&nbsp;&nbsp;&nbsp;35670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109150 | &nbsp;&nbsp;&nbsp;&nbsp;3.06 | 0.01 |
| PrognomIQ, Inc.<br> Series A-5 | 05/12/2020 | &nbsp;&nbsp;&nbsp;&nbsp;30468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93232 | &nbsp;&nbsp;&nbsp;&nbsp;3.06 | 0.00 |
| PrognomIQ, Inc.<br> Series B | 09/11/2020 | &nbsp;&nbsp;&nbsp;216177 | &nbsp;&nbsp;&nbsp;&nbsp;493989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661502 | &nbsp;&nbsp;&nbsp;&nbsp;3.06 | 0.04 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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>** |
| Rappi, Inc.<br> Series E | 09/08/2020 | &nbsp;&nbsp;&nbsp;&nbsp;39184 | $2341089 | $2019151 | $51.53 | 0.11% |
| Rappi, Inc.<br> Series F | 07/08/2021 | &nbsp;&nbsp;&nbsp;&nbsp;14609 | &nbsp;&nbsp;&nbsp;&nbsp;941157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752802 | &nbsp;&nbsp;&nbsp;&nbsp;51.53 | 0.04 |
| RefleXion Medical, Inc.<br> Series C | 04/23/2018 | &nbsp;&nbsp;&nbsp;160251 | &nbsp;&nbsp;&nbsp;&nbsp;271145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379881 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | 0.02 |
| RefleXion Medical, Inc.<br> Series D | 04/04/2020 | &nbsp;&nbsp;&nbsp;&nbsp;67040 | &nbsp;&nbsp;&nbsp;&nbsp;127808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158921 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | 0.01 |
| Tempus Labs, Inc.<br> Series D | 03/16/2018 | &nbsp;&nbsp;&nbsp;&nbsp;60677 | &nbsp;&nbsp;&nbsp;&nbsp;568780 | &nbsp;&nbsp;&nbsp;&nbsp;3572662 | &nbsp;&nbsp;&nbsp;&nbsp;58.88 | 0.19 |
| Tempus Labs, Inc.<br> Series E | 08/23/3018 | &nbsp;&nbsp;&nbsp;&nbsp;39722 | &nbsp;&nbsp;&nbsp;&nbsp;665057 | &nbsp;&nbsp;&nbsp;&nbsp;2400798 | &nbsp;&nbsp;&nbsp;&nbsp;60.44 | 0.13 |
| Tempus Labs, Inc.<br> Series F | 04/30/2019 | &nbsp;&nbsp;&nbsp;&nbsp;10551 | &nbsp;&nbsp;&nbsp;&nbsp;261239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646143 | &nbsp;&nbsp;&nbsp;&nbsp;61.24 | 0.03 |
| Tempus Labs, Inc.<br> Series G | 02/06/2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6661 | &nbsp;&nbsp;&nbsp;&nbsp;255465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412849 | &nbsp;&nbsp;&nbsp;&nbsp;61.98 | 0.02 |
| Waymo LLC<br> Series A-2 | 05/08/2020 | &nbsp;&nbsp;&nbsp;&nbsp;21059 | &nbsp;&nbsp;1808277 | &nbsp;&nbsp;&nbsp;&nbsp;1931574 | &nbsp;&nbsp;&nbsp;&nbsp;91.72 | 0.10 |
| Waymo LLC<br> Series B-2 | 06/11/2021 | &nbsp;&nbsp;&nbsp;&nbsp;10055 | &nbsp;&nbsp;&nbsp;&nbsp;922265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922265 | &nbsp;&nbsp;&nbsp;&nbsp;91.72 | 0.05 |
|  |  |  |  | $34258740 |  | 1.84% |

---

(3) The
rate shown is the 7-day yield as of November 30, 2022.

(4) At
 November 30, 2022, the Fund had loaned securities with a total value of $11,989,823. This was secured by collateral of $8,769,938, which was received in cash and subsequently invested in short-term investments currently valued at $8,769,938 as
reported in the Portfolio of Investments. Additional collateral of $3,026,641 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, 2022** |
| United States Treasury Bills | 0.00% | 12/15/2022 to 02/09/2023 | &nbsp;&nbsp;$135528 |
| United States Treasury Notes/Bonds | 0.13% to 6.62% | 12/31/2022 to 05/15/2052 | &nbsp;&nbsp;&nbsp;2891113 |

---

(5) See
 Note 5 for cost of investments on a tax basis.

ADR—American Depositary Receipt <br> CVR—Contingent Value Rights <br> GDR—Global Depositary Receipt

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2022 (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;Apparel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$425592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$425592 |
| &nbsp;&nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249844 |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72005885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73223569 |
| &nbsp;&nbsp;&nbsp;E-Commerce/Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510931 |
| &nbsp;&nbsp;&nbsp;Electronics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22752509 | &nbsp;&nbsp;&nbsp;&nbsp;15123107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37875616 |
| &nbsp;&nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496873 |
| &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;2685288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685288 |
| &nbsp;&nbsp;&nbsp;Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1052441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108566 |
| &nbsp;&nbsp;&nbsp;Internet | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451257185 | &nbsp;&nbsp;&nbsp;&nbsp;35789619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487046804 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239026 |
| &nbsp;&nbsp;&nbsp;Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4878618 | &nbsp;&nbsp;&nbsp;&nbsp;21963584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26842202 |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370668650 | &nbsp;&nbsp;&nbsp;&nbsp;33114931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403783581 |
| &nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416067367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3356763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419424130 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321164890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321164890 |
| 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;29787190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29787190 |
| 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;1055321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055321 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37961191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37961191 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222536 |
| **Total Investments at Value** | &nbsp;&nbsp;$1697989297 | &nbsp;&nbsp;$114710689 | &nbsp;&nbsp;$35403164 | &nbsp;&nbsp;$1848103150 |

---

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

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;**Convertible <br> Preferred Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Escrow <br> and Litigation Trusts** |
| Balance as of May 31, 2022 | &nbsp;&nbsp;$5324841 | &nbsp;&nbsp;&nbsp;&nbsp;$29401486 | &nbsp;&nbsp;&nbsp;&nbsp;$1084494 |
| Accrued Discounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Premiums | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;&nbsp;&nbsp;&nbsp;&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 appreciation(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Change in unrealized depreciation(1) | &nbsp;&nbsp;&nbsp;&nbsp;(1204475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(526217) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29173) |
| Net sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Balance as of November 30, 2022 | &nbsp;&nbsp;$4560653 | &nbsp;&nbsp;&nbsp;&nbsp;$29787190 | &nbsp;&nbsp;&nbsp;&nbsp;$1055321 |

---

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2022 includes:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;**Convertible <br> Preferred Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Escrow and Litigation Trusts** |
| &nbsp;&nbsp;$(764189) | &nbsp;&nbsp;&nbsp;&nbsp;$385704 | &nbsp;&nbsp;&nbsp;&nbsp;$(29173) |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

The following is quantitative information about Level 3 fair value measurements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Fair Value at<br> November 30, 2022** | &nbsp;&nbsp;&nbsp;**Valuation <br> Technique(s)** | &nbsp;&nbsp;&nbsp;**Unobservable <br> Input (1)** | &nbsp;&nbsp;**Range (weighted average)#** |
| Common Stocks | &nbsp;&nbsp; $1052441 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Market Transaction Price\* | &nbsp;&nbsp;$150.6500 |
|  | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Market - Last Sale | &nbsp;&nbsp;$0.8560 |
|  |  |  | &nbsp;&nbsp;&nbsp;Discount for Geo-political uncertainty | &nbsp;&nbsp;100% |
|  | &nbsp;&nbsp; $222890 | &nbsp;&nbsp;&nbsp;Market Approach & | &nbsp;&nbsp;&nbsp;Market - Merger/Acquisition Est. Value | &nbsp;&nbsp;$150000000.00 |
|  |  | &nbsp;&nbsp;&nbsp;Cost Approach | &nbsp;&nbsp;&nbsp;Cost - Liquidation Est. Value | &nbsp;&nbsp;$53000000.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;Cost - Sept 2020 Post Money Value | &nbsp;&nbsp;$199700000.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;Discount for Uncertainty | &nbsp;&nbsp;30% |
|  | &nbsp;&nbsp; $510931 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Primary Transaction Price\* | &nbsp;&nbsp;$125.0000 |
|  |  |  | &nbsp;&nbsp;&nbsp;Secondary Transaction Price\* | &nbsp;&nbsp;$118.7500 |
|  |  |  | &nbsp;&nbsp;&nbsp;Gross Merchandise Value Multiple\* | &nbsp;&nbsp;1.33x |
|  |  |  | &nbsp;&nbsp;&nbsp;Discount for Lack of Marketability | &nbsp;&nbsp;10.0% |
|  | &nbsp;&nbsp; $2685288 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Transaction Price\* | &nbsp;&nbsp;$930.0000 |
|  |  |  | &nbsp;&nbsp;&nbsp;Sales Multiple\* | &nbsp;&nbsp;3.95x |
|  |  |  | &nbsp;&nbsp;&nbsp;Discount for Lack of Marketability | &nbsp;&nbsp;10.0% |
|  | &nbsp;&nbsp; $62149 | &nbsp;&nbsp;&nbsp;Income Approach | &nbsp;&nbsp;&nbsp;Estimated Future Cash Distribution\* | &nbsp;&nbsp;$1.15 |
|  | &nbsp;&nbsp; $26953 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Market - Earnout Probability of Additional shares\* | &nbsp;&nbsp;$0.639984-$0.762767 ($0.703218)# |
| Preferred Securities | &nbsp;&nbsp; $2601300 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Contractual Floor of Announced Tender\* | &nbsp;&nbsp;$29.00 |
|  | &nbsp;&nbsp;$14323539 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Market Transaction Price\* | &nbsp;&nbsp;$1.01584 -$99.969($57.3605)# |
|  | &nbsp;&nbsp; $7032452 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Market Transaction Price\* | &nbsp;&nbsp;$57.3069 |
|  |  |  | &nbsp;&nbsp;&nbsp;Future Dividend Payout Adjustment | &nbsp;&nbsp;$1.5731-$4.6731 ($3.3281) |
|  | &nbsp;&nbsp; $1001112 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Primary Transaction Price\* | &nbsp;&nbsp;$125.0000 |
|  |  |  | &nbsp;&nbsp;&nbsp;Secondary Transaction Price\* | &nbsp;&nbsp;$118.7500 |
|  |  |  | &nbsp;&nbsp;&nbsp;Gross Merchandise Value Multiple\* | &nbsp;&nbsp;1.33x |
|  |  |  | &nbsp;&nbsp;&nbsp;Discount for Lack of Marketability | &nbsp;&nbsp;10.0% |
|  | &nbsp;&nbsp; $2771954 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Transaction Price\* | &nbsp;&nbsp;$64.4231 |
|  |  |  | &nbsp;&nbsp;&nbsp;Sales Multiple\* | &nbsp;&nbsp;4.05x |
|  |  |  | &nbsp;&nbsp;&nbsp;Gross Merchandise Volume Multiple\* | &nbsp;&nbsp;0.60x |
|  |  |  | &nbsp;&nbsp;&nbsp;Discount for Lack of Marketability | &nbsp;&nbsp;10.0% |
|  | &nbsp;&nbsp; $1433854 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Market Transaction Price\* | &nbsp;&nbsp;$8.1000 |
|  |  |  | &nbsp;&nbsp;&nbsp;Sales Multiple\* | &nbsp;&nbsp;5.3x |
|  |  |  | &nbsp;&nbsp;&nbsp;Discount for Lack of Marketability | &nbsp;&nbsp;10.0% |
|  | &nbsp;&nbsp; $521723 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Market Transaction Price\* | &nbsp;&nbsp;$3.1600 |
|  |  |  | &nbsp;&nbsp;&nbsp;Gross Profit Multiple\* | &nbsp;&nbsp;6.05x |
|  |  |  | &nbsp;&nbsp;&nbsp;Discount for Lack of Marketability | &nbsp;&nbsp;10.0% |
|  | &nbsp;&nbsp; $101256 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Sales Multiple\* | &nbsp;&nbsp;3.4x |
|  |  |  | &nbsp;&nbsp;&nbsp;Gross Profit Multiple\* | &nbsp;&nbsp;4.5x |
|  |  |  | &nbsp;&nbsp;&nbsp;Discount for Lack of Marketability | &nbsp;&nbsp;10.0% |
| Escrow and Litigation Trusts | &nbsp;&nbsp; $1055320 | &nbsp;&nbsp;&nbsp;Income Approach | &nbsp;&nbsp;&nbsp;Estimated Future Cash Distribution\* | &nbsp;&nbsp;$0.53-$0.9000 ($0.82)# |
| (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. | (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. | (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. | (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. | (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. |
| (2) The average represents the arithmetic average of the inputs and is not weighted by the relative fair value or notional amount. | (2) The average represents the arithmetic average of the inputs and is not weighted by the relative fair value or notional amount. | (2) The average represents the arithmetic average of the inputs and is not weighted by the relative fair value or notional amount. | (2) The average represents the arithmetic average of the inputs and is not weighted by the relative fair value or notional amount. | (2) The average represents the arithmetic average of the inputs and is not weighted by the relative fair value or notional amount. |
| # The average represents the arithmetic average of the inputs and is weighted by the relative fair value or notional amount. | # The average represents the arithmetic average of the inputs and is weighted by the relative fair value or notional amount. | # The average represents the arithmetic average of the inputs and is weighted by the relative fair value or notional amount. | # The average represents the arithmetic average of the inputs and is weighted by the relative fair value or notional amount. | # The average represents the arithmetic average of the inputs and is weighted by the relative fair value or notional amount. |

---

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Software | &nbsp;&nbsp;14.3% |
| Biotechnology | &nbsp;&nbsp;11.0 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;8.1 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;6.2 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Retail - Restaurants | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Medical - Biomedical/Gene | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Human Resources | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;99.2% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.5%** | **COMMON STOCKS — 98.5%** | **COMMON STOCKS — 98.5%** |
| **Aerospace/Defense — 1.2%** | **Aerospace/Defense — 1.2%** | **Aerospace/Defense — 1.2%** |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;106125 | &nbsp;&nbsp;$6362194 |
| **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** |
| &nbsp;&nbsp;&nbsp;Frontier Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;201452 | &nbsp;&nbsp;&nbsp;&nbsp; 2626934 |
| **Audio/Video Products — 0.0%** | **Audio/Video Products — 0.0%** | **Audio/Video Products — 0.0%** |
| &nbsp;&nbsp;&nbsp;Zagg, Inc.†(1) | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 |
| **Auto Parts & Equipment — 0.6%** | **Auto Parts & Equipment — 0.6%** | **Auto Parts & Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;30007 | &nbsp;&nbsp;&nbsp;&nbsp; 3183743 |
| **Banks — 1.9%** | **Banks — 1.9%** | **Banks — 1.9%** |
| &nbsp;&nbsp;&nbsp;Dogwood State Bank (Non-Voting Shares)†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3056 | &nbsp;&nbsp;&nbsp;&nbsp; 55008 |
| &nbsp;&nbsp;&nbsp;Dogwood State Bank (Voting Shares)†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501 | &nbsp;&nbsp;&nbsp;&nbsp; 27018 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;173288 | &nbsp;&nbsp;&nbsp;&nbsp; 6402991 |
| &nbsp;&nbsp;&nbsp;Grasshopper Bancorp, Inc.†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5208 | &nbsp;&nbsp;&nbsp;&nbsp; 20832 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42885 | &nbsp;&nbsp;&nbsp;&nbsp; 3597623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10103472 |
| **Biotechnology — 11.0%** | **Biotechnology — 11.0%** | **Biotechnology — 11.0%** |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;139590 | &nbsp;&nbsp;&nbsp;&nbsp; 2174812 |
| &nbsp;&nbsp;&nbsp;ADC Therapeutics SA#† | &nbsp;&nbsp;&nbsp;&nbsp;169704 | &nbsp;&nbsp;&nbsp;&nbsp; 621117 |
| &nbsp;&nbsp;&nbsp;Allogene Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;154423 | &nbsp;&nbsp;&nbsp;&nbsp; 1522611 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;530010 | &nbsp;&nbsp;&nbsp;&nbsp; 6413121 |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;69276 | &nbsp;&nbsp;&nbsp;&nbsp; 3458951 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;130399 | &nbsp;&nbsp;&nbsp;&nbsp; 4198848 |
| &nbsp;&nbsp;&nbsp;Atara Biotherapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;335420 | &nbsp;&nbsp;&nbsp;&nbsp; 1519453 |
| &nbsp;&nbsp;&nbsp;Blueprint Medicines Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;75418 | &nbsp;&nbsp;&nbsp;&nbsp; 3604226 |
| &nbsp;&nbsp;&nbsp;Cogent Biosciences, Inc. CVR†(1) | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;Fate Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;65942 | &nbsp;&nbsp;&nbsp;&nbsp; 1372912 |
| &nbsp;&nbsp;&nbsp;Flame Biosciences, Inc.†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp; 17442 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;191449 | &nbsp;&nbsp;&nbsp;&nbsp; 10962370 |
| &nbsp;&nbsp;&nbsp;Intra-Cellular Therapies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;76507 | &nbsp;&nbsp;&nbsp;&nbsp; 4148210 |
| &nbsp;&nbsp;&nbsp;Kronos Bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;203656 | &nbsp;&nbsp;&nbsp;&nbsp; 386946 |
| &nbsp;&nbsp;&nbsp;REGENXBIO, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;159059 | &nbsp;&nbsp;&nbsp;&nbsp; 3801510 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;178048 | &nbsp;&nbsp;&nbsp;&nbsp; 3308132 |
| &nbsp;&nbsp;&nbsp;REVOLUTION Medicines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;118400 | &nbsp;&nbsp;&nbsp;&nbsp; 2793056 |
| &nbsp;&nbsp;&nbsp;Sage Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;66184 | &nbsp;&nbsp;&nbsp;&nbsp; 2716191 |
| &nbsp;&nbsp;&nbsp;Sana Biotechnology, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;95281 | &nbsp;&nbsp;&nbsp;&nbsp; 475452 |
| &nbsp;&nbsp;&nbsp;Seer, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;59965 | &nbsp;&nbsp;&nbsp;&nbsp; 387374 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;152084 | &nbsp;&nbsp;&nbsp;&nbsp; 4159497 |
| &nbsp;&nbsp;&nbsp;Verve Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;86943 | &nbsp;&nbsp;&nbsp;&nbsp; 2019686 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;60061917 |
| **Building Materials — 0.9%** | **Building Materials — 0.9%** | **Building Materials — 0.9%** |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51248 | &nbsp;&nbsp;&nbsp;&nbsp; 4768626 |
| **Commercial Services — 0.9%** | **Commercial Services — 0.9%** | **Commercial Services — 0.9%** |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;33187 | &nbsp;&nbsp;&nbsp;&nbsp; 2462476 |
| &nbsp;&nbsp;&nbsp;Remitly Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;234003 | &nbsp;&nbsp;&nbsp;&nbsp; 2447671 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4910147 |
| **Computer Software — 0.0%** | **Computer Software — 0.0%** | **Computer Software — 0.0%** |
| &nbsp;&nbsp;&nbsp;Plex Systems Holdings, Inc. (Escrow Payment)†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134 | &nbsp;&nbsp;&nbsp;&nbsp; 1117 |
| &nbsp;&nbsp;&nbsp;Plex Systems Holdings, Inc. (Hold Back Payment)†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7941 | &nbsp;&nbsp;&nbsp;&nbsp; 7544 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8661 |
| **Computers — 5.0%** | **Computers — 5.0%** | **Computers — 5.0%** |
| &nbsp;&nbsp;&nbsp;CyberArk Software, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;47954 | &nbsp;&nbsp;&nbsp;&nbsp; 7148503 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;35240 | &nbsp;&nbsp;&nbsp;&nbsp; 6596928 |
| &nbsp;&nbsp;&nbsp;Globant SA† | &nbsp;&nbsp;&nbsp;&nbsp;28152 | &nbsp;&nbsp;&nbsp;&nbsp; 5275122 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127602 | &nbsp;&nbsp;&nbsp;&nbsp; 6593195 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17425 | &nbsp;&nbsp;&nbsp;&nbsp; 1572258 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27186006 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** |
| &nbsp;&nbsp;&nbsp;e.l.f. Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20966 | &nbsp;&nbsp;$1152291 |
| **Distribution/Wholesale — 1.3%** | **Distribution/Wholesale — 1.3%** | **Distribution/Wholesale — 1.3%** |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;21577 | &nbsp;&nbsp;&nbsp;&nbsp; 2708561 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;32966 | &nbsp;&nbsp;&nbsp;&nbsp; 4249977 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6958538 |
| **Diversified Financial Services — 2.8%** | **Diversified Financial Services — 2.8%** | **Diversified Financial Services — 2.8%** |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;102903 | &nbsp;&nbsp;&nbsp;&nbsp; 3974114 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;32771 | &nbsp;&nbsp;&nbsp;&nbsp; 3774564 |
| &nbsp;&nbsp;&nbsp;Flywire Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;69361 | &nbsp;&nbsp;&nbsp;&nbsp; 1504440 |
| &nbsp;&nbsp;&nbsp;Focus Financial Partners, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;162630 | &nbsp;&nbsp;&nbsp;&nbsp; 6205961 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15459079 |
| **E-Commerce/Products — 0.0%** | **E-Commerce/Products — 0.0%** | **E-Commerce/Products — 0.0%** |
| &nbsp;&nbsp;&nbsp;Rover Group, Inc.†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8145 | &nbsp;&nbsp;&nbsp;&nbsp; 267 |
| **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12195 | &nbsp;&nbsp;&nbsp;&nbsp; 3006067 |
| **Electronics — 0.4%** | **Electronics — 0.4%** | **Electronics — 0.4%** |
| &nbsp;&nbsp;&nbsp;Coherent Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;56186 | &nbsp;&nbsp;&nbsp;&nbsp; 2060341 |
| **Energy-Alternate Sources — 1.2%** | **Energy-Alternate Sources — 1.2%** | **Energy-Alternate Sources — 1.2%** |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;217303 | &nbsp;&nbsp;&nbsp;&nbsp; 6295268 |
| **Engineering & Construction — 0.6%** | **Engineering & Construction — 0.6%** | **Engineering & Construction — 0.6%** |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;35575 | &nbsp;&nbsp;&nbsp;&nbsp; 3231277 |
| **Entertainment — 1.9%** | **Entertainment — 1.9%** | **Entertainment — 1.9%** |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43392 | &nbsp;&nbsp;&nbsp;&nbsp; 6464540 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;156994 | &nbsp;&nbsp;&nbsp;&nbsp; 3781986 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10246526 |
| **Environmental Control — 2.7%** | **Environmental Control — 2.7%** | **Environmental Control — 2.7%** |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;94956 | &nbsp;&nbsp;&nbsp;&nbsp; 8174762 |
| &nbsp;&nbsp;&nbsp;Evoqua Water Technologies Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;144580 | &nbsp;&nbsp;&nbsp;&nbsp; 6287784 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14462546 |
| **Food — 2.6%** | **Food — 2.6%** | **Food — 2.6%** |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;176961 | &nbsp;&nbsp;&nbsp;&nbsp; 5356609 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.† | &nbsp;&nbsp;&nbsp;&nbsp;141554 | &nbsp;&nbsp;&nbsp;&nbsp; 8631963 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13988572 |
| **Hand/Machine Tools — 1.4%** | **Hand/Machine Tools — 1.4%** | **Hand/Machine Tools — 1.4%** |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54434 | &nbsp;&nbsp;&nbsp;&nbsp; 7675738 |
| **Healthcare-Products — 6.2%** | **Healthcare-Products — 6.2%** | **Healthcare-Products — 6.2%** |
| &nbsp;&nbsp;&nbsp;CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;64828 | &nbsp;&nbsp;&nbsp;&nbsp; 5371000 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;56405 | &nbsp;&nbsp;&nbsp;&nbsp; 6150965 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;108616 | &nbsp;&nbsp;&nbsp;&nbsp; 4466290 |
| &nbsp;&nbsp;&nbsp;Nevro Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;69704 | &nbsp;&nbsp;&nbsp;&nbsp; 3255874 |
| &nbsp;&nbsp;&nbsp;NuVasive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;115761 | &nbsp;&nbsp;&nbsp;&nbsp; 4496157 |
| &nbsp;&nbsp;&nbsp;Rapid Micro Biosystems, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;106424 | &nbsp;&nbsp;&nbsp;&nbsp; 218169 |
| &nbsp;&nbsp;&nbsp;Shockwave Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;39160 | &nbsp;&nbsp;&nbsp;&nbsp; 9930976 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;33889431 |
| **Healthcare-Services — 2.8%** | **Healthcare-Services — 2.8%** | **Healthcare-Services — 2.8%** |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;82270 | &nbsp;&nbsp;&nbsp;&nbsp; 7326966 |
| &nbsp;&nbsp;&nbsp;Accolade, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;241018 | &nbsp;&nbsp;&nbsp;&nbsp; 2128189 |
| &nbsp;&nbsp;&nbsp;Amedisys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;38251 | &nbsp;&nbsp;&nbsp;&nbsp; 3484283 |
| &nbsp;&nbsp;&nbsp;Cano Health, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;786794 | &nbsp;&nbsp;&nbsp;&nbsp; 1494909 |
| &nbsp;&nbsp;&nbsp;Personalis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;217689 | &nbsp;&nbsp;&nbsp;&nbsp; 552930 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14987277 |
| **Home Builders — 0.5%** | **Home Builders — 0.5%** | **Home Builders — 0.5%** |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47490 | &nbsp;&nbsp;&nbsp;&nbsp; 2782439 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Home Furnishings — 0.6%** | **Home Furnishings — 0.6%** | **Home Furnishings — 0.6%** |
| &nbsp;&nbsp;&nbsp;Sonos, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;173791 | &nbsp;&nbsp;$3046556 |
| **Household Products/Wares — 0.6%** | **Household Products/Wares — 0.6%** | **Household Products/Wares — 0.6%** |
| &nbsp;&nbsp;&nbsp;Helen of Troy, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;33760 | &nbsp;&nbsp;&nbsp;&nbsp; 3326710 |
| **Human Resources — 0.0%** | **Human Resources — 0.0%** | **Human Resources — 0.0%** |
| &nbsp;&nbsp;&nbsp;Checkr, Inc.(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5868 | &nbsp;&nbsp;&nbsp;&nbsp; 45184 |
| **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8246 | &nbsp;&nbsp;&nbsp;&nbsp; 2541500 |
| **Internet — 0.4%** | **Internet — 0.4%** | **Internet — 0.4%** |
| &nbsp;&nbsp;&nbsp;Bumble, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;100858 | &nbsp;&nbsp;&nbsp;&nbsp; 2456901 |
| **Leisure Time — 2.1%** | **Leisure Time — 2.1%** | **Leisure Time — 2.1%** |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;333059 | &nbsp;&nbsp;&nbsp;&nbsp; 4273147 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;91263 | &nbsp;&nbsp;&nbsp;&nbsp; 7151369 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11424516 |
| **Lodging — 0.9%** | **Lodging — 0.9%** | **Lodging — 0.9%** |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;77701 | &nbsp;&nbsp;&nbsp;&nbsp; 4765402 |
| **Machinery-Construction & Mining — 0.9%** | **Machinery-Construction & Mining — 0.9%** | **Machinery-Construction & Mining — 0.9%** |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;238117 | &nbsp;&nbsp;&nbsp;&nbsp; 5069511 |
| **Machinery-Diversified — 4.7%** | **Machinery-Diversified — 4.7%** | **Machinery-Diversified — 4.7%** |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85741 | &nbsp;&nbsp;&nbsp;&nbsp; 11359825 |
| &nbsp;&nbsp;&nbsp;Cactus, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;167375 | &nbsp;&nbsp;&nbsp;&nbsp; 9103527 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;36280 | &nbsp;&nbsp;&nbsp;&nbsp; 5187677 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;25651029 |
| **Metal Fabricate/Hardware — 2.8%** | **Metal Fabricate/Hardware — 2.8%** | **Metal Fabricate/Hardware — 2.8%** |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39076 | &nbsp;&nbsp;&nbsp;&nbsp; 3800532 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23044 | &nbsp;&nbsp;&nbsp;&nbsp; 7804081 |
| &nbsp;&nbsp;&nbsp;Xometry, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;86823 | &nbsp;&nbsp;&nbsp;&nbsp; 3666535 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15271148 |
| **Miscellaneous Manufacturing — 2.2%** | **Miscellaneous Manufacturing — 2.2%** | **Miscellaneous Manufacturing — 2.2%** |
| &nbsp;&nbsp;&nbsp;Fabrinet † | &nbsp;&nbsp;&nbsp;&nbsp;15632 | &nbsp;&nbsp;&nbsp;&nbsp; 2085465 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69143 | &nbsp;&nbsp;&nbsp;&nbsp; 5843966 |
| &nbsp;&nbsp;&nbsp;John Bean Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45668 | &nbsp;&nbsp;&nbsp;&nbsp; 4195063 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12124494 |
| **Oil & Gas — 4.3%** | **Oil & Gas — 4.3%** | **Oil & Gas — 4.3%** |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24268 | &nbsp;&nbsp;&nbsp;&nbsp; 3701598 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;172151 | &nbsp;&nbsp;&nbsp;&nbsp; 11423940 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;164591 | &nbsp;&nbsp;&nbsp;&nbsp; 7095518 |
| &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc.<br> Series B†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp; 59181 |
| &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc.<br> Series C†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp; 872919 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23153156 |
| **Pharmaceuticals — 3.1%** | **Pharmaceuticals — 3.1%** | **Pharmaceuticals — 3.1%** |
| &nbsp;&nbsp;&nbsp;Alector, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;146629 | &nbsp;&nbsp;&nbsp;&nbsp; 1244880 |
| &nbsp;&nbsp;&nbsp;Arvinas, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;95626 | &nbsp;&nbsp;&nbsp;&nbsp; 3924491 |
| &nbsp;&nbsp;&nbsp;Clementia Pharmaceuticals, Inc. CVR†(1) | &nbsp;&nbsp;&nbsp;&nbsp;70624 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;Coherus Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;331462 | &nbsp;&nbsp;&nbsp;&nbsp; 2273830 |
| &nbsp;&nbsp;&nbsp;G1 Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;167592 | &nbsp;&nbsp;&nbsp;&nbsp; 998848 |
| &nbsp;&nbsp;&nbsp;Heron Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;537669 | &nbsp;&nbsp;&nbsp;&nbsp; 1457083 |
| &nbsp;&nbsp;&nbsp;PMV Pharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;153969 | &nbsp;&nbsp;&nbsp;&nbsp; 1536611 |
| &nbsp;&nbsp;&nbsp;Revance Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;243076 | &nbsp;&nbsp;&nbsp;&nbsp; 5277180 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16712923 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REITS — 1.9%** | **REITS — 1.9%** | **REITS — 1.9%** |
| &nbsp;&nbsp;&nbsp;CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;88132 | &nbsp;&nbsp;$3647784 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;112191 | &nbsp;&nbsp;&nbsp;&nbsp; 6578880 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10226664 |
| **Retail — 8.1%** | **Retail — 8.1%** | **Retail — 8.1%** |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;22622 | &nbsp;&nbsp;&nbsp;&nbsp; 4426673 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;40308 | &nbsp;&nbsp;&nbsp;&nbsp; 3008186 |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;71798 | &nbsp;&nbsp;&nbsp;&nbsp; 4811902 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15762 | &nbsp;&nbsp;&nbsp;&nbsp; 3772004 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;199762 | &nbsp;&nbsp;&nbsp;&nbsp; 8082371 |
| &nbsp;&nbsp;&nbsp;Papa John's International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42197 | &nbsp;&nbsp;&nbsp;&nbsp; 3513322 |
| &nbsp;&nbsp;&nbsp;Petco Health & Wellness Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;287659 | &nbsp;&nbsp;&nbsp;&nbsp; 3175755 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;102172 | &nbsp;&nbsp;&nbsp;&nbsp; 5264923 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81875 | &nbsp;&nbsp;&nbsp;&nbsp; 8131825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;44186961 |
| **Semiconductors — 2.1%** | **Semiconductors — 2.1%** | **Semiconductors — 2.1%** |
| &nbsp;&nbsp;&nbsp;MKS Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50163 | &nbsp;&nbsp;&nbsp;&nbsp; 4206669 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39821 | &nbsp;&nbsp;&nbsp;&nbsp; 3204794 |
| &nbsp;&nbsp;&nbsp;Wolfspeed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;44667 | &nbsp;&nbsp;&nbsp;&nbsp; 4061124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11472587 |
| **Software — 14.3%** | **Software — 14.3%** | **Software — 14.3%** |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;325284 | &nbsp;&nbsp;&nbsp;&nbsp; 2875510 |
| &nbsp;&nbsp;&nbsp;Blackline, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;81227 | &nbsp;&nbsp;&nbsp;&nbsp; 5498256 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;119772 | &nbsp;&nbsp;&nbsp;&nbsp; 3722514 |
| &nbsp;&nbsp;&nbsp;Confluent, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;144404 | &nbsp;&nbsp;&nbsp;&nbsp; 3325624 |
| &nbsp;&nbsp;&nbsp;Coupa Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;27024 | &nbsp;&nbsp;&nbsp;&nbsp; 1708998 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;81859 | &nbsp;&nbsp;&nbsp;&nbsp; 2441854 |
| &nbsp;&nbsp;&nbsp;Elastic NV† | &nbsp;&nbsp;&nbsp;&nbsp;64329 | &nbsp;&nbsp;&nbsp;&nbsp; 3936291 |
| &nbsp;&nbsp;&nbsp;Envestnet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;100201 | &nbsp;&nbsp;&nbsp;&nbsp; 5913863 |
| &nbsp;&nbsp;&nbsp;Everbridge, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;73728 | &nbsp;&nbsp;&nbsp;&nbsp; 2406482 |
| &nbsp;&nbsp;&nbsp;Evolent Health, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;244191 | &nbsp;&nbsp;&nbsp;&nbsp; 7030259 |
| &nbsp;&nbsp;&nbsp;Five9, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;54548 | &nbsp;&nbsp;&nbsp;&nbsp; 3497072 |
| &nbsp;&nbsp;&nbsp;Global-e Online, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;93875 | &nbsp;&nbsp;&nbsp;&nbsp; 2024884 |
| &nbsp;&nbsp;&nbsp;HashiCorp, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;186312 | &nbsp;&nbsp;&nbsp;&nbsp; 5086317 |
| &nbsp;&nbsp;&nbsp;JFrog, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;112202 | &nbsp;&nbsp;&nbsp;&nbsp; 2466200 |
| &nbsp;&nbsp;&nbsp;New Relic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;83851 | &nbsp;&nbsp;&nbsp;&nbsp; 4718296 |
| &nbsp;&nbsp;&nbsp;Outset Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;218145 | &nbsp;&nbsp;&nbsp;&nbsp; 4598497 |
| &nbsp;&nbsp;&nbsp;Paycor HCM, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;146926 | &nbsp;&nbsp;&nbsp;&nbsp; 4249100 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;190130 | &nbsp;&nbsp;&nbsp;&nbsp; 2756885 |
| &nbsp;&nbsp;&nbsp;ServiceTitan, Inc.†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp; 13162 |
| &nbsp;&nbsp;&nbsp;Smartsheet, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;130118 | &nbsp;&nbsp;&nbsp;&nbsp; 3999827 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;34603 | &nbsp;&nbsp;&nbsp;&nbsp; 2051958 |
| &nbsp;&nbsp;&nbsp;Vertex, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;210874 | &nbsp;&nbsp;&nbsp;&nbsp; 3622815 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;77944664 |
| **Telecommunications — 0.7%** | **Telecommunications — 0.7%** | **Telecommunications — 0.7%** |
| &nbsp;&nbsp;&nbsp;Ciena Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;87389 | &nbsp;&nbsp;&nbsp;&nbsp; 3929009 |
| &nbsp;&nbsp;&nbsp;NII Holdings, Inc.†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3929009 |
| **Transportation — 1.2%** | **Transportation — 1.2%** | **Transportation — 1.2%** |
| &nbsp;&nbsp;&nbsp;Saia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;26404 | &nbsp;&nbsp;&nbsp;&nbsp; 6431750 |
| **Total Common Stocks<br> (cost $660,626,929)** |  | &nbsp;&nbsp;&nbsp;&nbsp;535194022 |
| **CONVERTIBLE PREFERRED STOCKS — 0.4%** | **CONVERTIBLE PREFERRED STOCKS — 0.4%** | **CONVERTIBLE PREFERRED STOCKS — 0.4%** |
| **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
| &nbsp;&nbsp;&nbsp;Farmer's Business Network, Inc.<br> Series C†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8287 | &nbsp;&nbsp;&nbsp;&nbsp; 515102 |
| **E-Commerce/Services — 0.0%** | **E-Commerce/Services — 0.0%** | **E-Commerce/Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;Flexe, Inc.<br> Series C†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4643 | &nbsp;&nbsp;&nbsp;&nbsp; 94692 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CONVERTIBLE PREFERRED STOCKS (continued)** | **CONVERTIBLE PREFERRED STOCKS (continued)** | **CONVERTIBLE PREFERRED STOCKS (continued)** |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Sila Nanotechnologies, Inc.<br> Series F†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2608 | &nbsp;&nbsp;$81291 |
| **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;Caris Life Sciences, Inc.<br> Series C†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;17921 | &nbsp;&nbsp;&nbsp;&nbsp; 117920 |
| **Human Resources — 0.1%** | **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; 69254 |
| &nbsp;&nbsp;&nbsp;Checkr, Inc.<br> Series D†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;12252 | &nbsp;&nbsp;&nbsp;&nbsp; 94340 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163594 |
| **Industrial Automation/Robotics — 0.0%** | **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; 86528 |
| **Medical - Biomedical/Gene — 0.1%** | **Medical - Biomedical/Gene — 0.1%** | **Medical - Biomedical/Gene — 0.1%** |
| &nbsp;&nbsp;&nbsp;National Resilience, Inc.<br> Series B†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5496 | &nbsp;&nbsp;&nbsp;&nbsp; 333772 |
| **Medical Information Systems — 0.0%** | **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; 59775 |
| **Retail - Restaurants — 0.1%** | **Retail - Restaurants — 0.1%** | **Retail - Restaurants — 0.1%** |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc.<br> Series E†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6606 | &nbsp;&nbsp;&nbsp;&nbsp; 386187 |
| **Retirement/Aged Care — 0.0%** | **Retirement/Aged Care — 0.0%** | **Retirement/Aged Care — 0.0%** |
| &nbsp;&nbsp;&nbsp;Honor Tech, Inc.<br> Series D†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;43123 | &nbsp;&nbsp;&nbsp;&nbsp; 124626 |
| **Seismic Data Collection — 0.0%** | **Seismic Data Collection — 0.0%** | **Seismic Data Collection — 0.0%** |
| &nbsp;&nbsp;&nbsp;Seismic Software, Inc.<br> Series E†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;11680 | &nbsp;&nbsp;&nbsp;&nbsp; 120888 |
| &nbsp;&nbsp;&nbsp;Seismic Software, Inc.<br> Series F†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 9056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129944 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| &nbsp;&nbsp;&nbsp;ServiceTitan, Inc.<br> Series A1†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp; 276 |
| &nbsp;&nbsp;&nbsp;ServiceTitan, Inc.<br> Series D†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942 | &nbsp;&nbsp;&nbsp;&nbsp; 133823 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134099 |
| **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
| &nbsp;&nbsp;&nbsp;Convoy, Inc.<br> Series C†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;12094 | &nbsp;&nbsp;&nbsp;&nbsp; 62647 |
| &nbsp;&nbsp;&nbsp;Convoy, Inc.<br> Series D†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7659 | &nbsp;&nbsp;&nbsp;&nbsp; 39674 |
| &nbsp;&nbsp;&nbsp;Haul Hub, Inc.†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168 | &nbsp;&nbsp;&nbsp;&nbsp; 40910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143231 |
| **Total Convertible Preferred Stocks<br> (cost $1,354,506)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370761 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **WARRANTS — 0.0%** | **WARRANTS — 0.0%** |  |
| **Banks — 0.0%** | **Banks — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Dogwood State Bank<br> Expires 10/12/2028†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 | &nbsp;&nbsp;$3680 |
| &nbsp;&nbsp;&nbsp;Grasshopper Bancorp, Inc.<br> Expires 05/24/2024†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009 | &nbsp;&nbsp;&nbsp;&nbsp; 726 |
| **Total Warrants<br> (cost $0)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4406 |
| **Total Long-Term Investment Securities<br> (cost $661,981,435)** |  | &nbsp;&nbsp;&nbsp;&nbsp;537569189 |
| **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> 3.86%(3)(4)<br> (cost $1,936,461) | 1936461 | &nbsp;&nbsp;&nbsp;&nbsp; 1936461 |
| **TOTAL INVESTMENTS<br> (cost $663,917,896)(5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.2% | &nbsp;&nbsp;&nbsp;&nbsp;539505650 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4078587 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$543584237 |

---

---

| | |
|:---|:---|
| † | &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, 2022, the Fund held the following restricted securities: |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition <br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition <br> Cost** | **Value** | **Value <br> Per Share** | **% of<br> Net Assets** |
| **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** |
| Checkr, Inc. |  |  |  |  |  |  |
|  | 06/29/2018 | &nbsp;&nbsp;2100 | &nbsp;&nbsp;$8603 |  |  |  |
|  | 12/02/2019 | &nbsp;&nbsp;3768 | &nbsp;&nbsp;36085 |  |  |  |
|  |  | &nbsp;&nbsp;5868 | &nbsp;&nbsp;44688 | &nbsp;&nbsp;&nbsp;&nbsp;$45184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.70 | 0.01% |
| Dogwood State Bank (Non-Voting Shares) | 05/06/2019 | &nbsp;&nbsp;3056 | &nbsp;&nbsp;30560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.00 | 0.01 |
| Dogwood State Bank (Voting Shares) | 05/06/2019 | &nbsp;&nbsp;1501 | &nbsp;&nbsp;15010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.00 | 0.01 |
| Flame Biosciences, Inc. | 09/28/2020 | &nbsp;&nbsp;3800 | &nbsp;&nbsp;24890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59 | 0.00 |
| Grasshopper Bancorp, Inc. |  |  |  |  |  |  |
|  | 10/12/2018 | &nbsp;&nbsp;1009 | &nbsp;&nbsp;10090 |  |  |  |
|  | 05/02/2019 | &nbsp;&nbsp;4199 | &nbsp;&nbsp;41990 |  |  |  |
|  |  | &nbsp;&nbsp;5208 | &nbsp;&nbsp;52080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00 | 0.00 |
| ServiceTitan, Inc. | 11/09/2018 | &nbsp;&nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp;5022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.91 | 0.00 |
| Venture Global LNG, Inc.<br> Series B | 03/08/2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;12080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59181 | &nbsp;&nbsp;14795.24 | 0.01 |
| Venture Global LNG, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series C | 05/25/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;99904 |  |  |  |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** |
| &nbsp;&nbsp;&nbsp;Series C | 10/16/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | $101817 |  |  |  |
| &nbsp;&nbsp;&nbsp;Series C | 03/08/2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;12080 |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;213801 | &nbsp;&nbsp;&nbsp;$872919 | $14795.24 | 0.16% |
| **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** |
| Caris Life Sciences, Inc.<br> Series C | 08/14/2020 | 17921 | &nbsp;&nbsp;49462 | &nbsp;&nbsp;&nbsp;&nbsp;117920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.58 | 0.02 |
| Cava Group, Inc.<br> Series E | 06/23/2020 | &nbsp;&nbsp;6606 | 149692 | &nbsp;&nbsp;&nbsp;&nbsp;386187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.46 | 0.07 |
| Checkr, Inc.<br> Series C | 04/10/2018 | &nbsp;&nbsp;8994 | &nbsp;&nbsp;40926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.70 | 0.01 |
| Checkr, Inc.<br> Series D | 09/06/2019 | 12252 | 123527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.70 | 0.02 |
| Convoy, Inc.<br> Series C | 09/14/2018 | 12094 | &nbsp;&nbsp;85875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | 0.01 |
| Convoy, Inc.<br> Series D | 10/30/2019 | &nbsp;&nbsp;7659 | 103703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | 0.01 |
| Farmer's Business Network, Inc.<br> Series C | 11/03/2017 | &nbsp;&nbsp;8287 | 153012 | &nbsp;&nbsp;&nbsp;&nbsp;515102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.16 | 0.10 |
| Flexe, Inc.<br> Series C | 11/18/2020 | &nbsp;&nbsp;4643 | &nbsp;&nbsp;56492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.39 | 0.02 |
| Haul Hub, Inc. | 02/14/2020 | &nbsp;&nbsp;2168 | &nbsp;&nbsp;31609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.87 | 0.01 |
| Honor Tech, Inc.<br> Series D | 10/16/2020 | 43123 | 103844 | &nbsp;&nbsp;&nbsp;&nbsp;124626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89 | 0.02 |
| Kardium, Inc.<br> Series D | 01/08/2021 | 58843 | &nbsp;&nbsp;59775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | 0.01 |
| National Resilience, Inc.<br> Series B | 10/23/2020 | &nbsp;&nbsp;5496 | &nbsp;&nbsp;75075 | &nbsp;&nbsp;&nbsp;&nbsp;333772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.73 | 0.06 |
| Nuro, Inc.<br> Series C | 10/30/2020 | &nbsp;&nbsp;6234 | &nbsp;&nbsp;81382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.88 | 0.02 |
| Seismic Software, Inc.<br> Series E | 12/13/2018 | 11680 | &nbsp;&nbsp;73632 | &nbsp;&nbsp;&nbsp;&nbsp;120888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.35 | 0.02 |
| Seismic Software, Inc.<br> Series F | 09/25/2020 | &nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;7692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.35 | 0.00 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>** |
| ServiceTitan, Inc.<br> Series A1 | 11/09/2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;$105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$276 | &nbsp;&nbsp;&nbsp;&nbsp;$68.91 | 0.00% |
| ServiceTitan, Inc.<br> Series D | 11/09/2018 | &nbsp;&nbsp;1942 | &nbsp;&nbsp;51064 | &nbsp;&nbsp;&nbsp;&nbsp;133823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.91 | 0.02 |
| Sila Nanotechnologies, Inc.<br> Series F | 01/07/2021 | &nbsp;&nbsp;2608 | 107639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.17 | 0.02 |
| **<u>Warrants</u>** | **<u>Warrants</u>** | **<u>Warrants</u>** | **<u>Warrants</u>** | **<u>Warrants</u>** | **<u>Warrants</u>** | **<u>Warrants</u>** |
| Dogwood State Bank<br> Expires 10/12/2028 | 05/06/2019 | &nbsp;&nbsp;&nbsp;&nbsp;456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.07 | 0.00 |
| Grasshopper Bancorp, Inc.<br> Expires 05/24/2024 | 10/12/2018 | &nbsp;&nbsp;1009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | 0.00 |
|  |  |  |  | $3485913 |  | 0.64% |

---

(3) The
rate shown is the 7-day yield as of November 30, 2022.

(4) At
 November 30, 2022, the Fund had loaned securities with a total value of $6,386,727. This was secured by collateral of $1,936,461, which was received in cash and subsequently invested in short-term investments currently valued at $1,936,461 as
reported in the Portfolio of Investments. Additional collateral of $4,452,262 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, 2022** |
| United States Treasury Bills | 0.00% | 12/15/2022 to 02/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;$46756 |
| United States Treasury Notes/Bonds | 0.13% to 6.62% | 12/31/2022 to 05/15/2052 | &nbsp;&nbsp;&nbsp;4405506 |

---

(5) See
 Note 5 for cost of investments on a tax basis.

CVR—Contingent Value Rights

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2022 (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;Audio/Video Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6000 |
| &nbsp;&nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;10000614 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102858 | &nbsp;&nbsp;&nbsp;&nbsp;10103472 |
| &nbsp;&nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;60044475 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17442 | &nbsp;&nbsp;&nbsp;&nbsp;60061917 |
| &nbsp;&nbsp;&nbsp;Computer 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;8661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8661 |
| &nbsp;&nbsp;&nbsp;E-Commerce/Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 |
| &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;45184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45184 |
| &nbsp;&nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;22221056 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932100 | &nbsp;&nbsp;&nbsp;&nbsp;23153156 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;16712923 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;16712923 |
| &nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;77931502 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13162 | &nbsp;&nbsp;&nbsp;&nbsp;77944664 |
| &nbsp;&nbsp;&nbsp;Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3929009 | &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;3929009 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;343228769 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;343228769 |
| 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;2370761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370761 |
| 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;4406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4406 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936461 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936461 |
| **Total Investments at Value** | &nbsp;&nbsp;$536004809 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3500841 | &nbsp;&nbsp;$539505650 |

---

\* 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**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;9.5% |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;6.8 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;6.6 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Savings & Loans | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Coal | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Trucking & Leasing | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Textiles | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Office Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Office/Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |

---

---

| | |
|:---|:---|
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.1% |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;102.7% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 97.4%** | **COMMON STOCKS — 97.4%** | **COMMON STOCKS — 97.4%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| &nbsp;&nbsp;&nbsp;AdTheorent Holding Co, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13068 | &nbsp;&nbsp;$25221 |
| &nbsp;&nbsp;&nbsp;Advantage Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29671 | &nbsp;&nbsp;&nbsp;&nbsp; 73584 |
| &nbsp;&nbsp;&nbsp;Boston Omaha Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7871 | &nbsp;&nbsp;&nbsp;&nbsp; 225504 |
| &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;132612 | &nbsp;&nbsp;&nbsp;&nbsp; 149852 |
| &nbsp;&nbsp;&nbsp;Entravision Communications Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21358 | &nbsp;&nbsp;&nbsp;&nbsp; 118751 |
| &nbsp;&nbsp;&nbsp;Quotient Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32577 | &nbsp;&nbsp;&nbsp;&nbsp; 96102 |
| &nbsp;&nbsp;&nbsp;Stagwell, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28083 | &nbsp;&nbsp;&nbsp;&nbsp; 209499 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898513 |
| **Aerospace/Defense — 0.8%** | **Aerospace/Defense — 0.8%** | **Aerospace/Defense — 0.8%** |
| &nbsp;&nbsp;&nbsp;AAR Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12160 | &nbsp;&nbsp;&nbsp;&nbsp; 566170 |
| &nbsp;&nbsp;&nbsp;Aerojet Rocketdyne Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28542 | &nbsp;&nbsp;&nbsp;&nbsp; 1484184 |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8869 | &nbsp;&nbsp;&nbsp;&nbsp; 815859 |
| &nbsp;&nbsp;&nbsp;AerSale Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5711 | &nbsp;&nbsp;&nbsp;&nbsp; 90519 |
| &nbsp;&nbsp;&nbsp;AEye, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9498 | &nbsp;&nbsp;&nbsp;&nbsp; 8453 |
| &nbsp;&nbsp;&nbsp;Archer Aviation, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51160 | &nbsp;&nbsp;&nbsp;&nbsp; 128412 |
| &nbsp;&nbsp;&nbsp;Astra Space, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54699 | &nbsp;&nbsp;&nbsp;&nbsp; 27027 |
| &nbsp;&nbsp;&nbsp;Astronics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9092 | &nbsp;&nbsp;&nbsp;&nbsp; 76373 |
| &nbsp;&nbsp;&nbsp;Barnes Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17606 | &nbsp;&nbsp;&nbsp;&nbsp; 749840 |
| &nbsp;&nbsp;&nbsp;Ducommun, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3979 | &nbsp;&nbsp;&nbsp;&nbsp; 200183 |
| &nbsp;&nbsp;&nbsp;Joby Aviation, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90310 | &nbsp;&nbsp;&nbsp;&nbsp; 372077 |
| &nbsp;&nbsp;&nbsp;Kaman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10077 | &nbsp;&nbsp;&nbsp;&nbsp; 205268 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44438 | &nbsp;&nbsp;&nbsp;&nbsp; 423050 |
| &nbsp;&nbsp;&nbsp;Momentus, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19963 | &nbsp;&nbsp;&nbsp;&nbsp; 21560 |
| &nbsp;&nbsp;&nbsp;Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10295 | &nbsp;&nbsp;&nbsp;&nbsp; 895974 |
| &nbsp;&nbsp;&nbsp;National Presto Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843 | &nbsp;&nbsp;&nbsp;&nbsp; 127388 |
| &nbsp;&nbsp;&nbsp;Redwire Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6957 | &nbsp;&nbsp;&nbsp;&nbsp; 14749 |
| &nbsp;&nbsp;&nbsp;Rocket Lab USA, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77541 | &nbsp;&nbsp;&nbsp;&nbsp; 324897 |
| &nbsp;&nbsp;&nbsp;Triumph Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23033 | &nbsp;&nbsp;&nbsp;&nbsp; 263728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6795711 |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
| &nbsp;&nbsp;&nbsp;22nd Century Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58203 | &nbsp;&nbsp;&nbsp;&nbsp; 68679 |
| &nbsp;&nbsp;&nbsp;Alico, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254 | &nbsp;&nbsp;&nbsp;&nbsp; 69716 |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11519 | &nbsp;&nbsp;&nbsp;&nbsp; 443481 |
| &nbsp;&nbsp;&nbsp;AppHarvest, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26721 | &nbsp;&nbsp;&nbsp;&nbsp; 24097 |
| &nbsp;&nbsp;&nbsp;Benson Hill, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61560 | &nbsp;&nbsp;&nbsp;&nbsp; 191452 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10973 | &nbsp;&nbsp;&nbsp;&nbsp; 303733 |
| &nbsp;&nbsp;&nbsp;Local Bounti Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15444 | &nbsp;&nbsp;&nbsp;&nbsp; 32432 |
| &nbsp;&nbsp;&nbsp;Tejon Ranch Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7473 | &nbsp;&nbsp;&nbsp;&nbsp; 146471 |
| &nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5405 | &nbsp;&nbsp;&nbsp;&nbsp; 119018 |
| &nbsp;&nbsp;&nbsp;Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8690 | &nbsp;&nbsp;&nbsp;&nbsp; 494548 |
| &nbsp;&nbsp;&nbsp;Vector Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51697 | &nbsp;&nbsp;&nbsp;&nbsp; 573837 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10740 | &nbsp;&nbsp;&nbsp;&nbsp; 153260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620724 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5574 | &nbsp;&nbsp;&nbsp;&nbsp; 460468 |
| &nbsp;&nbsp;&nbsp;Frontier Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13415 | &nbsp;&nbsp;&nbsp;&nbsp; 174932 |
| &nbsp;&nbsp;&nbsp;Hawaiian Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18208 | &nbsp;&nbsp;&nbsp;&nbsp; 253091 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17948 | &nbsp;&nbsp;&nbsp;&nbsp; 331141 |
| &nbsp;&nbsp;&nbsp;Spirit Airlines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39205 | &nbsp;&nbsp;&nbsp;&nbsp; 851140 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11909 | &nbsp;&nbsp;&nbsp;&nbsp; 240562 |
| &nbsp;&nbsp;&nbsp;Wheels Up Experience, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57232 | &nbsp;&nbsp;&nbsp;&nbsp; 73257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384591 |
| **Apparel — 0.7%** | **Apparel — 0.7%** | **Apparel — 0.7%** |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21819 | &nbsp;&nbsp;&nbsp;&nbsp; 2203719 |
| &nbsp;&nbsp;&nbsp;Ermenegildo Zegna NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17007 | &nbsp;&nbsp;&nbsp;&nbsp; 186907 |
| &nbsp;&nbsp;&nbsp;Fossil Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16960 | &nbsp;&nbsp;&nbsp;&nbsp; 80899 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19978 | &nbsp;&nbsp;&nbsp;&nbsp; 868044 |
| &nbsp;&nbsp;&nbsp;Oxford Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5437 | &nbsp;&nbsp;&nbsp;&nbsp; 613620 |
| &nbsp;&nbsp;&nbsp;PLBY Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11186 | &nbsp;&nbsp;&nbsp;&nbsp; 40494 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Apparel (continued)** | **Apparel (continued)** | **Apparel (continued)** |
| &nbsp;&nbsp;&nbsp;Rocky Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476 | &nbsp;&nbsp;$70021 |
| &nbsp;&nbsp;&nbsp;Steven Madden, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28074 | &nbsp;&nbsp;&nbsp;&nbsp; 969676 |
| &nbsp;&nbsp;&nbsp;Superior Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4201 | &nbsp;&nbsp;&nbsp;&nbsp; 42010 |
| &nbsp;&nbsp;&nbsp;Torrid Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5252 | &nbsp;&nbsp;&nbsp;&nbsp; 21323 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22965 | &nbsp;&nbsp;&nbsp;&nbsp; 664607 |
| &nbsp;&nbsp;&nbsp;Weyco Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122 | &nbsp;&nbsp;&nbsp;&nbsp; 54323 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27836 | &nbsp;&nbsp;&nbsp;&nbsp; 311763 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6127406 |
| **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** |
| &nbsp;&nbsp;&nbsp;Blue Bird Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6281 | &nbsp;&nbsp;&nbsp;&nbsp; 74179 |
| &nbsp;&nbsp;&nbsp;Canoo, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50842 | &nbsp;&nbsp;&nbsp;&nbsp; 68128 |
| &nbsp;&nbsp;&nbsp;Cenntro Electric Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66183 | &nbsp;&nbsp;&nbsp;&nbsp; 41298 |
| &nbsp;&nbsp;&nbsp;Fisker, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58453 | &nbsp;&nbsp;&nbsp;&nbsp; 452426 |
| &nbsp;&nbsp;&nbsp;Hyliion Holdings Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47715 | &nbsp;&nbsp;&nbsp;&nbsp; 144099 |
| &nbsp;&nbsp;&nbsp;Hyzon Motors, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31569 | &nbsp;&nbsp;&nbsp;&nbsp; 51142 |
| &nbsp;&nbsp;&nbsp;Lightning eMotors, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14076 | &nbsp;&nbsp;&nbsp;&nbsp; 9598 |
| &nbsp;&nbsp;&nbsp;Lordstown Motors Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60150 | &nbsp;&nbsp;&nbsp;&nbsp; 99849 |
| &nbsp;&nbsp;&nbsp;Mullen Automotive, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;118821 | &nbsp;&nbsp;&nbsp;&nbsp; 22826 |
| &nbsp;&nbsp;&nbsp;Nikola Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;115909 | &nbsp;&nbsp;&nbsp;&nbsp; 303682 |
| &nbsp;&nbsp;&nbsp;Proterra, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79503 | &nbsp;&nbsp;&nbsp;&nbsp; 440447 |
| &nbsp;&nbsp;&nbsp;REV Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12133 | &nbsp;&nbsp;&nbsp;&nbsp; 168527 |
| &nbsp;&nbsp;&nbsp;TuSimple Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50312 | &nbsp;&nbsp;&nbsp;&nbsp; 113202 |
| &nbsp;&nbsp;&nbsp;Wabash National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17487 | &nbsp;&nbsp;&nbsp;&nbsp; 438399 |
| &nbsp;&nbsp;&nbsp;Workhorse Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54876 | &nbsp;&nbsp;&nbsp;&nbsp; 126215 |
| &nbsp;&nbsp;&nbsp;Xos, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20020 | &nbsp;&nbsp;&nbsp;&nbsp; 12813 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566830 |
| **Auto Parts & Equipment — 1.4%** | **Auto Parts & Equipment — 1.4%** | **Auto Parts & Equipment — 1.4%** |
| &nbsp;&nbsp;&nbsp;Adient PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34138 | &nbsp;&nbsp;&nbsp;&nbsp; 1329334 |
| &nbsp;&nbsp;&nbsp;Aeva Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34836 | &nbsp;&nbsp;&nbsp;&nbsp; 58524 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40640 | &nbsp;&nbsp;&nbsp;&nbsp; 423062 |
| &nbsp;&nbsp;&nbsp;Cepton, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16977 | &nbsp;&nbsp;&nbsp;&nbsp; 23089 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46424 | &nbsp;&nbsp;&nbsp;&nbsp; 817527 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9476 | &nbsp;&nbsp;&nbsp;&nbsp; 849429 |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8086 | &nbsp;&nbsp;&nbsp;&nbsp; 314707 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15254 | &nbsp;&nbsp;&nbsp;&nbsp; 1618449 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11912 | &nbsp;&nbsp;&nbsp;&nbsp; 852780 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.† | &nbsp;&nbsp;&nbsp;&nbsp;100905 | &nbsp;&nbsp;&nbsp;&nbsp; 1132154 |
| &nbsp;&nbsp;&nbsp;Holley, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18489 | &nbsp;&nbsp;&nbsp;&nbsp; 50660 |
| &nbsp;&nbsp;&nbsp;indie Semiconductor, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36686 | &nbsp;&nbsp;&nbsp;&nbsp; 301192 |
| &nbsp;&nbsp;&nbsp;Luminar Technologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88657 | &nbsp;&nbsp;&nbsp;&nbsp; 679113 |
| &nbsp;&nbsp;&nbsp;Methode Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13037 | &nbsp;&nbsp;&nbsp;&nbsp; 595530 |
| &nbsp;&nbsp;&nbsp;Microvast Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60241 | &nbsp;&nbsp;&nbsp;&nbsp; 131928 |
| &nbsp;&nbsp;&nbsp;Miller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3985 | &nbsp;&nbsp;&nbsp;&nbsp; 109946 |
| &nbsp;&nbsp;&nbsp;Motorcar Parts of America, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6717 | &nbsp;&nbsp;&nbsp;&nbsp; 75700 |
| &nbsp;&nbsp;&nbsp;Shyft Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12415 | &nbsp;&nbsp;&nbsp;&nbsp; 304540 |
| &nbsp;&nbsp;&nbsp;Solid Power, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47118 | &nbsp;&nbsp;&nbsp;&nbsp; 172923 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7252 | &nbsp;&nbsp;&nbsp;&nbsp; 278549 |
| &nbsp;&nbsp;&nbsp;Titan International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18399 | &nbsp;&nbsp;&nbsp;&nbsp; 263658 |
| &nbsp;&nbsp;&nbsp;Velodyne Lidar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69428 | &nbsp;&nbsp;&nbsp;&nbsp; 68352 |
| &nbsp;&nbsp;&nbsp;Visteon Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10004 | &nbsp;&nbsp;&nbsp;&nbsp; 1468587 |
| &nbsp;&nbsp;&nbsp;XPEL, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7743 | &nbsp;&nbsp;&nbsp;&nbsp; 530783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12450516 |
| **Banks — 9.5%** | **Banks — 9.5%** | **Banks — 9.5%** |
| &nbsp;&nbsp;&nbsp;1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5798 | &nbsp;&nbsp;&nbsp;&nbsp; 331066 |
| &nbsp;&nbsp;&nbsp;ACNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975 | &nbsp;&nbsp;&nbsp;&nbsp; 116918 |
| &nbsp;&nbsp;&nbsp;Alerus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5450 | &nbsp;&nbsp;&nbsp;&nbsp; 128947 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4993 | &nbsp;&nbsp;&nbsp;&nbsp; 133163 |
| &nbsp;&nbsp;&nbsp;American National Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3731 | &nbsp;&nbsp;&nbsp;&nbsp; 143905 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23799 | &nbsp;&nbsp;&nbsp;&nbsp; 1258491 |
| &nbsp;&nbsp;&nbsp;Arrow Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5243 | &nbsp;&nbsp;&nbsp;&nbsp; 184396 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53661 | &nbsp;&nbsp;&nbsp;&nbsp; 1320061 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26932 | &nbsp;&nbsp;$960664 |
| &nbsp;&nbsp;&nbsp;BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7069 | &nbsp;&nbsp;&nbsp;&nbsp; 720614 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19830 | &nbsp;&nbsp;&nbsp;&nbsp; 594305 |
| &nbsp;&nbsp;&nbsp;Bank First Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294 | &nbsp;&nbsp;&nbsp;&nbsp; 217999 |
| &nbsp;&nbsp;&nbsp;Bank of Marin Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5633 | &nbsp;&nbsp;&nbsp;&nbsp; 202168 |
| &nbsp;&nbsp;&nbsp;Bank of N.T. Butterfield & Son, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17877 | &nbsp;&nbsp;&nbsp;&nbsp; 622120 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27994 | &nbsp;&nbsp;&nbsp;&nbsp; 1027940 |
| &nbsp;&nbsp;&nbsp;Bankwell Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026 | &nbsp;&nbsp;&nbsp;&nbsp; 59949 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12293 | &nbsp;&nbsp;&nbsp;&nbsp; 868132 |
| &nbsp;&nbsp;&nbsp;Bar Harbor Bankshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5313 | &nbsp;&nbsp;&nbsp;&nbsp; 160825 |
| &nbsp;&nbsp;&nbsp;BayCom Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4572 | &nbsp;&nbsp;&nbsp;&nbsp; 86685 |
| &nbsp;&nbsp;&nbsp;BCB Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5167 | &nbsp;&nbsp;&nbsp;&nbsp; 97398 |
| &nbsp;&nbsp;&nbsp;Blue Foundry Bancorp#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9427 | &nbsp;&nbsp;&nbsp;&nbsp; 123211 |
| &nbsp;&nbsp;&nbsp;Blue Ridge Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6120 | &nbsp;&nbsp;&nbsp;&nbsp; 79744 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7315 | &nbsp;&nbsp;&nbsp;&nbsp; 140960 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7612 | &nbsp;&nbsp;&nbsp;&nbsp; 179034 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8839 | &nbsp;&nbsp;&nbsp;&nbsp; 201441 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65226 | &nbsp;&nbsp;&nbsp;&nbsp; 1881118 |
| &nbsp;&nbsp;&nbsp;Cambridge Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2457 | &nbsp;&nbsp;&nbsp;&nbsp; 218452 |
| &nbsp;&nbsp;&nbsp;Camden National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5173 | &nbsp;&nbsp;&nbsp;&nbsp; 226474 |
| &nbsp;&nbsp;&nbsp;Capital Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3233 | &nbsp;&nbsp;&nbsp;&nbsp; 80243 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4863 | &nbsp;&nbsp;&nbsp;&nbsp; 171178 |
| &nbsp;&nbsp;&nbsp;Capstar Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7314 | &nbsp;&nbsp;&nbsp;&nbsp; 130921 |
| &nbsp;&nbsp;&nbsp;Carter Bankshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8736 | &nbsp;&nbsp;&nbsp;&nbsp; 161965 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25894 | &nbsp;&nbsp;&nbsp;&nbsp; 1203294 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9730 | &nbsp;&nbsp;&nbsp;&nbsp; 206179 |
| &nbsp;&nbsp;&nbsp;Citizens & Northern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5424 | &nbsp;&nbsp;&nbsp;&nbsp; 133105 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5292 | &nbsp;&nbsp;&nbsp;&nbsp; 539361 |
| &nbsp;&nbsp;&nbsp;Civista Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5419 | &nbsp;&nbsp;&nbsp;&nbsp; 123878 |
| &nbsp;&nbsp;&nbsp;CNB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5792 | &nbsp;&nbsp;&nbsp;&nbsp; 147986 |
| &nbsp;&nbsp;&nbsp;Coastal Financial Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp; 187200 |
| &nbsp;&nbsp;&nbsp;Colony Bankcorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5885 | &nbsp;&nbsp;&nbsp;&nbsp; 80683 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28332 | &nbsp;&nbsp;&nbsp;&nbsp; 964988 |
| &nbsp;&nbsp;&nbsp;Community Bank System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19201 | &nbsp;&nbsp;&nbsp;&nbsp; 1250753 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5639 | &nbsp;&nbsp;&nbsp;&nbsp; 270164 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13347 | &nbsp;&nbsp;&nbsp;&nbsp; 350225 |
| &nbsp;&nbsp;&nbsp;CrossFirst Bankshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16385 | &nbsp;&nbsp;&nbsp;&nbsp; 227260 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10975 | &nbsp;&nbsp;&nbsp;&nbsp; 354163 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47947 | &nbsp;&nbsp;&nbsp;&nbsp; 1375120 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11731 | &nbsp;&nbsp;&nbsp;&nbsp; 418445 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11401 | &nbsp;&nbsp;&nbsp;&nbsp; 537671 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56082 | &nbsp;&nbsp;&nbsp;&nbsp; 1099768 |
| &nbsp;&nbsp;&nbsp;Enterprise Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3356 | &nbsp;&nbsp;&nbsp;&nbsp; 117393 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12685 | &nbsp;&nbsp;&nbsp;&nbsp; 663933 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5461 | &nbsp;&nbsp;&nbsp;&nbsp; 199654 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2490 | &nbsp;&nbsp;&nbsp;&nbsp; 111652 |
| &nbsp;&nbsp;&nbsp;Farmers & Merchants Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4355 | &nbsp;&nbsp;&nbsp;&nbsp; 124901 |
| &nbsp;&nbsp;&nbsp;Farmers National Banc Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11318 | &nbsp;&nbsp;&nbsp;&nbsp; 172147 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12869 | &nbsp;&nbsp;&nbsp;&nbsp; 550922 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5431 | &nbsp;&nbsp;&nbsp;&nbsp; 137513 |
| &nbsp;&nbsp;&nbsp;First Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12690 | &nbsp;&nbsp;&nbsp;&nbsp; 617115 |
| &nbsp;&nbsp;&nbsp;First Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3497 | &nbsp;&nbsp;&nbsp;&nbsp; 109946 |
| &nbsp;&nbsp;&nbsp;First BanCorp/Puerto Rico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66716 | &nbsp;&nbsp;&nbsp;&nbsp; 1026092 |
| &nbsp;&nbsp;&nbsp;First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7080 | &nbsp;&nbsp;&nbsp;&nbsp; 242065 |
| &nbsp;&nbsp;&nbsp;First Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5574 | &nbsp;&nbsp;&nbsp;&nbsp; 85505 |
| &nbsp;&nbsp;&nbsp;First Busey Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18561 | &nbsp;&nbsp;&nbsp;&nbsp; 483885 |
| &nbsp;&nbsp;&nbsp;First Business Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2884 | &nbsp;&nbsp;&nbsp;&nbsp; 110515 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33581 | &nbsp;&nbsp;&nbsp;&nbsp; 494312 |
| &nbsp;&nbsp;&nbsp;First Community Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5737 | &nbsp;&nbsp;&nbsp;&nbsp; 211982 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33516 | &nbsp;&nbsp;&nbsp;&nbsp; 885828 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46738 | &nbsp;&nbsp;&nbsp;&nbsp; 1726969 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3986 | &nbsp;&nbsp;&nbsp;&nbsp; 191607 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;First Foundation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18392 | &nbsp;&nbsp;$257672 |
| &nbsp;&nbsp;&nbsp;First Guaranty Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181 | &nbsp;&nbsp;&nbsp;&nbsp; 54503 |
| &nbsp;&nbsp;&nbsp;First Internet Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3169 | &nbsp;&nbsp;&nbsp;&nbsp; 82267 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32868 | &nbsp;&nbsp;&nbsp;&nbsp; 1433702 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20585 | &nbsp;&nbsp;&nbsp;&nbsp; 910063 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6701 | &nbsp;&nbsp;&nbsp;&nbsp; 232190 |
| &nbsp;&nbsp;&nbsp;First of Long Island Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7925 | &nbsp;&nbsp;&nbsp;&nbsp; 154141 |
| &nbsp;&nbsp;&nbsp;Five Star Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4526 | &nbsp;&nbsp;&nbsp;&nbsp; 122202 |
| &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58337 | &nbsp;&nbsp;&nbsp;&nbsp; 1084485 |
| &nbsp;&nbsp;&nbsp;FVCBankcorp, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4296 | &nbsp;&nbsp;&nbsp;&nbsp; 84932 |
| &nbsp;&nbsp;&nbsp;German American Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9956 | &nbsp;&nbsp;&nbsp;&nbsp; 396846 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39975 | &nbsp;&nbsp;&nbsp;&nbsp; 2314552 |
| &nbsp;&nbsp;&nbsp;Great Southern Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3354 | &nbsp;&nbsp;&nbsp;&nbsp; 210128 |
| &nbsp;&nbsp;&nbsp;Guaranty Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925 | &nbsp;&nbsp;&nbsp;&nbsp; 104130 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30997 | &nbsp;&nbsp;&nbsp;&nbsp; 1699875 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10884 | &nbsp;&nbsp;&nbsp;&nbsp; 294412 |
| &nbsp;&nbsp;&nbsp;HarborOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16053 | &nbsp;&nbsp;&nbsp;&nbsp; 234855 |
| &nbsp;&nbsp;&nbsp;HBT Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3650 | &nbsp;&nbsp;&nbsp;&nbsp; 71723 |
| &nbsp;&nbsp;&nbsp;Heartland Financial USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14772 | &nbsp;&nbsp;&nbsp;&nbsp; 720726 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21126 | &nbsp;&nbsp;&nbsp;&nbsp; 300200 |
| &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12440 | &nbsp;&nbsp;&nbsp;&nbsp; 409276 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17931 | &nbsp;&nbsp;&nbsp;&nbsp; 534344 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68383 | &nbsp;&nbsp;&nbsp;&nbsp; 1740347 |
| &nbsp;&nbsp;&nbsp;HomeStreet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6456 | &nbsp;&nbsp;&nbsp;&nbsp; 176249 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41677 | &nbsp;&nbsp;&nbsp;&nbsp; 567641 |
| &nbsp;&nbsp;&nbsp;Horizon Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14492 | &nbsp;&nbsp;&nbsp;&nbsp; 235640 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16477 | &nbsp;&nbsp;&nbsp;&nbsp; 1491498 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7234 | &nbsp;&nbsp;&nbsp;&nbsp; 177522 |
| &nbsp;&nbsp;&nbsp;Independent Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12870 | &nbsp;&nbsp;&nbsp;&nbsp; 848648 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19274 | &nbsp;&nbsp;&nbsp;&nbsp; 1015354 |
| &nbsp;&nbsp;&nbsp;John Marshall Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4152 | &nbsp;&nbsp;&nbsp;&nbsp; 120242 |
| &nbsp;&nbsp;&nbsp;Kearny Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21731 | &nbsp;&nbsp;&nbsp;&nbsp; 210139 |
| &nbsp;&nbsp;&nbsp;Lakeland Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22377 | &nbsp;&nbsp;&nbsp;&nbsp; 418002 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8824 | &nbsp;&nbsp;&nbsp;&nbsp; 696743 |
| &nbsp;&nbsp;&nbsp;Live Oak Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11772 | &nbsp;&nbsp;&nbsp;&nbsp; 392596 |
| &nbsp;&nbsp;&nbsp;Luther Burbank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5337 | &nbsp;&nbsp;&nbsp;&nbsp; 63297 |
| &nbsp;&nbsp;&nbsp;Macatawa Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9444 | &nbsp;&nbsp;&nbsp;&nbsp; 104923 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5536 | &nbsp;&nbsp;&nbsp;&nbsp; 192708 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5657 | &nbsp;&nbsp;&nbsp;&nbsp; 144763 |
| &nbsp;&nbsp;&nbsp;Metrocity Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6713 | &nbsp;&nbsp;&nbsp;&nbsp; 151042 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3707 | &nbsp;&nbsp;&nbsp;&nbsp; 235543 |
| &nbsp;&nbsp;&nbsp;Mid Penn Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5153 | &nbsp;&nbsp;&nbsp;&nbsp; 170049 |
| &nbsp;&nbsp;&nbsp;Midland States Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7612 | &nbsp;&nbsp;&nbsp;&nbsp; 204839 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5087 | &nbsp;&nbsp;&nbsp;&nbsp; 177485 |
| &nbsp;&nbsp;&nbsp;MVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3682 | &nbsp;&nbsp;&nbsp;&nbsp; 87926 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10509 | &nbsp;&nbsp;&nbsp;&nbsp; 488774 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15037 | &nbsp;&nbsp;&nbsp;&nbsp; 694108 |
| &nbsp;&nbsp;&nbsp;Nicolet Bankshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4419 | &nbsp;&nbsp;&nbsp;&nbsp; 365540 |
| &nbsp;&nbsp;&nbsp;Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2352 | &nbsp;&nbsp;&nbsp;&nbsp; 99584 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16755 | &nbsp;&nbsp;&nbsp;&nbsp; 485392 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;105468 | &nbsp;&nbsp;&nbsp;&nbsp; 2015493 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15232 | &nbsp;&nbsp;&nbsp;&nbsp; 265951 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8077 | &nbsp;&nbsp;&nbsp;&nbsp; 330511 |
| &nbsp;&nbsp;&nbsp;Orrstown Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3683 | &nbsp;&nbsp;&nbsp;&nbsp; 99110 |
| &nbsp;&nbsp;&nbsp;Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5160 | &nbsp;&nbsp;&nbsp;&nbsp; 780863 |
| &nbsp;&nbsp;&nbsp;Parke Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3634 | &nbsp;&nbsp;&nbsp;&nbsp; 79040 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10322 | &nbsp;&nbsp;&nbsp;&nbsp; 449317 |
| &nbsp;&nbsp;&nbsp;PCB Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4184 | &nbsp;&nbsp;&nbsp;&nbsp; 77906 |
| &nbsp;&nbsp;&nbsp;PCSB Financial Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4495 | &nbsp;&nbsp;&nbsp;&nbsp; 89810 |
| &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6252 | &nbsp;&nbsp;&nbsp;&nbsp; 257707 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10003 | &nbsp;&nbsp;&nbsp;&nbsp; 300090 |
| &nbsp;&nbsp;&nbsp;Peoples Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2516 | &nbsp;&nbsp;&nbsp;&nbsp; 143261 |
| &nbsp;&nbsp;&nbsp;Pioneer Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4174 | &nbsp;&nbsp;&nbsp;&nbsp; 49045 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4779 | &nbsp;&nbsp;$361245 |
| &nbsp;&nbsp;&nbsp;Premier Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12738 | &nbsp;&nbsp;&nbsp;&nbsp; 371695 |
| &nbsp;&nbsp;&nbsp;Primis Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7967 | &nbsp;&nbsp;&nbsp;&nbsp; 98392 |
| &nbsp;&nbsp;&nbsp;Provident Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5185 | &nbsp;&nbsp;&nbsp;&nbsp; 35984 |
| &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5753 | &nbsp;&nbsp;&nbsp;&nbsp; 302665 |
| &nbsp;&nbsp;&nbsp;RBB Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5258 | &nbsp;&nbsp;&nbsp;&nbsp; 118147 |
| &nbsp;&nbsp;&nbsp;Red River Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568 | &nbsp;&nbsp;&nbsp;&nbsp; 82320 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19684 | &nbsp;&nbsp;&nbsp;&nbsp; 802517 |
| &nbsp;&nbsp;&nbsp;Republic Bancorp, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3129 | &nbsp;&nbsp;&nbsp;&nbsp; 137895 |
| &nbsp;&nbsp;&nbsp;Republic First Bancorp, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17392 | &nbsp;&nbsp;&nbsp;&nbsp; 44350 |
| &nbsp;&nbsp;&nbsp;S&T Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14046 | &nbsp;&nbsp;&nbsp;&nbsp; 525601 |
| &nbsp;&nbsp;&nbsp;Sandy Spring Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15712 | &nbsp;&nbsp;&nbsp;&nbsp; 547092 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21759 | &nbsp;&nbsp;&nbsp;&nbsp; 748074 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18041 | &nbsp;&nbsp;&nbsp;&nbsp; 1367869 |
| &nbsp;&nbsp;&nbsp;Shore Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6398 | &nbsp;&nbsp;&nbsp;&nbsp; 127384 |
| &nbsp;&nbsp;&nbsp;Sierra Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4940 | &nbsp;&nbsp;&nbsp;&nbsp; 106902 |
| &nbsp;&nbsp;&nbsp;Silvergate Capital Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11271 | &nbsp;&nbsp;&nbsp;&nbsp; 309164 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44195 | &nbsp;&nbsp;&nbsp;&nbsp; 1025766 |
| &nbsp;&nbsp;&nbsp;SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5579 | &nbsp;&nbsp;&nbsp;&nbsp; 167258 |
| &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3588 | &nbsp;&nbsp;&nbsp;&nbsp; 111084 |
| &nbsp;&nbsp;&nbsp;Southern First Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725 | &nbsp;&nbsp;&nbsp;&nbsp; 134887 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10996 | &nbsp;&nbsp;&nbsp;&nbsp; 399595 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26964 | &nbsp;&nbsp;&nbsp;&nbsp; 2368787 |
| &nbsp;&nbsp;&nbsp;Stellar Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16301 | &nbsp;&nbsp;&nbsp;&nbsp; 551137 |
| &nbsp;&nbsp;&nbsp;Sterling Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6156 | &nbsp;&nbsp;&nbsp;&nbsp; 39645 |
| &nbsp;&nbsp;&nbsp;Stock Yards Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10295 | &nbsp;&nbsp;&nbsp;&nbsp; 762036 |
| &nbsp;&nbsp;&nbsp;Summit Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4002 | &nbsp;&nbsp;&nbsp;&nbsp; 113497 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17984 | &nbsp;&nbsp;&nbsp;&nbsp; 1078860 |
| &nbsp;&nbsp;&nbsp;Third Coast Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4594 | &nbsp;&nbsp;&nbsp;&nbsp; 90226 |
| &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4991 | &nbsp;&nbsp;&nbsp;&nbsp; 416948 |
| &nbsp;&nbsp;&nbsp;Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24217 | &nbsp;&nbsp;&nbsp;&nbsp; 782209 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11217 | &nbsp;&nbsp;&nbsp;&nbsp; 611326 |
| &nbsp;&nbsp;&nbsp;Triumph Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8396 | &nbsp;&nbsp;&nbsp;&nbsp; 501745 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6743 | &nbsp;&nbsp;&nbsp;&nbsp; 261898 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22029 | &nbsp;&nbsp;&nbsp;&nbsp; 805821 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15834 | &nbsp;&nbsp;&nbsp;&nbsp; 1354124 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46954 | &nbsp;&nbsp;&nbsp;&nbsp; 2013857 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38230 | &nbsp;&nbsp;&nbsp;&nbsp; 1489823 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2531 | &nbsp;&nbsp;&nbsp;&nbsp; 72159 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10490 | &nbsp;&nbsp;&nbsp;&nbsp; 295923 |
| &nbsp;&nbsp;&nbsp;USCB Financial Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3876 | &nbsp;&nbsp;&nbsp;&nbsp; 51473 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;154924 | &nbsp;&nbsp;&nbsp;&nbsp; 1961338 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18887 | &nbsp;&nbsp;&nbsp;&nbsp; 616849 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11037 | &nbsp;&nbsp;&nbsp;&nbsp; 985714 |
| &nbsp;&nbsp;&nbsp;Washington Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6146 | &nbsp;&nbsp;&nbsp;&nbsp; 305825 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20993 | &nbsp;&nbsp;&nbsp;&nbsp; 849167 |
| &nbsp;&nbsp;&nbsp;West BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5825 | &nbsp;&nbsp;&nbsp;&nbsp; 140033 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9367 | &nbsp;&nbsp;&nbsp;&nbsp; 578412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;85991306 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| &nbsp;&nbsp;&nbsp;BRC, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9374 | &nbsp;&nbsp;&nbsp;&nbsp; 57275 |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19976 | &nbsp;&nbsp;&nbsp;&nbsp; 2224128 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1689 | &nbsp;&nbsp;&nbsp;&nbsp; 830650 |
| &nbsp;&nbsp;&nbsp;Duckhorn Portfolio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13284 | &nbsp;&nbsp;&nbsp;&nbsp; 213341 |
| &nbsp;&nbsp;&nbsp;MGP Ingredients, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5048 | &nbsp;&nbsp;&nbsp;&nbsp; 631303 |
| &nbsp;&nbsp;&nbsp;National Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8491 | &nbsp;&nbsp;&nbsp;&nbsp; 437541 |
| &nbsp;&nbsp;&nbsp;Primo Water Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56664 | &nbsp;&nbsp;&nbsp;&nbsp; 886792 |
| &nbsp;&nbsp;&nbsp;Vintage Wine Estates, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11504 | &nbsp;&nbsp;&nbsp;&nbsp; 38193 |
| &nbsp;&nbsp;&nbsp;Vita Coco Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10024 | &nbsp;&nbsp;&nbsp;&nbsp; 118684 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5437907 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Biotechnology — 6.6%** | **Biotechnology — 6.6%** | **Biotechnology — 6.6%** |
| &nbsp;&nbsp;&nbsp;2seventy bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13442 | &nbsp;&nbsp;$210636 |
| &nbsp;&nbsp;&nbsp;4D Molecular Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10790 | &nbsp;&nbsp;&nbsp;&nbsp; 260794 |
| &nbsp;&nbsp;&nbsp;Aadi Bioscience, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5206 | &nbsp;&nbsp;&nbsp;&nbsp; 69656 |
| &nbsp;&nbsp;&nbsp;Absci Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18938 | &nbsp;&nbsp;&nbsp;&nbsp; 47345 |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43228 | &nbsp;&nbsp;&nbsp;&nbsp; 673492 |
| &nbsp;&nbsp;&nbsp;Adicet Bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10175 | &nbsp;&nbsp;&nbsp;&nbsp; 184982 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66823 | &nbsp;&nbsp;&nbsp;&nbsp; 223189 |
| &nbsp;&nbsp;&nbsp;Aerovate Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3302 | &nbsp;&nbsp;&nbsp;&nbsp; 62210 |
| &nbsp;&nbsp;&nbsp;Affimed NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51130 | &nbsp;&nbsp;&nbsp;&nbsp; 109418 |
| &nbsp;&nbsp;&nbsp;Agenus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;101747 | &nbsp;&nbsp;&nbsp;&nbsp; 274717 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10071 | &nbsp;&nbsp;&nbsp;&nbsp; 468302 |
| &nbsp;&nbsp;&nbsp;Albireo Pharma, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6188 | &nbsp;&nbsp;&nbsp;&nbsp; 136631 |
| &nbsp;&nbsp;&nbsp;Allogene Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28654 | &nbsp;&nbsp;&nbsp;&nbsp; 282528 |
| &nbsp;&nbsp;&nbsp;Allovir, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11168 | &nbsp;&nbsp;&nbsp;&nbsp; 83872 |
| &nbsp;&nbsp;&nbsp;Alpha Teknova, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260 | &nbsp;&nbsp;&nbsp;&nbsp; 10667 |
| &nbsp;&nbsp;&nbsp;Alpine Immune Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5616 | &nbsp;&nbsp;&nbsp;&nbsp; 35268 |
| &nbsp;&nbsp;&nbsp;ALX Oncology Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7713 | &nbsp;&nbsp;&nbsp;&nbsp; 85614 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99158 | &nbsp;&nbsp;&nbsp;&nbsp; 1199812 |
| &nbsp;&nbsp;&nbsp;AN2 Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1726 | &nbsp;&nbsp;&nbsp;&nbsp; 17208 |
| &nbsp;&nbsp;&nbsp;AnaptysBio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7286 | &nbsp;&nbsp;&nbsp;&nbsp; 201312 |
| &nbsp;&nbsp;&nbsp;Anavex Life Sciences Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24863 | &nbsp;&nbsp;&nbsp;&nbsp; 219292 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4532 | &nbsp;&nbsp;&nbsp;&nbsp; 190117 |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33718 | &nbsp;&nbsp;&nbsp;&nbsp; 1683540 |
| &nbsp;&nbsp;&nbsp;Arbutus Biopharma Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38828 | &nbsp;&nbsp;&nbsp;&nbsp; 91246 |
| &nbsp;&nbsp;&nbsp;Arcellx, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10633 | &nbsp;&nbsp;&nbsp;&nbsp; 212022 |
| &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8310 | &nbsp;&nbsp;&nbsp;&nbsp; 153236 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18466 | &nbsp;&nbsp;&nbsp;&nbsp; 649449 |
| &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14692 | &nbsp;&nbsp;&nbsp;&nbsp; 253143 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37010 | &nbsp;&nbsp;&nbsp;&nbsp; 1191722 |
| &nbsp;&nbsp;&nbsp;Atara Biotherapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33341 | &nbsp;&nbsp;&nbsp;&nbsp; 151035 |
| &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27434 | &nbsp;&nbsp;&nbsp;&nbsp; 128665 |
| &nbsp;&nbsp;&nbsp;Athira Pharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12224 | &nbsp;&nbsp;&nbsp;&nbsp; 38017 |
| &nbsp;&nbsp;&nbsp;Aura Biosciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6589 | &nbsp;&nbsp;&nbsp;&nbsp; 94091 |
| &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48232 | &nbsp;&nbsp;&nbsp;&nbsp; 247430 |
| &nbsp;&nbsp;&nbsp;Avid Bioservices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21961 | &nbsp;&nbsp;&nbsp;&nbsp; 343909 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18413 | &nbsp;&nbsp;&nbsp;&nbsp; 214327 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10694 | &nbsp;&nbsp;&nbsp;&nbsp; 773069 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22852 | &nbsp;&nbsp;&nbsp;&nbsp; 1055534 |
| &nbsp;&nbsp;&nbsp;Berkeley Lights, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20080 | &nbsp;&nbsp;&nbsp;&nbsp; 59035 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66691 | &nbsp;&nbsp;&nbsp;&nbsp; 890992 |
| &nbsp;&nbsp;&nbsp;Biohaven, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11353 | &nbsp;&nbsp;&nbsp;&nbsp; 179604 |
| &nbsp;&nbsp;&nbsp;Bluebird Bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27768 | &nbsp;&nbsp;&nbsp;&nbsp; 216313 |
| &nbsp;&nbsp;&nbsp;Blueprint Medicines Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21485 | &nbsp;&nbsp;&nbsp;&nbsp; 1026768 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37614 | &nbsp;&nbsp;&nbsp;&nbsp; 352443 |
| &nbsp;&nbsp;&nbsp;C4 Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15124 | &nbsp;&nbsp;&nbsp;&nbsp; 129613 |
| &nbsp;&nbsp;&nbsp;Cara Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16106 | &nbsp;&nbsp;&nbsp;&nbsp; 190051 |
| &nbsp;&nbsp;&nbsp;Caribou Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20166 | &nbsp;&nbsp;&nbsp;&nbsp; 187745 |
| &nbsp;&nbsp;&nbsp;Cassava Sciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13714 | &nbsp;&nbsp;&nbsp;&nbsp; 477659 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16477 | &nbsp;&nbsp;&nbsp;&nbsp; 611132 |
| &nbsp;&nbsp;&nbsp;Celularity, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24220 | &nbsp;&nbsp;&nbsp;&nbsp; 41416 |
| &nbsp;&nbsp;&nbsp;Century Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7241 | &nbsp;&nbsp;&nbsp;&nbsp; 76031 |
| &nbsp;&nbsp;&nbsp;Cerevel Therapeutics Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19539 | &nbsp;&nbsp;&nbsp;&nbsp; 565849 |
| &nbsp;&nbsp;&nbsp;Chinook Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17929 | &nbsp;&nbsp;&nbsp;&nbsp; 406092 |
| &nbsp;&nbsp;&nbsp;CinCor Pharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7206 | &nbsp;&nbsp;&nbsp;&nbsp; 85031 |
| &nbsp;&nbsp;&nbsp;Cogent Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23017 | &nbsp;&nbsp;&nbsp;&nbsp; 289554 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18921 | &nbsp;&nbsp;&nbsp;&nbsp; 338118 |
| &nbsp;&nbsp;&nbsp;CTI BioPharma Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36002 | &nbsp;&nbsp;&nbsp;&nbsp; 216732 |
| &nbsp;&nbsp;&nbsp;Cullinan Oncology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10920 | &nbsp;&nbsp;&nbsp;&nbsp; 135736 |
| &nbsp;&nbsp;&nbsp;Cytek Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41056 | &nbsp;&nbsp;&nbsp;&nbsp; 529212 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29521 | &nbsp;&nbsp;&nbsp;&nbsp; 1254643 |
| &nbsp;&nbsp;&nbsp;Day One Biopharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9955 | &nbsp;&nbsp;&nbsp;&nbsp; 211345 |
| &nbsp;&nbsp;&nbsp;Deciphera Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16197 | &nbsp;&nbsp;&nbsp;&nbsp; 257694 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35426 | &nbsp;&nbsp;&nbsp;&nbsp; 1130444 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| &nbsp;&nbsp;&nbsp;Design Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12183 | &nbsp;&nbsp;$170562 |
| &nbsp;&nbsp;&nbsp;DICE Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10208 | &nbsp;&nbsp;&nbsp;&nbsp; 355340 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42551 | &nbsp;&nbsp;&nbsp;&nbsp; 528058 |
| &nbsp;&nbsp;&nbsp;Dyne Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11390 | &nbsp;&nbsp;&nbsp;&nbsp; 133263 |
| &nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10688 | &nbsp;&nbsp;&nbsp;&nbsp; 95658 |
| &nbsp;&nbsp;&nbsp;Editas Medicine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24839 | &nbsp;&nbsp;&nbsp;&nbsp; 263293 |
| &nbsp;&nbsp;&nbsp;Eiger BioPharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14988 | &nbsp;&nbsp;&nbsp;&nbsp; 68046 |
| &nbsp;&nbsp;&nbsp;Emergent BioSolutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18106 | &nbsp;&nbsp;&nbsp;&nbsp; 222704 |
| &nbsp;&nbsp;&nbsp;Enochian Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7105 | &nbsp;&nbsp;&nbsp;&nbsp; 10693 |
| &nbsp;&nbsp;&nbsp;EQRx, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72281 | &nbsp;&nbsp;&nbsp;&nbsp; 271777 |
| &nbsp;&nbsp;&nbsp;Erasca, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23320 | &nbsp;&nbsp;&nbsp;&nbsp; 176066 |
| &nbsp;&nbsp;&nbsp;Esperion Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23950 | &nbsp;&nbsp;&nbsp;&nbsp; 160465 |
| &nbsp;&nbsp;&nbsp;Evolus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12733 | &nbsp;&nbsp;&nbsp;&nbsp; 92187 |
| &nbsp;&nbsp;&nbsp;EyePoint Pharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9379 | &nbsp;&nbsp;&nbsp;&nbsp; 30013 |
| &nbsp;&nbsp;&nbsp;Fate Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29887 | &nbsp;&nbsp;&nbsp;&nbsp; 622247 |
| &nbsp;&nbsp;&nbsp;FibroGen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31445 | &nbsp;&nbsp;&nbsp;&nbsp; 451865 |
| &nbsp;&nbsp;&nbsp;Generation Bio Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17290 | &nbsp;&nbsp;&nbsp;&nbsp; 92156 |
| &nbsp;&nbsp;&nbsp;Geron Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;129176 | &nbsp;&nbsp;&nbsp;&nbsp; 299688 |
| &nbsp;&nbsp;&nbsp;Gossamer Bio, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22644 | &nbsp;&nbsp;&nbsp;&nbsp; 193833 |
| &nbsp;&nbsp;&nbsp;GreenLight Biosciences Holdings PBC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26052 | &nbsp;&nbsp;&nbsp;&nbsp; 38557 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48796 | &nbsp;&nbsp;&nbsp;&nbsp; 2794059 |
| &nbsp;&nbsp;&nbsp;HilleVax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4660 | &nbsp;&nbsp;&nbsp;&nbsp; 93200 |
| &nbsp;&nbsp;&nbsp;Humacyte, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6345 | &nbsp;&nbsp;&nbsp;&nbsp; 19796 |
| &nbsp;&nbsp;&nbsp;Icosavax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7992 | &nbsp;&nbsp;&nbsp;&nbsp; 26693 |
| &nbsp;&nbsp;&nbsp;Ideaya Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12787 | &nbsp;&nbsp;&nbsp;&nbsp; 228632 |
| &nbsp;&nbsp;&nbsp;IGM Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3804 | &nbsp;&nbsp;&nbsp;&nbsp; 83726 |
| &nbsp;&nbsp;&nbsp;Imago Biosciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9461 | &nbsp;&nbsp;&nbsp;&nbsp; 337663 |
| &nbsp;&nbsp;&nbsp;ImmunityBio, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29432 | &nbsp;&nbsp;&nbsp;&nbsp; 162170 |
| &nbsp;&nbsp;&nbsp;ImmunoGen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77197 | &nbsp;&nbsp;&nbsp;&nbsp; 400652 |
| &nbsp;&nbsp;&nbsp;Immunovant, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14401 | &nbsp;&nbsp;&nbsp;&nbsp; 188797 |
| &nbsp;&nbsp;&nbsp;Inhibrx, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10496 | &nbsp;&nbsp;&nbsp;&nbsp; 314670 |
| &nbsp;&nbsp;&nbsp;Innoviva, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22751 | &nbsp;&nbsp;&nbsp;&nbsp; 298721 |
| &nbsp;&nbsp;&nbsp;Inovio Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88876 | &nbsp;&nbsp;&nbsp;&nbsp; 181307 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42878 | &nbsp;&nbsp;&nbsp;&nbsp; 792814 |
| &nbsp;&nbsp;&nbsp;Instil Bio, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25020 | &nbsp;&nbsp;&nbsp;&nbsp; 33277 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27113 | &nbsp;&nbsp;&nbsp;&nbsp; 1395235 |
| &nbsp;&nbsp;&nbsp;Intercept Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8793 | &nbsp;&nbsp;&nbsp;&nbsp; 131104 |
| &nbsp;&nbsp;&nbsp;Intra-Cellular Therapies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32941 | &nbsp;&nbsp;&nbsp;&nbsp; 1786061 |
| &nbsp;&nbsp;&nbsp;Invivyd, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18457 | &nbsp;&nbsp;&nbsp;&nbsp; 41713 |
| &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54213 | &nbsp;&nbsp;&nbsp;&nbsp; 346963 |
| &nbsp;&nbsp;&nbsp;iTeos Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8460 | &nbsp;&nbsp;&nbsp;&nbsp; 170469 |
| &nbsp;&nbsp;&nbsp;IVERIC bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42609 | &nbsp;&nbsp;&nbsp;&nbsp; 1006425 |
| &nbsp;&nbsp;&nbsp;Janux Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6170 | &nbsp;&nbsp;&nbsp;&nbsp; 84159 |
| &nbsp;&nbsp;&nbsp;Karuna Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10736 | &nbsp;&nbsp;&nbsp;&nbsp; 2526288 |
| &nbsp;&nbsp;&nbsp;Karyopharm Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27394 | &nbsp;&nbsp;&nbsp;&nbsp; 144914 |
| &nbsp;&nbsp;&nbsp;Keros Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6469 | &nbsp;&nbsp;&nbsp;&nbsp; 322415 |
| &nbsp;&nbsp;&nbsp;Kezar Life Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18927 | &nbsp;&nbsp;&nbsp;&nbsp; 147820 |
| &nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11201 | &nbsp;&nbsp;&nbsp;&nbsp; 188513 |
| &nbsp;&nbsp;&nbsp;Kinnate Biopharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10506 | &nbsp;&nbsp;&nbsp;&nbsp; 83208 |
| &nbsp;&nbsp;&nbsp;Kodiak Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11989 | &nbsp;&nbsp;&nbsp;&nbsp; 88479 |
| &nbsp;&nbsp;&nbsp;Kronos Bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14628 | &nbsp;&nbsp;&nbsp;&nbsp; 27793 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7671 | &nbsp;&nbsp;&nbsp;&nbsp; 596344 |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13595 | &nbsp;&nbsp;&nbsp;&nbsp; 393983 |
| &nbsp;&nbsp;&nbsp;Lexicon Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29942 | &nbsp;&nbsp;&nbsp;&nbsp; 64076 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5437 | &nbsp;&nbsp;&nbsp;&nbsp; 396357 |
| &nbsp;&nbsp;&nbsp;Liquidia Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17159 | &nbsp;&nbsp;&nbsp;&nbsp; 86138 |
| &nbsp;&nbsp;&nbsp;MacroGenics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21673 | &nbsp;&nbsp;&nbsp;&nbsp; 139357 |
| &nbsp;&nbsp;&nbsp;MeiraGTx Holdings PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10865 | &nbsp;&nbsp;&nbsp;&nbsp; 66928 |
| &nbsp;&nbsp;&nbsp;Mersana Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32409 | &nbsp;&nbsp;&nbsp;&nbsp; 215844 |
| &nbsp;&nbsp;&nbsp;Monte Rosa Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10309 | &nbsp;&nbsp;&nbsp;&nbsp; 87420 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28594 | &nbsp;&nbsp;&nbsp;&nbsp; 579314 |
| &nbsp;&nbsp;&nbsp;Nektar Therapeutics#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65247 | &nbsp;&nbsp;&nbsp;&nbsp; 182692 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45256 | &nbsp;&nbsp;$507320 |
| &nbsp;&nbsp;&nbsp;NGM Biopharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14294 | &nbsp;&nbsp;&nbsp;&nbsp; 79046 |
| &nbsp;&nbsp;&nbsp;Nkarta, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11656 | &nbsp;&nbsp;&nbsp;&nbsp; 98843 |
| &nbsp;&nbsp;&nbsp;Nurix Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16683 | &nbsp;&nbsp;&nbsp;&nbsp; 206702 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6084 | &nbsp;&nbsp;&nbsp;&nbsp; 200042 |
| &nbsp;&nbsp;&nbsp;Nuvation Bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41850 | &nbsp;&nbsp;&nbsp;&nbsp; 79934 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc. Earnout Shares 12.50†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc. Earnout Shares 15.00†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;Oncternal Therapeutics, Inc. CVR#†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;&nbsp; 754 |
| &nbsp;&nbsp;&nbsp;Organogenesis Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25515 | &nbsp;&nbsp;&nbsp;&nbsp; 69911 |
| &nbsp;&nbsp;&nbsp;Pardes Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12345 | &nbsp;&nbsp;&nbsp;&nbsp; 11113 |
| &nbsp;&nbsp;&nbsp;PepGen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3443 | &nbsp;&nbsp;&nbsp;&nbsp; 51507 |
| &nbsp;&nbsp;&nbsp;Phathom Pharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8280 | &nbsp;&nbsp;&nbsp;&nbsp; 82634 |
| &nbsp;&nbsp;&nbsp;Point Biopharma Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26627 | &nbsp;&nbsp;&nbsp;&nbsp; 181330 |
| &nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13603 | &nbsp;&nbsp;&nbsp;&nbsp; 30063 |
| &nbsp;&nbsp;&nbsp;Precigen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36292 | &nbsp;&nbsp;&nbsp;&nbsp; 66051 |
| &nbsp;&nbsp;&nbsp;Prothena Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12755 | &nbsp;&nbsp;&nbsp;&nbsp; 797315 |
| &nbsp;&nbsp;&nbsp;Provention Bio, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21214 | &nbsp;&nbsp;&nbsp;&nbsp; 191775 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25259 | &nbsp;&nbsp;&nbsp;&nbsp; 1047996 |
| &nbsp;&nbsp;&nbsp;Rallybio Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5736 | &nbsp;&nbsp;&nbsp;&nbsp; 33039 |
| &nbsp;&nbsp;&nbsp;RAPT Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9349 | &nbsp;&nbsp;&nbsp;&nbsp; 165290 |
| &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49136 | &nbsp;&nbsp;&nbsp;&nbsp; 461878 |
| &nbsp;&nbsp;&nbsp;REGENXBIO, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14440 | &nbsp;&nbsp;&nbsp;&nbsp; 345116 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27506 | &nbsp;&nbsp;&nbsp;&nbsp; 511062 |
| &nbsp;&nbsp;&nbsp;Replimune Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14603 | &nbsp;&nbsp;&nbsp;&nbsp; 298923 |
| &nbsp;&nbsp;&nbsp;REVOLUTION Medicines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26773 | &nbsp;&nbsp;&nbsp;&nbsp; 631575 |
| &nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62048 | &nbsp;&nbsp;&nbsp;&nbsp; 41671 |
| &nbsp;&nbsp;&nbsp;Rocket Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15734 | &nbsp;&nbsp;&nbsp;&nbsp; 297058 |
| &nbsp;&nbsp;&nbsp;Sage Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18730 | &nbsp;&nbsp;&nbsp;&nbsp; 768679 |
| &nbsp;&nbsp;&nbsp;Sana Biotechnology, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32004 | &nbsp;&nbsp;&nbsp;&nbsp; 159700 |
| &nbsp;&nbsp;&nbsp;Sangamo Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45961 | &nbsp;&nbsp;&nbsp;&nbsp; 168217 |
| &nbsp;&nbsp;&nbsp;Seer, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18548 | &nbsp;&nbsp;&nbsp;&nbsp; 119820 |
| &nbsp;&nbsp;&nbsp;Singular Genomics Systems, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20045 | &nbsp;&nbsp;&nbsp;&nbsp; 40892 |
| &nbsp;&nbsp;&nbsp;Sorrento Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;136704 | &nbsp;&nbsp;&nbsp;&nbsp; 177715 |
| &nbsp;&nbsp;&nbsp;SpringWorks Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12483 | &nbsp;&nbsp;&nbsp;&nbsp; 301839 |
| &nbsp;&nbsp;&nbsp;Stoke Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8070 | &nbsp;&nbsp;&nbsp;&nbsp; 60848 |
| &nbsp;&nbsp;&nbsp;Sutro Biopharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17591 | &nbsp;&nbsp;&nbsp;&nbsp; 131757 |
| &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19131 | &nbsp;&nbsp;&nbsp;&nbsp; 458379 |
| &nbsp;&nbsp;&nbsp;Talaris Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8293 | &nbsp;&nbsp;&nbsp;&nbsp; 12108 |
| &nbsp;&nbsp;&nbsp;Tango Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16768 | &nbsp;&nbsp;&nbsp;&nbsp; 125928 |
| &nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6608 | &nbsp;&nbsp;&nbsp;&nbsp; 111080 |
| &nbsp;&nbsp;&nbsp;Tenaya Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10048 | &nbsp;&nbsp;&nbsp;&nbsp; 26627 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47893 | &nbsp;&nbsp;&nbsp;&nbsp; 422416 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23150 | &nbsp;&nbsp;&nbsp;&nbsp; 249094 |
| &nbsp;&nbsp;&nbsp;Theseus Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6109 | &nbsp;&nbsp;&nbsp;&nbsp; 40258 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10970 | &nbsp;&nbsp;&nbsp;&nbsp; 678714 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21897 | &nbsp;&nbsp;&nbsp;&nbsp; 440787 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20182 | &nbsp;&nbsp;&nbsp;&nbsp; 551978 |
| &nbsp;&nbsp;&nbsp;Tyra Biosciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4719 | &nbsp;&nbsp;&nbsp;&nbsp; 33080 |
| &nbsp;&nbsp;&nbsp;Vaxart, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44525 | &nbsp;&nbsp;&nbsp;&nbsp; 52540 |
| &nbsp;&nbsp;&nbsp;VBI Vaccines, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69324 | &nbsp;&nbsp;&nbsp;&nbsp; 36048 |
| &nbsp;&nbsp;&nbsp;Ventyx Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8059 | &nbsp;&nbsp;&nbsp;&nbsp; 233630 |
| &nbsp;&nbsp;&nbsp;Vera Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5037 | &nbsp;&nbsp;&nbsp;&nbsp; 84118 |
| &nbsp;&nbsp;&nbsp;Veracyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25764 | &nbsp;&nbsp;&nbsp;&nbsp; 714693 |
| &nbsp;&nbsp;&nbsp;Vericel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16967 | &nbsp;&nbsp;&nbsp;&nbsp; 387357 |
| &nbsp;&nbsp;&nbsp;Veru, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23366 | &nbsp;&nbsp;&nbsp;&nbsp; 132719 |
| &nbsp;&nbsp;&nbsp;Verve Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16359 | &nbsp;&nbsp;&nbsp;&nbsp; 380020 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26073 | &nbsp;&nbsp;&nbsp;&nbsp; 735780 |
| &nbsp;&nbsp;&nbsp;Viridian Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9538 | &nbsp;&nbsp;&nbsp;&nbsp; 241025 |
| &nbsp;&nbsp;&nbsp;VistaGen Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70017 | &nbsp;&nbsp;&nbsp;&nbsp; 9669 |
| &nbsp;&nbsp;&nbsp;Xencor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20641 | &nbsp;&nbsp;&nbsp;&nbsp; 613451 |
| &nbsp;&nbsp;&nbsp;Zentalis Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16880 | &nbsp;&nbsp;&nbsp;&nbsp; 373386 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;59281709 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Building Materials — 1.3%** | **Building Materials — 1.3%** | **Building Materials — 1.3%** |
| &nbsp;&nbsp;&nbsp;AAON, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15771 | &nbsp;&nbsp;$1250010 |
| &nbsp;&nbsp;&nbsp;American Woodmark Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5941 | &nbsp;&nbsp;&nbsp;&nbsp; 322002 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7990 | &nbsp;&nbsp;&nbsp;&nbsp; 385518 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14206 | &nbsp;&nbsp;&nbsp;&nbsp; 1051812 |
| &nbsp;&nbsp;&nbsp;Caesarstone, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8137 | &nbsp;&nbsp;&nbsp;&nbsp; 51019 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11420 | &nbsp;&nbsp;&nbsp;&nbsp; 577966 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16564 | &nbsp;&nbsp;&nbsp;&nbsp; 584875 |
| &nbsp;&nbsp;&nbsp;JELD-WEN Holding, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29995 | &nbsp;&nbsp;&nbsp;&nbsp; 310148 |
| &nbsp;&nbsp;&nbsp;Masonite International Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8003 | &nbsp;&nbsp;&nbsp;&nbsp; 602386 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17893 | &nbsp;&nbsp;&nbsp;&nbsp; 378795 |
| &nbsp;&nbsp;&nbsp;PGT Innovations, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20774 | &nbsp;&nbsp;&nbsp;&nbsp; 411117 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15590 | &nbsp;&nbsp;&nbsp;&nbsp; 1450650 |
| &nbsp;&nbsp;&nbsp;SmartRent, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43596 | &nbsp;&nbsp;&nbsp;&nbsp; 105938 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15746 | &nbsp;&nbsp;&nbsp;&nbsp; 1053407 |
| &nbsp;&nbsp;&nbsp;Summit Materials, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42646 | &nbsp;&nbsp;&nbsp;&nbsp; 1291747 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21503 | &nbsp;&nbsp;&nbsp;&nbsp; 1760236 |
| &nbsp;&nbsp;&nbsp;View, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40206 | &nbsp;&nbsp;&nbsp;&nbsp; 56288 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11643914 |
| **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
| &nbsp;&nbsp;&nbsp;AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9787 | &nbsp;&nbsp;&nbsp;&nbsp; 402833 |
| &nbsp;&nbsp;&nbsp;American Vanguard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10498 | &nbsp;&nbsp;&nbsp;&nbsp; 241454 |
| &nbsp;&nbsp;&nbsp;Amyris, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70790 | &nbsp;&nbsp;&nbsp;&nbsp; 122467 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32735 | &nbsp;&nbsp;&nbsp;&nbsp; 1132958 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11457 | &nbsp;&nbsp;&nbsp;&nbsp; 1613146 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19999 | &nbsp;&nbsp;&nbsp;&nbsp; 1472326 |
| &nbsp;&nbsp;&nbsp;Codexis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22010 | &nbsp;&nbsp;&nbsp;&nbsp; 120395 |
| &nbsp;&nbsp;&nbsp;Danimer Scientific, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32582 | &nbsp;&nbsp;&nbsp;&nbsp; 86668 |
| &nbsp;&nbsp;&nbsp;Diversey Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28100 | &nbsp;&nbsp;&nbsp;&nbsp; 144434 |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27332 | &nbsp;&nbsp;&nbsp;&nbsp; 253914 |
| &nbsp;&nbsp;&nbsp;H.B. Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19086 | &nbsp;&nbsp;&nbsp;&nbsp; 1532797 |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6972 | &nbsp;&nbsp;&nbsp;&nbsp; 290035 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13739 | &nbsp;&nbsp;&nbsp;&nbsp; 1075352 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8903 | &nbsp;&nbsp;&nbsp;&nbsp; 987254 |
| &nbsp;&nbsp;&nbsp;Intrepid Potash, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4003 | &nbsp;&nbsp;&nbsp;&nbsp; 144308 |
| &nbsp;&nbsp;&nbsp;Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7303 | &nbsp;&nbsp;&nbsp;&nbsp; 217556 |
| &nbsp;&nbsp;&nbsp;Kronos Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7966 | &nbsp;&nbsp;&nbsp;&nbsp; 73367 |
| &nbsp;&nbsp;&nbsp;Lightwave Logic, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40192 | &nbsp;&nbsp;&nbsp;&nbsp; 318723 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19566 | &nbsp;&nbsp;&nbsp;&nbsp; 406386 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11656 | &nbsp;&nbsp;&nbsp;&nbsp; 702740 |
| &nbsp;&nbsp;&nbsp;Origin Materials, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37775 | &nbsp;&nbsp;&nbsp;&nbsp; 210407 |
| &nbsp;&nbsp;&nbsp;Orion Engineered Carbons SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21752 | &nbsp;&nbsp;&nbsp;&nbsp; 408503 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43813 | &nbsp;&nbsp;&nbsp;&nbsp; 474933 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4871 | &nbsp;&nbsp;&nbsp;&nbsp; 958564 |
| &nbsp;&nbsp;&nbsp;Rayonier Advanced Materials, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22206 | &nbsp;&nbsp;&nbsp;&nbsp; 171874 |
| &nbsp;&nbsp;&nbsp;Rogers Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6747 | &nbsp;&nbsp;&nbsp;&nbsp; 735693 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15086 | &nbsp;&nbsp;&nbsp;&nbsp; 1127075 |
| &nbsp;&nbsp;&nbsp;Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7681 | &nbsp;&nbsp;&nbsp;&nbsp; 856969 |
| &nbsp;&nbsp;&nbsp;Terawulf, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7795 | &nbsp;&nbsp;&nbsp;&nbsp; 6470 |
| &nbsp;&nbsp;&nbsp;Trinseo PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12579 | &nbsp;&nbsp;&nbsp;&nbsp; 310072 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42069 | &nbsp;&nbsp;&nbsp;&nbsp; 594435 |
| &nbsp;&nbsp;&nbsp;Unifi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5011 | &nbsp;&nbsp;&nbsp;&nbsp; 43896 |
| &nbsp;&nbsp;&nbsp;Valhi, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866 | &nbsp;&nbsp;&nbsp;&nbsp; 19277 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17257281 |
| **Coal — 0.6%** | **Coal — 0.6%** | **Coal — 0.6%** |
| &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5954 | &nbsp;&nbsp;&nbsp;&nbsp; 1019503 |
| &nbsp;&nbsp;&nbsp;Arch Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5479 | &nbsp;&nbsp;&nbsp;&nbsp; 847875 |
| &nbsp;&nbsp;&nbsp;CONSOL Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12343 | &nbsp;&nbsp;&nbsp;&nbsp; 955965 |
| &nbsp;&nbsp;&nbsp;NACCO Industries, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457 | &nbsp;&nbsp;&nbsp;&nbsp; 65944 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42336 | &nbsp;&nbsp;&nbsp;&nbsp; 1352212 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8061 | &nbsp;&nbsp;&nbsp;&nbsp; 92299 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Coal (continued)** | **Coal (continued)** | **Coal (continued)** |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29966 | &nbsp;&nbsp;$253512 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18517 | &nbsp;&nbsp;&nbsp;&nbsp; 681796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5269106 |
| **Commercial Services — 5.2%** | **Commercial Services — 5.2%** | **Commercial Services — 5.2%** |
| &nbsp;&nbsp;&nbsp;2U, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26849 | &nbsp;&nbsp;&nbsp;&nbsp; 215597 |
| &nbsp;&nbsp;&nbsp;Aaron's Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10892 | &nbsp;&nbsp;&nbsp;&nbsp; 132773 |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24111 | &nbsp;&nbsp;&nbsp;&nbsp; 1137557 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16135 | &nbsp;&nbsp;&nbsp;&nbsp; 671216 |
| &nbsp;&nbsp;&nbsp;AirSculpt Technologies, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4450 | &nbsp;&nbsp;&nbsp;&nbsp; 15931 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17295 | &nbsp;&nbsp;&nbsp;&nbsp; 863020 |
| &nbsp;&nbsp;&nbsp;Alight, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;122088 | &nbsp;&nbsp;&nbsp;&nbsp; 1053619 |
| &nbsp;&nbsp;&nbsp;Alta Equipment Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7455 | &nbsp;&nbsp;&nbsp;&nbsp; 89758 |
| &nbsp;&nbsp;&nbsp;American Public Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6734 | &nbsp;&nbsp;&nbsp;&nbsp; 86532 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15562 | &nbsp;&nbsp;&nbsp;&nbsp; 1925019 |
| &nbsp;&nbsp;&nbsp;API Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74402 | &nbsp;&nbsp;&nbsp;&nbsp; 1430006 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31217 | &nbsp;&nbsp;&nbsp;&nbsp; 119249 |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17644 | &nbsp;&nbsp;&nbsp;&nbsp; 1598546 |
| &nbsp;&nbsp;&nbsp;Bakkt Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22887 | &nbsp;&nbsp;&nbsp;&nbsp; 40510 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506 | &nbsp;&nbsp;&nbsp;&nbsp; 246415 |
| &nbsp;&nbsp;&nbsp;Bird Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61639 | &nbsp;&nbsp;&nbsp;&nbsp; 14251 |
| &nbsp;&nbsp;&nbsp;BrightView Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15969 | &nbsp;&nbsp;&nbsp;&nbsp; 110026 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16689 | &nbsp;&nbsp;&nbsp;&nbsp; 997168 |
| &nbsp;&nbsp;&nbsp;Carriage Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4777 | &nbsp;&nbsp;&nbsp;&nbsp; 120142 |
| &nbsp;&nbsp;&nbsp;Cass Information Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4834 | &nbsp;&nbsp;&nbsp;&nbsp; 210182 |
| &nbsp;&nbsp;&nbsp;CBIZ, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17425 | &nbsp;&nbsp;&nbsp;&nbsp; 865151 |
| &nbsp;&nbsp;&nbsp;Chegg, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44729 | &nbsp;&nbsp;&nbsp;&nbsp; 1334713 |
| &nbsp;&nbsp;&nbsp;Cimpress PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6342 | &nbsp;&nbsp;&nbsp;&nbsp; 187660 |
| &nbsp;&nbsp;&nbsp;Cipher Mining, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14048 | &nbsp;&nbsp;&nbsp;&nbsp; 10980 |
| &nbsp;&nbsp;&nbsp;CompoSecure, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2795 | &nbsp;&nbsp;&nbsp;&nbsp; 14003 |
| &nbsp;&nbsp;&nbsp;Core Scientific, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96543 | &nbsp;&nbsp;&nbsp;&nbsp; 12869 |
| &nbsp;&nbsp;&nbsp;CoreCivic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41990 | &nbsp;&nbsp;&nbsp;&nbsp; 557627 |
| &nbsp;&nbsp;&nbsp;CorVel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3186 | &nbsp;&nbsp;&nbsp;&nbsp; 487362 |
| &nbsp;&nbsp;&nbsp;Coursera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41031 | &nbsp;&nbsp;&nbsp;&nbsp; 571972 |
| &nbsp;&nbsp;&nbsp;CRA International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2498 | &nbsp;&nbsp;&nbsp;&nbsp; 307903 |
| &nbsp;&nbsp;&nbsp;Cross Country Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13161 | &nbsp;&nbsp;&nbsp;&nbsp; 470901 |
| &nbsp;&nbsp;&nbsp;Custom Truck One Source, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21455 | &nbsp;&nbsp;&nbsp;&nbsp; 146752 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15564 | &nbsp;&nbsp;&nbsp;&nbsp; 301008 |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770 | &nbsp;&nbsp;&nbsp;&nbsp; 62747 |
| &nbsp;&nbsp;&nbsp;Ennis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9138 | &nbsp;&nbsp;&nbsp;&nbsp; 212276 |
| &nbsp;&nbsp;&nbsp;European Wax Center, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8767 | &nbsp;&nbsp;&nbsp;&nbsp; 127122 |
| &nbsp;&nbsp;&nbsp;EVERTEC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22501 | &nbsp;&nbsp;&nbsp;&nbsp; 759859 |
| &nbsp;&nbsp;&nbsp;Evo Payments, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17005 | &nbsp;&nbsp;&nbsp;&nbsp; 573239 |
| &nbsp;&nbsp;&nbsp;First Advantage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21112 | &nbsp;&nbsp;&nbsp;&nbsp; 280790 |
| &nbsp;&nbsp;&nbsp;Forrester Research, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4067 | &nbsp;&nbsp;&nbsp;&nbsp; 143077 |
| &nbsp;&nbsp;&nbsp;Franklin Covey Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4373 | &nbsp;&nbsp;&nbsp;&nbsp; 227221 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42579 | &nbsp;&nbsp;&nbsp;&nbsp; 503284 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339 | &nbsp;&nbsp;&nbsp;&nbsp; 861888 |
| &nbsp;&nbsp;&nbsp;Green Dot Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17290 | &nbsp;&nbsp;&nbsp;&nbsp; 352370 |
| &nbsp;&nbsp;&nbsp;Greenidge Generation Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4799 | &nbsp;&nbsp;&nbsp;&nbsp; 3070 |
| &nbsp;&nbsp;&nbsp;Hackett Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9692 | &nbsp;&nbsp;&nbsp;&nbsp; 223885 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29849 | &nbsp;&nbsp;&nbsp;&nbsp; 1894815 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7027 | &nbsp;&nbsp;&nbsp;&nbsp; 208702 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9229 | &nbsp;&nbsp;&nbsp;&nbsp; 1182881 |
| &nbsp;&nbsp;&nbsp;Huron Consulting Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7391 | &nbsp;&nbsp;&nbsp;&nbsp; 575463 |
| &nbsp;&nbsp;&nbsp;I3 Verticals, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7921 | &nbsp;&nbsp;&nbsp;&nbsp; 208243 |
| &nbsp;&nbsp;&nbsp;ICF International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6636 | &nbsp;&nbsp;&nbsp;&nbsp; 719143 |
| &nbsp;&nbsp;&nbsp;Information Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12621 | &nbsp;&nbsp;&nbsp;&nbsp; 67649 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13048 | &nbsp;&nbsp;&nbsp;&nbsp; 1546840 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15445 | &nbsp;&nbsp;&nbsp;&nbsp; 732247 |
| &nbsp;&nbsp;&nbsp;Kelly Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12135 | &nbsp;&nbsp;&nbsp;&nbsp; 206174 |
| &nbsp;&nbsp;&nbsp;Kforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7330 | &nbsp;&nbsp;&nbsp;&nbsp; 432983 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19516 | &nbsp;&nbsp;&nbsp;&nbsp; 1112997 |

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##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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)** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48348 | &nbsp;&nbsp;$506687 |
| &nbsp;&nbsp;&nbsp;Legalzoom.com, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34493 | &nbsp;&nbsp;&nbsp;&nbsp; 305263 |
| &nbsp;&nbsp;&nbsp;Lifecore Biomedical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9420 | &nbsp;&nbsp;&nbsp;&nbsp; 80164 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23754 | &nbsp;&nbsp;&nbsp;&nbsp; 521638 |
| &nbsp;&nbsp;&nbsp;Marathon Digital Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39896 | &nbsp;&nbsp;&nbsp;&nbsp; 252143 |
| &nbsp;&nbsp;&nbsp;MarketWise, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6121 | &nbsp;&nbsp;&nbsp;&nbsp; 11630 |
| &nbsp;&nbsp;&nbsp;Medifast, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3911 | &nbsp;&nbsp;&nbsp;&nbsp; 492982 |
| &nbsp;&nbsp;&nbsp;MoneyGram International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33722 | &nbsp;&nbsp;&nbsp;&nbsp; 368244 |
| &nbsp;&nbsp;&nbsp;Moneylion, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44805 | &nbsp;&nbsp;&nbsp;&nbsp; 33451 |
| &nbsp;&nbsp;&nbsp;Monro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11490 | &nbsp;&nbsp;&nbsp;&nbsp; 522450 |
| &nbsp;&nbsp;&nbsp;Multiplan Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;135871 | &nbsp;&nbsp;&nbsp;&nbsp; 202448 |
| &nbsp;&nbsp;&nbsp;National Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5060 | &nbsp;&nbsp;&nbsp;&nbsp; 196024 |
| &nbsp;&nbsp;&nbsp;Paya Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31463 | &nbsp;&nbsp;&nbsp;&nbsp; 292921 |
| &nbsp;&nbsp;&nbsp;Payoneer Global, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77845 | &nbsp;&nbsp;&nbsp;&nbsp; 420363 |
| &nbsp;&nbsp;&nbsp;Paysafe, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;121602 | &nbsp;&nbsp;&nbsp;&nbsp; 172675 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24183 | &nbsp;&nbsp;&nbsp;&nbsp; 347026 |
| &nbsp;&nbsp;&nbsp;PFSweb, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6069 | &nbsp;&nbsp;&nbsp;&nbsp; 67791 |
| &nbsp;&nbsp;&nbsp;Priority Technology Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6442 | &nbsp;&nbsp;&nbsp;&nbsp; 38394 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17979 | &nbsp;&nbsp;&nbsp;&nbsp; 354007 |
| &nbsp;&nbsp;&nbsp;Progyny, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26901 | &nbsp;&nbsp;&nbsp;&nbsp; 985384 |
| &nbsp;&nbsp;&nbsp;Quad/Graphics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12106 | &nbsp;&nbsp;&nbsp;&nbsp; 44792 |
| &nbsp;&nbsp;&nbsp;R1 RCM, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54035 | &nbsp;&nbsp;&nbsp;&nbsp; 489017 |
| &nbsp;&nbsp;&nbsp;Remitly Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35476 | &nbsp;&nbsp;&nbsp;&nbsp; 371079 |
| &nbsp;&nbsp;&nbsp;Rent the Runway, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16799 | &nbsp;&nbsp;&nbsp;&nbsp; 22343 |
| &nbsp;&nbsp;&nbsp;Rent-A-Center, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19089 | &nbsp;&nbsp;&nbsp;&nbsp; 459854 |
| &nbsp;&nbsp;&nbsp;Repay Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31504 | &nbsp;&nbsp;&nbsp;&nbsp; 279125 |
| &nbsp;&nbsp;&nbsp;Resources Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11539 | &nbsp;&nbsp;&nbsp;&nbsp; 222703 |
| &nbsp;&nbsp;&nbsp;Riot Blockchain, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48583 | &nbsp;&nbsp;&nbsp;&nbsp; 225911 |
| &nbsp;&nbsp;&nbsp;Sabre Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;117268 | &nbsp;&nbsp;&nbsp;&nbsp; 716507 |
| &nbsp;&nbsp;&nbsp;ShotSpotter, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211 | &nbsp;&nbsp;&nbsp;&nbsp; 107665 |
| &nbsp;&nbsp;&nbsp;SP Plus Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8346 | &nbsp;&nbsp;&nbsp;&nbsp; 291192 |
| &nbsp;&nbsp;&nbsp;Spire Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44971 | &nbsp;&nbsp;&nbsp;&nbsp; 56663 |
| &nbsp;&nbsp;&nbsp;Sterling Check Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8513 | &nbsp;&nbsp;&nbsp;&nbsp; 123779 |
| &nbsp;&nbsp;&nbsp;StoneCo, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99663 | &nbsp;&nbsp;&nbsp;&nbsp; 1164064 |
| &nbsp;&nbsp;&nbsp;Strategic Education, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8165 | &nbsp;&nbsp;&nbsp;&nbsp; 667897 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14597 | &nbsp;&nbsp;&nbsp;&nbsp; 516880 |
| &nbsp;&nbsp;&nbsp;Target Hospitality Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10512 | &nbsp;&nbsp;&nbsp;&nbsp; 152004 |
| &nbsp;&nbsp;&nbsp;Textainer Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16217 | &nbsp;&nbsp;&nbsp;&nbsp; 494294 |
| &nbsp;&nbsp;&nbsp;Transcat, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560 | &nbsp;&nbsp;&nbsp;&nbsp; 204877 |
| &nbsp;&nbsp;&nbsp;TriNet Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13465 | &nbsp;&nbsp;&nbsp;&nbsp; 975809 |
| &nbsp;&nbsp;&nbsp;Triton International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22101 | &nbsp;&nbsp;&nbsp;&nbsp; 1491154 |
| &nbsp;&nbsp;&nbsp;TrueBlue, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11570 | &nbsp;&nbsp;&nbsp;&nbsp; 249681 |
| &nbsp;&nbsp;&nbsp;Udemy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25946 | &nbsp;&nbsp;&nbsp;&nbsp; 368174 |
| &nbsp;&nbsp;&nbsp;Universal Technical Institute, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11904 | &nbsp;&nbsp;&nbsp;&nbsp; 86185 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4324 | &nbsp;&nbsp;&nbsp;&nbsp; 174733 |
| &nbsp;&nbsp;&nbsp;Viad Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7308 | &nbsp;&nbsp;&nbsp;&nbsp; 216390 |
| &nbsp;&nbsp;&nbsp;Vivint Smart Home, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34131 | &nbsp;&nbsp;&nbsp;&nbsp; 316736 |
| &nbsp;&nbsp;&nbsp;Wejo Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8246 | &nbsp;&nbsp;&nbsp;&nbsp; 7778 |
| &nbsp;&nbsp;&nbsp;Willdan Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4175 | &nbsp;&nbsp;&nbsp;&nbsp; 73230 |
| &nbsp;&nbsp;&nbsp;WW International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19501 | &nbsp;&nbsp;&nbsp;&nbsp; 80539 |
| &nbsp;&nbsp;&nbsp;ZipRecruiter, Inc.<br> Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28733 | &nbsp;&nbsp;&nbsp;&nbsp; 475818 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;46863941 |
| **Computers — 1.8%** | **Computers — 1.8%** | **Computers — 1.8%** |
| &nbsp;&nbsp;&nbsp;3D Systems Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45561 | &nbsp;&nbsp;&nbsp;&nbsp; 461988 |
| &nbsp;&nbsp;&nbsp;Cantaloupe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21003 | &nbsp;&nbsp;&nbsp;&nbsp; 76241 |
| &nbsp;&nbsp;&nbsp;Cerberus Cyber Sentinel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16424 | &nbsp;&nbsp;&nbsp;&nbsp; 50422 |
| &nbsp;&nbsp;&nbsp;Conduent, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61046 | &nbsp;&nbsp;&nbsp;&nbsp; 246626 |
| &nbsp;&nbsp;&nbsp;Corsair Gaming, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13777 | &nbsp;&nbsp;&nbsp;&nbsp; 232418 |
| &nbsp;&nbsp;&nbsp;Desktop Metal, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95074 | &nbsp;&nbsp;&nbsp;&nbsp; 194902 |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26272 | &nbsp;&nbsp;&nbsp;&nbsp; 56485 |

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11644 | &nbsp;&nbsp;$2179757 |
| &nbsp;&nbsp;&nbsp;Grid Dynamics Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17477 | &nbsp;&nbsp;&nbsp;&nbsp; 222657 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11293 | &nbsp;&nbsp;&nbsp;&nbsp; 1173456 |
| &nbsp;&nbsp;&nbsp;Integral Ad Science Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13731 | &nbsp;&nbsp;&nbsp;&nbsp; 136623 |
| &nbsp;&nbsp;&nbsp;IronNet, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23307 | &nbsp;&nbsp;&nbsp;&nbsp; 10185 |
| &nbsp;&nbsp;&nbsp;KnowBe4, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26191 | &nbsp;&nbsp;&nbsp;&nbsp; 646656 |
| &nbsp;&nbsp;&nbsp;Markforged Holding Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39595 | &nbsp;&nbsp;&nbsp;&nbsp; 45138 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21779 | &nbsp;&nbsp;&nbsp;&nbsp; 1531064 |
| &nbsp;&nbsp;&nbsp;Mitek Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15180 | &nbsp;&nbsp;&nbsp;&nbsp; 155291 |
| &nbsp;&nbsp;&nbsp;NetScout Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24571 | &nbsp;&nbsp;&nbsp;&nbsp; 916007 |
| &nbsp;&nbsp;&nbsp;NextNav, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24078 | &nbsp;&nbsp;&nbsp;&nbsp; 79217 |
| &nbsp;&nbsp;&nbsp;OneSpan, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14249 | &nbsp;&nbsp;&nbsp;&nbsp; 179110 |
| &nbsp;&nbsp;&nbsp;PAR Technology Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9534 | &nbsp;&nbsp;&nbsp;&nbsp; 232344 |
| &nbsp;&nbsp;&nbsp;Parsons Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12098 | &nbsp;&nbsp;&nbsp;&nbsp; 598851 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13868 | &nbsp;&nbsp;&nbsp;&nbsp; 1710202 |
| &nbsp;&nbsp;&nbsp;Rapid7, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20887 | &nbsp;&nbsp;&nbsp;&nbsp; 614078 |
| &nbsp;&nbsp;&nbsp;Rigetti Computing, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11975 | &nbsp;&nbsp;&nbsp;&nbsp; 15567 |
| &nbsp;&nbsp;&nbsp;Rimini Street, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17496 | &nbsp;&nbsp;&nbsp;&nbsp; 73483 |
| &nbsp;&nbsp;&nbsp;SecureWorks Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3621 | &nbsp;&nbsp;&nbsp;&nbsp; 25999 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16328 | &nbsp;&nbsp;&nbsp;&nbsp; 1473275 |
| &nbsp;&nbsp;&nbsp;Telos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19370 | &nbsp;&nbsp;&nbsp;&nbsp; 79417 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39529 | &nbsp;&nbsp;&nbsp;&nbsp; 1509217 |
| &nbsp;&nbsp;&nbsp;TTEC Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6779 | &nbsp;&nbsp;&nbsp;&nbsp; 325053 |
| &nbsp;&nbsp;&nbsp;Unisys Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23813 | &nbsp;&nbsp;&nbsp;&nbsp; 102396 |
| &nbsp;&nbsp;&nbsp;Varonis Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39176 | &nbsp;&nbsp;&nbsp;&nbsp; 832098 |
| &nbsp;&nbsp;&nbsp;Velo3D, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20272 | &nbsp;&nbsp;&nbsp;&nbsp; 41152 |
| &nbsp;&nbsp;&nbsp;Vuzix Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21324 | &nbsp;&nbsp;&nbsp;&nbsp; 88921 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16316296 |
| **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** |
| &nbsp;&nbsp;&nbsp;Beauty Health Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35866 | &nbsp;&nbsp;&nbsp;&nbsp; 385559 |
| &nbsp;&nbsp;&nbsp;e.l.f. Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17409 | &nbsp;&nbsp;&nbsp;&nbsp; 956799 |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18530 | &nbsp;&nbsp;&nbsp;&nbsp; 800681 |
| &nbsp;&nbsp;&nbsp;Honest Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23378 | &nbsp;&nbsp;&nbsp;&nbsp; 67329 |
| &nbsp;&nbsp;&nbsp;Inter Parfums, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6455 | &nbsp;&nbsp;&nbsp;&nbsp; 615097 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825465 |
| **Distribution/Wholesale — 0.5%** | **Distribution/Wholesale — 0.5%** | **Distribution/Wholesale — 0.5%** |
| &nbsp;&nbsp;&nbsp;A-Mark Precious Metals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6505 | &nbsp;&nbsp;&nbsp;&nbsp; 224423 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15689 | &nbsp;&nbsp;&nbsp;&nbsp; 339353 |
| &nbsp;&nbsp;&nbsp;Global Industrial Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4676 | &nbsp;&nbsp;&nbsp;&nbsp; 115076 |
| &nbsp;&nbsp;&nbsp;H&E Equipment Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11473 | &nbsp;&nbsp;&nbsp;&nbsp; 481063 |
| &nbsp;&nbsp;&nbsp;Hudson Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15509 | &nbsp;&nbsp;&nbsp;&nbsp; 175097 |
| &nbsp;&nbsp;&nbsp;KAR Auction Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41322 | &nbsp;&nbsp;&nbsp;&nbsp; 567764 |
| &nbsp;&nbsp;&nbsp;MRC Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29854 | &nbsp;&nbsp;&nbsp;&nbsp; 351083 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52005 | &nbsp;&nbsp;&nbsp;&nbsp; 842481 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9078 | &nbsp;&nbsp;&nbsp;&nbsp; 271069 |
| &nbsp;&nbsp;&nbsp;ThredUp, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21108 | &nbsp;&nbsp;&nbsp;&nbsp; 26385 |
| &nbsp;&nbsp;&nbsp;Titan Machinery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7279 | &nbsp;&nbsp;&nbsp;&nbsp; 320494 |
| &nbsp;&nbsp;&nbsp;Veritiv Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4867 | &nbsp;&nbsp;&nbsp;&nbsp; 654806 |
| &nbsp;&nbsp;&nbsp;VSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3812 | &nbsp;&nbsp;&nbsp;&nbsp; 186941 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4556035 |
| **Diversified Financial Services — 2.7%** | **Diversified Financial Services — 2.7%** | **Diversified Financial Services — 2.7%** |
| &nbsp;&nbsp;&nbsp;Amerant Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9972 | &nbsp;&nbsp;&nbsp;&nbsp; 293775 |
| &nbsp;&nbsp;&nbsp;Applied Digital Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp; 5655 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21611 | &nbsp;&nbsp;&nbsp;&nbsp; 749686 |
| &nbsp;&nbsp;&nbsp;AssetMark Financial Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7748 | &nbsp;&nbsp;&nbsp;&nbsp; 192615 |
| &nbsp;&nbsp;&nbsp;Associated Capital Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp; 24675 |
| &nbsp;&nbsp;&nbsp;Atlanticus Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514 | &nbsp;&nbsp;&nbsp;&nbsp; 43603 |
| &nbsp;&nbsp;&nbsp;B. Riley Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7393 | &nbsp;&nbsp;&nbsp;&nbsp; 324701 |
| &nbsp;&nbsp;&nbsp;BGC Partners, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;114906 | &nbsp;&nbsp;&nbsp;&nbsp; 495245 |
| &nbsp;&nbsp;&nbsp;Blucora, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17122 | &nbsp;&nbsp;&nbsp;&nbsp; 428906 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18009 | &nbsp;&nbsp;&nbsp;&nbsp; 738909 |

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##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;BrightSphere Investment Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11622 | &nbsp;&nbsp;$236624 |
| &nbsp;&nbsp;&nbsp;Brookfield Business Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9340 | &nbsp;&nbsp;&nbsp;&nbsp; 207161 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9134 | &nbsp;&nbsp;&nbsp;&nbsp; 605127 |
| &nbsp;&nbsp;&nbsp;Columbia Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12243 | &nbsp;&nbsp;&nbsp;&nbsp; 270325 |
| &nbsp;&nbsp;&nbsp;Consumer Portfolio Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3428 | &nbsp;&nbsp;&nbsp;&nbsp; 29549 |
| &nbsp;&nbsp;&nbsp;Cowen, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9447 | &nbsp;&nbsp;&nbsp;&nbsp; 365221 |
| &nbsp;&nbsp;&nbsp;Cryptyde, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7126 | &nbsp;&nbsp;&nbsp;&nbsp; 2102 |
| &nbsp;&nbsp;&nbsp;Curo Group Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7901 | &nbsp;&nbsp;&nbsp;&nbsp; 28207 |
| &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062 | &nbsp;&nbsp;&nbsp;&nbsp; 188994 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10801 | &nbsp;&nbsp;&nbsp;&nbsp; 267865 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8506 | &nbsp;&nbsp;&nbsp;&nbsp; 428702 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11255 | &nbsp;&nbsp;&nbsp;&nbsp; 454027 |
| &nbsp;&nbsp;&nbsp;EZCORP, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17970 | &nbsp;&nbsp;&nbsp;&nbsp; 180059 |
| &nbsp;&nbsp;&nbsp;Federal Agricultural Mtg. Corp., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3274 | &nbsp;&nbsp;&nbsp;&nbsp; 412033 |
| &nbsp;&nbsp;&nbsp;Federated Hermes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30699 | &nbsp;&nbsp;&nbsp;&nbsp; 1165334 |
| &nbsp;&nbsp;&nbsp;Finance of America Cos., Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13959 | &nbsp;&nbsp;&nbsp;&nbsp; 19124 |
| &nbsp;&nbsp;&nbsp;First Western Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2839 | &nbsp;&nbsp;&nbsp;&nbsp; 86306 |
| &nbsp;&nbsp;&nbsp;Flywire Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20107 | &nbsp;&nbsp;&nbsp;&nbsp; 436121 |
| &nbsp;&nbsp;&nbsp;Focus Financial Partners, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20861 | &nbsp;&nbsp;&nbsp;&nbsp; 796056 |
| &nbsp;&nbsp;&nbsp;GCM Grosvenor, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14782 | &nbsp;&nbsp;&nbsp;&nbsp; 129638 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12695 | &nbsp;&nbsp;&nbsp;&nbsp; 937907 |
| &nbsp;&nbsp;&nbsp;Hannon Armstrong Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30646 | &nbsp;&nbsp;&nbsp;&nbsp; 994156 |
| &nbsp;&nbsp;&nbsp;Home Point Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2856 | &nbsp;&nbsp;&nbsp;&nbsp; 4512 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17986 | &nbsp;&nbsp;&nbsp;&nbsp; 1768923 |
| &nbsp;&nbsp;&nbsp;International Money Express, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11512 | &nbsp;&nbsp;&nbsp;&nbsp; 250041 |
| &nbsp;&nbsp;&nbsp;LendingClub Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36913 | &nbsp;&nbsp;&nbsp;&nbsp; 380573 |
| &nbsp;&nbsp;&nbsp;LendingTree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3772 | &nbsp;&nbsp;&nbsp;&nbsp; 90339 |
| &nbsp;&nbsp;&nbsp;Moelis & Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22920 | &nbsp;&nbsp;&nbsp;&nbsp; 990602 |
| &nbsp;&nbsp;&nbsp;Mr. Cooper Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25311 | &nbsp;&nbsp;&nbsp;&nbsp; 1143045 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40068 | &nbsp;&nbsp;&nbsp;&nbsp; 663927 |
| &nbsp;&nbsp;&nbsp;Nelnet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5242 | &nbsp;&nbsp;&nbsp;&nbsp; 516547 |
| &nbsp;&nbsp;&nbsp;NerdWallet, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9211 | &nbsp;&nbsp;&nbsp;&nbsp; 116980 |
| &nbsp;&nbsp;&nbsp;Oportun Financial Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10001 | &nbsp;&nbsp;&nbsp;&nbsp; 55406 |
| &nbsp;&nbsp;&nbsp;Oppenheimer Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2936 | &nbsp;&nbsp;&nbsp;&nbsp; 122314 |
| &nbsp;&nbsp;&nbsp;OppFi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4954 | &nbsp;&nbsp;&nbsp;&nbsp; 12335 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10086 | &nbsp;&nbsp;&nbsp;&nbsp; 601731 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14749 | &nbsp;&nbsp;&nbsp;&nbsp; 141148 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6112 | &nbsp;&nbsp;&nbsp;&nbsp; 878050 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8491 | &nbsp;&nbsp;&nbsp;&nbsp; 653892 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13852 | &nbsp;&nbsp;&nbsp;&nbsp; 476232 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58279 | &nbsp;&nbsp;&nbsp;&nbsp; 1140520 |
| &nbsp;&nbsp;&nbsp;Regional Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2767 | &nbsp;&nbsp;&nbsp;&nbsp; 81460 |
| &nbsp;&nbsp;&nbsp;Sculptor Capital Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9226 | &nbsp;&nbsp;&nbsp;&nbsp; 92721 |
| &nbsp;&nbsp;&nbsp;Silvercrest Asset Management Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3566 | &nbsp;&nbsp;&nbsp;&nbsp; 67397 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19159 | &nbsp;&nbsp;&nbsp;&nbsp; 574387 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6187 | &nbsp;&nbsp;&nbsp;&nbsp; 627795 |
| &nbsp;&nbsp;&nbsp;Sunlight Financial Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8739 | &nbsp;&nbsp;&nbsp;&nbsp; 15818 |
| &nbsp;&nbsp;&nbsp;SWK Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 | &nbsp;&nbsp;&nbsp;&nbsp; 24896 |
| &nbsp;&nbsp;&nbsp;Velocity Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3095 | &nbsp;&nbsp;&nbsp;&nbsp; 31476 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc.<br> Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5932 | &nbsp;&nbsp;&nbsp;&nbsp; 172028 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2496 | &nbsp;&nbsp;&nbsp;&nbsp; 484074 |
| &nbsp;&nbsp;&nbsp;WisdomTree, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48985 | &nbsp;&nbsp;&nbsp;&nbsp; 272846 |
| &nbsp;&nbsp;&nbsp;World Acceptance Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403 | &nbsp;&nbsp;&nbsp;&nbsp; 99487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24089910 |
| **Electric — 1.6%** | **Electric — 1.6%** | **Electric — 1.6%** |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20613 | &nbsp;&nbsp;&nbsp;&nbsp; 1364581 |
| &nbsp;&nbsp;&nbsp;Altus Power, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15063 | &nbsp;&nbsp;&nbsp;&nbsp; 107700 |
| &nbsp;&nbsp;&nbsp;Ameresco, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11436 | &nbsp;&nbsp;&nbsp;&nbsp; 749287 |
| &nbsp;&nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26052 | &nbsp;&nbsp;&nbsp;&nbsp; 1075427 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23378 | &nbsp;&nbsp;&nbsp;&nbsp; 1674566 |

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12522 | &nbsp;&nbsp;$412224 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29497 | &nbsp;&nbsp;&nbsp;&nbsp; 1045374 |
| &nbsp;&nbsp;&nbsp;FTC Solar, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15195 | &nbsp;&nbsp;&nbsp;&nbsp; 32213 |
| &nbsp;&nbsp;&nbsp;MGE Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13091 | &nbsp;&nbsp;&nbsp;&nbsp; 942683 |
| &nbsp;&nbsp;&nbsp;NorthWestern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20275 | &nbsp;&nbsp;&nbsp;&nbsp; 1184263 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17670 | &nbsp;&nbsp;&nbsp;&nbsp; 1597898 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14791 | &nbsp;&nbsp;&nbsp;&nbsp; 881987 |
| &nbsp;&nbsp;&nbsp;PNM Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30732 | &nbsp;&nbsp;&nbsp;&nbsp; 1505868 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32178 | &nbsp;&nbsp;&nbsp;&nbsp; 1584123 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5714 | &nbsp;&nbsp;&nbsp;&nbsp; 313241 |
| &nbsp;&nbsp;&nbsp;Via Renewables, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4422 | &nbsp;&nbsp;&nbsp;&nbsp; 28566 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14500001 |
| **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15530 | &nbsp;&nbsp;&nbsp;&nbsp; 1249233 |
| &nbsp;&nbsp;&nbsp;Blink Charging Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12876 | &nbsp;&nbsp;&nbsp;&nbsp; 178719 |
| &nbsp;&nbsp;&nbsp;Encore Wire Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6638 | &nbsp;&nbsp;&nbsp;&nbsp; 969878 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23978 | &nbsp;&nbsp;&nbsp;&nbsp; 817410 |
| &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14671 | &nbsp;&nbsp;&nbsp;&nbsp; 1108834 |
| &nbsp;&nbsp;&nbsp;ESS Tech, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29004 | &nbsp;&nbsp;&nbsp;&nbsp; 93393 |
| &nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6731 | &nbsp;&nbsp;&nbsp;&nbsp; 198497 |
| &nbsp;&nbsp;&nbsp;nLight, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15974 | &nbsp;&nbsp;&nbsp;&nbsp; 173478 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12774 | &nbsp;&nbsp;&nbsp;&nbsp; 2015098 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286 | &nbsp;&nbsp;&nbsp;&nbsp; 86488 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6891028 |
| **Electronics — 1.7%** | **Electronics — 1.7%** | **Electronics — 1.7%** |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13512 | &nbsp;&nbsp;&nbsp;&nbsp; 1251752 |
| &nbsp;&nbsp;&nbsp;Akoustis Technologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18687 | &nbsp;&nbsp;&nbsp;&nbsp; 71011 |
| &nbsp;&nbsp;&nbsp;Allied Motion Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4804 | &nbsp;&nbsp;&nbsp;&nbsp; 170254 |
| &nbsp;&nbsp;&nbsp;Atkore, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14822 | &nbsp;&nbsp;&nbsp;&nbsp; 1810507 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10523 | &nbsp;&nbsp;&nbsp;&nbsp; 1218774 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12559 | &nbsp;&nbsp;&nbsp;&nbsp; 362578 |
| &nbsp;&nbsp;&nbsp;Berkshire Grey, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17550 | &nbsp;&nbsp;&nbsp;&nbsp; 16660 |
| &nbsp;&nbsp;&nbsp;Brady Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16409 | &nbsp;&nbsp;&nbsp;&nbsp; 785991 |
| &nbsp;&nbsp;&nbsp;Charge Enterprises, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46772 | &nbsp;&nbsp;&nbsp;&nbsp; 99157 |
| &nbsp;&nbsp;&nbsp;Comtech Telecommunications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9303 | &nbsp;&nbsp;&nbsp;&nbsp; 108566 |
| &nbsp;&nbsp;&nbsp;CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11401 | &nbsp;&nbsp;&nbsp;&nbsp; 484542 |
| &nbsp;&nbsp;&nbsp;Enovix Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39117 | &nbsp;&nbsp;&nbsp;&nbsp; 510477 |
| &nbsp;&nbsp;&nbsp;Evolv Technologies Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30224 | &nbsp;&nbsp;&nbsp;&nbsp; 105482 |
| &nbsp;&nbsp;&nbsp;FARO Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6577 | &nbsp;&nbsp;&nbsp;&nbsp; 196784 |
| &nbsp;&nbsp;&nbsp;GoPro, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46467 | &nbsp;&nbsp;&nbsp;&nbsp; 254639 |
| &nbsp;&nbsp;&nbsp;Identiv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7935 | &nbsp;&nbsp;&nbsp;&nbsp; 66257 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16224 | &nbsp;&nbsp;&nbsp;&nbsp; 862792 |
| &nbsp;&nbsp;&nbsp;Kimball Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8620 | &nbsp;&nbsp;&nbsp;&nbsp; 199036 |
| &nbsp;&nbsp;&nbsp;Knowles Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32217 | &nbsp;&nbsp;&nbsp;&nbsp; 502585 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811 | &nbsp;&nbsp;&nbsp;&nbsp; 306367 |
| &nbsp;&nbsp;&nbsp;MicroVision, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59537 | &nbsp;&nbsp;&nbsp;&nbsp; 180397 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49257 | &nbsp;&nbsp;&nbsp;&nbsp; 314260 |
| &nbsp;&nbsp;&nbsp;Napco Security Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10564 | &nbsp;&nbsp;&nbsp;&nbsp; 278678 |
| &nbsp;&nbsp;&nbsp;OSI Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5824 | &nbsp;&nbsp;&nbsp;&nbsp; 515308 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9874 | &nbsp;&nbsp;&nbsp;&nbsp; 1088312 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20509 | &nbsp;&nbsp;&nbsp;&nbsp; 1355440 |
| &nbsp;&nbsp;&nbsp;Stoneridge, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9468 | &nbsp;&nbsp;&nbsp;&nbsp; 224297 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36441 | &nbsp;&nbsp;&nbsp;&nbsp; 585607 |
| &nbsp;&nbsp;&nbsp;Turtle Beach Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5569 | &nbsp;&nbsp;&nbsp;&nbsp; 53184 |
| &nbsp;&nbsp;&nbsp;Vicor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7916 | &nbsp;&nbsp;&nbsp;&nbsp; 427385 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47553 | &nbsp;&nbsp;&nbsp;&nbsp; 1095621 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4467 | &nbsp;&nbsp;&nbsp;&nbsp; 181226 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15683926 |
| **Energy-Alternate Sources — 0.9%** | **Energy-Alternate Sources — 0.9%** | **Energy-Alternate Sources — 0.9%** |
| &nbsp;&nbsp;&nbsp;Aemetis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10612 | &nbsp;&nbsp;&nbsp;&nbsp; 58472 |
| &nbsp;&nbsp;&nbsp;Alto Ingredients, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25972 | &nbsp;&nbsp;&nbsp;&nbsp; 90642 |

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##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Archaea Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21426 | &nbsp;&nbsp;$555791 |
| &nbsp;&nbsp;&nbsp;Array Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54216 | &nbsp;&nbsp;&nbsp;&nbsp; 1135283 |
| &nbsp;&nbsp;&nbsp;Cleanspark, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16407 | &nbsp;&nbsp;&nbsp;&nbsp; 36916 |
| &nbsp;&nbsp;&nbsp;Energy Vault Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22807 | &nbsp;&nbsp;&nbsp;&nbsp; 85298 |
| &nbsp;&nbsp;&nbsp;Eneti, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8436 | &nbsp;&nbsp;&nbsp;&nbsp; 77274 |
| &nbsp;&nbsp;&nbsp;Fluence Energy, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12918 | &nbsp;&nbsp;&nbsp;&nbsp; 221931 |
| &nbsp;&nbsp;&nbsp;FuelCell Energy, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;140068 | &nbsp;&nbsp;&nbsp;&nbsp; 484635 |
| &nbsp;&nbsp;&nbsp;FutureFuel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9292 | &nbsp;&nbsp;&nbsp;&nbsp; 82141 |
| &nbsp;&nbsp;&nbsp;Gevo, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70776 | &nbsp;&nbsp;&nbsp;&nbsp; 154292 |
| &nbsp;&nbsp;&nbsp;Green Plains, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18960 | &nbsp;&nbsp;&nbsp;&nbsp; 655258 |
| &nbsp;&nbsp;&nbsp;Heliogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32672 | &nbsp;&nbsp;&nbsp;&nbsp; 37246 |
| &nbsp;&nbsp;&nbsp;Montauk Renewables, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23157 | &nbsp;&nbsp;&nbsp;&nbsp; 279505 |
| &nbsp;&nbsp;&nbsp;REX American Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5696 | &nbsp;&nbsp;&nbsp;&nbsp; 168089 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40220 | &nbsp;&nbsp;&nbsp;&nbsp; 1165173 |
| &nbsp;&nbsp;&nbsp;Stem, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51822 | &nbsp;&nbsp;&nbsp;&nbsp; 677314 |
| &nbsp;&nbsp;&nbsp;Sunnova Energy International, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35702 | &nbsp;&nbsp;&nbsp;&nbsp; 815077 |
| &nbsp;&nbsp;&nbsp;SunPower Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29424 | &nbsp;&nbsp;&nbsp;&nbsp; 713532 |
| &nbsp;&nbsp;&nbsp;TPI Composites, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13154 | &nbsp;&nbsp;&nbsp;&nbsp; 158900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7652769 |
| **Engineering & Construction — 1.6%** | **Engineering & Construction — 1.6%** | **Engineering & Construction — 1.6%** |
| &nbsp;&nbsp;&nbsp;908 Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7862 | &nbsp;&nbsp;&nbsp;&nbsp; 84124 |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17420 | &nbsp;&nbsp;&nbsp;&nbsp; 1064362 |
| &nbsp;&nbsp;&nbsp;Atlas Technical Consultants, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6714 | &nbsp;&nbsp;&nbsp;&nbsp; 36323 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12746 | &nbsp;&nbsp;&nbsp;&nbsp; 1615683 |
| &nbsp;&nbsp;&nbsp;Concrete Pumping Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9440 | &nbsp;&nbsp;&nbsp;&nbsp; 66646 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14343 | &nbsp;&nbsp;&nbsp;&nbsp; 410210 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10384 | &nbsp;&nbsp;&nbsp;&nbsp; 946398 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17589 | &nbsp;&nbsp;&nbsp;&nbsp; 2724536 |
| &nbsp;&nbsp;&nbsp;Exponent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18286 | &nbsp;&nbsp;&nbsp;&nbsp; 1890955 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51185 | &nbsp;&nbsp;&nbsp;&nbsp; 1720328 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29767 | &nbsp;&nbsp;&nbsp;&nbsp; 695655 |
| &nbsp;&nbsp;&nbsp;Granite Construction, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15909 | &nbsp;&nbsp;&nbsp;&nbsp; 573042 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23501 | &nbsp;&nbsp;&nbsp;&nbsp; 172027 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126 | &nbsp;&nbsp;&nbsp;&nbsp; 105721 |
| &nbsp;&nbsp;&nbsp;Latham Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15485 | &nbsp;&nbsp;&nbsp;&nbsp; 53423 |
| &nbsp;&nbsp;&nbsp;MYR Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5895 | &nbsp;&nbsp;&nbsp;&nbsp; 563149 |
| &nbsp;&nbsp;&nbsp;NV5 Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4863 | &nbsp;&nbsp;&nbsp;&nbsp; 702752 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19074 | &nbsp;&nbsp;&nbsp;&nbsp; 407230 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10531 | &nbsp;&nbsp;&nbsp;&nbsp; 344890 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15124 | &nbsp;&nbsp;&nbsp;&nbsp; 108137 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14285591 |
| **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** |
| &nbsp;&nbsp;&nbsp;Accel Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20683 | &nbsp;&nbsp;&nbsp;&nbsp; 176840 |
| &nbsp;&nbsp;&nbsp;Bally's Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13069 | &nbsp;&nbsp;&nbsp;&nbsp; 326725 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39189 | &nbsp;&nbsp;&nbsp;&nbsp; 533362 |
| &nbsp;&nbsp;&nbsp;Everi Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31025 | &nbsp;&nbsp;&nbsp;&nbsp; 518738 |
| &nbsp;&nbsp;&nbsp;Golden Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7232 | &nbsp;&nbsp;&nbsp;&nbsp; 320450 |
| &nbsp;&nbsp;&nbsp;IMAX Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16918 | &nbsp;&nbsp;&nbsp;&nbsp; 285745 |
| &nbsp;&nbsp;&nbsp;International Game Technology PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35324 | &nbsp;&nbsp;&nbsp;&nbsp; 866851 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp. - Liberty Braves, Series A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp; 119232 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp. - Liberty Braves, Series C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13546 | &nbsp;&nbsp;&nbsp;&nbsp; 441329 |
| &nbsp;&nbsp;&nbsp;Light & Wonder, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33963 | &nbsp;&nbsp;&nbsp;&nbsp; 2199784 |
| &nbsp;&nbsp;&nbsp;Lions Gate Entertainment Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20964 | &nbsp;&nbsp;&nbsp;&nbsp; 160165 |
| &nbsp;&nbsp;&nbsp;Lions Gate Entertainment Corp., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41522 | &nbsp;&nbsp;&nbsp;&nbsp; 295637 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9259 | &nbsp;&nbsp;&nbsp;&nbsp; 445543 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4785 | &nbsp;&nbsp;&nbsp;&nbsp; 406007 |
| &nbsp;&nbsp;&nbsp;NeoGames SA#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4677 | &nbsp;&nbsp;&nbsp;&nbsp; 64589 |
| &nbsp;&nbsp;&nbsp;RCI Hospitality Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3095 | &nbsp;&nbsp;&nbsp;&nbsp; 281707 |
| &nbsp;&nbsp;&nbsp;Red Rock Resorts, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18240 | &nbsp;&nbsp;&nbsp;&nbsp; 821894 |
| &nbsp;&nbsp;&nbsp;Reservoir Media, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7354 | &nbsp;&nbsp;&nbsp;&nbsp; 46477 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| &nbsp;&nbsp;&nbsp;Rush Street Interactive, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21838 | &nbsp;&nbsp;$77088 |
| &nbsp;&nbsp;&nbsp;SeaWorld Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15127 | &nbsp;&nbsp;&nbsp;&nbsp; 863147 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9251310 |
| **Environmental Control — 0.6%** | **Environmental Control — 0.6%** | **Environmental Control — 0.6%** |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17955 | &nbsp;&nbsp;&nbsp;&nbsp; 1545746 |
| &nbsp;&nbsp;&nbsp;Centrus Energy Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3829 | &nbsp;&nbsp;&nbsp;&nbsp; 145502 |
| &nbsp;&nbsp;&nbsp;Energy Recovery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19789 | &nbsp;&nbsp;&nbsp;&nbsp; 458709 |
| &nbsp;&nbsp;&nbsp;Evoqua Water Technologies Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42303 | &nbsp;&nbsp;&nbsp;&nbsp; 1839757 |
| &nbsp;&nbsp;&nbsp;Harsco Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28243 | &nbsp;&nbsp;&nbsp;&nbsp; 211258 |
| &nbsp;&nbsp;&nbsp;Heritage-Crystal Clean, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5638 | &nbsp;&nbsp;&nbsp;&nbsp; 178161 |
| &nbsp;&nbsp;&nbsp;Li-Cycle Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49143 | &nbsp;&nbsp;&nbsp;&nbsp; 313041 |
| &nbsp;&nbsp;&nbsp;Montrose Environmental Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9877 | &nbsp;&nbsp;&nbsp;&nbsp; 455922 |
| &nbsp;&nbsp;&nbsp;Pure Cycle Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7001 | &nbsp;&nbsp;&nbsp;&nbsp; 74281 |
| &nbsp;&nbsp;&nbsp;PureCycle Technologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38209 | &nbsp;&nbsp;&nbsp;&nbsp; 265170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5487547 |
| **Food — 1.6%** | **Food — 1.6%** | **Food — 1.6%** |
| &nbsp;&nbsp;&nbsp;B&G Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25445 | &nbsp;&nbsp;&nbsp;&nbsp; 337910 |
| &nbsp;&nbsp;&nbsp;Beyond Meat, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22078 | &nbsp;&nbsp;&nbsp;&nbsp; 322118 |
| &nbsp;&nbsp;&nbsp;Boxed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20674 | &nbsp;&nbsp;&nbsp;&nbsp; 7596 |
| &nbsp;&nbsp;&nbsp;Calavo Growers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6204 | &nbsp;&nbsp;&nbsp;&nbsp; 216892 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13634 | &nbsp;&nbsp;&nbsp;&nbsp; 794589 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12262 | &nbsp;&nbsp;&nbsp;&nbsp; 476379 |
| &nbsp;&nbsp;&nbsp;Hain Celestial Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27039 | &nbsp;&nbsp;&nbsp;&nbsp; 506711 |
| &nbsp;&nbsp;&nbsp;HF Foods Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12573 | &nbsp;&nbsp;&nbsp;&nbsp; 55824 |
| &nbsp;&nbsp;&nbsp;Hostess Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48941 | &nbsp;&nbsp;&nbsp;&nbsp; 1292042 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5113 | &nbsp;&nbsp;&nbsp;&nbsp; 516924 |
| &nbsp;&nbsp;&nbsp;J&J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5467 | &nbsp;&nbsp;&nbsp;&nbsp; 896697 |
| &nbsp;&nbsp;&nbsp;John B. Sanfilippo & Son, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211 | &nbsp;&nbsp;&nbsp;&nbsp; 271939 |
| &nbsp;&nbsp;&nbsp;Krispy Kreme, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25827 | &nbsp;&nbsp;&nbsp;&nbsp; 398252 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6992 | &nbsp;&nbsp;&nbsp;&nbsp; 1448323 |
| &nbsp;&nbsp;&nbsp;Mission Produce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14411 | &nbsp;&nbsp;&nbsp;&nbsp; 228991 |
| &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3333 | &nbsp;&nbsp;&nbsp;&nbsp; 33597 |
| &nbsp;&nbsp;&nbsp;Seneca Foods Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943 | &nbsp;&nbsp;&nbsp;&nbsp; 124896 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32383 | &nbsp;&nbsp;&nbsp;&nbsp; 1292082 |
| &nbsp;&nbsp;&nbsp;SpartanNash Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12845 | &nbsp;&nbsp;&nbsp;&nbsp; 421958 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38681 | &nbsp;&nbsp;&nbsp;&nbsp; 1327919 |
| &nbsp;&nbsp;&nbsp;SunOpta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35117 | &nbsp;&nbsp;&nbsp;&nbsp; 328344 |
| &nbsp;&nbsp;&nbsp;Tattooed Chef, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17604 | &nbsp;&nbsp;&nbsp;&nbsp; 26582 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5615 | &nbsp;&nbsp;&nbsp;&nbsp; 252394 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18289 | &nbsp;&nbsp;&nbsp;&nbsp; 904025 |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20898 | &nbsp;&nbsp;&nbsp;&nbsp; 996417 |
| &nbsp;&nbsp;&nbsp;Utz Brands, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23631 | &nbsp;&nbsp;&nbsp;&nbsp; 450407 |
| &nbsp;&nbsp;&nbsp;Village Super Market, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3044 | &nbsp;&nbsp;&nbsp;&nbsp; 68612 |
| &nbsp;&nbsp;&nbsp;Weis Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5910 | &nbsp;&nbsp;&nbsp;&nbsp; 515411 |
| &nbsp;&nbsp;&nbsp;Whole Earth Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14618 | &nbsp;&nbsp;&nbsp;&nbsp; 63296 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14577127 |
| **Food Service — 0.1%** | **Food Service — 0.1%** | **Food Service — 0.1%** |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26653 | &nbsp;&nbsp;&nbsp;&nbsp; 371810 |
| &nbsp;&nbsp;&nbsp;Sovos Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13775 | &nbsp;&nbsp;&nbsp;&nbsp; 198222 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570032 |
| **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** |
| &nbsp;&nbsp;&nbsp;Clearwater Paper Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012 | &nbsp;&nbsp;&nbsp;&nbsp; 234649 |
| &nbsp;&nbsp;&nbsp;Glatfelter Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15822 | &nbsp;&nbsp;&nbsp;&nbsp; 54902 |
| &nbsp;&nbsp;&nbsp;Resolute Forest Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16523 | &nbsp;&nbsp;&nbsp;&nbsp; 348635 |
| &nbsp;&nbsp;&nbsp;Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12767 | &nbsp;&nbsp;&nbsp;&nbsp; 690567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328753 |
| **Gas — 1.2%** | **Gas — 1.2%** | **Gas — 1.2%** |
| &nbsp;&nbsp;&nbsp;Brookfield Infrastructure Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35218 | &nbsp;&nbsp;&nbsp;&nbsp; 1651020 |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6261 | &nbsp;&nbsp;&nbsp;&nbsp; 749629 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34621 | &nbsp;&nbsp;$1722395 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12468 | &nbsp;&nbsp;&nbsp;&nbsp; 624771 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19338 | &nbsp;&nbsp;&nbsp;&nbsp; 1681439 |
| &nbsp;&nbsp;&nbsp;South Jersey Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44167 | &nbsp;&nbsp;&nbsp;&nbsp; 1532595 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24094 | &nbsp;&nbsp;&nbsp;&nbsp; 1649475 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18336 | &nbsp;&nbsp;&nbsp;&nbsp; 1358698 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10970022 |
| **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;6852 | &nbsp;&nbsp;&nbsp;&nbsp; 177741 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21021 | &nbsp;&nbsp;&nbsp;&nbsp; 526366 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16578 | &nbsp;&nbsp;&nbsp;&nbsp; 1380947 |
| &nbsp;&nbsp;&nbsp;Kennametal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29262 | &nbsp;&nbsp;&nbsp;&nbsp; 773102 |
| &nbsp;&nbsp;&nbsp;Luxfer Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9756 | &nbsp;&nbsp;&nbsp;&nbsp; 143023 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3001179 |
| **Healthcare-Products — 3.7%** | **Healthcare-Products — 3.7%** | **Healthcare-Products — 3.7%** |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40086 | &nbsp;&nbsp;&nbsp;&nbsp; 351955 |
| &nbsp;&nbsp;&nbsp;Akoya Biosciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5670 | &nbsp;&nbsp;&nbsp;&nbsp; 73597 |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26061 | &nbsp;&nbsp;&nbsp;&nbsp; 267386 |
| &nbsp;&nbsp;&nbsp;AngioDynamics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13381 | &nbsp;&nbsp;&nbsp;&nbsp; 173284 |
| &nbsp;&nbsp;&nbsp;Artivion, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14003 | &nbsp;&nbsp;&nbsp;&nbsp; 179098 |
| &nbsp;&nbsp;&nbsp;AtriCure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16392 | &nbsp;&nbsp;&nbsp;&nbsp; 746820 |
| &nbsp;&nbsp;&nbsp;Atrion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp; 298771 |
| &nbsp;&nbsp;&nbsp;Avanos Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16646 | &nbsp;&nbsp;&nbsp;&nbsp; 447777 |
| &nbsp;&nbsp;&nbsp;Axogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14578 | &nbsp;&nbsp;&nbsp;&nbsp; 159629 |
| &nbsp;&nbsp;&nbsp;Axonics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17625 | &nbsp;&nbsp;&nbsp;&nbsp; 1206960 |
| &nbsp;&nbsp;&nbsp;BioLife Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12119 | &nbsp;&nbsp;&nbsp;&nbsp; 256559 |
| &nbsp;&nbsp;&nbsp;Bionano Genomics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;104962 | &nbsp;&nbsp;&nbsp;&nbsp; 210974 |
| &nbsp;&nbsp;&nbsp;Bioventus, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11362 | &nbsp;&nbsp;&nbsp;&nbsp; 22156 |
| &nbsp;&nbsp;&nbsp;Butterfly Network, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47790 | &nbsp;&nbsp;&nbsp;&nbsp; 154362 |
| &nbsp;&nbsp;&nbsp;Cardiovascular Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14283 | &nbsp;&nbsp;&nbsp;&nbsp; 200105 |
| &nbsp;&nbsp;&nbsp;CareDx, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18307 | &nbsp;&nbsp;&nbsp;&nbsp; 237076 |
| &nbsp;&nbsp;&nbsp;Castle Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8822 | &nbsp;&nbsp;&nbsp;&nbsp; 208111 |
| &nbsp;&nbsp;&nbsp;Cerus Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62050 | &nbsp;&nbsp;&nbsp;&nbsp; 248200 |
| &nbsp;&nbsp;&nbsp;CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10467 | &nbsp;&nbsp;&nbsp;&nbsp; 867191 |
| &nbsp;&nbsp;&nbsp;Cue Health Inc† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39148 | &nbsp;&nbsp;&nbsp;&nbsp; 125274 |
| &nbsp;&nbsp;&nbsp;Cutera, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5967 | &nbsp;&nbsp;&nbsp;&nbsp; 283910 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16450 | &nbsp;&nbsp;&nbsp;&nbsp; 766076 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18261 | &nbsp;&nbsp;&nbsp;&nbsp; 1557846 |
| &nbsp;&nbsp;&nbsp;Inari Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17348 | &nbsp;&nbsp;&nbsp;&nbsp; 1276466 |
| &nbsp;&nbsp;&nbsp;Inogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8265 | &nbsp;&nbsp;&nbsp;&nbsp; 184475 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10150 | &nbsp;&nbsp;&nbsp;&nbsp; 2451935 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11848 | &nbsp;&nbsp;&nbsp;&nbsp; 880543 |
| &nbsp;&nbsp;&nbsp;iRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2562 | &nbsp;&nbsp;&nbsp;&nbsp; 75733 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10731 | &nbsp;&nbsp;&nbsp;&nbsp; 1170216 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24570 | &nbsp;&nbsp;&nbsp;&nbsp; 1525306 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7006 | &nbsp;&nbsp;&nbsp;&nbsp; 328231 |
| &nbsp;&nbsp;&nbsp;LivaNova PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19304 | &nbsp;&nbsp;&nbsp;&nbsp; 1068862 |
| &nbsp;&nbsp;&nbsp;MaxCyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31284 | &nbsp;&nbsp;&nbsp;&nbsp; 187391 |
| &nbsp;&nbsp;&nbsp;Meridian Bioscience, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15457 | &nbsp;&nbsp;&nbsp;&nbsp; 494624 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20099 | &nbsp;&nbsp;&nbsp;&nbsp; 1447128 |
| &nbsp;&nbsp;&nbsp;MiMedx Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40568 | &nbsp;&nbsp;&nbsp;&nbsp; 131846 |
| &nbsp;&nbsp;&nbsp;NanoString Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16699 | &nbsp;&nbsp;&nbsp;&nbsp; 116726 |
| &nbsp;&nbsp;&nbsp;Nautilus Biotechnology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17138 | &nbsp;&nbsp;&nbsp;&nbsp; 31020 |
| &nbsp;&nbsp;&nbsp;Neogen Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38923 | &nbsp;&nbsp;&nbsp;&nbsp; 644565 |
| &nbsp;&nbsp;&nbsp;Nevro Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12549 | &nbsp;&nbsp;&nbsp;&nbsp; 586164 |
| &nbsp;&nbsp;&nbsp;NuVasive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18827 | &nbsp;&nbsp;&nbsp;&nbsp; 731241 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26641 | &nbsp;&nbsp;&nbsp;&nbsp; 94309 |
| &nbsp;&nbsp;&nbsp;Omnicell, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15791 | &nbsp;&nbsp;&nbsp;&nbsp; 814974 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25809 | &nbsp;&nbsp;&nbsp;&nbsp; 130077 |
| &nbsp;&nbsp;&nbsp;Orthofix Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6964 | &nbsp;&nbsp;&nbsp;&nbsp; 125282 |

---

---

| | | |
|:---|:---|:---|
| **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;5366 | &nbsp;&nbsp;$236050 |
| &nbsp;&nbsp;&nbsp;Owlet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5922 | &nbsp;&nbsp;&nbsp;&nbsp; 4916 |
| &nbsp;&nbsp;&nbsp;Pacific Biosciences of California, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81218 | &nbsp;&nbsp;&nbsp;&nbsp; 873093 |
| &nbsp;&nbsp;&nbsp;Paragon 28, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16579 | &nbsp;&nbsp;&nbsp;&nbsp; 339869 |
| &nbsp;&nbsp;&nbsp;Patterson Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31343 | &nbsp;&nbsp;&nbsp;&nbsp; 891395 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9205 | &nbsp;&nbsp;&nbsp;&nbsp; 394894 |
| &nbsp;&nbsp;&nbsp;Pulmonx Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12297 | &nbsp;&nbsp;&nbsp;&nbsp; 74028 |
| &nbsp;&nbsp;&nbsp;Quanterix Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12205 | &nbsp;&nbsp;&nbsp;&nbsp; 162326 |
| &nbsp;&nbsp;&nbsp;Quantum-Si, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32841 | &nbsp;&nbsp;&nbsp;&nbsp; 78162 |
| &nbsp;&nbsp;&nbsp;RxSight, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7403 | &nbsp;&nbsp;&nbsp;&nbsp; 94536 |
| &nbsp;&nbsp;&nbsp;SeaSpine Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12886 | &nbsp;&nbsp;&nbsp;&nbsp; 96516 |
| &nbsp;&nbsp;&nbsp;Shockwave Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12801 | &nbsp;&nbsp;&nbsp;&nbsp; 3246334 |
| &nbsp;&nbsp;&nbsp;SI-BONE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12213 | &nbsp;&nbsp;&nbsp;&nbsp; 149976 |
| &nbsp;&nbsp;&nbsp;Silk Road Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12426 | &nbsp;&nbsp;&nbsp;&nbsp; 661684 |
| &nbsp;&nbsp;&nbsp;SomaLogic, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53808 | &nbsp;&nbsp;&nbsp;&nbsp; 150662 |
| &nbsp;&nbsp;&nbsp;STAAR Surgical Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17243 | &nbsp;&nbsp;&nbsp;&nbsp; 984748 |
| &nbsp;&nbsp;&nbsp;Surmodics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4901 | &nbsp;&nbsp;&nbsp;&nbsp; 177073 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6973 | &nbsp;&nbsp;&nbsp;&nbsp; 59689 |
| &nbsp;&nbsp;&nbsp;Tenon Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp; 2216 |
| &nbsp;&nbsp;&nbsp;Treace Medical Concepts, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11991 | &nbsp;&nbsp;&nbsp;&nbsp; 277592 |
| &nbsp;&nbsp;&nbsp;Utah Medical Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238 | &nbsp;&nbsp;&nbsp;&nbsp; 110256 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13889 | &nbsp;&nbsp;&nbsp;&nbsp; 295002 |
| &nbsp;&nbsp;&nbsp;Vicarious Surgical, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19615 | &nbsp;&nbsp;&nbsp;&nbsp; 68653 |
| &nbsp;&nbsp;&nbsp;ViewRay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53233 | &nbsp;&nbsp;&nbsp;&nbsp; 256583 |
| &nbsp;&nbsp;&nbsp;Zimvie, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7482 | &nbsp;&nbsp;&nbsp;&nbsp; 66889 |
| &nbsp;&nbsp;&nbsp;Zynex, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7949 | &nbsp;&nbsp;&nbsp;&nbsp; 109060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;33402433 |
| **Healthcare-Services — 1.4%** | **Healthcare-Services — 1.4%** | **Healthcare-Services — 1.4%** |
| &nbsp;&nbsp;&nbsp;23andMe Holding Co.<br> Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92854 | &nbsp;&nbsp;&nbsp;&nbsp; 283205 |
| &nbsp;&nbsp;&nbsp;Accolade, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23398 | &nbsp;&nbsp;&nbsp;&nbsp; 206604 |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5557 | &nbsp;&nbsp;&nbsp;&nbsp; 612826 |
| &nbsp;&nbsp;&nbsp;Agiliti, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10026 | &nbsp;&nbsp;&nbsp;&nbsp; 165529 |
| &nbsp;&nbsp;&nbsp;American Well Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82479 | &nbsp;&nbsp;&nbsp;&nbsp; 301048 |
| &nbsp;&nbsp;&nbsp;ATI Physical Therapy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26899 | &nbsp;&nbsp;&nbsp;&nbsp; 10655 |
| &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16009 | &nbsp;&nbsp;&nbsp;&nbsp; 10862 |
| &nbsp;&nbsp;&nbsp;Babylon Holdings, Ltd.<br> Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39153 | &nbsp;&nbsp;&nbsp;&nbsp; 22043 |
| &nbsp;&nbsp;&nbsp;Bright Health Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69409 | &nbsp;&nbsp;&nbsp;&nbsp; 68507 |
| &nbsp;&nbsp;&nbsp;Brookdale Senior Living, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66879 | &nbsp;&nbsp;&nbsp;&nbsp; 210669 |
| &nbsp;&nbsp;&nbsp;Cano Health, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58210 | &nbsp;&nbsp;&nbsp;&nbsp; 110599 |
| &nbsp;&nbsp;&nbsp;CareMax, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21442 | &nbsp;&nbsp;&nbsp;&nbsp; 84910 |
| &nbsp;&nbsp;&nbsp;Clover Health Investments Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;138898 | &nbsp;&nbsp;&nbsp;&nbsp; 181956 |
| &nbsp;&nbsp;&nbsp;Community Health Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44966 | &nbsp;&nbsp;&nbsp;&nbsp; 154233 |
| &nbsp;&nbsp;&nbsp;DocGo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28953 | &nbsp;&nbsp;&nbsp;&nbsp; 212805 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19371 | &nbsp;&nbsp;&nbsp;&nbsp; 1840245 |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7751 | &nbsp;&nbsp;&nbsp;&nbsp; 281129 |
| &nbsp;&nbsp;&nbsp;Innovage Holding Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6877 | &nbsp;&nbsp;&nbsp;&nbsp; 44563 |
| &nbsp;&nbsp;&nbsp;Inotiv, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6260 | &nbsp;&nbsp;&nbsp;&nbsp; 37811 |
| &nbsp;&nbsp;&nbsp;Invitae Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84925 | &nbsp;&nbsp;&nbsp;&nbsp; 252227 |
| &nbsp;&nbsp;&nbsp;Joint Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5056 | &nbsp;&nbsp;&nbsp;&nbsp; 75385 |
| &nbsp;&nbsp;&nbsp;LHC Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10725 | &nbsp;&nbsp;&nbsp;&nbsp; 1752572 |
| &nbsp;&nbsp;&nbsp;LifeStance Health Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25980 | &nbsp;&nbsp;&nbsp;&nbsp; 132238 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9126 | &nbsp;&nbsp;&nbsp;&nbsp; 1915456 |
| &nbsp;&nbsp;&nbsp;ModivCare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4548 | &nbsp;&nbsp;&nbsp;&nbsp; 350196 |
| &nbsp;&nbsp;&nbsp;Nano-X Imaging, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16448 | &nbsp;&nbsp;&nbsp;&nbsp; 175171 |
| &nbsp;&nbsp;&nbsp;National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4522 | &nbsp;&nbsp;&nbsp;&nbsp; 278736 |
| &nbsp;&nbsp;&nbsp;Oncology Institute, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12510 | &nbsp;&nbsp;&nbsp;&nbsp; 17639 |
| &nbsp;&nbsp;&nbsp;OPKO Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;145163 | &nbsp;&nbsp;&nbsp;&nbsp; 217745 |
| &nbsp;&nbsp;&nbsp;Oscar Health, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42478 | &nbsp;&nbsp;&nbsp;&nbsp; 122337 |
| &nbsp;&nbsp;&nbsp;P3 Health Partners, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8740 | &nbsp;&nbsp;&nbsp;&nbsp; 41777 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc. † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29867 | &nbsp;&nbsp;&nbsp;&nbsp; 477275 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Pennant Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9282 | &nbsp;&nbsp;$95976 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17949 | &nbsp;&nbsp;&nbsp;&nbsp; 354852 |
| &nbsp;&nbsp;&nbsp;Science 37 Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22385 | &nbsp;&nbsp;&nbsp;&nbsp; 13346 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37441 | &nbsp;&nbsp;&nbsp;&nbsp; 920300 |
| &nbsp;&nbsp;&nbsp;Sema4 Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56844 | &nbsp;&nbsp;&nbsp;&nbsp; 23545 |
| &nbsp;&nbsp;&nbsp;Surgery Partners, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17991 | &nbsp;&nbsp;&nbsp;&nbsp; 509325 |
| &nbsp;&nbsp;&nbsp;Thorne HealthTech, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4944 | &nbsp;&nbsp;&nbsp;&nbsp; 23731 |
| &nbsp;&nbsp;&nbsp;U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4622 | &nbsp;&nbsp;&nbsp;&nbsp; 399387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12989415 |
| **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** |
| &nbsp;&nbsp;&nbsp;Professional Holding Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4648 | &nbsp;&nbsp;&nbsp;&nbsp; 139301 |
| **Home Builders — 1.2%** | **Home Builders — 1.2%** | **Home Builders — 1.2%** |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10716 | &nbsp;&nbsp;&nbsp;&nbsp; 146273 |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3204 | &nbsp;&nbsp;&nbsp;&nbsp; 735735 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10311 | &nbsp;&nbsp;&nbsp;&nbsp; 496578 |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7535 | &nbsp;&nbsp;&nbsp;&nbsp; 74144 |
| &nbsp;&nbsp;&nbsp;Forestar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6550 | &nbsp;&nbsp;&nbsp;&nbsp; 97136 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9764 | &nbsp;&nbsp;&nbsp;&nbsp; 236094 |
| &nbsp;&nbsp;&nbsp;Hovnanian Enterprises, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858 | &nbsp;&nbsp;&nbsp;&nbsp; 89203 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8558 | &nbsp;&nbsp;&nbsp;&nbsp; 726831 |
| &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28309 | &nbsp;&nbsp;&nbsp;&nbsp; 888620 |
| &nbsp;&nbsp;&nbsp;Landsea Homes Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3396 | &nbsp;&nbsp;&nbsp;&nbsp; 18644 |
| &nbsp;&nbsp;&nbsp;LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8934 | &nbsp;&nbsp;&nbsp;&nbsp; 883215 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7379 | &nbsp;&nbsp;&nbsp;&nbsp; 733030 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9694 | &nbsp;&nbsp;&nbsp;&nbsp; 437975 |
| &nbsp;&nbsp;&nbsp;MDC Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20568 | &nbsp;&nbsp;&nbsp;&nbsp; 667020 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13061 | &nbsp;&nbsp;&nbsp;&nbsp; 1128601 |
| &nbsp;&nbsp;&nbsp;Skyline Champion Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19181 | &nbsp;&nbsp;&nbsp;&nbsp; 997220 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39470 | &nbsp;&nbsp;&nbsp;&nbsp; 1199493 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36278 | &nbsp;&nbsp;&nbsp;&nbsp; 668966 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11161 | &nbsp;&nbsp;&nbsp;&nbsp; 653923 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10878701 |
| **Home Furnishings — 0.4%** | **Home Furnishings — 0.4%** | **Home Furnishings — 0.4%** |
| &nbsp;&nbsp;&nbsp;Aterian, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23711 | &nbsp;&nbsp;&nbsp;&nbsp; 25608 |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8136 | &nbsp;&nbsp;&nbsp;&nbsp; 231469 |
| &nbsp;&nbsp;&nbsp;iRobot Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9652 | &nbsp;&nbsp;&nbsp;&nbsp; 502773 |
| &nbsp;&nbsp;&nbsp;Lovesac Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5008 | &nbsp;&nbsp;&nbsp;&nbsp; 130458 |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27332 | &nbsp;&nbsp;&nbsp;&nbsp; 557300 |
| &nbsp;&nbsp;&nbsp;Purple Innovation, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19738 | &nbsp;&nbsp;&nbsp;&nbsp; 99677 |
| &nbsp;&nbsp;&nbsp;Sleep Number Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7668 | &nbsp;&nbsp;&nbsp;&nbsp; 224289 |
| &nbsp;&nbsp;&nbsp;Snap One Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6475 | &nbsp;&nbsp;&nbsp;&nbsp; 52512 |
| &nbsp;&nbsp;&nbsp;Sonos, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45892 | &nbsp;&nbsp;&nbsp;&nbsp; 804487 |
| &nbsp;&nbsp;&nbsp;Traeger, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11514 | &nbsp;&nbsp;&nbsp;&nbsp; 36845 |
| &nbsp;&nbsp;&nbsp;Universal Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4354 | &nbsp;&nbsp;&nbsp;&nbsp; 95222 |
| &nbsp;&nbsp;&nbsp;Vizio Holding Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24398 | &nbsp;&nbsp;&nbsp;&nbsp; 251055 |
| &nbsp;&nbsp;&nbsp;Weber, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9719 | &nbsp;&nbsp;&nbsp;&nbsp; 66089 |
| &nbsp;&nbsp;&nbsp;Xperi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14989 | &nbsp;&nbsp;&nbsp;&nbsp; 160532 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3238316 |
| **Household Products/Wares — 0.3%** | **Household Products/Wares — 0.3%** | **Household Products/Wares — 0.3%** |
| &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33081 | &nbsp;&nbsp;&nbsp;&nbsp; 184261 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3544 | &nbsp;&nbsp;&nbsp;&nbsp; 145481 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14425 | &nbsp;&nbsp;&nbsp;&nbsp; 563585 |
| &nbsp;&nbsp;&nbsp;Helen of Troy, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8548 | &nbsp;&nbsp;&nbsp;&nbsp; 842320 |
| &nbsp;&nbsp;&nbsp;Leafly Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10969 | &nbsp;&nbsp;&nbsp;&nbsp; 7741 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11905 | &nbsp;&nbsp;&nbsp;&nbsp; 282982 |
| &nbsp;&nbsp;&nbsp;WD-40 Co.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4912 | &nbsp;&nbsp;&nbsp;&nbsp; 822760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849130 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| &nbsp;&nbsp;&nbsp;Lifetime Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;$38686 |
| &nbsp;&nbsp;&nbsp;Tupperware Brands Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15864 | &nbsp;&nbsp;&nbsp;&nbsp; 73450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112136 |
| **Insurance — 2.4%** | **Insurance — 2.4%** | **Insurance — 2.4%** |
| &nbsp;&nbsp;&nbsp;Ambac Financial Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15918 | &nbsp;&nbsp;&nbsp;&nbsp; 258827 |
| &nbsp;&nbsp;&nbsp;American Equity Investment Life Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26036 | &nbsp;&nbsp;&nbsp;&nbsp; 1054718 |
| &nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6871 | &nbsp;&nbsp;&nbsp;&nbsp; 407931 |
| &nbsp;&nbsp;&nbsp;Argo Group International Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11421 | &nbsp;&nbsp;&nbsp;&nbsp; 310423 |
| &nbsp;&nbsp;&nbsp;BRP Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21436 | &nbsp;&nbsp;&nbsp;&nbsp; 643937 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40820 | &nbsp;&nbsp;&nbsp;&nbsp; 958454 |
| &nbsp;&nbsp;&nbsp;Crawford & Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5559 | &nbsp;&nbsp;&nbsp;&nbsp; 35188 |
| &nbsp;&nbsp;&nbsp;Doma Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49238 | &nbsp;&nbsp;&nbsp;&nbsp; 19449 |
| &nbsp;&nbsp;&nbsp;Donegal Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5595 | &nbsp;&nbsp;&nbsp;&nbsp; 83198 |
| &nbsp;&nbsp;&nbsp;eHealth, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8898 | &nbsp;&nbsp;&nbsp;&nbsp; 31677 |
| &nbsp;&nbsp;&nbsp;Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9774 | &nbsp;&nbsp;&nbsp;&nbsp; 454198 |
| &nbsp;&nbsp;&nbsp;Enstar Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4041 | &nbsp;&nbsp;&nbsp;&nbsp; 880898 |
| &nbsp;&nbsp;&nbsp;Essent Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37895 | &nbsp;&nbsp;&nbsp;&nbsp; 1519211 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;180608 | &nbsp;&nbsp;&nbsp;&nbsp; 908458 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6850 | &nbsp;&nbsp;&nbsp;&nbsp; 278179 |
| &nbsp;&nbsp;&nbsp;Greenlight Capital Re, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9398 | &nbsp;&nbsp;&nbsp;&nbsp; 73586 |
| &nbsp;&nbsp;&nbsp;HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2321 | &nbsp;&nbsp;&nbsp;&nbsp; 86852 |
| &nbsp;&nbsp;&nbsp;Hippo Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5705 | &nbsp;&nbsp;&nbsp;&nbsp; 85176 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14782 | &nbsp;&nbsp;&nbsp;&nbsp; 570437 |
| &nbsp;&nbsp;&nbsp;Investors Title Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467 | &nbsp;&nbsp;&nbsp;&nbsp; 71703 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27493 | &nbsp;&nbsp;&nbsp;&nbsp; 1026864 |
| &nbsp;&nbsp;&nbsp;James River Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13221 | &nbsp;&nbsp;&nbsp;&nbsp; 317568 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7783 | &nbsp;&nbsp;&nbsp;&nbsp; 2398798 |
| &nbsp;&nbsp;&nbsp;Lemonade, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16699 | &nbsp;&nbsp;&nbsp;&nbsp; 331475 |
| &nbsp;&nbsp;&nbsp;MBIA, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17268 | &nbsp;&nbsp;&nbsp;&nbsp; 219476 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9622 | &nbsp;&nbsp;&nbsp;&nbsp; 349086 |
| &nbsp;&nbsp;&nbsp;National Western Life Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 | &nbsp;&nbsp;&nbsp;&nbsp; 172013 |
| &nbsp;&nbsp;&nbsp;NI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3041 | &nbsp;&nbsp;&nbsp;&nbsp; 41054 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29924 | &nbsp;&nbsp;&nbsp;&nbsp; 644264 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8731 | &nbsp;&nbsp;&nbsp;&nbsp; 547783 |
| &nbsp;&nbsp;&nbsp;ProAssurance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19387 | &nbsp;&nbsp;&nbsp;&nbsp; 387546 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14042 | &nbsp;&nbsp;&nbsp;&nbsp; 1826443 |
| &nbsp;&nbsp;&nbsp;Root, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790 | &nbsp;&nbsp;&nbsp;&nbsp; 20283 |
| &nbsp;&nbsp;&nbsp;Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5118 | &nbsp;&nbsp;&nbsp;&nbsp; 469525 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21461 | &nbsp;&nbsp;&nbsp;&nbsp; 2062831 |
| &nbsp;&nbsp;&nbsp;Selectquote, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48076 | &nbsp;&nbsp;&nbsp;&nbsp; 28850 |
| &nbsp;&nbsp;&nbsp;SiriusPoint, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33126 | &nbsp;&nbsp;&nbsp;&nbsp; 215982 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9648 | &nbsp;&nbsp;&nbsp;&nbsp; 427021 |
| &nbsp;&nbsp;&nbsp;Tiptree, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8906 | &nbsp;&nbsp;&nbsp;&nbsp; 123526 |
| &nbsp;&nbsp;&nbsp;Trean Insurance Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8126 | &nbsp;&nbsp;&nbsp;&nbsp; 22428 |
| &nbsp;&nbsp;&nbsp;Trupanion, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14023 | &nbsp;&nbsp;&nbsp;&nbsp; 732982 |
| &nbsp;&nbsp;&nbsp;United Fire Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7678 | &nbsp;&nbsp;&nbsp;&nbsp; 234563 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9407 | &nbsp;&nbsp;&nbsp;&nbsp; 103383 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21436244 |
| **Internet — 1.7%** | **Internet — 1.7%** | **Internet — 1.7%** |
| &nbsp;&nbsp;&nbsp;1-800-Flowers.com, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9674 | &nbsp;&nbsp;&nbsp;&nbsp; 81842 |
| &nbsp;&nbsp;&nbsp;1stdibs.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8512 | &nbsp;&nbsp;&nbsp;&nbsp; 51242 |
| &nbsp;&nbsp;&nbsp;aka Brands Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4021 | &nbsp;&nbsp;&nbsp;&nbsp; 7238 |
| &nbsp;&nbsp;&nbsp;Allbirds, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34711 | &nbsp;&nbsp;&nbsp;&nbsp; 99968 |
| &nbsp;&nbsp;&nbsp;Arena Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4077 | &nbsp;&nbsp;&nbsp;&nbsp; 55936 |
| &nbsp;&nbsp;&nbsp;BARK, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42919 | &nbsp;&nbsp;&nbsp;&nbsp; 71246 |
| &nbsp;&nbsp;&nbsp;Blade Air Mobility, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20180 | &nbsp;&nbsp;&nbsp;&nbsp; 99286 |
| &nbsp;&nbsp;&nbsp;Bumble, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31021 | &nbsp;&nbsp;&nbsp;&nbsp; 755672 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36699 | &nbsp;&nbsp;&nbsp;&nbsp; 480023 |
| &nbsp;&nbsp;&nbsp;CarParts.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18261 | &nbsp;&nbsp;&nbsp;&nbsp; 98975 |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24237 | &nbsp;&nbsp;&nbsp;&nbsp; 358223 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15468 | &nbsp;&nbsp;&nbsp;&nbsp; 897917 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;ContextLogic, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;208054 | &nbsp;&nbsp;$152649 |
| &nbsp;&nbsp;&nbsp;Couchbase, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9527 | &nbsp;&nbsp;&nbsp;&nbsp; 129567 |
| &nbsp;&nbsp;&nbsp;DHI Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15374 | &nbsp;&nbsp;&nbsp;&nbsp; 86402 |
| &nbsp;&nbsp;&nbsp;Edgio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49373 | &nbsp;&nbsp;&nbsp;&nbsp; 71097 |
| &nbsp;&nbsp;&nbsp;ePlus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9535 | &nbsp;&nbsp;&nbsp;&nbsp; 473508 |
| &nbsp;&nbsp;&nbsp;Eventbrite, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27720 | &nbsp;&nbsp;&nbsp;&nbsp; 202079 |
| &nbsp;&nbsp;&nbsp;EverQuote, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7061 | &nbsp;&nbsp;&nbsp;&nbsp; 76259 |
| &nbsp;&nbsp;&nbsp;Figs, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45858 | &nbsp;&nbsp;&nbsp;&nbsp; 359068 |
| &nbsp;&nbsp;&nbsp;Focus Universal, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6365 | &nbsp;&nbsp;&nbsp;&nbsp; 69951 |
| &nbsp;&nbsp;&nbsp;fuboTV, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64053 | &nbsp;&nbsp;&nbsp;&nbsp; 178708 |
| &nbsp;&nbsp;&nbsp;Gambling.com Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3119 | &nbsp;&nbsp;&nbsp;&nbsp; 31970 |
| &nbsp;&nbsp;&nbsp;Groupon, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7846 | &nbsp;&nbsp;&nbsp;&nbsp; 65357 |
| &nbsp;&nbsp;&nbsp;HealthStream, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8691 | &nbsp;&nbsp;&nbsp;&nbsp; 220751 |
| &nbsp;&nbsp;&nbsp;Innovid Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27498 | &nbsp;&nbsp;&nbsp;&nbsp; 81394 |
| &nbsp;&nbsp;&nbsp;Inspirato, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7376 | &nbsp;&nbsp;&nbsp;&nbsp; 13719 |
| &nbsp;&nbsp;&nbsp;Lands' End, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5488 | &nbsp;&nbsp;&nbsp;&nbsp; 63441 |
| &nbsp;&nbsp;&nbsp;Liquidity Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8780 | &nbsp;&nbsp;&nbsp;&nbsp; 146538 |
| &nbsp;&nbsp;&nbsp;Lulu's Fashion Lounge Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5986 | &nbsp;&nbsp;&nbsp;&nbsp; 23046 |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47061 | &nbsp;&nbsp;&nbsp;&nbsp; 522848 |
| &nbsp;&nbsp;&nbsp;Marqeta, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;156114 | &nbsp;&nbsp;&nbsp;&nbsp; 1044403 |
| &nbsp;&nbsp;&nbsp;MediaAlpha, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8657 | &nbsp;&nbsp;&nbsp;&nbsp; 102759 |
| &nbsp;&nbsp;&nbsp;Nerdy, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19487 | &nbsp;&nbsp;&nbsp;&nbsp; 41118 |
| &nbsp;&nbsp;&nbsp;Open Lending Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37935 | &nbsp;&nbsp;&nbsp;&nbsp; 268200 |
| &nbsp;&nbsp;&nbsp;OptimizeRx Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6358 | &nbsp;&nbsp;&nbsp;&nbsp; 134090 |
| &nbsp;&nbsp;&nbsp;Overstock.com, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15315 | &nbsp;&nbsp;&nbsp;&nbsp; 407685 |
| &nbsp;&nbsp;&nbsp;Perficient, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12287 | &nbsp;&nbsp;&nbsp;&nbsp; 872991 |
| &nbsp;&nbsp;&nbsp;Poshmark, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16525 | &nbsp;&nbsp;&nbsp;&nbsp; 294641 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20089 | &nbsp;&nbsp;&nbsp;&nbsp; 546421 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18658 | &nbsp;&nbsp;&nbsp;&nbsp; 265503 |
| &nbsp;&nbsp;&nbsp;RealReal, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30987 | &nbsp;&nbsp;&nbsp;&nbsp; 46171 |
| &nbsp;&nbsp;&nbsp;Revolve Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14684 | &nbsp;&nbsp;&nbsp;&nbsp; 387951 |
| &nbsp;&nbsp;&nbsp;Rover Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33344 | &nbsp;&nbsp;&nbsp;&nbsp; 160718 |
| &nbsp;&nbsp;&nbsp;RumbleON, Inc., Class B#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3723 | &nbsp;&nbsp;&nbsp;&nbsp; 28406 |
| &nbsp;&nbsp;&nbsp;Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8720 | &nbsp;&nbsp;&nbsp;&nbsp; 469310 |
| &nbsp;&nbsp;&nbsp;Solo Brands, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7902 | &nbsp;&nbsp;&nbsp;&nbsp; 34374 |
| &nbsp;&nbsp;&nbsp;Squarespace, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11267 | &nbsp;&nbsp;&nbsp;&nbsp; 230861 |
| &nbsp;&nbsp;&nbsp;Stitch Fix, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29225 | &nbsp;&nbsp;&nbsp;&nbsp; 118069 |
| &nbsp;&nbsp;&nbsp;TechTarget, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9858 | &nbsp;&nbsp;&nbsp;&nbsp; 450116 |
| &nbsp;&nbsp;&nbsp;TrueCar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32307 | &nbsp;&nbsp;&nbsp;&nbsp; 80444 |
| &nbsp;&nbsp;&nbsp;Tucows, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3563 | &nbsp;&nbsp;&nbsp;&nbsp; 109384 |
| &nbsp;&nbsp;&nbsp;Upwork, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43112 | &nbsp;&nbsp;&nbsp;&nbsp; 528122 |
| &nbsp;&nbsp;&nbsp;Vacasa, Inc.<br> Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40207 | &nbsp;&nbsp;&nbsp;&nbsp; 63125 |
| &nbsp;&nbsp;&nbsp;Vivid Seats, Inc.<br> Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9217 | &nbsp;&nbsp;&nbsp;&nbsp; 71893 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24730 | &nbsp;&nbsp;&nbsp;&nbsp; 765394 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16429 | &nbsp;&nbsp;&nbsp;&nbsp; 1515740 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15063809 |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| &nbsp;&nbsp;&nbsp;Cannae Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25645 | &nbsp;&nbsp;&nbsp;&nbsp; 594195 |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22267 | &nbsp;&nbsp;&nbsp;&nbsp; 435542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029737 |
| **Iron/Steel — 0.5%** | **Iron/Steel — 0.5%** | **Iron/Steel — 0.5%** |
| &nbsp;&nbsp;&nbsp;ATI, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44635 | &nbsp;&nbsp;&nbsp;&nbsp; 1361814 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17184 | &nbsp;&nbsp;&nbsp;&nbsp; 705575 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43519 | &nbsp;&nbsp;&nbsp;&nbsp; 2142005 |
| &nbsp;&nbsp;&nbsp;Haynes International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4396 | &nbsp;&nbsp;&nbsp;&nbsp; 219624 |
| &nbsp;&nbsp;&nbsp;Schnitzer Steel Industries, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9321 | &nbsp;&nbsp;&nbsp;&nbsp; 319990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4749008 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Leisure Time — 0.5%** | **Leisure Time — 0.5%** | **Leisure Time — 0.5%** |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12134 | &nbsp;&nbsp;$551490 |
| &nbsp;&nbsp;&nbsp;Bowlero Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14524 | &nbsp;&nbsp;&nbsp;&nbsp; 202755 |
| &nbsp;&nbsp;&nbsp;Camping World Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13840 | &nbsp;&nbsp;&nbsp;&nbsp; 381015 |
| &nbsp;&nbsp;&nbsp;Clarus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10373 | &nbsp;&nbsp;&nbsp;&nbsp; 86303 |
| &nbsp;&nbsp;&nbsp;F45 Training Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13011 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp;Johnson Outdoors, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1917 | &nbsp;&nbsp;&nbsp;&nbsp; 108426 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15117 | &nbsp;&nbsp;&nbsp;&nbsp; 193951 |
| &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12075 | &nbsp;&nbsp;&nbsp;&nbsp; 109641 |
| &nbsp;&nbsp;&nbsp;Malibu Boats, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7317 | &nbsp;&nbsp;&nbsp;&nbsp; 422264 |
| &nbsp;&nbsp;&nbsp;Marine Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990 | &nbsp;&nbsp;&nbsp;&nbsp; 34833 |
| &nbsp;&nbsp;&nbsp;MasterCraft Boat Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6412 | &nbsp;&nbsp;&nbsp;&nbsp; 164917 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23862 | &nbsp;&nbsp;&nbsp;&nbsp; 237904 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50309 | &nbsp;&nbsp;&nbsp;&nbsp; 1053974 |
| &nbsp;&nbsp;&nbsp;Virgin Galactic Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82074 | &nbsp;&nbsp;&nbsp;&nbsp; 417757 |
| &nbsp;&nbsp;&nbsp;Vista Outdoor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20093 | &nbsp;&nbsp;&nbsp;&nbsp; 562001 |
| &nbsp;&nbsp;&nbsp;Xponential Fitness, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6238 | &nbsp;&nbsp;&nbsp;&nbsp; 138109 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700340 |
| **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
| &nbsp;&nbsp;&nbsp;Bluegreen Vacations Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4244 | &nbsp;&nbsp;&nbsp;&nbsp; 91458 |
| &nbsp;&nbsp;&nbsp;Century Casinos, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp; 73206 |
| &nbsp;&nbsp;&nbsp;Full House Resorts, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11820 | &nbsp;&nbsp;&nbsp;&nbsp; 90423 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31595 | &nbsp;&nbsp;&nbsp;&nbsp; 1390812 |
| &nbsp;&nbsp;&nbsp;Marcus Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8555 | &nbsp;&nbsp;&nbsp;&nbsp; 138933 |
| &nbsp;&nbsp;&nbsp;Sonder Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68092 | &nbsp;&nbsp;&nbsp;&nbsp; 120523 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905355 |
| **Machinery-Construction & Mining — 0.4%** | **Machinery-Construction & Mining — 0.4%** | **Machinery-Construction & Mining — 0.4%** |
| &nbsp;&nbsp;&nbsp;Argan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4818 | &nbsp;&nbsp;&nbsp;&nbsp; 182843 |
| &nbsp;&nbsp;&nbsp;Astec Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8210 | &nbsp;&nbsp;&nbsp;&nbsp; 363210 |
| &nbsp;&nbsp;&nbsp;Babcock & Wilcox Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21848 | &nbsp;&nbsp;&nbsp;&nbsp; 99627 |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63240 | &nbsp;&nbsp;&nbsp;&nbsp; 1346380 |
| &nbsp;&nbsp;&nbsp;Hyster-Yale Materials Handling, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3897 | &nbsp;&nbsp;&nbsp;&nbsp; 114104 |
| &nbsp;&nbsp;&nbsp;Manitowoc Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12479 | &nbsp;&nbsp;&nbsp;&nbsp; 122544 |
| &nbsp;&nbsp;&nbsp;NuScale Power Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11271 | &nbsp;&nbsp;&nbsp;&nbsp; 122854 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23979 | &nbsp;&nbsp;&nbsp;&nbsp; 1100876 |
| &nbsp;&nbsp;&nbsp;Transphorm, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8180 | &nbsp;&nbsp;&nbsp;&nbsp; 47035 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3499473 |
| **Machinery-Diversified — 1.8%** | **Machinery-Diversified — 1.8%** | **Machinery-Diversified — 1.8%** |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3618 | &nbsp;&nbsp;&nbsp;&nbsp; 544509 |
| &nbsp;&nbsp;&nbsp;Albany International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11213 | &nbsp;&nbsp;&nbsp;&nbsp; 1136662 |
| &nbsp;&nbsp;&nbsp;Altra Industrial Motion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23377 | &nbsp;&nbsp;&nbsp;&nbsp; 1370360 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13765 | &nbsp;&nbsp;&nbsp;&nbsp; 1823725 |
| &nbsp;&nbsp;&nbsp;Cactus, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21197 | &nbsp;&nbsp;&nbsp;&nbsp; 1152905 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13209 | &nbsp;&nbsp;&nbsp;&nbsp; 1888755 |
| &nbsp;&nbsp;&nbsp;CIRCOR International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6644 | &nbsp;&nbsp;&nbsp;&nbsp; 183042 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10075 | &nbsp;&nbsp;&nbsp;&nbsp; 324717 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5257 | &nbsp;&nbsp;&nbsp;&nbsp; 635834 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5475 | &nbsp;&nbsp;&nbsp;&nbsp; 141419 |
| &nbsp;&nbsp;&nbsp;Eastman Kodak Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20551 | &nbsp;&nbsp;&nbsp;&nbsp; 86931 |
| &nbsp;&nbsp;&nbsp;Gorman-Rupp Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8180 | &nbsp;&nbsp;&nbsp;&nbsp; 226422 |
| &nbsp;&nbsp;&nbsp;GrafTech International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69688 | &nbsp;&nbsp;&nbsp;&nbsp; 376315 |
| &nbsp;&nbsp;&nbsp;Hydrofarm Holdings Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15699 | &nbsp;&nbsp;&nbsp;&nbsp; 39405 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10087 | &nbsp;&nbsp;&nbsp;&nbsp; 300391 |
| &nbsp;&nbsp;&nbsp;Kadant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4173 | &nbsp;&nbsp;&nbsp;&nbsp; 805556 |
| &nbsp;&nbsp;&nbsp;Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3958 | &nbsp;&nbsp;&nbsp;&nbsp; 698547 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56075 | &nbsp;&nbsp;&nbsp;&nbsp; 653835 |
| &nbsp;&nbsp;&nbsp;Sarcos Technology and Robotics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39338 | &nbsp;&nbsp;&nbsp;&nbsp; 45829 |
| &nbsp;&nbsp;&nbsp;Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6663 | &nbsp;&nbsp;&nbsp;&nbsp; 423300 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11910 | &nbsp;&nbsp;&nbsp;&nbsp; 241892 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;9841 | &nbsp;&nbsp;$1559307 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44659 | &nbsp;&nbsp;&nbsp;&nbsp; 1081194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15740852 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| &nbsp;&nbsp;&nbsp;AMC Networks, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10878 | &nbsp;&nbsp;&nbsp;&nbsp; 217125 |
| &nbsp;&nbsp;&nbsp;Audacy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43353 | &nbsp;&nbsp;&nbsp;&nbsp; 12447 |
| &nbsp;&nbsp;&nbsp;Cumulus Media, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6409 | &nbsp;&nbsp;&nbsp;&nbsp; 46914 |
| &nbsp;&nbsp;&nbsp;E.W. Scripps Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21029 | &nbsp;&nbsp;&nbsp;&nbsp; 315014 |
| &nbsp;&nbsp;&nbsp;Gannett Co, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51779 | &nbsp;&nbsp;&nbsp;&nbsp; 129448 |
| &nbsp;&nbsp;&nbsp;Gray Television, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29517 | &nbsp;&nbsp;&nbsp;&nbsp; 345349 |
| &nbsp;&nbsp;&nbsp;iHeartMedia, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43348 | &nbsp;&nbsp;&nbsp;&nbsp; 348518 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13752 | &nbsp;&nbsp;&nbsp;&nbsp; 106440 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America, Ltd., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53618 | &nbsp;&nbsp;&nbsp;&nbsp; 417684 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10703 | &nbsp;&nbsp;&nbsp;&nbsp; 440107 |
| &nbsp;&nbsp;&nbsp;Sinclair Broadcast Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14410 | &nbsp;&nbsp;&nbsp;&nbsp; 267450 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80124 | &nbsp;&nbsp;&nbsp;&nbsp; 1581648 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9138 | &nbsp;&nbsp;&nbsp;&nbsp; 175267 |
| &nbsp;&nbsp;&nbsp;Urban One, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2977 | &nbsp;&nbsp;&nbsp;&nbsp; 14855 |
| &nbsp;&nbsp;&nbsp;Urban One, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3788 | &nbsp;&nbsp;&nbsp;&nbsp; 16667 |
| &nbsp;&nbsp;&nbsp;Value Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp; 18592 |
| &nbsp;&nbsp;&nbsp;WideOpenWest, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19274 | &nbsp;&nbsp;&nbsp;&nbsp; 200064 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4653589 |
| **Medical - Biomedical/Gene — 0.0%** | **Medical - Biomedical/Gene — 0.0%** | **Medical - Biomedical/Gene — 0.0%** |
| &nbsp;&nbsp;&nbsp;Contra Radius Health, Inc.†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16856 | &nbsp;&nbsp;&nbsp;&nbsp; 1348 |
| **Metal Fabricate/Hardware — 0.9%** | **Metal Fabricate/Hardware — 0.9%** | **Metal Fabricate/Hardware — 0.9%** |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8825 | &nbsp;&nbsp;&nbsp;&nbsp; 367385 |
| &nbsp;&nbsp;&nbsp;Fathom Digital Manufacturing C#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 8505 |
| &nbsp;&nbsp;&nbsp;Helios Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11700 | &nbsp;&nbsp;&nbsp;&nbsp; 617058 |
| &nbsp;&nbsp;&nbsp;Hillman Solutions Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48395 | &nbsp;&nbsp;&nbsp;&nbsp; 385224 |
| &nbsp;&nbsp;&nbsp;Janus International Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29368 | &nbsp;&nbsp;&nbsp;&nbsp; 321580 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20120 | &nbsp;&nbsp;&nbsp;&nbsp; 1383652 |
| &nbsp;&nbsp;&nbsp;Northwest Pipe Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3513 | &nbsp;&nbsp;&nbsp;&nbsp; 131597 |
| &nbsp;&nbsp;&nbsp;Olympic Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3451 | &nbsp;&nbsp;&nbsp;&nbsp; 121096 |
| &nbsp;&nbsp;&nbsp;Omega Flex, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173 | &nbsp;&nbsp;&nbsp;&nbsp; 112737 |
| &nbsp;&nbsp;&nbsp;Proto Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9899 | &nbsp;&nbsp;&nbsp;&nbsp; 262521 |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10257 | &nbsp;&nbsp;&nbsp;&nbsp; 2430601 |
| &nbsp;&nbsp;&nbsp;Ryerson Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6986 | &nbsp;&nbsp;&nbsp;&nbsp; 206017 |
| &nbsp;&nbsp;&nbsp;Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4292 | &nbsp;&nbsp;&nbsp;&nbsp; 450875 |
| &nbsp;&nbsp;&nbsp;TimkenSteel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16681 | &nbsp;&nbsp;&nbsp;&nbsp; 311935 |
| &nbsp;&nbsp;&nbsp;Tredegar Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9775 | &nbsp;&nbsp;&nbsp;&nbsp; 101074 |
| &nbsp;&nbsp;&nbsp;Worthington Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11302 | &nbsp;&nbsp;&nbsp;&nbsp; 641275 |
| &nbsp;&nbsp;&nbsp;Xometry, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12149 | &nbsp;&nbsp;&nbsp;&nbsp; 513052 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8366184 |
| **Mining — 0.9%** | **Mining — 0.9%** | **Mining — 0.9%** |
| &nbsp;&nbsp;&nbsp;5E Advanced Materials, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11864 | &nbsp;&nbsp;&nbsp;&nbsp; 132877 |
| &nbsp;&nbsp;&nbsp;Arconic Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36924 | &nbsp;&nbsp;&nbsp;&nbsp; 879899 |
| &nbsp;&nbsp;&nbsp;Century Aluminum Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18680 | &nbsp;&nbsp;&nbsp;&nbsp; 168307 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;100178 | &nbsp;&nbsp;&nbsp;&nbsp; 350623 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12332 | &nbsp;&nbsp;&nbsp;&nbsp; 546924 |
| &nbsp;&nbsp;&nbsp;Constellium SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45455 | &nbsp;&nbsp;&nbsp;&nbsp; 565915 |
| &nbsp;&nbsp;&nbsp;Dakota Gold Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18478 | &nbsp;&nbsp;&nbsp;&nbsp; 62456 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56104 | &nbsp;&nbsp;&nbsp;&nbsp; 389362 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | &nbsp;&nbsp;&nbsp;&nbsp;198952 | &nbsp;&nbsp;&nbsp;&nbsp; 1084288 |
| &nbsp;&nbsp;&nbsp;Hycroft Mining Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54277 | &nbsp;&nbsp;&nbsp;&nbsp; 39096 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5216 | &nbsp;&nbsp;&nbsp;&nbsp; 54925 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5695 | &nbsp;&nbsp;&nbsp;&nbsp; 514828 |
| &nbsp;&nbsp;&nbsp;Livent Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58281 | &nbsp;&nbsp;&nbsp;&nbsp; 1631285 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85998 | &nbsp;&nbsp;&nbsp;&nbsp; 496208 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. CVR#† | &nbsp;&nbsp;&nbsp;&nbsp;171891 | &nbsp;&nbsp;&nbsp;&nbsp; 97978 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| &nbsp;&nbsp;&nbsp;Piedmont Lithium, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6244 | &nbsp;&nbsp;$360029 |
| &nbsp;&nbsp;&nbsp;PolyMet Mining Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10508 | &nbsp;&nbsp;&nbsp;&nbsp; 31524 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729 | &nbsp;&nbsp;&nbsp;&nbsp; 101316 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;115433 | &nbsp;&nbsp;&nbsp;&nbsp; 447880 |
| &nbsp;&nbsp;&nbsp;Ur-Energy, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75298 | &nbsp;&nbsp;&nbsp;&nbsp; 99393 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8055113 |
| **Miscellaneous Manufacturing — 1.1%** | **Miscellaneous Manufacturing — 1.1%** | **Miscellaneous Manufacturing — 1.1%** |
| &nbsp;&nbsp;&nbsp;AMMO, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31418 | &nbsp;&nbsp;&nbsp;&nbsp; 67235 |
| &nbsp;&nbsp;&nbsp;Chase Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2714 | &nbsp;&nbsp;&nbsp;&nbsp; 257830 |
| &nbsp;&nbsp;&nbsp;EnPro Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7485 | &nbsp;&nbsp;&nbsp;&nbsp; 889218 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9267 | &nbsp;&nbsp;&nbsp;&nbsp; 871191 |
| &nbsp;&nbsp;&nbsp;Fabrinet † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13280 | &nbsp;&nbsp;&nbsp;&nbsp; 1771685 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21481 | &nbsp;&nbsp;&nbsp;&nbsp; 1043762 |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24913 | &nbsp;&nbsp;&nbsp;&nbsp; 1245650 |
| &nbsp;&nbsp;&nbsp;John Bean Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11375 | &nbsp;&nbsp;&nbsp;&nbsp; 1044907 |
| &nbsp;&nbsp;&nbsp;LSB Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11403 | &nbsp;&nbsp;&nbsp;&nbsp; 175948 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7342 | &nbsp;&nbsp;&nbsp;&nbsp; 591471 |
| &nbsp;&nbsp;&nbsp;Myers Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13048 | &nbsp;&nbsp;&nbsp;&nbsp; 304540 |
| &nbsp;&nbsp;&nbsp;NL Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3007 | &nbsp;&nbsp;&nbsp;&nbsp; 20448 |
| &nbsp;&nbsp;&nbsp;Park Aerospace Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7046 | &nbsp;&nbsp;&nbsp;&nbsp; 93219 |
| &nbsp;&nbsp;&nbsp;Sight Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7742 | &nbsp;&nbsp;&nbsp;&nbsp; 86478 |
| &nbsp;&nbsp;&nbsp;Smith & Wesson Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16329 | &nbsp;&nbsp;&nbsp;&nbsp; 192192 |
| &nbsp;&nbsp;&nbsp;Sturm Ruger & Co., Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp; 340566 |
| &nbsp;&nbsp;&nbsp;Trinity Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29544 | &nbsp;&nbsp;&nbsp;&nbsp; 904933 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9901273 |
| **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;9892 | &nbsp;&nbsp;&nbsp;&nbsp; 163119 |
| **Office Furnishings — 0.1%** | **Office Furnishings — 0.1%** | **Office Furnishings — 0.1%** |
| &nbsp;&nbsp;&nbsp;CompX International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp; 11309 |
| &nbsp;&nbsp;&nbsp;HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14811 | &nbsp;&nbsp;&nbsp;&nbsp; 429519 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21062 | &nbsp;&nbsp;&nbsp;&nbsp; 228102 |
| &nbsp;&nbsp;&nbsp;Kimball International, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13002 | &nbsp;&nbsp;&nbsp;&nbsp; 93094 |
| &nbsp;&nbsp;&nbsp;Steelcase, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31296 | &nbsp;&nbsp;&nbsp;&nbsp; 248177 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010201 |
| **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62257 | &nbsp;&nbsp;&nbsp;&nbsp; 237822 |
| &nbsp;&nbsp;&nbsp;Xerox Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41118 | &nbsp;&nbsp;&nbsp;&nbsp; 670634 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908456 |
| **Oil & Gas — 3.9%** | **Oil & Gas — 3.9%** | **Oil & Gas — 3.9%** |
| &nbsp;&nbsp;&nbsp;Amplify Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12826 | &nbsp;&nbsp;&nbsp;&nbsp; 106199 |
| &nbsp;&nbsp;&nbsp;Battalion Oil Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 | &nbsp;&nbsp;&nbsp;&nbsp; 10211 |
| &nbsp;&nbsp;&nbsp;Berry Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28107 | &nbsp;&nbsp;&nbsp;&nbsp; 253244 |
| &nbsp;&nbsp;&nbsp;Borr Drilling, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70139 | &nbsp;&nbsp;&nbsp;&nbsp; 327549 |
| &nbsp;&nbsp;&nbsp;Brigham Minerals, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18827 | &nbsp;&nbsp;&nbsp;&nbsp; 667041 |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27318 | &nbsp;&nbsp;&nbsp;&nbsp; 1239691 |
| &nbsp;&nbsp;&nbsp;Callon Petroleum Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17698 | &nbsp;&nbsp;&nbsp;&nbsp; 741900 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14940 | &nbsp;&nbsp;&nbsp;&nbsp; 2278798 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26519 | &nbsp;&nbsp;&nbsp;&nbsp; 1786320 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67332 | &nbsp;&nbsp;&nbsp;&nbsp; 1169557 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32964 | &nbsp;&nbsp;&nbsp;&nbsp; 604889 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11684 | &nbsp;&nbsp;&nbsp;&nbsp; 164160 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10634 | &nbsp;&nbsp;&nbsp;&nbsp; 391863 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25346 | &nbsp;&nbsp;&nbsp;&nbsp; 785219 |
| &nbsp;&nbsp;&nbsp;Denbury, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18022 | &nbsp;&nbsp;&nbsp;&nbsp; 1617655 |
| &nbsp;&nbsp;&nbsp;Diamond Offshore Drilling, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36385 | &nbsp;&nbsp;&nbsp;&nbsp; 348204 |
| &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;Earthstone Energy, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16127 | &nbsp;&nbsp;&nbsp;&nbsp; 255452 |
| &nbsp;&nbsp;&nbsp;Empire Petroleum Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3634 | &nbsp;&nbsp;&nbsp;&nbsp; 49858 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4026 | &nbsp;&nbsp;&nbsp;&nbsp; 326468 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36968 | &nbsp;&nbsp;$1888325 |
| &nbsp;&nbsp;&nbsp;HighPeak Energy, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2424 | &nbsp;&nbsp;&nbsp;&nbsp; 58128 |
| &nbsp;&nbsp;&nbsp;Kosmos Energy, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;162362 | &nbsp;&nbsp;&nbsp;&nbsp; 1079707 |
| &nbsp;&nbsp;&nbsp;Laredo Petroleum, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6066 | &nbsp;&nbsp;&nbsp;&nbsp; 387193 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 1564800 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40479 | &nbsp;&nbsp;&nbsp;&nbsp; 2686186 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53003 | &nbsp;&nbsp;&nbsp;&nbsp; 2501742 |
| &nbsp;&nbsp;&nbsp;Nabors Industries, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3259 | &nbsp;&nbsp;&nbsp;&nbsp; 515997 |
| &nbsp;&nbsp;&nbsp;Noble Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26571 | &nbsp;&nbsp;&nbsp;&nbsp; 986581 |
| &nbsp;&nbsp;&nbsp;Northern Oil and Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24069 | &nbsp;&nbsp;&nbsp;&nbsp; 875871 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17583 | &nbsp;&nbsp;&nbsp;&nbsp; 411970 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77142 | &nbsp;&nbsp;&nbsp;&nbsp; 1384699 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34812 | &nbsp;&nbsp;&nbsp;&nbsp; 1384473 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73972 | &nbsp;&nbsp;&nbsp;&nbsp; 751556 |
| &nbsp;&nbsp;&nbsp;Ranger Oil Corp.<br> Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7159 | &nbsp;&nbsp;&nbsp;&nbsp; 311918 |
| &nbsp;&nbsp;&nbsp;Riley Exploration Permian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3737 | &nbsp;&nbsp;&nbsp;&nbsp; 121490 |
| &nbsp;&nbsp;&nbsp;Ring Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31085 | &nbsp;&nbsp;&nbsp;&nbsp; 83930 |
| &nbsp;&nbsp;&nbsp;SandRidge Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11427 | &nbsp;&nbsp;&nbsp;&nbsp; 233111 |
| &nbsp;&nbsp;&nbsp;SilverBow Resources, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4219 | &nbsp;&nbsp;&nbsp;&nbsp; 147285 |
| &nbsp;&nbsp;&nbsp;Sitio Royalties Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4193 | &nbsp;&nbsp;&nbsp;&nbsp; 132247 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43556 | &nbsp;&nbsp;&nbsp;&nbsp; 1877699 |
| &nbsp;&nbsp;&nbsp;Talos Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23786 | &nbsp;&nbsp;&nbsp;&nbsp; 467395 |
| &nbsp;&nbsp;&nbsp;Tellurian, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;183470 | &nbsp;&nbsp;&nbsp;&nbsp; 493534 |
| &nbsp;&nbsp;&nbsp;VAALCO Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38209 | &nbsp;&nbsp;&nbsp;&nbsp; 197923 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21907 | &nbsp;&nbsp;&nbsp;&nbsp; 1446081 |
| &nbsp;&nbsp;&nbsp;Vertex Energy, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19445 | &nbsp;&nbsp;&nbsp;&nbsp; 161199 |
| &nbsp;&nbsp;&nbsp;W&T Offshore, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33995 | &nbsp;&nbsp;&nbsp;&nbsp; 233546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;35508864 |
| **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;48679 | &nbsp;&nbsp;&nbsp;&nbsp; 423994 |
| &nbsp;&nbsp;&nbsp;Aris Water Solution, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7917 | &nbsp;&nbsp;&nbsp;&nbsp; 125247 |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp; 218400 |
| &nbsp;&nbsp;&nbsp;ChampionX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73478 | &nbsp;&nbsp;&nbsp;&nbsp; 2266062 |
| &nbsp;&nbsp;&nbsp;DMC Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6751 | &nbsp;&nbsp;&nbsp;&nbsp; 124151 |
| &nbsp;&nbsp;&nbsp;Dril-Quip, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12262 | &nbsp;&nbsp;&nbsp;&nbsp; 288647 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27876 | &nbsp;&nbsp;&nbsp;&nbsp; 484206 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51426 | &nbsp;&nbsp;&nbsp;&nbsp; 328098 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51338 | &nbsp;&nbsp;&nbsp;&nbsp; 848617 |
| &nbsp;&nbsp;&nbsp;National Energy Services Reunited Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13715 | &nbsp;&nbsp;&nbsp;&nbsp; 87639 |
| &nbsp;&nbsp;&nbsp;Newpark Resources, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31015 | &nbsp;&nbsp;&nbsp;&nbsp; 124370 |
| &nbsp;&nbsp;&nbsp;NexTier Oilfield Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63157 | &nbsp;&nbsp;&nbsp;&nbsp; 643570 |
| &nbsp;&nbsp;&nbsp;NOW, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39662 | &nbsp;&nbsp;&nbsp;&nbsp; 494982 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35965 | &nbsp;&nbsp;&nbsp;&nbsp; 546308 |
| &nbsp;&nbsp;&nbsp;Oil States International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22633 | &nbsp;&nbsp;&nbsp;&nbsp; 152773 |
| &nbsp;&nbsp;&nbsp;ProFrac Holding Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4953 | &nbsp;&nbsp;&nbsp;&nbsp; 116792 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31409 | &nbsp;&nbsp;&nbsp;&nbsp; 344871 |
| &nbsp;&nbsp;&nbsp;RPC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26733 | &nbsp;&nbsp;&nbsp;&nbsp; 247548 |
| &nbsp;&nbsp;&nbsp;Select Energy Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25674 | &nbsp;&nbsp;&nbsp;&nbsp; 210270 |
| &nbsp;&nbsp;&nbsp;Solaris Oilfield Infrastructure, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11355 | &nbsp;&nbsp;&nbsp;&nbsp; 124564 |
| &nbsp;&nbsp;&nbsp;TETRA Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44758 | &nbsp;&nbsp;&nbsp;&nbsp; 170528 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15335 | &nbsp;&nbsp;&nbsp;&nbsp; 466184 |
| &nbsp;&nbsp;&nbsp;US Silica Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26649 | &nbsp;&nbsp;&nbsp;&nbsp; 348835 |
| &nbsp;&nbsp;&nbsp;Weatherford International PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25417 | &nbsp;&nbsp;&nbsp;&nbsp; 1103098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10289754 |
| **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9289 | &nbsp;&nbsp;&nbsp;&nbsp; 653110 |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938 | &nbsp;&nbsp;&nbsp;&nbsp; 145621 |
| &nbsp;&nbsp;&nbsp;Karat Packaging, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039 | &nbsp;&nbsp;&nbsp;&nbsp; 28179 |
| &nbsp;&nbsp;&nbsp;Matthews International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10744 | &nbsp;&nbsp;&nbsp;&nbsp; 340155 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55970 | &nbsp;&nbsp;$918468 |
| &nbsp;&nbsp;&nbsp;Pactiv Evergreen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15543 | &nbsp;&nbsp;&nbsp;&nbsp; 180921 |
| &nbsp;&nbsp;&nbsp;Ranpak Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15623 | &nbsp;&nbsp;&nbsp;&nbsp; 84520 |
| &nbsp;&nbsp;&nbsp;TriMas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15061 | &nbsp;&nbsp;&nbsp;&nbsp; 411918 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2457 | &nbsp;&nbsp;&nbsp;&nbsp; 294963 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057855 |
| **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** |
| &nbsp;&nbsp;&nbsp;AbCellera Biologics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74461 | &nbsp;&nbsp;&nbsp;&nbsp; 958313 |
| &nbsp;&nbsp;&nbsp;Aclaris Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23228 | &nbsp;&nbsp;&nbsp;&nbsp; 353530 |
| &nbsp;&nbsp;&nbsp;AdaptHealth Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25969 | &nbsp;&nbsp;&nbsp;&nbsp; 579368 |
| &nbsp;&nbsp;&nbsp;Aduro Biotech Holding, Inc. CVR†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6346 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19622 | &nbsp;&nbsp;&nbsp;&nbsp; 591407 |
| &nbsp;&nbsp;&nbsp;Alector, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22360 | &nbsp;&nbsp;&nbsp;&nbsp; 189836 |
| &nbsp;&nbsp;&nbsp;Alkermes PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58627 | &nbsp;&nbsp;&nbsp;&nbsp; 1452777 |
| &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37029 | &nbsp;&nbsp;&nbsp;&nbsp; 94794 |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13770 | &nbsp;&nbsp;&nbsp;&nbsp; 406077 |
| &nbsp;&nbsp;&nbsp;Amylyx Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12675 | &nbsp;&nbsp;&nbsp;&nbsp; 486340 |
| &nbsp;&nbsp;&nbsp;Anika Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5241 | &nbsp;&nbsp;&nbsp;&nbsp; 165301 |
| &nbsp;&nbsp;&nbsp;Arvinas, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17490 | &nbsp;&nbsp;&nbsp;&nbsp; 717790 |
| &nbsp;&nbsp;&nbsp;Beachbody Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37633 | &nbsp;&nbsp;&nbsp;&nbsp; 26343 |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47422 | &nbsp;&nbsp;&nbsp;&nbsp; 1181282 |
| &nbsp;&nbsp;&nbsp;Bioxcel Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6876 | &nbsp;&nbsp;&nbsp;&nbsp; 113935 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34450 | &nbsp;&nbsp;&nbsp;&nbsp; 577727 |
| &nbsp;&nbsp;&nbsp;Chimerix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30273 | &nbsp;&nbsp;&nbsp;&nbsp; 65692 |
| &nbsp;&nbsp;&nbsp;Coherus Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26482 | &nbsp;&nbsp;&nbsp;&nbsp; 181667 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12214 | &nbsp;&nbsp;&nbsp;&nbsp; 267120 |
| &nbsp;&nbsp;&nbsp;Contra Zogenix, Inc. CVR†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21827 | &nbsp;&nbsp;&nbsp;&nbsp; 14842 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30659 | &nbsp;&nbsp;&nbsp;&nbsp; 775060 |
| &nbsp;&nbsp;&nbsp;Eagle Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3729 | &nbsp;&nbsp;&nbsp;&nbsp; 135437 |
| &nbsp;&nbsp;&nbsp;Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20929 | &nbsp;&nbsp;&nbsp;&nbsp; 688983 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7042 | &nbsp;&nbsp;&nbsp;&nbsp; 308369 |
| &nbsp;&nbsp;&nbsp;Foghorn Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7225 | &nbsp;&nbsp;&nbsp;&nbsp; 48769 |
| &nbsp;&nbsp;&nbsp;Fulcrum Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12278 | &nbsp;&nbsp;&nbsp;&nbsp; 84104 |
| &nbsp;&nbsp;&nbsp;Gelesis Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5630 | &nbsp;&nbsp;&nbsp;&nbsp; 2083 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9428 | &nbsp;&nbsp;&nbsp;&nbsp; 563512 |
| &nbsp;&nbsp;&nbsp;Herbalife Nutrition, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35220 | &nbsp;&nbsp;&nbsp;&nbsp; 617054 |
| &nbsp;&nbsp;&nbsp;Heron Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37002 | &nbsp;&nbsp;&nbsp;&nbsp; 100275 |
| &nbsp;&nbsp;&nbsp;Heska Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3471 | &nbsp;&nbsp;&nbsp;&nbsp; 223359 |
| &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49145 | &nbsp;&nbsp;&nbsp;&nbsp; 595146 |
| &nbsp;&nbsp;&nbsp;Jounce Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15150 | &nbsp;&nbsp;&nbsp;&nbsp; 13332 |
| &nbsp;&nbsp;&nbsp;KalVista Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8801 | &nbsp;&nbsp;&nbsp;&nbsp; 47437 |
| &nbsp;&nbsp;&nbsp;Kura Oncology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22813 | &nbsp;&nbsp;&nbsp;&nbsp; 359761 |
| &nbsp;&nbsp;&nbsp;Lyell Immunopharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62211 | &nbsp;&nbsp;&nbsp;&nbsp; 261908 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4577 | &nbsp;&nbsp;&nbsp;&nbsp; 320893 |
| &nbsp;&nbsp;&nbsp;MannKind Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89489 | &nbsp;&nbsp;&nbsp;&nbsp; 418809 |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 121225 |
| &nbsp;&nbsp;&nbsp;Morphic Holding, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9253 | &nbsp;&nbsp;&nbsp;&nbsp; 254643 |
| &nbsp;&nbsp;&nbsp;Nature's Sunshine Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4825 | &nbsp;&nbsp;&nbsp;&nbsp; 42943 |
| &nbsp;&nbsp;&nbsp;Ocugen, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76959 | &nbsp;&nbsp;&nbsp;&nbsp; 120056 |
| &nbsp;&nbsp;&nbsp;Ocular Therapeutix, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27705 | &nbsp;&nbsp;&nbsp;&nbsp; 82284 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56205 | &nbsp;&nbsp;&nbsp;&nbsp; 1692333 |
| &nbsp;&nbsp;&nbsp;Outlook Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42591 | &nbsp;&nbsp;&nbsp;&nbsp; 44295 |
| &nbsp;&nbsp;&nbsp;Owens & Minor, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26536 | &nbsp;&nbsp;&nbsp;&nbsp; 546907 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16154 | &nbsp;&nbsp;&nbsp;&nbsp; 779431 |
| &nbsp;&nbsp;&nbsp;PetIQ, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9848 | &nbsp;&nbsp;&nbsp;&nbsp; 116896 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7333 | &nbsp;&nbsp;&nbsp;&nbsp; 90269 |
| &nbsp;&nbsp;&nbsp;PMV Pharmaceuticals Inc#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13242 | &nbsp;&nbsp;&nbsp;&nbsp; 132155 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17909 | &nbsp;&nbsp;&nbsp;&nbsp; 1100687 |
| &nbsp;&nbsp;&nbsp;Progenics Pharmaceuticals, Inc. CVR†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41888 | &nbsp;&nbsp;&nbsp;&nbsp; 48209 |
| &nbsp;&nbsp;&nbsp;Prometheus Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11007 | &nbsp;&nbsp;&nbsp;&nbsp; 452498 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16544 | &nbsp;&nbsp;&nbsp;&nbsp; 130863 |
| &nbsp;&nbsp;&nbsp;Reata Pharmaceuticals, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9941 | &nbsp;&nbsp;&nbsp;&nbsp; 393465 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp;&nbsp;Relmada Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9848 | &nbsp;&nbsp;$45793 |
| &nbsp;&nbsp;&nbsp;Revance Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25795 | &nbsp;&nbsp;&nbsp;&nbsp; 560009 |
| &nbsp;&nbsp;&nbsp;Senseonics Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;164709 | &nbsp;&nbsp;&nbsp;&nbsp; 182827 |
| &nbsp;&nbsp;&nbsp;Seres Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25334 | &nbsp;&nbsp;&nbsp;&nbsp; 164671 |
| &nbsp;&nbsp;&nbsp;SIGA Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16936 | &nbsp;&nbsp;&nbsp;&nbsp; 155472 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17621 | &nbsp;&nbsp;&nbsp;&nbsp; 647043 |
| &nbsp;&nbsp;&nbsp;Tricida, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11972 | &nbsp;&nbsp;&nbsp;&nbsp; 2873 |
| &nbsp;&nbsp;&nbsp;USANA Health Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4039 | &nbsp;&nbsp;&nbsp;&nbsp; 222307 |
| &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19959 | &nbsp;&nbsp;&nbsp;&nbsp; 217753 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24263 | &nbsp;&nbsp;&nbsp;&nbsp; 1117554 |
| &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47603 | &nbsp;&nbsp;&nbsp;&nbsp; 71405 |
| &nbsp;&nbsp;&nbsp;Y-mAbs Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13200 | &nbsp;&nbsp;&nbsp;&nbsp; 59004 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23584302 |
| **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** |
| &nbsp;&nbsp;&nbsp;Equitrans Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;147845 | &nbsp;&nbsp;&nbsp;&nbsp; 1240419 |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6670 | &nbsp;&nbsp;&nbsp;&nbsp; 189161 |
| &nbsp;&nbsp;&nbsp;Golar LNG, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36300 | &nbsp;&nbsp;&nbsp;&nbsp; 910041 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6353 | &nbsp;&nbsp;&nbsp;&nbsp; 216193 |
| &nbsp;&nbsp;&nbsp;NextDecade Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11598 | &nbsp;&nbsp;&nbsp;&nbsp; 62977 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618791 |
| **Private Equity — 0.0%** | **Private Equity — 0.0%** | **Private Equity — 0.0%** |
| &nbsp;&nbsp;&nbsp;Chicago Atlantic Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957 | &nbsp;&nbsp;&nbsp;&nbsp; 31703 |
| **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** |
| &nbsp;&nbsp;&nbsp;American Realty Investors, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp;&nbsp;&nbsp; 11347 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mtg., Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4289 | &nbsp;&nbsp;&nbsp;&nbsp; 31310 |
| &nbsp;&nbsp;&nbsp;Anywhere Real Estate, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40329 | &nbsp;&nbsp;&nbsp;&nbsp; 304484 |
| &nbsp;&nbsp;&nbsp;Compass, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98203 | &nbsp;&nbsp;&nbsp;&nbsp; 293627 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57167 | &nbsp;&nbsp;&nbsp;&nbsp; 652847 |
| &nbsp;&nbsp;&nbsp;Douglas Elliman, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27179 | &nbsp;&nbsp;&nbsp;&nbsp; 111978 |
| &nbsp;&nbsp;&nbsp;eXp World Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25046 | &nbsp;&nbsp;&nbsp;&nbsp; 327351 |
| &nbsp;&nbsp;&nbsp;FRP Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2409 | &nbsp;&nbsp;&nbsp;&nbsp; 146708 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42468 | &nbsp;&nbsp;&nbsp;&nbsp; 722805 |
| &nbsp;&nbsp;&nbsp;Legacy Housing Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3145 | &nbsp;&nbsp;&nbsp;&nbsp; 55100 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9187 | &nbsp;&nbsp;&nbsp;&nbsp; 342124 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8712 | &nbsp;&nbsp;&nbsp;&nbsp; 854822 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50936 | &nbsp;&nbsp;&nbsp;&nbsp; 431937 |
| &nbsp;&nbsp;&nbsp;Offerpad Solutions, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24547 | &nbsp;&nbsp;&nbsp;&nbsp; 17428 |
| &nbsp;&nbsp;&nbsp;Radius Global Infrastructure, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27593 | &nbsp;&nbsp;&nbsp;&nbsp; 349327 |
| &nbsp;&nbsp;&nbsp;RE/MAX Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6576 | &nbsp;&nbsp;&nbsp;&nbsp; 136781 |
| &nbsp;&nbsp;&nbsp;Redfin Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38217 | &nbsp;&nbsp;&nbsp;&nbsp; 204843 |
| &nbsp;&nbsp;&nbsp;RMR Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5503 | &nbsp;&nbsp;&nbsp;&nbsp; 159092 |
| &nbsp;&nbsp;&nbsp;St. Joe Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12391 | &nbsp;&nbsp;&nbsp;&nbsp; 476186 |
| &nbsp;&nbsp;&nbsp;Stratus Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120 | &nbsp;&nbsp;&nbsp;&nbsp; 51516 |
| &nbsp;&nbsp;&nbsp;Transcontinental Realty Investors, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 | &nbsp;&nbsp;&nbsp;&nbsp; 19100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700713 |
| **REITS — 6.8%** | **REITS — 6.8%** | **REITS — 6.8%** |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33498 | &nbsp;&nbsp;&nbsp;&nbsp; 515199 |
| &nbsp;&nbsp;&nbsp;AFC Gamma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5685 | &nbsp;&nbsp;&nbsp;&nbsp; 99374 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28371 | &nbsp;&nbsp;&nbsp;&nbsp; 1984551 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26047 | &nbsp;&nbsp;&nbsp;&nbsp; 514428 |
| &nbsp;&nbsp;&nbsp;Alexander's, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769 | &nbsp;&nbsp;&nbsp;&nbsp; 187821 |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17757 | &nbsp;&nbsp;&nbsp;&nbsp; 520103 |
| &nbsp;&nbsp;&nbsp;Apartment Investment & Management Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53857 | &nbsp;&nbsp;&nbsp;&nbsp; 451322 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50597 | &nbsp;&nbsp;&nbsp;&nbsp; 625379 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77368 | &nbsp;&nbsp;&nbsp;&nbsp; 1319898 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59388 | &nbsp;&nbsp;&nbsp;&nbsp; 883693 |
| &nbsp;&nbsp;&nbsp;Ares Commercial Real Estate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18458 | &nbsp;&nbsp;&nbsp;&nbsp; 229987 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24132 | &nbsp;&nbsp;&nbsp;&nbsp; 293204 |
| &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41038 | &nbsp;&nbsp;&nbsp;&nbsp; 241303 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;Ashford Hospitality Trust, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12369 | &nbsp;&nbsp;$80522 |
| &nbsp;&nbsp;&nbsp;Blackstone Mtg. Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61236 | &nbsp;&nbsp;&nbsp;&nbsp; 1547434 |
| &nbsp;&nbsp;&nbsp;Bluerock Homes Trust, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288 | &nbsp;&nbsp;&nbsp;&nbsp; 31582 |
| &nbsp;&nbsp;&nbsp;Braemar Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24614 | &nbsp;&nbsp;&nbsp;&nbsp; 90826 |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61037 | &nbsp;&nbsp;&nbsp;&nbsp; 421766 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33695 | &nbsp;&nbsp;&nbsp;&nbsp; 240582 |
| &nbsp;&nbsp;&nbsp;Broadmark Realty Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46820 | &nbsp;&nbsp;&nbsp;&nbsp; 190557 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59992 | &nbsp;&nbsp;&nbsp;&nbsp; 1018064 |
| &nbsp;&nbsp;&nbsp;BRT Apartments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4324 | &nbsp;&nbsp;&nbsp;&nbsp; 89204 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34726 | &nbsp;&nbsp;&nbsp;&nbsp; 687575 |
| &nbsp;&nbsp;&nbsp;CBL & Associates Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9574 | &nbsp;&nbsp;&nbsp;&nbsp; 292007 |
| &nbsp;&nbsp;&nbsp;Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5522 | &nbsp;&nbsp;&nbsp;&nbsp; 356169 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17237 | &nbsp;&nbsp;&nbsp;&nbsp; 230459 |
| &nbsp;&nbsp;&nbsp;Chimera Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83619 | &nbsp;&nbsp;&nbsp;&nbsp; 572790 |
| &nbsp;&nbsp;&nbsp;City Office REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14653 | &nbsp;&nbsp;&nbsp;&nbsp; 144918 |
| &nbsp;&nbsp;&nbsp;Claros Mtg. Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33078 | &nbsp;&nbsp;&nbsp;&nbsp; 571588 |
| &nbsp;&nbsp;&nbsp;Clipper Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4304 | &nbsp;&nbsp;&nbsp;&nbsp; 32624 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8526 | &nbsp;&nbsp;&nbsp;&nbsp; 300627 |
| &nbsp;&nbsp;&nbsp;Corporate Office Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40515 | &nbsp;&nbsp;&nbsp;&nbsp; 1125102 |
| &nbsp;&nbsp;&nbsp;CTO Realty Growth, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6357 | &nbsp;&nbsp;&nbsp;&nbsp; 133306 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75429 | &nbsp;&nbsp;&nbsp;&nbsp; 709787 |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85529 | &nbsp;&nbsp;&nbsp;&nbsp; 84674 |
| &nbsp;&nbsp;&nbsp;Dynex Capital, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15743 | &nbsp;&nbsp;&nbsp;&nbsp; 206233 |
| &nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32786 | &nbsp;&nbsp;&nbsp;&nbsp; 519330 |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20441 | &nbsp;&nbsp;&nbsp;&nbsp; 278815 |
| &nbsp;&nbsp;&nbsp;Elme Communities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31437 | &nbsp;&nbsp;&nbsp;&nbsp; 621195 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48497 | &nbsp;&nbsp;&nbsp;&nbsp; 373912 |
| &nbsp;&nbsp;&nbsp;Equity Commonwealth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38312 | &nbsp;&nbsp;&nbsp;&nbsp; 1037872 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50550 | &nbsp;&nbsp;&nbsp;&nbsp; 1173265 |
| &nbsp;&nbsp;&nbsp;Farmland Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17445 | &nbsp;&nbsp;&nbsp;&nbsp; 231670 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29218 | &nbsp;&nbsp;&nbsp;&nbsp; 792977 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30273 | &nbsp;&nbsp;&nbsp;&nbsp; 441986 |
| &nbsp;&nbsp;&nbsp;Franklin Street Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35507 | &nbsp;&nbsp;&nbsp;&nbsp; 103680 |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15169 | &nbsp;&nbsp;&nbsp;&nbsp; 500880 |
| &nbsp;&nbsp;&nbsp;Gladstone Commercial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14086 | &nbsp;&nbsp;&nbsp;&nbsp; 267493 |
| &nbsp;&nbsp;&nbsp;Gladstone Land Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11589 | &nbsp;&nbsp;&nbsp;&nbsp; 238038 |
| &nbsp;&nbsp;&nbsp;Global Medical REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21946 | &nbsp;&nbsp;&nbsp;&nbsp; 221655 |
| &nbsp;&nbsp;&nbsp;Global Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37473 | &nbsp;&nbsp;&nbsp;&nbsp; 507010 |
| &nbsp;&nbsp;&nbsp;Granite Point Mtg. Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18670 | &nbsp;&nbsp;&nbsp;&nbsp; 119675 |
| &nbsp;&nbsp;&nbsp;Hersha Hospitality Trust<br> Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11294 | &nbsp;&nbsp;&nbsp;&nbsp; 108761 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79716 | &nbsp;&nbsp;&nbsp;&nbsp; 1444454 |
| &nbsp;&nbsp;&nbsp;INDUS Realty Trust, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921 | &nbsp;&nbsp;&nbsp;&nbsp; 122944 |
| &nbsp;&nbsp;&nbsp;Industrial Logistics Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23366 | &nbsp;&nbsp;&nbsp;&nbsp; 95100 |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9987 | &nbsp;&nbsp;&nbsp;&nbsp; 1210524 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24367 | &nbsp;&nbsp;&nbsp;&nbsp; 626476 |
| &nbsp;&nbsp;&nbsp;Invesco Mtg. Capital, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11940 | &nbsp;&nbsp;&nbsp;&nbsp; 156772 |
| &nbsp;&nbsp;&nbsp;iStar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24555 | &nbsp;&nbsp;&nbsp;&nbsp; 197177 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78351 | &nbsp;&nbsp;&nbsp;&nbsp; 1786403 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20537 | &nbsp;&nbsp;&nbsp;&nbsp; 339887 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40853 | &nbsp;&nbsp;&nbsp;&nbsp; 453468 |
| &nbsp;&nbsp;&nbsp;LTC Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14372 | &nbsp;&nbsp;&nbsp;&nbsp; 564676 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99341 | &nbsp;&nbsp;&nbsp;&nbsp; 1068909 |
| &nbsp;&nbsp;&nbsp;Macerich Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77457 | &nbsp;&nbsp;&nbsp;&nbsp; 983704 |
| &nbsp;&nbsp;&nbsp;MFA Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36909 | &nbsp;&nbsp;&nbsp;&nbsp; 412643 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15458 | &nbsp;&nbsp;&nbsp;&nbsp; 869667 |
| &nbsp;&nbsp;&nbsp;Necessity Retail REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48055 | &nbsp;&nbsp;&nbsp;&nbsp; 321007 |
| &nbsp;&nbsp;&nbsp;NETSTREIT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21917 | &nbsp;&nbsp;&nbsp;&nbsp; 428039 |
| &nbsp;&nbsp;&nbsp;New York Mtg. Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136711 | &nbsp;&nbsp;&nbsp;&nbsp; 384158 |
| &nbsp;&nbsp;&nbsp;Nexpoint Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889 | &nbsp;&nbsp;&nbsp;&nbsp; 54515 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8139 | &nbsp;&nbsp;&nbsp;&nbsp; 391405 |
| &nbsp;&nbsp;&nbsp;Office Properties Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17234 | &nbsp;&nbsp;&nbsp;&nbsp; 263508 |
| &nbsp;&nbsp;&nbsp;One Liberty Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5867 | &nbsp;&nbsp;&nbsp;&nbsp; 139869 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Orchid Island Capital, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12797 | &nbsp;&nbsp;$138975 |
| &nbsp;&nbsp;&nbsp;Orion Office REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20518 | &nbsp;&nbsp;&nbsp;&nbsp; 190612 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52656 | &nbsp;&nbsp;&nbsp;&nbsp; 963078 |
| &nbsp;&nbsp;&nbsp;Paramount Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69039 | &nbsp;&nbsp;&nbsp;&nbsp; 450134 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46710 | &nbsp;&nbsp;&nbsp;&nbsp; 777721 |
| &nbsp;&nbsp;&nbsp;PennyMac Mtg. Investment Trust# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32580 | &nbsp;&nbsp;&nbsp;&nbsp; 497497 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42131 | &nbsp;&nbsp;&nbsp;&nbsp; 1357882 |
| &nbsp;&nbsp;&nbsp;Physicians Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80908 | &nbsp;&nbsp;&nbsp;&nbsp; 1207956 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44205 | &nbsp;&nbsp;&nbsp;&nbsp; 460174 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13548 | &nbsp;&nbsp;&nbsp;&nbsp; 280444 |
| &nbsp;&nbsp;&nbsp;Postal Realty Trust, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6362 | &nbsp;&nbsp;&nbsp;&nbsp; 98547 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28615 | &nbsp;&nbsp;&nbsp;&nbsp; 1367511 |
| &nbsp;&nbsp;&nbsp;Ready Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26634 | &nbsp;&nbsp;&nbsp;&nbsp; 356896 |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41958 | &nbsp;&nbsp;&nbsp;&nbsp; 331468 |
| &nbsp;&nbsp;&nbsp;Retail Opportunity Investments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43367 | &nbsp;&nbsp;&nbsp;&nbsp; 661347 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57679 | &nbsp;&nbsp;&nbsp;&nbsp; 699069 |
| &nbsp;&nbsp;&nbsp;RPT Realty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30381 | &nbsp;&nbsp;&nbsp;&nbsp; 340267 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19352 | &nbsp;&nbsp;&nbsp;&nbsp; 1771289 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83004 | &nbsp;&nbsp;&nbsp;&nbsp; 1071582 |
| &nbsp;&nbsp;&nbsp;Safehold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11567 | &nbsp;&nbsp;&nbsp;&nbsp; 341449 |
| &nbsp;&nbsp;&nbsp;Saul Centers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4246 | &nbsp;&nbsp;&nbsp;&nbsp; 183003 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59065 | &nbsp;&nbsp;&nbsp;&nbsp; 463660 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70042 | &nbsp;&nbsp;&nbsp;&nbsp; 951871 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64880 | &nbsp;&nbsp;&nbsp;&nbsp; 2135201 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37668 | &nbsp;&nbsp;&nbsp;&nbsp; 322061 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76284 | &nbsp;&nbsp;&nbsp;&nbsp; 838361 |
| &nbsp;&nbsp;&nbsp;Tanger Factory Outlet Centers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36465 | &nbsp;&nbsp;&nbsp;&nbsp; 709244 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26730 | &nbsp;&nbsp;&nbsp;&nbsp; 1567447 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24788 | &nbsp;&nbsp;&nbsp;&nbsp; 183679 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31059 | &nbsp;&nbsp;&nbsp;&nbsp; 509368 |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17807 | &nbsp;&nbsp;&nbsp;&nbsp; 313581 |
| &nbsp;&nbsp;&nbsp;Uniti Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85337 | &nbsp;&nbsp;&nbsp;&nbsp; 650268 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4608 | &nbsp;&nbsp;&nbsp;&nbsp; 241874 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41146 | &nbsp;&nbsp;&nbsp;&nbsp; 647227 |
| &nbsp;&nbsp;&nbsp;Urstadt Biddle Properties, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10690 | &nbsp;&nbsp;&nbsp;&nbsp; 204500 |
| &nbsp;&nbsp;&nbsp;Veris Residential, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30975 | &nbsp;&nbsp;&nbsp;&nbsp; 497458 |
| &nbsp;&nbsp;&nbsp;Whitestone REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16818 | &nbsp;&nbsp;&nbsp;&nbsp; 163639 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41134 | &nbsp;&nbsp;&nbsp;&nbsp; 634286 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;61458803 |
| **Retail — 4.6%** | **Retail — 4.6%** | **Retail — 4.6%** |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17846 | &nbsp;&nbsp;&nbsp;&nbsp; 427947 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29755 | &nbsp;&nbsp;&nbsp;&nbsp; 1502032 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55442 | &nbsp;&nbsp;&nbsp;&nbsp; 877092 |
| &nbsp;&nbsp;&nbsp;America's Car-Mart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2171 | &nbsp;&nbsp;&nbsp;&nbsp; 157962 |
| &nbsp;&nbsp;&nbsp;Arko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29996 | &nbsp;&nbsp;&nbsp;&nbsp; 282862 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7966 | &nbsp;&nbsp;&nbsp;&nbsp; 1494581 |
| &nbsp;&nbsp;&nbsp;Aspen Aerogels, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11056 | &nbsp;&nbsp;&nbsp;&nbsp; 133335 |
| &nbsp;&nbsp;&nbsp;Beacon Roofing Supply, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18474 | &nbsp;&nbsp;&nbsp;&nbsp; 1078697 |
| &nbsp;&nbsp;&nbsp;Bed Bath & Beyond, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28659 | &nbsp;&nbsp;&nbsp;&nbsp; 97441 |
| &nbsp;&nbsp;&nbsp;Big 5 Sporting Goods Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7715 | &nbsp;&nbsp;&nbsp;&nbsp; 95743 |
| &nbsp;&nbsp;&nbsp;Big Lots, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10202 | &nbsp;&nbsp;&nbsp;&nbsp; 198939 |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 38123 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8154 | &nbsp;&nbsp;&nbsp;&nbsp; 261580 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31742 | &nbsp;&nbsp;&nbsp;&nbsp; 714830 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3236 | &nbsp;&nbsp;&nbsp;&nbsp; 224578 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10614 | &nbsp;&nbsp;&nbsp;&nbsp; 714853 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15621 | &nbsp;&nbsp;&nbsp;&nbsp; 522522 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10860 | &nbsp;&nbsp;&nbsp;&nbsp; 477297 |
| &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5099 | &nbsp;&nbsp;&nbsp;&nbsp; 121101 |
| &nbsp;&nbsp;&nbsp;Caleres, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12673 | &nbsp;&nbsp;&nbsp;&nbsp; 306180 |
| &nbsp;&nbsp;&nbsp;Cato Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6452 | &nbsp;&nbsp;&nbsp;&nbsp; 67101 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17704 | &nbsp;&nbsp;$620348 |
| &nbsp;&nbsp;&nbsp;Chico's FAS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44030 | &nbsp;&nbsp;&nbsp;&nbsp; 258456 |
| &nbsp;&nbsp;&nbsp;Children's Place, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4605 | &nbsp;&nbsp;&nbsp;&nbsp; 163477 |
| &nbsp;&nbsp;&nbsp;Chuy's Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6779 | &nbsp;&nbsp;&nbsp;&nbsp; 214827 |
| &nbsp;&nbsp;&nbsp;Citi Trends, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2914 | &nbsp;&nbsp;&nbsp;&nbsp; 88061 |
| &nbsp;&nbsp;&nbsp;Clean Energy Fuels Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60957 | &nbsp;&nbsp;&nbsp;&nbsp; 412069 |
| &nbsp;&nbsp;&nbsp;Conn's, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4692 | &nbsp;&nbsp;&nbsp;&nbsp; 46732 |
| &nbsp;&nbsp;&nbsp;Container Store Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11888 | &nbsp;&nbsp;&nbsp;&nbsp; 56468 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8183 | &nbsp;&nbsp;&nbsp;&nbsp; 939408 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15442 | &nbsp;&nbsp;&nbsp;&nbsp; 612430 |
| &nbsp;&nbsp;&nbsp;Denny's Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20270 | &nbsp;&nbsp;&nbsp;&nbsp; 254186 |
| &nbsp;&nbsp;&nbsp;Designer Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20166 | &nbsp;&nbsp;&nbsp;&nbsp; 308540 |
| &nbsp;&nbsp;&nbsp;Destination XL Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20934 | &nbsp;&nbsp;&nbsp;&nbsp; 139420 |
| &nbsp;&nbsp;&nbsp;Dillard's, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473 | &nbsp;&nbsp;&nbsp;&nbsp; 529838 |
| &nbsp;&nbsp;&nbsp;Dine Brands Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5315 | &nbsp;&nbsp;&nbsp;&nbsp; 396446 |
| &nbsp;&nbsp;&nbsp;Duluth Holdings, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4743 | &nbsp;&nbsp;&nbsp;&nbsp; 41549 |
| &nbsp;&nbsp;&nbsp;El Pollo Loco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7013 | &nbsp;&nbsp;&nbsp;&nbsp; 76442 |
| &nbsp;&nbsp;&nbsp;EVgo, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24436 | &nbsp;&nbsp;&nbsp;&nbsp; 156390 |
| &nbsp;&nbsp;&nbsp;Express, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23099 | &nbsp;&nbsp;&nbsp;&nbsp; 32801 |
| &nbsp;&nbsp;&nbsp;First Watch Restaurant Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3565 | &nbsp;&nbsp;&nbsp;&nbsp; 55899 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13880 | &nbsp;&nbsp;&nbsp;&nbsp; 1302777 |
| &nbsp;&nbsp;&nbsp;Foot Locker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29386 | &nbsp;&nbsp;&nbsp;&nbsp; 1169563 |
| &nbsp;&nbsp;&nbsp;Franchise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9902 | &nbsp;&nbsp;&nbsp;&nbsp; 257947 |
| &nbsp;&nbsp;&nbsp;Genesco, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4713 | &nbsp;&nbsp;&nbsp;&nbsp; 246019 |
| &nbsp;&nbsp;&nbsp;GMS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15554 | &nbsp;&nbsp;&nbsp;&nbsp; 763701 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5499 | &nbsp;&nbsp;&nbsp;&nbsp; 1063177 |
| &nbsp;&nbsp;&nbsp;GrowGeneration Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20640 | &nbsp;&nbsp;&nbsp;&nbsp; 140146 |
| &nbsp;&nbsp;&nbsp;Guess?, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12242 | &nbsp;&nbsp;&nbsp;&nbsp; 254144 |
| &nbsp;&nbsp;&nbsp;Haverty Furniture Cos., Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5301 | &nbsp;&nbsp;&nbsp;&nbsp; 167141 |
| &nbsp;&nbsp;&nbsp;Hibbett, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4620 | &nbsp;&nbsp;&nbsp;&nbsp; 307969 |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7615 | &nbsp;&nbsp;&nbsp;&nbsp; 550564 |
| &nbsp;&nbsp;&nbsp;JOANN, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3964 | &nbsp;&nbsp;&nbsp;&nbsp; 19939 |
| &nbsp;&nbsp;&nbsp;Kura Sushi USA, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663 | &nbsp;&nbsp;&nbsp;&nbsp; 109259 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15458 | &nbsp;&nbsp;&nbsp;&nbsp; 420921 |
| &nbsp;&nbsp;&nbsp;LL Flooring Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10358 | &nbsp;&nbsp;&nbsp;&nbsp; 70538 |
| &nbsp;&nbsp;&nbsp;MarineMax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7605 | &nbsp;&nbsp;&nbsp;&nbsp; 251193 |
| &nbsp;&nbsp;&nbsp;Movado Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5554 | &nbsp;&nbsp;&nbsp;&nbsp; 178783 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7774 | &nbsp;&nbsp;&nbsp;&nbsp; 2299627 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28212 | &nbsp;&nbsp;&nbsp;&nbsp; 1141458 |
| &nbsp;&nbsp;&nbsp;Noodles & Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14706 | &nbsp;&nbsp;&nbsp;&nbsp; 81030 |
| &nbsp;&nbsp;&nbsp;Nu Skin Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17956 | &nbsp;&nbsp;&nbsp;&nbsp; 748945 |
| &nbsp;&nbsp;&nbsp;ODP Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15281 | &nbsp;&nbsp;&nbsp;&nbsp; 735475 |
| &nbsp;&nbsp;&nbsp;ONE Group Hospitality, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8114 | &nbsp;&nbsp;&nbsp;&nbsp; 53471 |
| &nbsp;&nbsp;&nbsp;OneWater Marine, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4054 | &nbsp;&nbsp;&nbsp;&nbsp; 132525 |
| &nbsp;&nbsp;&nbsp;Papa John's International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11729 | &nbsp;&nbsp;&nbsp;&nbsp; 976557 |
| &nbsp;&nbsp;&nbsp;Party City Holdco, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39208 | &nbsp;&nbsp;&nbsp;&nbsp; 27838 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7895 | &nbsp;&nbsp;&nbsp;&nbsp; 441567 |
| &nbsp;&nbsp;&nbsp;PC Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4045 | &nbsp;&nbsp;&nbsp;&nbsp; 224700 |
| &nbsp;&nbsp;&nbsp;PetMed Express, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7257 | &nbsp;&nbsp;&nbsp;&nbsp; 143689 |
| &nbsp;&nbsp;&nbsp;Portillo's, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8403 | &nbsp;&nbsp;&nbsp;&nbsp; 169657 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8848 | &nbsp;&nbsp;&nbsp;&nbsp; 628562 |
| &nbsp;&nbsp;&nbsp;Qurate Retail, Inc., Series A† | &nbsp;&nbsp;&nbsp;&nbsp;125899 | &nbsp;&nbsp;&nbsp;&nbsp; 295863 |
| &nbsp;&nbsp;&nbsp;Rite Aid Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19619 | &nbsp;&nbsp;&nbsp;&nbsp; 99468 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15268 | &nbsp;&nbsp;&nbsp;&nbsp; 786760 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357 | &nbsp;&nbsp;&nbsp;&nbsp; 124897 |
| &nbsp;&nbsp;&nbsp;Ruth's Hospitality Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11559 | &nbsp;&nbsp;&nbsp;&nbsp; 202398 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38513 | &nbsp;&nbsp;&nbsp;&nbsp; 452913 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13484 | &nbsp;&nbsp;&nbsp;&nbsp; 709258 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6205 | &nbsp;&nbsp;&nbsp;&nbsp; 163874 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16466 | &nbsp;&nbsp;&nbsp;&nbsp; 1070290 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7168 | &nbsp;&nbsp;&nbsp;&nbsp; 380908 |
| &nbsp;&nbsp;&nbsp;Sportsman's Warehouse Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15632 | &nbsp;&nbsp;&nbsp;&nbsp; 153506 |
| &nbsp;&nbsp;&nbsp;Sweetgreen, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31511 | &nbsp;&nbsp;&nbsp;&nbsp; 451553 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24113 | &nbsp;&nbsp;$2394903 |
| &nbsp;&nbsp;&nbsp;Tile Shop Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13084 | &nbsp;&nbsp;&nbsp;&nbsp; 54953 |
| &nbsp;&nbsp;&nbsp;Tilly's, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8129 | &nbsp;&nbsp;&nbsp;&nbsp; 77226 |
| &nbsp;&nbsp;&nbsp;TravelCenters of America, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4539 | &nbsp;&nbsp;&nbsp;&nbsp; 232170 |
| &nbsp;&nbsp;&nbsp;Volta, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43937 | &nbsp;&nbsp;&nbsp;&nbsp; 21630 |
| &nbsp;&nbsp;&nbsp;Warby Parker, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30012 | &nbsp;&nbsp;&nbsp;&nbsp; 511104 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10780 | &nbsp;&nbsp;&nbsp;&nbsp; 1784198 |
| &nbsp;&nbsp;&nbsp;Winmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp; 242880 |
| &nbsp;&nbsp;&nbsp;World Fuel Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22050 | &nbsp;&nbsp;&nbsp;&nbsp; 627322 |
| &nbsp;&nbsp;&nbsp;Zumiez, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5626 | &nbsp;&nbsp;&nbsp;&nbsp; 130805 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;41246344 |
| **Savings & Loans — 1.0%** | **Savings & Loans — 1.0%** | **Savings & Loans — 1.0%** |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20610 | &nbsp;&nbsp;&nbsp;&nbsp; 826667 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18950 | &nbsp;&nbsp;&nbsp;&nbsp; 321582 |
| &nbsp;&nbsp;&nbsp;Berkshire Hills Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15837 | &nbsp;&nbsp;&nbsp;&nbsp; 493798 |
| &nbsp;&nbsp;&nbsp;Brookline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27021 | &nbsp;&nbsp;&nbsp;&nbsp; 384239 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46755 | &nbsp;&nbsp;&nbsp;&nbsp; 391339 |
| &nbsp;&nbsp;&nbsp;Flushing Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10223 | &nbsp;&nbsp;&nbsp;&nbsp; 213252 |
| &nbsp;&nbsp;&nbsp;Greene County Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217 | &nbsp;&nbsp;&nbsp;&nbsp; 92821 |
| &nbsp;&nbsp;&nbsp;Hingham Institution for Savings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 154077 |
| &nbsp;&nbsp;&nbsp;Home Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2627 | &nbsp;&nbsp;&nbsp;&nbsp; 112908 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5114 | &nbsp;&nbsp;&nbsp;&nbsp; 130918 |
| &nbsp;&nbsp;&nbsp;Northfield Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15560 | &nbsp;&nbsp;&nbsp;&nbsp; 248182 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43694 | &nbsp;&nbsp;&nbsp;&nbsp; 668081 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20874 | &nbsp;&nbsp;&nbsp;&nbsp; 487617 |
| &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33716 | &nbsp;&nbsp;&nbsp;&nbsp; 1245806 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26293 | &nbsp;&nbsp;&nbsp;&nbsp; 592381 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2827 | &nbsp;&nbsp;&nbsp;&nbsp; 146608 |
| &nbsp;&nbsp;&nbsp;Washington Federal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23304 | &nbsp;&nbsp;&nbsp;&nbsp; 821932 |
| &nbsp;&nbsp;&nbsp;Waterstone Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6933 | &nbsp;&nbsp;&nbsp;&nbsp; 116128 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22726 | &nbsp;&nbsp;&nbsp;&nbsp; 1102438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8550774 |
| **Semiconductors — 2.4%** | **Semiconductors — 2.4%** | **Semiconductors — 2.4%** |
| &nbsp;&nbsp;&nbsp;ACM Research, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17239 | &nbsp;&nbsp;&nbsp;&nbsp; 156185 |
| &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7918 | &nbsp;&nbsp;&nbsp;&nbsp; 277763 |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13099 | &nbsp;&nbsp;&nbsp;&nbsp; 971946 |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36494 | &nbsp;&nbsp;&nbsp;&nbsp; 1022562 |
| &nbsp;&nbsp;&nbsp;Arteris, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6242 | &nbsp;&nbsp;&nbsp;&nbsp; 30898 |
| &nbsp;&nbsp;&nbsp;Atomera, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7416 | &nbsp;&nbsp;&nbsp;&nbsp; 63258 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11750 | &nbsp;&nbsp;&nbsp;&nbsp; 938355 |
| &nbsp;&nbsp;&nbsp;AXT, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14590 | &nbsp;&nbsp;&nbsp;&nbsp; 77473 |
| &nbsp;&nbsp;&nbsp;CEVA, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8216 | &nbsp;&nbsp;&nbsp;&nbsp; 223229 |
| &nbsp;&nbsp;&nbsp;Cohu, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17274 | &nbsp;&nbsp;&nbsp;&nbsp; 618755 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16008 | &nbsp;&nbsp;&nbsp;&nbsp; 1476418 |
| &nbsp;&nbsp;&nbsp;FormFactor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27725 | &nbsp;&nbsp;&nbsp;&nbsp; 639616 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7558 | &nbsp;&nbsp;&nbsp;&nbsp; 964023 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20526 | &nbsp;&nbsp;&nbsp;&nbsp; 984222 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18178 | &nbsp;&nbsp;&nbsp;&nbsp; 1248647 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26156 | &nbsp;&nbsp;&nbsp;&nbsp; 957310 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17828 | &nbsp;&nbsp;&nbsp;&nbsp; 1425349 |
| &nbsp;&nbsp;&nbsp;Ouster, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51374 | &nbsp;&nbsp;&nbsp;&nbsp; 60621 |
| &nbsp;&nbsp;&nbsp;Photronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21551 | &nbsp;&nbsp;&nbsp;&nbsp; 405159 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20394 | &nbsp;&nbsp;&nbsp;&nbsp; 1641309 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39420 | &nbsp;&nbsp;&nbsp;&nbsp; 1512940 |
| &nbsp;&nbsp;&nbsp;Rockley Photonics Holdings, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36651 | &nbsp;&nbsp;&nbsp;&nbsp; 7697 |
| &nbsp;&nbsp;&nbsp;Semtech Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22760 | &nbsp;&nbsp;&nbsp;&nbsp; 699642 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12212 | &nbsp;&nbsp;&nbsp;&nbsp; 1776113 |
| &nbsp;&nbsp;&nbsp;SiTime Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5827 | &nbsp;&nbsp;&nbsp;&nbsp; 614515 |
| &nbsp;&nbsp;&nbsp;SkyWater Technology, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3927 | &nbsp;&nbsp;&nbsp;&nbsp; 38759 |
| &nbsp;&nbsp;&nbsp;SMART Global Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17663 | &nbsp;&nbsp;&nbsp;&nbsp; 298681 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14265 | &nbsp;&nbsp;$1511662 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16239 | &nbsp;&nbsp;&nbsp;&nbsp; 578595 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18243 | &nbsp;&nbsp;&nbsp;&nbsp; 362671 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21584373 |
| **Software — 4.8%** | **Software — 4.8%** | **Software — 4.8%** |
| &nbsp;&nbsp;&nbsp;1Life Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64839 | &nbsp;&nbsp;&nbsp;&nbsp; 1101615 |
| &nbsp;&nbsp;&nbsp;8x8, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42982 | &nbsp;&nbsp;&nbsp;&nbsp; 183963 |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41185 | &nbsp;&nbsp;&nbsp;&nbsp; 860766 |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41482 | &nbsp;&nbsp;&nbsp;&nbsp; 366701 |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37474 | &nbsp;&nbsp;&nbsp;&nbsp; 414088 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7125 | &nbsp;&nbsp;&nbsp;&nbsp; 473100 |
| &nbsp;&nbsp;&nbsp;Alignment Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30330 | &nbsp;&nbsp;&nbsp;&nbsp; 403389 |
| &nbsp;&nbsp;&nbsp;Alkami Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12896 | &nbsp;&nbsp;&nbsp;&nbsp; 162103 |
| &nbsp;&nbsp;&nbsp;Allscripts Healthcare Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39286 | &nbsp;&nbsp;&nbsp;&nbsp; 744077 |
| &nbsp;&nbsp;&nbsp;Altair Engineering, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18689 | &nbsp;&nbsp;&nbsp;&nbsp; 917069 |
| &nbsp;&nbsp;&nbsp;American Software, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12913 | &nbsp;&nbsp;&nbsp;&nbsp; 191242 |
| &nbsp;&nbsp;&nbsp;Amplitude, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20106 | &nbsp;&nbsp;&nbsp;&nbsp; 287918 |
| &nbsp;&nbsp;&nbsp;Apollo Medical Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13997 | &nbsp;&nbsp;&nbsp;&nbsp; 398355 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6850 | &nbsp;&nbsp;&nbsp;&nbsp; 781516 |
| &nbsp;&nbsp;&nbsp;Appian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14396 | &nbsp;&nbsp;&nbsp;&nbsp; 547480 |
| &nbsp;&nbsp;&nbsp;Asana, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26481 | &nbsp;&nbsp;&nbsp;&nbsp; 480895 |
| &nbsp;&nbsp;&nbsp;Avaya Holdings Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30695 | &nbsp;&nbsp;&nbsp;&nbsp; 29651 |
| &nbsp;&nbsp;&nbsp;AvePoint, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46311 | &nbsp;&nbsp;&nbsp;&nbsp; 218588 |
| &nbsp;&nbsp;&nbsp;Avid Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12875 | &nbsp;&nbsp;&nbsp;&nbsp; 361530 |
| &nbsp;&nbsp;&nbsp;AvidXchange Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52712 | &nbsp;&nbsp;&nbsp;&nbsp; 454377 |
| &nbsp;&nbsp;&nbsp;Bandwidth, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8338 | &nbsp;&nbsp;&nbsp;&nbsp; 190607 |
| &nbsp;&nbsp;&nbsp;Benefitfocus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9274 | &nbsp;&nbsp;&nbsp;&nbsp; 96171 |
| &nbsp;&nbsp;&nbsp;BigCommerce Holdings, Inc., Series 1† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23060 | &nbsp;&nbsp;&nbsp;&nbsp; 199238 |
| &nbsp;&nbsp;&nbsp;Blackbaud, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16702 | &nbsp;&nbsp;&nbsp;&nbsp; 989928 |
| &nbsp;&nbsp;&nbsp;Blackline, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19862 | &nbsp;&nbsp;&nbsp;&nbsp; 1344459 |
| &nbsp;&nbsp;&nbsp;Blend Labs, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66520 | &nbsp;&nbsp;&nbsp;&nbsp; 87806 |
| &nbsp;&nbsp;&nbsp;Box, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50281 | &nbsp;&nbsp;&nbsp;&nbsp; 1380213 |
| &nbsp;&nbsp;&nbsp;Brightcove, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14795 | &nbsp;&nbsp;&nbsp;&nbsp; 81816 |
| &nbsp;&nbsp;&nbsp;BTRS Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36066 | &nbsp;&nbsp;&nbsp;&nbsp; 341545 |
| &nbsp;&nbsp;&nbsp;C3.ai, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24747 | &nbsp;&nbsp;&nbsp;&nbsp; 321958 |
| &nbsp;&nbsp;&nbsp;Cardlytics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11483 | &nbsp;&nbsp;&nbsp;&nbsp; 51559 |
| &nbsp;&nbsp;&nbsp;Cerence, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14131 | &nbsp;&nbsp;&nbsp;&nbsp; 289827 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22372 | &nbsp;&nbsp;&nbsp;&nbsp; 695322 |
| &nbsp;&nbsp;&nbsp;CommVault Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16010 | &nbsp;&nbsp;&nbsp;&nbsp; 1056660 |
| &nbsp;&nbsp;&nbsp;Computer Programs & Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5128 | &nbsp;&nbsp;&nbsp;&nbsp; 151789 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5748 | &nbsp;&nbsp;&nbsp;&nbsp; 326429 |
| &nbsp;&nbsp;&nbsp;CS Disco, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7995 | &nbsp;&nbsp;&nbsp;&nbsp; 62521 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11385 | &nbsp;&nbsp;&nbsp;&nbsp; 704048 |
| &nbsp;&nbsp;&nbsp;Cvent Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16275 | &nbsp;&nbsp;&nbsp;&nbsp; 91140 |
| &nbsp;&nbsp;&nbsp;Daily Journal Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 119625 |
| &nbsp;&nbsp;&nbsp;Digi International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12287 | &nbsp;&nbsp;&nbsp;&nbsp; 521829 |
| &nbsp;&nbsp;&nbsp;Digimarc Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4916 | &nbsp;&nbsp;&nbsp;&nbsp; 109528 |
| &nbsp;&nbsp;&nbsp;Digital Turbine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33764 | &nbsp;&nbsp;&nbsp;&nbsp; 616531 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25080 | &nbsp;&nbsp;&nbsp;&nbsp; 748136 |
| &nbsp;&nbsp;&nbsp;Domo, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10924 | &nbsp;&nbsp;&nbsp;&nbsp; 156213 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9304 | &nbsp;&nbsp;&nbsp;&nbsp; 355227 |
| &nbsp;&nbsp;&nbsp;Duck Creek Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27772 | &nbsp;&nbsp;&nbsp;&nbsp; 310769 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8465 | &nbsp;&nbsp;&nbsp;&nbsp; 589757 |
| &nbsp;&nbsp;&nbsp;E2open Parent Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71637 | &nbsp;&nbsp;&nbsp;&nbsp; 421942 |
| &nbsp;&nbsp;&nbsp;Ebix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9477 | &nbsp;&nbsp;&nbsp;&nbsp; 179968 |
| &nbsp;&nbsp;&nbsp;eGain Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7582 | &nbsp;&nbsp;&nbsp;&nbsp; 66722 |
| &nbsp;&nbsp;&nbsp;Enfusion, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9355 | &nbsp;&nbsp;&nbsp;&nbsp; 89340 |
| &nbsp;&nbsp;&nbsp;EngageSmart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12548 | &nbsp;&nbsp;&nbsp;&nbsp; 212940 |
| &nbsp;&nbsp;&nbsp;Envestnet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19768 | &nbsp;&nbsp;&nbsp;&nbsp; 1166707 |
| &nbsp;&nbsp;&nbsp;Everbridge, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14234 | &nbsp;&nbsp;&nbsp;&nbsp; 464598 |
| &nbsp;&nbsp;&nbsp;EverCommerce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8685 | &nbsp;&nbsp;&nbsp;&nbsp; 57929 |
| &nbsp;&nbsp;&nbsp;Evolent Health, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29477 | &nbsp;&nbsp;&nbsp;&nbsp; 848643 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;Faraday Future Intelligent Electric, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35711 | &nbsp;&nbsp;$11467 |
| &nbsp;&nbsp;&nbsp;Fastly, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40122 | &nbsp;&nbsp;&nbsp;&nbsp; 387578 |
| &nbsp;&nbsp;&nbsp;ForgeRock, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10876 | &nbsp;&nbsp;&nbsp;&nbsp; 236553 |
| &nbsp;&nbsp;&nbsp;Health Catalyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19723 | &nbsp;&nbsp;&nbsp;&nbsp; 206697 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43638 | &nbsp;&nbsp;&nbsp;&nbsp; 270119 |
| &nbsp;&nbsp;&nbsp;HireRight Holdings Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7624 | &nbsp;&nbsp;&nbsp;&nbsp; 96596 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031 | &nbsp;&nbsp;&nbsp;&nbsp; 52420 |
| &nbsp;&nbsp;&nbsp;Inspired Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7759 | &nbsp;&nbsp;&nbsp;&nbsp; 94970 |
| &nbsp;&nbsp;&nbsp;Instructure Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6222 | &nbsp;&nbsp;&nbsp;&nbsp; 156234 |
| &nbsp;&nbsp;&nbsp;Intapp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5117 | &nbsp;&nbsp;&nbsp;&nbsp; 118254 |
| &nbsp;&nbsp;&nbsp;IonQ, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42725 | &nbsp;&nbsp;&nbsp;&nbsp; 220461 |
| &nbsp;&nbsp;&nbsp;Kaleyra, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10337 | &nbsp;&nbsp;&nbsp;&nbsp; 12094 |
| &nbsp;&nbsp;&nbsp;Latch, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39079 | &nbsp;&nbsp;&nbsp;&nbsp; 35089 |
| &nbsp;&nbsp;&nbsp;LivePerson, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25294 | &nbsp;&nbsp;&nbsp;&nbsp; 296952 |
| &nbsp;&nbsp;&nbsp;LiveVox Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8129 | &nbsp;&nbsp;&nbsp;&nbsp; 18372 |
| &nbsp;&nbsp;&nbsp;Loyalty Ventures, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7212 | &nbsp;&nbsp;&nbsp;&nbsp; 17381 |
| &nbsp;&nbsp;&nbsp;Matterport, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79546 | &nbsp;&nbsp;&nbsp;&nbsp; 250570 |
| &nbsp;&nbsp;&nbsp;MeridianLink, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8265 | &nbsp;&nbsp;&nbsp;&nbsp; 121330 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3383 | &nbsp;&nbsp;&nbsp;&nbsp; 670138 |
| &nbsp;&nbsp;&nbsp;Model N, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13183 | &nbsp;&nbsp;&nbsp;&nbsp; 512555 |
| &nbsp;&nbsp;&nbsp;Momentive Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46858 | &nbsp;&nbsp;&nbsp;&nbsp; 371584 |
| &nbsp;&nbsp;&nbsp;N-able, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24517 | &nbsp;&nbsp;&nbsp;&nbsp; 275326 |
| &nbsp;&nbsp;&nbsp;NextGen Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20357 | &nbsp;&nbsp;&nbsp;&nbsp; 423426 |
| &nbsp;&nbsp;&nbsp;Nutex Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13943 | &nbsp;&nbsp;&nbsp;&nbsp; 21612 |
| &nbsp;&nbsp;&nbsp;Olo, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32335 | &nbsp;&nbsp;&nbsp;&nbsp; 229902 |
| &nbsp;&nbsp;&nbsp;ON24, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14958 | &nbsp;&nbsp;&nbsp;&nbsp; 114429 |
| &nbsp;&nbsp;&nbsp;Outbrain, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13899 | &nbsp;&nbsp;&nbsp;&nbsp; 53928 |
| &nbsp;&nbsp;&nbsp;Outset Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17236 | &nbsp;&nbsp;&nbsp;&nbsp; 363335 |
| &nbsp;&nbsp;&nbsp;PagerDuty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30595 | &nbsp;&nbsp;&nbsp;&nbsp; 680433 |
| &nbsp;&nbsp;&nbsp;PDF Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10689 | &nbsp;&nbsp;&nbsp;&nbsp; 335314 |
| &nbsp;&nbsp;&nbsp;Pear Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24639 | &nbsp;&nbsp;&nbsp;&nbsp; 45582 |
| &nbsp;&nbsp;&nbsp;Phreesia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17659 | &nbsp;&nbsp;&nbsp;&nbsp; 491273 |
| &nbsp;&nbsp;&nbsp;Playstudios, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28493 | &nbsp;&nbsp;&nbsp;&nbsp; 119101 |
| &nbsp;&nbsp;&nbsp;Porch Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29013 | &nbsp;&nbsp;&nbsp;&nbsp; 59186 |
| &nbsp;&nbsp;&nbsp;PowerSchool Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16398 | &nbsp;&nbsp;&nbsp;&nbsp; 334683 |
| &nbsp;&nbsp;&nbsp;Privia Health Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16043 | &nbsp;&nbsp;&nbsp;&nbsp; 383909 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15720 | &nbsp;&nbsp;&nbsp;&nbsp; 838190 |
| &nbsp;&nbsp;&nbsp;PROS Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14726 | &nbsp;&nbsp;&nbsp;&nbsp; 350773 |
| &nbsp;&nbsp;&nbsp;PubMatic, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15350 | &nbsp;&nbsp;&nbsp;&nbsp; 240534 |
| &nbsp;&nbsp;&nbsp;Rackspace Technology, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20709 | &nbsp;&nbsp;&nbsp;&nbsp; 101060 |
| &nbsp;&nbsp;&nbsp;Red Violet, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3456 | &nbsp;&nbsp;&nbsp;&nbsp; 78797 |
| &nbsp;&nbsp;&nbsp;Sapiens International Corp. NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11050 | &nbsp;&nbsp;&nbsp;&nbsp; 215033 |
| &nbsp;&nbsp;&nbsp;Schrodinger, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19405 | &nbsp;&nbsp;&nbsp;&nbsp; 349290 |
| &nbsp;&nbsp;&nbsp;Sharecare, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;105860 | &nbsp;&nbsp;&nbsp;&nbsp; 202193 |
| &nbsp;&nbsp;&nbsp;Simulations Plus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5615 | &nbsp;&nbsp;&nbsp;&nbsp; 227913 |
| &nbsp;&nbsp;&nbsp;Skillsoft Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29187 | &nbsp;&nbsp;&nbsp;&nbsp; 56039 |
| &nbsp;&nbsp;&nbsp;Skillz, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;112999 | &nbsp;&nbsp;&nbsp;&nbsp; 110615 |
| &nbsp;&nbsp;&nbsp;SolarWinds Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17363 | &nbsp;&nbsp;&nbsp;&nbsp; 151753 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16524 | &nbsp;&nbsp;&nbsp;&nbsp; 979873 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13041 | &nbsp;&nbsp;&nbsp;&nbsp; 1855213 |
| &nbsp;&nbsp;&nbsp;Sumo Logic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40774 | &nbsp;&nbsp;&nbsp;&nbsp; 309882 |
| &nbsp;&nbsp;&nbsp;Upland Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10475 | &nbsp;&nbsp;&nbsp;&nbsp; 78981 |
| &nbsp;&nbsp;&nbsp;UserTesting, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17011 | &nbsp;&nbsp;&nbsp;&nbsp; 126222 |
| &nbsp;&nbsp;&nbsp;Verint Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22880 | &nbsp;&nbsp;&nbsp;&nbsp; 899870 |
| &nbsp;&nbsp;&nbsp;Veritone, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11247 | &nbsp;&nbsp;&nbsp;&nbsp; 75805 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51525 | &nbsp;&nbsp;&nbsp;&nbsp; 816671 |
| &nbsp;&nbsp;&nbsp;Viant Technology, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp; 19482 |
| &nbsp;&nbsp;&nbsp;Vimeo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51478 | &nbsp;&nbsp;&nbsp;&nbsp; 220326 |
| &nbsp;&nbsp;&nbsp;Weave Communications, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11237 | &nbsp;&nbsp;&nbsp;&nbsp; 44274 |
| &nbsp;&nbsp;&nbsp;WM Technology, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26682 | &nbsp;&nbsp;&nbsp;&nbsp; 31218 |
| &nbsp;&nbsp;&nbsp;Workiva, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17144 | &nbsp;&nbsp;&nbsp;&nbsp; 1381121 |
| &nbsp;&nbsp;&nbsp;Yext, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40946 | &nbsp;&nbsp;&nbsp;&nbsp; 218242 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp.<br> Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39291 | &nbsp;&nbsp;$329259 |
| &nbsp;&nbsp;&nbsp;Zuora, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43733 | &nbsp;&nbsp;&nbsp;&nbsp; 335869 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;43611214 |
| **Telecommunications — 1.7%** | **Telecommunications — 1.7%** | **Telecommunications — 1.7%** |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23700 | &nbsp;&nbsp;&nbsp;&nbsp; 443427 |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25294 | &nbsp;&nbsp;&nbsp;&nbsp; 512709 |
| &nbsp;&nbsp;&nbsp;Anterix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6618 | &nbsp;&nbsp;&nbsp;&nbsp; 225012 |
| &nbsp;&nbsp;&nbsp;ATN International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3932 | &nbsp;&nbsp;&nbsp;&nbsp; 190348 |
| &nbsp;&nbsp;&nbsp;Aviat Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970 | &nbsp;&nbsp;&nbsp;&nbsp; 124896 |
| &nbsp;&nbsp;&nbsp;Calix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20413 | &nbsp;&nbsp;&nbsp;&nbsp; 1455447 |
| &nbsp;&nbsp;&nbsp;Cambium Networks Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4130 | &nbsp;&nbsp;&nbsp;&nbsp; 87928 |
| &nbsp;&nbsp;&nbsp;Casa Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12717 | &nbsp;&nbsp;&nbsp;&nbsp; 34845 |
| &nbsp;&nbsp;&nbsp;Clearfield, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4157 | &nbsp;&nbsp;&nbsp;&nbsp; 547144 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73751 | &nbsp;&nbsp;&nbsp;&nbsp; 654909 |
| &nbsp;&nbsp;&nbsp;Consolidated Communications Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26711 | &nbsp;&nbsp;&nbsp;&nbsp; 123405 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34665 | &nbsp;&nbsp;&nbsp;&nbsp; 482883 |
| &nbsp;&nbsp;&nbsp;Cyxtera Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13266 | &nbsp;&nbsp;&nbsp;&nbsp; 26001 |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58284 | &nbsp;&nbsp;&nbsp;&nbsp; 841038 |
| &nbsp;&nbsp;&nbsp;DZS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6332 | &nbsp;&nbsp;&nbsp;&nbsp; 74844 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12088 | &nbsp;&nbsp;&nbsp;&nbsp; 210331 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45410 | &nbsp;&nbsp;&nbsp;&nbsp; 952248 |
| &nbsp;&nbsp;&nbsp;Globalstar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;245994 | &nbsp;&nbsp;&nbsp;&nbsp; 467389 |
| &nbsp;&nbsp;&nbsp;Gogo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17987 | &nbsp;&nbsp;&nbsp;&nbsp; 282216 |
| &nbsp;&nbsp;&nbsp;Harmonic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33097 | &nbsp;&nbsp;&nbsp;&nbsp; 507708 |
| &nbsp;&nbsp;&nbsp;IDT Corp., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5290 | &nbsp;&nbsp;&nbsp;&nbsp; 147856 |
| &nbsp;&nbsp;&nbsp;Infinera Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68066 | &nbsp;&nbsp;&nbsp;&nbsp; 459445 |
| &nbsp;&nbsp;&nbsp;Inseego Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30984 | &nbsp;&nbsp;&nbsp;&nbsp; 39350 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10678 | &nbsp;&nbsp;&nbsp;&nbsp; 535715 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45801 | &nbsp;&nbsp;&nbsp;&nbsp; 2432033 |
| &nbsp;&nbsp;&nbsp;KORE Group Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12617 | &nbsp;&nbsp;&nbsp;&nbsp; 30028 |
| &nbsp;&nbsp;&nbsp;Maxar Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26448 | &nbsp;&nbsp;&nbsp;&nbsp; 640042 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10181 | &nbsp;&nbsp;&nbsp;&nbsp; 200871 |
| &nbsp;&nbsp;&nbsp;Ondas Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12793 | &nbsp;&nbsp;&nbsp;&nbsp; 33134 |
| &nbsp;&nbsp;&nbsp;Ooma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8236 | &nbsp;&nbsp;&nbsp;&nbsp; 129717 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55908 | &nbsp;&nbsp;&nbsp;&nbsp; 302462 |
| &nbsp;&nbsp;&nbsp;Preformed Line Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 | &nbsp;&nbsp;&nbsp;&nbsp; 84812 |
| &nbsp;&nbsp;&nbsp;Ribbon Communications, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25999 | &nbsp;&nbsp;&nbsp;&nbsp; 65777 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17415 | &nbsp;&nbsp;&nbsp;&nbsp; 339070 |
| &nbsp;&nbsp;&nbsp;Starry Group Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8551 | &nbsp;&nbsp;&nbsp;&nbsp; 1608 |
| &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36261 | &nbsp;&nbsp;&nbsp;&nbsp; 382191 |
| &nbsp;&nbsp;&nbsp;Terran Orbital Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8611 | &nbsp;&nbsp;&nbsp;&nbsp; 20322 |
| &nbsp;&nbsp;&nbsp;United States Cellular Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5368 | &nbsp;&nbsp;&nbsp;&nbsp; 114124 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81842 | &nbsp;&nbsp;&nbsp;&nbsp; 927270 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15130555 |
| **Textiles — 0.1%** | **Textiles — 0.1%** | **Textiles — 0.1%** |
| &nbsp;&nbsp;&nbsp;UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5384 | &nbsp;&nbsp;&nbsp;&nbsp; 1043204 |
| **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;11446 | &nbsp;&nbsp;&nbsp;&nbsp; 108737 |
| &nbsp;&nbsp;&nbsp;Vinco Ventures, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81818 | &nbsp;&nbsp;&nbsp;&nbsp; 54867 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163604 |
| **Transportation — 1.8%** | **Transportation — 1.8%** | **Transportation — 1.8%** |
| &nbsp;&nbsp;&nbsp;Air Transport Services Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21240 | &nbsp;&nbsp;&nbsp;&nbsp; 595570 |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8793 | &nbsp;&nbsp;&nbsp;&nbsp; 727797 |
| &nbsp;&nbsp;&nbsp;Ardmore Shipping Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12534 | &nbsp;&nbsp;&nbsp;&nbsp; 189013 |
| &nbsp;&nbsp;&nbsp;Atlas Air Worldwide Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10072 | &nbsp;&nbsp;&nbsp;&nbsp; 1014955 |
| &nbsp;&nbsp;&nbsp;Costamare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18996 | &nbsp;&nbsp;&nbsp;&nbsp; 183121 |
| &nbsp;&nbsp;&nbsp;Covenant Logistics Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3634 | &nbsp;&nbsp;&nbsp;&nbsp; 139509 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;CryoPort, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15726 | &nbsp;&nbsp;$310588 |
| &nbsp;&nbsp;&nbsp;Daseke, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14638 | &nbsp;&nbsp;&nbsp;&nbsp; 85339 |
| &nbsp;&nbsp;&nbsp;DHT Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49251 | &nbsp;&nbsp;&nbsp;&nbsp; 498913 |
| &nbsp;&nbsp;&nbsp;Dorian LPG, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11043 | &nbsp;&nbsp;&nbsp;&nbsp; 215007 |
| &nbsp;&nbsp;&nbsp;Eagle Bulk Shipping, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4826 | &nbsp;&nbsp;&nbsp;&nbsp; 248298 |
| &nbsp;&nbsp;&nbsp;FLEX LNG, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10253 | &nbsp;&nbsp;&nbsp;&nbsp; 385718 |
| &nbsp;&nbsp;&nbsp;Forward Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9667 | &nbsp;&nbsp;&nbsp;&nbsp; 1086281 |
| &nbsp;&nbsp;&nbsp;Frontline, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44841 | &nbsp;&nbsp;&nbsp;&nbsp; 620151 |
| &nbsp;&nbsp;&nbsp;Genco Shipping & Trading, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13184 | &nbsp;&nbsp;&nbsp;&nbsp; 195519 |
| &nbsp;&nbsp;&nbsp;Golden Ocean Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44144 | &nbsp;&nbsp;&nbsp;&nbsp; 372575 |
| &nbsp;&nbsp;&nbsp;Heartland Express, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16798 | &nbsp;&nbsp;&nbsp;&nbsp; 281198 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12084 | &nbsp;&nbsp;&nbsp;&nbsp; 1016869 |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17718 | &nbsp;&nbsp;&nbsp;&nbsp; 763291 |
| &nbsp;&nbsp;&nbsp;Marten Transport, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20970 | &nbsp;&nbsp;&nbsp;&nbsp; 446871 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13863 | &nbsp;&nbsp;&nbsp;&nbsp; 883905 |
| &nbsp;&nbsp;&nbsp;Nordic American Tankers, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71293 | &nbsp;&nbsp;&nbsp;&nbsp; 258081 |
| &nbsp;&nbsp;&nbsp;P.A.M. Transportation Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2371 | &nbsp;&nbsp;&nbsp;&nbsp; 66459 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13625 | &nbsp;&nbsp;&nbsp;&nbsp; 72757 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26348 | &nbsp;&nbsp;&nbsp;&nbsp; 75092 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9552 | &nbsp;&nbsp;&nbsp;&nbsp; 2326772 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17537 | &nbsp;&nbsp;&nbsp;&nbsp; 894738 |
| &nbsp;&nbsp;&nbsp;SFL Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41301 | &nbsp;&nbsp;&nbsp;&nbsp; 404337 |
| &nbsp;&nbsp;&nbsp;Teekay Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25095 | &nbsp;&nbsp;&nbsp;&nbsp; 111673 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8220 | &nbsp;&nbsp;&nbsp;&nbsp; 277343 |
| &nbsp;&nbsp;&nbsp;Universal Logistics Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583 | &nbsp;&nbsp;&nbsp;&nbsp; 98076 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22785 | &nbsp;&nbsp;&nbsp;&nbsp; 1002084 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15847900 |
| **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** |
| &nbsp;&nbsp;&nbsp;GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12768 | &nbsp;&nbsp;&nbsp;&nbsp; 1439592 |
| &nbsp;&nbsp;&nbsp;Greenbrier Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11449 | &nbsp;&nbsp;&nbsp;&nbsp; 439527 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879119 |
| **Water — 0.5%** | **Water — 0.5%** | **Water — 0.5%** |
| &nbsp;&nbsp;&nbsp;American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13275 | &nbsp;&nbsp;&nbsp;&nbsp; 1300817 |
| &nbsp;&nbsp;&nbsp;Artesian Resources Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954 | &nbsp;&nbsp;&nbsp;&nbsp; 161170 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19515 | &nbsp;&nbsp;&nbsp;&nbsp; 1267109 |
| &nbsp;&nbsp;&nbsp;Global Water Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4893 | &nbsp;&nbsp;&nbsp;&nbsp; 62532 |
| &nbsp;&nbsp;&nbsp;Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6244 | &nbsp;&nbsp;&nbsp;&nbsp; 583502 |
| &nbsp;&nbsp;&nbsp;SJW Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9714 | &nbsp;&nbsp;&nbsp;&nbsp; 725539 |
| &nbsp;&nbsp;&nbsp;York Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5101 | &nbsp;&nbsp;&nbsp;&nbsp; 233065 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4333734 |
| **Total Common Stocks<br> (cost $759,083,879)** |  | &nbsp;&nbsp;&nbsp;&nbsp;878011585 |
| **WARRANTS — 0.0%** | **WARRANTS — 0.0%** | **WARRANTS — 0.0%** |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp.<br> Expires 09/01/2024† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303 | &nbsp;&nbsp;&nbsp;&nbsp; 57851 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp.<br> Expires 09/01/2025† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151 | &nbsp;&nbsp;&nbsp;&nbsp; 23699 |
| &nbsp;&nbsp;&nbsp;Nabors Industries, Ltd.<br> Expires 06/11/2026† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334 | &nbsp;&nbsp;&nbsp;&nbsp; 38686 |
| **Total Warrants<br> (cost $0)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120236 |
| **Total Long-Term Investment Securities<br> (cost $759,083,879)** |  | &nbsp;&nbsp;&nbsp;&nbsp;878131821 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 3.2%** | **SHORT-TERM INVESTMENTS — 3.2%** |  |
| **Unaffiliated Investment Companies — 2.9%** | **Unaffiliated Investment Companies — 2.9%** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 3.86%(2)(3) | &nbsp;&nbsp;26035022 | &nbsp;&nbsp;$26035022 |
| **U.S. Government — 0.3%** | **U.S. Government — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09%, 08/10/2023(4) | $2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2423070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97%, 10/05/2023(4) | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 96163 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2519233 |
| **Total Short-Term Investments<br> (cost $28,577,498)** |  | &nbsp;&nbsp;&nbsp;&nbsp;28554255 |
| **REPURCHASE AGREEMENTS — 2.1%** | **REPURCHASE AGREEMENTS — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.13% dated 11/30/2022, to be repurchased 12/01/2022 in the amount of $19,087,522 and collateralized by $20,873,600 of United States Treasury Notes, bearing interest at 1.13% due 01/15/2025 and having an approximate value of $19,468,702<br> (cost $19,086,923) | &nbsp;&nbsp;19086923 | &nbsp;&nbsp;&nbsp;&nbsp; 19086923 |
| **TOTAL INVESTMENTS<br> (cost $806,748,300)(5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102.7% | &nbsp;&nbsp;&nbsp;&nbsp;925772999 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.7) | &nbsp;&nbsp;&nbsp;&nbsp;(24016546) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$901756453 |

---

---

| | |
|:---|:---|
| † | &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, 2022. |
| (3) | &nbsp;&nbsp;At November 30, 2022, the Fund had loaned securities with a total value of $39,356,339. This was secured by collateral of $26,035,022, which was received in cash and subsequently invested in short-term investments currently valued at $26,035,022 as reported in the Portfolio of Investments. Additional collateral of $13,671,851 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, 2022** |
| Government National Mtg. Assoc. | 1.75% to 2.50% | 11/20/2051 to 02/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;$75824 |
| United States Treasury Bills | 0.00% | 12/15/2022 to 04/20/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787308 |
| United States Treasury Notes/Bonds | 0.13% to 6.62% | 12/31/2022 to 05/15/2052 | &nbsp;&nbsp;&nbsp;12808719 |

---

(4) The
security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

(5) See
 Note 5 for cost of investments on a tax basis.

CVR—Contingent Value Rights

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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** |
| 244 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;E-Mini Russell 2000 Index | &nbsp;&nbsp;December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;$22677863 | &nbsp;&nbsp;&nbsp;&nbsp;$23027500 | &nbsp;&nbsp;&nbsp;&nbsp;$349637 |

---

\* 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, 2022 (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;$59280955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$754 | &nbsp;&nbsp;$59281709 |
| &nbsp;&nbsp;&nbsp;Medical - Biomedical/Gene | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348 |
| &nbsp;&nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;35508864 | &nbsp;&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;35508864 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;23521251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;63051 | &nbsp;&nbsp;&nbsp;&nbsp;23584302 |
| &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;&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;759635362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;759635362 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120236 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2519233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2519233 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;26035022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;26035022 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19086923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19086923 |
| **Total Investments at Value** | &nbsp;&nbsp;$904101690 | &nbsp;&nbsp;$21606156 | &nbsp;&nbsp;$65153 | &nbsp;&nbsp;$925772999 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$349637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$349637 |

---

---

| | |
|:---|:---|
| \* | &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**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;9.9% |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;7.1 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;6.5 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;6.0 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;5.8 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Housewares | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;100.4% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 95.8%** | **COMMON STOCKS — 95.8%** | **COMMON STOCKS — 95.8%** |
| **Apparel — 0.8%** | **Apparel — 0.8%** | **Apparel — 0.8%** |
| &nbsp;&nbsp;&nbsp;Delta Apparel, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;25888 | &nbsp;&nbsp;$341722 |
| &nbsp;&nbsp;&nbsp;Levi Strauss & Co., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8042 | &nbsp;&nbsp;&nbsp;&nbsp; 132934 |
| &nbsp;&nbsp;&nbsp;Steven Madden, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;31124 | &nbsp;&nbsp;&nbsp;&nbsp; 1075023 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4807 | &nbsp;&nbsp;&nbsp;&nbsp; 139114 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688793 |
| **Auto Parts & Equipment — 1.7%** | **Auto Parts & Equipment — 1.7%** | **Auto Parts & Equipment — 1.7%** |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78568 | &nbsp;&nbsp;&nbsp;&nbsp; 3057867 |
| &nbsp;&nbsp;&nbsp;Holley, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;240018 | &nbsp;&nbsp;&nbsp;&nbsp; 657649 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3715516 |
| **Banks — 7.1%** | **Banks — 7.1%** | **Banks — 7.1%** |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp | &nbsp;&nbsp;&nbsp;&nbsp;76578 | &nbsp;&nbsp;&nbsp;&nbsp; 1883819 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24097 | &nbsp;&nbsp;&nbsp;&nbsp; 691102 |
| &nbsp;&nbsp;&nbsp;First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42424 | &nbsp;&nbsp;&nbsp;&nbsp; 1126357 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;44589 | &nbsp;&nbsp;&nbsp;&nbsp; 2445261 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45324 | &nbsp;&nbsp;&nbsp;&nbsp; 1847860 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26137 | &nbsp;&nbsp;&nbsp;&nbsp; 2296135 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58981 | &nbsp;&nbsp;&nbsp;&nbsp; 5044055 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15334589 |
| **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** |
| &nbsp;&nbsp;&nbsp;Primo Water Corp. | &nbsp;&nbsp;&nbsp;&nbsp;128056 | &nbsp;&nbsp;&nbsp;&nbsp; 2004076 |
| **Building Materials — 5.9%** | **Building Materials — 5.9%** | **Building Materials — 5.9%** |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43532 | &nbsp;&nbsp;&nbsp;&nbsp; 5935153 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60190 | &nbsp;&nbsp;&nbsp;&nbsp; 2125309 |
| &nbsp;&nbsp;&nbsp;JELD-WEN Holding, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;28103 | &nbsp;&nbsp;&nbsp;&nbsp; 290585 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26852 | &nbsp;&nbsp;&nbsp;&nbsp; 2498578 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23900 | &nbsp;&nbsp;&nbsp;&nbsp; 1956454 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12806079 |
| **Chemicals — 9.9%** | **Chemicals — 9.9%** | **Chemicals — 9.9%** |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;136027 | &nbsp;&nbsp;&nbsp;&nbsp; 4707894 |
| &nbsp;&nbsp;&nbsp;Diversey Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;82385 | &nbsp;&nbsp;&nbsp;&nbsp; 423459 |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;161199 | &nbsp;&nbsp;&nbsp;&nbsp; 1497539 |
| &nbsp;&nbsp;&nbsp;Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21172 | &nbsp;&nbsp;&nbsp;&nbsp; 414124 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69233 | &nbsp;&nbsp;&nbsp;&nbsp; 7677247 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134009 | &nbsp;&nbsp;&nbsp;&nbsp; 2783367 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9799 | &nbsp;&nbsp;&nbsp;&nbsp; 590782 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9979 | &nbsp;&nbsp;&nbsp;&nbsp; 3153564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21247976 |
| **Commercial Services — 6.0%** | **Commercial Services — 6.0%** | **Commercial Services — 6.0%** |
| &nbsp;&nbsp;&nbsp;API Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;137100 | &nbsp;&nbsp;&nbsp;&nbsp; 2635062 |
| &nbsp;&nbsp;&nbsp;CBIZ, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;48998 | &nbsp;&nbsp;&nbsp;&nbsp; 2432751 |
| &nbsp;&nbsp;&nbsp;Custom Truck One Source, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;188860 | &nbsp;&nbsp;&nbsp;&nbsp; 1291802 |
| &nbsp;&nbsp;&nbsp;Ennis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53993 | &nbsp;&nbsp;&nbsp;&nbsp; 1254257 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5972 | &nbsp;&nbsp;&nbsp;&nbsp; 555097 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16923 | &nbsp;&nbsp;&nbsp;&nbsp; 793012 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;45122 | &nbsp;&nbsp;&nbsp;&nbsp; 2573308 |
| &nbsp;&nbsp;&nbsp;Viad Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;43270 | &nbsp;&nbsp;&nbsp;&nbsp; 1281225 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12816514 |
| **Computers — 2.1%** | **Computers — 2.1%** | **Computers — 2.1%** |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;119891 | &nbsp;&nbsp;&nbsp;&nbsp; 1403923 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25116 | &nbsp;&nbsp;&nbsp;&nbsp; 1765655 |
| &nbsp;&nbsp;&nbsp;Parsons Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;28136 | &nbsp;&nbsp;&nbsp;&nbsp; 1392732 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4562310 |
| **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41747 | &nbsp;&nbsp;&nbsp;&nbsp; 1612269 |

---

---

| | | |
|:---|:---|:---|
| **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;GlassBridge Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;$13140 |
| &nbsp;&nbsp;&nbsp;Westwood Holdings Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26724 | &nbsp;&nbsp;&nbsp;&nbsp; 321223 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946632 |
| **Electric — 0.8%** | **Electric — 0.8%** | **Electric — 0.8%** |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39314 | &nbsp;&nbsp;&nbsp;&nbsp; 1615019 |
| **Electrical Components & Equipment — 1.8%** | **Electrical Components & Equipment — 1.8%** | **Electrical Components & Equipment — 1.8%** |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48566 | &nbsp;&nbsp;&nbsp;&nbsp; 3906649 |
| **Electronics — 1.2%** | **Electronics — 1.2%** | **Electronics — 1.2%** |
| &nbsp;&nbsp;&nbsp;Atkore, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20676 | &nbsp;&nbsp;&nbsp;&nbsp; 2525573 |
| **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** |
| &nbsp;&nbsp;&nbsp;Alto Ingredients, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;82987 | &nbsp;&nbsp;&nbsp;&nbsp; 289625 |
| **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
| &nbsp;&nbsp;&nbsp;Harsco Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;47864 | &nbsp;&nbsp;&nbsp;&nbsp; 358023 |
| **Food — 4.8%** | **Food — 4.8%** | **Food — 4.8%** |
| &nbsp;&nbsp;&nbsp;J&J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41332 | &nbsp;&nbsp;&nbsp;&nbsp; 6779275 |
| &nbsp;&nbsp;&nbsp;Nomad Foods, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;139139 | &nbsp;&nbsp;&nbsp;&nbsp; 2433541 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23873 | &nbsp;&nbsp;&nbsp;&nbsp; 1073091 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10285907 |
| **Hand/Machine Tools — 2.7%** | **Hand/Machine Tools — 2.7%** | **Hand/Machine Tools — 2.7%** |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69589 | &nbsp;&nbsp;&nbsp;&nbsp; 5796764 |
| **Healthcare-Products — 2.3%** | **Healthcare-Products — 2.3%** | **Healthcare-Products — 2.3%** |
| &nbsp;&nbsp;&nbsp;Azenta, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34111 | &nbsp;&nbsp;&nbsp;&nbsp; 2053823 |
| &nbsp;&nbsp;&nbsp;Patterson Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49531 | &nbsp;&nbsp;&nbsp;&nbsp; 1408662 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;68707 | &nbsp;&nbsp;&nbsp;&nbsp; 1459337 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4921822 |
| **Household Products/Wares — 5.9%** | **Household Products/Wares — 5.9%** | **Household Products/Wares — 5.9%** |
| &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;159364 | &nbsp;&nbsp;&nbsp;&nbsp; 887658 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.† | &nbsp;&nbsp;&nbsp;&nbsp;36118 | &nbsp;&nbsp;&nbsp;&nbsp; 1482644 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;51269 | &nbsp;&nbsp;&nbsp;&nbsp; 2003080 |
| &nbsp;&nbsp;&nbsp;Helen of Troy, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;23308 | &nbsp;&nbsp;&nbsp;&nbsp; 2296770 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;114047 | &nbsp;&nbsp;&nbsp;&nbsp; 2710897 |
| &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63004 | &nbsp;&nbsp;&nbsp;&nbsp; 3356223 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12737272 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| &nbsp;&nbsp;&nbsp;Tupperware Brands Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;53736 | &nbsp;&nbsp;&nbsp;&nbsp; 248798 |
| **Insurance — 5.8%** | **Insurance — 5.8%** | **Insurance — 5.8%** |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15810 | &nbsp;&nbsp;&nbsp;&nbsp; 371219 |
| &nbsp;&nbsp;&nbsp;Doma Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;36452 | &nbsp;&nbsp;&nbsp;&nbsp; 14399 |
| &nbsp;&nbsp;&nbsp;Enstar Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;13413 | &nbsp;&nbsp;&nbsp;&nbsp; 2923900 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22528 | &nbsp;&nbsp;&nbsp;&nbsp; 3318374 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;51650 | &nbsp;&nbsp;&nbsp;&nbsp; 1929128 |
| &nbsp;&nbsp;&nbsp;National Western Life Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2949 | &nbsp;&nbsp;&nbsp;&nbsp; 621649 |
| &nbsp;&nbsp;&nbsp;ProAssurance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51365 | &nbsp;&nbsp;&nbsp;&nbsp; 1026786 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;53693 | &nbsp;&nbsp;&nbsp;&nbsp; 2376452 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12581907 |
| **Investment Companies — 1.1%** | **Investment Companies — 1.1%** | **Investment Companies — 1.1%** |
| &nbsp;&nbsp;&nbsp;MidCap Financial Investment Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;82596 | &nbsp;&nbsp;&nbsp;&nbsp; 1023364 |
| &nbsp;&nbsp;&nbsp;New Mountain Finance Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;106244 | &nbsp;&nbsp;&nbsp;&nbsp; 1356736 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380100 |
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;Babcock & Wilcox Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;69888 | &nbsp;&nbsp;&nbsp;&nbsp; 318689 |
| **Machinery-Diversified — 4.8%** | **Machinery-Diversified — 4.8%** | **Machinery-Diversified — 4.8%** |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8627 | &nbsp;&nbsp;&nbsp;&nbsp; 1298363 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41238 | &nbsp;&nbsp;&nbsp;&nbsp; 1329101 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35623 | &nbsp;&nbsp;&nbsp;&nbsp; 4308602 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Enovis Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;13917 | &nbsp;&nbsp;$753327 |
| &nbsp;&nbsp;&nbsp;Kadant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12974 | &nbsp;&nbsp;&nbsp;&nbsp; 2504501 |
| &nbsp;&nbsp;&nbsp;NN, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;38481 | &nbsp;&nbsp;&nbsp;&nbsp; 73499 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10267393 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| &nbsp;&nbsp;&nbsp;DallasNews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18100 | &nbsp;&nbsp;&nbsp;&nbsp; 79459 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;36652 | &nbsp;&nbsp;&nbsp;&nbsp; 702985 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782444 |
| **Metal Fabricate/Hardware — 5.5%** | **Metal Fabricate/Hardware — 5.5%** | **Metal Fabricate/Hardware — 5.5%** |
| &nbsp;&nbsp;&nbsp;Hillman Solutions Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;241869 | &nbsp;&nbsp;&nbsp;&nbsp; 1925277 |
| &nbsp;&nbsp;&nbsp;Janus International Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;105800 | &nbsp;&nbsp;&nbsp;&nbsp; 1158510 |
| &nbsp;&nbsp;&nbsp;Mayville Engineering Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;64863 | &nbsp;&nbsp;&nbsp;&nbsp; 828949 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116418 | &nbsp;&nbsp;&nbsp;&nbsp; 8006066 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11918802 |
| **Miscellaneous Manufacturing — 1.4%** | **Miscellaneous Manufacturing — 1.4%** | **Miscellaneous Manufacturing — 1.4%** |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26233 | &nbsp;&nbsp;&nbsp;&nbsp; 1311650 |
| &nbsp;&nbsp;&nbsp;Myers Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70581 | &nbsp;&nbsp;&nbsp;&nbsp; 1647361 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2959011 |
| **Oil & Gas — 6.5%** | **Oil & Gas — 6.5%** | **Oil & Gas — 6.5%** |
| &nbsp;&nbsp;&nbsp;Berry Corp. | &nbsp;&nbsp;&nbsp;&nbsp;88143 | &nbsp;&nbsp;&nbsp;&nbsp; 794168 |
| &nbsp;&nbsp;&nbsp;Callon Petroleum Co.† | &nbsp;&nbsp;&nbsp;&nbsp;19272 | &nbsp;&nbsp;&nbsp;&nbsp; 807882 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14370 | &nbsp;&nbsp;&nbsp;&nbsp; 2191856 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;99035 | &nbsp;&nbsp;&nbsp;&nbsp; 2582833 |
| &nbsp;&nbsp;&nbsp;Northern Oil and Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35791 | &nbsp;&nbsp;&nbsp;&nbsp; 1302435 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;195722 | &nbsp;&nbsp;&nbsp;&nbsp; 3513210 |
| &nbsp;&nbsp;&nbsp;Southwestern Energy Co.† | &nbsp;&nbsp;&nbsp;&nbsp;393367 | &nbsp;&nbsp;&nbsp;&nbsp; 2722100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13914484 |
| **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; 292838 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66176 | &nbsp;&nbsp;&nbsp;&nbsp; 1093889 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386727 |
| **Packaging & Containers — 3.0%** | **Packaging & Containers — 3.0%** | **Packaging & Containers — 3.0%** |
| &nbsp;&nbsp;&nbsp;Matthews International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8512 | &nbsp;&nbsp;&nbsp;&nbsp; 269490 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70341 | &nbsp;&nbsp;&nbsp;&nbsp; 3721039 |
| &nbsp;&nbsp;&nbsp;TriMas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;86519 | &nbsp;&nbsp;&nbsp;&nbsp; 2366294 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6356823 |
| **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** |
| &nbsp;&nbsp;&nbsp;Owens & Minor, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54663 | &nbsp;&nbsp;&nbsp;&nbsp; 1126605 |
| &nbsp;&nbsp;&nbsp;Perrigo Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;23648 | &nbsp;&nbsp;&nbsp;&nbsp; 762175 |
| &nbsp;&nbsp;&nbsp;Premier, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;27835 | &nbsp;&nbsp;&nbsp;&nbsp; 928297 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;29192 | &nbsp;&nbsp;&nbsp;&nbsp; 1794140 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4611217 |
| **REITS — 3.6%** | **REITS — 3.6%** | **REITS — 3.6%** |
| &nbsp;&nbsp;&nbsp;AGNC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;167615 | &nbsp;&nbsp;&nbsp;&nbsp; 1674474 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101864 | &nbsp;&nbsp;&nbsp;&nbsp; 1259039 |
| &nbsp;&nbsp;&nbsp;Elme Communities | &nbsp;&nbsp;&nbsp;&nbsp;61653 | &nbsp;&nbsp;&nbsp;&nbsp; 1218263 |
| &nbsp;&nbsp;&nbsp;New York Mtg. Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;486393 | &nbsp;&nbsp;&nbsp;&nbsp; 1366765 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;136780 | &nbsp;&nbsp;&nbsp;&nbsp; 2243192 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7761733 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail — 3.7%** | **Retail — 3.7%** |  |
| &nbsp;&nbsp;&nbsp;Denny's Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;184381 | &nbsp;&nbsp;$2312138 |
| &nbsp;&nbsp;&nbsp;Dine Brands Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38705 | &nbsp;&nbsp;&nbsp;&nbsp; 2887006 |
| &nbsp;&nbsp;&nbsp;Franchise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19584 | &nbsp;&nbsp;&nbsp;&nbsp; 510163 |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31543 | &nbsp;&nbsp;&nbsp;&nbsp; 2280559 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7989866 |
| **Software — 0.8%** | **Software — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6552 | &nbsp;&nbsp;&nbsp;&nbsp; 801834 |
| &nbsp;&nbsp;&nbsp;E2open Parent Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;128821 | &nbsp;&nbsp;&nbsp;&nbsp; 758755 |
| &nbsp;&nbsp;&nbsp;Synchronoss Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;185801 | &nbsp;&nbsp;&nbsp;&nbsp; 172795 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733384 |
| **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 — 0.1%** | **Telecommunications — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;49165 | &nbsp;&nbsp;&nbsp;&nbsp; 283682 |
| **Transportation — 1.1%** | **Transportation — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;Nordic American Tankers, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;147097 | &nbsp;&nbsp;&nbsp;&nbsp; 532491 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41169 | &nbsp;&nbsp;&nbsp;&nbsp; 1810613 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343104 |
| **Total Long-Term Investment Securities<br> (cost $187,676,373)** |  | &nbsp;&nbsp;&nbsp;&nbsp;206397303 |
| **SHORT-TERM INVESTMENTS — 4.6%** | **SHORT-TERM INVESTMENTS — 4.6%** |  |
| **Unaffiliated Investment Companies — 4.6%** | **Unaffiliated Investment Companies — 4.6%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 3.66%(2) | 9295193 | &nbsp;&nbsp;&nbsp;&nbsp; 9295193 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 3.86%(2)(3) | &nbsp;&nbsp;&nbsp;&nbsp;720224 | &nbsp;&nbsp;&nbsp;&nbsp; 720224 |
| **Total Short-Term Investments<br> (cost $10,015,417)** |  | &nbsp;&nbsp;&nbsp;&nbsp;10015417 |
| **TOTAL INVESTMENTS<br> (cost $197,691,790)(4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.4% | &nbsp;&nbsp;&nbsp;&nbsp;216412720 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(938154) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$215474566 |

---

---

| | |
|:---|:---|
| † | &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, 2022. |
| (3) | &nbsp;&nbsp;At November 30, 2022, the Fund had loaned securities with a total value of $815,121. This was secured by collateral of $720,224, which was received in cash and subsequently invested in short-term investments currently valued at $720,224 as reported in the Portfolio of Investments. Additional collateral of $127,582 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |

---

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> November 30, 2022** |
| United States Treasury Notes/Bonds | 0.13% to 3.00% | 06/30/2023 to 11/15/2029 | $127582 |

---

(4) See
 Note 5 for cost of investments on a tax basis.

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2022 (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;Special Purpose Acquisition Company | &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;$0 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;206397303 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;206397303 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;10015417 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10015417 |
| **Total Investments at Value** | &nbsp;&nbsp;$216412720 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$216412720 |

---

\* 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**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;17.3% |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;11.5 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;6.7 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;5.8 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Savings & Loans | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Office/Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Coal | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Trucking & Leasing | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Office Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;100.5% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.2%** | **COMMON STOCKS — 98.2%** | **COMMON STOCKS — 98.2%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| &nbsp;&nbsp;&nbsp;Entravision Communications Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;111626 | &nbsp;&nbsp;$620641 |
| **Agriculture — 0.8%** | **Agriculture — 0.8%** | **Agriculture — 0.8%** |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35300 | &nbsp;&nbsp;&nbsp;&nbsp; 1359050 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44100 | &nbsp;&nbsp;&nbsp;&nbsp; 3167703 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4526753 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| &nbsp;&nbsp;&nbsp;Hawaiian Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27400 | &nbsp;&nbsp;&nbsp;&nbsp; 380860 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49800 | &nbsp;&nbsp;&nbsp;&nbsp; 918810 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299670 |
| **Apparel — 0.3%** | **Apparel — 0.3%** | **Apparel — 0.3%** |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 1196640 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp; 364980 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19700 | &nbsp;&nbsp;&nbsp;&nbsp; 220640 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782260 |
| **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** |
| &nbsp;&nbsp;&nbsp;Wabash National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp; 1654620 |
| **Auto Parts & Equipment — 0.5%** | **Auto Parts & Equipment — 0.5%** | **Auto Parts & Equipment — 0.5%** |
| &nbsp;&nbsp;&nbsp;Adient PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012440 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21500 | &nbsp;&nbsp;&nbsp;&nbsp; 223815 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26100 | &nbsp;&nbsp;&nbsp;&nbsp; 459621 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.† | &nbsp;&nbsp;&nbsp;&nbsp;105904 | &nbsp;&nbsp;&nbsp;&nbsp; 1188243 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2884119 |
| **Banks — 17.3%** | **Banks — 17.3%** | **Banks — 17.3%** |
| &nbsp;&nbsp;&nbsp;1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4127 | &nbsp;&nbsp;&nbsp;&nbsp; 235652 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15600 | &nbsp;&nbsp;&nbsp;&nbsp; 416052 |
| &nbsp;&nbsp;&nbsp;American National Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp; 107996 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39876 | &nbsp;&nbsp;&nbsp;&nbsp; 2108643 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44200 | &nbsp;&nbsp;&nbsp;&nbsp; 1087320 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33800 | &nbsp;&nbsp;&nbsp;&nbsp; 1205646 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp; 344655 |
| &nbsp;&nbsp;&nbsp;Bank of N.T. Butterfield & Son, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38418 | &nbsp;&nbsp;&nbsp;&nbsp; 1336946 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 165240 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9300 | &nbsp;&nbsp;&nbsp;&nbsp; 656766 |
| &nbsp;&nbsp;&nbsp;Bar Harbor Bankshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 136215 |
| &nbsp;&nbsp;&nbsp;BayCom Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp; 77736 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19100 | &nbsp;&nbsp;&nbsp;&nbsp; 368057 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31700 | &nbsp;&nbsp;&nbsp;&nbsp; 745584 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54600 | &nbsp;&nbsp;&nbsp;&nbsp; 1244334 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53250 | &nbsp;&nbsp;&nbsp;&nbsp; 1535730 |
| &nbsp;&nbsp;&nbsp;Capital Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp; 104244 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11700 | &nbsp;&nbsp;&nbsp;&nbsp; 411840 |
| &nbsp;&nbsp;&nbsp;Capstar Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66089 | &nbsp;&nbsp;&nbsp;&nbsp; 1182993 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13690 | &nbsp;&nbsp;&nbsp;&nbsp; 636174 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20900 | &nbsp;&nbsp;&nbsp;&nbsp; 442871 |
| &nbsp;&nbsp;&nbsp;Civista Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp; 173736 |
| &nbsp;&nbsp;&nbsp;Colony Bankcorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 35646 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39400 | &nbsp;&nbsp;&nbsp;&nbsp; 1341964 |
| &nbsp;&nbsp;&nbsp;Community Bank System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11080 | &nbsp;&nbsp;&nbsp;&nbsp; 721751 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18518 | &nbsp;&nbsp;&nbsp;&nbsp; 887197 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91285 | &nbsp;&nbsp;&nbsp;&nbsp; 2395318 |
| &nbsp;&nbsp;&nbsp;CrossFirst Bankshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 55480 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50300 | &nbsp;&nbsp;&nbsp;&nbsp; 1623181 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;113900 | &nbsp;&nbsp;&nbsp;&nbsp; 3266652 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15972 | &nbsp;&nbsp;&nbsp;&nbsp; 569721 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95600 | &nbsp;&nbsp;&nbsp;&nbsp; 1874716 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30259 | &nbsp;&nbsp;&nbsp;&nbsp; 1583756 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp; 303448 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 62776 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Farmers National Banc Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706 | &nbsp;&nbsp;$25948 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13826 | &nbsp;&nbsp;&nbsp;&nbsp; 591891 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23100 | &nbsp;&nbsp;&nbsp;&nbsp; 584892 |
| &nbsp;&nbsp;&nbsp;First Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11100 | &nbsp;&nbsp;&nbsp;&nbsp; 539793 |
| &nbsp;&nbsp;&nbsp;First BanCorp/Puerto Rico | &nbsp;&nbsp;&nbsp;&nbsp;201500 | &nbsp;&nbsp;&nbsp;&nbsp; 3099070 |
| &nbsp;&nbsp;&nbsp;First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8900 | &nbsp;&nbsp;&nbsp;&nbsp; 304291 |
| &nbsp;&nbsp;&nbsp;First Business Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452 | &nbsp;&nbsp;&nbsp;&nbsp; 55641 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp; 1326747 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;105800 | &nbsp;&nbsp;&nbsp;&nbsp; 1557376 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30300 | &nbsp;&nbsp;&nbsp;&nbsp; 1456521 |
| &nbsp;&nbsp;&nbsp;First Foundation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18100 | &nbsp;&nbsp;&nbsp;&nbsp; 253581 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17308 | &nbsp;&nbsp;&nbsp;&nbsp; 430104 |
| &nbsp;&nbsp;&nbsp;First Internet Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18900 | &nbsp;&nbsp;&nbsp;&nbsp; 490644 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41187 | &nbsp;&nbsp;&nbsp;&nbsp; 1796577 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36200 | &nbsp;&nbsp;&nbsp;&nbsp; 1600402 |
| &nbsp;&nbsp;&nbsp;Flagstar Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp; 270288 |
| &nbsp;&nbsp;&nbsp;FNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23900 | &nbsp;&nbsp;&nbsp;&nbsp; 336990 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 868500 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91021 | &nbsp;&nbsp;&nbsp;&nbsp; 4991592 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp; 156890 |
| &nbsp;&nbsp;&nbsp;HBT Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp; 155235 |
| &nbsp;&nbsp;&nbsp;Heartland Financial USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp; 263466 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82500 | &nbsp;&nbsp;&nbsp;&nbsp; 1172325 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp; 2494100 |
| &nbsp;&nbsp;&nbsp;Horizon Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12800 | &nbsp;&nbsp;&nbsp;&nbsp; 208128 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15500 | &nbsp;&nbsp;&nbsp;&nbsp; 1403060 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14800 | &nbsp;&nbsp;&nbsp;&nbsp; 363192 |
| &nbsp;&nbsp;&nbsp;Kearny Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64700 | &nbsp;&nbsp;&nbsp;&nbsp; 625649 |
| &nbsp;&nbsp;&nbsp;Luther Burbank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp; 100810 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 76582 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32628 | &nbsp;&nbsp;&nbsp;&nbsp; 834951 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp; 266868 |
| &nbsp;&nbsp;&nbsp;Midland States Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp;&nbsp; 524745 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 76758 |
| &nbsp;&nbsp;&nbsp;MVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp; 121788 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18300 | &nbsp;&nbsp;&nbsp;&nbsp; 851133 |
| &nbsp;&nbsp;&nbsp;Nicolet Bankshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 181984 |
| &nbsp;&nbsp;&nbsp;Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 55042 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;151180 | &nbsp;&nbsp;&nbsp;&nbsp; 4379685 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;344261 | &nbsp;&nbsp;&nbsp;&nbsp; 6578828 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133700 | &nbsp;&nbsp;&nbsp;&nbsp; 2334402 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp;&nbsp;&nbsp; 396924 |
| &nbsp;&nbsp;&nbsp;Orrstown Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp; 166842 |
| &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41600 | &nbsp;&nbsp;&nbsp;&nbsp; 1714752 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690 | &nbsp;&nbsp;&nbsp;&nbsp; 110700 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12700 | &nbsp;&nbsp;&nbsp;&nbsp; 1065403 |
| &nbsp;&nbsp;&nbsp;Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 120944 |
| &nbsp;&nbsp;&nbsp;Premier Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14120 | &nbsp;&nbsp;&nbsp;&nbsp; 412022 |
| &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26916 | &nbsp;&nbsp;&nbsp;&nbsp; 1416051 |
| &nbsp;&nbsp;&nbsp;Republic Bancorp, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp; 255606 |
| &nbsp;&nbsp;&nbsp;Sandy Spring Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 278560 |
| &nbsp;&nbsp;&nbsp;Shore Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp; 65703 |
| &nbsp;&nbsp;&nbsp;Sierra Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp;&nbsp; 287812 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13100 | &nbsp;&nbsp;&nbsp;&nbsp; 304051 |
| &nbsp;&nbsp;&nbsp;SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24050 | &nbsp;&nbsp;&nbsp;&nbsp; 721019 |
| &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 123840 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55840 | &nbsp;&nbsp;&nbsp;&nbsp; 4905544 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19400 | &nbsp;&nbsp;&nbsp;&nbsp; 1057300 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 274350 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11960 | &nbsp;&nbsp;&nbsp;&nbsp; 1022819 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp; 1714680 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62920 | &nbsp;&nbsp;&nbsp;&nbsp; 796567 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144047 | &nbsp;&nbsp;&nbsp;&nbsp; 4704575 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;$116103 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp; 293436 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 222475 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27300 | &nbsp;&nbsp;&nbsp;&nbsp; 1871142 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29200 | &nbsp;&nbsp;&nbsp;&nbsp; 2669756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;100341481 |
| **Biotechnology — 6.7%** | **Biotechnology — 6.7%** | **Biotechnology — 6.7%** |
| &nbsp;&nbsp;&nbsp;2seventy bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23833 | &nbsp;&nbsp;&nbsp;&nbsp; 373463 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10600 | &nbsp;&nbsp;&nbsp;&nbsp; 492900 |
| &nbsp;&nbsp;&nbsp;Allogene Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44900 | &nbsp;&nbsp;&nbsp;&nbsp; 442714 |
| &nbsp;&nbsp;&nbsp;Allovir, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84810 | &nbsp;&nbsp;&nbsp;&nbsp; 636923 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp; 427890 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82330 | &nbsp;&nbsp;&nbsp;&nbsp; 2895546 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26600 | &nbsp;&nbsp;&nbsp;&nbsp; 309624 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67200 | &nbsp;&nbsp;&nbsp;&nbsp; 897792 |
| &nbsp;&nbsp;&nbsp;Biohaven, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp;&nbsp;&nbsp; 37177 |
| &nbsp;&nbsp;&nbsp;Bluebird Bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71500 | &nbsp;&nbsp;&nbsp;&nbsp; 556985 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54700 | &nbsp;&nbsp;&nbsp;&nbsp; 512539 |
| &nbsp;&nbsp;&nbsp;Cara Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39500 | &nbsp;&nbsp;&nbsp;&nbsp; 466100 |
| &nbsp;&nbsp;&nbsp;Century Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21500 | &nbsp;&nbsp;&nbsp;&nbsp; 225750 |
| &nbsp;&nbsp;&nbsp;CinCor Pharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp; 290280 |
| &nbsp;&nbsp;&nbsp;CTI BioPharma Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78120 | &nbsp;&nbsp;&nbsp;&nbsp; 470282 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29600 | &nbsp;&nbsp;&nbsp;&nbsp; 1258000 |
| &nbsp;&nbsp;&nbsp;EQRx, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;265700 | &nbsp;&nbsp;&nbsp;&nbsp; 999032 |
| &nbsp;&nbsp;&nbsp;Fate Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp; 341448 |
| &nbsp;&nbsp;&nbsp;FibroGen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25700 | &nbsp;&nbsp;&nbsp;&nbsp; 369309 |
| &nbsp;&nbsp;&nbsp;Generation Bio Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24300 | &nbsp;&nbsp;&nbsp;&nbsp; 129519 |
| &nbsp;&nbsp;&nbsp;Intra-Cellular Therapies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp; 677750 |
| &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94600 | &nbsp;&nbsp;&nbsp;&nbsp; 605440 |
| &nbsp;&nbsp;&nbsp;iTeos Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42200 | &nbsp;&nbsp;&nbsp;&nbsp; 850330 |
| &nbsp;&nbsp;&nbsp;IVERIC bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp; 1440820 |
| &nbsp;&nbsp;&nbsp;Karyopharm Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58300 | &nbsp;&nbsp;&nbsp;&nbsp; 308407 |
| &nbsp;&nbsp;&nbsp;Kezar Life Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;212805 | &nbsp;&nbsp;&nbsp;&nbsp; 1662007 |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51300 | &nbsp;&nbsp;&nbsp;&nbsp; 1486674 |
| &nbsp;&nbsp;&nbsp;Lexicon Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;681896 | &nbsp;&nbsp;&nbsp;&nbsp; 1459258 |
| &nbsp;&nbsp;&nbsp;MacroGenics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22700 | &nbsp;&nbsp;&nbsp;&nbsp; 145961 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500 | &nbsp;&nbsp;&nbsp;&nbsp; 212730 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;106500 | &nbsp;&nbsp;&nbsp;&nbsp; 1193865 |
| &nbsp;&nbsp;&nbsp;NGM Biopharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74700 | &nbsp;&nbsp;&nbsp;&nbsp; 413091 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58600 | &nbsp;&nbsp;&nbsp;&nbsp; 1926768 |
| &nbsp;&nbsp;&nbsp;Prothena Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39200 | &nbsp;&nbsp;&nbsp;&nbsp; 2450392 |
| &nbsp;&nbsp;&nbsp;REGENXBIO, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37700 | &nbsp;&nbsp;&nbsp;&nbsp; 901030 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;114200 | &nbsp;&nbsp;&nbsp;&nbsp; 2121836 |
| &nbsp;&nbsp;&nbsp;SpringWorks Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59600 | &nbsp;&nbsp;&nbsp;&nbsp; 1441128 |
| &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60500 | &nbsp;&nbsp;&nbsp;&nbsp; 1449580 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72300 | &nbsp;&nbsp;&nbsp;&nbsp; 777948 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94600 | &nbsp;&nbsp;&nbsp;&nbsp; 1904298 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 2461500 |
| &nbsp;&nbsp;&nbsp;Veracyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36300 | &nbsp;&nbsp;&nbsp;&nbsp; 1006962 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;39031048 |
| **Building Materials — 1.4%** | **Building Materials — 1.4%** | **Building Materials — 1.4%** |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30400 | &nbsp;&nbsp;&nbsp;&nbsp; 2250816 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8350 | &nbsp;&nbsp;&nbsp;&nbsp; 533816 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 306240 |
| &nbsp;&nbsp;&nbsp;Summit Materials, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp; 1453920 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41200 | &nbsp;&nbsp;&nbsp;&nbsp; 3372632 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7917424 |
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| &nbsp;&nbsp;&nbsp;AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp; 843780 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22100 | &nbsp;&nbsp;&nbsp;&nbsp; 764881 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;$204380 |
| &nbsp;&nbsp;&nbsp;H.B. Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp; 987813 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13660 | &nbsp;&nbsp;&nbsp;&nbsp; 823561 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;103800 | &nbsp;&nbsp;&nbsp;&nbsp; 1466694 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5091109 |
| **Coal — 0.7%** | **Coal — 0.7%** | **Coal — 0.7%** |
| &nbsp;&nbsp;&nbsp;Arch Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp;&nbsp;&nbsp; 1532025 |
| &nbsp;&nbsp;&nbsp;CONSOL Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp; 302055 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61200 | &nbsp;&nbsp;&nbsp;&nbsp; 1954728 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 276150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064958 |
| **Commercial Services — 5.8%** | **Commercial Services — 5.8%** | **Commercial Services — 5.8%** |
| &nbsp;&nbsp;&nbsp;2U, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;186400 | &nbsp;&nbsp;&nbsp;&nbsp; 1496792 |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80900 | &nbsp;&nbsp;&nbsp;&nbsp; 3816862 |
| &nbsp;&nbsp;&nbsp;API Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28300 | &nbsp;&nbsp;&nbsp;&nbsp; 543926 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11102 | &nbsp;&nbsp;&nbsp;&nbsp; 2482407 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp; 2753240 |
| &nbsp;&nbsp;&nbsp;Carriage Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 251500 |
| &nbsp;&nbsp;&nbsp;Cimpress PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 38467 |
| &nbsp;&nbsp;&nbsp;CRA International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 98608 |
| &nbsp;&nbsp;&nbsp;Ennis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19800 | &nbsp;&nbsp;&nbsp;&nbsp; 459954 |
| &nbsp;&nbsp;&nbsp;Green Dot Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19700 | &nbsp;&nbsp;&nbsp;&nbsp; 401486 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73900 | &nbsp;&nbsp;&nbsp;&nbsp; 2194830 |
| &nbsp;&nbsp;&nbsp;Huron Consulting Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14400 | &nbsp;&nbsp;&nbsp;&nbsp; 1121184 |
| &nbsp;&nbsp;&nbsp;Information Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp; 1661600 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 154115 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16900 | &nbsp;&nbsp;&nbsp;&nbsp; 801229 |
| &nbsp;&nbsp;&nbsp;Kelly Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;136300 | &nbsp;&nbsp;&nbsp;&nbsp; 2315737 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp; 2395260 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;142000 | &nbsp;&nbsp;&nbsp;&nbsp; 3118320 |
| &nbsp;&nbsp;&nbsp;Marathon Digital Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42012 | &nbsp;&nbsp;&nbsp;&nbsp; 265516 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;130093 | &nbsp;&nbsp;&nbsp;&nbsp; 2561531 |
| &nbsp;&nbsp;&nbsp;Rent-A-Center, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp; 118041 |
| &nbsp;&nbsp;&nbsp;Repay Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;148700 | &nbsp;&nbsp;&nbsp;&nbsp; 1317482 |
| &nbsp;&nbsp;&nbsp;Riot Blockchain, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;128200 | &nbsp;&nbsp;&nbsp;&nbsp; 596130 |
| &nbsp;&nbsp;&nbsp;SP Plus Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 209340 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;&nbsp; 513445 |
| &nbsp;&nbsp;&nbsp;TrueBlue, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp; 1489020 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10700 | &nbsp;&nbsp;&nbsp;&nbsp; 432387 |
| &nbsp;&nbsp;&nbsp;WW International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp; 23541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;33631950 |
| **Computers — 0.8%** | **Computers — 0.8%** | **Computers — 0.8%** |
| &nbsp;&nbsp;&nbsp;3D Systems Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;124200 | &nbsp;&nbsp;&nbsp;&nbsp; 1259388 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34500 | &nbsp;&nbsp;&nbsp;&nbsp; 1782615 |
| &nbsp;&nbsp;&nbsp;SecureWorks Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9811 | &nbsp;&nbsp;&nbsp;&nbsp; 70443 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14900 | &nbsp;&nbsp;&nbsp;&nbsp; 1344427 |
| &nbsp;&nbsp;&nbsp;Unisys Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp; 98900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4555773 |
| **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39900 | &nbsp;&nbsp;&nbsp;&nbsp; 1724079 |
| **Distribution/Wholesale — 1.8%** | **Distribution/Wholesale — 1.8%** | **Distribution/Wholesale — 1.8%** |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58400 | &nbsp;&nbsp;&nbsp;&nbsp; 1263192 |
| &nbsp;&nbsp;&nbsp;KAR Auction Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp; 50838 |
| &nbsp;&nbsp;&nbsp;MRC Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;147400 | &nbsp;&nbsp;&nbsp;&nbsp; 1733424 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40400 | &nbsp;&nbsp;&nbsp;&nbsp; 654480 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54900 | &nbsp;&nbsp;&nbsp;&nbsp; 1639314 |
| &nbsp;&nbsp;&nbsp;Titan Machinery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25300 | &nbsp;&nbsp;&nbsp;&nbsp; 1113959 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Distribution/Wholesale (continued)** | **Distribution/Wholesale (continued)** | **Distribution/Wholesale (continued)** |
| &nbsp;&nbsp;&nbsp;Veritiv Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18500 | &nbsp;&nbsp;$2488990 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10700 | &nbsp;&nbsp;&nbsp;&nbsp; 1379444 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10323641 |
| **Diversified Financial Services — 3.2%** | **Diversified Financial Services — 3.2%** | **Diversified Financial Services — 3.2%** |
| &nbsp;&nbsp;&nbsp;AssetMark Financial Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18600 | &nbsp;&nbsp;&nbsp;&nbsp; 462396 |
| &nbsp;&nbsp;&nbsp;BGC Partners, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp; 306010 |
| &nbsp;&nbsp;&nbsp;Blucora, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51800 | &nbsp;&nbsp;&nbsp;&nbsp; 1297590 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp; 2502830 |
| &nbsp;&nbsp;&nbsp;Cowen, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12291 | &nbsp;&nbsp;&nbsp;&nbsp; 475170 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56800 | &nbsp;&nbsp;&nbsp;&nbsp; 2862720 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20902 | &nbsp;&nbsp;&nbsp;&nbsp; 843187 |
| &nbsp;&nbsp;&nbsp;First Western Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp; 118560 |
| &nbsp;&nbsp;&nbsp;Hannon Armstrong Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16700 | &nbsp;&nbsp;&nbsp;&nbsp; 541748 |
| &nbsp;&nbsp;&nbsp;LendingClub Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43600 | &nbsp;&nbsp;&nbsp;&nbsp; 449516 |
| &nbsp;&nbsp;&nbsp;Mr. Cooper Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25400 | &nbsp;&nbsp;&nbsp;&nbsp; 1147064 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13100 | &nbsp;&nbsp;&nbsp;&nbsp; 781546 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176600 | &nbsp;&nbsp;&nbsp;&nbsp; 3456062 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17550 | &nbsp;&nbsp;&nbsp;&nbsp; 1127587 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc.<br> Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29100 | &nbsp;&nbsp;&nbsp;&nbsp; 843900 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp; 1144246 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18360132 |
| **Electric — 2.5%** | **Electric — 2.5%** | **Electric — 2.5%** |
| &nbsp;&nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24680 | &nbsp;&nbsp;&nbsp;&nbsp; 1018790 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12100 | &nbsp;&nbsp;&nbsp;&nbsp; 866723 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57700 | &nbsp;&nbsp;&nbsp;&nbsp; 1899484 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63900 | &nbsp;&nbsp;&nbsp;&nbsp; 2264616 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp; 2100070 |
| &nbsp;&nbsp;&nbsp;NorthWestern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16900 | &nbsp;&nbsp;&nbsp;&nbsp; 987129 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 256409 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69775 | &nbsp;&nbsp;&nbsp;&nbsp; 3435023 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14300 | &nbsp;&nbsp;&nbsp;&nbsp; 783926 |
| &nbsp;&nbsp;&nbsp;Via Renewables, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28900 | &nbsp;&nbsp;&nbsp;&nbsp; 186694 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34429 | &nbsp;&nbsp;&nbsp;&nbsp; 837658 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14636522 |
| **Electrical Components & Equipment — 1.0%** | **Electrical Components & Equipment — 1.0%** | **Electrical Components & Equipment — 1.0%** |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp;&nbsp; 1568580 |
| &nbsp;&nbsp;&nbsp;Encore Wire Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp; 3448196 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33700 | &nbsp;&nbsp;&nbsp;&nbsp; 886984 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5903760 |
| **Electronics — 1.4%** | **Electronics — 1.4%** | **Electronics — 1.4%** |
| &nbsp;&nbsp;&nbsp;Allied Motion Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12700 | &nbsp;&nbsp;&nbsp;&nbsp; 450088 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66621 | &nbsp;&nbsp;&nbsp;&nbsp; 1923348 |
| &nbsp;&nbsp;&nbsp;Comtech Telecommunications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90100 | &nbsp;&nbsp;&nbsp;&nbsp; 1051467 |
| &nbsp;&nbsp;&nbsp;GoPro, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62600 | &nbsp;&nbsp;&nbsp;&nbsp; 343048 |
| &nbsp;&nbsp;&nbsp;OSI Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21800 | &nbsp;&nbsp;&nbsp;&nbsp; 1928864 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp; 1586160 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54400 | &nbsp;&nbsp;&nbsp;&nbsp; 874208 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8157183 |
| **Energy-Alternate Sources — 0.4%** | **Energy-Alternate Sources — 0.4%** | **Energy-Alternate Sources — 0.4%** |
| &nbsp;&nbsp;&nbsp;Green Plains, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp; 1866240 |
| &nbsp;&nbsp;&nbsp;REX American Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14800 | &nbsp;&nbsp;&nbsp;&nbsp; 436748 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2302988 |
| **Engineering & Construction — 1.2%** | **Engineering & Construction — 1.2%** | **Engineering & Construction — 1.2%** |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12100 | &nbsp;&nbsp;&nbsp;&nbsp; 739310 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10100 | &nbsp;&nbsp;&nbsp;&nbsp; 1280276 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12800 | &nbsp;&nbsp;&nbsp;&nbsp; 93696 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Engineering & Construction (continued)** | **Engineering & Construction (continued)** | **Engineering & Construction (continued)** |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19850 | &nbsp;&nbsp;$1802976 |
| &nbsp;&nbsp;&nbsp;MYR Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp; 1069936 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44600 | &nbsp;&nbsp;&nbsp;&nbsp; 952210 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21800 | &nbsp;&nbsp;&nbsp;&nbsp; 713950 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp; 114400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6766754 |
| **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |
| &nbsp;&nbsp;&nbsp;IMAX Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18800 | &nbsp;&nbsp;&nbsp;&nbsp; 317532 |
| &nbsp;&nbsp;&nbsp;International Game Technology PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14100 | &nbsp;&nbsp;&nbsp;&nbsp; 346014 |
| &nbsp;&nbsp;&nbsp;Light & Wonder, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30500 | &nbsp;&nbsp;&nbsp;&nbsp; 1975485 |
| &nbsp;&nbsp;&nbsp;Lions Gate Entertainment Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26500 | &nbsp;&nbsp;&nbsp;&nbsp; 202460 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp; 759798 |
| &nbsp;&nbsp;&nbsp;RCI Hospitality Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp; 491508 |
| &nbsp;&nbsp;&nbsp;SeaWorld Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp;&nbsp; 661896 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4754693 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| &nbsp;&nbsp;&nbsp;Heritage-Crystal Clean, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10900 | &nbsp;&nbsp;&nbsp;&nbsp; 344440 |
| **Food — 0.6%** | **Food — 0.6%** | **Food — 0.6%** |
| &nbsp;&nbsp;&nbsp;Seneca Foods Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp; 334256 |
| &nbsp;&nbsp;&nbsp;SpartanNash Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10100 | &nbsp;&nbsp;&nbsp;&nbsp; 331785 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41350 | &nbsp;&nbsp;&nbsp;&nbsp; 1419546 |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23500 | &nbsp;&nbsp;&nbsp;&nbsp; 1120480 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3206067 |
| **Gas — 1.9%** | **Gas — 1.9%** | **Gas — 1.9%** |
| &nbsp;&nbsp;&nbsp;Brookfield Infrastructure Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13250 | &nbsp;&nbsp;&nbsp;&nbsp; 621160 |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp; 790218 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79500 | &nbsp;&nbsp;&nbsp;&nbsp; 3955125 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10700 | &nbsp;&nbsp;&nbsp;&nbsp; 536177 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14200 | &nbsp;&nbsp;&nbsp;&nbsp; 1234690 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19100 | &nbsp;&nbsp;&nbsp;&nbsp; 1307586 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37100 | &nbsp;&nbsp;&nbsp;&nbsp; 2749110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11194066 |
| **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** |
| &nbsp;&nbsp;&nbsp;Luxfer Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp; 168590 |
| **Healthcare-Products — 1.3%** | **Healthcare-Products — 1.3%** | **Healthcare-Products — 1.3%** |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;166300 | &nbsp;&nbsp;&nbsp;&nbsp; 1706238 |
| &nbsp;&nbsp;&nbsp;AngioDynamics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp; 265475 |
| &nbsp;&nbsp;&nbsp;Bioventus, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp; 66300 |
| &nbsp;&nbsp;&nbsp;Cue Health Inc#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29400 | &nbsp;&nbsp;&nbsp;&nbsp; 94080 |
| &nbsp;&nbsp;&nbsp;Inari Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp; 1508390 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25500 | &nbsp;&nbsp;&nbsp;&nbsp; 1583040 |
| &nbsp;&nbsp;&nbsp;Orthofix Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp; 79156 |
| &nbsp;&nbsp;&nbsp;Pacific Biosciences of California, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63100 | &nbsp;&nbsp;&nbsp;&nbsp; 678325 |
| &nbsp;&nbsp;&nbsp;SeaSpine Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83439 | &nbsp;&nbsp;&nbsp;&nbsp; 624958 |
| &nbsp;&nbsp;&nbsp;Utah Medical Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp; 525454 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp; 276120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7407536 |
| **Healthcare-Services — 0.5%** | **Healthcare-Services — 0.5%** | **Healthcare-Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp; 1124370 |
| &nbsp;&nbsp;&nbsp;ModivCare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 577500 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26700 | &nbsp;&nbsp;&nbsp;&nbsp; 1233006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934876 |
| **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** |
| &nbsp;&nbsp;&nbsp;Professional Holding Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 56943 |
| **Home Builders — 1.6%** | **Home Builders — 1.6%** | **Home Builders — 1.6%** |
| &nbsp;&nbsp;&nbsp;Forestar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40911 | &nbsp;&nbsp;&nbsp;&nbsp; 606710 |
| &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp; 360985 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Home Builders (continued)** | **Home Builders (continued)** | **Home Builders (continued)** |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16300 | &nbsp;&nbsp;$1408483 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;150276 | &nbsp;&nbsp;&nbsp;&nbsp; 4566888 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;112700 | &nbsp;&nbsp;&nbsp;&nbsp; 2078188 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9021254 |
| **Home Furnishings — 0.7%** | **Home Furnishings — 0.7%** | **Home Furnishings — 0.7%** |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159944 | &nbsp;&nbsp;&nbsp;&nbsp; 3261258 |
| &nbsp;&nbsp;&nbsp;Sleep Number Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp; 166725 |
| &nbsp;&nbsp;&nbsp;Universal Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp; 183708 |
| &nbsp;&nbsp;&nbsp;Xperi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21060 | &nbsp;&nbsp;&nbsp;&nbsp; 225553 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3837244 |
| **Household Products/Wares — 0.7%** | **Household Products/Wares — 0.7%** | **Household Products/Wares — 0.7%** |
| &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;178500 | &nbsp;&nbsp;&nbsp;&nbsp; 994245 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73400 | &nbsp;&nbsp;&nbsp;&nbsp; 2867738 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3861983 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| &nbsp;&nbsp;&nbsp;Lifetime Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29400 | &nbsp;&nbsp;&nbsp;&nbsp; 247254 |
| &nbsp;&nbsp;&nbsp;Tupperware Brands Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 19909 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267163 |
| **Insurance — 2.5%** | **Insurance — 2.5%** | **Insurance — 2.5%** |
| &nbsp;&nbsp;&nbsp;American Equity Investment Life Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40300 | &nbsp;&nbsp;&nbsp;&nbsp; 1632553 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26220 | &nbsp;&nbsp;&nbsp;&nbsp; 615645 |
| &nbsp;&nbsp;&nbsp;Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19900 | &nbsp;&nbsp;&nbsp;&nbsp; 924753 |
| &nbsp;&nbsp;&nbsp;Essent Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;100200 | &nbsp;&nbsp;&nbsp;&nbsp; 4017018 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045800 |
| &nbsp;&nbsp;&nbsp;James River Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27700 | &nbsp;&nbsp;&nbsp;&nbsp; 665354 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78900 | &nbsp;&nbsp;&nbsp;&nbsp; 1698717 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12731 | &nbsp;&nbsp;&nbsp;&nbsp; 1655921 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46795 | &nbsp;&nbsp;&nbsp;&nbsp; 2071147 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14326908 |
| **Internet — 0.4%** | **Internet — 0.4%** | **Internet — 0.4%** |
| &nbsp;&nbsp;&nbsp;Bumble, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15900 | &nbsp;&nbsp;&nbsp;&nbsp; 387324 |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 517300 |
| &nbsp;&nbsp;&nbsp;Overstock.com, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15100 | &nbsp;&nbsp;&nbsp;&nbsp; 401962 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp; 469590 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21900 | &nbsp;&nbsp;&nbsp;&nbsp; 677805 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2453981 |
| **Iron/Steel — 0.9%** | **Iron/Steel — 0.9%** | **Iron/Steel — 0.9%** |
| &nbsp;&nbsp;&nbsp;ATI, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp; 360018 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86300 | &nbsp;&nbsp;&nbsp;&nbsp; 4247686 |
| &nbsp;&nbsp;&nbsp;Schnitzer Steel Industries, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24900 | &nbsp;&nbsp;&nbsp;&nbsp; 854817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5462521 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| &nbsp;&nbsp;&nbsp;Bluegreen Vacations Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17800 | &nbsp;&nbsp;&nbsp;&nbsp; 383590 |
| &nbsp;&nbsp;&nbsp;Full House Resorts, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29291 | &nbsp;&nbsp;&nbsp;&nbsp; 224076 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607666 |
| **Machinery-Construction & Mining — 0.6%** | **Machinery-Construction & Mining — 0.6%** | **Machinery-Construction & Mining — 0.6%** |
| &nbsp;&nbsp;&nbsp;Argan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp; 2390850 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27800 | &nbsp;&nbsp;&nbsp;&nbsp; 1276298 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3667148 |
| **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;11060 | &nbsp;&nbsp;&nbsp;&nbsp; 1467883 |
| &nbsp;&nbsp;&nbsp;Albany International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp; 618357 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Machinery-Diversified (continued)** | **Machinery-Diversified (continued)** | **Machinery-Diversified (continued)** |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16100 | &nbsp;&nbsp;$518903 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp; 149814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2754957 |
| **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** |
| &nbsp;&nbsp;&nbsp;AMC Networks, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82200 | &nbsp;&nbsp;&nbsp;&nbsp; 1640712 |
| &nbsp;&nbsp;&nbsp;E.W. Scripps Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45800 | &nbsp;&nbsp;&nbsp;&nbsp; 686084 |
| &nbsp;&nbsp;&nbsp;Gray Television, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;138900 | &nbsp;&nbsp;&nbsp;&nbsp; 1625130 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;101600 | &nbsp;&nbsp;&nbsp;&nbsp; 786384 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America, Ltd., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;165450 | &nbsp;&nbsp;&nbsp;&nbsp; 1288855 |
| &nbsp;&nbsp;&nbsp;Sinclair Broadcast Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17771 | &nbsp;&nbsp;&nbsp;&nbsp; 329830 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6356995 |
| **Metal Fabricate/Hardware — 0.4%** | **Metal Fabricate/Hardware — 0.4%** | **Metal Fabricate/Hardware — 0.4%** |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp; 316388 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22600 | &nbsp;&nbsp;&nbsp;&nbsp; 1554202 |
| &nbsp;&nbsp;&nbsp;Olympic Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp; 185977 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2056567 |
| **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** |
| &nbsp;&nbsp;&nbsp;Arconic Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65600 | &nbsp;&nbsp;&nbsp;&nbsp; 1563248 |
| &nbsp;&nbsp;&nbsp;Constellium SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65400 | &nbsp;&nbsp;&nbsp;&nbsp; 814230 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377478 |
| **Miscellaneous Manufacturing — 0.5%** | **Miscellaneous Manufacturing — 0.5%** | **Miscellaneous Manufacturing — 0.5%** |
| &nbsp;&nbsp;&nbsp;EnPro Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp; 926640 |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200 | &nbsp;&nbsp;&nbsp;&nbsp; 460000 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325 | &nbsp;&nbsp;&nbsp;&nbsp; 187302 |
| &nbsp;&nbsp;&nbsp;Myers Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6258 | &nbsp;&nbsp;&nbsp;&nbsp; 146062 |
| &nbsp;&nbsp;&nbsp;Sight Sciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;102900 | &nbsp;&nbsp;&nbsp;&nbsp; 1149393 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2869397 |
| **Office Furnishings — 0.2%** | **Office Furnishings — 0.2%** | **Office Furnishings — 0.2%** |
| &nbsp;&nbsp;&nbsp;HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp; 348000 |
| &nbsp;&nbsp;&nbsp;Steelcase, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66800 | &nbsp;&nbsp;&nbsp;&nbsp; 529724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877724 |
| **Office/Business Equipment — 0.9%** | **Office/Business Equipment — 0.9%** | **Office/Business Equipment — 0.9%** |
| &nbsp;&nbsp;&nbsp;Xerox Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;311900 | &nbsp;&nbsp;&nbsp;&nbsp; 5087089 |
| **Oil & Gas — 2.9%** | **Oil & Gas — 2.9%** | **Oil & Gas — 2.9%** |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 157165 |
| &nbsp;&nbsp;&nbsp;Berry Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp; 110823 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12930 | &nbsp;&nbsp;&nbsp;&nbsp; 1972213 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26600 | &nbsp;&nbsp;&nbsp;&nbsp; 462042 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25300 | &nbsp;&nbsp;&nbsp;&nbsp; 932305 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19192 | &nbsp;&nbsp;&nbsp;&nbsp; 594568 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22200 | &nbsp;&nbsp;&nbsp;&nbsp; 1133976 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11700 | &nbsp;&nbsp;&nbsp;&nbsp; 776412 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75100 | &nbsp;&nbsp;&nbsp;&nbsp; 3544720 |
| &nbsp;&nbsp;&nbsp;Nabors Industries, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 189996 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62850 | &nbsp;&nbsp;&nbsp;&nbsp; 3504516 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp; 185097 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19800 | &nbsp;&nbsp;&nbsp;&nbsp; 355410 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16200 | &nbsp;&nbsp;&nbsp;&nbsp; 644274 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp; 343553 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28300 | &nbsp;&nbsp;&nbsp;&nbsp; 1220013 |
| &nbsp;&nbsp;&nbsp;Southwestern Energy Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33829 | &nbsp;&nbsp;&nbsp;&nbsp; 234097 |
| &nbsp;&nbsp;&nbsp;Talos Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10700 | &nbsp;&nbsp;&nbsp;&nbsp; 210255 |
| &nbsp;&nbsp;&nbsp;W&T Offshore, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13700 | &nbsp;&nbsp;&nbsp;&nbsp; 94119 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16665554 |
| **Oil & Gas Services — 1.2%** | **Oil & Gas Services — 1.2%** | **Oil & Gas Services — 1.2%** |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3233 | &nbsp;&nbsp;&nbsp;&nbsp; 84058 |
| &nbsp;&nbsp;&nbsp;ChampionX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp; 1202760 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** |
| &nbsp;&nbsp;&nbsp;Dril-Quip, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22400 | &nbsp;&nbsp;$527296 |
| &nbsp;&nbsp;&nbsp;NexTier Oilfield Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80166 | &nbsp;&nbsp;&nbsp;&nbsp; 816891 |
| &nbsp;&nbsp;&nbsp;NOW, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;270829 | &nbsp;&nbsp;&nbsp;&nbsp; 3379946 |
| &nbsp;&nbsp;&nbsp;Select Energy Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65200 | &nbsp;&nbsp;&nbsp;&nbsp; 533988 |
| &nbsp;&nbsp;&nbsp;Solaris Oilfield Infrastructure, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17400 | &nbsp;&nbsp;&nbsp;&nbsp; 190878 |
| &nbsp;&nbsp;&nbsp;US Silica Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17100 | &nbsp;&nbsp;&nbsp;&nbsp; 223839 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6959656 |
| **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15700 | &nbsp;&nbsp;&nbsp;&nbsp; 1103867 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30100 | &nbsp;&nbsp;&nbsp;&nbsp; 493941 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597808 |
| **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** |
| &nbsp;&nbsp;&nbsp;AdaptHealth Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;114400 | &nbsp;&nbsp;&nbsp;&nbsp; 2552264 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp; 711304 |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15100 | &nbsp;&nbsp;&nbsp;&nbsp; 445299 |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97500 | &nbsp;&nbsp;&nbsp;&nbsp; 2428725 |
| &nbsp;&nbsp;&nbsp;Eagle Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26400 | &nbsp;&nbsp;&nbsp;&nbsp; 958848 |
| &nbsp;&nbsp;&nbsp;Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22300 | &nbsp;&nbsp;&nbsp;&nbsp; 734116 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp; 144507 |
| &nbsp;&nbsp;&nbsp;Herbalife Nutrition, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;164900 | &nbsp;&nbsp;&nbsp;&nbsp; 2889048 |
| &nbsp;&nbsp;&nbsp;Jounce Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71200 | &nbsp;&nbsp;&nbsp;&nbsp; 62656 |
| &nbsp;&nbsp;&nbsp;Lyell Immunopharma, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57800 | &nbsp;&nbsp;&nbsp;&nbsp; 243338 |
| &nbsp;&nbsp;&nbsp;Owens & Minor, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11100 | &nbsp;&nbsp;&nbsp;&nbsp; 228771 |
| &nbsp;&nbsp;&nbsp;Prometheus Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp;&nbsp;&nbsp; 361768 |
| &nbsp;&nbsp;&nbsp;Revance Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10700 | &nbsp;&nbsp;&nbsp;&nbsp; 232297 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12800 | &nbsp;&nbsp;&nbsp;&nbsp; 470016 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12462957 |
| **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** |
| &nbsp;&nbsp;&nbsp;Anywhere Real Estate, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97300 | &nbsp;&nbsp;&nbsp;&nbsp; 734615 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54900 | &nbsp;&nbsp;&nbsp;&nbsp; 934398 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669013 |
| **REITS — 11.5%** | **REITS — 11.5%** | **REITS — 11.5%** |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82250 | &nbsp;&nbsp;&nbsp;&nbsp; 5753388 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24499 | &nbsp;&nbsp;&nbsp;&nbsp; 483855 |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp;&nbsp; 389557 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116100 | &nbsp;&nbsp;&nbsp;&nbsp; 1980666 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68900 | &nbsp;&nbsp;&nbsp;&nbsp; 1025232 |
| &nbsp;&nbsp;&nbsp;Ares Commercial Real Estate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;157700 | &nbsp;&nbsp;&nbsp;&nbsp; 1964942 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13200 | &nbsp;&nbsp;&nbsp;&nbsp; 160380 |
| &nbsp;&nbsp;&nbsp;Blackstone Mtg. Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;157600 | &nbsp;&nbsp;&nbsp;&nbsp; 3982552 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29200 | &nbsp;&nbsp;&nbsp;&nbsp; 495524 |
| &nbsp;&nbsp;&nbsp;Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400 | &nbsp;&nbsp;&nbsp;&nbsp; 735300 |
| &nbsp;&nbsp;&nbsp;City Office REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp; 202745 |
| &nbsp;&nbsp;&nbsp;Corporate Office Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33800 | &nbsp;&nbsp;&nbsp;&nbsp; 938626 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;131034 | &nbsp;&nbsp;&nbsp;&nbsp; 1233030 |
| &nbsp;&nbsp;&nbsp;Dynex Capital, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;136100 | &nbsp;&nbsp;&nbsp;&nbsp; 1782910 |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25650 | &nbsp;&nbsp;&nbsp;&nbsp; 349866 |
| &nbsp;&nbsp;&nbsp;Equity Commonwealth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69900 | &nbsp;&nbsp;&nbsp;&nbsp; 1893591 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38700 | &nbsp;&nbsp;&nbsp;&nbsp; 898227 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp; 859350 |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29346 | &nbsp;&nbsp;&nbsp;&nbsp; 969005 |
| &nbsp;&nbsp;&nbsp;Global Medical REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24700 | &nbsp;&nbsp;&nbsp;&nbsp; 249470 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92475 | &nbsp;&nbsp;&nbsp;&nbsp; 1898512 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149800 | &nbsp;&nbsp;&nbsp;&nbsp; 2714376 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;105674 | &nbsp;&nbsp;&nbsp;&nbsp; 2409367 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118400 | &nbsp;&nbsp;&nbsp;&nbsp; 1959520 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;148200 | &nbsp;&nbsp;&nbsp;&nbsp; 1645020 |
| &nbsp;&nbsp;&nbsp;Macerich Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95600 | &nbsp;&nbsp;&nbsp;&nbsp; 1214120 |
| &nbsp;&nbsp;&nbsp;NETSTREIT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43800 | &nbsp;&nbsp;&nbsp;&nbsp; 855414 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337 | &nbsp;&nbsp;$64296 |
| &nbsp;&nbsp;&nbsp;Paramount Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48700 | &nbsp;&nbsp;&nbsp;&nbsp; 317524 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59800 | &nbsp;&nbsp;&nbsp;&nbsp; 995670 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22400 | &nbsp;&nbsp;&nbsp;&nbsp; 721952 |
| &nbsp;&nbsp;&nbsp;Physicians Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74900 | &nbsp;&nbsp;&nbsp;&nbsp; 1118257 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp; 988950 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12900 | &nbsp;&nbsp;&nbsp;&nbsp; 267030 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp; 2819610 |
| &nbsp;&nbsp;&nbsp;Ready Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60900 | &nbsp;&nbsp;&nbsp;&nbsp; 816060 |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93500 | &nbsp;&nbsp;&nbsp;&nbsp; 738650 |
| &nbsp;&nbsp;&nbsp;Retail Opportunity Investments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19150 | &nbsp;&nbsp;&nbsp;&nbsp; 292038 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;297926 | &nbsp;&nbsp;&nbsp;&nbsp; 3610863 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24900 | &nbsp;&nbsp;&nbsp;&nbsp; 2279097 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108850 | &nbsp;&nbsp;&nbsp;&nbsp; 1405254 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75100 | &nbsp;&nbsp;&nbsp;&nbsp; 589535 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;155900 | &nbsp;&nbsp;&nbsp;&nbsp; 2118681 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102800 | &nbsp;&nbsp;&nbsp;&nbsp; 3383148 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21600 | &nbsp;&nbsp;&nbsp;&nbsp; 1266624 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91400 | &nbsp;&nbsp;&nbsp;&nbsp; 677274 |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54417 | &nbsp;&nbsp;&nbsp;&nbsp; 958283 |
| &nbsp;&nbsp;&nbsp;Uniti Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;145300 | &nbsp;&nbsp;&nbsp;&nbsp; 1107186 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69701 | &nbsp;&nbsp;&nbsp;&nbsp; 1074789 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;66655316 |
| **Retail — 4.1%** | **Retail — 4.1%** | **Retail — 4.1%** |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp; 151074 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;138300 | &nbsp;&nbsp;&nbsp;&nbsp; 6981384 |
| &nbsp;&nbsp;&nbsp;Bed Bath & Beyond, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14100 | &nbsp;&nbsp;&nbsp;&nbsp; 47940 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp; 428868 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29400 | &nbsp;&nbsp;&nbsp;&nbsp; 662088 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19461 | &nbsp;&nbsp;&nbsp;&nbsp; 1350593 |
| &nbsp;&nbsp;&nbsp;Conn's, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47100 | &nbsp;&nbsp;&nbsp;&nbsp; 469116 |
| &nbsp;&nbsp;&nbsp;Dillard's, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 503580 |
| &nbsp;&nbsp;&nbsp;Genesco, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10700 | &nbsp;&nbsp;&nbsp;&nbsp; 558540 |
| &nbsp;&nbsp;&nbsp;GMS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41890 | &nbsp;&nbsp;&nbsp;&nbsp; 2056799 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp; 657356 |
| &nbsp;&nbsp;&nbsp;ODP Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28490 | &nbsp;&nbsp;&nbsp;&nbsp; 1371224 |
| &nbsp;&nbsp;&nbsp;Rite Aid Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73500 | &nbsp;&nbsp;&nbsp;&nbsp; 372645 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78600 | &nbsp;&nbsp;&nbsp;&nbsp; 4050258 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp; 2301000 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15100 | &nbsp;&nbsp;&nbsp;&nbsp; 802414 |
| &nbsp;&nbsp;&nbsp;World Fuel Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24800 | &nbsp;&nbsp;&nbsp;&nbsp; 705560 |
| &nbsp;&nbsp;&nbsp;Zumiez, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18800 | &nbsp;&nbsp;&nbsp;&nbsp; 437100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23907539 |
| **Savings & Loans — 2.3%** | **Savings & Loans — 2.3%** | **Savings & Loans — 2.3%** |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37300 | &nbsp;&nbsp;&nbsp;&nbsp; 1496103 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37616 | &nbsp;&nbsp;&nbsp;&nbsp; 638344 |
| &nbsp;&nbsp;&nbsp;Berkshire Hills Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 143428 |
| &nbsp;&nbsp;&nbsp;Brookline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86700 | &nbsp;&nbsp;&nbsp;&nbsp; 1232874 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55800 | &nbsp;&nbsp;&nbsp;&nbsp; 467046 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18400 | &nbsp;&nbsp;&nbsp;&nbsp; 471040 |
| &nbsp;&nbsp;&nbsp;Northfield Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53600 | &nbsp;&nbsp;&nbsp;&nbsp; 854920 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;265598 | &nbsp;&nbsp;&nbsp;&nbsp; 6204369 |
| &nbsp;&nbsp;&nbsp;Washington Federal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp; 1692960 |
| &nbsp;&nbsp;&nbsp;Waterstone Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp; 157450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13358534 |
| **Semiconductors — 1.7%** | **Semiconductors — 1.7%** | **Semiconductors — 1.7%** |
| &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp; 266608 |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105800 | &nbsp;&nbsp;&nbsp;&nbsp; 2964516 |
| &nbsp;&nbsp;&nbsp;Cohu, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54400 | &nbsp;&nbsp;&nbsp;&nbsp; 1948608 |
| &nbsp;&nbsp;&nbsp;Photronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60100 | &nbsp;&nbsp;&nbsp;&nbsp; 1129880 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Rambus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57500 | &nbsp;&nbsp;$2206850 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68600 | &nbsp;&nbsp;&nbsp;&nbsp; 1363768 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9880230 |
| **Software — 3.0%** | **Software — 3.0%** | **Software — 3.0%** |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52500 | &nbsp;&nbsp;&nbsp;&nbsp; 580125 |
| &nbsp;&nbsp;&nbsp;Allscripts Healthcare Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;148700 | &nbsp;&nbsp;&nbsp;&nbsp; 2816378 |
| &nbsp;&nbsp;&nbsp;Avaya Holdings Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;532300 | &nbsp;&nbsp;&nbsp;&nbsp; 514202 |
| &nbsp;&nbsp;&nbsp;Avid Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44400 | &nbsp;&nbsp;&nbsp;&nbsp; 1246752 |
| &nbsp;&nbsp;&nbsp;Brightcove, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52900 | &nbsp;&nbsp;&nbsp;&nbsp; 292537 |
| &nbsp;&nbsp;&nbsp;Computer Programs & Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31900 | &nbsp;&nbsp;&nbsp;&nbsp; 944240 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25511 | &nbsp;&nbsp;&nbsp;&nbsp; 1577600 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21900 | &nbsp;&nbsp;&nbsp;&nbsp; 836142 |
| &nbsp;&nbsp;&nbsp;E2open Parent Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44100 | &nbsp;&nbsp;&nbsp;&nbsp; 259749 |
| &nbsp;&nbsp;&nbsp;eGain Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;162800 | &nbsp;&nbsp;&nbsp;&nbsp; 1432640 |
| &nbsp;&nbsp;&nbsp;Evolent Health, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41800 | &nbsp;&nbsp;&nbsp;&nbsp; 1203422 |
| &nbsp;&nbsp;&nbsp;Fastly, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22300 | &nbsp;&nbsp;&nbsp;&nbsp; 215418 |
| &nbsp;&nbsp;&nbsp;Health Catalyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;264200 | &nbsp;&nbsp;&nbsp;&nbsp; 2768816 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 193575 |
| &nbsp;&nbsp;&nbsp;Phreesia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20200 | &nbsp;&nbsp;&nbsp;&nbsp; 561964 |
| &nbsp;&nbsp;&nbsp;SolarWinds Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16900 | &nbsp;&nbsp;&nbsp;&nbsp; 147706 |
| &nbsp;&nbsp;&nbsp;Upland Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91200 | &nbsp;&nbsp;&nbsp;&nbsp; 687648 |
| &nbsp;&nbsp;&nbsp;Verint Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33818 | &nbsp;&nbsp;&nbsp;&nbsp; 1330062 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17608976 |
| **Telecommunications — 1.4%** | **Telecommunications — 1.4%** | **Telecommunications — 1.4%** |
| &nbsp;&nbsp;&nbsp;ATN International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 290460 |
| &nbsp;&nbsp;&nbsp;Calix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34500 | &nbsp;&nbsp;&nbsp;&nbsp; 2459850 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;102100 | &nbsp;&nbsp;&nbsp;&nbsp; 1776540 |
| &nbsp;&nbsp;&nbsp;Gogo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019850 |
| &nbsp;&nbsp;&nbsp;Harmonic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95800 | &nbsp;&nbsp;&nbsp;&nbsp; 1469572 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56200 | &nbsp;&nbsp;&nbsp;&nbsp; 1108826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8125098 |
| **Transportation — 2.4%** | **Transportation — 2.4%** | **Transportation — 2.4%** |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40070 | &nbsp;&nbsp;&nbsp;&nbsp; 3316594 |
| &nbsp;&nbsp;&nbsp;Atlas Air Worldwide Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18100 | &nbsp;&nbsp;&nbsp;&nbsp; 1823937 |
| &nbsp;&nbsp;&nbsp;Covenant Logistics Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp; 188111 |
| &nbsp;&nbsp;&nbsp;Dorian LPG, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40200 | &nbsp;&nbsp;&nbsp;&nbsp; 782694 |
| &nbsp;&nbsp;&nbsp;Forward Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 157318 |
| &nbsp;&nbsp;&nbsp;Heartland Express, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29400 | &nbsp;&nbsp;&nbsp;&nbsp; 492156 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44300 | &nbsp;&nbsp;&nbsp;&nbsp; 3727845 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28800 | &nbsp;&nbsp;&nbsp;&nbsp; 1836288 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62800 | &nbsp;&nbsp;&nbsp;&nbsp; 335352 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47800 | &nbsp;&nbsp;&nbsp;&nbsp; 136230 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22500 | &nbsp;&nbsp;&nbsp;&nbsp; 989550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13786075 |
| **Trucking & Leasing — 0.5%** | **Trucking & Leasing — 0.5%** | **Trucking & Leasing — 0.5%** |
| &nbsp;&nbsp;&nbsp;GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp; 597575 |
| &nbsp;&nbsp;&nbsp;Greenbrier Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63100 | &nbsp;&nbsp;&nbsp;&nbsp; 2422409 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3019984 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Water — 0.2%** | **Water — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;American States Water Co. | &nbsp;&nbsp; 12600 | &nbsp;&nbsp;$1234674 |
| **Total Long-Term Investment Securities<br> (cost $540,400,757)** |  | &nbsp;&nbsp;&nbsp;&nbsp;568461565 |
| **SHORT-TERM INVESTMENTS — 0.5%** | **SHORT-TERM INVESTMENTS — 0.5%** |  |
| **Unaffiliated Investment Companies — 0.5%** | **Unaffiliated Investment Companies — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 3.86%(1)(2)<br> (cost $3,069,135) | &nbsp;&nbsp; 3069135 | &nbsp;&nbsp;&nbsp;&nbsp; 3069135 |
| **REPURCHASE AGREEMENTS — 1.8%** | **REPURCHASE AGREEMENTS — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.13% dated 11/30/2022, to be repurchased 12/01/2022 in the amount of $10,607,724 and collateralized by $11,600,400 of United States Treasury Notes, bearing interest at 1.13% due 01/15/2025 and having an approximate value of $10,819,635<br> (cost $10,607,391) | $10607391 | &nbsp;&nbsp;&nbsp;&nbsp; 10607391 |
| **TOTAL INVESTMENTS<br> (cost $554,077,283)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.5% | &nbsp;&nbsp;&nbsp;&nbsp;582138091 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2852285) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$579285806 |

---

---

| | |
|:---|:---|
| † | &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, 2022. |
| (2) | &nbsp;&nbsp;At November 30, 2022, the Fund had loaned securities with a total value of $6,362,387. This was secured by collateral of $3,069,135, which was received in cash and subsequently invested in short-term investments currently valued at $3,069,135 as reported in the Portfolio of Investments. Additional collateral of $3,364,982 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, 2022** |
| Government National Mtg. Assoc. | 1.75% to 2.50% | 11/20/2051 to 02/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;$15923 |
| United States Treasury Bills | 0.00% | 12/15/2022 to 02/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;128516 |
| United States Treasury Notes/Bonds | 0.13% to 6.62% | 12/31/2022 to 05/15/2052 | &nbsp;&nbsp;&nbsp;3220543 |

---

(3) See
 Note 5 for cost of investments on a tax basis.

CVR—Contingent Value Rights

#### 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** |
| 105 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;E-Mini Russell 2000 Index | &nbsp;&nbsp;December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;$9736214 | &nbsp;&nbsp;&nbsp;&nbsp;$9909375 | &nbsp;&nbsp;&nbsp;&nbsp;$173161 |

---

\* 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**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2022 (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;$568461565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$568461565 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069135 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10607391 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10607391 |
| **Total Investments at Value** | &nbsp;&nbsp;$571530700 | &nbsp;&nbsp;$10607391 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$582138091 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$173161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$173161 |

---

---

| | |
|:---|:---|
| \* | &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**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;8.7% |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;7.6 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;7.3 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;6.5 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;5.3 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;99.7% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 94.7%** | **COMMON STOCKS — 94.7%** | **COMMON STOCKS — 94.7%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56386 | &nbsp;&nbsp;$1937423 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29539 | &nbsp;&nbsp;&nbsp;&nbsp; 2356031 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4293454 |
| **Aerospace/Defense — 1.6%** | **Aerospace/Defense — 1.6%** | **Aerospace/Defense — 1.6%** |
| &nbsp;&nbsp;&nbsp;Boeing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80489 | &nbsp;&nbsp;&nbsp;&nbsp; 14397872 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32428 | &nbsp;&nbsp;&nbsp;&nbsp; 8184503 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53311 | &nbsp;&nbsp;&nbsp;&nbsp; 2008225 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27593 | &nbsp;&nbsp;&nbsp;&nbsp; 6265818 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34029 | &nbsp;&nbsp;&nbsp;&nbsp; 16510531 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20971 | &nbsp;&nbsp;&nbsp;&nbsp; 11183625 |
| &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212912 | &nbsp;&nbsp;&nbsp;&nbsp; 21018673 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7430 | &nbsp;&nbsp;&nbsp;&nbsp; 4669755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84239002 |
| **Agriculture — 0.8%** | **Agriculture — 0.8%** | **Agriculture — 0.8%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259677 | &nbsp;&nbsp;&nbsp;&nbsp; 12095755 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80833 | &nbsp;&nbsp;&nbsp;&nbsp; 7881217 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223533 | &nbsp;&nbsp;&nbsp;&nbsp; 22279534 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42256506 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18279 | &nbsp;&nbsp;&nbsp;&nbsp; 867156 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93707 | &nbsp;&nbsp;&nbsp;&nbsp; 1352192 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92460 | &nbsp;&nbsp;&nbsp;&nbsp; 3270310 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85560 | &nbsp;&nbsp;&nbsp;&nbsp; 3414699 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47116 | &nbsp;&nbsp;&nbsp;&nbsp; 2081114 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10985471 |
| **Apparel — 0.5%** | **Apparel — 0.5%** | **Apparel — 0.5%** |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182218 | &nbsp;&nbsp;&nbsp;&nbsp; 19987492 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6185 | &nbsp;&nbsp;&nbsp;&nbsp; 699647 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36310 | &nbsp;&nbsp;&nbsp;&nbsp; 1371429 |
| &nbsp;&nbsp;&nbsp;VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47617 | &nbsp;&nbsp;&nbsp;&nbsp; 1562790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23621358 |
| **Auto Manufacturers — 1.9%** | **Auto Manufacturers — 1.9%** | **Auto Manufacturers — 1.9%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20331 | &nbsp;&nbsp;&nbsp;&nbsp; 5106334 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569498 | &nbsp;&nbsp;&nbsp;&nbsp; 7916022 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210249 | &nbsp;&nbsp;&nbsp;&nbsp; 8527699 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50141 | &nbsp;&nbsp;&nbsp;&nbsp; 5310433 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384068 | &nbsp;&nbsp;&nbsp;&nbsp; 74778040 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101638528 |
| **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;39068 | &nbsp;&nbsp;&nbsp;&nbsp; 4167384 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34151 | &nbsp;&nbsp;&nbsp;&nbsp; 1451759 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5619143 |
| **Banks — 4.6%** | **Banks — 4.6%** | **Banks — 4.6%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1008048 | &nbsp;&nbsp;&nbsp;&nbsp; 38154617 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106041 | &nbsp;&nbsp;&nbsp;&nbsp; 4867282 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279273 | &nbsp;&nbsp;&nbsp;&nbsp; 13519606 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71471 | &nbsp;&nbsp;&nbsp;&nbsp; 3028941 |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18864 | &nbsp;&nbsp;&nbsp;&nbsp; 1353303 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98948 | &nbsp;&nbsp;&nbsp;&nbsp; 3597749 |
| &nbsp;&nbsp;&nbsp;First Republic Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26347 | &nbsp;&nbsp;&nbsp;&nbsp; 3362141 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49224 | &nbsp;&nbsp;&nbsp;&nbsp; 19007848 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207964 | &nbsp;&nbsp;&nbsp;&nbsp; 3219283 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422875 | &nbsp;&nbsp;&nbsp;&nbsp; 58432868 |
| &nbsp;&nbsp;&nbsp;KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134488 | &nbsp;&nbsp;&nbsp;&nbsp; 2529719 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25324 | &nbsp;&nbsp;&nbsp;&nbsp; 4305586 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193101 | &nbsp;&nbsp;&nbsp;&nbsp; 17971910 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30049 | &nbsp;&nbsp;$2797862 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59140 | &nbsp;&nbsp;&nbsp;&nbsp; 9950896 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134739 | &nbsp;&nbsp;&nbsp;&nbsp; 3127292 |
| &nbsp;&nbsp;&nbsp;Signature Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9075 | &nbsp;&nbsp;&nbsp;&nbsp; 1265963 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53010 | &nbsp;&nbsp;&nbsp;&nbsp; 4223307 |
| &nbsp;&nbsp;&nbsp;SVB Financial Group† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8520 | &nbsp;&nbsp;&nbsp;&nbsp; 1974766 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191264 | &nbsp;&nbsp;&nbsp;&nbsp; 8953068 |
| &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194967 | &nbsp;&nbsp;&nbsp;&nbsp; 8849552 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546955 | &nbsp;&nbsp;&nbsp;&nbsp; 26226492 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21698 | &nbsp;&nbsp;&nbsp;&nbsp; 1124390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241844441 |
| **Beverages — 1.8%** | **Beverages — 1.8%** | **Beverages — 1.8%** |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26366 | &nbsp;&nbsp;&nbsp;&nbsp; 1925245 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561247 | &nbsp;&nbsp;&nbsp;&nbsp; 35700922 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23164 | &nbsp;&nbsp;&nbsp;&nbsp; 5961255 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122518 | &nbsp;&nbsp;&nbsp;&nbsp; 4737771 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27138 | &nbsp;&nbsp;&nbsp;&nbsp; 1495575 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55463 | &nbsp;&nbsp;&nbsp;&nbsp; 5704924 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199007 | &nbsp;&nbsp;&nbsp;&nbsp; 36917789 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92443481 |
| **Biotechnology — 1.8%** | **Biotechnology — 1.8%** | **Biotechnology — 1.8%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77136 | &nbsp;&nbsp;&nbsp;&nbsp; 22091751 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20925 | &nbsp;&nbsp;&nbsp;&nbsp; 6385682 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3091 | &nbsp;&nbsp;&nbsp;&nbsp; 1281869 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103621 | &nbsp;&nbsp;&nbsp;&nbsp; 6959186 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180735 | &nbsp;&nbsp;&nbsp;&nbsp; 15873955 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22654 | &nbsp;&nbsp;&nbsp;&nbsp; 4940384 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26622 | &nbsp;&nbsp;&nbsp;&nbsp; 2120975 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48513 | &nbsp;&nbsp;&nbsp;&nbsp; 8533922 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15457 | &nbsp;&nbsp;&nbsp;&nbsp; 11619027 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36981 | &nbsp;&nbsp;&nbsp;&nbsp; 11700788 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91507539 |
| **Building Materials — 0.4%** | **Building Materials — 0.4%** | **Building Materials — 0.4%** |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121356 | &nbsp;&nbsp;&nbsp;&nbsp; 5378498 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Home & Security, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18647 | &nbsp;&nbsp;&nbsp;&nbsp; 1218395 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99326 | &nbsp;&nbsp;&nbsp;&nbsp; 6599219 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8994 | &nbsp;&nbsp;&nbsp;&nbsp; 3296121 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32520 | &nbsp;&nbsp;&nbsp;&nbsp; 1651366 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7604 | &nbsp;&nbsp;&nbsp;&nbsp; 770513 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19165 | &nbsp;&nbsp;&nbsp;&nbsp; 3513520 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22427632 |
| **Chemicals — 1.6%** | **Chemicals — 1.6%** | **Chemicals — 1.6%** |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31984 | &nbsp;&nbsp;&nbsp;&nbsp; 9920158 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16890 | &nbsp;&nbsp;&nbsp;&nbsp; 4695251 |
| &nbsp;&nbsp;&nbsp;Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14374 | &nbsp;&nbsp;&nbsp;&nbsp; 1542330 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28733 | &nbsp;&nbsp;&nbsp;&nbsp; 3108623 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103560 | &nbsp;&nbsp;&nbsp;&nbsp; 5278453 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72230 | &nbsp;&nbsp;&nbsp;&nbsp; 5092937 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17709 | &nbsp;&nbsp;&nbsp;&nbsp; 1533954 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35753 | &nbsp;&nbsp;&nbsp;&nbsp; 5356872 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18163 | &nbsp;&nbsp;&nbsp;&nbsp; 2372814 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36763 | &nbsp;&nbsp;&nbsp;&nbsp; 3890261 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71864 | &nbsp;&nbsp;&nbsp;&nbsp; 24180799 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36691 | &nbsp;&nbsp;&nbsp;&nbsp; 3119102 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49787 | &nbsp;&nbsp;&nbsp;&nbsp; 2554073 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33887 | &nbsp;&nbsp;&nbsp;&nbsp; 4582200 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34011 | &nbsp;&nbsp;&nbsp;&nbsp; 8474861 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85702688 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Commercial Services — 1.8%** | **Commercial Services — 1.8%** | **Commercial Services — 1.8%** |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59918 | &nbsp;&nbsp;$15826741 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12402 | &nbsp;&nbsp;&nbsp;&nbsp; 5726996 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57096 | &nbsp;&nbsp;&nbsp;&nbsp; 4627060 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17650 | &nbsp;&nbsp;&nbsp;&nbsp; 3483581 |
| &nbsp;&nbsp;&nbsp;FleetCor Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10817 | &nbsp;&nbsp;&nbsp;&nbsp; 2122295 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11405 | &nbsp;&nbsp;&nbsp;&nbsp; 3995970 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39966 | &nbsp;&nbsp;&nbsp;&nbsp; 4147671 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5428 | &nbsp;&nbsp;&nbsp;&nbsp; 1454270 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22756 | &nbsp;&nbsp;&nbsp;&nbsp; 6787432 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166763 | &nbsp;&nbsp;&nbsp;&nbsp; 13075887 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20623 | &nbsp;&nbsp;&nbsp;&nbsp; 3090975 |
| &nbsp;&nbsp;&nbsp;Robert Half International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15800 | &nbsp;&nbsp;&nbsp;&nbsp; 1244724 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33373 | &nbsp;&nbsp;&nbsp;&nbsp; 1349604 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49129 | &nbsp;&nbsp;&nbsp;&nbsp; 17332711 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10092 | &nbsp;&nbsp;&nbsp;&nbsp; 3562779 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22633 | &nbsp;&nbsp;&nbsp;&nbsp; 4157908 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91986604 |
| **Computers — 7.6%** | **Computers — 7.6%** | **Computers — 7.6%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91213 | &nbsp;&nbsp;&nbsp;&nbsp; 27448728 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2178347 | &nbsp;&nbsp;&nbsp;&nbsp; 322460707 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74664 | &nbsp;&nbsp;&nbsp;&nbsp; 4644848 |
| &nbsp;&nbsp;&nbsp;DXC Technology Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33148 | &nbsp;&nbsp;&nbsp;&nbsp; 983501 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8272 | &nbsp;&nbsp;&nbsp;&nbsp; 3048894 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94375 | &nbsp;&nbsp;&nbsp;&nbsp; 5016975 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187363 | &nbsp;&nbsp;&nbsp;&nbsp; 3143951 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131228 | &nbsp;&nbsp;&nbsp;&nbsp; 3942089 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130238 | &nbsp;&nbsp;&nbsp;&nbsp; 19392438 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19689 | &nbsp;&nbsp;&nbsp;&nbsp; 2152598 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31685 | &nbsp;&nbsp;&nbsp;&nbsp; 2142223 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28162 | &nbsp;&nbsp;&nbsp;&nbsp; 1491741 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45159 | &nbsp;&nbsp;&nbsp;&nbsp; 1659593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397528286 |
| **Cosmetics/Personal Care — 1.3%** | **Cosmetics/Personal Care — 1.3%** | **Cosmetics/Personal Care — 1.3%** |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120279 | &nbsp;&nbsp;&nbsp;&nbsp; 9319217 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33426 | &nbsp;&nbsp;&nbsp;&nbsp; 7881517 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344572 | &nbsp;&nbsp;&nbsp;&nbsp; 51396359 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68597093 |
| **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61690 | &nbsp;&nbsp;&nbsp;&nbsp; 4106086 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82869 | &nbsp;&nbsp;&nbsp;&nbsp; 4268582 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37589 | &nbsp;&nbsp;&nbsp;&nbsp; 2042210 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5709 | &nbsp;&nbsp;&nbsp;&nbsp; 1880602 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6529 | &nbsp;&nbsp;&nbsp;&nbsp; 3937379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16234859 |
| **Diversified Financial Services — 3.7%** | **Diversified Financial Services — 3.7%** | **Diversified Financial Services — 3.7%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86491 | &nbsp;&nbsp;&nbsp;&nbsp; 13630117 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15597 | &nbsp;&nbsp;&nbsp;&nbsp; 5177424 |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21741 | &nbsp;&nbsp;&nbsp;&nbsp; 15566556 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55347 | &nbsp;&nbsp;&nbsp;&nbsp; 5714024 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15294 | &nbsp;&nbsp;&nbsp;&nbsp; 1939891 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220185 | &nbsp;&nbsp;&nbsp;&nbsp; 18174070 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51830 | &nbsp;&nbsp;&nbsp;&nbsp; 9147995 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39391 | &nbsp;&nbsp;&nbsp;&nbsp; 4268409 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40961 | &nbsp;&nbsp;&nbsp;&nbsp; 1098164 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80529 | &nbsp;&nbsp;&nbsp;&nbsp; 8722096 |
| &nbsp;&nbsp;&nbsp;Invesco, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65596 | &nbsp;&nbsp;&nbsp;&nbsp; 1253540 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123033 | &nbsp;&nbsp;&nbsp;&nbsp; 43848961 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48875 | &nbsp;&nbsp;&nbsp;&nbsp; 3345982 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28009 | &nbsp;&nbsp;&nbsp;&nbsp; 3274252 |

---

---

| | | |
|:---|:---|:---|
| **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;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69470 | &nbsp;&nbsp;$2610683 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32544 | &nbsp;&nbsp;&nbsp;&nbsp; 4065071 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235767 | &nbsp;&nbsp;&nbsp;&nbsp; 51161439 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192998674 |
| **Electric — 2.7%** | **Electric — 2.7%** | **Electric — 2.7%** |
| &nbsp;&nbsp;&nbsp;AES Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96316 | &nbsp;&nbsp;&nbsp;&nbsp; 2785459 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36184 | &nbsp;&nbsp;&nbsp;&nbsp; 2037159 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37257 | &nbsp;&nbsp;&nbsp;&nbsp; 3327795 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74080 | &nbsp;&nbsp;&nbsp;&nbsp; 7170944 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90774 | &nbsp;&nbsp;&nbsp;&nbsp; 2823979 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41846 | &nbsp;&nbsp;&nbsp;&nbsp; 2555535 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51131 | &nbsp;&nbsp;&nbsp;&nbsp; 5012883 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47131 | &nbsp;&nbsp;&nbsp;&nbsp; 4530232 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120046 | &nbsp;&nbsp;&nbsp;&nbsp; 7336011 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27937 | &nbsp;&nbsp;&nbsp;&nbsp; 3240971 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111029 | &nbsp;&nbsp;&nbsp;&nbsp; 11095128 |
| &nbsp;&nbsp;&nbsp;Edison International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55002 | &nbsp;&nbsp;&nbsp;&nbsp; 3666433 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29333 | &nbsp;&nbsp;&nbsp;&nbsp; 3410548 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33097 | &nbsp;&nbsp;&nbsp;&nbsp; 1959673 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49957 | &nbsp;&nbsp;&nbsp;&nbsp; 4139437 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143010 | &nbsp;&nbsp;&nbsp;&nbsp; 5916324 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78275 | &nbsp;&nbsp;&nbsp;&nbsp; 3228061 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283319 | &nbsp;&nbsp;&nbsp;&nbsp; 23997119 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33908 | &nbsp;&nbsp;&nbsp;&nbsp; 1439395 |
| &nbsp;&nbsp;&nbsp;PG&E Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232162 | &nbsp;&nbsp;&nbsp;&nbsp; 3644944 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16301 | &nbsp;&nbsp;&nbsp;&nbsp; 1276694 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106157 | &nbsp;&nbsp;&nbsp;&nbsp; 3133755 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71935 | &nbsp;&nbsp;&nbsp;&nbsp; 4355664 |
| &nbsp;&nbsp;&nbsp;Sempra Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45323 | &nbsp;&nbsp;&nbsp;&nbsp; 7532229 |
| &nbsp;&nbsp;&nbsp;Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153284 | &nbsp;&nbsp;&nbsp;&nbsp; 10368130 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45485 | &nbsp;&nbsp;&nbsp;&nbsp; 4509383 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78876 | &nbsp;&nbsp;&nbsp;&nbsp; 5538673 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140032558 |
| **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33105 | &nbsp;&nbsp;&nbsp;&nbsp; 4714814 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85265 | &nbsp;&nbsp;&nbsp;&nbsp; 8165829 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9205 | &nbsp;&nbsp;&nbsp;&nbsp; 971312 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13851955 |
| **Electronics — 1.1%** | **Electronics — 1.1%** | **Electronics — 1.1%** |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43074 | &nbsp;&nbsp;&nbsp;&nbsp; 6675609 |
| &nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12666 | &nbsp;&nbsp;&nbsp;&nbsp; 1439491 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85773 | &nbsp;&nbsp;&nbsp;&nbsp; 6898722 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51291 | &nbsp;&nbsp;&nbsp;&nbsp; 3464707 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22248 | &nbsp;&nbsp;&nbsp;&nbsp; 2068842 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97146 | &nbsp;&nbsp;&nbsp;&nbsp; 21328404 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25948 | &nbsp;&nbsp;&nbsp;&nbsp; 4693734 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3245 | &nbsp;&nbsp;&nbsp;&nbsp; 4768722 |
| &nbsp;&nbsp;&nbsp;TE Connectivity, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46120 | &nbsp;&nbsp;&nbsp;&nbsp; 5816654 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35712 | &nbsp;&nbsp;&nbsp;&nbsp; 2133792 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59288677 |
| **Energy-Alternate Sources — 0.2%** | **Energy-Alternate Sources — 0.2%** | **Energy-Alternate Sources — 0.2%** |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19533 | &nbsp;&nbsp;&nbsp;&nbsp; 6262084 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8023 | &nbsp;&nbsp;&nbsp;&nbsp; 2397754 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8659838 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18401 | &nbsp;&nbsp;&nbsp;&nbsp; 2328463 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30919 | &nbsp;&nbsp;$1570994 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20488 | &nbsp;&nbsp;&nbsp;&nbsp; 1490707 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3061701 |
| **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;23715 | &nbsp;&nbsp;&nbsp;&nbsp; 1085436 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29612 | &nbsp;&nbsp;&nbsp;&nbsp; 4124655 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54238 | &nbsp;&nbsp;&nbsp;&nbsp; 9096797 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14306888 |
| **Food — 1.2%** | **Food — 1.2%** | **Food — 1.2%** |
| &nbsp;&nbsp;&nbsp;Campbell Soup Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29040 | &nbsp;&nbsp;&nbsp;&nbsp; 1558577 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69229 | &nbsp;&nbsp;&nbsp;&nbsp; 2629317 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85901 | &nbsp;&nbsp;&nbsp;&nbsp; 7327355 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21178 | &nbsp;&nbsp;&nbsp;&nbsp; 4980430 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41732 | &nbsp;&nbsp;&nbsp;&nbsp; 1961404 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15366 | &nbsp;&nbsp;&nbsp;&nbsp; 2366518 |
| &nbsp;&nbsp;&nbsp;Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36783 | &nbsp;&nbsp;&nbsp;&nbsp; 2683320 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114860 | &nbsp;&nbsp;&nbsp;&nbsp; 4519741 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93897 | &nbsp;&nbsp;&nbsp;&nbsp; 4618793 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20724 | &nbsp;&nbsp;&nbsp;&nbsp; 1800916 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36118 | &nbsp;&nbsp;&nbsp;&nbsp; 3076531 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197635 | &nbsp;&nbsp;&nbsp;&nbsp; 13362102 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73466 | &nbsp;&nbsp;&nbsp;&nbsp; 6355544 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41763 | &nbsp;&nbsp;&nbsp;&nbsp; 2768052 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60008600 |
| **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;52203 | &nbsp;&nbsp;&nbsp;&nbsp; 1937775 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20172 | &nbsp;&nbsp;&nbsp;&nbsp; 2424674 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58538 | &nbsp;&nbsp;&nbsp;&nbsp; 1635552 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4060226 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;7681 | &nbsp;&nbsp;&nbsp;&nbsp; 1848048 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21315 | &nbsp;&nbsp;&nbsp;&nbsp; 1741862 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3589910 |
| **Healthcare-Products — 3.5%** | **Healthcare-Products — 3.5%** | **Healthcare-Products — 3.5%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252524 | &nbsp;&nbsp;&nbsp;&nbsp; 27166532 |
| &nbsp;&nbsp;&nbsp;ABIOMED, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6555 | &nbsp;&nbsp;&nbsp;&nbsp; 2476413 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10475 | &nbsp;&nbsp;&nbsp;&nbsp; 2060014 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72620 | &nbsp;&nbsp;&nbsp;&nbsp; 4105209 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22628 | &nbsp;&nbsp;&nbsp;&nbsp; 1923154 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206437 | &nbsp;&nbsp;&nbsp;&nbsp; 9345403 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7114 | &nbsp;&nbsp;&nbsp;&nbsp; 2250514 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94408 | &nbsp;&nbsp;&nbsp;&nbsp; 25812091 |
| &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31068 | &nbsp;&nbsp;&nbsp;&nbsp; 940118 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89395 | &nbsp;&nbsp;&nbsp;&nbsp; 6905764 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp; 2741760 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12005 | &nbsp;&nbsp;&nbsp;&nbsp; 5112569 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51496 | &nbsp;&nbsp;&nbsp;&nbsp; 13924003 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191599 | &nbsp;&nbsp;&nbsp;&nbsp; 15143985 |
| &nbsp;&nbsp;&nbsp;PerkinElmer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18201 | &nbsp;&nbsp;&nbsp;&nbsp; 2543226 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21115 | &nbsp;&nbsp;&nbsp;&nbsp; 4860673 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14422 | &nbsp;&nbsp;&nbsp;&nbsp; 2678742 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48553 | &nbsp;&nbsp;&nbsp;&nbsp; 11356061 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6764 | &nbsp;&nbsp;&nbsp;&nbsp; 1583588 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56496 | &nbsp;&nbsp;&nbsp;&nbsp; 31650189 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8634 | &nbsp;&nbsp;&nbsp;&nbsp; 2992544 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Products (continued)** | **Healthcare-Products (continued)** | **Healthcare-Products (continued)** |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10678 | &nbsp;&nbsp;$2505699 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30256 | &nbsp;&nbsp;&nbsp;&nbsp; 3633746 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183711997 |
| **Healthcare-Services — 2.6%** | **Healthcare-Services — 2.6%** | **Healthcare-Services — 2.6%** |
| &nbsp;&nbsp;&nbsp;Catalent, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25842 | &nbsp;&nbsp;&nbsp;&nbsp; 1295460 |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82422 | &nbsp;&nbsp;&nbsp;&nbsp; 7174835 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7334 | &nbsp;&nbsp;&nbsp;&nbsp; 1676332 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8031 | &nbsp;&nbsp;&nbsp;&nbsp; 592126 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34608 | &nbsp;&nbsp;&nbsp;&nbsp; 18443295 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31041 | &nbsp;&nbsp;&nbsp;&nbsp; 7456669 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18249 | &nbsp;&nbsp;&nbsp;&nbsp; 10035125 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26894 | &nbsp;&nbsp;&nbsp;&nbsp; 5863430 |
| &nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13036 | &nbsp;&nbsp;&nbsp;&nbsp; 3137765 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8378 | &nbsp;&nbsp;&nbsp;&nbsp; 2821459 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16815 | &nbsp;&nbsp;&nbsp;&nbsp; 2553022 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134882 | &nbsp;&nbsp;&nbsp;&nbsp; 73882964 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9477 | &nbsp;&nbsp;&nbsp;&nbsp; 1240065 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136172547 |
| **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;45597 | &nbsp;&nbsp;&nbsp;&nbsp; 3921342 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36769 | &nbsp;&nbsp;&nbsp;&nbsp; 3229421 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 2110750 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33382 | &nbsp;&nbsp;&nbsp;&nbsp; 1494846 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10756359 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7860 | &nbsp;&nbsp;&nbsp;&nbsp; 1151726 |
| **Household Products/Wares — 0.3%** | **Household Products/Wares — 0.3%** | **Household Products/Wares — 0.3%** |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11717 | &nbsp;&nbsp;&nbsp;&nbsp; 2265248 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35027 | &nbsp;&nbsp;&nbsp;&nbsp; 2867660 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17760 | &nbsp;&nbsp;&nbsp;&nbsp; 2640024 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48685 | &nbsp;&nbsp;&nbsp;&nbsp; 6603147 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14376079 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54273 | &nbsp;&nbsp;&nbsp;&nbsp; 703921 |
| **Insurance — 3.8%** | **Insurance — 3.8%** | **Insurance — 3.8%** |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82921 | &nbsp;&nbsp;&nbsp;&nbsp; 5964508 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38976 | &nbsp;&nbsp;&nbsp;&nbsp; 5218886 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc.(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109651 | &nbsp;&nbsp;&nbsp;&nbsp; 6920075 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30415 | &nbsp;&nbsp;&nbsp;&nbsp; 9376336 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53229 | &nbsp;&nbsp;&nbsp;&nbsp; 3188949 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30330 | &nbsp;&nbsp;&nbsp;&nbsp; 6039006 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7673 | &nbsp;&nbsp;&nbsp;&nbsp; 983832 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260256 | &nbsp;&nbsp;&nbsp;&nbsp; 82917562 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33805 | &nbsp;&nbsp;&nbsp;&nbsp; 2014440 |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60224 | &nbsp;&nbsp;&nbsp;&nbsp; 13224588 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22956 | &nbsp;&nbsp;&nbsp;&nbsp; 2547198 |
| &nbsp;&nbsp;&nbsp;Everest Re Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5682 | &nbsp;&nbsp;&nbsp;&nbsp; 1920175 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13067 | &nbsp;&nbsp;&nbsp;&nbsp; 1567517 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46597 | &nbsp;&nbsp;&nbsp;&nbsp; 3558613 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22338 | &nbsp;&nbsp;&nbsp;&nbsp; 869842 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28838 | &nbsp;&nbsp;&nbsp;&nbsp; 1676930 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71958 | &nbsp;&nbsp;&nbsp;&nbsp; 12461687 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96613 | &nbsp;&nbsp;&nbsp;&nbsp; 7410217 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33424 | &nbsp;&nbsp;&nbsp;&nbsp; 2997464 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84344 | &nbsp;&nbsp;&nbsp;&nbsp; 11146060 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53642 | &nbsp;&nbsp;&nbsp;&nbsp; 5794945 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34220 | &nbsp;&nbsp;&nbsp;&nbsp; 6495298 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29454 | &nbsp;&nbsp;$2246751 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15857 | &nbsp;&nbsp;&nbsp;&nbsp; 3903359 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200444238 |
| **Internet — 7.3%** | **Internet — 7.3%** | **Internet — 7.3%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864619 | &nbsp;&nbsp;&nbsp;&nbsp; 87317873 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773169 | &nbsp;&nbsp;&nbsp;&nbsp; 78437995 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1278063 | &nbsp;&nbsp;&nbsp;&nbsp; 123384202 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5726 | &nbsp;&nbsp;&nbsp;&nbsp; 11906931 |
| &nbsp;&nbsp;&nbsp;Cars.com, 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; 15 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19502 | &nbsp;&nbsp;&nbsp;&nbsp; 3678857 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79218 | &nbsp;&nbsp;&nbsp;&nbsp; 3599666 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18257 | &nbsp;&nbsp;&nbsp;&nbsp; 2411567 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21924 | &nbsp;&nbsp;&nbsp;&nbsp; 2342360 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8589 | &nbsp;&nbsp;&nbsp;&nbsp; 1327945 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85377 | &nbsp;&nbsp;&nbsp;&nbsp; 1960256 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40807 | &nbsp;&nbsp;&nbsp;&nbsp; 2063202 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328871 | &nbsp;&nbsp;&nbsp;&nbsp; 38839665 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64127 | &nbsp;&nbsp;&nbsp;&nbsp; 19592722 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13459 | &nbsp;&nbsp;&nbsp;&nbsp; 2689243 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379552499 |
| **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;37749 | &nbsp;&nbsp;&nbsp;&nbsp; 5660463 |
| **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;142336 | &nbsp;&nbsp;&nbsp;&nbsp; 1413397 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60764 | &nbsp;&nbsp;&nbsp;&nbsp; 998960 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31630 | &nbsp;&nbsp;&nbsp;&nbsp; 1895586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4307943 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39552 | &nbsp;&nbsp;&nbsp;&nbsp; 5640906 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47382 | &nbsp;&nbsp;&nbsp;&nbsp; 2219373 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39780 | &nbsp;&nbsp;&nbsp;&nbsp; 6577623 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47049 | &nbsp;&nbsp;&nbsp;&nbsp; 1734226 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14923 | &nbsp;&nbsp;&nbsp;&nbsp; 1248458 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17420586 |
| **Machinery-Construction & Mining — 0.3%** | **Machinery-Construction & Mining — 0.3%** | **Machinery-Construction & Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76124 | &nbsp;&nbsp;&nbsp;&nbsp; 17996475 |
| **Machinery-Diversified — 0.8%** | **Machinery-Diversified — 0.8%** | **Machinery-Diversified — 0.8%** |
| &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40106 | &nbsp;&nbsp;&nbsp;&nbsp; 17686746 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20700 | &nbsp;&nbsp;&nbsp;&nbsp; 2938365 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10884 | &nbsp;&nbsp;&nbsp;&nbsp; 2584841 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58139 | &nbsp;&nbsp;&nbsp;&nbsp; 3137762 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7796 | &nbsp;&nbsp;&nbsp;&nbsp; 1843676 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60598 | &nbsp;&nbsp;&nbsp;&nbsp; 4732098 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16645 | &nbsp;&nbsp;&nbsp;&nbsp; 4397942 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26227 | &nbsp;&nbsp;&nbsp;&nbsp; 2651287 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25982 | &nbsp;&nbsp;&nbsp;&nbsp; 2919078 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42891795 |
| **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;15985 | &nbsp;&nbsp;&nbsp;&nbsp; 6254771 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635024 | &nbsp;&nbsp;&nbsp;&nbsp; 23267279 |
| &nbsp;&nbsp;&nbsp;DISH Network Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36196 | &nbsp;&nbsp;&nbsp;&nbsp; 580946 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5477 | &nbsp;&nbsp;&nbsp;&nbsp; 2526485 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44194 | &nbsp;&nbsp;&nbsp;&nbsp; 1434095 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20294 | &nbsp;&nbsp;&nbsp;&nbsp; 619373 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55603 | &nbsp;&nbsp;&nbsp;&nbsp; 1064798 |
| &nbsp;&nbsp;&nbsp;News Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17225 | &nbsp;&nbsp;&nbsp;&nbsp; 335026 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72816 | &nbsp;&nbsp;&nbsp;&nbsp; 1462145 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| &nbsp;&nbsp;&nbsp;Walt Disney Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262884 | &nbsp;&nbsp;$25728457 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318552 | &nbsp;&nbsp;&nbsp;&nbsp; 3631493 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66904868 |
| **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206204 | &nbsp;&nbsp;&nbsp;&nbsp; 8206919 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114448 | &nbsp;&nbsp;&nbsp;&nbsp; 5432847 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13639766 |
| **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;79831 | &nbsp;&nbsp;&nbsp;&nbsp; 10056311 |
| &nbsp;&nbsp;&nbsp;A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18526 | &nbsp;&nbsp;&nbsp;&nbsp; 1125269 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57434 | &nbsp;&nbsp;&nbsp;&nbsp; 9387587 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158122 | &nbsp;&nbsp;&nbsp;&nbsp; 13593748 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40629 | &nbsp;&nbsp;&nbsp;&nbsp; 9241879 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18511 | &nbsp;&nbsp;&nbsp;&nbsp; 5533678 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6758 | &nbsp;&nbsp;&nbsp;&nbsp; 2839036 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30502 | &nbsp;&nbsp;&nbsp;&nbsp; 2177233 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33413 | &nbsp;&nbsp;&nbsp;&nbsp; 5961548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59916289 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7468 | &nbsp;&nbsp;&nbsp;&nbsp; 2018451 |
| **Oil & Gas — 4.1%** | **Oil & Gas — 4.1%** | **Oil & Gas — 4.1%** |
| &nbsp;&nbsp;&nbsp;APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47085 | &nbsp;&nbsp;&nbsp;&nbsp; 2205932 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259680 | &nbsp;&nbsp;&nbsp;&nbsp; 47601941 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183570 | &nbsp;&nbsp;&nbsp;&nbsp; 22672731 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114724 | &nbsp;&nbsp;&nbsp;&nbsp; 3201947 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94421 | &nbsp;&nbsp;&nbsp;&nbsp; 6469727 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25632 | &nbsp;&nbsp;&nbsp;&nbsp; 3794049 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84507 | &nbsp;&nbsp;&nbsp;&nbsp; 11994078 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53348 | &nbsp;&nbsp;&nbsp;&nbsp; 2262489 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600970 | &nbsp;&nbsp;&nbsp;&nbsp; 66912000 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40181 | &nbsp;&nbsp;&nbsp;&nbsp; 5782448 |
| &nbsp;&nbsp;&nbsp;Marathon Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97707 | &nbsp;&nbsp;&nbsp;&nbsp; 2992765 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71901 | &nbsp;&nbsp;&nbsp;&nbsp; 8758261 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107457 | &nbsp;&nbsp;&nbsp;&nbsp; 7467187 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69367 | &nbsp;&nbsp;&nbsp;&nbsp; 7522157 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34416 | &nbsp;&nbsp;&nbsp;&nbsp; 8121832 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56810 | &nbsp;&nbsp;&nbsp;&nbsp; 7590952 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215350496 |
| **Oil & Gas Services — 0.4%** | **Oil & Gas Services — 0.4%** | **Oil & Gas Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145895 | &nbsp;&nbsp;&nbsp;&nbsp; 4233873 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130780 | &nbsp;&nbsp;&nbsp;&nbsp; 4955254 |
| &nbsp;&nbsp;&nbsp;Schlumberger, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203954 | &nbsp;&nbsp;&nbsp;&nbsp; 10513829 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19702956 |
| **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
| &nbsp;&nbsp;&nbsp;Amcor PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216698 | &nbsp;&nbsp;&nbsp;&nbsp; 2676220 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45323 | &nbsp;&nbsp;&nbsp;&nbsp; 2541714 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13517 | &nbsp;&nbsp;&nbsp;&nbsp; 1836825 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20941 | &nbsp;&nbsp;&nbsp;&nbsp; 1114690 |
| &nbsp;&nbsp;&nbsp;WestRock Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36670 | &nbsp;&nbsp;&nbsp;&nbsp; 1390526 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9559975 |
| **Pharmaceuticals — 6.5%** | **Pharmaceuticals — 6.5%** | **Pharmaceuticals — 6.5%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254959 | &nbsp;&nbsp;&nbsp;&nbsp; 41094292 |
| &nbsp;&nbsp;&nbsp;AmerisourceBergen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23354 | &nbsp;&nbsp;&nbsp;&nbsp; 3986294 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41125 | &nbsp;&nbsp;&nbsp;&nbsp; 10254107 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307902 | &nbsp;&nbsp;&nbsp;&nbsp; 24718372 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39283 | &nbsp;&nbsp;&nbsp;&nbsp; 3149318 |
| &nbsp;&nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43997 | &nbsp;&nbsp;&nbsp;&nbsp; 14470173 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189309 | &nbsp;&nbsp;&nbsp;&nbsp; 19286801 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;DexCom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56610 | &nbsp;&nbsp;$6582611 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113722 | &nbsp;&nbsp;&nbsp;&nbsp; 42199960 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19627 | &nbsp;&nbsp;&nbsp;&nbsp; 1588217 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379126 | &nbsp;&nbsp;&nbsp;&nbsp; 67484428 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20726 | &nbsp;&nbsp;&nbsp;&nbsp; 7910700 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365297 | &nbsp;&nbsp;&nbsp;&nbsp; 40226506 |
| &nbsp;&nbsp;&nbsp;Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36674 | &nbsp;&nbsp;&nbsp;&nbsp; 954257 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809297 | &nbsp;&nbsp;&nbsp;&nbsp; 40570059 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174853 | &nbsp;&nbsp;&nbsp;&nbsp; 1928628 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67505 | &nbsp;&nbsp;&nbsp;&nbsp; 10405221 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336809944 |
| **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285895 | &nbsp;&nbsp;&nbsp;&nbsp; 5466312 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64437 | &nbsp;&nbsp;&nbsp;&nbsp; 4312124 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32669 | &nbsp;&nbsp;&nbsp;&nbsp; 2430247 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175711 | &nbsp;&nbsp;&nbsp;&nbsp; 6097172 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18305855 |
| **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;46313 | &nbsp;&nbsp;&nbsp;&nbsp; 3686515 |
| **REITS — 2.5%** | **REITS — 2.5%** | **REITS — 2.5%** |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21411 | &nbsp;&nbsp;&nbsp;&nbsp; 3331766 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67137 | &nbsp;&nbsp;&nbsp;&nbsp; 14854061 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20164 | &nbsp;&nbsp;&nbsp;&nbsp; 3526684 |
| &nbsp;&nbsp;&nbsp;Boston Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20567 | &nbsp;&nbsp;&nbsp;&nbsp; 1482469 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15362 | &nbsp;&nbsp;&nbsp;&nbsp; 1848509 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62444 | &nbsp;&nbsp;&nbsp;&nbsp; 8831455 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41444 | &nbsp;&nbsp;&nbsp;&nbsp; 4660792 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13133 | &nbsp;&nbsp;&nbsp;&nbsp; 9070306 |
| &nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48812 | &nbsp;&nbsp;&nbsp;&nbsp; 3165946 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9391 | &nbsp;&nbsp;&nbsp;&nbsp; 2069589 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19310 | &nbsp;&nbsp;&nbsp;&nbsp; 3102924 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500 | &nbsp;&nbsp;&nbsp;&nbsp; 1166550 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77807 | &nbsp;&nbsp;&nbsp;&nbsp; 2043212 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103087 | &nbsp;&nbsp;&nbsp;&nbsp; 1952468 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83613 | &nbsp;&nbsp;&nbsp;&nbsp; 2728292 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41916 | &nbsp;&nbsp;&nbsp;&nbsp; 2277296 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89185 | &nbsp;&nbsp;&nbsp;&nbsp; 2044120 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16646 | &nbsp;&nbsp;&nbsp;&nbsp; 2744592 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133131 | &nbsp;&nbsp;&nbsp;&nbsp; 15681500 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22782 | &nbsp;&nbsp;&nbsp;&nbsp; 6788125 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89054 | &nbsp;&nbsp;&nbsp;&nbsp; 5616636 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22207 | &nbsp;&nbsp;&nbsp;&nbsp; 1475211 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15556 | &nbsp;&nbsp;&nbsp;&nbsp; 4655911 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47204 | &nbsp;&nbsp;&nbsp;&nbsp; 5638046 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44042 | &nbsp;&nbsp;&nbsp;&nbsp; 1826422 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57638 | &nbsp;&nbsp;&nbsp;&nbsp; 2681896 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138878 | &nbsp;&nbsp;&nbsp;&nbsp; 4749628 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23229 | &nbsp;&nbsp;&nbsp;&nbsp; 587461 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66817 | &nbsp;&nbsp;&nbsp;&nbsp; 4746012 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106753 | &nbsp;&nbsp;&nbsp;&nbsp; 3491891 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128839770 |
| **Retail — 5.3%** | **Retail — 5.3%** | **Retail — 5.3%** |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8744 | &nbsp;&nbsp;&nbsp;&nbsp; 1320257 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2810 | &nbsp;&nbsp;&nbsp;&nbsp; 7246990 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32921 | &nbsp;&nbsp;&nbsp;&nbsp; 1399143 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28898 | &nbsp;&nbsp;&nbsp;&nbsp; 2464999 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22952 | &nbsp;&nbsp;&nbsp;&nbsp; 1591951 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4004 | &nbsp;&nbsp;&nbsp;&nbsp; 6514348 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63875 | &nbsp;&nbsp;&nbsp;&nbsp; 34444594 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17676 | &nbsp;&nbsp;$2598195 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32733 | &nbsp;&nbsp;&nbsp;&nbsp; 8369173 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30438 | &nbsp;&nbsp;&nbsp;&nbsp; 4574527 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5175 | &nbsp;&nbsp;&nbsp;&nbsp; 2011678 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20395 | &nbsp;&nbsp;&nbsp;&nbsp; 3739015 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148202 | &nbsp;&nbsp;&nbsp;&nbsp; 48015966 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92162 | &nbsp;&nbsp;&nbsp;&nbsp; 19589033 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106090 | &nbsp;&nbsp;&nbsp;&nbsp; 28940291 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9193 | &nbsp;&nbsp;&nbsp;&nbsp; 7947716 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50459 | &nbsp;&nbsp;&nbsp;&nbsp; 5937511 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165455 | &nbsp;&nbsp;&nbsp;&nbsp; 16909501 |
| &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66864 | &nbsp;&nbsp;&nbsp;&nbsp; 11170969 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168949 | &nbsp;&nbsp;&nbsp;&nbsp; 13524367 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16006 | &nbsp;&nbsp;&nbsp;&nbsp; 3622318 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7472 | &nbsp;&nbsp;&nbsp;&nbsp; 3473284 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103439 | &nbsp;&nbsp;&nbsp;&nbsp; 4292719 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205541 | &nbsp;&nbsp;&nbsp;&nbsp; 31328559 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41031 | &nbsp;&nbsp;&nbsp;&nbsp; 5279048 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276306152 |
| **Semiconductors — 4.8%** | **Semiconductors — 4.8%** | **Semiconductors — 4.8%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232784 | &nbsp;&nbsp;&nbsp;&nbsp; 18071022 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74955 | &nbsp;&nbsp;&nbsp;&nbsp; 12885514 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125445 | &nbsp;&nbsp;&nbsp;&nbsp; 13748772 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58230 | &nbsp;&nbsp;&nbsp;&nbsp; 32086477 |
| &nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592082 | &nbsp;&nbsp;&nbsp;&nbsp; 17803906 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20448 | &nbsp;&nbsp;&nbsp;&nbsp; 8039131 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19752 | &nbsp;&nbsp;&nbsp;&nbsp; 9330450 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79667 | &nbsp;&nbsp;&nbsp;&nbsp; 6308830 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159072 | &nbsp;&nbsp;&nbsp;&nbsp; 9170501 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6409 | &nbsp;&nbsp;&nbsp;&nbsp; 2447982 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361077 | &nbsp;&nbsp;&nbsp;&nbsp; 61105061 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37867 | &nbsp;&nbsp;&nbsp;&nbsp; 6658533 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62472 | &nbsp;&nbsp;&nbsp;&nbsp; 4697894 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14882 | &nbsp;&nbsp;&nbsp;&nbsp; 1477038 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161936 | &nbsp;&nbsp;&nbsp;&nbsp; 20483285 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23136 | &nbsp;&nbsp;&nbsp;&nbsp; 2212264 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22608 | &nbsp;&nbsp;&nbsp;&nbsp; 2112717 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131756 | &nbsp;&nbsp;&nbsp;&nbsp; 23776688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252416065 |
| **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5761 | &nbsp;&nbsp;&nbsp;&nbsp; 1336322 |
| **Software — 8.7%** | **Software — 8.7%** | **Software — 8.7%** |
| &nbsp;&nbsp;&nbsp;Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102656 | &nbsp;&nbsp;&nbsp;&nbsp; 7591411 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67485 | &nbsp;&nbsp;&nbsp;&nbsp; 23277601 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22922 | &nbsp;&nbsp;&nbsp;&nbsp; 2174381 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12556 | &nbsp;&nbsp;&nbsp;&nbsp; 3192991 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31330 | &nbsp;&nbsp;&nbsp;&nbsp; 6327094 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16904 | &nbsp;&nbsp;&nbsp;&nbsp; 2520555 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39492 | &nbsp;&nbsp;&nbsp;&nbsp; 6794204 |
| &nbsp;&nbsp;&nbsp;Ceridian HCM Holding, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22071 | &nbsp;&nbsp;&nbsp;&nbsp; 1510539 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38089 | &nbsp;&nbsp;&nbsp;&nbsp; 4981279 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87671 | &nbsp;&nbsp;&nbsp;&nbsp; 6363161 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92228 | &nbsp;&nbsp;&nbsp;&nbsp; 9624914 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40676 | &nbsp;&nbsp;&nbsp;&nbsp; 16579131 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10507 | &nbsp;&nbsp;&nbsp;&nbsp; 1989500 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1075423 | &nbsp;&nbsp;&nbsp;&nbsp; 274383424 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11609 | &nbsp;&nbsp;&nbsp;&nbsp; 5895398 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219040 | &nbsp;&nbsp;&nbsp;&nbsp; 18186891 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46190 | &nbsp;&nbsp;&nbsp;&nbsp; 5728946 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7009 | &nbsp;&nbsp;&nbsp;&nbsp; 2376752 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15244 | &nbsp;&nbsp;&nbsp;&nbsp; 1939189 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Roper Technologies, Inc. | &nbsp;&nbsp; 15286 | &nbsp;&nbsp;$6708873 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc.† | &nbsp;&nbsp; 143478 | &nbsp;&nbsp;&nbsp;&nbsp; 22992350 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp; 29129 | &nbsp;&nbsp;&nbsp;&nbsp; 12126403 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp; 22058 | &nbsp;&nbsp;&nbsp;&nbsp; 7489573 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp; 22595 | &nbsp;&nbsp;&nbsp;&nbsp; 2388066 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp; 5996 | &nbsp;&nbsp;&nbsp;&nbsp; 2055069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455197695 |
| **Telecommunications — 2.0%** | **Telecommunications — 2.0%** | **Telecommunications — 2.0%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp; 35540 | &nbsp;&nbsp;&nbsp;&nbsp; 4950722 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp; 1027564 | &nbsp;&nbsp;&nbsp;&nbsp; 19811434 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp; 597124 | &nbsp;&nbsp;&nbsp;&nbsp; 29689005 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp; 109705 | &nbsp;&nbsp;&nbsp;&nbsp; 3744232 |
| &nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | &nbsp;&nbsp; 46519 | &nbsp;&nbsp;&nbsp;&nbsp; 1546292 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.# | &nbsp;&nbsp; 137351 | &nbsp;&nbsp;&nbsp;&nbsp; 751310 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp; 24064 | &nbsp;&nbsp;&nbsp;&nbsp; 6550221 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc.† | &nbsp;&nbsp; 86799 | &nbsp;&nbsp;&nbsp;&nbsp; 13146576 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp; 605596 | &nbsp;&nbsp;&nbsp;&nbsp; 23606132 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103795924 |
| **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | &nbsp;&nbsp; 18718 | &nbsp;&nbsp;&nbsp;&nbsp; 1175865 |
| **Transportation — 1.4%** | **Transportation — 1.4%** | **Transportation — 1.4%** |
| &nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp; 17863 | &nbsp;&nbsp;&nbsp;&nbsp; 1790230 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp; 308765 | &nbsp;&nbsp;&nbsp;&nbsp; 10093528 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp; 23590 | &nbsp;&nbsp;&nbsp;&nbsp; 2737855 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp; 34472 | &nbsp;&nbsp;&nbsp;&nbsp; 6281488 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 11975 | &nbsp;&nbsp;&nbsp;&nbsp; 2202083 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp; 33869 | &nbsp;&nbsp;&nbsp;&nbsp; 8687398 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 13216 | &nbsp;&nbsp;&nbsp;&nbsp; 3999294 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp; 90049 | &nbsp;&nbsp;&nbsp;&nbsp; 19579354 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp; 105533 | &nbsp;&nbsp;&nbsp;&nbsp; 20022776 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75394006 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | &nbsp;&nbsp; 26213 | &nbsp;&nbsp;&nbsp;&nbsp; 3978085 |
| **Total Long-Term Investment Securities<br> (cost $1,968,630,387)** |  | &nbsp;&nbsp;&nbsp;&nbsp;4944532977 |
| **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** |
| **Unaffiliated Investment Companies — 0.0%** | **Unaffiliated Investment Companies — 0.0%** | **Unaffiliated Investment Companies — 0.0%** |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 3.86%(2)(3) | &nbsp;&nbsp; 1101880 | &nbsp;&nbsp;&nbsp;&nbsp; 1101880 |
| **U.S. Government — 0.3%** | **U.S. Government — 0.3%** | **U.S. Government — 0.3%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86%, 07/13/2023(4) | $100000 | &nbsp;&nbsp;&nbsp;&nbsp; 97268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 07/13/2023(4) | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 875413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09%, 08/10/2023(4) | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2423070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 08/10/2023(4) | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11%, 08/10/2023(4) | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 10/05/2023(4) | &nbsp;&nbsp; 12800000 | &nbsp;&nbsp;&nbsp;&nbsp; 12308843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 11/02/2023(4) | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 287413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51%, 05/25/2023(4) | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 488996 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16519771 |
| **Total Short-Term Investments<br> (cost $17,674,454)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17621651 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REPURCHASE AGREEMENTS — 4.7%** | **REPURCHASE AGREEMENTS — 4.7%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.13% dated 11/30/2022, to be repurchased 12/01/2022 in the amount of $52,447,525 and collateralized by $60,574,300 of United States Treasury Notes, bearing interest at 0.63% due 07/31/2026 and having an approximate value of $53,494,800 | $52445879 | &nbsp;&nbsp;$52445879 |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.13% dated 11/30/2022, to be repurchased 12/01/2022 in the amount of $135,537,905 and collateralized by $148,220,300 of United States Treasury Notes, bearing interest at 1.13% due 01/15/2025 and having an approximate value of $138,244,333 | &nbsp;&nbsp;135533651 | &nbsp;&nbsp;&nbsp;&nbsp; 135533651 |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.13% dated 11/30/2022, to be repurchased 12/01/2022 in the amount of $58,665,879 and collateralized by $61,819,500 of United States Treasury Notes, bearing interest at 2.50% due 01/31/2025 and having an approximate value of $59,837,322 | &nbsp;&nbsp; 58664037 | &nbsp;&nbsp;&nbsp;&nbsp; 58664037 |
| **Total Repurchase Agreements<br> (cost $246,643,567)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246643567 |
| **TOTAL INVESTMENTS<br> (cost $2,232,948,408)(5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.7% | &nbsp;&nbsp;&nbsp;&nbsp;5208798195 |
| 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;15136640 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$5223934835 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| (1) | &nbsp;&nbsp;Security represents an investment in an affiliated company (see Note 3) |
| (2) | &nbsp;&nbsp;The rate shown is the 7-day yield as of November 30, 2022. |
| (3) | &nbsp;&nbsp;At November 30, 2022, the Fund had loaned securities with a total value of $1,734,958. This was secured by collateral of $1,101,880, which was received in cash and subsequently invested in short-term investments currently valued at $1,101,880 as reported in the Portfolio of Investments. Additional collateral of $658,642 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, 2022** |
| United States Treasury Bills | 0.00% | 12/15/2022 to 02/09/2023 | &nbsp;&nbsp;&nbsp;$9828 |
| United States Treasury Notes/Bonds | 0.13% to 6.62% | 12/31/2022 to 05/15/2052 | &nbsp;&nbsp;&nbsp;648814 |

---

(4) The
security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

(5) See
 Note 5 for cost of investments on a tax basis.

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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** |
| 1333 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;$256905721 | &nbsp;&nbsp;&nbsp;&nbsp;$272015313 | &nbsp;&nbsp;&nbsp;&nbsp;$15109592 |

---

\* 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, 2022 (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;$4944532977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4944532977 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16519771 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16519771 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101880 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;246643567 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246643567 |
| **Total Investments at Value** | &nbsp;&nbsp;$4945634857 | &nbsp;&nbsp;$263163338 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5208798195 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$15109592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$15109592 |

---

---

| | |
|:---|:---|
| \* | &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**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;8.3% |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;8.0 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;7.4 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;6.6 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;6.2 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Shipbuilding | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Office/Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;99.9% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.3%** | **COMMON STOCKS — 98.3%** | **COMMON STOCKS — 98.3%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6177 | &nbsp;&nbsp;$212242 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3298 | &nbsp;&nbsp;&nbsp;&nbsp; 263048 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475290 |
| **Aerospace/Defense — 0.8%** | **Aerospace/Defense — 0.8%** | **Aerospace/Defense — 0.8%** |
| &nbsp;&nbsp;&nbsp;Boeing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557 | &nbsp;&nbsp;&nbsp;&nbsp; 99636 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp; 310904 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015 | &nbsp;&nbsp;&nbsp;&nbsp; 760956 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848 | &nbsp;&nbsp;&nbsp;&nbsp; 137639 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103 | &nbsp;&nbsp;&nbsp;&nbsp; 477549 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805 | &nbsp;&nbsp;&nbsp;&nbsp; 875768 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 | &nbsp;&nbsp;&nbsp;&nbsp; 805268 |
| &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10270 | &nbsp;&nbsp;&nbsp;&nbsp; 1013854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4481574 |
| **Agriculture — 0.9%** | **Agriculture — 0.9%** | **Agriculture — 0.9%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13711 | &nbsp;&nbsp;&nbsp;&nbsp; 638658 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;14317 | &nbsp;&nbsp;&nbsp;&nbsp; 1395908 |
| &nbsp;&nbsp;&nbsp;Bunge, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4216 | &nbsp;&nbsp;&nbsp;&nbsp; 442005 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786 | &nbsp;&nbsp;&nbsp;&nbsp; 128288 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21295 | &nbsp;&nbsp;&nbsp;&nbsp; 2122473 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4727332 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9807 | &nbsp;&nbsp;&nbsp;&nbsp; 465244 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5485 | &nbsp;&nbsp;&nbsp;&nbsp; 218907 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5254 | &nbsp;&nbsp;&nbsp;&nbsp; 232069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916220 |
| **Apparel — 0.8%** | **Apparel — 0.8%** | **Apparel — 0.8%** |
| &nbsp;&nbsp;&nbsp;Capri Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6871 | &nbsp;&nbsp;&nbsp;&nbsp; 394052 |
| &nbsp;&nbsp;&nbsp;Carter's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4707 | &nbsp;&nbsp;&nbsp;&nbsp; 343799 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3330 | &nbsp;&nbsp;&nbsp;&nbsp; 298335 |
| &nbsp;&nbsp;&nbsp;Hanesbrands, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7666 | &nbsp;&nbsp;&nbsp;&nbsp; 51516 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;11587 | &nbsp;&nbsp;&nbsp;&nbsp; 1270978 |
| &nbsp;&nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2866 | &nbsp;&nbsp;&nbsp;&nbsp; 192538 |
| &nbsp;&nbsp;&nbsp;Skechers USA, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6356 | &nbsp;&nbsp;&nbsp;&nbsp; 268032 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16354 | &nbsp;&nbsp;&nbsp;&nbsp; 617691 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;29725 | &nbsp;&nbsp;&nbsp;&nbsp; 297250 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;34802 | &nbsp;&nbsp;&nbsp;&nbsp; 303473 |
| &nbsp;&nbsp;&nbsp;VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4024 | &nbsp;&nbsp;&nbsp;&nbsp; 132068 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4169732 |
| **Auto Manufacturers — 1.3%** | **Auto Manufacturers — 1.3%** | **Auto Manufacturers — 1.3%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888 | &nbsp;&nbsp;&nbsp;&nbsp; 474190 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;91181 | &nbsp;&nbsp;&nbsp;&nbsp; 1267416 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2853 | &nbsp;&nbsp;&nbsp;&nbsp; 302161 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;24452 | &nbsp;&nbsp;&nbsp;&nbsp; 4760805 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6804572 |
| **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8161 | &nbsp;&nbsp;&nbsp;&nbsp; 365613 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11113 | &nbsp;&nbsp;&nbsp;&nbsp; 472413 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6242 | &nbsp;&nbsp;&nbsp;&nbsp; 180394 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018420 |
| **Banks — 3.4%** | **Banks — 3.4%** | **Banks — 3.4%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;73918 | &nbsp;&nbsp;&nbsp;&nbsp; 2797796 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572 | &nbsp;&nbsp;&nbsp;&nbsp; 126813 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13957 | &nbsp;&nbsp;&nbsp;&nbsp; 640626 |
| &nbsp;&nbsp;&nbsp;Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5475 | &nbsp;&nbsp;&nbsp;&nbsp; 252671 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22113 | &nbsp;&nbsp;&nbsp;&nbsp; 1070490 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6181 | &nbsp;&nbsp;&nbsp;&nbsp; 261951 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040 | &nbsp;&nbsp;$146350 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp; 150140 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp; 122584 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4933 | &nbsp;&nbsp;&nbsp;&nbsp; 179364 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11556 | &nbsp;&nbsp;&nbsp;&nbsp; 287167 |
| &nbsp;&nbsp;&nbsp;FNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14502 | &nbsp;&nbsp;&nbsp;&nbsp; 204478 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9786 | &nbsp;&nbsp;&nbsp;&nbsp; 151487 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;33620 | &nbsp;&nbsp;&nbsp;&nbsp; 4645612 |
| &nbsp;&nbsp;&nbsp;KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;11620 | &nbsp;&nbsp;&nbsp;&nbsp; 218572 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071 | &nbsp;&nbsp;&nbsp;&nbsp; 182091 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;16480 | &nbsp;&nbsp;&nbsp;&nbsp; 1533794 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030 | &nbsp;&nbsp;&nbsp;&nbsp; 170297 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3005 | &nbsp;&nbsp;&nbsp;&nbsp; 505621 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5631 | &nbsp;&nbsp;&nbsp;&nbsp; 411176 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772 | &nbsp;&nbsp;&nbsp;&nbsp; 133910 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10439 | &nbsp;&nbsp;&nbsp;&nbsp; 242289 |
| &nbsp;&nbsp;&nbsp;Signature Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp; 95139 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5482 | &nbsp;&nbsp;&nbsp;&nbsp; 436751 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5759 | &nbsp;&nbsp;&nbsp;&nbsp; 242627 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11429 | &nbsp;&nbsp;&nbsp;&nbsp; 534991 |
| &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8799 | &nbsp;&nbsp;&nbsp;&nbsp; 399387 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421 | &nbsp;&nbsp;&nbsp;&nbsp; 77217 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;34294 | &nbsp;&nbsp;&nbsp;&nbsp; 1644397 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2028 | &nbsp;&nbsp;&nbsp;&nbsp; 138999 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3010 | &nbsp;&nbsp;&nbsp;&nbsp; 275204 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3819 | &nbsp;&nbsp;&nbsp;&nbsp; 197901 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18477892 |
| **Beverages — 1.4%** | **Beverages — 1.4%** | **Beverages — 1.4%** |
| &nbsp;&nbsp;&nbsp;Boston Beer Co., Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 | &nbsp;&nbsp;&nbsp;&nbsp; 304421 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3573 | &nbsp;&nbsp;&nbsp;&nbsp; 260793 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4466 | &nbsp;&nbsp;&nbsp;&nbsp; 326107 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;26345 | &nbsp;&nbsp;&nbsp;&nbsp; 1675806 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663 | &nbsp;&nbsp;&nbsp;&nbsp; 427973 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9664 | &nbsp;&nbsp;&nbsp;&nbsp; 373707 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;16217 | &nbsp;&nbsp;&nbsp;&nbsp; 893719 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6743 | &nbsp;&nbsp;&nbsp;&nbsp; 693585 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13644 | &nbsp;&nbsp;&nbsp;&nbsp; 2531098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7487209 |
| **Biotechnology — 2.0%** | **Biotechnology — 2.0%** | **Biotechnology — 2.0%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6705 | &nbsp;&nbsp;&nbsp;&nbsp; 1920312 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312 | &nbsp;&nbsp;&nbsp;&nbsp; 1010723 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | &nbsp;&nbsp;&nbsp;&nbsp; 154272 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9588 | &nbsp;&nbsp;&nbsp;&nbsp; 643930 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17733 | &nbsp;&nbsp;&nbsp;&nbsp; 302880 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18145 | &nbsp;&nbsp;&nbsp;&nbsp; 1593675 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;10830 | &nbsp;&nbsp;&nbsp;&nbsp; 862826 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4053 | &nbsp;&nbsp;&nbsp;&nbsp; 712963 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411 | &nbsp;&nbsp;&nbsp;&nbsp; 1060649 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4546 | &nbsp;&nbsp;&nbsp;&nbsp; 199888 |
| &nbsp;&nbsp;&nbsp;Seagen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 | &nbsp;&nbsp;&nbsp;&nbsp; 117506 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943 | &nbsp;&nbsp;&nbsp;&nbsp; 823716 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4686 | &nbsp;&nbsp;&nbsp;&nbsp; 1482650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10885990 |
| **Building Materials — 0.9%** | **Building Materials — 0.9%** | **Building Materials — 0.9%** |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11467 | &nbsp;&nbsp;&nbsp;&nbsp; 733085 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6799 | &nbsp;&nbsp;&nbsp;&nbsp; 301332 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 | &nbsp;&nbsp;&nbsp;&nbsp; 73078 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2769 | &nbsp;&nbsp;&nbsp;&nbsp; 183972 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638 | &nbsp;&nbsp;&nbsp;&nbsp; 426584 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7101 | &nbsp;&nbsp;&nbsp;&nbsp; 453044 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 | &nbsp;&nbsp;&nbsp;&nbsp; 261667 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;$604282 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9240 | &nbsp;&nbsp;&nbsp;&nbsp; 290968 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923 | &nbsp;&nbsp;&nbsp;&nbsp; 296188 |
| &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7543 | &nbsp;&nbsp;&nbsp;&nbsp; 670120 |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5426 | &nbsp;&nbsp;&nbsp;&nbsp; 248999 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198 | &nbsp;&nbsp;&nbsp;&nbsp; 219629 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4762948 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp; 314812 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327 | &nbsp;&nbsp;&nbsp;&nbsp; 368893 |
| &nbsp;&nbsp;&nbsp;Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1819 | &nbsp;&nbsp;&nbsp;&nbsp; 195179 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4102 | &nbsp;&nbsp;&nbsp;&nbsp; 443795 |
| &nbsp;&nbsp;&nbsp;Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;11238 | &nbsp;&nbsp;&nbsp;&nbsp; 348940 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11749 | &nbsp;&nbsp;&nbsp;&nbsp; 598846 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2617 | &nbsp;&nbsp;&nbsp;&nbsp; 184525 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512 | &nbsp;&nbsp;&nbsp;&nbsp; 130969 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219 | &nbsp;&nbsp;&nbsp;&nbsp; 182643 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603 | &nbsp;&nbsp;&nbsp;&nbsp; 209416 |
| &nbsp;&nbsp;&nbsp;Huntsman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4439 | &nbsp;&nbsp;&nbsp;&nbsp; 123315 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246 | &nbsp;&nbsp;&nbsp;&nbsp; 131852 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934 | &nbsp;&nbsp;&nbsp;&nbsp; 987232 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3599 | &nbsp;&nbsp;&nbsp;&nbsp; 305951 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8152 | &nbsp;&nbsp;&nbsp;&nbsp; 418198 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp; 155798 |
| &nbsp;&nbsp;&nbsp;Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7094 | &nbsp;&nbsp;&nbsp;&nbsp; 404216 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927 | &nbsp;&nbsp;&nbsp;&nbsp; 125349 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5109 | &nbsp;&nbsp;&nbsp;&nbsp; 529395 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2998 | &nbsp;&nbsp;&nbsp;&nbsp; 747042 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172 | &nbsp;&nbsp;&nbsp;&nbsp; 71632 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5320 | &nbsp;&nbsp;&nbsp;&nbsp; 572698 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7550696 |
| **Commercial Services — 2.3%** | **Commercial Services — 2.3%** | **Commercial Services — 2.3%** |
| &nbsp;&nbsp;&nbsp;ADT, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;53301 | &nbsp;&nbsp;&nbsp;&nbsp; 497831 |
| &nbsp;&nbsp;&nbsp;AMERCO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp; 17534 |
| &nbsp;&nbsp;&nbsp;AMERCO † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493 | &nbsp;&nbsp;&nbsp;&nbsp; 157483 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3919 | &nbsp;&nbsp;&nbsp;&nbsp; 1035165 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2383 | &nbsp;&nbsp;&nbsp;&nbsp; 253551 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542 | &nbsp;&nbsp;&nbsp;&nbsp; 712065 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 | &nbsp;&nbsp;&nbsp;&nbsp; 139738 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960 | &nbsp;&nbsp;&nbsp;&nbsp; 182182 |
| &nbsp;&nbsp;&nbsp;FleetCor Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1809 | &nbsp;&nbsp;&nbsp;&nbsp; 354926 |
| &nbsp;&nbsp;&nbsp;FTI Consulting, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535 | &nbsp;&nbsp;&nbsp;&nbsp; 265279 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3580 | &nbsp;&nbsp;&nbsp;&nbsp; 1254325 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4763 | &nbsp;&nbsp;&nbsp;&nbsp; 494304 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5949 | &nbsp;&nbsp;&nbsp;&nbsp; 672653 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3447 | &nbsp;&nbsp;&nbsp;&nbsp; 161526 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14763 | &nbsp;&nbsp;&nbsp;&nbsp; 645291 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp; 472608 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp; 92968 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179 | &nbsp;&nbsp;&nbsp;&nbsp; 948200 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp; 120604 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6661 | &nbsp;&nbsp;&nbsp;&nbsp; 522289 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1837 | &nbsp;&nbsp;&nbsp;&nbsp; 275330 |
| &nbsp;&nbsp;&nbsp;Robert Half International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10430 | &nbsp;&nbsp;&nbsp;&nbsp; 821675 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19183 | &nbsp;&nbsp;&nbsp;&nbsp; 775761 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414 | &nbsp;&nbsp;&nbsp;&nbsp; 498859 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7701 | &nbsp;&nbsp;&nbsp;&nbsp; 550236 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221 | &nbsp;&nbsp;&nbsp;&nbsp; 224310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12146693 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Computers — 8.0%** | **Computers — 8.0%** | **Computers — 8.0%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;10511 | &nbsp;&nbsp;$3163075 |
| &nbsp;&nbsp;&nbsp;Amdocs, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11967 | &nbsp;&nbsp;&nbsp;&nbsp; 1063388 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;191506 | &nbsp;&nbsp;&nbsp;&nbsp; 28348633 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604 | &nbsp;&nbsp;&nbsp;&nbsp; 813229 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;16965 | &nbsp;&nbsp;&nbsp;&nbsp; 1055393 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6379 | &nbsp;&nbsp;&nbsp;&nbsp; 285716 |
| &nbsp;&nbsp;&nbsp;DXC Technology Co.† | &nbsp;&nbsp;&nbsp;&nbsp;25748 | &nbsp;&nbsp;&nbsp;&nbsp; 763943 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231 | &nbsp;&nbsp;&nbsp;&nbsp; 453722 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14383 | &nbsp;&nbsp;&nbsp;&nbsp; 764600 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19906 | &nbsp;&nbsp;&nbsp;&nbsp; 917866 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;42828 | &nbsp;&nbsp;&nbsp;&nbsp; 718654 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20380 | &nbsp;&nbsp;&nbsp;&nbsp; 612215 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10598 | &nbsp;&nbsp;&nbsp;&nbsp; 1578042 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080 | &nbsp;&nbsp;&nbsp;&nbsp; 336736 |
| &nbsp;&nbsp;&nbsp;NCR Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;26807 | &nbsp;&nbsp;&nbsp;&nbsp; 639883 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6713 | &nbsp;&nbsp;&nbsp;&nbsp; 453866 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;10699 | &nbsp;&nbsp;&nbsp;&nbsp; 312304 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5245 | &nbsp;&nbsp;&nbsp;&nbsp; 577527 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7033 | &nbsp;&nbsp;&nbsp;&nbsp; 258463 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;43117255 |
| **Cosmetics/Personal Care — 1.3%** | **Cosmetics/Personal Care — 1.3%** | **Cosmetics/Personal Care — 1.3%** |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;16341 | &nbsp;&nbsp;&nbsp;&nbsp; 1266101 |
| &nbsp;&nbsp;&nbsp;Coty, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;24673 | &nbsp;&nbsp;&nbsp;&nbsp; 194176 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4510 | &nbsp;&nbsp;&nbsp;&nbsp; 1063413 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;29595 | &nbsp;&nbsp;&nbsp;&nbsp; 4414390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6938080 |
| **Distribution/Wholesale — 0.9%** | **Distribution/Wholesale — 0.9%** | **Distribution/Wholesale — 0.9%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2336 | &nbsp;&nbsp;&nbsp;&nbsp; 155484 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;19985 | &nbsp;&nbsp;&nbsp;&nbsp; 1029427 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18871 | &nbsp;&nbsp;&nbsp;&nbsp; 1025262 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561 | &nbsp;&nbsp;&nbsp;&nbsp; 514209 |
| &nbsp;&nbsp;&nbsp;Univar Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11493 | &nbsp;&nbsp;&nbsp;&nbsp; 380763 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2482 | &nbsp;&nbsp;&nbsp;&nbsp; 667608 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133 | &nbsp;&nbsp;&nbsp;&nbsp; 1286327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5059080 |
| **Diversified Financial Services — 3.7%** | **Diversified Financial Services — 3.7%** | **Diversified Financial Services — 3.7%** |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593 | &nbsp;&nbsp;&nbsp;&nbsp; 255549 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15569 | &nbsp;&nbsp;&nbsp;&nbsp; 420519 |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4554 | &nbsp;&nbsp;&nbsp;&nbsp; 717665 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2740 | &nbsp;&nbsp;&nbsp;&nbsp; 909543 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286 | &nbsp;&nbsp;&nbsp;&nbsp; 89236 |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 | &nbsp;&nbsp;&nbsp;&nbsp; 695236 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6634 | &nbsp;&nbsp;&nbsp;&nbsp; 684894 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639 | &nbsp;&nbsp;&nbsp;&nbsp; 207891 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11218 | &nbsp;&nbsp;&nbsp;&nbsp; 925934 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303 | &nbsp;&nbsp;&nbsp;&nbsp; 406479 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp; 178209 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3902 | &nbsp;&nbsp;&nbsp;&nbsp; 422821 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4663 | &nbsp;&nbsp;&nbsp;&nbsp; 537084 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068 | &nbsp;&nbsp;&nbsp;&nbsp; 85760 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2751 | &nbsp;&nbsp;&nbsp;&nbsp; 297961 |
| &nbsp;&nbsp;&nbsp;Invesco, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;25528 | &nbsp;&nbsp;&nbsp;&nbsp; 487840 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080 | &nbsp;&nbsp;&nbsp;&nbsp; 153763 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22096 | &nbsp;&nbsp;&nbsp;&nbsp; 839427 |
| &nbsp;&nbsp;&nbsp;Lazard, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;12212 | &nbsp;&nbsp;&nbsp;&nbsp; 447081 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3763 | &nbsp;&nbsp;&nbsp;&nbsp; 890740 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8392 | &nbsp;&nbsp;&nbsp;&nbsp; 2990909 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4405 | &nbsp;&nbsp;&nbsp;&nbsp; 301566 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14182 | &nbsp;&nbsp;&nbsp;&nbsp; 558204 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3901 | &nbsp;&nbsp;&nbsp;&nbsp; 456027 |
| &nbsp;&nbsp;&nbsp;Rocket Cos., Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;24219 | &nbsp;&nbsp;&nbsp;&nbsp; 201018 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7031 | &nbsp;&nbsp;$437891 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4678 | &nbsp;&nbsp;&nbsp;&nbsp; 300561 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;13459 | &nbsp;&nbsp;&nbsp;&nbsp; 505789 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5170 | &nbsp;&nbsp;&nbsp;&nbsp; 645785 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3352 | &nbsp;&nbsp;&nbsp;&nbsp; 206014 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;20355 | &nbsp;&nbsp;&nbsp;&nbsp; 451474 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;13540 | &nbsp;&nbsp;&nbsp;&nbsp; 2938180 |
| &nbsp;&nbsp;&nbsp;Western Union Co. | &nbsp;&nbsp;&nbsp;&nbsp;18784 | &nbsp;&nbsp;&nbsp;&nbsp; 275373 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19922423 |
| **Electric — 2.3%** | **Electric — 2.3%** | **Electric — 2.3%** |
| &nbsp;&nbsp;&nbsp;AES Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8030 | &nbsp;&nbsp;&nbsp;&nbsp; 232228 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4577 | &nbsp;&nbsp;&nbsp;&nbsp; 257685 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3279 | &nbsp;&nbsp;&nbsp;&nbsp; 292880 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5099 | &nbsp;&nbsp;&nbsp;&nbsp; 493583 |
| &nbsp;&nbsp;&nbsp;Avangrid, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4071 | &nbsp;&nbsp;&nbsp;&nbsp; 174117 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9056 | &nbsp;&nbsp;&nbsp;&nbsp; 281732 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4381 | &nbsp;&nbsp;&nbsp;&nbsp; 267548 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4922 | &nbsp;&nbsp;&nbsp;&nbsp; 482553 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4210 | &nbsp;&nbsp;&nbsp;&nbsp; 404665 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5593 | &nbsp;&nbsp;&nbsp;&nbsp; 341788 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2362 | &nbsp;&nbsp;&nbsp;&nbsp; 274016 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7462 | &nbsp;&nbsp;&nbsp;&nbsp; 745678 |
| &nbsp;&nbsp;&nbsp;Edison International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4460 | &nbsp;&nbsp;&nbsp;&nbsp; 297304 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2252 | &nbsp;&nbsp;&nbsp;&nbsp; 261840 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4647 | &nbsp;&nbsp;&nbsp;&nbsp; 275149 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3103 | &nbsp;&nbsp;&nbsp;&nbsp; 257115 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12423 | &nbsp;&nbsp;&nbsp;&nbsp; 513940 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9439 | &nbsp;&nbsp;&nbsp;&nbsp; 389264 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6112 | &nbsp;&nbsp;&nbsp;&nbsp; 251081 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp; 234876 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11742 | &nbsp;&nbsp;&nbsp;&nbsp; 994547 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29834 | &nbsp;&nbsp;&nbsp;&nbsp; 1266453 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6161 | &nbsp;&nbsp;&nbsp;&nbsp; 249274 |
| &nbsp;&nbsp;&nbsp;PG&E Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8152 | &nbsp;&nbsp;&nbsp;&nbsp; 127986 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643 | &nbsp;&nbsp;&nbsp;&nbsp; 207000 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10931 | &nbsp;&nbsp;&nbsp;&nbsp; 322683 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5020 | &nbsp;&nbsp;&nbsp;&nbsp; 303961 |
| &nbsp;&nbsp;&nbsp;Sempra Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2813 | &nbsp;&nbsp;&nbsp;&nbsp; 467492 |
| &nbsp;&nbsp;&nbsp;Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9840 | &nbsp;&nbsp;&nbsp;&nbsp; 665578 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24173 | &nbsp;&nbsp;&nbsp;&nbsp; 588129 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3111 | &nbsp;&nbsp;&nbsp;&nbsp; 308425 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5120 | &nbsp;&nbsp;&nbsp;&nbsp; 359526 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12590096 |
| **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp;Acuity Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp; 884963 |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3018 | &nbsp;&nbsp;&nbsp;&nbsp; 429824 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3574 | &nbsp;&nbsp;&nbsp;&nbsp; 342282 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp; 126454 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783523 |
| **Electronics — 1.3%** | **Electronics — 1.3%** | **Electronics — 1.3%** |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3892 | &nbsp;&nbsp;&nbsp;&nbsp; 603182 |
| &nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934 | &nbsp;&nbsp;&nbsp;&nbsp; 219799 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4845 | &nbsp;&nbsp;&nbsp;&nbsp; 389683 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2374 | &nbsp;&nbsp;&nbsp;&nbsp; 258149 |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5225 | &nbsp;&nbsp;&nbsp;&nbsp; 236013 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3978 | &nbsp;&nbsp;&nbsp;&nbsp; 268714 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2436 | &nbsp;&nbsp;&nbsp;&nbsp; 226524 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3567 | &nbsp;&nbsp;&nbsp;&nbsp; 783135 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522 | &nbsp;&nbsp;&nbsp;&nbsp; 386679 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549 | &nbsp;&nbsp;&nbsp;&nbsp; 184012 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4570 | &nbsp;&nbsp;$826667 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 | &nbsp;&nbsp;&nbsp;&nbsp; 1033101 |
| &nbsp;&nbsp;&nbsp;National Instruments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15777 | &nbsp;&nbsp;&nbsp;&nbsp; 647173 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7973 | &nbsp;&nbsp;&nbsp;&nbsp; 319000 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4742 | &nbsp;&nbsp;&nbsp;&nbsp; 213864 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855 | &nbsp;&nbsp;&nbsp;&nbsp; 189766 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673 | &nbsp;&nbsp;&nbsp;&nbsp; 99962 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6885423 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;522 | &nbsp;&nbsp;&nbsp;&nbsp; 167348 |
| **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** |
| &nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8900 | &nbsp;&nbsp;&nbsp;&nbsp; 756500 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046 | &nbsp;&nbsp;&nbsp;&nbsp; 258901 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5884 | &nbsp;&nbsp;&nbsp;&nbsp; 534444 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549845 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303 | &nbsp;&nbsp;&nbsp;&nbsp; 212180 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3363 | &nbsp;&nbsp;&nbsp;&nbsp; 501020 |
| &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13232 | &nbsp;&nbsp;&nbsp;&nbsp; 465634 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 | &nbsp;&nbsp;&nbsp;&nbsp; 110485 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289319 |
| **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;6924 | &nbsp;&nbsp;&nbsp;&nbsp; 316911 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350 | &nbsp;&nbsp;&nbsp;&nbsp; 466622 |
| &nbsp;&nbsp;&nbsp;Stericycle, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2453 | &nbsp;&nbsp;&nbsp;&nbsp; 127875 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4296 | &nbsp;&nbsp;&nbsp;&nbsp; 720525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631933 |
| **Food — 2.4%** | **Food — 2.4%** | **Food — 2.4%** |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;44777 | &nbsp;&nbsp;&nbsp;&nbsp; 938078 |
| &nbsp;&nbsp;&nbsp;Campbell Soup Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5454 | &nbsp;&nbsp;&nbsp;&nbsp; 292716 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13301 | &nbsp;&nbsp;&nbsp;&nbsp; 505172 |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34129 | &nbsp;&nbsp;&nbsp;&nbsp; 1025576 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7709 | &nbsp;&nbsp;&nbsp;&nbsp; 657578 |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3845 | &nbsp;&nbsp;&nbsp;&nbsp; 116388 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4715 | &nbsp;&nbsp;&nbsp;&nbsp; 1108827 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6242 | &nbsp;&nbsp;&nbsp;&nbsp; 293374 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950 | &nbsp;&nbsp;&nbsp;&nbsp; 484951 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4333 | &nbsp;&nbsp;&nbsp;&nbsp; 667325 |
| &nbsp;&nbsp;&nbsp;Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4766 | &nbsp;&nbsp;&nbsp;&nbsp; 347680 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;21859 | &nbsp;&nbsp;&nbsp;&nbsp; 860152 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;38900 | &nbsp;&nbsp;&nbsp;&nbsp; 1913491 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619 | &nbsp;&nbsp;&nbsp;&nbsp; 140691 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3526 | &nbsp;&nbsp;&nbsp;&nbsp; 300345 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;10913 | &nbsp;&nbsp;&nbsp;&nbsp; 737828 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;12744 | &nbsp;&nbsp;&nbsp;&nbsp; 333383 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8167 | &nbsp;&nbsp;&nbsp;&nbsp; 764513 |
| &nbsp;&nbsp;&nbsp;Seaboard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp; 173925 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5966 | &nbsp;&nbsp;&nbsp;&nbsp; 516119 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;11613 | &nbsp;&nbsp;&nbsp;&nbsp; 769710 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12947822 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| &nbsp;&nbsp;&nbsp;International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7919 | &nbsp;&nbsp;&nbsp;&nbsp; 293953 |
| **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375 | &nbsp;&nbsp;&nbsp;&nbsp; 285475 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3650 | &nbsp;&nbsp;&nbsp;&nbsp; 241739 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8506 | &nbsp;&nbsp;&nbsp;&nbsp; 237658 |
| &nbsp;&nbsp;&nbsp;UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26067 | &nbsp;&nbsp;&nbsp;&nbsp; 1007490 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772362 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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 — 0.3%** | **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4126 | &nbsp;&nbsp;$610153 |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538 | &nbsp;&nbsp;&nbsp;&nbsp; 216873 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196 | &nbsp;&nbsp;&nbsp;&nbsp; 156807 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276 | &nbsp;&nbsp;&nbsp;&nbsp; 547606 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531439 |
| **Healthcare-Products — 2.8%** | **Healthcare-Products — 2.8%** | **Healthcare-Products — 2.8%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;17569 | &nbsp;&nbsp;&nbsp;&nbsp; 1890073 |
| &nbsp;&nbsp;&nbsp;ABIOMED, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385 | &nbsp;&nbsp;&nbsp;&nbsp; 523239 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237 | &nbsp;&nbsp;&nbsp;&nbsp; 243268 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4167 | &nbsp;&nbsp;&nbsp;&nbsp; 235560 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592 | &nbsp;&nbsp;&nbsp;&nbsp; 135304 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6851 | &nbsp;&nbsp;&nbsp;&nbsp; 310145 |
| &nbsp;&nbsp;&nbsp;Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2458 | &nbsp;&nbsp;&nbsp;&nbsp; 165694 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 | &nbsp;&nbsp;&nbsp;&nbsp; 216067 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5792 | &nbsp;&nbsp;&nbsp;&nbsp; 1583591 |
| &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5037 | &nbsp;&nbsp;&nbsp;&nbsp; 152420 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9269 | &nbsp;&nbsp;&nbsp;&nbsp; 716030 |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5042 | &nbsp;&nbsp;&nbsp;&nbsp; 172033 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3001 | &nbsp;&nbsp;&nbsp;&nbsp; 221744 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10744 | &nbsp;&nbsp;&nbsp;&nbsp; 818263 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2324 | &nbsp;&nbsp;&nbsp;&nbsp; 989722 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp;&nbsp;&nbsp; 179023 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp; 174672 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6638 | &nbsp;&nbsp;&nbsp;&nbsp; 524668 |
| &nbsp;&nbsp;&nbsp;Novocure, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124 | &nbsp;&nbsp;&nbsp;&nbsp; 86368 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488 | &nbsp;&nbsp;&nbsp;&nbsp; 102241 |
| &nbsp;&nbsp;&nbsp;PerkinElmer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4177 | &nbsp;&nbsp;&nbsp;&nbsp; 583652 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6756 | &nbsp;&nbsp;&nbsp;&nbsp; 334692 |
| &nbsp;&nbsp;&nbsp;QuidelOrtho Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581 | &nbsp;&nbsp;&nbsp;&nbsp; 138511 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2298 | &nbsp;&nbsp;&nbsp;&nbsp; 529000 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942 | &nbsp;&nbsp;&nbsp;&nbsp; 174967 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603 | &nbsp;&nbsp;&nbsp;&nbsp; 374926 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2347 | &nbsp;&nbsp;&nbsp;&nbsp; 98691 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562 | &nbsp;&nbsp;&nbsp;&nbsp; 131575 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4417 | &nbsp;&nbsp;&nbsp;&nbsp; 2474492 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033 | &nbsp;&nbsp;&nbsp;&nbsp; 704638 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854 | &nbsp;&nbsp;&nbsp;&nbsp; 200400 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp; 121541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15307210 |
| **Healthcare-Services — 3.3%** | **Healthcare-Services — 3.3%** | **Healthcare-Services — 3.3%** |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391 | &nbsp;&nbsp;&nbsp;&nbsp; 212942 |
| &nbsp;&nbsp;&nbsp;Amedisys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2951 | &nbsp;&nbsp;&nbsp;&nbsp; 268807 |
| &nbsp;&nbsp;&nbsp;Catalent, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp; 46370 |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;16520 | &nbsp;&nbsp;&nbsp;&nbsp; 1438066 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp; 279998 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548 | &nbsp;&nbsp;&nbsp;&nbsp; 804960 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3383 | &nbsp;&nbsp;&nbsp;&nbsp; 249429 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4457 | &nbsp;&nbsp;&nbsp;&nbsp; 2375224 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379 | &nbsp;&nbsp;&nbsp;&nbsp; 139124 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2521 | &nbsp;&nbsp;&nbsp;&nbsp; 605595 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977 | &nbsp;&nbsp;&nbsp;&nbsp; 1087152 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636 | &nbsp;&nbsp;&nbsp;&nbsp; 356681 |
| &nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3565 | &nbsp;&nbsp;&nbsp;&nbsp; 858096 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2153 | &nbsp;&nbsp;&nbsp;&nbsp; 725066 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5796 | &nbsp;&nbsp;&nbsp;&nbsp; 880007 |
| &nbsp;&nbsp;&nbsp;Syneos Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7457 | &nbsp;&nbsp;&nbsp;&nbsp; 263083 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12911 | &nbsp;&nbsp;&nbsp;&nbsp; 7072129 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879 | &nbsp;&nbsp;&nbsp;&nbsp; 245867 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17908596 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Home Builders — 0.5%** | **Home Builders — 0.5%** | **Home Builders — 0.5%** |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487 | &nbsp;&nbsp;$127882 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5960 | &nbsp;&nbsp;&nbsp;&nbsp; 523467 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5027 | &nbsp;&nbsp;&nbsp;&nbsp; 365011 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp; 148448 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7717 | &nbsp;&nbsp;&nbsp;&nbsp; 345567 |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5543 | &nbsp;&nbsp;&nbsp;&nbsp; 477474 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10013 | &nbsp;&nbsp;&nbsp;&nbsp; 479723 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2467572 |
| **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;6326 | &nbsp;&nbsp;&nbsp;&nbsp; 473628 |
| &nbsp;&nbsp;&nbsp;Tempur Sealy International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11995 | &nbsp;&nbsp;&nbsp;&nbsp; 381081 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127 | &nbsp;&nbsp;&nbsp;&nbsp; 311669 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166378 |
| **Household Products/Wares — 0.4%** | **Household Products/Wares — 0.4%** | **Household Products/Wares — 0.4%** |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887 | &nbsp;&nbsp;&nbsp;&nbsp; 171484 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4268 | &nbsp;&nbsp;&nbsp;&nbsp; 349421 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3758 | &nbsp;&nbsp;&nbsp;&nbsp; 558627 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4920 | &nbsp;&nbsp;&nbsp;&nbsp; 667299 |
| &nbsp;&nbsp;&nbsp;Reynolds Consumer Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7431 | &nbsp;&nbsp;&nbsp;&nbsp; 237495 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984326 |
| **Insurance — 4.3%** | **Insurance — 4.3%** | **Insurance — 4.3%** |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9153 | &nbsp;&nbsp;&nbsp;&nbsp; 658375 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469 | &nbsp;&nbsp;&nbsp;&nbsp; 464499 |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 327106 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4358 | &nbsp;&nbsp;&nbsp;&nbsp; 1343484 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5599 | &nbsp;&nbsp;&nbsp;&nbsp; 335436 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3913 | &nbsp;&nbsp;&nbsp;&nbsp; 779117 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489 | &nbsp;&nbsp;&nbsp;&nbsp; 190920 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3132 | &nbsp;&nbsp;&nbsp;&nbsp; 208497 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3456 | &nbsp;&nbsp;&nbsp;&nbsp; 198927 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;18399 | &nbsp;&nbsp;&nbsp;&nbsp; 5861921 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2429 | &nbsp;&nbsp;&nbsp;&nbsp; 135392 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5466 | &nbsp;&nbsp;&nbsp;&nbsp; 325719 |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4387 | &nbsp;&nbsp;&nbsp;&nbsp; 963341 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996 | &nbsp;&nbsp;&nbsp;&nbsp; 221476 |
| &nbsp;&nbsp;&nbsp;CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6217 | &nbsp;&nbsp;&nbsp;&nbsp; 264720 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6909 | &nbsp;&nbsp;&nbsp;&nbsp; 219292 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344 | &nbsp;&nbsp;&nbsp;&nbsp; 379532 |
| &nbsp;&nbsp;&nbsp;Everest Re Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674 | &nbsp;&nbsp;&nbsp;&nbsp; 227772 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9799 | &nbsp;&nbsp;&nbsp;&nbsp; 395488 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8486 | &nbsp;&nbsp;&nbsp;&nbsp; 463760 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158 | &nbsp;&nbsp;&nbsp;&nbsp; 138914 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845 | &nbsp;&nbsp;&nbsp;&nbsp; 271769 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5470 | &nbsp;&nbsp;&nbsp;&nbsp; 417744 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp; 147972 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6247 | &nbsp;&nbsp;&nbsp;&nbsp; 363263 |
| &nbsp;&nbsp;&nbsp;Markel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp; 250395 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6495 | &nbsp;&nbsp;&nbsp;&nbsp; 1124804 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12699 | &nbsp;&nbsp;&nbsp;&nbsp; 974013 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11437 | &nbsp;&nbsp;&nbsp;&nbsp; 157030 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20062 | &nbsp;&nbsp;&nbsp;&nbsp; 491519 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749 | &nbsp;&nbsp;&nbsp;&nbsp; 111623 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4995 | &nbsp;&nbsp;&nbsp;&nbsp; 447952 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7044 | &nbsp;&nbsp;&nbsp;&nbsp; 930865 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4714 | &nbsp;&nbsp;&nbsp;&nbsp; 509253 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 236138 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3509 | &nbsp;&nbsp;&nbsp;&nbsp; 141343 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3861 | &nbsp;&nbsp;&nbsp;&nbsp; 732856 |
| &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;11560 | &nbsp;&nbsp;&nbsp;&nbsp; 487601 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4478 | &nbsp;&nbsp;&nbsp;&nbsp; 295458 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3842 | &nbsp;&nbsp;&nbsp;&nbsp; 293068 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;White Mountains Insurance Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;$266337 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp; 159019 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22913710 |
| **Internet — 6.6%** | **Internet — 6.6%** | **Internet — 6.6%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;79054 | &nbsp;&nbsp;&nbsp;&nbsp; 7983663 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;71626 | &nbsp;&nbsp;&nbsp;&nbsp; 7266458 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;108973 | &nbsp;&nbsp;&nbsp;&nbsp; 10520253 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp; 492830 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2743 | &nbsp;&nbsp;&nbsp;&nbsp; 517440 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6857 | &nbsp;&nbsp;&nbsp;&nbsp; 311582 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2814 | &nbsp;&nbsp;&nbsp;&nbsp; 371701 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582 | &nbsp;&nbsp;&nbsp;&nbsp; 169021 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299 | &nbsp;&nbsp;&nbsp;&nbsp; 355448 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13369 | &nbsp;&nbsp;&nbsp;&nbsp; 306952 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4241 | &nbsp;&nbsp;&nbsp;&nbsp; 335590 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280 | &nbsp;&nbsp;&nbsp;&nbsp; 165837 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;30609 | &nbsp;&nbsp;&nbsp;&nbsp; 3614923 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522 | &nbsp;&nbsp;&nbsp;&nbsp; 465017 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3329 | &nbsp;&nbsp;&nbsp;&nbsp; 565597 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;11825 | &nbsp;&nbsp;&nbsp;&nbsp; 300592 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251 | &nbsp;&nbsp;&nbsp;&nbsp; 99354 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4199 | &nbsp;&nbsp;&nbsp;&nbsp; 839002 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 128240 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8302 | &nbsp;&nbsp;&nbsp;&nbsp; 310495 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8704 | &nbsp;&nbsp;&nbsp;&nbsp; 330578 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;35450573 |
| **Iron/Steel — 0.6%** | **Iron/Steel — 0.6%** | **Iron/Steel — 0.6%** |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20348 | &nbsp;&nbsp;&nbsp;&nbsp; 314987 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5025 | &nbsp;&nbsp;&nbsp;&nbsp; 753499 |
| &nbsp;&nbsp;&nbsp;Reliance Steel & Aluminum Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946 | &nbsp;&nbsp;&nbsp;&nbsp; 1045040 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6177 | &nbsp;&nbsp;&nbsp;&nbsp; 641976 |
| &nbsp;&nbsp;&nbsp;United States Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19751 | &nbsp;&nbsp;&nbsp;&nbsp; 519254 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3274756 |
| **Leisure Time — 0.2%** | **Leisure Time — 0.2%** | **Leisure Time — 0.2%** |
| &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14710 | &nbsp;&nbsp;&nbsp;&nbsp; 693283 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271 | &nbsp;&nbsp;&nbsp;&nbsp; 144970 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2498 | &nbsp;&nbsp;&nbsp;&nbsp; 112135 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950388 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7007 | &nbsp;&nbsp;&nbsp;&nbsp; 429739 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 | &nbsp;&nbsp;&nbsp;&nbsp; 92045 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607 | &nbsp;&nbsp;&nbsp;&nbsp; 229190 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029 | &nbsp;&nbsp;&nbsp;&nbsp; 170145 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7404 | &nbsp;&nbsp;&nbsp;&nbsp; 272912 |
| &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4408 | &nbsp;&nbsp;&nbsp;&nbsp; 171339 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614 | &nbsp;&nbsp;&nbsp;&nbsp; 118339 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483709 |
| **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3068 | &nbsp;&nbsp;&nbsp;&nbsp; 725306 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6385 | &nbsp;&nbsp;&nbsp;&nbsp; 587867 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313173 |
| **Machinery-Diversified — 1.0%** | **Machinery-Diversified — 1.0%** | **Machinery-Diversified — 1.0%** |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4077 | &nbsp;&nbsp;&nbsp;&nbsp; 202953 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522 | &nbsp;&nbsp;&nbsp;&nbsp; 671202 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414 | &nbsp;&nbsp;&nbsp;&nbsp; 342668 |
| &nbsp;&nbsp;&nbsp;Enovis Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979 | &nbsp;&nbsp;&nbsp;&nbsp; 107123 |
| &nbsp;&nbsp;&nbsp;Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8180 | &nbsp;&nbsp;&nbsp;&nbsp; 387241 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Machinery-Diversified (continued)** | **Machinery-Diversified (continued)** | **Machinery-Diversified (continued)** |
| &nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;30664 | &nbsp;&nbsp;$356316 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7097 | &nbsp;&nbsp;&nbsp;&nbsp; 496577 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139 | &nbsp;&nbsp;&nbsp;&nbsp; 270501 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6205 | &nbsp;&nbsp;&nbsp;&nbsp; 334884 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979 | &nbsp;&nbsp;&nbsp;&nbsp; 285352 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533 | &nbsp;&nbsp;&nbsp;&nbsp; 362539 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7320 | &nbsp;&nbsp;&nbsp;&nbsp; 571619 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 92477 |
| &nbsp;&nbsp;&nbsp;Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4273 | &nbsp;&nbsp;&nbsp;&nbsp; 474260 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5002 | &nbsp;&nbsp;&nbsp;&nbsp; 505652 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818 | &nbsp;&nbsp;&nbsp;&nbsp; 91902 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5553266 |
| **Media — 2.0%** | **Media — 2.0%** | **Media — 2.0%** |
| &nbsp;&nbsp;&nbsp;Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp; 99952 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347 | &nbsp;&nbsp;&nbsp;&nbsp; 527068 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;43580 | &nbsp;&nbsp;&nbsp;&nbsp; 1596771 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 | &nbsp;&nbsp;&nbsp;&nbsp; 694241 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;18887 | &nbsp;&nbsp;&nbsp;&nbsp; 612883 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;18427 | &nbsp;&nbsp;&nbsp;&nbsp; 562392 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541 | &nbsp;&nbsp;&nbsp;&nbsp; 138998 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744 | &nbsp;&nbsp;&nbsp;&nbsp; 158460 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp. - Liberty Formula One, Series A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6950 | &nbsp;&nbsp;&nbsp;&nbsp; 382042 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp. - Liberty Formula One, Series C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6698 | &nbsp;&nbsp;&nbsp;&nbsp; 408176 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp. - Liberty SiriusXM, Series A† | &nbsp;&nbsp;&nbsp;&nbsp;15012 | &nbsp;&nbsp;&nbsp;&nbsp; 657826 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp. - Liberty SiriusXM, Series C† | &nbsp;&nbsp;&nbsp;&nbsp;15662 | &nbsp;&nbsp;&nbsp;&nbsp; 686465 |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7634 | &nbsp;&nbsp;&nbsp;&nbsp; 279786 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;25911 | &nbsp;&nbsp;&nbsp;&nbsp; 496196 |
| &nbsp;&nbsp;&nbsp;News Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;27148 | &nbsp;&nbsp;&nbsp;&nbsp; 528029 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4359 | &nbsp;&nbsp;&nbsp;&nbsp; 826292 |
| &nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;95215 | &nbsp;&nbsp;&nbsp;&nbsp; 617945 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8998 | &nbsp;&nbsp;&nbsp;&nbsp; 880634 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;36862 | &nbsp;&nbsp;&nbsp;&nbsp; 420227 |
| &nbsp;&nbsp;&nbsp;World Wrestling Entertainment, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5282 | &nbsp;&nbsp;&nbsp;&nbsp; 421926 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10996309 |
| **Metal Fabricate/Hardware — 0.1%** | **Metal Fabricate/Hardware — 0.1%** | **Metal Fabricate/Hardware — 0.1%** |
| &nbsp;&nbsp;&nbsp;Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712 | &nbsp;&nbsp;&nbsp;&nbsp; 206058 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp; 216742 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422800 |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;Alcoa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5326 | &nbsp;&nbsp;&nbsp;&nbsp; 266992 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9342 | &nbsp;&nbsp;&nbsp;&nbsp; 371812 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849 | &nbsp;&nbsp;&nbsp;&nbsp; 87772 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726576 |
| **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;6953 | &nbsp;&nbsp;&nbsp;&nbsp; 875869 |
| &nbsp;&nbsp;&nbsp;A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5563 | &nbsp;&nbsp;&nbsp;&nbsp; 337896 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773 | &nbsp;&nbsp;&nbsp;&nbsp; 466494 |
| &nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7867 | &nbsp;&nbsp;&nbsp;&nbsp; 479258 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3577 | &nbsp;&nbsp;&nbsp;&nbsp; 584661 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8312 | &nbsp;&nbsp;&nbsp;&nbsp; 714583 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3411 | &nbsp;&nbsp;&nbsp;&nbsp; 775900 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093 | &nbsp;&nbsp;&nbsp;&nbsp; 92380 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752 | &nbsp;&nbsp;&nbsp;&nbsp; 523743 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;&nbsp; 181483 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8739 | &nbsp;&nbsp;&nbsp;&nbsp; 623790 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657 | &nbsp;&nbsp;&nbsp;&nbsp; 295642 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5951699 |
| **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111 | &nbsp;&nbsp;&nbsp;&nbsp; 300281 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Oil & Gas — 3.1%** | **Oil & Gas — 3.1%** | **Oil & Gas — 3.1%** |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3990 | &nbsp;&nbsp;$145834 |
| &nbsp;&nbsp;&nbsp;APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10081 | &nbsp;&nbsp;&nbsp;&nbsp; 472295 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18419 | &nbsp;&nbsp;&nbsp;&nbsp; 3376387 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;11732 | &nbsp;&nbsp;&nbsp;&nbsp; 1449019 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4985 | &nbsp;&nbsp;&nbsp;&nbsp; 139131 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4936 | &nbsp;&nbsp;&nbsp;&nbsp; 338215 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp; 233872 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3454 | &nbsp;&nbsp;&nbsp;&nbsp; 490226 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4844 | &nbsp;&nbsp;&nbsp;&nbsp; 205434 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43043 | &nbsp;&nbsp;&nbsp;&nbsp; 4792408 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094 | &nbsp;&nbsp;&nbsp;&nbsp; 157438 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4922 | &nbsp;&nbsp;&nbsp;&nbsp; 306837 |
| &nbsp;&nbsp;&nbsp;Marathon Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22003 | &nbsp;&nbsp;&nbsp;&nbsp; 673952 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7812 | &nbsp;&nbsp;&nbsp;&nbsp; 951580 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9702 | &nbsp;&nbsp;&nbsp;&nbsp; 674192 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4126 | &nbsp;&nbsp;&nbsp;&nbsp; 230066 |
| &nbsp;&nbsp;&nbsp;PDC Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3199 | &nbsp;&nbsp;&nbsp;&nbsp; 237750 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7028 | &nbsp;&nbsp;&nbsp;&nbsp; 762116 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267 | &nbsp;&nbsp;&nbsp;&nbsp; 298999 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6145 | &nbsp;&nbsp;&nbsp;&nbsp; 821095 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16756846 |
| **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4691 | &nbsp;&nbsp;&nbsp;&nbsp; 136133 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7195 | &nbsp;&nbsp;&nbsp;&nbsp; 272619 |
| &nbsp;&nbsp;&nbsp;NOV, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9061 | &nbsp;&nbsp;&nbsp;&nbsp; 203510 |
| &nbsp;&nbsp;&nbsp;Schlumberger, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6733 | &nbsp;&nbsp;&nbsp;&nbsp; 347086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959348 |
| **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** |
| &nbsp;&nbsp;&nbsp;Amcor PLC | &nbsp;&nbsp;&nbsp;&nbsp;15603 | &nbsp;&nbsp;&nbsp;&nbsp; 192697 |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807 | &nbsp;&nbsp;&nbsp;&nbsp; 191795 |
| &nbsp;&nbsp;&nbsp;Ardagh Group SA#† | &nbsp;&nbsp;&nbsp;&nbsp;10044 | &nbsp;&nbsp;&nbsp;&nbsp; 112242 |
| &nbsp;&nbsp;&nbsp;Berry Global Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5216 | &nbsp;&nbsp;&nbsp;&nbsp; 305658 |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236 | &nbsp;&nbsp;&nbsp;&nbsp; 101612 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9181 | &nbsp;&nbsp;&nbsp;&nbsp; 210979 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711 | &nbsp;&nbsp;&nbsp;&nbsp; 232508 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2617 | &nbsp;&nbsp;&nbsp;&nbsp; 139303 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7815 | &nbsp;&nbsp;&nbsp;&nbsp; 413413 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3817 | &nbsp;&nbsp;&nbsp;&nbsp; 234249 |
| &nbsp;&nbsp;&nbsp;WestRock Co. | &nbsp;&nbsp;&nbsp;&nbsp;12819 | &nbsp;&nbsp;&nbsp;&nbsp; 486096 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620552 |
| **Pharmaceuticals — 6.2%** | **Pharmaceuticals — 6.2%** | **Pharmaceuticals — 6.2%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24468 | &nbsp;&nbsp;&nbsp;&nbsp; 3943752 |
| &nbsp;&nbsp;&nbsp;AmerisourceBergen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3098 | &nbsp;&nbsp;&nbsp;&nbsp; 528798 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908 | &nbsp;&nbsp;&nbsp;&nbsp; 475741 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;30906 | &nbsp;&nbsp;&nbsp;&nbsp; 2481134 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9632 | &nbsp;&nbsp;&nbsp;&nbsp; 772197 |
| &nbsp;&nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5451 | &nbsp;&nbsp;&nbsp;&nbsp; 1792779 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23174 | &nbsp;&nbsp;&nbsp;&nbsp; 2360967 |
| &nbsp;&nbsp;&nbsp;DexCom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086 | &nbsp;&nbsp;&nbsp;&nbsp; 126280 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;23711 | &nbsp;&nbsp;&nbsp;&nbsp; 305161 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;10497 | &nbsp;&nbsp;&nbsp;&nbsp; 3895227 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10640 | &nbsp;&nbsp;&nbsp;&nbsp; 860989 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4182 | &nbsp;&nbsp;&nbsp;&nbsp; 656198 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;35808 | &nbsp;&nbsp;&nbsp;&nbsp; 6373824 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2711 | &nbsp;&nbsp;&nbsp;&nbsp; 1034734 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25702 | &nbsp;&nbsp;&nbsp;&nbsp; 2830304 |
| &nbsp;&nbsp;&nbsp;Perrigo Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6492 | &nbsp;&nbsp;&nbsp;&nbsp; 209237 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61426 | &nbsp;&nbsp;&nbsp;&nbsp; 3079285 |
| &nbsp;&nbsp;&nbsp;Premier, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5730 | &nbsp;&nbsp;&nbsp;&nbsp; 191095 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83663 | &nbsp;&nbsp;$922803 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4862 | &nbsp;&nbsp;&nbsp;&nbsp; 749429 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;33589934 |
| **Pipelines — 0.6%** | **Pipelines — 0.6%** | **Pipelines — 0.6%** |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20176 | &nbsp;&nbsp;&nbsp;&nbsp; 228594 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5152 | &nbsp;&nbsp;&nbsp;&nbsp; 903455 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2453 | &nbsp;&nbsp;&nbsp;&nbsp; 147989 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18697 | &nbsp;&nbsp;&nbsp;&nbsp; 357487 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3067 | &nbsp;&nbsp;&nbsp;&nbsp; 205244 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11785 | &nbsp;&nbsp;&nbsp;&nbsp; 876686 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11241 | &nbsp;&nbsp;&nbsp;&nbsp; 390063 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3109518 |
| **Private Equity — 0.2%** | **Private Equity — 0.2%** | **Private Equity — 0.2%** |
| &nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2488 | &nbsp;&nbsp;&nbsp;&nbsp; 195034 |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7912 | &nbsp;&nbsp;&nbsp;&nbsp; 724186 |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5454 | &nbsp;&nbsp;&nbsp;&nbsp; 170001 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089221 |
| **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9202 | &nbsp;&nbsp;&nbsp;&nbsp; 732479 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5188 | &nbsp;&nbsp;&nbsp;&nbsp; 872466 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604945 |
| **REITS — 2.4%** | **REITS — 2.4%** | **REITS — 2.4%** |
| &nbsp;&nbsp;&nbsp;AGNC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15554 | &nbsp;&nbsp;&nbsp;&nbsp; 155384 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373 | &nbsp;&nbsp;&nbsp;&nbsp; 213653 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5902 | &nbsp;&nbsp;&nbsp;&nbsp; 195179 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026 | &nbsp;&nbsp;&nbsp;&nbsp; 448252 |
| &nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7157 | &nbsp;&nbsp;&nbsp;&nbsp; 213636 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13236 | &nbsp;&nbsp;&nbsp;&nbsp; 286824 |
| &nbsp;&nbsp;&nbsp;Apartment Income REIT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2774 | &nbsp;&nbsp;&nbsp;&nbsp; 105551 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276 | &nbsp;&nbsp;&nbsp;&nbsp; 223172 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8790 | &nbsp;&nbsp;&nbsp;&nbsp; 203752 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2323 | &nbsp;&nbsp;&nbsp;&nbsp; 279527 |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6210 | &nbsp;&nbsp;&nbsp;&nbsp; 163820 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2746 | &nbsp;&nbsp;&nbsp;&nbsp; 388367 |
| &nbsp;&nbsp;&nbsp;CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4544 | &nbsp;&nbsp;&nbsp;&nbsp; 188076 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468 | &nbsp;&nbsp;&nbsp;&nbsp; 165091 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12826 | &nbsp;&nbsp;&nbsp;&nbsp; 222146 |
| &nbsp;&nbsp;&nbsp;EPR Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4627 | &nbsp;&nbsp;&nbsp;&nbsp; 192529 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp; 237584 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264 | &nbsp;&nbsp;&nbsp;&nbsp; 216795 |
| &nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967 | &nbsp;&nbsp;&nbsp;&nbsp; 192440 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762 | &nbsp;&nbsp;&nbsp;&nbsp; 167930 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618 | &nbsp;&nbsp;&nbsp;&nbsp; 420686 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3633 | &nbsp;&nbsp;&nbsp;&nbsp; 183648 |
| &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4746 | &nbsp;&nbsp;&nbsp;&nbsp; 249687 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4356 | &nbsp;&nbsp;&nbsp;&nbsp; 89429 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4405 | &nbsp;&nbsp;&nbsp;&nbsp; 115675 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6468 | &nbsp;&nbsp;&nbsp;&nbsp; 192746 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15374 | &nbsp;&nbsp;&nbsp;&nbsp; 291184 |
| &nbsp;&nbsp;&nbsp;Hudson Pacific Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36740 | &nbsp;&nbsp;&nbsp;&nbsp; 424714 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6616 | &nbsp;&nbsp;&nbsp;&nbsp; 215880 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6023 | &nbsp;&nbsp;&nbsp;&nbsp; 327230 |
| &nbsp;&nbsp;&nbsp;JBG SMITH Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5916 | &nbsp;&nbsp;&nbsp;&nbsp; 121929 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4058 | &nbsp;&nbsp;&nbsp;&nbsp; 175387 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391 | &nbsp;&nbsp;&nbsp;&nbsp; 139295 |
| &nbsp;&nbsp;&nbsp;Life Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3369 | &nbsp;&nbsp;&nbsp;&nbsp; 362134 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6494 | &nbsp;&nbsp;&nbsp;&nbsp; 85201 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237 | &nbsp;&nbsp;&nbsp;&nbsp; 203957 |
| &nbsp;&nbsp;&nbsp;National Retail Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170 | &nbsp;&nbsp;&nbsp;&nbsp; 146961 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12601 | &nbsp;&nbsp;&nbsp;&nbsp; 161671 |

---

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##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5046 | &nbsp;&nbsp;$594368 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp; 602773 |
| &nbsp;&nbsp;&nbsp;Rayonier, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4068 | &nbsp;&nbsp;&nbsp;&nbsp; 145960 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4794 | &nbsp;&nbsp;&nbsp;&nbsp; 302358 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705 | &nbsp;&nbsp;&nbsp;&nbsp; 179693 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3086 | &nbsp;&nbsp;&nbsp;&nbsp; 170625 |
| &nbsp;&nbsp;&nbsp;Rithm Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17962 | &nbsp;&nbsp;&nbsp;&nbsp; 162556 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 | &nbsp;&nbsp;&nbsp;&nbsp; 149351 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071 | &nbsp;&nbsp;&nbsp;&nbsp; 127920 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3834 | &nbsp;&nbsp;&nbsp;&nbsp; 160875 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6258 | &nbsp;&nbsp;&nbsp;&nbsp; 133984 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424 | &nbsp;&nbsp;&nbsp;&nbsp; 209186 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4926 | &nbsp;&nbsp;&nbsp;&nbsp; 204281 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9731 | &nbsp;&nbsp;&nbsp;&nbsp; 332800 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7287 | &nbsp;&nbsp;&nbsp;&nbsp; 184288 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2773 | &nbsp;&nbsp;&nbsp;&nbsp; 196966 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;13179 | &nbsp;&nbsp;&nbsp;&nbsp; 431085 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2677 | &nbsp;&nbsp;&nbsp;&nbsp; 210948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12867139 |
| **Retail — 7.4%** | **Retail — 7.4%** | **Retail — 7.4%** |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3593 | &nbsp;&nbsp;&nbsp;&nbsp; 542507 |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10335 | &nbsp;&nbsp;&nbsp;&nbsp; 1280610 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752 | &nbsp;&nbsp;&nbsp;&nbsp; 1939408 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13167 | &nbsp;&nbsp;&nbsp;&nbsp; 559597 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8259 | &nbsp;&nbsp;&nbsp;&nbsp; 704493 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088 | &nbsp;&nbsp;&nbsp;&nbsp; 212900 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3951 | &nbsp;&nbsp;&nbsp;&nbsp; 960172 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp; 125276 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4925 | &nbsp;&nbsp;&nbsp;&nbsp; 2655806 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1737 | &nbsp;&nbsp;&nbsp;&nbsp; 255322 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5664 | &nbsp;&nbsp;&nbsp;&nbsp; 677301 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3903 | &nbsp;&nbsp;&nbsp;&nbsp; 997919 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp; 706363 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977 | &nbsp;&nbsp;&nbsp;&nbsp; 768519 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674 | &nbsp;&nbsp;&nbsp;&nbsp; 124931 |
| &nbsp;&nbsp;&nbsp;GameStop Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5620 | &nbsp;&nbsp;&nbsp;&nbsp; 147300 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18446 | &nbsp;&nbsp;&nbsp;&nbsp; 268205 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7357 | &nbsp;&nbsp;&nbsp;&nbsp; 1348759 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14019 | &nbsp;&nbsp;&nbsp;&nbsp; 4542016 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11845 | &nbsp;&nbsp;&nbsp;&nbsp; 379988 |
| &nbsp;&nbsp;&nbsp;Leslie's, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;29890 | &nbsp;&nbsp;&nbsp;&nbsp; 436394 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp;&nbsp;&nbsp; 203892 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11970 | &nbsp;&nbsp;&nbsp;&nbsp; 2544223 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087 | &nbsp;&nbsp;&nbsp;&nbsp; 793707 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32625 | &nbsp;&nbsp;&nbsp;&nbsp; 766687 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5758 | &nbsp;&nbsp;&nbsp;&nbsp; 1570725 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7723 | &nbsp;&nbsp;&nbsp;&nbsp; 662865 |
| &nbsp;&nbsp;&nbsp;Nordstrom, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7326 | &nbsp;&nbsp;&nbsp;&nbsp; 153626 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2329 | &nbsp;&nbsp;&nbsp;&nbsp; 2013514 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9726 | &nbsp;&nbsp;&nbsp;&nbsp; 1229853 |
| &nbsp;&nbsp;&nbsp;Petco Health & Wellness Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11806 | &nbsp;&nbsp;&nbsp;&nbsp; 130338 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5327 | &nbsp;&nbsp;&nbsp;&nbsp; 544419 |
| &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6673 | &nbsp;&nbsp;&nbsp;&nbsp; 1114858 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6003 | &nbsp;&nbsp;&nbsp;&nbsp; 480540 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5245 | &nbsp;&nbsp;&nbsp;&nbsp; 1186996 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545 | &nbsp;&nbsp;&nbsp;&nbsp; 718178 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4389 | &nbsp;&nbsp;&nbsp;&nbsp; 201894 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14275 | &nbsp;&nbsp;&nbsp;&nbsp; 592412 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23787 | &nbsp;&nbsp;&nbsp;&nbsp; 3625615 |
| &nbsp;&nbsp;&nbsp;Wendy's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4185 | &nbsp;&nbsp;&nbsp;&nbsp; 94414 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5638 | &nbsp;&nbsp;$659082 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7732 | &nbsp;&nbsp;&nbsp;&nbsp; 994799 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;39916423 |
| **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
| &nbsp;&nbsp;&nbsp;New York Community Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17008 | &nbsp;&nbsp;&nbsp;&nbsp; 159025 |
| &nbsp;&nbsp;&nbsp;TFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9616 | &nbsp;&nbsp;&nbsp;&nbsp; 131258 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290283 |
| **Semiconductors — 4.4%** | **Semiconductors — 4.4%** | **Semiconductors — 4.4%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15668 | &nbsp;&nbsp;&nbsp;&nbsp; 1216307 |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11893 | &nbsp;&nbsp;&nbsp;&nbsp; 370348 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3966 | &nbsp;&nbsp;&nbsp;&nbsp; 681795 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13772 | &nbsp;&nbsp;&nbsp;&nbsp; 1509411 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4899 | &nbsp;&nbsp;&nbsp;&nbsp; 2699496 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11371 | &nbsp;&nbsp;&nbsp;&nbsp; 849528 |
| &nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38168 | &nbsp;&nbsp;&nbsp;&nbsp; 1147712 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046 | &nbsp;&nbsp;&nbsp;&nbsp; 804385 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531 | &nbsp;&nbsp;&nbsp;&nbsp; 723214 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3345 | &nbsp;&nbsp;&nbsp;&nbsp; 155609 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6006 | &nbsp;&nbsp;&nbsp;&nbsp; 475615 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12385 | &nbsp;&nbsp;&nbsp;&nbsp; 713995 |
| &nbsp;&nbsp;&nbsp;MKS Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp; 259966 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956 | &nbsp;&nbsp;&nbsp;&nbsp; 365154 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29303 | &nbsp;&nbsp;&nbsp;&nbsp; 4958947 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;16390 | &nbsp;&nbsp;&nbsp;&nbsp; 1232528 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3734 | &nbsp;&nbsp;&nbsp;&nbsp; 370600 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15866 | &nbsp;&nbsp;&nbsp;&nbsp; 2006890 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3097 | &nbsp;&nbsp;&nbsp;&nbsp; 296135 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6362 | &nbsp;&nbsp;&nbsp;&nbsp; 594529 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12090 | &nbsp;&nbsp;&nbsp;&nbsp; 2181761 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23613925 |
| **Shipbuilding — 0.1%** | **Shipbuilding — 0.1%** | **Shipbuilding — 0.1%** |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 487116 |
| **Software — 8.3%** | **Software — 8.3%** | **Software — 8.3%** |
| &nbsp;&nbsp;&nbsp;Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3046 | &nbsp;&nbsp;&nbsp;&nbsp; 225252 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6148 | &nbsp;&nbsp;&nbsp;&nbsp; 2120630 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4818 | &nbsp;&nbsp;&nbsp;&nbsp; 457036 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp; 78324 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2978 | &nbsp;&nbsp;&nbsp;&nbsp; 391756 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2759 | &nbsp;&nbsp;&nbsp;&nbsp; 557180 |
| &nbsp;&nbsp;&nbsp;Black Knight, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2817 | &nbsp;&nbsp;&nbsp;&nbsp; 174626 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852 | &nbsp;&nbsp;&nbsp;&nbsp; 276152 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6631 | &nbsp;&nbsp;&nbsp;&nbsp; 1140797 |
| &nbsp;&nbsp;&nbsp;Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5016 | &nbsp;&nbsp;&nbsp;&nbsp; 613858 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972 | &nbsp;&nbsp;&nbsp;&nbsp; 73658 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3787 | &nbsp;&nbsp;&nbsp;&nbsp; 178254 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;30409 | &nbsp;&nbsp;&nbsp;&nbsp; 716436 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4681 | &nbsp;&nbsp;&nbsp;&nbsp; 612181 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588 | &nbsp;&nbsp;&nbsp;&nbsp; 984115 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8517 | &nbsp;&nbsp;&nbsp;&nbsp; 618164 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8901 | &nbsp;&nbsp;&nbsp;&nbsp; 928908 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103 | &nbsp;&nbsp;&nbsp;&nbsp; 124729 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064 | &nbsp;&nbsp;&nbsp;&nbsp; 322424 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2797 | &nbsp;&nbsp;&nbsp;&nbsp; 1140029 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3021 | &nbsp;&nbsp;&nbsp;&nbsp; 572026 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4155 | &nbsp;&nbsp;&nbsp;&nbsp; 523281 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;93102 | &nbsp;&nbsp;&nbsp;&nbsp; 23754044 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp; 88362 |
| &nbsp;&nbsp;&nbsp;New Relic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2559 | &nbsp;&nbsp;&nbsp;&nbsp; 143995 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;14188 | &nbsp;&nbsp;&nbsp;&nbsp; 400953 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8688 | &nbsp;&nbsp;&nbsp;&nbsp; 721365 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4427 | &nbsp;&nbsp;$549081 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4890 | &nbsp;&nbsp;&nbsp;&nbsp; 177263 |
| &nbsp;&nbsp;&nbsp;Playtika Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;32146 | &nbsp;&nbsp;&nbsp;&nbsp; 303780 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;&nbsp;&nbsp; 93372 |
| &nbsp;&nbsp;&nbsp;RingCentral, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914 | &nbsp;&nbsp;&nbsp;&nbsp; 70933 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717 | &nbsp;&nbsp;&nbsp;&nbsp; 314684 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7344 | &nbsp;&nbsp;&nbsp;&nbsp; 1176876 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp; 840926 |
| &nbsp;&nbsp;&nbsp;Smartsheet, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3056 | &nbsp;&nbsp;&nbsp;&nbsp; 93941 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12937 | &nbsp;&nbsp;&nbsp;&nbsp; 695493 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382 | &nbsp;&nbsp;&nbsp;&nbsp; 808784 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp; 46715 |
| &nbsp;&nbsp;&nbsp;Teradata Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;25032 | &nbsp;&nbsp;&nbsp;&nbsp; 854843 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp; 70947 |
| &nbsp;&nbsp;&nbsp;VMware, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4329 | &nbsp;&nbsp;&nbsp;&nbsp; 525930 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp; 224147 |
| &nbsp;&nbsp;&nbsp;Zoom Video Communications, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623 | &nbsp;&nbsp;&nbsp;&nbsp; 197853 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;44984103 |
| **Telecommunications — 1.7%** | **Telecommunications — 1.7%** | **Telecommunications — 1.7%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3060 | &nbsp;&nbsp;&nbsp;&nbsp; 426258 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74485 | &nbsp;&nbsp;&nbsp;&nbsp; 1436071 |
| &nbsp;&nbsp;&nbsp;Ciena Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4041 | &nbsp;&nbsp;&nbsp;&nbsp; 181683 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48058 | &nbsp;&nbsp;&nbsp;&nbsp; 2389444 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5613 | &nbsp;&nbsp;&nbsp;&nbsp; 191572 |
| &nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10290 | &nbsp;&nbsp;&nbsp;&nbsp; 342040 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50275 | &nbsp;&nbsp;&nbsp;&nbsp; 275004 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2807 | &nbsp;&nbsp;&nbsp;&nbsp; 764065 |
| &nbsp;&nbsp;&nbsp;Switch, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9918 | &nbsp;&nbsp;&nbsp;&nbsp; 339692 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3836 | &nbsp;&nbsp;&nbsp;&nbsp; 581001 |
| &nbsp;&nbsp;&nbsp;Ubiquiti, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp; 621062 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39776 | &nbsp;&nbsp;&nbsp;&nbsp; 1550468 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9098360 |
| **Toys/Games/Hobbies — 0.1%** | **Toys/Games/Hobbies — 0.1%** | **Toys/Games/Hobbies — 0.1%** |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2396 | &nbsp;&nbsp;&nbsp;&nbsp; 150517 |
| &nbsp;&nbsp;&nbsp;Mattel, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;21632 | &nbsp;&nbsp;&nbsp;&nbsp; 394351 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544868 |
| **Transportation — 1.5%** | **Transportation — 1.5%** | **Transportation — 1.5%** |
| &nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6193 | &nbsp;&nbsp;&nbsp;&nbsp; 620662 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13194 | &nbsp;&nbsp;&nbsp;&nbsp; 431312 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4830 | &nbsp;&nbsp;&nbsp;&nbsp; 560570 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3418 | &nbsp;&nbsp;&nbsp;&nbsp; 622828 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401 | &nbsp;&nbsp;&nbsp;&nbsp; 257630 |
| &nbsp;&nbsp;&nbsp;Kirby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5995 | &nbsp;&nbsp;&nbsp;&nbsp; 418391 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18546 | &nbsp;&nbsp;&nbsp;&nbsp; 1028005 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4692 | &nbsp;&nbsp;&nbsp;&nbsp; 811622 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281 | &nbsp;&nbsp;&nbsp;&nbsp; 328576 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356 | &nbsp;&nbsp;&nbsp;&nbsp; 410339 |
| &nbsp;&nbsp;&nbsp;RXO, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5709 | &nbsp;&nbsp;&nbsp;&nbsp; 108471 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Transportation (continued)** | **Transportation (continued)** |  |
| &nbsp;&nbsp;&nbsp;Schneider National, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;10400 | &nbsp;&nbsp;$267904 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3884 | &nbsp;&nbsp;&nbsp;&nbsp; 844498 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6371 | &nbsp;&nbsp;&nbsp;&nbsp; 1208770 |
| &nbsp;&nbsp;&nbsp;XPO Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5709 | &nbsp;&nbsp;&nbsp;&nbsp; 220482 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8140060 |
| **Water — 0.1%** | **Water — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828 | &nbsp;&nbsp;&nbsp;&nbsp; 277417 |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4808 | &nbsp;&nbsp;&nbsp;&nbsp; 231938 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509355 |
| **Total Common Stocks<br> (cost $452,943,206)** |  | &nbsp;&nbsp;&nbsp;&nbsp;529737787 |
| **UNAFFILIATED INVESTMENT COMPANIES — 1.1%** | **UNAFFILIATED INVESTMENT COMPANIES — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;Vanguard Russell 1000 ETF<br> (cost $5,817,175) | &nbsp;&nbsp;&nbsp;&nbsp;31263 | &nbsp;&nbsp;&nbsp;&nbsp; 5806789 |
| **Total Long-Term Investment Securities<br> (cost $458,760,381)** |  | &nbsp;&nbsp;&nbsp;&nbsp;535544576 |
| **SHORT-TERM INVESTMENTS — 0.5%** | **SHORT-TERM INVESTMENTS — 0.5%** |  |
| **Unaffiliated Investment Companies — 0.5%** | **Unaffiliated Investment Companies — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 3.86%(1)(2)<br> (cost $2,578,381) | 2578381 | &nbsp;&nbsp;&nbsp;&nbsp; 2578381 |
| **TOTAL INVESTMENTS<br> (cost $461,338,762)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.9% | &nbsp;&nbsp;&nbsp;&nbsp;538122957 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512587 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$538635544 |

---

---

| | |
|:---|:---|
| † | &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, 2022. |
| (2) | &nbsp;&nbsp;At November 30, 2022, the Fund had loaned securities with a total value of $3,439,899. This was secured by collateral of $2,578,381, which was received in cash and subsequently invested in short-term investments currently valued at $2,578,381 as reported in the Portfolio of Investments. Additional collateral of $1,028,580 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, 2022** |
| Government National Mtg. Assoc. | 1.75% to 2.50% | 11/20/2051 to 02/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;$6878 |
| United States Treasury Bills | 0.00% | 01/12/2023 to 02/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 |
| United States Treasury Notes/Bonds | 0.13% to 6.13% | 02/28/2023 to 02/15/2052 | &nbsp;&nbsp;&nbsp;1020915 |

---

(3) See
 Note 5 for cost of investments on a tax basis.

ETF—Exchange Traded Fund

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2022 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Packaging & Containers | &nbsp;&nbsp;&nbsp;$2508310 | &nbsp;&nbsp;$112242 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$2620552 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;527117235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;527117235 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5806789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5806789 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2578381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2578381 |
| **Total Investments at Value** | &nbsp;&nbsp;$538010715 | &nbsp;&nbsp;$112242 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$538122957 |

---

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

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Insurance | &nbsp;&nbsp;10.0% |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;7.1 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;6.5 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;6.2 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Office/Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Savings & Loans | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;99.9% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.1%** | **COMMON STOCKS — 99.1%** | **COMMON STOCKS — 99.1%** |
| **Advertising — 1.1%** | **Advertising — 1.1%** | **Advertising — 1.1%** |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65664 | &nbsp;&nbsp;$5237361 |
| **Aerospace/Defense — 2.7%** | **Aerospace/Defense — 2.7%** | **Aerospace/Defense — 2.7%** |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16445 | &nbsp;&nbsp;&nbsp;&nbsp; 4150553 |
| &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;74025 | &nbsp;&nbsp;&nbsp;&nbsp; 7307748 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414 | &nbsp;&nbsp;&nbsp;&nbsp; 888699 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12347000 |
| **Agriculture — 1.5%** | **Agriculture — 1.5%** | **Agriculture — 1.5%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35998 | &nbsp;&nbsp;&nbsp;&nbsp; 1676787 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51956 | &nbsp;&nbsp;&nbsp;&nbsp; 5178454 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6855241 |
| **Apparel — 0.3%** | **Apparel — 0.3%** | **Apparel — 0.3%** |
| &nbsp;&nbsp;&nbsp;Capri Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;21527 | &nbsp;&nbsp;&nbsp;&nbsp; 1234573 |
| **Auto Parts & Equipment — 0.4%** | **Auto Parts & Equipment — 0.4%** | **Auto Parts & Equipment — 0.4%** |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45909 | &nbsp;&nbsp;&nbsp;&nbsp; 1951592 |
| **Banks — 6.5%** | **Banks — 6.5%** | **Banks — 6.5%** |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;53296 | &nbsp;&nbsp;&nbsp;&nbsp; 2446286 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132850 | &nbsp;&nbsp;&nbsp;&nbsp; 6431269 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32162 | &nbsp;&nbsp;&nbsp;&nbsp; 2258094 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;95214 | &nbsp;&nbsp;&nbsp;&nbsp; 13156671 |
| &nbsp;&nbsp;&nbsp;KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;188128 | &nbsp;&nbsp;&nbsp;&nbsp; 3538688 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6432 | &nbsp;&nbsp;&nbsp;&nbsp; 512437 |
| &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;41532 | &nbsp;&nbsp;&nbsp;&nbsp; 1885137 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;30228582 |
| **Beverages — 1.2%** | **Beverages — 1.2%** | **Beverages — 1.2%** |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28902 | &nbsp;&nbsp;&nbsp;&nbsp; 5361610 |
| **Biotechnology — 0.8%** | **Biotechnology — 0.8%** | **Biotechnology — 0.8%** |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12007 | &nbsp;&nbsp;&nbsp;&nbsp; 2112152 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4533 | &nbsp;&nbsp;&nbsp;&nbsp; 1434241 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3546393 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10917 | &nbsp;&nbsp;&nbsp;&nbsp; 697924 |
| **Chemicals — 2.4%** | **Chemicals — 2.4%** | **Chemicals — 2.4%** |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11574 | &nbsp;&nbsp;&nbsp;&nbsp; 3217456 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;49740 | &nbsp;&nbsp;&nbsp;&nbsp; 4228398 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9370 | &nbsp;&nbsp;&nbsp;&nbsp; 480681 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5529 | &nbsp;&nbsp;&nbsp;&nbsp; 572915 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24177 | &nbsp;&nbsp;&nbsp;&nbsp; 2602654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11102104 |
| **Commercial Services — 3.4%** | **Commercial Services — 3.4%** | **Commercial Services — 3.4%** |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3399 | &nbsp;&nbsp;&nbsp;&nbsp; 760016 |
| &nbsp;&nbsp;&nbsp;Clarivate PLC† | &nbsp;&nbsp;&nbsp;&nbsp;108928 | &nbsp;&nbsp;&nbsp;&nbsp; 1066405 |
| &nbsp;&nbsp;&nbsp;Dun & Bradstreet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47658 | &nbsp;&nbsp;&nbsp;&nbsp; 641477 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp; 1322379 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23703 | &nbsp;&nbsp;&nbsp;&nbsp; 2459897 |
| &nbsp;&nbsp;&nbsp;Robert Half International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7677 | &nbsp;&nbsp;&nbsp;&nbsp; 604794 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8980 | &nbsp;&nbsp;&nbsp;&nbsp; 3168144 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12587 | &nbsp;&nbsp;&nbsp;&nbsp; 4443589 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7784 | &nbsp;&nbsp;&nbsp;&nbsp; 1316586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15783287 |
| **Computers — 1.9%** | **Computers — 1.9%** | **Computers — 1.9%** |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029 | &nbsp;&nbsp;&nbsp;&nbsp; 945957 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;25051 | &nbsp;&nbsp;&nbsp;&nbsp; 1122034 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4116 | &nbsp;&nbsp;&nbsp;&nbsp; 612872 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13019 | &nbsp;&nbsp;$1423367 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45053 | &nbsp;&nbsp;&nbsp;&nbsp; 4960786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9065016 |
| **Cosmetics/Personal Care — 2.0%** | **Cosmetics/Personal Care — 2.0%** | **Cosmetics/Personal Care — 2.0%** |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;61216 | &nbsp;&nbsp;&nbsp;&nbsp; 9130978 |
| **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;23207 | &nbsp;&nbsp;&nbsp;&nbsp; 482706 |
| **Diversified Financial Services — 5.2%** | **Diversified Financial Services — 5.2%** | **Diversified Financial Services — 5.2%** |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26131 | &nbsp;&nbsp;&nbsp;&nbsp; 4191935 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37171 | &nbsp;&nbsp;&nbsp;&nbsp; 2579296 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11879 | &nbsp;&nbsp;&nbsp;&nbsp; 1226388 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20212 | &nbsp;&nbsp;&nbsp;&nbsp; 1668298 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6178 | &nbsp;&nbsp;&nbsp;&nbsp; 1090417 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;20876 | &nbsp;&nbsp;&nbsp;&nbsp; 2262123 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19418 | &nbsp;&nbsp;&nbsp;&nbsp; 2103164 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80564 | &nbsp;&nbsp;&nbsp;&nbsp; 5515411 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;33150 | &nbsp;&nbsp;&nbsp;&nbsp; 1245777 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;102682 | &nbsp;&nbsp;&nbsp;&nbsp; 2277487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24160296 |
| **Electric — 0.9%** | **Electric — 0.9%** | **Electric — 0.9%** |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;103588 | &nbsp;&nbsp;&nbsp;&nbsp; 4397311 |
| **Electrical Components & Equipment — 1.2%** | **Electrical Components & Equipment — 1.2%** | **Electrical Components & Equipment — 1.2%** |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;58010 | &nbsp;&nbsp;&nbsp;&nbsp; 5555618 |
| **Electronics — 1.5%** | **Electronics — 1.5%** | **Electronics — 1.5%** |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;38395 | &nbsp;&nbsp;&nbsp;&nbsp; 4175072 |
| &nbsp;&nbsp;&nbsp;National Instruments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;44838 | &nbsp;&nbsp;&nbsp;&nbsp; 1839255 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC | &nbsp;&nbsp;&nbsp;&nbsp;25895 | &nbsp;&nbsp;&nbsp;&nbsp; 1036059 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7050386 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;35501 | &nbsp;&nbsp;&nbsp;&nbsp; 1249280 |
| **Food — 3.0%** | **Food — 3.0%** | **Food — 3.0%** |
| &nbsp;&nbsp;&nbsp;Campbell Soup Co. | &nbsp;&nbsp;&nbsp;&nbsp;27512 | &nbsp;&nbsp;&nbsp;&nbsp; 1476569 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47888 | &nbsp;&nbsp;&nbsp;&nbsp; 4084846 |
| &nbsp;&nbsp;&nbsp;Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;53260 | &nbsp;&nbsp;&nbsp;&nbsp; 3885317 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;63421 | &nbsp;&nbsp;&nbsp;&nbsp; 4287894 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13734626 |
| **Gas — 0.9%** | **Gas — 0.9%** | **Gas — 0.9%** |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;66425 | &nbsp;&nbsp;&nbsp;&nbsp; 4399328 |
| **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9393 | &nbsp;&nbsp;&nbsp;&nbsp; 1231516 |
| **Healthcare-Products — 6.2%** | **Healthcare-Products — 6.2%** | **Healthcare-Products — 6.2%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;56463 | &nbsp;&nbsp;&nbsp;&nbsp; 6074290 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8483 | &nbsp;&nbsp;&nbsp;&nbsp; 1668267 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29508 | &nbsp;&nbsp;&nbsp;&nbsp; 8067782 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;43078 | &nbsp;&nbsp;&nbsp;&nbsp; 3280821 |
| &nbsp;&nbsp;&nbsp;QuidelOrtho Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;10443 | &nbsp;&nbsp;&nbsp;&nbsp; 914911 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15633 | &nbsp;&nbsp;&nbsp;&nbsp; 8757919 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28763990 |
| **Healthcare-Services — 2.5%** | **Healthcare-Services — 2.5%** | **Healthcare-Services — 2.5%** |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;11248 | &nbsp;&nbsp;&nbsp;&nbsp; 979138 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp; 3517272 |
| &nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580 | &nbsp;&nbsp;&nbsp;&nbsp; 621006 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3646 | &nbsp;&nbsp;&nbsp;&nbsp; 553572 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Syneos Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17042 | &nbsp;&nbsp;$601242 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9883 | &nbsp;&nbsp;&nbsp;&nbsp; 5413512 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11685742 |
| **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 974192 |
| **Household Products/Wares — 0.5%** | **Household Products/Wares — 0.5%** | **Household Products/Wares — 0.5%** |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18067 | &nbsp;&nbsp;&nbsp;&nbsp; 2450427 |
| **Insurance — 10.0%** | **Insurance — 10.0%** | **Insurance — 10.0%** |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83849 | &nbsp;&nbsp;&nbsp;&nbsp; 6031259 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;27861 | &nbsp;&nbsp;&nbsp;&nbsp; 5547404 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;53352 | &nbsp;&nbsp;&nbsp;&nbsp; 16997947 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53147 | &nbsp;&nbsp;&nbsp;&nbsp; 3167030 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98690 | &nbsp;&nbsp;&nbsp;&nbsp; 3983128 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14559 | &nbsp;&nbsp;&nbsp;&nbsp; 1746498 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49467 | &nbsp;&nbsp;&nbsp;&nbsp; 2876506 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70872 | &nbsp;&nbsp;&nbsp;&nbsp; 5435882 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp; 758770 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;46544424 |
| **Internet — 1.9%** | **Internet — 1.9%** | **Internet — 1.9%** |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;14985 | &nbsp;&nbsp;&nbsp;&nbsp; 1185763 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;64973 | &nbsp;&nbsp;&nbsp;&nbsp; 7673311 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8859074 |
| **Iron/Steel — 1.4%** | **Iron/Steel — 1.4%** | **Iron/Steel — 1.4%** |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14641 | &nbsp;&nbsp;&nbsp;&nbsp; 2195418 |
| &nbsp;&nbsp;&nbsp;Reliance Steel & Aluminum Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6657 | &nbsp;&nbsp;&nbsp;&nbsp; 1406558 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28252 | &nbsp;&nbsp;&nbsp;&nbsp; 2936230 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6538206 |
| **Leisure Time — 0.3%** | **Leisure Time — 0.3%** | **Leisure Time — 0.3%** |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10505 | &nbsp;&nbsp;&nbsp;&nbsp; 779471 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5046 | &nbsp;&nbsp;&nbsp;&nbsp; 575547 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355018 |
| **Machinery-Diversified — 1.4%** | **Machinery-Diversified — 1.4%** | **Machinery-Diversified — 1.4%** |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10758 | &nbsp;&nbsp;&nbsp;&nbsp; 1527098 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80190 | &nbsp;&nbsp;&nbsp;&nbsp; 4327854 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3149 | &nbsp;&nbsp;&nbsp;&nbsp; 454055 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6309007 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| &nbsp;&nbsp;&nbsp;Altice USA, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;150313 | &nbsp;&nbsp;&nbsp;&nbsp; 685427 |
| &nbsp;&nbsp;&nbsp;DISH Network Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;54282 | &nbsp;&nbsp;&nbsp;&nbsp; 871226 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Class B | &nbsp;&nbsp;&nbsp;&nbsp;57524 | &nbsp;&nbsp;&nbsp;&nbsp; 1155082 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;145047 | &nbsp;&nbsp;&nbsp;&nbsp; 1653536 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4365271 |
| **Miscellaneous Manufacturing — 1.4%** | **Miscellaneous Manufacturing — 1.4%** | **Miscellaneous Manufacturing — 1.4%** |
| &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;49659 | &nbsp;&nbsp;&nbsp;&nbsp; 6255544 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407 | &nbsp;&nbsp;&nbsp;&nbsp; 370196 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6625740 |
| **Office/Business Equipment — 0.2%** | **Office/Business Equipment — 0.2%** | **Office/Business Equipment — 0.2%** |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3457 | &nbsp;&nbsp;&nbsp;&nbsp; 934358 |
| **Oil & Gas — 7.1%** | **Oil & Gas — 7.1%** | **Oil & Gas — 7.1%** |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39610 | &nbsp;&nbsp;&nbsp;&nbsp; 7260909 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;65219 | &nbsp;&nbsp;&nbsp;&nbsp; 8055199 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25181 | &nbsp;&nbsp;&nbsp;&nbsp; 702802 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8705 | &nbsp;&nbsp;&nbsp;&nbsp; 596467 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;71284 | &nbsp;&nbsp;&nbsp;&nbsp; 7936760 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37509 | &nbsp;&nbsp;$2338311 |
| &nbsp;&nbsp;&nbsp;Marathon Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;93124 | &nbsp;&nbsp;&nbsp;&nbsp; 2852388 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3896 | &nbsp;&nbsp;&nbsp;&nbsp; 474572 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881 | &nbsp;&nbsp;&nbsp;&nbsp; 443897 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16731 | &nbsp;&nbsp;&nbsp;&nbsp; 2235596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;32896901 |
| **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** |
| &nbsp;&nbsp;&nbsp;WestRock Co. | &nbsp;&nbsp;&nbsp;&nbsp;49630 | &nbsp;&nbsp;&nbsp;&nbsp; 1881970 |
| **Pharmaceuticals — 6.3%** | **Pharmaceuticals — 6.3%** | **Pharmaceuticals — 6.3%** |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;104003 | &nbsp;&nbsp;&nbsp;&nbsp; 8349361 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;23919 | &nbsp;&nbsp;&nbsp;&nbsp; 1935525 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC† | &nbsp;&nbsp;&nbsp;&nbsp;17307 | &nbsp;&nbsp;&nbsp;&nbsp; 2715641 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12503 | &nbsp;&nbsp;&nbsp;&nbsp; 4772145 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;229589 | &nbsp;&nbsp;&nbsp;&nbsp; 11509297 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29281969 |
| **Real Estate — 0.9%** | **Real Estate — 0.9%** | **Real Estate — 0.9%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;53124 | &nbsp;&nbsp;&nbsp;&nbsp; 4228670 |
| **REITS — 5.6%** | **REITS — 5.6%** | **REITS — 5.6%** |
| &nbsp;&nbsp;&nbsp;AGNC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;499926 | &nbsp;&nbsp;&nbsp;&nbsp; 4994261 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141553 | &nbsp;&nbsp;&nbsp;&nbsp; 2906083 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57753 | &nbsp;&nbsp;&nbsp;&nbsp; 1721039 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;108912 | &nbsp;&nbsp;&nbsp;&nbsp; 2496263 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32829 | &nbsp;&nbsp;&nbsp;&nbsp; 994062 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92893 | &nbsp;&nbsp;&nbsp;&nbsp; 1191817 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;78123 | &nbsp;&nbsp;&nbsp;&nbsp; 4927218 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13207 | &nbsp;&nbsp;&nbsp;&nbsp; 3952855 |
| &nbsp;&nbsp;&nbsp;STORE Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;70244 | &nbsp;&nbsp;&nbsp;&nbsp; 2240784 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10130 | &nbsp;&nbsp;&nbsp;&nbsp; 798244 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26222626 |
| **Retail — 4.0%** | **Retail — 4.0%** | **Retail — 4.0%** |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6306 | &nbsp;&nbsp;&nbsp;&nbsp; 952143 |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14872 | &nbsp;&nbsp;&nbsp;&nbsp; 1842790 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39478 | &nbsp;&nbsp;&nbsp;&nbsp; 927733 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18724 | &nbsp;&nbsp;&nbsp;&nbsp; 5107720 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63858 | &nbsp;&nbsp;&nbsp;&nbsp; 9733236 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18563622 |
| **Savings & Loans — 0.2%** | **Savings & Loans — 0.2%** | **Savings & Loans — 0.2%** |
| &nbsp;&nbsp;&nbsp;New York Community Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97240 | &nbsp;&nbsp;&nbsp;&nbsp; 909194 |
| **Semiconductors — 3.6%** | **Semiconductors — 3.6%** | **Semiconductors — 3.6%** |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38308 | &nbsp;&nbsp;&nbsp;&nbsp; 6585528 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39915 | &nbsp;&nbsp;&nbsp;&nbsp; 3160869 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9442 | &nbsp;&nbsp;&nbsp;&nbsp; 710038 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34149 | &nbsp;&nbsp;&nbsp;&nbsp; 6162529 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16618964 |
| **Software — 2.7%** | **Software — 2.7%** | **Software — 2.7%** |
| &nbsp;&nbsp;&nbsp;Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18497 | &nbsp;&nbsp;&nbsp;&nbsp; 1367853 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5793 | &nbsp;&nbsp;&nbsp;&nbsp; 1473160 |
| &nbsp;&nbsp;&nbsp;Black Knight, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;22847 | &nbsp;&nbsp;&nbsp;&nbsp; 1416286 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;39119 | &nbsp;&nbsp;&nbsp;&nbsp; 1329655 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;77962 | &nbsp;&nbsp;&nbsp;&nbsp; 2203206 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40692 | &nbsp;&nbsp;&nbsp;&nbsp; 3378657 |
| &nbsp;&nbsp;&nbsp;Playtika Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;41585 | &nbsp;&nbsp;&nbsp;&nbsp; 392978 |
| &nbsp;&nbsp;&nbsp;VMware, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8180 | &nbsp;&nbsp;&nbsp;&nbsp; 993788 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12555583 |

---

------

##### [**Table of Contents**](#toc)

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

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
| **Telecommunications — 1.6%** | **Telecommunications — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp; 123384 | &nbsp;&nbsp;$6134653 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. | &nbsp;&nbsp; 245775 | &nbsp;&nbsp;&nbsp;&nbsp; 1344389 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7479042 |
| **Transportation — 2.1%** | **Transportation — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp; 33892 | &nbsp;&nbsp;&nbsp;&nbsp; 3396656 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp; 19430 | &nbsp;&nbsp;&nbsp;&nbsp; 2255046 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp; 16158 | &nbsp;&nbsp;&nbsp;&nbsp; 895638 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp; 18928 | &nbsp;&nbsp;&nbsp;&nbsp; 3274165 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9821505 |
| **Total Long-Term Investment Securities<br> (cost $431,777,349)** |  | &nbsp;&nbsp;&nbsp;&nbsp;460668223 |
| **REPURCHASE AGREEMENTS — 0.8%** | **REPURCHASE AGREEMENTS — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.13% dated 11/30/2022, to be repurchased 12/01/2022 in the amount of $3,720,707 and collateralized by $4,068,900 of United States Treasury Notes, bearing interest at 1.13% due 01/15/2025 and having an approximate value of $3,795,043<br> (cost $3,720,590) | $3720590 | &nbsp;&nbsp;&nbsp;&nbsp; 3720590 |
| **TOTAL INVESTMENTS<br> (cost $435,497,939)(1)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.9% | &nbsp;&nbsp;&nbsp;&nbsp;464388813 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535649 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$464924462 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan.<br>At November 30, 2022, the Fund had loaned securities with a total value of $1,329,655. This was secured by collateral of $1,307,015 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. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> November 30, 2022** |
| United States Treasury Bills | 0.00% | 12/15/2022 to 02/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;$62917 |
| United States Treasury Notes/Bonds | 0.13% to 6.13% | 08/31/2023 to 02/15/2052 | &nbsp;&nbsp;&nbsp;1244098 |

---

(1) See
 Note 5 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, 2022 (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;$460668223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$460668223 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3720590 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3720590 |
| **Total Investments at Value** | &nbsp;&nbsp;$460668223 | &nbsp;&nbsp;$3720590 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$464388813 |

---

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

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)

#### VALIC Company I U.S. Socially Responsible Fund<br>

#### PORTFOLIO PROFILE — November 30, 2022— (unaudited)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Software | &nbsp;&nbsp;12.8% |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;7.5 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;7.4 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;99.9% |

---

\* Calculated as a percentage of net assets

------

##### [**Table of Contents**](#toc)

#### VALIC Company I U.S. Socially Responsible Fund<br>

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 97.6%** | **COMMON STOCKS — 97.6%** | **COMMON STOCKS — 97.6%** |
| **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97554 | &nbsp;&nbsp;$3450485 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| &nbsp;&nbsp;&nbsp;VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22123 | &nbsp;&nbsp;&nbsp;&nbsp; 726077 |
| **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5680 | &nbsp;&nbsp;&nbsp;&nbsp; 1426589 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14332 | &nbsp;&nbsp;&nbsp;&nbsp; 1517902 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2944491 |
| **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp;Aptiv PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19877 | &nbsp;&nbsp;&nbsp;&nbsp; 2120280 |
| **Banks — 3.8%** | **Banks — 3.8%** | **Banks — 3.8%** |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35536 | &nbsp;&nbsp;&nbsp;&nbsp; 1631102 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14312 | &nbsp;&nbsp;&nbsp;&nbsp; 520384 |
| &nbsp;&nbsp;&nbsp;First Republic Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11160 | &nbsp;&nbsp;&nbsp;&nbsp; 1424128 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43193 | &nbsp;&nbsp;&nbsp;&nbsp; 668628 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12152 | &nbsp;&nbsp;&nbsp;&nbsp; 2066083 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66819 | &nbsp;&nbsp;&nbsp;&nbsp; 6218844 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463 | &nbsp;&nbsp;&nbsp;&nbsp; 229330 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26230 | &nbsp;&nbsp;&nbsp;&nbsp; 4413460 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26074 | &nbsp;&nbsp;&nbsp;&nbsp; 605178 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8176 | &nbsp;&nbsp;&nbsp;&nbsp; 651382 |
| &nbsp;&nbsp;&nbsp;SVB Financial Group† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259 | &nbsp;&nbsp;&nbsp;&nbsp; 291811 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92882 | &nbsp;&nbsp;&nbsp;&nbsp; 4347806 |
| &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71239 | &nbsp;&nbsp;&nbsp;&nbsp; 3233538 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26301674 |
| **Beverages — 3.6%** | **Beverages — 3.6%** | **Beverages — 3.6%** |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;187040 | &nbsp;&nbsp;&nbsp;&nbsp; 11897615 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13910 | &nbsp;&nbsp;&nbsp;&nbsp; 537900 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10712 | &nbsp;&nbsp;&nbsp;&nbsp; 1101836 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62189 | &nbsp;&nbsp;&nbsp;&nbsp; 11536681 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;25074032 |
| **Biotechnology — 2.7%** | **Biotechnology — 2.7%** | **Biotechnology — 2.7%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19789 | &nbsp;&nbsp;&nbsp;&nbsp; 5667569 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7487 | &nbsp;&nbsp;&nbsp;&nbsp; 2284808 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082 | &nbsp;&nbsp;&nbsp;&nbsp; 448716 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3569 | &nbsp;&nbsp;&nbsp;&nbsp; 778327 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15488 | &nbsp;&nbsp;&nbsp;&nbsp; 1233929 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9557 | &nbsp;&nbsp;&nbsp;&nbsp; 1681172 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4021 | &nbsp;&nbsp;&nbsp;&nbsp; 3022586 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12182 | &nbsp;&nbsp;&nbsp;&nbsp; 3854385 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18971492 |
| **Chemicals — 2.4%** | **Chemicals — 2.4%** | **Chemicals — 2.4%** |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9493 | &nbsp;&nbsp;&nbsp;&nbsp; 2944349 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3141 | &nbsp;&nbsp;&nbsp;&nbsp; 873167 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7191 | &nbsp;&nbsp;&nbsp;&nbsp; 777994 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8927 | &nbsp;&nbsp;&nbsp;&nbsp; 1337532 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042 | &nbsp;&nbsp;&nbsp;&nbsp; 321905 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21115 | &nbsp;&nbsp;&nbsp;&nbsp; 7104775 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11847 | &nbsp;&nbsp;&nbsp;&nbsp; 607751 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4259 | &nbsp;&nbsp;&nbsp;&nbsp; 575902 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8893 | &nbsp;&nbsp;&nbsp;&nbsp; 2215958 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16759333 |
| **Commercial Services — 3.9%** | **Commercial Services — 3.9%** | **Commercial Services — 3.9%** |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21256 | &nbsp;&nbsp;&nbsp;&nbsp; 5614560 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4132 | &nbsp;&nbsp;&nbsp;&nbsp; 1908075 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16212 | &nbsp;&nbsp;&nbsp;&nbsp; 1313820 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969 | &nbsp;&nbsp;&nbsp;&nbsp; 689879 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10049 | &nbsp;&nbsp;&nbsp;&nbsp; 1042885 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448 | &nbsp;&nbsp;$387948 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13291 | &nbsp;&nbsp;&nbsp;&nbsp; 3964307 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37624 | &nbsp;&nbsp;&nbsp;&nbsp; 2950098 |
| &nbsp;&nbsp;&nbsp;Robert Half International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3880 | &nbsp;&nbsp;&nbsp;&nbsp; 305666 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20111 | &nbsp;&nbsp;&nbsp;&nbsp; 7095161 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10844 | &nbsp;&nbsp;&nbsp;&nbsp; 1992151 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27264550 |
| **Computers — 4.0%** | **Computers — 4.0%** | **Computers — 4.0%** |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26528 | &nbsp;&nbsp;&nbsp;&nbsp; 1650307 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp; 501269 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34140 | &nbsp;&nbsp;&nbsp;&nbsp; 1814882 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;434831 | &nbsp;&nbsp;&nbsp;&nbsp; 7296464 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;199988 | &nbsp;&nbsp;&nbsp;&nbsp; 6007639 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88719 | &nbsp;&nbsp;&nbsp;&nbsp; 5998292 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45033 | &nbsp;&nbsp;&nbsp;&nbsp; 2385398 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70844 | &nbsp;&nbsp;&nbsp;&nbsp; 2603517 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28257768 |
| **Cosmetics/Personal Care — 1.3%** | **Cosmetics/Personal Care — 1.3%** | **Cosmetics/Personal Care — 1.3%** |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72140 | &nbsp;&nbsp;&nbsp;&nbsp; 5589407 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14688 | &nbsp;&nbsp;&nbsp;&nbsp; 3463284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9052691 |
| **Distribution/Wholesale — 0.2%** | **Distribution/Wholesale — 0.2%** | **Distribution/Wholesale — 0.2%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5322 | &nbsp;&nbsp;&nbsp;&nbsp; 354232 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8659 | &nbsp;&nbsp;&nbsp;&nbsp; 470444 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620 | &nbsp;&nbsp;&nbsp;&nbsp; 863054 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687730 |
| **Diversified Financial Services — 7.4%** | **Diversified Financial Services — 7.4%** | **Diversified Financial Services — 7.4%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27989 | &nbsp;&nbsp;&nbsp;&nbsp; 4410786 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5482 | &nbsp;&nbsp;&nbsp;&nbsp; 1819750 |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8927 | &nbsp;&nbsp;&nbsp;&nbsp; 6391732 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4814 | &nbsp;&nbsp;&nbsp;&nbsp; 610608 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53651 | &nbsp;&nbsp;&nbsp;&nbsp; 4428354 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20259 | &nbsp;&nbsp;&nbsp;&nbsp; 3575713 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32640 | &nbsp;&nbsp;&nbsp;&nbsp; 3535238 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30394 | &nbsp;&nbsp;&nbsp;&nbsp; 10832422 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27036 | &nbsp;&nbsp;&nbsp;&nbsp; 1850885 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10089 | &nbsp;&nbsp;&nbsp;&nbsp; 1179404 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13206 | &nbsp;&nbsp;&nbsp;&nbsp; 1649561 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53810 | &nbsp;&nbsp;&nbsp;&nbsp; 11676770 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;51961223 |
| **Electric — 2.8%** | **Electric — 2.8%** | **Electric — 2.8%** |
| &nbsp;&nbsp;&nbsp;AES Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12969 | &nbsp;&nbsp;&nbsp;&nbsp; 375064 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3881 | &nbsp;&nbsp;&nbsp;&nbsp; 218500 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47350 | &nbsp;&nbsp;&nbsp;&nbsp; 1473059 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33854 | &nbsp;&nbsp;&nbsp;&nbsp; 3319046 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44456 | &nbsp;&nbsp;&nbsp;&nbsp; 3683624 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37089 | &nbsp;&nbsp;&nbsp;&nbsp; 1094867 |
| &nbsp;&nbsp;&nbsp;Sempra Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32976 | &nbsp;&nbsp;&nbsp;&nbsp; 5480282 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38302 | &nbsp;&nbsp;&nbsp;&nbsp; 3797260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19441702 |
| **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4159 | &nbsp;&nbsp;&nbsp;&nbsp; 592325 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18972 | &nbsp;&nbsp;&nbsp;&nbsp; 1816948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2409273 |
| **Electronics — 1.2%** | **Electronics — 1.2%** | **Electronics — 1.2%** |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10505 | &nbsp;&nbsp;&nbsp;&nbsp; 1628065 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34550 | &nbsp;&nbsp;&nbsp;&nbsp; 2778856 |

---

------

##### [**Table of Contents**](#toc)

#### VALIC Company I U.S. Socially Responsible Fund<br>

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;$16550 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9031 | &nbsp;&nbsp;&nbsp;&nbsp; 1633618 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp; 252764 |
| &nbsp;&nbsp;&nbsp;TE Connectivity, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14385 | &nbsp;&nbsp;&nbsp;&nbsp; 1814236 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8124089 |
| **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3233 | &nbsp;&nbsp;&nbsp;&nbsp; 1036467 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4766 | &nbsp;&nbsp;&nbsp;&nbsp; 603090 |
| **Environmental Control — 0.7%** | **Environmental Control — 0.7%** | **Environmental Control — 0.7%** |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10074 | &nbsp;&nbsp;&nbsp;&nbsp; 1403208 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19656 | &nbsp;&nbsp;&nbsp;&nbsp; 3296704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4699912 |
| **Food — 2.0%** | **Food — 2.0%** | **Food — 2.0%** |
| &nbsp;&nbsp;&nbsp;Campbell Soup Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6184 | &nbsp;&nbsp;&nbsp;&nbsp; 331895 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51633 | &nbsp;&nbsp;&nbsp;&nbsp; 4404295 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23720 | &nbsp;&nbsp;&nbsp;&nbsp; 1114840 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2921 | &nbsp;&nbsp;&nbsp;&nbsp; 449863 |
| &nbsp;&nbsp;&nbsp;Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20571 | &nbsp;&nbsp;&nbsp;&nbsp; 1500655 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62334 | &nbsp;&nbsp;&nbsp;&nbsp; 2452843 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60765 | &nbsp;&nbsp;&nbsp;&nbsp; 2989030 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7853 | &nbsp;&nbsp;&nbsp;&nbsp; 668919 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13912340 |
| **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;6582 | &nbsp;&nbsp;&nbsp;&nbsp; 244324 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6894 | &nbsp;&nbsp;&nbsp;&nbsp; 828659 |
| **Healthcare-Products — 3.8%** | **Healthcare-Products — 3.8%** | **Healthcare-Products — 3.8%** |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187 | &nbsp;&nbsp;&nbsp;&nbsp; 233435 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24175 | &nbsp;&nbsp;&nbsp;&nbsp; 1366613 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28207 | &nbsp;&nbsp;&nbsp;&nbsp; 7712076 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27791 | &nbsp;&nbsp;&nbsp;&nbsp; 2146855 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4260 | &nbsp;&nbsp;&nbsp;&nbsp; 324441 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332 | &nbsp;&nbsp;&nbsp;&nbsp; 993129 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4404 | &nbsp;&nbsp;&nbsp;&nbsp; 1013801 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14316 | &nbsp;&nbsp;&nbsp;&nbsp; 3348369 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15106 | &nbsp;&nbsp;&nbsp;&nbsp; 8462683 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5908 | &nbsp;&nbsp;&nbsp;&nbsp; 709551 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26310953 |
| **Healthcare-Services — 2.7%** | **Healthcare-Services — 2.7%** | **Healthcare-Services — 2.7%** |
| &nbsp;&nbsp;&nbsp;Catalent, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11248 | &nbsp;&nbsp;&nbsp;&nbsp; 563862 |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26905 | &nbsp;&nbsp;&nbsp;&nbsp; 2342080 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12206 | &nbsp;&nbsp;&nbsp;&nbsp; 6504822 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8650 | &nbsp;&nbsp;&nbsp;&nbsp; 2077903 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6808 | &nbsp;&nbsp;&nbsp;&nbsp; 3743719 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3727 | &nbsp;&nbsp;&nbsp;&nbsp; 812561 |
| &nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3620 | &nbsp;&nbsp;&nbsp;&nbsp; 871334 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4386 | &nbsp;&nbsp;&nbsp;&nbsp; 1477073 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604 | &nbsp;&nbsp;&nbsp;&nbsp; 395365 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18788719 |
| **Household Products/Wares — 0.7%** | **Household Products/Wares — 0.7%** | **Household Products/Wares — 0.7%** |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5388 | &nbsp;&nbsp;&nbsp;&nbsp; 1041662 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7328 | &nbsp;&nbsp;&nbsp;&nbsp; 599943 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570 | &nbsp;&nbsp;&nbsp;&nbsp; 233381 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23402 | &nbsp;&nbsp;&nbsp;&nbsp; 3174013 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5048999 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance — 4.0%** | **Insurance — 4.0%** | **Insurance — 4.0%** |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4834 | &nbsp;&nbsp;$347710 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12159 | &nbsp;&nbsp;&nbsp;&nbsp; 1628090 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8674 | &nbsp;&nbsp;&nbsp;&nbsp; 2674021 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4366 | &nbsp;&nbsp;&nbsp;&nbsp; 261567 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12119 | &nbsp;&nbsp;&nbsp;&nbsp; 2413014 |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34153 | &nbsp;&nbsp;&nbsp;&nbsp; 7499657 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32440 | &nbsp;&nbsp;&nbsp;&nbsp; 5617959 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34449 | &nbsp;&nbsp;&nbsp;&nbsp; 4552436 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643 | &nbsp;&nbsp;&nbsp;&nbsp; 177493 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14385 | &nbsp;&nbsp;&nbsp;&nbsp; 2730417 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4711 | &nbsp;&nbsp;&nbsp;&nbsp; 359355 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28261719 |
| **Internet — 2.6%** | **Internet — 2.6%** | **Internet — 2.6%** |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761 | &nbsp;&nbsp;&nbsp;&nbsp; 3661911 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153511 | &nbsp;&nbsp;&nbsp;&nbsp; 6975540 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22217 | &nbsp;&nbsp;&nbsp;&nbsp; 2934644 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5589 | &nbsp;&nbsp;&nbsp;&nbsp; 597129 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10498 | &nbsp;&nbsp;&nbsp;&nbsp; 241034 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11080 | &nbsp;&nbsp;&nbsp;&nbsp; 3385272 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006 | &nbsp;&nbsp;&nbsp;&nbsp; 201009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17996539 |
| **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11311 | &nbsp;&nbsp;&nbsp;&nbsp; 1696084 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14720 | &nbsp;&nbsp;&nbsp;&nbsp; 2099366 |
| **Machinery-Construction & Mining — 0.6%** | **Machinery-Construction & Mining — 0.6%** | **Machinery-Construction & Mining — 0.6%** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17143 | &nbsp;&nbsp;&nbsp;&nbsp; 4052777 |
| **Machinery-Diversified — 0.7%** | **Machinery-Diversified — 0.7%** | **Machinery-Diversified — 0.7%** |
| &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9182 | &nbsp;&nbsp;&nbsp;&nbsp; 4049262 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5505 | &nbsp;&nbsp;&nbsp;&nbsp; 297105 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3139 | &nbsp;&nbsp;&nbsp;&nbsp; 245124 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2409 | &nbsp;&nbsp;&nbsp;&nbsp; 636506 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5227997 |
| **Media — 2.2%** | **Media — 2.2%** | **Media — 2.2%** |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3407 | &nbsp;&nbsp;&nbsp;&nbsp; 1333125 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;166759 | &nbsp;&nbsp;&nbsp;&nbsp; 6110050 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848 | &nbsp;&nbsp;&nbsp;&nbsp; 852464 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68764 | &nbsp;&nbsp;&nbsp;&nbsp; 6729933 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66879 | &nbsp;&nbsp;&nbsp;&nbsp; 762420 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15787992 |
| **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39076 | &nbsp;&nbsp;&nbsp;&nbsp; 1854938 |
| **Miscellaneous Manufacturing — 1.3%** | **Miscellaneous Manufacturing — 1.3%** | **Miscellaneous Manufacturing — 1.3%** |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15786 | &nbsp;&nbsp;&nbsp;&nbsp; 2580222 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23550 | &nbsp;&nbsp;&nbsp;&nbsp; 5356918 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4982 | &nbsp;&nbsp;&nbsp;&nbsp; 1489319 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9426459 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp; 11081 |
| **Oil & Gas — 4.3%** | **Oil & Gas — 4.3%** | **Oil & Gas — 4.3%** |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56071 | &nbsp;&nbsp;&nbsp;&nbsp; 10278375 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16607 | &nbsp;&nbsp;&nbsp;&nbsp; 463501 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32851 | &nbsp;&nbsp;&nbsp;&nbsp; 2250951 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4803 | &nbsp;&nbsp;&nbsp;&nbsp; 710940 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30052 | &nbsp;&nbsp;&nbsp;&nbsp; 4265280 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7268 | &nbsp;&nbsp;&nbsp;&nbsp; 308236 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11387 | &nbsp;&nbsp;&nbsp;&nbsp; 1638703 |

---

------

##### [**Table of Contents**](#toc)

#### VALIC Company I U.S. Socially Responsible Fund<br>

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (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;Marathon Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15823 | &nbsp;&nbsp;$484659 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16476 | &nbsp;&nbsp;&nbsp;&nbsp; 2006942 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25980 | &nbsp;&nbsp;&nbsp;&nbsp; 1805350 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17197 | &nbsp;&nbsp;&nbsp;&nbsp; 1864843 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9354 | &nbsp;&nbsp;&nbsp;&nbsp; 2207450 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13706 | &nbsp;&nbsp;&nbsp;&nbsp; 1831396 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;30116626 |
| **Oil & Gas Services — 0.5%** | **Oil & Gas Services — 0.5%** | **Oil & Gas Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15268 | &nbsp;&nbsp;&nbsp;&nbsp; 443078 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17788 | &nbsp;&nbsp;&nbsp;&nbsp; 673987 |
| &nbsp;&nbsp;&nbsp;Schlumberger, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46407 | &nbsp;&nbsp;&nbsp;&nbsp; 2392281 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3509346 |
| **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** |
| &nbsp;&nbsp;&nbsp;Amcor PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94399 | &nbsp;&nbsp;&nbsp;&nbsp; 1165828 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15312 | &nbsp;&nbsp;&nbsp;&nbsp; 858697 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5858 | &nbsp;&nbsp;&nbsp;&nbsp; 796043 |
| &nbsp;&nbsp;&nbsp;WestRock Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10724 | &nbsp;&nbsp;&nbsp;&nbsp; 406654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3227222 |
| **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** |
| &nbsp;&nbsp;&nbsp;DexCom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10591 | &nbsp;&nbsp;&nbsp;&nbsp; 1231521 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30936 | &nbsp;&nbsp;&nbsp;&nbsp; 11479731 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39628 | &nbsp;&nbsp;&nbsp;&nbsp; 6108260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18819512 |
| **Pipelines — 0.2%** | **Pipelines — 0.2%** | **Pipelines — 0.2%** |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23678 | &nbsp;&nbsp;&nbsp;&nbsp; 452723 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18384 | &nbsp;&nbsp;&nbsp;&nbsp; 637925 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090648 |
| **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41378 | &nbsp;&nbsp;&nbsp;&nbsp; 3293689 |
| **REITS — 2.2%** | **REITS — 2.2%** | **REITS — 2.2%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14097 | &nbsp;&nbsp;&nbsp;&nbsp; 3118961 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13163 | &nbsp;&nbsp;&nbsp;&nbsp; 1861643 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 | &nbsp;&nbsp;&nbsp;&nbsp; 91430 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3526 | &nbsp;&nbsp;&nbsp;&nbsp; 2435232 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34534 | &nbsp;&nbsp;&nbsp;&nbsp; 4067760 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7646 | &nbsp;&nbsp;&nbsp;&nbsp; 2278202 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15996 | &nbsp;&nbsp;&nbsp;&nbsp; 1008868 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596 | &nbsp;&nbsp;&nbsp;&nbsp; 477683 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15339779 |
| **Retail — 5.1%** | **Retail — 5.1%** | **Retail — 5.1%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp; 1454556 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2637 | &nbsp;&nbsp;&nbsp;&nbsp; 387613 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10328 | &nbsp;&nbsp;&nbsp;&nbsp; 2640663 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7748 | &nbsp;&nbsp;&nbsp;&nbsp; 1164447 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839 | &nbsp;&nbsp;&nbsp;&nbsp; 326145 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16977 | &nbsp;&nbsp;&nbsp;&nbsp; 3112393 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31061 | &nbsp;&nbsp;&nbsp;&nbsp; 10063453 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23124 | &nbsp;&nbsp;&nbsp;&nbsp; 4915006 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999 | &nbsp;&nbsp;&nbsp;&nbsp; 1728215 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5341 | &nbsp;&nbsp;&nbsp;&nbsp; 628476 |
| &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17051 | &nbsp;&nbsp;&nbsp;&nbsp; 2848711 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38366 | &nbsp;&nbsp;&nbsp;&nbsp; 3071198 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388 | &nbsp;&nbsp;&nbsp;&nbsp; 314118 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111 | &nbsp;&nbsp;&nbsp;&nbsp; 516437 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43052 | &nbsp;&nbsp;$1786658 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7533 | &nbsp;&nbsp;&nbsp;&nbsp; 969196 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;35927285 |
| **Semiconductors — 7.5%** | **Semiconductors — 7.5%** | **Semiconductors — 7.5%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51536 | &nbsp;&nbsp;&nbsp;&nbsp; 4000740 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24259 | &nbsp;&nbsp;&nbsp;&nbsp; 4170365 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34104 | &nbsp;&nbsp;&nbsp;&nbsp; 3737798 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13831 | &nbsp;&nbsp;&nbsp;&nbsp; 7621296 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4894 | &nbsp;&nbsp;&nbsp;&nbsp; 1924076 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4303 | &nbsp;&nbsp;&nbsp;&nbsp; 2032651 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15215 | &nbsp;&nbsp;&nbsp;&nbsp; 1204876 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30588 | &nbsp;&nbsp;&nbsp;&nbsp; 1763398 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676 | &nbsp;&nbsp;&nbsp;&nbsp; 258205 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67082 | &nbsp;&nbsp;&nbsp;&nbsp; 11352287 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7328 | &nbsp;&nbsp;&nbsp;&nbsp; 1288555 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13667 | &nbsp;&nbsp;&nbsp;&nbsp; 1027758 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34739 | &nbsp;&nbsp;&nbsp;&nbsp; 4394136 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44873 | &nbsp;&nbsp;&nbsp;&nbsp; 8097782 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;52873923 |
| **Software — 12.8%** | **Software — 12.8%** | **Software — 12.8%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15762 | &nbsp;&nbsp;&nbsp;&nbsp; 5436787 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5141 | &nbsp;&nbsp;&nbsp;&nbsp; 487675 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3421 | &nbsp;&nbsp;&nbsp;&nbsp; 869960 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8882 | &nbsp;&nbsp;&nbsp;&nbsp; 1793720 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14541 | &nbsp;&nbsp;&nbsp;&nbsp; 2501634 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14337 | &nbsp;&nbsp;&nbsp;&nbsp; 1874993 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31380 | &nbsp;&nbsp;&nbsp;&nbsp; 2277560 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33974 | &nbsp;&nbsp;&nbsp;&nbsp; 3545527 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11237 | &nbsp;&nbsp;&nbsp;&nbsp; 4580089 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4174 | &nbsp;&nbsp;&nbsp;&nbsp; 790347 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;177157 | &nbsp;&nbsp;&nbsp;&nbsp; 45199837 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2820 | &nbsp;&nbsp;&nbsp;&nbsp; 1432081 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19708 | &nbsp;&nbsp;&nbsp;&nbsp; 2444383 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2743 | &nbsp;&nbsp;&nbsp;&nbsp; 930151 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3118 | &nbsp;&nbsp;&nbsp;&nbsp; 396641 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5178 | &nbsp;&nbsp;&nbsp;&nbsp; 2272572 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35318 | &nbsp;&nbsp;&nbsp;&nbsp; 5659710 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8184 | &nbsp;&nbsp;&nbsp;&nbsp; 3406999 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8283 | &nbsp;&nbsp;&nbsp;&nbsp; 2812410 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5219 | &nbsp;&nbsp;&nbsp;&nbsp; 551596 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068 | &nbsp;&nbsp;&nbsp;&nbsp; 366046 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;89630718 |
| **Telecommunications — 2.7%** | **Telecommunications — 2.7%** | **Telecommunications — 2.7%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7492 | &nbsp;&nbsp;&nbsp;&nbsp; 1043636 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;183014 | &nbsp;&nbsp;&nbsp;&nbsp; 3528510 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153920 | &nbsp;&nbsp;&nbsp;&nbsp; 7652902 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18022 | &nbsp;&nbsp;&nbsp;&nbsp; 615091 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566 | &nbsp;&nbsp;&nbsp;&nbsp; 426265 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140074 | &nbsp;&nbsp;&nbsp;&nbsp; 5460085 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18726489 |
| **Toys/Games/Hobbies — 0.1%** | **Toys/Games/Hobbies — 0.1%** | **Toys/Games/Hobbies — 0.1%** |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8601 | &nbsp;&nbsp;&nbsp;&nbsp; 540315 |
| **Transportation — 1.2%** | **Transportation — 1.2%** | **Transportation — 1.2%** |
| &nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8043 | &nbsp;&nbsp;&nbsp;&nbsp; 806069 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10879 | &nbsp;&nbsp;&nbsp;&nbsp; 1262617 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6155 | &nbsp;&nbsp;&nbsp;&nbsp; 1131843 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11808 | &nbsp;&nbsp;&nbsp;&nbsp; 3028752 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7225 | &nbsp;&nbsp;&nbsp;&nbsp; 2186357 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8415638 |

---

------

##### [**Table of Contents**](#toc)

#### VALIC Company I U.S. Socially Responsible Fund<br>

#### PORTFOLIO OF INVESTMENTS — November 30, 2022 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
| **Water — 0.0%** | **Water — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | &nbsp;&nbsp; 162 | &nbsp;&nbsp;$24585 |
| **Total Long-Term Investment Securities<br> (cost $551,557,757)** |  | &nbsp;&nbsp;&nbsp;&nbsp;683971080 |
| **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** |  |
| **U.S. Government — 0.3%** | **U.S. Government — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01%, 02/23/2023(1)<br> (cost $1,895,522) | $1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1881710 |
| **REPURCHASE AGREEMENTS — 2.0%** | **REPURCHASE AGREEMENTS — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.13% dated 11/30/2022, to be repurchased 12/01/2022 in the amount of $13,818,192 and collateralized by $15,111,200 of United States Treasury Notes, bearing interest at 1.13% due 01/15/2025 and having an approximate value of $14,094,141<br> (cost $13,817,758) | &nbsp;&nbsp;13817758 | &nbsp;&nbsp;&nbsp;&nbsp; 13817758 |
| **TOTAL INVESTMENTS<br> (cost $567,271,037)(2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.9% | &nbsp;&nbsp;&nbsp;&nbsp;699670548 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845480 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$700516028 |

---

† Non-income
 producing security

(1) The
security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

(2) See
 Note 5 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** |
| 82 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;$16149749 | &nbsp;&nbsp;&nbsp;&nbsp;$16733125 | &nbsp;&nbsp;&nbsp;&nbsp;$583376 |

---

\* 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, 2022 (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;$683971080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$683971080 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1881710 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881710 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13817758 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13817758 |
| **Total Investments at Value** | &nbsp;&nbsp;$683971080 | &nbsp;&nbsp;$15699468 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$699670548 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$583376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$583376 |

---

---

| | |
|:---|:---|
| \* | &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**](#toc)
**VALIC Company I** 

**STATEMENTS OF ASSETS AND LIABILITIES** **— *November 30, 2022 (unaudited)*** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **AGGRESSIVE<br>GROWTH<br>LIFESTYLE FUND** | **ASSET<br>ALLOCATION<br>FUND** | **BLUE CHIP<br>GROWTH**<br> **FUND** | **CAPITAL<br>APPRECIATION<br>FUND** | **CONSERVATIVE<br>GROWTH<br>LIFESTYLE**<br> **FUND** | **CORE BOND<br>FUND** |
|  **ASSETS:** |  |  |  |  |  |  |
|  Investment securities, at value (unaffiliated)\*† | $6993324 | $132081156 | $693349387 | $55938441 | $2268875 | $3211024094 |
|  Investment securities, at value (affiliated)\*† | 629905994 |  |  |  | 309319022 |  |
|  Repurchase agreements (cost approximates value) |  | 2627218 |  |  |  |  |
|  Cash |  | 2465 | 259 |  |  | 1814901 |
|  Foreign cash\* |  |  | 34 |  |  |  |
|  Cash collateral for futures contracts |  |  |  |  |  |  |
|  Cash collateral for centrally cleared swap contracts |  |  |  |  |  |  |
|  Due from broker |  |  |  |  |  |  |
|  Receivable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 34614 | 68437 | 46669 | 68454 | 1318 | 80805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 28715 | 403914 | 481422 | 36479 | 20843 | 18584379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 226763 | 1289413 |  |  | 3192378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended settlement basis |  |  |  |  |  | 175505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts on swap contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income |  | 219 | 340 |  |  | 8788 |
|  Prepaid expenses and other assets | 22616 | 10918 | 19059 | 9086 | 16760 | 75403 |
|  Due from investment adviser for expense reimbursements/fee waivers | 15094 | 5352 |  |  | 7490 |  |
|  Variation margin on futures contracts |  | 204063 |  |  |  |  |
|  Unrealized appreciation on forward foreign currency contracts |  |  |  |  |  |  |
|  Unrealized appreciation on swap contracts |  |  |  |  |  |  |
|  TOTAL ASSETS | 637000357 | 135630505 | 695186583 | 56052460 | 311634308 | 3234956253 |
|  **LIABILITIES:** |  |  |  |  |  |  |
|  Payable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 291116 | 7302 | 211962 | 1320 | 233763 | 577460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 84963 | 1897807 |  |  | 2540818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended settlement basis |  |  |  |  |  | 46045863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued foreign tax on capital gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 50314 | 53524 | 394639 | 23871 | 24969 | 1021674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative service fee |  | 7140 | 36135 | 2895 |  | 165567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 498 | 97 | 220 | 383 | 189 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees and expenses | 18259 | 5832 | 15374 | 5639 | 10978 | 81736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 72252 | 57618 | 98342 | 50132 | 52691 | 261201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit |  |  |  |  |  |  |
|  Variation margin on futures contracts |  |  |  |  |  |  |
|  Collateral upon return of securities loaned |  | 840863 |  |  |  | 15134305 |
|  Due to custodian |  |  |  |  |  |  |
|  Due to broker |  | 204378 |  |  |  |  |
|  Unrealized depreciation on forward foreign currency contracts |  |  |  |  |  |  |
|  Swap premiums received |  |  |  |  |  |  |
|  Unrealized depreciation on swap contracts |  |  |  |  |  |  |
|  TOTAL LIABILITIES | 432439 | 1261717 | 2654479 | 84240 | 322590 | 65829704 |
|  NET ASSETS | $636567918 | $134368788 | $692532104 | $55968220 | $311311718 | $3169126549 |
|  **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |  |
|  Capital shares at par value of $0.01 per share | $631384 | $132871 | $452437 | $30129 | $281313 | $3267290 |
|  Additional paid-in capital | 602107264 | 132376389 | 423900018 | 17614814 | 322086742 | 3479873866 |
|  Total accumulated earnings (loss) | 33829270 | 1859528 | 268179649 | 38323277 | (11056337) | (314014607) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $636567918 | $134368788 | $692532104 | $55968220 | $311311718 | $3169126549 |
|  **CAPITAL SHARES:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized (Par value $0.01 per share) | 1000000000 | 1000000000 | 1000000000 | 1000000000 | 1000000000 | 1000000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outstanding | 63138423 | 13287059 | 45243679 | 3012887 | 28131298 | 326728951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE** | $10.08 | $10.11 | $15.31 | $18.58 | $11.07 | $9.70 |
| <br> \*Cost |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities (unaffiliated) | $6993324 | $137763717 | $513430193 | $46485807 | $– | $3547051475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities (affiliated) | $635770078 | $– | $– | $– | $329417813 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign cash | $– | $– | $34 | $– | $– | $– |
|  † Including securities on loan | $– | $828751 | $211514 | $– | $– | $27695401 |

---

See Notes To Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**STATEMENTS OF ASSETS AND LIABILITIES** **— *November 30, 2022 (unaudited) — (continued)*** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **DIVIDEND<br>VALUE FUND** | **DYNAMIC<br>ALLOCATION<br>FUND** | **EMERGING<br>ECONOMIES<br>FUND** | **GLOBAL REAL<br>ESTATE FUND** | **GLOBAL<br>STRATEGY<br>FUND** | **GOVERNMENT<br>SECURITIES<br>FUND** |
|  **ASSETS:** |  |  |  |  |  |  |
|  Investment securities, at value (unaffiliated)\*† | $1263523735 | $28173521 | $573501776 | $418644577 | $218490088 | $128082750 |
|  Investment securities, at value (affiliated)\*† |  | 130822267 |  |  |  |  |
|  Repurchase agreements (cost approximates value) |  |  |  |  |  | 9934671 |
|  Cash |  | 115 | 9831020 | 3398063 | 88230 | 458434 |
|  Foreign cash\* | 209416 |  | 427896 | 11439 | 74036 |  |
|  Cash collateral for futures contracts |  |  | 422000 |  | 1595474 |  |
|  Cash collateral for centrally cleared swap contracts |  |  |  |  |  |  |
|  Due from broker |  |  | 151389 |  |  |  |
|  Receivable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 24629 | 3158 | 336853 | 176989 | 102 | 725996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 3265471 | 79493 | 2001105 | 1095603 | 1465546 | 474711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 1663851 | 117888 |  |  | 9447 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended settlement basis |  | 526471 |  |  | 19743 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts on swap contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 4358 |  | 2255 | 1818 | 5112 |  |
|  Prepaid expenses and other assets | 20370 | 9443 | 19023 | 14076 | 16798 | 15634 |
|  Due from investment adviser for expense reimbursements/fee waivers | 110559 | 1268 |  |  | 10311 |  |
|  Variation margin on futures contracts |  | 178875 | 194040 |  | 35578 |  |
|  Unrealized appreciation on forward foreign currency contracts |  |  |  |  | 790570 |  |
|  Unrealized appreciation on swap contracts |  |  |  |  |  |  |
|  TOTAL ASSETS | 1268822389 | 159912499 | 586887357 | 423342565 | 222601035 | 139692196 |
|  **LIABILITIES:** |  |  |  |  |  |  |
|  Payable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 432990 | 29018 | 54268 | 35381 | 92262 | 60807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1227263 | 378931 |  |  | 716467 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended settlement basis |  | 620660 |  |  | 225708 | 3250650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued foreign tax on capital gains |  |  | 834953 |  | 38892 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 690958 | 31882 | 346688 | 248005 | 85927 | 58433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative service fee | 67039 | 1505 | 29673 | 22653 | 11463 | 7795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 305 | 88 | 442 | 265 | 97 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees and expenses | 19525 | 3107 | 14309 | 9292 | 10451 | 5801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 147581 | 42429 | 212880 | 112546 | 127200 | 48719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit |  |  |  |  |  |  |
|  Variation margin on futures contracts |  | 596250 |  |  | 261550 |  |
|  Collateral upon return of securities loaned |  |  | 3721486 | 3227528 | 4670293 |  |
|  Due to custodian | 59 |  |  |  |  |  |
|  Due to broker |  | 1168536 |  |  | 170000 |  |
|  Unrealized depreciation on forward foreign currency contracts |  |  |  |  | 555472 |  |
|  Swap premiums received |  |  |  |  |  |  |
|  Unrealized depreciation on swap contracts |  |  |  |  |  |  |
|  TOTAL LIABILITIES | 2585720 | 2872406 | 5214699 | 3655670 | 6965782 | 3432496 |
|  NET ASSETS | $1266236669 | $157040093 | $581672658 | $419686895 | $215635253 | $136259700 |
|  **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |  |
|  Capital shares at par value of $0.01 per share | $957879 | $159529 | $894252 | $627098 | $243795 | $144311 |
|  Additional paid-in capital | 1017332201 | 162058642 | 608372699 | 494896924 | 237073537 | 156856560 |
|  Total accumulated earnings (loss) | 247946589 | (5178078) | (27594293) | (75837127) | (21682079) | (20741171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $1266236669 | $157040093 | $581672658 | $419686895 | $215635253 | $136259700 |
|  **CAPITAL SHARES:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized (Par value $0.01 per share) | 1000000000 | 1000000000 | 1000000000 | 1000000000 | 1000000000 | 1000000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outstanding | 95787880 | 15952927 | 89425217 | 62709763 | 24379479 | 14431070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE** | $13.22 | $9.84 | $6.50 | $6.69 | $8.84 | $9.44 |
| <br> \*Cost |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities (unaffiliated) | $1230946313 | $31849081 | $643427013 | $478013372 | $225931405 | $141403656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities (affiliated) | $– | $136962288 | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign cash | $207953 | $– | $420221 | $12083 | $73661 | $– |
|  † Including securities on loan | $11413830 | $– | $18138184 | $7155489 | $6133458 | $– |

---

See Notes To Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**STATEMENTS OF ASSETS AND LIABILITIES** **— *November 30, 2022 (unaudited) — (continued)*** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **GROWTH FUND** | **HIGH YIELD<br>BOND FUND** | **INFLATION<br>PROTECTED<br>FUND** | **INTERNATIONAL<br>EQUITIES<br>INDEX FUND** | **INTERNATIONAL<br>GOVERNMENT<br>BOND FUND** | **INTERNATIONAL<br>GROWTH FUND** |
|  **ASSETS:** |  |  |  |  |  |  |
|  Investment securities, at value (unaffiliated)\*† | $879205341 | $436491694 | $793491419 | $1760297026 | $81007978 | $400445467 |
|  Investment securities, at value (affiliated)\*† |  |  |  |  |  |  |
|  Repurchase agreements (cost approximates value) |  | 2461672 | 45854421 | 29806944 |  |  |
|  Cash | 327477 | 1063255 | 762 | 52 | 3246634 | 4925486 |
|  Foreign cash\* | 1708 | 439500 | 23542 | 9435257 | 137886 | 400698 |
|  Cash collateral for futures contracts |  |  |  |  |  |  |
|  Cash collateral for centrally cleared swap contracts |  |  | 801000 |  |  |  |
|  Due from broker | 5 | 379244 | 87223 | 77353 |  |  |
|  Receivable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 311 | 40 | 37737 | 3103835 | 47 | 846573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 625626 | 6701234 | 3488432 | 7932647 | 685896 | 664203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 434787 |  |  | 585170 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended settlement basis |  | 4627830 | 22490673 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts on swap contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 1101 | 5628 | 56 | 29696 | 1393 | 3751 |
|  Prepaid expenses and other assets | 7701 | 25391 | 40386 | 31982 | 12472 | 23805 |
|  Due from investment adviser for expense reimbursements/fee waivers | 109818 | 9803 | 19096 |  |  | 61301 |
|  Variation margin on futures contracts | 11925 |  | 386785 | 924075 |  |  |
|  Unrealized appreciation on forward foreign currency contracts |  |  | 2123851 |  |  |  |
|  Unrealized appreciation on swap contracts |  | 175516 |  |  |  |  |
|  TOTAL ASSETS | 880291013 | 452815594 | 868845383 | 1811638867 | 85677476 | 407371284 |
|  **LIABILITIES:** |  |  |  |  |  |  |
|  Payable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 140121 | 396435 | 130752 | 1165465 | 29167 | 156795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 2513556 |  |  | 754665 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended settlement basis |  | 260000 | 60789091 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued foreign tax on capital gains |  |  |  |  |  | 1121154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 484522 | 217662 | 285436 | 379721 | 35727 | 286133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative service fee | 45780 | 23511 | 42457 | 91825 | 4766 | 20444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 162 | 474 | 305 | 484 | 226 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees and expenses | 29545 | 19939 | 13014 | 33006 | 5962 | 17667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 137623 | 83166 | 123475 | 283740 | 57100 | 109618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit |  |  |  |  |  |  |
|  Variation margin on futures contracts |  |  | 132699 |  |  |  |
|  Collateral upon return of securities loaned | 2601500 | 14185025 | 267750 | 72857369 | 396559 | 8440395 |
|  Due to custodian |  |  |  |  |  |  |
|  Due to broker |  |  |  |  |  |  |
|  Unrealized depreciation on forward foreign currency contracts |  | 90014 | 6591898 |  |  |  |
|  Swap premiums received |  | 87857 |  |  |  |  |
|  Unrealized depreciation on swap contracts |  |  | 541769 |  |  |  |
|  TOTAL LIABILITIES | 3439253 | 17877639 | 68918646 | 74811610 | 1284172 | 10152729 |
|  NET ASSETS | $876851760 | $434937955 | $799926737 | $1736827257 | $84393304 | $397218555 |
|  **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |  |
|  Capital shares at par value of $0.01 per share | $637203 | $635174 | $753796 | $2432210 | $85845 | $342654 |
|  Additional paid-in capital | 633591750 | 471425978 | 818760980 | 1579668812 | 115098907 | 324035707 |
|  Total accumulated earnings (loss) | 242622807 | (37123197) | (19588039) | 154726235 | (30791448) | 72840194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $876851760 | $434937955 | $799926737 | $1736827257 | $84393304 | $397218555 |
|  **CAPITAL SHARES:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized (Par value $0.01 per share) | 1000000000 | 1000000000 | 1000000000 | 1000000000 | 1000000000 | 1000000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outstanding | 63720297 | 63517351 | 75379581 | 243220963 | 8584542 | 34265398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE** | $13.76 | $6.85 | $10.61 | $7.14 | $9.83 | $11.59 |
| <br> \*Cost |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities (unaffiliated) | $823465092 | $479892053 | $890640460 | $1622807953 | $94082882 | $380541255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities (affiliated) | $– | $– | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign cash | $2152 | $435973 | $22984 | $9062452 | $145637 | $394272 |
|  † Including securities on loan | $2710514 | $14751541 | $261386 | $96119954 | $6769784 | $13863044 |

---

See Notes To Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**STATEMENTS OF ASSETS AND LIABILITIES** **— *November 30, 2022 (unaudited) — (continued)*** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **INTERNATIONAL<br>OPPORTUNITIES<br>FUND** | **INTERNATIONAL<br>SOCIALLY<br>RESPONSIBLE<br>FUND** | **INTERNATIONAL<br>VALUE FUND** | **LARGE CAPITAL<br>GROWTH FUND** | **MID CAP**<br> **INDEX FUND** | **MID CAP<br>STRATEGIC<br>GROWTH FUND** |
|  **ASSETS:** |  |  |  |  |  |  |
|  Investment securities, at value (unaffiliated)\*† | $410013715 | $299575361 | $540453848 | $677456621 | $3010296236 | $624495070 |
|  Investment securities, at value (affiliated)\*† |  |  |  |  |  |  |
|  Repurchase agreements (cost approximates value) | 9439824 | 15568888 |  |  | 25332844 |  |
|  Cash | 13719626 | 20 |  | 9461547 | 49 | 14102215 |
|  Foreign cash\* | 160856 | 3562270 | 133824 |  |  | 9 |
|  Cash collateral for futures contracts |  |  |  |  |  |  |
|  Cash collateral for centrally cleared swap contracts |  |  |  |  |  |  |
|  Due from broker |  |  |  |  | 417837 |  |
|  Receivable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 523664 | 1718723 | 188 | 637528 | 60506 | 799599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 1547208 | 1564066 | 2149827 | 653863 | 3033105 | 516014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 620715 |  | 2453412 |  | 5554630 | 3210305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended settlement basis |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts on swap contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 3563 | 1282 | 5570 |  | 37090 | 1504 |
|  Prepaid expenses and other assets | 39437 | 18936 | 26577 | 16926 | 88007 | 24856 |
|  Due from investment adviser for expense reimbursements/fee waivers | 6190 |  | 29466 |  |  |  |
|  Variation margin on futures contracts |  | 394605 |  |  | 551490 |  |
|  Unrealized appreciation on forward foreign currency contracts |  |  |  |  |  |  |
|  Unrealized appreciation on swap contracts |  |  |  |  |  |  |
|  TOTAL ASSETS | 436074798 | 322404151 | 545252712 | 688226485 | 3045371794 | 643149572 |
|  **LIABILITIES:** |  |  |  |  |  |  |
|  Payable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 5167 | 61163 | 1235605 | 89859 | 2026762 | 69546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 297078 |  |  | 882705 | 18792092 | 512394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended settlement basis |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued foreign tax on capital gains | 70759 |  | 31779 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 272796 | 119573 | 295889 | 339143 | 639041 | 330067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative service fee | 22059 | 15951 | 28077 | 35345 | 159532 | 33266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 746 | 197 | 259 | 259 | 659 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees and expenses | 33188 | 13222 | 21071 | 13193 | 90789 | 21330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 151937 | 90036 | 152288 | 88334 | 253143 | 98564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit |  |  |  |  |  |  |
|  Variation margin on futures contracts |  |  |  |  |  |  |
|  Collateral upon return of securities loaned | 9612769 | 71720 | 11333399 |  | 16523612 | 579944 |
|  Due to custodian |  |  |  |  |  |  |
|  Due to broker |  | 33 | 26531 |  |  |  |
|  Unrealized depreciation on forward foreign currency contracts |  |  |  |  |  |  |
|  Swap premiums received |  |  |  |  |  |  |
|  Unrealized depreciation on swap contracts |  |  |  |  |  |  |
|  TOTAL LIABILITIES | 10466499 | 371895 | 13124898 | 1448838 | 38485630 | 1645449 |
|  NET ASSETS | $425608299 | $322032256 | $532127814 | $686777647 | $3006886164 | $641504123 |
|  **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |  |
|  Capital shares at par value of $0.01 per share | $283046 | $150657 | $557816 | $376778 | $1104588 | $356058 |
|  Additional paid-in capital | 423637867 | 284966954 | 534387294 | 447303427 | 1751185661 | 608596731 |
|  Total accumulated earnings (loss) | 1687386 | 36914645 | (2817296) | 239097442 | 1254595915 | 32551334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $425608299 | $322032256 | $532127814 | $686777647 | $3006886164 | $641504123 |
|  **CAPITAL SHARES:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized (Par value $0.01 per share) | 1000000000 | 1000000000 | 1000000000 | 1000000000 | 1000000000 | 1000000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outstanding | 28304592 | 15065698 | 55781610 | 37677762 | 110458754 | 35605825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE** | $15.04 | $21.38 | $9.54 | $18.23 | $27.22 | $18.02 |
| <br> \*Cost |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities (unaffiliated) | $419395471 | $270615867 | $562835055 | $522086859 | $2234751311 | $648554413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities (affiliated) | $– | $– | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign cash | $159364 | $3450791 | $132991 | $– | $– | $9 |
|  † Including securities on loan | $20243114 | $68525 | $11996794 | $– | $37137858 | $5546200 |

---

See Notes To Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**STATEMENTS OF ASSETS AND LIABILITIES** **— *November 30, 2022 (unaudited) — (continued)*** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **MID CAP**<br> **VALUE FUND** | **MODERATE<br>GROWTH<br>LIFESTYLE FUND** | **NASDAQ-100<sup>®</sup><br>INDEX FUND** | **SCIENCE &<br>TECHNOLOGY<br>FUND** | **SMALL CAP<br>GROWTH FUND** | **SMALL CAP<br>INDEX FUND** |
|  **ASSETS:** |  |  |  |  |  |  |
|  Investment securities, at value (unaffiliated)\*† | $796032818 | $7633783 | $650598253 | $1845880614 | $539505650 | $906686076 |
|  Investment securities, at value (affiliated)\*† |  | 992619206 |  |  |  |  |
|  Repurchase agreements (cost approximates value) |  |  | 10458984 | 2222536 |  | 19086923 |
|  Cash | 24235 |  | 15 | 15386775 | 6225308 | 63 |
|  Foreign cash\* | 46 |  |  | 967782 |  |  |
|  Cash collateral for futures contracts |  |  |  |  |  |  |
|  Cash collateral for centrally cleared swap contracts |  |  |  |  |  |  |
|  Due from broker |  |  | 52084 |  |  | 8 |
|  Receivable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 97 | 156342 | 520243 | 463530 | 23325 | 77263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 1243448 | 68565 | 604793 | 1314902 | 185196 | 1049573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 6345923 |  |  | 6010737 | 794245 | 705811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended settlement basis |  |  |  | 513677 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts on swap contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 800 |  | 18464 | 3715 | 4635 | 90348 |
|  Prepaid expenses and other assets | 47475 | 31562 | 13774 | 54387 | 28892 | 33593 |
|  Due from investment adviser for expense reimbursements/fee waivers |  | 23869 | 25814 | 58094 | 13033 | 36186 |
|  Variation margin on futures contracts |  |  | 631350 |  |  | 606340 |
|  Unrealized appreciation on forward foreign currency contracts |  |  |  |  |  |  |
|  Unrealized appreciation on swap contracts |  |  |  |  |  |  |
|  TOTAL ASSETS | 803694842 | 1000533327 | 662923774 | 1872876749 | 546780284 | 928372184 |
|  **LIABILITIES:** |  |  |  |  |  |  |
|  Payable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 1502904 | 9074 | 159204 | 215908 | 25826 | 21281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 2112569 |  |  | 71268 | 723130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended settlement basis |  |  |  |  |  | 53157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued foreign tax on capital gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 453096 | 79564 | 198187 | 1255053 | 351639 | 222025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative service fee | 43121 |  | 34435 | 96872 | 28975 | 48272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 548 | 590 | 359 | 524 | 845 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees and expenses | 42966 | 28790 | 10449 | 56868 | 24078 | 31331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 117483 | 91353 | 173505 | 200434 | 105093 | 204051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit | 300000 |  |  |  |  |  |
|  Variation margin on futures contracts |  |  |  |  |  |  |
|  Collateral upon return of securities loaned | 1714757 |  | 2508040 | 8769938 | 1936461 | 26035022 |
|  Due to custodian |  |  |  |  |  |  |
|  Due to broker |  |  |  |  |  |  |
|  Unrealized depreciation on forward foreign currency contracts |  |  |  |  |  |  |
|  Swap premiums received |  |  |  |  |  |  |
|  Unrealized depreciation on swap contracts |  |  |  |  |  |  |
|  TOTAL LIABILITIES | 6287444 | 209371 | 3084179 | 10666865 | 3196047 | 26615731 |
|  NET ASSETS | $797407398 | $1000323956 | $659839595 | $1862209884 | $543584237 | $901756453 |
|  **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |  |
|  Capital shares at par value of $0.01 per share | $384345 | $738499 | $345301 | $882610 | $368064 | $509005 |
|  Additional paid-in capital | 532993797 | 963062047 | 201657554 | 2179816988 | 669810517 | 571613835 |
|  Total accumulated earnings (loss) | 264029256 | 36523410 | 457836740 | (318489714) | (126594344) | 329633613 |
|  NET ASSETS | $797407398 | $1000323956 | $659839595 | $1862209884 | $543584237 | $901756453 |
|  **CAPITAL SHARES:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized (Par value $0.01 per share) | 1000000000 | 1000000000 | 1000000000 | 1000000000 | 1000000000 | 1000000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outstanding | 38434491 | 73849899 | 34530125 | 88261007 | 36806393 | 50900500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE** | $20.75 | $13.55 | $19.11 | $21.10 | $14.77 | $17.72 |
| <br> \*Cost |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities (unaffiliated) | $707941531 | $7633783 | $298420632 | $2121344485 | $663917896 | $787661377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities (affiliated) | $– | $1026886250 | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign cash | $49 | $– | $– | $953932 | $– | $– |
|  † Including securities on loan | $1713376 | $– | $2462753 | $11989823 | $6386727 | $39356339 |

---

See Notes To Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**STATEMENTS OF ASSETS AND LIABILITIES** **— *November 30, 2022 (unaudited) — (continued)*** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **SMALL CAP<br>SPECIAL<br>VALUES FUND** | **SMALL CAP<br>VALUE FUND** | **STOCK INDEX<br>FUND** | **SYSTEMATIC<br>CORE FUND** | **SYSTEMATIC<br>VALUE FUND** | **U.S. SOCIALLY<br>RESPONSIBLE<br>FUND** |
|  **ASSETS:** |  |  |  |  |  |  |
|  Investment securities, at value (unaffiliated)\*† | $216412720 | $571530700 | $4955234553 | $538122957 | $460668223 | $685852790 |
|  Investment securities, at value (affiliated)\*† |  |  | 6920075 |  |  |  |
|  Repurchase agreements (cost approximates value) |  | 10607391 | 246643567 |  | 3720590 | 13817758 |
|  Cash |  |  | 46862 | 2183319 |  | 21240 |
|  Foreign cash\* |  |  |  |  |  |  |
|  Cash collateral for futures contracts |  | 948000 |  |  |  |  |
|  Cash collateral for centrally cleared swap contracts |  |  |  |  |  |  |
|  Due from broker |  |  |  |  |  | 89459 |
|  Receivable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 2837 | 837 | 1831682 | 160293 | 9030 | 82117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 277101 | 942627 | 8238874 | 1132887 | 938587 | 1065630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 130049 | 2244561 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended settlement basis |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts on swap contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 284 | 9544 | 500 | 6673 | 323 |  |
|  Prepaid expenses and other assets | 11899 | 32476 | 138632 | 26157 | 23847 | 43312 |
|  Due from investment adviser for expense reimbursements/fee waivers |  |  | 23205 | 93403 | 110832 |  |
|  Variation margin on futures contracts |  | 260925 | 7948013 |  |  | 488925 |
|  Unrealized appreciation on forward foreign currency contracts |  |  |  |  |  |  |
|  Unrealized appreciation on swap contracts |  |  |  |  |  |  |
|  TOTAL ASSETS | 216834890 | 586577061 | 5227025963 | 541725689 | 465471432 | 701461231 |
|  **LIABILITIES:** |  |  |  |  |  |  |
|  Payable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 155865 | 913727 | 182069 | 66553 | 157262 | 650858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 283587 | 2818240 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended settlement basis |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued foreign tax on capital gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 128417 | 309822 | 983752 | 318056 | 250408 | 138380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative service fee | 11420 | 31371 | 274001 | 28318 | 24641 | 36920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 305 | 826 | 680 | 445 | 229 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees and expenses | 6282 | 23361 | 157875 | 21876 | 18592 | 38210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 54224 | 115440 | 390859 | 76516 | 95838 | 80668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit |  |  |  |  |  |  |
|  Variation margin on futures contracts |  |  |  |  |  |  |
|  Collateral upon return of securities loaned | 720224 | 3069135 | 1101880 | 2578381 |  |  |
|  Due to custodian |  | 3038 |  |  |  |  |
|  Due to broker |  | 6295 | 12 |  |  |  |
|  Unrealized depreciation on forward foreign currency contracts |  |  |  |  |  |  |
|  Swap premiums received |  |  |  |  |  |  |
|  Unrealized depreciation on swap contracts |  |  |  |  |  |  |
|  TOTAL LIABILITIES | 1360324 | 7291255 | 3091128 | 3090145 | 546970 | 945203 |
|  NET ASSETS | $215474566 | $579285806 | $5223934835 | $538635544 | $464924462 | $700516028 |
|  **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |  |
|  Capital shares at par value of $0.01 per share | $172338 | $426498 | $1105456 | $211429 | $351549 | $336482 |
|  Additional paid-in capital | 166274780 | 470626397 | 1464770981 | 426495469 | 409274154 | 394601333 |
|  Total accumulated earnings (loss) | 49027448 | 108232911 | 3758058398 | 111928646 | 55298759 | 305578213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $215474566 | $579285806 | $5223934835 | $538635544 | $464924462 | $700516028 |
|  **CAPITAL SHARES:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized (Par value $0.01 per share) | 1000000000 | 1000000000 | 1000000000 | 1000000000 | 1000000000 | 1000000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outstanding | 17233825 | 42649773 | 110545557 | 21142899 | 35154942 | 33648225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE** | $12.50 | $13.58 | $47.26 | $25.48 | $13.23 | $20.82 |
| <br> \*Cost |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities (unaffiliated) | $197691790 | $543469892 | $1982269682 | $461338762 | $431777349 | $553453279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities (affiliated) | $– | $– | $4035159 | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign cash | $– | $– | $– | $– | $– | $– |
|  † Including securities on loan | $815121 | $6362387 | $1734958 | $3439899 | $1329655 | $– |

---

See Notes To Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**STATEMENTS OF OPERATIONS — *For the Year Ended November 30, 2022 (unaudited)*** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **AGGRESSIVE<br>GROWTH<br>LIFESTYLE<br>FUND** | **ASSET<br>ALLOCATION<br>FUND** | **BLUE CHIP<br>GROWTH<br>FUND** | **CAPITAL<br>APPRECIATION<br>FUND** | **CONSERVATIVE<br>GROWTH<br>LIFESTYLE FUND** | **CORE BOND<br>FUND** |
|  **INVESTMENT INCOME:** |  |  |  |  |  |  |
|  Dividends (unaffiliated) | $– | $713694 | $1692005 | $474334 | $– | $1506617 |
|  Dividends (affiliated) |  |  |  |  |  |  |
|  Securities lending income |  | 1903 | 18150 | 201 |  | 81891 |
|  Interest (unaffiliated) | 381909 | 703771 | 132043 | 17790 | 288467 | 44958942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income\* | 381909 | 1419368 | 1842198 | 492325 | 288467 | 46547450 |
|  **EXPENSES:** |  |  |  |  |  |  |
|  Investment advisory and management fees | 310870 | 334046 | 2421988 | 312415 | 156444 | 5872736 |
|  Administrative service fee |  | 44562 | 221823 | 37887 |  | 950017 |
|  Transfer agent fees and expenses | 1681 | 603 | 1441 | 1595 | 892 | 3639 |
|  Custodian fees | 5999 | 25060 | 15524 | 7652 | 5998 | 77863 |
|  Reports to shareholders | 32835 | 7446 | 38137 | 5487 | 17151 | 109038 |
|  Audit and tax fees | 18182 | 24154 | 18299 | 24322 | 18182 | 24322 |
|  Legal fees | 15897 | 6691 | 15895 | 9180 | 11861 | 46224 |
|  Directors' fees and expenses | 21618 | 4762 | 23245 | 4599 | 10866 | 94749 |
|  Interest expense |  |  |  | 1717 |  |  |
|  License fee | 3284 | 15 | 15 | 2997 | 1804 | 404 |
|  Other expenses | 32605 | 33923 | 45200 | 21672 | 22716 | 113332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 442971 | 481262 | 2801567 | 429523 | 245914 | 7292324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | (170560) | (33405) | (12025) | (63151) | (58156) | (58353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees paid indirectly (Note 7) |  | (300) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 272411 | 447557 | 2789542 | 366372 | 187758 | 7233971 |
|  Net investment income (loss) | **109498** | **971811** | **(947344)** | **125953** | **100709** | **39313479** |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |  |  |
|  **Net realized gain (loss) on:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (unaffiliated)\*\* |  | (1366876) | (18701693) | 16816455 |  | (24823098) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (affiliated) | (30321662) |  |  |  | (17968705) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | (25629) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  |  |  |
|  Net realized foreign exchange gain (loss) on other assets and liabilities |  | 64 | (4174) |  |  |  |
|  Net realized gain (loss) on investments and foreign currencies | (30321662) | (1392441) | (18705867) | 16816455 | (17968705) | (24823098) |
|  **Change in unrealized appreciation (depreciation) on:** | **Change in unrealized appreciation (depreciation) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (unaffiliated) |  | (2071791) | (29241235) | (23800157) |  | (127632682) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (affiliated) | 17784381 |  |  |  | 9127355 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | (33621) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  |  |  |
|  Change in unrealized foreign exchange gain (loss) on other assets and liabilities |  | (444) | (3) |  |  |  |
|  Change in accrued capital gains tax on unrealized appreciation (depreciation) |  |  |  |  |  |  |
|  Net unrealized gain (loss) on investments and foreign currencies | 17784381 | (2105856) | (29241238) | (23800157) | 9127355 | (127632682) |
|  Net realized and unrealized gain (loss) on investments and foreign currencies | **(12537281)** | **(3498297)** | **(47947105)** | **(6983702)** | **(8841350)** | **(152455780)** |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $**(12427783)** | $**(2526486)** | $**(48894449)** | $**(6857749)** | $**(8740641)** | $**(113142301)** |
|  \* Net of foreign withholding taxes on interest and dividends of |  | 3766 | 10570 |  |  | 464 |
|  \*\* Net of foreign withholding taxes on capital gains of | $– | $– | $– | $– | $– | $– |

---

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**STATEMENTS OF OPERATIONS — *For the Year Ended November 30, 2022 (unaudited) — (continued)*** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **DIVIDEND<br>VALUE FUND** | **DYNAMIC<br>ALLOCATION<br>FUND** | **EMERGING<br>ECONOMIES<br>FUND** | **GLOBAL REAL<br>ESTATE FUND** | **GLOBAL<br>STRATEGY<br>FUND** | **GOVERNMENT<br>SECURITIES<br>FUND** |
|  **INVESTMENT INCOME:** |  |  |  |  |  |  |
|  Dividends (unaffiliated) | $15028504 | $– | $16135202 | $7600948 | $1646253 | $– |
|  Dividends (affiliated) |  |  |  |  |  |  |
|  Securities lending income | 14265 |  | 29902 | 29015 | 22249 | 794 |
|  Interest (unaffiliated) | 55218 | 282607 | 17849 | 52262 | 1774712 | 2913829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income\* | 15097987 | 282607 | 16182953 | 7682225 | 3443214 | 2914623 |
|  **EXPENSES:** |  |  |  |  |  |  |
|  Investment advisory and management fees | 4195608 | 199397 | 2210684 | 1755594 | 541698 | 475037 |
|  Administrative service fee | 406868 | 9760 | 190017 | 161595 | 72263 | 63370 |
|  Transfer agent fees and expenses | 1408 | 626 | 2012 | 1408 | 604 | 1811 |
|  Custodian fees | 39311 | 11500 | 197137 | 33300 | 84896 | 10899 |
|  Reports to shareholders | 55199 | 6622 | 36654 | 29350 | 17562 | 8634 |
|  Audit and tax fees | 18299 | 18644 | 23994 | 18976 | 25217 | 21489 |
|  Legal fees | 25812 | 9847 | 16533 | 15733 | 13162 | 10408 |
|  Directors' fees and expenses | 40710 | 5592 | 18831 | 17773 | 7567 | 6859 |
|  Interest expense | 36 |  | 8260 | 5276 | 4114 |  |
|  License fee | 24222 | 148 | 4399 | 12780 | 2265 | 15 |
|  Other expenses | 55720 | 18919 | 57689 | 47855 | 59230 | 23670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 4863193 | 281055 | 2766210 | 2099640 | 828578 | 622192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | (670996) | (28913) |  |  | (65004) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees paid indirectly (Note 7) |  |  |  | (20) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4192197 | 252142 | 2766210 | 2099620 | 763574 | 622192 |
|  Net investment income (loss) | **10905790** | **30465** | **13416743** | **5582605** | **2679640** | **2292431** |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |  |  |
|  **Net realized gain (loss) on:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (unaffiliated)\*\* | 8236548 | (1538416) | (35547052) | (29322768) | (12159773) | (9077221) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (affiliated) |  | (1647543) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 646841 | (88702) |  | (2371542) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward contracts |  |  |  |  | 928084 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  | (270439) |  |
|  Net realized foreign exchange gain (loss) on other assets and liabilities | (60169) |  | (599825) | 11269 | 57660 |  |
|  Net realized gain (loss) on investments and foreign currencies | 8176379 | (2539118) | (36235579) | (29311499) | (13816010) | (9077221) |
|  **Change in unrealized appreciation (depreciation) on:** | **Change in unrealized appreciation (depreciation) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (unaffiliated) | (16559570) | (564237) | (43814816) | (44563523) | 2470093 | (3920972) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (affiliated) |  | (999606) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | (798321) | 267135 |  | (153700) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward contracts |  |  |  |  | 341446 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  |  |  |
|  Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (1035) |  | 78138 | 33498 | 28282 |  |
|  Change in accrued capital gains tax on unrealized appreciation (depreciation) |  |  | (336523) |  | 14941 |  |
|  Net unrealized gain (loss) on investments and foreign currencies | (16560605) | (2362164) | (43806066) | (44530025) | 2701062 | (3920972) |
|  Net realized and unrealized gain (loss) on investments and foreign currencies | **(8384226)** | **(4901282)** | **(80041645)** | **(73841524)** | **(11114948)** | **(12998193)** |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $**2521564** | $**(4870817)** | $**(66624902)** | $**(68258919)** | $**(8435308)** | $**(10705762)** |
|  \* Net of foreign withholding taxes on interest and dividends of | 124256 |  | 1666579 | 339263 | 115496 |  |
|  \*\* Net of foreign withholding taxes on capital gains of | $– | $– | $177943 | $– | $34177 | $– |

---

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**STATEMENTS OF OPERATIONS — *For the Year Ended November 30, 2022 (unaudited) — (continued)*** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **GROWTH<br>FUND** | **HIGH YIELD<br>BOND FUND** | **INFLATION<br>PROTECTED<br>FUND** | **INTERNATIONAL<br>EQUITIES<br>INDEX FUND** | **INTERNATIONAL<br>GOVERNMENT<br>BOND FUND** | **INTERNATIONAL<br>GROWTH FUND** |
|  **INVESTMENT INCOME:** |  |  |  |  |  |  |
|  Dividends (unaffiliated) | $3530222 | $– | $– | $16532942 | $– | $1183842 |
|  Dividends (affiliated) |  |  |  |  |  |  |
|  Securities lending income | 4800 | 34329 | 511 | 135074 | 11940 | 15315 |
|  Interest (unaffiliated) | 107470 | 12869856 | 22728002 | 255501 | 1667874 | 32077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income\* | 3642492 | 12904185 | 22728513 | 16923517 | 1679814 | 1231234 |
|  **EXPENSES:** |  |  |  |  |  |  |
|  Investment advisory and management fees | 3233649 | 1372205 | 1835899 | 2118331 | 303750 | 1758085 |
|  Administrative service fee | 307016 | 148385 | 274785 | 505116 | 40520 | 125649 |
|  Transfer agent fees and expenses | 1006 | 1692 | 1408 | 3017 | 1408 | 1343 |
|  Custodian fees | 33888 | 18432 | 72565 | 142830 | 11820 | 58612 |
|  Reports to shareholders | 47985 | 24831 | 37062 | 66260 | 7844 | 19642 |
|  Audit and tax fees | 18297 | 24322 | 22521 | 23994 | 24337 | 23112 |
|  Legal fees | 20020 | 13418 | 18457 | 28281 | 9830 | 13164 |
|  Directors' fees and expenses | 33521 | 15515 | 28966 | 50972 | 4578 | 13119 |
|  Interest expense | 4010 | 3064 | 28187 | 32441 | 45 |  |
|  License fee | 22383 | 271 | 148 | 197113 | 5921 | 2839 |
|  Other expenses | 74280 | 34166 | 46486 | 84873 | 22754 | 47639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 3796055 | 1656301 | 2366484 | 3253228 | 432807 | 2063204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | (736470) | (140722) | (123591) |  |  | (376759) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees paid indirectly (Note 7) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3059585 | 1515579 | 2242893 | 3253228 | 432807 | 1686445 |
|  Net investment income (loss) | **582907** | **11388606** | **20485620** | **13670289** | **1247007** | **(455211)** |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |  |  |
|  **Net realized gain (loss) on:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (unaffiliated)\*\* | 204367 | (16955283) | (20221096) | (9221012) | (13760368) | (7022153) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (affiliated) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (18999) |  | 5348028 | (5328897) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward contracts |  | 516423 | 20949414 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | 116977 | 607471 |  |  |  |
|  Net realized foreign exchange gain (loss) on other assets and liabilities | (15343) | (18052) | (137717) | (524747) | (38970) | (53622) |
|  Net realized gain (loss) on investments and foreign currencies | 170025 | (16339935) | 6546100 | (15074656) | (13799338) | (7075775) |
|  **Change in unrealized appreciation (depreciation) on:** | **Change in unrealized appreciation (depreciation) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (unaffiliated) | (58784064) | (8355298) | (47776743) | (11408901) | 2585455 | (1715785) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (affiliated) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 11736 |  | (1672104) | 7254258 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward contracts |  | (75508) | (9786056) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | 175516 | (1135157) |  |  |  |
|  Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (1776) | 8365 | 203092 | 721734 | 17951 | (92698) |
|  Change in accrued capital gains tax on unrealized appreciation (depreciation) |  |  |  |  |  | (255615) |
|  Net unrealized gain (loss) on investments and foreign currencies | (58774104) | (8246925) | (60166968) | (3432909) | 2603406 | (2064098) |
|  Net realized and unrealized gain (loss) on investments and foreign currencies | **(58604079)** | **(24586860)** | **(53620868)** | **(18507565)** | **(11195932)** | **(9139873)** |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS  | $**(58021172)** | $**(13198254)** | $**(33135248)** | $**(4837276)** | $**(9948925)** | $**(9595084)** |
|  \* Net of foreign withholding taxes on interest and dividends of | 17562 | 1182 |  | 1033288 | 297 | 132662 |
|  \*\* Net of foreign withholding taxes on capital gains of | $– | $– | $– | $– | $– | $94407 |

---

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**STATEMENTS OF OPERATIONS — *For the Year Ended November 30, 2022 (unaudited) — (continued)*** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **INTERNATIONAL<br>OPPORTUNITIES<br>FUND** | **INTERNATIONAL<br>SOCIALLY<br>RESPONSIBLE<br>FUND** | **INTERNATIONAL<br>VALUE FUND** | **LARGE CAPITAL<br>GROWTH FUND** | **MID CAP<br>INDEX FUND** | **MID CAP<br>STRATEGIC<br>GROWTH FUND** |
|  **INVESTMENT INCOME:** |  |  |  |  |  |  |
|  Dividends (unaffiliated) | $3843943 | $3132055 | $7462567 | $3403386 | $24973619 | $2607125 |
|  Dividends (affiliated) |  |  |  |  |  |  |
|  Securities lending income | 38985 | 3231 | 23851 |  | 880867 | 11860 |
|  Interest (unaffiliated) | 143338 | 54318 | 223427 | 44366 | 132741 | 93448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income\* | 4026266 | 3189604 | 7709845 | 3447752 | 25987227 | 2712433 |
|  **EXPENSES:** |  |  |  |  |  |  |
|  Investment advisory and management fees | 1860703 | 714505 | 1879162 | 2186337 | 3938782 | 2180039 |
|  Administrative service fee | 150956 | 95315 | 179087 | 227873 | 986840 | 221447 |
|  Transfer agent fees and expenses | 2525 | 1198 | 1609 | 1609 | 3344 | 1607 |
|  Custodian fees | 36981 | 29492 | 62637 | 17063 | 57531 | 24201 |
|  Reports to shareholders | 32588 | 21735 | 36529 | 32158 | 127119 | 31275 |
|  Audit and tax fees | 24322 | 19181 | 23112 | 18297 | 19179 | 18297 |
|  Legal fees | 14191 | 14801 | 15936 | 17044 | 45585 | 16623 |
|  Directors' fees and expenses | 15641 | 9934 | 18601 | 24288 | 104622 | 24291 |
|  Interest expense | 7704 | 9738 |  | 6909 | 12730 | 2266 |
|  License fee | 3133 | 1864 | 3276 | 12911 | 14864 | 15854 |
|  Other expenses | 75725 | 38143 | 51570 | 42097 | 146002 | 52880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 2224469 | 955906 | 2271519 | 2586586 | 5456598 | 2588780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | (66565) |  | (187947) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees paid indirectly (Note 7) | (741) |  |  |  |  | (11601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2157163 | 955906 | 2083572 | 2586586 | 5456598 | 2577179 |
|  Net investment income (loss) | **1869103** | **2233698** | **5626273** | **861166** | **20530629** | **135254** |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |  |  |
|  **Net realized gain (loss) on:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (unaffiliated)\*\* | (31431701) | (1938797) | (3619532) | 14796120 | 79575645 | (43983497) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (affiliated) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | (1543765) |  |  | (1301109) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  |  |  |
|  Net realized foreign exchange gain (loss) on other assets and liabilities | (454188) | (68230) | (369145) | (12286) |  | (2768) |
|  Net realized gain (loss) on investments and foreign currencies | (31885889) | (3550792) | (3988677) | 14783834 | 78274536 | (43986265) |
|  **Change in unrealized appreciation (depreciation) on:** | **Change in unrealized appreciation (depreciation) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (unaffiliated) | (6944598) | (8675591) | (28472443) | (24969678) | (25888626) | 43115282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (affiliated) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 1904039 |  |  | 5592715 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  |  |  |
|  Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 85217 | 212545 | (35357) | 53 |  | (165) |
|  Change in accrued capital gains tax on unrealized appreciation (depreciation) | 17869 |  | 210264 |  |  |  |
|  Net unrealized gain (loss) on investments and foreign currencies | (6841512) | (6559007) | (28297536) | (24969625) | (20295911) | 43115117 |
|  Net realized and unrealized gain (loss) on investments and foreign currencies | **(38727401)** | **(10109799)** | **(32286213)** | **(10185791)** | **57978625** | **(871148)** |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS  | $**(36858298)** | $**(7876101)** | $**(26659940)** | $**(9324625)** | $**78509254** | $**(735894)** |
|  \* Net of foreign withholding taxes on interest and dividends of | 398458 | 226734 | 350145 | 15985 |  | 31683 |
|  \*\* Net of foreign withholding taxes on capital gains of | $63704 | $– | $17161 | $– | $– | $– |

---

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**STATEMENTS OF OPERATIONS — *For the Year Ended November 30, 2022 (unaudited) — (continued)*** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **MID CAP<br>VALUE FUND** | **MODERATE<br>GROWTH<br>LIFESTYLE FUND** | **NASDAQ-100<sup>®</sup><br>INDEX FUND** | **SCIENCE &<br>TECHNOLOGY<br>FUND** | **SMALL CAP<br>GROWTH FUND** | **SMALL CAP<br>INDEX FUND** |
|  **INVESTMENT INCOME:** |  |  |  |  |  |  |
|  Dividends (unaffiliated) | $7582575 | $– | $3082465 | $4667122 | $1365209 | $7254339 |
|  Dividends (affiliated) |  |  |  |  |  |  |
|  Securities lending income | 2858 |  | 128476 | 123503 | 35966 | 712046 |
|  Interest (unaffiliated) | 6595 | 958119 | 83468 | 385353 | 16988 | 97983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income\* | 7592028 | 958119 | 3294409 | 5175978 | 1418163 | 8064368 |
|  **EXPENSES:** |  |  |  |  |  |  |
|  Investment advisory and management fees | 2828582 | 493632 | 1321487 | 8393806 | 2037423 | 1361072 |
|  Administrative service fee | 269678 |  | 230908 | 648831 | 167780 | 296251 |
|  Transfer agent fees and expenses | 1909 | 1727 | 2639 | 3018 | 2439 | 3412 |
|  Custodian fees | 27048 | 5992 | 16330 | 88964 | 39171 | 64548 |
|  Reports to shareholders | 43274 | 49359 | 27965 | 86810 | 32485 | 51849 |
|  Audit and tax fees | 24322 | 18183 | 19179 | 18297 | 24322 | 19179 |
|  Legal fees | 18598 | 20719 | 16696 | 33223 | 13924 | 19085 |
|  Directors' fees and expenses | 27581 | 34157 | 24907 | 69299 | 16672 | 29753 |
|  Interest expense | 43 |  | 5046 | 1216 |  | 5373 |
|  License fee | 16233 | 5075 | 168850 | 15 | 11716 | 81036 |
|  Other expenses | 41684 | 44127 | 44176 | 130389 | 45423 | 61931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 3298952 | 672971 | 1878183 | 9473868 | 2391355 | 1993489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | (74367) | (117435) | (82140) | (321502) | (172100) | (72086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees paid indirectly (Note 7) | (1456) |  |  | (29377) | (11828) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3223129 | 555536 | 1796043 | 9122989 | 2207427 | 1921403 |
|  Net investment income (loss) | **4368899** | **402583** | **1498366** | **(3947011)** | **(789264)** | **6142965** |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |  |  |
|  **Net realized gain (loss) on:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (unaffiliated)\*\* | 33560877 |  | 24323740 | (234907299) | (30179871) | 7536926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (affiliated) |  | (35994638) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | (6159249) |  |  | (1465103) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  |  |  |
|  Net realized foreign exchange gain (loss) on other assets and liabilities | 537 |  |  | (158359) |  |  |
|  Net realized gain (loss) on investments and foreign currencies | 33561414 | (35994638) | 18164491 | (235065658) | (30179871) | 6071823 |
|  **Change in unrealized appreciation (depreciation) on:** | **Change in unrealized appreciation (depreciation) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (unaffiliated) | (37211652) |  | (60481709) | 82661032 | 31768492 | 950259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (affiliated) |  | 13512653 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | 2731868 |  |  | 1462082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  |  |  |
|  Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (1206) |  |  | (45364) |  |  |
|  Change in accrued capital gains tax on unrealized appreciation (depreciation) |  |  |  |  |  |  |
|  Net unrealized gain (loss) on investments and foreign currencies | (37212858) | 13512653 | (57749841) | 82615668 | 31768492 | 2412341 |
|  Net realized and unrealized gain (loss) on investments and foreign currencies | **(3651444)** | **(22481985)** | **(39585350)** | **(152449990)** | **1588621** | **8484164** |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $**717455** | $**(22079402)** | $**(38086984)** | $**(156397001)** | $**799357** | $**14627129** |
|  \* Net of foreign withholding taxes on interest and dividends of | 48008 |  | 6162 | 105172 |  | 9467 |
|  \*\* Net of foreign withholding taxes on capital gains of | $– | $– | $– | $– | $– | $– |

---

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**STATEMENTS OF OPERATIONS — *For the Year Ended November 30, 2022 (unaudited) — (continued)*** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **SMALL CAP<br>SPECIAL<br>VALUES FUND** | **SMALL CAP<br>VALUE FUND** | **STOCK INDEX<br>FUND** | **SYSTEMATIC<br>CORE FUND** | **SYSTEMATIC<br>VALUE FUND** | **U.S. SOCIALLY<br>RESPONSIBLE FUND** |
|  **INVESTMENT INCOME:** |  |  |  |  |  |  |
|  Dividends (unaffiliated) | $2475590 | $5802225 | $43493345 | $5064692 | $6238696 | $6596069 |
|  Dividends (affiliated) |  |  | 79013 |  |  |  |
|  Securities lending income | 7514 | 54874 | 29810 | 53889 | 11990 |  |
|  Interest (unaffiliated) | 83183 | 49476 | 393240 | 3004 | 6424 | 59351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income\* | 2566287 | 5906575 | 43995408 | 5121585 | 6257110 | 6655420 |
|  **EXPENSES:** |  |  |  |  |  |  |
|  Investment advisory and management fees | 801394 | 1690780 | 5989736 | 2056072 | 1521771 | 851512 |
|  Administrative service fee | 71271 | 170928 | 1671889 | 183395 | 149726 | 227183 |
|  Transfer agent fees and expenses | 1408 | 2253 | 4221 | 2003 | 1399 | 993 |
|  Custodian fees | 6735 | 49953 | 93849 | 14394 | 9457 | 15479 |
|  Reports to shareholders | 12246 | 30748 | 217167 | 21234 | 16505 | 35346 |
|  Audit and tax fees | 18297 | 24322 | 19179 | 19181 | 18297 | 24322 |
|  Legal fees | 10699 | 14740 | 71835 | 15251 | 13777 | 21180 |
|  Directors' fees and expenses | 7428 | 17009 | 177233 | 19531 | 18282 | 24007 |
|  Interest expense |  |  | 47480 | 10 | 1483 | 3938 |
|  License fee | 2417 | 8766 | 25110 | 15 | 9511 | 271 |
|  Other expenses | 20808 | 36970 | 197153 | 47174 | 39972 | 44600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 952703 | 2046469 | 8514852 | 2378260 | 1800180 | 1248831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) |  | (73242) | (1197587) | (604900) | (673431) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees paid indirectly (Note 7) | (1646) | (21831) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 951057 | 1951396 | 7317265 | 1773360 | 1126749 | 1248831 |
|  Net investment income (loss) | **1615230** | **3955179** | **36678143** | **3348225** | **5130361** | **5406589** |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |  |  |
|  **Net realized gain (loss) on:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (unaffiliated)\*\* | 3678256 | 11054630 | 339857756 | 6477325 | (10338618) | 37225561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (affiliated) |  |  | 389362 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | (259655) | (4690369) |  |  | (1633592) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  |  |  |
|  Net realized foreign exchange gain (loss) on other assets and liabilities |  |  |  |  |  |  |
|  Net realized gain (loss) on investments and foreign currencies | 3678256 | 10794975 | 335556749 | 6477325 | (10338618) | 35591969 |
|  **Change in unrealized appreciation (depreciation) on:** | **Change in unrealized appreciation (depreciation) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (unaffiliated) | (9529741) | (7978085) | (430974779) | (14471163) | 11161245 | (37931171) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments (affiliated) |  |  | (41587) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 473760 | 17019562 |  |  | 1306671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  |  |  |
|  Change in unrealized foreign exchange gain (loss) on other assets and liabilities |  |  |  |  |  |  |
|  Change in accrued capital gains tax on unrealized appreciation (depreciation) |  |  |  |  |  |  |
|  Net unrealized gain (loss) on investments and foreign currencies | (9529741) | (7504325) | (413996804) | (14471163) | 11161245 | (36624500) |
|  Net realized and unrealized gain (loss) on investments and foreign currencies | **(5851485)** | **3290650** | **(78440055)** | **(7993838)** | **822627** | **(1032531)** |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $**(4236255)** | $**7245829** | $**(41761912)** | $**(4645613)** | $**5952988** | $**4374058** |
|  \* Net of foreign withholding taxes on interest and dividends of | 4069 | 9979 | 10189 | 772 |  | 618 |
|  \*\* Net of foreign withholding taxes on capital gains of | $– | $– | $– | $– | $– | $– |

---

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**STATEMENT OF CHANGES IN NET ASSETS** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **AGGRESSIVE GROWTH<br>LIFESTYLE FUND** | **AGGRESSIVE GROWTH<br>LIFESTYLE FUND** | **ASSET ALLOCATION<br>FUND** | **ASSET ALLOCATION<br>FUND** | **BLUE CHIP<br>GROWTH FUND** | **BLUE CHIP<br>GROWTH FUND** | **CAPITAL APPRECIATION<br>FUND** | **CAPITAL APPRECIATION<br>FUND** |
|  | **For the<br>Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the**<br>**Year Ended<br>May 31,<br>2022** | **For the<br>Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the**<br>**Year Ended<br>May 31,<br>2022** | **For the<br>Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the**<br>**Year Ended<br>May 31,<br>2022** | **For the<br>Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the**<br>**Year Ended<br>May 31,<br>2022** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
|  **OPERATIONS:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $109498 | $6434172 | $971811 | $1467251 | $(947344) | $(4258525) | $125953 | $124742 |
|  Net realized gain (loss) on investments and foreign currencies | (30321662) | 69730013 | (1392441) | 6692832 | (18705867) | 110219213 | 16816455 | 11890691 |
|  Net unrealized gain (loss) on investments and foreign currencies | 17784381 | (130417463) | (2105856) | (12552662) | (29241238) | (301527448) | (23800157) | (21255029) |
|  Net increase (decrease) in net assets resulting from operations | **(12427783)**  | **(54253278)**  | **(2526486)** | **(4392579)** | **(48894449)** | **(195566760)** | **(6857749)** | **(9239596)** |
|  **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
|  Distributable earnings |  | (56175238) |  | (21012385) |  | (131758532) |  | (7462951) |
|  **Net increase (decrease) in net assets resulting from capital share transactions (Note 6)** | (10062903) | 36658425 | (4311872) | 12588654 | 29767702 | 37466258 | (70497825) | 8863265 |
|  TOTAL INCREASE (DECREASE) IN NET ASSETS | **(22490686)** | **(73770091)** | **(6838358)** | **(12816310)** | **(19126747)** | **(289859034)** | **(77355574)** | **(7839282)** |
|  **NET ASSETS:** |  |  |  |  |  |  |  |  |
|  Beginning of period | 659058604 | 732828695 | 141207146 | 154023456 | 711658851 | 1001517885 | 133323794 | 141163076 |
|  End of period | $**636567918** | $**659058604** | $**134368788** | $**141207146** | $**692532104** | $**711658851** | $**55968220** | $**133323794** |

---

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**STATEMENT OF CHANGES IN NET ASSETS — *(continued)*** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **CONSERVATIVE GROWTH<br>LIFESTYLE FUND** | **CONSERVATIVE GROWTH<br>LIFESTYLE FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **DIVIDEND VALUE FUND** | **DIVIDEND VALUE FUND** | **DYNAMIC<br>ALLOCATION FUND** | **DYNAMIC<br>ALLOCATION FUND** |
|  | **For the**<br>**Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the**<br>**Year Ended<br>May 31,<br>2022** | **For the**<br>**Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the**<br>**Year Ended<br>May 31,<br>2022** | **For the**<br>**Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the**<br>**Year Ended<br>May 31,<br>2022** | **For the**<br>**Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the**<br>**Year Ended<br>May 31,<br>2022** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
|  **OPERATIONS:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $100709 | $4122125 | $39313479 | $54350517 | $10905790 | $21331869 | $30465 | $1132006 |
|  Net realized gain (loss) on investments and foreign currencies | (17968705) | 22922049 | (24823098) | (42039179) | 8176379 | 214907782 | (2539118) | 15917344 |
|  Net unrealized gain (loss) on investments and foreign currencies | 9127355 | (55435584) | (127632682) | (265015210) | (16560605) | (194865994) | (2362164) | (30100212) |
|  Net increase (decrease) in net assets resulting from operations | **(8740641)** | **(28391410)** | **(113142301)** | **(252703872)** | **2521564** | **41373657** | **(4870817)** | **(13050862)** |
|  **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
|  Distributable earnings |  | (27633572) |  | (59698714) |  | (22282324) |  | (23460669) |
|  **Net increase (decrease) in net assets resulting from capital share transactions (Note 6)** | (10644540) | 15104857 | 460590470 | 324403889 | 6918698 | (123997575) | (7459667) | 7365628 |
|  TOTAL INCREASE (DECREASE) IN NET ASSETS | **(19385181)** | **(40920125)** | **347448169** | **12001303** | **9440262** | **(104906242)** | **(12330484)** | **(29145903)** |
|  **NET ASSETS:** |  |  |  |  |  |  |  |  |
|  Beginning of period | 330696899 | 371617024 | 2821678380 | 2809677077 | 1256796407 | 1361702649 | 169370577 | 198516480 |
|  End of period | $**311311718** | $**330696899** | $**3169126549** | $**2821678380** | $**1266236669** | $**1256796407** | $**157040093** | $**169370577** |

---

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**STATEMENT OF CHANGES IN NET ASSETS — *(continued)*** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **EMERGING ECONOMIES<br>FUND** | **EMERGING ECONOMIES<br>FUND** | **GLOBAL REAL<br>ESTATE FUND** | **GLOBAL REAL<br>ESTATE FUND** | **GLOBAL STRATEGY<br>FUND** | **GLOBAL STRATEGY<br>FUND** | **GOVERNMENT SECURITIES<br>FUND** | **GOVERNMENT SECURITIES<br>FUND** |
|  | **For the**<br>**Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the**<br>**Year Ended<br>May 31,<br>2022** | **For the**<br>**Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the**<br>**Year Ended<br>May 31,<br>2022** | **For the**<br>**Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the**<br>**Year Ended<br>May 31,<br>2022** | **For the**<br>**Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the**<br>**Year Ended<br>May 31,<br>2022** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
|  **OPERATIONS:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $13416743 | $26021195 | $5582605 | $8878576 | $2679640 | $4960527 | $2292431 | $3118374 |
|  Net realized gain (loss) on investments and foreign currencies | (36235579) | 45197520 | (29311499) | 33143481 | (13816010) | 6939222 | (9077221) | (56441) |
|  Net unrealized gain (loss) on investments and foreign currencies | (43806066) | (257922397) | (44530025) | (76713535) | 2701062 | (37116152) | (3920972) | (15893732) |
|  Net increase (decrease) in net assets resulting from operations | **(66624902)** | **(186703682)** | **(68258919)** | **(34691478)** | **(8435308)** | **(25216403)** | **(10705762)** | **(12831799)** |
|  **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
|  Distributable earnings |  | (104573209) |  | (8585753) |  | (8463) |  | (3050131) |
|  **Net increase (decrease) in net assets resulting from capital share transactions (Note 6)** | 14105654 | (139936654) | (57186224) | 153376034 | (11105919) | (27010389) | (12922701) | 32816136 |
|  TOTAL INCREASE (DECREASE) IN NET ASSETS | **(52519248)** | **(431213545)** | **(125445143)** | **110098803** | **(19541227)** | **(52235255)** | **(23628463)** | **16934206** |
|  **NET ASSETS:** |  |  |  |  |  |  |  |  |
|  Beginning of period | 634191906 | 1065405451 | 545132038 | 435033235 | 235176480 | 287411735 | 159888163 | 142953957 |
|  End of period | $**581672658** | $**634191906** | $**419686895** | $**545132038** | $**215635253** | $**235176480** | $**136259700** | $**159888163** |

---

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**STATEMENT OF CHANGES IN NET ASSETS — *(continued)*** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **GROWTH FUND** | **GROWTH FUND** | **HIGH YIELD BOND FUND** | **HIGH YIELD BOND FUND** | **INFLATION PROTECTED<br>FUND** | **INFLATION PROTECTED<br>FUND** | **INTERNATIONAL EQUITIES<br>INDEX FUND** | **INTERNATIONAL EQUITIES<br>INDEX FUND** |
|  | **For the**<br>**Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the**<br>**Year Ended<br>May 31,<br>2022** | **For the**<br>**Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the**<br>**Year Ended<br>May 31,<br>2022** | **For the**<br>**Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the**<br>**Year Ended<br>May 31,<br>2022** | **For the<br>Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the**<br>**Year Ended<br>May 31,<br>2022** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
|  **OPERATIONS:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $582907 | $(1274403) | $11388606 | $24708076 | $20485620 | $43413276 | $13670289 | $45709340 |
|  Net realized gain (loss) on investments and foreign currencies | 170025 | 187660868 | (16339935) | 6460824 | 6546100 | 34200081 | (15074656) | 18274395 |
|  Net unrealized gain (loss) on investments and foreign currencies | (58774104) | (373036086) | (8246925) | (61628108) | (60166968) | (94337030) | (3432909) | (246071266) |
|  Net increase (decrease) in net assets resulting from operations | **(58021172)** | **(186649621)** | **(13198254)** | **(30459208)** | **(33135248)** | **(16723673)** | **(4837276)** | **(182087531)** |
|  **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
|  Distributable earnings |  | (297026710) |  | (18654826) |  | (61814022) |  | (46567231) |
|  **Net increase (decrease) in net assets resulting from capital share transactions (Note 6)** | (70957019) | 59178943 | (67088035) | (34258450) | (35944931) | 147358495 | 178362866 | (107329774) |
|  TOTAL INCREASE (DECREASE) IN NET ASSETS | **(128978191)** | **(424497388)** | **(80286289)** | **(83372484)** | **(69080179)** | **68820800** | **173525590** | **(335984536)** |
|  **NET ASSETS:** |  |  |  |  |  |  |  |  |
|  Beginning of period | 1005829951 | 1430327339 | 515224244 | 598596728 | 869006916 | 800186116 | 1563301667 | 1899286203 |
|  End of period | $**876851760** | $**1005829951** | $**434937955** | $**515224244** | $**799926737** | $**869006916** | $**1736827257** | $**1563301667** |

---

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**STATEMENT OF CHANGES IN NET ASSETS — *(continued)*** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INTERNATIONAL GOVERNMENT<br>BOND FUND** | **INTERNATIONAL GOVERNMENT<br>BOND FUND** | **INTERNATIONAL<br>GROWTH FUND** | **INTERNATIONAL<br>GROWTH FUND** | **INTERNATIONAL<br>OPPORTUNITIES FUND** | **INTERNATIONAL<br>OPPORTUNITIES FUND** | **INTERNATIONAL SOCIALLY<br>RESPONSIBLE FUND** | **INTERNATIONAL SOCIALLY<br>RESPONSIBLE FUND** |
|  | **For the<br>Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the<br>Year Ended<br>May 31,<br>2022** | **For the<br>Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the<br>Year Ended<br>May 31,<br>2022** | **For the<br>Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the<br>Year Ended<br>May 31,<br>2022** | **For the<br>Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the<br>Year Ended<br>May 31,<br>2022** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
|  **OPERATIONS:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $1247007 | $2807950 | $(455211) | $(115213) | $1869103 | $4718497 | $2233698 | $7389920 |
|  Net realized gain (loss) on investments and foreign currencies | (13799338) | (6608934) | (7075775) | 61878528 | (31885889) | 41020115 | (3550792) | 6805486 |
|  Net unrealized gain (loss) on investments and foreign currencies | 2603406 | (20284984) | (2064098) | (226214388) | (6841512) | (152457427) | (6559007) | (53267590) |
|  Net increase (decrease) in net assets resulting from operations | **(9948925)** | **(24085968)** | **(9595084)** | **(164451073)** | **(36858298)** | **(106718815)** | **(7876101)** | **(39072184)** |
|  **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
|  Distributable earnings |  | (4934169) |  | (64513855) |  | (82635155) |  | (23889004) |
|  **Net increase (decrease) in net assets resulting from capital share transactions (Note 6)** | (46191770) | (23941816) | (18754050) | 11617126 | (44702584) | (30441146) | 12309130 | (5330451) |
|  TOTAL INCREASE (DECREASE) IN NET ASSETS | **(56140695)** | **(52961953)** | **(28349134)** | **(217347802)** | **(81560882)** | **(219795116)** | **4433029** | **(68291639)** |
|  **NET ASSETS:** |  |  |  |  |  |  |  |  |
|  Beginning of period | 140533999 | 193495952 | 425567689 | 642915491 | 507169181 | 726964297 | 317599227 | 385890866 |
|  End of period | $**84393304** | $**140533999** | $**397218555** | $**425567689** | $**425608299** | $**507169181** | $**322032256** | $**317599227** |

---

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**STATEMENT OF CHANGES IN NET ASSETS — *(continued)*** 

------

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INTERNATIONAL VALUE<br>FUND** | **INTERNATIONAL VALUE<br>FUND** | **LARGE CAPITAL<br>GROWTH FUND** | **LARGE CAPITAL<br>GROWTH FUND** | **MID CAP<br>INDEX FUND** | **MID CAP<br>INDEX FUND** | **MID CAP STRATEGIC<br>GROWTH FUND** | **MID CAP STRATEGIC<br>GROWTH FUND** |
|  | **For the<br>Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the<br>Year Ended<br>May 31,<br>2022** | **For the<br>Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the<br>Year Ended<br>May 31,<br>2022** | **For the<br>Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the<br>Year Ended<br>May 31,<br>2022** | **For the<br>Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the<br>Year Ended<br>May 31,<br>2022** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
|  **OPERATIONS:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $5626273 | $17859601 | $861166 | $1362661 | $20530629 | $35973220 | $135254 | $(1222220) |
|  Net realized gain (loss) on investments and foreign currencies | (3988677) | 51152114 | 14783834 | 66855456 | 78274536 | 360165231 | (43986265) | 103473716 |
|  Net unrealized gain (loss) on investments and foreign currencies | (28297536) | (154600643) | (24969625) | (87172252) | (20295911) | (654053686) | 43115117 | (234759869) |
|  Net increase (decrease) in net assets resulting from operations | **(26659940)** | **(85588928)** | **(9324625)** | **(18954135)** | **78509254** | **(257915235)** | **(735894)** | **(132508373)** |
|  **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
|  Distributable earnings |  | (11017251) |  | (77654551) |  | (323636311) |  | (82951314) |
|  **Net increase (decrease) in net assets resulting from capital share transactions (Note 6)** | (50451399) | (32416339) | (14445036) | 144312346 | (289122661) | (65588261) | (95119495) | 62109850 |
|  TOTAL INCREASE (DECREASE) IN NET ASSETS | **(77111339)** | **(129022518)** | **(23769661)** | **47703660** | **(210613407)** | **(647139807)** | **(95855389)** | **(153349837)** |
|  **NET ASSETS:** |  |  |  |  |  |  |  |  |
|  Beginning of period | 609239153 | 738261671 | 710547308 | 662843648 | 3217499571 | 3864639378 | 737359512 | 890709349 |
|  End of period | $**532127814** | $**609239153** | $**686777647** | $**710547308** | $**3006886164** | $**3217499571** | $**641504123** | $**737359512** |

---

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**STATEMENT OF CHANGES IN NET ASSETS — *(continued)*** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MID CAP VALUE FUND** | **MID CAP VALUE FUND** | **MODERATE GROWTH<br>LIFESTYLE FUND** | **MODERATE GROWTH<br>LIFESTYLE FUND** | **NASDAQ-100<sup>®</sup><br>INDEX FUND** | **NASDAQ-100<sup>®</sup><br>INDEX FUND** | **SCIENCE & TECHNOLOGY FUND** | **SCIENCE & TECHNOLOGY FUND** |
|  | **For the<br>Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the<br>Year Ended<br>May 31,<br>2022** | **For the<br>Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the<br>Year Ended<br>May 31,<br>2022** | **For the<br>Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the<br>Year Ended<br>May 31,<br>2022** | **For the<br>Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the<br>Year Ended<br>May 31,<br>2022** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
|  **OPERATIONS:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $4368899 | $5580168 | $402583 | $11118695 | $1498366 | $1941588 | $(3947011) | $(16913078) |
|  Net realized gain (loss) on investments and foreign currencies | 33561414 | 146289783 | (35994638) | 107306369 | 18164491 | 84351010 | (235065658) | 240556953 |
|  Net unrealized gain (loss) on investments and foreign currencies | (37212858) | (147496637) | 13512653 | (191960634) | (57749841) | (144071251) | 82615668 | (878332925) |
|  Net increase (decrease) in net assets resulting from operations | **717455** | **4373314** | **(22079402)** | **(73535570)** | **(38086984)** | **(57778653)** | **(156397001)** | **(654689050)** |
|  **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
|  Distributable earnings |  | (60541269) |  | (91287471) |  | (77357782) |  | (597222179) |
|  **Net increase (decrease) in net assets resulting from capital share transactions (Note 6)** | (74440638) | (13510555) | (22834588) | 37828846 | (45874046) | 45357549 | (90259778) | 253572496 |
|  TOTAL INCREASE (DECREASE) IN NET ASSETS | **(73723183)** | **(69678510)** | **(44913990)** | **(126994195)** | **(83961030)** | **(89778886)** | **(246656779)** | **(998338733)** |
|  **NET ASSETS:** |  |  |  |  |  |  |  |  |
|  Beginning of period | 871130581 | 940809091 | 1045237946 | 1172232141 | 743800625 | 833579511 | 2108866663 | 3107205396 |
|  End of period | $**797407398** | $**871130581** | $**1000323956** | $**1045237946** | $**659839595** | $**743800625** | $**1862209884** | $**2108866663** |

---

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**STATEMENT OF CHANGES IN NET ASSETS — *(continued)*** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SMALL CAP GROWTH FUND** | **SMALL CAP GROWTH FUND** | **SMALL CAP INDEX FUND** | **SMALL CAP INDEX FUND** | **SMALL CAP SPECIAL<br>VALUES FUND** | **SMALL CAP SPECIAL<br>VALUES FUND** | **SMALL CAP VALUE FUND** | **SMALL CAP VALUE FUND** |
|  | **For the<br>Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the<br>Year Ended<br>May 31,<br>2022** | **For the<br>Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the<br>Year Ended<br>May 31,<br>2022** | **For the<br>Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the<br>Year Ended<br>May 31,<br>2022** | **For the**<br>**Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the<br>Year Ended<br>May 31,<br>2022** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
|  **OPERATIONS:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $(789264) | $(4327090) | $6142965 | $8534654 | $1615230 | $1657608 | $3955179 | $3786633 |
|  Net realized gain (loss) on investments and foreign currencies | (30179871) | 38868704 | 6071823 | 192062971 | 3678256 | 26399907 | 10794975 | 71517357 |
|  Net unrealized gain (loss) on investments and foreign currencies | 31768492 | (254313422) | 2412341 | (413011959) | (9529741) | (42077435) | (7504325) | (101992345) |
|  Net increase (decrease) in net assets resulting from operations | **799357** | **(219771808)** | **14627129** | **(212414334)** | **(4236255)** | **(14019920)** | **7245829** | **(26688355)** |
|  **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
|  Distributable earnings |  | (45025617) |  | (112456938) |  | (15000749) |  | (35621990) |
|  **Net increase (decrease) in net assets resulting from capital share transactions (Note 6)** | 42907176 | (62539577) | (39102914) | (197439623) | (16302160) | (14725936) | 48057355 | 84535092 |
|  TOTAL INCREASE (DECREASE) IN NET ASSETS | **43706533** | **(327337002)** | **(24475785)** | **(522310895)** | **(20538415)** | **(43746605)** | **55303184** | **22224747** |
|  **NET ASSETS:** |  |  |  |  |  |  |  |  |
|  Beginning of period | 499877704 | 827214706 | 926232238 | 1448543133 | 236012981 | 279759586 | 523982622 | 501757875 |
|  End of period | $**543584237** | $**499877704** | $**901756453** | $**926232238** | $**215474566** | $**236012981** | $**579285806** | $**523982622** |

---

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**STATEMENT OF CHANGES IN NET ASSETS — *(continued)*** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **STOCK INDEX FUND** | **STOCK INDEX FUND** | **SYSTEMATIC CORE FUND** | **SYSTEMATIC CORE FUND** | **SYSTEMATIC VALUE FUND** | **SYSTEMATIC VALUE FUND** | **U.S. SOCIALLY<br>RESPONSIBLE FUND** | **U.S. SOCIALLY<br>RESPONSIBLE FUND** |
|  | **For the<br>Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the<br>Year Ended<br>May 31,<br>2022** | **For the<br>Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the<br>Year Ended<br>May 31,<br>2022** | **For the<br>Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the<br>Year Ended<br>May 31,<br>2022** | **For the<br>Six Months<br>Ended<br>November 30,<br>2022<br>(unaudited)** | **For the<br>Year Ended<br>May 31,<br>2022** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
|  **OPERATIONS:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $36678143 | $67378777 | $3348225 | $4821975 | $5130361 | $7995354 | $5406589 | $8498624 |
|  Net realized gain (loss) on investments and foreign currencies | 335556749 | 368783867 | 6477325 | 21270687 | (10338618) | 23819506 | 35591969 | 124309620 |
|  Net unrealized gain (loss) on investments and foreign currencies | (413996804) | (447315255) | (14471163) | (43416498) | 11161245 | (13066797) | (36624500) | (153080829) |
|  Net increase (decrease) in net assets resulting from operations | **(41761912)** | **(11152611)** | **(4645613)** | **(17323836)** | **5952988** | **18748063** | **4374058** | **(20272585)** |
|  **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
|  Distributable earnings |  | (555116887) |  | (4511036) |  | (20792814) |  | (109071971) |
|  **Net increase (decrease) in net assets resulting from capital share transactions (Note 6)** | (277889213) | 74802891 | (52848817) | (75220310) | (27849939) | (74319216) | (37362633) | 33596209 |
|  TOTAL INCREASE (DECREASE) IN NET ASSETS | **(319651125)** | **(491466607)** | **(57494430)** | **(97055182)** | **(21896951)** | **(76363967)** | **(32988575)** | **(95748347)** |
|  **NET ASSETS:** |  |  |  |  |  |  |  |  |
|  Beginning of period | 5543585960 | 6035052567 | 596129974 | 693185156 | 486821413 | 563185380 | 733504603 | 829252950 |
|  End of period | $**5223934835** | $**5543585960** | $**538635544** | $**596129974** | $**464924462** | $**486821413** | $**700516028** | $**733504603** |

---

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS**

------

**Note 1 — Organization** 

VALIC Company I (the "Series" or "VC I") was incorporated under the laws of Maryland on December 7, 1984, by The Variable Annuity Life Insurance Company ("VALIC" or the "Adviser"). VALIC, the investment adviser to the Series, is an indirect, wholly owned subsidiary of Corebridge Financial, Inc. ("Corebridge"), which is a majority-owned subsidiary of American International Group, Inc. ("AIG"). AIG is a holding company which through its subsidiaries is engaged in a broad range of insurance and insurance related activities and financial services in the United States and abroad. The Series is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, management investment company. The Series consists of 36 separate mutual funds (each, a "Fund" and collectively, the "Funds"), each of which issues its own separate class of capital shares:

---

| | |
|:---|:---|
| Aggressive Growth Lifestyle Fund(1) | International Opportunities Fund |
| Asset Allocation Fund | International Socially Responsible Fund |
| Blue Chip Growth Fund | International Value Fund |
| Capital Appreciation Fund | Large Capital Growth Fund |
| Conservative Growth Lifestyle Fund(1) | Mid Cap Index Fund |
| Core Bond Fund | Mid Cap Strategic Growth Fund |
| Dividend Value Fund | Mid Cap Value Fund |
| Dynamic Allocation Fund(2) | Moderate Growth Lifestyle Fund(1) |
| Emerging Economies Fund | Nasdaq-100<sup>®</sup> Index Fund |
| Global Real Estate Fund | Science & Technology Fund |
| Global Strategy Fund | Small Cap Growth Fund |
| Government Securities Fund | Small Cap Index Fund |
| Growth Fund | Small Cap Special Values Fund |
| High Yield Bond Fund | Small Cap Value Fund |
| Inflation Protected Fund | Stock Index Fund |
| International Equities Index Fund | Systematic Core Fund |
| International Government Bond Fund | Systematic Value Fund |
| International Growth Fund | U.S. Socially Responsible Fund |

---

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(1) The Lifestyle Funds represent "Fund of Funds" which invest in VCI mutual funds.

(2) The Dynamic Allocation Fund invests, under normal conditions, approximately 70% to 90% of its assets in shares of
VC I mutual funds, (the "Fund-of-Funds Component") and 10% to 30% of its assets in a portfolio of derivative instruments, fixed income securities and short-term investments (the "Overlay Component").

Each Fund is diversified with the exception of Blue Chip Growth Fund, Growth Fund, International Government Bond Fund, Nasdaq-100<sup>®</sup> Index Fund and Science & Technology Fund, which are non-diversified as defined by the 1940 Act.

**Indemnifications.** Under the Funds' organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that may 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** 

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. The Funds are considered investment companies under GAAP and follow the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies consistently followed by the Series in the preparation of its financial statements:

**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:

Level 1 — Unadjusted quoted prices in active markets for identical securities

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"), etc.)

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)

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)*** 

------

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.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The summary of each Fund's assets and liabilities classified in the fair value hierarchy as of November 30, 2022, is reported on a schedule at the end of each Fund's Portfolio of Investments.

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.

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 a 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 and foreign equity futures contracts, 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 and futures are generally categorized as Level 2.

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 service 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. If a price is unavailable from an independent pricing service, the securities may be priced at the mean of two independent quotes obtained from brokers.

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.

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.

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. Swap contracts traded on national securities exchanges are valued at the closing price of the exchange on which they are traded or if a closing price of the exchange is not available, the swap will be valued using a mid valuation provided by an independent pricing service, and are generally categorized as Level 2. Swap contracts traded over the counter ("OTC") are valued at a mid valuation provided by an independent pricing service, 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 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.

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. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.

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.

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)***

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**<u>Derivative Instruments</u>** 

**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.

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.

Forward foreign currency contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund's Portfolio of Investments.

**Futures:** A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Fund will be required to segregate an initial margin payment of cash or other liquid securities with the futures commission merchant (the "broker"). Subsequent payments are made or received by a 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 Statement of Assets and Liabilities as variation margin for changes in the value of the contracts and as cash collateral for futures contracts for the changes in the value of the initial margin requirement. When a contract is closed, a Fund records 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.

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.

Futures contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund's Portfolio of Investments.

**Options:** An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. When a Fund writes a call or a put option, it receives a premium which is equal to the current market value of the option written. 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.

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 asset 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.

Option contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund's Portfolio of Investments.

**Swap Contracts:** Certain Funds may enter into credit default, interest rate, equity and/or total return swap contracts. Swap contracts are privately negotiated in the OTC market and may be entered into as a bilateral contract or a centrally cleared contract ("centrally cleared swaps"). In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and a Fund faces the CCP through a broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Portfolio of Investments and cash deposited is recorded on the Statement of Assets and Liabilities as cash collateral for 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 Funds 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

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**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)*** 

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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).

*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.

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.

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.

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.

*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 Funds receiving or paying, as the case may be, only the net amount of the two payments.

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.

Interest rate swap contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund's Portfolio of Investments.

*Risks of Entering into Swap Agreements*: Risks to a Fund of entering into credit default swaps, total return swaps and interest rate 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

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**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)***

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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.

**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 the 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 the 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.

The following tables represent the value of derivatives held as of November 30, 2022, 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, 2022. The derivative contracts held during the period are not accounted for as hedging instruments under GAAP. For a detailed presentation of derivatives held as of November 30, 2022, please refer to the Portfolio of Investments.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Futures<br>Contracts(1)(8)** | **Swap<br>Contracts(2)** | **Options<br>Purchased(3)** | **Foreign<br>Forward<br>Exchange<br>Contracts(4)** | **Futures<br>Contracts(1)(8)** | **Swap<br>Contracts(5)** | **Options<br>Written(6)** | **Foreign<br>Forward<br>Exchange<br>Contracts(7)** |
| | **Interest Rate Contracts** | **Interest Rate Contracts** | **Interest Rate Contracts** | **Interest Rate Contracts** | **Interest Rate Contracts** | **Interest Rate Contracts** | **Interest Rate Contracts** | **Interest Rate Contracts** |
| <br>**Fund**<br>| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  Global Strategy | $35578 | $— | $— | $— | $40937 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
|  Inflation Protected | 386785 |  |  |  | 132699 | 541769 |  |  |
|  | **Equity Contracts** | **Equity Contracts** | **Equity Contracts** | **Equity Contracts** | **Equity Contracts** | **Equity Contracts** | **Equity Contracts** | **Equity Contracts** |
|  | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  Asset Allocation | $204063 | $— | $— | $— | $— | $— | $— | $— |
|  Dynamic Allocation | 178875 |  | 943070 |  | 596250 |  |  |  |
|  Emerging Economies | 194040 |  |  |  |  |  |  |  |
|  Global Strategy |  |  |  |  | 220613 |  |  |  |
|  Growth | 11925 |  |  |  |  |  |  |  |
|  International Equities Index | 924075 |  |  |  |  |  |  |  |
|  International Socially Responsible | 394605 |  |  |  |  |  |  |  |
|  Mid Cap Index | 551490 |  |  |  |  |  |  |  |
|  Nasdaq-100<sup>®</sup> Index | 631350 |  |  |  |  |  |  |  |
|  Small Cap Index | 606340 |  |  |  |  |  |  |  |
|  Small Cap Value | 260925 |  |  |  |  |  |  |  |
|  Stock Index | 7948013 |  |  |  |  |  |  |  |
|  U.S. Socially Responsible | 488925 |  |  |  |  |  |  |  |
|  | **Credit Contracts** | **Credit Contracts** | **Credit Contracts** | **Credit Contracts** | **Credit Contracts** | **Credit Contracts** | **Credit Contracts** | **Credit Contracts** |
|  | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  Global Strategy | $— | $— | $— | $— | $— | $— | $— | $— |
|  High Yield Bond |  | 175516 |  |  |  |  |  |  |
|  Inflation Protected |  |  |  |  |  |  |  |  |
|  | **Foreign Exchange Contracts** | **Foreign Exchange Contracts** | **Foreign Exchange Contracts** | **Foreign Exchange Contracts** | **Foreign Exchange Contracts** | **Foreign Exchange Contracts** | **Foreign Exchange Contracts** | **Foreign Exchange Contracts** |
|  | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  Global Strategy | $— | $— | $— | $790570 | $— | $— | $— | $555472 |
|  High Yield Bond |  |  |  |  |  |  |  | 90014 |
|  Inflation Protected |  |  |  | 2123851 |  |  |  | 6591898 |
|  International Growth |  |  |  |  |  |  |  |  |

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**Statement of Assets and Liabilities Location:** 

(1) Variation margin on futures contracts

(2) Unrealized appreciation on swap contracts

(3) Investments at value (unaffiliated)

(4) Unrealized appreciation on forward foreign currency contracts

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)*** 

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(5) Unrealized depreciation on swap contracts

(6) Call and put options written, at value

(7) Unrealized depreciation on forward foreign currency contracts

(8) The variation margin on futures contracts is included in the cumulative appreciation (depreciation) as reported on
each Fund's Portfolio of Investments in the following amounts:

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| | |
|:---|:---|
| **Fund**<br>| **Cumulative<br>Appreciation/<br>(Depreciation)** |
|  Asset Allocation | $(290) |
|  Dynamic Allocation | (666213) |
|  Emerging Economies | 242256 |
|  Global Strategy | (402979) |
|  Growth | (507) |
|  Inflation Protected | (350454) |
|  International Equities Index | 5521838 |
|  International Socially Responsible | 1697090 |
|  Mid Cap Index | 2293457 |
|  Nasdaq-100<sup>®</sup> Index | 692643 |
|  Small Cap Index | 349637 |
|  Small Cap Value | 173161 |
|  Stock Index | 15109592 |
|  U.S. Socially Responsible | 583376 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Realized Gain (Loss) on Derivatives Recognized in Statement of<br>Operations** | **Realized Gain (Loss) on Derivatives Recognized in Statement of<br>Operations** | **Realized Gain (Loss) on Derivatives Recognized in Statement of<br>Operations** | **Realized Gain (Loss) on Derivatives Recognized in Statement of<br>Operations** | **Realized Gain (Loss) on Derivatives Recognized in Statement of<br>Operations** |
| <br>**Fund**<br>| **Futures<br>Contracts(1)** | **Swap<br>Contracts(2)** | **Written<br>Options(3)** | **Purchased<br>Options(4)** | **Foreign<br>Forward<br>Exchange<br>Contracts(5)** |
|  | **Interest Rate Contracts** | **Interest Rate Contracts** | **Interest Rate Contracts** | **Interest Rate Contracts** | **Interest Rate Contracts** |
|  Global Strategy | $(2742401) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $— |
|  Inflation Protected | 5348028 | 607471 |  |  |  |
|  | **Equity Contracts** | **Equity Contracts** | **Equity Contracts** | **Equity Contracts** | **Equity Contracts** |
|  Asset Allocation | $(25629) | $— | $— | $— | $— |
|  Dynamic Allocation | 646841 |  |  | (624224) |  |
|  Emerging Economies | (88702) |  |  |  |  |
|  Global Strategy | 370859 |  |  |  |  |
|  Growth | (18999) |  |  |  |  |
|  International Equities Index | (5328897) |  |  |  |  |
|  International Socially Responsible | (1543765) |  |  |  |  |
|  Mid Cap Index | (1301109) |  |  |  |  |
|  Nasdaq-100<sup>®</sup> Index | (6159249) |  |  |  |  |
|  Small Cap Index | (1465103) |  |  |  |  |
|  Small Cap Value | (259655) |  |  |  |  |
|  Stock Index | (4690369) |  |  |  |  |
|  U.S. Socially Responsible | (1633592) |  |  |  |  |
|  | **Credit Contracts** | **Credit Contracts** | **Credit Contracts** | **Credit Contracts** | **Credit Contracts** |
|  Global Strategy | $— | $(270439) | $— | $— | $— |
|  High Yield Bond |  | 116977 |  |  |  |
|  Inflation Protected |  |  |  |  |  |
|  | **Foreign Exchange Contracts** | **Foreign Exchange Contracts** | **Foreign Exchange Contracts** | **Foreign Exchange Contracts** | **Foreign Exchange Contracts** |
|  Global Strategy | $— | $— | $— | $— | $928084 |
|  High Yield Bond |  |  |  |  | 516423 |
|  Inflation Protected |  |  |  |  | 20949414 |
|  International Growth |  |  |  | (647722) |  |

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized<br>in Statement of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized<br>in Statement of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized<br>in Statement of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized<br>in Statement of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized<br>in Statement of Operations** |
| <br>**Fund**<br>| **Futures<br>Contracts(6)** | **Swap<br>Contracts(7)** | **Written<br>Options(8)** | **Purchased<br>Options(9)** | **Foreign<br>Forward<br>Exchange<br>Contracts(10)** |
|  | **Interest Rate Contracts** | **Interest Rate Contracts** | **Interest Rate Contracts** | **Interest Rate Contracts** | **Interest Rate Contracts** |
|  Global Strategy | $7436 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $— |
|  Inflation Protected | (1672104) | (987366) |  |  |  |
|  | **Equity Contracts** | **Equity Contracts** | **Equity Contracts** | **Equity Contracts** | **Equity Contracts** |
|  Asset Allocation | $(33621) | $— | $— | $— | $— |
|  Dynamic Allocation | (798321) |  |  | (160230) |  |
|  Emerging Economies | 267135 |  |  |  |  |
|  Global Strategy | (161136) |  |  |  |  |
|  Growth | 11736 |  |  |  |  |
|  International Equities Index | 7254258 |  |  |  |  |
|  International Socially Responsible | 1904039 |  |  |  |  |
|  Mid Cap Index | 5592715 |  |  |  |  |
|  Nasdaq-100<sup>®</sup> Index | 2731868 |  |  |  |  |
|  Small Cap Index | 1462082 |  |  |  |  |
|  Small Cap Value | 473760 |  |  |  |  |
|  Stock Index | 17019562 |  |  |  |  |
|  U.S. Socially Responsible | 1306671 |  |  |  |  |
|  | **Credit Contracts** | **Credit Contracts** | **Credit Contracts** | **Credit Contracts** | **Credit Contracts** |
|  Global Strategy | $— | $— | $— | $— | $— |
|  High Yield Bond |  | 175516 |  |  |  |
|  Inflation Protected |  | (147791) |  |  |  |
|  | **Foreign Exchange Contracts** | **Foreign Exchange Contracts** | **Foreign Exchange Contracts** | **Foreign Exchange Contracts** | **Foreign Exchange Contracts** |
|  Global Strategy | $— | $— | $— | $— | $341446 |
|  High Yield Bond |  |  |  |  | (75508) |
|  Inflation Protected |  |  |  |  | (9786056) |
|  International Growth |  |  |  | 621272 |  |

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**Statement of Operations Location:** 

(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

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)*** 

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The following table represents the average monthly balances of derivatives held during the six months ended November 30, 2022.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| <br>**Fund**<br>| **Futures<br>Contracts(2)** | **Foreign<br>Forward<br>Exchange<br>Contracts(2)** | **Purchased<br>Call Options<br>Contracts(1)** | **Purchased<br>Put Options<br>Contracts(1)** | **Written Put<br>Options<br>Contracts(1)** | **Interest<br>Rate Swap<br>Contracts(2)** | **Credit Swap<br>Contracts(2)** |
|  Asset Allocation | $396494 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $— |
|  Dynamic Allocation | 19979479 |  |  | 1293256 |  |  |  |
|  Emerging Economies | 1203563 |  |  |  |  |  |  |
|  Global Strategy | 29457864 | 35333156 |  |  |  |  | 3564433 |
|  Growth | 390754 |  |  |  |  |  |  |
|  High Yield Bond |  | 8445042 |  |  |  |  | 2270833 |
|  Inflation Protected | 295188883 | 306294363 |  |  |  | 87000000 | 10805608 |
|  International Equities Index | 77552804 |  |  |  |  |  |  |
|  International Growth |  |  | 55 |  |  |  |  |
|  International Socially Responsible | 18642317 |  |  |  |  |  |  |
|  Mid Cap Index | 47894040 |  |  |  |  |  |  |
|  Nasdaq-100<sup>®</sup> Index | 21524429 |  |  |  |  |  |  |
|  Small Cap Index | 29063793 |  |  |  |  |  |  |
|  Small Cap Value | 13157030 |  |  |  |  |  |  |
|  Stock Index | 116121731 |  |  |  |  |  |  |
|  U.S. Socially Responsible | 19879138 |  |  |  |  |  |  |

---

------

(1) Amounts represent values in US dollars.

(2) Amounts represent notional amounts in US dollars.

The following table represents the Fund's objectives for using derivative instruments the for the six months ended November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Objectives for Using Derivatives** | **Objectives for Using Derivatives** | **Objectives for Using Derivatives** | **Objectives for Using Derivatives** | **Objectives for Using Derivatives** |
| <br>**Fund** <br>| **Futures<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Purchased<br>Options<br>Contracts**  | **Interest<br>Rate Swap<br>Contracts** | **Credit Default<br>Swap Contracts** |
|  Asset Allocation | 1 |  |  |  |  |
|  Dynamic Allocation | 1 |  | 1 |  |  |
|  Emerging Economies | 1 |  |  |  |  |
|  Global Strategy | 1, 2 | 3 |  |  | 4, 5 |
|  Growth | 1 |  |  |  |  |
|  High Yield Bond |  | 3 |  |  | 4, 5 |
|  Inflation Protected | 1, 2 | 3 |  | 2 | 4, 5 |
|  International Equities Index | 1 |  |  |  |  |
|  International Growth |  |  | 6 |  |  |
|  International Socially Responsible | 1 |  |  |  |  |
|  Mid Cap Index | 1 |  |  |  |  |
|  Nasdaq-100<sup>®</sup> Index | 1 |  |  |  |  |
|  Small Cap Index | 1 |  |  |  |  |
|  Small Cap Value | 1 |  |  |  |  |
|  Stock Index | 1 |  |  |  |  |
|  U.S. Socially Responsible | 1 |  |  |  |  |

---

------

(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 foreign currency risk resulting directly or indirectly from investments in equity holdings.

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)*** 

------

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, 2022. The repurchase agreements held by the Funds and the securities on loan as of November 30, 2022, 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 and securities on loan.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | | | |
| <br>**Counterparty**<br>| **Forward<br>Foreign<br>Currency<br>Contracts** | **OTC Swaps** | **Options<br>Purchased** | **Total** | **Forward<br>Foreign<br>Currency<br>Contracts** | **OTC Swaps** | **Options<br>Written** | **Total** |<br>**Net<br>Derivative<br>Assets<br>(Liabilities)** |<br>**Collateral<br>Pledged/<br>(Received)<sup>(2)</sup>** |<br>**Net<br>Amount<sup>(3)</sup>** |
|  Bank of America, N.A. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $108815 | $108815 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $108815 | $— | $108815 |
|  Citibank, N.A. |  |  | 328191 | 328191 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 328191 | (300000) | 28191 |
|  Goldman Sachs International |  |  | 76038 | 76038 |  |  |  |  | 76038 | (76038) |  |
|  UBS AG |  |  | 430026 | 430026 |  |  |  |  | 430026 | (430026) |  |
|  **Total** | $— | $— | $943070 | $943070 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $943070 | $(806064) | $137006 |

---

(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<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | | | |
| <br>**Counterparty**<br>| **Forward<br>Foreign<br>Currency<br>Contracts** | **OTC Swaps** | **Options<br>Purchased** | **Total** | **Forward<br>Foreign<br>Currency<br>Contracts** | **OTC Swaps** | **Options<br>Written** | **Total** |<br>**Net<br>Derivative<br>Assets<br>(Liabilities)** |<br>**Collateral<br>Pledged/<br>(Received)<sup>(2)</sup>** |<br>**Net<br>Amount<sup>(3)</sup>** |
|  Citibank, N.A. | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $1620 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1620 | $(1620) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(1620) |
|  HSBC Bank USA | 260571 |  |  | 260571 | 190404 |  |  | 190404 | 70167 |  | 70167 |
|  JPMorgan Chase Bank, N.A. | 529999 |  |  | 529999 | 363448 |  |  | 363448 | 166551 | (166551) |  |
|  **Total** | $790570 | $— | $— | $790570 | $555472 | $— | $— | $555472 | $235098 | $(166551) | $68547 |

---

------

(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<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | | | |
| <br>**Counterparty**<br>| **Forward<br>Foreign<br>Currency<br>Contracts** | **OTC Swaps** | **Options<br>Purchased** | **Total** | **Forward<br>Foreign<br>Currency<br>Contracts** | **OTC Swaps** | **Options<br>Written** | **Total** |<br>**Net<br>Derivative<br>Assets<br>(Liabilities)** |<br>**Collateral<br>Pledged/<br>(Received)<sup>(2)</sup>** |<br>**Net<br>Amount<sup>(3)</sup>** |
|  UBS AG | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $90014 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $90014 | $(90014) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(90014) |

---

------

(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<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | | | |
| <br>**Counterparty**<br>| **Forward<br>Foreign<br>Currency<br>Contracts** | **OTC Swaps** | **Options<br>Purchased** | **Total** | **Forward<br>Foreign<br>Currency<br>Contracts** | **OTC<br>Swaps** | **Options<br>Written** | **Total** |<br>**Net<br>Derivative<br>Assets<br>(Liabilities)** |<br>**Collateral<br>Pledged/<br>(Received)<sup>(2)</sup>** |<br>**Net<br>Amount<sup>(3)</sup>** |
|  Bank of America, N.A. | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $214205 | $436394 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $650599 | $(650599) | $650599 | $— |
|  CitiBank, N.A. |  |  |  |  | 486639 |  |  | 486639 | (486639) |  | (486639) |
|  Commonwealth Bank of Australia  |  |  |  |  | 160290 |  |  | 160290 | (160290) |  | (160290) |
|  Deutsche Bank AG | 60978 |  |  | 60978 | 1746174 |  |  | 1746174 | (1685196) |  | (1685196) |

---

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)*** 

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | | | |
| | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Assets<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | **Derivative Liabilities<sup>(1)</sup>** | | | |
| <br>**Counterparty**<br>| **Forward<br>Foreign<br>Currency<br>Contracts** | **OTC Swaps** | **Options<br>Purchased** | **Total** | **Forward<br>Foreign<br>Currency<br>Contracts** | **OTC<br>Swaps** | **Options<br>Written** | **Total** |<br>**Net<br>Derivative<br>Assets<br>(Liabilities)** |<br>**Collateral<br>Pledged/<br>(Received)<sup>(2)</sup>** |<br>**Net<br>Amount<sup>(3)</sup>** |
|  Goldman Sachs International | $117254 | $— | $— | $117254 | $134714 | $105375 | $— | $240089 | $(122835) | $10000 | $(112835) |
|  HSBC Bank PLC | 51369 |  |  | 51369 |  |  |  |  | 51369 |  | 51369 |
|  Morgan Stanley & Co. International PLC |  |  |  |  | 81294 |  |  | 81294 | (81294) |  | (81294) |
|  NatWest Markets PLC |  |  |  |  | 656438 |  |  | 656438 | (656438) |  | (656438) |
|  State Street Bank & Trust Company | 230734 |  |  | 230734 |  |  |  |  | 230734 |  | 230734 |
|  Toronto Dominion Bank | 1290891 |  |  | 1290891 | 2466336 |  |  | 2466336 | (1175445) |  | (1175445) |
|  UBS AG | 372625 |  |  | 372625 | 645808 |  |  | 645808 | (273183) |  | (273183) |
|  **Total** | $2123851 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $2123851 | $6591898 | $541769 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $7133667 | $(5009816) | $660599 | $(4349217) |

---

------

(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-Indexed Bonds:** Certain Funds may purchase inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is adjusted periodically according to the rate of inflation. Two structures are common. The U.S. Treasury and certain other issuers use a structure that reflects inflation in the principal value of the bond. Other issuers pay out any inflation related accruals as part of a semiannual coupon. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates (i.e., stated interest rates) and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates (i.e., nominal interest rates minus inflation) might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in nominal interest rates, and short-term increases in inflation may lead to a decline in their value. Coupon payments received from inflation-indexed bonds are recorded in the Statement of Operations as interest income. In addition, any increase or decrease in the principal amount of an inflation-indexed bond will be recorded in the Statement of Operations as an increase or decrease to interest income, even though principal is not paid until maturity.

**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 Funds' 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.

**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.

**Mortgage-Backed Dollar 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. Mortgage-Back Dollar Rolls outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)***

------

**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. Securities purchased or sold on a when-issued or forward commitment basis outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

**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.

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.

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.

**Investment Securities Loaned:** To realize additional income, each Fund, except for the Aggressive Growth Lifestyle Fund, Conservative Growth Lifestyle Fund, Dynamic Allocation Fund, and the Moderate Growth Lifestyle Fund, may lend portfolio securities with a value of up to 30% of its total assets. Securities lending arrangements are generally governed by master securities lending authorization agreements which typically provide the securities lending agent with the right to make loans of a Fund's available securities to an approved list of borrowers. These master securities lending agreements are considered to be Master Agreements as discussed in the Notes to the Financial Statements. Loans made pursuant to these agreements will be continuously secured by collateral in an amount at least equal to the market value of the securities loaned. Such collateral will be cash, U.S. government securities, or other collateral as deemed appropriate. A Fund may use the cash collateral received to invest in short-term investments. The description of the short-term investments made with cash collateral from securities lending is included in the applicable Fund's Portfolio of Investments. Loans by a Fund will only be made to broker-dealers deemed by the securities lending agent to be creditworthy and will not be made unless, in the judgment of VALIC, the consideration to be earned from such loans would justify the risk. It is the Series' policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day. Therefore, the value of the collateral may be temporarily more or less than the value of the securities on loan. Each Fund receives income from the investment of cash collateral, in addition to lending fees and rebates paid by the borrower, less expenses associated with the loan. In the event of a borrower default, including if the borrower fails to maintain the requisite amount of collateral, the securities lending agent will terminate all outstanding loans to that particular borrower and the lending Fund is permitted to use the collateral to replace the securities while holding the borrower liable for any excess of replacement cost over collateral. The securities lending agent is also required to indemnify a Fund against certain losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, the risks in lending fund securities, as with other extensions of secured credit, include possible delays in receiving additional collateral or in the recovery of the securities or possible loss of rights in the collateral should the borrower fail financially as well as risk of loss in the value of collateral or the value of the investments made with the collateral. Income and fees are recorded in the Statement of Operations as Securities lending income. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

**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. For financial statement purposes, the Funds amortize all premiums and accrete all discounts on fixed income securities.

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 a 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 the Dynamic Allocation Fund, distributions from income from the Underlying Funds, if any, are recorded to income on the ex-dividend date. Distributions from net realized capital gains from the Underlying Funds, if any, are recorded to realized gains on the ex-dividend date.

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.

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.

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. For the Aggressive Growth Lifestyle Fund, Conservative Growth Lifestyle Fund, Dynamic Allocation Fund and Moderate Growth Lifestyle Fund, the expenses included in the accompanying financial statements reflect the expenses of each of the respective funds and do not include any expenses associated with the Underlying Funds.

Dividends from net investment income, if any, are normally paid annually. Distributions from net realized capital gains, if any, are normally declared and paid annually.

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)*** 

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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.

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.

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 unrecognized 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.

**LIBOR Risk** 

A Fund's investments, payment obligations and financing terms may be based on floating rates, such as LIBOR, Euro Interbank Offered Rate, SOFR and other similar types of reference rates (each, a "Reference Rate"). On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority ("FCA"), which regulates LIBOR, announced that the FCA will no longer persuade nor require banks to submit rates for the calculation of LIBOR and certain other Reference Rates after 2021. On March 5, 2021, the FCA and LIBOR's administrator announced that most LIBOR settings will no longer be published after June 30, 2023. Such announcements indicate that the continuation of LIBOR and other Reference Rates on the current basis cannot and will not be guaranteed. These announcements and any additional regulatory or market changes may have an adverse impact on a Fund or its investments.

Regulators and market participants are working together to identify or develop successor Reference Rates (e.g. SOFR, which is intended to replace the U.S. dollar LIBOR). It is expected that market participants will focus on the transition mechanisms by which the Reference Rates in existing contracts or instruments may be amended, whether through market wide protocols, fallback contractual provisions, bespoke negotiations or amendments or otherwise. Nonetheless, the termination of certain Reference Rates presents risks to a Fund. At this time, it is not possible to completely identify or predict the effect of any such changes, any establishment of alternative Reference Rates or any other reforms to Reference Rates that may be enacted in the UK or elsewhere. The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of Reference Rates, and these changes could have an adverse impact on the market for or value of any securities or payments linked to those Reference Rates and other financial obligations held by a Fund or on its overall financial condition or results of operations. In addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect a Fund's performance and/or net asset value.

**Recent Accounting and Regulatory Developments** 

In March 2020, the FASB issued ASU No. 2020-04, "Facilitation of the Effects of Reference Rate Reform on Financial Reporting", which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the LIBOR and other interbank offered based reference rates as of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. As a result of an extension in the planned discontinuation date of USD LIBOR, the FASB issued ASU No. 2022-06, "Reference Rate Reform" in December 2022, which extends the temporary relief provided by ASU 2020-04 to December 31, 2024. Management is evaluating the potential impact of ASU 2020-04 and ASU 2022-06 to the financial statements.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the "Rule"). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board's assignment of its responsibility for the execution of valuation-related activities to a fund's investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule became effective on March 8, 2021 and had a compliance date of September 8, 2022. Adoption of the Rule had no material impact on the Funds.

**Note 3 — Advisory Fees and Other Transactions with Affiliates** 

VALIC serves as investment adviser to VC I. Certain officers and directors of VC I are officers and directors of VALIC or affiliates of VALIC.

VALIC receives from VC I a monthly fee based on each Fund's average daily net asset value at the following annual rates:

---

| | |
|:---|:---|
| Aggressive Growth Lifestyle Fund(1) | 0.10% |
| Asset Allocation Fund(2) | 0.50% on first $300 million |
|  | 0.475% on next $200 million |
|  | 0.45% on assets over $500 million |
| Blue Chip Growth Fund(3) | 0.75% on the first $250 million |
|  | 0.725% on the next $250 million |
|  | 0.70% on assets over $500 million |
| Capital Appreciation Fund | 0.55% on first $1 billion |
|  | 0.525% on assets over $1 billion |
| Conservative Growth Lifestyle Fund(4) | 0.10% |

---

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)***

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---

| | |
|:---|:---|
| Core Bond Fund | 0.50% on the first $200 million |
|  | 0.45% on the next $300 million |
|  | 0.40% on assets over $500 million |
| Dividend Value Fund(5) | 0.75% on the first $250 million |
|  | 0.72% on the next $250 million |
|  | 0.67% on the next $500 million |
|  | 0.62% on assets over $1 billion |
| Dynamic Allocation Fund(6) | 0.25% on the first $1 billion |
|  | 0.22% on the next $1 billion |
|  | 0.20% on assets over $2 billion |
| Emerging Economies Fund | 0.81% on the first $250 million |
|  | 0.76% on the next $250 million |
|  | 0.71% on the next $500 million |
|  | 0.66% on assets over $1 billion |
| Global Real Estate Fund | 0.75% on the first $250 million |
|  | 0.70% on the next $250 million |
|  | 0.65% on assets over $500 million |
| Global Strategy Fund(7) | 0.50% on the first $500 million |
|  | 0.46% on assets over $500 million |
| Government Securities Fund | 0.50% on the first $250 million |
|  | 0.45% on the next $250 million |
|  | 0.40% on the next $500 million |
|  | 0.35% on assets over $1 billion |
| Growth Fund(8) | 0.73% on the first $500 million |
|  | 0.67% on the next $500 million |
|  | 0.64% on the next $500 million |
|  | 0.61% on assets over $1.5 billion |
| High Yield Bond Fund | 0.65% on the first $150 million |
|  | 0.60% on the next $350 million |
|  | 0.55% on assets over $500 million |
| Inflation Protected Fund(9) | 0.50% on the first $250 million |
|  | 0.45% on the next $250 million |
|  | 0.40% on assets over $500 million |
| International Equities Index Fund | 0.35% on the first $500 million |
|  | 0.25% on the next $500 million |
|  | 0.24% on assets over $1 billion |
| International Government Bond Fund | 0.50% on the first $250 million |
|  | 0.45% on the next $250 million |
|  | 0.40% on the next $500 million |
|  | 0.35% on assets over $1 billion |
| International Growth Fund(10) | 0.95% on the first $250 million |
|  | 0.90% on the next $250 million |
|  | 0.85% on the next $500 million |
|  | 0.80% on assets over $1 billion |
| International Opportunities Fund | 0.90% on the first $100 million |
|  | 0.80% on the next $650 million |
|  | 0.75% on assets over $750 million |
| International Socially Responsible Fund | 0.50% on first $500 million |
|  | 0.475% on next $500 million |
|  | 0.45% on assets over $1 billion |
| International Value Fund(11) | 0.73% on the first $250 million |
|  | 0.68% on the next $250 million |
|  | 0.63% on the next $500 million |
|  | 0.58% on assets over $1 billion |

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)***

------

---

| | |
|:---|:---|
| Large Capital Growth Fund | 0.64% on the first $750 million |
|  | 0.59% on assets over $750 million |
| Mid Cap Index Fund | 0.35% on the first $500 million |
|  | 0.25% on the next $2.5 billion |
|  | 0.20% on the next $2 billion |
|  | 0.15% on assets over $5 billion |
| Mid Cap Strategic Growth Fund | 0.70% on the first $250 million |
|  | 0.65% on the next $250 million |
|  | 0.60% on assets over $500 million |
| Mid Cap Value Fund | 0.75% on the first $100 million |
|  | 0.725% on the next $150 million |
|  | 0.70% on the next $250 million |
|  | 0.675% on the next $250 million |
|  | 0.65% on assets over $750 million |
| Moderate Growth Lifestyle Fund(12) | 0.10% |
| Nasdaq-100<sup>®</sup> Index Fund(13) | 0.40% on the first $250 million |
|  | 0.38% on the next $250 million |
|  | 0.36% on assets over $500 million |
| Science & Technology Fund(14) | 0.90% on first $500 million |
|  | 0.85% on assets over $500 million |
| Small Cap Growth Fund(15) | 0.85% on the first $100 million |
|  | 0.80% on assets over $100 million |
| Small Cap Index Fund(16) | 0.35% on the first $500 million |
|  | 0.25% on the next $2.5 billion |
|  | 0.20% on the next $2 billion |
|  | 0.15% on assets over $5 billion |
| Small Cap Special Values Fund | 0.75% on the first $500 million |
|  | 0.70% on assets over $500 million |
| Small Cap Value Fund | 0.75% on the first $50 million |
|  | 0.65% on assets over $50 million |
| Stock Index Fund | 0.35% on the first $500 million |
|  | 0.25% on the next $2.5 billion |
|  | 0.20% on the next $2 billion |
|  | 0.15% on assets over $5 billion |
| Systematic Core Fund(17) | 0.75% on the first $500 million |
|  | 0.725% on assets over $500 million |
| Systematic Value Fund(18) | 0.70% on the first $250 million |
|  | 0.65% on the next $250 million |
|  | 0.60% on the next $500 million |
|  | 0.55% on assets over $1 billion |
| U.S. Socially Responsible Fund | 0.25% on the first $1 billion |
|  | 0.24% on assets over $1 billion |

---

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(1) Pursuant to an Advisory Fee Waiver Agreement effective September 28, 2022, VALIC has contractually agreed to
waive the Aggressive Growth Lifestyle Fund's advisory fees so that the advisory fee payable by the Fund is equal to 0.07% of the Fund's average daily net assets.

(2) Pursuant to an Advisory Fee Waiver Agreement, VALIC has contractually agreed to waive the Asset Allocation
Fund's advisory fees in order that such fees equal: 0.45% on the first $300 million of the Fund's average monthly net assets, 0.425% on the next $200 million of the Fund's average monthly net assets and 0.40% on average
monthly net assets over $500 million.

(3) Pursuant to an Advisory Fee Waiver Agreement, VALIC agreed to waive the Blue Chip Growth Fund's advisory fees
in order that such fees equal: 0.75% of the Fund's average daily net assets on Fund's first $250 million; 0.725% of the Fund's average daily net assets on the Fund's next $250 million; 0.70% of the Fund's average
daily net assets on the Fund's next $300 million; 0.36% of the Fund's average daily net assets on the Fund's next $200 million; and 0.65% of the Fund's net average daily net assets when the Fund's assets exceed
$1 billion.

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)*** 

------

(4) Pursuant to an Advisory Fee Waiver Agreement effective September 28, 2022, VALIC has contractually agreed to
waive the Conservative Growth Lifestyle Fund's advisory fees so that the advisory fee payable by the Fund is equal to 0.07% of the Fund's average daily net assets.

(5) Pursuant to an Advisory Fee Waiver Agreement, VALIC agreed to waive the Dividend Value Fund's advisory fees in
order that such fees equal: 0.64% of the Fund's average daily net assets on Fund's first $250 million; 0.61% of the Fund's average daily net assets on the Fund's next $250 million; 0.56% of the Fund's average daily
net assets on the Fund's next $500 million; and 0.51% of the Fund's net average daily net assets when the Fund's assets exceed $1 billion.

(6) 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.

(7) Pursuant to an Advisory Fee Waiver Agreement, VALIC has agreed to waive the Global Strategy Fund's advisory
fees in order that such fees equal: 0.44% on the first $500 million and 0.40% on assets over $500 million.

(8) Pursuant to an Advisory Fee Waiver Agreement, VALIC has agreed to waive the Growth Fund's advisory fees in
order that such fees equal: 0.57% of the average daily net assets on the first $500 million, 0.51% on the next $500 million, 0.48% on the next $500 million and 0.45% thereafter.

(9) Pursuant to an Advisory Fee Waiver Agreement, VALIC has agreed to waive the Inflation Protected Fund's
advisory fees in order that such fees equal: 0.47% on the first $250 million of the Fund's average monthly net assets, 0.42% on the next $250 million of the Fund's average monthly net assets and 0.37% on average monthly net assets
over $500 million.

(10) Pursuant to an Advisory Fee Waiver Agreement, VALIC has agreed to waive the International Growth Fund's
advisory fees in order that such fees equal: 0.75% of the average daily net assets on the first $250 million, 0.70% on the next $250 million, 0.65% on the next $500 million and 0.60% thereafter.

(11) Pursuant to an Advisory Fee Wavier Agreement, VALIC has agreed to waive International Value Fund's advisory
fees in order that such fees equal: 0.66% on the first $250 million, 0.61% on the next $250 million, 0.56% on the next $500 million and 0.51% on assets over $1 billion.

(12) Pursuant to an Advisory Fee Waiver Agreement effective September 28, 2022, VALIC has contractually agreed to
waive the Moderate Growth Lifestyle Fund's advisory fees so that the advisory fee payable by the Fund is equal to 0.07% of the Fund's average daily net assets.

(13) Pursuant to an Advisory Fee Waiver effective October 1, 2022, VALIC has contractually agreed to waive the Nasdaq-100 <sup>®</sup> Index Fund's advisory fees in order that such fees equal: 0.35% on the first $250 million of the Fund's average daily net assets,
0.33% on the next $250 million of the Fund's average daily net assets and 0.31% on average daily net assets over $500 million.

(14) Pursuant to an Amended and Restated Advisory Fee Waiver Agreement effective October 1, 2022, VALIC has
contractually agreed to waive the Science & Technology Fund's advisory fees in order that such fees equal: 0.86% on the first $500 million of the Fund's average daily net assets and 0.81% on average daily net assets over
$500 million. Prior to October 1, 2022, VALIC agreed to waive the Science & Technology Fund's advisory fees in order that such fees equal: 0.87% of the Fund's average daily net assets on Fund's first
$500 million and 0.82% of the Fund's net average daily net assets when the Fund's assets exceed $500 million.

(15) Pursuant to an Advisory Fee Waiver Agreement, VALIC agreed to waive the Small Cap Growth Fund's advisory fees
in order that such fees equal: 0.82% of the Fund's average daily net assets on Fund's first $100 million and 0.77% of the Fund's net average daily net assets when the Fund's assets exceed $100 million.

(16) Pursuant to an Advisory Fee Waiver Agreement effective October 1, 2022, VALIC has contractually agreed to
waive the Small Cap Index Fund's advisory fees in order that such fees equal: 0.30% on the first $500 million of the Fund's average daily net assets, 0.20% on the next 2.5 billion of the Fund's average daily net assets,
0.15% on the next $2.0 billion of the Fund's average daily net assets and 0.10% on average daily net assets over $5.0 billion.

(17) Pursuant to an Advisory Fee Waiver Agreement, VALIC has agreed to waive the Systematic Core Fund's advisory
fees in order that such fees equal: 0.53% on the first $500 million and 0.505% on assets over $500 million.

(18) Pursuant to an Advisory Fee Waiver Agreement, VALIC agreed to waive the Systematic Value Fund's advisory fees
in order that such fees equal: 0.40% of the Fund's average daily net assets on Fund's first $250 million; 0.35% of the Fund's average daily net assets on the Fund's next $250 million; 0.30% of the Fund's average
daily net assets on the Fund's next $500 million; and 0.25% of the Fund's net average daily net assets when the Fund's assets exceed $1 billion.

For the six months ended November 30, 2022, the amount of investment advisory fees waived were as follows:

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| | |
|:---|:---|
| **Fund**<br>| **Amount** |
|  Aggressive Growth Lifestyle | $31488 |
|  Asset Allocation | 33405 |
|  Conservative Growth Lifestyle | 15805 |
|  Dividend Value | 670996 |
|  Dynamic Allocation | 3086 |
|  Global Strategy | 65004 |
|  Growth | 736470 |
|  Inflation Protected | 123591 |
|  International Growth | 376759 |
|  International Value | 187947 |
|  Moderate Growth Lifestyle | 49959 |
|  Nasdaq-100<sup>®</sup> Index | 53112 |
|  Science & Technology | 321502 |
|  Small Cap Growth | 75463 |
|  Small Cap Index | 72086 |
|  Systematic Core | 604900 |
|  Systematic Value | 673431 |

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)***

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VALIC has entered into sub-advisory agreements with the following:

*AllianceBernstein L.P. ("AllianceBernstein")*—subadviser for a portion of the Dynamic Allocation Fund.

*Allspring Global Investments, LLC ("Allspring")*—subadviser for the International Value Fund and Small Cap Special Values Fund.

*BlackRock Investment Management, LLC ("BlackRock")*—subadviser for a portion of the Growth Fund and a portion of the Dividend Value Fund.

*Boston Partners Global Investors, Inc. d/b/a Boston Partners ("Boston Partners")*—subadviser for a portion of the Mid Cap Value Fund.

*ClearBridge Investments, LLC ("ClearBridge")*—subadviser for a portion of the Dividend Value Fund.

*Columbia Management Investment Advisers, LLC ("Columbia")*—subadviser for the Capital Appreciation Fund.

*Delaware Investments Fund Advisers ("DIFA")*—subadviser for a portion of the International Opportunities Fund.

*Franklin Advisers, Inc.*—subadviser for the Global Strategy Fund.

*Goldman Sachs Asset Management, L.P.*—subadviser for the Systematic Core Fund and a portion of the Global Real Estate Fund.

*Invesco Advisers, Inc. ("Invesco")*—subadviser for a portion of the Global Real Estate Fund.

*J.P. Morgan Investment Management Inc. ("JPMIM")*\*—subadviser for the Aggressive Growth Lifestyle Fund, Asset Allocation Fund, Conservative Growth Lifestyle Fund, Emerging Economies Fund, Government Securities Fund, Moderate Growth Lifestyle Fund, Small Cap Value Fund and a portion of the Small Cap Growth Fund.

*Janus Henderson Investors U.S. LLC*—subadviser for a portion of the Mid Cap Strategic Growth Fund.

*Massachusetts Financial Services Company ("MFS")*—subadviser for the Large Capital Growth Fund and a portion of the International Opportunities Fund.

*Morgan Stanley Investment Management, Inc. ("MSIM")*—subadviser for the International Growth Fund.

*PineBridge Investments, LLC ("PineBridge")*—subadviser for the Core Bond Fund and International Government Bond Fund.

*SunAmerica Asset Management, LLC ("SunAmerica")*—subadviser for the International Equities Index Fund, International Socially Responsible Fund, Mid Cap Index Fund, Nasdaq-100<sup>®</sup> Index Fund, Small Cap Index Fund, Stock Index Fund, U.S. Socially Responsible Fund, a portion of the Growth Fund and a portion of the Dynamic Allocation Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*T. Rowe Price Associates, Inc.*—subadviser for the Blue Chip Growth Fund, a portion of the Science & Technology Fund and a portion of the Small Cap Growth Fund.

Voya Investment Management Co. LLC ("Voya IM")\*\*—subadviser for a portion of the Mid Cap Strategic Growth Fund and a portion of the Science & Technology Fund.

*Wellington Management Company LLP ("Wellington Management")*—subadviser for the High Yield Bond Fund, Inflation Protected Fund, Systematic Value Fund, a portion of the Mid Cap Value Fund and a portion of the Science & Technology Fund.

------

\* Effective September 28, 2022, JPMIM replaced PineBridge as subadvisor for the Aggressive, Moderate and Conservative Growth Lifestyle Funds.

\*\* Effective July 25, 2022, Voya IM replaced Allianz Global Investors U.S. LLC as subadviser for a portion of the Mid Cap Strategic Growth Fund and a portion of the Science & Technology Fund.

The subadvisers are compensated for their services by VALIC.

VALIC has contractually agreed to waive fees and/or reimburse expenses to the extent necessary so that each Fund's total annual fund operating expenses after expense reimbursement do not exceed the amounts shown below through September 30, 2023 for all funds. For the purposes of the waived fee 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 Funds' business. The contractual fee waivers and fee reimbursements will continue until September 30, 2023, subject to termination by the Board, including a majority of the Directors who are not "interested persons" of the Series or VALIC as defined by Section 2(a)(19) of the 1940 Act ("the Disinterested Directors").

---

| | |
|:---|:---|
| **Fund**<br>| **Maximum Expense<br>Limitation** |
|  Dynamic Allocation | 0.32% |
|  High Yield Bond | 0.68% |
|  International Opportunities | 0.95% |
|  Small Cap Value | 0.77% |
|  Stock Index | 0.29% |

---

For the six months ended November 30, 2022, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:

---

| | |
|:---|:---|
| **Fund**<br>| **Amount** |
|  Aggressive Growth Lifestyle(1) | $139072 |
|  Blue Chip Growth(2) | 12025 |
|  Capital Appreciation(3) | 63151 |
|  Conservative Growth Lifestyle(4) | 42351 |
|  Core Bond(5) | 58353 |
|  Dynamic Allocation | 25827 |
|  High Yield Bond | 140722 |
|  International Opportunities | 66565 |

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)*** 

------

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| | |
|:---|:---|
| **Fund**<br>| **Amount** |
|  Mid Cap Value(6) | $74367 |
|  Moderate Growth Lifestyle(7) | 67476 |
|  Nasdaq-100<sup>®</sup> Index(8) | 29028 |
|  Small Cap Growth(9) | 96637 |
|  Small Cap Value | 73242 |
|  Stock Index | 1197587 |

---

------

(1) The Expense Limitation Agreement with respect to this Fund was terminated effective October 1, 2022. Prior to
October 1, 2022, the Fund's Maximum Expense Limitation was 0.09% of the Fund's average daily net assets.

(2) The Expense Limitation Agreement with respect to this Fund was terminated effective October 1, 2022. Prior to
October 1, 2022, the Fund's Maximum Expense Limitation was 0.85% of the Fund's average daily net assets.

(3) The Expense Limitation Agreement with respect to this Fund was terminated effective October 1, 2022. Prior to
October 1, 2022, the Fund's Maximum Expense Limitation was 0.60% of the Fund's average daily net assets.

(4) The Expense Limitation Agreement with respect to this Fund was terminated effective October 1, 2022. Prior to
October 1, 2022, the Fund's Maximum Expense Limitation was 0.13% of the Fund's average daily net assets.

(5) The Expense Limitation Agreement with respect to this Fund was terminated effective October 1, 2022. Prior to
October 1, 2022, the Fund's Maximum Expense Limitation was 0.52% of the Fund's average daily net assets.

(6) The Expense Limitation Agreement with respect to this Fund was terminated effective October 1, 2022. Prior to
October 1, 2022, the Fund's Maximum Expense Limitation was 0.80% of the Fund's average daily net assets.

(7) The Expense Limitation Agreement with respect to this Fund was terminated effective October 1, 2022. Prior to
October 1, 2022, the Fund's Maximum Expense Limitation was 0.13% of the Fund's average daily net assets.

(8) The Expense Limitation Agreement with respect to this Fund was terminated effective October 1, 2022. Prior to
October 1, 2022, the Fund's Maximum Expense Limitation was 0.53% of the Fund's average daily net assets.

(9) The Expense Limitation Agreement with respect to this Fund was terminated effective October 1, 2022. Prior to
October 1, 2022, the Fund's Maximum Expense Limitation was 0.88% of the Fund's average daily net assets.

Any contractual waivers and/or reimbursements made by VALIC with respect to the Dynamic Allocation Fund are subject to recoupment from the Fund within two years after the occurrence of the waiver and/or reimbursement, provided that the Fund is able to effect such payment to VALIC and remain in compliance with the expense limitations in effect at the time the waivers and/or reimbursements were made. For the six months ended November 30, 2022, the amount recouped by VALIC for the Dynamic Allocation Fund was $0.

At November 30, 2022, expenses previously waived and/or reimbursed by VALIC that are subject to recoupment and expire during the time period indicated are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Expense Reimbursed** | **Expense Reimbursed** | **Expense Reimbursed** |
| <br>**Fund**<br>| **May 31, 2023** | **May 31, 2024** | **November 30, 2024** |
|  Dynamic Allocation . . . . . . | $12578 | $26251 | $25827 |

---

VC I, on behalf of each Fund, has entered into an Administrative Services Agreement with SunAmerica (the "Administrator"), an affiliate of the Adviser. The Administrator receives from each Fund, other than the "Fund-of-Funds Component" of the Dynamic Allocation Fund, and the Lifestyle Funds an annual fee of 0.06% based upon each Fund's average daily net assets, plus the following Accounting Basis Point Fee@: 0.0061% on the first $25 billion; 0.0070% on the next $75 billion; and 0.0050% in excess of $100 billion. 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. Without limiting the generality of the foregoing, the Administrator (or its appointed service provider): assists with the preparation of prospectuses, statements of additional information, registration statements, and proxy materials; develops and prepares communications to shareholders, including the annual and semi-annual reports to shareholders; coordinates and supervises the preparation and filing of Fund tax returns; assists with the design, development, and operation of the Funds; prepares the Funds' financial statements; determines the net asset value of the Funds' shares; supervises the Funds' transfer agent with respect to the payment of dividends and other distributions to shareholders; and calculates performance data of the Funds. During the six months ended November 30, 2022, SunAmerica earned fees as reflected in the Statement of Operations based upon the aforementioned rates.

VC I, on behalf of each Fund, has entered into a Master Transfer Agency and Services Agreement with VALIC Retirement Services Company ("VRSCO"), an affiliate of VALIC. VRSCO receives from the Series an annual fee of $132,510, which is allocated to each Fund in the Series based on shareholder accounts. Under this agreement, VRSCO provides services which include the issuance and redemption of shares, acting as dividend disbursing agent, and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. In addition to the above, VRSCO provides "Blue Sky" registration and reporting in applicable states for each Fund that is sold outside of a variable annuity or variable life contract in order to effect and maintain, as the case may be, including but not limited to, the qualification of shares for sale under the applicable securities laws of such jurisdictions to qualified plans. For the six months ended November 30, 2022, VRSCO earned fees as reflected in the Statement of Operations based upon the aforementioned rate.

------

---

| | |
|:---|:---|
| @ | The Accounting Basis Point Fee is calculated based upon all assets in all registered management investment companies managed and/or administered by the Administrator and VALIC, other than "funds-of-funds" and "feeder funds." In addition, the Dynamic Allocation Fund shall pay the Administrator an Accounting Basis Point Fee solely with respect to the Overlay Component and no fee with respect to the Fund-of-Funds Component.  |

---

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)*** 

------

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 an affiliate 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 all or 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, 2022, no amounts have been deferred under the Plan.

At November 30, 2022, the following affiliates owned outstanding shares of the following Funds:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund**<br>| **American General<br>Life Insurance Co.** | **The United States<br>Life Insurance Co.** | **VALIC** | **VC I Dynamic<br>Allocation Fund** | **VC I Aggressive<br>Growth Lifestyle** | **VC I Conservative<br>Growth Lifestyle** | **VC I Moderate<br>Growth Lifestyle** |
|  Aggressive Growth Lifestyle | —% | —% | 100.00% | —% | —% | —% | —% |
|  Asset Allocation |  |  | 100.00 |  |  |  |  |
|  Blue Chip Growth | 0.01 |  | 90.14 | 0.56 | 3.88 | 0.97 | 4.44 |
|  Capital Appreciation |  |  | 90.07 | 9.93 |  |  |  |
|  Conservative Growth Lifestyle |  |  | 100.00 |  |  |  |  |
|  Core Bond | 0.02 | 0.00 | 74.71 | 0.63 | 4.72 | 6.22 | 13.70 |
|  Dividend Value |  |  | 99.24 | 0.76 |  |  |  |
|  Dynamic Allocation | 4.81 |  | 95.19 |  |  |  |  |
|  Emerging Economies | 0.09 | 0.01 | 99.76 | 0.14 |  |  |  |
|  Global Real Estate |  |  | 99.58 | 0.42 |  |  |  |
|  Global Strategy |  |  | 100.00 |  |  |  |  |
|  Government Securities | 0.28 |  | 94.57 | 5.15 |  |  |  |
|  Growth |  |  | 99.37 | 0.63 |  |  |  |
|  High Yield Bond | 0.01 |  | 99.69 | 0.30 |  |  |  |
|  Inflation Protected |  |  | 99.70 | 0.30 |  |  |  |
|  International Equities Index | 2.80 | 0.01 | 79.12 | 0.16 | 7.46 | 1.76 | 8.69 |
|  International Government Bond |  |  | 99.32 | 0.68 |  |  |  |
|  International Growth |  |  | 99.25 | 0.75 |  |  |  |
|  International Opportunities |  |  | 99.90 | 0.10 |  |  |  |
|  International Socially Responsible | 0.29 |  | 99.08 | 0.63 |  |  |  |
|  International Value | 0.04 |  | 99.10 | 0.86 |  |  |  |
|  Large Capital Growth |  |  | 88.93 | 0.92 | 4.29 | 0.95 | 4.91 |
|  Mid Cap Index | 0.85 | 0.03 | 99.06 | 0.06 |  |  |  |
|  Mid Cap Strategic Growth |  |  | 99.74 | 0.26 |  |  |  |
|  Mid Cap Value | 0.25 |  | 99.46 | 0.29 |  |  |  |
|  Moderate Growth Lifestyle |  |  | 100.00 |  |  |  |  |
|  Nasdaq-100<sup>®</sup> Index | 2.30 | 0.07 | 97.63 |  |  |  |  |
|  Science & Technology | 0.47 | 0.00 | 99.53 |  |  |  |  |
|  Small Cap Growth |  |  | 85.42 | 0.11 | 6.08 | 1.38 | 7.01 |
|  Small Cap Index | 2.63 | 0.14 | 97.13 | 0.10 |  |  |  |
|  Small Cap Special Values |  |  | 99.46 | 0.54 |  |  |  |
|  Small Cap Value |  |  | 85.94 | 0.07 | 5.88 | 1.35 | 6.76 |
|  Stock Index | 2.72 | 0.04 | 87.45 | 0.23 | 3.25 | 0.75 | 3.81 |
|  Systematic Core | 0.48 |  | 97.72 | 1.80 |  |  |  |
|  Systematic Value |  |  | 67.17 | 3.13 | 12.46 | 2.95 | 14.29 |
|  U.S. Socially Responsible | 0.03 |  | 98.81 | 1.16 |  |  |  |

---

The VC I Dynamic Allocation Fund and the VC I Lifestyle Funds do not invest in the underlying funds for the purpose of exercising management or control; however, investments by the VC I Dynamic Allocation Fund and the VC I Lifestyle Funds within the set limits across their asset allocations may represent a significant portion of net assets of the underlying funds.

As disclosed in the Portfolio of Investments, certain Funds owned shares of various VC I Funds and securities issued by AIG or an affiliate thereof. During the six months ended November 30, 2022, transactions in these securities were as follows:

**Aggressive Growth Lifestyle Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security**<br>| **Income** | **Capital Gain<br>Distribution<br>Received** | **Value at<br>May 31, 2022** | **Cost of<br>Purchases†** | **Proceeds<br>of Sales** | **Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Gain (Loss)** | **Value at<br>November 30, 2022** |
|  VALIC Company I Blue Chip Growth Fund | $– $|  | $5919278 | $26870598 | $5545050 | $(1385335) | $990934 | $26850425 |
|  VALIC Company I Capital Appreciation Fund | – |  | 28902135 |  | 27048593 | 7774064 | (9627606) |  |
|  VALIC Company I Core Bond Fund | – |  | 123355503 | 30274978 |  |  | (4145687) | 149484794 |
|  VALIC Company I Dividend Value Fund | – |  | 8273894 |  | 7616241 | 558852 | (1216505) |  |
|  VALIC Company I Emerging Economies Fund | – |  | 10147532 |  | 7936070 | (4014051) | 1802589 |  |
|  VALIC Company I Global Real Estate Fund | – |  | 18344606 |  | 14758078 | (4042574) | 456046 |  |
|  VALIC Company I Government Securities Fund | – |  | 2039886 | 29377524 | 29794505 | (1763253) | 140348 |  |
|  VALIC Company I High Yield Bond Fund | – |  | 10820074 |  | 10410572 | (1097119) | 687617 |  |
|  VALIC Company I Inflation Protected Fund | – |  | 23548584 |  | 22355751 | (1631754) | 438921 |  |

---

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)***

------

**Aggressive Growth Lifestyle Fund (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security**<br>| **Income** | **Capital Gain<br>Distribution<br>Received** | **Value at<br>May 31, 2022** | **Cost of<br>Purchases†** | **Proceeds<br>of Sales** | **Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Gain (Loss)** | **Value at<br>November 30, 2022** |
|  VALIC Company I International Equities Index Fund | $– $|  | $22806542 | $96569234 | $1584759 | $(208359) | $11886175 | $129468833 |
|  VALIC Company I International Government Bond Fund | – |  | 8689210 |  | 7808602 | (1878009) | 997401 |  |
|  VALIC Company I International Growth Fund | – |  | 3902127 |  | 3644843 | (421563) | 164279 |  |
|  VALIC Company I International Opportunities Fund | – |  | 32210899 |  | 27389082 | (10883860) | 6062043 |  |
|  VALIC Company I International Value Fund | – |  | 21498433 |  | 18706888 | (3458608) | 667063 |  |
|  VALIC Company I Large Capital Growth Fund | – |  | 33273609 | 10142997 | 12929885 | (925874) | (92621) | 29468226 |
|  VALIC Company I Mid Cap Index Fund | – |  | 30343226 |  | 28976365 | (2855095) | 1488234 |  |
|  VALIC Company I Mid Cap Strategic Growth Fund | – |  | 16584783 |  | 15675774 | (2569211) | 1660202 |  |
|  VALIC Company I Mid Cap Value Fund | – |  | 21211382 |  | 19659581 | 3334335 | (4886136) |  |
|  VALIC Company I Nasdaq-100 Index Fund | – |  | 11002443 | 2268231 | 12100155 | (2990421) | 1819902 |  |
|  VALIC Company I Science & Technology Fund | – |  | 1955235 |  | 1773432 | (434783) | 252980 |  |
|  VALIC Company I Small Cap Growth Fund | – |  | 6333849 | 26326439 |  |  | 379708 | 33039996 |
|  VALIC Company I Small Cap Index Fund | – |  | 4274210 |  | 4261934 | (827174) | 814898 |  |
|  VALIC Company I Small Cap Special Values Fund | – |  | 4144274 |  | 3947342 | 692858 | (889790) |  |
|  VALIC Company I Small Cap Value Fund | – |  | 4080145 | 32254881 | 4245882 | 1211268 | 777575 | 34077987 |
|  VALIC Company I Stock Index Fund | – |  | 82154333 | 86753848 | 4033932 | 881355 | 3820656 | 169576260 |
|  VALIC Company I Systematic Core Fund | – |  | 14066794 |  | 13207921 | (2722803) | 1863930 |  |
|  VALIC Company I Systematic Value Fund | – |  | 58692796 | 1529603 | 3089603 | (664548) | 1471225 | 57939473 |
|  | $– $|  | $608575782 | $342368333 | $308500840 | $(30321662) | $17784381 | $629905994 |

---

------

† Includes reinvestments of distributions paid.

**Conservative Growth Lifestyle Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security**<br>| **Income** | **Capital Gain<br>Distribution<br>Received** | **Value at**<br>**May 31, 2022** | **Cost of<br>Purchases†** | **Proceeds**<br>**from Sales** | **Realized**<br>**Gain/Loss** | **Change in<br>Unrealized<br>Gain (Loss)** | **Value at<br>November 30, 2022** |
|  VALIC Company I Blue Chip Growth Fund | $— | $— | $1469662 | $6645710 | $1376747 | $(343963) | $322719 | $6717381 |
|  VALIC Company I Capital Appreciation Fund |  |  | 7766752 |  | 7263568 | 1836586 | (2339770) |  |
|  VALIC Company I Dividend Value Fund |  |  | 1988234 |  | 1830198 | (208648) | 50612 |  |
|  VALIC Company I Large Capital Growth Fund |  |  | 4737978 | 4680132 | 2825231 | (837816) | 803580 | 6558643 |
|  VALIC Company I Mid Cap Index Fund |  |  | 7208183 | 219322 | 7125600 | (1281335) | 979430 |  |
|  VALIC Company I Mid Cap Strategic Growth Fund |  |  | 4198808 |  | 3968672 | (1050215) | 820079 |  |
|  VALIC Company I Mid Cap Value Fund |  |  | 1983156 |  | 1838070 | 342203 | (487289) |  |
|  VALIC Company I Nasdaq-100 Index Fund |  |  | 1518114 | 100641 | 1488263 | (469228) | 338736 |  |
|  VALIC Company I Science & Technology Fund |  |  | 495283 | 808115 | 1216532 | (410695) | 323829 |  |
|  VALIC Company I Small Cap Growth Fund |  |  | 1616231 | 6630368 | 808115 | (332587) | 394594 | 7500491 |
|  VALIC Company I Small Cap Index Fund |  |  | 920329 |  | 889907 | (339833) | 309411 |  |
|  VALIC Company I Small Cap Special Values Fund |  |  | 1078150 |  | 1042888 | 185991 | (221253) |  |
|  VALIC Company I Small Cap Value Fund |  |  | 126339 | 7369205 | 122047 | 16742 | 421922 | 7812161 |
|  VALIC Company I Stock Index Fund |  |  | 12004886 | 30042757 | 4359619 | (1132920) | 2691227 | 39246331 |
|  VALIC Company I Systematic Core Fund |  |  | 3804278 |  | 3572001 | (711326) | 479049 |  |
|  VALIC Company I Systematic Value Fund |  |  | 14313339 | 814429 | 1580076 | (403762) | 553342 | 13697272 |
|  VALIC Company I Core Bond Fund |  |  | 152632044 | 50608502 | 1500000 | (261664) | (4257616) | 197221266 |
|  VALIC Company I Government Securities Fund |  |  | 7416181 | 6085403 | 12627459 | (1215182) | 341057 |  |
|  VALIC Company I High Yield Bond Fund |  |  | 24335243 |  | 23169167 | (2861645) | 1695569 |  |
|  VALIC Company I Inflation Protected Fund |  |  | 16394215 |  | 15504948 | (953681) | 64414 |  |
|  VALIC Company I Emerging Economies Fund |  |  | 1876556 |  | 1467596 | (453098) | 44138 |  |
|  VALIC Company I Global Real Estate Fund |  |  | 5009803 |  | 4030343 | (1047691) | 68231 |  |
|  VALIC Company I International Equities Index Fund |  |  | 7969764 | 22473673 | 2576739 | 79459 | 2619320 | 30565477 |
|  VALIC Company I International Opportunities Fund |  |  | 8473900 |  | 7208283 | (2873975) | 1608358 |  |
|  VALIC Company I International Value Fund |  |  | 2717290 |  | 2308324 | (342960) | (66006) |  |
|  VALIC Company I International Government Bond Fund |  |  | 12393306 |  | 11065516 | (2897462) | 1569672 |  |
|  | $— | $— | $304448024 | $136478257 | $122765909 | $(17968705) | $9127355 | $309319022 |

---

------

† Includes reinvestment of distributions paid.

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)*** 

------

**Dynamic Allocation Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security**<br>| **Income** | **Capital Gain<br>Distribution<br>Received** | **Value at<br>May 31, 2022** | **Cost of<br>Purchases†** | **Proceeds<br>of Sales** | **Realized<br>Gain/(Loss)** | **Change in<br>Unrealized<br>Gain (Loss)** | **Value at<br>November 30, 2022** |
|  VALIC Company I Blue Chip Growth Fund | $– $|  | $4352660 | $298373 | $483917 | $(122907) | $(166549) | $3877660 |
|  VALIC Company I Capital Appreciation Fund | – |  | 5784500 | 694075 | 720019 | 61823 | (261905) | 5558474 |
|  VALIC Company I Core Bond Fund | – |  | 8294785 | 2133992 | 1026002 | 74740 | 103429 | 9580944 |
|  VALIC Company I Dividend Value Fund | – |  | 5931872 | 654021 | 736150 | (133009) | (197628) | 5519106 |
|  VALIC Company I Emerging Economies Fund | – |  | 6542883 | 632369 | 782333 | 288373 | (350575) | 6330717 |
|  VALIC Company I Global Real Estate Fund | – |  | 1766220 | 124320 | 201631 | 9219 | 47101 | 1745229 |
|  VALIC Company I Government Securities Fund | – |  | 1710726 | 124321 | 201632 | (115792) | 130642 | 1648265 |
|  VALIC Company I Growth Fund | – |  | 2428635 | 149187 | 241959 | (27061) | 39966 | 2348768 |
|  VALIC Company I High Yield Bond Fund | – |  | 636419 | 69621 | 112915 | (127048) | 129457 | 595534 |
|  VALIC Company I Inflation Protected Fund | – |  | 922648 | 74593 | 120979 | (29027) | 45961 | 893196 |
|  VALIC Company I International Equities Index Fund | – |  | 1233767 | 79566 | 129045 | (8155) | (11097) | 1165036 |
|  VALIC Company I International Government Bond Fund | – |  | 436549 | 24866 | 40327 | 6124 | (4594) | 422618 |
|  VALIC Company I International Growth Fund | – |  | 12725096 | 901580 | 1462026 | 183738 | (238489) | 12109899 |
|  VALIC Company I International Opportunities Fund | – |  | 10194941 | 722558 | 1171676 | (155589) | 132691 | 9722925 |
|  VALIC Company I International Socially Responsible Fund | – |  | 17929907 | 1063247 | 4526470 | (858802) | 933934 | 14541816 |
|  VALIC Company I International Value Fund | – |  | 8424537 | 611664 | 992032 | (129920) | 202874 | 8117123 |
|  VALIC Company I Large Capital Growth Fund | – |  | 21892330 | 1601267 | 2597024 | (360687) | (587894) | 19947992 |
|  VALIC Company I Mid Cap Index Fund | – |  | 7631912 | 556962 | 903312 | (59477) | (207145) | 7018940 |
|  VALIC Company I Mid Cap Strategic Growth Fund | – |  | 1396486 | 99456 | 161304 | (13232) | (21846) | 1299560 |
|  VALIC Company I Mid Cap Value Fund | – |  | 2623125 | 179024 | 290351 | (14437) | (81090) | 2416271 |
|  VALIC Company I Small Cap Growth Fund | – |  | 977433 | 68131 | 110706 | 15131 | (116064) | 833925 |
|  VALIC Company I Small Cap Index Fund | – |  | 1385053 | 849187 | 241959 | (43907) | (178626) | 1769748 |
|  VALIC Company I Small Cap Special Values Fund | – |  | 2953676 | 213833 | 346808 | 675 | (59470) | 2761906 |
|  VALIC Company I Small Cap Value Fund | – |  | 3157674 | 212344 | 344599 | (4991) | (59379) | 2961049 |
|  VALIC Company I Stock Index Fund | – |  | 492358 | 33322 | 54249 | (32782) | 2913 | 441562 |
|  VALIC Company I Systematic Core Fund | – |  | 2185662 | 167591 | 272013 | (100381) | 43417 | 2024276 |
|  VALIC Company I Systematic Value Fund | – |  | 5002934 | 356558 | 578493 | 63248 | (248427) | 4595820 |
|  VALIC Company I U.S. Socially Responsible Fund | – |  | 639455 | 49729 | 80653 | (13410) | (21213) | 573908 |
|  | $– $|  | $139654243 | $12745757 | $18930584 | $(1647543) | $(999606) | $130822267 |

---

------

† Includes reinvestment of distributions paid.

**Moderate Growth Lifestyle Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security**<br>| **Income** | **Capital Gain<br>Distribution<br>Received** | **Value at**<br>**May 31, 2022** | **Cost of<br>Purchases†** | **Proceeds**<br>**of Sales** | **Realized<br>Gain(Loss)** | **Change in<br>Unrealized<br>Gain (Loss)** | **Value at<br>November 30, 2022** |
|  VALIC Company I Blue Chip Growth Fund | $— | $— | $6607305 | $30838892 | $6189581 | $(1546290) | $1049208 | $30759534 |
|  VALIC Company I Capital Appreciation Fund |  |  | 38241575 |  | 35783335 | 11531799 | (13990039) |  |
|  VALIC Company I Core Bond Fund |  |  | 281305607 | 158340756 |  |  | (5396892) | 434249471 |
|  VALIC Company I Dividend Value Fund |  |  | 6624396 |  | 6097855 | 152962 | (679503) |  |
|  VALIC Company I Emerging Economies Fund |  |  | 11230694 |  | 8783177 | (2579000) | 131483 |  |
|  VALIC Company I Global Real Estate Fund |  |  | 20261834 |  | 16300472 | (4421062) | 459700 |  |
|  VALIC Company I Government Securities Fund |  |  | 10792099 | 49593611 | 57086917 | (3779258) | 480464 |  |
|  VALIC Company I High Yield Bond Fund |  |  | 23087172 |  | 22230921 | (2078363) | 1222110 |  |
|  VALIC Company I Inflation Protected Fund |  |  | 50536520 |  | 47807059 | (3381349) | 651888 |  |
|  VALIC Company I International Equities Index Fund |  |  | 53585227 | 95262217 | 8855993 | (1034367) | 11959913 | 150916997 |
|  VALIC Company I International Government Bond Fund |  |  | 22007368 |  | 19684477 | (5056745) | 2733854 |  |
|  VALIC Company I International Growth Fund |  |  | 2572485 |  | 2402870 | (207345) | 37730 |  |
|  VALIC Company I International Opportunities Fund |  |  | 33311702 |  | 28329234 | (10026862) | 5044394 |  |
|  VALIC Company I International Value Fund |  |  | 16774105 |  | 14542276 | (1826509) | (405320) |  |
|  VALIC Company I Large Capital Growth Fund |  |  | 36222651 | 13052540 | 14477104 | (92485) | (967040) | 33738562 |
|  VALIC Company I Mid Cap Index Fund |  |  | 40941716 |  | 38780164 | (5409674) | 3248122 |  |
|  VALIC Company I Mid Cap Strategic Growth Fund |  |  | 20888317 |  | 19743431 | (4432054) | 3287169 |  |
|  VALIC Company I Mid Cap Value Fund |  |  | 24229229 |  | 22456645 | 4273099 | (6045683) |  |
|  VALIC Company I Nasdaq-100 Index Fund |  |  | 14440515 | 8173137 | 20318300 | (3654331) | 1358979 |  |

---

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)***

------

**Moderate Growth Lifestyle Fund (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security**<br>| **Income** | **Capital Gain<br>Distribution<br>Received** | **Value at**<br>**May 31, 2022** | **Cost of<br>Purchases†** | **Proceeds**<br>**of Sales** | **Realized<br>Gain(Loss)** | **Change in<br>Unrealized<br>Gain (Loss)** | **Value at<br>November 30, 2022** |
|  VALIC Company I Science & Technology Fund | $– $|  | $2923293 | $— | $2651478 | $(1130208) | $858394 | $— |
|  VALIC Company I Small Cap Growth Fund | – |  | 7733016 | 29949356 |  |  | 431962 | 38114334 |
|  VALIC Company I Small Cap Index Fund | – |  | 5744108 |  | 5727611 | (405559) | 389062 |  |
|  VALIC Company I Small Cap Special Values Fund | – |  | 4393542 |  | 4276450 | 841970 | (959062) |  |
|  VALIC Company I Small Cap Value Fund | – |  | 4985822 | 37105828 | 5188349 | 1536573 | 741849 | 39181723 |
|  VALIC Company I Stock Index Fund | – |  | 103932460 | 99520439 | 9358520 | 1733718 | 3382826 | 199210922 |
|  VALIC Company I Systematic Core Fund | – |  | 14770463 |  | 13868627 | (2702366) | 1800530 |  |
|  VALIC Company I Systematic Value Fund | – |  | 76109591 |  | 10047551 | (2300932) | 2686555 | 66447663 |
|  | $– $|  | $934252812 | $521836776 | $440988397 | $(35994638) | $13512653 | $992619206 |

---

------

† Includes reinvestments of distributions paid.

**Stock Index Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security**<br>| **Income** | **Capital Gain<br>Distribution<br>Received** | **Value at<br>May 31, 2022** | **Cost of<br>Purchases** | **Proceeds**<br>**of Sales** | **Realized<br>Gain/<br>(Loss)** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Value at<br>November 30, 2022** |
|  American International Group, Inc. |  |  |  |  |  |  |  |  |
|  Common Stock | $79013 | $— | $7660204 | $— | $1087904 | $389362 | $(41587) | $6920075 |

---

On November 8, 2022, the International Growth Fund engaged in an agency cross transaction without receiving prior consent from VALIC as required by Rule 206(3)-2 under the Investment Advisers Act of 1940. The violation resulted in a loss to the Fund in the amount of $249 that was reimbursed by MSIM.

**Note 4 — Purchases and Sales of Investment Securities** 

The cost of purchases and proceeds from sales and maturities of long-term investments during the six months ended November 30, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**<br>| **Purchases of<br>Investment<br>Securities<br>(Excluding U.S.<br>Government<br>Securities)** | **Sales of<br>Investment<br>Securities<br>(Excluding U.S.<br>Government<br>Securities)** | **Purchase of<br>U.S.<br>Government<br>Securities** | **Sales of U.S.<br>Government<br>Securities** |
|  Aggressive Growth Lifestyle | $342368333 | $308500840 | $— | $— |
|  Asset Allocation | 22060482 | 27382186 | 9598747 | 5317300 |
|  Blue Chip Growth | 162110387 | 138700317 |  |  |
|  Capital Appreciation | 25245684 | 95660714 |  |  |
|  Conservative Growth Lifestyle | 136478257 | 122765909 |  |  |
|  Core Bond | 430778433 | 212995642 | 808952558 | 324531047 |
|  Dividend Value | 288573556 | 253185521 |  |  |
|  Dynamic Allocation | 12745757 | 18930584 | 11706703 | 11984018 |
|  Emerging Economies | 196844613 | 173017344 |  |  |
|  Global Real Estate | 101317882 | 149814322 |  |  |
|  Global Strategy | 96564773 | 92807760 | 1129353 | 5444185 |
|  Government Securities | 6659482 | 11021455 | 75596876 | 84907154 |
|  Growth | 168835781 | 225680903 |  |  |
|  High Yield Bond | 110764319 | 150579392 |  |  |
|  Inflation Protected | 57423702 | 87232449 | 63429841 | 74568141 |
|  International Equities Index | 239996564 | 18911785 |  |  |
|  International Government Bond | 24610296 | 52339734 | 3836910 | 19952684 |
|  International Growth | 23422583 | 30505886 |  |  |
|  International Opportunities | 110246016 | 150129102 |  |  |
|  International Socially Responsible | 22752570 | 13590914 |  |  |
|  International Value | 149714941 | 199017978 |  |  |
|  Large Capital Growth | 104018523 | 119910718 |  |  |
|  Mid Cap Index | 222407387 | 337854204 |  |  |
|  Mid Cap Strategic Growth | 138100164 | 250312436 |  |  |
|  Mid Cap Value | 267715833 | 331757746 |  |  |
|  Moderate Growth Lifestyle | 521836776 | 440988397 |  |  |
|  Nasdaq-100<sup>®</sup> Index | 6525907 | 37493757 |  |  |
|  Science & Technology | 657402789 | 724782393 |  |  |

---

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)*** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**<br>| **Purchases of<br>Investment<br>Securities<br>(Excluding U.S.<br>Government<br>Securities)** | **Sales of<br>Investment<br>Securities<br>(Excluding U.S.<br>Government<br>Securities)** | **Purchase of<br>U.S.<br>Government<br>Securities** | **Sales of U.S.<br>Government<br>Securities** |
|  Small Cap Growth | $144247491 | $100770252 | $– $|  |
|  Small Cap Index | 89579280 | 96233418 | – |  |
|  Small Cap Special Values | 13634246 | 28841072 | – |  |
|  Small Cap Value | 269520201 | 209667059 | – |  |
|  Stock Index | 69327122 | 515129667 | – |  |
|  Systematic Core | 38132943 | 85129079 | – |  |
|  Systematic Value | 141815643 | 166852866 | – |  |
|  U.S. Socially Responsible | 125430822 | 137892801 | – |  |

---

**Note 5 — Federal Income Taxes** 

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 losses, investments in passive foreign investment companies, investments in real estate investment trusts, investments in regulated investment companies, straddle loss deferrals, late year ordinary losses, inflation securities, investments in partnerships, corporate actions and derivative transactions.

The information in the following table is presented on the basis of cost for Federal Income Tax purposes at November 30, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**<br>| **Identified<br>Cost of<br>Investments<br>Owned** | **Gross**<br>**Unrealized<br>Appreciation@** | **Gross<br>Unrealized<br>Depreciation@** | **Net Unrealized<br>Appreciation<br>(Depreciation)@** |
|  Aggressive Growth Lifestyle | $647056146 | $15676705 | $(25833533) | $(10156828) |
|  Asset Allocation | 140566152 | 6730948 | (12621768) | (5890820) |
|  Blue Chip Growth | 514552375 | 232494690 | (53697678) | 178797012 |
|  Capital Appreciation | 46553417 | 13088791 | (3703767) | 9385024 |
|  Conservative Growth Lifestyle | 332194113 | 4632373 | (25238589) | (20606216) |
|  Core Bond | 3550045015 | 16822492 | (355843413) | (339020921) |
|  Dividend Value | 1241936325 | 109493012 | (87905602) | 21587410 |
|  Dynamic Allocation | 171585165 | 4524358 | (17912056) | (13387698) |
|  Emerging Economies | 648183083 | 30871281 | (105285454) | (74414173) |
|  Global Real Estate | 484906944 | 5102043 | (71364410) | (66262367) |
|  Global Strategy | 226466042 | 9711728 | (17710613) | (7998885) |
|  Government Securities | 151338327 | 125405 | (13446311) | (13320906) |
|  Growth | 826788604 | 114244771 | (61816298) | 52428473 |
|  High Yield Bond | 482491882 | 1956049 | (45394557) | (43438508) |
|  Inflation Protected | 937046548 | 5214500 | (114642223) | (109427723) |
|  International Equities Index | 1671425816 | 303460612 | (184782458) | 118678154 |
|  International Government Bond\* | 94121721 | 353047 | (13466790) | (13113743) |
|  International Growth | 380384003 | 93952539 | (73891075) | 20061464 |
|  International Opportunities | 433089782 | 36768452 | (50400346) | (13631894) |
|  International Socially Responsible | 288982626 | 58171977 | (30106315) | 28065662 |
|  International Value | 569131560 | 42200392 | (70878104) | (28677712) |
|  Large Capital Growth | 522221075 | 166255461 | (11019914) | 155235547 |
|  Mid Cap Index | 2275232132 | 970565776 | (204576113) | 765989663 |
|  Mid Cap Strategic Growth | 650790419 | 50640735 | (76936084) | (26295349) |
|  Mid Cap Value | 717970395 | 117993066 | (39930643) | 78062423 |
|  Moderate Growth Lifestyle | 1041126043 | 10241002 | (51114056) | (40873054) |
|  Nasdaq-100<sup>®</sup> Index | 309270306 | 382037302 | (27518503) | 354518799 |
|  Science & Technology | 2190981404 | 105895333 | (448773591) | (342878258) |
|  Small Cap Growth | 667776815 | 36029838 | (164301003) | (128271165) |
|  Small Cap Index | 812496783 | 287629557 | (172891259) | 114738298 |
|  Small Cap Special Values | 200695060 | 44875036 | (29157376) | 15717660 |
|  Small Cap Value | 560258982 | 64977841 | (43098733) | 21879108 |
|  Stock Index | 2265034283 | 3104894264 | (144110790) | 2960783474 |
|  Systematic Core | 462496135 | 117901495 | (42274673) | 75626822 |
|  Systematic Value | 435859947 | 53492617 | (24963751) | 28528866 |
|  U.S. Socially Responsible | 567561111 | 175781910 | (42365802) | 133416108 |

---

------

---

| | |
|:---|:---|
| @ | Includes amounts for derivatives  |

---

\* The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2022.

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)*** 

------

The tax basis distributable earnings at May 31, 2022 and the tax character of distributions paid during the year ended May 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Distributable Earnings** | **Distributable Earnings** | **Distributable Earnings** | **Tax Distributions** | **Tax Distributions** |
| | **For the year ended May 31, 2022** | **For the year ended May 31, 2022** | **For the year ended May 31, 2022** | **For the year ended May 31, 2022** | **For the year ended May 31, 2022** |
| <br>**Fund**<br>| **Ordinary<br>Income** | **Long-<br>term Gains/<br>Capital And<br>Other Losses** | **Unrealized<br>Appreciation<br>(Depreciation)@** | **Ordinary<br>Income** | **Long-Term<br>Capital<br>Gains** |
|  Aggressive Growth Lifestyle | $14633259 | $61108741 | $(27941209) | $20649820 | $35525418 |
|  Asset Allocation | 4645652 | 3530102 | (3786378) | 17921953 | 3090432 |
|  Blue Chip Growth |  | 123418462 | 208038250 | 1557281 | 130201251 |
|  Capital Appreciation | 3707482 | 12379553 | 33185181 | 387095 | 7075856 |
|  Conservative Growth Lifestyle | 7411148 | 20012876 | (29733571) | 16427673 | 11205899 |
|  Core Bond | 62828287 | 6623104 | (211388239) | 45753685 | 13945029 |
|  Dividend Value | 71993020 | 135316517 | 38130688 | 22282324 |  |
|  Dynamic Allocation | 6196305 | 5958100 | (11025534) | 5673829 | 17786840 |
|  Emerging Economies | 37770216 | 63949549 | (31388948) | 22716543 | 81856666 |
|  Global Real Estate | 12302966 | 4597633 | (21722260) | 8585753 |  |
|  Global Strategy |  | 19442418 | (10483864) | 8463 |  |
|  Government Securities | 3863248 | (3906416) | (9399934) | 3050131 |  |
|  Growth |  | 249024225 | 111197687 | 82705150 | 214321560 |
|  High Yield Bond | 24727888 | (12560978) | (35184745) | 18654826 |  |
|  Inflation Protected | 57198847 | 12920674 | (49083192) | 32988355 | 28825667 |
|  International Equities Index | 43713647 | (2571875) | 129674343 | 46567231 |  |
|  International Government Bond\* | 2310533 | 29499 | (27371778) | 2310533 | 29499 |
|  International Growth |  | 62410179 | 20998675 | 3080495 | 61433360 |
|  International Opportunities | 5565445 | 50267559 | (6873529) | 14327957 | 68307198 |
|  International Socially Responsible | 7031431 | 5747291 | 34736096 | 12301182 | 11587822 |
|  International Value | 21063184 | 18938205 | (472970) | 11017251 |  |
|  Large Capital Growth | 3295419 | 64927808 | 180204503 | 5010757 | 72643794 |
|  Mid Cap Index | 38791151 | 358772785 | 786285574 | 87318492 | 236317819 |
|  Mid Cap Strategic Growth |  | 134118979 | (69410631) | 13540684 | 69410630 |
|  Mid Cap Value | 22712327 | 125347156 | 115275278 | 25507923 | 35033346 |
|  Moderate Growth Lifestyle | 23390306 | 91789073 | (54385707) | 37702204 | 53585267 |
|  Nasdaq-100<sup>®</sup> Index | 3437308 | 82924001 | 412268640 | 7964274 | 69393508 |
|  Science & Technology | 46221291 | 300907791 | (425464893) | 249545091 | 347677088 |
|  Small Cap Growth | 46811 | 42374944 | (160039657) | 14074880 | 30950737 |
|  Small Cap Index | 24728255 | 188369409 | 112325957 | 27460742 | 84996196 |
|  Small Cap Special Values | 5019722 | 22999590 | 25247401 | 9549045 | 5451704 |
|  Small Cap Value | 21845713 | 55071710 | 29857193 | 22392663 | 13229327 |
|  Stock Index | 62765739 | 363623139 | 3374780278 | 80498447 | 474618440 |
|  Systematic Core | 6535138 | 22104429 | 90097985 | 3664723 | 846313 |
|  Systematic Value | 24635793 | 7351059 | 17367621 | 13163584 | 7629230 |
|  U.S. Socially Responsible | 12791467 | 118390002 | 170040608 | 9854492 | 99217479 |

---

------

\* The Distributable Earnings for International Government Bond Fund are for the tax period ended September 30, 2022.

---

| | |
|:---|:---|
| @ | Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.  |

---

As of May 31, 2022, for Federal income tax purposes, the Funds indicated below have capital loss carryforwards, which are available to offset future capital gains, if any:

---

| | | |
|:---|:---|:---|
| | **Capital Loss<br>Carryforward<br>Unlimited** | **Capital Loss<br>Carryforward<br>Unlimited** |
| <br>**Fund**<br>| **ST** | **LT** |
|  Aggressive Growth Lifestyle | $| $|
|  Asset Allocation |  |  |
|  Blue Chip Growth |  |  |
|  Capital Appreciation |  |  |
|  Conservative Growth Lifestyle |  |  |
|  Core Bond |  |  |
|  Dividend Value |  |  |
|  Dynamic Allocation |  |  |

---

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)***

------

---

| | | |
|:---|:---|:---|
| | **Capital Loss<br>Carryforward<br>Unlimited** | **Capital Loss<br>Carryforward<br>Unlimited** |
| <br>**Fund**<br>| **ST** | **LT** |
|  Emerging Economies | $— | $— |
|  Global Real Estate |  |  |
|  Global Strategy |  |  |
|  Government Securities | 1364555 | 2541861 |
|  Growth |  |  |
|  High Yield Bond |  | 12560978 |
|  Inflation Protected |  |  |
|  International Equities Index |  | 2571875 |
|  International Government Bond\* |  |  |
|  International Growth |  |  |
|  International Opportunities |  |  |
|  International Socially Responsible |  |  |
|  International Value |  |  |
|  Large Capital Growth |  |  |
|  Mid Cap Index |  |  |
|  Mid Cap Strategic Growth |  |  |
|  Mid Cap Value |  |  |
|  Moderate Growth Lifestyle |  |  |
|  Nasdaq-100<sup>®</sup> Index |  |  |
|  Science & Technology |  |  |
|  Small Cap Growth |  |  |
|  Small Cap Index |  |  |
|  Small Cap Special Values |  |  |
|  Small Cap Value |  |  |
|  Stock Index |  |  |
|  Systematic Core |  |  |
|  Systematic Value |  |  |
|  U.S. Socially Responsible |  |  |

---

------

\* The Capital Loss Carryforward is for the tax period ended September 30, 2022.

Under the current tax law, capital losses realized after October 31 and late year ordinary losses may be deferred and treated as occurring on the first day of the following year. For the fiscal year ended May 31, 2022, the Funds elected to defer late year ordinary losses and post October capital losses as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**<br>| **Deferred Late Year<br>Ordinary Loss** | **Deferred Post-October<br>Short-Term Capital<br>Loss** | **Deferred Post-October<br>Long-Term Capital<br>Loss** |
|  Aggressive Growth Lifestyle | $— | $1533625 | $— |
|  Asset Allocation |  |  |  |
|  Blue Chip Growth | 1232732 | 13142217 |  |
|  Capital Appreciation |  | 4088411 |  |
|  Conservative Growth Lifestyle |  |  |  |
|  Core Bond |  | 49254261 | 9631747 |
|  Dividend Value |  |  |  |
|  Dynamic Allocation |  |  |  |
|  Emerging Economies | 4712056 | 24962268 | 1176536 |
|  Global Real Estate | 2752264 |  |  |
|  Global Strategy | 12087304 | 9958330 |  |
|  Government Securities |  | 109628 | 474573 |
|  Growth |  | 59560929 |  |
|  High Yield Bond |  | 896214 |  |
|  Inflation Protected |  |  |  |
|  International Equities Index | 5169524 | 3340407 | 2355443 |
|  International Government Bond\* | 2443772 | 3844303 | 4097682 |
|  International Growth | 143169 | 747006 |  |
|  International Opportunities | 859687 | 9392762 |  |
|  International Socially Responsible | 1540337 | 1087346 |  |
|  International Value | 900368 | 14597917 |  |
|  Large Capital Growth |  |  |  |

---

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)***

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund**<br>| **Deferred Late Year<br>Ordinary Loss** | **Deferred Post-October<br>Short-Term Capital<br>Loss** | **Deferred Post-October<br>Long-Term Capital<br>Loss** |
|  Mid Cap Index | $— | $7721071 | $— |
|  Mid Cap Strategic Growth | 236111 | 31174746 |  |
|  Mid Cap Value | 1888 |  |  |
|  Moderate Growth Lifestyle |  | 2174766 |  |
|  Nasdaq-100<sup>®</sup> Index |  | 2699813 |  |
|  Science & Technology | 5691599 | 78038966 |  |
|  Small Cap Growth | 1365246 | 24250062 | (15869743) |
|  Small Cap Index | 159366 | 10242922 |  |
|  Small Cap Special Values |  |  |  |
|  Small Cap Value |  | 5776162 |  |
|  Stock Index |  |  |  |
|  Systematic Core |  | 2136490 |  |
|  Systematic Value |  |  |  |
|  U.S. Socially Responsible |  |  |  |

---

------

\* The deferred late ordinary losses and deferred post October capital losses are for the tax period ended September 30, 2022.

**Note 6 — Capital Share Transactions** 

Transactions in capital shares of each class of each Fund were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Aggressive Growth Lifestyle** | **Aggressive Growth Lifestyle** | **Aggressive Growth Lifestyle** | **Aggressive Growth Lifestyle** | **Asset Allocation** | **Asset Allocation** | **Asset Allocation** | **Asset Allocation** |
|  | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares**  | **Amount**  | **Shares** | **Amount** |
|  Shares sold | 1015136 | $9928433 | 1848062 | $21633008 | 361491 | $3576512 | 446406 | $5555083 |
|  Reinvested dividends |  |  | 5289570 | 56175238 |  |  | 1961941 | 21012385 |
|  Shares redeemed | (2052495) | (19991336) | (3493081) | (41149821) | (801023) | (7888384) | (1132563) | (13978814) |
|  Net increase (decrease) | (1037359) | $(10062903) | 3644551 | $36658425 | (439532) | $(4311872) | 1275784 | $12588654 |
|  | **Blue Chip Growth** | **Blue Chip Growth** | **Blue Chip Growth** | **Blue Chip Growth** | **Capital Appreciation** | **Capital Appreciation** | **Capital Appreciation** | **Capital Appreciation** |
|  | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares**  | **Amount**  | **Shares** | **Amount** |
|  Shares sold | 4951374 | $75604327 | 1996972 | $43859938 | 152208 | $2783004 | 579975 | $13182241 |
|  Reinvested dividends |  |  | 7153015 | 131758532 |  |  | 365473 | 7462951 |
|  Shares redeemed | (2964799) | (45836625) | (5675373) | (138152212) | (4067291) | (73280829) | (530027) | (11781927) |
|  Net increase (decrease) | 1986575 | $29767702 | 3474614 | $37466258 | (3915083) | $(70497825) | 415421 | $8863265 |
|  | **Conservative Growth Lifestyle** | **Conservative Growth Lifestyle** | **Conservative Growth Lifestyle** | **Conservative Growth Lifestyle** | **Core Bond** | **Core Bond** | **Core Bond** | **Core Bond** |
|  | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 612613 | $6623483 | 1560370 | $20370909 | 60535028 | $577057162 | 63204849 | $686336348 |
|  Reinvested dividends |  |  | 2333917 | 27633572 |  |  | 5595006 | 59698714 |
|  Shares redeemed | (1586243) | (17268023) | (2550225) | (32899624) | (11935286) | (116466692) | (37740000) | (421631173) |
|  Net increase (decrease) | (973630) | $(10644540) | 1344062 | $15104857 | 48599742 | $460590470 | 31059855 | $324403889 |
|  | **Dividend Value** | **Dividend Value** | **Dividend Value** | **Dividend Value** | **Dynamic Allocation** | **Dynamic Allocation** | **Dynamic Allocation** | **Dynamic Allocation** |
|  | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 8599663 | $104101254 | 32751066 | $429264272 | 1384754 | $13246613 | 1188437 | $13747815 |
|  Reinvested dividends |  |  | 1710079 | 22282324 |  |  | 2225870 | 23460669 |
|  Shares redeemed | (7916924) | (97182556) | (42776401) | (575544171) | (2129515) | (20706280) | (2467204) | (29842856) |
|  Net increase (decrease) | 682739 | $6918698 | (8315256) | $(123997575) | (744761) | $(7459667) | 947103 | $7365628 |

---

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)*** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging Economies** | **Emerging Economies** | **Emerging Economies** | **Emerging Economies** | **Global Real Estate** | **Global Real Estate** | **Global Real Estate** | **Global Real Estate** |
|  | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 10205343 | $64235408 | 11498468 | $104550663 | 3421563 | $22966118 | 24859496 | $205699018 |
|  Reinvested dividends |  |  | 14247031 | 104573209 |  |  | 1082693 | 8585753 |
|  Shares redeemed | (8303268) | (50129754) | (36250653) | (349060526) | (12768504) | (80152342) | (7407738) | (60908737) |
|  Net increase (decrease) | 1902075 | $14105654 | (10505154) | $(139936654) | (9346941) | $(57186224) | 18534451 | $153376034 |
|  | **Global Strategy** | **Global Strategy** | **Global Strategy** | **Global Strategy** | **Government Securities** | **Government Securities** | **Government Securities** | **Government Securities** |
|  | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 544207 | $4494847 | 988253 | $9717507 | 10424307 | $100823171 | 5866143 | $62380706 |
|  Reinvested dividends |  |  | 899 | 8463 |  |  | 298156 | 3050131 |
|  Shares redeemed | (1835651) | (15600766) | (3693280) | (36736359) | (12328480) | (113745872) | (3088787) | (32614701) |
|  Net increase (decrease) | (1291444) | $(11105919) | (2704128) | $(27010389) | (1904173) | $(12922701) | 3075512 | $32816136 |
|  | **Growth** | **Growth** | **Growth** | **Growth** | **High Yield Bond** | **High Yield Bond** | **High Yield Bond** | **High Yield Bond** |
|  | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 260172 | $3542793 | 9277337 | $220586857 | 6660858 | $43736702 | 8215345 | $63060447 |
|  Reinvested dividends |  |  | 18564169 | 297026710 |  |  | 2569535 | 18654826 |
|  Shares redeemed | (5577525) | (74499812) | (23263519) | (458434624) | (16440786) | (110824737) | (15469890) | (115973723) |
|  Net increase (decrease) | (5317353) | $(70957019) | 4577987 | $59178943 | (9779928) | $(67088035) | (4685010) | $(34258450) |
|  | **Inflation Protected** | **Inflation Protected** | **Inflation Protected** | **Inflation Protected** | **International Equities Index** | **International Equities Index** | **International Equities Index** | **International Equities Index** |
|  | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 12809187 | $136007552 | 18825609 | $226109018 | 53291791 | $342384725 | 27318618 | $221859947 |
|  Reinvested dividends |  |  | 5342612 | 61814022 |  |  | 6370346 | 46567231 |
|  Shares redeemed | (16309758) | (171952483) | (12114326) | (140564545) | (24680336) | (164021859) | (45782011) | (375756952) |
|  Net increase (decrease) | (3500571) | $(35944931) | 12053895 | $147358495 | 28611455 | $178362866 | (12093047) | $(107329774) |
|  | **International Government Bond** | **International Government Bond** | **International Government Bond** | **International Government Bond** | **International Growth** | **International Growth** | **International Growth** | **International Growth** |
|  | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 669230 | $6650104 | 2357639 | $28401421 | 1716136 | $18081934 | 2799653 | $44097469 |
|  Reinvested dividends |  |  | 444120 | 4934169 |  |  | 5036210 | 64513855 |
|  Shares redeemed | (5599502) | (52841874) | (4829500) | (57277406) | (3408734) | (36835984) | (5493595) | (96994198) |
|  Net increase (decrease) | (4930272) | $(46191770) | (2027741) | $(23941816) | (1692598) | $(18754050) | 2342268 | $11617126 |
|  | **International Opportunities** | **International Opportunities** | **International Opportunities** | **International Opportunities** | **International Socially Responsible** | **International Socially Responsible** | **International Socially Responsible** | **International Socially Responsible** |
|  | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 1786448 | $25587024 | 2713240 | $57757215 | 1704169 | $34527083 | 1870196 | $46946696 |
|  Reinvested dividends |  |  | 4996080 | 82635155 |  |  | 1076081 | 23889004 |
|  Shares redeemed | (5131225) | (70289608) | (7634390) | (170833516) | (1116964) | (22217953) | (2993044) | (76166151) |
|  Net increase (decrease) | (3344777) | $(44702584) | 74930 | $(30441146) | 587205 | $12309130 | (46767) | $(5330451) |

---

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)***

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **International Value** | **International Value** | **International Value** | **International Value** | **Large Capital Growth** | **Large Capital Growth** | **Large Capital Growth** | **Large Capital Growth** |
|  | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 2560723 | $22846001 | 4434748 | $47836783 | 2257014 | $39495605 | 6090106 | $134452283 |
|  Reinvested dividends |  |  | 1118503 | 11017251 |  |  | 4100029 | 77654551 |
|  Shares redeemed | (8316489) | (73297400) | (8427475) | (91270373) | (3149210) | (53940641) | (3136971) | (67794488) |
|  Net increase (decrease) | (5755766) | $(50451399) | (2874224) | $(32416339) | (892196) | $(14445036) | 7053164 | $144312346 |
|  | **Mid Cap Index** | **Mid Cap Index** | **Mid Cap Index** | **Mid Cap Index** | **Mid Cap Strategic Growth** | **Mid Cap Strategic Growth** | **Mid Cap Strategic Growth** | **Mid Cap Strategic Growth** |
|  | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 939108 | $23843377 | 5783305 | $179490408 | 797443 | $13740313 | 7585164 | $178051589 |
|  Reinvested dividends |  |  | 11920306 | 323636311 |  |  | 4452567 | 82951314 |
|  Shares redeemed | (12455843) | (312966038) | (19590026) | (568714980) | (6430108) | (108859808) | (9271883) | (198893053) |
|  Net increase (decrease) | (11516735) | $(289122661) | (1886415) | $(65588261) | (5632665) | $(95119495) | 2765848 | $62109850 |
|  | **Mid Cap Value** | **Mid Cap Value** | **Mid Cap Value** | **Mid Cap Value** | **Moderate Growth Lifestyle** | **Moderate Growth Lifestyle** | **Moderate Growth Lifestyle** | **Moderate Growth Lifestyle** |
|  | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 1482074 | $27608169 | 7329777 | $156737641 | 1029753 | $13495589 | 1782429 | $28668370 |
|  Reinvested dividends |  |  | 2906446 | 60541269 |  |  | 6388207 | 91287471 |
|  Shares redeemed | (5261846) | (102048807) | (10368077) | (230789465) | (2755681) | (36330177) | (5250816) | (82126995) |
|  Net increase (decrease) | (3779772) | $(74440638) | (131854) | $(13510555) | (1725928) | $(22834588) | 2919820 | $37828846 |
|  | **Nasdaq-100<sup>®</sup> Index** | **Nasdaq-100<sup>®</sup> Index** | **Nasdaq-100<sup>®</sup> Index** | **Nasdaq-100<sup>®</sup> Index** | **Science & Technology** | **Science & Technology** | **Science & Technology** | **Science & Technology** |
|  | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 1153104 | $23340728 | 3598704 | $89778991 | 483142 | $10255222 | 789715 | $29227845 |
|  Reinvested dividends |  |  | 3548522 | 77357782 |  |  | 23193094 | 597222179 |
|  Shares redeemed | (3694286) | (69214774) | (4807314) | (121779224) | (4705320) | (100515000) | (10409567) | (372877528) |
|  Net increase (decrease) | (2541182) | $(45874046) | 2339912 | $45357549 | (4222178) | $(90259778) | 13573242 | $253572496 |
|  | **Small Cap Growth** | **Small Cap Growth** | **Small Cap Growth** | **Small Cap Growth** | **Small Cap Index** | **Small Cap Index** | **Small Cap Index** | **Small Cap Index** |
|  | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 4605616 | $67105772 | 1375471 | $26455528 | 725682 | $12125940 | 2912020 | $65541913 |
|  Reinvested dividends |  |  | 2662662 | 45025617 |  |  | 5988122 | 112456938 |
|  Shares redeemed | (1638756) | (24198596) | (6402869) | (134020722) | (3019461) | (51228854) | (17402859) | (375438474) |
|  Net increase (decrease) | 2966860 | $42907176 | (2364736) | $(62539577) | (2293779) | $(39102914) | (8502717) | $(197439623) |
|  | **Small Cap Special Values** | **Small Cap Special Values** | **Small Cap Special Values** | **Small Cap Special Values** | **Small Cap Value** | **Small Cap Value** | **Small Cap Value** | **Small Cap Value** |
|  | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 246934 | $2890693 | 1178531 | $16640482 | 8221851 | $104546829 | 10369372 | $146345483 |
|  Reinvested dividends |  |  | 1147724 | 15000749 |  |  | 2538987 | 35621990 |
|  Shares redeemed | (1583171) | (19192853) | (3369829) | (46367167) | (4275178) | (56489474) | (6425532) | (97432381) |
|  Net increase (decrease) | (1336237) | $(16302160) | (1043574) | $(14725936) | 3946673 | $48057355 | 6482827 | $84535092 |

---

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)*** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Stock Index** | **Stock Index** | **Stock Index** | **Stock Index** | **Systematic Core** | **Systematic Core** | **Systematic Core** | **Systematic Core** |
|  | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 6505467 | $290999908 | 8429465 | $465203476 | 236504 | $5721769 | 294100 | $8085882 |
|  Reinvested dividends |  |  | 11326605 | 555116887 |  |  | 170485 | 4511036 |
|  Shares redeemed | (12690194) | (568889121) | (17619487) | (945517472) | (2429411) | (58570586) | (3177791) | (87817228) |
|  Net increase (decrease) | (6184727) | $(277889213) | 2136583 | $74802891 | (2192907) | $(52848817) | (2713206) | $(75220310) |
|  | **Systematic Value** | **Systematic Value** | **Systematic Value** | **Systematic Value** | **U.S. Socially Responsible**  | **U.S. Socially Responsible**  | **U.S. Socially Responsible**  | **U.S. Socially Responsible**  |
|  | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended**<br>**May 31, 2022** | **For the year ended**<br>**May 31, 2022** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the six months ended<br>November 30, 2022 (unaudited)** | **For the year ended<br>May 31, 2022** | **For the year ended<br>May 31, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 480510 | $5871021 | 1220315 | $16313998 | 773138 | $14927662 | 2376083 | $60313265 |
|  Reinvested dividends |  |  | 1633371 | 20792814 |  |  | 5176648 | 109071971 |
|  Shares redeemed | (2748740) | (33720960) | (8339921) | (111426028) | (2664769) | (52290295) | (5383253) | (135789027) |
|  Net increase (decrease) | (2268230) | $(27849939) | (5486235) | $(74319216) | (1891631) | $(37362633) | 2169478 | $33596209 |

---

**Note 7 — Expense Reductions** 

Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of certain Funds have been reduced. For the six months ended November 30, 2022, the amount of expense reductions received by each Fund used to offset non-affiliated expenses is reflected as Fees paid indirectly in the Statement of Operations.

**Note 8 — Investment Concentration** 

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.

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 Opportunities Fund, the International Growth Fund and the International Value Fund.

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 U.S. Government. The U.S. Government may choose not to provide financial support to U.S. Government sponsored agencies or instrumentalities if it is not legally obligated to do so, and if the issuer defaults, a fund 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 agencies or instrumentalities.

The Blue Chip Growth Fund, Nasdaq-100<sup>®</sup> Index Fund and Science & Technology 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.

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.

The International Socially Responsible Fund and the U.S. Socially Responsible Fund invest in securities of companies meeting the Funds' social criteria. The Funds' adherence to their social criteria and application of related analyses when selecting investments may negatively impact the Funds' performance, including relative to similar funds that use different criteria, or to funds that do not adhere to such criteria or apply such analyses.

**Note 9 — Line of Credit** 

The Series, along with certain other funds managed by the Adviser, has access to a $85 million committed unsecured line of credit and a $40 million uncommitted unsecured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company ("State Street"), the Series' custodian. Interest on each of the committed and uncommitted lines of credit is payable at a variable rate per annum equal to the Applicable Rate plus one and one quarter of one percent (1.25%). The Applicable Rate per annum shall be equal to the higher of (a) the Federal Funds Effective Rate on such date and (b) the Overnight Bank Funding Rate on such date,

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)***

------

plus, in each case, 10 basis points. Notwithstanding anything to the contrary, if the Federal Funds Effective Rate or the Overnight Bank Funding Rate shall be less than zero, then the Federal Funds Effective Rate or the Overnight Bank Funding Rate, shall be deemed to be zero for the purposes of determining the rate. The Series, on behalf of each of the Funds, has paid State Street for its own account, such Fund's ratable portion of an upfront fee in an amount equal to $40,000 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, 2022, the following Funds had borrowings:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**<br>| **Days<br>Outstanding** | **Interest<br>Charges** | **Average<br>Debt<br>Utilized** | **Weighted<br>Average<br>Interest** |
|  Capital Appreciation | 6 | $1717 | $2325000 | 4.43% |
|  Dividend Value | 1 | 36 | 350000 | 3.68 |
|  Emerging Economies | 10 | 8260 | 6712500 | 4.43 |
|  Global Real Estate | 6 | 5276 | 7145833 | 4.43 |
|  Global Strategy | 1 | 54 | 375000 | 5.18 |
|  Growth | 84 | 4010 | 460714 | 3.33 |
|  High Yield | 19 | 2697 | 1184211 | 4.19 |
|  Inflation Protected | 1 | 494 | 4850000 | 3.67 |
|  International Equities Index | 2 | 716 | 3500000 | 3.68 |
|  International Government Bond  | 1 | 45 | 750000 | 2.18 |
|  International Opportunities | 8 | 7704 | 7825000 | 4.62 |
|  Large Capital Growth | 3 | 6909 | 18800000 | 4.18 |
|  Mid Cap Index | 4 | 1646 | 4681250 | 3.68 |
|  Mid Cap Strategic Growth | 4 | 2266 | 6731250 | 3.49 |
|  Mid Cap Value | 1 | 43 | 300000 | 5.18 |
|  Science & Technology | 42 | 1216 | 310119 | 3.38 |
|  Stock Index | 6 | 39530 | 65008333 | 3.81 |
|  Systematic Core | 1 | 10 | 125000 | 2.93 |
|  Systematic Value | 20 | 1483 | 802500 | 3.61 |

---

As of November 30, 2022, the Mid Cap Value Fund had an outstanding borrowing in the amount of $300,000.

**Note 10 — Interfund Lending Agreement** 

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, 2022, none of the Funds participated in this program.

**Note 11 — Security Transactions with Affiliated Portfolios** 

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 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, 2022, the following Funds engaged in security transactions with affiliated Funds:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**<br>| **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Realized<br>Gain(Loss)** |
|  Blue Chip Growth | $2695282 | $— | $— |
|  International Opportunities | 12591 |  |  |
|  Large Capital Growth | 380218 | 597247 | (217030) |
|  Mid Cap Value | 53718 |  |  |

---

**Note 12 — Other Matters** 

The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Funds' investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments have taken and may continue to take in respect of pandemic or epidemic diseases have resulted and may continue to 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 Funds invests. Government intervention in markets have impacted and may continue to impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect or have affected the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**NOTES TO FINANCIAL STATEMENTS *— (continued)*** 

------

In late February 2022, Russia launched a large-scale invasion of Ukraine (the "Invasion"). The extent and duration of Russia's military actions and the consequences of such actions are impossible to predict, but has resulted in, and may continue to result in, significant market disruptions, including in the commodities markets, and may negatively affect global supply chains, global growth and inflation. In response to the Invasion, the United States, the European Union and other countries have imposed broad-ranging economic sanctions on certain Russian individuals and Russian entities. To the extent covered by the sanctions, the Funds are currently restricted from trading in Russian securities, including those in their funds. In addition, certain index providers have removed Russian securities from their indices. Accordingly, any fund repositioning in light of these changes may result in increased transaction costs and higher tracking error, including as a measure of risk against a Fund's benchmark index. It is unknown when, or if, sanctions may be lifted or a Fund's ability to trade in Russian securities will resume. Even if a Fund does not have direct exposure to securities of Russian issuers, the potential for wider conflict in the region or globally may increase volatility and uncertainty in the financial markets. These and any related events could adversely affect a Fund's performance and the value and liquidity of an investment in the Fund. Information related to each Fund's investments in Russian securities as of November 30, 2022, is presented within the Portfolio of Investments.

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**FINANCIAL HIGHLIGHTS**

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Aggressive Growth Lifestyle Fund** | **Aggressive Growth Lifestyle Fund** | **Aggressive Growth Lifestyle Fund** | **Aggressive Growth Lifestyle Fund** | **Aggressive Growth Lifestyle Fund** | **Aggressive Growth Lifestyle Fund** | **Aggressive Growth Lifestyle Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** |
|  | **Six Months<br>Ended<br>November 30,**<br>**2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Six Months<br>Ended<br>November 30,**<br>**2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,**<br>**2022#** | **2022** | **2021<sup>(f)</sup>** | **2020** | **2019** | **2018** | **2017** | **Six Months<br>Ended<br>November 30,**<br>**2022#** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **PER SHARE DATA** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Net asset value at beginning of period | $10.27 | $12.11 | $10.22 | $10.09 | $11.34 | $10.68 | $10.41 | $10.29 | $12.37 | $9.45 | $9.91 | $11.33 | $11.00 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(d)</sup> | 0.00 | 0.11 | 0.17 | 0.19 | 0.17 | 0.17 | 0.16 | 0.07 | 0.12 | 0.08 | 0.14 | 0.18 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and foreign currencies | (0.19) | (1.01) | 2.32 | 0.77 | (0.24) | 1.04 | 0.93 | (0.25) | (0.44) | 2.97 | (0.30) | (0.55) | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.19) | (0.90) | 2.49 | 0.96 | (0.07) | 1.21 | 1.09 | (0.18) | (0.32) | 3.05 | (0.16) | (0.37) | 0.99 |
|  Distributions from: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.34) | (0.20) | (0.26) | (0.21) | (0.16) | (0.21) |  | (0.25) | (0.13) | (0.12) | (0.17) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on securities |  | (0.60) | (0.40) | (0.57) | (0.97) | (0.39) | (0.61) |  | (1.51) |  | (0.18) | (0.88) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (0.94) | (0.60) | (0.83) | (1.18) | (0.55) | (0.82) |  | (1.76) | (0.13) | (0.30) | (1.05) | (0.66) |
|  Net asset value at end of period | $10.08 | $10.27 | $12.11 | $10.22 | $10.09 | $11.34 | $10.68 | $10.11 | $10.29 | $12.37 | $9.45 | $9.91 | $11.33 |
|  **TOTAL RETURN**<sup>(a)</sup> | (1.85) | (7.62)% | 24.54 | 9.91% | (0.52)% | 11.39% | 10.61% | (1.75) | (3.16)% | 32.34% | (1.46)% | (3.42)% | 8.91% |
|  **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Ratio of expenses to average net assets<sup>(b)</sup> | 0.09 | 0.09 %<sup>(e)</sup> | 0.10 | 0.10 %<sup>(e)</sup> | 0.10 %<sup>(e)</sup> | 0.10 %<sup>(e)</sup> | 0.10 %<sup>(e)</sup> | 0.67 | 0.63% | 0.85% | 0.77% | 0.76% | 0.72% |
|  Ratio of expenses to average net assets<sup>(c)</sup> | 0.14 | 0.13 %<sup>(e)</sup> | 0.14 | 0.14 %<sup>(e)</sup> | 0.14 %<sup>(e)</sup> | 0.14 %<sup>(e)</sup> | 0.14 %<sup>(e)</sup> | 0.72 | 0.68% | 0.87% | 0.77% | 0.76% | 0.72% |
|  Ratio of expense reductions to average net assets | – |  |  |  |  |  |  | 0.00 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  Ratio of net investment income (loss) to average<br>net assets<sup>(b)</sup> | 0.04 | 0.89 %<sup>(e)</sup> | 1.98 | 1.88 %<sup>(e)</sup> | 1.56 %<sup>(e)</sup> | 1.49 %<sup>(e)</sup> | 1.47 %<sup>(e)</sup> | 1.45 | 0.95% | 0.74% | 1.39% | 1.69% | 1.40% |
|  Ratio of net investment income (loss) to average<br>net assets<sup>(c)</sup> | (0.02) | 0.85 %<sup>(e)</sup> | 1.94 | 1.83 %<sup>(e)</sup> | 1.52 %<sup>(e)</sup> | 1.45 %<sup>(e)</sup> | 1.44 %<sup>(e)</sup> | 1.40 | 0.90% | 0.72% | 1.39% | 1.69% | 1.40% |
|  Portfolio turnover rate | 53 | 40% | 16 | 48% | 37% | 49% | 36% | 25 | 47% | 199% | 177% | 113% | 84% |
|  Number of shares outstanding at end of period (000's) | 63138 | 64176 | 60531 | 59921 | 57377 | 53660 | 53168 | 13287 | 13727 | 12451 | 13614 | 14892 | 14624 |
|  Net assets at end of period (000's) | $636568 | $659059 | $732829 | $612613 | $579049 | $608709 | $567843 | $134369 | $141207 | $154023 | $128629 | $147543 | $165665 |

---

# Unaudited

@ Annualized

<sup>(a)</sup> Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. 

<sup>(b)</sup> Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

<sup>(c)</sup> Excludes, if any, expense reimbursements and expense reductions.

<sup>(d)</sup> The per share amounts are calculated using the average share method. 

<sup>(e)</sup> Does not include underlying fund expenses that the Fund bears indirectly.

<sup>(f)</sup> 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**](#toc)
**VALIC Company I** 

**FINANCIAL HIGHLIGHTS — *(continued)***

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Blue Chip Growth Fund** | **Blue Chip Growth Fund** | **Blue Chip Growth Fund** | **Blue Chip Growth Fund** | **Blue Chip Growth Fund** | **Blue Chip Growth Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021** | **2020** | **2019** | **2018** | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021<sup>(e)</sup>** | **2020** | **2019** | **2018** | **2017** |
|  **PER SHARE DATA** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Net asset value at beginning of period | $16.45 | $25.17 | $20.80 | $19.18 | $20.84 | $17.27 | $19.24 | $21.68 | $18.62 | $14.89 | $20.13 | $16.55 | $15.99 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(d)</sup> | (0.02) | (0.11) | (0.11) | (0.05) | (0.01) | (0.01) | 0.02 | 0.02 | (0.01) | 0.02 | 0.07 | 0.04 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and foreign currencies | (1.12) | (4.98) | 6.96 | 3.93 | 0.86 | 4.82 | (0.68) | (1.34) | 3.53 | 4.28 | (0.26) | 4.51 | 2.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.14) | (5.09) | 6.85 | 3.88 | 0.85 | 4.81 | (0.66) | (1.32) | 3.52 | 4.30 | (0.19) | 4.55 | 2.20 |
|  Distributions from: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  |  |  |  | (0.01) |  |  | (0.02) | (0.06) | (0.05) | (0.08) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on securities |  | (3.63) | (2.48) | (2.26) | (2.51) | (1.23) |  | (1.12) | (0.44) | (0.51) | (5.00) | (0.89) | (1.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (3.63) | (2.48) | (2.26) | (2.51) | (1.24) |  | (1.12) | (0.46) | (0.57) | (5.05) | (0.97) | (1.64) |
|  Net asset value at end of period | $15.31 | $16.45 | $25.17 | $20.80 | $19.18 | $20.84 | $18.58 | $19.24 | $21.68 | $18.62 | $14.89 | $20.13 | $16.55 |
|  **TOTAL RETURN**<sup>(a)</sup> | (6.93) | (21.75)% | 33.74% | 21.77% | 4.22% | 27.87% | (3.43) | (6.38)% | 18.97 | 29.44% | (0.35)% | 27.94% | 14.13% |
|  **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Ratio of expenses to average net assets<sup>(b)</sup> | 0.84 | 0.79% | 0.82% | 0.83% | 0.82% | 0.83% | 0.64 | 0.60% | 0.84 | 0.85% | 0.85% | 0.85% | 0.85% |
|  Ratio of expenses to average net assets<sup>(c)</sup> | 0.84 | 0.82% | 0.82% | 0.83% | 0.82% | 0.83% | 0.76 | 0.71% | 0.99 | 1.00% | 1.00% | 0.99% | 0.99% |
|  Ratio of expense reductions to average net assets |  |  |  |  |  | 0.00% |  | 0.00% |  | 0.00% | 0.00% | 0.01% | 0.01% |
|  Ratio of net investment income (loss) to average net assets<sup>(b)</sup> | (0.28) | (0.44)% | (0.45)% | (0.24)% | (0.03)% | (0.07)% | 0.22 | 0.08% | (0.09) | 0.12% | 0.38% | 0.22% | 0.50% |
|  Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | (0.29) | (0.47)% | (0.45)% | (0.24)% | (0.03)% | (0.07)% | 0.11 | (0.03)% | (0.24) | (0.03)% | 0.23% | 0.08% | 0.36% |
|  Portfolio turnover rate | 21 | 25% | 28% | 27% | 30% | 24% | 25 | 46% | 27 | 62% | 60% | 124% | 66% |
|  Number of shares outstanding at end of period (000's) | 45244 | 43257 | 39782 | 39950 | 40727 | 37397 | 3013 | 6928 | 6513 | 6576 | 6923 | 5449 | 5535 |
|  Net assets at end of period (000's) | $692532 | $711659 | $1001518 | $831006 | $781236 | $779336 | $55968 | $133324 | $141163 | $122454 | $103080 | $109697 | $91579 |

---

# Unaudited

@ Annualized

<sup>(a)</sup> Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. 

<sup>(b)</sup> Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

<sup>(c)</sup> Excludes, if any, expense reimbursements and expense reductions.

<sup>(d)</sup> The per share amounts are calculated using the average share method. 

<sup>(e)</sup> 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**](#toc)
**VALIC Company I** 

**FINANCIAL HIGHLIGHTS — *(continued)***

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Conservative Growth Lifestyle Fund** | **Conservative Growth Lifestyle Fund** | **Conservative Growth Lifestyle Fund** | **Conservative Growth Lifestyle Fund** | **Conservative Growth Lifestyle Fund** | **Conservative Growth Lifestyle Fund** | **Conservative Growth Lifestyle Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021<sup>(f)</sup>** | **2020** | **2019** | **2018** | **2017** | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021<sup>(f)</sup>** | **2020** | **2019** | **2018** | **2017** |
|  **PER SHARE DATA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Net asset value at beginning of period | $11.36 | $13.39 | $12.31 | $11.85 | $12.31 | $12.07 | $11.82 | $10.15 | $11.37 | $11.94 | $11.53 | $10.74 | $11.15 | $11.30 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(d)</sup> | 0.00 | 0.15 | 0.31 | 0.32 | 0.25 | 0.31 | 0.28 | 0.13 | 0.21 | 0.15 | 0.28 | 0.33 | 0.30 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and foreign currencies | (0.29) | (1.17) | 1.29 | 0.63 | 0.17 | 0.28 | 0.39 | (0.58) | (1.19) | (0.12) | 0.52 | 0.70 | (0.45) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.29) | (1.02) | 1.60 | 0.95 | 0.42 | 0.59 | 0.67 | (0.45) | (0.98) | 0.03 | 0.80 | 1.03 | (0.15) | 0.15 |
|  Distributions from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.48) | (0.34) | (0.31) | (0.36) | (0.28) | (0.32) |  | (0.13) | (0.29) | (0.39) | (0.24) | (0.26) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on securities |  | (0.53) | (0.18) | (0.18) | (0.52) | (0.07) | (0.10) |  | (0.11) | (0.31) |  |  | (0.00) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (1.01) | (0.52) | (0.49) | (0.88) | (0.35) | (0.42) |  | (0.24) | (0.60) | (0.39) | (0.24) | (0.26) | (0.30) |
|  Net asset value at end of period | $11.07 | $11.36 | $13.39 | $12.31 | $11.85 | $12.31 | $12.07 | $9.70 | $10.15 | $11.37 | $11.94 | $11.53 | $10.74 | $11.15 |
|  **TOTAL RETURN**<sup>(a)</sup> | (2.55) | (7.88)% | 13.05 | 8.14% | 3.52% | 4.94% | 5.76% | (4.43) | (8.75)% | 0.27 | 7.05% | 9.64% | (1.32)% | 1.37% |
|  **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Ratio of expenses to average net assets<sup>(b)</sup> | 0.12 | 0.13 %<sup>(e)</sup> | 0.10 | 0.10 %<sup>(e)</sup> | 0.10 %<sup>(e)</sup> | 0.10 %<sup>(e)</sup> | 0.10 %<sup>(e)</sup> | 0.51 | 0.50% | 0.76 | 0.77% | 0.77% | 0.77% | 0.77% |
|  Ratio of expenses to average net assets<sup>(c)</sup> | 0.16 | 0.14 %<sup>(e)</sup> | 0.15 | 0.15 %<sup>(e)</sup> | 0.15 %<sup>(e)</sup> | 0.15 %<sup>(e)</sup> | 0.15 %<sup>(e)</sup> | 0.51 | 0.50% | 0.77 | 0.78% | 0.78% | 0.78% | 0.80% |
|  Ratio of expense reductions to average net assets | – |  |  |  |  |  |  | – |  |  |  |  |  |  |
|  Ratio of net investment income (loss) to average net assets<sup>(b)</sup> | 0.06 | 1.14 %<sup>(e)</sup> | 3.13 | 2.68 %<sup>(e)</sup> | 2.06 %<sup>(e)</sup> | 2.47 %<sup>(e)</sup> | 2.31 %<sup>(e)</sup> | 2.76 | 1.93% | 1.73 | 2.39% | 2.99% | 2.80% | 2.40% |
|  Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | 0.03 | 1.13 %<sup>(e)</sup> | 3.08 | 2.62 %<sup>(e)</sup> | 2.01 %<sup>(e)</sup> | 2.43 %<sup>(e)</sup> | 2.27 %<sup>(e)</sup> | 2.76 | 1.93% | 1.72 | 2.37% | 2.99% | 2.78% | 2.37% |
|  Portfolio turnover rate | 43 | 38% | 13 | 38% | 45% | 44% | 38% | 19 | 60% | 39 | 93% | 97% | 73% | 76% |
|  Number of shares outstanding at end of period (000's) | 28131 | 29105 | 27761 | 27615 | 27369 | 27516 | 27674 | 326729 | 278129 | 247069 | 149401 | 137809 | 119431 | 100052 |
|  Net assets at end of period (000's) | $311312 | $330697 | $371617 | $339870 | $324436 | $338793 | $333907 | $3169127 | $2821678 | $2809677 | $1784179 | $1589218 | $1282586 | $1115936 |

---

# Unaudited

@ Annualized

<sup>(a)</sup> Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. 

<sup>(b)</sup> Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

<sup>(c)</sup> Excludes, if any, expense reimbursements and expense reductions.

<sup>(d)</sup> The per share amounts are calculated using the average share method. 

<sup>(e)</sup> Does not include underlying fund expenses that the Fund bears indirectly.

<sup>(f)</sup> 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**](#toc)
**VALIC Company I** 

**FINANCIAL HIGHLIGHTS — *(continued)***

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021** | **2020** | **2019** | **2018** | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **PER SHARE DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Net asset value at beginning of period | $13.21 | $13.17 | $9.98 | $10.80 | $12.39 | $12.09 | $10.14 | $12.60 | $11.93 | $11.49 | $12.20 | $11.74 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(d)</sup> | 0.11 | 0.20 | 0.25 | 0.29 | 0.29 | 0.26 | 0.00 | 0.07 | 0.20 | 0.18 | 0.17 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and foreign currencies | (0.10) | 0.10 | 3.54 | (0.34) | (0.27) | 0.74 | (0.30) | (0.92) | 1.94 | 1.00 | 0.00 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.01 | 0.30 | 3.79 | (0.05) | 0.02 | 1.00 | (0.30) | (0.85) | 2.14 | 1.18 | 0.17 | 1.12 |
|  Distributions from: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.26) | (0.26) | (0.24) | (0.24) | (0.24) |  | (0.39) | (0.24) | (0.26) | (0.15) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on securities |  |  | (0.34) | (0.53) | (1.37) | (0.46) |  | (1.22) | (1.23) | (0.48) | (0.73) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (0.26) | (0.60) | (0.77) | (1.61) | (0.70) |  | (1.61) | (1.47) | (0.74) | (0.88) | (0.66) |
|  Net asset value at end of period | $13.22 | $13.21 | $13.17 | $9.98 | $10.80 | $12.39 | $9.84 | $10.14 | $12.60 | $11.93 | $11.49 | $12.20 |
|  **TOTAL RETURN**<sup>(a)</sup> | 0.08 | 2.28% | 38.46% | (0.33)% | (0.17)% | 8.14% | (2.96) | (7.28)% | 18.42% | 10.43% | 1.47% | 9.45% |
|  **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Ratio of expenses to average net assets<sup>(b)</sup> | 0.69 | 0.68% | 0.69% | 0.74% | 0.81% | 0.81% | 0.32 | 0.32 %<sup>(e)</sup> | 0.32 %<sup>(e)</sup> | 0.32 %<sup>(e)</sup> | 0.32 %<sup>(e)</sup> | 0.31 %<sup>(e)</sup> |
|  Ratio of expenses to average net assets<sup>(c)</sup> | 0.80 | 0.79% | 0.80% | 0.81% | 0.81% | 0.81% | 0.35 | 0.33 %<sup>(e)</sup> | 0.32 %<sup>(e)</sup> | 0.33 %<sup>(e)</sup> | 0.32 %<sup>(e)</sup> | 0.31 %<sup>(e)</sup> |
|  Ratio of expense reductions to average net assets | – | 0.00% |  |  |  |  |  |  |  |  |  |  |
|  Ratio of net investment income (loss) to average net assets<sup>(b)</sup> | 1.79 | 1.53% | 2.18% | 2.61% | 2.40% | 2.06% | 0.04 | 0.60 %<sup>(e)</sup> | 1.57 %<sup>(e)</sup> | 1.47 %<sup>(e)</sup> | 1.36 %<sup>(e)</sup> | 0.97 %<sup>(e)</sup> |
|  Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | 1.68 | 1.42% | 2.07% | 2.54% | 2.40% | 2.06% | 0.00 | 0.59 %<sup>(e)</sup> | 1.57 %<sup>(e)</sup> | 1.45 %<sup>(e)</sup> | 1.35 %<sup>(e)</sup> | 0.96 %<sup>(e)</sup> |
|  Portfolio turnover rate | 22 | 86% | 64% | 63% | 46% | 54% | 16 | 25% | 24% | 20% | 11% | 15% |
|  Number of shares outstanding at end of period (000's) | 95788 | 95105 | 103420 | 101412 | 88850 | 71348 | 15953 | 16698 | 15751 | 15995 | 17745 | 19983 |
|  Net assets at end of period (000's) | $1266237 | $1256796 | $1361703 | $1012017 | $959714 | $884180 | $157040 | $169371 | $198516 | $190741 | $203843 | $243832 |

---

# Unaudited

@ Annualized

<sup>(a)</sup> Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. 

<sup>(b)</sup> Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

<sup>(c)</sup> Excludes, if any, expense reimbursements and expense reductions.

<sup>(d)</sup> The per share amounts are calculated using the average share method. 

<sup>(e)</sup> Does not include underlying fund expenses that the Fund bears indirectly.

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**FINANCIAL HIGHLIGHTS — *(continued)***

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies 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** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021** | **2020** | **2019** | **2018** | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **PER SHARE DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Net asset value at beginning of period | $7.25 | $10.87 | $7.23 | $7.71 | $8.89 | $7.94 | $7.57 | $8.13 | $6.85 | $8.00 | $7.68 | $7.63 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(d)</sup> | 0.15 | 0.31 | 0.16 | 0.19 | 0.18 | 0.16 | 0.08 | 0.13 | 0.14 | 0.15 | 0.17 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and foreign currencies | (0.90 | (2.56) | 3.66 | (0.47) | (1.22) | 0.92 | (0.96) | (0.57) | 1.73 | (0.94) | 0.44 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.75) | (2.25) | 3.82 | (0.28) | (1.04) | 1.08 | (0.88) | (0.44) | 1.87 | (0.79) | 0.61 | 0.46 |
|  Distributions from: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.30) | (0.18) | (0.20) | (0.14) | (0.13) |  | (0.12) | (0.34) | (0.24) | (0.29) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on securities |  | (1.07) |  |  |  |  |  |  | (0.25) | (0.12) |  | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (1.37) | (0.18) | (0.20) | (0.14) | (0.13) |  | (0.12) | (0.59) | (0.36) | (0.29) | (0.41) |
|  Net asset value at end of period | $6.50 | $7.25 | $10.87 | $7.23 | $7.71 | $8.89 | $6.69 | $7.57 | $8.13 | $6.85 | $8.00 | $7.68 |
|  **TOTAL RETURN<sub><sub></sub></sub>**<sub><sup>(a)</sup> </sub> | (10.34) | (20.87)% | 52.91 %<sup>(e)</sup> | (3.74)% | (11.75)% | 13.50% | (11.62) | (5.43)% | 28.14% | (10.37)% | 8.10% | 6.19% |
|  **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Ratio of expenses to average net assets<sup>(b)</sup> | 0.97 | 0.93% | 0.88% | 0.91% | 0.93% | 0.93% | 0.87 | 0.86% | 0.86% | 0.85% | 0.85% | 0.86% |
|  Ratio of expenses to average net assets<sup>(c)</sup> | 0.97 | 0.93% | 0.88% | 0.91% | 0.93% | 0.93% | 0.87 | 0.86% | 0.86% | 0.85% | 0.85% | 0.86% |
|  Ratio of expense reductions to average net assets |  | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00 | 0.00% | 0.00% |  | 0.00% | 0.00% |
|  Ratio of net investment income (loss) to average net assets<sup>(b)</sup> | 4.71 | 3.23% | 1.68% | 2.35% | 2.29% | 1.80% | 2.30 | 1.61% | 1.83% | 1.84% | 2.18% | 2.34% |
|  Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | 4.71 | 3.23% | 1.68% | 2.35% | 2.29% | 1.80% | 2.30 | 1.61% | 1.83% | 1.84% | 2.18% | 2.34% |
|  Portfolio turnover rate | 31 | 60% | 82% | 62% | 72% | 53% | 22 | 47% | 76% | 78% | 44% | 50% |
|  Number of shares outstanding at end of period (000's) | 89425 | 87523 | 98028 | 97025 | 106698 | 91875 | 62710 | 72057 | 53522 | 52437 | 57358 | 47313 |
|  Net assets at end of period (000's) | $581673 | $634192 | $1065405 | $701471 | $823071 | $817232 | $419687 | $545132 | $435033 | $359442 | $458620 | $363223 |

---

# Unaudited

@ Annualized

<sup>(a)</sup> Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. 

<sup>(b)</sup> Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

<sup>(c)</sup> Excludes, if any, expense reimbursements and expense reductions.

<sup>(d)</sup> The per share amounts are calculated using the average share method. 

<sup>(e)</sup> The Fund's performance figure was increased by less than 0.01% from the gain on the disposal of investments in violation of investment restrictions. (see Note 3). 

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**FINANCIAL HIGHLIGHTS — *(continued)***

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021** | **2020** | **2019** | **2018** | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **PER SHARE DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Net asset value at beginning of period | $9.16 | $10.13 | $8.85 | $10.24 | $12.02 | $11.63 | $9.79 | $10.78 | $11.22 | $10.57 | $10.21 | $10.63 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(d)</sup> | 0.11 | 0.18 | 0.20 | 0.30 | 0.44 | 0.35 | 0.12 | 0.20 | 0.20 | 0.23 | 0.23 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and foreign currencies | (0.43) | (1.15) | 1.50 | (0.41) | (1.02) | 0.20 | (0.47) | (1.00) | (0.39) | 0.67 | 0.37 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.32) | (0.97) | 1.70 | (0.11) | (0.58) | 0.55 | (0.35) | (0.80) | (0.19) | 0.90 | 0.60 | (0.14) |
|  Distributions from: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.00) | (0.42) | (0.64) | (0.26) |  |  | (0.19) | (0.25) | (0.25) | (0.24) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on securities |  |  |  | (0.64) | (0.94) | (0.16) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  | (0.42) | (1.28) | (1.20) | (0.16) |  | (0.19) | (0.25) | (0.25) | (0.24) | (0.28) |
|  Net asset value at end of period | $8.84 | $9.16 | $10.13 | $8.85 | $10.24 | $12.02 | $9.44 | $9.79 | $10.78 | $11.22 | $10.57 | $10.21 |
|  **TOTAL RETURN<sub></sub>**<sup>(a)</sup> | (3.49) | (9.57)% | 19.49% | (1.01)% | (5.19)% | 4.72% | (3.58) | (7.47)% | (1.70)% | 8.57% | 5.98% | (1.32)% |
|  **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Ratio of expenses to average net assets<sup>(b)</sup> | 0.70 | 0.80% | 0.70% | 0.72% | 0.66% | 0.65% | 0.65 | 0.65% | 0.66% | 0.66% | 0.67% | 0.66% |
|  Ratio of expenses to average net assets<sup>(c)</sup> | 0.76 | 0.84% | 0.72% | 0.73% | 0.66% | 0.65% | 0.65 | 0.65% | 0.66% | 0.66% | 0.67% | 0.66% |
|  Ratio of expense reductions to average net assets |  | 0.01% | 0.00% | 0.00% | 0.00% | 0.00% |  |  |  |  |  |  |
|  Ratio of net investment income (loss) to average net assets<sup>(b)</sup> | 2.47 | 1.83% | 2.09% | 2.95% | 3.78% | 2.86% | 2.41 | 1.90% | 1.77% | 2.08% | 2.24% | 2.12% |
|  Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | 2.41 | 1.79% | 2.07% | 2.94% | 3.78% | 2.86% | 2.41 | 1.90% | 1.77% | 2.08% | 2.24% | 2.12% |
|  Portfolio turnover rate | 51 | 140% | 39% | 108% | 30% | 30% | 47 | 11% | 13% | 17% | 17% | 3% |
|  Number of shares outstanding at end of period (000's) | 24379 | 25671 | 28375 | 31935 | 31615 | 32421 | 14431 | 16335 | 13260 | 13225 | 13559 | 11890 |
|  Net assets at end of period (000's) | $215635 | $235176 | $287412 | $282708 | $323702 | $389638 | $136260 | $159888 | $142954 | $148338 | $143372 | $121425 |

---

# Unaudited

@ Annualized

<sup>(a)</sup> Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. 

<sup>(b)</sup> Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

<sup>(c)</sup> Excludes, if any, expense reimbursements and expense reductions.

<sup>(d)</sup> The per share amounts are calculated using the average share method. 

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**FINANCIAL HIGHLIGHTS — *(continued)***

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth 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** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Six Months<br>Ended<br>November 30,**<br>**2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021** | **2020** | **2019** | **2018** | **Six Months<br>Ended<br>November 30,**<br>**2022#** | **2022** | **2021<sup>(e)</sup>** | **2020** | **2019** | **2018** | **2017** |
|  **PER SHARE DATA** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Net asset value at beginning of period | $14.57 | $22.19 | $18.82 | $16.35 | $17.36 | $15.00 | $7.03 | $7.68 | $7.47 | $7.66 | $7.53 | $7.75 | $7.56 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(d)</sup> | 0.01 | (0.02) | (0.02) | 0.03 | 0.06 | 0.07 | 0.18 | 0.32 | 0.24 | 0.36 | 0.39 | 0.40 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and foreign currencies | (0.82) | (2.84) | 6.65 | 4.22 | 0.38 | 3.02 | (0.36) | (0.72) | 0.28 | (0.00) | 0.09 | (0.18) | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.81) | (2.86) | 6.63 | 4.25 | 0.44 | 3.09 | (0.18) | (0.40) | 0.52 | 0.36 | 0.48 | 0.22 | 0.56 |
|  Distributions from: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  | (0.03) | (0.07) | (0.07) | (0.10) |  | (0.25) | (0.31) | (0.55) | (0.35) | (0.44) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on securities |  | (4.76) | (3.23) | (1.71) | (1.38) | (0.63) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (4.76) | (3.26) | (1.78) | (1.45) | (0.73) |  | (0.25) | (0.31) | (0.55) | (0.35) | (0.44) | (0.37) |
|  Net asset value at end of period | $13.76 | $14.57 | $22.19 | $18.82 | $16.35 | $17.36 | $6.85 | $7.03 | $7.68 | $7.47 | $7.66 | $7.53 | $7.75 |
|  **TOTAL RETURN<sub><sub></sub></sub>**<sub><sup>(a)</sup></sub> | (5.56) | (14.82)% | 36.58% | 27.42% | 2.65% | 20.60% | (2.56) | (5.34)% | 6.95 | 5.01% | 6.47% | 2.89% | 7.54% |
|  **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Ratio of expenses to average net assets<sup>(b)</sup> | 0.66 | 0.61% | 0.64% | 0.68% | 0.74% | 0.74% | 0.68 | 0.68% | 0.92 | 0.94% | 0.96% | 0.96% | 0.96% |
|  Ratio of expenses to average net assets<sup>(c)</sup> | 0.82 | 0.77% | 0.80% | 0.81% | 0.79% | 0.79% | 0.74 | 0.71% | 0.97 | 0.98% | 0.97% | 0.97% | 0.97% |
|  Ratio of expense reductions to average net assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Ratio of net investment income (loss) to average net assets<sup>(b)</sup> | 0.13 | (0.09)% | (0.10)% | 0.16% | 0.34% | 0.42% | 5.12 | 4.12% | 4.26 | 4.79% | 5.25% | 5.16% | 5.27% |
|  Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | (0.03) | (0.25)% | (0.26)% | 0.03% | 0.29% | 0.37% | 5.06 | 4.09% | 4.21 | 4.75% | 5.24% | 5.15% | 5.26% |
|  Portfolio turnover rate | 19 | 60% | 40% | 219% | 60% | 58% | 26 | 40% | 33 | 49% | 34% | 26% | 52% |
|  Number of shares outstanding at end of period (000's) | 63720 | 69038 | 64460 | 72176 | 64185 | 69279 | 63517 | 73297 | 77982 | 72088 | 85841 | 76525 | 72461 |
|  Net assets at end of period (000's) | $876852 | $1005830 | $1430327 | $1358693 | $1049181 | $1202649 | $434938 | $515224 | $598597 | $538716 | $657364 | $576553 | $561480 |

---

# Unaudited

@ Annualized

<sup>(a)</sup> Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. 

<sup>(b)</sup> Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

<sup>(c)</sup> Excludes, if any, expense reimbursements and expense reductions.

<sup>(d)</sup> The per share amounts are calculated using the average share method. 

<sup>(e)</sup> 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**](#toc)
**VALIC Company I** 

**FINANCIAL HIGHLIGHTS — *(continued)***

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected 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** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021** | **2020** | **2019** | **2018** | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **PER SHARE DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Net asset value at beginning of period | $11.02 | $11.97 | $11.34 | $11.07 | $10.88 | $11.07 | $7.28 | $8.38 | $6.19 | $6.74 | $7.41 | $7.02 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(d)</sup> | 0.27 | 0.60 | 0.18 | 0.22 | 0.24 | 0.26 | 0.06 | 0.21 | 0.15 | 0.13 | 0.19 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and foreign currencies | (0.68) | (0.71) | 0.68 | 0.32 | 0.14 | (0.14) | (0.20) | (1.09) | 2.17 | (0.36) | (0.62) | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.41) | (0.11) | 0.86 | 0.54 | 0.38 | 0.12 | (0.14) | (0.88) | 2.32 | (0.23) | (0.43) | 0.54 |
|  Distributions from: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.28) | (0.17) | (0.27) | (0.18) | (0.21) |  | (0.22) | (0.10) | (0.19) | (0.24) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on securities |  | (0.56) | (0.06) |  | (0.01) | (0.10) |  |  | (0.03) | (0.13) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (0.84) | (0.23) | (0.27) | (0.19) | (0.31) |  | (0.22) | (0.13) | (0.32) | (0.24) | (0.15) |
|  Net asset value at end of period | $10.61 | $11.02 | $11.97 | $11.34 | $11.07 | $10.88 | $7.14 | $7.28 | $8.38 | $6.19 | $6.74 | $7.41 |
|  **TOTAL RETURN<sub><sub></sub></sub>**<sub><sup>(a)</sup></sub> | (3.72) | (1.25)% | 7.66% | 4.88% | 3.51% | 1.11% | (1.92) | (10.51)% | 37.70% | (3.42)% | (5.81)% | 7.63% |
|  **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Ratio of expenses to average net assets<sup>(b)</sup> | 0.54 | 0.52% | 0.54% | 0.57% | 0.56% | 0.57% | 0.43 | 0.41% | 0.42% | 0.43% | 0.43% | 0.42% |
|  Ratio of expenses to average net assets<sup>(c)</sup> | 0.57 | 0.55% | 0.56% | 0.57% | 0.56% | 0.57% | 0.43 | 0.41% | 0.42% | 0.43% | 0.43% | 0.42% |
|  Ratio of expense reductions to average net assets | – |  |  |  |  |  |  |  |  |  |  |  |
|  Ratio of net investment income (loss) to average net assets<sup>(b)</sup> | 4.97 | 5.06% | 1.55% | 1.94% | 2.27% | 2.29% | 1.81 | 2.58% | 2.11% | 1.89% | 2.72% | 2.57% |
|  Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | 4.94 | 5.03% | 1.53% | 1.94% | 2.27% | 2.29% | 1.81 | 2.58% | 2.11% | 1.89% | 2.72% | 2.57% |
|  Portfolio turnover rate | 15 | 35% | 71% | 38% | 42% | 34% | 1 | 6% | 2% | 10% | 15% | 17% |
|  Number of shares outstanding at end of period (000's) | 75380 | 78880 | 66826 | 67416 | 63309 | 54697 | 243221 | 214610 | 226703 | 201429 | 154662 | 173854 |
|  Net assets at end of period (000's) | $799927 | $869007 | $800186 | $764607 | $700574 | $595043 | $1736827 | $1563302 | $1899286 | $1246804 | $1041727 | $1287987 |

---

# Unaudited

@ Annualized

<sup>(a)</sup> Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. 

<sup>(b)</sup> Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

<sup>(c)</sup> Excludes, if any, expense reimbursements and expense reductions.

<sup>(d)</sup> The per share amounts are calculated using the average share method. 

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**FINANCIAL HIGHLIGHTS — *(continued)***

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021** | **2020** | **2019** | **2018** | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **PER SHARE DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Net asset value at beginning of period | $10.40 | $12.45 | $12.14 | $11.82 | $11.64 | $11.71 | $11.84 | $19.13 | $12.47 | $11.35 | $15.01 | $13.04 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(d)</sup> | 0.10 | 0.20 | 0.24 | 0.29 | 0.28 | 0.24 | (0.01) |  | (0.02) |  | 0.04 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and foreign currencies | (0.67) | (1.89) | 0.55 | 0.24 | 0.09 | (0.20) | (0.24) | (5.20) | 6.75 | 1.13 | (0.19) | 2.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.57) | (1.69) | 0.79 | 0.53 | 0.37 | 0.04 | (0.25) | (5.20) | 6.73 | 1.13 | (0.15) | 2.37 |
|  Distributions from: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.22) | (0.29) | (0.21) | (0.18) | (0.11) |  |  |  | (0.01) | (0.10) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on securities |  | (0.14) | (0.19) |  | (0.01) |  |  | (2.09) | (0.07) |  | (3.41) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (0.36) | (0.48) | (0.21) | (0.19) | (0.11) |  | (2.09) | (0.07) | (0.01) | (3.51) | (0.40) |
|  Net asset value at end of period | $9.83 | $10.40 | $12.45 | $12.14 | $11.82 | $11.64 | $11.59 | $11.84 | $19.13 | $12.47 | $11.35 | $15.01 |
|  **TOTAL RETURN<sub><sub></sub></sub>**<sub><sup>(a)</sup></sub> | (5.48) | (13.78)% | 6.58% | 4.44% | 3.26% | 0.32% | (2.11) | (27.99)% | 53.98% | 10.00% | (0.17)%<sup>(e)</sup> | 18.38% |
|  **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Ratio of expenses to average net assets<sup>(b)</sup> | 0.71 | 0.69% | 0.65% | 0.65% | 0.65% | 0.65% | 0.90 | 0.85% | 0.83% | 0.86% | 0.89% | 0.98% |
|  Ratio of expenses to average net assets<sup>(c)</sup> | 0.71 | 0.69% | 0.65% | 0.65% | 0.65% | 0.65% | 1.10 | 1.05% | 1.03% | 1.06% | 1.09% | 1.08% |
|  Ratio of expense reductions to average net assets |  |  |  |  |  |  |  |  |  |  |  | 0.00% |
|  Ratio of net investment income (loss) to average net assets<sup>(b)</sup> | 2.05 | 1.64% | 1.89% | 2.34% | 2.44% | 2.04% | (0.24) | (0.02)% | (0.10)% | (0.03)% | 0.30% | 0.58% |
|  Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | 2.05 | 1.64% | 1.89% | 2.34% | 2.44% | 2.04% | (0.44) | (0.22)% | (0.30)% | (0.23)% | 0.10% | 0.47% |
|  Portfolio turnover rate | 26 | 53% | 71% | 105% | 94% | 95% | 7 | 25% | 18% | 22% | 35% | 130% |
|  Number of shares outstanding at end of period (000's) | 8585 | 13515 | 15543 | 14125 | 17187 | 18875 | 34265 | 35958 | 33616 | 37029 | 41093 | 32707 |
|  Net assets at end of period (000's) | $84393 | $140534 | $193496 | $171444 | $203184 | $219748 | $397219 | $425568 | $642915 | $461774 | $466362 | $490921 |

---

# Unaudited

@ Annualized

<sup>(a)</sup> Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. 

<sup>(b)</sup> Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

<sup>(c)</sup> Excludes, if any, expense reimbursements and expense reductions.

<sup>(d)</sup> The per share amounts are calculated using the average share method. 

<sup>(e)</sup> The Fund's performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. 

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**FINANCIAL HIGHLIGHTS — *(continued)***

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities 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** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021<sup>(e)</sup>** | **2020** | **2019** | **2018** | **2017** | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **PER SHARE DATA** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Net asset value at beginning of period | $16.02 | $23.02 | $20.73 | $18.44 | $21.31 | $19.38 | $16.00 | $21.94 | $26.57 | $23.97 | $25.91 | $26.24 | $23.78 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(d)</sup> | 0.06 | 0.16 | 0.04 | 0.09 | 0.16 | 0.13 | 0.14 | 0.15 | 0.52 | 0.51 | 0.42 | 0.44 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and foreign currencies | (1.04) | (4.09) | 4.00 | 2.64 | (2.10) | 1.97 | 3.49 | (0.71) | (3.38) | 8.18 | (0.96) | (0.29) | 2.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.98) | (3.93) | 4.04 | 2.73 | (1.94) | 2.10 | 3.63 | (0.56) | (2.86) | 8.69 | (0.54) | 0.15 | 2.89 |
|  Distributions from: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.05) | (0.11) | (0.13) | (0.19) | (0.17) | (0.25) |  | (0.84) | (0.53) | (0.51) | (0.48) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on securities |  | (3.02) | (1.64) | (0.31) | (0.74) |  |  |  | (0.93) | (5.56) | (0.89) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (3.07) | (1.75) | (0.44) | (0.93) | (0.17) | (0.25) |  | (1.77) | (6.09) | (1.40) | (0.48) | (0.43) |
|  Net asset value at end of period | $15.04 | $16.02 | $23.02 | $20.73 | $18.44 | $21.31 | $19.38 | $21.38 | $21.94 | $26.57 | $23.97 | $25.91 | $26.24 |
|  **TOTAL RETURN<sub><sub></sub></sub>**<sub><sup>(a)</sup> </sub> | (6.12) | (17.48)% | 19.97 | 15.03% | (9.20)% | 10.81% | 22.81% | (2.55) | (10.84)% | 37.84% | (2.05)% | 0.57% | 12.16% |
|  **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Ratio of expenses to average net assets<sup>(b)</sup> | 0.95 | 0.95% | 1.19 | 1.13% | 1.00% | 1.00% | 1.00% | 0.67 | 0.64% | 0.65% | 0.63% | 0.63% | 0.62% |
|  Ratio of expenses to average net assets<sup>(c)</sup> | 0.98 | 0.98% | 1.23 | 1.22% | 1.22% | 1.20% | 1.22% | 0.67 | 0.64% | 0.65% | 0.63% | 0.63% | 0.62% |
|  Ratio of expense reductions to average net assets | 0.00 | 0.00% | 0.00 | 0.00% | 0.00% |  |  |  |  |  |  |  |  |
|  Ratio of net investment income (loss) to average net assets<sup>(b)</sup> | 0.83 | 0.77% | 0.23 | 0.45% | 0.83% | 0.61% | 0.82% | 1.56 | 2.03% | 1.89% | 1.57% | 1.67% | 1.44% |
|  Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | 0.80 | 0.74% | 0.19 | 0.36% | 0.60% | 0.41% | 0.60% | 1.56 | 2.03% | 1.89% | 1.57% | 1.67% | 1.44% |
|  Portfolio turnover rate | 26 | 41% | 48 | 45% | 41% | 46% | 62% | 5 | 11% | 9% | 68% | 2% | 5% |
|  Number of shares outstanding at end of period (000's) | 28305 | 31649 | 31574 | 29447 | 31253 | 33984 | 34637 | 15066 | 14478 | 14525 | 13629 | 14044 | 16331 |
|  Net assets at end of period (000's) | $425608 | $507169 | $726964 | $610424 | $576197 | $724027 | $671097 | $322032 | $317599 | $385891 | $326671 | $363818 | $428452 |

---

# Unaudited

@ Annualized

<sup>(a)</sup> Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. 

<sup>(b)</sup> Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

<sup>(c)</sup> Excludes, if any, expense reimbursements and expense reductions.

<sup>(d)</sup> The per share amounts are calculated using the average share method. 

<sup>(e)</sup> 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**](#toc)
**VALIC Company I** 

**FINANCIAL HIGHLIGHTS — *(continued)***

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **Large Capital Growth Fund** | **Large Capital Growth Fund** | **Large Capital Growth Fund** | **Large Capital Growth Fund** | **Large Capital Growth Fund** | **Large Capital Growth Fund** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021** | **2020** | **2019** | **2018** | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **PER SHARE DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Net asset value at beginning of period | $9.90 | $11.46 | $7.78 | $8.93 | $10.67 | $10.54 | $18.42 | $21.03 | $16.82 | $15.68 | $15.01 | $13.66 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(d)</sup> | 0.09 | 0.29 | 0.19 | 0.18 | 0.20 | 0.21 | 0.02 | 0.04 | 0.05 | 0.08 | 0.13 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and foreign currencies | (0.45) | (1.67) | 3.66 | (1.09) | (1.66) | 0.13 | (0.21) | (0.36) | 6.24 | 2.50 | 1.71 | 2.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.36) | (1.38) | 3.85 | (0.91) | (1.46) | 0.34 | (0.19) | (0.32) | 6.29 | 2.58 | 1.84 | 2.19 |
|  Distributions from: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.18) | (0.17) | (0.23) | (0.28) | (0.21) |  | (0.04) | (0.08) | (0.13) | (0.10) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on securities |  |  |  | (0.01) |  |  |  | (2.25) | (2.00) | (1.31) | (1.07) | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (0.18) | (0.17) | (0.24) | (0.28) | (0.21) |  | (2.29) | (2.08) | (1.44) | (1.17) | (0.84) |
|  Net asset value at end of period | $9.54 | $9.90 | $11.46 | $7.78 | $8.93 | $10.67 | $18.23 | $18.42 | $21.03 | $16.82 | $15.68 | $15.01 |
|  **TOTAL RETURN<sub><sub></sub></sub>**<sub><sup>(a)</sup> </sub> | (3.64) | (12.03)% | 49.67% | (10.17)% | (13.83)% | 3.19% | (1.03) | (1.82)% | 38.39% | 17.08% | 12.50% | 16.00% |
|  **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Ratio of expenses to average net assets<sup>(b)</sup> | 0.78 | 0.74% | 0.74% | 0.73% | 0.77% | 0.79% | 0.76 | 0.74% | 0.75% | 0.75% | 0.75% | 0.75% |
|  Ratio of expenses to average net assets<sup>(c)</sup> | 0.85 | 0.81% | 0.81% | 0.80% | 0.82% | 0.79% | 0.76 | 0.74% | 0.75% | 0.75% | 0.75% | 0.75% |
|  Ratio of expense reductions to average net assets |  | 0.00% |  | 0.00% | 0.00% | 0.00% |  |  |  | 0.00% |  | 0.00% |
|  Ratio of net investment income (loss) to average net assets<sup>(b)</sup> | 2.10 | 2.66% | 1.95% | 2.01% | 1.97% | 1.93% | 0.25 | 0.19% | 0.24% | 0.45% | 0.81% | 0.70% |
|  Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | 2.03 | 2.59% | 1.88% | 1.94% | 1.92% | 1.93% | 0.25 | 0.19% | 0.24% | 0.45% | 0.81% | 0.70% |
|  Portfolio turnover rate | 30 | 70% | 62% | 64% | 136% | 30% | 16 | 18% | 22% | 37% | 26% | 21% |
|  Number of shares outstanding at end of period (000's) | 55782 | 61537 | 64412 | 77667 | 77083 | 81504 | 37678 | 38570 | 31517 | 31185 | 30448 | 29613 |
|  Net assets at end of period (000's) | $532128 | $609239 | $738262 | $604123 | $688485 | $869416 | $686778 | $710547 | $662844 | $524630 | $477301 | $444633 |

---

# Unaudited

@ Annualized

<sup>(a)</sup> Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. 

<sup>(b)</sup> Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

<sup>(c)</sup> Excludes, if any, expense reimbursements and expense reductions.

<sup>(d)</sup> The per share amounts are calculated using the average share method. 

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**FINANCIAL HIGHLIGHTS — *(continued)***

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 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** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Six Months<br>Ended<br>November 30,**<br>**2022#** | | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | | **2022** | **2021** | **2020** | **2019** | **2018** | **Six Months<br>Ended<br>November 30,**<br>**2022#** | | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **PER SHARE DATA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Net asset value at beginning of period | $26.38 |  | $31.20 | $20.75 | $23.52 | $28.04 | $26.43 | $17.88 |  | $23.15 | $16.50 | $15.49 | $15.85 | $13.92 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(d)</sup> | 0.18 |  | 0.30 | 0.35 | 0.30 | 0.32 | 0.35 | 0.00 |  | (0.03) | (0.03) | (0.00) | 0.00 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and foreign currencies | 0.66 |  | (2.35) | 11.29 | (0.70) | (1.86) | 3.45 | 0.14 |  | (3.20) | 7.83 | 1.89 | 1.13 | 2.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.84 |  | (2.05) | 11.64 | (0.40) | (1.54) | 3.80 | 0.14 |  | (3.23) | 7.80 | 1.89 | 1.13 | 2.67 |
|  Distributions from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  | (0.38) | (0.32) | (0.36) | (0.37) | (0.32) |  |  |  | (0.02) |  | (0.00) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on securities |  |  | (2.39) | (0.87) | (2.01) | (2.61) | (1.87) |  |  | (2.04) | (1.13) | (0.88) | (1.49) | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  | (2.77) | (1.19) | (2.37) | (2.98) | (2.19) |  |  | (2.04) | (1.15) | (0.88) | (1.49) | (0.74) |
|  Net asset value at end of period | $27.22 |  | $26.38 | $31.20 | $20.75 | $23.52 | $28.04 | $18.02 |  | $17.88 | $23.15 | $16.50 | $15.49 | $15.85 |
|  **TOTAL RETURN<sub><sub></sub></sub>**<sub><sup>(a)</sup> </sub> | 3.18 | % | (6.84)% | 56.39% | (1.25)% | (5.76)% | 14.51% | 0.78 | % | (14.32)% | 47.61% | 12.76% | 7.45% | 19.17% |
|  **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Ratio of expenses to average net assets<sup>(b)</sup> | 0.37 | %@ | 0.34% | 0.35% | 0.36% | 0.36% | 0.35% | 0.78 | %@ | 0.75% | 0.78% | 0.81% | 0.81% | 0.82% |
|  Ratio of expenses to average net assets<sup>(c)</sup> | 0.37 | %@ | 0.34% | 0.35% | 0.36% | 0.36% | 0.35% | 0.78 | %@ | 0.75% | 0.78% | 0.81% | 0.81% | 0.82% |
|  Ratio of expense reductions to average net assets |  |  |  |  |  |  |  | 0.00 | %@ | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  Ratio of net investment income (loss) to average net assets<sup>(b)</sup> | 1.39 | %@ | 0.99% | 1.33% | 1.28% | 1.20% | 1.25% | 0.04 | %@ | (0.14)% | (0.13)% | (0.03)% | (0.02)% | 0.03% |
|  Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | 1.39 | %@ | 0.99% | 1.33% | 1.28% | 1.20% | 1.25% | 0.04 | %@ | (0.14)% | (0.13)% | (0.03)% | (0.02)% | 0.03% |
|  Portfolio turnover rate | 8 | % | 14% | 18% | 14% | 14% | 15% | 22 | % | 76% | 49% | 25% | 31% | 40% |
|  Number of shares outstanding at end of period (000's) | 110459 |  | 121975 | 123862 | 131740 | 123200 | 122466 | 35606 |  | 41238 | 38473 | 19079 | 19581 | 18404 |
|  Net assets at end of period (000's) | $3006886 |  | $3217500 | $3864639 | $2734114 | $2897313 | $3434089 | $641504 |  | $737360 | $890709 | $314845 | $303288 | $291655 |

---

# Unaudited

@ Annualized

<sup>(a)</sup> Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. 

<sup>(b)</sup> Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

<sup>(c)</sup> Excludes, if any, expense reimbursements and expense reductions.

<sup>(d)</sup> The per share amounts are calculated using the average share method. 

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**FINANCIAL HIGHLIGHTS — *(continued)***

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **Moderate Growth Lifestyle Fund** | **Moderate Growth Lifestyle Fund** | **Moderate Growth Lifestyle Fund** | **Moderate Growth Lifestyle Fund** | **Moderate Growth Lifestyle Fund** | **Moderate Growth Lifestyle Fund** | **Moderate Growth Lifestyle Fund** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021<sup>(f)</sup>** | **2020** | **2019** | **2018** | **2017** | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021<sup>(f)</sup>** | **2020** | **2019** | **2018** | **2017** |
|  **PER SHARE DATA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Net asset value at beginning of period | $20.64 | $22.22 | $15.38 | $17.19 | $22.13 | $21.23 | $20.45 | $13.83 | $16.13 | $14.16 | $13.88 | $15.00 | $14.23 | $13.98 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(d)</sup> | 0.11 | 0.13 | 0.04 | 0.13 | 0.14 | 0.09 | 0.07 | 0.01 | 0.15 | 0.28 | 0.31 | 0.24 | 0.26 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and foreign currencies | (0.00) | (0.07) | 7.02 | (0.81) | (1.11) | 2.62 | 2.17 | (0.29) | (1.15) | 2.49 | 0.93 | (0.00) | 1.08 | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.11 | 0.06 | 7.06 | (0.68) | (0.97) | 2.71 | 2.24 | (0.28) | (1.00) | 2.77 | 1.24 | 0.24 | 1.34 | 1.16 |
|  Distributions from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.07) | (0.13) | (0.15) | (0.11) | (0.09) | (0.13) |  | (0.52) | (0.33) | (0.34) | (0.32) | (0.24) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on securities |  | (1.57) | (0.09) | (0.98) | (3.86) | (1.72) | (1.33) |  | (0.78) | (0.47) | (0.62) | (1.04) | (0.33) | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (1.64) | (0.22) | (1.13) | (3.97) | (1.81) | (1.46) |  | (1.30) | (0.80) | (0.96) | (1.36) | (0.57) | (0.91) |
|  Net asset value at end of period | $20.75 | $20.64 | $22.22 | $15.38 | $17.19 | $22.13 | $21.23 | $13.55 | $13.83 | $16.13 | $14.16 | $13.88 | $15.00 | $14.23 |
|  **TOTAL RETURN<sub><sub></sub></sub>**<sub><sup>(a)</sup> </sub> | 0.53 | 0.18% | 45.95 | (4.12)% | (4.14)% | 12.90% | 11.02% | (2.02) | (6.49)% | 19.65 | 9.26% | 1.71% | 9.44% | 8.42% |
|  **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Ratio of expenses to average net assets<sup>(b)</sup> | 0.80 | 0.79% | 1.04 | 1.05% | 1.05% | 1.05% | 1.05% | 0.11 | 0.12 %<sup>(e)</sup> | 0.10 | 0.10 %<sup>(e)</sup> | 0.10 %<sup>(e)</sup> | 0.10 %<sup>(e)</sup> | 0.10 %<sup>(e)</sup> |
|  Ratio of expenses to average net assets<sup>(c)</sup> | 0.82 | 0.79% | 1.06 | 1.07% | 1.06% | 1.05% | 1.05% | 0.14 | 0.12 %<sup>(e)</sup> | 0.13 | 0.14 %<sup>(e)</sup> | 0.13 %<sup>(e)</sup> | 0.13 %<sup>(e)</sup> | 0.14 %<sup>(e)</sup> |
|  Ratio of expense reductions to average net assets | 0.00 | 0.00% | 0.00 | 0.00% | 0.00% | 0.00% | 0.00% |  |  |  |  |  |  |  |
|  Ratio of net investment income (loss) to average net assets<sup>(b)</sup> | 1.08 | 0.61% | 0.31 | 0.82% | 0.73% | 0.40% | 0.32% | 0.08 | 0.97 %<sup>(e)</sup> | 2.39 | 2.24 %<sup>(e)</sup> | 1.69 %<sup>(e)</sup> | 1.75 %<sup>(e)</sup> | 1.68 %<sup>(e)</sup> |
|  Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | 1.06 | 0.61% | 0.29 | 0.80% | 0.72% | 0.40% | 0.32% | 0.06 | 0.97 %<sup>(e)</sup> | 2.36 | 2.20 %<sup>(e)</sup> | 1.66 %<sup>(e)</sup> | 1.72 %<sup>(e)</sup> | 1.65 %<sup>(e)</sup> |
|  Portfolio turnover rate | 34 | 51% | 31 | 63% | 44% | 44% | 44% | 49 | 37% | 15 | 49% | 39% | 47% | 36% |
|  Number of shares outstanding at end of period (000's) | 38434 | 42214 | 42346 | 47067 | 43256 | 41411 | 49262 | 73850 | 75576 | 72656 | 71656 | 67965 | 64297 | 63003 |
|  Net assets at end of period (000's) | $797407 | $871131 | $940809 | $724100 | $743460 | $916284 | $1046046 | $1000324 | $1045238 | $1172232 | $1014351 | $943311 | $964607 | $896346 |

---

# Unaudited

@ Annualized

<sup>(a)</sup> Total return includes if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. 

<sup>(b)</sup> Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

<sup>(c)</sup> Excludes, if any, expense reimbursements and expense reductions.

<sup>(d)</sup> The per share amounts are calculated using the average share method. 

<sup>(e)</sup> Does not include underlying fund expenses that the Fund bears indirectly.

<sup>(f)</sup> 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**](#toc)
**VALIC Company I** 

**FINANCIAL HIGHLIGHTS — *(continued)***

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Nasdaq-100<sup>®</sup> Index Fund** | **Nasdaq-100<sup>®</sup> Index Fund** | **Nasdaq-100<sup>®</sup> Index Fund** | **Nasdaq-100<sup>®</sup> Index Fund** | **Nasdaq-100<sup>®</sup> Index Fund** | **Nasdaq-100<sup>®</sup> Index Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021** | **2020** | **2019** | **2018** | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **PER SHARE DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Net asset value at beginning of period | $20.06 | $24.00 | $18.29 | $14.08 | $13.97 | $12.11 | $22.80 | $39.38 | $29.88 | $25.95 | $31.14 | $26.00 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(d)</sup> | 0.04 | 0.06 | 0.06 | 0.08 | 0.12 | 0.06 | (0.04) | (0.21) | (0.22) | 0.05 | (0.10) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and foreign currencies | (0.99) | (1.65) | 7.74 | 4.72 | 0.26 | 2.48 | (1.66) | (8.09) | 14.40 | 7.31 | 0.94 | 7.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.95) | (1.59) | 7.80 | 4.80 | 0.38 | 2.54 | (1.70) | (8.30) | 14.18 | 7.36 | 0.84 | 7.80 |
|  Distributions from: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.06) | (0.08) | (0.14) | (0.06) | (0.07) |  |  | (0.02) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on securities |  | (2.29) | (2.01) | (0.45) | (0.21) | (0.61) |  | (8.28) | (4.66) | (3.43) | (6.03) | (2.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (2.35) | (2.09) | (0.59) | (0.27) | (0.68) |  | (8.28) | (4.68) | (3.43) | (6.03) | (2.66) |
|  Net asset value at end of period | $19.11 | $20.06 | $24.00 | $18.29 | $14.08 | $13.97 | $21.10 | $22.80 | $39.38 | $29.88 | $25.95 | $31.14 |
|  **TOTAL RETURN<sub><sub></sub></sub>**<sub><sup>(a)</sup> </sub> | (4.74) | (7.42)% | 43.47 %<sup>(e)</sup> | 34.71% | 2.76% | 20.94% | (7.46) | (23.50)% | 48.22% | 30.60 %<sup>(f)</sup> | 3.04% | 30.08% |
|  **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Ratio of expenses to average net assets<sup>(b)</sup> | 0.52 | 0.50% | 0.51% | 0.53% | 0.53% | 0.53% | 0.94 | 0.94% | 0.97% | 0.97% | 0.98% | 0.97% |
|  Ratio of expenses to average net assets<sup>(c)</sup> | 0.54 | 0.50% | 0.51% | 0.53% | 0.54% | 0.54% | 0.97 | 0.95% | 0.97% | 0.97% | 0.98% | 0.97% |
|  Ratio of expense reductions to average net assets |  |  |  |  |  |  | 0.00 | 0.00% | 0.00% | 0.01% | 0.00% | 0.00% |
|  Ratio of net investment income (loss) to average net<br>assets<sup>(b)</sup> | 0.43 | 0.22% | 0.25% | 0.49% | 0.85% | 0.49% | (0.41) | (0.58)% | (0.60)% | 0.19% | (0.35)% | (0.33)% |
|  Ratio of net investment income (loss) to average net<br>assets<sup>(c)</sup> | 0.41 | 0.22% | 0.25% | 0.49% | 0.84% | 0.48% | (0.44) | (0.59)% | (0.60)% | 0.19% | (0.35)% | (0.33)% |
|  Portfolio turnover rate | 1 | 9% | 8% | 8% | 6% | 3% | 36 | 68% | 88% | 98% | 89% | 84% |
|  Number of shares outstanding at end of period (000's) | 34530 | 37071 | 34731 | 34045 | 35447 | 33891 | 88261 | 92483 | 78910 | 54314 | 53666 | 45064 |
|  Net assets at end of period (000's) | $659840 | $743801 | $833580 | $622519 | $499269 | $473513 | $1862210 | $2108867 | $3107205 | $1623083 | $1392834 | $1403433 |

---

# Unaudited

@ Annualized

<sup>(a)</sup> Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. 

<sup>(b)</sup> Includes, if any, expense reimbursements, but excludes, if any, expense reductions.

<sup>(c)</sup> Excludes, if any, expense reimbursements and expense reductions.

<sup>(d)</sup> The per share amounts are calculated using the average share method. 

<sup>(e)</sup> The Fund's performance figure was increased by less than 0.01% from the effect of payments by affiliates 

<sup>(f)</sup> The Fund's performance figure was increased by 0.04% from gains on the disposal of investments in violation of investment restrictions. 

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**FINANCIAL HIGHLIGHTS — *(continued)***

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 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** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Six Months<br>Ended<br>November 30,<br>2022#** | | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021<sup>(e)</sup>** | **2020** | **2019** | **2018** | **2017** | **Six Months<br>Ended<br>November 30,<br>2022#** | | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **PER SHARE DATA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Net asset value at beginning of period | $14.77 | $22.85 | $20.49 | $16.89 | $23.31 | $16.98 | $14.20 | $17.41 |  | $23.48 | $15.08 | $18.76 | $22.81 | $20.23 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(d)</sup> | (0.02) | (0.13) | (0.13) | (0.11) | (0.11) | (0.12) | (0.08) | 0.12 |  | 0.15 | 0.12 | 0.17 | 0.22 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and foreign currencies | 0.02 | (6.53) | 5.23 | 6.21 | (1.22) | 7.14 | 3.72 | 0.19 |  | (4.01) | 9.54 | (0.99) | (2.25) | 3.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations |  | (6.66) | 5.10 | 6.10 | (1.33) | 7.02 | 3.64 | 0.31 |  | (3.86) | 9.66 | (0.82) | (2.03) | 4.07 |
|  Distributions from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  |  |  |  |  |  |  |  | (0.15) | (0.19) | (0.32) | (0.24) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on securities |  | (1.42) | (2.74) | (2.50) | (5.09) | (0.69) | (0.86) |  |  | (2.06) | (1.07) | (2.54) | (1.78) | (1.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (1.42) | (2.74) | (2.50) | (5.09) | (0.69) | (0.86) |  |  | (2.21) | (1.26) | (2.86) | (2.02) | (1.49) |
|  Net asset value at end of period | $14.77 | $14.77 | $22.85 | $20.49 | $16.89 | $23.31 | $16.98 | $17.72 |  | $17.41 | $23.48 | $15.08 | $18.76 | $22.81 |
|  **TOTAL RETURN<sub><sub></sub></sub>**<sub><sup>(a)</sup></sub> | 0.00 | (29.91)% | 25.62 | 38.49% | (5.47)% | 41.51% | 26.05% | 1.78 | % | (17.14)% | 63.99% | (3.87)% | (9.23)% | 20.42% |
|  **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Ratio of expenses to average net assets<sup>(b)</sup> | 0.88 | 0.88% | 1.11 | 1.14% | 1.16% | 1.16% | 1.16% | 0.43 | %@ | 0.41% | 0.42% | 0.44% | 0.40% | 0.40% |
|  Ratio of expenses to average net assets<sup>(c)</sup> | 0.95 | 0.92% | 1.19 | 1.24% | 1.23% | 1.22% | 1.25% | 0.45 | %@ | 0.41% | 0.42% | 0.44% | 0.40% | 0.40% |
|  Ratio of expense reductions to average net assets | 0.00 | 0.00% | 0.00 | 0.01% | 0.01% | 0.00% | 0.00% |  |  |  |  |  |  |  |
|  Ratio of net investment income (loss) to average net assets<sup>(b)</sup> | (0.32) | (0.61)% | (0.84) | (0.61)% | (0.54)% | (0.61)% | (0.53)% | 1.38 | %@ | 0.67% | 0.61% | 0.94% | 1.01% | 0.99% |
|  Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | (0.39) | (0.66)% | (0.92) | (0.70)% | (0.61)% | (0.67)% | (0.62)% | 1.37 | %@ | 0.67% | 0.61% | 0.94% | 1.01% | 0.99% |
|  Portfolio turnover rate | 20 | 34% | 40 | 48% | 60% | 63% | 40% | 11 | % | 20% | 14% | 13% | 16% | 17% |
|  Number of shares outstanding at end of period (000's) | 36806 | 33840 | 36204 | 10271 | 11386 | 9239 | 8088 | 50901 |  | 53194 | 61697 | 59576 | 53944 | 56750 |
|  Net assets at end of period (000's) | $543584 | $499878 | $827215 | $210497 | $192341 | $215384 | $137330 | $901756 |  | $926232 | $1448543 | $898557 | $1012040 | $1294430 |

---

# Unaudited

@ Annualized

<sup>(a)</sup> Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. 

<sup>(b)</sup> Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

<sup>(c)</sup> Excludes, if any, expense reimbursements and expense reductions.

<sup>(d)</sup> The per share amounts are calculated using the average share method. 

<sup>(e)</sup> 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**](#toc)
**VALIC Company I** 

**FINANCIAL HIGHLIGHTS — *(continued)***

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 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** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021** | **2020** | **2019** | **2018** | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021<sup>(e)</sup>** | **2020** | **2019** | **2018** | **2017** |
|  **PER SHARE DATA** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Net asset value at beginning of period | $12.71 | $14.26 | $8.80 | $11.14 | $13.84 | $13.17 | $13.54 | $15.57 | $9.51 | $10.76 | $15.74 | $14.47 | $13.57 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(d)</sup> | 0.09 | 0.09 | 0.07 | 0.12 | 0.12 | 0.15 | 0.10 | 0.12 | 0.05 | 0.10 | 0.15 | 0.15 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and foreign currencies | (0.30) | (0.80) | 5.81 | (1.31) | (1.02) | 1.84 | (0.06) | (0.93) | 6.11 | (0.92) | (2.80) | 2.36 | 1.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.21) | (0.71) | 5.88 | (1.19) | (0.90) | 1.99 | 0.04 | (0.81) | 6.16 | (0.82) | (2.65) | 2.51 | 1.59 |
|  Distributions from: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.08) | (0.15) | (0.15) | (0.17) | (0.18) |  | (0.07) | (0.10) | (0.14) | (0.21) | (0.13) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on securities |  | (0.76) | (0.27) | (1.00) | (1.63) | (1.14) |  | (1.15) |  | (0.29) | (2.12) | (1.11) | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (0.84) | (0.42) | (1.15) | (1.80) | (1.32) |  | (1.22) | (0.10) | (0.43) | (2.33) | (1.24) | (0.69) |
|  Net asset value at end of period | $12.50 | $12.71 | $14.26 | $8.80 | $11.14 | $13.84 | $13.58 | $13.54 | $15.57 | $9.51 | $10.76 | $15.74 | $14.47 |
|  **TOTAL RETURN<sub><sub></sub></sub>**<sub><sup>(a)</sup></sub> | (1.65) | (5.18)% | 66.92% | (10.88)% | (6.88)% | 15.39% | 0.30 | (5.49)% | 64.80 | (7.72)% | (17.24)% | 17.40% | 11.61% |
|  **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Ratio of expenses to average net assets<sup>(b)</sup> | 0.89 | 0.87% | 0.89% | 0.88% | 0.87% | 0.87% | 0.77 | 0.77% | 1.01 | 0.99% | 0.95% | 0.95% | 0.95% |
|  Ratio of expenses to average net assets<sup>(c)</sup> | 0.89 | 0.87% | 0.89% | 0.88% | 0.87% | 0.87% | 0.80 | 0.79% | 1.06 | 1.09% | 1.06% | 1.03% | 1.03% |
|  Ratio of expense reductions to average net assets | 0.00 | 0.00% | 0.00% | 0.00% | 0.01% | 0.00% | 0.01 | 0.01% | 0.01 | 0.01% | 0.01% | 0.00% | 0.00% |
|  Ratio of net investment income (loss) to average net assets<sup>(b)</sup> | 1.51 | 0.64% | 0.58% | 1.10% | 0.91% | 1.04% | 1.53 | 0.78% | 0.53 | 0.97% | 1.07% | 0.96% | 0.71% |
|  Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | 1.51 | 0.64% | 0.58% | 1.10% | 0.91% | 1.04% | 1.51 | 0.77% | 0.48 | 0.87% | 0.96% | 0.88% | 0.62% |
|  Portfolio turnover rate | 7 | 20% | 37% | 37% | 33% | 37% | 42 | 67% | 55 | 69% | 55% | 46% | 79% |
|  Number of shares outstanding at end of period (000's) | 17234 | 18570 | 19614 | 20134 | 20076 | 21730 | 42650 | 38703 | 32220 | 31778 | 29381 | 33971 | 36582 |
|  Net assets at end of period (000's) | $215475 | $236013 | $279760 | $177110 | $223576 | $300745 | $579286 | $523983 | $501758 | $302120 | $316042 | $534548 | $529505 |

---

# Unaudited

@ Annualized

<sup>(a)</sup> Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. 

<sup>(b)</sup> Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

<sup>(c)</sup> Excludes, if any, expense reimbursements and expense reductions.

<sup>(d)</sup> The per share amounts are calculated using the average share method. 

<sup>(e)</sup> 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**](#toc)
**VALIC Company I** 

**FINANCIAL HIGHLIGHTS — *(continued)***

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Six Months<br>Ended<br>November 30,<br>2022#** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021** | **2020** | **2019** | **2018** | **Six Months<br>Ended<br>November 30,<br>2022#** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **PER SHARE DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Net asset value at beginning of period | $47.49 | $52.66 | $40.27 | $39.24 | $39.46 | $36.47 | $25.55 | $26.61 | $20.57 | $20.35 | $22.23 | $20.70 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(d)</sup> | 0.33 | 0.59 | 0.60 | 0.81 | 0.72 | 0.63 | 0.15 | 0.20 | 0.15 | 0.18 | 0.21 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and foreign currencies | (0.56) | (0.72) | 15.20 | 3.86 | 0.62 | 4.49 | (0.22) | (1.07) | 8.62 | 2.68 | 0.43 | 2.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.23) | (0.13) | 15.80 | 4.67 | 1.34 | 5.12 | (0.07) | (0.87) | 8.77 | 2.86 | 0.64 | 2.53 |
|  Distributions from: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.64) | (0.83) | (0.87) | (0.64) | (0.67) |  | (0.06) | (0.17) | (0.24) | (0.21) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on securities |  | (4.40) | (2.58) | (2.77) | (0.92) | (1.46) |  | (0.13) | (2.56) | (2.40) | (2.31) | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (5.04) | (3.41) | (3.64) | (1.56) | (2.13) |  | (0.19) | (2.73) | (2.64) | (2.52) | (1.00) |
|  Net asset value at end of period | $47.26 | $47.49 | $52.66 | $40.27 | $39.24 | $39.46 | $25.48 | $25.55 | $26.61 | $20.57 | $20.35 | $22.23 |
|  **TOTAL RETURN<sub><sub></sub></sub>**<sub><sup>(a)</sup></sub> | (0.48) | (0.54)% | 39.93% | 12.45% | 3.43% | 13.99% | (0.27) | (3.30)% | 43.72% | 15.08% | 2.87% | 12.17% |
|  **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Ratio of expenses to average net assets<sup>(b)</sup> | 0.29 | 0.29% | 0.29% | 0.30% | 0.33% | 0.34% | 0.64 | 0.63% | 0.68% | 0.85% | 0.85% | 0.85% |
|  Ratio of expenses to average net assets<sup>(c)</sup> | 0.34 | 0.31% | 0.32% | 0.33% | 0.33% | 0.34% | 0.86 | 0.85% | 0.90% | 0.99% | 0.92% | 0.90% |
|  Ratio of expense reductions to average net assets |  |  |  |  |  |  |  | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  Ratio of net investment income (loss) to average net assets<sup>(b)</sup> | 1.46 | 1.09% | 1.26% | 1.91% | 1.78% | 1.62% | 1.22 | 0.71% | 0.67% | 0.85% | 0.95% | 0.88% |
|  Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | 1.42 | 1.07% | 1.24% | 1.88% | 1.78% | 1.62% | 1.00 | 0.49% | 0.45% | 0.71% | 0.88% | 0.83% |
|  Portfolio turnover rate | 1 | 2% | 4% | 3% | 4% | 3% | 7 | 15% | 20% | 98% | 44% | 43% |
|  Number of shares outstanding at end of period (000's) | 110546 | 116730 | 114594 | 119807 | 118173 | 125644 | 21143 | 23336 | 26049 | 5963 | 5774 | 5767 |
|  Net assets at end of period (000's) | $5223935 | $5543586 | $6035053 | $4825190 | $4637546 | $4958503 | $538636 | $596130 | $693185 | $122639 | $117501 | $128172 |

---

# Unaudited

@ Annualized

<sup>(a)</sup> Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. 

<sup>(b)</sup> Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

<sup>(c)</sup> Excludes, if any, expense reimbursements and expense reductions.

<sup>(d)</sup> The per share amounts are calculated using the average share method. 

See Notes to Financial Statements

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

**FINANCIAL HIGHLIGHTS — *(continued)***

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value 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** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Six Months<br>Ended<br>November 30,<br>2022#** | | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022#** | | **2022** | **2021** | **2020** | **2019** | **2018** | **Six Months<br>Ended<br>November 30,<br>2022#** | | **2022** | **2021<sup>(e)</sup>** | **2020** | **2019** | **2018** | **2017** |
|  **PER SHARE DATA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Net asset value at beginning of period | $13.01 |  | $13.12 | $11.79 | $13.93 | $15.91 | $15.64 | $20.64 |  | $24.85 | $20.91 | $22.03 | $23.09 | $20.15 | $19.23 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(d)</sup> | 0.14 |  | 0.21 | 0.14 | 0.23 | 0.34 | 0.20 | 0.16 |  | 0.26 | 0.13 | 0.26 | 0.27 | 0.30 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and foreign currencies | 0.08 |  | 0.24 | 3.94 | (0.52) | (0.61) | 1.45 | 0.02 |  | (0.91) | 4.74 | 3.15 | 0.72 | 3.39 | 2.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.22 |  | 0.45 | 4.08 | (0.29) | (0.27) | 1.65 | 0.18 |  | (0.65) | 4.87 | 3.41 | 0.99 | 3.69 | 2.62 |
|  Distributions from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  | (0.04) | (0.24) | (0.39) | (0.22) | (0.28) |  |  | (0.17) | (0.25) | (0.33) | (0.34) | (0.35) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on securities |  |  | (0.52) | (2.51) | (1.46) | (1.49) | (1.10) |  |  | (3.39) | (0.68) | (4.20) | (1.71) | (0.40) | (1.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  | (0.56) | (2.75) | (1.85) | (1.71) | (1.38) |  |  | (3.56) | (0.93) | (4.53) | (2.05) | (0.75) | (1.70) |
|  Net asset value at end of period | $13.23 |  | $13.01 | $13.12 | $11.79 | $13.93 | $15.91 | $20.82 |  | $20.64 | $24.85 | $20.91 | $22.03 | $23.09 | $20.15 |
|  **TOTAL RETURN<sub><sub></sub></sub>**<sub><sup>(a)</sup></sub> | 1.69 | % | 3.54% | 36.90% | (2.34)% | (1.84)% | 10.34% | 0.87 | % | (2.90)% | 23.38 | 17.06% | 4.46% | 18.49% | 13.90% |
|  **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Ratio of expenses to average net assets<sup>(b)</sup> | 0.50 | %@ | 0.48% | 0.57% | 0.80% | 0.85% | 0.85% | 0.37 | %@ | 0.35% | 0.60 | 0.60% | 0.56% | 0.56% | 0.56% |
|  Ratio of expenses to average net assets<sup>(c)</sup> | 0.80 | %@ | 0.78% | 0.87% | 1.16% | 0.93% | 0.92% | 0.37 | %@ | 0.35% | 0.60 | 0.61% | 0.61% | 0.61% | 0.61% |
|  Ratio of expense reductions to average net assets |  |  | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |  |  |  |  |  |  |  |  |
|  Ratio of net investment income (loss) to average net assets<sup>(b)</sup> | 2.29 | %@ | 1.54% | 1.39% | 1.64% | 2.14% | 1.20% | 1.59 | %@ | 1.06% | 0.77 | 1.20% | 1.22% | 1.37% | 1.46% |
|  Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | 1.99 | %@ | 1.24% | 1.09% | 1.27% | 2.06% | 1.13% | 1.59 | %@ | 1.06% | 0.77 | 1.18% | 1.17% | 1.33% | 1.41% |
|  Portfolio turnover rate | 32 | % | 32% | 197% | 265% | 28% | 24% | 19 | % | 23% | 18 | 14% | 36% | 5% | 0% |
|  Number of shares outstanding at end of period (000's) | 35155 |  | 37423 | 42909 | 3751 | 3676 | 3742 | 33648 |  | 35540 | 33370 | 35643 | 32675 | 34175 | 39701 |
|  Net assets at end of period (000's) | $464924 |  | $486821 | $563185 | $44233 | $51212 | $59532 | $700516 |  | $733505 | $829253 | $745440 | $719784 | $789118 | $799898 |

---

# Unaudited

@ Annualized

<sup>(a)</sup> Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. 

<sup>(b)</sup> Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

<sup>(c)</sup> Excludes, if any, expense reimbursements and expense reductions.

<sup>(d)</sup> The per share amounts are calculated using the average share method. 

<sup>(e)</sup> 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

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**APPROVAL OF ADVISORY AGREEMENTS *(unaudited)*** 

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**VALIC COMPANY I APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS** 

**November 30, 2022 (Unaudited)** 

At a meeting held on August 2-3, 2022, 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. ("AB"), Allspring Global Investments, LLC ("Allspring"), BlackRock Investment Management, LLC ("BlackRock"), Brandywine Global Investment Management, LLC ("Brandywine"), ClearBridge Investments, LLC ("ClearBridge"), Columbia Management Investment Advisers, LLC ("Columbia"), Delaware Investments Fund Advisers ("DIFA"), Franklin Advisers, Inc. ("Franklin"), Goldman Sachs Asset Management, L.P. ("GSAM"), Invesco Advisers, Inc. ("Invesco"), Invesco Asset Management Limited, 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"), 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 2-3, 2022 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 11, 2022.<sup>1</sup>

In addition, at the August 2-3, 2022 meeting, the Board approved a new investment advisory agreement between VC I and VALIC (the "New Advisory Agreements") in connection with American International Group, Inc.'s ("AIG") expected separation of its life and retirement business, including VALIC and SunAmerica, into a stand-alone entity, Corebridge Financial, Inc. ("Corebridge") (the "Transaction"). The Board noted that when AIG's stake in Corebridge goes below 25%, there would be a change in control event under the 1940 Act ("Change in Control Event"), which would result in the automatic termination of the Advisory Contracts. In order to ensure that the existing investment advisory and sub-advisory services can continue uninterrupted, the Board approved new investment subadvisory agreements between VALIC and the Sub-advisers (the "New Sub-Advisory Agreements" and together with the New Advisory Agreements, the "New Agreements") to go into effect at the time of the Change in Control Event. The Board noted that shareholders of each Fund would be asked to approve the New Advisory Agreements and shareholders of the SunAmerica Sub-Advised Funds will be asked to approve the New Sub-Advisory Agreements between VALIC and SunAmerica, but that shareholder approval of New Sub-Advisory Agreements with the current, unaffiliated sub-advisers to the Funds is not required due to the Funds' current exemptive order that permits VALIC, subject to the approval of the Board, but without the need for shareholder approval, to enter into and materially amend sub-advisory agreements with unaffiliated sub-advisers.

In connection with the approval of the Advisory Contracts and the New Agreements, the Board received materials relating to certain factors the Board considered in determining to renew such Advisory Contracts and New Agreements. 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 and New Agreements; (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.

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 and New Agreements. The matters discussed below were also considered separately by the Independent Directors in an executive session at a meeting held on July 11, 2022, and executive sessions held during the August 2022 meeting during which such independent counsel provided guidance to the Independent Directors. Following the July 11, 2022 meeting, the Independent Directors submitted questions and requests for additional information to management and considered management's responses thereto at the August 2022 meeting. The continuation of all Advisory Contracts was approved at the August 2022 meeting for a one-year term beginning September 1, 2022 and ending August 31, 2023. The New Agreements were approved at the August 2022 meeting for an initial two-year term beginning at the time of the Change in Control Event.

<u>Annual Renewal of the Advisory Contracts</u>

*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,

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<sup>1</sup> On March 25, 2020 and June 19, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued exemptive orders (the "Orders") pursuant to Sections 6(c) and 38(a) of the 1940 Act, that temporarily exempt registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Orders are ratified at the next in-person meeting. The Board of VC I determined that reliance on the Orders was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the August 2-3, 2022 meeting was held telephonically in reliance on the Orders. 

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**APPROVAL OF ADVISORY AGREEMENTS *(unaudited) — (continued)*** 

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policies and restrictions set forth in VC I's prospectuses and statements 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.

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.

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.

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.

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.

*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.

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.

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, 2021.

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, 2022, and that benchmark information provided by management was through the period ended May 31, 2022. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Aggressive Growth Lifestyle Fund (PineBridge Investments ("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 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 took into account management's discussion of the Fund's expenses, including a proposal to implement a new fee waiver at this meeting.

The Fund underperformed the Lipper peer index and median of its Performance Group/Universe for the one-year period and outperformed for the three- and five-year periods. The Fund underperformed its blended benchmark for the one- and five-year periods and outperformed for the three-year period. The Board also noted that, at this Board meeting, management will be proposing that JPMIM take over sub-advisory duties, replacing PineBridge as the Fund's sub-adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Asset Allocation Fund (J.P. Morgan Investment Management ("JPMIM")).* The Fund's actual management fees were at the median of the Expense Group and below the median of the Expense Universe. The
Fund's total net expenses were at 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 below 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 Fund outperformed the Lipper peer index and median of its Performance Universe for the one-, three- and five-year periods. The Fund outperformed the median of the Performance Group for the one- and three-year periods and underperformed for the five-year period. The Fund outperformed its blended benchmark for the one-year period and underperformed 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.

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**APPROVAL OF ADVISORY AGREEMENTS *(unaudited) — (continued)*** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Blue Chip Growth Fund (T. Rowe Price Associates, Inc. (" T. Rowe ")).* 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 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 a reduction in the sub-advisory fee in
2021 and a corresponding advisory fee waiver.

The Fund underperformed the Lipper peer index and 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 and that management is considering taking potential actions with respect to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Capital Appreciation Fund (Columbia Management Investment Advisers, LLC ("Columbia")).* The Fund's actual management fee, total net expenses and actual sub-advisory fees were below the medians of its Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable.

The Fund outperformed its Lipper peer index and 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 three-year periods and underperformed for the five-year period. The Fund outperformed its benchmark for the one-year period and underperformed for the three- and five-year periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Conservative Growth Lifestyle Fund (PineBridge)*. 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 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 a proposal to implement a new fee waiver at this meeting.

The Fund underperformed the Lipper peer index and 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-year period, outperformed for the three-year period and performed equal to the median for the five-year period. The Fund underperformed its blended benchmark for the one-year period and outperformed for the three- and five-year periods. The Board also noted that, at this Board meeting, management will be proposing that JPMIM take over sub-advisory duties, replacing PineBridge as the Fund's sub-adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Core Bond Fund (PineBridge).* The Fund's actual management fee was equal to the median of its Expense Group and above the median of its Expense Universe. The Fund's total net expenses were equal to the
median of its Expense Group and above the median of its Expense Universe. The Fund's actual sub-advisory fees were above the median of the Sub-advisory Expense
Group and equal to the median of its Sub-advisory Expense Universe. The Board took into account management's discussion of the Fund's expenses.

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 outperformed its benchmark for the one-, three- and five-year periods. The Board took into account management's discussion of the Fund's performance, including the fact that the Fund was involved in a reorganization last year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Dividend Value Fund (BlackRock Investment Management, LLC ("BlackRock")/ClearBridge Investments, LLC ("ClearBridge")).* The Fund's actual management fee was above the median of its Expense
Group and below the median of its Expense 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 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 Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. 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. The Board also noted that ClearBridge had assumed sub-advisory duties on a sleeve of the Fund effective July 7, 2021, and as a result, the Fund's performance prior to that date reflects that of the prior sub-adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *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 its Expense Group and above the median of its Expense Universe. The Fund's actual sub-advisory fees were equal to 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. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2023.

The Fund outperformed 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 blended benchmark for the one-, three- and five-year periods. The Board took into account management's discussion of the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Emerging Economies Fund (JPMIM).* 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.

The Fund underperformed its Lipper peer index for the one- and five-year periods and outperformed for the three-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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Global Real Estate Fund (Goldman Sachs Asset Management, L.P. ("GSAM")/Invesco Advisers, Inc ("Invesco")./Invesco Asset Management Limited ("Invesco Ltd")).* The Fund's actual management fees were equal to the median of the Expense Group and above the median of the Expense Universe. The Fund's total net
expenses were below

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**APPROVAL OF ADVISORY AGREEMENTS *(unaudited) — (continued)*** 

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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 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-year period and outperformed for the three- and five-year periods. The Board took into account management's discussion of the Fund's performance and that management is considering taking potential actions with respect to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Global Strategy Fund (Franklin Advisers, Inc. ("Franklin")/Brandywine Global Investment Management, LLC ("Brandywine")).* 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 equal to 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 a reduction in the sub-advisory fee in 2021 and a corresponding advisory fee waiver.

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 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 Brandywine was added as a sub-subadviser to a sleeve of the Fund effective December 7, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Government Securities Fund (JPMIM).* The Fund's actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board took into account management's discussion of
the Fund's expenses. The Board also noted the limited size of the Sub-advisory Expense Universe.

The Fund underperformed the median of its Performance Group/Universe for the one- and five-year periods and performed equal to the median for the three-year period. The Fund outperformed its benchmark for the one-, three- and five-year periods. Lipper peer index was not available for the Fund. The Board took into account management's discussion of the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Growth Fund (BlackRock/SunAmerica).* 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.

The Fund underperformed its Lipper peer index for the one- and five-year periods and outperformed for the three-year period. The Fund performed equal to the median of its Performance Group for the one-year period, outperformed for the three-year period and underperformed for the five-year period. The Fund underperformed the median of the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *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, 2023.

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 median of the Performance Group for the one-, three- and five-year periods. The Fund underperformed the median of the Performance Universe for the one-year period and outperformed for the three- and five-year periods. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Inflation Protected Fund (Wellington).* 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 equal to the median of its 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 to reduce the Fund's expenses through fee waivers.

The Fund outperformed its Lipper peer index and 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 five-year periods and underperformed for the three-year period. The Board took into account management's discussion of the Fund's performance. The Board also noted 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *International Equities Index Fund (SunAmerica).* The Fund's actual management fees, actual sub-advisory fees and total net expenses 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 Fund underperformed its Lipper peer index for the one- and five-year periods and outperformed for the three-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-year period, performed equal to the median for the three-year period and outperformed for the five-year period. The Board took into account management's discussion of the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *International Government Bond Fund (PineBridge).* 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 below the median of the Sub-advisory Expense Group/Universe.

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 the median of its Performance Universe for the five-year period. The Fund outperformed its blended benchmark for the one-, three- and five-year periods. The Board took into account management's discussion of the Fund's performance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *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
median of the Expense Group and above 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.

The Fund underperformed its Lipper peer index and 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 for the three- and five-year periods. The Board took into account management's discussion of the Fund's performance. The Board noted that MSIM Co. had been added as the Fund's sub-subadviser effective April 30, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *International Opportunities Fund (Massachusetts Financial Services Company ("MFS") and Delaware Investments Fund Advisers ("DIFA")).* The Fund's actual management fees and total net
expenses were above the median of the Expense Group/Universe. The Fund's actual sub-advisory fees were equal to 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, 2023.

The Fund underperformed the medians of its Performance Group/Universe for the one- and three-year periods and outperformed for the five-year period. Lipper peer index was not available for the Fund. The Fund underperformed its benchmark for the one- and three-year periods and outperformed for the five-year period. The Board took into account management's discussion of the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *International Socially Responsible Fund (SunAmerica).* 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 below the medians of the Expense Group/Universe. The Fund's actual sub-advisory fees were below the medians of the Sub-advisory Expense Universe. The
Board took into account management's discussion of the Fund's expenses.

The Fund underperformed 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- and three-year periods and outperformed 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-year period and outperformed for the three- and five-year periods. The Board took into account management's discussion of the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *International Value Fund (Allspring Global Investments, LLC (" Allspring ")).* 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 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 actions to reduce the Fund's expenses through fee waivers.

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 the median of its Performance Universe for the one-, three- and five-year periods. Lipper peer index was not available for the Fund. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Large Capital Growth Fund (MFS).* The Fund's actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense
Group/Universe and the Sub-advisory Expense Group/Universe, as applicable. The Board took into account management's discussion of the Fund's expenses.

The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-year period and outperformed for the three- and five-year periods. The Fund outperformed its benchmark for the one- and five-year periods and underperformed for the three-year period. The Board took into account management's discussion of the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Mid Cap Index Fund (SunAmerica).* 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 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. Lipper peer index was not available for the Fund. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Mid Cap Strategic Growth Fund (Voya Investment Management Co. LLC (" Voya ") /Janus Henderson Investors U.S. LLC (" Janus ")).* 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. The Board took into account management's discussion of the Fund's expenses, including actions to reduce the Fund's expenses through fee waivers
implemented in January 2022.

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 outperformed 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 Voya had taken over sub-advisory duties for a portion of the Fund from a prior sub-adviser as of July 25, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Mid Cap Value Fund (Wellington / Boston Partners Global Investors, Inc. Boston Partners")).* The Fund's actual management fees were below the medians of the Expense Group/Universe. The total net expenses
were below the median of the Expense Group and equal to the median of the Expense Universe. The actual sub-advisory fees were above the medians of the Sub-advisory Expense Group/Universe.

The Fund underperformed its Lipper peer index and the median of its Performance Group for the one-year period and outperformed for the three- and five-year periods. The Fund underperformed the median of its Performance Universe for the one- and three-year periods and performed equal to the median 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Moderate Growth Lifestyle Fund (PineBridge)*. 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 above the medians of the Sub-advisory Expense Group/Universe. The Board took into account management's discussion of the Fund's expenses,
including a proposal to implement a fee waiver at this meeting.

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-year period and outperformed for the three- and five-year periods. The Board also noted that, at this Board meeting, management will be proposing that JPMIM take over sub-advisory duties, replacing PineBridge as the Fund's sub-adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Nasdaq-100 <sup>®</sup> Index Fund (SunAmerica)*. 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 management would be implementing a fee waiver at this meeting.

The Fund outperformed its 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 performed equal to the median for the three- and five-year periods. The Fund outperformed its benchmark for the one-year period and underperformed for the three- and five-year periods. The Board took into account management's discussion of the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Science & Technology Fund (T. Rowe/Voya/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 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.

The Fund underperformed its Lipper peer index and the median of its Performance Group for the one- and three-year periods and outperformed for the five-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-, three- and five-year periods. The Board took into account management's discussion of the Fund's performance, including the fact that the Fund was involved in a reorganization last year. The Board also 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Small Cap Growth Fund (JPMIM/T. Rowe).* 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 equal to 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.

The Fund underperformed its Lipper peer index for the one-year period and outperformed for the three- and five-year periods. The Fund underperformed 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 for the three- and five-year periods. The Board took into account management's discussion of the Fund's performance, including the fact that the Fund was involved in a reorganization last year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Small Cap Index Fund (SunAmerica).* 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. The Board also noted that management would be implementing a fee waiver at this meeting.

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 outperformed its benchmark for the one-, three- and five-year periods. The Board took into account management's discussion of the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Small Cap Special Values Fund (Allspring).* The Fund's actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense
Group/Universe and the Sub-advisory Expense Universe, as applicable. The Board took into account management's discussion of the Fund's expenses.

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 outperformed its benchmark for the one-, three- and five-year periods. The Board took into account management's discussion of the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Small Cap Value Fund (JPMIM).* 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 above the median of its Sub-advisory Expense Group and equal to the median of its Sub-advisory Expense
Universe. The Board took into account management's discussion of the Fund's expenses. The Board also noted that management would be extending the contractual limitation on total expenses through September 30, 2023.

The Fund outperformed its Lipper peer index for the one- and three-year periods and underperformed for the five-year period. The Fund performed equal to the median of its Performance Group for the one-year period and underperformed the median for the 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 outperformed its benchmark for the one-, three- and five-year periods. The Board took into account management's discussion of the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Stock Index Fund (SunAmerica).* 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 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. The Board also noted that management would be extending the contractual limitation on total expenses through September 30, 2023.

The Fund outperformed its 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-, three- and five-year periods. 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Systematic Core Fund (GSAM).* The Fund's actual management fees were above the medians of the Expense Group/Universe. The Fund's actual total 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 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 Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. 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. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Systematic Value Fund (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. T

The Fund outperformed its Lipper peer index and 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-year period and underperformed for the three- and five-year periods. The Board took into account management's discussion of the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *U.S. Socially Responsible Fund (SunAmerica).* 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.

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-, three- and five-year periods. The Board took into account management's discussion of the Fund's performance.

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.

*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.

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.

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.

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

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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.

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.

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.

*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.

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.

*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.

*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.

*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.

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.

<u>Approval of the New Agreements</u>

*Nature, Extent and Quality of Services*.

The Board considered the benefits to shareholders of retaining VALIC and the Sub-Advisers and approving the New Agreements, particularly in light of the nature, extent, and quality of the services that have been provided by VALIC and the Sub-Advisers. The Board considered the services provided by VALIC and the Sub-Advisers in rendering investment management services to the Funds. 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. The Board considered the quality of the portfolio management services which have benefited and should continue to benefit each Fund and its shareholders, the organizational depth and resources of VALIC and each Sub-Adviser including the background and experience of VALIC's and each Sub-Adviser's management personnel, and the expertise of VALIC's and each Sub-Adviser's portfolio management team, as well as the investment methodology used by VALIC and each Sub-Adviser.

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 continues to have the financial wherewithal to provide the services under the New 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.

With respect to the services provided by the Sub-Advisers, the Board considered information provided to the Board regarding the services provided by each Sub-Adviser, including information presented throughout the previous year and at this Meeting in connection with the annual review and approval of the Advisory Contracts ("2022 Contracts Review Meeting"). 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

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to VALIC and to officers and Directors of the Funds 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.

The Board reviewed VALIC's and SunAmerica's compliance program and personnel. The Board also considered the performance of certain portions of the business continuity plan which have been invoked in response to the COVID-19 pandemic. 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.

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.

*Fees and Expenses; Investment Performance*. The Board noted that it had received and reviewed total expense information, advisory fee information, and sub-advisory fee information at the 2022 Contracts Review Meeting. The Board also noted that it had received and reviewed information prepared by management and by an independent third-party provider of mutual fund data regarding each Fund's investment performance compared against its benchmark and performance group and performance universe at the 2022 Contracts Review Meeting. At the 2022 Contracts Review Meeting, the Board had concluded that each Fund's overall performance was satisfactory in light of the circumstances or was being appropriately addressed by management. The Board also 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. In this regard, the Board noted that the same personnel would be providing portfolio management services to each of the Funds.

*Cost of Services and Indirect Benefits/Profitability*. The Board noted that it had considered profitability to VALIC and the Sub-Advisers at the 2022 Contracts Review Meeting. At the 2022 Contract Review Meeting, 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, noting that VALIC's profitability was generally in the range of the profitability of companies contained in the report. The Board also considered that the New Agreements would not result in any changes to fees. The Board additionally considered that VALIC had represented to the Board that it will use its best efforts to ensure that VALIC and its affiliates do not take any action that imposes an "unfair burden" on the Funds as a result of the Transaction or as a result of any express or implied terms, conditions or understandings applicable to the Transaction, for so long as the requirements of Section 15(f) of the 1940 Act apply.

*Economies of Scale.* The Board noted that it had considered economies of scale at the 2022 Contracts Review Meeting. 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 allows the Funds to participate in any economies of scale.

*Terms of the Advisory Contracts*. The Board reviewed the terms of the New Agreements including the duties and responsibilities undertaken by the parties. 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 new 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 New Agreements and other terms contained therein. The Board additionally considered that the material terms of the Current Advisory Agreement are substantially similar to the material terms of the Proposed Agreement. The Board also considered that the material terms of the Current SunAmerica Sub-Advisory Agreement is substantially similar to the material terms of the New SunAmerica Sub-Advisory Agreement, and noted certain differences in the terms of such Agreements, which are described below under Proposal 3. The Board also considered that the material terms of the current sub-advisory agreements with the unaffiliated Sub-Advisers are substantially similar to the material of the new sub-advisory agreements with the unaffiliated Sub-Advisers. The Board concluded that the terms of each of the New Agreements were reasonable.

*Compliance*. The Board noted that it had reviewed VALIC's and the Sub-Advisers' compliance personnel and regulatory history, including information on whether they were currently involved in any regulatory actions or investigations in connection with the 2022 Contracts Review Meeting and had concluded that there was no information provided that would have a material adverse effect on their abilities to provide services to the Funds.

*Conclusions*. In reaching its decision to approve the New Agreements, the Board did not identify any single factor as being controlling, but based its recommendation on all 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 New Agreements.

Further, based upon its review of the New Agreements, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the New Agreements are reasonable, fair and in the best interests of each Fund and its respective shareholders, and (2) the fee rates payable under the New Agreements 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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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**APPROVAL OF ADVISORY AGREEMENTS *(unaudited) — (continued)*** 

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**VALIC COMPANY I MID CAP STRATEGIC GROWTH FUND AND SCIENCE & TECHNOLOGY FUND (THE "FUNDS")** 

**Approval of Sub-advisory Agreement** 

At a meeting held on July 11, 2022 (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 Voya Investment Management Co. LLC ("Voya") with respect to the Funds (the "Voya Sub-Advisory Agreement").<sup>1</sup>

In connection with the approval of the Voya Sub-Advisory Agreement, the Board, including the Independent Directors, received materials relating to certain factors the Board considered in determining whether to approve the Voya Sub-Advisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Funds by Voya; (2) the sub-advisory fees proposed to be charged in connection with Voya's management of the applicable Funds, compared to sub-advisory fee rates of a group of funds with similar investment objectives, as selected by an independent third-party provider of investment company data ("Subadvisory Expense Group/Universe"); (3) the investment performance of the Funds compared to the performance of comparable funds as selected by an independent third-party provider of investment company data ("Performance Group"), and against each Fund's benchmark ("Benchmark"), and the performance of comparable funds managed by Voya against the Benchmark, as applicable; (4) the costs of services and the benefits potentially to be derived by Voya; (5) whether each Fund will benefit from possible economies of scale from engaging Voya; (6) information regarding Voya's brokerage and trading practices and compliance and regulatory history; and (7) the terms of the proposed Voya Sub-Advisory Agreement. The Board noted that its consideration of much of the information provided in connection with the annual renewal of the prior sub-advisory agreement was applicable for its consideration of the Voya Sub-Advisory Agreement since the same portfolio management team would be responsible for the Voya sleeves of the Funds.

The Board noted that in accordance with Section 15(c) of the 1940 Act, Voya furnished the Board with extensive information at the meeting in connection with the consideration and approval of the Voya Sub-Advisory Agreement. The Independent Directors were separately represented by counsel that is independent of VALIC and Voya in connection with their consideration of approval of the Voya 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.

*Nature, Extent and Quality of Services*. The Board considered the nature, extent and quality of services to be provided to the Funds by Voya. The Board reviewed information provided by Voya relating to Voya's operations and personnel. The Board also took into account that the individuals at AllianzGI currently responsible for managing each Fund's portfolio will continue to manage the applicable Fund's portfolio following the change in sub-adviser to Voya. The Board also noted that Voya'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 each Fund's prospectus and statement of additional information. The Board also noted that each Fund's principal investment strategies and techniques were not expected to change in connection with the acquisition.

The Board considered information provided to them regarding the services to be provided by Voya. The Board noted that Voya will (i) determine the securities to be purchased or sold on behalf of the Funds; (ii) provide VALIC with records concerning its activities, which VALIC or the Funds are required to maintain; and (iii) render regular reports to VALIC and to officers and Directors of the Funds concerning its discharge of the foregoing responsibilities. The Board reviewed Voya's history and investment experience as well as information regarding the qualifications, background and responsibilities of Voya's investment and compliance personnel, as applicable, who would provide services to the Funds. The Board also took into account the financial condition of Voya. The Board also reviewed Voya's brokerage practices. The Board also considered Voya'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.

The Board concluded that the scope and quality of the services to be provided by Voya were expected to be satisfactory and that there was a reasonable basis to conclude that Voya would provide a high quality of investment services to the Funds.

*Fees and Expenses; Investment Performance*. The Board received and reviewed information regarding the fees proposed to be charged by Voya for sub-advisory services compared against the sub-advisory fees of the funds in the Fund's Subadvisory Expense Group/Universe. The Board noted that VALIC negotiated the sub-advisory fee with Voya at arm's length. The Board also noted that the sub-advisory fee rate to be payable to Voya pursuant to the Voya Sub-Advisory Agreement is identical to the sub-advisory fee rate payable to AllianzGI pursuant to the current sub-advisory agreement with AllianzGI with respect to each applicable Fund. 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 Fund, and that sub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. Therefore, the Board considered that the engagement of Voya will not result in any change to the management fee paid by the Funds to VALIC. The Board also considered expense information of comparable funds or accounts managed by Voya that have comparable investment objectives and strategies to the Funds.

The Board took into account management's discussion of the Funds' expenses. The Board noted that the Science & Technology Fund's actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and the Sub-advisory Expense Universe, as applicable. The Board also noted that the Mid Cap Strategic Growth Fund's actual management fees, total net expenses and actual sub-advisory fees were below the medians of the Expense Group/Universe and the Sub-advisory Expense Universe, as applicable. The Board also took account of management's discussion of the Funds' proposed sub-advisory fees and concluded in light of all factors considered that such fees were reasonable.

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<sup>1</sup> On March 25, 2020 and June 19, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued exemptive orders (the "Orders") pursuant to Sections 6(c) and 38(a) of the 1940 Act, that temporarily exempt registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Orders are ratified at the next in-person meeting. The Board of VC I determined that reliance on the Orders was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the July 11, 2022 meeting was held telephonically in reliance on the Orders. 

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**APPROVAL OF ADVISORY AGREEMENTS *(unaudited) — (continued)*** 

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The Board also received and reviewed information prepared in connection with the annual renewal of the sub-advisory agreement by an independent third-party provider of mutual fund data regarding each Fund's investment performance compared against the Performance Group (as of April 30, 2022) and Benchmark (as of February 28, 2022). The Board noted that Science & Technology Fund underperformed its Lipper peer index for the one- and three- year periods and outperformed for the five-year period; underperformed the median of its Performance Universe for the one-year period and outperformed for the three- and five-year periods; underperformed the median of its Performance Group for the one- and three-year periods and outperformed for the five-year period; and underperformed its benchmark for the one-, three- and five-year periods. The Board noted that the Mid Cap Strategic Growth Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods; and outperformed its benchmark for the one-, three- and five-year periods. The Board took into account management's prior discussion of each Fund's performance.

*Cost of Services and Indirect Benefits/Profitability*. The Board considered the cost of services and profits expected to be realized in connection with the Voya Sub-Advisory Agreement. The Board noted that the sub-advisory fee rate proposed to be paid pursuant to the Voya Sub-Advisory Agreement would not change as a result of the changes in sub-adviser and that, as a result, the approval of the Voya Sub-Advisory Agreement was not expected to have any impact on VALIC's profitability with respect to either Fund. The Board considered that the sub-advisory fee rates were negotiated with Voya at arm's length. In considering the anticipated profitability to Voya in connection with its relationship to the Funds, the Directors noted that the fees under the Voya Sub-Advisory Agreement will be paid by VALIC out of the advisory fees that VALIC will receive from the Funds.

In light 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 Voya from their relationship with the Funds was not material to their deliberations with respect to consideration of approval of the Voya Sub-Advisory Agreement.

*Economies of Scale.* For similar reasons as stated above with respect to Voya's anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in Voya's management of the Funds are not material factors to the approval of the Voya Sub-Advisory Agreement, although the Board noted that the Funds have breakpoints at the sub-advisory fee level.

*Terms of the Sub-Advisory Agreement*. The Board reviewed the terms of the Voya Sub-Advisory Agreement, including the duties and responsibilities to be undertaken. The Board noted that the terms of the Voya Sub-Advisory Agreement will not differ materially from the terms of the existing agreements with AllianzGI, except for the effective date and the term of each agreement. The Board concluded that the terms of the Voya Sub-Advisory Agreement were reasonable.

*Conclusions*. In reaching its decisions to approve the Voya 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 Voya possesses the capability and resources to perform the duties required under the Voya Sub-Advisory Agreement.

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**APPROVAL OF ADVISORY AGREEMENTS *(unaudited) — (continued)*** 

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**VALIC COMPANY I AGGRESSIVE GROWTH LIFESTYLE FUND, CONSERVATIVE GROWTH LIFESTYLE FUND AND MODERATE GROWTH LIFESTYLE FUND (THE "FUNDS")** 

**Approval of Sub-advisory Agreement** 

At a meeting held on August 2-3, 2022 (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 J.P. Morgan Investment Management Inc. ("JPMIM") with respect to the Funds (the "Sub-Advisory Agreement").<sup>1</sup>

In connection with the approval of the JPMIM Sub-advisory Agreement, the Board, including the Independent Directors, received materials relating to certain factors the Board considered in determining whether to approve the JPMIM Sub-advisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by JPMIM; (2) the key personnel of JPMIM who will provide services to the Fund; (3) JPMIM's compliance policies and procedures; (4) JPMIM's brokerage and soft dollar practices; and (5) information relating to any economies of scale and other benefits to be realized by JPMIM as a result of the JPMIM Sub-advisory Agreement.

In considering whether to approve the JPMIM Sub-advisory Agreement, the Board also took into account a presentation made at the Meeting by members of management as well as a presentation at the Meeting by representatives from JPMIM regarding the proposed strategy for the Funds. The Board noted that in accordance with Section 15(c) of the 1940 Act, JPMIM furnished the Board with extensive information in connection with the consideration of the JPMIM 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 JPMIM 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.

*Nature, Extent and Quality of Services*. The Board considered the nature, extent and quality of services to be provided to the Fund by JPMIM. The Board reviewed information provided by JPMIM relating to JPMIM's operations and personnel. The Board also noted that JPMIM's management of the Fund will be subject to the oversight of VALIC and the Board, and must be done in accordance with the investment objectives, policies and restrictions set forth in each Fund's prospectus and statement of additional information. The Board also discussed the changes to the Fund's principal investment strategies as a result of the change in sub-adviser.

The Board considered information provided to them regarding the services to be provided by JPMIM. The Board noted that JPMIM will determine the underlying portfolios to be purchased or sold on behalf of each Fund and will be responsible for providing VALIC with records concerning its activities, which VALIC or the Fund are required to maintain; and for rendering regular reports to VALIC and to officers and Directors of the Fund concerning its discharge of the foregoing responsibilities. The Board reviewed information regarding the qualifications, background and responsibilities of JPMIM's investment and compliance personnel who would provide services to the Fund. The Board also took into account the financial condition of JPMIM. The Board also reviewed JPMIM's brokerage practices. The Board also considered JPMIM'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 Fund.

The Board concluded that the scope and quality of the services to be provided by JPMIM were expected to be satisfactory and that there was a reasonable basis to conclude that JPMIM would provide a high quality of investment services to the Fund.

*Fees and Expenses; Investment Performance*. The Board received and reviewed information regarding the fees proposed to be charged by JPMIM for sub-advisory services compared against the sub-advisory fees of the funds in the Fund's Subadvisory Expense Group/Universe. The Board noted that VALIC negotiated the sub-advisory fee with JPMIM at arm's length. The Board also noted that the sub-advisory fee rate to be payable to JPMIM pursuant to the JPMIM Sub-Advisory Agreement is lower than the sub-advisory fee rate payable to PineBridge pursuant to the current sub-advisory agreement with PineBridge with respect to each applicable Fund and that VALIC is implementing an advisory fee waiver to pass all of those savings through to shareholders. 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 Fund, and that sub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. Therefore, the Board considered that the engagement of JPMIM will not result in any change to the management fee paid by the Funds to VALIC. The Board also considered that JPMIM does not manage any comparable funds or accounts that have comparable investment objectives and strategies to the Funds.

*Cost of Services and Indirect Benefits/Profitability*. The Board considered the cost of services and profits expected to be realized in connection with the JPMIM Sub-Advisory Agreement. The Board noted that the sub-advisory fee rate proposed to be paid pursuant to the JPMIM Sub-Advisory Agreement would be lower as a result of the changes in sub-adviser and that VALIC is implementing an advisory fee waiver to pass all of those savings through to shareholders so that the approval of the JPMIM Sub-Advisory Agreement was not expected to have any impact on VALIC's profitability with respect to either Fund. The Board considered that the sub-advisory fee rates were negotiated with JPMIM at arm's length. In considering the anticipated profitability to JPMIM in connection with its relationship to the Funds, the Directors noted that the fees under the JPMIM Sub-Advisory Agreement will be paid by VALIC out of the advisory fees that VALIC will receive from the Funds.

In light 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 JPMIM from their relationship with the Funds was not material to their deliberations with respect to consideration of approval of the JPMIM Sub-Advisory Agreement.

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<sup>1</sup> On March 25, 2020 and June 19, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued exemptive orders (the "Orders") pursuant to Sections 6(c) and 38(a) of the 1940 Act, that temporarily exempt registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Orders are ratified at the next in-person meeting. The Board of VC I determined that reliance on the Orders was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the August 2-3, 2022 meeting was held telephonically in reliance on the Orders. 

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**APPROVAL OF ADVISORY AGREEMENTS *(unaudited) — (continued)*** 

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*Economies of Scale.* For similar reasons as stated above with respect to JPMIM's anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in JPMIM's management of the Fund is not a material factor to the approval of the JPMIM Sub-advisory Agreement.

*Terms of the Sub-Advisory Agreement*. The Board reviewed the terms of the JPMIM Sub-advisory Agreement, including the duties and responsibilities to be undertaken. The Board concluded that the terms of the JPMIM Sub-advisory Agreement were reasonable.

*Conclusions*. In reaching its decisions to approve the JPMIM 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 JPMIM possesses the capability and resources to perform the duties required under the JPMIM Sub-advisory Agreement.

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**APPROVAL OF ADVISORY AGREEMENTS *(unaudited) — (continued)*** 

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**VALIC COMPANY I INTERNATIONAL OPPORTUNITIES FUND (THE "FUND")** 

**Approval of Sub-subadvisory Agreement** 

At a meeting held on August 2-3, 2022 (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-subadvisory agreement between Delaware Investments Fund Advisers ("DFIA"), the Fund's sub-adviser, and Macquarie Funds Management Hong Kong ("MMHK") with respect to the Fund (the "Sub-Subadvisory Agreement").<sup>1</sup>

In connection with the approval of the Sub-Subadvisory Agreement, the Board, including the Independent Directors, received materials relating to certain factors the Board considered in determining whether to approve the Sub-Subadvisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by MMHK; (2) the key personnel of MMHK who will provide services to the Fund; (3) MMHK's compliance policies and procedures; (4) MMHK's brokerage and soft dollar practices; and (5) information relating to any economies of scale and other benefits to be realized by MMHK as a result of the Sub-Sub-Advisory Agreement.

In considering whether to approve the Sub-Subadvisory Agreement, the Board also took into account a presentation made at the Meeting by members of management and by Delaware. The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the Sub-Subadvisory 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.

*Nature, Extent and Quality of Services*. The Board considered the nature, extent and quality of services to be provided to the Fund by MMHK. The Board reviewed information provided by MMHK relating to MMHK's operations and personnel. The Board also noted that MMHK's management of the Fund will be subject to the oversight of DIFA, VALIC and the Board, and must be done in accordance with the investment objectives, policies and restrictions set forth in the Fund's prospectus and statement of additional information. The Board also noted that the Fund's principal investment strategies and techniques were not expected to change in connection with the appointment of MMHK. The Board also noted that DIFA will continue to serve as the Fund's sub-adviser and that DIFA's current portfolio managers would continue to have ultimate portfolio management discretion over the Fund.

The Board considered information provided to them regarding the services to be provided by MMHK. The Board noted that MMHK will provide certain support services in connection with DIFA's management of the Fund and that DIFA will continue to be responsible for providing VALIC with records concerning its activities, which VALIC or the Fund are required to maintain, and for rendering regular reports to VALIC and to officers and Directors of the Fund concerning its discharge of the foregoing responsibilities. The Board considered that the delegation of any of such duties to MMHK will in no way relieve DIFA of its duties under the sub-advisory agreement between DIFA and VALIC with respect to the Fund. The Board reviewed information regarding the qualifications, background and responsibilities of MMHK's personnel who would provide services to the Fund. The Board also took into account the financial condition of MMHK. The Board also reviewed MMHK's brokerage practices. The Board also considered MMHK's risk management processes and regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation that may affect its ability to service the Fund.

The Board concluded that the scope and quality of the services to be provided by MMHK were expected to be satisfactory and that there was a reasonable basis to conclude that MMHK would provide a high quality of investment services to the Fund.

*Fees and Expenses; Profitability*. The Board considered that DIFA is responsible for payment of the sub-sub-advisory fees and that the Sub-Subadvisory Agreement is not expected to have any impact on VALIC's profitability. The Board also noted that the fee to be payable by MMHK to DIFA under the Sub-Subadvisory Agreement is 0%.

*Economies of Scale*. For similar reasons as stated above with respect to MMHK's anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in MMHK's management of the Fund is not a material factor to the approval of the Sub-Subadvisory Agreement.

*Terms of the Sub-Subadvisory Agreement*. The Board reviewed the terms of the Sub-Subadvisory Agreement, including the duties and responsibilities to be undertaken. The Board concluded that the terms of the Sub-Subadvisory Agreement were reasonable.

*Conclusions*. In reaching its decisions to approve the Sub-Subadvisory 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 MMHK possesses the capability and resources to perform the duties required under the Sub-Subadvisory Agreement.

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<sup>1</sup> On March 25, 2020 and June 19, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued exemptive orders (the "Orders") pursuant to Sections 6(c) and 38(a) of the 1940 Act, that temporarily exempt registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Orders are ratified at the next in-person meeting. The Board of VC I determined that reliance on the Orders was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the August 2-3, 2022 meeting was held telephonically in reliance on the Orders. 

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**APPROVAL OF ADVISORY AGREEMENTS *(unaudited) — (continued)*** 

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**VALIC COMPANY I SCIENCE & TECHNOLOGY FUND (THE "FUND")** 

**Approval of Sub-advisory Agreement** 

At a meeting held on October 25-26, 2022 (the "Meeting"), the Board of Directors (the "Board") of VALIC Company I ("VC I"), including the Directors that are not interested persons of VC I, as such term is defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Directors"), approved a new investment sub-advisory agreement between Variable Annuity Life Insurance Company ("VALIC") and BlackRock Investment Management, LLC ("BlackRock"), with respect to the Fund (the "BlackRock Sub-advisory Agreement"). The Board also approved a sub-advisory agreement between VALIC and BlackRock to take effect upon any change in control of VALIC that occurs at a future date in connection with AIG's sale of Corebridge (together with the BlackRock Sub-advisory Agreement, the "BlackRock Sub-Advisory Agreements").<sup>1</sup>

In connection with the approval of the BlackRock Sub-advisory Agreements, the Board, including the Independent Directors, received materials relating to certain factors the Board considered in determining whether to approve the BlackRock Sub-advisory Agreements. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by BlackRock; (2) the key personnel of BlackRock who will provide services to the Fund; (3) BlackRock's compliance policies and procedures; (4) BlackRock's brokerage and soft dollar practices; and (5) information relating to any economies of scale and other benefits to be realized by BlackRock as a result of the BlackRock Sub-advisory Agreements.

In considering whether to approve the BlackRock Sub-advisory Agreements, the Board also took into account a presentation made at the Meeting by members of management as well as by representatives from BlackRock. The Board noted that in accordance with Section 15(c) of the 1940 Act, BlackRock furnished the Board with extensive information in connection with the consideration of the BlackRock Sub-advisory Agreements. The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the BlackRock Sub-advisory Agreements. 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.

*Nature, Extent and Quality of Services*. The Board considered the nature, extent and quality of services to be provided to the Fund by BlackRock. The Board reviewed information provided by BlackRock relating to BlackRock's operations and personnel. The Board also noted that BlackRock's management of the Fund will be subject to the oversight of VALIC and the Board, and must be done in accordance with the investment objectives, policies and restrictions set forth in the Fund's prospectus and statement of additional information.

The Board considered information provided to them regarding the services to be provided by BlackRock, including a presentation from BlackRock. The Board noted that BlackRock will determine the securities to be purchased or sold on behalf of the Fund and will be responsible for providing VALIC with records concerning its activities, which VALIC or the Fund are required to maintain; and for rendering regular reports to VALIC and to officers and Directors of the Fund concerning its discharge of the foregoing responsibilities. The Board reviewed information regarding the qualifications, background and responsibilities of BlackRock's investment and compliance personnel who would provide services to the Fund. The Board also took into account the financial condition of BlackRock. The Board also reviewed BlackRock's brokerage practices. The Board also considered BlackRock's risk management processes and regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation that may affect its ability to service the Fund.

The Board concluded that the scope and quality of the services to be provided by BlackRock were expected to be satisfactory and that there was a reasonable basis to conclude that BlackRock would provide a high quality of investment services to the Fund.

*Fees and Expenses; Investment Performance*. The Board received and reviewed information regarding the fees proposed to be charged by BlackRock for sub-advisory services compared against the sub-advisory fees of the funds in the Fund's Subadvisory Expense Group/Universe. The Board noted that VALIC negotiated the sub-advisory fee with BlackRock at arm's length. The Board also noted that the sub-advisory fee rate to be payable to BlackRock pursuant to the BlackRock Sub-Advisory Agreements is lower than the sub-advisory fee rate payable to T. Rowe Price pursuant to the current sub-advisory agreement with T. Rowe Price. The Board considered that the sub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Fund, that the sub-advisory fees are not paid by the Fund, and that sub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. Therefore, the Board considered that the engagement of BlackRock will not result in any change to the management fee paid by the Fund to VALIC. The Board also reviewed performance information provided by BlackRock related to their proprietary technology fund, although BlackRock stated that the strategy was not comparable to that for the Fund.

*Cost of Services and Indirect Benefits/Profitability*. The Board considered the cost of services and profits expected to be realized in connection with the BlackRock Sub-Advisory Agreements. The Board noted that the sub-advisory fee rate proposed to be paid pursuant to the BlackRock Sub-advisory Agreements would be lower as a result of the changes in sub-adviser and considered the impact of the sub-adviser change on VALIC's profitability. The Board considered that the sub-advisory fee rates were negotiated with BlackRock at arm's length. In considering the anticipated profitability to BlackRock in connection with its relationship to the Fund, the Directors noted that the fees under the BlackRock Sub-advisory Agreements will be paid by VALIC out of the advisory fees that VALIC will receive from the Fund.

In light of all the factors considered, the Directors determined that the anticipated profitability to VALIC was reasonable. The Board also concluded that the anticipated profitability of BlackRock from their relationship with the Fund was not material to their deliberations with respect to consideration of approval of the BlackRock Sub-advisory Agreements.

------

<sup>1</sup> On March 25, 2020 and June 19, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued exemptive orders (the "Orders") pursuant to Sections 6(c) and 38(a) of the 1940 Act, that temporarily exempt registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Orders are ratified at the next in-person meeting. The Board of VC I determined that reliance on the Orders was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the October 25-26, 2022 meeting was held telephonically in reliance on the Orders. 

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**APPROVAL OF ADVISORY AGREEMENTS *(unaudited) — (continued)*** 

------

*Economies of Scale.* For similar reasons as stated above with respect to BlackRock's anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in BlackRock's management of the Fund is not a material factor to the approval of the BlackRock Sub-advisory Agreements.

*Terms of the Sub-Advisory Agreement*. The Board reviewed the terms of the BlackRock Sub-advisory Agreements, including the duties and responsibilities to be undertaken. The Board concluded that the terms of the BlackRock Sub-advisory Agreements were reasonable.

*Conclusions*. In reaching its decisions to approve the BlackRock Sub-advisory Agreements, the Board did not identify any single factor as being controlling but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that BlackRock possesses the capability and resources to perform the duties required under the BlackRock Sub-advisory Agreements.

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**SUPPLEMENTS TO THE PROSPECTUS** 

------

Filed under Rules 497(e) and 497(k)

Registration No. 002-83631

**VALIC Company I** 

**Blue Chip Growth Fund** 

**(the "Fund")** 

**Supplement dated October 18, 2022, to the Fund's Summary Prospectus,** 

**Prospectus and Statement of Additional Information ("SAI"), each dated October 1, 2022,** 

**as supplemented and amended to date** 

At a Joint Special Meeting of Shareholders held on October 14, 2022, shareholders of the Fund approved the proposal to change the Fund's sub-classification under the Investment Company Act of 1940 from "diversified" to "non-diversified," as described in the Fund's Proxy Statement dated August 17, 2022.

Accordingly, effective November 1, 2022, the following changes are made to the Fund's Summary Prospectus, Prospectus and SAI:

The section of the Summary Prospectus entitled "**Principal Investment Strategies of the Fund**" and the subsection of the Prospectus entitled "**Fund Summary: Blue Chip Growth Fund – Principal Investment Strategies of the Fund**" are amended to add the following:

The Fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund.

The section of the Summary Prospectus entitled "**Principal Risks of Investing in the Fund**" and the subsection of the Prospectus entitled "**Fund Summary: Blue Chip Growth Fund – Principal Risks of Investing in the Fund**" are amended to add the following:

**Non-Diversification Risk.** Because the Fund may invest in a smaller number of issuers, its value may be affected to a greater extent by the performance of any one of those issuers or by any single economic, political, market or regulatory event affecting any one of those issues than a fund that invests in a larger number of issuers.

Appendix A to the Prospectus is amended by adding "Non-Diversification Risk" under the "Principal Risk Factors" column with respect to the Fund.

In the section of the SAI entitled "**General Information and History**," the last sentence of the first paragraph is deleted in its entirety and replaced with the following:

Each of the Funds, except the Blue Chip Growth Fund, Growth Fund, International Government Bond Fund, Nasdaq-100<sup>®</sup> Index Fund, and Science & Technology Fund, is "diversified" as the term is used in the 1940 Act.

**PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.** 

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**SUPPLEMENTS TO THE PROSPECTUS *— (continued)*** 

------

Filed under Rules 497(e) and Rule 497(k)

Registration No. 002-83631

**VALIC Company I** 

**Science & Technology Fund** 

**(the "Fund")** 

**Supplement dated October 27, 2022** 

**to the Fund's Summary Prospectus and Prospectus, each dated October 1, 2022,** 

**as supplemented and amended to date** 

Effective immediately, in the section of the Summary Prospectus entitled "Investment Adviser" and in the section of the Prospectus entitled "Fund Summary: Science & Technology Fund – Investment Adviser," in the table under the heading "Portfolio Managers," the information pertaining to Watler C. Price and Heachen Chen is deleted and the following is added:

---

| | | |
|:---|:---|:---|
| **Name and Title**<br>| **Portfolio Manager of<br>the Fund Since** | **Portfolio Manager of<br>the Fund Since** |
|  Erik Swords<br> Co-Lead Portfolio Manager and Managing Director |  | October 2022 |
|  Justin Sumner<br> Co-Lead Portfolio Manager and Senior Vice President |  | October 2022 |

---

In the section of the Prospectus entitled "Management," under the heading "Investment Subadvisers," the fifth, sixth and seventh paragraphs under Voya Investment Management Co. LLC ("Voya IM") are deleted and replaced with the following:

A portion of the assets of the *Science & Technology Fund* is managed by Erik Swords, Justin Sumner and Michael A. Seidenberg.

Mr. Swords is a head of global technology at Voya IM. Prior to joining Voya, he was a lead portfolio manager and managing director at Allianz Global Investors, where he led the U.S. global technology team. Prior to that, he worked at Newton Investment Management for 16 years, leading one of BNY Mellon's largest technology strategies, along with several other thematic portfolios focused on technology and related sectors. Previously, he worked as a research analyst covering the software sector at Pilgrim Baxter Associates, Exis Capital Management, and Credit Suisse First Boston Technology Group. Mr. Swords earned a BS in finance from Lehigh University.

Mr. Sumner is a senior portfolio manager, equity research analyst at Voya Investment Management. Prior to joining Voya, he was a senior portfolio manager and director at Allianz Global Investors, where he was a member of the U.S. global technology team. Prior to that, Mr. Sumner worked at Newton Investment Management for 15 years, developing, launching, and managing thematic investments focused on technology. Previously, he worked as an equity analyst covering technology and related sectors at several asset management shops, including Sentinel, AmSouth, and American Century. He earned a BS in economics from the University of Kansas. He is a CFA<sup>®</sup> Charterholder.

Capitalized terms used but not defined herein shall have the meanings assigned to them in the Summary Prospectus or Prospectus, as applicable.

**PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.** 

Filed under Rules 497(e) and 497(k)

Registration No. 002-83631

**VALIC COMPANY I** 

**Dynamic Allocation Fund** 

**(the "Fund")** 

**Supplement dated October 31, 2022, to the Fund's Summary Prospectus,** 

**Prospectus and Statement of Additional Information, each dated October 1, 2022,** 

**as supplemented and amended to date** 

At an in-person meeting held on October 25-26, 2022, the Board of Directors of VALIC Company I approved an amendment to the Investment Sub-Advisory Agreement (the "Amendment") between The Variable Annuity Life Insurance Company ("VALIC") and AllianceBernstein L.P. ("AllianceBernstein") with respect to the Fund. The Amendment increases the fees payable by VALIC to AllianceBernstein under the Investment Sub-Advisory Agreement, effective November 1, 2022. There is no change to the advisory fee charged to the Fund.

**PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.** 

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**SUPPLEMENTS TO THE PROSPECTUS *— (continued)*** 

------

Filed under Rule 497(k)

Registration No. 002-83631

**VALIC Company I** 

**Science & Technology Fund** 

**(the "Fund")** 

**Supplement dated November 1, 2022, to the Fund's Summary Prospectus,** 

**dated October 1, 2022, as supplemented and amended to date (the "Summary Prospectus")** 

T. Rowe Price Associates, Inc. ("T. Rowe") currently serves as one of three subadvisers to the Fund. At a meeting held on October 25-26, 2022, the Board of Directors (the "Board") of VALIC Company I approved the termination of T. Rowe as subadviser to the Fund and a new investment sub-advisory agreement between The Variable Annuity Life Insurance Company ("VALIC") and BlackRock Investment Management, LLC ("BlackRock") (the "New Subadvisory Agreement") with respect to the Fund. BlackRock will replace T. Rowe as one of the three subadvisers to the Fund. It is currently anticipated that the replacement will be effective on or about May 1, 2023 (the "Effective Date"). The level and scope of services to be rendered by BlackRock under the New Subadvisory Agreement will remain the same as those under the current investment sub-advisory agreement between VALIC and T. Rowe. The change of subadviser will not result in any modifications to the investment objective or principal investment strategies of the Fund; however, the portfolio management team for the Fund will change and the fees payable by VALIC to BlackRock under the New Subadvisory Agreement will be lower than those payable to T. Rowe.

The Board has the authority, pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission, to enter into subadvisory agreements without a shareholder vote under certain conditions. Shareholders of record as of the close of business on the Effective Date will receive a notice that explains how to access an Information Statement, which will include more information about the New Subadvisory Agreement.

On the Effective Date, the following changes are made to the Summary Prospectus:

In the section entitled "**Investment Adviser**," the second sentence is deleted in its entirety and replaced with the following:

The Fund is subadvised by BlackRock Investment Management, LLC ("BlackRock"), Voya Investment Management Co. LLC ("Voya IM") and Wellington Management Company LLP ("Wellington Management").

In the subsection entitled "**Investment Adviser – Portfolio Managers**," the information in the table solely relating to T. Rowe is deleted in its entirety and replaced with the following:

---

| | | |
|:---|:---|:---|
| **Name and Title**<br>| **Portfolio Manager of<br>the Fund Since** | **Portfolio Manager of<br>the Fund Since** |
|  *BlackRock*  |  |  |
|  Tony Kim, Managing Director |  | 2023 |
|  Caroline Tall, Managing Director |  | 2023 |
|  Reid Menge, Director |  | 2023 |

---

**PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.** 

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

**SUPPLEMENTS TO THE PROSPECTUS *— (continued)*** 

------

Filed under Rules 497(e) and Rule 497(k)

Registration No. 002-83631

**VALIC Company I** 

**Mid Cap Value Fund** 

**(the "Fund")** 

**Supplement dated December 15, 2022** 

**to the Fund's Summary Prospectus and Prospectus, each dated October 1, 2022,** 

**as supplemented and amended to date** 

Effective on January 1, 2023, in the section of the Summary Prospectus entitled "Investment Adviser" and in the section of the Prospectus entitled "Fund Summary: Mid Cap Value Fund – Investment Adviser," in the table under the heading "Portfolio Managers," the following information pertaining to Boston Partners is added:

---

| | | |
|:---|:---|:---|
| **Name and Title**<br>| **Portfolio Manager of<br>the Fund Since** | **Portfolio Manager of<br>the Fund Since** |
|  Timothy Collard<br> Assistant Portfolio Manager |  | January 2023 |

---

In the section of the Prospectus entitled "Management," under the heading "Investment Subadvisers – Mid Cap Value Fund," the second paragraph replaced with the following:

A portion of the Mid Cap Value Fund is managed by Steven L. Pollack, CFA, Timothy Collard and Joseph F. Feeney, Jr., CFA. Mr. Pollack is the portfolio manager for Boston Partners Mid Cap Value Equity product. He is in his twenty-first year with the firm, and he has thirty-seven years of investment experience. Mr. Collard is Assistant Portfolio Manager to Steve Pollack, in security selection, portfolio construction, and risk management. Mr. Collard is a 16-year veteran of the investment industry having joined Boston Partners as an analyst in 2018. Mr. Collard has distinguished himself in adoption and execution of Boston Partners' research process and has exhibited excellent analytical and communication skills. Mr. Feeney is Chief Executive Officer and Chief Investment Officer of Boston Partners. He is responsible for the firm's strategic, financial and operating decisions, and all aspects of investment management including the firm's fundamental and quantitative research group. Mr. Feeney joined the firm upon its inception in 1995. He has thirty-six years of investment experience.

Capitalized terms used but not defined herein shall have the meanings assigned to them in the Summary Prospectus or Prospectus, as applicable.

**PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.** 

Filed under Rules 497(e) and Rule 497(k)

Registration No. 002-83631

**VALIC Company I** 

**Global Real Estate Fund** 

**(the "Fund")** 

**Supplement dated December 19, 2022 to the Fund's Summary Prospectus,** 

**Prospectus and Statement of Additional Information ("SAI") each dated October 1, 2022,** 

**as supplemented and amended to date** 

Effective on December 31, 2022, Mark Blackburn, portfolio manager associated with Invesco, will no longer act as a portfolio manager of the Fund. Accordingly, references to Mr. Blackburn in the Fund's Summary Prospectus, Prospectus and SAI are hereby removed.

Capitalized terms used but not defined herein shall have the meanings assigned to them in the Summary Prospectus or Prospectus, as applicable.

**PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.** 

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

------

**PROXY VOTING RESULTS – SPECIAL MEETING OF THE SHAREHOLDERS** 

**VALIC Company I** 

**RESULTS OF SPECIAL SHAREHOLDER MEETINGS** *(unaudited)*

On October 14, 2022, a joint special meeting of shareholders (the "Special Meeting") of the each of the Funds (each, a "Fund") of VALIC Company I (the "Company"), was held to consider the proposals listed below. Each of the applicable proposals was approved and the results of the Special Meeting were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To elect ten (10) Directors to the Board of Directors (the "Board") of the Company (voted on by all
shareholders of the Funds of the Company, voting together):

---

| | | |
|:---|:---|:---|
| **Name of Director**<br>| **FOR** | **WITHHOLD** |
| (01) Thomas J. Brown | 2037182062.656 | 91060732.178 |
| (02) Dr. Judith L. Craven | 2037386033.572 | 90856761.263 |
| (03) Cheryl Creuzot | 2044275445.531 | 83967349.304 |
| (04) Yvonne M. Curl | 2041610164.144 | 86632630.691 |
| (05) Darlene T. DeRemer | 2043997712.971 | 84245081.863 |
| (06) Dr. Timothy J. Ebner | 2037105633.193 | 91137161.642 |
| (07) Eileen A. Kamerick | 2043079443.972 | 85163350.862 |
| (08) Dr. John E. Maupin, Jr. | 2036716903.111 | 91525891.724 |
| (09) Peter A. Harbeck | 2039409626.263 | 88833168.572 |
| (10) Eric S. Levy | 2041282163.252 | 86960631.582 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To approve a new investment advisory agreement between VALIC and the Company, on behalf of each of its Funds listed
below, and to approve any future investment advisory agreements between VALIC and the Company, each to take effect upon a Change of Control Event resulting from the Separation Plan. The material terms of the proposed investment advisory agreements
are substantially similar to the material terms of the current investment advisory agreement (With respect to each Fund, voted on by shareholders of the Fund, voting separately):

---

| | | | |
|:---|:---|:---|:---|
| **Name of Fund**<br>| **FOR** | **AGAINST** | **ABSTAIN** |
|  Aggressive Growth Lifestyle Fund | 56843887.836 | 3959309.308 | 2692516.381 |
|  Asset Allocation Fund | 12941139.740 | 446490.843 | 72129.086 |
|  Blue Chip Growth Fund | 37206109.640 | 2975636.462 | 1459331.368 |
|  Capital Appreciation Fund | 6668103.931 | 172095.741 | 70410.341 |
|  Conservative Growth Lifestyle Fund | 26153757.073 | 686863.099 | 1582838.977 |
|  Core Bond Fund | 272051148.595 | 3784073.903 | 8642235.092 |
|  Dividend Value Fund | 94423618.920 | 2183577.535 | 2718844.543 |
|  Dynamic Allocation Fund | 14639381.499 | 1215662.378 | 690280.376 |
|  Emerging Economies Fund | 79927233.567 | 8783109.335 | 1814464.710 |
|  Global Real Estate Fund | 68417303.484 | 1155673.803 | 2304890.300 |
|  Global Strategy Fund | 22902246.725 | 647872.730 | 1599338.938 |
|  Government Securities Fund | 18622032.284 | 656929.766 | 2726464.522 |
|  Growth Fund | 62671051.286 | 3178365.848 | 1300521.752 |
|  High Yield Bond Fund | 62399541.081 | 935183.940 | 1504778.135 |
|  Inflation Protected Fund | 74506259.467 | 980384.047 | 1820634.380 |
|  International Equities Index Fund | 203842484.070 | 12229619.140 | 5280391.901 |
|  International Government Bond Fund | 12396169.291 | 248750.226 | 366171.773 |
|  International Growth Fund | 28477322.608 | 4707442.965 | 1536086.417 |
|  International Opportunities Fund | 30678397.312 | 769933.379 | 712373.632 |
|  International Socially Responsible Fund | 12537158.947 | 743886.178 | 650877.888 |
|  International Value Fund | 56058534.499 | 2872411.037 | 1646110.461 |
|  Large Capital Growth Fund | 37652214.466 | 778982.437 | 990377.221 |
|  Mid Cap Index Fund | 108032452.913 | 4073276.672 | 5515849.261 |
|  Mid Cap Strategic Growth Fund | 33382464.850 | 5073727.697 | 479055.295 |
|  Mid Cap Value Fund | 38827765.941 | 1742009.257 | 1821299.341 |
|  Moderate Growth Lifestyle Fund | 66736023.429 | 2563773.958 | 4851950.870 |
|  Nasdaq-100<sup>®</sup> Index Fund | 32181587.942 | 2875568.883 | 1143947.125 |
|  Science & Technology Fund | 76414280.885 | 10104641.669 | 3639476.281 |
|  Small Cap Growth Fund | 26857430.962 | 5288250.098 | 922856.364 |
|  Small Cap Index Fund | 46656790.774 | 2637611.189 | 2442914.830 |
|  Small Cap Special Values Fund | 17236397.889 | 246091.790 | 503032.932 |
|  Small Cap Value Fund | 36478623.244 | 945736.391 | 1963341.534 |
|  Stock Index Fund | 92447131.684 | 7730612.443 | 6012663.342 |
|  Systematic Core Fund | 19332621.615 | 2964537.821 | 611704.388 |
|  Systematic Value Fund | 34666378.148 | 966447.074 | 429734.889 |
|  U.S. Socially Responsible Fund | 30806544.120 | 877150.106 | 1449620.328 |

---

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To approve a new investment sub-advisory agreement between VALIC and
SunAmerica with respect to each of the Dynamic Allocation Fund, Growth Fund, International Equities Index Fund, Internationally Socially Responsible Fund, Mid Cap Index Fund, Nasdaq-100 <sup>®</sup> Index Fund, Small Cap Index Fund, Stock Index Fund and U.S. Socially Responsible Fund (the "SunAmerica-Advised Funds"), and to approve any future investment sub-advisory agreements between VALIC and SunAmerica with respect to the SunAmerica-Advised Funds, each to take effect upon a Change of Control Event resulting from the Separation Plan (With respect to each
SunAmerica-Advised Fund, voted on by shareholders of the SunAmerica-Advised Fund, voting separately):

---

| | | | |
|:---|:---|:---|:---|
| **Name of Fund**<br>| **FOR** | **AGAINST** | **ABSTAIN** |
|  Dynamic Allocation Fund | 14508009.409 | 1251189.294 | 786125.551 |
|  Growth Fund | 62259496.852 | 2508515.422 | 2381926.612 |
|  International Equities Index Fund | 202925875.418 | 12110647.235 | 6315972.458 |
|  International Socially Responsible Fund | 12217825.259 | 994786.038 | 719311.716 |
|  Mid Cap Index Fund | 107828980.562 | 5823583.424 | 3969014.859 |
|  Nasdaq-100<sup>®</sup> Index Fund | 31801148.798 | 3481337.334 | 918617.818 |
|  Small Cap Index Fund | 46423203.869 | 3218561.752 | 2095551.172 |
|  Stock Index Fund | 91131186.550 | 8018447.862 | 7040773.057 |
|  U.S. Socially Responsible Fund | 30785269.874 | 914643.923 | 1433400.756 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To approve a "manager-of-managers" arrangement that would permit VALIC to enter into and materially amend sub-advisory agreements
with unaffiliated and affiliated sub-advisers on behalf of the Funds without obtaining shareholder approval (With respect to each Fund, voted on by shareholders of the Fund, voting separately):

---

| | | | |
|:---|:---|:---|:---|
| **Name of Fund**<br>| **FOR** | **AGAINST** | **ABSTAIN** |
|  Aggressive Growth Lifestyle Fund | 54681885.807 | 5799215.654 | 3014612.063 |
|  Asset Allocation Fund | 12537109.827 | 849480.506 | 73169.336 |
|  Blue Chip Growth Fund | 34688919.456 | 5708218.774 | 1243939.239 |
|  Capital Appreciation Fund | 6348101.944 | 233400.190 | 329107.879 |
|  Conservative Growth Lifestyle Fund | 25506038.151 | 1116024.825 | 1801396.173 |
|  Core Bond Fund | 265979039.277 | 8209342.880 | 10289075.433 |
|  Dividend Value Fund | 92450457.581 | 3834734.363 | 3040849.054 |
|  Dynamic Allocation Fund | 12911093.451 | 3070986.755 | 563244.047 |
|  Emerging Economies Fund | 78821035.484 | 9740338.012 | 1963434.116 |
|  Global Real Estate Fund | 67264030.954 | 2433495.518 | 2180341.114 |
|  Global Strategy Fund | 22385534.077 | 1996677.529 | 767246.787 |
|  Government Securities Fund | 18448674.211 | 858133.301 | 2698619.059 |
|  Growth Fund | 59775333.538 | 5295076.003 | 2079529.346 |
|  High Yield Bond Fund | 60494457.013 | 2666800.865 | 1678245.277 |
|  Inflation Protected Fund | 72639640.746 | 2013528.113 | 2654109.034 |
|  International Equities Index Fund | 198924075.896 | 16552125.228 | 5876293.986 |
|  International Government Bond Fund | 12151616.527 | 523608.173 | 335866.590 |
|  International Growth Fund | 28052392.415 | 5017951.292 | 1650508.282 |
|  International Opportunities Fund | 30194792.589 | 1236548.461 | 729363.274 |
|  International Socially Responsible Fund | 11847690.589 | 1405212.232 | 679020.192 |
|  International Value Fund | 54917807.141 | 3998760.044 | 1660488.812 |
|  Large Capital Growth Fund | 36342934.968 | 1952026.956 | 1126612.200 |
|  Mid Cap Index Fund | 105398111.631 | 8458217.540 | 3765249.675 |
|  Mid Cap Strategic Growth Fund | 32428290.963 | 5218776.159 | 1288180.719 |
|  Mid Cap Value Fund | 37678826.974 | 2678570.163 | 2033677.402 |
|  Moderate Growth Lifestyle Fund | 61361847.329 | 5542363.921 | 7247537.007 |
|  Nasdaq-100<sup>®</sup> Index Fund | 30857775.572 | 4202659.131 | 1140669.247 |
|  Science & Technology Fund | 73010019.233 | 14058681.883 | 3089697.720 |
|  Small Cap Growth Fund | 25570127.700 | 5771503.257 | 1726906.467 |
|  Small Cap Index Fund | 45094970.429 | 4706181.477 | 1936164.887 |
|  Small Cap Special Values Fund | 16312271.492 | 905829.075 | 767422.043 |
|  Small Cap Value Fund | 35827347.201 | 1552828.901 | 2007525.067 |
|  Stock Index Fund | 86252269.549 | 13783159.234 | 6154978.687 |
|  Systematic Core Fund | 19193961.198 | 3284866.981 | 430035.645 |
|  Systematic Value Fund | 33578001.754 | 2019659.636 | 464898.721 |
|  U.S. Socially Responsible Fund | 29464010.418 | 2011245.300 | 1658058.835 |

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. To approve the adoption, revision or elimination of the fundamental investment restrictions, as applicable, with
respect to each respective Fund, as follows: (With respect to each respective Fund, voted on by shareholders of the Fund, voting separately):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. To revise the fundamental investment restriction regarding borrowing money:

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| | | | |
|:---|:---|:---|:---|
| **Name of Fund**<br>| **FOR** | **AGAINST** | **ABSTAIN** |
|  Aggressive Growth Lifestyle Fund | 52930689.694 | 6436125.724 | 4128898.106 |
|  Asset Allocation Fund | 12202358.975 | 892448.559 | 364952.135 |
|  Blue Chip Growth Fund | 35267215.917 | 5107518.212 | 1266343.341 |
|  Capital Appreciation Fund | 6215347.234 | 332789.136 | 362473.642 |
|  Conservative Growth Lifestyle Fund | 25852356.727 | 635052.425 | 1936049.998 |
|  Core Bond Fund | 265001020.910 | 7289953.465 | 12186483.216 |
|  Dividend Value Fund | 91907952.112 | 3760102.464 | 3657986.422 |
|  Dynamic Allocation Fund | 13797181.296 | 1965912.693 | 782230.265 |
|  Emerging Economies Fund | 78334526.523 | 9727393.178 | 2462887.911 |
|  Global Real Estate Fund | 66841785.789 | 2256221.003 | 2779860.794 |
|  Global Strategy Fund | 22394577.650 | 1529321.805 | 1225558.939 |
|  Government Securities Fund | 18079820.547 | 1179591.061 | 2746014.963 |
|  Growth Fund | 59668057.858 | 5612130.661 | 1869750.368 |
|  High Yield Bond Fund | 61134860.835 | 1602131.920 | 2102510.400 |
|  Inflation Protected Fund | 72394076.746 | 1781976.073 | 3131225.074 |
|  International Equities Index Fund | 198983781.768 | 15311473.332 | 7057240.011 |
|  International Government Bond Fund | 12212471.692 | 385176.614 | 413442.985 |
|  International Growth Fund | 27721450.852 | 5076840.939 | 1922560.199 |
|  International Opportunities Fund | 30057857.035 | 1002744.572 | 1100102.718 |
|  International Socially Responsible Fund | 11635032.023 | 1417030.509 | 879860.481 |
|  International Value Fund | 54737029.484 | 3977642.901 | 1862383.612 |
|  Large Capital Growth Fund | 36566682.914 | 1782869.672 | 1072021.538 |
|  Mid Cap Index Fund | 105862259.284 | 8019357.357 | 3739962.205 |
|  Mid Cap Strategic Growth Fund | 32437036.233 | 5163308.664 | 1334902.944 |
|  Mid Cap Value Fund | 37459476.040 | 2762624.202 | 2168974.297 |
|  Moderate Growth Lifestyle Fund | 60598317.741 | 4505750.173 | 9047680.343 |
|  Nasdaq-100<sup>®</sup> Index Fund | 30909000.978 | 4413883.418 | 878219.553 |
|  Science & Technology Fund | 71414082.673 | 15716232.832 | 3028083.331 |
|  Small Cap Growth Fund | 25362645.214 | 5687844.717 | 2018047.493 |
|  Small Cap Index Fund | 45263808.707 | 4474393.464 | 1999114.621 |
|  Small Cap Special Values Fund | 16574634.919 | 500287.981 | 910599.710 |
|  Small Cap Value Fund | 35550863.736 | 1457865.673 | 2378971.760 |
|  Stock Index Fund | 85992186.371 | 13577937.333 | 6620283.765 |
|  Systematic Core Fund | 19341649.184 | 3083663.427 | 483551.213 |
|  Systematic Value Fund | 34019061.875 | 1491771.009 | 551727.226 |
|  U.S. Socially Responsible Fund | 30187100.121 | 1047831.113 | 1898383.319 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. To revise the fundamental investment restriction regarding underwriting:

---

| | | | |
|:---|:---|:---|:---|
| **Name of Fund**<br>| **FOR** | **AGAINST** | **ABSTAIN** |
|  Aggressive Growth Lifestyle Fund | 54004237.001 | 6172185.466 | 3319291.057 |
|  Asset Allocation Fund | 12178607.121 | 926270.110 | 354882.439 |
|  Blue Chip Growth Fund | 35884382.890 | 4390763.930 | 1365930.649 |
|  Capital Appreciation Fund | 6286921.886 | 294580.248 | 329107.879 |
|  Conservative Growth Lifestyle Fund | 26048727.456 | 372970.751 | 2001760.943 |
|  Core Bond Fund | 266049425.933 | 6492509.518 | 11935522.138 |
|  Dividend Value Fund | 92675133.087 | 3207717.546 | 3443190.365 |
|  Dynamic Allocation Fund | 13848314.702 | 1640821.773 | 1056187.778 |
|  Emerging Economies Fund | 78542969.978 | 9680352.642 | 2301484.992 |
|  Global Real Estate Fund | 67353054.609 | 2000794.090 | 2524018.887 |
|  Global Strategy Fund | 22369562.046 | 1520657.933 | 1259238.414 |
|  Government Securities Fund | 18223758.222 | 1095168.288 | 2686500.061 |
|  Growth Fund | 59937065.128 | 5481159.668 | 1731714.091 |
|  High Yield Bond Fund | 60756196.949 | 1812428.404 | 2270877.802 |
|  Inflation Protected Fund | 73111144.185 | 1391650.159 | 2804483.549 |

---

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

------

---

| | | | |
|:---|:---|:---|:---|
| **Name of Fund**<br>| **FOR** | **AGAINST** | **ABSTAIN** |
|  International Equities Index Fund | 199292638.153 | 14534698.573 | 7525158.385 |
|  International Government Bond Fund | 12227240.513 | 382821.088 | 401029.689 |
|  International Growth Fund | 27957346.987 | 5040517.589 | 1722987.414 |
|  International Opportunities Fund | 30319753.529 | 1042469.502 | 798481.293 |
|  International Socially Responsible Fund | 11850860.598 | 1127394.824 | 953667.590 |
|  International Value Fund | 54298474.082 | 4004887.578 | 2273694.337 |
|  Large Capital Growth Fund | 36740691.538 | 1525677.609 | 1155204.977 |
|  Mid Cap Index Fund | 106570044.059 | 6632850.152 | 4418684.634 |
|  Mid Cap Strategic Growth Fund | 32501166.529 | 5598570.262 | 835511.050 |
|  Mid Cap Value Fund | 37665328.352 | 2686924.049 | 2038822.137 |
|  Moderate Growth Lifestyle Fund | 60322196.931 | 5029395.087 | 8800156.238 |
|  Nasdaq-100<sup>®</sup> Index Fund | 31368338.081 | 4001017.711 | 831748.158 |
|  Science & Technology Fund | 72076982.787 | 14360214.966 | 3721201.083 |
|  Small Cap Growth Fund | 25546566.536 | 5568784.874 | 1953186.015 |
|  Small Cap Index Fund | 45771233.671 | 3942812.023 | 2023271.098 |
|  Small Cap Special Values Fund | 16809786.452 | 592898.882 | 582837.276 |
|  Small Cap Value Fund | 35866658.075 | 1268614.668 | 2252428.425 |
|  Stock Index Fund | 87255834.865 | 11919223.842 | 7015348.762 |
|  Systematic Core Fund | 19383926.085 | 2944368.911 | 580568.828 |
|  Systematic Value Fund | 34214916.842 | 1405084.314 | 442558.954 |
|  U.S. Socially Responsible Fund | 30321194.261 | 948207.402 | 1863912.890 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. To revise the fundamental investment restriction regarding lending:

---

| | | | |
|:---|:---|:---|:---|
| **Name of Fund**<br>| **FOR** | **AGAINST** | **ABSTAIN** |
|  Aggressive Growth Lifestyle Fund | 53791047.281 | 5788100.305 | 3916565.937 |
|  Asset Allocation Fund | 12178607.121 | 916200.414 | 364952.135 |
|  Blue Chip Growth Fund | 35459325.055 | 4921234.480 | 1260517.934 |
|  Capital Appreciation Fund | 6173127.252 | 375009.119 | 362473.642 |
|  Conservative Growth Lifestyle Fund | 26076213.958 | 629557.894 | 1717687.297 |
|  Core Bond Fund | 265299367.839 | 6783898.069 | 12394191.682 |
|  Dividend Value Fund | 92287147.222 | 3390159.510 | 3648734.265 |
|  Dynamic Allocation Fund | 14600668.383 | 1301994.624 | 642661.246 |
|  Emerging Economies Fund | 78105258.911 | 10182043.565 | 2237505.136 |
|  Global Real Estate Fund | 66921918.123 | 2051296.442 | 2904653.022 |
|  Global Strategy Fund | 22202194.541 | 1464291.036 | 1482972.816 |
|  Government Securities Fund | 18227760.961 | 1070335.693 | 2707329.916 |
|  Growth Fund | 59869191.552 | 5721057.778 | 1559689.557 |
|  High Yield Bond Fund | 59928320.464 | 2505953.911 | 2405228.780 |
|  Inflation Protected Fund | 72567793.768 | 1693622.350 | 3045861.776 |
|  International Equities Index Fund | 198765367.504 | 15124976.799 | 7462150.807 |
|  International Government Bond Fund | 12188071.143 | 443887.902 | 379132.246 |
|  International Growth Fund | 27819628.012 | 5044406.468 | 1856817.510 |
|  International Opportunities Fund | 30313860.226 | 1056984.473 | 789859.624 |
|  International Socially Responsible Fund | 11765138.989 | 1211193.985 | 955590.040 |
|  International Value Fund | 54630277.231 | 4038520.943 | 1908257.823 |
|  Large Capital Growth Fund | 36621542.870 | 1776120.155 | 1023911.100 |
|  Mid Cap Index Fund | 105875026.845 | 7844737.243 | 3901814.758 |
|  Mid Cap Strategic Growth Fund | 32555330.962 | 5567538.750 | 812378.131 |
|  Mid Cap Value Fund | 37625284.105 | 2702729.814 | 2063060.619 |
|  Moderate Growth Lifestyle Fund | 63129360.405 | 4862741.885 | 6159645.967 |
|  Nasdaq-100<sup>®</sup> Index Fund | 31255816.605 | 4168773.318 | 776514.027 |
|  Science & Technology Fund | 74010032.549 | 13322397.249 | 2825969.037 |
|  Small Cap Growth Fund | 25530544.410 | 5605071.897 | 1932921.117 |
|  Small Cap Index Fund | 45307097.049 | 4472328.163 | 1957891.581 |
|  Small Cap Special Values Fund | 16613621.675 | 707833.794 | 664067.141 |
|  Small Cap Value Fund | 35765212.287 | 1322918.696 | 2299570.186 |
|  Stock Index Fund | 86098960.784 | 13277606.213 | 6813840.473 |
|  Systematic Core Fund | 19328236.459 | 3100017.824 | 480609.540 |
|  Systematic Value Fund | 34105874.336 | 1439564.403 | 517121.372 |
|  U.S. Socially Responsible Fund | 30028390.207 | 1328177.871 | 1776746.475 |

---

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. To revise the fundamental investment restriction regarding the issuance of senior securities:

---

| | | | |
|:---|:---|:---|:---|
| **Name of Fund**<br>| **FOR** | **AGAINST** | **ABSTAIN** |
|  Aggressive Growth Lifestyle Fund | 54063569.587 | 5844441.418 | 3587702.520 |
|  Asset Allocation Fund | 12099365.597 | 988969.193 | 371424.880 |
|  Blue Chip Growth Fund | 35883260.045 | 4427145.094 | 1330672.331 |
|  Capital Appreciation Fund | 6267380.298 | 300349.710 | 342880.005 |
|  Conservative Growth Lifestyle Fund | 26241447.671 | 336757.718 | 1845253.760 |
|  Core Bond Fund | 265549079.163 | 7749088.602 | 11179289.825 |
|  Dividend Value Fund | 92839842.395 | 3099296.089 | 3386902.514 |
|  Dynamic Allocation Fund | 14290414.100 | 981505.275 | 1273404.879 |
|  Emerging Economies Fund | 78615604.066 | 9400348.543 | 2508855.003 |
|  Global Real Estate Fund | 67469289.272 | 1789299.578 | 2619278.736 |
|  Global Strategy Fund | 22357342.119 | 1295932.184 | 1496184.090 |
|  Government Securities Fund | 18181343.309 | 1114574.860 | 2709508.401 |
|  Growth Fund | 59387177.775 | 5866176.848 | 1896584.263 |
|  High Yield Bond Fund | 60522596.496 | 2006112.286 | 2310794.373 |
|  Inflation Protected Fund | 73230580.018 | 1325599.712 | 2751098.163 |
|  International Equities Index Fund | 199413857.151 | 15015943.342 | 6922694.618 |
|  International Government Bond Fund | 12257422.909 | 349899.018 | 403769.363 |
|  International Growth Fund | 27661944.174 | 5089365.626 | 1969542.189 |
|  International Opportunities Fund | 30426302.906 | 944541.793 | 789859.624 |
|  International Socially Responsible Fund | 11850929.623 | 1130925.064 | 950068.326 |
|  International Value Fund | 54573077.863 | 3989976.887 | 2014001.247 |
|  Large Capital Growth Fund | 36959705.951 | 1218062.682 | 1243805.491 |
|  Mid Cap Index Fund | 105941908.981 | 6967858.968 | 4711810.897 |
|  Mid Cap Strategic Growth Fund | 32564814.673 | 5572742.762 | 797690.407 |
|  Mid Cap Value Fund | 37748694.519 | 2614828.273 | 2027551.746 |
|  Moderate Growth Lifestyle Fund | 62067766.493 | 5038996.246 | 7044985.518 |
|  Nasdaq-100<sup>®</sup> Index Fund | 31215614.823 | 4183887.582 | 801601.545 |
|  Science & Technology Fund | 73558858.542 | 12386109.085 | 4213431.209 |
|  Small Cap Growth Fund | 26406373.676 | 5460554.665 | 1201609.083 |
|  Small Cap Index Fund | 45644753.947 | 4029006.962 | 2063555.883 |
|  Small Cap Special Values Fund | 16779441.542 | 623243.792 | 582837.276 |
|  Small Cap Value Fund | 36007113.085 | 1202886.837 | 2177701.247 |
|  Stock Index Fund | 86368181.675 | 12700926.115 | 7121299.680 |
|  Systematic Core Fund | 19034234.869 | 3411346.557 | 463282.398 |
|  Systematic Value Fund | 34356970.436 | 1295512.176 | 410077.499 |
|  U.S. Socially Responsible Fund | 30422864.667 | 838042.892 | 1872406.994 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. To revise the fundamental investment restriction regarding investing in real estate:

---

| | | | |
|:---|:---|:---|:---|
| **Name of Fund**<br>| **FOR** | **AGAINST** | **ABSTAIN** |
|  Aggressive Growth Lifestyle Fund | 54580263.525 | 5801380.646 | 3114069.353 |
|  Asset Allocation Fund | 12176920.435 | 917887.099 | 364952.135 |
|  Blue Chip Growth Fund | 36385439.886 | 3648652.965 | 1606984.618 |
|  Capital Appreciation Fund | 6212712.707 | 368789.427 | 329107.879 |
|  Conservative Growth Lifestyle Fund | 25814796.238 | 542266.929 | 2066395.982 |
|  Core Bond Fund | 264891421.317 | 7629247.149 | 11956789.124 |
|  Dividend Value Fund | 92500678.144 | 3485038.053 | 3340324.800 |
|  Dynamic Allocation Fund | 14215681.146 | 1216241.353 | 1113401.755 |
|  Emerging Economies Fund | 78627603.246 | 9602205.056 | 2294999.310 |
|  Global Real Estate Fund | 67090481.569 | 2215012.849 | 2572373.168 |
|  Global Strategy Fund | 22538525.775 | 1369408.760 | 1241523.858 |
|  Government Securities Fund | 18158475.708 | 1133289.547 | 2713661.317 |
|  Growth Fund | 60079121.248 | 5592668.347 | 1478149.291 |
|  High Yield Bond Fund | 60904100.588 | 1457316.771 | 2478085.796 |
|  Inflation Protected Fund | 72696699.998 | 1879499.317 | 2731078.579 |
|  International Equities Index Fund | 198905603.399 | 15627074.585 | 6819817.126 |
|  International Government Bond Fund | 12318372.938 | 294094.390 | 398623.962 |

---

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

------

---

| | | | |
|:---|:---|:---|:---|
| **Name of Fund**<br>| **FOR** | **AGAINST** | **ABSTAIN** |
|  International Growth Fund | 27963957.318 | 5065336.004 | 1691558.668 |
|  International Opportunities Fund | 30437872.996 | 798738.447 | 924092.881 |
|  International Socially Responsible Fund | 11778274.242 | 1212824.207 | 940824.565 |
|  International Value Fund | 54802530.427 | 3954206.239 | 1820319.330 |
|  Large Capital Growth Fund | 36535143.905 | 1939329.261 | 947100.958 |
|  Mid Cap Index Fund | 106437789.239 | 6779541.045 | 4404248.561 |
|  Mid Cap Strategic Growth Fund | 32507675.155 | 5744224.114 | 683348.573 |
|  Mid Cap Value Fund | 37745476.573 | 2585889.618 | 2059708.347 |
|  Moderate Growth Lifestyle Fund | 62525567.555 | 5535509.347 | 6090671.355 |
|  Nasdaq-100<sup>®</sup> Index Fund | 31679152.808 | 3807126.613 | 714824.528 |
|  Science & Technology Fund | 72147182.213 | 15202161.211 | 2809055.412 |
|  Small Cap Growth Fund | 26588616.220 | 5285145.961 | 1194775.243 |
|  Small Cap Index Fund | 45098419.146 | 4548661.866 | 2090235.781 |
|  Small Cap Special Values Fund | 16423710.174 | 967971.365 | 593841.071 |
|  Small Cap Value Fund | 36054058.968 | 969662.059 | 2363980.142 |
|  Stock Index Fund | 87718375.003 | 11893923.598 | 6578108.868 |
|  Systematic Core Fund | 19325343.386 | 3128577.301 | 454943.136 |
|  Systematic Value Fund | 34308915.791 | 1363115.790 | 390528.530 |
|  U.S. Socially Responsible Fund | 30214564.108 | 1081914.149 | 1836836.297 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. To revise the fundamental investment restriction regarding investing in commodities:

---

| | | | |
|:---|:---|:---|:---|
| **Name of Fund**<br>| **FOR** | **AGAINST** | **ABSTAIN** |
|  Aggressive Growth Lifestyle Fund | 54079648.611 | 6073306.167 | 3342758.746 |
|  Asset Allocation Fund | 12134940.932 | 943324.162 | 381494.576 |
|  Blue Chip Growth Fund | 36446395.983 | 3921864.445 | 1272817.041 |
|  Capital Appreciation Fund | 6252575.509 | 328926.625 | 329107.879 |
|  Conservative Growth Lifestyle Fund | 25586130.764 | 666452.328 | 2170876.058 |
|  Core Bond Fund | 266782511.630 | 6453276.388 | 11241669.571 |
|  Dividend Value Fund | 92956193.602 | 3059697.314 | 3310150.081 |
|  Dynamic Allocation Fund | 13680955.229 | 1616746.048 | 1247622.976 |
|  Emerging Economies Fund | 78921319.946 | 9456774.952 | 2146712.714 |
|  Global Real Estate Fund | 67541757.714 | 1953789.166 | 2382320.706 |
|  Global Strategy Fund | 21936970.205 | 1963186.791 | 1249301.398 |
|  Government Securities Fund | 18262730.468 | 1009030.165 | 2733665.938 |
|  Growth Fund | 59660543.716 | 6075922.893 | 1413472.278 |
|  High Yield Bond Fund | 60571645.084 | 2066779.781 | 2201078.290 |
|  Inflation Protected Fund | 72787893.631 | 1609553.169 | 2909831.094 |
|  International Equities Index Fund | 200181258.533 | 14615725.285 | 6555511.293 |
|  International Government Bond Fund | 12217771.792 | 384829.452 | 408490.046 |
|  International Growth Fund | 27581006.098 | 5136346.795 | 2003499.096 |
|  International Opportunities Fund | 30536196.203 | 791658.199 | 832849.922 |
|  International Socially Responsible Fund | 11743859.790 | 1248365.190 | 939698.034 |
|  International Value Fund | 55108748.034 | 3594908.932 | 1873399.031 |
|  Large Capital Growth Fund | 36817299.079 | 1587233.682 | 1017041.363 |
|  Mid Cap Index Fund | 105155827.531 | 8223258.536 | 4242492.779 |
|  Mid Cap Strategic Growth Fund | 32399050.100 | 5415893.905 | 1120303.837 |
|  Mid Cap Value Fund | 37599788.152 | 2642879.959 | 2148406.428 |
|  Moderate Growth Lifestyle Fund | 63210610.190 | 4765995.591 | 6175142.476 |
|  Nasdaq-100<sup>®</sup> Index Fund | 31534154.441 | 3969310.089 | 697639.420 |
|  Science & Technology Fund | 71468360.259 | 15319950.870 | 3370087.707 |
|  Small Cap Growth Fund | 25944859.440 | 5930034.999 | 1193642.986 |
|  Small Cap Index Fund | 45179619.248 | 4562212.885 | 1995484.659 |
|  Small Cap Special Values Fund | 16871738.231 | 530947.103 | 582837.276 |
|  Small Cap Value Fund | 35915637.572 | 1247946.364 | 2224117.233 |
|  Stock Index Fund | 87313203.566 | 12244050.317 | 6633153.586 |
|  Systematic Core Fund | 19137576.181 | 3316345.270 | 454942.373 |
|  Systematic Value Fund | 34286309.826 | 1343516.186 | 432734.099 |
|  U.S. Socially Responsible Fund | 30395661.188 | 1018035.664 | 1719617.701 |

---

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. To revise or adopt, as applicable, a fundamental investment restriction regarding concentration:

---

| | | | |
|:---|:---|:---|:---|
| **Name of Fund**<br>| **FOR** | **AGAINST** | **ABSTAIN** |
|  Aggressive Growth Lifestyle Fund | 54338915.235 | 5543148.880 | 3613649.410 |
|  Asset Allocation Fund | 12499352.566 | 594350.555 | 366056.549 |
|  Blue Chip Growth Fund | 35525750.581 | 4284348.780 | 1830978.108 |
|  Capital Appreciation Fund | 6228333.293 | 353168.841 | 329107.879 |
|  Conservative Growth Lifestyle Fund | 25735075.059 | 260256.324 | 2428127.766 |
|  Core Bond Fund | 264907592.571 | 6015145.674 | 13554719.345 |
|  Dividend Value Fund | 92609353.276 | 2982483.004 | 3734204.718 |
|  Dynamic Allocation Fund | 14164249.176 | 1230559.010 | 1150516.068 |
|  Emerging Economies Fund | 78192531.655 | 9488212.842 | 2844063.116 |
|  Global Real Estate Fund | 66723320.410 | 1656050.432 | 3498496.744 |
|  Global Strategy Fund | 21628925.722 | 1997258.063 | 1523274.608 |
|  Government Securities Fund | 18163435.157 | 1134622.697 | 2707368.718 |
|  Growth Fund | 59852460.648 | 5688924.383 | 1608553.856 |
|  High Yield Bond Fund | 60090640.161 | 1814177.794 | 2934685.200 |
|  Inflation Protected Fund | 72574166.761 | 1487006.880 | 3246104.252 |
|  International Equities Index Fund | 198673992.980 | 14709214.431 | 7969287.699 |
|  International Government Bond Fund | 12205527.967 | 361220.476 | 444342.848 |
|  International Growth Fund | 27340741.802 | 4996179.035 | 2383931.153 |
|  International Opportunities Fund | 30292195.990 | 972815.851 | 895692.484 |
|  International Socially Responsible Fund | 11809634.320 | 1172007.233 | 950281.460 |
|  International Value Fund | 54174265.831 | 3846278.644 | 2556511.522 |
|  Large Capital Growth Fund | 36490768.215 | 1705932.185 | 1224873.724 |
|  Mid Cap Index Fund | 104283818.915 | 7813458.528 | 5524301.403 |
|  Mid Cap Strategic Growth Fund | 32179119.914 | 5346829.591 | 1409298.337 |
|  Mid Cap Value Fund | 37387595.751 | 2644788.621 | 2358690.166 |
|  Moderate Growth Lifestyle Fund | 61327434.753 | 5295061.170 | 7529252.334 |
|  Nasdaq-100<sup>®</sup> Index Fund | 30743303.719 | 4032353.620 | 1425446.610 |
|  Science & Technology Fund | 72961075.532 | 12818005.822 | 4379317.482 |
|  Small Cap Growth Fund | 25000282.594 | 6052604.015 | 2015650.816 |
|  Small Cap Index Fund | 45005570.179 | 4223075.941 | 2508670.673 |
|  Small Cap Special Values Fund | 16502306.707 | 763233.982 | 719981.922 |
|  Small Cap Value Fund | 35677492.709 | 1267932.067 | 2442276.393 |
|  Stock Index Fund | 86201022.005 | 11723534.577 | 8265850.887 |
|  Systematic Core Fund | 19046035.766 | 3281517.824 | 581310.234 |
|  Systematic Value Fund | 34231364.198 | 1276779.962 | 554415.951 |
|  U.S. Socially Responsible Fund | 30390107.471 | 979112.897 | 1764094.185 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. To eliminate the fundamental investment restriction regarding diversification (all Funds, other than the Growth
Fund, International Government Bond Fund, Nasdaq-100 <sup>®</sup> Index Fund and Science & Technology Fund):

---

| | | | |
|:---|:---|:---|:---|
| **Name of Fund**<br>| **FOR** | **AGAINST** | **ABSTAIN** |
|  Aggressive Growth Lifestyle Fund | 54725218.151 | 6146271.623 | 2624223.750 |
|  Asset Allocation Fund | 12230603.184 | 852652.636 | 376503.850 |
|  Blue Chip Growth Fund | 36009950.921 | 4391397.997 | 1239728.552 |
|  Capital Appreciation Fund | 6276957.149 | 304544.985 | 329107.879 |
|  Conservative Growth Lifestyle Fund | 25772742.839 | 655168.648 | 1995547.662 |
|  Core Bond Fund | 266093367.589 | 7655502.158 | 10728587.843 |
|  Dividend Value Fund | 92322605.790 | 3743698.123 | 3259737.085 |
|  Dynamic Allocation Fund | 13726284.426 | 1663175.963 | 1155863.865 |
|  Emerging Economies Fund | 78201002.937 | 10226657.637 | 2097147.039 |
|  Global Real Estate Fund | 66809663.918 | 2694985.233 | 2373218.435 |
|  Global Strategy Fund | 22054821.239 | 1762810.459 | 1331826.696 |
|  Government Securities Fund | 18361430.641 | 935284.031 | 2708711.899 |
|  High Yield Bond Fund | 59960606.744 | 2713156.947 | 2165739.464 |
|  Inflation Protected Fund | 72756728.050 | 1728526.492 | 2822023.352 |

---

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

------

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| | | | |
|:---|:---|:---|:---|
| **Name of Fund**<br>| **FOR** | **AGAINST** | **ABSTAIN** |
|  International Equities Index Fund | 198673261.427 | 16111275.941 | 6567957.741 |
|  International Growth Fund | 27653448.898 | 5148042.541 | 1919360.551 |
|  International Opportunities Fund | 30317287.216 | 1036316.838 | 807100.270 |
|  International Socially Responsible Fund | 11907287.753 | 1139549.070 | 885086.190 |
|  International Value Fund | 54910510.564 | 3728700.434 | 1937844.998 |
|  Large Capital Growth Fund | 36879843.357 | 1409730.756 | 1132000.012 |
|  Mid Cap Index Fund | 104308630.227 | 8035728.492 | 5277220.127 |
|  Mid Cap Strategic Growth Fund | 32508981.235 | 5108355.477 | 1317911.129 |
|  Mid Cap Value Fund | 37553570.331 | 3444148.434 | 1393355.774 |
|  Moderate Growth Lifestyle Fund | 61304308.193 | 5719335.132 | 7128104.932 |
|  Small Cap Growth Fund | 26050195.556 | 5813855.012 | 1204486.857 |
|  Small Cap Index Fund | 45347887.701 | 4372506.829 | 2016922.263 |
|  Small Cap Special Values Fund | 16710533.302 | 692086.925 | 582902.384 |
|  Small Cap Value Fund | 35398374.317 | 1872143.602 | 2117183.250 |
|  Stock Index Fund | 88196045.983 | 10410667.844 | 7583693.643 |
|  Systematic Core Fund | 19099648.981 | 3280961.381 | 528253.462 |
|  Systematic Value Fund | 34353522.632 | 1186459.490 | 522577.989 |
|  U.S. Socially Responsible Fund | 30329141.626 | 1093581.966 | 1710590.960 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. To approve a change to the Blue Chip Growth Fund's sub-classification under the 1940 Act from "diversified" to "non-diversified" (voted on by shareholders of the Blue Chip Growth Fund only):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name of Fund**<br>| **FOR** | **FOR** | **AGAINST** | **AGAINST** | **ABSTAIN** | **ABSTAIN** |
|  Blue Chip Growth Fund |  | 35265777.580 |  | 4600291.807 |  | 1775008.082 |

---

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##### [**Table of Contents**](#toc)
**VALIC Company I** 

------

**BOARD OF DIRECTORS** 

Thomas J. Brown

Judith L. Craven

Cheryl Creuzot

Yvonne M. Curl

Darlene DeRemer

Timothy J. Ebner

Peter A. Harbeck

Eileen Kamerick

Eric S. Levy

John E. Maupin, Jr.

**CUSTODIAN** 

State Street Bank and Trust Company

One Lincoln St.

Boston, Massachusetts 02111

**INVESTMENT ADVISER** 

The Variable Annuity

Life Insurance Company (VALIC)

2929 Allen Parkway

Houston, Texas 77019

**INVESTMENT SUB-ADVISERS** 

AllianceBernstein L.P.

501 Commerce Street

Nashville, TN 37203

Allspring Global Investments, LLC

525 Market St.

10th Floor

San Francisco, CA 94105

BlackRock Investment Management, LLC

1 University Square Dr.

Princeton, NJ 08540

Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, MA 02110

Boston Partners Global Investors, Inc. d/b/a Boston Partners

One Beacon Street

Boston, MA 02108

ClearBridge Investments, LLC

620 Eighth Avenue

New York, NY 10018

Delaware Investments Fund Advisers

610 Market Street

Philadelphia, PA 19106

Franklin Advisers, Inc.

One Franklin Parkway

San Mateo, CA 94403-1906

Goldman Sachs

Asset Management, L.P.

200 West Street

New York, NY 10282

Invesco Advisers, Inc.

1555 Peachtree St. NE

Atlanta, GA 30309

Janus Henderson Investors U.S. LLC

151 Detroit Street

Denver, CO 80206

J.P. Morgan Investment

Management Inc.

270 Park Avenue

New York, NY 10017

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, MA 02199

Morgan Stanley Investment Management, Inc.

522 Fifth Avenue, 5<sup>th</sup> Floor

New York, NY 10036

PineBridge Investments, LLC

Park Avenue Tower

65 E. 55th Street

New York, NY 10022

SunAmerica Asset Management, LLC

Harborside 5

185 Hudson Street, Suite 3300

Jersey City, NJ 07311

&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Associates, Inc.

100 East Pratt Street

Baltimore, MD 21202

Voya Investment Management Co. LLC

1633 Broadway

New York, NY 10019

Wellington Management Company LLP

280 Congress Street

Boston, MA 02210

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800

Houston, TX 77002

**TRANSFER AND SHAREHOLDER SERVICE AGENT** 

VALIC Retirement

Services Company (VRSCO)

2929 Allen Parkway

Houston, Texas 77019

**OFFICERS** 

John T. Genoy,

President and Principal Executive Officer

Mark R. Szycher,

Vice President and Senior Investment Officer

Gregory R. Kingston,

Treasurer and Principal Financial Officer

Kathleen D. Fuentes,

Vice President, Chief Legal Officer and Secretary

Kevin J. Adamson

Vice President

Gregory N. Bressler,

Vice President

Thomas M. Ward,

Vice President

Shawn Parry,

Vice President and Assistant Treasurer

Donna McManus,

Vice President and Assistant Treasurer

Christopher C. Joe,

Chief Compliance Officer

Matthew J. Hackethal,

Anti-Money Laundering

Compliance Officer

------

##### [**Table of Contents**](#toc)
**VALIC Company I** 

------

**DISCLOSURE OF QUARTERLY FUND HOLDINGS** 

The Series is required to file its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Series' Forms N-PORT are available on the U.S. Securities and Exchange Commission's website at http://www.sec.gov.

**VOTING PROXIES ON VALIC COMPANY I PORTFOLIO SECURITIES** 

A description of the policies and procedures that VC I uses to determine how to vote proxies related to securities held in the Fund's portfolios which is available in VC I's Statement of Additional Information, which may be obtained without charge upon request, by calling 1-800-448-2542. This information is also available from the EDGAR database on the U.S. Securities and Exchange Commission's website at http://www.sec.gov.

**PROXY VOTING RECORD ON VALIC COMPANY I PORTFOLIO SECURITIES** 

Information regarding how VC I voted proxies relating to securities held in the VC I Funds during the most recent twelve month period ended June 30 is available, once filed with the U.S. Securities and Exchange Commission, without charge, upon request, by calling 1-800-448-2542 or on the U.S. Securities and Exchange Commission's website at http://www.sec.gov.

This report is for the information of the shareholders and variable contract owners participating in VC I. It is authorized for distribution to other persons only when preceded or accompanied by an effective prospectus which contains information on how to purchase shares and other pertinent information.

If you would like further information about this material or products issued by VALIC or American General Life Insurance Company, please contact your financial professional.

The accompanying report has not been audited by independent accountants and accordingly no opinion has been expressed thereon.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Retirement Services**<br> corebridgefinancial.com/rs | ![LOGO](g406992g47u89.jpg) |

---

**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<sup>®</sup>** 

• It's easy to sign up for secure account document access

• Simply visit corebridgefinancal.com/rs today to get started

**Initiate account transactions including:** 

• Change current contribution/salary deferral amounts

• Change future contribution fund and asset allocations

• Rebalance current account to desired fund and asset-allocation mix

• Transfer money among investment options

• Request a one-time withdrawal

**Sign up today at corebridgefinancial.com/rs** 

• Register for online access

• Follow steps to create a security profile

**Please note:** Email delivery is not accessible to certain annuity contract owners.

We know privacy is important to you, so please be assured that your email address and other information you share with us is kept private and never sold. Review our Privacy Policy online for more information.

**Thank you for choosing Corebridge** 

We believe everyone deserves financial security. Every day, we work hard to make it possible for more people to take action in their financial lives—because action is the bridge from planning to outcomes, from today's financial needs to tomorrow's aspirations.

Annuities are issued by **The Variable Annuity Life Insurance Company**, Houston, TX. Variable annuities are distributed by AIG 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.

<sup>©</sup> Corebridge Financial, Inc. All rights reserved.

VC 23800 (12/2022) J1026108 EE

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| VALIC Company I<br> P.O. Box 3206<br> Houston, TX 77253-3206 | PRSRT STD <br> U.S. POSTAGE <br> **PAID** <br> LANCASTER, PA <br> PERMIT NO. 1246  |

---

VC 4873 (12/2022) J103179

------

##### [**Table of Contents**](#toc)
**Item 2.** **Code of Ethics.** <br>

Not applicable.

**Item 3.** **Audit Committee Financial Expert.** <br>

Not applicable.

**Item 4.** **Principal Accountant Fees and Services.** <br>

Not applicable.

------

##### [**Table of Contents**](#toc)
**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable.

**Item 6.** **Investments.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Included in Item 1 to the Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable.

**Item 8.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable.

**Item 9.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable.

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##### [**Table of Contents**](#toc)
**Item 10.** **Submission of Matters to a Vote of Security Holders.** <br>

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 10.

**Item 11.** **Controls and Procedures.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 President and Treasurer, of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as defined under Rule 30a-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 President and Treasurer, concluded that the registrant's
disclosure controls and procedures are effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 270.3a-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.

**Item 12.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable.

**Item 13.** **Exhibits.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

[(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.](d406992dex99cert.htm) <br>

(3) Not applicable.

(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications pursuant to Rule 30a-2 (b) under the Investment Company Act of 1940 (17 CFR 270.30a-2 (b)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.](d406992dex99906cert.htm)

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##### [**Table of Contents**](#toc)
**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 | VALIC Company I |
| By: | /s/ John T. Genoy |
|  | John T. Genoy |
|  | President |

---

Date: February 7, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ John T. Genoy |
|  | John T. Genoy |
|  | President |

---

Date: February 7, 2023

---

| | |
|:---|:---|
| By: | /s/ Gregory R. Kingston |
|  | Gregory R. Kingston |
|  | Treasurer |

---

Date: February 7, 2023

## Ex-99.Cert

**Exhibit 99.CERT** 

**CERTIFICATION PURSUANT TO SECTION 302** 

**OF THE SARBANES-OXLEY ACT** 

I, John T. Genoy, certify that:

1. I have reviewed this report on Form N-CSR of VALIC Company I;

2. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 6, 2023

---

| |
|:---|
| /s/ John T. Genoy |
| John T. Genoy |
| President |

---

------

**CERTIFICATION PURSUANT TO SECTION** 

**302 OF THE SARBANES-OXLEY ACT** 

I, Gregory R. Kingston, certify that:

1. I have reviewed this report on Form N-CSR of VALIC Company I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 6, 2023

---

| |
|:---|
| /s/ Gregory R. Kingston |
| Gregory R. Kingston |
| Treasurer |

---

## Exhibit 99.906

**EXHIBIT 99.906.CERT** 

**CERTIFICATIONS PURSUANT TO SECTION 906** 

**OF THE SARBANES-OXLEY ACT** 

John T. Genoy, President, and Gregory R. Kingston, Treasurer 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 6, 2023

---

| |
|:---|
| /s/ John T. Genoy |
| John T. Genoy |
| President |

---

---

| |
|:---|
| /s/ Gregory R. Kingston |
| Gregory R. Kingston |
| Treasurer |

---