VALIC Company I Semi-Annual Report, 1RYHPEHU SAVING : INVESTING : PLANNING VALIC Company I SEMI ANNUAL REPORT NOVEMBER 30, 2020 TABLE OF CONTENTS President’s Letter ............................................................................................. 1 Expense Example ............................................................................................. 2 Portfolio of Investments: Asset Allocation Fund ..................................................................................... 6 Blue Chip Growth Fund .................................................................................... 21 Capital Conservation Fund .................................................................................. 25 Core Equity Fund ........................................................................................ 41 Dividend Value Fund ...................................................................................... 44 Dynamic Allocation Fund ................................................................................... 48 Emerging Economies Fund ................................................................................. 51 Global Real Estate Fund .................................................................................... 54 Global Strategy Fund ...................................................................................... 58 Government Money Market I Fund ............................................................................ 71 Government Securities Fund ................................................................................ 73 Growth Fund ............................................................................................ 78 Health Sciences Fund ..................................................................................... 85 Inflation Protected Fund .................................................................................... 92 International Equities Index Fund ............................................................................. 103 International Government Bond Fund .......................................................................... 113 International Growth Fund .................................................................................. 121 International Socially Responsible Fund ........................................................................ 124 International Value Fund ................................................................................... 131 Large Cap Core Fund ..................................................................................... 134 Large Capital Growth Fund ................................................................................. 137 Mid Cap Index Fund ...................................................................................... 141 Mid Cap Strategic Growth Fund .............................................................................. 149 Nasdaq-100® Index Fund .................................................................................. 154 Science & Technology Fund ................................................................................ 158 Small Cap Aggressive Growth Fund ........................................................................... 164 Small Cap Fund ......................................................................................... 169 Small Cap Index Fund ..................................................................................... 185 Small Cap Special Values Fund .............................................................................. 209 Small-Mid Growth Fund ................................................................................... 213 Stock Index Fund ........................................................................................ 218 Systematic Core Fund ..................................................................................... 228 Systematic Value Fund .................................................................................... 240 Value Fund ............................................................................................. 244 Statements of Assets and Liabilities ............................................................................... 246 Statements of Operations ....................................................................................... 251 Statements of Changes in Net Assets .............................................................................. 256 Notes to Financial Statements .................................................................................... 265 Financial Highlights ........................................................................................... 291 Statement Regarding Liquidity Risk Management Program .............................................................. 308 Approval of Advisory Agreements ................................................................................. 309 Supplements to the Prospectus .................................................................................. 318 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, 2020. 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, 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 of Credit Union Guarantee * Not a Deposit * Not insured by any Federal Government Agency 1 VALIC Company I EXPENSE EXAMPLE — November 30, 2020 (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