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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/07/21 Valic Co. II N-CSRS 2/28/21 3:10M Donnelley … Solutions/FA → Aggressive Growth Lifestyle Fund ⇒ VAGLX → Capital Appreciation Fund ⇒ VCCAX → Conservative Growth Lifestyle Fund ⇒ VCGLX → Core Bond Fund ⇒ VCCBX → Government Money Market II Fund ⇒ VIIXX → High Yield Bond Fund ⇒ VCHYX → International Opportunities Fund ⇒ VISEX → Large Cap Value Fund ⇒ VACVX → Mid Cap Growth Fund ⇒ VAMGX → Mid Cap Value Fund ⇒ VMCVX → Moderate Growth Lifestyle Fund ⇒ VMGLX → Small Cap Growth Fund ⇒ VASMX → Small Cap Value Fund ⇒ VCSVX → Strategic Bond Fund ⇒ VCSBX → U.S. Socially Responsible Fund ⇒ VCSRX |
Document/Exhibit Description Pages Size
1: N-CSRS Semi-Annual Certified Shareholder Report by an HTML 7.34M
Investment Company
3: EX-99.906 CERT Certification -- §906 - SOA'02 HTML 6K
2: EX-99.CERT Certification -- §302 - SOA'02 HTML 18K
| N-CSRS |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08789
VALIC Company II
(Exact name of registrant as specified in charter)
2929 Allen Parkway, Houston, TX 77019
(Address of principal executive offices) (Zip code)
Senior Vice President
SunAmerica Asset Management, LLC
Harborside 5
185 Hudson Street, Suite 3300
(Name and address of agent for service)
Registrant’s telephone number, including area code: (201) 324-6414
Date of fiscal year end: August 31
Date of reporting period: February 28, 2021
Item 1. Reports to Stockholders
VALIC Company II
SEMI-ANNUAL REPORT FEBRUARY 28, 2021
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VALIC Company II
Dear Valued Investor:
We are pleased to provide you with the following Semi-Annual Report for VALIC Company II consisting of investment portfolio information and financial statements for the six-month period ended February 28, 2021. 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,
President VALIC Company II
Note: All performance figures quoted are for the VALIC Company II 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 59 1/2, 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 credit worthiness.
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 II
EXPENSE EXAMPLE — February 28, 2021 (unaudited)
Disclosure of Fund Expenses in Shareholder Reports
As a shareholder of a Fund in VALIC Company II (“VC II”), 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 September 1, 2020 and held until February 28, 2021. Shares of VC II 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 (“IRA”) offered by The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to VC II 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 documents for more details on the fees associated with your Variable Contract, Plan 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 February 28, 2021” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended February 28, 2021” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans and IRAs, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended February 28, 2021” 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 the 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 February 28, 2021” 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 February 28, 2021” 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 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.
| 2 |
VALIC Company II
EXPENSE EXAMPLE — February 28, 2021 (unaudited) — (continued)
| Actual |
Hypothetical |
|||||||||||||||||||||||||||
| Fund |
Beginning Account Value at September 1, 2020 |
Ending Account Value Using Actual Return at February 28, 2021 |
Expenses Paid During the Six Months Ended February 28, 2021 * |
Beginning Account Value at September 1, 2020 |
Ending Account Value Using a Hypothetical 5% Annual Return at February 28, 2021 |
Expenses Paid During the Six Months Ended February 28, 2021 * |
Annualized Expense Ratio |
|||||||||||||||||||||
| Aggressive Growth Lifestyle# |
$ | 1,000.00 | $ | 1,154.60 | $ | 0.53 | $ | 1,000.00 | $ | 1,024.30 | $ | 0.50 | 0.10 | % | ||||||||||||||
| Capital Appreciation# |
$ | 1,000.00 | $ | 1,091.30 | $ | 4.41 | $ | 1,000.00 | $ | 1,020.58 | $ | 4.26 | 0.85 | % | ||||||||||||||
| Conservative Growth Lifestyle# |
$ | 1,000.00 | $ | 1,082.86 | $ | 0.52 | $ | 1,000.00 | $ | 1,024.30 | $ | 0.50 | 0.10 | % | ||||||||||||||
| Core Bond# |
$ | 1,000.00 | $ | 1,000.84 | $ | 3.82 | $ | 1,000.00 | $ | 1,020.98 | $ | 3.86 | 0.77 | % | ||||||||||||||
| Government Money Market II# |
$ | 1,000.00 | $ | 1,000.05 | $ | 0.30 | $ | 1,000.00 | $ | 1,024.50 | $ | 0.30 | 0.06 | % | ||||||||||||||
| High Yield Bond# |
$ | 1,000.00 | $ | 1,054.89 | $ | 4.74 | $ | 1,000.00 | $ | 1,020.18 | $ | 4.66 | 0.93 | % | ||||||||||||||
| International Opportunities# |
$ | 1,000.00 | $ | 1,117.70 | $ | 6.30 | $ | 1,000.00 | $ | 1,018.84 | $ | 6.01 | 1.20 | % | ||||||||||||||
| Large Cap Value |
$ | 1,000.00 | $ | 1,255.55 | $ | 4.98 | $ | 1,000.00 | $ | 1,020.38 | $ | 4.46 | 0.89 | % | ||||||||||||||
| Mid Cap Growth# |
$ | 1,000.00 | $ | 1,266.12 | $ | 6.12 | $ | 1,000.00 | $ | 1,019.39 | $ | 5.46 | 1.09 | % | ||||||||||||||
| Mid Cap Value# |
$ | 1,000.00 | $ | 1,301.69 | $ | 5.99 | $ | 1,000.00 | $ | 1,019.59 | $ | 5.26 | 1.05 | % | ||||||||||||||
| Moderate Growth Lifestyle# |
$ | 1,000.00 | $ | 1,121.47 | $ | 0.53 | $ | 1,000.00 | $ | 1,024.30 | $ | 0.50 | 0.10 | % | ||||||||||||||
| Small Cap Growth# |
$ | 1,000.00 | $ | 1,327.97 | $ | 6.52 | $ | 1,000.00 | $ | 1,019.19 | $ | 5.66 | 1.13 | % | ||||||||||||||
| Small Cap Value# |
$ | 1,000.00 | $ | 1,478.44 | $ | 6.27 | $ | 1,000.00 | $ | 1,019.74 | $ | 5.11 | 1.02 | % | ||||||||||||||
| Strategic Bond |
$ | 1,000.00 | $ | 1,028.00 | $ | 4.37 | $ | 1,000.00 | $ | 1,020.48 | $ | 4.36 | 0.87 | % | ||||||||||||||
| U.S. Socially Responsible |
$ | 1,000.00 | $ | 1,116.21 | $ | 3.20 | $ | 1,000.00 | $ | 1,021.77 | $ | 3.06 | 0.61 | % | ||||||||||||||
| * | Expenses are equal to each Fund‘s annualized expense ratio multiplied by the average account value over the period, multiplied by 181 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 the expenses that apply to the Variable Contracts or your Plan/IRA document for details on the administration fees charged by your Plan sponsor. |
| # | During the stated period, the investment adviser waived a portion of or all fees and/or assumed a portion of or all expenses for the Fund. As a result, if these fees and/or 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 February 28, 2021” and the “Annualized Expense Ratio” would have been higher. |
| 3 |
VALIC Company II Aggressive Growth Lifestyle Fund
PORTFOLIO PROFILE — February 28, 2021 (unaudited)
Industry Allocation*
| Domestic Equity Investment Companies |
55.9 | % | ||
| International Equity Investment Companies |
25.5 | |||
| Domestic Fixed Income Investment Companies |
13.3 | |||
| Real Estate Investment Companies |
3.0 | |||
| International Fixed Income Investment Companies |
2.1 | |||
| Domestic Money Market Investment Companies |
0.2 | |||
| 100.0 | % | |||
| * | Calculated as a percentage of net assets |
| 4 |
VALIC Company II Aggressive Growth Lifestyle Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)
| Security Description | Shares | Value (Note 2) |
||||||
| AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0% |
| |||||||
| Domestic Equity Investment Companies — 55.9% |
| |||||||
| VALIC Co. I Blue Chip Growth Fund |
483 | $ | 12,710 | |||||
| VALIC Co. I Dividend Value Fund |
4,215,954 | 51,476,794 | ||||||
| VALIC Co. I Large Cap Core Fund |
872,821 | 13,135,959 | ||||||
| VALIC Co. I Large Capital Growth Fund |
633,936 | 13,464,800 | ||||||
| VALIC Co. I Mid Cap Index Fund |
762,578 | 22,595,193 | ||||||
| VALIC Co. I Mid Cap Strategic Growth Fund |
561,173 | 13,232,460 | ||||||
| VALIC Co. I Nasdaq-100® Index Fund |
107,703 | 2,664,572 | ||||||
| VALIC Co. I Science & Technology Fund |
480,845 | 21,161,975 | ||||||
| VALIC Co. I Small Cap Index Fund |
584,348 | 13,995,124 | ||||||
| VALIC Co. I Small Cap Special Values Fund |
836,449 | 11,099,679 | ||||||
| VALIC Co. I Stock Index Fund |
1,099,949 | 56,009,400 | ||||||
| VALIC Co. I Value Fund |
860,385 | 16,571,012 | ||||||
| VALIC Co. II Capital Appreciation Fund |
1,393,589 | 28,317,721 | ||||||
| VALIC Co. II Large Cap Value Fund |
1,863,803 | 43,240,241 | ||||||
| VALIC Co. II Mid Cap Growth Fund |
816,078 | 11,376,132 | ||||||
| VALIC Co. II Mid Cap Value Fund |
2,019,272 | 40,425,825 | ||||||
| VALIC Co. II Small Cap Growth Fund |
342,339 | 9,311,615 | ||||||
| VALIC Co. II Small Cap Value Fund |
1,146,243 | 16,116,182 | ||||||
| Total Domestic Equity Investment Companies |
||||||||
| (cost $308,538,715) |
384,207,394 | |||||||
| Domestic Fixed Income Investment Companies — 13.3% |
| |||||||
| VALIC Co. I Capital Conservation Fund |
436,873 | 4,617,744 | ||||||
| VALIC Co. I Government Securities Fund |
189,974 | 2,097,308 | ||||||
| VALIC Co. I Inflation Protected Fund |
2,827,898 | 33,708,543 | ||||||
| VALIC Co. II Core Bond Fund |
294,933 | 3,524,446 | ||||||
| VALIC Co. II High Yield Bond Fund |
1,877,588 | 14,795,396 | ||||||
| VALIC Co. II Strategic Bond Fund |
2,759,039 | 32,418,712 | ||||||
| Total Domestic Fixed Income Investment Companies |
||||||||
| (cost $85,689,942) |
91,162,149 | |||||||
| Domestic Money Market Investment Companies — 0.2% |
| |||||||
| VALIC Co. I Government Money Market I Fund(2) |
||||||||
| (cost $1,465,179) |
1,465,179 | 1,465,179 | ||||||
| Security Description | Shares | Value (Note 2) |
||||||
| International Equity Investment Companies — 25.5% |
| |||||||
| VALIC Co. I Emerging Economies Fund |
4,099,445 | $ | 43,659,086 | |||||
| VALIC Co. I International Equities Index Fund |
6,869,418 | 53,718,847 | ||||||
| VALIC Co. I International Growth Fund |
770,594 | 13,631,808 | ||||||
| VALIC Co. I International Value Fund |
2,500,117 | 26,201,226 | ||||||
| VALIC Co. II International Opportunities Fund |
1,629,358 | 37,752,231 | ||||||
| Total International Equity Investment Companies |
||||||||
| (cost $150,430,086) |
174,963,198 | |||||||
| International Fixed Income Investment Companies — 2.1% |
| |||||||
| VALIC Co. I International Government Bond Fund |
||||||||
| (cost $13,232,831) |
1,130,504 | 14,538,280 | ||||||
| Real Estate Investment Companies — 3.0% |
| |||||||
| VALIC Co. I Global Real Estate Fund |
||||||||
| (cost $20,386,691) |
2,616,719 | 20,750,585 | ||||||
| TOTAL INVESTMENTS |
||||||||
| (cost $579,743,444)(3) |
100.0 | % | 687,086,785 | |||||
| Liabilities in excess of other assets |
(0.00 | ) | (124,212 | ) | ||||
| NET ASSETS |
100.0 | % | $ | 686,962,573 | ||||
| # | The Aggressive Growth Lifestyle Fund invests in various VALIC Company I or VALIC Company II Funds, some of which are not presented in this report. Additional information on the underlying funds including such fund’s prospectuses and shareholder reports are available at our website, www.valic.com. |
| (1) | See Note 3. |
| (2) | The 7-day yield as of February 28, 2021 is 0.01%. |
| (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 February 28, 2021 (see Note 2):
| Level 1 - Unadjusted Quoted Prices |
Level 2 - Other Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total |
|||||||||||||
| ASSETS: |
||||||||||||||||
| Investments at Value:* |
||||||||||||||||
| Affiliated Registered Investment Companies |
$ | 687,086,785 | $ | — | $ | — | $ | 687,086,785 | ||||||||
| * | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
| 5 |
VALIC Company II Capital Appreciation Fund
PORTFOLIO PROFILE — February 28, 2021 (unaudited)
Industry Allocation*
| Applications Software |
10.4 | % | ||
| Computers |
7.8 | |||
| Electronic Components — Semiconductors |
6.8 | |||
| E-Commerce/Products |
6.1 | |||
| Web Portals/ISP |
5.9 | |||
| Medical — Drugs |
5.6 | |||
| Finance — Credit Card |
5.1 | |||
| Internet Content — Entertainment |
4.1 | |||
| Commercial Services — Finance |
3.4 | |||
| Electronic Forms |
2.8 | |||
| Diversified Manufacturing Operations |
2.5 | |||
| Medical — Biomedical/Gene |
2.4 | |||
| Retail — Discount |
2.2 | |||
| Cosmetics & Toiletries |
2.1 | |||
| Apparel Manufacturers |
2.0 | |||
| Chemicals — Diversified |
1.9 | |||
| Entertainment Software |
1.9 | |||
| Dental Supplies & Equipment |
1.8 | |||
| Computer Data Security |
1.8 | |||
| Retail — Building Products |
1.7 | |||
| Internet Infrastructure Software |
1.6 | |||
| Insurance — Multi-line |
1.5 | |||
| Banks — Super Regional |
1.5 | |||
| Electronic Components — Misc. |
1.2 | |||
| Distribution/Wholesale |
1.2 | |||
| Wireless Equipment |
1.2 | |||
| Office Automation & Equipment |
1.1 | |||
| Food — Confectionery |
1.1 | |||
| Commercial Services |
1.1 | |||
| Internet Security |
1.0 | |||
| Athletic Footwear |
1.0 | |||
| Real Estate Investment Trusts |
0.8 | |||
| Medical Instruments |
0.8 | |||
| Enterprise Software/Service |
0.8 | |||
| Therapeutics |
0.7 | |||
| Dialysis Centers |
0.6 | |||
| Athletic Equipment |
0.6 | |||
| Medical — Hospitals |
0.5 | |||
| Internet Application Software |
0.5 | |||
| Machinery — General Industrial |
0.5 | |||
| Telecom Equipment — Fiber Optics |
0.5 | |||
| Consulting Services |
0.5 | |||
| 98.6 | % | |||
| * | Calculated as a percentage of net assets |
| 6 |
VALIC Company II Capital Appreciation Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS — 98.6% |
| |||||||
| Apparel Manufacturers — 2.0% |
| |||||||
| Carter’s, Inc. |
9,823 | $ | 819,926 | |||||
| Deckers Outdoor Corp.† |
5,777 | 1,883,937 | ||||||
| 2,703,863 | ||||||||
| Applications Software — 10.4% |
| |||||||
| Intuit, Inc. |
2,641 | 1,030,360 | ||||||
| Microsoft Corp. |
42,854 | 9,958,413 | ||||||
| ServiceNow, Inc.† |
5,177 | 2,761,722 | ||||||
| 13,750,495 | ||||||||
| Athletic Equipment — 0.6% |
| |||||||
| YETI Holdings, Inc.† |
11,593 | 797,251 | ||||||
| Athletic Footwear — 1.0% |
| |||||||
| NIKE, Inc., Class B |
9,519 | 1,282,971 | ||||||
| Banks - Super Regional — 1.5% |
| |||||||
| US Bancorp |
38,419 | 1,920,950 | ||||||
| Chemicals - Diversified — 1.9% |
| |||||||
| Dow, Inc. |
30,873 | 1,831,078 | ||||||
| PPG Industries, Inc. |
4,939 | 665,876 | ||||||
| 2,496,954 | ||||||||
| Commercial Services — 1.1% |
| |||||||
| Quanta Services, Inc. |
16,560 | 1,388,556 | ||||||
| Commercial Services - Finance — 3.4% |
| |||||||
| PayPal Holdings, Inc.† |
13,677 | 3,553,969 | ||||||
| TransUnion |
10,839 | 912,752 | ||||||
| 4,466,721 | ||||||||
| Computer Data Security — 1.8% |
| |||||||
| Fortinet, Inc.† |
13,837 | 2,336,377 | ||||||
| Computers — 7.8% |
| |||||||
| Apple, Inc. |
84,320 | 10,224,643 | ||||||
| Consulting Services — 0.5% |
| |||||||
| Gartner, Inc.† |
3,349 | 599,605 | ||||||
| Cosmetics & Toiletries — 2.1% |
| |||||||
| Estee Lauder Cos., Inc., Class A |
4,547 | 1,299,806 | ||||||
| Procter & Gamble Co. |
11,521 | 1,423,189 | ||||||
| 2,722,995 | ||||||||
| Dental Supplies & Equipment — 1.8% |
| |||||||
| Align Technology, Inc.† |
4,187 | 2,374,490 | ||||||
| Dialysis Centers — 0.6% |
| |||||||
| DaVita, Inc.† |
8,021 | 819,185 | ||||||
| Distribution/Wholesale — 1.2% |
| |||||||
| WW Grainger, Inc. |
4,345 | 1,619,425 | ||||||
| Diversified Manufacturing Operations — 2.5% |
| |||||||
| 3M Co. |
13,538 | 2,369,962 | ||||||
| Carlisle Cos., Inc. |
6,577 | 955,309 | ||||||
| 3,325,271 | ||||||||
| E-Commerce/Products — 6.1% |
| |||||||
| Amazon.com, Inc.† |
2,113 | 6,535,361 | ||||||
| Etsy, Inc.† |
6,509 | 1,433,737 | ||||||
| 7,969,098 | ||||||||
| Electronic Components - Misc. — 1.2% |
| |||||||
| Sensata Technologies Holding PLC† |
28,821 | 1,651,155 | ||||||
| Security Description | Shares | Value (Note 2) |
||||||
| Electronic Components - Semiconductors — 6.8% |
| |||||||
| Broadcom, Inc. |
4,658 | $ | 2,188,654 | |||||
| IPG Photonics Corp.† |
5,220 | 1,186,767 | ||||||
| NVIDIA Corp. |
4,601 | 2,524,017 | ||||||
| Texas Instruments, Inc. |
17,777 | 3,062,444 | ||||||
| 8,961,882 | ||||||||
| Electronic Forms — 2.8% |
| |||||||
| Adobe, Inc.† |
8,094 | 3,720,569 | ||||||
| Enterprise Software/Service — 0.8% |
| |||||||
| Veeva Systems, Inc., Class A† |
3,627 | 1,015,959 | ||||||
| Entertainment Software — 1.9% |
| |||||||
| Electronic Arts, Inc. |
8,338 | 1,117,042 | ||||||
| Take - Two Interactive Software, Inc.† |
7,381 | 1,361,499 | ||||||
| 2,478,541 | ||||||||
| Finance - Credit Card — 5.1% |
| |||||||
| Mastercard, Inc., Class A |
13,480 | 4,769,898 | ||||||
| Visa, Inc., Class A |
8,902 | 1,890,696 | ||||||
| 6,660,594 | ||||||||
| Food - Confectionery — 1.1% |
| |||||||
| Hershey Co. |
9,729 | 1,417,029 | ||||||
| Insurance - Multi-line — 1.5% |
| |||||||
| Allstate Corp. |
19,012 | 2,026,679 | ||||||
| Internet Application Software — 0.5% |
| |||||||
| Okta, Inc.† |
2,585 | 675,848 | ||||||
| Internet Content - Entertainment — 4.1% |
| |||||||
| Facebook, Inc., Class A† |
20,852 | 5,371,892 | ||||||
| Internet Infrastructure Software — 1.6% |
| |||||||
| F5 Networks, Inc.† |
10,770 | 2,046,085 | ||||||
| Internet Security — 1.0% |
| |||||||
| Palo Alto Networks, Inc.† |
3,615 | 1,295,291 | ||||||
| Machinery - General Industrial — 0.5% |
| |||||||
| IDEX Corp. |
3,415 | 666,506 | ||||||
| Medical Instruments — 0.8% |
| |||||||
| Bio - Techne Corp. |
2,862 | 1,035,157 | ||||||
| Medical - Biomedical/Gene — 2.4% |
| |||||||
| Exelixis, Inc.† |
35,047 | 759,118 | ||||||
| Vertex Pharmaceuticals, Inc.† |
11,269 | 2,395,226 | ||||||
| 3,154,344 | ||||||||
| Medical - Drugs — 5.6% |
| |||||||
| Bristol - Myers Squibb Co. |
15,447 | 947,364 | ||||||
| Eli Lilly & Co. |
11,821 | 2,422,005 | ||||||
| Horizon Therapeutics PLC† |
19,271 | 1,751,927 | ||||||
| Jazz Pharmaceuticals PLC† |
5,638 | 947,409 | ||||||
| Merck & Co., Inc. |
17,510 | 1,271,576 | ||||||
| 7,340,281 | ||||||||
| Medical - Hospitals — 0.5% |
| |||||||
| Acadia Healthcare Co., Inc.† |
12,546 | 693,041 | ||||||
| Office Automation & Equipment — 1.1% |
| |||||||
| Zebra Technologies Corp., Class A† |
3,024 | 1,510,276 | ||||||
| Real Estate Investment Trusts — 0.8% |
| |||||||
| Lamar Advertising Co., Class A |
12,852 | 1,112,855 | ||||||
| Retail - Building Products — 1.7% |
| |||||||
| Lowe’s Cos., Inc. |
13,774 | 2,200,396 | ||||||
| 7 |
VALIC Company II Capital Appreciation Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS (continued) |
| |||||||
| Retail - Discount — 2.2% |
| |||||||
| Target Corp. |
9,581 | $ | 1,757,539 | |||||
| Walmart, Inc. |
9,055 | 1,176,425 | ||||||
| 2,933,964 | ||||||||
| Telecom Equipment - Fiber Optics — 0.5% |
| |||||||
| Ciena Corp.† |
12,387 | 646,230 | ||||||
| Therapeutics — 0.7% |
| |||||||
| Neurocrine Biosciences, Inc.† |
9,052 | 991,284 | ||||||
| Web Portals/ISP — 5.9% |
| |||||||
| Alphabet, Inc., Class A† |
866 | 1,750,974 | ||||||
| Alphabet, Inc., Class C† |
2,978 | 6,065,769 | ||||||
| 7,816,743 | ||||||||
| Security Description | Shares | Value (Note 2) |
||||||
| Wireless Equipment — 1.2% |
| |||||||
| Motorola Solutions, Inc. |
8,776 | $ | 1,540,012 | |||||
| TOTAL INVESTMENTS |
||||||||
| (cost $84,057,914)(1) |
98.6 | % | 129,761,463 | |||||
| Other assets less liabilities |
1.4 | 1,806,877 | ||||||
| NET ASSETS |
100.0 | % | $ | 131,568,340 | ||||
| † | Non-income producing security |
| (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 February 28, 2021 (see Note 2):
| Level 1 - Unadjusted Quoted Prices |
Level 2 - Other Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total |
|||||||||||||
| ASSETS: |
||||||||||||||||
| Investments at Value:* |
||||||||||||||||
| Common Stocks |
$ | 129,761,463 | $ | — | $ | — | $ | 129,761,463 | ||||||||
| * | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
| 8 |
VALIC Company II Conservative Growth Lifestyle Fund
PORTFOLIO PROFILE — February 28, 2021 (unaudited)
Industry Allocation*
| Domestic Fixed Income Investment Companies |
51.3 | % | ||
| Domestic Equity Investment Companies |
28.1 | |||
| International Equity Investment Companies |
13.0 | |||
| International Fixed Income Investment Companies |
4.6 | |||
| Real Estate Investment Companies |
2.4 | |||
| Domestic Money Market Investment Companies |
0.6 | |||
| 100.0 | % | |||
| * | Calculated as a percentage of net assets |
| 9 |
VALIC Company II Conservative Growth Lifestyle Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)
| Security Description | Shares | Value (Note 2) |
||||||
| AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0% |
| |||||||
| Domestic Equity Investment Companies — 28.1% |
| |||||||
| VALIC Co. I Dividend Value Fund |
1,425,203 | $ | 17,401,730 | |||||
| VALIC Co. I Large Cap Core Fund |
236,049 | 3,552,539 | ||||||
| VALIC Co. I Large Capital Growth Fund |
104,680 | 2,223,408 | ||||||
| VALIC Co. I Mid Cap Index Fund |
195,935 | 5,805,556 | ||||||
| VALIC Co. I Mid Cap Strategic Growth Fund |
122,263 | 2,882,967 | ||||||
| VALIC Co. I Nasdaq-100® Index Fund |
85,901 | 2,125,192 | ||||||
| VALIC Co. I Science & Technology Fund |
139,107 | 6,122,114 | ||||||
| VALIC Co. I Small Cap Index Fund |
101,379 | 2,428,017 | ||||||
| VALIC Co. I Small Cap Special Values Fund |
317,558 | 4,213,997 | ||||||
| VALIC Co. I Stock Index Fund |
179,179 | 9,123,782 | ||||||
| VALIC Co. I Value Fund |
202,307 | 3,896,432 | ||||||
| VALIC Co. II Capital Appreciation Fund |
374,493 | 7,609,705 | ||||||
| VALIC Co. II Large Cap Value Fund |
486,580 | 11,288,648 | ||||||
| VALIC Co. II Mid Cap Growth Fund |
263,945 | 3,679,389 | ||||||
| VALIC Co. II Mid Cap Value Fund |
646,190 | 12,936,717 | ||||||
| VALIC Co. II Small Cap Growth Fund |
89,592 | 2,436,898 | ||||||
| VALIC Co. II Small Cap Value Fund |
222,620 | 3,130,037 | ||||||
| Total Domestic Equity Investment Companies |
||||||||
| (cost $81,601,977) |
100,857,128 | |||||||
| Domestic Fixed Income Investment Companies — 51.3% |
| |||||||
| VALIC Co. I Capital Conservation Fund |
1,610,458 | 17,022,538 | ||||||
| VALIC Co. I Government Securities Fund |
724,977 | 8,003,751 | ||||||
| VALIC Co. I Inflation Protected Fund |
1,944,248 | 23,175,436 | ||||||
| VALIC Co. II Core Bond Fund |
5,260,339 | 62,861,052 | ||||||
| VALIC Co. II High Yield Bond Fund |
3,206,686 | 25,268,689 | ||||||
| VALIC Co. II Strategic Bond Fund |
4,097,080 | 48,140,696 | ||||||
| Total Domestic Fixed Income Investment Companies |
||||||||
| (cost $174,965,518) |
184,472,162 | |||||||
| Domestic Money Market Investment Companies — 0.6% |
| |||||||
| VALIC Co. I Government Money Market I Fund(2) |
||||||||
| (cost $2,131,989)……………………. |
2,131,989 | 2,131,989 | ||||||
| Security Description | Shares | Value (Note 2) |
||||||
| International Equity Investment Companies — 13.0% |
| |||||||
| VALIC Co. I Emerging Economies Fund |
1,003,495 | $ | 10,687,226 | |||||
| VALIC Co. I International Equities Index Fund |
1,915,746 | 14,981,137 | ||||||
| VALIC Co. I International Growth Fund |
122,826 | 2,172,788 | ||||||
| VALIC Co. I International Value Fund |
569,081 | 5,963,968 | ||||||
| VALIC Co. II International Opportunities Fund |
563,192 | 13,049,151 | ||||||
| Total International Equity Investment Companies |
||||||||
| (cost $39,973,257) |
46,854,270 | |||||||
| International Fixed Income Investment Companies — 4.6% |
| |||||||
| VALIC Co. I International Government Bond Fund |
||||||||
| (cost $15,085,782) |
1,287,658 | 16,559,277 | ||||||
| Real Estate Investment Companies — 2.4% |
| |||||||
| VALIC Co. I Global Real Estate Fund |
||||||||
| (cost $8,430,579) |
1,097,019 | 8,699,363 | ||||||
| TOTAL INVESTMENTS |
||||||||
| (cost $322,189,102)(3) |
100.0 | % | 359,574,189 | |||||
| Liabilities in excess of other assets |
(0.00 | ) | (80,436 | ) | ||||
| NET ASSETS |
100.0 | % | $ | 359,493,753 | ||||
| # | The Conservative Growth Lifestyle Fund invests in various VALIC Company I or VALIC Company II Funds, some of which are not presented in this report. Additional Information on the underlying funds including such funds’ prospectuses and shareholder reports is available at our website, www.valic.com. |
| (1) | See Note 3. |
| (2) | The 7-day yield as of February 28, 2021 is 0.01%. |
| (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 February 28, 2021 (see Note 2):
| Level 1 - Unadjusted Quoted Prices |
Level 2 - Other Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total |
|||||||||||||
| ASSETS: |
||||||||||||||||
| Investments at Value:* |
||||||||||||||||
| Affiliated Registered Investment Companies |
$ | 359,574,189 | $ | — | $ | — | $ | 359,574,189 | ||||||||
| * | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
| 10 |
VALIC Company II Core Bond Fund
PORTFOLIO PROFILE — February 28, 2021 (unaudited)
Industry Allocation*
| Federal National Mtg. Assoc. |
20.0 | % | ||
| Registered Investment Companies |
13.6 | |||
| Federal Home Loan Mtg. Corp. |
8.4 | |||
| Government National Mtg. Assoc. |
5.6 | |||
| Uniform Mtg. Backed Securities |
5.4 | |||
| Diversified Banking Institutions |
5.1 | |||
| Sovereign |
3.6 | |||
| United States Treasury Bonds |
3.6 | |||
| Diversified Financial Services |
3.5 | |||
| Banks — Commercial |
2.8 | |||
| Electric — Integrated |
2.3 | |||
| Pipelines |
2.2 | |||
| United States Treasury Notes |
2.1 | |||
| Real Estate Investment Trusts |
1.5 | |||
| Oil Companies — Exploration & Production |
1.3 | |||
| Telephone — Integrated |
1.3 | |||
| Oil Companies — Integrated |
1.2 | |||
| Insurance — Life/Health |
1.0 | |||
| Cable/Satellite TV |
0.8 | |||
| Auto — Cars/Light Trucks |
0.7 | |||
| SupraNational Banks |
0.7 | |||
| Paper & Related Products |
0.6 | |||
| Finance — Consumer Loans |
0.6 | |||
| Medical — Drugs |
0.5 | |||
| Banks — Super Regional |
0.5 | |||
| Computers |
0.5 | |||
| Cellular Telecom |
0.5 | |||
| Electric — Distribution |
0.4 | |||
| Electric — Generation |
0.4 | |||
| Food — Wholesale/Distribution |
0.4 | |||
| Television |
0.4 | |||
| Computer Services |
0.4 | |||
| Medical — Biomedical/Gene |
0.4 | |||
| Food — Misc./Diversified |
0.4 | |||
| Medical — Hospitals |
0.4 | |||
| Machinery — Farming |
0.4 | |||
| Banks — Special Purpose |
0.4 | |||
| Diversified Minerals |
0.3 | |||
| Federal Home Loan Bank |
0.3 | |||
| Chemicals — Specialty |
0.3 | |||
| Brewery |
0.3 | |||
| Finance — Credit Card |
0.3 | |||
| Oil — Field Services |
0.3 | |||
| Cruise Lines |
0.3 | |||
| Pharmacy Services |
0.3 | |||
| Retail — Restaurants |
0.3 | |||
| Containers — Paper/Plastic |
0.3 | |||
| Hotels/Motels |
0.3 | |||
| Savings & Loans/Thrifts |
0.3 | |||
| Satellite Telecom |
0.3 | |||
| Diversified Manufacturing Operations |
0.3 | |||
| Transport — Services |
0.3 | |||
| Aerospace/Defense |
0.3 | |||
| Airlines |
0.2 | |||
| Steel — Producers |
0.2 | |||
| Enterprise Software/Service |
0.2 | |||
| Independent Power Producers |
0.2 | |||
| Chemicals — Diversified |
0.2 | |||
| Insurance — Mutual |
0.2 | |||
| Transport — Rail |
0.2 | |||
| Transport — Equipment & Leasing |
0.2 | |||
| Machinery — Construction & Mining |
0.2 | |||
| Retail — Regional Department Stores |
0.2 | |||
| Tools — Hand Held |
0.2 | |||
| Telecom Equipment — Fiber Optics |
0.2 | |||
| Medical — Generic Drugs |
0.2 | |||
| Trucking/Leasing |
0.2 | |||
| Casino Hotels |
0.2 | |||
| Beverages — Non-alcoholic |
0.2 |
| Broadcast Services/Program |
0.2 | |||
| Oil Refining & Marketing |
0.2 | |||
| Insurance — Property/Casualty |
0.2 | |||
| Metal — Copper |
0.2 | |||
| Finance — Mortgage Loan/Banker |
0.2 | |||
| Energy — Alternate Sources |
0.2 | |||
| Security Services |
0.2 | |||
| Multimedia |
0.1 | |||
| Food — Meat Products |
0.1 | |||
| Auto — Heavy Duty Trucks |
0.1 | |||
| Medical — HMO |
0.1 | |||
| E-Commerce/Services |
0.1 | |||
| Distribution/Wholesale |
0.1 | |||
| Electronic Components — Semiconductors |
0.1 | |||
| Human Resources |
0.1 | |||
| Rental Auto/Equipment |
0.1 | |||
| Investment Management/Advisor Services |
0.1 | |||
| Protection/Safety |
0.1 | |||
| Aerospace/Defense — Equipment |
0.1 | |||
| Cosmetics & Toiletries |
0.1 | |||
| Retail — Auto Parts |
0.1 | |||
| Medical — Wholesale Drug Distribution |
0.1 | |||
| Building Products — Air & Heating |
0.1 | |||
| Retail — Petroleum Products |
0.1 | |||
| Resorts/Theme Parks |
0.1 | |||
| Semiconductor Components — Integrated Circuits |
0.1 | |||
| Telecom Services |
0.1 | |||
| Agricultural Chemicals |
0.1 | |||
| Retail — Apparel/Shoe |
0.1 | |||
| Investment Companies |
0.1 | |||
| Banks — Money Center |
0.1 | |||
| Real Estate Management/Services |
0.1 | |||
| Building & Construction Products — Misc. |
0.1 | |||
| Metal — Aluminum |
0.1 | |||
| Vitamins & Nutrition Products |
0.1 | |||
| Food — Retail |
0.1 | |||
| Shipbuilding |
0.1 | |||
| Electric Products — Misc. |
0.1 | |||
| Gold Mining |
0.1 | |||
| Casino Services |
0.1 | |||
| Advertising Agencies |
0.1 | |||
| Motion Pictures & Services |
0.1 | |||
| Coal |
0.1 | |||
| Insurance — Multi-line |
0.1 | |||
| Poultry |
0.1 | |||
| Computers — Integrated Systems |
0.1 | |||
| Transport — Air Freight |
0.1 | |||
| Non — Hazardous Waste Disposal |
0.1 | |||
| Transport — Marine |
0.1 | |||
| Non — Profit Charity |
0.1 | |||
| Instruments — Controls |
0.1 | |||
| Metal — Iron |
0.1 | |||
| Building Products — Wood |
0.1 | |||
| Commercial Services — Finance |
0.1 | |||
| Dialysis Centers |
0.1 | |||
| Petrochemicals |
0.1 | |||
| E-Commerce/Products |
0.1 | |||
| Finance — Auto Loans |
0.1 | |||
| Retail — Convenience Store |
0.1 | |||
| Research & Development |
0.1 | |||
| Electronic Parts Distribution |
0.1 | |||
| Auction Houses/Art Dealers |
0.1 | |||
| Commercial Services |
0.1 | |||
| Theaters |
0.1 | |||
| 109.0% | ||||
| 11 |
VALIC Company II Core Bond Fund
PORTFOLIO PROFILE — February 28, 2021 (unaudited) — (continued)
Credit Quality†#
| Aaa |
49.6 | % | ||
| Aa |
2.3 | |||
| A |
10.1 | |||
| Baa |
19.9 | |||
| Ba |
6.2 | |||
| B |
5.7 | |||
| Caa |
1.1 | |||
| Not Rated@ |
5.1 | |||
| 100.0 | % | |||
| * | Calculated as a percentage of net assets |
| † | Source: Moody's |
| # | Calculated as percentage of total debt issues, excluding short-term securities. |
| @ | Represent debt issues that either have no rating, or the rating is unavailable from the data source. |
| 12 |
VALIC Company II Core Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| ASSET BACKED SECURITIES — 3.1% |
| |||||||
| Diversified Financial Services — 3.1% |
| |||||||
| American Express Credit Account Master Trust |
$ | 2,000,000 | $ | 2,055,862 | ||||
| AmeriCredit Automobile Receivables Trust |
731,285 | 739,841 | ||||||
| BA Credit Card Trust |
900,000 | 920,181 | ||||||
| BA Credit Card Trust |
1,337,000 | 1,341,464 | ||||||
| BANK |
2,377,000 | 2,543,741 | ||||||
| Benchmark Mtg. Trust |
1,233,000 | 1,280,849 | ||||||
| Benchmark Mtg. Trust |
2,985,000 | 3,381,113 | ||||||
| BMW Vehicle Lease Trust |
1,050,000 | 1,058,080 | ||||||
| BX Commercial Mtg. Trust FRS |
2,500,000 | 2,496,877 | ||||||
| CAMB Commercial Mtg. Trust FRS |
750,000 | 751,623 | ||||||
| Capital One Prime Auto Receivables Trust |
600,000 | 609,299 | ||||||
| CarMax Auto Owner Trust |
1,030,000 | 1,051,839 | ||||||
| CarMax Auto Owner Trust |
1,125,000 | 1,147,506 | ||||||
| CarMax Auto Owner Trust |
743,119 | 757,312 | ||||||
| Chase Mtg. Finance Corp. VRS |
840,141 | 872,086 | ||||||
| Citibank Credit Card Issuance Trust |
250,000 | 294,767 | ||||||
| COMM Mtg. Trust VRS |
1,254,000 | 1,363,624 | ||||||
| CSAIL Commercial Mtg. Trust |
1,770,000 | 1,801,762 | ||||||
| CSAIL Commercial Mtg. Trust |
225,000 | 237,245 | ||||||
| Discover Card Execution Note Trust |
400,000 | 409,812 | ||||||
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| Diversified Financial Services (continued) |
| |||||||
| GM Financial Consumer Automobile Receivables Trust |
$ | 1,000,000 | $ | 1,006,040 | ||||
| GM Financial Consumer Automobile Receivables Trust |
1,053,065 | 1,067,935 | ||||||
| Honda Auto Receivables Owner Trust |
1,000,000 | 998,334 | ||||||
| Honda Auto Receivables Owner Trust |
562,768 | 571,325 | ||||||
| JP Morgan Mtg. Trust VRS |
229,271 | 229,749 | ||||||
| JP Morgan Mtg. Trust VRS |
261,066 | 261,559 | ||||||
| Morgan Stanley Capital Barclays Bank Trust |
2,397,000 | 2,399,380 | ||||||
| MSDB Trust VRS |
4,520,000 | 4,804,491 | ||||||
| MTRO Commercial Mtg. Trust FRS |
2,950,000 | 2,952,900 | ||||||
| One Bryant Park Trust |
3,720,000 | 3,830,167 | ||||||
| Shellpoint Co-Originator Trust VRS |
550,207 | 560,254 | ||||||
| Toyota Auto Loan Extended Note Trust |
900,000 | 953,901 | ||||||
| Toyota Auto Receivables Owner Trust |
3,000,000 | 3,046,551 | ||||||
| Toyota Auto Receivables Owner Trust |
125,000 | 129,239 | ||||||
| Volkswagen Auto Loan Enhanced Trust |
500,000 | 518,179 | ||||||
| Total Asset Backed Securities |
||||||||
| (cost $47,225,369) |
48,444,887 | |||||||
| U.S. CORPORATE BONDS & NOTES — 31.4% |
| |||||||
| Advertising Agencies — 0.1% |
| |||||||
| Interpublic Group of Cos., Inc. |
1,058,000 | 1,064,589 | ||||||
| Aerospace/Defense — 0.2% |
| |||||||
| BAE Systems Holdings, Inc. |
2,167,000 | 2,411,969 | ||||||
| Lockheed Martin Corp. |
11,000 | 10,510 | ||||||
| 2,422,479 | ||||||||
| 13 |
VALIC Company II Core Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Aerospace/Defense-Equipment — 0.1% |
| |||||||
| Moog, Inc. |
$ | 919,000 | $ | 944,272 | ||||
| Spirit AeroSystems, Inc. |
882,000 | 933,262 | ||||||
| 1,877,534 | ||||||||
| Airlines — 0.2% |
| |||||||
| American Airlines, Inc. |
1,115,000 | 1,326,850 | ||||||
| Delta Air Lines, Inc. |
167,000 | 165,734 | ||||||
| Delta Air Lines, Inc. |
221,000 | 228,492 | ||||||
| Delta Air Lines, Inc. |
660,000 | 766,586 | ||||||
| United Airlines Holdings, Inc. |
519,000 | 531,748 | ||||||
| United Airlines Holdings, Inc. |
487,000 | 499,784 | ||||||
| United Airlines Pass-Through Trust |
358,648 | 362,991 | ||||||
| 3,882,185 | ||||||||
| Applications Software — 0.0% |
| |||||||
| SS&C Technologies, Inc. |
495,000 | 524,230 | ||||||
| Auction Houses/Art Dealers — 0.1% |
| |||||||
| Sotheby’s |
745,000 | 804,600 | ||||||
| Auto-Cars/Light Trucks — 0.6% |
| |||||||
| BMW US Capital LLC |
919,000 | 921,831 | ||||||
| Daimler Finance North America LLC |
288,000 | 289,583 | ||||||
| Ford Motor Co. |
1,561,000 | 1,578,951 | ||||||
| Ford Motor Co. |
1,443,000 | 1,697,329 | ||||||
| Ford Motor Co. |
178,000 | 230,732 | ||||||
| Ford Motor Credit Co. LLC |
606,000 | 599,940 | ||||||
| Ford Motor Credit Co. LLC |
2,200,000 | 2,249,500 | ||||||
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| Auto-Cars/Light Trucks (continued) |
| |||||||
| General Motors Financial Co., Inc. |
$ | 1,200,000 | $ | 1,260,668 | ||||
| Hyundai Capital America |
1,045,000 | 1,121,328 | ||||||
| 9,949,862 | ||||||||
| Auto-Heavy Duty Trucks — 0.1% |
| |||||||
| Allison Transmission, Inc. |
865,000 | 827,156 | ||||||
| JB Poindexter & Co., Inc. |
650,000 | 685,750 | ||||||
| PACCAR Financial Corp. |
812,000 | 819,109 | ||||||
| 2,332,015 | ||||||||
| Auto/Truck Parts & Equipment-Original — 0.0% |
| |||||||
| Dana, Inc. |
621,000 | 648,945 | ||||||
| Banks-Commercial — 1.3% |
| |||||||
| BankUnited, Inc. |
2,519,000 | 2,859,570 | ||||||
| BankUnited, Inc. |
3,163,000 | 3,640,083 | ||||||
| Citizens Financial Group, Inc. |
2,641,000 | 2,621,156 | ||||||
| First Horizon Bank |
2,205,000 | 2,693,282 | ||||||
| Regions Financial Corp. |
1,602,000 | 2,357,938 | ||||||
| Santander Holdings USA, Inc. |
644,000 | 687,766 | ||||||
| Signature Bank |
2,987,000 | 3,089,252 | ||||||
| SunTrust Bank |
21,000 | 21,274 | ||||||
| Synovus Bank |
1,222,000 | 1,236,017 | ||||||
| Zions Bancorp NA |
1,847,000 | 1,907,731 | ||||||
| 21,114,069 | ||||||||
| Banks-Super Regional — 0.5% |
| |||||||
| Bank of America NA |
480,000 | 493,229 | ||||||
| Wells Fargo & Co. |
1,124,000 | 1,163,415 | ||||||
| 14 |
VALIC Company II Core Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Banks-Super Regional (continued) |
| |||||||
| Wells Fargo & Co. |
$ | 1,932,000 | $ | 1,963,095 | ||||
| Wells Fargo & Co. |
3,700,000 | 4,256,960 | ||||||
| Wells Fargo & Co. |
510,000 | 602,550 | ||||||
| 8,479,249 | ||||||||
| Batteries/Battery Systems — 0.0% |
| |||||||
| Energizer Holdings, Inc. |
735,000 | 733,162 | ||||||
| Beverages-Non-alcoholic — 0.1% |
| |||||||
| Keurig Dr Pepper, Inc. |
28,000 | 30,123 | ||||||
| PepsiCo, Inc. |
1,338,000 | 1,408,102 | ||||||
| PepsiCo, Inc. |
4,000 | 3,935 | ||||||
| 1,442,160 | ||||||||
| Brewery — 0.3% |
| |||||||
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
2,178,000 | 2,598,330 | ||||||
| Anheuser-Busch InBev Worldwide, Inc. |
2,077,000 | 2,386,041 | ||||||
| 4,984,371 | ||||||||
| Broadcast Services/Program — 0.2% |
| |||||||
| Discovery Communications LLC |
1,106,000 | 1,362,550 | ||||||
| Univision Communications, Inc. |
121,000 | 121,115 | ||||||
| Univision Communications, Inc. |
1,249,000 | 1,302,083 | ||||||
| 2,785,748 | ||||||||
| Building & Construction Products-Misc. — 0.1% |
| |||||||
| Owens Corning |
599,000 | 673,313 | ||||||
| Standard Industries, Inc. |
685,000 | 655,744 | ||||||
| 1,329,057 | ||||||||
| Building Products-Air & Heating — 0.1% |
| |||||||
| Carrier Global Corp. |
1,716,000 | 1,763,328 | ||||||
| Building Products-Doors & Windows — 0.0% |
| |||||||
| Griffon Corp. |
719,000 | 754,950 | ||||||
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| Building Products-Wood — 0.1% |
| |||||||
| Masco Corp. |
$ | 930,000 | $ | 907,172 | ||||
| Cable/Satellite TV — 0.8% |
| |||||||
| Block Communications, Inc. |
589,000 | 602,252 | ||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. |
361,000 | 378,147 | ||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. |
295,000 | 317,927 | ||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital |
445,000 | 427,853 | ||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital |
2,040,000 | 1,861,467 | ||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital |
1,088,000 | 1,185,258 | ||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital |
137,000 | 162,770 | ||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital |
526,000 | 693,485 | ||||||
| Comcast Corp. |
1,044,000 | 899,907 | ||||||
| Comcast Corp. |
1,238,000 | 1,366,537 | ||||||
| Comcast Corp. |
556,000 | 621,960 | ||||||
| Comcast Corp. |
350,000 | 401,129 | ||||||
| Comcast Corp. |
918,000 | 1,133,681 | ||||||
| CSC Holdings LLC |
440,000 | 473,550 | ||||||
| CSC Holdings LLC |
600,000 | 630,750 | ||||||
| Time Warner Cable LLC |
1,414,000 | 1,909,477 | ||||||
| 13,066,150 | ||||||||
| Casino Hotels — 0.1% |
| |||||||
| Boyd Gaming Corp. |
542,000 | 551,295 | ||||||
| Boyd Gaming Corp. |
155,000 | 170,500 | ||||||
| 15 |
VALIC Company II Core Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Casino Hotels (continued) |
| |||||||
| Genting New York LLC/GENNY Capital, Inc. |
$ | 617,000 | $ | 619,209 | ||||
| 1,341,004 | ||||||||
| Casino Services — 0.1% |
| |||||||
| Caesars Entertainment, Inc. |
1,025,000 | 1,085,214 | ||||||
| Cellular Telecom — 0.2% |
| |||||||
| T-Mobile USA, Inc. |
2,129,000 | 1,986,847 | ||||||
| T-Mobile USA, Inc. |
807,000 | 751,543 | ||||||
| 2,738,390 | ||||||||
| Chemicals-Diversified — 0.0% |
| |||||||
| LYB International Finance III LLC |
740,000 | 735,975 | ||||||
| Chemicals-Specialty — 0.2% |
| |||||||
| Ecolab, Inc. |
1,105,000 | 1,135,357 | ||||||
| Huntsman International LLC |
965,000 | 1,087,218 | ||||||
| Minerals Technologies, Inc. |
503,000 | 524,453 | ||||||
| Tronox, Inc. |
835,000 | 862,246 | ||||||
| 3,609,274 | ||||||||
| Circuit Boards — 0.0% |
| |||||||
| TTM Technologies, Inc. |
271,000 | 273,791 | ||||||
| Coal — 0.1% |
| |||||||
| SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. |
992,000 | 1,029,498 | ||||||
| Commercial Services — 0.1% |
| |||||||
| Nielsen Finance LLC/Nielsen Finance Co. |
728,000 | 787,150 | ||||||
| Commercial Services-Finance — 0.1% |
| |||||||
| MPH Acquisition Holdings LLC |
905,000 | 898,212 | ||||||
| Computer Services — 0.4% |
| |||||||
| Banff Merger Sub, Inc. |
575,000 | 612,732 | ||||||
| IBM Credit LLC |
4,026,000 | 4,237,687 | ||||||
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| Computer Services (continued) |
| |||||||
| Leidos, Inc. |
$ | 752,000 | $ | 831,704 | ||||
| Leidos, Inc. |
377,000 | 428,110 | ||||||
| 6,110,233 | ||||||||
| Computer Software — 0.0% |
| |||||||
| Rackspace Technology Global, Inc. |
550,000 | 539,225 | ||||||
| Computers — 0.5% |
| |||||||
| Apple, Inc. |
977,000 | 1,019,010 | ||||||
| Dell International LLC/EMC Corp. |
1,417,000 | 2,088,567 | ||||||
| Hewlett Packard Enterprise Co. |
2,743,000 | 2,783,445 | ||||||
| Hewlett Packard Enterprise Co. |
1,130,000 | 1,464,206 | ||||||
| 7,355,228 | ||||||||
| Computers-Integrated Systems — 0.1% |
| |||||||
| Diebold Nixdorf, Inc. |
640,000 | 652,800 | ||||||
| Diebold Nixdorf, Inc. |
299,000 | 334,132 | ||||||
| 986,932 | ||||||||
| Consumer Products-Misc. — 0.0% |
| |||||||
| Kimberly-Clark Corp. |
18,000 | 19,725 | ||||||
| Containers-Paper/Plastic — 0.1% |
| |||||||
| Sonoco Products Co |
1,152,000 | 1,221,697 | ||||||
| Cosmetics & Toiletries — 0.1% |
| |||||||
| Coty, Inc. |
1,195,000 | 1,178,389 | ||||||
| Edgewell Personal Care Co. |
700,000 | 696,500 | ||||||
| 1,874,889 | ||||||||
| Dialysis Centers — 0.1% |
| |||||||
| DaVita, Inc. |
869,000 | 883,121 | ||||||
| Direct Marketing — 0.0% |
| |||||||
| Terrier Media Buyer, Inc. |
718,000 | 768,709 | ||||||
| 16 |
VALIC Company II Core Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Distribution/Wholesale — 0.1% |
| |||||||
| H&E Equipment Services, Inc. |
$ | 810,000 | $ | 779,220 | ||||
| KAR Auction Services, Inc. |
846,000 | 858,690 | ||||||
| Performance Food Group, Inc. |
528,000 | 555,086 | ||||||
| 2,192,996 | ||||||||
| Diversified Banking Institutions — 2.7% |
| |||||||
| Bank of America Corp. |
2,431,000 | 2,483,900 | ||||||
| Bank of America Corp. |
1,145,000 | 1,104,275 | ||||||
| Bank of America Corp. |
2,295,000 | 2,424,096 | ||||||
| Bank of America Corp. |
603,000 | 673,485 | ||||||
| Bank of America Corp. |
319,000 | 365,027 | ||||||
| Bank of America Corp. |
1,557,000 | 1,758,445 | ||||||
| Bank of America Corp. |
1,394,000 | 1,911,744 | ||||||
| Citigroup, Inc. |
1,262,000 | 1,297,248 | ||||||
| Citigroup, Inc. |
1,030,000 | 1,142,716 | ||||||
| Citigroup, Inc. |
1,331,000 | 1,530,046 | ||||||
| Citigroup, Inc. |
739,000 | 906,374 | ||||||
| Citigroup, Inc. |
885,000 | 1,151,718 | ||||||
| Citigroup, Inc. |
1,411,000 | 1,880,619 | ||||||
| Goldman Sachs Group, Inc. |
2,091,000 | 2,293,709 | ||||||
| Goldman Sachs Group, Inc. |
1,200,000 | 1,357,398 | ||||||
| Goldman Sachs Group, Inc. |
1,809,000 | 2,619,319 | ||||||
| JPMorgan Chase & Co. |
1,663,000 | 1,672,463 | ||||||
| JPMorgan Chase & Co. |
3,932,000 | 4,066,659 | ||||||
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| Diversified Banking Institutions (continued) |
| |||||||
| JPMorgan Chase & Co. |
$ | 5,200,000 | $ | 4,923,907 | ||||
| JPMorgan Chase & Co. |
459,000 | 476,997 | ||||||
| JPMorgan Chase & Co. |
1,114,000 | 1,225,875 | ||||||
| Morgan Stanley |
629,000 | 697,061 | ||||||
| Morgan Stanley |
3,163,000 | 3,537,351 | ||||||
| Morgan Stanley |
274,000 | 319,190 | ||||||
| 41,819,622 | ||||||||
| Diversified Manufacturing Operations — 0.2% |
| |||||||
| General Electric Co. |
108,000 | 118,840 | ||||||
| General Electric Co. |
1,110,000 | 1,220,023 | ||||||
| Illinois Tool Works, Inc. |
1,070,000 | 1,158,339 | ||||||
| 2,497,202 | ||||||||
| E-Commerce/Products — 0.1% |
| |||||||
| Amazon.com, Inc. |
675,000 | 869,019 | ||||||
| E-Commerce/Services — 0.1% |
| |||||||
| Expedia Group, Inc. |
1,480,000 | 1,455,173 | ||||||
| GrubHub Holdings, Inc. |
730,000 | 760,368 | ||||||
| 2,215,541 | ||||||||
| Electric Products-Misc. — 0.1% |
| |||||||
| Emerson Electric Co. |
1,155,000 | 1,136,056 | ||||||
| Electric-Distribution — 0.4% |
| |||||||
| National Rural Utilities Cooperative Finance Corp. |
3,743,000 | 3,995,114 | ||||||
| NextEra Energy Operating Partners LP |
875,000 | 925,312 | ||||||
| NSTAR Electric Co. |
1,148,000 | 1,336,643 | ||||||
| 6,257,069 | ||||||||
| Electric-Generation — 0.2% |
| |||||||
| Emera US Finance LP |
1,138,000 | 1,316,590 | ||||||
| 17 |
VALIC Company II Core Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Electric-Generation (continued) |
| |||||||
| Liberty Utilities Finance GP |
$ | 750,000 | $ | 729,033 | ||||
| Pattern Energy Operations LP/Pattern Energy Operations, Inc. |
800,000 | 832,410 | ||||||
| Vistra Operations Co. LLC |
880,000 | 920,920 | ||||||
| 3,798,953 | ||||||||
| Electric-Integrated — 2.0% |
| |||||||
| AES Corp. |
2,228,000 | 2,175,534 | ||||||
| Appalachian Power Co. |
1,186,000 | 1,260,321 | ||||||
| Avangrid, Inc. |
2,962,000 | 3,193,339 | ||||||
| Consolidated Edison Co. of New York, Inc. |
286,000 | 320,246 | ||||||
| Dominion Resources, Inc. |
1,209,000 | 1,528,961 | ||||||
| DTE Electric Co. |
2,142,000 | 2,522,593 | ||||||
| Entergy Texas, Inc. |
2,283,000 | 2,674,707 | ||||||
| Exelon Corp. |
870,000 | 1,066,834 | ||||||
| FirstEnergy Corp. |
1,932,000 | 2,666,160 | ||||||
| Georgia Power Co. |
2,205,000 | 2,210,727 | ||||||
| Interstate Power & Light Co. |
809,000 | 846,343 | ||||||
| Kentucky Utilities Co. |
501,000 | 503,940 | ||||||
| Pacific Gas & Electric Co. |
1,115,000 | 1,070,682 | ||||||
| Pacific Gas & Electric Co. |
1,123,000 | 1,133,308 | ||||||
| Public Service Co. of Colorado |
1,928,000 | 1,851,348 | ||||||
| Public Service Co. of Colorado |
1,117,000 | 1,256,605 | ||||||
| Public Service Co. of Colorado |
828,000 | 979,768 | ||||||
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| Electric-Integrated (continued) |
| |||||||
| South Carolina Electric & Gas Co. |
$ | 1,240,000 | $ | 1,732,534 | ||||
| Southern California Edison Co. |
809,000 | 731,806 | ||||||
| Southern California Edison Co. |
126,000 | 127,961 | ||||||
| Talen Energy Supply LLC |
460,000 | 474,950 | ||||||
| Union Electric Co |
1,202,000 | 1,302,257 | ||||||
| 31,630,924 | ||||||||
| Electronic Components-Semiconductors — 0.1% |
| |||||||
| Broadcom, Inc. |
2,107,000 | 2,067,512 | ||||||
| Electronic Measurement Instruments — 0.0% |
| |||||||
| Trimble, Inc. |
117,000 | 132,145 | ||||||
| Electronic Parts Distribution — 0.1% |
| |||||||
| Arrow Electronics, Inc. |
720,000 | 781,195 | ||||||
| Ingram Micro, Inc. |
48,000 | 55,040 | ||||||
| 836,235 | ||||||||
| Energy-Alternate Sources — 0.1% |
| |||||||
| Hanwha Energy USA Holdings Corp. |
1,492,000 | 1,529,053 | ||||||
| Enterprise Software/Service — 0.2% |
| |||||||
| Donnelley Financial Solutions, Inc. |
747,000 | 778,747 | ||||||
| Oracle Corp. |
2,732,000 | 2,887,200 | ||||||
| 3,665,947 | ||||||||
| Finance-Auto Loans — 0.1% |
| |||||||
| Credit Acceptance Corp. |
134,000 | 136,037 | ||||||
| Credit Acceptance Corp. |
696,000 | 727,320 | ||||||
| 863,357 | ||||||||
| Finance-Consumer Loans — 0.5% |
| |||||||
| Enova International, Inc. |
1,459,000 | 1,484,533 | ||||||
| Springleaf Finance Corp. |
438,000 | 462,090 | ||||||
| 18 |
VALIC Company II Core Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Finance-Consumer Loans (continued) |
| |||||||
| Springleaf Finance Corp. |
$ | 217,000 | $ | 244,750 | ||||
| Synchrony Financial |
4,729,000 | 5,269,161 | ||||||
| 7,460,534 | ||||||||
| Finance-Credit Card — 0.3% |
| |||||||
| Alliance Data Systems Corp. |
905,000 | 923,100 | ||||||
| American Express Co. |
1,049,000 | 1,134,437 | ||||||
| American Express Co. |
712,000 | 812,314 | ||||||
| Mastercard, Inc. |
1,516,000 | 1,586,180 | ||||||
| Visa, Inc. |
483,000 | 467,663 | ||||||
| 4,923,694 | ||||||||
| Finance-Investment Banker/Broker — 0.0% |
| |||||||
| LPL Holdings, Inc. |
195,000 | 199,446 | ||||||
| LPL Holdings, Inc. |
426,000 | 438,865 | ||||||
| 638,311 | ||||||||
| Finance-Mortgage Loan/Banker — 0.2% |
| |||||||
| Genworth Mtg. Holdings, Inc. |
914,000 | 987,696 | ||||||
| LD Holdings Group LLC |
855,000 | 906,300 | ||||||
| Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. |
344,000 | 340,560 | ||||||
| Quicken Loans, Inc. |
219,000 | 231,056 | ||||||
| 2,465,612 | ||||||||
| Financial Guarantee Insurance — 0.0% |
| |||||||
| NMI Holdings, Inc. |
460,000 | 519,800 | ||||||
| Food-Dairy Products — 0.0% |
| |||||||
| Land O’ Lakes, Inc. |
250,000 | 250,625 | ||||||
| Food-Meat Products — 0.1% |
| |||||||
| Smithfield Foods, Inc. |
977,000 | 1,076,592 | ||||||
| Smithfield Foods, Inc. |
973,000 | 1,126,686 | ||||||
| 2,203,278 | ||||||||
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| Food-Misc./Diversified — 0.4% |
| |||||||
| Conagra Brands, Inc. |
$ | 1,017,000 | $ | 1,328,659 | ||||
| Dole Food Co., Inc. |
825,000 | 843,562 | ||||||
| Kraft Heinz Foods Co. |
346,000 | 403,787 | ||||||
| Mars, Inc. |
737,000 | 694,601 | ||||||
| Nestle Holdings, Inc. |
1,557,000 | 1,718,747 | ||||||
| Post Holdings, Inc. |
805,000 | 804,042 | ||||||
| 5,793,398 | ||||||||
| Food-Retail — 0.1% |
| |||||||
| Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |
520,000 | 538,541 | ||||||
| Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |
128,000 | 132,000 | ||||||
| Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |
522,000 | 555,930 | ||||||
| 1,226,471 | ||||||||
| Food-Wholesale/Distribution — 0.4% |
| |||||||
| C&S Group Enterprises LLC |
810,000 | 795,825 | ||||||
| Sysco Corp. |
1,063,000 | 1,207,396 | ||||||
| Sysco Corp. |
1,173,000 | 1,331,952 | ||||||
| Sysco Corp. |
435,000 | 555,749 | ||||||
| Sysco Corp. |
1,134,000 | 1,602,740 | ||||||
| Sysco Corp. |
505,000 | 739,621 | ||||||
| US Foods, Inc. |
496,000 | 528,860 | ||||||
| 6,762,143 | ||||||||
| Gas-Distribution — 0.0% |
| |||||||
| National Fuel Gas Co. |
755,000 | 743,788 | ||||||
| 19 |
VALIC Company II Core Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Hotels/Motels — 0.3% |
| |||||||
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. |
$ | 805,000 | $ | 839,213 | ||||
| Marriott International, Inc. |
2,036,000 | 2,306,879 | ||||||
| Wyndham Worldwide Corp. |
1,039,000 | 1,155,887 | ||||||
| 4,301,979 | ||||||||
| Human Resources — 0.1% |
| |||||||
| Korn Ferry International |
598,000 | 622,638 | ||||||
| Team Health Holdings, Inc. |
700,000 | 630,437 | ||||||
| TriNet Group, Inc. |
805,000 | 798,713 | ||||||
| 2,051,788 | ||||||||
| Independent Power Producers — 0.2% |
| |||||||
| Calpine Corp. |
970,000 | 936,050 | ||||||
| Clearway Energy Operating LLC |
170,000 | 181,688 | ||||||
| Clearway Energy Operating LLC |
257,000 | 268,706 | ||||||
| NRG Energy, Inc. |
303,000 | 298,076 | ||||||
| NRG Energy, Inc. |
870,000 | 849,251 | ||||||
| NRG Yield Operating LLC |
748,000 | 770,440 | ||||||
| 3,304,211 | ||||||||
| Instruments-Controls — 0.1% |
| |||||||
| Honeywell International, Inc. |
911,000 | 912,046 | ||||||
| Insurance Brokers — 0.0% |
| |||||||
| Willis North America, Inc. |
300,000 | 332,824 | ||||||
| Insurance-Life/Health — 0.6% |
| |||||||
| Brighthouse Financial, Inc. |
456,000 | 476,790 | ||||||
| Brighthouse Financial, Inc. |
1,513,000 | 1,828,296 | ||||||
| Ohio National Financial Services, Inc. |
2,048,000 | 2,184,868 | ||||||
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| Insurance-Life/Health (continued) |
| |||||||
| Principal Life Global Funding II |
$ | 1,238,000 | $ | 1,237,355 | ||||
| Prudential Financial, Inc. |
2,814,000 | 2,871,034 | ||||||
| Prudential Financial, Inc. |
242,000 | 272,607 | ||||||
| Unum Group |
484,000 | 541,318 | ||||||
| 9,412,268 | ||||||||
| Insurance-Mutual — 0.0% |
| |||||||
| MassMutual Global Funding II |
708,000 | 755,720 | ||||||
| Internet Content-Entertainment — 0.0% |
| |||||||
| Netflix, Inc. |
645,000 | 741,750 | ||||||
| Internet Telephone — 0.0% |
| |||||||
| Cablevision Lightpath LLC |
430,000 | 426,775 | ||||||
| Cablevision Lightpath LLC |
211,000 | 214,429 | ||||||
| 641,204 | ||||||||
| Investment Management/Advisor Services — 0.1% |
| |||||||
| AG Issuer LLC |
755,000 | 792,750 | ||||||
| Ameriprise Financial, Inc. |
1,193,000 | 1,226,831 | ||||||
| 2,019,581 | ||||||||
| Machine Tools & Related Products — 0.0% |
| |||||||
| Kennametal, Inc. |
288,000 | 287,452 | ||||||
| Machinery-Construction & Mining — 0.2% |
| |||||||
| Caterpillar Financial Services Corp. |
1,820,000 | 1,832,544 | ||||||
| Caterpillar Financial Services Corp. |
1,363,000 | 1,334,702 | ||||||
| 3,167,246 | ||||||||
| Machinery-Farming — 0.4% |
| |||||||
| CNH Industrial Capital LLC |
1,404,000 | 1,537,139 | ||||||
| John Deere Capital Corp. |
2,294,000 | 2,253,062 | ||||||
| John Deere Capital Corp. |
954,000 | 1,026,625 | ||||||
| 20 |
VALIC Company II Core Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Machinery-Farming (continued) |
| |||||||
| John Deere Capital Corp. |
$ | 642,000 | $ | 698,004 | ||||
| 5,514,830 | ||||||||
| Medical Labs & Testing Services — 0.0% |
| |||||||
| Catalent Pharma Solutions, Inc. |
106,000 | 104,726 | ||||||
| Catalent Pharma Solutions, Inc. |
446,000 | 466,627 | ||||||
| 571,353 | ||||||||
| Medical-Biomedical/Gene — 0.4% |
| |||||||
| Amgen, Inc. |
3,811,000 | 3,897,226 | ||||||
| Regeneron Pharmaceuticals, Inc. |
1,357,000 | 1,279,176 | ||||||
| Regeneron Pharmaceuticals, Inc. |
760,000 | 670,906 | ||||||
| 5,847,308 | ||||||||
| Medical-Drugs — 0.3% |
| |||||||
| AbbVie, Inc. |
1,081,000 | 1,227,184 | ||||||
| AbbVie, Inc. |
1,306,000 | 1,493,427 | ||||||
| Bristol-Myers Squibb Co. |
1,611,000 | 1,599,908 | ||||||
| GlaxoSmithKline Capital, Inc. |
980,000 | 1,044,613 | ||||||
| 5,365,132 | ||||||||
| Medical-Generic Drugs — 0.2% |
| |||||||
| Par Pharmaceutical, Inc. |
428,000 | 460,100 | ||||||
| Viatris, Inc. |
2,434,000 | 2,502,118 | ||||||
| 2,962,218 | ||||||||
| Medical-HMO — 0.1% |
| |||||||
| UnitedHealth Group, Inc. |
1,491,000 | 1,502,297 | ||||||
| UnitedHealth Group, Inc. |
706,000 | 786,519 | ||||||
| 2,288,816 | ||||||||
| Medical-Hospitals — 0.4% |
| |||||||
| Acadia Healthcare Co., Inc. |
174,000 | 180,960 | ||||||
| Acadia Healthcare Co., Inc. |
492,000 | 519,060 | ||||||
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| Medical-Hospitals (continued) |
| |||||||
| CHS/Community Health Systems, Inc. |
$ | 750,000 | $ | 789,889 | ||||
| CHS/Community Health Systems, Inc. |
384,000 | 394,560 | ||||||
| HCA, Inc. |
1,490,000 | 1,540,319 | ||||||
| LifePoint Health, Inc. |
545,000 | 541,773 | ||||||
| Tenet Healthcare Corp. |
475,000 | 482,125 | ||||||
| Tenet Healthcare Corp. |
1,109,000 | 1,165,792 | ||||||
| 5,614,478 | ||||||||
| Medical-Wholesale Drug Distribution — 0.1% |
| |||||||
| Cardinal Health, Inc. |
1,590,000 | 1,775,152 | ||||||
| Metal-Copper — 0.1% |
| |||||||
| Freeport-McMoRan, Inc. |
367,000 | 385,350 | ||||||
| Freeport-McMoRan, Inc. |
573,000 | 622,060 | ||||||
| Freeport-McMoRan, Inc. |
527,000 | 585,603 | ||||||
| 1,593,013 | ||||||||
| Multimedia — 0.1% |
| |||||||
| E.W. Scripps Co. |
700,000 | 710,500 | ||||||
| Walt Disney Co. |
1,627,000 | 1,514,578 | ||||||
| 2,225,078 | ||||||||
| Non-Hazardous Waste Disposal — 0.1% |
| |||||||
| Covanta Holding Corp. |
903,000 | 936,862 | ||||||
| Non-Profit Charity — 0.1% |
| |||||||
| Ford Foundation |
988,000 | 913,507 | ||||||
| Oil Companies-Exploration & Production — 1.1% |
| |||||||
| Antero Resources Corp. |
493,000 | 525,661 | ||||||
| Apache Corp. |
722,000 | 731,025 | ||||||
| Apache Corp. |
483,000 | 472,137 | ||||||
| 21 |
VALIC Company II Core Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Oil Companies-Exploration & Production (continued) |
| |||||||
| Apache Corp. |
$ | 533,000 | $ | 559,650 | ||||
| California Resources Corp. |
800,000 | 800,500 | ||||||
| Callon Petroleum Co. |
1,058,000 | 834,074 | ||||||
| Continental Resources, Inc. |
200,000 | 210,444 | ||||||
| Continental Resources, Inc. |
457,000 | 516,410 | ||||||
| Diamondback Energy, Inc. |
1,443,000 | 1,512,232 | ||||||
| Endeavor Energy Resources LP/EER Finance, Inc. |
481,000 | 508,417 | ||||||
| EOG Resources, Inc. |
669,000 | 836,600 | ||||||
| Hess Corp. |
1,889,000 | 2,305,652 | ||||||
| Hilcorp Energy I LP/Hilcorp Finance Co. |
345,000 | 351,900 | ||||||
| Hilcorp Energy I LP/Hilcorp Finance Co. |
706,000 | 717,494 | ||||||
| Indigo Natural Resources LLC |
713,000 | 709,435 | ||||||
| Marathon Oil Corp. |
1,677,000 | 2,161,980 | ||||||
| Marathon Oil Corp. |
772,000 | 984,601 | ||||||
| Occidental Petroleum Corp. |
160,000 | 173,600 | ||||||
| Occidental Petroleum Corp. |
390,000 | 432,413 | ||||||
| Occidental Petroleum Corp. |
902,000 | 1,001,220 | ||||||
| Occidental Petroleum Corp. |
494,000 | 580,450 | ||||||
| Pioneer Natural Resources Co. |
597,000 | 569,947 | ||||||
| Range Resources Corp. |
443,000 | 476,092 | ||||||
| 17,971,934 | ||||||||
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| Oil Companies-Integrated — 0.8% |
| |||||||
| BP Capital Markets America, Inc. |
$ | 1,844,000 | $ | 1,607,011 | ||||
| BP Capital Markets America, Inc. |
1,304,000 | 1,225,564 | ||||||
| BP Capital Markets America, Inc. |
3,287,000 | 3,645,956 | ||||||
| Chevron Corp. |
2,277,000 | 2,328,492 | ||||||
| Chevron Corp. |
876,000 | 903,091 | ||||||
| Chevron USA, Inc. |
805,000 | 782,764 | ||||||
| Chevron USA, Inc. |
676,000 | 788,421 | ||||||
| Chevron USA, Inc. |
1,100,000 | 1,469,780 | ||||||
| 12,751,079 | ||||||||
| Oil Refining & Marketing — 0.2% |
| |||||||
| PBF Holding Co. LLC/PBF Finance Corp. |
1,133,000 | 719,455 | ||||||
| Phillips 66 |
1,142,000 | 1,105,694 | ||||||
| Valero Energy Corp. |
839,000 | 835,781 | ||||||
| 2,660,930 | ||||||||
| Oil-Field Services — 0.3% |
| |||||||
| Archrock Partners LP/Archrock Partners Finance Corp. |
769,000 | 811,464 | ||||||
| ChampionX Corp |
722,000 | 758,100 | ||||||
| Halliburton Co. |
453,000 | 462,457 | ||||||
| Halliburton Co. |
677,000 | 748,470 | ||||||
| Schlumberger Holdings Corp. |
1,100,000 | 1,228,371 | ||||||
| USA Compression Partners LP/USA Compression Finance Corp. |
625,000 | 645,312 | ||||||
| 4,654,174 | ||||||||
| Paper & Related Products — 0.5% |
| |||||||
| Clearwater Paper Corp. |
660,000 | 675,893 | ||||||
| 22 |
VALIC Company II Core Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Paper & Related Products (continued) |
| |||||||
| Domtar Corp. |
$ | 1,965,000 | $ | 2,569,193 | ||||
| Georgia-Pacific LLC |
4,543,000 | 4,456,701 | ||||||
| 7,701,787 | ||||||||
| Petrochemicals — 0.1% |
| |||||||
| Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP |
825,000 | 872,548 | ||||||
| Pharmacy Services — 0.3% |
| |||||||
| CVS Health Corp. |
517,000 | 485,810 | ||||||
| CVS Health Corp. |
616,000 | 706,377 | ||||||
| CVS Health Corp. |
2,003,000 | 2,421,128 | ||||||
| CVS Health Corp. |
648,000 | 811,126 | ||||||
| 4,424,441 | ||||||||
| Pipelines — 2.1% |
| |||||||
| Antero Midstream Partners LP/Antero Midstream Finance Corp. |
800,000 | 806,500 | ||||||
| Buckeye Partners LP |
445,000 | 455,012 | ||||||
| Buckeye Partners LP |
607,000 | 614,587 | ||||||
| Cheniere Corpus Christi Holdings LLC |
1,328,000 | 1,429,756 | ||||||
| Cheniere Energy Partners LP |
361,000 | 378,599 | ||||||
| Cheniere Energy Partners LP |
262,000 | 269,284 | ||||||
| Cheniere Energy, Inc. |
644,000 | 671,370 | ||||||
| Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp. |
693,000 | 775,821 | ||||||
| DCP Midstream Operating LP |
482,000 | 521,635 | ||||||
| DCP Midstream Operating LP |
218,000 | 245,250 | ||||||
| Enable Midstream Partners LP |
810,000 | 910,167 | ||||||
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| Pipelines (continued) |
| |||||||
| Energy Transfer Operating LP |
$ | 1,206,000 | $ | 1,300,733 | ||||
| Energy Transfer Operating LP |
1,453,000 | 1,669,855 | ||||||
| EnLink Midstream Partners LP |
152,000 | 120,840 | ||||||
| Enterprise Products Operating LLC |
1,231,000 | 1,219,098 | ||||||
| Enterprise Products Operating LLC |
924,000 | 995,730 | ||||||
| Genesis Energy LP/Genesis Energy Finance Corp. |
812,000 | 795,760 | ||||||
| Genesis Energy LP/Genesis Energy Finance Corp. |
475,000 | 460,892 | ||||||
| Genesis Energy LP/Genesis Energy Finance Corp. |
468,000 | 473,071 | ||||||
| Gray Oak Pipeline LLC |
1,841,000 | 1,868,355 | ||||||
| Gray Oak Pipeline LLC |
1,023,000 | 1,051,902 | ||||||
| Harvest Midstream I LP |
1,159,000 | 1,230,713 | ||||||
| Holly Energy Partners LP/Holly Energy Finance Corp. |
1,052,000 | 1,059,848 | ||||||
| Kinder Morgan, Inc. |
1,158,000 | 1,331,743 | ||||||
| MPLX LP |
921,000 | 911,228 | ||||||
| NGL Energy Operating LLC/NGL Energy Finance Corp. |
925,000 | 953,952 | ||||||
| NGPL PipeCo LLC |
897,000 | 933,700 | ||||||
| NuStar Logistics LP |
379,000 | 403,635 | ||||||
| NuStar Logistics LP |
569,000 | 628,864 | ||||||
| ONEOK Partners LP |
671,000 | 854,780 | ||||||
| ONEOK, Inc. |
519,000 | 652,330 | ||||||
| ONEOK, Inc. |
477,000 | 638,960 | ||||||
| Plains All American Pipeline LP/PAA Finance Corp. |
529,000 | 495,467 | ||||||
| 23 |
VALIC Company II Core Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Pipelines (continued) |
| |||||||
| Sunoco Logistics Partners Operations LP |
$ | 761,000 | $ | 812,025 | ||||
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. |
762,000 | 781,431 | ||||||
| Valero Energy Partners LP |
1,611,000 | 1,824,487 | ||||||
| Williams Cos., Inc. |
1,550,000 | 1,922,788 | ||||||
| 32,470,168 | ||||||||
| Poultry — 0.1% |
| |||||||
| Pilgrim’s Pride Corp. |
420,000 | 450,597 | ||||||
| Simmons Foods, Inc. |
530,000 | 536,837 | ||||||
| 987,434 | ||||||||
| Protection/Safety — 0.1% |
| |||||||
| Prime Security Services Borrower LLC/Prime Finance, Inc. |
277,000 | 295,351 | ||||||
| Prime Security Services Borrower LLC/Prime Finance, Inc. |
1,353,000 | 1,457,858 | ||||||
| Prime Security Services Borrower LLC/Prime Finance, Inc. |
245,000 | 253,803 | ||||||
| 2,007,012 | ||||||||
| Real Estate Investment Trusts — 1.3% |
| |||||||
| American Tower Corp. |
1,080,000 | 1,008,791 | ||||||
| Columbia Property Trust Operating Partnership LP |
1,579,000 | 1,674,010 | ||||||
| CTR Partnership LP/CareTrust Capital Corp. |
900,000 | 927,918 | ||||||
| ESH Hospitality, Inc. |
710,000 | 721,090 | ||||||
| Federal Realty Investment Trust |
1,579,000 | 1,575,932 | ||||||
| HAT Holdings I LLC/HAT Holdings II LLC |
376,000 | 388,607 | ||||||
| HAT Holdings I LLC/HAT Holdings II LLC |
328,000 | 344,400 | ||||||
| Hospitality Properties Trust |
583,000 | 542,190 | ||||||
| Host Hotels & Resorts LP |
2,462,000 | 2,487,978 | ||||||
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| Real Estate Investment Trusts (continued) |
| |||||||
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
$ | 1,115,000 | $ | 1,075,975 | ||||
| MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. |
764,000 | 863,320 | ||||||
| MPT Operating Partnership LP/MPT Finance Corp. |
381,000 | 387,706 | ||||||
| MPT Operating Partnership LP/MPT Finance Corp. |
137,000 | 145,932 | ||||||
| National Health Investors, Inc. |
748,000 | 721,998 | ||||||
| Omega Healthcare Investors, Inc. |
1,012,000 | 1,031,291 | ||||||
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |
625,000 | 654,688 | ||||||
| Piedmont Operating Partnership LP |
1,329,000 | 1,323,028 | ||||||
| Service Properties Trust |
148,000 | 145,780 | ||||||
| Service Properties Trust |
90,000 | 86,850 | ||||||
| Service Properties Trust |
135,000 | 136,688 | ||||||
| Service Properties Trust |
78,000 | 83,775 | ||||||
| Simon Property Group LP |
976,000 | 925,217 | ||||||
| Spirit Realty LP |
762,000 | 751,074 | ||||||
| Starwood Property Trust, Inc. |
945,000 | 965,955 | ||||||
| VEREIT Operating Partnership LP |
640,000 | 634,177 | ||||||
| 19,604,370 | ||||||||
| Real Estate Management/Services — 0.1% |
| |||||||
| Cushman & Wakefield US Borrower LLC |
492,000 | 531,877 | ||||||
| Newmark Group, Inc. |
739,000 | 800,616 | ||||||
| 1,332,493 | ||||||||
| Real Estate Operations & Development — 0.0% |
| |||||||
| Kennedy-Wilson, Inc. |
624,000 | 643,157 | ||||||
| 24 |
VALIC Company II Core Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Recycling — 0.0% |
| |||||||
| Harsco Corp. |
$ | 693,000 | $ | 722,452 | ||||
| Rental Auto/Equipment — 0.1% |
| |||||||
| Ahern Rentals, Inc. |
1,321,000 | 1,109,640 | ||||||
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |
133,000 | 136,006 | ||||||
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |
778,000 | 803,285 | ||||||
| 2,048,931 | ||||||||
| Research & Development — 0.1% |
| |||||||
| Jaguar Holding Co. II/PPD Development LP |
170,000 | 177,225 | ||||||
| Jaguar Holding Co. II/PPD Development LP |
627,000 | 661,485 | ||||||
| 838,710 | ||||||||
| Resorts/Theme Parks — 0.1% |
| |||||||
| SeaWorld Parks & Entertainment, Inc. |
735,000 | 793,800 | ||||||
| Six Flags Entertainment Corp. |
825,000 | 842,439 | ||||||
| Six Flags Theme Parks, Inc. |
81,000 | 87,320 | ||||||
| 1,723,559 | ||||||||
| Retail-Apparel/Shoe — 0.1% |
| |||||||
| Ross Stores, Inc. |
1,551,000 | 1,486,764 | ||||||
| Retail-Appliances — 0.0% |
| |||||||
| Conn’s, Inc. |
724,000 | 724,000 | ||||||
| Retail-Auto Parts — 0.1% |
| |||||||
| Advance Auto Parts, Inc. |
844,000 | 843,972 | ||||||
| Genuine Parts Co. |
1,022,000 | 964,860 | ||||||
| 1,808,832 | ||||||||
| Retail-Convenience Store — 0.1% |
| |||||||
| 7-Eleven, Inc. |
897,000 | 857,499 | ||||||
| Retail-Pawn Shops — 0.0% |
| |||||||
| FirstCash, Inc. |
740,000 | 768,801 | ||||||
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| Retail-Petroleum Products — 0.0% |
| |||||||
| Murphy Oil USA, Inc. |
$ | 675,000 | $ | 723,937 | ||||
| Retail-Regional Department Stores — 0.2% |
| |||||||
| Kohl’s Corp. |
2,087,000 | 2,378,382 | ||||||
| Kohl’s Corp. |
559,000 | 720,429 | ||||||
| 3,098,811 | ||||||||
| Retail-Restaurants — 0.3% |
| |||||||
| Brinker International, Inc. |
521,000 | 541,840 | ||||||
| Dave & Buster’s, Inc. |
855,000 | 906,300 | ||||||
| McDonald’s Corp. |
681,000 | 725,118 | ||||||
| McDonald’s Corp. |
719,000 | 834,125 | ||||||
| McDonald’s Corp. |
1,134,000 | 1,349,491 | ||||||
| 4,356,874 | ||||||||
| Satellite Telecom — 0.1% |
| |||||||
| Hughes Satellite Systems Corp. |
1,130,000 | 1,261,532 | ||||||
| Savings & Loans/Thrifts — 0.3% |
| |||||||
| First Niagara Financial Group, Inc. |
1,625,000 | 1,711,554 | ||||||
| New York Community Bancorp, Inc. |
2,237,000 | 2,333,970 | ||||||
| 4,045,524 | ||||||||
| Security Services — 0.1% |
| |||||||
| Brink’s Co. |
575,000 | 592,560 | ||||||
| Brink’s Co. |
448,000 | 471,520 | ||||||
| 1,064,080 | ||||||||
| Shipbuilding — 0.1% |
| |||||||
| Huntington Ingalls Industries, Inc. |
1,017,000 | 1,161,758 | ||||||
| Steel-Producers — 0.2% |
| |||||||
| Cleveland-Cliffs, Inc. |
409,000 | 400,411 | ||||||
| Cleveland-Cliffs, Inc. |
125,000 | 122,388 | ||||||
| 25 |
VALIC Company II Core Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Steel-Producers (continued) |
| |||||||
| Cleveland-Cliffs, Inc. |
$ | 584,000 | $ | 597,841 | ||||
| Cleveland-Cliffs, Inc. |
509,000 | 545,266 | ||||||
| Commercial Metals Co. |
793,000 | 792,445 | ||||||
| Reliance Steel & Aluminum Co. |
1,329,000 | 1,298,173 | ||||||
| 3,756,524 | ||||||||
| Telecom Equipment-Fiber Optics — 0.2% |
| |||||||
| Corning, Inc. |
2,304,000 | 2,966,044 | ||||||
| Telephone-Integrated — 1.2% |
| |||||||
| AT&T, Inc. |
370,000 | 335,812 | ||||||
| AT&T, Inc. |
4,526,000 | 5,175,109 | ||||||
| AT&T, Inc. |
639,000 | 727,687 | ||||||
| AT&T, Inc. |
897,000 | 1,036,252 | ||||||
| AT&T, Inc. |
1,866,000 | 2,211,967 | ||||||
| CenturyLink, Inc. |
688,000 | 717,742 | ||||||
| CenturyLink, Inc. |
579,000 | 649,928 | ||||||
| Frontier Communications Corp. |
858,000 | 885,885 | ||||||
| Verizon Communications, Inc. |
2,076,000 | 1,947,493 | ||||||
| Verizon Communications, Inc. |
3,378,000 | 3,003,878 | ||||||
| Verizon Communications, Inc. |
613,000 | 708,036 | ||||||
| Verizon Communications, Inc. |
364,000 | 429,370 | ||||||
| Zayo Group Holdings, Inc. |
547,000 | 564,012 | ||||||
| 18,393,171 | ||||||||
| Television — 0.4% |
| |||||||
| Belo Corp. |
460,000 | 529,000 | ||||||
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| Television (continued) |
| |||||||
| Belo Corp. |
$ | 810,000 | $ | 935,550 | ||||
| Scripps Escrow II, Inc. |
73,000 | 74,186 | ||||||
| Viacom, Inc. |
4,334,000 | 4,851,319 | ||||||
| 6,390,055 | ||||||||
| Theaters — 0.1% |
| |||||||
| Live Nation Entertainment, Inc. |
135,000 | 135,297 | ||||||
| Live Nation Entertainment, Inc. |
638,000 | 644,508 | ||||||
| 779,805 | ||||||||
| Tools-Hand Held — 0.1% |
| |||||||
| Stanley Black & Decker, Inc. |
986,000 | 1,087,980 | ||||||
| Transport-Air Freight — 0.1% |
| |||||||
| Cargo Aircraft Management, Inc. |
925,000 | 959,687 | ||||||
| Transport-Equipment & Leasing — 0.1% |
| |||||||
| GATX Corp. |
329,000 | 309,720 | ||||||
| GATX Corp. |
1,633,000 | 1,791,720 | ||||||
| 2,101,440 | ||||||||
| Transport-Marine — 0.1% |
| |||||||
| Kirby Corp. |
844,000 | 915,260 | ||||||
| Transport-Rail — 0.2% |
| |||||||
| Kansas City Southern |
890,000 | 930,455 | ||||||
| Kansas City Southern |
533,000 | 635,517 | ||||||
| Norfolk Southern Corp. |
1,087,000 | 1,240,969 | ||||||
| 2,806,941 | ||||||||
| Transport-Services — 0.2% |
| |||||||
| FedEx Corp. Pass Through Trust |
1,606,858 | 1,603,671 | ||||||
| United Parcel Service, Inc. |
861,000 | 957,514 | ||||||
| 2,561,185 | ||||||||
| 26 |
VALIC Company II Core Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Trucking/Leasing — 0.2% |
| |||||||
| Penske Truck Leasing Co. LP/PTL Finance Corp. |
$ | 243,000 | $ | 258,811 | ||||
| Penske Truck Leasing Co. LP/PTL Finance Corp. |
1,630,000 | 1,780,784 | ||||||
| Penske Truck Leasing Co. LP/PTL Finance Corp. |
809,000 | 922,241 | ||||||
| 2,961,836 | ||||||||
| Vitamins & Nutrition Products — 0.1% |
| |||||||
| HLF Financing SARL LLC/Herbalife International, Inc. |
827,000 | 859,613 | ||||||
| Water — 0.0% |
| |||||||
| Essential Utilities, Inc. |
681,000 | 689,928 | ||||||
| Total U.S. Corporate Bonds & Notes |
||||||||
| (cost $473,292,245) |
493,162,283 | |||||||
| FOREIGN CORPORATE BONDS & NOTES — 10.4% |
| |||||||
| Aerospace/Defense — 0.1% |
| |||||||
| BAE Systems PLC |
1,045,000 | 1,134,191 | ||||||
| Agricultural Chemicals — 0.1% |
| |||||||
| Consolidated Energy Finance SA |
698,000 | 710,215 | ||||||
| OCI NV |
853,000 | 881,789 | ||||||
| 1,592,004 | ||||||||
| Airlines — 0.0% |
| |||||||
| Hawaiian Brand Intellectual Property, Ltd./HawaiianMiles Loyalty, Ltd. |
524,286 | 552,797 | ||||||
| Auto-Cars/Light Trucks — 0.1% |
| |||||||
| Hyundai Capital Services, Inc. |
847,000 | 832,798 | ||||||
| Nissan Motor Co., Ltd. |
940,000 | 988,027 | ||||||
| 1,820,825 | ||||||||
| Banks-Commercial — 1.5% |
| |||||||
| Australia & New Zealand Banking Group, Ltd. |
828,000 | 861,276 | ||||||
| Banco de Credito del Peru |
320,000 | 326,560 | ||||||
| Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander |
1,081,000 | 1,228,881 | ||||||
| Bank of Montreal |
3,059,000 | 3,144,813 | ||||||
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| Banks-Commercial (continued) |
| |||||||
| Barclays Bank PLC |
$ | 714,000 | $ | 725,380 | ||||
| Canadian Imperial Bank of Commerce |
1,153,000 | 1,153,421 | ||||||
| Canadian Imperial Bank of Commerce |
803,000 | 796,919 | ||||||
| Cooperatieve Rabobank UA |
2,710,000 | 2,686,544 | ||||||
| Danske Bank A/S |
968,000 | 1,037,836 | ||||||
| Danske Bank A/S |
1,302,000 | 1,400,298 | ||||||
| DBS Group Holdings, Ltd. |
1,074,000 | 1,103,119 | ||||||
| Grupo Aval, Ltd. |
500,000 | 518,100 | ||||||
| ING Groep NV |
2,601,000 | 2,609,161 | ||||||
| ING Groep NV |
563,000 | 648,263 | ||||||
| National Bank of Canada |
1,258,000 | 1,259,256 | ||||||
| National Bank of Canada |
1,709,000 | 1,757,513 | ||||||
| Philippine National Bank |
500,000 | 531,092 | ||||||
| Standard Chartered PLC |
1,619,000 | 1,593,736 | ||||||
| 23,382,168 | ||||||||
| Banks-Special Purpose — 0.3% |
| |||||||
| BNG Bank NV |
738,000 | 725,035 | ||||||
| Industrial Bank of Korea |
3,448,000 | 3,432,285 | ||||||
| 4,157,320 | ||||||||
| Beverages-Non-alcoholic — 0.1% |
| |||||||
| Coca-Cola Femsa SAB de CV |
1,581,000 | 1,493,919 | ||||||
| Building-Residential/Commercial — 0.0% |
| |||||||
| Mattamy Group Corp. |
185,000 | 192,169 | ||||||
| Mattamy Group Corp. |
396,000 | 415,800 | ||||||
| 607,969 | ||||||||
| 27 |
VALIC Company II Core Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
| Cable/Satellite TV — 0.0% |
| |||||||
| Altice Financing SA |
$ | 777,000 | $ | 780,885 | ||||
| Casino Hotels — 0.1% |
| |||||||
| Melco Resorts Finance, Ltd. |
666,000 | 704,814 | ||||||
| Wynn Macau, Ltd. |
880,000 | 897,600 | ||||||
| 1,602,414 | ||||||||
| Cellular Telecom — 0.3% |
| |||||||
| Altice France SA |
215,000 | 234,352 | ||||||
| Colombia Telecomunicaciones SA ESP |
1,024,000 | 1,100,032 | ||||||
| Numericable-SFR SA |
529,000 | 551,853 | ||||||
| SK Telecom Co., Ltd. |
590,000 | 628,530 | ||||||
| Vodafone Group PLC |
947,000 | 1,148,404 | ||||||
| Vodafone Group PLC |
719,000 | 916,396 | ||||||
| 4,579,567 | ||||||||
| Chemicals-Diversified — 0.2% |
| |||||||
| Braskem Netherlands Finance BV |
971,000 | 1,003,771 | ||||||
| Braskem Netherlands Finance BV |
1,619,000 | 1,643,609 | ||||||
| Braskem Netherlands Finance BV |
200,000 | 203,040 | ||||||
| 2,850,420 | ||||||||
| Chemicals-Other — 0.0% |
| |||||||
| MEGlobal Canada ULC |
600,000 | 665,604 | ||||||
| Chemicals-Specialty — 0.1% |
| |||||||
| Albemarle Wodgina Pty, Ltd. |
1,358,000 | 1,414,861 | ||||||
| Computer Software — 0.0% |
| |||||||
| Camelot Finance SA |
620,000 | 643,250 | ||||||
| Containers-Metal/Glass — 0.0% |
| |||||||
| Trivium Packaging Finance BV |
525,000 | 563,062 | ||||||
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| Containers-Paper/Plastic — 0.2% |
| |||||||
| Cascades, Inc./Cascades USA, Inc. |
$ | 556,000 | $ | 587,275 | ||||
| Intertape Polymer Group, Inc. |
453,000 | 476,782 | ||||||
| Klabin Austria GmbH |
1,620,000 | 2,021,760 | ||||||
| 3,085,817 | ||||||||
| Cruise Lines — 0.3% |
| |||||||
| Carnival Corp. |
955,000 | 969,325 | ||||||
| Carnival Corp. |
177,000 | 186,071 | ||||||
| NCL Corp., Ltd. |
1,270,000 | 1,187,069 | ||||||
| NCL Corp., Ltd. |
187,000 | 187,996 | ||||||
| Silversea Cruise Finance, Ltd. |
885,000 | 916,072 | ||||||
| Viking Ocean Cruises Ship VII, Ltd. |
78,000 | 78,507 | ||||||
| VOC Escrow, Ltd. |
1,098,000 | 1,084,934 | ||||||
| 4,609,974 | ||||||||
| Diversified Banking Institutions — 2.2% |
| |||||||
| Banco Santander SA |
1,400,000 | 1,484,798 | ||||||
| Barclays PLC |
1,956,000 | 1,995,589 | ||||||
| BNP Paribas SA |
3,500,000 | 3,457,207 | ||||||
| Credit Agricole SA |
1,134,000 | 1,161,206 | ||||||
| Credit Agricole SA |
1,567,000 | 1,474,816 | ||||||
| Credit Suisse Group AG |
1,066,000 | 1,099,697 | ||||||
| Deutsche Bank AG |
1,151,000 | 1,183,852 | ||||||
| HSBC Holdings PLC |
2,018,000 | 2,011,755 | ||||||
| HSBC Holdings PLC |
1,310,000 | 1,464,326 | ||||||
| 28 |
VALIC Company II Core Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
| Diversified Banking Institutions (continued) |
| |||||||
| Mitsubishi UFJ Financial Group, Inc. |
$ | 1,483,000 | $ | 1,539,141 | ||||
| Mizuho Financial Group, Inc. |
2,428,000 | 2,558,489 | ||||||
| Natwest Group PLC |
2,328,000 | 2,281,673 | ||||||
| Natwest Group PLC |
531,000 | 581,691 | ||||||
| Natwest Group PLC |
622,000 | 675,122 | ||||||
| NatWest Markets PLC |
1,316,000 | 1,369,537 | ||||||
| Royal Bank of Scotland Group PLC |
2,318,000 | 2,398,607 | ||||||
| Societe Generale SA |
635,000 | 624,535 | ||||||
| UBS Group Funding Switzerland AG |
416,000 | 431,189 | ||||||
| UBS Group Funding Switzerland AG |
269,000 | 301,773 | ||||||
| UniCredit SpA |
1,971,000 | 1,985,423 | ||||||
| UniCredit SpA |
3,066,000 | 3,300,401 | ||||||
| UniCredit SpA |
1,048,000 | 1,097,555 | ||||||
| 34,478,382 | ||||||||
| Diversified Financial Services — 0.4% |
| |||||||
| Fairstone Financial, Inc. |
924,000 | 969,590 | ||||||
| GE Capital International Funding Co. ULC |
4,933,000 | 5,591,122 | ||||||
| 6,560,712 | ||||||||
| Diversified Manufacturing Operations — 0.1% |
| |||||||
| Siemens Financieringsmaatschappij NV |
1,086,000 | 1,176,673 | ||||||
| Diversified Minerals — 0.3% |
| |||||||
| Anglo American Capital PLC |
1,335,000 | 1,346,371 | ||||||
| FMG Resources August 2006 Pty, Ltd. |
556,000 | 610,905 | ||||||
| Teck Resources, Ltd. |
2,379,000 | 3,081,814 | ||||||
| 5,039,090 | ||||||||
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| Electric-Distribution — 0.0% |
| |||||||
| Energuate Trust |
$ | 400,000 | $ | 425,504 | ||||
| Infraestructura Energetica Nova SAB de CV |
250,000 | 251,062 | ||||||
| 676,566 | ||||||||
| Electric-Generation — 0.2% |
| |||||||
| Electricite de France SA |
999,000 | 1,240,957 | ||||||
| LLPL Capital Pte, Ltd. |
456,000 | 544,783 | ||||||
| Minejesa Capital BV |
400,000 | 421,000 | ||||||
| Minejesa Capital BV |
300,000 | 317,250 | ||||||
| Mong Duong Finance Holdings BV |
550,000 | 558,250 | ||||||
| 3,082,240 | ||||||||
| Electric-Integrated — 0.2% |
| |||||||
| Empresas Publicas de Medellin ESP |
645,000 | 659,519 | ||||||
| Enel Finance International NV |
1,216,000 | 1,501,838 | ||||||
| Engie Energia Chile SA |
936,000 | 982,800 | ||||||
| 3,144,157 | ||||||||
| Energy-Alternate Sources — 0.1% |
| |||||||
| ReNew Power Synthetic |
400,000 | 419,608 | ||||||
| ReNew Power, Ltd. |
400,000 | 417,000 | ||||||
| 836,608 | ||||||||
| Finance-Consumer Loans — 0.1% |
| |||||||
| goeasy, Ltd. |
788,000 | 815,580 | ||||||
| Finance-Leasing Companies — 0.0% |
| |||||||
| BOC Aviation, Ltd. |
465,000 | 451,214 | ||||||
| Food-Meat Products — 0.0% |
| |||||||
| BRF SA |
400,000 | 416,500 | ||||||
| Gold Mining — 0.1% |
| |||||||
| AngloGold Ashanti Holdings PLC |
1,051,000 | 1,105,208 | ||||||
| 29 |
VALIC Company II Core Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
| Independent Power Producers — 0.0% |
| |||||||
| Termocandelaria Power, Ltd. |
$ | 277,500 | $ | 301,781 | ||||
| Industrial Gases — 0.0% |
| |||||||
| Yingde Gases Investment, Ltd. |
400,000 | 412,207 | ||||||
| Insurance-Life/Health — 0.2% |
| |||||||
| Athene Holding, Ltd. |
1,247,000 | 1,292,263 | ||||||
| Manulife Financial Corp. |
1,280,000 | 1,403,506 | ||||||
| 2,695,769 | ||||||||
| Insurance-Property/Casualty — 0.2% |
| |||||||
| Enstar Group, Ltd. |
2,192,000 | 2,495,911 | ||||||
| Investment Companies — 0.1% |
| |||||||
| Huarong Finance II Co., Ltd. |
900,000 | 985,561 | ||||||
| MDGH — GMTN BV |
400,000 | 409,820 | ||||||
| 1,395,381 | ||||||||
| Medical-Drugs — 0.2% |
| |||||||
| Endo Dac/Endo Finance LLC/Endo Finco, Inc. |
227,000 | 227,568 | ||||||
| Endo Dac/Endo Finance LLC/Endo Finco, Inc. |
532,000 | 467,096 | ||||||
| Shire Acquisitions Investments Ireland DAC |
2,470,000 | 2,695,385 | ||||||
| Takeda Pharmaceutical Co., Ltd. |
455,000 | 437,839 | ||||||
| 3,827,888 | ||||||||
| Metal-Aluminum — 0.1% |
| |||||||
| Constellium SE |
301,000 | 298,803 | ||||||
| Indonesia Asahan Aluminium Persero PT |
400,000 | 489,700 | ||||||
| 788,503 | ||||||||
| Metal-Copper — 0.1% |
| |||||||
| First Quantum Minerals, Ltd. |
423,000 | 441,506 | ||||||
| Hudbay Minerals, Inc. |
435,000 | 440,995 | ||||||
| 882,501 | ||||||||
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| Metal-Diversified — 0.0% |
| |||||||
| Chinalco Capital Holdings, Ltd. |
$ | 400,000 | $ | 407,233 | ||||
| Metal-Iron — 0.1% |
| |||||||
| Mineral Resources, Ltd. |
824,000 | 912,044 | ||||||
| Motion Pictures & Services — 0.1% |
| |||||||
| Banijay Entertainment SASU |
1,015,000 | 1,035,300 | ||||||
| Multimedia — 0.0% |
| |||||||
| Globo Comunicacao e Participacoes SA |
400,000 | 415,504 | ||||||
| Non-Ferrous Metals — 0.0% |
| |||||||
| Corp Nacional del Cobre de Chile |
600,000 | 538,068 | ||||||
| Oil Companies-Exploration & Production — 0.2% |
| |||||||
| Canadian Natural Resources, Ltd. |
843,000 | 859,894 | ||||||
| MEG Energy Corp. |
400,000 | 406,120 | ||||||
| MEG Energy Corp. |
758,000 | 781,688 | ||||||
| MEG Energy Corp. |
775,000 | 818,423 | ||||||
| 2,866,125 | ||||||||
| Oil Companies-Integrated — 0.3% |
| |||||||
| Ecopetrol SA |
400,000 | 488,360 | ||||||
| Equinor ASA |
675,000 | 694,019 | ||||||
| Petro-Canada |
546,000 | 692,203 | ||||||
| Petrobras Global Finance BV |
400,000 | 432,320 | ||||||
| Petroleos Mexicanos |
400,000 | 342,000 | ||||||
| Petroleos Mexicanos |
400,000 | 419,300 | ||||||
| Petroleos Mexicanos |
230,000 | 241,075 | ||||||
| Petroleos Mexicanos |
400,000 | 379,823 | ||||||
| Petroleos Mexicanos |
400,000 | 351,600 | ||||||
| 30 |
VALIC Company II Core Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
| Oil Companies-Integrated (continued) |
| |||||||
| Total Capital International SA |
$ | 536,000 | $ | 550,299 | ||||
| 4,590,999 | ||||||||
| Paper & Related Products — 0.1% |
| |||||||
| Suzano Austria GmbH |
1,574,000 | 1,662,459 | ||||||
| Pipelines — 0.0% |
| |||||||
| Galaxy Pipeline Assets Bidco, Ltd. |
300,000 | 294,676 | ||||||
| Real Estate Investment Trusts — 0.1% |
| |||||||
| Alexandria Real Estate Equities, Inc. |
360,000 | 348,343 | ||||||
| Trust Fibro Uno |
400,000 | 452,680 | ||||||
| 801,023 | ||||||||
| Retail-Petroleum Products — 0.1% |
| |||||||
| eG Global Finance PLC |
980,000 | 1,006,803 | ||||||
| Satellite Telecom — 0.2% |
| |||||||
| Connect Finco SARL/Connect US Finco LLC |
935,000 | 969,198 | ||||||
| Telesat Canada/Telesat LLC |
428,000 | 442,980 | ||||||
| Telesat Canada/Telesat LLC |
1,045,000 | 1,078,471 | ||||||
| 2,490,649 | ||||||||
| Security Services — 0.1% |
| |||||||
| Garda World Security Corp. |
870,000 | 863,475 | ||||||
| Semiconductor Components-Integrated Circuits — 0.1% |
| |||||||
| TSMC Global, Ltd. |
1,737,000 | 1,701,262 | ||||||
| Steel-Producers — 0.0% |
| |||||||
| Shandong Iron & Steel Xinheng International Co., Ltd. |
400,000 | 411,207 | ||||||
| SupraNational Banks — 0.7% |
| |||||||
| African Development Bank |
1,847,000 | 1,865,470 | ||||||
| European Bank for Reconstruction & Development |
2,167,000 | 2,239,578 | ||||||
| International Bank for Reconstruction & Development |
2,557,000 | 2,472,773 | ||||||
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| SupraNational Banks (continued) |
| |||||||
| International Bank for Reconstruction & Development |
$ | 1,210,000 | $ | 1,336,334 | ||||
| International Finance Corp. |
2,574,000 | 2,586,556 | ||||||
| 10,500,711 | ||||||||
| Telecom Services — 0.1% |
| |||||||
| Altice France Holding SA |
780,000 | 763,425 | ||||||
| NTT Finance Corp. |
906,000 | 899,875 | ||||||
| 1,663,300 | ||||||||
| Telephone-Integrated — 0.1% |
| |||||||
| Telefonica Emisiones SAU |
1,365,000 | 1,551,524 | ||||||
| Telefonica Emisiones SAU |
250,000 | 299,152 | ||||||
| 1,850,676 | ||||||||
| Transport-Rail — 0.0% |
| |||||||
| Canadian Pacific Railway Co. |
300,000 | 465,917 | ||||||
| Transport-Services — 0.1% |
| |||||||
| Rumo Luxembourg SARL |
580,000 | 616,105 | ||||||
| Yunda Holding Investment, Ltd. |
400,000 | 395,800 | ||||||
| 1,011,905 | ||||||||
| Vitamins & Nutrition Products — 0.0% |
| |||||||
| Herbalife Nutrition, Ltd./HLF Financing, Inc. |
352,000 | 381,040 | ||||||
| Warehousing & Harbor Transportation Services — 0.0% |
| |||||||
| DP World PLC |
500,000 | 531,150 | ||||||
| Total Foreign Corporate Bonds & Notes |
||||||||
| (cost $156,977,254) |
162,521,444 | |||||||
| FOREIGN GOVERNMENT OBLIGATIONS — 3.7% |
| |||||||
| Banks-Special Purpose — 0.1% |
| |||||||
| Korea Development Bank |
1,289,000 | 1,288,794 | ||||||
| Sovereign — 3.6% |
| |||||||
| Arab Republic of Egypt |
2,200,000 | 2,326,280 | ||||||
| Arab Republic of Egypt |
1,900,000 | 2,025,818 | ||||||
| 31 |
VALIC Company II Core Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
| Sovereign (continued) |
| |||||||
| Emirate of Abu Dhabi |
$ | 3,650,000 | $ | 3,961,710 | ||||
| Federative Republic of Brazil |
1,000,000 | 995,000 | ||||||
| Federative Republic of Brazil |
1,300,000 | 1,218,763 | ||||||
| Federative Republic of Brazil |
700,000 | 735,357 | ||||||
| Government of Romania |
1,600,000 | 1,550,880 | ||||||
| Government of Ukraine |
1,620,000 | 1,646,390 | ||||||
| Government of Ukraine |
1,000,000 | 1,079,060 | ||||||
| Kingdom of Bahrain |
1,220,000 | 1,206,824 | ||||||
| Kingdom of Bahrain |
630,000 | 617,400 | ||||||
| Kingdom of Saudi Arabia |
2,200,000 | 2,352,266 | ||||||
| Kingdom of Saudi Arabia |
2,000,000 | 2,261,320 | ||||||
| Oriental Republic of Uruguay |
413,603 | 477,199 | ||||||
| People’s Republic of China |
2,200,000 | 1,981,971 | ||||||
| Republic of Colombia |
3,282,000 | 3,265,590 | ||||||
| Republic of Ghana |
2,000,000 | 2,609,840 | ||||||
| Republic of Indonesia |
2,400,000 | 2,276,181 | ||||||
| Republic of Indonesia |
800,000 | 1,260,009 | ||||||
| Republic of Italy |
729,000 | 757,205 | ||||||
| Republic of Ivory Coast |
565,556 | 567,151 | ||||||
| Republic of Ivory Coast |
500,000 | 537,500 | ||||||
| Republic of Ivory Coast |
1,000,000 | 1,110,000 | ||||||
| Republic of Kenya |
1,150,000 | 1,275,339 | ||||||
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| Sovereign (continued) |
| |||||||
| Republic of Kenya |
$ | 800,000 | $ | 882,016 | ||||
| Republic of the Philippines |
1,200,000 | 1,264,428 | ||||||
| Republic of Turkey |
1,900,000 | 1,888,068 | ||||||
| Republic of Turkey |
1,300,000 | 1,356,862 | ||||||
| Republic of Turkey |
1,000,000 | 960,000 | ||||||
| Russian Federation |
1,200,000 | 1,357,536 | ||||||
| State of Qatar |
1,800,000 | 2,030,339 | ||||||
| State of Qatar |
2,500,000 | 3,082,220 | ||||||
| Sultanate of Oman |
1,700,000 | 1,873,978 | ||||||
| United Mexican States |
880,000 | 847,669 | ||||||
| United Mexican States |
1,303,000 | 1,460,676 | ||||||
| United Mexican States |
773,000 | 817,455 | ||||||
| United Mexican States |
800,000 | 868,808 | ||||||
| 56,785,108 | ||||||||
| Total Foreign Government Obligations |
||||||||
| (cost $58,282,578) |
58,073,902 | |||||||
| U.S. GOVERNMENT AGENCIES — 39.7% |
| |||||||
| Federal Home Loan Bank — 0.3% |
| |||||||
| 2.13% due 09/14/2029 |
4,765,000 | 5,025,571 | ||||||
| Federal Home Loan Mtg. Corp. — 8.4% |
| |||||||
| 2.00% due 03/01/2051 |
21,275,000 | 21,417,472 | ||||||
| 2.50% due 01/01/2028 |
354,230 | 373,955 | ||||||
| 2.50% due 04/01/2028 |
737,269 | 778,347 | ||||||
| 2.50% due 03/01/2031 |
459,658 | 480,448 | ||||||
| 2.50% due 10/01/2032 |
2,255,737 | 2,357,759 | ||||||
| 3.00% due 08/01/2027 |
173,372 | 183,691 | ||||||
| 3.00% due 10/01/2042 |
1,021,134 | 1,108,862 | ||||||
| 3.00% due 11/01/2042 |
742,591 | 792,901 | ||||||
| 3.00% due 02/01/2043 |
1,000,470 | 1,076,804 | ||||||
| 3.00% due 04/01/2043 |
1,183,637 | 1,283,454 | ||||||
| 3.00% due 05/01/2043 |
459,523 | 499,013 | ||||||
| 3.00% due 08/01/2043 |
3,667,832 | 3,922,829 | ||||||
| 3.00% due 10/01/2045 |
3,056,139 | 3,228,889 | ||||||
| 3.00% due 01/01/2050 |
7,006,162 | 7,322,409 | ||||||
| 3.50% due 01/01/2032 |
2,700,531 | 2,909,188 | ||||||
| 3.50% due 03/01/2042 |
2,367,066 | 2,574,813 | ||||||
| 3.50% due 04/01/2042 |
1,034,638 | 1,125,604 | ||||||
| 32 |
VALIC Company II Core Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
| Federal Home Loan Mtg. Corp. (continued) |
| |||||||
| 3.50% due 08/01/2042 |
$ | 909,438 | $ | 992,795 | ||||
| 3.50% due 09/01/2043 |
703,841 | 768,081 | ||||||
| 3.50% due 03/01/2045 |
594,793 | 641,117 | ||||||
| 3.50% due 07/01/2045 |
4,417,606 | 4,773,198 | ||||||
| 3.50% due 08/01/2045 |
1,284,871 | 1,393,508 | ||||||
| 3.50% due 11/01/2045 |
1,992,029 | 2,145,544 | ||||||
| 3.50% due 01/01/2046 |
1,246,007 | 1,349,916 | ||||||
| 3.50% due 03/01/2046 |
1,148,666 | 1,235,935 | ||||||
| 3.50% due 11/01/2047 |
6,144,247 | 6,544,843 | ||||||
| 3.50% due 01/01/2048 |
10,219,253 | 10,973,073 | ||||||
| 3.50% due 03/01/2048 |
6,039,734 | 6,554,987 | ||||||
| 3.50% due 08/01/2049 |
6,652,810 | 7,132,801 | ||||||
| 3.50% due 04/01/2050 |
6,855,534 | 7,258,812 | ||||||
| 4.00% due 03/01/2023 |
452 | 480 | ||||||
| 4.00% due 09/01/2040 |
690,550 | 760,491 | ||||||
| 4.00% due 07/01/2044 |
50,925 | 55,867 | ||||||
| 4.00% due 10/01/2045 |
1,537,866 | 1,678,692 | ||||||
| 4.00% due 01/01/2046 |
413,515 | 456,946 | ||||||
| 4.00% due 07/01/2049 |
3,755,974 | 4,095,667 | ||||||
| 4.00% due 01/01/2050 |
1,039,352 | 1,114,038 | ||||||
| 4.50% due 12/01/2039 |
393,766 | 440,867 | ||||||
| 4.50% due 07/01/2044 |
895,918 | 1,007,191 | ||||||
| 4.50% due 07/01/2045 |
8,351,142 | 9,405,904 | ||||||
| 4.50% due 05/01/2048 |
2,288,280 | 2,496,745 | ||||||
| 5.00% due 10/01/2033 |
756 | 861 | ||||||
| 5.00% due 07/01/2040 |
413,212 | 480,802 | ||||||
| 5.00% due 11/01/2043 |
1,972,677 | 2,293,938 | ||||||
| 5.50% due 11/01/2032 |
5,042 | 5,780 | ||||||
| 5.50% due 07/01/2034 |
18,912 | 21,923 | ||||||
| 5.50% due 02/01/2035 |
20,496 | 22,834 | ||||||
| 5.50% due 07/01/2035 |
640 | 747 | ||||||
| 5.50% due 01/01/2036 |
130,321 | 152,174 | ||||||
| 5.50% due 05/01/2037 |
19,287 | 22,592 | ||||||
| 6.00% due 07/01/2035 |
68,172 | 77,123 | ||||||
| 6.00% due 03/01/2040 |
99,110 | 119,061 | ||||||
| 6.50% due 02/01/2036 |
8,593 | 9,973 | ||||||
| 6.50% due 09/01/2036 |
158 | 177 | ||||||
| 6.50% due 05/01/2037 |
24,146 | 28,294 | ||||||
| Federal Home Loan Mtg. Corp. FRS |
||||||||
| 1.74% (6 ML+1.49%) |
54,931 | 56,982 | ||||||
| 3.24% (12 ML+1.88%) |
704,453 | 748,791 | ||||||
| Federal Home Loan Mtg. Corp. REMIC |
||||||||
| Series 4740, Class BA |
1,802,448 | 1,861,002 | ||||||
| Series 4800, Class KG |
1,602,424 | 1,630,795 | ||||||
| Federal Home Loan Mtg. Corp. REMIC FRS |
||||||||
| Series 3572, Class JS |
441,147 | 69,809 | ||||||
| 132,317,594 | ||||||||
| Federal National Mtg. Assoc. — 20.0% |
| |||||||
| 2.00% due 11/01/2035 |
4,890,258 | 5,085,288 | ||||||
| 2.00% due 07/01/2035 |
6,311,571 | 6,519,698 | ||||||
| 2.00% due 12/01/2050 |
7,910,068 | 7,994,333 | ||||||
| 2.50% due 02/01/2028 |
715,755 | 754,578 | ||||||
| 2.50% due 04/01/2028 |
215,921 | 227,899 | ||||||
| 2.50% due 07/01/2031 |
1,793,889 | 1,874,516 | ||||||
| 2.50% due 08/01/2031 |
9,767,636 | 10,206,647 | ||||||
| 2.50% due 01/01/2032 |
1,587,356 | 1,658,700 | ||||||
| 2.50% due 04/01/2035 |
5,306,178 | 5,544,667 | ||||||
| 2.50% due 05/01/2050 |
7,349,653 | 7,645,462 | ||||||
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| Federal National Mtg. Assoc. (continued) |
| |||||||
| 2.50% due 06/01/2050 |
$ | 12,362,167 | $ | 12,786,041 | ||||
| 2.50% due 07/01/2050 |
6,615,953 | 6,910,253 | ||||||
| 3.00% due 10/01/2027 |
92,987 | 98,205 | ||||||
| 3.00% due 01/01/2028 |
935,251 | 987,782 | ||||||
| 3.00% due 10/01/2030 |
1,368,717 | 1,444,478 | ||||||
| 3.00% due 10/01/2032 |
4,048,141 | 4,268,939 | ||||||
| 3.00% due 02/01/2033 |
12,465,049 | 13,145,811 | ||||||
| 3.00% due 07/01/2034 |
852,403 | 898,224 | ||||||
| 3.00% due 11/01/2039 |
4,912,285 | 5,139,790 | ||||||
| 3.00% due 03/01/2042 |
1,600,704 | 1,701,788 | ||||||
| 3.00% due 12/01/2042 |
1,546,078 | 1,661,149 | ||||||
| 3.00% due 02/01/2043 |
3,585,465 | 3,826,441 | ||||||
| 3.00% due 05/01/2043 |
1,785,583 | 1,898,380 | ||||||
| 3.00% due 05/01/2046 |
1,929,760 | 2,039,049 | ||||||
| 3.00% due 08/01/2046 |
5,028,933 | 5,396,725 | ||||||
| 3.00% due 09/01/2046 |
925,029 | 976,702 | ||||||
| 3.00% due 04/01/2047 |
2,306,881 | 2,437,905 | ||||||
| 3.00% due 09/01/2048 |
3,967,529 | 4,178,825 | ||||||
| 3.00% due 11/01/2048 |
10,738,445 | 11,294,695 | ||||||
| 3.00% due 06/01/2049 |
3,790,960 | 4,040,126 | ||||||
| 3.00% due 03/01/2050 |
4,715,368 | 4,983,912 | ||||||
| 3.50% due 08/01/2026 |
489,234 | 521,726 | ||||||
| 3.50% due 09/01/2026 |
517,165 | 551,542 | ||||||
| 3.50% due 08/01/2027 |
52,958 | 56,419 | ||||||
| 3.50% due 10/01/2028 |
1,189,272 | 1,283,079 | ||||||
| 3.50% due 03/01/2033 |
825,499 | 881,759 | ||||||
| 3.50% due 12/01/2041 |
282,327 | 307,165 | ||||||
| 3.50% due 03/01/2042 |
405,952 | 442,698 | ||||||
| 3.50% due 08/01/2042 |
2,418,326 | 2,626,688 | ||||||
| 3.50% due 09/01/2042 |
244,146 | 264,715 | ||||||
| 3.50% due 02/01/2043 |
1,927,954 | 2,135,673 | ||||||
| 3.50% due 07/01/2045 |
938,640 | 1,014,873 | ||||||
| 3.50% due 08/01/2045 |
1,187,048 | 1,278,631 | ||||||
| 3.50% due 09/01/2045 |
217,340 | 233,405 | ||||||
| 3.50% due 10/01/2045 |
1,846,725 | 2,007,356 | ||||||
| 3.50% due 11/01/2045 |
2,642,309 | 2,835,310 | ||||||
| 3.50% due 12/01/2045 |
5,855,541 | 6,302,513 | ||||||
| 3.50% due 02/01/2046 |
962,924 | 1,036,312 | ||||||
| 3.50% due 03/01/2046 |
4,491,185 | 4,819,019 | ||||||
| 3.50% due 07/01/2046 |
3,530,798 | 3,825,624 | ||||||
| 3.50% due 01/01/2047 |
2,926,363 | 3,124,727 | ||||||
| 3.50% due 12/01/2047 |
14,617,770 | 15,644,166 | ||||||
| 3.50% due 04/01/2048 |
6,670,584 | 7,218,072 | ||||||
| 4.00% due 11/01/2025 |
33,564 | 35,755 | ||||||
| 4.00% due 03/01/2039 |
2,119,902 | 2,288,016 | ||||||
| 4.00% due 09/01/2040 |
62,540 | 68,921 | ||||||
| 4.00% due 10/01/2040 |
116,561 | 128,466 | ||||||
| 4.00% due 12/01/2040 |
1,050,169 | 1,163,482 | ||||||
| 4.00% due 10/01/2041 |
655,574 | 719,322 | ||||||
| 4.00% due 11/01/2041 |
503,285 | 552,221 | ||||||
| 4.00% due 01/01/2043 |
1,356,544 | 1,501,781 | ||||||
| 4.00% due 02/01/2045 |
2,101,719 | 2,322,077 | ||||||
| 4.00% due 02/01/2046 |
1,357,361 | 1,484,374 | ||||||
| 4.00% due 06/01/2046 |
371,486 | 404,880 | ||||||
| 4.00% due 01/01/2047 |
2,274,420 | 2,464,545 | ||||||
| 4.00% due 05/01/2047 |
1,764,988 | 1,910,138 | ||||||
| 4.00% due 06/01/2047 |
2,739,303 | 2,999,775 | ||||||
| 4.00% due 07/01/2047 |
8,249,280 | 8,925,303 | ||||||
| 4.00% due 08/01/2047 |
2,917,160 | 3,155,426 | ||||||
| 4.00% due 06/01/2048 |
6,052,018 | 6,600,921 | ||||||
| 4.00% due 09/01/2048 |
4,697,192 | 5,043,228 | ||||||
| 4.00% due 12/01/2048 |
1,645,269 | 1,766,464 | ||||||
| 4.00% due 01/01/2049 |
5,009,413 | 5,377,395 | ||||||
| 4.00% due 03/01/2049 |
2,481,184 | 2,662,591 | ||||||
| 4.00% due 03/01/2050 |
6,843,773 | 7,341,675 | ||||||
| 33 |
VALIC Company II Core Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
| Federal National Mtg. Assoc. (continued) |
| |||||||
| 4.50% due 10/01/2024 |
$ | 154,175 | $ | 162,475 | ||||
| 4.50% due 03/01/2025 |
227,710 | 242,071 | ||||||
| 4.50% due 02/01/2040 |
707,160 | 812,598 | ||||||
| 4.50% due 05/01/2040 |
209,327 | 237,131 | ||||||
| 4.50% due 08/01/2045 |
5,196,266 | 5,884,597 | ||||||
| 4.50% due 06/01/2048 |
5,523,233 | 6,001,390 | ||||||
| 4.50% due 10/01/2048 |
4,348,795 | 4,735,009 | ||||||
| 4.50% due 11/01/2048 |
4,063,372 | 4,466,105 | ||||||
| 4.50% due 12/01/2048 |
7,620,079 | 8,289,301 | ||||||
| 4.50% due 10/01/2049 |
4,789,972 | 5,215,244 | ||||||
| 5.00% due 06/01/2022 |
4,701 | 4,923 | ||||||
| 5.00% due 10/01/2024 |
82,055 | 86,093 | ||||||
| 5.00% due 09/01/2033 |
332,092 | 383,018 | ||||||
| 5.00% due 04/01/2040 |
270,334 | 300,144 | ||||||
| 5.00% due 05/01/2040 |
319,994 | 366,473 | ||||||
| 5.00% due 06/01/2040 |
1,480,256 | 1,713,414 | ||||||
| 5.00% due 07/01/2040 |
198,732 | 225,170 | ||||||
| 5.00% due 02/01/2045 |
991,684 | 1,144,690 | ||||||
| 5.50% due 12/01/2029 |
82,900 | 92,395 | ||||||
| 5.50% due 12/01/2033 |
19,428 | 22,635 | ||||||
| 5.50% due 07/01/2037 |
17,551 | 20,562 | ||||||
| 5.50% due 08/01/2037 |
1,057,358 | 1,235,508 | ||||||
| 5.50% due 06/01/2038 |
100,640 | 117,972 | ||||||
| 5.50% due 09/01/2039 |
323,701 | 379,460 | ||||||
| 6.00% due 08/01/2034 |
15,249 | 18,316 | ||||||
| 6.00% due 11/01/2035 |
14,906 | 16,762 | ||||||
| 6.00% due 06/01/2036 |
32,596 | 39,155 | ||||||
| 6.00% due 12/01/2036 |
62,044 | 74,534 | ||||||
| 6.00% due 07/01/2038 |
301,266 | 359,967 | ||||||
| 6.00% due 09/01/2038 |
160,895 | 193,286 | ||||||
| 6.00% due 11/01/2038 |
96,389 | 115,013 | ||||||
| Federal National Mtg. Assoc. FRS |
||||||||
| 1.83% (6 ML+1.54%) |
647,987 | 673,663 | ||||||
| 2.29% (12 ML+1.77%) |
603,587 | 635,663 | ||||||
| 2.33% (12 ML+1.83%) |
258,337 | 272,058 | ||||||
| 2.33% (12 ML+1.82%) |
146,544 | 154,481 | ||||||
| 2.51% (12 ML+1.57%) |
112,049 | 117,620 | ||||||
| 2.60% (1 Yr USTYCR+2.22%) |
505,451 | 531,080 | ||||||
| 2.86% (12 ML+1.67%) |
491,091 | 512,836 | ||||||
| 2.89% (12 ML+1.91%) |
398,703 | 421,814 | ||||||
| 3.04% (1 Yr USTYCR+2.27%) |
240,632 | 256,262 | ||||||
| Federal National Mtg. Assoc. REMIC |
| |||||||
| Series 2017-100, Class NP |
3,201,871 | 3,421,972 | ||||||
| Series 2018-27, Class EA |
3,333,713 | 3,551,775 | ||||||
| Series 2018-35, Class CD |
4,257,978 | 4,499,789 | ||||||
| 312,959,660 | ||||||||
| Government National Mtg. Assoc. — 5.6% |
| |||||||
| 2.50% due 05/20/2050 |
7,578,010 | 7,847,675 | ||||||
| 2.50% due 12/20/2050 |
20,876,704 | 21,629,792 | ||||||
| 3.00% due 02/20/2045 |
2,887,117 | 3,057,487 | ||||||
| 3.00% due 05/20/2045 |
706,586 | 750,109 | ||||||
| 3.00% due 07/20/2045 |
185,423 | 196,238 | ||||||
| Security Description | Principal Amount/ Shares |
Value (Note 2) |
||||||
| Government National Mtg. Assoc. (continued) |
| |||||||
| 3.00% due 11/20/2045 |
$ | 1,607,060 | $ | 1,698,585 | ||||
| 3.00% due 12/20/2045 |
1,238,514 | 1,309,072 | ||||||
| 3.00% due 01/20/2046 |
6,897,482 | 7,296,397 | ||||||
| 3.00% due 05/20/2046 |
7,614,299 | 8,055,287 | ||||||
| 3.00% due 09/20/2047 |
5,523,793 | 5,825,957 | ||||||
| 3.00% due 05/20/2050 |
11,645,654 | 12,124,069 | ||||||
| 3.50% due 03/20/2045 |
613,670 | 658,911 | ||||||
| 3.50% due 07/20/2045 |
312,660 | 335,733 | ||||||
| 3.50% due 03/20/2047 |
1,854,334 | 1,980,883 | ||||||
| 4.00% due 03/20/2044 |
425,718 | 471,323 | ||||||
| 4.00% due 07/20/2045 |
1,166,680 | 1,286,016 | ||||||
| 4.00% due 05/20/2048 |
2,901,483 | 3,124,139 | ||||||
| 4.00% due 03/20/2049 |
3,262,331 | 3,501,627 | ||||||
| 4.50% due 05/15/2039 |
428,861 | 493,845 | ||||||
| 4.50% due 04/20/2047 |
2,309,177 | 2,531,520 | ||||||
| 5.00% due 05/15/2034 |
105,950 | 122,470 | ||||||
| 5.00% due 01/15/2040 |
417,827 | 488,454 | ||||||
| 5.50% due 12/15/2039 |
489,310 | 556,462 | ||||||
| 6.00% due 10/15/2039 |
126,066 | 141,586 | ||||||
| Government National Mtg. Assoc. REMIC VRS |
1,700,000 | 1,756,508 | ||||||
| 87,240,145 | ||||||||
| Uniform Mtg. Backed Securities — 5.4% |
| |||||||
| 1.50% due March 15 TBA |
5,000,000 | 5,046,875 | ||||||
| 1.50% due March 30 TBA |
6,000,000 | 5,868,750 | ||||||
| 2.00% due March 15 TBA |
8,000,000 | 8,257,500 | ||||||
| 2.00% due March 30 TBA |
31,800,000 | 31,988,813 | ||||||
| 2.50% due March 30 TBA |
27,000,000 | 27,894,375 | ||||||
| 3.00% due March 30 TBA |
6,000,000 | 6,273,984 | ||||||
| 85,330,297 | ||||||||
| Total U.S. Government Agencies |
||||||||
| (cost $610,568,159) |
622,873,267 | |||||||
| U.S. GOVERNMENT TREASURIES — 5.7% |
| |||||||
| United States Treasury Bonds — 3.6% |
| |||||||
| 1.38% due 08/15/2050 |
2,733,000 | 2,242,768 | ||||||
| 2.38% due 11/15/2049 |
21,081,000 | 21,950,591 | ||||||
| 2.75% due 08/15/2047# |
1,246,000 | 1,389,582 | ||||||
| 3.00% due 05/15/2045 |
570,000 | 661,155 | ||||||
| 3.00% due 05/15/2047 |
6,851,000 | 7,989,711 | ||||||
| 3.38% due 11/15/2048 |
13,798,000 | 17,296,009 | ||||||
| 3.75% due 08/15/2041# |
35,000 | 45,052 | ||||||
| 3.88% due 08/15/2040 |
134,000 | 174,739 | ||||||
| 4.38% due 05/15/2040 |
2,865,000 | 3,967,130 | ||||||
| 4.38% due 05/15/2041 |
433,000 | 602,834 | ||||||
| 4.63% due 02/15/2040 |
65,000 | 92,529 | ||||||
| 56,412,100 | ||||||||
| United States Treasury Notes — 2.1% |
| |||||||
| 0.13% due 12/15/2023 |
500,000 | 497,773 | ||||||
| 0.88% due 11/15/2030# |
5,002,000 | 4,742,521 | ||||||
| 1.38% due 10/15/2022 |
7,000,000 | 7,138,633 | ||||||
| 1.38% due 01/31/2025 |
1,000,000 | 1,031,914 | ||||||
| 1.50% due 02/15/2030 |
6,970,000 | 7,040,789 | ||||||
| 1.63% due 08/15/2029 |
9,200,000 | 9,422,094 | ||||||
| 1.75% due 11/15/2029# |
3,200,000 | 3,307,375 | ||||||
| 33,181,099 | ||||||||
| Total U.S. Government Treasuries |
||||||||
| (cost $86,586,183) |
89,593,199 | |||||||
| COMMON STOCKS — 0.0% |
||||||||
| Oil Field Machinery & Equipment — 0.0% |
||||||||
| Hi-Crush, Inc.(4)(5) |
28,919 | 4,916 | ||||||
| 34 |
VALIC Company II Core Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount/ Shares |
Value (Note 2) |
||||||
| PREFERRED SECURITIES — 0.0% |
||||||||
| Sovereign Agency — 0.0% |
| |||||||
| Federal Home Loan Mtg. Corp. |
5,600 | $ | 29,512 | |||||
| PREFERRED SECURITIES/CAPITAL SECURITIES — 1.4% |
| |||||||
| Banks-Money Center — 0.1% |
| |||||||
| BBVA Bancomer SA |
$ | 1,302,000 | 1,371,996 | |||||
| Building & Construction-Misc. — 0.0% |
| |||||||
| China Minmetals Corp. |
400,000 | 409,009 | ||||||
| Diversified Banking Institutions — 0.2% |
| |||||||
| JPMorgan Chase & Co. |
1,414,000 | 1,526,988 | ||||||
| Royal Bank of Scotland Group PLC |
425,000 | 499,375 | ||||||
| Societe Generale SA |
793,000 | 875,766 | ||||||
| 2,902,129 | ||||||||
| Electric-Distribution — 0.0% |
| |||||||
| National Rural Utilities Cooperative Finance Corp. |
609,000 | 633,786 | ||||||
| Electric-Integrated — 0.1% |
| |||||||
| CMS Energy Corp. |
681,000 | 682,907 | ||||||
| CMS Energy Corp. |
810,000 | 890,466 | ||||||
| Dominion Resources, Inc. |
566,000 | 618,983 | ||||||
| 2,192,356 | ||||||||
| Food-Dairy Products — 0.0% |
| |||||||
| Land O’Lakes Capital Trust I |
603,000 | 705,510 | ||||||
| Insurance-Life/Health — 0.2% |
| |||||||
| Prudential Financial, Inc. |
693,000 | 744,777 | ||||||
| Prudential Financial, Inc. |
846,000 | 969,260 | ||||||
| Voya Financial, Inc. |
898,000 | 927,476 | ||||||
| 2,641,513 | ||||||||
| Insurance-Multi-line — 0.1% |
| |||||||
| Allianz SE |
1,000,000 | 1,015,240 | ||||||
| Insurance-Mutual — 0.2% |
| |||||||
| Liberty Mutual Group, Inc. |
2,844,000 | 2,601,639 | ||||||
| Metal-Aluminum — 0.0% |
| |||||||
| Chalco Hong Kong Investment Co., Ltd. |
500,000 | 506,956 | ||||||
| Metal-Diversified — 0.0% |
| |||||||
| Chinalco Capital Holdings, Ltd. |
200,000 | 207,603 | ||||||
| Oil Companies-Integrated — 0.1% |
| |||||||
| BP Capital Markets PLC |
1,465,000 | 1,572,677 | ||||||
| Security Description | Principal Amount/ Shares |
Value (Note 2) |
||||||
| Pipelines — 0.1% |
| |||||||
| EnLink Midstream Partners LP |
$ | 724,000 | $ | 431,685 | ||||
| Enterprise Products Operating LLC |
556,000 | 554,163 | ||||||
| 985,848 | ||||||||
| Real Estate Investment Trusts — 0.1% |
| |||||||
| Scentre Group Trust 2 |
905,000 | 941,827 | ||||||
| Tools-Hand Held — 0.1% |
| |||||||
| Stanley Black & Decker, Inc. |
1,826,000 | 1,933,458 | ||||||
| Transport-Equipment & Leasing — 0.1% |
| |||||||
| AerCap Global Aviation Trust |
1,030,000 | 1,073,919 | ||||||
| Total Preferred Securities/Capital Securities |
||||||||
| (cost $20,868,178) |
21,695,466 | |||||||
| ESCROWS AND LITIGATION TRUSTS — 0.0% |
| |||||||
| Lehman Brothers Holdings, Inc. |
179,000 | 18 | ||||||
| Lehman Brothers Holdings, Inc. |
230,000 | 23 | ||||||
| Lehman Brothers Holdings Capital Trust VII |
148,000 | 15 | ||||||
| Waterford Gaming LLC/Waterford Gaming Financial Corp. |
5,022 | 36 | ||||||
| Total Escrows And Litigation Trusts |
||||||||
| (cost $5,022) |
92 | |||||||
| Total Long-Term Investment Securities |
||||||||
| (cost $1,453,929,595) |
1,496,398,968 | |||||||
| SHORT-TERM INVESTMENT SECURITIES — 13.6% |
| |||||||
| Registered Investment Companies — 13.6% |
| |||||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class |
189,635,606 | 189,635,606 | ||||||
| State Street Navigator Securities Lending Government Money Market Portfolio |
23,437,686 | 23,437,686 | ||||||
| Total Short-Term Investment Securities |
||||||||
| (cost $213,073,292) |
213,073,292 | |||||||
| TOTAL INVESTMENTS |
||||||||
| (cost $1,667,002,887)(11) |
109.0 | % | 1,709,472,260 | |||||
| Liabilities in excess of other assets |
(9.0 | ) | (141,020,736 | ) | ||||
| NET ASSETS |
100.0 | % | $ | 1,568,451,524 | ||||
| * | 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 Fund has no right to demand registration of these securities. At February 28, 2021, the aggregate value of these securities was $273,967,115 representing 17.5% of net assets. |
| † | Non-income producing security |
| # | The security or a portion thereof is out on loan (see Note 2). |
| (1) | Commercial Mortgage Backed Security |
| (2) | Collateralized Mortgage Obligation |
| 35 |
VALIC Company II Core Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| (3) | 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) | Securities classified as Level 3 (see Note 2). |
| (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 February 28, 2021, the Fund held the following restricted securities: |
| Description |
Acquisition Date |
Shares |
Acquisition Cost |
Value |
Value Per Share |
% of Net Assets |
||||||||||||||||||
| Common Stocks |
||||||||||||||||||||||||
| Hi-Crush, Inc. |
1/29/2021 | 28,919 | $ | 38,143 | $ | 4,916 | $ | 0.17 | 0.00 | % | ||||||||||||||
| (6) | Perpetual maturity — maturity date reflects the next call date. |
| (7) | Interest Only |
| (8) | 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 February 28, 2021. |
| (9) | The rate shown is the 7-day yield as of February 28, 2021. |
| (10) | At February 28, 2021, the Fund had loaned securities with a total value of $25,476,605. This was secured by collateral of $23,437,686, which was received in cash and subsequently invested in short-term investments currently valued at $23,437,686 as reported in the Portfolio of Investments. Additional collateral of $2,586,791 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 February 28, 2021 |
|||||
| Federal Home Loan Mtg. Corp. |
zero coupon to 23.81% | 04/25/2023 to 02/25/2051 | $ | 505,050 | ||||
| Federal National Mtg. Assoc. |
0.19% to 42.35% | 08/25/2026 to 12/25/2053 | 283,998 | |||||
| Government National Mtg. Assoc. |
0.56% to 38.87% | 04/16/2036 to 06/16/2063 | 650,738 | |||||
| United States Treasury Bills |
0.00% | 04/08/2021 to 04/29/2021 | 163,355 | |||||
| United States Treasury Notes/Bonds |
0.13% to 3.88% | 03/31/2021 to 08/15/2048 | 983,650 | |||||
| (11) | See Note 5 for cost of investments on a tax basis. |
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.
ULC — Unlimited Liability Corp.
FRS — Floating Rate Security
VRS — Variable Rate Security
The rates shown on FRS and VRS are the current interest rates as of February 28, 2021 and unless noted otherwise, the dates are the original maturity dates.
Index Legend
1 ML—1 Month USD LIBOR
6 ML—6 Month USD LIBOR
12 ML—12 Month USD LIBOR
1 Yr USTYCR—1 Year US Treasury Yield Curve Rate
The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2021 (see Note 2):
| Level 1 - Unadjusted Quoted Prices |
Level 2 - Other Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total |
|||||||||||||||||
| ASSETS: |
||||||||||||||||||||
| Investments at Value:* |
||||||||||||||||||||
| Asset Backed Securities |
$ | — | $ | 48,444,887 | $ | — | $ | 48,444,887 | ||||||||||||
| U.S. Corporate Bonds & Notes |
— | 493,162,283 | — | 493,162,283 | ||||||||||||||||
| Foreign Corporate Bonds & Notes |
— | 162,521,444 | — | 162,521,444 | ||||||||||||||||
| Foreign Government Obligations |
— | 58,073,902 | — | 58,073,902 | ||||||||||||||||
| U.S. Government Agencies |
— | 622,873,267 | — | 622,873,267 | ||||||||||||||||
| U.S. Government Treasuries |
— | 89,593,199 | — | 89,593,199 | ||||||||||||||||
| Common Stocks |
— | — | 4,916 | 4,916 | ||||||||||||||||
| Preferred Securities |
29,512 | — | — | 29,512 | ||||||||||||||||
| Preferred Securities/Capital Securities |
— | 21,695,466 | — | 21,695,466 | ||||||||||||||||
| Escrows and Litigation Trusts |
— | — | 92 | 92 | ||||||||||||||||
| Short-Term Investment Securities |
213,073,292 | — | — | 213,073,292 | ||||||||||||||||
| Total Investments at Value |
$ | 213,102,804 | $ | 1,496,364,448 | $ | 5,008 | $ | 1,709,472,260 | ||||||||||||
| * | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.
See Notes to Financial Statements
| 36 |
VALIC Company II Government Money Market II Fund
PORTFOLIO PROFILE — February 28, 2021 (unaudited)
Industry Allocation*
| U.S. Government Treasuries |
50.9 | % | ||
| U.S. Government Agencies |
45.5 | |||
| United States Treasury Notes |
1.5 | |||
| Repurchase Agreements |
0.1 | |||
| 98.0 | % | |||
Credit Quality@#
| A-1+ |
100.0 | % | ||
| * | Calculated as a percentage of net assets |
| @ | Source: Standard & Poor’s |
| # | Calculated as percentage of total debt issues |
Weighted Average days to Maturity - 23.1 days
| 37 |
VALIC Company II Government Money Market II Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| SHORT-TERM INVESTMENT SECURITIES — 97.9% |
| |||||||
| U.S. Government Agencies — 45.5% |
| |||||||
| Federal Home Loan Bank |
||||||||
| zero coupon due 03/01/2021 |
$ | 32,500,000 | $ | 32,500,000 | ||||
| 0.02% due 03/05/2021 |
3,000,000 | 2,999,994 | ||||||
| 0.02% due 03/17/2021 |
1,500,000 | 1,499,990 | ||||||
| 0.03% due 03/01/2021 |
2,700,000 | 2,700,000 | ||||||
| 0.03% due 03/10/2021 |
3,500,000 | 3,499,975 | ||||||
| 0.03% due 03/12/2021 |
2,500,000 | 2,499,981 | ||||||
| 0.03% due 03/17/2021 |
1,500,000 | 1,499,983 | ||||||
| 0.03% due 04/21/2021 |
3,000,000 | 2,999,890 | ||||||
| 0.04% due 03/03/2021 |
2,500,000 | 2,499,995 | ||||||
| 0.04% due 04/09/2021 |
1,000,000 | 999,962 | ||||||
| 0.04% due 04/12/2021 |
1,000,000 | 999,959 | ||||||
| 0.06% due 03/24/2021 |
2,000,000 | 1,999,923 | ||||||
| 0.07% due 03/19/2021 |
2,000,000 | 1,999,930 | ||||||
| 0.08% due 04/23/2021 |
2,000,000 | 1,999,779 | ||||||
| Total U.S. Government Agencies |
||||||||
| (amortized cost $60,699,361) |
60,699,361 | |||||||
| U.S. Government Treasuries — 50.9% |
| |||||||
| United States Cash Management Bills |
||||||||
| 0.00% due 05/04/2021 |
2,000,000 | 1,999,991 | ||||||
| 0.02% due 05/11/2021 |
2,000,000 | 1,999,939 | ||||||
| United States Treasury Bills |
||||||||
| 0.02% due 04/22/2021 |
2,000,000 | 1,999,936 | ||||||
| 0.02% due 05/06/2021 |
3,500,000 | 3,499,879 | ||||||
| 0.03% due 04/27/2021 |
1,500,000 | 1,499,918 | ||||||
| 0.03% due 04/29/2021 |
2,500,000 | 2,499,887 | ||||||
| 0.04% due 04/08/2021 |
1,000,000 | 999,954 | ||||||
| 0.04% due 04/20/2021 |
2,000,000 | 1,999,901 | ||||||
| 0.04% due 04/22/2021 |
1,500,000 | 1,499,921 | ||||||
| 0.04% due 04/27/2021 |
1,500,000 | 1,499,913 | ||||||
| 0.05% due 04/13/2021 |
1,000,000 | 999,940 | ||||||
| 0.05% due 04/15/2021 |
1,000,000 | 999,944 | ||||||
| 0.05% due 04/20/2021 |
2,000,000 | 1,999,851 | ||||||
| 0.06% due 03/02/2021 |
3,000,000 | 2,999,995 | ||||||
| 0.06% due 04/08/2021 |
3,000,000 | 2,999,810 | ||||||
| 0.06% due 04/13/2021 |
2,000,000 | 1,999,869 | ||||||
| 0.06% due 04/15/2021 |
2,000,000 | 1,999,863 | ||||||
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| U.S. Government Treasuries (continued) |
| |||||||
| 0.07% due 03/04/2021 |
$ | 2,000,000 | $ | 1,999,988 | ||||
| 0.07% due 03/09/2021 |
3,000,000 | 2,999,957 | ||||||
| 0.07% due 03/11/2021 |
1,000,000 | 999,980 | ||||||
| 0.07% due 03/30/2021 |
4,500,000 | 4,499,751 | ||||||
| 0.07% due 04/01/2021 |
2,000,000 | 1,999,873 | ||||||
| 0.07% due 04/06/2021 |
3,000,000 | 2,999,804 | ||||||
| 0.08% due 03/04/2021 |
1,000,000 | 999,993 | ||||||
| 0.08% due 03/11/2021 |
2,000,000 | 1,999,956 | ||||||
| 0.08% due 03/16/2021 |
1,000,000 | 999,967 | ||||||
| 0.08% due 03/18/2021 |
3,500,000 | 3,499,874 | ||||||
| 0.08% due 03/23/2021 |
4,000,000 | 3,999,813 | ||||||
| 0.08% due 03/25/2021 |
3,000,000 | 2,999,846 | ||||||
| 0.08% due 04/01/2021 |
2,500,000 | 2,499,839 | ||||||
| 0.09% due 03/16/2021 |
2,000,000 | 1,999,928 | ||||||
| Total U.S. Government Treasuries |
||||||||
| (amortized cost $67,997,080) |
67,997,080 | |||||||
| United States Treasury Notes — 1.5% |
| |||||||
| 2.25% due 03/31/2021 (amortized cost $2,003,600) |
2,000,000 | 2,003,600 | ||||||
| Total Short-Term Investment Securities — 97.9% |
||||||||
| (amortized cost $130,700,041) |
130,700,041 | |||||||
| REPURCHASE AGREEMENTS — 0.1% |
| |||||||
| Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 02/26/2021, to be repurchased 03/01/2021 in the amount
of $127,000 and collateralized by $124,700 of United States Treasury Notes, bearing interest at 1.50% due 11/30/2024 and having an approximate value of $129,561 |
127,000 | 127,000 | ||||||
| TOTAL INVESTMENTS |
||||||||
| (amortized cost $130,827,041)(1) |
98.0 | % | 130,827,041 | |||||
| Other assets less liabilities |
2.0 | 2,731,437 | ||||||
| NET ASSETS |
100.0 | % | $ | 133,558,478 | ||||
| (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 February 28, 2021 (see Note 2):
| Level 1 - Unadjusted Quoted Prices |
Level 2 - Other Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total |
|||||||||||||
| ASSETS: |
||||||||||||||||
| Investments at Value:* |
||||||||||||||||
| Short-Term Investment Securities |
$ | — | $ | 130,700,041 | $ | — | $ | 130,700,041 | ||||||||
| Repurchase Agreements |
— | 127,000 | — | 127,000 | ||||||||||||
| $ | — | $ | 130,827,041 | $ | — | $ | 130,827,041 | |||||||||
| * | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
| 38 |
VALIC Company II High Yield Bond Fund
PORTFOLIO PROFILE — February 28, 2021 (unaudited)
Industry Allocation*
| Cable/Satellite TV |
7.3 | % | ||
| Oil Companies — Exploration & Production |
6.5 | |||
| Pipelines |
6.0 | |||
| Repurchase Agreements |
4.9 | |||
| Auto — Cars/Light Trucks |
3.5 | |||
| Medical — Drugs |
3.5 | |||
| Medical — Hospitals |
3.2 | |||
| Containers — Metal/Glass |
3.1 | |||
| Finance — Mortgage Loan/Banker |
2.7 | |||
| Building — Residential/Commercial |
2.5 | |||
| Retail — Restaurants |
2.4 | |||
| Finance — Consumer Loans |
2.3 | |||
| Food — Misc./Diversified |
2.2 | |||
| Cellular Telecom |
2.1 | |||
| Auto/Truck Parts & Equipment — Original |
2.0 | |||
| Casino Hotels |
1.8 | |||
| Real Estate Investment Trusts |
1.8 | |||
| Rental Auto/Equipment |
1.6 | |||
| Metal — Aluminum |
1.4 | |||
| Computer Services |
1.4 | |||
| Insurance — Multi-line |
1.4 | |||
| Aerospace/Defense — Equipment |
1.4 | |||
| Telephone — Integrated |
1.3 | |||
| Applications Software |
1.3 | |||
| Office Automation & Equipment |
1.2 | |||
| Gambling (Non-Hotel) |
1.2 | |||
| Distribution/Wholesale |
1.0 | |||
| Television |
1.0 | |||
| Containers — Paper/Plastic |
1.0 | |||
| Retail — Office Supplies |
1.0 | |||
| Cruise Lines |
0.9 | |||
| Chemicals — Specialty |
0.9 | |||
| Toys |
0.8 | |||
| Racetracks |
0.8 | |||
| Medical Labs & Testing Services |
0.8 | |||
| Registered Investment Companies |
0.8 | |||
| Enterprise Software/Service |
0.7 | |||
| Gas — Distribution |
0.7 | |||
| Diversified Banking Institutions |
0.7 | |||
| Protection/Safety |
0.7 | |||
| Medical Instruments |
0.7 | |||
| Semiconductor Equipment |
0.7 | |||
| Telecom Services |
0.7 | |||
| Casino Services |
0.6 | |||
| Financial Guarantee Insurance |
0.6 | |||
| Transport — Equipment & Leasing |
0.6 | |||
| Building & Construction Products — Misc. |
0.6 | |||
| Retail — Building Products |
0.6 | |||
| Finance — Auto Loans |
0.6 | |||
| Theaters |
0.6 | |||
| Retail — Automobile |
0.5 | |||
| Machinery — General Industrial |
0.5 | |||
| Retail — Pawn Shops |
0.5 | |||
| Decision Support Software |
0.5 | |||
| Data Processing/Management |
0.5 | |||
| Diagnostic Equipment |
0.5 | |||
| Broadcast Services/Program |
0.5 | |||
| Retail — Apparel/Shoe |
0.5 | |||
| Music |
0.4 | |||
| Oil Refining & Marketing |
0.4 | |||
| Advertising Sales |
0.4 | |||
| E-Commerce/Services |
0.4 | |||
| Electronic Components — Semiconductors |
0.4 | |||
| Oil & Gas Drilling |
0.4 | |||
| Medical Products |
0.4 | |||
| Hazardous Waste Disposal |
0.4 | |||
| Medical Information Systems |
0.4 | |||
| Apparel Manufacturers |
0.3 | |||
| Building Products — Wood |
0.3 |
| Food — Catering |
0.3 | |||
| Building — Heavy Construction |
0.3 | |||
| Insurance Brokers |
0.3 | |||
| Electronic Components — Misc. |
0.3 | |||
| Funeral Services & Related Items |
0.3 | |||
| Transactional Software |
0.3 | |||
| Independent Power Producers |
0.3 | |||
| Internet Content — Information/News |
0.2 | |||
| Medical — Generic Drugs |
0.2 | |||
| Miscellaneous Manufacturing |
0.2 | |||
| Insurance — Property/Casualty |
0.2 | |||
| Retail — Regional Department Stores |
0.2 | |||
| Steel — Producers |
0.2 | |||
| Retail — Pet Food & Supplies |
0.1 | |||
| Steel Pipe & Tube |
0.1 | |||
| Building & Construction — Misc. |
0.1 | |||
| 99.9 | % | |||
Credit Quality†#
| Baa |
2.1 | % | ||
| Ba |
40.8 | |||
| B |
38.8 | |||
| Caa |
14.2 | |||
| C |
0.4 | |||
| Not Rated@ |
3.7 | |||
| 100.0 | % | |||
| * | Calculated as a percentage of net assets |
| † | Source: Moody’s |
| # | Calculated as a percentage of total debt issues, excluding short-term securities. |
| @ | Represents debt issues that either have no rating, or the rating is unavailable from the data source. |
| 39 |
VALIC Company II High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)
| Security Description | Principal Amount(13) |
Value (Note 2) |
||||||
| U.S. CONVERTIBLE BONDS & NOTES — 2.2% |
| |||||||
| Electronic Components - Semiconductors — 0.3% |
| |||||||
| Microchip Technology, Inc. |
$ | 625,000 | $ | 1,405,000 | ||||
| Machinery - General Industrial — 0.3% |
| |||||||
| Middleby Corp. |
1,217,000 | 1,599,594 | ||||||
| Medical Instruments — 0.7% |
| |||||||
| Integra LifeSciences Holdings Corp. |
1,587,000 | 1,796,326 | ||||||
| NuVasive, Inc. |
1,910,000 | 1,921,295 | ||||||
| 3,717,621 | ||||||||
| Oil Companies - Exploration & Production — 0.6% |
| |||||||
| Pioneer Natural Resources Co. |
2,250,000 | 3,555,322 | ||||||
| Real Estate Investment Trusts — 0.3% |
| |||||||
| Pebblebrook Hotel Trust |
1,350,000 | 1,551,731 | ||||||
| Total U.S. Convertible Bonds & Notes |
11,829,268 | |||||||
| U.S. CORPORATE BONDS & NOTES — 73.1% |
| |||||||
| Advertising Sales — 0.4% |
| |||||||
| Lamar Media Corp. |
2,210,000 | 2,237,625 | ||||||
| Aerospace/Defense - Equipment — 1.4% |
| |||||||
| TransDigm, Inc. |
2,330,000 | 2,393,562 | ||||||
| TransDigm, Inc. |
4,210,000 | 4,436,498 | ||||||
| TransDigm, Inc. |
845,000 | 919,994 | ||||||
| 7,750,054 | ||||||||
| Apparel Manufacturers — 0.3% |
| |||||||
| PVH Corp. |
1,720,000 | 1,900,938 | ||||||
| Applications Software — 1.3% |
| |||||||
| CDK Global, Inc. |
1,620,000 | 1,743,719 | ||||||
| PTC, Inc. |
355,000 | 363,431 | ||||||
| PTC, Inc. |
390,000 | 401,552 | ||||||
| SS&C Technologies, Inc. |
4,215,000 | 4,463,896 | ||||||
| 6,972,598 | ||||||||
| Security Description | Principal Amount(13) |
Value (Note 2) |
||||||
| Auto - Cars/Light Trucks — 3.5% |
| |||||||
| Ford Motor Co. |
$ | 2,875,000 | $ | 2,908,062 | ||||
| Ford Motor Co. |
2,395,000 | 2,679,406 | ||||||
| Ford Motor Credit Co. LLC |
1,885,000 | 1,912,709 | ||||||
| Ford Motor Credit Co. LLC |
1,514,000 | 1,591,593 | ||||||
| Ford Motor Credit Co. LLC |
5,240,000 | 5,593,700 | ||||||
| Ford Motor Credit Co. LLC |
2,475,000 | 2,674,114 | ||||||
| Ford Motor Credit Co. LLC |
1,901,000 | 2,050,704 | ||||||
| 19,410,288 | ||||||||
| Auto/Truck Parts & Equipment - Original — 0.4% |
| |||||||
| Meritor, Inc. |
2,375,000 | 2,406,112 | ||||||
| Broadcast Services/Program — 0.5% |
| |||||||
| Nexstar Broadcasting, Inc. |
2,450,000 | 2,587,812 | ||||||
| Building & Construction Products - Misc. — 0.6% |
| |||||||
| Builders FirstSource, Inc. |
2,345,000 | 2,464,478 | ||||||
| CP Atlas Buyer, Inc. |
840,000 | 872,550 | ||||||
| 3,337,028 | ||||||||
| Building & Construction - Misc. — 0.1% |
| |||||||
| TopBuild Corp. |
510,000 | 511,913 | ||||||
| Building - Residential/Commercial — 2.3% |
| |||||||
| Adams Homes, Inc. |
455,000 | 474,338 | ||||||
| Ashton Woods USA LLC/Ashton Woods Finance Co. |
2,000,000 | 2,141,700 | ||||||
| KB Home |
755,000 | 811,625 | ||||||
| M/I Homes, Inc. |
1,145,000 | 1,201,242 | ||||||
| M/I Homes, Inc. |
1,750,000 | 1,817,812 | ||||||
| STL Holding Co. LLC |
1,840,000 | 1,899,800 | ||||||
| 40 |
VALIC Company II High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(13) |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Building - Residential/Commercial (continued) |
| |||||||
| Taylor Morrison Communities, Inc. |
$ | 430,000 | $ | 461,627 | ||||
| Taylor Morrison Communities, Inc. |
3,460,000 | 3,857,900 | ||||||
| 12,666,044 | ||||||||
| Cable/Satellite TV — 5.5% |
| |||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. |
3,695,000 | 3,741,187 | ||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. |
1,605,000 | 1,661,400 | ||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. |
1,240,000 | 1,274,100 | ||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. |
4,350,000 | 4,495,725 | ||||||
| CSC Holdings LLC |
1,900,000 | 2,044,875 | ||||||
| CSC Holdings LLC |
825,000 | 867,281 | ||||||
| CSC Holdings LLC |
5,800,000 | 6,395,080 | ||||||
| DISH DBS Corp. |
2,345,000 | 2,415,350 | ||||||
| DISH DBS Corp. |
1,800,000 | 1,871,460 | ||||||
| DISH DBS Corp. |
1,120,000 | 1,173,290 | ||||||
| DISH DBS Corp. |
3,025,000 | 3,170,578 | ||||||
| DISH DBS Corp. |
990,000 | 1,089,495 | ||||||
| 30,199,821 | ||||||||
| Casino Hotels — 1.8% |
| |||||||
| Boyd Gaming Corp. |
3,735,000 | 3,858,741 | ||||||
| Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. |
2,280,000 | 2,211,600 | ||||||
| Wynn Las Vegas LLC |
2,560,000 | 2,713,600 | ||||||
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |
1,290,000 | 1,370,754 | ||||||
| 10,154,695 | ||||||||
| Security Description | Principal Amount(13) |
Value (Note 2) |
||||||
| Casino Services — 0.6% |
| |||||||
| Caesars Entertainment, Inc. |
$ | 1,940,000 | $ | 2,053,965 | ||||
| Caesars Entertainment, Inc. |
1,390,000 | 1,515,976 | ||||||
| 3,569,941 | ||||||||
| Cellular Telecom — 1.2% |
| |||||||
| Sprint Corp. |
2,964,000 | 3,412,898 | ||||||
| Sprint Corp. |
1,425,000 | 1,695,750 | ||||||
| Sprint Corp. |
425,000 | 486,625 | ||||||
| T-Mobile USA, Inc. |
1,110,000 | 1,105,726 | ||||||
| 6,700,999 | ||||||||
| Commercial Services - Finance — 0.0% |
| |||||||
| Cardtronics, Inc./Cardtronics USA, Inc. |
260,000 | 268,450 | ||||||
| Computer Services — 1.4% |
| |||||||
| Presidio Holdings, Inc. |
1,906,000 | 1,987,005 | ||||||
| Presidio Holdings, Inc. |
1,340,000 | 1,479,869 | ||||||
| Tempo Acquisition LLC/Tempo Acquisition Finance Corp. |
4,205,000 | 4,315,381 | ||||||
| 7,782,255 | ||||||||
| Containers - Metal/Glass — 0.9% |
| |||||||
| Owens-Brockway Glass Container, Inc. |
3,090,000 | 3,325,937 | ||||||
| Silgan Holdings, Inc. |
EUR | 1,175,000 | 1,435,560 | |||||
| 4,761,497 | ||||||||
| Containers - Paper/Plastic — 1.0% |
| |||||||
| Berry Global Escrow Corp. |
1,010,000 | 1,070,600 | ||||||
| Flex Acquisition Co., Inc. |
3,020,000 | 3,059,290 | ||||||
| Flex Acquisition Co., Inc. |
1,340,000 | 1,390,250 | ||||||
| 5,520,140 | ||||||||
| Decision Support Software — 0.5% |
| |||||||
| MSCI, Inc. |
2,530,000 | 2,681,800 | ||||||
| 41 |
VALIC Company II High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(13) |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Diagnostic Equipment — 0.5% |
| |||||||
| Avantor Funding, Inc. |
$ | 2,505,000 | $ | 2,611,513 | ||||
| Distribution/Wholesale — 1.0% |
| |||||||
| ABC Supply Co., Inc. |
575,000 | 580,750 | ||||||
| Core & Main Holdings LP |
1,910,000 | 1,939,357 | ||||||
| G-III Apparel Group, Ltd. |
1,780,000 | 1,917,950 | ||||||
| Performance Food Group, Inc. |
1,040,000 | 1,093,352 | ||||||
| 5,531,409 | ||||||||
| E-Commerce/Services — 0.4% |
| |||||||
| Go Daddy Operating Co. LLC/GD Finance Co., Inc. |
2,230,000 | 2,218,850 | ||||||
| Electronic Components - Semiconductors — 0.1% |
| |||||||
| Qorvo, Inc. |
660,000 | 711,975 | ||||||
| Enterprise Software/Service — 0.4% |
| |||||||
| BY Crown Parent LLC/BY Bond Finance, Inc. |
825,000 | 849,750 | ||||||
| Open Text Holdings, Inc. |
1,525,000 | 1,583,712 | ||||||
| 2,433,462 | ||||||||
| Finance - Auto Loans — 0.6% |
| |||||||
| Credit Acceptance Corp. |
1,470,000 | 1,492,344 | ||||||
| Credit Acceptance Corp. |
1,565,000 | 1,635,425 | ||||||
| 3,127,769 | ||||||||
| Finance - Consumer Loans — 1.9% |
| |||||||
| Navient Corp. |
2,029,000 | 2,105,351 | ||||||
| OneMain Finance Corp. |
1,525,000 | 1,479,448 | ||||||
| Springleaf Finance Corp. |
4,135,000 | 4,362,425 | ||||||
| Springleaf Finance Corp. |
485,000 | 521,375 | ||||||
| Springleaf Finance Corp. |
1,505,000 | 1,697,460 | ||||||
| Springleaf Finance Corp. |
475,000 | 548,625 | ||||||
| 10,714,684 | ||||||||
| Security Description | Principal Amount(13) |
Value (Note 2) |
||||||
| Finance - Mortgage Loan/Banker — 2.7% |
| |||||||
| Genworth Mtg. Holdings, Inc. |
$ | 2,935,000 | $ | 3,171,649 | ||||
| Home Point Capital, Inc. |
2,835,000 | 2,820,825 | ||||||
| LD Holdings Group LLC |
2,570,000 | 2,724,200 | ||||||
| Nationstar Mtg. Holdings, Inc. |
1,580,000 | 1,611,821 | ||||||
| PennyMac Financial Services, Inc. |
1,360,000 | 1,343,299 | ||||||
| PennyMac Financial Services, Inc. |
2,825,000 | 2,952,125 | ||||||
| 14,623,919 | ||||||||
| Financial Guarantee Insurance — 0.6% |
| |||||||
| MGIC Investment Corp. |
2,310,000 | 2,428,156 | ||||||
| NMI Holdings, Inc. |
975,000 | 1,101,750 | ||||||
| 3,529,906 | ||||||||
| Food - Catering — 0.3% |
| |||||||
| Aramark Services, Inc. |
765,000 | 782,213 | ||||||
| Aramark Services, Inc. |
855,000 | 876,375 | ||||||
| 1,658,588 | ||||||||
| Food - Misc./Diversified — 2.2% |
| |||||||
| B&G Foods, Inc. |
1,440,000 | 1,510,949 | ||||||
| Post Holdings, Inc. |
3,545,000 | 3,698,853 | ||||||
| Post Holdings, Inc. |
2,974,000 | 3,121,882 | ||||||
| Post Holdings, Inc. |
1,440,000 | 1,507,896 | ||||||
| TreeHouse Foods, Inc. |
1,184,000 | 1,216,797 | ||||||
| TreeHouse Foods, Inc. |
822,000 | 836,985 | ||||||
| 11,893,362 | ||||||||
| Funeral Services & Related Items — 0.3% |
| |||||||
| Service Corp. International |
735,000 | 775,792 | ||||||
| Service Corp. International |
725,000 | 783,457 | ||||||
| 1,559,249 | ||||||||
| 42 |
VALIC Company II High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(13) |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Gambling (Non-Hotel) — 1.2% |
| |||||||
| Caesars Resort Collection LLC/CRC Finco, Inc. |
$ | 2,880,000 | $ | 2,858,919 | ||||
| Caesars Resort Collection LLC/CRC Finco, Inc. |
640,000 | 672,000 | ||||||
| Jacobs Entertainment, Inc. |
2,695,000 | 2,805,360 | ||||||
| 6,336,279 | ||||||||
| Gas - Distribution — 0.7% |
| |||||||
| AmeriGas Partners LP/AmeriGas Finance Corp. |
751,000 | 824,020 | ||||||
| AmeriGas Partners LP/AmeriGas Finance Corp. |
5,000 | 5,533 | ||||||
| AmeriGas Partners LP/AmeriGas Finance Corp. |
2,904,000 | 3,274,260 | ||||||
| 4,103,813 | ||||||||
| Hazardous Waste Disposal — 0.4% |
| |||||||
| Stericycle, Inc. |
1,925,000 | 1,987,563 | ||||||
| Independent Power Producers — 0.3% |
| |||||||
| Clearway Energy Operating LLC |
1,310,000 | 1,400,063 | ||||||
| Insurance - Multi-line — 1.4% |
| |||||||
| Acrisure LLC/Acrisure Finance, Inc. |
4,130,000 | 4,233,250 | ||||||
| Acrisure LLC/Acrisure Finance, Inc. |
465,000 | 535,620 | ||||||
| Genworth Holdings, Inc. |
260,000 | 244,400 | ||||||
| Genworth Holdings, Inc. |
1,215,000 | 1,154,250 | ||||||
| Genworth Holdings, Inc. |
1,120,000 | 1,057,000 | ||||||
| Genworth Holdings, Inc. |
539,000 | 536,305 | ||||||
| 7,760,825 | ||||||||
| Insurance - Property/Casualty — 0.2% |
| |||||||
| AssuredPartners, Inc. |
1,015,000 | 1,020,075 | ||||||
| Internet Content - Information/News — 0.2% |
| |||||||
| Arches Buyer, Inc. |
875,000 | 882,285 | ||||||
| Arches Buyer, Inc. |
475,000 | 491,024 | ||||||
| 1,373,309 | ||||||||
| Security Description | Principal Amount(13) |
Value (Note 2) |
||||||
| Machinery - General Industrial — 0.2% |
| |||||||
| Vertical US Newco, Inc. |
$ | 1,195,000 | $ | 1,245,788 | ||||
| Medical Information Systems — 0.4% |
| |||||||
| Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. |
1,890,000 | 1,936,267 | ||||||
| Medical Labs & Testing Services — 0.8% |
| |||||||
| Catalent Pharma Solutions, Inc. |
575,000 | 568,089 | ||||||
| Catalent Pharma Solutions, Inc. |
545,000 | 570,206 | ||||||
| IQVIA, Inc. |
EUR | 1,120,000 | 1,354,850 | |||||
| IQVIA, Inc. |
1,840,000 | 1,925,100 | ||||||
| 4,418,245 | ||||||||
| Medical Products — 0.4% |
| |||||||
| Hill-Rom Holdings, Inc. |
1,965,000 | 2,048,513 | ||||||
| Medical - Drugs — 0.0% |
| |||||||
| Bausch Health Americas, Inc. |
20,000 | 22,125 | ||||||
| Medical - Generic Drugs — 0.2% |
| |||||||
| Par Pharmaceutical, Inc. |
1,035,000 | 1,112,625 | ||||||
| Medical - Hospitals — 3.2% |
| |||||||
| CHS/Community Health Systems, Inc. |
1,185,000 | 1,166,869 | ||||||
| CHS/Community Health Systems, Inc. |
635,000 | 668,773 | ||||||
| CHS/Community Health Systems, Inc. |
3,695,000 | 3,885,761 | ||||||
| HCA, Inc. |
3,565,000 | 3,685,394 | ||||||
| HCA, Inc. |
3,520,000 | 3,951,200 | ||||||
| HCA, Inc. |
2,270,000 | 2,590,845 | ||||||
| HCA, Inc. |
105,000 | 122,197 | ||||||
| HCA, Inc. |
265,000 | 312,395 | ||||||
| HCA, Inc. |
1,020,000 | 1,388,618 | ||||||
| 17,772,052 | ||||||||
| 43 |
VALIC Company II High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(13) |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Metal - Aluminum — 0.7% |
| |||||||
| Novelis Corp. |
$ | 1,230,000 | $ | 1,281,906 | ||||
| Novelis Corp. |
2,540,000 | 2,647,950 | ||||||
| 3,929,856 | ||||||||
| Music — 0.4% |
| |||||||
| WMG Acquisition Corp. |
2,328,000 | 2,389,925 | ||||||
| Office Automation & Equipment — 1.2% |
| |||||||
| CDW LLC/CDW Finance Corp. |
855,000 | 882,039 | ||||||
| Xerox Corp. |
4,060,000 | 4,234,661 | ||||||
| Xerox Corp. |
155,000 | 155,388 | ||||||
| Xerox Corp. |
970,000 | 1,069,425 | ||||||
| Xerox Holdings Corp. |
290,000 | 306,313 | ||||||
| 6,647,826 | ||||||||
| Oil Companies - Exploration & Production — 5.9% |
| |||||||
| Apache Corp. |
1,700,000 | 1,721,250 | ||||||
| Apache Corp. |
2,030,000 | 2,103,587 | ||||||
| Apache Corp. |
918,000 | 897,354 | ||||||
| Apache Corp. |
1,087,000 | 1,109,099 | ||||||
| Continental Resources, Inc. |
2,300,000 | 2,420,106 | ||||||
| Continental Resources, Inc. |
1,050,000 | 1,050,000 | ||||||
| Continental Resources, Inc. |
990,000 | 1,118,700 | ||||||
| EQT Corp. |
1,740,000 | 1,809,600 | ||||||
| Matador Resources Co. |
2,400,000 | 2,340,000 | ||||||
| Occidental Petroleum Corp. |
2,120,000 | 2,060,640 | ||||||
| Occidental Petroleum Corp. |
1,745,000 | 1,638,232 | ||||||
| Security Description | Principal Amount(13) |
Value (Note 2) |
||||||
| Oil Companies - Exploration & Production (continued) |
| |||||||
| Occidental Petroleum Corp. |
$ | 85,000 | $ | 82,530 | ||||
| Occidental Petroleum Corp. |
7,570,000 | 6,453,425 | ||||||
| Occidental Petroleum Corp. |
1,380,000 | 1,465,560 | ||||||
| Occidental Petroleum Corp. |
545,000 | 604,269 | ||||||
| Ovintiv Exploration, Inc. |
715,000 | 784,003 | ||||||
| Range Resources Corp. |
735,000 | 789,905 | ||||||
| SM Energy Co. |
1,010,000 | 964,550 | ||||||
| Vine Oil & Gas LP/Vine Oil & Gas Finance Corp. |
3,340,000 | 3,331,650 | ||||||
| 32,744,460 | ||||||||
| Oil Refining & Marketing — 0.4% |
| |||||||
| Sunoco LP/Sunoco Finance Corp. |
375,000 | 397,552 | ||||||
| Sunoco LP/Sunoco Finance Corp. |
1,900,000 | 1,978,375 | ||||||
| 2,375,927 | ||||||||
| Pipelines — 6.0% |
| |||||||
| Antero Midstream Partners LP/Antero Midstream Finance Corp. |
3,005,000 | 3,029,416 | ||||||
| Buckeye Partners LP |
945,000 | 966,262 | ||||||
| Buckeye Partners LP |
960,000 | 972,000 | ||||||
| Cheniere Energy Partners LP |
1,379,000 | 1,446,226 | ||||||
| DCP Midstream Operating LP |
5,105,000 | 5,442,134 | ||||||
| EnLink Midstream LLC |
2,445,000 | 2,466,394 | ||||||
| EQM Midstream Partners LP |
1,415,000 | 1,371,666 | ||||||
| EQM Midstream Partners LP |
1,085,000 | 1,045,669 | ||||||
| EQM Midstream Partners LP |
675,000 | 713,812 | ||||||
| 44 |
VALIC Company II High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(13) |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Pipelines (continued) |
| |||||||
| EQM Midstream Partners LP |
$ | 685,000 | $ | 734,806 | ||||
| EQM Midstream Partners LP |
1,035,000 | 978,075 | ||||||
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |
1,800,000 | 1,815,858 | ||||||
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. |
1,570,000 | 1,610,035 | ||||||
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. |
3,385,000 | 3,639,417 | ||||||
| Western Midstream Operating LP |
4,725,000 | 5,122,054 | ||||||
| Western Midstream Operating LP |
1,375,000 | 1,582,226 | ||||||
| 32,936,050 | ||||||||
| Protection/Safety — 0.7% |
| |||||||
| APX Group, Inc. |
457,000 | 486,705 | ||||||
| APX Group, Inc. |
3,215,000 | 3,342,635 | ||||||
| 3,829,340 | ||||||||
| Racetracks — 0.8% |
| |||||||
| Penn National Gaming, Inc. |
3,730,000 | 3,890,763 | ||||||
| Speedway Motorsports LLC/Speedway Funding II, Inc. |
598,000 | 596,505 | ||||||
| 4,487,268 | ||||||||
| Real Estate Investment Trusts — 1.5% |
| |||||||
| FelCor Lodging LP |
2,645,000 | 2,718,928 | ||||||
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
2,270,000 | 2,190,550 | ||||||
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
310,000 | 308,062 | ||||||
| VICI Properties LP/VICI Note Co., Inc. |
250,000 | 253,438 | ||||||
| VICI Properties LP/VICI Note Co., Inc. |
165,000 | 167,475 | ||||||
| VICI Properties LP/VICI Note Co., Inc. |
1,295,000 | 1,335,469 | ||||||
| Security Description | Principal Amount(13) |
Value (Note 2) |
||||||
| Real Estate Investment Trusts (continued) |
| |||||||
| VICI Properties LP/VICI Note Co., Inc. |
$ | 1,085,000 | $ | 1,138,924 | ||||
| 8,112,846 | ||||||||
| Rental Auto/Equipment — 1.6% |
| |||||||
| Ashtead Capital, Inc. |
2,890,000 | 3,063,400 | ||||||
| Herc Holdings, Inc. |
3,230,000 | 3,399,575 | ||||||
| United Rentals North America, Inc. |
1,340,000 | 1,421,030 | ||||||
| United Rentals North America, Inc. |
1,025,000 | 1,075,107 | ||||||
| 8,959,112 | ||||||||
| Retail - Apparel/Shoe — 0.5% |
| |||||||
| L Brands, Inc. |
220,000 | 235,400 | ||||||
| L Brands, Inc. |
2,045,000 | 2,295,512 | ||||||
| 2,530,912 | ||||||||
| Retail - Automobile — 0.5% |
| |||||||
| Asbury Automotive Group, Inc. |
155,000 | 159,650 | ||||||
| Asbury Automotive Group, Inc. |
157,000 | 164,457 | ||||||
| Group 1 Automotive, Inc. |
980,000 | 989,800 | ||||||
| Lithia Motors, Inc. |
1,510,000 | 1,585,500 | ||||||
| 2,899,407 | ||||||||
| Retail - Building Products — 0.6% |
| |||||||
| Specialty Building Products Holdings LLC |
3,100,000 | 3,216,250 | ||||||
| Retail - Office Supplies — 1.0% |
| |||||||
| Staples, Inc. |
5,360,000 | 5,371,792 | ||||||
| Retail - Pawn Shops — 0.5% |
| |||||||
| FirstCash, Inc. |
2,605,000 | 2,706,387 | ||||||
| Retail - Pet Food & Supplies — 0.1% |
| |||||||
| PetSmart, Inc./PetSmart Finance Corp. |
320,000 | 331,504 | ||||||
| PetSmart, Inc./PetSmart Finance Corp. |
365,000 | 391,517 | ||||||
| 723,021 | ||||||||
| 45 |
VALIC Company II High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(13) |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Retail - Regional Department Stores — 0.2% |
| |||||||
| Macy’s Retail Holdings, Inc. |
$ | 56,000 | $ | 55,592 | ||||
| Macy’s Retail Holdings, Inc. |
499,000 | 495,257 | ||||||
| Macy’s Retail Holdings, Inc. |
345,000 | 261,338 | ||||||
| Macy’s Retail Holdings, Inc. |
150,000 | 126,750 | ||||||
| Macy’s Retail Holdings, Inc. |
75,000 | 61,500 | ||||||
| 1,000,437 | ||||||||
| Retail - Restaurants — 0.9% |
| |||||||
| KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC |
1,830,000 | 1,914,637 | ||||||
| KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC |
2,225,000 | 2,300,094 | ||||||
| Yum! Brands, Inc. |
770,000 | 803,418 | ||||||
| 5,018,149 | ||||||||
| Semiconductor Equipment — 0.7% |
| |||||||
| Entegris, Inc. |
3,550,000 | 3,665,836 | ||||||
| Steel Pipe & Tube — 0.1% |
| |||||||
| Advanced Drainage Systems, Inc. |
545,000 | 572,250 | ||||||
| Steel - Producers — 0.2% |
| |||||||
| United States Steel Corp. |
920,000 | 902,175 | ||||||
| Telecom Services — 0.4% |
| |||||||
| Embarq Corp. |
1,640,000 | 1,939,300 | ||||||
| Telephone - Integrated — 1.3% |
| |||||||
| Frontier Communications Corp. |
1,450,000 | 1,497,125 | ||||||
| Frontier Communications Corp. |
1,550,000 | 1,658,500 | ||||||
| Frontier Communications Corp. |
1,550,000 | 1,619,750 | ||||||
| Frontier Communications Corp. |
2,690,000 | 1,418,975 | ||||||
| Frontier Communications Corp. |
1,800,000 | 1,021,500 | ||||||
| 7,215,850 | ||||||||
| Security Description | Principal Amount(13) |
Value (Note 2) |
||||||
| Television — 0.5% |
| |||||||
| Scripps Escrow, Inc. |
$ | 2,585,000 | $ | 2,693,570 | ||||
| Theaters — 0.6% |
| |||||||
| Cinemark USA, Inc. |
1,522,000 | 1,506,339 | ||||||
| Cinemark USA, Inc. |
1,620,000 | 1,605,825 | ||||||
| 3,112,164 | ||||||||
| Toys — 0.8% |
| |||||||
| Mattel, Inc. |
1,035,000 | 1,126,727 | ||||||
| Mattel, Inc. |
3,220,000 | 3,382,610 | ||||||
| 4,509,337 | ||||||||
| Transactional Software — 0.3% |
| |||||||
| Black Knight InfoServ LLC |
1,430,000 | 1,421,563 | ||||||
| Transport - Equipment & Leasing — 0.4% |
| |||||||
| DAE Funding LLC |
675,000 | 678,375 | ||||||
| DAE Funding LLC |
1,345,000 | 1,388,712 | ||||||
| 2,067,087 | ||||||||
| Total U.S. Corporate Bonds & Notes |
||||||||
| (cost $379,619,095) |
402,550,335 | |||||||
| FOREIGN CORPORATE BONDS & NOTES — 16.6% |
| |||||||
| Auto/Truck Parts & Equipment - Original — 1.3% |
| |||||||
| Adient Global Holdings, Ltd. |
EUR | 2,360,000 | 2,897,575 | |||||
| Adient Global Holdings, Ltd. |
2,580,000 | 2,605,800 | ||||||
| Clarios Global LP/Clarios US Finance Co. |
1,630,000 | 1,758,770 | ||||||
| 7,262,145 | ||||||||
| Building Products - Wood — 0.3% |
| |||||||
| Norbord, Inc. |
1,620,000 | 1,739,475 | ||||||
| Building - Residential/Commercial — 0.2% |
| |||||||
| Empire Communities Corp. |
775,000 | 815,687 | ||||||
| Cable/Satellite TV — 1.8% |
| |||||||
| Altice Financing SA |
420,000 | 422,100 | ||||||
| Altice Financing SA |
2,210,000 | 2,306,931 | ||||||
| 46 |
VALIC Company II High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(13) |
Value (Note 2) |
||||||
| FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
| Cable/Satellite TV (continued) |
| |||||||
| Quebecor Media, Inc. |
$ | 1,415,000 | $ | 1,508,744 | ||||
| Virgin Media Secured Finance PLC |
3,285,000 | 3,358,912 | ||||||
| Ziggo BV |
2,375,000 | 2,467,649 | ||||||
| 10,064,336 | ||||||||
| Cellular Telecom — 0.9% |
| |||||||
| Altice France SA |
525,000 | 535,558 | ||||||
| Altice France SA |
3,940,000 | 4,294,639 | ||||||
| 4,830,197 | ||||||||
| Chemicals - Specialty — 0.7% |
| |||||||
| Diamond BC BV |
EUR | 3,045,000 | 3,738,241 | |||||
| Containers - Metal/Glass — 2.2% |
| |||||||
| ARD Finance SA |
3,775,000 | 3,992,062 | ||||||
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |
650,000 | 672,690 | ||||||
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |
1,115,000 | 1,176,325 | ||||||
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |
1,860,000 | 1,926,253 | ||||||
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |
363,000 | 375,233 | ||||||
| OI European Group BV |
3,579,000 | 3,659,528 | ||||||
| Trivium Packaging Finance BV |
520,000 | 544,024 | ||||||
| 12,346,115 | ||||||||
| Cruise Lines — 0.9% |
| |||||||
| Carnival Corp. |
480,000 | 504,600 | ||||||
| Carnival Corp. |
EUR | 360,000 | 463,895 | |||||
| Carnival Corp. |
3,290,000 | 3,750,600 | ||||||
| 4,719,095 | ||||||||
| Security Description | Principal Amount(13) |
Value (Note 2) |
||||||
| Electronic Components - Misc. — 0.3% |
| |||||||
| Sensata Technologies BV |
$ | 1,435,000 | $ | 1,574,482 | ||||
| Enterprise Software/Service — 0.3% |
| |||||||
| Open Text Corp. |
1,790,000 | 1,819,087 | ||||||
| Finance - Consumer Loans — 0.4% |
| |||||||
| goeasy, Ltd. |
2,300,000 | 2,380,500 | ||||||
| Medical - Drugs — 3.5% |
| |||||||
| Bausch Health Co., Inc. |
2,035,000 | 2,081,072 | ||||||
| Bausch Health Co., Inc. |
455,000 | 464,811 | ||||||
| Bausch Health Cos., Inc. |
4,180,000 | 4,263,600 | ||||||
| Bausch Health Cos., Inc. |
2,575,000 | 2,603,969 | ||||||
| Bausch Health Cos., Inc. |
2,480,000 | 2,682,418 | ||||||
| Endo Dac/Endo Finance LLC/Endo Finco, Inc. |
947,000 | 831,466 | ||||||
| Endo Dac/Endo Finance LLC/Endo Finco, Inc. |
1,361,000 | 1,532,826 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV |
2,270,000 | 2,128,715 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV |
1,700,000 | 1,883,600 | ||||||
| Valeant Pharmaceuticals International, Inc. |
445,000 | 483,960 | ||||||
| 18,956,437 | ||||||||
| Metal - Aluminum — 0.7% |
| |||||||
| Constellium NV |
3,240,000 | 3,330,720 | ||||||
| Constellium SE |
415,000 | 411,970 | ||||||
| Constellium SE |
250,000 | 264,063 | ||||||
| 4,006,753 | ||||||||
| Miscellaneous Manufacturing — 0.2% |
| |||||||
| Bombardier, Inc. |
1,180,000 | 1,059,286 | ||||||
| Oil & Gas Drilling — 0.4% |
| |||||||
| Transocean, Inc. |
4,540,000 | 2,088,400 | ||||||
| 47 |
VALIC Company II High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(13) |
Value (Note 2) |
||||||
| FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
| Retail - Restaurants — 1.5% |
| |||||||
| 1011778 BC ULC/New Red Finance, Inc. |
$ | 3,620,000 | $ | 3,547,600 | ||||
| 1011778 BC ULC/New Red Finance, Inc. |
2,190,000 | 2,223,069 | ||||||
| 1011778 BC ULC/New Red Finance, Inc. |
2,360,000 | 2,301,708 | ||||||
| 8,072,377 | ||||||||
| Telecom Services — 0.3% |
| |||||||
| Altice France Holding SA |
EUR | 1,230,000 | 1,617,622 | |||||
| Television — 0.5% |
| |||||||
| Videotron, Ltd. |
$ | 2,720,000 | 2,828,800 | |||||
| Transport - Equipment & Leasing — 0.2% |
| |||||||
| Fly Leasing, Ltd. |
1,360,000 | 1,309,170 | ||||||
| Total Foreign Corporate Bonds & Notes |
||||||||
| (cost $87,178,872) |
91,228,205 | |||||||
| FOREIGN CONVERTIBLE BONDS & NOTES — 0.3% |
| |||||||
| Building - Heavy Construction — 0.3% |
| |||||||
| Cellnex Telecom SA |
EUR | 900,000 | 1,652,850 | |||||
| LOANS(4)(5)(6) — 1.3% |
| |||||||
| Auto/Truck Parts & Equipment - Original — 0.3% |
| |||||||
| Panther BF Aggregator 2 LP FRS |
$ | 1,803,535 | 1,803,535 | |||||
| Chemicals - Specialty — 0.2% |
| |||||||
| Diamond BC BV FRS |
839,050 | 833,937 | ||||||
| Data Processing/Management — 0.5% |
| |||||||
| Dun & Bradstreet Corp. FRS |
2,625,337 | 2,629,275 | ||||||
| Food - Misc./Diversified — 0.0% |
| |||||||
| Froneri US, Inc. FRS |
125,000 | 126,094 | ||||||
| Insurance Brokers — 0.3% |
| |||||||
| HUB International, Ltd. FRS |
4,275 | 4,227 | ||||||
| Security Description | Shares/ Principal Amount(13) |
Value (Note 2) |
||||||
| Insurance Brokers (continued) |
||||||||
| HUB International, Ltd. FRS |
$ | 1,662,975 | $ | 1,644,475 | ||||
| Total Loans |
||||||||
| (cost $7,040,995) |
7,041,543 | |||||||
| COMMON STOCKS — 0.0% |
||||||||
| Coal — 0.0% |
||||||||
| Foresight Energy LLC(7)(8) |
3,805 | 34,919 | ||||||
| PREFERRED SECURITIES/CAPITAL SECURITIES — 0.7% |
| |||||||
| Diversified Banking Institutions — 0.7% |
| |||||||
| Credit Suisse Group AG |
$ | 3,610,000 | 3,971,000 | |||||
| ESCROWS AND LITIGATION TRUSTS — 0.0% |
| |||||||
| Venture Holdings Co. LLC |
50,000 | 0 | ||||||
| Hellas Telecommunications Luxembourg II SCA |
925,000 | 0 | ||||||
| Total Escrows And Litigation Trusts |
|
|||||||
| (cost $956,000) |
0 | |||||||
| Total Long-Term Investment Securities |
|
|||||||
| (cost $489,265,288) |
518,308,120 | |||||||
| SHORT-TERM INVESTMENT SECURITIES — 0.8% |
| |||||||
| Registered Investment Companies — 0.8% |
| |||||||
| State Street Navigator Securities Lending Government Money Market Portfolio |
4,379,360 | 4,379,360 | ||||||
| REPURCHASE AGREEMENTS — 4.9% |
| |||||||
| Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 02/26/2021, to be repurchased 03/01/2021 in the amount
of $26,895,000 and collateralized by $26,403,800 of United States Treasury Notes, bearing interest at 1.50% due 11/30/2024 and having an approximate value of $27,432,977 |
$ | 26,895,000 | 26,895,000 | |||||
| TOTAL INVESTMENTS |
||||||||
| (cost $520,539,648)(14) |
99.9 | % | 549,582,480 | |||||
| Other assets less liabilities |
0.1 | 800,739 | ||||||
| NET ASSETS |
100.0 | % | $ | 550,383,219 | ||||
| # | The security or a portion thereof is out on loan (see Note 2). |
| * | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At February 28, 2021, the aggregate value of these securities was $317,070,879 representing 57.6% of net assets. |
| † | Non-income producing security |
| (1) | PIK (“Payment-in-Kind”) security — Income may be paid in additional securities or cash at the discretion of the issuer. The security is currently paying interest in cash at the coupon rate listed. |
| (2) | Security in default of interest. |
| (3) | Company has filed for bankruptcy protection. |
| (4) | The Fund invests in senior loans which generally pay interest at rates which are periodically re-determined by reference to a base lending rate plus a premium. These base |
| 48 |
VALIC Company II High Yield Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| 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”) 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. |
| (5) | All loans in the Fund were purchased through assignment agreements unless otherwise indicated. |
| (6) | 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. |
| (7) | Securities classified as Level 3 (see Note 2). |
| (8) | 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 February 28, 2021, the Fund held the following restricted securities: |
| Description |
Acquisition Date |
Shares |
Acquisition Cost |
Value |
Value Per Share |
% of Net Assets |
||||||||||||||||||
| Common Stocks |
|
|||||||||||||||||||||||
| Foresight Energy LLC |
08/25/2020 | 3,805 | $ | 2,584 | $ | 34,919 | $ | 9.18 | 0.01 | % | ||||||||||||||
| (9) | Perpetual maturity — maturity date reflects the next call date. |
| (10) | Security in default of interest and principal at maturity. |
| (11) | At February 28, 2021, the Fund had loaned securities with a total value of $11,497,668. This was secured by collateral of $4,379,360, which was received in cash and subsequently invested in short-term investments currently valued at $4,379,360 as reported in the Portfolio of Investments. Additional collateral of $7,362,447 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 February 28, 2021 | |||
| United States Treasury Bills |
0.00% | 04/08/2021 to 06/17/2021 | $ 858,337 | |||
| United States Treasury Notes/Bonds |
0.13% to 3.88% | 03/31/2021 to 08/15/2049 | 6,504,110 |
| (12) | The rate shown is the 7-day yield as of February 28, 2021. |
| (13) | Denominated in United States dollars unless otherwise indicated. |
| (14) | See Note 5 for cost of investments on a tax basis. |
BTL — Bank Term Loan
FRS — Floating Rate Security
The rates shown on FRS are the current interest rates at February 28, 2021 and unless noted otherwise, the dates shown are the original maturity dates.
Currency Legend
EUR—Euro Currency
Index Legend
1 ML — 1 Month USD Libor
2 ML — 2 Month USD Libor
3 ML — 3 Month USD Libor
| Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
| Counterparty | Contract to Deliver | In Exchange For | Delivery Date |
Unrealized Appreciation |
Unrealized (Depreciation) |
|||||||||||||||||||||||
| UBS AG |
EUR | 10,822,000 | USD | 13,168,588 | 03/31/2021 | $ | 102,378 | $ | — | |||||||||||||||||||
EUR—Euro Currency
USD—United States Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2021 (see Note 2):
| Level 1 - Unadjusted Quoted Prices |
Level 2 - Other Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total |
|||||||||||||
| ASSETS: |
||||||||||||||||
| Investments at Value:* |
||||||||||||||||
| U.S. Convertible Bonds & Notes |
$ | — | $ | 11,829,268 | $ | — | $ | 11,829,268 | ||||||||
| U.S. Corporate Bonds & Notes |
— | 402,550,335 | — | 402,550,335 | ||||||||||||
| Foreign Corporate Bonds & Notes |
— | 91,228,205 | — | 91,228,205 | ||||||||||||
| Foreign Convertible Bonds & Notes |
— | 1,652,850 | — | 1,652,850 | ||||||||||||
| Loans |
— | 7,041,543 | — | 7,041,543 | ||||||||||||
| Common Stocks |
— | — | 34,919 | 34,919 | ||||||||||||
| Preferred Securities/Capital Securities |
— | 3,971,000 | — | 3,971,000 | ||||||||||||
| Escrows and Litigation Trusts |
— | — | 0 | 0 | ||||||||||||
| Short-Term Investment Securities |
4,379,360 | — | — | 4,379,360 | ||||||||||||
| Repurchase Agreements |
— | 26,895,000 | — | 26,895,000 | ||||||||||||
| Total Investments at Value |
$ | 4,379,360 | $ | 545,168,201 | $ | 34,919 | $ | 549,582,480 | ||||||||
| Other Financial Instruments:+ |
||||||||||||||||
| Forward Foreign Currency Contracts |
$ | — | $ | 102,378 | $ | — | $ | 102,378 | ||||||||
| * | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| + | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
At the beginning and end of the reporting period, Level 3 investments were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.
See Notes to Financial Statements
| 49 |
VALIC Company II International Opportunities Fund
PORTFOLIO PROFILE — February 28, 2021 (unaudited)
Industry Allocation*
| Machinery — General Industrial |
3.9 | % | ||
| Computer Services |
3.4 | |||
| Registered Investment Companies |
2.6 | |||
| E-Commerce/Services |
2.4 | |||
| Electronic Components — Misc. |
2.3 | |||
| Internet Content — Information/News |
2.2 | |||
| Retail — Drug Store |
2.0 | |||
| Real Estate Operations & Development |
1.9 | |||
| Steel — Producers |
1.8 | |||
| Industrial Automated/Robotic |
1.7 | |||
| Cosmetics & Toiletries |
1.7 | |||
| Real Estate Investment Trusts |
1.7 | |||
| Chemicals — Diversified |
1.7 | |||
| Energy — Alternate Sources |
1.5 | |||
| Building & Construction Products — Misc. |
1.5 | |||
| Commercial Services |
1.4 | |||
| Electronic Parts Distribution |
1.4 | |||
| Electronic Components — Semiconductors |
1.4 | |||
| Entertainment Software |
1.3 | |||
| Computers — Integrated Systems |
1.3 | |||
| Food — Retail |
1.3 | |||
| Oil Companies — Exploration & Production |
1.2 | |||
| Electric Products — Misc. |
1.2 | |||
| Chemicals — Specialty |
1.2 | |||
| Computer Software |
1.2 | |||
| Retail — Apparel/Shoe |
1.2 | |||
| Enterprise Software/Service |
1.2 | |||
| Electronic Measurement Instruments |
1.1 | |||
| Retail — Building Products |
1.1 | |||
| Building — Residential/Commercial |
1.1 | |||
| Recycling |
1.0 | |||
| Transport — Services |
1.0 | |||
| Hotels/Motels |
1.0 | |||
| Motorcycle/Motor Scooter |
0.9 | |||
| Internet Gambling |
0.9 | |||
| Athletic Equipment |
0.9 | |||
| Banks — Commercial |
0.9 | |||
| Containers — Paper/Plastic |
0.9 | |||
| Machinery — Construction & Mining |
0.9 | |||
| Veterinary Products |
0.9 | |||
| E-Services/Consulting |
0.9 | |||
| Circuit Boards |
0.9 | |||
| Medical Labs & Testing Services |
0.9 | |||
| Medical — Drugs |
0.9 | |||
| Applications Software |
0.8 | |||
| Airport Development/Maintenance |
0.8 | |||
| Gold Mining |
0.8 | |||
| Building — Heavy Construction |
0.8 | |||
| Chemicals — Plastics |
0.8 | |||
| Food — Meat Products |
0.8 | |||
| Auto/Truck Parts & Equipment — Original |
0.8 | |||
| Banks — Super Regional |
0.7 | |||
| Machinery — Electrical |
0.7 | |||
| Internet Brokers |
0.7 | |||
| Food — Misc./Diversified |
0.7 | |||
| Medical — Biomedical/Gene |
0.7 | |||
| Repurchase Agreements |
0.7 | |||
| Airlines |
0.7 | |||
| Investment Management/Advisor Services |
0.7 | |||
| E-Commerce/Products |
0.6 | |||
| Retail — Auto Parts |
0.6 | |||
| Computers — Periphery Equipment |
0.6 | |||
| Medical Products |
0.6 | |||
| Electric — Generation |
0.6 | |||
| Broadcast Services/Program |
0.6 | |||
| Distribution/Wholesale |
0.6 | |||
| Coatings/Paint |
0.6 | |||
| Machinery — Material Handling |
0.6 | |||
| Bicycle Manufacturing |
0.6 |
| Finance — Other Services |
0.5 | |||
| Casino Hotels |
0.5 | |||
| Athletic Footwear |
0.5 | |||
| Diagnostic Equipment |
0.5 | |||
| Brewery |
0.5 | |||
| Gambling (Non-Hotel) |
0.5 | |||
| Building Products — Cement |
0.5 | |||
| Building Products — Air & Heating |
0.5 | |||
| Semiconductor Equipment |
0.5 | |||
| Insurance — Property/Casualty |
0.5 | |||
| Transport — Truck |
0.4 | |||
| Containers — Metal/Glass |
0.4 | |||
| Machinery — Pumps |
0.4 | |||
| Food — Confectionery |
0.4 | |||
| Gas — Distribution |
0.4 | |||
| Medical Instruments |
0.4 | |||
| Theaters |
0.4 | |||
| Optical Supplies |
0.4 | |||
| Retail — Discount |
0.4 | |||
| Insurance Brokers |
0.3 | |||
| Hazardous Waste Disposal |
0.3 | |||
| Engineering/R&D Services |
0.3 | |||
| Advertising Services |
0.3 | |||
| Medical — Wholesale Drug Distribution |
0.3 | |||
| Finance — Investment Banker/Broker |
0.3 | |||
| Retail — Major Department Stores |
0.3 | |||
| Fisheries |
0.3 | |||
| Food — Flour & Grain |
0.3 | |||
| Dental Supplies & Equipment |
0.3 | |||
| Real Estate Management/Services |
0.2 | |||
| Insurance — Multi-line |
0.2 | |||
| Auto — Heavy Duty Trucks |
0.2 | |||
| Retail — Automobile |
0.2 | |||
| Finance — Commercial |
0.2 | |||
| Leisure Products |
0.2 | |||
| Internet Financial Services |
0.2 | |||
| E-Marketing/Info |
0.2 | |||
| Retail — Restaurants |
0.2 | |||
| Oil Refining & Marketing |
0.2 | |||
| Home Furnishings |
0.2 | |||
| Human Resources |
0.2 | |||
| Appliances |
0.2 | |||
| Audio/Video Products |
0.2 | |||
| Food — Catering |
0.2 | |||
| Motion Pictures & Services |
0.2 | |||
| Diversified Financial Services |
0.2 | |||
| Telephone — Integrated |
0.2 | |||
| Retail — Propane Distribution |
0.2 | |||
| Retail — Misc./Diversified |
0.2 | |||
| Home Decoration Products |
0.2 | |||
| Aerospace/Defense |
0.2 | |||
| Beverages — Non-alcoholic |
0.2 | |||
| Precious Metals |
0.2 | |||
| Electronic Connectors |
0.2 | |||
| Consulting Services |
0.2 | |||
| Electric — Integrated |
0.1 | |||
| Textile — Products |
0.1 | |||
| Machine Tools & Related Products |
0.1 | |||
| Disposable Medical Products |
0.1 | |||
| Metal Processors & Fabrication |
0.1 | |||
| Computers |
0.1 | |||
| Tobacco |
0.1 | |||
| Miscellaneous Manufacturing |
0.1 | |||
| Security Services |
0.1 | |||
| Diversified Manufacturing Operations |
0.1 | |||
| Diversified Operations |
0.1 | |||
| Food — Wholesale/Distribution |
0.1 | |||
| Medical — Hospitals |
0.1 | |||
| Finance — Consumer Loans |
0.1 |
| 50 |
VALIC Company II International Opportunities Fund
PORTFOLIO PROFILE — February 28, 2021 (unaudited) — (continued)
Industry Allocation* (continued)
| Building — Maintenance & Services |
0.1 | % | ||
| Publishing — Periodicals |
0.1 | |||
| Computer Aided Design |
0.1 | |||
| Aerospace/Defense — Equipment |
0.1 | |||
| Diversified Minerals |
0.1 | |||
| Apparel Manufacturers |
0.1 | |||
| Paper & Related Products |
0.1 | |||
| Electronic Security Devices |
0.1 | |||
| Metal — Iron |
0.1 | |||
| Schools |
0.1 | |||
| Explosives |
0.1 | |||
| Non-Hazardous Waste Disposal |
0.1 | |||
| MRI/Medical Diagnostic Imaging |
0.1 | |||
| Water |
0.1 | |||
| Instruments — Scientific |
0.1 | |||
| Television |
0.1 | |||
| Medical — HMO |
0.1 | |||
| Oil — U.S. Royalty Trusts |
0.1 | |||
| Power Converter/Supply Equipment |
0.1 | |||
| Cable/Satellite TV |
0.1 | |||
| Transport — Rail |
0.1 | |||
| Electric — Distribution |
0.1 | |||
| Transport — Marine |
0.1 | |||
| Medical Information Systems |
0.1 | |||
| 101.6 | % | |||
Country Allocation*
| Japan |
24.4 | % | ||
| United Kingdom |
14.8 | |||
| Germany |
8.6 | |||
| Canada |
5.8 | |||
| South Korea |
4.9 | |||
| Australia |
4.3 | |||
| United States |
3.4 | |||
| Sweden |
3.1 | |||
| Brazil |
2.8 | |||
| Cayman Islands |
2.6 | |||
| Netherlands |
2.6 | |||
| Ireland |
2.4 | |||
| France |
2.2 | |||
| Switzerland |
2.1 | |||
| Italy |
1.7 | |||
| Bermuda |
1.7 | |||
| Taiwan |
1.6 | |||
| Norway |
1.2 | |||
| Luxembourg |
1.2 | |||
| India |
1.1 | |||
| Spain |
1.0 | |||
| Mexico |
1.0 | |||
| Singapore |
0.8 | |||
| Finland |
0.8 | |||
| Belgium |
0.7 | |||
| Denmark |
0.7 | |||
| Indonesia |
0.5 | |||
| Austria |
0.4 | |||
| Russia |
0.4 | |||
| Philippines |
0.3 | |||
| Cyprus |
0.3 | |||
| Faroe Islands |
0.3 | |||
| New Zealand |
0.3 | |||
| Hong Kong |
0.2 | |||
| Mauritius |
0.2 | |||
| Greece |
0.2 | |||
| Curacao |
0.2 | |||
| Chile |
0.2 | |||
| Jersey |
0.1 | |||
| Papua New Guinea |
0.1 |
| South Africa |
0.1 | |||
| China |
0.1 | |||
| Thailand |
0.1 | |||
| Portugal |
0.1 | |||
| 101.6 | % | |||
| * | Calculated as a percentage of net assets |
| 51 |
VALIC Company II International Opportunities Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS — 98.3% |
| |||||||
| Australia — 4.3% |
| |||||||
| Ansell, Ltd. |
43,164 | $ | 1,197,976 | |||||
| ASX, Ltd. |
13,703 | 712,759 | ||||||
| AUB Group, Ltd. |
104,298 | 1,527,999 | ||||||
| Bapcor, Ltd. |
859,252 | 4,522,275 | ||||||
| Bingo Industries, Ltd.# |
204,481 | 505,054 | ||||||
| Deterra Royalties, Ltd.† |
110,875 | 388,173 | ||||||
| Domain Holdings Australia, Ltd.† |
1,076,100 | 3,734,302 | ||||||
| HUB24, Ltd.† |
217,298 | 3,494,478 | ||||||
| Iluka Resources, Ltd. |
110,875 | 633,020 | ||||||
| IPH, Ltd. |
276,635 | 1,302,683 | ||||||
| Omni Bridgeway, Ltd. |
197,174 | 559,830 | ||||||
| Orica, Ltd. |
52,319 | 505,626 | ||||||
| Ramsay Health Care, Ltd.# |
14,855 | 754,392 | ||||||
| Ridley Corp., Ltd. |
883,131 | 716,899 | ||||||
| SEEK, Ltd. |
27,597 | 545,727 | ||||||
| Sonic Healthcare, Ltd. |
20,124 | 491,320 | ||||||
| Star Entertainment Group, Ltd.† |
1,377,579 | 3,911,318 | ||||||
| Steadfast Group, Ltd. |
298,652 | 916,893 | ||||||
| Tabcorp Holdings, Ltd. |
239,772 | 820,992 | ||||||
| Webjet, Ltd.# |
107,760 | 460,183 | ||||||
| Westgold Resources, Ltd.† |
1,308,099 | 2,053,294 | ||||||
| WiseTech Global, Ltd. |
38,756 | 813,213 | ||||||
| 30,568,406 | ||||||||
| Austria — 0.4% |
| |||||||
| Mayr-Melnhof Karton AG |
5,791 | 1,263,274 | ||||||
| Vienna Insurance Group AG Wiener Versicherung Gruppe |
63,392 | 1,701,806 | ||||||
| 2,965,080 | ||||||||
| Belgium — 0.7% |
| |||||||
| Barco NV |
175,853 | 4,315,650 | ||||||
| Melexis NV |
7,447 | 880,548 | ||||||
| 5,196,198 | ||||||||
| Bermuda — 1.7% |
| |||||||
| Cafe de Coral Holdings, Ltd. |
670,000 | 1,485,731 | ||||||
| China Resources Gas Group, Ltd. |
286,000 | 1,428,811 | ||||||
| Dairy Farm International Holdings, Ltd. |
264,400 | 1,144,852 | ||||||
| Esprit Holdings, Ltd.† |
251,550 | 29,837 | ||||||
| Geopark, Ltd.# |
224,334 | 3,685,808 | ||||||
| Hiscox, Ltd.† |
84,610 | 1,112,774 | ||||||
| Midland Holdings, Ltd.† |
1,754,000 | 228,396 | ||||||
| Peace Mark Holdings, Ltd.†(1) |
686,000 | 0 | ||||||
| Shangri-La Asia, Ltd.† |
1,242,000 | 1,271,391 | ||||||
| VTech Holdings, Ltd. |
159,049 | 1,333,875 | ||||||
| 11,721,475 | ||||||||
| Brazil — 2.8% |
| |||||||
| Anima Holding SA† |
308,529 | 510,893 | ||||||
| Azul SA† |
635,838 | 4,606,371 | ||||||
| Banco Inter SA |
133,796 | 3,709,579 | ||||||
| Cia Brasileira de Distribuicao† |
33,500 | 496,146 | ||||||
| Cia de Saneamento Basico do Estado de Sao Paulo |
20,700 | 135,927 | ||||||
| Energisa SA |
47,200 | 367,800 | ||||||
| Equatorial Energia SA |
71,100 | 255,007 | ||||||
| Gerdau SA (Preference Shares) |
113,900 | 525,783 | ||||||
| Hapvida Participacoes e Investimentos SA* |
148,200 | 409,889 | ||||||
| Hypera SA |
97,155 | 568,278 | ||||||
| JBS SA |
66,365 | 305,761 | ||||||
| Locaweb Servicos de Internet SA* |
821,824 | 4,220,423 | ||||||
| Lojas Renner SA |
63,510 | 415,452 | ||||||
| Magazine Luiza SA |
81,700 | 352,505 | ||||||
| Multiplan Empreendimentos Imobiliarios SA |
137,081 | 481,381 | ||||||
| Odontoprev SA |
54,400 | 126,482 | ||||||
| Rumo SA† |
117,706 | 380,157 | ||||||
| Suzano SA† |
47,900 | 625,396 | ||||||
| Security Description | Shares | Value (Note 2) |
||||||
| Brazil (continued) |
| |||||||
| TOTVS SA |
82,100 | $ | 459,708 | |||||
| Transmissora Alianca de Energia Eletrica SA |
56,433 | 307,631 | ||||||
| 19,260,569 | ||||||||
| Canada — 5.8% |
| |||||||
| Agnico Eagle Mines, Ltd. |
26,671 | 1,488,848 | ||||||
| Aritzia, Inc.† |
296,418 | 6,985,365 | ||||||
| ATS Automation Tooling Systems, Inc.† |
298,841 | 6,586,901 | ||||||
| Capital Power Corp. |
154,806 | 4,173,655 | ||||||
| Descartes Systems Group, Inc.† |
60,495 | 3,541,948 | ||||||
| Dollarama, Inc. |
35,625 | 1,355,743 | ||||||
| Enerplus Corp.†# |
929,365 | 4,498,577 | ||||||
| Granite Real Estate Investment Trust |
81,281 | 4,656,125 | ||||||
| Kinaxis, Inc.† |
35,218 | 4,759,937 | ||||||
| SSR Mining, Inc.† |
71,823 | 1,019,835 | ||||||
| TMX Group, Ltd.# |
15,619 | 1,491,083 | ||||||
| 40,558,017 | ||||||||
| Cayman Islands — 2.6% |
| |||||||
| 51job, Inc. ADR† |
20,725 | 1,359,560 | ||||||
| ASM Pacific Technology, Ltd. |
75,500 | 1,050,281 | ||||||
| Burning Rock Biotech, Ltd. ADR†# |
14,278 | 513,865 | ||||||
| China Literature, Ltd.†#* |
95,200 | 887,385 | ||||||
| Endeavour Mining Corp. |
95,916 | 1,847,321 | ||||||
| ESR Cayman, Ltd.†* |
280,400 | 887,496 | ||||||
| Haitian International Holdings, Ltd. |
461,000 | 1,583,927 | ||||||
| iClick Interactive Asia Group, Ltd. ADR† |
37,581 | 552,817 | ||||||
| Niu Technologies ADR†# |
159,125 | 5,948,093 | ||||||
| Pacific Textiles Holdings, Ltd. |
1,613,000 | 1,033,541 | ||||||
| Shenguan Holdings Group, Ltd. |
536,000 | 23,495 | ||||||
| Silicon Motion Technology Corp. ADR |
20,330 | 1,208,415 | ||||||
| Tingyi Cayman Islands Holding Corp. |
710,000 | 1,426,142 | ||||||
| 18,322,338 | ||||||||
| Chile — 0.2% |
| |||||||
| Aguas Andinas SA, Class A |
1,155,556 | 331,235 | ||||||
| Banco Santander Chile |
6,819,294 | 390,003 | ||||||
| Compania Cervecerias Unidas SA ADR |
18,534 | 320,638 | ||||||
| 1,041,876 | ||||||||
| China — 0.1% |
| |||||||
| Yunnan Baiyao Group Co., Ltd., Class A |
38,800 | 785,670 | ||||||
| Colombia — 0.0% |
| |||||||
| Bancolombia SA ADR |
8,020 | 268,269 | ||||||
| Curacao — 0.2% |
| |||||||
| Hunter Douglas NV† |
13,967 | 1,095,373 | ||||||
| Cyprus — 0.3% |
| |||||||
| TCS Group Holding PLC GDR |
40,876 | 2,129,639 | ||||||
| Denmark — 0.7% |
| |||||||
| Carlsberg A/S, Class B |
5,740 | 903,394 | ||||||
| Demant A/S† |
11,772 | 484,961 | ||||||
| Dfds A/S† |
6,501 | 313,700 | ||||||
| Jyske Bank A/S† |
11,941 | 515,948 | ||||||
| Royal Unibrew A/S |
20,672 | 2,128,513 | ||||||
| SimCorp A/S |
2,508 | 304,792 | ||||||
| 4,651,308 | ||||||||
| Faroe Islands — 0.3% |
| |||||||
| Bakkafrost P/F† |
26,072 | 1,852,277 | ||||||
| Finland — 0.8% |
| |||||||
| Tikkurila Oyj |
5,693 | 232,168 | ||||||
| Valmet Oyj |
151,150 | 5,073,537 | ||||||
| 5,305,705 | ||||||||
| 52 |
VALIC Company II International Opportunities Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS (continued) |
| |||||||
| France — 2.2% |
| |||||||
| Alten SA† |
10,837 | $ | 1,197,052 | |||||
| Cie Plastic Omnium SA |
13,448 | 482,228 | ||||||
| Legrand SA |
25,994 | 2,255,632 | ||||||
| LISI† |
26,239 | 645,837 | ||||||
| SEB SA |
6,384 | 1,145,379 | ||||||
| SOITEC† |
36,119 | 7,635,111 | ||||||
| Somfy SA |
4,648 | 773,911 | ||||||
| Verallia SA* |
7,584 | 278,632 | ||||||
| Virbac SA† |
3,802 | 928,929 | ||||||
| 15,342,711 | ||||||||
| Germany — 8.6% |
| |||||||
| Amadeus Fire AG† |
7,165 | 1,018,373 | ||||||
| CANCOM SE |
18,397 | 1,176,436 | ||||||
| CTS Eventim AG & Co. KGaA† |
40,692 | 2,769,068 | ||||||
| Deutsche Wohnen SE |
13,478 | 633,401 | ||||||
| Duerr AG |
193,697 | 7,646,835 | ||||||
| Evotec SE† |
112,210 | 4,341,863 | ||||||
| flatexDEGIRO AG† |
49,430 | 5,212,518 | ||||||
| GEA Group AG |
63,127 | 2,179,869 | ||||||
| Gerresheimer AG |
20,977 | 2,166,520 | ||||||
| Hella GmbH & Co. KGaA† |
5,164 | 305,425 | ||||||
| LEG Immobilien AG |
34,760 | 4,745,058 | ||||||
| MTU Aero Engines AG |
1,676 | 398,369 | ||||||
| Northern Data AG† |
27,046 | 3,328,502 | ||||||
| Rational AG |
115 | 98,376 | ||||||
| Salzgitter AG† |
250,467 | 7,476,455 | ||||||
| Scout24 AG* |
19,166 | 1,444,141 | ||||||
| Steico SE† |
26,593 | 2,265,258 | ||||||
| STRATEC SE |
23,678 | 3,376,821 | ||||||
| Symrise AG |
34,877 | 4,070,061 | ||||||
| TAG Immobilien AG |
200,032 | 5,686,176 | ||||||
| 60,339,525 | ||||||||
| Greece — 0.2% |
| |||||||
| Hellenic Telecommunications Organization SA |
78,475 | 1,206,275 | ||||||
| Hong Kong — 0.2% |
| |||||||
| China Resources Beer Holdings Co., Ltd. |
62,000 | 467,611 | ||||||
| Techtronic Industries Co., Ltd. |
80,500 | 1,228,809 | ||||||
| 1,696,420 | ||||||||
| India — 1.1% |
| |||||||
| Bharat Heavy Electricals, Ltd.† |
600,889 | 386,773 | ||||||
| CESC, Ltd. |
128,693 | 1,060,402 | ||||||
| Dabur India, Ltd. |
74,845 | 511,291 | ||||||
| Embassy Office Parks REIT |
140,000 | 609,648 | ||||||
| Hero MotoCorp, Ltd. |
24,514 | 1,073,499 | ||||||
| Mahindra & Mahindra, Ltd. |
143,415 | 1,570,861 | ||||||
| MOIL, Ltd. |
253,212 | 518,588 | ||||||
| Shriram Transport Finance Co., Ltd. |
89,578 | 1,566,350 | ||||||
| Spencer’s Retail, Ltd.† |
30,078 | 31,435 | ||||||
| Tata Consumer Products, Ltd. |
86,666 | 714,698 | ||||||
| 8,043,545 | ||||||||
| Indonesia — 0.5% |
| |||||||
| Indocement Tunggal Prakarsa Tbk PT |
1,061,700 | 931,970 | ||||||
| Kalbe Farma Tbk PT |
13,883,000 | 1,433,147 | ||||||
| United Tractors Tbk PT |
823,900 | 1,304,701 | ||||||
| 3,669,818 | ||||||||
| Ireland — 2.4% |
| |||||||
| Dalata Hotel Group PLC† |
945,054 | 4,749,164 | ||||||
| DCC PLC |
18,181 | 1,461,528 | ||||||
| Flutter Entertainment PLC† |
13,689 | 2,635,683 | ||||||
| Grafton Group PLC |
413,045 | 5,694,121 | ||||||
| Security Description | Shares | Value (Note 2) |
||||||
| Ireland (continued) |
| |||||||
| Greencore Group PLC† |
51,292 | $ | 108,548 | |||||
| Hibernia REIT PLC |
186,328 | 253,141 | ||||||
| ICON PLC† |
1,872 | 338,233 | ||||||
| Kerry Group PLC, Class A |
8,957 | 1,080,167 | ||||||
| Kingspan Group PLC† |
3,405 | 247,525 | ||||||
| 16,568,110 | ||||||||
| Italy — 1.7% |
| |||||||
| Carel Industries SpA†* |
7,431 | 153,675 | ||||||
| Cembre SpA |
23,485 | 589,386 | ||||||
| Cerved Group SpA† |
187,247 | 1,522,721 | ||||||
| Enav SpA* |
199,113 | 959,518 | ||||||
| FinecoBank Banca Fineco SpA† |
41,964 | 737,704 | ||||||
| Infrastrutture Wireless Italiane SpA* |
54,118 | 562,526 | ||||||
| Italgas SpA |
257,359 | 1,515,942 | ||||||
| Reply SpA |
53,302 | 6,180,341 | ||||||
| 12,221,813 | ||||||||
| Japan — 24.4% |
| |||||||
| ABC-Mart, Inc.# |
7,900 | 449,120 | ||||||
| Aeon Delight Co., Ltd.# |
12,200 | 363,385 | ||||||
| AEON Financial Service Co., Ltd.# |
103,400 | 1,323,116 | ||||||
| Air Water, Inc. |
32,200 | 529,241 | ||||||
| Amano Corp. |
10,041 | 224,944 | ||||||
| Anritsu Corp.# |
176,800 | 3,770,030 | ||||||
| Argo Graphics, Inc. |
15,200 | 418,661 | ||||||
| Ariake Japan Co., Ltd. |
5,800 | 359,660 | ||||||
| As One Corp. |
7,400 | 948,300 | ||||||
| Asante, Inc. |
7,000 | 114,461 | ||||||
| Asics Corp. |
227,100 | 3,717,712 | ||||||
| Azbil Corp. |
33,800 | 1,434,823 | ||||||
| Bandai Namco Holdings, Inc. |
4,300 | 328,647 | ||||||
| Bank of Kyoto, Ltd.# |
13,600 | 815,273 | ||||||
| BML, Inc.† |
24,300 | 803,579 | ||||||
| Capcom Co., Ltd. |
99,800 | 6,066,926 | ||||||
| Central Automotive Products, Ltd. |
2,000 | 48,558 | ||||||
| Chiba Bank, Ltd. |
104,400 | 665,018 | ||||||
| CKD Corp. |
238,600 | 5,130,364 | ||||||
| Comture Corp. |
27,500 | 700,432 | ||||||
| Cosmos Pharmaceutical Corp. |
2,400 | 343,356 | ||||||
| Daikyonishikawa Corp. |
13,587 | 93,303 | ||||||
| Daiseki Co., Ltd. |
77,800 | 2,434,101 | ||||||
| Daito Pharmaceutical Co., Ltd. |
18,800 | 582,898 | ||||||
| Daiwa Securities Group, Inc. |
423,500 | 2,056,415 | ||||||
| Demae-Can Co., Ltd†# |
24,900 | 655,933 | ||||||
| DeNA Co., Ltd. |
13,900 | 273,449 | ||||||
| Doshisha Co., Ltd. |
5,800 | 96,145 | ||||||
| Eiken Chemical Co., Ltd. |
31,000 | 590,365 | ||||||
| EPS Holdings, Inc. |
41,800 | 443,116 | ||||||
| Ezaki Glico Co., Ltd. |
18,600 | 756,424 | ||||||
| Fancl Corp. |
176,900 | 6,298,002 | ||||||
| Fuji Seal International, Inc. |
68,400 | 1,405,282 | ||||||
| Fuji Soft, Inc. |
13,900 | 687,209 | ||||||
| Fujitec Co., Ltd. |
59,400 | 1,358,017 | ||||||
| Fujitsu General, Ltd. |
10,100 | 272,883 | ||||||
| Fukuda Denshi Co., Ltd. |
10,200 | 784,652 | ||||||
| Fukui Computer Holdings, Inc.# |
8,500 | 266,734 | ||||||
| Fukushima Galilei Co., Ltd. |
20,900 | 775,454 | ||||||
| FULLCAST Holdings Co., Ltd. |
20,900 | 378,414 | ||||||
| GungHo Online Entertainment, Inc. |
13,400 | 273,921 | ||||||
| Hamakyorex Co., Ltd. |
4,700 | 139,772 | ||||||
| Heian Ceremony Service Co., Ltd.# |
14,900 | 120,492 | ||||||
| Hirose Electric Co., Ltd. |
3,600 | 524,828 | ||||||
| Hogy Medical Co., Ltd. |
3,300 | 94,268 | ||||||
| Iriso Electronics Co., Ltd. |
9,000 | 407,805 | ||||||
| 53 |
VALIC Company II International Opportunities Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS (continued) |
| |||||||
| Japan (continued) |
| |||||||
| Iwatani Corp.† |
20,400 | $ | 1,163,582 | |||||
| JAFCO Group Co., Ltd. |
2,700 | 164,389 | ||||||
| Japan Elevator Service Holdings Co., Ltd. |
204,100 | 4,053,471 | ||||||
| Japan Exchange Group, Inc. |
5,900 | 126,945 | ||||||
| Japan Pure Chemical Co., Ltd. |
1,700 | 43,539 | ||||||
| JCU Corp. |
28,500 | 918,406 | ||||||
| Jeol, Ltd. |
11,500 | 429,382 | ||||||
| JGC Holdings Corp. |
10,560 | 135,424 | ||||||
| JM Holdings Co., Ltd. |
10,400 | 190,350 | ||||||
| Kakaku.com, Inc. |
11,900 | 377,335 | ||||||
| Kansai Paint Co., Ltd. |
42,700 | 1,114,418 | ||||||
| Katitas Co., Ltd. |
153,700 | 4,197,389 | ||||||
| Kato Sangyo Co., Ltd. |
22,600 | 757,962 | ||||||
| Kawai Musical Instruments Manufacturing Co., Ltd.† |
4,900 | 165,486 | ||||||
| KH Neochem Co., Ltd. |
16,600 | 380,292 | ||||||
| Kikkoman Corp.# |
5,000 | 329,753 | ||||||
| Kintetsu World Express, Inc. |
11,400 | 296,350 | ||||||
| Kitanotatsujin Corp.# |
46,700 | 270,750 | ||||||
| Kobayashi Pharmaceutical Co., Ltd. |
11,300 | 1,066,448 | ||||||
| Koito Manufacturing Co., Ltd. |
26,600 | 1,771,753 | ||||||
| Konami Holdings Corp. |
6,700 | 429,298 | ||||||
| Kureha Corp. |
5,900 | 388,555 | ||||||
| Lion Corp. |
44,500 | 854,139 | ||||||
| Matsumotokiyoshi Holdings Co., Ltd. |
112,900 | 4,427,243 | ||||||
| Media Do Co., Ltd. |
27,600 | 1,434,439 | ||||||
| Medipal Holdings Corp. |
31,200 | 617,590 | ||||||
| Meitec Corp. |
15,400 | 801,820 | ||||||
| Menicon Co., Ltd.# |
43,300 | 2,551,001 | ||||||
| Milbon Co., Ltd. |
1,700 | 93,457 | ||||||
| MISUMI Group, Inc. |
9,300 | 283,550 | ||||||
| Mitsubishi Pencil Co., Ltd. |
9,500 | 120,048 | ||||||
| MonotaRO Co., Ltd. |
16,100 | 924,359 | ||||||
| Morinaga & Co., Ltd. |
27,600 | 994,268 | ||||||
| Nabtesco Corp. |
33,500 | 1,420,517 | ||||||
| Nakanishi, Inc. |
93,900 | 1,794,402 | ||||||
| NGK Spark Plug Co., Ltd. |
34,500 | 583,226 | ||||||
| Nifco, Inc. |
130,000 | 4,457,526 | ||||||
| Nihon Kohden Corp. |
21,400 | 579,995 | ||||||
| Nihon Parkerizing Co., Ltd. |
43,200 | 436,073 | ||||||
| Nippo Corp. |
17,100 | 446,129 | ||||||
| Nippon Television Holdings, Inc. |
31,600 | 417,697 | ||||||
| Nissei ASB Machine Co., Ltd. |
6,200 | 312,341 | ||||||
| Nitto Denko Corp. |
5,900 | 503,129 | ||||||
| NOF Corp. |
13,200 | 694,704 | ||||||
| Nohmi Bosai, Ltd. |
27,900 | 564,831 | ||||||
| Nomura Research Institute, Ltd. |
99,500 | 3,089,685 | ||||||
| NS Solutions Corp. |
61,000 | 1,788,311 | ||||||
| Obara Group, Inc.# |
5,300 | 189,188 | ||||||
| OBIC Business Consultants Co., Ltd. |
3,800 | 212,111 | ||||||
| OBIC Co., Ltd. |
34,400 | 5,802,449 | ||||||
| Omron Corp. |
8,600 | 692,228 | ||||||
| Oracle Corp. Japan |
10,500 | 1,063,840 | ||||||
| PALTAC Corp. |
11,300 | 611,670 | ||||||
| Park24 Co., Ltd.† |
14,700 | 315,941 | ||||||
| PCA Corp. |
11,300 | 432,516 | ||||||
| Proto Corp. |
46,900 | 490,581 | ||||||
| Rakuten, Inc. |
4,900 | 54,748 | ||||||
| Rinnai Corp. |
3,700 | 374,183 | ||||||
| Ryohin Keikaku Co., Ltd. |
49,600 | 1,115,820 | ||||||
| S Foods, Inc.# |
34,600 | 1,061,419 | ||||||
| Sagami Rubber Industries Co., Ltd. |
10,800 | 112,666 | ||||||
| San-A Co, Ltd.# |
3,600 | 139,988 | ||||||
| San-Ai Oil Co., Ltd. |
86,200 | 859,614 | ||||||
| Sankyu, Inc. |
25,700 | 1,070,482 | ||||||
| Santen Pharmaceutical Co., Ltd. |
84,000 | 1,152,099 | ||||||
| Security Description | Shares | Value (Note 2) |
||||||
| Japan (continued) |
| |||||||
| SCSK Corp. |
11,700 | $ | 688,203 | |||||
| Seino Holdings Co., Ltd. |
152,900 | 2,137,258 | ||||||
| Senko Group Holdings Co., Ltd. |
27,000 | 254,055 | ||||||
| Seria Co., Ltd. |
7,600 | 242,056 | ||||||
| SG Holdings Co., Ltd. |
137,100 | 3,148,560 | ||||||
| Shima Seiki Manufacturing, Ltd. |
7,900 | 170,310 | ||||||
| Shimadzu Corp. |
25,700 | 923,411 | ||||||
| Shimamura Co., Ltd. |
2,200 | 218,978 | ||||||
| Shizuoka Bank, Ltd.# |
42,200 | 308,003 | ||||||
| SK Kaken Co., Ltd.# |
4,600 | 1,667,902 | ||||||
| SMS Co., Ltd. |
194,600 | 6,353,093 | ||||||
| Sohgo Security Services Co., Ltd. |
21,100 | 950,138 | ||||||
| Stanley Electric Co., Ltd. |
35,900 | 1,062,569 | ||||||
| Sugi Holdings Co., Ltd.# |
9,500 | 661,288 | ||||||
| Sundrug Co., Ltd. |
34,800 | 1,305,877 | ||||||
| Suzuken Co., Ltd. |
13,900 | 529,424 | ||||||
| T Hasegawa Co., Ltd. |
121,300 | 2,108,625 | ||||||
| Taisei Lamick Co, Ltd. |
9,100 | 242,280 | ||||||
| Taiyo Yuden Co., Ltd. |
110,000 | 5,428,022 | ||||||
| Takasago International Corp. |
6,700 | 161,160 | ||||||
| TechnoPro Holdings, Inc. |
64,100 | 4,654,383 | ||||||
| Terumo Corp. |
21,300 | 789,496 | ||||||
| THK Co., Ltd. |
159,200 | 5,130,184 | ||||||
| Toei Co., Ltd. |
3,000 | 597,214 | ||||||
| Toho Co., Ltd.# |
19,300 | 724,237 | ||||||
| Tokyo Seimitsu Co., Ltd.† |
85,000 | 3,692,012 | ||||||
| Toshiba TEC Corp. |
8,700 | 318,308 | ||||||
| TOTO, Ltd. |
5,900 | 354,791 | ||||||
| Toyo Seikan Group Holdings, Ltd. |
58,400 | 729,760 | ||||||
| Trancom Co., Ltd. |
3,900 | 297,819 | ||||||
| Tsugami Corp.# |
271,700 | 3,907,464 | ||||||
| Unicharm Corp. |
36,300 | 1,435,722 | ||||||
| USS Co., Ltd. |
82,600 | 1,568,389 | ||||||
| Yamato Holdings Co., Ltd. |
63,300 | 1,663,930 | ||||||
| Zojirushi Corp. |
7,200 | 116,043 | ||||||
| ZOZO, Inc. |
54,800 | 1,711,938 | ||||||
| Zuken, Inc. |
22,900 | 569,734 | ||||||
| 171,861,424 | ||||||||
| Jersey — 0.1% |
| |||||||
| Breedon Group PLC† |
719,178 | 933,826 | ||||||
| Luxembourg — 1.2% |
| |||||||
| Allegro.eu SA†* |
13,576 | 233,011 | ||||||
| B&M European Value Retail SA |
42,728 | 325,265 | ||||||
| Befesa SA* |
43,432 | 2,945,043 | ||||||
| Eurofins Scientific SE† |
1,500 | 133,276 | ||||||
| Globant SA† |
2,167 | 465,298 | ||||||
| Ternium SA ADR†# |
141,488 | 4,345,096 | ||||||
| 8,446,989 | ||||||||
| Mauritius — 0.2% |
| |||||||
| MakeMyTrip, Ltd.† |
44,465 | 1,491,801 | ||||||
| Mexico — 1.0% |
| |||||||
| Bolsa Mexicana de Valores SAB de CV |
139,000 | 284,830 | ||||||
| Concentradora Fibra Danhos SA de CV |
119,373 | 146,299 | ||||||
| Genomma Lab Internacional SAB de CV, Class B† |
441,628 | 441,818 | ||||||
| Gruma SAB de CV, Class B |
34,895 | 380,291 | ||||||
| Grupo Aeroportuario del Centro Norte SAB de CV† |
611,722 | 3,530,391 | ||||||
| Grupo Aeroportuario del Pacifico SAB de CV, Class B† |
21,909 | 221,478 | ||||||
| Grupo Aeroportuario del Sureste SAB de CV ADR† |
1,936 | 360,386 | ||||||
| Grupo Cementos de Chihuahua SAB de CV |
94,605 | 589,309 | ||||||
| Grupo Financiero Inbursa SAB de CV, Class O† |
114,506 | 102,897 | ||||||
| Orbia Advance Corp SAB de CV |
223,937 | 519,462 | ||||||
| Prologis Property Mexico SA de CV |
101,166 | 207,932 | ||||||
| 54 |
VALIC Company II International Opportunities Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS (continued) |
| |||||||
| Mexico (continued) |
||||||||
| Telesites SAB de CV† |
218,500 | $ | 192,588 | |||||
| 6,977,681 | ||||||||
| Netherlands — 2.6% |
| |||||||
| Aalberts NV |
18,981 | 884,915 | ||||||
| ASM International NV |
7,058 | 1,904,141 | ||||||
| Euronext NV* |
7,017 | 755,200 | ||||||
| IMCD NV |
44,063 | 5,420,094 | ||||||
| Just Eat Takeaway.com NV (Euronext)†#* |
36,401 | 3,508,302 | ||||||
| Just Eat Takeaway.com NV (LSE)†* |
3,164 | 304,775 | ||||||
| Shop Apotheke Europe NV†* |
18,412 | 4,476,324 | ||||||
| Wolters Kluwer NV |
8,739 | 692,533 | ||||||
| 17,946,284 | ||||||||
| New Zealand — 0.3% |
| |||||||
| Auckland International Airport, Ltd.† |
115,318 | 629,089 | ||||||
| Freightways, Ltd. |
77,672 | 594,892 | ||||||
| Mainfreight, Ltd. |
10,901 | 518,275 | ||||||
| 1,742,256 | ||||||||
| Norway — 1.2% |
| |||||||
| Scatec ASA* |
155,745 | 4,508,568 | ||||||
| TOMRA Systems ASA |
93,449 | 3,996,366 | ||||||
| 8,504,934 | ||||||||
| Papua New Guinea — 0.1% |
| |||||||
| Oil Search, Ltd. |
279,790 | 912,806 | ||||||
| Peru — 0.0% |
| |||||||
| Cia de Minas Buenaventura SAA ADR† |
16,726 | 184,989 | ||||||
| Philippines — 0.3% |
| |||||||
| Metropolitan Bank & Trust Co. |
1,131,872 | 1,182,727 | ||||||
| Universal Robina Corp. |
422,200 | 1,111,190 | ||||||
| 2,293,917 | ||||||||
| Portugal — 0.1% |
| |||||||
| Galp Energia SGPS SA |
17,087 | 191,402 | ||||||
| NOS SGPS SA# |
114,540 | 383,362 | ||||||
| 574,764 | ||||||||
| Russia — 0.4% |
| |||||||
| Detsky Mir PJSC† |
1,089,530 | 2,053,907 | ||||||
| Moscow Exchange MICEX-RTS PJSC |
274,969 | 636,616 | ||||||
| 2,690,523 | ||||||||
| Singapore — 0.8% |
| |||||||
| Ascendas India Trust |
522,000 | 587,221 | ||||||
| City Developments, Ltd. |
147,200 | 812,503 | ||||||
| Mapletree Commercial Trust |
658,400 | 1,007,302 | ||||||
| Singapore Technologies Engineering, Ltd. |
514,600 | 1,451,099 | ||||||
| Venture Corp., Ltd. |
113,363 | 1,632,346 | ||||||
| 5,490,471 | ||||||||
| South Africa — 0.1% |
| |||||||
| AVI, Ltd. |
180,318 | 846,102 | ||||||
| South Korea — 4.9% |
| |||||||
| Amorepacific Corp. |
7,773 | 1,622,402 | ||||||
| Doosan Bobcat, Inc.† |
43,721 | 1,258,900 | ||||||
| Doosan Fuel Cell Co., Ltd.† |
84,584 | 3,764,308 | ||||||
| Douzone Bizon Co., Ltd. |
47,711 | 4,671,304 | ||||||
| LEENO Industrial, Inc. |
32,104 | 4,577,713 | ||||||
| LG Innotek Co., Ltd. |
31,589 | 5,595,203 | ||||||
| LS Electric Co., Ltd. |
17,830 | 912,528 | ||||||
| NHN KCP Corp.† |
68,029 | 2,812,592 | ||||||
| OCI Co., Ltd.† |
58,859 | 6,548,621 | ||||||
| Security Description | Shares | Value (Note 2) |
||||||
| South Korea (continued) |
| |||||||
| Orion Corp. |
11,142 | $ | 1,274,363 | |||||
| Samsung Fire & Marine Insurance Co., Ltd. |
8,331 | 1,282,833 | ||||||
| TK Corp.† |
34,437 | 225,595 | ||||||
| 34,546,362 | ||||||||
| Spain — 1.0% |
| |||||||
| Amadeus IT Group SA† |
30,932 | 2,145,959 | ||||||
| Cellnex Telecom SA* |
72,096 | 3,918,785 | ||||||
| Viscofan SA |
16,461 | 1,156,905 | ||||||
| 7,221,649 | ||||||||
| Sweden — 3.1% |
| |||||||
| Essity AB, Class B |
37,450 | 1,125,642 | ||||||
| Karnov Group AB |
52,067 | 302,762 | ||||||
| LeoVegas AB* |
490,090 | 2,265,910 | ||||||
| MIPS AB |
84,076 | 6,571,627 | ||||||
| Nordic Entertainment Group AB, Class B† |
90,923 | 4,132,717 | ||||||
| Saab AB, Series B† |
24,537 | 649,175 | ||||||
| Swedish Match AB |
13,957 | 1,003,646 | ||||||
| Thule Group AB†* |
32,781 | 1,370,420 | ||||||
| Tobii AB† |
595,102 | 4,341,392 | ||||||
| 21,763,291 | ||||||||
| Switzerland — 2.1% |
| |||||||
| Belimo Holding AG |
374 | 2,725,906 | ||||||
| DKSH Holding AG |
1,987 | 148,427 | ||||||
| Julius Baer Group, Ltd. |
16,970 | 1,040,978 | ||||||
| Kardex Holding AG |
4,496 | 953,914 | ||||||
| Partners Group Holding AG |
147 | 176,226 | ||||||
| SIG Combibloc Group AG |
91,757 | 2,031,535 | ||||||
| Sika AG |
7,662 | 2,023,209 | ||||||
| Sonova Holding AG† |
5,296 | 1,355,366 | ||||||
| Straumann Holding AG |
48 | 57,992 | ||||||
| Temenos AG |
3,616 | 487,950 | ||||||
| VAT Group AG* |
3,256 | 904,872 | ||||||
| Zur Rose Group AG† |
6,448 | 3,040,941 | ||||||
| 14,947,316 | ||||||||
| Taiwan — 1.6% |
| |||||||
| Advantech Co., Ltd. |
77,571 | 1,009,586 | ||||||
| Chroma ATE, Inc. |
188,000 | 1,380,343 | ||||||
| E.Sun Financial Holding Co., Ltd. |
1,427,186 | 1,293,832 | ||||||
| Kindom Development Co., Ltd. |
1,181,000 | 1,530,710 | ||||||
| Merida Industry Co., Ltd. |
377,000 | 3,857,643 | ||||||
| Tripod Technology Corp. |
304,000 | 1,511,677 | ||||||
| Voltronic Power Technology Corp. |
23,675 | 981,765 | ||||||
| 11,565,556 | ||||||||
| Thailand — 0.1% |
| |||||||
| AEON Thana Sinsap Thailand PCL |
106,800 | 701,722 | ||||||
| Turkey — 0.0% |
| |||||||
| Selcuk Ecza Deposu Ticaret ve Sanayi AS |
95,899 | 147,850 | ||||||
| United Kingdom — 14.8% |
| |||||||
| 4imprint Group PLC† |
6,890 | 234,219 | ||||||
| Abcam PLC |
161,728 | 3,821,418 | ||||||
| Admiral Group PLC |
9,223 | 396,792 | ||||||
| Auto Trader Group PLC†* |
173,243 | 1,327,975 | ||||||
| Babcock International Group PLC† |
60,398 | 218,528 | ||||||
| Bellway PLC |
26,174 | 1,023,955 | ||||||
| Big Yellow Group PLC |
45,089 | 712,984 | ||||||
| Britvic PLC |
28,402 | 320,316 | ||||||
| Bunzl PLC |
33,555 | 1,045,771 | ||||||
| Burberry Group PLC† |
24,898 | 629,759 | ||||||
| Cairn Energy PLC |
88,409 | 235,257 | ||||||
| 55 |
VALIC Company II International Opportunities Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS (continued) |
| |||||||
| United Kingdom (continued) |
| |||||||
| Coats Group PLC† |
231,920 | $ | 200,975 | |||||
| Compass Group PLC† |
65,286 | 1,323,417 | ||||||
| ConvaTec Group PLC* |
164,378 | 431,458 | ||||||
| Countryside Properties PLC†* |
944,168 | 6,124,572 | ||||||
| Cranswick PLC |
80,899 | 3,834,343 | ||||||
| Croda International PLC |
60,144 | 5,168,329 | ||||||
| Dechra Pharmaceuticals PLC |
110,128 | 5,262,661 | ||||||
| Electrocomponents PLC |
744,248 | 10,057,798 | ||||||
| EMIS Group PLC |
21,196 | 313,611 | ||||||
| Essentra PLC† |
326,625 | 1,333,308 | ||||||
| Forterra PLC†* |
663,957 | 2,395,815 | ||||||
| Frontier Developments PLC† |
68,528 | 2,358,188 | ||||||
| Future PLC |
296,452 | 8,053,830 | ||||||
| Gamesys Group PLC |
236,450 | 4,493,318 | ||||||
| GB Group PLC |
446,857 | 5,142,356 | ||||||
| Greggs PLC† |
77,408 | 2,249,643 | ||||||
| Halma PLC |
29,219 | 922,848 | ||||||
| Hargreaves Lansdown PLC |
33,375 | 702,353 | ||||||
| Helios Towers PLC† |
139,439 | 313,935 | ||||||
| Howden Joinery Group PLC† |
146,913 | 1,424,977 | ||||||
| Ibstock PLC†* |
198,137 | 589,079 | ||||||
| Intertek Group PLC |
21,229 | 1,584,104 | ||||||
| Johnson Service Group PLC† |
68,020 | 156,174 | ||||||
| Keywords Studios PLC† |
185,804 | 6,507,794 | ||||||
| Marshalls PLC† |
40,230 | 382,250 | ||||||
| Moneysupermarket.com Group PLC |
236,582 | 955,858 | ||||||
| PZ Cussons PLC |
15,789 | 53,893 | ||||||
| Rathbone Brothers PLC |
44,784 | 962,101 | ||||||
| Rightmove PLC† |
167,366 | 1,317,435 | ||||||
| Rotork PLC |
624,300 | 3,103,357 | ||||||
| S4 Capital PLC† |
378,153 | 2,339,182 | ||||||
| Sage Group PLC |
28,411 | 221,106 | ||||||
| Schroders PLC |
35,343 | 1,724,873 | ||||||
| Shaftesbury PLC†# |
57,453 | 495,069 | ||||||
| Smith & Nephew PLC |
77,758 | 1,500,946 | ||||||
| Spirax-Sarco Engineering PLC |
5,476 | 817,083 | ||||||
| Tate & Lyle PLC |
19,056 | 193,010 | ||||||
| UNITE Group PLC† |
262,292 | 3,548,279 | ||||||
| Weir Group PLC† |
179,834 | 4,965,797 | ||||||
| WM Morrison Supermarkets PLC |
232,184 | 552,663 | ||||||
| 104,044,762 | ||||||||
| United States — 0.1% |
| |||||||
| Autoliv, Inc. SDR |
3,148 | 276,925 | ||||||
| PerkinElmer, Inc. |
1,069 | 134,790 | ||||||
| 411,715 | ||||||||
| Total Long-Term Investment Securities |
||||||||
| (cost $563,565,859) |
691,059,407 | |||||||
| SHORT-TERM INVESTMENT SECURITIES — 2.6% |
| |||||||
| Registered Investment Companies — 2.6% |
| |||||||
| State Street Navigator Securities Lending Government Money Market Portfolio |
18,495,420 | 18,495,420 | ||||||
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| REPURCHASE AGREEMENTS — 0.7% |
| |||||||
| Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 02/26/2021, to be repurchased 03/01/2021 in the amount
of $4,733,000 and collateralized by $4,511,700 of United States Treasury Notes, bearing interest at 2.25% due 11/15/2024 and having an approximate value of $4,827,677 |
$ | 4,733,000 | $ | 4,733,000 | ||||
| TOTAL INVESTMENTS |
||||||||
| (cost $586,794,279)(4) |
101.6 | % | 714,287,827 | |||||
| Liabilities in excess of other assets |
(1.6 | ) | (11,156,666 | ) | ||||
| NET ASSETS |
100.0 | % | $ | 703,131,161 | ||||
| # | The security or a portion thereof is out on loan (see Note 2). |
| † | 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 Fund has no right to demand registration of these securities. At February 28, 2021, the aggregate value of these securities was $45,863,794 representing 6.5% of net assets. |
| (1) | Securities classified as Level 3 (see Note 2). |
| (2) | At February 28, 2021, the Fund had loaned securities with a total value of $24,563,988. This was secured by collateral of $18,495,420 which was received in cash and subsequently invested in short-term investments currently valued at $18,495,420 as reported in the Portfolio of Investments. Additional collateral of $7,706,437 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 February 28, 2021 |
|||||
| Federal Home Loan Mtg. Corp. |
1.00% to 3.50% | 02/01/2036 to 11/01/2050 | $ | 52,569 | ||||
| Federal National Mtg. Assoc. |
1.24% to 4.50% | 07/25/2030 to 09/01/2050 | 124,401 | |||||
| Government National Mtg. Assoc. |
1.00% to 2.70% | 09/20/2046 to 05/16/2053 | 24,634 | |||||
| United States Treasury Bills |
0.00% | 03/25/2021 to 07/29/2021 | 736,782 | |||||
| United States Treasury Notes/Bonds |
0.13% to 8.13% | 03/31/2021 to 05/15/2049 | 6,768,051 | |||||
| (3) | The rate shown is the 7-day yield as of February 28, 2021. |
| (4) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
Euronext Amsterdam—Euronext Stock Exchange Amsterdam
LSE—London Stock Exchange
SDR—Swedish Depositary Receipt
| 56 |
VALIC Company II International Opportunities Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2021 (see Note 2):
| Level 1 - Unadjusted Quoted Prices |
Level 2 - Other Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total |
|||||||||||||
| ASSETS: |
||||||||||||||||
| Investments at Value:* |
||||||||||||||||
| Common Stocks: |
||||||||||||||||
| Bermuda |
$ | 11,721,475 | $ | — | $ | 0 | $ | 11,721,475 | ||||||||
| Russia |
— | 2,690,523 | — | 2,690,523 | ||||||||||||
| Other Countries |
676,647,409 | — | — | 676,647,409 | ||||||||||||
| Short Term Investment Securities |
18,495,420 | — | — | 18,495,420 | ||||||||||||
| Repurchase Agreements |
— | 4,733,000 | — | 4,733,000 | ||||||||||||
| Total Investments at Value |
$ | 706,864,304 | $ | 7,423,523 | $ | 0 | $ | 714,287,827 | ||||||||
| * | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
At the beginning and the end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.
See Notes to Financial Statements
| 57 |
VALIC Company II Large Cap Value Fund
PORTFOLIO PROFILE — February 28, 2021 (unaudited)
Industry Allocation*
| Diversified Banking Institutions |
9.0 | % | ||
| Electric — Integrated |
5.4 | |||
| Insurance — Property/Casualty |
4.1 | |||
| Medical Instruments |
3.3 | |||
| Medical — Drugs |
3.1 | |||
| Insurance — Multi-line |
3.0 | |||
| Banks — Super Regional |
2.6 | |||
| Oil Companies — Exploration & Production |
2.6 | |||
| Oil Refining & Marketing |
2.5 | |||
| Web Portals/ISP |
2.3 | |||
| Real Estate Investment Trusts |
2.3 | |||
| Diversified Manufacturing Operations |
2.2 | |||
| Finance — Credit Card |
2.1 | |||
| Agricultural Chemicals |
2.1 | |||
| Banks — Commercial |
1.9 | |||
| Electronic Components — Semiconductors |
1.8 | |||
| Investment Management/Advisor Services |
1.6 | |||
| Insurance — Life/Health |
1.6 | |||
| Transport — Rail |
1.5 | |||
| Aerospace/Defense |
1.5 | |||
| Casino Hotels |
1.4 | |||
| Building Products — Cement |
1.4 | |||
| Metal — Copper |
1.4 | |||
| Semiconductor Components — Integrated Circuits |
1.4 | |||
| Oil Companies — Integrated |
1.3 | |||
| Computer Software |
1.2 | |||
| Semiconductor Equipment |
1.1 | |||
| Insurance — Reinsurance |
1.1 | |||
| Food — Confectionery |
1.1 | |||
| Medical Products |
1.1 | |||
| Finance — Investment Banker/Broker |
1.1 | |||
| Auto — Cars/Light Trucks |
1.1 | |||
| Medical Labs & Testing Services |
1.1 | |||
| Medical — Biomedical/Gene |
1.0 | |||
| Telecom Equipment — Fiber Optics |
1.0 | |||
| Drug Delivery Systems |
1.0 | |||
| Beverages — Non-alcoholic |
0.9 | |||
| Tobacco |
0.9 | |||
| Finance — Auto Loans |
0.9 | |||
| Machinery — Pumps |
0.9 | |||
| Energy — Alternate Sources |
0.8 | |||
| Diagnostic Equipment |
0.8 | |||
| E-Commerce/Services |
0.8 | |||
| Transport — Services |
0.8 | |||
| Electronic Components — Misc. |
0.8 | |||
| Commercial Services |
0.8 | |||
| Building Products — Air & Heating |
0.7 | |||
| Veterinary Diagnostics |
0.7 | |||
| Internet Security |
0.6 | |||
| Aerospace/Defense — Equipment |
0.6 | |||
| Agricultural Biotech |
0.6 | |||
| Office Automation & Equipment |
0.6 | |||
| Commercial Paper |
0.6 | |||
| Cable/Satellite TV |
0.6 | |||
| Networking Products |
0.6 | |||
| Medical — HMO |
0.6 | |||
| Audio/Video Products |
0.6 | |||
| Non-Hazardous Waste Disposal |
0.6 | |||
| Apparel Manufacturers |
0.6 | |||
| Gold Mining |
0.6 | |||
| Retail — Auto Parts |
0.6 | |||
| Medical — Hospitals |
0.5 | |||
| Broadcast Services/Program |
0.5 | |||
| Enterprise Software/Service |
0.5 | |||
| Instruments — Controls |
0.5 | |||
| Chemicals — Diversified |
0.4 | |||
| Food — Meat Products |
0.4 | |||
| Machinery — Construction & Mining |
0.4 | |||
| Cellular Telecom |
0.4 |
| Computer Data Security |
0.4 | |||
| Entertainment Software |
0.3 | |||
| Medical — Wholesale Drug Distribution |
0.3 | |||
| Pharmacy Services |
0.3 | |||
| Internet Infrastructure Software |
0.3 | |||
| Independent Power Producers |
0.3 | |||
| Commercial Services — Finance |
0.3 | |||
| Medical Information Systems |
0.3 | |||
| Auto/Truck Parts & Equipment — Original |
0.2 | |||
| Electronic Measurement Instruments |
0.2 | |||
| Retail — Drug Store |
0.2 | |||
| Retail — Apparel/Shoe |
0.2 | |||
| 99.8 | % | |||
| * | Calculated as a percentage of net assets |
| 58 |
VALIC Company II Large Cap Value Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS — 99.2% |
| |||||||
| Aerospace/Defense — 1.5% |
| |||||||
| Boeing Co. |
8,765 | $ | 1,858,267 | |||||
| Northrop Grumman Corp. |
4,100 | 1,195,806 | ||||||
| Raytheon Technologies Corp. |
24,924 | 1,794,279 | ||||||
| 4,848,352 | ||||||||
| Aerospace/Defense-Equipment — 0.6% |
| |||||||
| L3Harris Technologies, Inc. |
10,840 | 1,971,904 | ||||||
| Agricultural Biotech — 0.6% |
| |||||||
| Corteva, Inc. |
43,266 | 1,953,460 | ||||||
| Agricultural Chemicals — 2.1% |
| |||||||
| CF Industries Holdings, Inc. |
106,272 | 4,811,996 | ||||||
| Mosaic Co. |
39,283 | 1,154,920 | ||||||
| Nutrien, Ltd. |
12,062 | 650,866 | ||||||
| 6,617,782 | ||||||||
| Apparel Manufacturers — 0.6% |
| |||||||
| VF Corp. |
22,122 | 1,750,514 | ||||||
| Audio/Video Products — 0.6% |
| |||||||
| Dolby Laboratories, Inc., Class A |
18,420 | 1,798,345 | ||||||
| Auto-Cars/Light Trucks — 1.1% |
| |||||||
| General Motors Co. |
66,738 | 3,425,662 | ||||||
| Auto/Truck Parts & Equipment-Original — 0.2% |
| |||||||
| Aptiv PLC |
4,839 | 725,076 | ||||||
| Banks-Commercial — 1.9% |
| |||||||
| M&T Bank Corp. |
11,493 | 1,734,753 | ||||||
| Truist Financial Corp. |
77,713 | 4,426,533 | ||||||
| 6,161,286 | ||||||||
| Banks-Super Regional — 2.6% |
| |||||||
| Fifth Third Bancorp |
59,954 | 2,079,804 | ||||||
| PNC Financial Services Group, Inc. |
12,108 | 2,038,503 | ||||||
| US Bancorp |
45,187 | 2,259,350 | ||||||
| Wells Fargo & Co. |
55,652 | 2,012,933 | ||||||
| 8,390,590 | ||||||||
| Beverages-Non-alcoholic — 0.9% |
| |||||||
| Coca-Cola Co. |
12,073 | 591,456 | ||||||
| PepsiCo, Inc. |
18,415 | 2,379,034 | ||||||
| 2,970,490 | ||||||||
| Broadcast Services/Program — 0.5% |
| |||||||
| Fox Corp., Class B |
47,560 | 1,518,591 | ||||||
| Building Products-Air & Heating — 0.7% |
| |||||||
| Carrier Global Corp. |
62,913 | 2,298,212 | ||||||
| Building Products-Cement — 1.4% |
| |||||||
| Martin Marietta Materials, Inc. |
2,576 | 867,777 | ||||||
| Vulcan Materials Co. |
22,167 | 3,701,667 | ||||||
| 4,569,444 | ||||||||
| Cable/Satellite TV — 0.6% |
| |||||||
| Comcast Corp., Class A |
35,559 | 1,874,670 | ||||||
| Casino Hotels — 1.4% |
| |||||||
| Las Vegas Sands Corp. |
73,059 | 4,573,493 | ||||||
| Cellular Telecom — 0.4% |
| |||||||
| Vodafone Group PLC ADR# |
66,311 | 1,139,223 | ||||||
| Chemicals-Diversified — 0.4% |
| |||||||
| DuPont de Nemours, Inc. |
19,775 | 1,390,578 | ||||||
| Commercial Services — 0.8% |
| |||||||
| Quanta Services, Inc. |
29,275 | 2,454,709 | ||||||
| Security Description | Shares | Value (Note 2) |
||||||
| Commercial Services-Finance — 0.3% |
| |||||||
| Global Payments, Inc. |
4,648 | $ | 920,258 | |||||
| Computer Data Security — 0.4% |
| |||||||
| Check Point Software Technologies, Ltd.† |
9,943 | 1,096,116 | ||||||
| Computer Software — 1.2% |
| |||||||
| Citrix Systems, Inc. |
8,955 | 1,196,209 | ||||||
| Cloudera, Inc.† |
160,372 | 2,588,404 | ||||||
| 3,784,613 | ||||||||
| Diagnostic Equipment — 0.8% |
| |||||||
| Danaher Corp. |
11,973 | 2,630,109 | ||||||
| Diversified Banking Institutions — 9.0% |
| |||||||
| Bank of America Corp. |
111,926 | 3,884,951 | ||||||
| Citigroup, Inc. |
27,335 | 1,800,830 | ||||||
| Goldman Sachs Group, Inc. |
19,376 | 6,190,245 | ||||||
| JPMorgan Chase & Co. |
71,947 | 10,588,440 | ||||||
| Morgan Stanley |
80,374 | 6,178,349 | ||||||
| 28,642,815 | ||||||||
| Diversified Manufacturing Operations — 2.2% |
| |||||||
| Eaton Corp. PLC |
41,938 | 5,459,908 | ||||||
| Trane Technologies PLC |
10,612 | 1,626,183 | ||||||
| 7,086,091 | ||||||||
| Drug Delivery Systems — 1.0% |
| |||||||
| Becton Dickinson & Co. |
12,791 | 3,084,550 | ||||||
| E-Commerce/Services — 0.8% |
| |||||||
| Booking Holdings, Inc.† |
1,115 | 2,596,289 | ||||||
| Electric-Integrated — 5.4% |
| |||||||
| AES Corp. |
102,536 | 2,723,356 | ||||||
| Alliant Energy Corp. |
34,371 | 1,586,565 | ||||||
| DTE Energy Co. |
7,841 | 923,043 | ||||||
| Entergy Corp. |
15,720 | 1,364,653 | ||||||
| Evergy, Inc. |
15,081 | 808,794 | ||||||
| Exelon Corp. |
129,303 | 4,991,096 | ||||||
| PPL Corp. |
179,143 | 4,691,755 | ||||||
| 17,089,262 | ||||||||
| Electronic Components-Misc. — 0.8% |
| |||||||
| Hubbell, Inc. |
13,992 | 2,483,720 | ||||||
| Electronic Components-Semiconductors — 1.8% |
| |||||||
| Intel Corp. |
22,540 | 1,369,981 | ||||||
| Microchip Technology, Inc. |
7,794 | 1,189,598 | ||||||
| Micron Technology, Inc.† |
35,500 | 3,249,315 | ||||||
| 5,808,894 | ||||||||
| Electronic Measurement Instruments — 0.2% |
| |||||||
| Agilent Technologies, Inc. |
5,318 | 649,168 | ||||||
| Energy-Alternate Sources — 0.8% |
| |||||||
| NextEra Energy Partners LP |
36,448 | 2,647,583 | ||||||
| Enterprise Software/Service — 0.5% |
| |||||||
| Oracle Corp. |
23,197 | 1,496,438 | ||||||
| Entertainment Software — 0.3% |
| |||||||
| Electronic Arts, Inc. |
7,904 | 1,058,899 | ||||||
| Finance-Auto Loans — 0.9% |
| |||||||
| Ally Financial, Inc. |
70,131 | 2,910,436 | ||||||
| Finance-Credit Card — 2.1% |
| |||||||
| Capital One Financial Corp. |
45,960 | 5,523,932 | ||||||
| Discover Financial Services |
13,172 | 1,239,090 | ||||||
| 6,763,022 | ||||||||
| 59 |
VALIC Company II Large Cap Value Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS (continued) |
| |||||||
| Finance-Investment Banker/Broker — 1.1% |
| |||||||
| Charles Schwab Corp. |
56,450 | $ | 3,484,094 | |||||
| Food-Confectionery — 1.1% |
| |||||||
| J.M. Smucker Co. |
9,448 | 1,058,176 | ||||||
| Mondelez International, Inc., Class A |
45,868 | 2,438,343 | ||||||
| 3,496,519 | ||||||||
| Food-Meat Products — 0.4% |
| |||||||
| Tyson Foods, Inc., Class A |
20,400 | 1,380,468 | ||||||
| Gold Mining — 0.6% |
| |||||||
| Newmont Corp. |
32,051 | 1,742,933 | ||||||
| Independent Power Producers — 0.3% |
| |||||||
| Clearway Energy, Inc., Class C |
35,480 | 974,281 | ||||||
| Instruments-Controls — 0.5% |
| |||||||
| Honeywell International, Inc. |
7,213 | 1,459,551 | ||||||
| Insurance-Life/Health — 1.6% |
| |||||||
| Voya Financial, Inc. |
86,479 | 5,212,954 | ||||||
| Insurance-Multi-line — 3.0% |
| |||||||
| Chubb, Ltd. |
44,919 | 7,302,931 | ||||||
| Hartford Financial Services Group, Inc. |
41,800 | 2,118,842 | ||||||
| 9,421,773 | ||||||||
| Insurance-Property/Casualty — 4.1% |
| |||||||
| Assurant, Inc. |
36,708 | 4,523,160 | ||||||
| Berkshire Hathaway, Inc., Class B† |
35,787 | 8,607,131 | ||||||
| 13,130,291 | ||||||||
| Insurance-Reinsurance — 1.1% |
| |||||||
| Essent Group, Ltd. |
33,781 | 1,392,790 | ||||||
| Reinsurance Group of America, Inc. |
12,000 | 1,466,760 | ||||||
| RenaissanceRe Holdings, Ltd. |
4,406 | 735,714 | ||||||
| 3,595,264 | ||||||||
| Internet Infrastructure Software — 0.3% |
| |||||||
| F5 Networks, Inc.† |
5,237 | 994,925 | ||||||
| Internet Security — 0.6% |
| |||||||
| Proofpoint, Inc.† |
16,601 | 2,007,393 | ||||||
| Investment Management/Advisor Services — 1.6% |
| |||||||
| Ameriprise Financial, Inc. |
12,386 | 2,740,279 | ||||||
| LPL Financial Holdings, Inc. |
18,878 | 2,483,212 | ||||||
| 5,223,491 | ||||||||
| Machinery-Construction & Mining — 0.4% |
| |||||||
| Oshkosh Corp. |
12,390 | 1,313,340 | ||||||
| Machinery-Pumps — 0.9% |
| |||||||
| Ingersoll Rand, Inc.† |
58,352 | 2,704,032 | ||||||
| Medical Information Systems — 0.3% |
| |||||||
| Cerner Corp. |
12,385 | 856,299 | ||||||
| Medical Instruments — 3.3% |
| |||||||
| Alcon, Inc.† |
31,438 | 2,150,359 | ||||||
| Medtronic PLC |
70,806 | 8,282,178 | ||||||
| 10,432,537 | ||||||||
| Medical Labs & Testing Services — 1.1% |
| |||||||
| Laboratory Corp. of America Holdings† |
14,026 | 3,364,978 | ||||||
| Medical Products — 1.1% |
| |||||||
| Abbott Laboratories |
14,283 | 1,710,818 | ||||||
| Zimmer Biomet Holdings, Inc. |
10,931 | 1,782,409 | ||||||
| 3,493,227 | ||||||||
| Security Description | Shares | Value (Note 2) |
||||||
| Medical-Biomedical/Gene — 1.0% |
| |||||||
| Biogen, Inc.† |
4,308 | $ | 1,175,567 | |||||
| Gilead Sciences, Inc. |
14,116 | 866,723 | ||||||
| United Therapeutics Corp.† |
6,957 | 1,163,071 | ||||||
| 3,205,361 | ||||||||
| Medical-Drugs — 3.1% |
| |||||||
| AbbVie, Inc. |
18,498 | 1,992,974 | ||||||
| Eli Lilly & Co. |
20,547 | 4,209,875 | ||||||
| Johnson & Johnson |
11,018 | 1,745,912 | ||||||
| Merck & Co., Inc. |
10,921 | 793,083 | ||||||
| Pfizer, Inc. |
30,683 | 1,027,574 | ||||||
| 9,769,418 | ||||||||
| Medical-HMO — 0.6% |
| |||||||
| Centene Corp.† |
30,817 | 1,804,027 | ||||||
| Medical-Hospitals — 0.5% |
| |||||||
| HCA Healthcare, Inc. |
9,878 | 1,699,312 | ||||||
| Medical-Wholesale Drug Distribution — 0.3% |
| |||||||
| McKesson Corp. |
6,230 | 1,056,110 | ||||||
| Metal-Copper — 1.4% |
| |||||||
| Freeport-McMoRan, Inc.† |
134,026 | 4,544,822 | ||||||
| Networking Products — 0.6% |
| |||||||
| Cisco Systems, Inc. |
40,286 | 1,807,633 | ||||||
| Non-Hazardous Waste Disposal — 0.6% |
| |||||||
| Republic Services, Inc. |
19,997 | 1,781,533 | ||||||
| Office Automation & Equipment — 0.6% |
| |||||||
| Zebra Technologies Corp., Class A† |
3,807 | 1,901,330 | ||||||
| Oil Companies-Exploration & Production — 2.6% |
| |||||||
| ConocoPhillips |
69,344 | 3,606,581 | ||||||
| EQT Corp. |
70,640 | 1,256,686 | ||||||
| Hess Corp. |
53,142 | 3,482,395 | ||||||
| 8,345,662 | ||||||||
| Oil Companies-Integrated — 1.3% |
| |||||||
| Chevron Corp. |
11,143 | 1,114,300 | ||||||
| Exxon Mobil Corp. |
57,626 | 3,133,126 | ||||||
| 4,247,426 | ||||||||
| Oil Refining & Marketing — 2.5% |
| |||||||
| Marathon Petroleum Corp. |
120,028 | 6,555,929 | ||||||
| Valero Energy Corp. |
18,765 | 1,444,530 | ||||||
| 8,000,459 | ||||||||
| Pharmacy Services — 0.3% |
| |||||||
| CVS Health Corp. |
14,888 | 1,014,319 | ||||||
| Real Estate Investment Trusts — 2.3% |
| |||||||
| Equity LifeStyle Properties, Inc. |
22,499 | 1,387,063 | ||||||
| Equity Residential |
17,500 | 1,144,675 | ||||||
| Public Storage |
6,256 | 1,463,529 | ||||||
| Weyerhaeuser Co. |
101,099 | 3,424,223 | ||||||
| 7,419,490 | ||||||||
| Retail-Apparel/Shoe — 0.2% |
| |||||||
| Ross Stores, Inc. |
4,026 | 469,593 | ||||||
| Retail-Auto Parts — 0.6% |
| |||||||
| AutoZone, Inc.† |
986 | 1,143,681 | ||||||
| O’Reilly Automotive, Inc.† |
1,337 | 598,080 | ||||||
| 1,741,761 | ||||||||
| Retail-Drug Store — 0.2% |
| |||||||
| Walgreens Boots Alliance, Inc. |
10,621 | 509,065 | ||||||
| 60 |
VALIC Company II Large Cap Value Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS (continued) |
| |||||||
| Semiconductor Components-Integrated Circuits — 1.4% |
| |||||||
| Maxim Integrated Products, Inc. |
9,162 | $ | 853,623 | |||||
| NXP Semiconductors NV |
6,317 | 1,153,168 | ||||||
| QUALCOMM, Inc. |
17,119 | 2,331,437 | ||||||
| 4,338,228 | ||||||||
| Semiconductor Equipment — 1.1% |
| |||||||
| Applied Materials, Inc. |
30,761 | 3,635,643 | ||||||
| Telecom Equipment-Fiber Optics — 1.0% |
| |||||||
| Corning, Inc. |
81,115 | 3,101,838 | ||||||
| Tobacco — 0.9% |
| |||||||
| Philip Morris International, Inc. |
35,278 | 2,964,058 | ||||||
| Transport-Rail — 1.5% |
| |||||||
| Union Pacific Corp. |
23,801 | 4,902,054 | ||||||
| Transport-Services — 0.8% |
| |||||||
| FedEx Corp. |
6,944 | 1,767,248 | ||||||
| United Parcel Service, Inc., Class B |
5,136 | 810,615 | ||||||
| 2,577,863 | ||||||||
| Veterinary Diagnostics — 0.7% |
| |||||||
| Elanco Animal Health, Inc.† |
64,719 | 2,126,666 | ||||||
| Web Portals/ISP — 2.3% |
| |||||||
| Alphabet, Inc., Class A† |
3,672 | 7,424,453 | ||||||
| Total Long-Term Investment Securities |
||||||||
| (cost $262,414,745) |
315,857,118 | |||||||
| Security Description | Shares/ Principal Amount |
Value (Note 2) |
||||||
| SHORT-TERM INVESTMENT SECURITIES — 0.6% |
| |||||||
| Commercial Paper — 0.6% |
| |||||||
| Credit Agricole Corporate and Investment Bank |
$ | 1,900,000 | $ | 1,899,989 | ||||
| Registered Investment Companies — 0.0% |
| |||||||
| State Street Navigator Securities Lending Government Money Market Portfolio |
70,200 | 70,200 | ||||||
| Total Short-Term Investment Securities |
||||||||
| (cost $1,970,200) |
1,970,189 | |||||||
| TOTAL INVESTMENTS |
||||||||
| (cost $264,384,945)(3) |
99.8 | % | 317,827,307 | |||||
| Other assets less liabilities |
0.2 | 771,083 | ||||||
| NET ASSETS |
100.0 | % | $ | 318,598,390 | ||||
| # | The security or a portion thereof is out on loan (see Note 2). |
| † | Non-income producing security |
| (1) | The rate shown is the 7-day yield as of February 28,2021. |
| (2) | At February 28, 2021, the Fund had loaned securities with a total value of $67,002. This was secured by collateral of $70,200, which was received in cash and subsequently invested in short-term investments currently valued at $70,200 as reported in the Portfolio of Investments. |
| (3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2021 (see Note 2):
| Level 1 - Unadjusted Quoted Prices |
Level 2 - Other Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total |
|||||||||||||
| ASSETS: |
||||||||||||||||
| Investments at Value:* |
||||||||||||||||
| Common Stocks |
$ | 315,857,118 | $ | — | $ | — | $ | 315,857,118 | ||||||||
| Short-Term Investment Securities: |
||||||||||||||||
| Commercial Paper |
— | 1,899,989 | — | 1,899,989 | ||||||||||||
| Registered Investment Companies |
70,200 | — | — | 70,200 | ||||||||||||
| Total Investments at Value |
$ | 315,927,318 | $ | 1,899,989 | $ | — | $ | 317,827,307 | ||||||||
| * | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
| 61 |
VALIC Company II Mid Cap Growth Fund
PORTFOLIO PROFILE — February 28, 2021 (unaudited)
Industry Allocation*
| Medical — Biomedical/Gene |
7.2 | % | ||
| Banks — Commercial |
5.3 | |||
| Real Estate Investment Trusts |
5.0 | |||
| Lasers — System/Components |
4.6 | |||
| Insurance — Property/Casualty |
4.1 | |||
| Commercial Services — Finance |
3.0 | |||
| Apparel Manufacturers |
2.9 | |||
| Medical — Drugs |
2.9 | |||
| Computer Services |
2.8 | |||
| Distribution/Wholesale |
2.8 | |||
| Machinery — Pumps |
2.6 | |||
| Medical Instruments |
2.3 | |||
| E-Commerce/Products |
2.1 | |||
| Medical — Outpatient/Home Medical |
2.0 | |||
| Internet Infrastructure Software |
2.0 | |||
| Hotels/Motels |
1.8 | |||
| Semiconductor Equipment |
1.8 | |||
| Machinery — General Industrial |
1.8 | |||
| Gas — Distribution |
1.7 | |||
| Medical Products |
1.6 | |||
| Building — Residential/Commercial |
1.6 | |||
| Electronic Components — Misc. |
1.6 | |||
| Telecommunication Equipment |
1.5 | |||
| Computers — Other |
1.5 | |||
| Transport — Truck |
1.4 | |||
| Enterprise Software/Service |
1.4 | |||
| Computer Software |
1.4 | |||
| Electronic Components — Semiconductors |
1.4 | |||
| Athletic Equipment |
1.4 | |||
| Energy — Alternate Sources |
1.3 | |||
| E-Services/Consulting |
1.3 | |||
| Building Products — Air & Heating |
1.3 | |||
| Food — Misc./Diversified |
1.2 | |||
| Non — Hazardous Waste Disposal |
1.2 | |||
| Finance — Auto Loans |
1.2 | |||
| Cable/Satellite TV |
1.2 | |||
| Entertainment Software |
1.1 | |||
| Disposable Medical Products |
1.1 | |||
| Rental Auto/Equipment |
1.1 | |||
| Web Hosting/Design |
1.1 | |||
| Electric — Integrated |
1.1 | |||
| Real Estate Management/Services |
1.1 | |||
| Machine Tools & Related Products |
1.0 | |||
| Physical Therapy/Rehabilitation Centers |
1.0 | |||
| Food — Wholesale/Distribution |
1.0 | |||
| Retail — Automobile |
0.9 | |||
| Chemicals — Specialty |
0.9 | |||
| Computer Aided Design |
0.8 | |||
| Medical — HMO |
0.8 | |||
| Electronic Measurement Instruments |
0.8 | |||
| Commercial Services |
0.7 | |||
| E-Commerce/Services |
0.6 | |||
| Containers — Metal/Glass |
0.6 | |||
| Investment Management/Advisor Services |
0.5 | |||
| Insurance — Life/Health |
0.4 | |||
| Containers — Paper/Plastic |
0.4 | |||
| Firearms & Ammunition |
0.4 | |||
| Medical Labs & Testing Services |
0.3 | |||
| Registered Investment Companies |
0.2 | |||
| Repurchase Agreements |
0.2 | |||
| Oil Companies — Exploration & Production |
0.1 | |||
| 100.4% | ||||
| * | Calculated as a percentage of net assets |
| 62 |
VALIC Company II Mid Cap Growth Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS — 100.0% |
| |||||||
| Apparel Manufacturers — 2.9% |
| |||||||
| Carter’s, Inc. |
24,558 | $ | 2,049,857 | |||||
| PVH Corp. |
40,121 | 4,010,495 | ||||||
| Under Armour, Inc., Class C† |
127,116 | 2,313,511 | ||||||
| 8,373,863 | ||||||||
| Athletic Equipment — 1.4% |
| |||||||
| YETI Holdings, Inc.† |
56,308 | 3,872,301 | ||||||
| Banks - Commercial — 5.3% |
| |||||||
| Cullen/Frost Bankers, Inc. |
22,347 | 2,333,027 | ||||||
| First Citizens BancShares, Inc., Class A |
4,222 | 3,115,371 | ||||||
| First Republic Bank |
17,933 | 2,954,462 | ||||||
| M&T Bank Corp. |
20,205 | 3,049,743 | ||||||
| Prosperity Bancshares, Inc. |
31,380 | 2,305,488 | ||||||
| South State Corp. |
18,185 | 1,434,069 | ||||||
| 15,192,160 | ||||||||
| Building Products - Air & Heating — 1.3% |
| |||||||
| Lennox International, Inc. |
13,261 | 3,710,030 | ||||||
| Building - Residential/Commercial — 1.6% |
| |||||||
| NVR, Inc.† |
1,022 | 4,599,858 | ||||||
| Cable/Satellite TV — 1.2% |
| |||||||
| Cable One, Inc. |
1,754 | 3,358,647 | ||||||
| Chemicals - Specialty — 0.9% |
| |||||||
| Element Solutions, Inc. |
136,733 | 2,468,031 | ||||||
| Commercial Services — 0.7% |
| |||||||
| LiveRamp Holdings, Inc.† |
30,189 | 1,906,737 | ||||||
| Commercial Services - Finance — 3.0% |
| |||||||
| Shift4 Payments, Inc., Class A† |
28,487 | 2,179,256 | ||||||
| WEX, Inc.† |
30,430 | 6,340,090 | ||||||
| 8,519,346 | ||||||||
| Computer Aided Design — 0.8% |
| |||||||
| Aspen Technology, Inc.† |
15,759 | 2,371,887 | ||||||
| Computer Services — 2.8% |
| |||||||
| Genpact, Ltd. |
138,716 | 5,609,675 | ||||||
| Science Applications International Corp. |
29,038 | 2,501,043 | ||||||
| 8,110,718 | ||||||||
| Computer Software — 1.4% |
| |||||||
| Teradata Corp.† |
98,656 | 3,956,106 | ||||||
| Computers - Other — 1.5% |
| |||||||
| Lumentum Holdings, Inc.† |
47,146 | 4,243,140 | ||||||
| Containers - Metal/Glass — 0.6% |
| |||||||
| Silgan Holdings, Inc. |
43,217 | 1,623,230 | ||||||
| Containers - Paper/Plastic — 0.4% |
| |||||||
| Packaging Corp. of America |
9,336 | 1,232,539 | ||||||
| Disposable Medical Products — 1.1% |
| |||||||
| Teleflex, Inc. |
8,131 | 3,237,114 | ||||||
| Distribution/Wholesale — 2.8% |
| |||||||
| Fastenal Co. |
3,189 | 147,874 | ||||||
| IAA, Inc.† |
58,039 | 3,402,827 | ||||||
| KAR Auction Services, Inc. |
187,252 | 2,604,675 | ||||||
| Watsco, Inc. |
7,894 | 1,919,031 | ||||||
| 8,074,407 | ||||||||
| E-Commerce/Products — 2.1% |
| |||||||
| Etsy, Inc.† |
27,376 | 6,030,111 | ||||||
| E-Commerce/Services — 0.6% |
| |||||||
| Cargurus, Inc.† |
67,928 | 1,762,732 | ||||||
| Security Description | Shares | Value (Note 2) |
||||||
| E-Services/Consulting — 1.3% |
| |||||||
| CDW Corp. |
23,951 | $ | 3,757,672 | |||||
| Electric - Integrated — 1.1% |
| |||||||
| Black Hills Corp. |
28,314 | 1,675,056 | ||||||
| Pinnacle West Capital Corp. |
19,776 | 1,382,936 | ||||||
| 3,057,992 | ||||||||
| Electronic Components - Misc. — 1.6% |
| |||||||
| Flex, Ltd.† |
248,300 | 4,516,577 | ||||||
| Electronic Components - Semiconductors — 1.4% |
| |||||||
| Silicon Laboratories, Inc.† |
25,370 | 3,951,124 | ||||||
| Electronic Measurement Instruments — 0.8% |
| |||||||
| National Instruments Corp. |
49,915 | 2,216,226 | ||||||
| Energy - Alternate Sources — 1.3% |
| |||||||
| First Solar, Inc.† |
46,988 | 3,806,968 | ||||||
| Enterprise Software/Service — 1.4% |
| |||||||
| Black Knight, Inc.† |
14,860 | 1,139,613 | ||||||
| Guidewire Software, Inc.† |
26,137 | 2,900,946 | ||||||
| 4,040,559 | ||||||||
| Entertainment Software — 1.1% |
| |||||||
| Zynga, Inc., Class A† |
291,368 | 3,248,753 | ||||||
| Finance - Auto Loans — 1.2% |
| |||||||
| Credit Acceptance Corp.†# |
9,332 | 3,387,703 | ||||||
| Firearms & Ammunition — 0.4% |
| |||||||
| Axon Enterprise, Inc.† |
7,358 | 1,217,675 | ||||||
| Food - Misc./Diversified — 1.2% |
| |||||||
| Lamb Weston Holdings, Inc. |
43,844 | 3,497,436 | ||||||
| Food - Wholesale/Distribution — 1.0% |
| |||||||
| Performance Food Group Co.† |
51,919 | 2,816,087 | ||||||
| Gas - Distribution — 1.7% |
| |||||||
| NiSource, Inc. |
44,556 | 962,410 | ||||||
| UGI Corp. |
103,346 | 3,959,185 | ||||||
| 4,921,595 | ||||||||
| Hotels/Motels — 1.8% |
| |||||||
| Choice Hotels International, Inc. |
34,256 | 3,592,427 | ||||||
| Hyatt Hotels Corp., Class A |
17,973 | 1,580,725 | ||||||
| 5,173,152 | ||||||||
| Insurance - Life/Health — 0.4% |
| |||||||
| Globe Life, Inc. |
13,704 | 1,279,954 | ||||||
| Insurance - Property/Casualty — 4.1% |
| |||||||
| Alleghany Corp. |
2,153 | 1,391,764 | ||||||
| Erie Indemnity Co., Class A |
5,473 | 1,325,013 | ||||||
| Fidelity National Financial, Inc. |
47,439 | 1,815,965 | ||||||
| Markel Corp.† |
3,119 | 3,395,967 | ||||||
| White Mountains Insurance Group, Ltd. |
1,884 | 2,251,493 | ||||||
| WR Berkley Corp. |
21,446 | 1,486,851 | ||||||
| 11,667,053 | ||||||||
| Internet Infrastructure Software — 2.0% |
| |||||||
| F5 Networks, Inc.† |
30,474 | 5,789,450 | ||||||
| Investment Management/Advisor Services — 0.5% |
| |||||||
| Hamilton Lane, Inc., Class A |
15,517 | 1,387,220 | ||||||
| Lasers - System/Components — 4.6% |
| |||||||
| Coherent, Inc.† |
27,403 | 6,629,882 | ||||||
| II-VI, Inc.†# |
77,615 | 6,542,944 | ||||||
| 13,172,826 | ||||||||
| Machine Tools & Related Products — 1.0% |
| |||||||
| Lincoln Electric Holdings, Inc. |
25,158 | 2,971,411 | ||||||
| 63 |
VALIC Company II Mid Cap Growth Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS (continued) |
||||||||
| Machinery - General Industrial — 1.8% |
| |||||||
| IDEX Corp. |
21,345 | $ | 4,165,904 | |||||
| Middleby Corp.† |
6,344 | 928,825 | ||||||
| 5,094,729 | ||||||||
| Machinery - Pumps — 2.6% |
| |||||||
| Graco, Inc. |
19,625 | 1,360,994 | ||||||
| Ingersoll Rand, Inc.† |
132,106 | 6,121,792 | ||||||
| 7,482,786 | ||||||||
| Medical Instruments — 2.3% |
| |||||||
| Integra LifeSciences Holdings Corp.† |
62,725 | 4,286,626 | ||||||
| NuVasive, Inc.† |
39,421 | 2,378,269 | ||||||
| 6,664,895 | ||||||||
| Medical Labs & Testing Services — 0.3% |
| |||||||
| Syneos Health, Inc.† |
12,582 | 973,218 | ||||||
| Medical Products — 1.6% |
| |||||||
| Hill-Rom Holdings, Inc. |
43,889 | 4,681,640 | ||||||
| Medical - Biomedical/Gene — 7.2% |
| |||||||
| Allakos, Inc.†# |
18,420 | 2,232,136 | ||||||
| Apellis Pharmaceuticals, Inc.† |
47,684 | 2,296,938 | ||||||
| Arena Pharmaceuticals, Inc.† |
28,985 | 2,328,945 | ||||||
| ChemoCentryx, Inc.† |
48,262 | 3,274,094 | ||||||
| Iovance Biotherapeutics, Inc.† |
61,134 | 2,280,298 | ||||||
| Kodiak Sciences, Inc.†# |
12,456 | 1,606,949 | ||||||
| PTC Therapeutics, Inc.† |
61,872 | 3,532,891 | ||||||
| Sage Therapeutics, Inc.† |
36,401 | 3,094,085 | ||||||
| 20,646,336 | ||||||||
| Medical - Drugs — 2.9% |
| |||||||
| Jazz Pharmaceuticals PLC† |
9,263 | 1,556,555 | ||||||
| PRA Health Sciences, Inc.† |
26,537 | 3,911,819 | ||||||
| Reata Pharmaceuticals, Inc., Class A†# |
23,290 | 2,847,435 | ||||||
| 8,315,809 | ||||||||
| Medical - HMO — 0.8% |
| |||||||
| Molina Healthcare, Inc.† |
10,692 | 2,317,598 | ||||||
| Medical - Outpatient/Home Medical — 2.0% |
| |||||||
| Amedisys, Inc.† |
12,577 | 3,190,030 | ||||||
| LHC Group, Inc.† |
14,451 | 2,625,891 | ||||||
| 5,815,921 | ||||||||
| Non-Hazardous Waste Disposal — 1.2% |
| |||||||
| GFL Environmental, Inc.# |
111,035 | 3,444,306 | ||||||
| Oil Companies - Exploration & Production — 0.1% |
| |||||||
| Cabot Oil & Gas Corp. |
22,322 | 413,180 | ||||||
| Physical Therapy/Rehabilitation Centers — 1.0% |
| |||||||
| Encompass Health Corp. |
36,252 | 2,916,111 | ||||||
| Real Estate Investment Trusts — 5.0% |
| |||||||
| Douglas Emmett, Inc. |
41,071 | 1,345,075 | ||||||
| Equity Commonwealth |
46,476 | 1,311,088 | ||||||
| Life Storage, Inc. |
46,289 | 3,883,647 | ||||||
| PS Business Parks, Inc. |
6,755 | 978,529 | ||||||
| Rexford Industrial Realty, Inc. |
59,333 | 2,831,371 | ||||||
| STORE Capital Corp. |
115,807 | 3,872,586 | ||||||
| 14,222,296 | ||||||||
| Real Estate Management/Services — 1.1% |
| |||||||
| Redfin Corp.† |
39,801 | 3,014,528 | ||||||
| Rental Auto/Equipment — 1.1% |
| |||||||
| AMERCO |
5,505 | 3,163,834 | ||||||
| Security Description | Shares/ Principal Amount |
Value (Note 2) |
||||||
| Retail - Automobile — 0.9% |
| |||||||
| CarMax, Inc.† |
20,967 | $ | 2,505,766 | |||||
| Semiconductor Equipment — 1.8% |
| |||||||
| MKS Instruments, Inc. |
31,131 | 5,133,502 | ||||||
| Telecommunication Equipment — 1.5% |
| |||||||
| CommScope Holding Co., Inc.† |
297,081 | 4,334,412 | ||||||
| Transport - Truck — 1.4% |
| |||||||
| Knight-Swift Transportation Holdings, Inc. |
94,352 | 4,076,006 | ||||||
| Web Hosting/Design — 1.1% |
| |||||||
| Q2 Holdings, Inc.†# |
25,456 | 3,102,577 | ||||||
| Total Long-Term Investment Securities |
286,839,840 | |||||||
| SHORT-TERM INVESTMENT SECURITIES — 0.2% |
| |||||||
| Registered Investment Companies — 0.2% |
| |||||||
| State Street Navigator Securities Lending Government Money Market Portfolio |
654,738 | 654,738 | ||||||
| REPURCHASE AGREEMENTS — 0.2% |
| |||||||
| Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 02/26/2021, to be repurchased 03/01/2021 in the amount
of $425,000 and collateralized by $417,300 of United States Treasury Notes, bearing interest at 1.50% due 11/30/2024 and having an approximate value of $433,566 |
$ | 425,000 | 425,000 | |||||
| TOTAL INVESTMENTS |
||||||||
| (cost $220,785,937)(3) |
100.4 | % | 287,919,578 | |||||
| Liabilities in excess of other assets |
(0.4 | ) | (1,111,994 | ) | ||||
| NET ASSETS |
100.0 | % | $ | 286,807,584 | ||||
| † | Non-income producing security |
| # | The security or a portion thereof is out on loan (see Note 2). |
| (1) | At February 28, 2021, the Fund had loaned securities with a total value of $13,064,882. This was secured by collateral of $654,738, which was received in cash and subsequently invested in short-term investments currently valued at $654,738 as reported in the Portfolio of Investments. Additional collateral of $12,530,122 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 February 28, 2021 |
|||||
| Federal Home Loan Mtg. Corp. |
1.00% to 3.50% | 02/01/2036 to 11/01/2050 | $ | 1,130,397 | ||||
| Federal National Mtg. Assoc. |
1.24% to 4.50% | 07/25/2030 to 09/01/2050 | 2,674,990 | |||||
| Government National Mtg. Assoc. |
1.00% to 2.70% | 09/20/2046 to 05/16/2053 | 529,709 | |||||
| United States Treasury Bills |
0.00% | 03/18/2021 to 07/29/2021 | 505,520 | |||||
| United States Treasury Notes/Bonds |
0.13% to 8.13% | 03/15/2021 to 08/15/2050 | 7,689,506 | |||||
| (2) | The rate shown is the 7-day yield as of February 28, 2021. |
| (3) | See Note 5 for cost of investments on a tax basis. |
| 64 |
VALIC Company II Mid Cap Growth Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2021 (see Note 2):
| Level 1 - Unadjusted Quoted Prices |
Level 2 - Other Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total |
|||||||||||||
| ASSETS: |
||||||||||||||||
| Investments at Value:* |
||||||||||||||||
| Common Stocks |
$ | 286,839,840 | $ | — | $ | — | $ | 286,839,840 | ||||||||
| Short-Term Investment Securities |
654,738 | — | — | 654,738 | ||||||||||||
| Repurchase Agreements |
— | 425,000 | — | 425,000 | ||||||||||||
| Total Investments at Value |
$ | 287,494,578 | $ | 425,000 | $ | — | $ | 287,919,578 | ||||||||
| * | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
| 65 |
VALIC Company II Mid Cap Value Fund
PORTFOLIO PROFILE — February 28, 2021 (unaudited)
Industry Allocation*
| Real Estate Investment Trusts |
7.7 | % | ||
| Banks — Commercial |
6.3 | |||
| Electric — Integrated |
3.2 | |||
| Banks — Super Regional |
3.1 | |||
| Insurance — Property/Casualty |
2.9 | |||
| Chemicals — Diversified |
2.4 | |||
| Diversified Manufacturing Operations |
2.3 | |||
| Machinery — Pumps |
2.2 | |||
| Computer Services |
2.1 | |||
| Insurance — Life/Health |
2.1 | |||
| Auto/Truck Parts & Equipment — Original |
2.0 | |||
| Oil Companies — Exploration & Production |
1.8 | |||
| Medical Labs & Testing Services |
1.7 | |||
| Medical — HMO |
1.7 | |||
| Hotels/Motels |
1.6 | |||
| Electronic Components — Semiconductors |
1.5 | |||
| Aerospace/Defense — Equipment |
1.5 | |||
| Semiconductor Equipment |
1.3 | |||
| Oil Refining & Marketing |
1.3 | |||
| Oil — Field Services |
1.3 | |||
| Apparel Manufacturers |
1.3 | |||
| Medical — Hospitals |
1.2 | |||
| Steel — Producers |
1.2 | |||
| Insurance — Reinsurance |
1.2 | |||
| Investment Management/Advisor Services |
1.1 | |||
| Retail — Restaurants |
1.1 | |||
| Medical Products |
1.0 | |||
| Building Products — Doors & Windows |
1.0 | |||
| Food — Wholesale/Distribution |
1.0 | |||
| Chemicals — Specialty |
0.9 | |||
| Computers — Other |
0.9 | |||
| Casino Hotels |
0.9 | |||
| Finance — Consumer Loans |
0.9 | |||
| Electronic Connectors |
0.9 | |||
| Electric Products — Misc. |
0.8 | |||
| Hazardous Waste Disposal |
0.8 | |||
| Airlines |
0.8 | |||
| Machinery — Electrical |
0.8 | |||
| Machinery — General Industrial |
0.8 | |||
| Human Resources |
0.8 | |||
| Medical Instruments |
0.8 | |||
| Physical Therapy/Rehabilitation Centers |
0.8 | |||
| Industrial Automated/Robotic |
0.7 | |||
| Publishing — Newspapers |
0.7 | |||
| Containers — Metal/Glass |
0.7 | |||
| Metal Processors & Fabrication |
0.7 | |||
| Auto — Heavy Duty Trucks |
0.7 | |||
| Savings & Loans/Thrifts |
0.6 | |||
| Registered Investment Companies |
0.6 | |||
| Retail — Apparel/Shoe |
0.6 | |||
| Finance — Credit Card |
0.6 | |||
| Machine Tools & Related Products |
0.6 | |||
| Insurance — Multi-line |
0.6 | |||
| Internet Infrastructure Software |
0.6 | |||
| Semiconductor Components — Integrated Circuits |
0.6 | |||
| Building — Residential/Commercial |
0.6 | |||
| Building Products — Cement |
0.6 | |||
| Insurance Brokers |
0.6 | |||
| Retail — Auto Parts |
0.5 | |||
| Commercial Services — Finance |
0.5 | |||
| Finance — Leasing Companies |
0.5 | |||
| Footwear & Related Apparel |
0.5 | |||
| Food — Baking |
0.5 | |||
| Appliances |
0.5 | |||
| Financial Guarantee Insurance |
0.5 | |||
| Food — Misc./Diversified |
0.5 | |||
| Home Furnishings |
0.5 | |||
| Computers — Memory Devices |
0.5 | |||
| Agricultural Biotech |
0.5 |
| Textile — Home Furnishings |
0.4 | |||
| Resorts/Theme Parks |
0.4 | |||
| Machinery — Construction & Mining |
0.4 | |||
| Telecom Equipment — Fiber Optics |
0.4 | |||
| Beverages-Non — alcoholic |
0.4 | |||
| Motorcycle/Motor Scooter |
0.4 | |||
| E-Commerce/Products |
0.4 | |||
| Batteries/Battery Systems |
0.4 | |||
| Diagnostic Equipment |
0.4 | |||
| Lasers — System/Components |
0.4 | |||
| Medical Information Systems |
0.4 | |||
| Transport — Rail |
0.4 | |||
| Dental Supplies & Equipment |
0.4 | |||
| Transport — Truck |
0.4 | |||
| Electronic Components — Misc. |
0.4 | |||
| Building & Construction Products — Misc. |
0.4 | |||
| Medical — Wholesale Drug Distribution |
0.3 | |||
| Aerospace/Defense |
0.3 | |||
| E-Commerce/Services |
0.3 | |||
| Building — Heavy Construction |
0.3 | |||
| Retail — Perfume & Cosmetics |
0.3 | |||
| Agricultural Chemicals |
0.3 | |||
| Office Automation & Equipment |
0.3 | |||
| Theaters |
0.3 | |||
| Cable/Satellite TV |
0.3 | |||
| Enterprise Software/Service |
0.3 | |||
| Toys |
0.3 | |||
| Shipbuilding |
0.3 | |||
| Miscellaneous Manufacturing |
0.3 | |||
| Building — Mobile Home/Manufactured Housing |
0.3 | |||
| Distribution/Wholesale |
0.3 | |||
| Building Products — Wood |
0.3 | |||
| Office Supplies & Forms |
0.2 | |||
| Oil & Gas Drilling |
0.2 | |||
| Transport — Services |
0.2 | |||
| Banks — Fiduciary |
0.2 | |||
| Cruise Lines |
0.2 | |||
| Internet Content — Information/News |
0.2 | |||
| Medical — Drugs |
0.2 | |||
| Oil — U.S. Royalty Trusts |
0.2 | |||
| Retail — Discount |
0.2 | |||
| Retail — Consumer Electronics |
0.2 | |||
| Gambling (Non-Hotel) |
0.1 | |||
| Repurchase Agreements |
0.1 | |||
| 100.0 | % | |||
| * | Calculated as a percentage of net assets |
| 66 |
VALIC Company II Mid Cap Value Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS — 99.3% |
| |||||||
| Aerospace/Defense — 0.3% |
| |||||||
| General Dynamics Corp. |
18,842 | $ | 3,080,102 | |||||
| Aerospace/Defense - Equipment — 1.5% |
| |||||||
| Hexcel Corp. |
59,442 | 3,195,602 | ||||||
| Howmet Aerospace, Inc. |
160,145 | 4,501,676 | ||||||
| L3Harris Technologies, Inc. |
19,153 | 3,484,122 | ||||||
| Moog, Inc., Class A |
30,042 | 2,333,062 | ||||||
| 13,514,462 | ||||||||
| Agricultural Biotech — 0.5% |
| |||||||
| Corteva, Inc. |
89,481 | 4,040,067 | ||||||
| Agricultural Chemicals — 0.3% |
| |||||||
| Mosaic Co. |
91,531 | 2,691,011 | ||||||
| Airlines — 0.8% |
| |||||||
| Alaska Air Group, Inc. |
57,334 | 3,727,856 | ||||||
| Southwest Airlines Co. |
61,013 | 3,546,686 | ||||||
| 7,274,542 | ||||||||
| Apparel Manufacturers — 1.3% |
| |||||||
| Carter’s, Inc.# |
49,224 | 4,108,727 | ||||||
| Columbia Sportswear Co. |
35,483 | 3,657,233 | ||||||
| Urban Outfitters, Inc.† |
104,631 | 3,546,991 | ||||||
| 11,312,951 | ||||||||
| Appliances — 0.5% |
| |||||||
| Whirlpool Corp. |
22,470 | 4,271,098 | ||||||
| Auto - Heavy Duty Trucks — 0.7% |
| |||||||
| Cummins, Inc. |
12,944 | 3,277,421 | ||||||
| PACCAR, Inc. |
28,476 | 2,591,031 | ||||||
| 5,868,452 | ||||||||
| Auto/Truck Parts & Equipment - Original — 2.0% |
| |||||||
| Allison Transmission Holdings, Inc. |
79,277 | 3,006,184 | ||||||
| Gentex Corp. |
215,124 | 7,611,087 | ||||||
| Lear Corp. |
17,508 | 2,907,904 | ||||||
| Meritor, Inc.† |
133,932 | 4,067,515 | ||||||
| 17,592,690 | ||||||||
| Banks - Commercial — 6.3% |
| |||||||
| Atlantic Union Bankshares Corp. |
182,796 | 6,714,097 | ||||||
| BancorpSouth Bank |
162,720 | 4,891,363 | ||||||
| East West Bancorp, Inc. |
81,779 | 5,901,173 | ||||||
| South State Corp. |
90,767 | 7,157,886 | ||||||
| Synovus Financial Corp. |
175,717 | 7,434,586 | ||||||
| Truist Financial Corp. |
122,904 | 7,000,612 | ||||||
| Western Alliance Bancorp |
97,647 | 8,935,677 | ||||||
| Zions Bancorp NA |
146,409 | 7,784,566 | ||||||
| 55,819,960 | ||||||||
| Banks - Fiduciary — 0.2% |
| |||||||
| State Street Corp. |
25,538 | 1,858,400 | ||||||
| Banks-Super Regional — 3.1% |
| |||||||
| Fifth Third Bancorp |
286,923 | 9,953,359 | ||||||
| Huntington Bancshares, Inc. |
622,641 | 9,551,313 | ||||||
| KeyCorp |
384,758 | 7,749,026 | ||||||
| 27,253,698 | ||||||||
| Batteries/Battery Systems — 0.4% |
| |||||||
| EnerSys |
39,946 | 3,606,325 | ||||||
| Beverages - Non-alcoholic — 0.4% |
| |||||||
| Coca-Cola European Partners PLC |
76,285 | 3,886,721 | ||||||
| Building & Construction Products - Misc. — 0.4% |
| |||||||
| Owens Corning |
40,504 | 3,281,634 | ||||||
| Security Description | Shares | Value (Note 2) |
||||||
| Building Products - Cement — 0.6% |
| |||||||
| Buzzi Unicem SpA |
89,802 | $ | 2,269,946 | |||||
| Eagle Materials, Inc. |
21,637 | 2,712,847 | ||||||
| 4,982,793 | ||||||||
| Building Products - Doors & Windows — 1.0% |
| |||||||
| JELD-WEN Holding, Inc.† |
199,275 | 5,908,504 | ||||||
| PGT Innovations, Inc.† |
133,411 | 3,147,165 | ||||||
| 9,055,669 | ||||||||
| Building Products - Wood — 0.3% |
| |||||||
| Masco Corp. |
42,514 | 2,262,595 | ||||||
| Building - Heavy Construction — 0.3% |
| |||||||
| MasTec, Inc.† |
32,955 | 2,858,846 | ||||||
| Building - Mobile Home/Manufactured Housing — 0.3% |
| |||||||
| Thor Industries, Inc. |
19,690 | 2,304,911 | ||||||
| Building - Residential/Commercial — 0.6% |
| |||||||
| Lennar Corp., Class A |
61,238 | 5,080,917 | ||||||
| Cable/Satellite TV — 0.3% |
| |||||||
| Altice USA, Inc., Class A† |
76,685 | 2,577,383 | ||||||
| Casino Hotels — 0.9% |
| |||||||
| Boyd Gaming Corp.† |
61,225 | 3,593,908 | ||||||
| Las Vegas Sands Corp. |
42,645 | 2,669,577 | ||||||
| Wynn Resorts, Ltd. |
13,410 | 1,766,499 | ||||||
| 8,029,984 | ||||||||
| Chemicals - Diversified — 2.4% |
| |||||||
| Celanese Corp. |
51,301 | 7,126,222 | ||||||
| DuPont de Nemours, Inc. |
53,144 | 3,737,086 | ||||||
| FMC Corp. |
85,433 | 8,687,682 | ||||||
| PPG Industries, Inc. |
16,699 | 2,251,359 | ||||||
| 21,802,349 | ||||||||
| Chemicals - Specialty — 0.9% |
| |||||||
| Ingevity Corp.† |
27,859 | 1,935,643 | ||||||
| Rogers Corp.† |
23,979 | 4,351,709 | ||||||
| Valvoline, Inc. |
81,059 | 2,023,233 | ||||||
| 8,310,585 | ||||||||
| Commercial Services - Finance — 0.5% |
| |||||||
| EVERTEC, Inc. |
63,970 | 2,488,433 | ||||||
| H&R Block, Inc. |
112,676 | 2,166,760 | ||||||
| 4,655,193 | ||||||||
| Computer Services — 2.1% |
| |||||||
| Amdocs, Ltd. |
93,141 | 7,061,020 | ||||||
| Leidos Holdings, Inc. |
95,347 | 8,433,442 | ||||||
| Science Applications International Corp. |
38,109 | 3,282,328 | ||||||
| 18,776,790 | ||||||||
| Computers - Memory Devices — 0.5% |
| |||||||
| Western Digital Corp. |
59,207 | 4,057,456 | ||||||
| Computers - Other — 0.9% |
| |||||||
| Lumentum Holdings, Inc.† |
91,603 | 8,244,270 | ||||||
| Containers - Metal/Glass — 0.7% |
| |||||||
| Crown Holdings, Inc.† |
63,583 | 6,075,992 | ||||||
| Cruise Lines — 0.2% |
| |||||||
| Norwegian Cruise Line Holdings, Ltd.† |
61,670 | 1,822,965 | ||||||
| Dental Supplies & Equipment — 0.4% |
| |||||||
| DENTSPLY SIRONA, Inc. |
65,352 | 3,468,231 | ||||||
| Diagnostic Equipment — 0.4% |
| |||||||
| Avantor, Inc.† |
129,395 | 3,606,239 | ||||||
| 67 |
VALIC Company II Mid Cap Value Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS (continued) |
||||||||
| Distribution/Wholesale — 0.3% |
| |||||||
| LKQ Corp.† |
57,964 | $ | 2,283,202 | |||||
| Diversified Manufacturing Operations — 2.3% |
| |||||||
| Eaton Corp. PLC |
49,981 | 6,507,026 | ||||||
| ITT, Inc. |
53,887 | 4,471,543 | ||||||
| Parker-Hannifin Corp. |
17,608 | 5,052,792 | ||||||
| Textron, Inc. |
94,593 | 4,761,812 | ||||||
| 20,793,173 | ||||||||
| E-Commerce/Products — 0.4% |
| |||||||
| eBay, Inc. |
65,515 | 3,696,356 | ||||||
| E-Commerce/Services — 0.3% |
| |||||||
| Expedia Group, Inc. |
17,844 | 2,872,884 | ||||||
| Electric Products - Misc. — 0.8% |
| |||||||
| AMETEK, Inc. |
63,600 | 7,502,892 | ||||||
| Electric - Integrated — 3.2% |
| |||||||
| Alliant Energy Corp. |
64,702 | 2,986,644 | ||||||
| American Electric Power Co., Inc. |
24,506 | 1,834,274 | ||||||
| CenterPoint Energy, Inc. |
262,757 | 5,107,996 | ||||||
| DTE Energy Co. |
26,010 | 3,061,897 | ||||||
| Edison International |
72,835 | 3,932,362 | ||||||
| Entergy Corp. |
33,200 | 2,882,092 | ||||||
| Evergy, Inc. |
72,866 | 3,907,804 | ||||||
| PG&E Corp.† |
170,279 | 1,789,632 | ||||||
| Portland General Electric Co. |
77,498 | 3,267,316 | ||||||
| 28,770,017 | ||||||||
| Electronic Components - Misc. — 0.4% |
| |||||||
| Flex, Ltd.† |
101,700 | 1,849,923 | ||||||
| Hubbell, Inc. |
8,462 | 1,502,090 | ||||||
| 3,352,013 | ||||||||
| Electronic Components - Semiconductors — 1.5% |
| |||||||
| ON Semiconductor Corp.† |
95,638 | 3,851,342 | ||||||
| Qorvo, Inc.† |
39,645 | 6,927,171 | ||||||
| Tower Semiconductor, Ltd.† |
97,157 | 2,855,444 | ||||||
| 13,633,957 | ||||||||
| Electronic Connectors — 0.9% |
| |||||||
| TE Connectivity, Ltd. |
58,810 | 7,647,064 | ||||||
| Enterprise Software/Service — 0.3% |
| |||||||
| SS&C Technologies Holdings, Inc. |
38,189 | 2,531,167 | ||||||
| Finance - Consumer Loans — 0.9% |
| |||||||
| SLM Corp. |
376,598 | 5,946,482 | ||||||
| Synchrony Financial |
52,460 | 2,029,153 | ||||||
| 7,975,635 | ||||||||
| Finance - Credit Card — 0.6% |
| |||||||
| Discover Financial Services |
58,604 | 5,512,878 | ||||||
| Finance - Leasing Companies — 0.5% |
| |||||||
| AerCap Holdings NV† |
95,627 | 4,607,309 | ||||||
| Financial Guarantee Insurance — 0.5% |
| |||||||
| MGIC Investment Corp. |
345,198 | 4,204,512 | ||||||
| Food - Baking — 0.5% |
| |||||||
| Hostess Brands, Inc.† |
316,789 | 4,558,594 | ||||||
| Food - Misc./Diversified — 0.5% |
| |||||||
| Nomad Foods, Ltd.† |
72,891 | 1,721,686 | ||||||
| Simply Good Foods Co.† |
84,208 | 2,456,347 | ||||||
| 4,178,033 | ||||||||
| Food - Wholesale/Distribution — 1.0% |
| |||||||
| US Foods Holding Corp.† |
235,923 | 8,601,753 | ||||||
| Security Description | Shares | Value (Note 2) |
||||||
| Footwear & Related Apparel — 0.5% |
| |||||||
| Steven Madden, Ltd. |
124,180 | $ | 4,593,418 | |||||
| Gambling (Non-Hotel) — 0.1% |
| |||||||
| International Game Technology PLC# |
53,039 | 970,083 | ||||||
| Hazardous Waste Disposal — 0.8% |
| |||||||
| Clean Harbors, Inc.† |
85,803 | 7,306,126 | ||||||
| Home Furnishings — 0.5% |
| |||||||
| Leggett & Platt, Inc. |
61,746 | 2,671,749 | ||||||
| Tempur Sealy International, Inc. |
41,528 | 1,387,451 | ||||||
| 4,059,200 | ||||||||
| Hotels/Motels — 1.6% |
| |||||||
| Marriott International, Inc., Class A |
20,405 | 3,021,368 | ||||||
| Travel + Leisure Co.† |
44,299 | 2,676,989 | ||||||
| Wyndham Hotels & Resorts, Inc. |
136,989 | 8,942,642 | ||||||
| 14,640,999 | ||||||||
| Human Resources — 0.8% |
| |||||||
| ASGN, Inc.† |
37,762 | 3,510,733 | ||||||
| Robert Half International, Inc. |
46,379 | 3,607,823 | ||||||
| 7,118,556 | ||||||||
| Independent Power Producers — 0.0% |
| |||||||
| Vistra Corp. |
5,673 | 97,859 | ||||||
| Industrial Automated/Robotic — 0.7% |
| |||||||
| Colfax Corp.† |
151,257 | 6,708,248 | ||||||
| Insurance Brokers — 0.6% |
| |||||||
| Aon PLC, Class A |
15,436 | 3,514,931 | ||||||
| Willis Towers Watson PLC |
6,534 | 1,441,662 | ||||||
| 4,956,593 | ||||||||
| Insurance - Life/Health — 2.1% |
| |||||||
| Aflac, Inc. |
39,306 | 1,882,364 | ||||||
| CNO Financial Group, Inc. |
264,908 | 6,373,687 | ||||||
| Globe Life, Inc. |
30,666 | 2,864,204 | ||||||
| Voya Financial, Inc. |
124,989 | 7,534,337 | ||||||
| 18,654,592 | ||||||||
| Insurance - Multi-line — 0.6% |
| |||||||
| Kemper Corp. |
71,739 | 5,424,903 | ||||||
| Insurance - Property/Casualty — 2.9% |
| |||||||
| Alleghany Corp. |
14,715 | 9,512,217 | ||||||
| Assurant, Inc. |
48,730 | 6,004,511 | ||||||
| Hanover Insurance Group, Inc. |
52,544 | 6,060,950 | ||||||
| Lancashire Holdings, Ltd. |
246,478 | 2,111,868 | ||||||
| Travelers Cos., Inc. |
13,907 | 2,023,469 | ||||||
| 25,713,015 | ||||||||
| Insurance - Reinsurance — 1.2% |
| |||||||
| Essent Group, Ltd. |
48,376 | 1,994,542 | ||||||
| Everest Re Group, Ltd. |
16,815 | 4,066,035 | ||||||
| Reinsurance Group of America, Inc. |
19,894 | 2,431,644 | ||||||
| RenaissanceRe Holdings, Ltd. |
11,614 | 1,939,306 | ||||||
| 10,431,527 | ||||||||
| Internet Content - Information/News — 0.2% |
| |||||||
| Yelp, Inc.† |
46,986 | 1,771,842 | ||||||
| Internet Infrastructure Software — 0.6% |
| |||||||
| F5 Networks, Inc.† |
27,807 | 5,282,774 | ||||||
| Investment Management/Advisor Services — 1.1% |
| |||||||
| Ameriprise Financial, Inc. |
42,597 | 9,424,160 | ||||||
| Lasers - System/Components — 0.4% |
| |||||||
| Coherent, Inc.† |
14,743 | 3,566,921 | ||||||
| 68 |
VALIC Company II Mid Cap Value Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS (continued) |
||||||||
| Machine Tools & Related Products — 0.6% |
| |||||||
| Kennametal, Inc. |
145,209 | $ | 5,425,008 | |||||
| Machinery - Construction & Mining — 0.4% |
| |||||||
| Oshkosh Corp. |
37,243 | 3,947,758 | ||||||
| Machinery - Electrical — 0.8% |
| |||||||
| BWX Technologies, Inc. |
56,943 | 3,303,264 | ||||||
| Regal Beloit Corp. |
13,172 | 1,800,217 | ||||||
| Vertiv Holdings Co. |
102,882 | 2,153,320 | ||||||
| 7,256,801 | ||||||||
| Machinery - General Industrial — 0.8% |
| |||||||
| Altra Industrial Motion Corp. |
45,890 | 2,657,949 | ||||||
| Middleby Corp.† |
30,648 | 4,487,174 | ||||||
| 7,145,123 | ||||||||
| Machinery - Pumps — 2.2% |
| |||||||
| Curtiss-Wright Corp. |
19,934 | 2,202,508 | ||||||
| Dover Corp. |
53,540 | 6,599,340 | ||||||
| Ingersoll Rand, Inc.† |
107,674 | 4,989,613 | ||||||
| SPX FLOW, Inc.† |
100,328 | 6,176,192 | ||||||
| 19,967,653 | ||||||||
| Medical Information Systems — 0.4% |
| |||||||
| Change Healthcare, Inc.† |
155,963 | 3,566,874 | ||||||
| Medical Instruments — 0.8% |
| |||||||
| Boston Scientific Corp.† |
45,538 | 1,765,964 | ||||||
| Integra LifeSciences Holdings Corp.† |
78,289 | 5,350,270 | ||||||
| 7,116,234 | ||||||||
| Medical Labs & Testing Services — 1.7% |
| |||||||
| ICON PLC† |
15,171 | 2,741,096 | ||||||
| IQVIA Holdings, Inc.† |
13,680 | 2,637,367 | ||||||
| Laboratory Corp. of America Holdings† |
9,178 | 2,201,894 | ||||||
| PPD, Inc.† |
55,775 | 1,955,472 | ||||||
| Syneos Health, Inc.† |
74,474 | 5,760,564 | ||||||
| 15,296,393 | ||||||||
| Medical Products — 1.0% |
| |||||||
| Hill-Rom Holdings, Inc. |
37,955 | 4,048,660 | ||||||
| Zimmer Biomet Holdings, Inc. |
31,075 | 5,067,089 | ||||||
| 9,115,749 | ||||||||
| Medical - Drugs — 0.2% |
| |||||||
| Jazz Pharmaceuticals PLC† |
10,155 | 1,706,446 | ||||||
| Medical - HMO — 1.7% |
| |||||||
| Centene Corp.† |
54,389 | 3,183,932 | ||||||
| Humana, Inc. |
11,462 | 4,351,548 | ||||||
| Molina Healthcare, Inc.† |
33,238 | 7,204,669 | ||||||
| 14,740,149 | ||||||||
| Medical - Hospitals — 1.2% |
| |||||||
| Acadia Healthcare Co., Inc.† |
65,795 | 3,634,516 | ||||||
| HCA Healthcare, Inc. |
15,898 | 2,734,933 | ||||||
| Universal Health Services, Inc., Class B |
36,062 | 4,519,650 | ||||||
| 10,889,099 | ||||||||
| Medical - Wholesale Drug Distribution — 0.3% |
| |||||||
| AmerisourceBergen Corp. |
30,473 | 3,084,477 | ||||||
| Metal Processors & Fabrication — 0.7% |
| |||||||
| Rexnord Corp. |
133,351 | 5,994,128 | ||||||
| Miscellaneous Manufacturing — 0.3% |
| |||||||
| John Bean Technologies Corp. |
16,604 | 2,450,252 | ||||||
| Security Description | Shares | Value (Note 2) |
||||||
| Motorcycle/Motor Scooter — 0.4% |
| |||||||
| Harley-Davidson, Inc. |
107,243 | $ | 3,825,358 | |||||
| Office Automation & Equipment — 0.3% |
| |||||||
| Xerox Holdings Corp. |
103,877 | 2,646,786 | ||||||
| Office Supplies & Forms — 0.2% |
| |||||||
| Avery Dennison Corp. |
12,638 | 2,214,304 | ||||||
| Oil & Gas Drilling — 0.2% |
| |||||||
| Helmerich & Payne, Inc. |
76,226 | 2,189,973 | ||||||
| Oil Companies - Exploration & Production — 1.8% |
| |||||||
| ConocoPhillips |
90,071 | 4,684,593 | ||||||
| Diamondback Energy, Inc. |
104,087 | 7,211,147 | ||||||
| Pioneer Natural Resources Co. |
25,867 | 3,843,060 | ||||||
| 15,738,800 | ||||||||
| Oil Refining & Marketing — 1.3% |
| |||||||
| Delek US Holdings, Inc. |
119,275 | 2,929,394 | ||||||
| HollyFrontier Corp. |
61,736 | 2,338,559 | ||||||
| Marathon Petroleum Corp. |
74,740 | 4,082,299 | ||||||
| Valero Energy Corp. |
31,607 | 2,433,107 | ||||||
| 11,783,359 | ||||||||
| Oil - Field Services — 1.3% |
| |||||||
| ChampionX Corp.† |
142,912 | 3,039,738 | ||||||
| Halliburton Co. |
114,756 | 2,505,123 | ||||||
| Schlumberger NV |
210,239 | 5,867,771 | ||||||
| 11,412,632 | ||||||||
| Oil - U.S. Royalty Trusts — 0.2% |
| |||||||
| Viper Energy Partners LP |
96,065 | 1,506,299 | ||||||
| Physical Therapy/Rehabilitation Centers — 0.8% |
| |||||||
| Encompass Health Corp. |
84,084 | 6,763,717 | ||||||
| Publishing - Newspapers — 0.7% |
| |||||||
| TEGNA, Inc. |
344,881 | 6,287,181 | ||||||
| Real Estate Investment Trusts — 7.7% |
| |||||||
| American Assets Trust, Inc. |
105,153 | 3,268,155 | ||||||
| American Campus Communities, Inc. |
87,641 | 3,589,775 | ||||||
| American Homes 4 Rent, Class A |
80,102 | 2,494,376 | ||||||
| Americold Realty Trust# |
113,536 | 3,978,302 | ||||||
| Cousins Properties, Inc. |
80,058 | 2,685,145 | ||||||
| CyrusOne, Inc. |
33,737 | 2,214,159 | ||||||
| Duke Realty Corp. |
97,952 | 3,844,616 | ||||||
| Equity Residential |
60,640 | 3,966,462 | ||||||
| Essential Properties Realty Trust, Inc. |
277,114 | 6,429,045 | ||||||
| Essex Property Trust, Inc. |
11,508 | 2,932,123 | ||||||
| First Industrial Realty Trust, Inc. |
70,104 | 2,994,142 | ||||||
| Gaming and Leisure Properties, Inc. |
160,467 | 7,124,735 | ||||||
| Healthpeak Properties, Inc. |
81,476 | 2,370,137 | ||||||
| Host Hotels & Resorts, Inc. |
148,603 | 2,465,324 | ||||||
| Kilroy Realty Corp. |
39,876 | 2,530,531 | ||||||
| Lamar Advertising Co., Class A |
22,761 | 1,970,875 | ||||||
| Life Storage, Inc. |
36,706 | 3,079,633 | ||||||
| Regency Centers Corp. |
68,439 | 3,749,089 | ||||||
| Ryman Hospitality Properties, Inc. |
30,162 | 2,331,221 | ||||||
| Welltower, Inc. |
62,272 | 4,228,269 | ||||||
| 68,246,114 | ||||||||
| Resort/Theme Parks — 0.4% |
| |||||||
| Six Flags Entertainment Corp. |
89,174 | 3,977,160 | ||||||
| Retail - Apparel/Shoe — 0.6% |
| |||||||
| Foot Locker, Inc. |
55,169 | 2,653,077 | ||||||
| Ross Stores, Inc. |
25,191 | 2,938,278 | ||||||
| 5,591,355 | ||||||||
| 69 |
VALIC Company II Mid Cap Value Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS (continued) |
||||||||
| Retail - Auto Parts — 0.5% |
| |||||||
| AutoZone, Inc.† |
4,084 | $ | 4,737,113 | |||||
| Retail - Consumer Electronics — 0.2% |
| |||||||
| Best Buy Co., Inc. |
13,822 | 1,387,038 | ||||||
| Retail - Discount — 0.2% |
| |||||||
| Dollar Tree, Inc.† |
14,556 | 1,429,399 | ||||||
| Retail - Perfume & Cosmetics — 0.3% |
| |||||||
| Ulta Beauty, Inc.† |
8,573 | 2,763,335 | ||||||
| Retail - Restaurants — 1.1% |
| |||||||
| Bloomin’ Brands, Inc. |
167,678 | 4,165,122 | ||||||
| Darden Restaurants, Inc. |
17,255 | 2,369,629 | ||||||
| Denny’s Corp.† |
162,400 | 2,850,120 | ||||||
| 9,384,871 | ||||||||
| Savings & Loans/Thrifts — 0.6% |
| |||||||
| Sterling Bancorp |
266,242 | 5,812,063 | ||||||
| Semiconductor Components - Integrated Circuits — 0.6% |
| |||||||
| NXP Semiconductors NV |
28,241 | 5,155,395 | ||||||
| Semiconductor Equipment — 1.3% |
| |||||||
| KLA Corp. |
9,633 | 2,998,079 | ||||||
| MKS Instruments, Inc. |
38,799 | 6,397,955 | ||||||
| Onto Innovation, Inc.† |
42,572 | 2,659,047 | ||||||
| 12,055,081 | ||||||||
| Shipbuilding — 0.3% |
| |||||||
| Huntington Ingalls Industries, Inc. |
13,999 | 2,462,564 | ||||||
| Steel - Producers — 1.2% |
| |||||||
| Reliance Steel & Aluminum Co. |
48,752 | 6,445,014 | ||||||
| Steel Dynamics, Inc. |
100,668 | 4,185,776 | ||||||
| 10,630,790 | ||||||||
| Telecom Equipment - Fiber Optics — 0.4% |
| |||||||
| Ciena Corp.† |
74,885 | 3,906,750 | ||||||
| Textile - Home Furnishings — 0.4% |
| |||||||
| Mohawk Industries, Inc.† |
23,059 | 4,035,094 | ||||||
| Theaters — 0.3% |
| |||||||
| Live Nation Entertainment, Inc.†# |
29,085 | 2,584,493 | ||||||
| Toys — 0.3% |
| |||||||
| Hasbro, Inc. |
26,796 | 2,511,053 | ||||||
| Transport - Rail — 0.4% |
| |||||||
| Kansas City Southern |
16,466 | 3,496,390 | ||||||
| Transport - Services — 0.2% |
| |||||||
| Expeditors International of Washington, Inc. |
20,506 | 1,883,271 | ||||||
| Transport - Truck — 0.4% |
| |||||||
| Knight-Swift Transportation Holdings, Inc. |
80,089 | 3,459,846 | ||||||
| Total Long-Term Investment Securities |
|
|||||||
| (cost $674,681,938) |
884,347,264 | |||||||
| SHORT-TERM INVESTMENT SECURITIES — 0.6% |
| |||||||
| Registered Investment Companies — 0.6% |
| |||||||
| State Street Institutional Liquid Reserves Fund, Administration Class |
5,639,635 | 5,640,762 | ||||||
| Security Description | Principal Amount |
Value (Note 2) |
||||||
| REPURCHASE AGREEMENTS — 0.1% |
| |||||||
| Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 02/26/2021, to be repurchased 03/01/2021 in the amount
of $570,000 and collateralized by $543,400 of United States Treasury Notes, bearing interest at 2.25% due 11/15/2024 and having an approximate value of $581,457 |
$ | 570,000 | $ | 570,000 | ||||
| TOTAL INVESTMENTS |
||||||||
| (cost $680,892,700)(2) |
100.0 | % | 890,558,026 | |||||
| Other assets less liabilities |
0.0 | 27,476 | ||||||
| NET ASSETS |
100.0 | % | $ | 890,585,502 | ||||
| # | The security or a portion thereof is out on loan (see Note 2). |
At February 28, 2021, the Fund had loaned securities with a total value of $7,124,715. This was secured by collateral of $7,360,282, 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 February 28, 2021 |
|||||
| Federal Home Loan Mtg. Corp. |
1.00% to 3.50% | 02/01/2036 to 11/01/2050 | 149,585 | |||||
| Federal National Mtg. Assoc. |
1.24% to 4.50% | 07/25/2030 to 09/01/2050 | 353,980 | |||||
| Government National Mtg. Assoc. |
1.00% to 2.70% | 09/20/2046 to 05/16/2053 | 70,096 | |||||
| United States Cash Management Bills |
0.00% | 06/01/2021 | 64,027 | |||||
| United States Treasury Bills |
0.00% | 04/08/2021 to 12/30/2021 | 841,754 | |||||
| United States Treasury Notes/Bonds |
0.07% to 8.13% | 03/15/2021 to 11/15/2050 | 5,880,840 | |||||
| † | Non-income producing security |
| (1) | The rate shown is the 7-day yield as of February 28, 2021. |
| (2) | See Note 5 for cost of investments on a tax basis. |
| 70 |
VALIC Company II Mid Cap Value Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2021 (see Note 2):
| Level 1 - Unadjusted Quoted Prices |
Level 2 - Other Observable Inputs |
Level 3 -
Significant Unobservable Inputs |
Total |
|||||||||||||
| ASSETS: |
||||||||||||||||
| Investments at Value:* |
||||||||||||||||
| Common Stocks |
$ | 884,347,264 | $ | — | $ | — | $ | 884,347,264 | ||||||||
| Short-Term Investment Securities |
5,640,762 | — | — | 5,640,762 | ||||||||||||
| Repurchase Agreements |
— | 570,000 | — | 570,000 | ||||||||||||
| Total Investments at Value |
$ | 889,988,026 | $ | 570,000 | $ | — | $ | 890,558,026 | ||||||||
| * | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
| 71 |
VALIC Company II Moderate Growth Lifestyle Fund
PORTFOLIO PROFILE — February 28, 2021 (unaudited)
| Industry Allocation*
|
||||
| Domestic Equity Investment Companies |
50.5 | % | ||
| Domestic Fixed Income Investment Companies |
28.3 | |||
| International Equity Investment Companies |
15.9 | |||
| International Fixed Income Investment Companies |
2.9 | |||
| Real Estate Investment Companies |
2.1 | |||
| Domestic Money Market Investment Companies |
0.3 | |||
| 100.0 | % | |||
| * | Calculated as a percentage of net assets |
| 72 |
VALIC Company II Moderate Growth Lifestyle Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)
| Security Description | Shares | Value (Note 2) |
||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0% |
| |||||||
| Domestic Equity Investment Companies — 50.5% |
| |||||||
| VALIC Co. I Blue Chip Growth Fund |
1,703 | $ | 44,840 | |||||
| VALIC Co. I Dividend Value Fund |
6,704,847 | 81,866,187 | ||||||
| VALIC Co. I Large Cap Core Fund |
916,483 | 13,793,065 | ||||||
| VALIC Co. I Large Capital Growth Fund |
1,303,470 | 27,685,698 | ||||||
| VALIC Co. I Mid Cap Index Fund |
976,608 | 28,936,904 | ||||||
| VALIC Co. I Mid Cap Strategic Growth Fund |
751,123 | 17,711,469 | ||||||
| VALIC Co. I Nasdaq-100® Index Fund |
623,428 | 15,423,602 | ||||||
| VALIC Co. I Science & Technology Fund |
334,942 | 14,740,812 | ||||||
| VALIC Co. I Small Cap Index Fund |
798,103 | 19,114,579 | ||||||
| VALIC Co. I Small Cap Special Values Fund |
1,074,217 | 14,254,862 | ||||||
| VALIC Co. I Stock Index Fund |
1,873,050 | 95,375,723 | ||||||
| VALIC Co. I Value Fund |
1,181,031 | 22,746,664 | ||||||
| VALIC Co. II Capital Appreciation Fund |
1,843,913 | 37,468,314 | ||||||
| VALIC Co. II Large Cap Value Fund |
2,812,637 | 65,253,186 | ||||||
| VALIC Co. II Mid Cap Growth Fund |
1,091,096 | 15,209,879 | ||||||
| VALIC Co. II Mid Cap Value Fund |
3,110,877 | 62,279,764 | ||||||
| VALIC Co. II Small Cap Growth Fund |
428,661 | 11,659,581 | ||||||
| VALIC Co. II Small Cap Value Fund |
1,199,153 | 16,860,095 | ||||||
| Total Domestic Equity Investment Companies |
| |||||||
| (cost $449,143,451) |
560,425,224 | |||||||
| Domestic Fixed Income Investment Companies — 28.3% |
| |||||||
| VALIC Co. I Capital Conservation Fund |
2,374,231 | 25,095,618 | ||||||
| VALIC Co. I Government Securities Fund |
834,906 | 9,217,359 | ||||||
| VALIC Co. I Inflation Protected Fund |
5,199,688 | 61,980,282 | ||||||
| VALIC Co. II Core Bond Fund |
8,418,826 | 100,604,973 | ||||||
| VALIC Co. II High Yield Bond Fund |
4,054,633 | 31,950,510 | ||||||
| VALIC Co. II Strategic Bond Fund |
7,297,564 | 85,746,372 | ||||||
| Total Domestic Fixed Income Investment Companies |
||||||||
| (cost $297,969,114) |
314,595,114 | |||||||
| Domestic Money Market Investment Companies — 0.3% |
| |||||||
| VALIC Co. I Government Money Market I Fund(2) |
2,918,495 | 2,918,495 | ||||||
| Security Description | Shares | Value (Note 2) |
||||||
| International Equity Investment Companies — 15.9% |
| |||||||
| VALIC Co. I Emerging Economies Fund |
4,401,084 | $ | 46,871,539 | |||||
| VALIC Co. I International Equities Index Fund |
7,648,505 | 59,811,311 | ||||||
| VALIC Co. I International Growth Fund |
483,919 | 8,560,531 | ||||||
| VALIC Co. I International Value Fund |
2,274,863 | 23,840,568 | ||||||
| VALIC Co. II International Opportunities Fund |
1,623,254 | 37,610,785 | ||||||
| Total International Equity Investment Companies |
| |||||||
| (cost $152,741,912) |
176,694,734 | |||||||
| International Fixed Income Investment Companies — 2.9% |
| |||||||
| VALIC Co. I International Government Bond Fund |
2,533,110 | 32,575,797 | ||||||
| Real Estate Investment Companies — 2.1% |
| |||||||
| VALIC Co. I Global Real Estate Fund |
2,943,599 | 23,342,739 | ||||||
| TOTAL INVESTMENTS |
||||||||
| (cost $955,272,905)(3) |
100.0 | % | 1,110,552,103 | |||||
| Liabilities in excess of other assets |
(0.0 | ) | (180,787 | ) | ||||
| NET ASSETS |
100.0 | % | $ | 1,110,371,316 | ||||
| # | The Moderate Growth Lifestyle Fund invests in various VALIC Company I or VALIC Company II Funds, some of which are not presented in this report. Additional information of the underlying funds including such fund’s prospectuses and shareholder reports is available at our website, www.valic.com. |
| (1) | See Note 3. |
| (2) | The 7-day yield as of February 28, 2021 is 0.01%. |
| (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 February 28, 2021 (see Note 2):
|
|
|||||||||||||||
| Level 1 - Unadjusted Quoted Prices |
Level 2 - Other Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total |
|||||||||||||
| ASSETS: |
||||||||||||||||
| Investments at Value:* |
||||||||||||||||
| Affiliated Registered Investment Companies |
$ | 1,110,552,103 | $ | — | $ | — | $ | 1,110,552,103 | ||||||||
| * | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
| 73 |
VALIC Company II Small Cap Growth Fund
PORTFOLIO PROFILE — February 28, 2021 (unaudited)
Industry Allocation*
| Medical — Biomedical/Gene |
15.5 | % | ||
| Enterprise Software/Service |
5.1 | |||
| Applications Software |
4.6 | |||
| Medical Products |
3.3 | |||
| Electronic Components — Semiconductors |
3.0 | |||
| Energy — Alternate Sources |
2.9 | |||
| Building & Construction Products — Misc. |
2.7 | |||
| Semiconductor Equipment |
2.6 | |||
| Retail — Automobile |
2.1 | |||
| Steel Pipe & Tube |
2.0 | |||
| Diagnostic Kits |
1.9 | |||
| Computer Software |
1.9 | |||
| Diversified Manufacturing Operations |
1.9 | |||
| Retail — Pet Food & Supplies |
1.8 | |||
| Electronic Measurement Instruments |
1.6 | |||
| Casino Hotels |
1.5 | |||
| Miscellaneous Manufacturing |
1.5 | |||
| Transport — Truck |
1.5 | |||
| Food — Wholesale/Distribution |
1.4 | |||
| Retail — Restaurants |
1.3 | |||
| Retail — Vision Service Center |
1.3 | |||
| Machinery — Electrical |
1.3 | |||
| Consumer Products — Misc. |
1.2 | |||
| Electric Products — Misc. |
1.1 | |||
| Drug Delivery Systems |
1.1 | |||
| Distribution/Wholesale |
1.1 | |||
| Registered Investment Companies |
1.1 | |||
| E-Commerce/Services |
1.1 | |||
| Building — Mobile Home/Manufactured Housing |
1.1 | |||
| Internet Application Software |
1.1 | |||
| Computer Services |
1.1 | |||
| Tools — Hand Held |
1.0 | |||
| Publishing — Newspapers |
1.0 | |||
| Computer Data Security |
1.0 | |||
| Finance — Investment Banker/Broker |
1.0 | |||
| Machinery — General Industrial |
1.0 | |||
| Medical — Outpatient/Home Medical |
1.0 | |||
| Auto/Truck Parts & Equipment — Original |
1.0 | |||
| Real Estate Investment Trusts |
0.9 | |||
| Medical — Generic Drugs |
0.9 | |||
| Retail — Discount |
0.9 | |||
| E-Commerce/Products |
0.9 | |||
| Medical Information Systems |
0.9 | |||
| Machinery — Pumps |
0.9 | |||
| Retail — Floor Coverings |
0.9 | |||
| Medical — Drugs |
0.9 | |||
| Recreational Centers |
0.8 | |||
| Banks — Commercial |
0.8 | |||
| Commercial Services — Finance |
0.8 | |||
| Medical — Hospitals |
0.8 | |||
| Physicians Practice Management |
0.8 | |||
| Racetracks |
0.8 | |||
| Casino Services |
0.7 | |||
| Web Hosting/Design |
0.7 | |||
| Investment Management/Advisor Services |
0.7 | |||
| Commercial Services |
0.7 | |||
| Food — Retail |
0.7 | |||
| Audio/Video Products |
0.7 | |||
| Medical Labs & Testing Services |
0.6 | |||
| Finance — Credit Card |
0.6 | |||
| Building — Residential/Commercial |
0.6 | |||
| Telecom Equipment — Fiber Optics |
0.5 | |||
| Schools |
0.5 | |||
| Finance — Leasing Companies |
0.5 | |||
| Therapeutics |
0.4 | |||
| Diagnostic Equipment |
0.2 | |||
| Software Tools |
0.2 | |||
| Consulting Services |
0.1 | |||
| 100.1 | % | |||
| * | Calculated as a percentage of net assets |
| 74 |
VALIC Company II Small Cap Growth Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS — 99.0% |
| |||||||
| Applications Software — 4.6% |
| |||||||
| Duck Creek Technologies, Inc.† |
58,789 | $ | 2,780,720 | |||||
| Elastic NV† |
22,204 | 2,983,996 | ||||||
| JFrog, Ltd.† |
26,144 | 1,398,443 | ||||||
| Medallia, Inc.† |
49,284 | 1,989,595 | ||||||
| Outset Medical, Inc.† |
21,374 | 1,064,211 | ||||||
| Smartsheet, Inc., Class A† |
43,810 | 3,033,842 | ||||||
| Viant Technology, Inc., Class A† |
10,669 | 529,076 | ||||||
| 13,779,883 | ||||||||
| Audio/Video Products — 0.7% |
| |||||||
| Sonos, Inc.† |
51,143 | 1,991,508 | ||||||
| Auto/Truck Parts & Equipment-Original — 1.0% |
| |||||||
| Fox Factory Holding Corp.† |
23,075 | 2,933,986 | ||||||
| Banks-Commercial — 0.8% |
| |||||||
| First Financial Bankshares, Inc. |
55,519 | 2,479,479 | ||||||
| Building & Construction Products-Misc. — 2.7% |
| |||||||
| AZEK Co., Inc.† |
50,283 | 2,217,983 | ||||||
| Simpson Manufacturing Co., Inc. |
30,663 | 2,988,416 | ||||||
| Trex Co., Inc.†# |
30,704 | 2,813,715 | ||||||
| 8,020,114 | ||||||||
| Building-Mobile Home/Manufactured Housing — 1.1% |
| |||||||
| Winnebago Industries, Inc. |
45,869 | 3,192,482 | ||||||
| Building-Residential/Commercial — 0.6% |
| |||||||
| Tri Pointe Homes, Inc.†# |
88,578 | 1,682,982 | ||||||
| Casino Hotels — 1.5% |
| |||||||
| Boyd Gaming Corp.† |
78,245 | 4,592,982 | ||||||
| Casino Services — 0.7% |
| |||||||
| Caesars Entertainment, Inc.† |
23,232 | 2,170,798 | ||||||
| Commercial Services — 0.7% |
| |||||||
| LiveRamp Holdings, Inc.† |
32,351 | 2,043,289 | ||||||
| Commercial Services-Finance — 0.8% |
| |||||||
| Avalara, Inc.† |
6,681 | 1,048,516 | ||||||
| Repay Holdings Corp.† |
59,626 | 1,299,847 | ||||||
| 2,348,363 | ||||||||
| Computer Data Security — 1.0% |
| |||||||
| CyberArk Software, Ltd.† |
13,446 | 1,974,276 | ||||||
| Ping Identity Holding Corp.† |
46,138 | 1,081,014 | ||||||
| 3,055,290 | ||||||||
| Computer Services — 1.1% |
| |||||||
| Globant SA† |
14,702 | 3,156,813 | ||||||
| Computer Software — 1.9% |
| |||||||
| Bandwidth, Inc., Class A† |
18,580 | 2,942,329 | ||||||
| Envestnet, Inc.† |
43,660 | 2,795,113 | ||||||
| 5,737,442 | ||||||||
| Consulting Services — 0.1% |
| |||||||
| FTI Consulting, Inc.† |
1,882 | 215,583 | ||||||
| Consumer Products-Misc. — 1.2% |
| |||||||
| Helen of Troy, Ltd.† |
16,683 | 3,616,874 | ||||||
| Diagnostic Equipment — 0.2% |
| |||||||
| Adaptive Biotechnologies Corp.† |
11,760 | 665,263 | ||||||
| Diagnostic Kits — 1.9% |
| |||||||
| Natera, Inc.† |
49,908 | 5,793,820 | ||||||
| Distribution/Wholesale — 1.1% |
| |||||||
| SiteOne Landscape Supply, Inc.† |
21,086 | 3,342,342 | ||||||
| Security Description | Shares | Value (Note 2) |
||||||
| Diversified Manufacturing Operations — 1.9% |
| |||||||
| Carlisle Cos., Inc. |
14,369 | $ | 2,087,097 | |||||
| ITT, Inc. |
43,741 | 3,629,628 | ||||||
| 5,716,725 | ||||||||
| Drug Delivery Systems — 1.1% |
| |||||||
| Heron Therapeutics, Inc.†# |
80,972 | 1,463,974 | ||||||
| Revance Therapeutics, Inc.† |
73,259 | 1,923,781 | ||||||
| 3,387,755 | ||||||||
| E-Commerce/Products — 0.9% |
| |||||||
| Leslie’s, Inc.† |
33,958 | 824,500 | ||||||
| RealReal, Inc.† |
71,204 | 1,818,550 | ||||||
| 2,643,050 | ||||||||
| E-Commerce/Services — 1.1% |
| |||||||
| Eventbrite, Inc., Class A† |
71,245 | 1,415,638 | ||||||
| MediaAlpha, Inc., Class A† |
34,114 | 1,791,326 | ||||||
| 3,206,964 | ||||||||
| Electric Products-Misc. — 1.1% |
| |||||||
| Littelfuse, Inc. |
13,089 | 3,406,020 | ||||||
| Electronic Components-Semiconductors — 3.0% |
| |||||||
| Cree, Inc.† |
30,878 | 3,503,418 | ||||||
| Inphi Corp.† |
17,118 | 2,817,452 | ||||||
| Semtech Corp.† |
34,887 | 2,557,566 | ||||||
| 8,878,436 | ||||||||
| Electronic Measurement Instruments — 1.6% |
| |||||||
| Itron, Inc.† |
41,917 | 4,914,349 | ||||||
| Energy-Alternate Sources — 2.9% |
| |||||||
| Array Technologies, Inc.† |
20,316 | 753,317 | ||||||
| Enphase Energy, Inc.† |
12,160 | 2,140,890 | ||||||
| Plug Power, Inc.† |
36,174 | 1,750,098 | ||||||
| Shoals Technologies Group, Inc., Class A† |
48,855 | 1,593,650 | ||||||
| SolarEdge Technologies, Inc.† |
7,997 | 2,385,585 | ||||||
| 8,623,540 | ||||||||
| Enterprise Software/Service — 5.1% |
| |||||||
| Bill.com Holdings, Inc.† |
7,289 | 1,202,758 | ||||||
| Blackline, Inc.† |
28,631 | 3,550,817 | ||||||
| Cardlytics, Inc.†# |
14,374 | 1,903,549 | ||||||
| Everbridge, Inc.† |
18,713 | 2,867,393 | ||||||
| Evolent Health, Inc., Class A† |
91,376 | 1,841,226 | ||||||
| ManTech International Corp., Class A |
30,951 | 2,419,130 | ||||||
| Vertex, Inc., Class A† |
50,305 | 1,546,879 | ||||||
| 15,331,752 | ||||||||
| Finance-Credit Card — 0.6% |
| |||||||
| I3 Verticals, Inc., Class A† |
51,310 | 1,703,492 | ||||||
| Finance-Investment Banker/Broker — 1.0% |
| |||||||
| Evercore, Inc., Class A |
25,439 | 3,046,829 | ||||||
| Finance-Leasing Companies — 0.5% |
| |||||||
| PROG Holdings, Inc. |
29,799 | 1,489,950 | ||||||
| Food-Retail — 0.7% |
| |||||||
| Grocery Outlet Holding Corp.† |
55,337 | 1,991,579 | ||||||
| Food-Wholesale/Distribution — 1.4% |
| |||||||
| Performance Food Group Co.† |
79,953 | 4,336,651 | ||||||
| Internet Application Software — 1.1% |
| |||||||
| Anaplan, Inc.† |
49,054 | 3,188,019 | ||||||
| Investment Management/Advisor Services — 0.7% |
| |||||||
| Focus Financial Partners, Inc., Class A† |
44,901 | 2,110,796 | ||||||
| 75 |
VALIC Company II Small Cap Growth Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS (continued) |
| |||||||
| Machinery-Electrical — 1.3% |
| |||||||
| Bloom Energy Corp., Class A† |
70,788 | $ | 2,019,581 | |||||
| Vertiv Holdings Co. |
90,831 | 1,901,093 | ||||||
| 3,920,674 | ||||||||
| Machinery-General Industrial — 1.0% |
| |||||||
| Applied Industrial Technologies, Inc. |
35,266 | 3,010,658 | ||||||
| Machinery-Pumps — 0.9% |
| |||||||
| Graco, Inc. |
37,712 | 2,615,327 | ||||||
| Medical Information Systems — 0.9% |
| |||||||
| 1Life Healthcare, Inc.† |
23,092 | 1,097,101 | ||||||
| Oak Street Health, Inc.† |
16,185 | 858,291 | ||||||
| Signify Health, Inc., Class A |
20,015 | 660,895 | ||||||
| 2,616,287 | ||||||||
| Medical Labs & Testing Services — 0.6% |
| |||||||
| Personalis, Inc.† |
59,155 | 1,823,749 | ||||||
| Medical Products — 3.3%iRhythm Technologies, Inc.† |
18,818 | 3,027,816 | ||||||
| Nevro Corp.† |
20,568 | 3,397,423 | ||||||
| Shockwave Medical, Inc.†# |
29,116 | 3,399,584 | ||||||
| 11,648,572 | ||||||||
| Medical-Biomedical/Gene — 15.5% |
| |||||||
| ACADIA Pharmaceuticals, Inc.† |
22,543 | 1,103,931 | ||||||
| ADC Therapeutics SA†# |
59,024 | 1,569,448 | ||||||
| Allogene Therapeutics, Inc.† |
24,581 | 853,206 | ||||||
| Amicus Therapeutics, Inc.† |
174,530 | 2,143,228 | ||||||
| Arrowhead Pharmaceuticals, Inc.† |
41,215 | 3,283,187 | ||||||
| Atara Biotherapeutics, Inc.† |
104,547 | 1,754,299 | ||||||
| Avrobio, Inc.† |
73,122 | 804,342 | ||||||
| Berkeley Lights, Inc.† |
16,419 | 1,017,485 | ||||||
| Biohaven Pharmaceutical Holding Co., Ltd.† |
32,616 | 2,771,708 | ||||||
| Blueprint Medicines Corp.† |
28,366 | 2,786,109 | ||||||
| Bridgebio Pharma, Inc.†# |
35,189 | 2,487,159 | ||||||
| FibroGen, Inc.† |
39,861 | 1,994,246 | ||||||
| Generation Bio Co.† |
20,868 | 728,711 | ||||||
| Global Blood Therapeutics, Inc.† |
18,503 | 788,228 | ||||||
| Halozyme Therapeutics, Inc.† |
95,832 | 4,336,398 | ||||||
| Homology Medicines, Inc.† |
49,384 | 530,384 | ||||||
| Intercept Pharmaceuticals, Inc.† |
18,947 | 410,392 | ||||||
| Kronos Bio, Inc.† |
36,849 | 1,071,200 | ||||||
| Mirati Therapeutics, Inc.† |
7,978 | 1,602,940 | ||||||
| Orchard Therapeutics PLC ADR†# |
68,478 | 477,292 | ||||||
| REGENXBIO, Inc.† |
44,995 | 1,840,745 | ||||||
| Relay Therapeutics, Inc.† |
36,933 | 1,524,225 | ||||||
| REVOLUTION Medicines, Inc.† |
31,455 | 1,436,864 | ||||||
| Rubius Therapeutics, Inc.† |
68,322 | 709,182 | ||||||
| Sage Therapeutics, Inc.† |
16,073 | 1,366,205 | ||||||
| Sana Biotechnology, Inc. |
32,835 | 1,009,348 | ||||||
| Seer, Inc.† |
21,170 | 1,021,029 | ||||||
| Twist Bioscience Corp.† |
27,869 | 3,835,889 | ||||||
| Viela Bio, Inc.† |
18,990 | 1,010,268 | ||||||
| 46,267,648 | ||||||||
| Medical-Drugs — 0.9% |
| |||||||
| Alector, Inc.† |
51,496 | 936,197 | ||||||
| Clementia Pharmaceuticals, Inc. CVR†(1) |
70,624 | 0 | ||||||
| Coherus Biosciences, Inc.† |
99,074 | 1,608,962 | ||||||
| 2,545,159 | ||||||||
| Medical-Generic Drugs — 0.9% |
| |||||||
| Arvinas, Inc.† |
35,006 | 2,740,970 | ||||||
| Medical-Hospitals — 0.8% |
| |||||||
| Acadia Healthcare Co., Inc.† |
42,173 | 2,329,637 | ||||||
| Medical-Outpatient/Home Medical — 1.0% |
| |||||||
| Amedisys, Inc.† |
11,627 | 2,949,072 | ||||||
| Security Description | Shares | Value (Note 2) |
||||||
| Miscellaneous Manufacturing — 1.5% |
| |||||||
| John Bean Technologies Corp. |
30,411 | $ | 4,487,751 | |||||
| Physicians Practice Management — 0.8% |
| |||||||
| Accolade, Inc.† |
51,857 | 2,298,302 | ||||||
| Publishing-Newspapers — 1.0% |
| |||||||
| New York Times Co., Class A |
60,282 | 3,084,630 | ||||||
| Racetracks — 0.8% |
| |||||||
| Penn National Gaming, Inc.† |
19,424 | 2,248,911 | ||||||
| Real Estate Investment Trusts — 0.9% |
| |||||||
| CubeSmart |
35,721 | 1,320,248 | ||||||
| Terreno Realty Corp. |
26,518 | 1,486,069 | ||||||
| 2,806,317 | ||||||||
| Recreational Centers — 0.8% |
| |||||||
| Planet Fitness, Inc., Class A† |
28,970 | 2,494,027 | ||||||
| Retail-Automobile — 2.1% |
| |||||||
| Lithia Motors, Inc., Class A |
11,162 | 4,174,030 | ||||||
| Rush Enterprises, Inc., Class A |
47,819 | 2,028,960 | ||||||
| 6,202,990 | ||||||||
| Retail-Discount — 0.9% |
| |||||||
| BJ’s Wholesale Club Holdings, Inc.† |
40,572 | 1,630,183 | ||||||
| Ollie’s Bargain Outlet Holdings, Inc.† |
13,208 | 1,092,037 | ||||||
| 2,722,220 | ||||||||
| Retail-Floor Coverings — 0.9% |
| |||||||
| Floor & Decor Holdings, Inc., Class A† |
27,124 | 2,579,221 | ||||||
| Retail-Pet Food & Supplies — 1.8% |
| |||||||
| Freshpet, Inc.† |
29,112 | 4,537,979 | ||||||
| Petco Health & Wellness Co., Inc.† |
43,585 | 868,649 | ||||||
| 5,406,628 | ||||||||
| Retail-Restaurants — 1.3% |
| |||||||
| Texas Roadhouse, Inc. |
44,300 | 4,025,984 | ||||||
| Retail-Vision Service Center — 1.3% |
| |||||||
| National Vision Holdings, Inc.† |
83,300 | 3,955,917 | ||||||
| Schools — 0.5% |
| |||||||
| Bright Horizons Family Solutions, Inc.† |
9,842 | 1,571,374 | ||||||
| Semiconductor Equipment — 2.6% |
| |||||||
| Entegris, Inc. |
36,370 | 3,826,488 | ||||||
| MKS Instruments, Inc. |
23,109 | 3,810,674 | ||||||
| 7,637,162 | ||||||||
| Software Tools — 0.2% |
| |||||||
| Digital Turbine, Inc.† |
6,935 | 572,623 | ||||||
| Steel Pipe & Tube — 2.0% |
| |||||||
| Advanced Drainage Systems, Inc. |
54,346 | 5,979,147 | ||||||
| Telecom Equipment-Fiber Optics — 0.5% |
| |||||||
| Ciena Corp.† |
30,842 | 1,609,027 | ||||||
| Therapeutics — 0.4% |
| |||||||
| G1 Therapeutics, Inc.†# |
48,472 | 1,071,231 | ||||||
| Tools-Hand Held — 1.0% |
| |||||||
| MSA Safety, Inc. |
19,207 | 3,092,135 | ||||||
| Transport-Truck — 1.5% |
| |||||||
| Saia, Inc.† |
22,162 | 4,444,146 | ||||||
| Web Hosting/Design — 0.7% |
| |||||||
| Q2 Holdings, Inc.† |
17,663 | 2,152,766 | ||||||
| Total Long-Term Investment Securities |
||||||||
| (cost $201,601,113) |
295,881,713 | |||||||
| 76 |
VALIC Company II Small Cap Growth Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Shares | Value (Note 2) |
||||||
| SHORT-TERM INVESTMENT SECURITIES — 1.1% |
| |||||||
| Registered Investment Companies — 1.1% |
| |||||||
| State Street Navigator Securities Lending |
3,273,474 | $ | 3,273,474 | |||||
| TOTAL INVESTMENTS |
||||||||
| (cost $204,874,587)(4) |
100.1 | % | 299,155,187 | |||||
| Liabilities in excess of other assets |
(0.1 | ) | (335,871 | ) | ||||
| NET ASSETS |
100.0 | % | $ | 298,819,316 | ||||
| † | Non-income producing security |
| # | The security or a portion thereof is out on loan (see Note 2). |
| (1) | Securities classified as Level 3 (see Note 2). |
| (2) | The rate shown is the 7-day yield as of February 28, 2021. |
| (3) | At February 28, 2021, the Fund had loaned securities with a total value of $5,711,584. This was secured by collateral of $3,273,474, which was received in cash and subsequently invested in short-term investments currently valued at $3,273,474 as reported in the Portfolio of Investments. Additional collateral of $2,594,764 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 February 28, 2021 |
|||||
| United States Treasury Notes/Bonds |
0.13% to 6.88% | 03/15/2021 to 08/15/2050 | $ | 2,594,764 | ||||
| (4) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CVR—Contingent Value Rights
The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2021 (see Note 2):
| Level 1 - Unadjusted Quoted Prices |
Level 2 - Other Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total |
|||||||||||||
| ASSETS: |
||||||||||||||||
| Investments at Value:* |
||||||||||||||||
| Common Stocks: |
||||||||||||||||
| Medical-Drugs |
$ | 2,545,159 | $ | — | $ | 0 | $ | 2,545,159 | ||||||||
| Other Industries |
293,336,554 | — | — | 293,336,554 | ||||||||||||
| Short-Term Investment Securities |
3,273,474 | — | — | 3,273,474 | ||||||||||||
| Total Investments at Value |
$ | 299,155,187 | $ | — | $ | 0 | $ | 299,155,187 | ||||||||
| * | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.
See Notes to Financial Statements
| 77 |
VALIC Company II Small Cap Value Fund
PORTFOLIO PROFILE — February 28, 2021 (unaudited)
Industry Allocation*
| Banks — Commercial |
14.0 | % | ||
| Real Estate Investment Trusts |
9.1 | |||
| Repurchase Agreements |
3.9 | |||
| Savings & Loans/Thrifts |
2.5 | |||
| Building — Heavy Construction |
2.2 | |||
| Medical — Biomedical/Gene |
2.1 | |||
| Oil Companies — Exploration & Production |
2.1 | |||
| Distribution/Wholesale |
2.0 | |||
| Oil — Field Services |
1.9 | |||
| Electronic Components — Misc. |
1.9 | |||
| Human Resources |
1.8 | |||
| Auto/Truck Parts & Equipment — Original |
1.6 | |||
| Investment Management/Advisor Services |
1.4 | |||
| Retail — Apparel/Shoe |
1.2 | |||
| Electric — Integrated |
1.2 | |||
| Energy — Alternate Sources |
1.1 | |||
| Building & Construction Products — Misc. |
1.1 | |||
| Rental Auto/Equipment |
1.0 | |||
| Paper & Related Products |
1.0 | |||
| Airlines |
1.0 | |||
| Aerospace/Defense — Equipment |
1.0 | |||
| Steel — Producers |
1.0 | |||
| Gas — Distribution |
0.9 | |||
| Retail — Regional Department Stores |
0.9 | |||
| Medical — Drugs |
0.9 | |||
| Financial Guarantee Insurance |
0.8 | |||
| Metal — Aluminum |
0.8 | |||
| Enterprise Software/Service |
0.8 | |||
| Transport — Truck |
0.8 | |||
| Machinery — Construction & Mining |
0.8 | |||
| Chemicals — Specialty |
0.8 | |||
| Medical — Hospitals |
0.8 | |||
| Home Furnishings |
0.7 | |||
| Coal |
0.7 | |||
| Retail — Restaurants |
0.7 | |||
| Independent Power Producers |
0.7 | |||
| Machinery — General Industrial |
0.7 | |||
| Building — Residential/Commercial |
0.7 | |||
| Retail — Automobile |
0.7 | |||
| Television |
0.7 | |||
| Insurance — Property/Casualty |
0.7 | |||
| Building & Construction — Misc. |
0.7 | |||
| Retail — Building Products |
0.7 | |||
| Insurance — Life/Health |
0.7 | |||
| Resorts/Theme Parks |
0.6 | |||
| Machinery — Electrical |
0.6 | |||
| Insurance — Reinsurance |
0.6 | |||
| Building — Maintenance & Services |
0.6 | |||
| Consumer Products — Misc. |
0.6 | |||
| Finance — Consumer Loans |
0.5 | |||
| Computer Services |
0.5 | |||
| Medical — Generic Drugs |
0.5 | |||
| Racetracks |
0.5 | |||
| Transport — Services |
0.5 | |||
| Engineering/R&D Services |
0.5 | |||
| Real Estate Management/Services |
0.5 | |||
| Finance — Investment Banker/Broker |
0.5 | |||
| Consulting Services |
0.5 | |||
| Finance — Mortgage Loan/Banker |
0.5 | |||
| Office Furnishings — Original |
0.4 | |||
| Publishing — Books |
0.4 | |||
| Electronic Components — Semiconductors |
0.4 | |||
| Cable/Satellite TV |
0.4 | |||
| Rubber — Tires |
0.4 | |||
| Oil Refining & Marketing |
0.4 | |||
| Semiconductor Equipment |
0.4 | |||
| Finance — Commercial |
0.4 | |||
| Medical Products |
0.4 | |||
| E-Commerce/Services |
0.4 |
| Theaters |
0.4 | |||
| Food — Wholesale/Distribution |
0.4 | |||
| Pastoral & Agricultural |
0.4 | |||
| Commercial Services |
0.4 | |||
| Chemicals — Diversified |
0.4 | |||
| Applications Software |
0.3 | |||
| Retail — Jewelry |
0.3 | |||
| Rubber/Plastic Products |
0.3 | |||
| Medical Information Systems |
0.3 | |||
| Apparel Manufacturers |
0.3 | |||
| Steel — Specialty |
0.3 | |||
| Office Supplies & Forms |
0.3 | |||
| Retail — Office Supplies |
0.3 | |||
| Transport — Marine |
0.3 | |||
| Retail — Bedding |
0.3 | |||
| Computers — Integrated Systems |
0.3 | |||
| Retail — Discount |
0.3 | |||
| Networking Products |
0.3 | |||
| Machinery — Farming |
0.3 | |||
| Registered Investment Companies |
0.3 | |||
| Travel Services |
0.3 | |||
| Diversified Manufacturing Operations |
0.3 | |||
| Casino Services |
0.3 | |||
| Food — Misc./Diversified |
0.3 | |||
| Containers — Metal/Glass |
0.2 | |||
| Precious Metals |
0.2 | |||
| Telecom Services |
0.2 | |||
| Metal Processors & Fabrication |
0.2 | |||
| Wireless Equipment |
0.2 | |||
| Auto — Truck Trailers |
0.2 | |||
| Medical — Wholesale Drug Distribution |
0.2 | |||
| Electronic Security Devices |
0.2 | |||
| Housewares |
0.2 | |||
| Printing — Commercial |
0.2 | |||
| Building Products — Wood |
0.2 | |||
| Power Converter/Supply Equipment |
0.2 | |||
| Casino Hotels |
0.2 | |||
| Computers — Other |
0.2 | |||
| Banks — Mortgage |
0.2 | |||
| Retail — Sporting Goods |
0.2 | |||
| Agricultural Operations |
0.2 | |||
| Internet Content — Information/News |
0.2 | |||
| Cosmetics & Toiletries |
0.2 | |||
| Publishing — Newspapers |
0.2 | |||
| Medical Labs & Testing Services |
0.2 | |||
| Finance — Leasing Companies |
0.2 | |||
| Machinery — Pumps |
0.1 | |||
| Electric — Distribution |
0.1 | |||
| Footwear & Related Apparel |
0.1 | |||
| Multimedia |
0.1 | |||
| Telecommunication Equipment |
0.1 | |||
| Transactional Software |
0.1 | |||
| X-Ray Equipment |
0.1 | |||
| Oil & Gas Drilling |
0.1 | |||
| Retail — Home Furnishings |
0.1 | |||
| Medical — Nursing Homes |
0.1 | |||
| Audio/Video Products |
0.1 | |||
| E-Marketing/Info |
0.1 | |||
| Containers — Paper/Plastic |
0.1 | |||
| Lasers — System/Components |
0.1 | |||
| Commercial Services — Finance |
0.1 | |||
| Food — Canned |
0.1 | |||
| Machinery — Material Handling |
0.1 | |||
| Medical Instruments |
0.1 | |||
| Retail — Arts & Crafts |
0.1 | |||
| Metal Products — Distribution |
0.1 | |||
| Night Clubs |
0.1 | |||
| Machinery — Thermal Process |
0.1 | |||
| Broadcast Services/Program |
0.1 |
| 78 |
VALIC Company II Small Cap Value Fund
PORTFOLIO PROFILE — February 28, 2021 (unaudited) — (continued)
Industry Allocation* (continued)
| Building Products — Doors & Windows |
0.1 | % | ||
| Advertising Services |
0.1 | |||
| Computer Data Security |
0.1 | |||
| Drug Delivery Systems |
0.1 | |||
| E-Commerce/Products |
0.1 | |||
| Computer Software |
0.1 | |||
| Satellite Telecom |
0.1 | |||
| Hazardous Waste Disposal |
0.1 | |||
| Retail — Drug Store |
0.1 | |||
| Auto — Heavy Duty Trucks |
0.1 | |||
| Dental Supplies & Equipment |
0.1 | |||
| 100.3% | ||||
| * | Calculated as a percentage of net assets |
| 79 |
VALIC Company II Small Cap Value Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS — 96.1% |
| |||||||
| Advertising Services — 0.1% |
| |||||||
| National CineMedia, Inc. |
64,100 | $ | 302,552 | |||||
| Aerospace/Defense - Equipment — 1.0% |
| |||||||
| AAR Corp. |
38,100 | 1,515,618 | ||||||
| Astronics Corp.† |
63,600 | 1,004,880 | ||||||
| Barnes Group, Inc. |
15,600 | 816,660 | ||||||
| Ducommun, Inc.† |
2,700 | 146,880 | ||||||
| Moog, Inc., Class A |
9,300 | 722,238 | ||||||
| Triumph Group, Inc. |
25,500 | 371,535 | ||||||
| 4,577,811 | ||||||||
| Agricultural Operations — 0.2% |
| |||||||
| Andersons, Inc. |
5,800 | 151,612 | ||||||
| Bunge, Ltd. |
3,900 | 298,662 | ||||||
| Fresh Del Monte Produce, Inc. |
12,200 | 314,028 | ||||||
| 764,302 | ||||||||
| Airlines — 1.0% |
| |||||||
| Allegiant Travel Co. |
6,600 | 1,664,454 | ||||||
| Hawaiian Holdings, Inc. |
28,500 | 764,370 | ||||||
| SkyWest, Inc. |
28,000 | 1,578,360 | ||||||
| Spirit Airlines, Inc.† |
17,000 | 609,960 | ||||||
| 4,617,144 | ||||||||
| Apparel Manufacturers — 0.3% |
| |||||||
| Deckers Outdoor Corp.† |
3,000 | 978,330 | ||||||
| Lakeland Industries, Inc.† |
18,900 | 593,271 | ||||||
| 1,571,601 | ||||||||
| Applications Software — 0.3% |
| |||||||
| BM Technologies, Inc.† |
8,494 | 107,024 | ||||||
| Cerence, Inc.† |
7,600 | 845,272 | ||||||
| IBEX Holdings, Ltd.† |
30,600 | 673,506 | ||||||
| 1,625,802 | ||||||||
| Audio/Video Products — 0.1% |
| |||||||
| Universal Electronics, Inc.† |
8,200 | 477,158 | ||||||
| Auto - Heavy Duty Trucks — 0.1% |
| |||||||
| Navistar International Corp.† |
6,000 | 264,360 | ||||||
| Auto - Truck Trailers — 0.2% |
| |||||||
| Wabash National Corp. |
58,600 | 971,588 | ||||||
| Auto/Truck Parts & Equipment - Original — 1.6% |
| |||||||
| Adient PLC† |
50,600 | 1,876,248 | ||||||
| American Axle & Manufacturing Holdings, Inc.† |
50,400 | 492,408 | ||||||
| Dana, Inc. |
118,500 | 2,821,485 | ||||||
| Gentherm, Inc.† |
13,400 | 948,586 | ||||||
| Meritor, Inc.† |
36,500 | 1,108,505 | ||||||
| Methode Electronics, Inc. |
3,500 | 136,255 | ||||||
| 7,383,487 | ||||||||
| Auto/Truck Parts & Equipment - Replacement — 0.0% |
| |||||||
| Douglas Dynamics, Inc. |
3,900 | 187,902 | ||||||
| Banks - Commercial — 14.0% |
| |||||||
| 1st Source Corp. |
13,020 | 577,697 | ||||||
| Amalgamated Bank, Class A† |
17,900 | 314,324 | ||||||
| American National Bankshares, Inc. |
600 | 18,600 | ||||||
| Ameris Bancorp |
20,100 | 957,564 | ||||||
| Atlantic Capital Bancshares, Inc.† |
8,100 | 164,835 | ||||||
| Atlantic Union Bankshares Corp. |
900 | 33,057 | ||||||
| BancFirst Corp. |
13,280 | 848,326 | ||||||
| Bancorp, Inc.† |
62,700 | 1,270,929 | ||||||
| BancorpSouth Bank |
8,300 | 249,498 | ||||||
| Bank of Commerce Holdings |
4,000 | 43,480 | ||||||
| Bank of N.T. Butterfield & Son, Ltd. |
15,400 | 561,946 | ||||||
| Security Description | Shares | Value (Note 2) |
||||||
| Banks - Commercial (continued) |
| |||||||
| Banner Corp. |
8,800 | $ | 455,664 | |||||
| Bar Harbor Bankshares |
16,600 | 464,634 | ||||||
| Bridgewater Bancshares, Inc.† |
20,200 | 291,890 | ||||||
| Bryn Mawr Bank Corp. |
3,300 | 124,839 | ||||||
| Business First Bancshares, Inc.# |
10,900 | 239,473 | ||||||
| Cadence BanCorp |
129,300 | 2,653,236 | ||||||
| California Bancorp, Inc.† |
6,600 | 101,772 | ||||||
| Capital Bancorp, Inc.† |
4,200 | 66,990 | ||||||
| Capstar Financial Holdings, Inc. |
10,300 | 166,963 | ||||||
| Cathay General Bancorp |
67,390 | 2,536,560 | ||||||
| Central Pacific Financial Corp. |
47,400 | 1,072,662 | ||||||
| Central Valley Community Bancorp |
5,800 | 102,486 | ||||||
| Century Bancorp, Inc., Class A |
418 | 37,892 | ||||||
| Chemung Financial Corp. |
1,000 | 35,210 | ||||||
| CIT Group, Inc. |
72,200 | 3,274,270 | ||||||
| Citizens & Northern Corp. |
1,500 | 31,380 | ||||||
| City Holding Co. |
6,800 | 511,428 | ||||||
| Columbia Banking System, Inc. |
23,900 | 1,058,531 | ||||||
| Community Bank System, Inc. |
13,380 | 952,522 | ||||||
| Community Trust Bancorp, Inc. |
17,418 | 711,699 | ||||||
| ConnectOne Bancorp, Inc. |
43,000 | 998,890 | ||||||
| Customers Bancorp, Inc.† |
56,900 | 1,523,782 | ||||||
| Dime Community Bancshares, Inc. |
9,972 | 293,277 | ||||||
| East West Bancorp, Inc. |
1,273 | 91,860 | ||||||
| Enterprise Financial Services Corp. |
22,400 | 963,200 | ||||||
| Equity Bancshares, Inc., Class A† |
10,300 | 267,800 | ||||||
| Evans Bancorp, Inc. |
2,700 | 87,480 | ||||||
| Farmers National Banc Corp. |
11,700 | 161,928 | ||||||
| FB Financial Corp. |
1,826 | 77,441 | ||||||
| Financial Institutions, Inc. |
22,000 | 602,360 | ||||||
| First Bancorp |
7,600 | 306,052 | ||||||
| First BanCorp/Puerto Rico |
229,200 | 2,404,308 | ||||||
| First Business Financial Services, Inc. |
6,100 | 135,420 | ||||||
| First Choice Bancorp |
7,000 | 138,530 | ||||||
| First Citizens BancShares, Inc., Class A |
690 | 509,144 | ||||||
| First Commonwealth Financial Corp. |
102,000 | 1,367,820 | ||||||
| First Community Bankshares, Inc. |
6,400 | 164,224 | ||||||
| First Community Corp. |
3,300 | 58,806 | ||||||
| First Financial Corp. |
4,700 | 199,186 | ||||||
| First Hawaiian, Inc. |
10,000 | 278,900 | ||||||
| First Horizon Corp. |
65,208 | 1,056,370 | ||||||
| First Internet Bancorp |
6,300 | 206,325 | ||||||
| First Interstate BancSystem, Inc., Class A |
7,170 | 325,661 | ||||||
| First Merchants Corp. |
17,500 | 735,875 | ||||||
| First Midwest Bancorp, Inc. |
19,300 | 381,754 | ||||||
| First Northwest Bancorp |
2,400 | 39,072 | ||||||
| Flagstar Bancorp, Inc. |
36,000 | 1,562,040 | ||||||
| Fulton Financial Corp. |
39,700 | 613,365 | ||||||
| Glacier Bancorp, Inc. |
6,300 | 341,460 | ||||||
| Great Southern Bancorp, Inc. |
18,000 | 950,220 | ||||||
| Great Western Bancorp, Inc. |
52,700 | 1,413,941 | ||||||
| Hancock Whitney Corp. |
55,421 | 2,092,143 | ||||||
| Hanmi Financial Corp. |
43,200 | 739,584 | ||||||
| HBT Financial, Inc. |
10,300 | 166,242 | ||||||
| Heritage Commerce Corp. |
6,900 | 65,619 | ||||||
| Hilltop Holdings, Inc. |
41,800 | 1,381,072 | ||||||
| Home BancShares, Inc. |
40,700 | 994,708 | ||||||
| HomeStreet, Inc. |
7,100 | 305,016 | ||||||
| Hope Bancorp, Inc. |
90,827 | 1,195,283 | ||||||
| Independent Bank Corp. |
20,500 | 423,735 | ||||||
| Investar Holding Corp. |
12,200 | 234,240 | ||||||
| Kearny Financial Corp. |
61,000 | 692,350 | ||||||
| LCNB Corp. |
5,800 | 98,426 | ||||||
| Luther Burbank Corp. |
26,500 | 270,565 | ||||||
| Mercantile Bank Corp. |
2,000 | 58,480 | ||||||
| 80 |
VALIC Company II Small Cap Value Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS (continued) |
||||||||
| Banks - Commercial (continued) |
| |||||||
| Meridian Corp. |
3,000 | $ | 73,320 | |||||
| Meta Financial Group, Inc. |
14,400 | 637,776 | ||||||
| Metropolitan Bank Holding Corp.† |
1,400 | 72,422 | ||||||
| Midland States Bancorp, Inc. |
3,500 | 85,750 | ||||||
| Northrim BanCorp, Inc. |
2,700 | 103,923 | ||||||
| OFG Bancorp |
15,800 | 305,098 | ||||||
| Old National Bancorp |
51,800 | 939,134 | ||||||
| Old Second Bancorp, Inc. |
11,400 | 136,458 | ||||||
| OP Bancorp |
13,500 | 124,065 | ||||||
| Orrstown Financial Services, Inc. |
5,800 | 112,984 | ||||||
| PacWest Bancorp |
5,135 | 186,092 | ||||||
| Peapack-Gladstone Financial Corp. |
13,700 | 376,887 | ||||||
| Pinnacle Financial Partners, Inc. |
5,200 | 422,084 | ||||||
| Preferred Bank |
1,900 | 110,105 | ||||||
| Premier Financial Bancorp, Inc. |
2,425 | 37,684 | ||||||
| Premier Financial Corp. |
13,320 | 408,391 | ||||||
| Provident Bancorp, Inc. |
18,000 | 220,500 | ||||||
| RBB Bancorp |
7,800 | 146,640 | ||||||
| Renasant Corp. |
1,500 | 58,920 | ||||||
| Republic Bancorp, Inc., Class A |
2,400 | 100,896 | ||||||
| S&T Bancorp, Inc. |
2,380 | 68,734 | ||||||
| Sandy Spring Bancorp, Inc. |
16,600 | 623,828 | ||||||
| Select Bancorp, Inc.† |
56,373 | 616,721 | ||||||
| Shore Bancshares, Inc. |
3,300 | 50,490 | ||||||
| Sierra Bancorp |
4,100 | 97,785 | ||||||
| Tompkins Financial Corp. |
2,348 | 181,571 | ||||||
| TriCo Bancshares |
5,000 | 215,350 | ||||||
| TriState Capital Holdings, Inc.† |
5,800 | 133,110 | ||||||
| Trustmark Corp. |
54,700 | 1,649,752 | ||||||
| UMB Financial Corp. |
23,560 | 1,987,757 | ||||||
| Umpqua Holdings Corp. |
94,514 | 1,613,354 | ||||||
| United Bankshares, Inc. |
32,500 | 1,200,875 | ||||||
| United Community Banks, Inc. |
45,500 | 1,504,230 | ||||||
| Valley National Bancorp |
4,920 | 60,270 | ||||||
| Veritex Holdings, Inc. |
29,022 | 843,960 | ||||||
| Washington Trust Bancorp, Inc. |
3,980 | 189,249 | ||||||
| Webster Financial Corp. |
11,800 | 652,658 | ||||||
| West BanCorp, Inc. |
1,330 | 30,364 | ||||||
| Westamerica BanCorp |
17,424 | 1,047,357 | ||||||
| Western Alliance Bancorp |
3,600 | 329,436 | ||||||
| Western New England Bancorp, Inc. |
6,900 | 55,269 | ||||||
| Wintrust Financial Corp. |
7,700 | 567,182 | ||||||
| 65,282,742 | ||||||||
| Banks - Mortgage — 0.2% |
| |||||||
| Walker & Dunlop, Inc. |
7,900 | 787,314 | ||||||
| Broadcast Services/Program — 0.1% |
| |||||||
| Hemisphere Media Group, Inc.† |
28,000 | 309,400 | ||||||
| Building & Construction Products - Misc. — 1.1% |
| |||||||
| Builders FirstSource, Inc.† |
74,550 | 3,225,406 | ||||||
| Gibraltar Industries, Inc.† |
5,800 | 506,630 | ||||||
| Louisiana-Pacific Corp. |
9,700 | 461,817 | ||||||
| Summit Materials, Inc., Class A† |
27,200 | 753,712 | ||||||
| 4,947,565 | ||||||||
| Building & Construction - Misc. — 0.7% |
| |||||||
| EMCOR Group, Inc. |
28,298 | 2,755,376 | ||||||
| MYR Group, Inc.† |
5,000 | 294,750 | ||||||
| 3,050,126 | ||||||||
| Building Products - Doors & Windows — 0.1% |
| |||||||
| Cornerstone Building Brands, Inc.† |
26,600 | 302,974 | ||||||
| Building Products - Light Fixtures — 0.0% |
| |||||||
| LSI Industries, Inc. |
6,200 | 55,924 | ||||||
| Security Description | Shares | Value (Note 2) |
||||||
| Building Products - Wood — 0.2% |
| |||||||
| Boise Cascade Co. |
18,000 | $ | 898,920 | |||||
| Building - Heavy Construction — 2.2% |
| |||||||
| Aegion Corp.† |
15,400 | 398,090 | ||||||
| Arcosa, Inc. |
18,500 | 1,049,505 | ||||||
| Dycom Industries, Inc.† |
3,000 | 229,740 | ||||||
| Great Lakes Dredge & Dock Corp.† |
29,700 | 451,143 | ||||||
| MasTec, Inc.† |
32,050 | 2,780,337 | ||||||
| Primoris Services Corp. |
88,300 | 2,955,401 | ||||||
| Sterling Construction Co., Inc.† |
31,500 | 717,570 | ||||||
| Tutor Perini Corp.† |
110,800 | 1,628,760 | ||||||
| 10,210,546 | ||||||||
| Building - Maintenance & Services — 0.6% |
| |||||||
| ABM Industries, Inc. |
64,200 | 2,772,156 | ||||||
| Building - Residential/Commercial — 0.7% |
| |||||||
| KB Home |
8,700 | 351,306 | ||||||
| Meritage Homes Corp.† |
6,600 | 556,446 | ||||||
| Taylor Morrison Home Corp.† |
17,300 | 475,923 | ||||||
| Tri Pointe Homes, Inc.†# |
97,400 | 1,850,600 | ||||||
| 3,234,275 | ||||||||
| Cable/Satellite TV — 0.4% |
| |||||||
| Liberty Latin America, Ltd., Class A† |
59,500 | 652,715 | ||||||
| Liberty Latin America, Ltd., Class C† |
70,250 | 769,940 | ||||||
| WideOpenWest, Inc.† |
42,400 | 595,720 | ||||||
| 2,018,375 | ||||||||
| Casino Hotels — 0.2% |
| |||||||
| Boyd Gaming Corp.† |
14,300 | 839,410 | ||||||
| Casino Services — 0.3% |
| |||||||
| Caesars Entertainment, Inc.† |
10,100 | 943,744 | ||||||
| Scientific Games Corp.† |
5,500 | 257,565 | ||||||
| 1,201,309 | ||||||||
| Chemicals - Diversified — 0.4% |
| |||||||
| AdvanSix, Inc.† |
5,200 | 144,560 | ||||||
| Koppers Holdings, Inc.† |
41,800 | 1,396,538 | ||||||
| Orion Engineered Carbons SA |
11,700 | 207,090 | ||||||
| 1,748,188 | ||||||||
| Chemicals - Specialty — 0.8% |
| |||||||
| H.B. Fuller Co. |
2,000 | 112,140 | ||||||
| Kraton Corp.† |
10,100 | 375,619 | ||||||
| Minerals Technologies, Inc. |
10,560 | 752,189 | ||||||
| PQ Group Holdings, Inc. |
20,300 | 311,808 | ||||||
| Tronox Holdings PLC, Class A |
113,800 | 2,087,092 | ||||||
| 3,638,848 | ||||||||
| Circuit Boards — 0.0% |
| |||||||
| TTM Technologies, Inc.† |
15,800 | 223,096 | ||||||
| Coal — 0.7% |
| |||||||
| Arch Resources, Inc., Class A |
21,800 | 1,044,656 | ||||||
| SunCoke Energy, Inc. |
184,200 | 1,177,038 | ||||||
| Warrior Met Coal, Inc. |
63,300 | 1,213,461 | ||||||
| 3,435,155 | ||||||||
| Commercial Services — 0.4% |
| |||||||
| LiveRamp Holdings, Inc.† |
7,800 | 492,648 | ||||||
| SP Plus Corp.† |
16,600 | 550,290 | ||||||
| Team, Inc.† |
27,600 | 306,084 | ||||||
| WW International, Inc.† |
14,100 | 415,809 | ||||||
| 1,764,831 | ||||||||
| 81 |
VALIC Company II Small Cap Value Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS (continued) |
||||||||
| Commercial Services - Finance — 0.1% |
| |||||||
| Green Dot Corp., Class A† |
9,000 | $ | 425,340 | |||||
| Computer Data Security — 0.1% |
| |||||||
| Cognyte Software, Ltd.† |
5,200 | 150,124 | ||||||
| SecureWorks Corp., Class A† |
8,911 | 128,586 | ||||||
| 278,710 | ||||||||
| Computer Services — 0.5% |
| |||||||
| Perspecta, Inc. |
24,800 | 724,160 | ||||||
| StarTek, Inc.† |
49,000 | 397,390 | ||||||
| Sykes Enterprises, Inc.† |
19,800 | 809,028 | ||||||
| Unisys Corp.† |
22,200 | 545,010 | ||||||
| 2,475,588 | ||||||||
| Computer Software — 0.1% |
| |||||||
| Cloudera, Inc.† |
16,600 | 267,924 | ||||||
| Computers - Integrated Systems — 0.3% |
| |||||||
| Diebold Nixdorf, Inc.† |
92,400 | 1,341,648 | ||||||
| Computers - Other — 0.2% |
| |||||||
| 3D Systems Corp.† |
22,500 | 806,400 | ||||||
| Consulting Services — 0.5% |
| |||||||
| GP Strategies Corp.† |
27,400 | 359,762 | ||||||
| Huron Consulting Group, Inc.† |
13,200 | 671,880 | ||||||
| Kelly Services, Inc., Class A |
57,500 | 1,197,150 | ||||||
| 2,228,792 | ||||||||
| Consumer Products - Misc. — 0.6% |
| |||||||
| Central Garden & Pet Co., Class A† |
40,000 | 1,660,400 | ||||||
| Quanex Building Products Corp. |
25,300 | 615,549 | ||||||
| Spectrum Brands Holdings, Inc. |
4,500 | 348,975 | ||||||
| 2,624,924 | ||||||||
| Containers - Metal/Glass — 0.2% |
| |||||||
| Greif, Inc., Class A |
4,200 | 202,860 | ||||||
| O-I Glass, Inc. |
73,600 | 859,648 | ||||||
| 1,062,508 | ||||||||
| Containers - Paper/Plastic — 0.1% |
| |||||||
| Pactiv Evergreen Inc |
22,500 | 314,550 | ||||||
| TriMas Corp.† |
3,700 | 124,283 | ||||||
| 438,833 | ||||||||
| Cosmetics & Toiletries — 0.2% |
| |||||||
| Edgewell Personal Care Co. |
24,200 | 740,278 | ||||||
| Dental Supplies & Equipment — 0.1% |
| |||||||
| Patterson Cos., Inc. |
7,600 | 236,056 | ||||||
| Distribution/Wholesale — 2.0% |
| |||||||
| Avient Corp. |
41,400 | 1,789,308 | ||||||
| Core-Mark Holding Co., Inc. |
22,900 | 746,082 | ||||||
| G-III Apparel Group, Ltd.† |
54,700 | 1,574,813 | ||||||
| H&E Equipment Services, Inc. |
3,700 | 114,441 | ||||||
| KAR Auction Services, Inc. |
3,400 | 47,294 | ||||||
| Resideo Technologies, Inc.† |
5,500 | 132,110 | ||||||
| ScanSource, Inc.† |
68,900 | 1,959,516 | ||||||
| Veritiv Corp.† |
20,300 | 482,734 | ||||||
| WESCO International, Inc.† |
28,757 | 2,308,612 | ||||||
| 9,154,910 | ||||||||
| Diversified Manufacturing Operations — 0.3% |
| |||||||
| EnPro Industries, Inc. |
10,000 | 803,400 | ||||||
| Fabrinet† |
5,200 | 459,316 | ||||||
| 1,262,716 | ||||||||
| Security Description | Shares | Value (Note 2) |
||||||
| Drug Delivery Systems — 0.1% |
| |||||||
| Revance Therapeutics, Inc.† |
10,500 | $ | 275,730 | |||||
| E-Commerce/Products — 0.1% |
| |||||||
| Overstock.com, Inc.† |
4,000 | 268,680 | ||||||
| E-Commerce/Services — 0.4% |
| |||||||
| Cars.com, Inc.† |
118,600 | 1,384,062 | ||||||
| Groupon, Inc.† |
10,500 | 455,700 | ||||||
| 1,839,762 | ||||||||
| E-Marketing/Info — 0.1% |
| |||||||
| comScore, Inc.† |
123,900 | 452,235 | ||||||
| Electric Products - Misc. — 0.0% |
| |||||||
| Graham Corp. |
2,700 | 41,418 | ||||||
| Electric - Distribution — 0.1% |
| |||||||
| Genie Energy, Ltd., Class B |
6,500 | 49,075 | ||||||
| Spark Energy, Inc., Class A# |
31,400 | 313,058 | ||||||
| Unitil Corp. |
6,600 | 276,144 | ||||||
| 638,277 | ||||||||
| Electric - Integrated — 1.2% |
| |||||||
| ALLETE, Inc. |
13,200 | 820,116 | ||||||
| Avista Corp. |
14,180 | 570,178 | ||||||
| Black Hills Corp. |
19,200 | 1,135,872 | ||||||
| IDACORP, Inc. |
8,000 | 689,920 | ||||||
| NorthWestern Corp. |
4,300 | 251,464 | ||||||
| Portland General Electric Co. |
48,500 | 2,044,760 | ||||||
| 5,512,310 | ||||||||
| Electronic Components - Misc. — 1.9% |
| |||||||
| Bel Fuse, Inc., Class B |
19,000 | 337,250 | ||||||
| Benchmark Electronics, Inc. |
73,621 | 2,090,836 | ||||||
| Comtech Telecommunications Corp. |
3,700 | 99,456 | ||||||
| Sanmina Corp.† |
43,800 | 1,560,156 | ||||||
| SMART Global Holdings, Inc.† |
58,800 | 2,745,372 | ||||||
| Vishay Intertechnology, Inc. |
81,600 | 1,947,792 | ||||||
| 8,780,862 | ||||||||
| Electronic Components - Semiconductors — 0.4% |
| |||||||
| Alpha & Omega Semiconductor, Ltd.† |
7,500 | 263,925 | ||||||
| Amkor Technology, Inc. |
56,900 | 1,359,341 | ||||||
| GSI Technology, Inc.† |
7,700 | 56,518 | ||||||
| Photronics, Inc.† |
29,600 | 352,536 | ||||||
| 2,032,320 | ||||||||
| Electronic Security Devices — 0.2% |
| |||||||
| API Group Corp.†* |
51,000 | 943,500 | ||||||
| Energy - Alternate Sources — 1.1% |
| |||||||
| FutureFuel Corp. |
35,300 | 518,204 | ||||||
| Green Plains, Inc.† |
42,700 | 1,081,164 | ||||||
| Maxeon Solar Technologies, Ltd.† |
7,925 | 266,835 | ||||||
| Renewable Energy Group, Inc.† |
23,300 | 1,812,041 | ||||||
| REX American Resources Corp.† |
5,600 | 526,792 | ||||||
| Sunnova Energy International, Inc.† |
8,500 | 381,140 | ||||||
| SunPower Corp.†# |
13,800 | 479,826 | ||||||
| 5,066,002 | ||||||||
| Engineering/R&D Services — 0.5% |
| |||||||
| Fluor Corp. |
19,300 | 331,188 | ||||||
| KBR, Inc. |
64,200 | 1,990,200 | ||||||
| 2,321,388 | ||||||||
| Enterprise Software/Service — 0.8% |
| |||||||
| ACI Worldwide, Inc.† |
11,900 | 455,294 | ||||||
| Asure Software, Inc.† |
33,500 | 260,965 | ||||||
| 82 |
VALIC Company II Small Cap Value Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS (continued) |
||||||||
| Enterprise Software/Service (continued) |
| |||||||
| Donnelley Financial Solutions, Inc.† |
19,100 | $ | 496,409 | |||||
| Evolent Health, Inc., Class A† |
24,900 | 501,735 | ||||||
| MicroStrategy, Inc., Class A†# |
2,400 | 1,800,984 | ||||||
| Verint Systems, Inc.† |
5,900 | 290,811 | ||||||
| 3,806,198 | ||||||||
| Finance - Commercial — 0.4% |
| |||||||
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. |
29,600 | 1,664,408 | ||||||
| Marlin Business Services Corp. |
12,000 | 182,400 | ||||||
| MMA Capital Holdings, Inc.† |
1,900 | 42,180 | ||||||
| 1,888,988 | ||||||||
| Finance - Consumer Loans — 0.5% |
| |||||||
| Enova International, Inc.† |
13,500 | 414,450 | ||||||
| EZCORP, Inc., Class A† |
28,100 | 134,880 | ||||||
| Navient Corp. |
77,600 | 960,688 | ||||||
| Nelnet, Inc., Class A |
12,400 | 900,240 | ||||||
| Regional Management Corp. |
3,500 | 113,295 | ||||||
| 2,523,553 | ||||||||
| Finance - Investment Banker/Broker — 0.5% |
| |||||||
| Cowen, Inc., Class A# |
44,255 | 1,498,032 | ||||||
| Piper Sandler Cos. |
7,000 | 744,240 | ||||||
| 2,242,272 | ||||||||
| Finance - Leasing Companies — 0.2% |
| |||||||
| PROG Holdings, Inc. |
14,200 | 710,000 | ||||||
| Finance - Mortgage Loan/Banker — 0.5% |
| |||||||
| Mr. Cooper Group, Inc.† |
41,000 | 1,289,450 | ||||||
| Oportun Financial Corp.† |
14,200 | 231,744 | ||||||
| PennyMac Financial Services, Inc. |
11,200 | 663,152 | ||||||
| 2,184,346 | ||||||||
| Finance - Other Services — 0.0% |
| |||||||
| BGC Partners, Inc., Class A |
12,800 | 57,344 | ||||||
| Financial Guarantee Insurance — 0.8% |
| |||||||
| MBIA, Inc.† |
16,900 | 123,370 | ||||||
| MGIC Investment Corp. |
77,900 | 948,822 | ||||||
| NMI Holdings, Inc., Class A† |
28,600 | 653,796 | ||||||
| Radian Group, Inc. |
109,000 | 2,223,600 | ||||||
| 3,949,588 | ||||||||
| Food - Canned — 0.1% |
| |||||||
| Seneca Foods Corp., Class A† |
7,600 | 413,896 | ||||||
| Food - Misc./Diversified — 0.3% |
| |||||||
| B&G Foods, Inc.# |
10,500 | 318,465 | ||||||
| BellRing Brands, Inc., Class A† |
37,900 | 861,088 | ||||||
| 1,179,553 | ||||||||
| Food - Wholesale/Distribution — 0.4% |
| |||||||
| Performance Food Group Co.† |
16,600 | 900,384 | ||||||
| SpartanNash Co. |
32,400 | 590,652 | ||||||
| United Natural Foods, Inc.† |
11,800 | 312,110 | ||||||
| 1,803,146 | ||||||||
| Footwear & Related Apparel — 0.1% |
| |||||||
| Wolverine World Wide, Inc. |
18,100 | 632,595 | ||||||
| Gas - Distribution — 0.9% |
| |||||||
| New Jersey Resources Corp. |
17,300 | 679,717 | ||||||
| Northwest Natural Holding Co. |
3,300 | 158,367 | ||||||
| ONE Gas, Inc. |
10,500 | 703,185 | ||||||
| Southwest Gas Holdings, Inc. |
26,340 | 1,642,299 | ||||||
| Spire, Inc. |
15,600 | 1,036,152 | ||||||
| 4,219,720 | ||||||||
| Hazardous Waste Disposal — 0.1% |
| |||||||
| Heritage-Crystal Clean, Inc.† |
10,100 | 264,822 | ||||||
| Security Description | Shares | Value (Note 2) |
||||||
| Home Furnishings — 0.7% |
| |||||||
| Herman Miller, Inc. |
39,400 | $ | 1,511,187 | |||||
| Hooker Furniture Corp. |
8,500 | 287,385 | ||||||
| Purple Innovation, Inc.† |
19,500 | 717,405 | ||||||
| Sleep Number Corp.† |
6,800 | 932,484 | ||||||
| 3,448,461 | ||||||||
| Housewares — 0.2% |
| |||||||
| Lifetime Brands, Inc. |
30,500 | 395,585 | ||||||
| Tupperware Brands Corp.† |
17,500 | 534,975 | ||||||
| 930,560 | ||||||||
| Human Resources — 1.8% |
| |||||||
| Barrett Business Services, Inc. |
13,600 | 968,320 | ||||||
| Cross Country Healthcare, Inc.† |
90,000 | 999,900 | ||||||
| Heidrick & Struggles International, Inc. |
49,500 | 1,776,555 | ||||||
| Insperity, Inc. |
1,100 | 97,570 | ||||||
| Korn Ferry |
39,800 | 2,449,690 | ||||||
| TrueBlue, Inc.† |
90,100 | 1,876,783 | ||||||
| 8,168,818 | ||||||||
| Independent Power Producers — 0.7% |
| |||||||
| Clearway Energy, Inc., Class A |
54,600 | 1,427,790 | ||||||
| Clearway Energy, Inc., Class C |
43,900 | 1,205,494 | ||||||
| Vistra Corp. |
43,329 | 747,425 | ||||||
| 3,380,709 | ||||||||
| Insurance - Life/Health — 0.7% |
| |||||||
| American Equity Investment Life Holding Co. |
39,000 | 1,077,570 | ||||||
| CNO Financial Group, Inc. |
78,820 | 1,896,409 | ||||||
| Security National Financial Corp., Class A† |
6,262 | 56,421 | ||||||
| 3,030,400 | ||||||||
| Insurance - Property/Casualty — 0.7% |
| |||||||
| Ambac Financial Group, Inc.† |
19,600 | 332,220 | ||||||
| FedNat Holding Co. |
6,100 | 42,212 | ||||||
| First American Financial Corp. |
8,375 | 440,023 | ||||||
| Heritage Insurance Holdings, Inc. |
18,900 | 183,519 | ||||||
| Horace Mann Educators Corp. |
8,580 | 330,673 | ||||||
| ProAssurance Corp. |
27,500 | 680,625 | ||||||
| Selective Insurance Group, Inc. |
1,800 | 122,094 | ||||||
| Stewart Information Services Corp. |
16,200 | 764,640 | ||||||
| United Insurance Holdings Corp. |
31,000 | 192,820 | ||||||
| 3,088,826 | ||||||||
| Insurance - Reinsurance — 0.6% |
| |||||||
| Argo Group International Holdings, Ltd. |
15,375 | 710,479 | ||||||
| Essent Group, Ltd. |
51,200 | 2,110,976 | ||||||
| 2,821,455 | ||||||||
| Internet Content - Information/News — 0.2% |
| |||||||
| Yelp, Inc.† |
20,100 | 757,971 | ||||||
| Investment Management/Advisor Services — 1.4% |
| |||||||
| Artisan Partners Asset Management, Inc., Class A |
6,000 | 285,000 | ||||||
| Blucora, Inc.† |
14,300 | 231,660 | ||||||
| Boston Private Financial Holdings, Inc. |
50,000 | 688,000 | ||||||
| Federated Hermes, Inc. |
27,800 | 742,816 | ||||||
| Stifel Financial Corp. |
53,850 | 3,289,158 | ||||||
| Virtus Investment Partners, Inc. |
5,200 | 1,304,680 | ||||||
| 6,541,314 | ||||||||
| Lasers - System/Components — 0.1% |
| |||||||
| II-VI, Inc.† |
5,200 | 438,360 | ||||||
| Machinery - Construction & Mining — 0.8% |
| |||||||
| Astec Industries, Inc. |
14,200 | 964,464 | ||||||
| Manitowoc Co, Inc.† |
33,300 | 542,457 | ||||||
| 83 |
VALIC Company II Small Cap Value Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS (continued) |
||||||||
| Machinery - Construction & Mining (continued) |
| |||||||
| Terex Corp. |
54,300 | $ | 2,236,074 | |||||
| 3,742,995 | ||||||||
| Machinery - Electrical — 0.6% |
| |||||||
| Argan, Inc. |
48,200 | 2,410,964 | ||||||
| Bloom Energy Corp., Class A† |
17,300 | 493,569 | ||||||
| 2,904,533 | ||||||||
| Machinery - Farming — 0.3% |
| |||||||
| AGCO Corp. |
10,060 | 1,302,569 | ||||||
| Machinery - General Industrial — 0.7% |
| |||||||
| Altra Industrial Motion Corp. |
34,500 | 1,998,240 | ||||||
| Applied Industrial Technologies, Inc. |
4,800 | 409,776 | ||||||
| Chart Industries, Inc.† |
1,500 | 214,635 | ||||||
| DXP Enterprises, Inc.† |
17,800 | 534,712 | ||||||
| Gencor Industries, Inc.† |
6,700 | 95,140 | ||||||
| 3,252,503 | ||||||||
| Machinery - Material Handling — 0.1% |
| |||||||
| Columbus McKinnon Corp. |
8,100 | 407,754 | ||||||
| Machinery - Pumps — 0.1% |
| |||||||
| Cactus, Inc., Class A |
10,100 | 321,887 | ||||||
| CIRCOR International, Inc.† |
10,200 | 363,222 | ||||||
| 685,109 | ||||||||
| Machinery - Thermal Process — 0.1% |
| |||||||
| Thermon Group Holdings, Inc.† |
16,100 | 328,923 | ||||||
| Medical Information Systems — 0.3% |
| |||||||
| Allscripts Healthcare Solutions, Inc.† |
96,300 | 1,485,909 | ||||||
| Computer Programs & Systems, Inc. |
3,200 | 100,640 | ||||||
| 1,586,549 | ||||||||
| Medical Instruments — 0.1% |
| |||||||
| Apyx Medical Corp.† |
36,700 | 383,515 | ||||||
| Medical Labs & Testing Services — 0.2% |
| |||||||
| MEDNAX, Inc.† |
29,600 | 723,128 | ||||||
| Medical Products — 0.4% |
| |||||||
| Avanos Medical, Inc.† |
8,700 | 400,026 | ||||||
| Hanger, Inc.† |
9,600 | 211,008 | ||||||
| Invacare Corp. |
27,400 | 249,340 | ||||||
| LivaNova PLC† |
3,000 | 232,620 | ||||||
| Orthofix Medical, Inc.† |
16,800 | 781,368 | ||||||
| 1,874,362 | ||||||||
| Medical - Biomedical/Gene — 2.1% |
| |||||||
| Acceleron Pharma, Inc.† |
4,800 | 653,568 | ||||||
| Akero Therapeutics, Inc.† |
10,300 | 313,120 | ||||||
| ANI Pharmaceuticals, Inc.† |
9,800 | 285,180 | ||||||
| Arcus Biosciences, Inc.† |
28,730 | 1,013,020 | ||||||
| BioCryst Pharmaceuticals, Inc.† |
24,800 | 267,344 | ||||||
| Epizyme, Inc.† |
20,400 | 195,636 | ||||||
| Fate Therapeutics, Inc.† |
15,000 | 1,345,800 | ||||||
| Five Prime Therapeutics, Inc.† |
14,000 | 311,220 | ||||||
| Intra-Cellular Therapies, Inc.† |
11,500 | 407,445 | ||||||
| Iovance Biotherapeutics, Inc.† |
20,700 | 772,110 | ||||||
| Karyopharm Therapeutics, Inc.† |
13,200 | 182,424 | ||||||
| Myriad Genetics, Inc.† |
8,500 | 259,165 | ||||||
| Novavax, Inc.†# |
12,600 | 2,913,498 | ||||||
| Scholar Rock Holding Corp.† |
12,800 | 692,480 | ||||||
| WaVe Life Sciences, Ltd.† |
33,600 | 316,176 | ||||||
| 9,928,186 | ||||||||
| Medical - Drugs — 0.9% |
| |||||||
| 89bio, Inc.† |
14,200 | 348,752 | ||||||
| Security Description | Shares | Value (Note 2) |
||||||
| Medical - Drugs (continued) |
| |||||||
| Enanta Pharmaceuticals, Inc.† |
3,000 | $ | 147,960 | |||||
| Kala Pharmaceuticals, Inc.†# |
16,100 | 119,301 | ||||||
| Lannett Co., Inc.† |
223,938 | 1,357,064 | ||||||
| Minerva Neurosciences, Inc.†# |
21,600 | 66,960 | ||||||
| Protagonist Therapeutics, Inc.† |
49,400 | 1,164,358 | ||||||
| Spectrum Pharmaceuticals, Inc.† |
123,700 | 424,291 | ||||||
| Spero Therapeutics, Inc.†# |
17,162 | 311,834 | ||||||
| Zogenix, Inc.†# |
3,100 | 65,751 | ||||||
| 4,006,271 | ||||||||
| Medical - Generic Drugs — 0.5% |
| |||||||
| Endo International PLC† |
310,400 | 2,461,472 | ||||||
| Medical - HMO — 0.0% |
| |||||||
| Tivity Health, Inc.† |
7,600 | 180,880 | ||||||
| Medical - Hospitals — 0.8% |
| |||||||
| Surgery Partners, Inc.† |
25,400 | 1,002,538 | ||||||
| Tenet Healthcare Corp.† |
50,600 | 2,581,612 | ||||||
| 3,584,150 | ||||||||
| Medical - Nursing Homes — 0.1% |
| |||||||
| National HealthCare Corp. |
6,900 | 479,895 | ||||||
| Medical - Wholesale Drug Distribution — 0.2% |
| |||||||
| Owens & Minor, Inc. |
28,300 | 962,483 | ||||||
| Metal Processors & Fabrication — 0.2% |
| |||||||
| AZZ, Inc. |
7,000 | 357,630 | ||||||
| LB Foster Co., Class A† |
5,200 | 88,140 | ||||||
| Mueller Industries, Inc. |
1,300 | 52,832 | ||||||
| Rexnord Corp. |
11,600 | 521,420 | ||||||
| 1,020,022 | ||||||||
| Metal Products - Distribution — 0.1% |
| |||||||
| Worthington Industries, Inc. |
5,240 | 334,784 | ||||||
| Metal - Aluminum — 0.8% |
| |||||||
| Alcoa Corp.† |
61,500 | 1,509,825 | ||||||
| Arconic Corp.† |
52,000 | 1,139,840 | ||||||
| Century Aluminum Co.† |
9,200 | 126,316 | ||||||
| Kaiser Aluminum Corp. |
10,075 | 1,149,557 | ||||||
| 3,925,538 | ||||||||
| Multimedia — 0.1% |
| |||||||
| E.W. Scripps Co., Class A |
33,000 | 621,060 | ||||||
| Networking Products — 0.3% |
| |||||||
| Infinera Corp.† |
77,500 | 761,437 | ||||||
| NeoPhotonics Corp.† |
57,000 | 547,770 | ||||||
| 1,309,207 | ||||||||
| Night Clubs — 0.1% |
| |||||||
| RCI Hospitality Holdings, Inc. |
5,200 | 334,100 | ||||||
| Office Automation & Equipment — 0.0% |
| |||||||
| Pitney Bowes, Inc. |
23,300 | 197,584 | ||||||
| Office Furnishings - Original — 0.4% |
| |||||||
| HNI Corp. |
11,100 | 395,049 | ||||||
| Knoll, Inc. |
24,500 | 399,595 | ||||||
| Steelcase, Inc., Class A |
90,300 | 1,258,782 | ||||||
| 2,053,426 | ||||||||
| Office Supplies & Forms — 0.3% |
| |||||||
| ACCO Brands Corp. |
189,500 | 1,534,950 | ||||||
| Oil & Gas Drilling — 0.1% |
| |||||||
| Patterson-UTI Energy, Inc. |
70,900 | 524,660 | ||||||
| Oil Companies - Exploration & Production — 2.1% |
| |||||||
| Antero Resources Corp.† |
33,800 | 304,200 | ||||||
| Berry Corp. |
154,800 | 767,808 | ||||||
| 84 |
VALIC Company II Small Cap Value Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS (continued) |
||||||||
| Oil Companies - Exploration & Production (continued) |
| |||||||
| Bonanza Creek Energy, Inc.† |
6,800 | $ | 217,124 | |||||
| CNX Resources Corp.† |
27,300 | 344,253 | ||||||
| Evolution Petroleum Corp. |
19,700 | 69,935 | ||||||
| Falcon Minerals Corp. |
93,600 | 369,720 | ||||||
| Kosmos Energy, Ltd. |
35,900 | 110,572 | ||||||
| Magnolia Oil & Gas Corp., Class A†# |
103,200 | 1,244,592 | ||||||
| Matador Resources Co.† |
33,100 | 691,459 | ||||||
| Ovintiv, Inc. |
92,500 | 2,133,975 | ||||||
| PDC Energy, Inc.† |
65,600 | 2,292,720 | ||||||
| Range Resources Corp.† |
66,600 | 642,024 | ||||||
| Southwestern Energy Co.† |
27,000 | 109,350 | ||||||
| Talos Energy, Inc.† |
9,800 | 103,782 | ||||||
| W&T Offshore, Inc.†# |
58,200 | 191,478 | ||||||
| 9,592,992 | ||||||||
| Oil Refining & Marketing — 0.4% |
| |||||||
| CVR Energy, Inc. |
32,000 | 706,560 | ||||||
| Delek US Holdings, Inc. |
37,100 | 911,176 | ||||||
| Par Pacific Holdings, Inc.† |
15,600 | 275,652 | ||||||
| PBF Energy, Inc., Class A |
6,900 | 97,980 | ||||||
| 1,991,368 | ||||||||
| Oil - Field Services — 1.9% |
| |||||||
| Bristow Group, Inc.† |
2,933 | 78,076 | ||||||
| ChampionX Corp.† |
38,500 | 818,895 | ||||||
| Helix Energy Solutions Group, Inc.† |
36,500 | 178,850 | ||||||
| Liberty Oilfield Services, Inc., Class A |
11,200 | 130,928 | ||||||
| Matrix Service Co.† |
93,200 | 1,264,724 | ||||||
| MRC Global, Inc.† |
74,200 | 648,508 | ||||||
| National Energy Services Reunited Corp.†# |
11,400 | 151,050 | ||||||
| NexTier Oilfield Solutions, Inc.† |
103,066 | 479,257 | ||||||
| NOW, Inc.† |
226,900 | 2,411,947 | ||||||
| Oceaneering International, Inc.† |
67,500 | 796,500 | ||||||
| Oil States International, Inc.† |
43,300 | 317,389 | ||||||
| ProPetro Holding Corp.† |
69,300 | 794,871 | ||||||
| Select Energy Services, Inc., Class A† |
116,300 | 735,016 | ||||||
| Solaris Oilfield Infrastructure, Inc., Class A |
15,900 | 187,779 | ||||||
| 8,993,790 | ||||||||
| Paper & Related Products — 1.0% |
| |||||||
| Domtar Corp. |
46,740 | 1,731,717 | ||||||
| Glatfelter Corp. |
23,500 | 377,175 | ||||||
| Neenah, Inc. |
9,200 | 508,944 | ||||||
| Schweitzer-Mauduit International, Inc. |
32,300 | 1,508,410 | ||||||
| Verso Corp., Class A |
42,000 | 525,000 | ||||||
| 4,651,246 | ||||||||
| Pastoral & Agricultural — 0.4% |
| |||||||
| Darling Ingredients, Inc.† |
28,600 | 1,802,944 | ||||||
| Power Converter/Supply Equipment — 0.2% |
| |||||||
| Powell Industries, Inc. |
28,500 | 887,205 | ||||||
| Precious Metals — 0.2% |
| |||||||
| Coeur Mining, Inc.† |
37,100 | 334,271 | ||||||
| Hecla Mining Co. |
108,300 | 707,199 | ||||||
| 1,041,470 | ||||||||
| Printing - Commercial — 0.2% |
| |||||||
| Cimpress PLC†# |
1,100 | 108,988 | ||||||
| Deluxe Corp. |
8,800 | 347,864 | ||||||
| Quad/Graphics, Inc. |
101,200 | 443,256 | ||||||
| 900,108 | ||||||||
| Publishing - Books — 0.4% |
| |||||||
| Gannett Co, Inc.† |
97,400 | 482,130 | ||||||
| Security Description | Shares | Value (Note 2) |
||||||
| Publishing - Books (continued) |
| |||||||
| Houghton Mifflin Harcourt Co.† |
254,200 | $ | 1,550,620 | |||||
| 2,032,750 | ||||||||
| Publishing - Newspapers — 0.2% |
| |||||||
| TEGNA, Inc. |
40,600 | 740,138 | ||||||
| Publishing - Periodicals — 0.0% |
| |||||||
| Meredith Corp. |
5,000 | 123,900 | ||||||
| Racetracks — 0.5% |
| |||||||
| Penn National Gaming, Inc.†# |
20,700 | 2,396,646 | ||||||
| Real Estate Investment Trusts — 9.1% |
| |||||||
| Acadia Realty Trust |
26,700 | 504,897 | ||||||
| Agree Realty Corp. |
5,700 | 367,992 | ||||||
| Alexander & Baldwin, Inc. |
54,675 | 955,172 | ||||||
| American Assets Trust, Inc. |
17,600 | 547,008 | ||||||
| American Finance Trust, Inc. |
71,900 | 637,034 | ||||||
| Apollo Commercial Real Estate Finance, Inc. |
52,300 | 695,067 | ||||||
| Ares Commercial Real Estate Corp. |
57,700 | 796,837 | ||||||
| Armada Hoffler Properties, Inc. |
47,400 | 611,934 | ||||||
| Blackstone Mtg. Trust, Inc., Class A |
51,900 | 1,515,480 | ||||||
| Broadstone Net Lease, Inc., Class A |
45,600 | 824,904 | ||||||
| BRT Apartments Corp. |
2,500 | 39,600 | ||||||
| CareTrust REIT, Inc. |
14,400 | 319,392 | ||||||
| CatchMark Timber Trust, Inc., Class A |
16,600 | 169,486 | ||||||
| Centerspace |
3,600 | 247,068 | ||||||
| Chatham Lodging Trust |
15,600 | 217,308 | ||||||
| Cherry Hill Mtg. Investment Corp.# |
2,987 | 29,332 | ||||||
| City Office REIT, Inc. |
84,000 | 853,440 | ||||||
| Colony Capital, Inc.# |
117,600 | 696,192 | ||||||
| Colony Credit Real Estate, Inc. |
5,100 | 42,075 | ||||||
| Columbia Property Trust, Inc. |
10,100 | 142,612 | ||||||
| CorePoint Lodging, Inc. |
25,800 | 235,038 | ||||||
| Cousins Properties, Inc. |
13,449 | 451,080 | ||||||
| DiamondRock Hospitality Co.† |
203,034 | 2,054,704 | ||||||
| Diversified Healthcare Trust |
19,100 | 85,950 | ||||||
| Easterly Government Properties, Inc. |
5,700 | 125,286 | ||||||
| Ellington Financial, Inc. |
13,000 | 204,360 | ||||||
| Essential Properties Realty Trust, Inc. |
23,200 | 538,240 | ||||||
| First Industrial Realty Trust, Inc. |
15,900 | 679,089 | ||||||
| Getty Realty Corp. |
28,446 | 795,919 | ||||||
| Gladstone Commercial Corp. |
37,100 | 693,028 | ||||||
| Global Medical REIT, Inc. |
10,500 | 141,435 | ||||||
| Global Net Lease, Inc. |
34,700 | 644,726 | ||||||
| Granite Point Mtg. Trust, Inc. |
28,700 | 320,292 | ||||||
| Great Ajax Corp. |
6,300 | 70,875 | ||||||
| Healthcare Realty Trust, Inc. |
21,700 | 626,262 | ||||||
| Hersha Hospitality Trust† |
2,700 | 30,024 | ||||||
| Highwoods Properties, Inc. |
10,500 | 419,580 | ||||||
| Innovative Industrial Properties, Inc. |
4,000 | 780,000 | ||||||
| Kite Realty Group Trust |
30,800 | 590,436 | ||||||
| KKR Real Estate Finance Trust, Inc. |
29,000 | 534,470 | ||||||
| Ladder Capital Corp. |
114,500 | 1,309,880 | ||||||
| Lexington Realty Trust |
30,900 | 331,248 | ||||||
| Mack-Cali Realty Corp. |
15,800 | 220,726 | ||||||
| National Health Investors, Inc. |
1,100 | 75,097 | ||||||
| New Senior Investment Group, Inc. |
194,600 | 1,189,006 | ||||||
| New York Mtg. Trust, Inc. |
85,200 | 355,284 | ||||||
| NexPoint Residential Trust, Inc. |
1,117 | 45,842 | ||||||
| Pebblebrook Hotel Trust |
11,193 | 253,633 | ||||||
| PennyMac Mtg. Investment Trust |
50,200 | 952,294 | ||||||
| Physicians Realty Trust |
27,200 | 462,400 | ||||||
| Piedmont Office Realty Trust, Inc., Class A |
40,700 | 694,342 | ||||||
| Plymouth Industrial REIT, Inc. |
2,000 | 29,840 | ||||||
| PotlatchDeltic Corp. |
31,100 | 1,578,325 | ||||||
| 85 |
VALIC Company II Small Cap Value Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS (continued) |
||||||||
| Real Estate Investment Trusts (continued) |
| |||||||
| QTS Realty Trust, Inc., Class A# |
800 | $ | 49,696 | |||||
| Ready Capital Corp. |
18,900 | 247,968 | ||||||
| Redwood Trust, Inc. |
144,400 | 1,420,896 | ||||||
| Retail Opportunity Investments Corp. |
21,500 | 339,915 | ||||||
| Retail Properties of America, Inc., Class A |
86,400 | 909,792 | ||||||
| Retail Value, Inc. |
6,621 | 110,571 | ||||||
| RLJ Lodging Trust |
28,726 | 450,998 | ||||||
| Ryman Hospitality Properties, Inc. |
2,200 | 170,038 | ||||||
| Sabra Health Care REIT, Inc. |
67,600 | 1,164,072 | ||||||
| Saul Centers, Inc. |
1,200 | 42,504 | ||||||
| Service Properties Trust |
41,540 | 533,374 | ||||||
| SITE Centers Corp. |
62,500 | 833,750 | ||||||
| STAG Industrial, Inc.# |
41,500 | 1,309,325 | ||||||
| Summit Hotel Properties, Inc. |
13,200 | 136,620 | ||||||
| Sunstone Hotel Investors, Inc. |
216,872 | 2,864,879 | ||||||
| TPG RE Finance Trust, Inc. |
54,500 | 568,980 | ||||||
| Two Harbors Investment Corp. |
89,805 | 648,392 | ||||||
| UMH Properties, Inc. |
4,200 | 71,694 | ||||||
| Urban Edge Properties |
41,300 | 681,450 | ||||||
| Urstadt Biddle Properties, Inc., Class A |
8,200 | 132,184 | ||||||
| Xenia Hotels & Resorts, Inc. |
89,800 | 1,793,306 | ||||||
| 42,211,945 | ||||||||
| Real Estate Management/Services — 0.5% |
| |||||||
| Newmark Group, Inc., Class A |
66,929 | 670,629 | ||||||
| Realogy Holdings Corp.†# |
105,800 | 1,595,464 | ||||||
| 2,266,093 | ||||||||
| Rental Auto/Equipment — 1.0% |
| |||||||
| Aaron’s Co., Inc.† |
7,100 | 155,916 | ||||||
| Herc Holdings, Inc.† |
46,100 | 4,045,736 | ||||||
| Rent-A-Center, Inc. |
11,200 | 646,912 | ||||||
| 4,848,564 | ||||||||
| Resort/Theme Parks — 0.6% |
| |||||||
| Marriott Vacations Worldwide Corp. |
17,400 | 2,952,954 | ||||||
| Retail - Apparel/Shoe — 1.2% |
| |||||||
| Abercrombie & Fitch Co., Class A |
92,900 | 2,542,673 | ||||||
| Caleres, Inc. |
32,700 | 518,622 | ||||||
| Children’s Place, Inc.† |
4,700 | 325,475 | ||||||
| Genesco, Inc.† |
28,400 | 1,276,296 | ||||||
| Guess?, Inc.# |
36,800 | 927,728 | ||||||
| 5,590,794 | ||||||||
| Retail - Appliances — 0.0% |
| |||||||
| Conn’s, Inc.† |
5,600 | 79,464 | ||||||
| Retail - Arts & Crafts — 0.1% |
| |||||||
| Michaels Cos., Inc.†# |
23,100 | 346,500 | ||||||
| Retail - Automobile — 0.7% |
| |||||||
| Group 1 Automotive, Inc. |
5,800 | 884,152 | ||||||
| Lithia Motors, Inc., Class A |
2,500 | 934,875 | ||||||
| Rush Enterprises, Inc., Class A |
11,900 | 504,917 | ||||||
| Sonic Automotive, Inc., Class A |
19,400 | 894,534 | ||||||
| 3,218,478 | ||||||||
| Retail - Bedding — 0.3% |
| |||||||
| Bed Bath & Beyond, Inc. |
53,400 | 1,434,324 | ||||||
| Retail - Building Products — 0.7% |
| |||||||
| Beacon Roofing Supply, Inc.† |
15,700 | 750,931 | ||||||
| GMS, Inc.† |
62,500 | 2,287,500 | ||||||
| 3,038,431 | ||||||||
| Security Description | Shares | Value (Note 2) |
||||||
| Retail - Discount — 0.3% |
| |||||||
| Big Lots, Inc. |
9,100 | $ | 578,214 | |||||
| Citi Trends, Inc. |
9,400 | 732,166 | ||||||
| 1,310,380 | ||||||||
| Retail - Drug Store — 0.1% |
| |||||||
| Rite Aid Corp.† |
13,504 | 264,408 | ||||||
| Retail - Home Furnishings — 0.1% |
| |||||||
| Haverty Furniture Cos., Inc. |
14,100 | 509,997 | ||||||
| Retail - Jewelry — 0.3% |
| |||||||
| Movado Group, Inc. |
2,800 | 63,840 | ||||||
| Signet Jewelers, Ltd.† |
31,200 | 1,553,136 | ||||||
| 1,616,976 | ||||||||
| Retail - Leisure Products — 0.0% |
| |||||||
| MarineMax, Inc.† |
2,400 | 107,160 | ||||||
| Retail - Office Supplies — 0.3% |
| |||||||
| ODP Corp. |
40,000 | 1,530,800 | ||||||
| Retail - Petroleum Products — 0.0% |
| |||||||
| Murphy USA, Inc. |
1,800 | 224,370 | ||||||
| Retail - Regional Department Stores — 0.9% |
| |||||||
| Dillard’s, Inc., Class A |
19,300 | 1,538,210 | ||||||
| Macy’s, Inc. |
166,100 | 2,526,381 | ||||||
| 4,064,591 | ||||||||
| Retail - Restaurants — 0.7% |
| |||||||
| BJ’s Restaurants, Inc.† |
15,000 | 832,950 | ||||||
| Brinker International, Inc. |
31,700 | 2,174,303 | ||||||
| Dine Brands Global, Inc. |
4,800 | 379,728 | ||||||
| 3,386,981 | ||||||||
| Retail - Sporting Goods — 0.2% |
| |||||||
| Zumiez, Inc.† |
17,300 | 779,884 | ||||||
| Rubber - Tires — 0.4% |
| |||||||
| Cooper Tire & Rubber Co. |
20,900 | 1,196,316 | ||||||
| Goodyear Tire & Rubber Co.† |
47,900 | 805,199 | ||||||
| 2,001,515 | ||||||||
| Rubber/Plastic Products — 0.3% |
| |||||||
| Myers Industries, Inc. |
3,858 | 85,416 | ||||||
| Trinseo SA |
23,645 | 1,530,068 | ||||||
| 1,615,484 | ||||||||
| Satellite Telecom — 0.1% |
| |||||||
| Gogo, Inc.†# |
16,000 | 189,600 | ||||||
| KVH Industries, Inc.† |
5,700 | 77,862 | ||||||
| 267,462 | ||||||||
| Savings & Loans/Thrifts — 2.5% |
| |||||||
| Axos Financial, Inc.† |
24,000 | 1,110,480 | ||||||
| Berkshire Hills Bancorp, Inc. |
45,200 | 911,232 | ||||||
| Brookline Bancorp, Inc. |
24,500 | 348,635 | ||||||
| ESSA Bancorp, Inc. |
4,300 | 67,553 | ||||||
| Flushing Financial Corp. |
20,400 | 423,300 | ||||||
| FS Bancorp, Inc. |
1,700 | 103,071 | ||||||
| HomeTrust Bancshares, Inc. |
20,700 | 478,998 | ||||||
| Investors Bancorp, Inc. |
178,500 | 2,381,190 | ||||||
| Meridian Bancorp, Inc. |
32,800 | 549,400 | ||||||
| Northfield Bancorp, Inc. |
65,800 | 900,802 | ||||||
| OceanFirst Financial Corp. |
51,300 | 1,114,749 | ||||||
| Pacific Premier Bancorp, Inc. |
10,700 | 431,210 | ||||||
| Provident Financial Holdings, Inc. |
1,700 | 26,775 | ||||||
| Provident Financial Services, Inc. |
62,677 | 1,267,956 | ||||||
| Territorial Bancorp, Inc. |
1,800 | 44,244 | ||||||
| 86 |
VALIC Company II Small Cap Value Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS (continued) |
||||||||
| Savings & Loans/Thrifts (continued) |
| |||||||
| Washington Federal, Inc. |
36,600 | $ | 1,106,052 | |||||
| WSFS Financial Corp. |
10,356 | 550,318 | ||||||
| 11,815,965 | ||||||||
| Schools — 0.0% |
| |||||||
| American Public Education, Inc.† |
3,100 | 91,264 | ||||||
| Semiconductor Equipment — 0.4% |
| |||||||
| Cohu, Inc. |
18,700 | 812,515 | ||||||
| Veeco Instruments, Inc.† |
52,400 | 1,126,600 | ||||||
| 1,939,115 | ||||||||
| Steel - Producers — 1.0% |
| |||||||
| Carpenter Technology Corp. |
15,000 | 609,900 | ||||||
| Cleveland-Cliffs, Inc. |
162,700 | 2,170,418 | ||||||
| Commercial Metals Co. |
67,100 | 1,687,565 | ||||||
| 4,467,883 | ||||||||
| Steel - Specialty — 0.3% |
| |||||||
| Allegheny Technologies, Inc.† |
78,900 | 1,551,174 | ||||||
| Telecom Services — 0.2% |
| |||||||
| ATN International, Inc. |
5,700 | 277,476 | ||||||
| Consolidated Communications Holdings, Inc.† |
82,400 | 433,424 | ||||||
| Spok Holdings, Inc. |
29,100 | 311,952 | ||||||
| 1,022,852 | ||||||||
| Telecommunication Equipment — 0.1% |
| |||||||
| ADTRAN, Inc. |
34,900 | 587,716 | ||||||
| Television — 0.7% |
| |||||||
| AMC Networks, Inc., Class A† |
24,600 | 1,613,514 | ||||||
| Gray Television, Inc.† |
22,700 | 412,005 | ||||||
| Sinclair Broadcast Group, Inc., Class A |
34,700 | 1,073,271 | ||||||
| 3,098,790 | ||||||||
| Textile - Products — 0.0% |
| |||||||
| Albany International Corp., Class A |
1,000 | 79,050 | ||||||
| Theaters — 0.4% |
| |||||||
| AMC Entertainment Holdings, Inc., Class A# |
24,700 | 197,847 | ||||||
| Cinemark Holdings, Inc. |
72,200 | 1,620,890 | ||||||
| 1,818,737 | ||||||||
| Transactional Software — 0.1% |
| |||||||
| Synchronoss Technologies, Inc.† |
130,700 | 579,001 | ||||||
| Transport - Air Freight — 0.0% |
| |||||||
| Atlas Air Worldwide Holdings, Inc.† |
1,100 | 60,643 | ||||||
| Transport - Marine — 0.3% |
| |||||||
| Costamare, Inc. |
96,000 | 926,400 | ||||||
| DHT Holdings, Inc. |
22,100 | 123,318 | ||||||
| Dorian LPG, Ltd.† |
24,400 | 303,780 | ||||||
| International Seaways, Inc. |
8,500 | 147,390 | ||||||
| 1,500,888 | ||||||||
| Transport - Services — 0.5% |
| |||||||
| Echo Global Logistics, Inc.† |
62,600 | 1,744,036 | ||||||
| Hub Group, Inc., Class A† |
10,800 | 621,864 | ||||||
| 2,365,900 | ||||||||
| Transport - Truck — 0.8% |
| |||||||
| ArcBest Corp. |
62,620 | 3,693,954 | ||||||
| Covenant Logistics Group, Inc.† |
4,500 | 81,810 | ||||||
| 3,775,764 | ||||||||
| Travel Services — 0.3% |
| |||||||
| Liberty TripAdvisor Holdings, Inc., Class A† |
224,800 | 1,265,624 | ||||||
| Security Description | Shares/ Principal Amount |
Value (Note 2) |
||||||
| Water — 0.0% |
| |||||||
| Consolidated Water Co., Ltd. |
11,600 | $ | 150,220 | |||||
| Wireless Equipment — 0.2% |
| |||||||
| Maxar Technologies, Inc. |
21,200 | 1,014,420 | ||||||
| X-Ray Equipment — 0.1% |
| |||||||
| Varex Imaging Corp.† |
11,900 | 272,867 | ||||||
| ViewRay, Inc.† |
67,848 | 295,817 | ||||||
| 568,684 | ||||||||
| Total Long-Term Investment Securities |
||||||||
| (cost $339,225,957) |
446,691,277 | |||||||
| SHORT-TERM INVESTMENT SECURITIES — 0.3% |
| |||||||
| Registered Investment Companies — 0.3% |
| |||||||
| State Street Navigator Securities Lending Government Money Market Portfolio |
1,293,321 | 1,293,321 | ||||||
| REPURCHASE AGREEMENTS — 3.9% |
| |||||||
| Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 02/26/2021, to be repurchased 03/01/2021 in the amount of $7,494,000 and collateralized by $7,565,300 of United States Treasury Notes, bearing interest at 2.13% due 05/31/2021 and having an approximate value of $7,643,906 |
$ | 7,494,000 | 7,494,000 | |||||
| Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 02/26/2021, to be repurchased 03/01/2021 in the amount of $10,680,000 and collateralized by $10,485,000 of United States Treasury Notes, bearing interest at 1.50% due 11/30/2024 and having an approximate value of $10,893,688 |
10,680,000 | 10,680,000 | ||||||
| Total Repurchase Agreements |
||||||||
| (cost $18,174,000) |
18,174,000 | |||||||
| TOTAL INVESTMENTS |
||||||||
| (cost $358,693,278)(3) |
100.3 | % | 466,158,598 | |||||
| Liabilities in excess of other assets |
(0.3 | ) | (1,192,185 | ) | ||||
| NET ASSETS |
100.0 | % | $ | 464,966,413 | ||||
| † | Non-income producing security |
| # | The security or a portion thereof is out on loan (see Note 2). |
| * | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At February 28, 2021, the aggregate value of these securities was $943,500 representing 0.2% of net assets. |
| (1) | The rate shown is the 7-day yield as of February 28, 2021. |
| (2) | At February 28, 2021, the Fund had loaned securities with a total value of $11,178,613. This was secured by collateral of $1,293,321, which was received in cash and subsequently invested in short-term investments currently valued at $1,293,321 as reported in the Portfolio of Investments. Additional collateral of $10,097,451 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. |
| 87 |
VALIC Company II Small Cap Value Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
The components of the fixed income pooled securities referenced above are as follows:
| Securities |
Coupon Range |
Maturity Date Range |
Value as of February 28, 2021 |
|||||
| Federal Home Loan Mtg. Corp. |
1.00% to 3.50% | 02/01/2036 to 11/01/2050 | $ | 246,434 | ||||
| Federal National Mtg. Assoc. |
1.24% to 4.50% | 07/25/2030 to 09/01/2050 | 583,166 | |||||
| Government National Mtg. Assoc. |
1.00% to 2.70% | 09/20/2046 to 05/16/2053 | 115,480 | |||||
| United States Cash Management Bills |
0.00% | 06/01/2021 to 06/01/2021 | 490 | |||||
| United States Treasury Bills |
0.00% | 03/18/2021 to 12/30/2021 | 406,143 | |||||
| United States Treasury Notes/Bonds |
0.07% to 8.13% | 03/15/2021 to 11/15/2050 | 8,745,738 | |||||
| (3) | See Note 5 for cost of investments on a tax basis. |
| Futures Contracts | ||||||||||||||||||||||
| Number of Contracts |
Type | Description | Expiration Month |
Notional Basis* |
Notional Value* |
Unrealized Appreciation (Depreciation) |
||||||||||||||||
| 158 | Long | Russell 2000 E-Mini Index |
March 2021 | $ | 18,006,711 | $ | 17,373,680 | $ | (633,031 | ) | ||||||||||||
| * | 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 February 28, 2021 (see Note 2):
| Level 1 - Unadjusted Quoted Prices |
Level 2 - Other Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total |
|||||||||||||
| ASSETS: |
||||||||||||||||
| Investments at Value:* |
||||||||||||||||
| Common Stocks |
$ | 446,691,277 | $ | — | $ | — | $ | 446,691,277 | ||||||||
| Short-Term Investment Securities |
1,293,321 | — | — | 1,293,321 | ||||||||||||
| Repurchase Agreements |
— | 18,174,000 | — | 18,174,000 | ||||||||||||
| Total Investments at Value |
$ | 447,984,598 | $ | 18,174,000 | $ | — | $ | 466,158,598 | ||||||||
| LIABILITIES: |
||||||||||||||||
| Other Financial Instruments:+ |
||||||||||||||||
| Futures Contracts |
$ | 633,031 | $ | — | $ | — | $ | 633,031 | ||||||||
| * | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| + | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Financial Statements
| 88 |
VALIC Company II Strategic Bond Fund
PORTFOLIO PROFILE — February 28, 2021 (unaudited)
Industry Allocation*
| Sovereign |
13.3 | % | ||
| Registered Investment Companies |
10.5 | |||
| Federal National Mtg. Assoc. |
8.5 | |||
| United States Treasury Notes |
3.9 | |||
| Federal Home Loan Mtg. Corp. |
3.9 | |||
| Pipelines |
3.1 | |||
| Oil Companies — Exploration & Production |
2.7 | |||
| Diversified Banking Institutions |
2.6 | |||
| Real Estate Investment Trusts |
2.4 | |||
| Uniform Mtg. Backed Securities |
2.3 | |||
| Diversified Financial Services |
1.9 | |||
| Government National Mtg. Assoc. |
1.8 | |||
| Banks — Commercial |
1.7 | |||
| Oil Companies — Integrated |
1.4 | |||
| Medical — Hospitals |
1.4 | |||
| Auto — Cars/Light Trucks |
1.2 | |||
| Telephone — Integrated |
1.2 | |||
| Electric — Integrated |
1.1 | |||
| Cruise Lines |
1.1 | |||
| Cable/Satellite TV |
1.1 | |||
| Airlines |
1.0 | |||
| Satellite Telecom |
1.0 | |||
| Electric — Generation |
1.0 | |||
| Casino Hotels |
0.9 | |||
| Independent Power Producers |
0.8 | |||
| Finance — Consumer Loans |
0.8 | |||
| Steel — Producers |
0.7 | |||
| Metal — Copper |
0.7 | |||
| Food — Misc./Diversified |
0.6 | |||
| Human Resources |
0.6 | |||
| Distribution/Wholesale |
0.6 | |||
| Enterprise Software/Service |
0.6 | |||
| Containers — Paper/Plastic |
0.6 | |||
| Chemicals — Specialty |
0.6 | |||
| Protection/Safety |
0.5 | |||
| Oil — Field Services |
0.5 | |||
| Electric — Distribution |
0.5 | |||
| Medical — Drugs |
0.5 | |||
| Finance — Mortgage Loan/Banker |
0.5 | |||
| Hotels/Motels |
0.5 | |||
| Cellular Telecom |
0.5 | |||
| Rental Auto/Equipment |
0.5 | |||
| Paper & Related Products |
0.5 | |||
| Food — Wholesale/Distribution |
0.5 | |||
| Insurance — Life/Health |
0.5 | |||
| Broadcast Services/Program |
0.5 | |||
| Retail — Petroleum Products |
0.5 | |||
| Cosmetics & Toiletries |
0.4 | |||
| Retail — Restaurants |
0.4 | |||
| Aerospace/Defense — Equipment |
0.4 | |||
| Food — Retail |
0.4 | |||
| Resorts/Theme Parks |
0.4 | |||
| Security Services |
0.4 | |||
| Television |
0.4 | |||
| Federal Home Loan Bank |
0.4 | |||
| Theaters |
0.4 | |||
| Real Estate Operations & Development |
0.4 | |||
| Chemicals — Diversified |
0.4 | |||
| Finance — Credit Card |
0.3 | |||
| Agricultural Chemicals |
0.3 | |||
| Auto — Heavy Duty Trucks |
0.3 | |||
| Real Estate Management/Services |
0.3 | |||
| E-Commerce/Services |
0.3 | |||
| Investment Companies |
0.3 | |||
| Computer Software |
0.3 | |||
| Commercial Services — Finance |
0.3 | |||
| Investment Management/Advisor Services |
0.3 | |||
| Transport — Air Freight |
0.3 | |||
| Motion Pictures & Services |
0.3 |
| Multimedia |
0.3 | |||
| Vitamins & Nutrition Products |
0.3 | |||
| Poultry |
0.3 | |||
| Applications Software |
0.3 | |||
| Direct Marketing |
0.3 | |||
| Building Products — Doors & Windows |
0.3 | |||
| Research & Development |
0.3 | |||
| Transport — Services |
0.3 | |||
| Telecom Services |
0.2 | |||
| Computer Services |
0.2 | |||
| Transport — Equipment & Leasing |
0.2 | |||
| Casino Services |
0.2 | |||
| Computers — Integrated Systems |
0.2 | |||
| Coal |
0.2 | |||
| Finance — Auto Loans |
0.2 | |||
| Metal — Aluminum |
0.2 | |||
| Diversified Minerals |
0.2 | |||
| Medical — Generic Drugs |
0.2 | |||
| Computers |
0.2 | |||
| Auction Houses/Art Dealers |
0.2 | |||
| Non — Hazardous Waste Disposal |
0.2 | |||
| Recycling |
0.2 | |||
| Metal — Iron |
0.2 | |||
| Dialysis Centers |
0.2 | |||
| Insurance — Property/Casualty |
0.2 | |||
| SupraNational Banks |
0.2 | |||
| Building — Residential/Commercial |
0.2 | |||
| Retail — Pawn Shops |
0.2 | |||
| Medical Labs & Testing Services |
0.2 | |||
| Oil Refining & Marketing |
0.2 | |||
| Internet Content — Entertainment |
0.2 | |||
| Commercial Services |
0.2 | |||
| Finance — Investment Banker/Broker |
0.2 | |||
| Energy — Alternate Sources |
0.2 | |||
| Banks — Super Regional |
0.2 | |||
| Auto/Truck Parts & Equipment — Original |
0.2 | |||
| Food — Dairy Products |
0.2 | |||
| Pharmacy Services |
0.2 | |||
| Building & Construction Products — Misc. |
0.2 | |||
| Metal — Diversified |
0.2 | |||
| Building & Construction — Misc. |
0.2 | |||
| Containers — Metal/Glass |
0.1 | |||
| Insurance — Multi — line |
0.1 | |||
| Internet Telephone |
0.1 | |||
| Retail — Appliances |
0.1 | |||
| Batteries/Battery Systems |
0.1 | |||
| Financial Guarantee Insurance |
0.1 | |||
| Machinery — Farming |
0.1 | |||
| Regional Agencies |
0.1 | |||
| Finance — Leasing Companies |
0.1 | |||
| Regional Authority |
0.1 | |||
| Warehousing & Harbor Transportation Services |
0.1 | |||
| Sovereign Agency |
0.1 | |||
| Medical — Biomedical/Gene |
0.1 | |||
| Food — Meat Products |
0.1 | |||
| Insurance — Mutual |
0.1 | |||
| Chemicals — Other |
0.1 | |||
| Electronic Parts Distribution |
0.1 | |||
| Brewery |
0.1 | |||
| Insurance Brokers |
0.1 | |||
| Savings & Loans/Thrifts |
0.1 | |||
| Banks — Special Purpose |
0.1 | |||
| Oil Field Machinery & Equipment |
0.1 | |||
| Transport — Rail |
0.1 | |||
| Auto Repair Centers |
0.1 | |||
| Petrochemicals |
0.1 | |||
| Medical Information Systems |
0.1 | |||
| Circuit Boards |
0.1 | |||
| Medical Products |
0.1 |
| 89 |
VALIC Company II Strategic Bond Fund
PORTFOLIO PROFILE — February 28, 2021 (unaudited) — (continued)
Industry Allocation* (continued)
| Retail — Sporting Goods |
0.1 | % | ||
| Machinery — Construction & Mining |
0.1 | |||
| Drug Delivery Systems |
0.1 | |||
| Insurance — Reinsurance |
0.1 | |||
| Retail — Regional Department Stores |
0.1 | |||
| Industrial Gases |
0.1 | |||
| Airport Development/Maintenance |
0.1 | |||
| Trucking/Leasing |
0.1 | |||
| Telecom Equipment — Fiber Optics |
0.1 | |||
| Internet Financial Services |
0.1 | |||
| Quarrying |
0.1 | |||
| Electronic Components — Semiconductors |
0.1 | |||
| edical — HMO |
0.1 | |||
| Transport — Truck |
0.1 | |||
| Computer Graphics |
0.1 | |||
| 105.1 | % | |||
Credit Quality†#
| Aaa |
23.8 | % | ||
| Aa |
2.2 | |||
| A |
5.4 | |||
| Baa |
12.9 | |||
| Ba |
20.1 | |||
| B |
23.9 | |||
| Caa |
5.1 | |||
| Ca |
0.2 | |||
| Not Rated@ |
6.4 | |||
| 100.0 | % | |||
| * | Calculated as a percentage of net assets. |
| † | Source: Moody’s |
| # | Calculated as percentage of total debt issues, excluding short-term securities. |
| @ | Represent debt issues that either have no rating, or the rating is unavailable from the data source. |
| 90 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| ASSET BACKED SECURITIES — 1.5% |
| |||||||
| Diversified Financial Services — 1.5% |
| |||||||
| AmeriCredit Automobile Receivables Trust |
$ | 365,642 | $ | 369,921 | ||||
| BA Credit Card Trust |
500,000 | 511,212 | ||||||
| BA Credit Card Trust |
318,000 | 319,062 | ||||||
| BANK |
680,000 | 727,700 | ||||||
| Benchmark Mtg. Trust |
850,000 | 962,796 | ||||||
| BMW Vehicle Lease Trust |
350,000 | 352,693 | ||||||
| BX Commercial Mtg. Trust FRS |
700,000 | 699,126 | ||||||
| Capital One Prime Auto Receivables Trust |
100,000 | 101,550 | ||||||
| CarMax Auto Owner Trust |
200,000 | 204,241 | ||||||
| CarMax Auto Owner Trust |
250,000 | 255,001 | ||||||
| CarMax Auto Owner Trust |
297,248 | 302,925 | ||||||
| Chase Mtg. Finance Corp. VRS |
411,467 | 427,112 | ||||||
| Citibank Credit Card Issuance Trust |
100,000 | 117,907 | ||||||
| Citigroup Commercial Mtg. Trust VRS |
1,000,000 | 1,151,648 | ||||||
| COMM Mtg. Trust VRS |
4,131,470 | 111,598 | ||||||
| COMM Mtg. Trust VRS |
250,000 | 271,855 | ||||||
| CSAIL Commercial Mtg. Trust |
150,000 | 152,692 | ||||||
| CSAIL Commercial Mtg. Trust |
1,675,000 | 1,766,157 | ||||||
| CSAIL Commercial Mtg. Trust |
490,000 | 532,133 | ||||||
| GM Financial Consumer Automobile Receivables Trust |
200,000 | 201,208 | ||||||
| GM Financial Consumer Automobile Receivables Trust |
129,307 | 131,132 | ||||||
| Honda Auto Receivables Owner Trust |
60,000 | 59,900 | ||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Diversified Financial Services (continued) |
| |||||||
| Honda Auto Receivables Owner Trust |
$ | 100,000 | $ | 101,566 | ||||
| Honda Auto Receivables Owner Trust |
187,321 | 190,169 | ||||||
| JP Morgan Mtg. Trust VRS |
243,044 | 243,550 | ||||||
| JP Morgan Mtg. Trust VRS |
148,123 | 148,402 | ||||||
| MTRO Commercial Mtg. Trust FRS |
550,000 | 550,541 | ||||||
| One Bryant Park Trust |
640,000 | 658,953 | ||||||
| Shellpoint Co-Originator Trust VRS |
263,888 | 268,707 | ||||||
| Toyota Auto Loan Extended Note Trust |
425,000 | 450,453 | ||||||
| Toyota Auto Receivables Owner Trust |
200,000 | 206,782 | ||||||
| Volkswagen Auto Loan Enhanced Trust |
340,000 | 346,457 | ||||||
| Volkswagen Auto Loan Enhanced Trust |
150,000 | 155,454 | ||||||
| Total Asset Backed Securities |
||||||||
| (cost $12,584,245) |
13,050,603 | |||||||
| U.S. CONVERTIBLE BONDS & NOTES — 0.1% |
| |||||||
| Oil Field Machinery & Equipment — 0.1% |
| |||||||
| Hi-Crush, Inc. |
718,000 | 718,000 | ||||||
| U.S. CORPORATE BONDS & NOTES — 37.3% |
| |||||||
| Advertising Agencies — 0.0% |
| |||||||
| Interpublic Group of Cos., Inc. |
182,000 | 183,133 | ||||||
| Aerospace/Defense — 0.0% |
| |||||||
| BAE Systems Holdings, Inc. |
351,000 | 390,679 | ||||||
| Aerospace/Defense-Equipment — 0.4% |
| |||||||
| Moog, Inc. |
1,850,000 | 1,900,875 | ||||||
| Spirit AeroSystems, Inc. |
1,594,000 | 1,686,643 | ||||||
| 3,587,518 | ||||||||
| Airlines — 0.8% |
| |||||||
| American Airlines, Inc. |
2,300,000 | 2,737,000 | ||||||
| 91 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Airlines (continued) |
| |||||||
| Delta Air Lines, Inc. |
$ | 340,000 | $ | 337,423 | ||||
| Delta Air Lines, Inc. |
447,000 | 462,155 | ||||||
| Delta Air Lines, Inc. |
1,407,000 | 1,634,221 | ||||||
| United Airlines Holdings, Inc. |
1,036,000 | 1,061,447 | ||||||
| United Airlines Holdings, Inc. |
972,000 | 997,515 | ||||||
| 7,229,761 | ||||||||
| Applications Software — 0.2% |
| |||||||
| SS&C Technologies, Inc. |
1,515,000 | 1,604,461 | ||||||
| Auction Houses/Art Dealers — 0.2% |
| |||||||
| Sotheby’s |
1,515,000 | 1,636,200 | ||||||
| Auto-Cars/Light Trucks — 1.0% |
| |||||||
| BMW US Capital LLC |
107,000 | 107,330 | ||||||
| Ford Motor Co. |
3,419,000 | 3,458,318 | ||||||
| Ford Motor Co. |
2,726,000 | 3,206,458 | ||||||
| Ford Motor Co. |
285,000 | 369,431 | ||||||
| Ford Motor Credit Co. LLC |
203,000 | 200,970 | ||||||
| Ford Motor Credit Co. LLC |
419,000 | 428,428 | ||||||
| General Motors Financial Co., Inc. |
EUR | 550,000 | 673,443 | |||||
| General Motors Financial Co., Inc. |
199,000 | 209,061 | ||||||
| Hyundai Capital America |
179,000 | 192,074 | ||||||
| 8,845,513 | ||||||||
| Auto-Heavy Duty Trucks — 0.3% |
| |||||||
| Allison Transmission, Inc. |
1,619,000 | 1,548,169 | ||||||
| JB Poindexter & Co., Inc. |
1,220,000 | 1,287,100 | ||||||
| PACCAR Financial Corp. |
190,000 | 191,663 | ||||||
| 3,026,932 | ||||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Auto/Truck Parts & Equipment-Original — 0.1% |
| |||||||
| Dana, Inc. |
$ | 1,021,000 | $ | 1,066,945 | ||||
| Banks-Commercial — 0.4% |
| |||||||
| BankUnited, Inc. |
475,000 | 539,220 | ||||||
| BankUnited, Inc. Sub. Notes |
531,000 | 611,092 | ||||||
| Citizens Financial Group, Inc. |
265,000 | 263,009 | ||||||
| First Horizon Bank |
500,000 | 610,721 | ||||||
| Regions Financial Corp. |
395,000 | 581,389 | ||||||
| Santander Holdings USA, Inc. |
110,000 | 117,476 | ||||||
| Signature Bank |
636,000 | 657,772 | ||||||
| SunTrust Bank |
5,000 | 5,065 | ||||||
| Synovus Bank |
250,000 | 252,868 | ||||||
| Zions Bancorp NA |
229,000 | 236,530 | ||||||
| 3,875,142 | ||||||||
| Banks-Super Regional — 0.2% |
| |||||||
| Wells Fargo & Co. |
264,000 | 273,258 | ||||||
| Wells Fargo & Co. |
425,000 | 431,840 | ||||||
| Wells Fargo & Co. |
666,000 | 766,253 | ||||||
| 1,471,351 | ||||||||
| Batteries/Battery Systems — 0.1% |
| |||||||
| Energizer Holdings, Inc. |
1,315,000 | 1,311,712 | ||||||
| Beverages-Non-alcoholic — 0.0% |
| |||||||
| PepsiCo, Inc. |
214,000 | 225,212 | ||||||
| Brewery — 0.1% |
| |||||||
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
373,000 | 444,985 | ||||||
| Anheuser-Busch InBev Worldwide, Inc. |
358,000 | 411,268 | ||||||
| 856,253 | ||||||||
| 92 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Broadcast Services/Program — 0.4% |
| |||||||
| Discovery Communications LLC |
EUR | 250,000 | $ | 322,689 | ||||
| Discovery Communications LLC |
182,000 | 224,217 | ||||||
| Univision Communications, Inc. |
199,000 | 199,189 | ||||||
| Univision Communications, Inc. |
2,750,000 | 2,866,875 | ||||||
| 3,612,970 | ||||||||
| Building & Construction Products-Misc. — 0.2% |
| |||||||
| Owens Corning |
123,000 | 138,260 | ||||||
| Standard Industries, Inc. |
1,245,000 | 1,191,826 | ||||||
| 1,330,086 | ||||||||
| Building Products-Air & Heating — 0.0% |
| |||||||
| Carrier Global Corp. |
275,000 | 282,585 | ||||||
| Building Products-Doors & Windows — 0.2% |
| |||||||
| Griffon Corp. |
1,478,000 | 1,551,900 | ||||||
| Building Products-Wood — 0.0% |
| |||||||
| Masco Corp. |
156,000 | 152,171 | ||||||
| Cable/Satellite TV — 0.8% |
| |||||||
| Block Communications, Inc. |
1,228,000 | 1,255,630 | ||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. |
1,565,000 | 1,686,632 | ||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital |
75,000 | 72,110 | ||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital |
336,000 | 306,595 | ||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital |
211,000 | 229,862 | ||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital |
21,000 | 24,950 | ||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital |
67,000 | 88,334 | ||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Cable/Satellite TV (continued) |
| |||||||
| Comcast Corp. |
$ | 180,000 | $ | 155,156 | ||||
| Comcast Corp. |
209,000 | 230,700 | ||||||
| Comcast Corp. |
91,000 | 101,796 | ||||||
| Comcast Corp. |
40,000 | 45,843 | ||||||
| Comcast Corp. |
144,000 | 177,832 | ||||||
| CSC Holdings LLC |
1,922,000 | 2,020,502 | ||||||
| Time Warner Cable LLC |
258,000 | 348,405 | ||||||
| 6,744,347 | ||||||||
| Casino Hotels — 0.4% |
| |||||||
| Boyd Gaming Corp. |
1,055,000 | 1,073,093 | ||||||
| Boyd Gaming Corp. |
1,041,000 | 1,075,489 | ||||||
| Genting New York LLC/GENNY Capital, Inc. |
1,363,000 | 1,367,879 | ||||||
| 3,516,461 | ||||||||
| Casino Services — 0.2% |
| |||||||
| Caesars Entertainment, Inc. |
2,000,000 | 2,117,490 | ||||||
| Cellular Telecom — 0.1% |
| |||||||
| T-Mobile USA, Inc. |
358,000 | 334,096 | ||||||
| T-Mobile USA, Inc. |
138,000 | 128,517 | ||||||
| 462,613 | ||||||||
| Chemicals-Diversified — 0.1% |
| |||||||
| LYB International Finance III LLC |
126,000 | 125,315 | ||||||
| Westlake Chemical Corp. |
EUR | 365,000 | 452,648 | |||||
| 577,963 | ||||||||
| Chemicals-Specialty — 0.4% |
| |||||||
| Ecolab, Inc. |
151,000 | 155,148 | ||||||
| Huntsman International LLC |
122,000 | 137,452 | ||||||
| 93 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Chemicals-Specialty (continued) |
| |||||||
| Minerals Technologies, Inc. |
$ | 1,365,000 | $ | 1,423,217 | ||||
| Tronox, Inc. |
1,560,000 | 1,610,903 | ||||||
| 3,326,720 | ||||||||
| Circuit Boards — 0.1% |
| |||||||
| TTM Technologies, Inc. |
562,000 | 567,789 | ||||||
| Coal — 0.2% |
| |||||||
| SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. |
2,101,000 | 2,180,418 | ||||||
| Commercial Services — 0.2% |
| |||||||
| Nielsen Finance LLC/Nielsen Finance Co. |
544,000 | 575,280 | ||||||
| Nielsen Finance LLC/Nielsen Finance Co. |
860,000 | 929,875 | ||||||
| 1,505,155 | ||||||||
| Commercial Services-Finance — 0.2% |
| |||||||
| MPH Acquisition Holdings LLC |
1,635,000 | 1,622,737 | ||||||
| Computer Services — 0.2% |
| |||||||
| Banff Merger Sub, Inc. |
1,165,000 | 1,241,447 | ||||||
| IBM Credit LLC |
565,000 | 594,708 | ||||||
| Leidos, Inc. |
128,000 | 141,567 | ||||||
| Leidos, Inc. |
69,000 | 78,354 | ||||||
| 2,056,076 | ||||||||
| Computer Software — 0.1% |
| |||||||
| Rackspace Technology Global, Inc. |
1,140,000 | 1,117,667 | ||||||
| Computers — 0.2% |
| |||||||
| Apple, Inc. |
EUR | 270,000 | 355,811 | |||||
| Apple, Inc. |
165,000 | 172,095 | ||||||
| Dell International LLC/EMC Corp. |
236,000 | 347,849 | ||||||
| Hewlett Packard Enterprise Co. |
457,000 | 463,738 | ||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Computers (continued) |
| |||||||
| Hewlett Packard Enterprise Co. |
$ | 173,000 | $ | 224,166 | ||||
| 1,563,659 | ||||||||
| Computers-Integrated Systems — 0.2% |
| |||||||
| Diebold Nixdorf, Inc. |
1,159,000 | 1,182,180 | ||||||
| Diebold Nixdorf, Inc. |
793,000 | 886,177 | ||||||
| 2,068,357 | ||||||||
| Consumer Products-Misc. — 0.0% |
| |||||||
| Kimberly-Clark Corp. |
5,000 | 5,479 | ||||||
| Containers-Paper/Plastic — 0.0% |
| |||||||
| Sonoco Products Co |
262,000 | 277,851 | ||||||
| Cosmetics & Toiletries — 0.4% |
| |||||||
| Coty, Inc. |
2,506,000 | 2,471,167 | ||||||
| Edgewell Personal Care Co. |
1,425,000 | 1,417,875 | ||||||
| 3,889,042 | ||||||||
| Data Processing/Management — 0.0% |
| |||||||
| Fiserv, Inc. |
EUR | 315,000 | 408,007 | |||||
| Dialysis Centers — 0.2% |
| |||||||
| DaVita, Inc. |
1,791,000 | 1,820,104 | ||||||
| Direct Marketing — 0.2% |
| |||||||
| Terrier Media Buyer, Inc. |
1,480,000 | 1,584,525 | ||||||
| Distribution/Wholesale — 0.5% |
| |||||||
| H&E Equipment Services, Inc. |
1,625,000 | 1,563,250 | ||||||
| KAR Auction Services, Inc. |
1,549,000 | 1,572,235 | ||||||
| Performance Food Group, Inc. |
1,194,000 | 1,255,252 | ||||||
| 4,390,737 | ||||||||
| Diversified Banking Institutions — 1.0% |
| |||||||
| Bank of America Corp. |
414,000 | 423,009 | ||||||
| Bank of America Corp. |
195,000 | 188,064 | ||||||
| 94 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Diversified Banking Institutions (continued) |
| |||||||
| Bank of America Corp. |
$ | 268,000 | $ | 283,075 | ||||
| Bank of America Corp. |
EUR | 275,000 | 403,207 | |||||
| Bank of America Corp. |
234,000 | 261,352 | ||||||
| Bank of America Corp. |
50,000 | 57,214 | ||||||
| Bank of America Corp. |
433,000 | 489,022 | ||||||
| Bank of America Corp. |
196,000 | 268,796 | ||||||
| Citigroup, Inc. |
199,000 | 204,558 | ||||||
| Citigroup, Inc. |
GBP | 130,000 | 190,931 | |||||
| Citigroup, Inc. |
251,000 | 278,468 | ||||||
| Citigroup, Inc. Sub. Notes |
237,000 | 272,443 | ||||||
| Citigroup, Inc. |
131,000 | 160,670 | ||||||
| Citigroup, Inc. |
178,000 | 231,645 | ||||||
| Citigroup, Inc. |
229,000 | 305,217 | ||||||
| Goldman Sachs Group, Inc. |
297,000 | 325,792 | ||||||
| Goldman Sachs Group, Inc. |
191,000 | 216,053 | ||||||
| Goldman Sachs Group, Inc. |
368,000 | 532,841 | ||||||
| Goldman Sachs Group., Inc. |
EUR | 390,000 | 502,905 | |||||
| JPMorgan Chase & Co. |
294,000 | 295,673 | ||||||
| JPMorgan Chase & Co. |
EUR | 275,000 | 356,784 | |||||
| JPMorgan Chase & Co. |
649,000 | 671,226 | ||||||
| JPMorgan Chase & Co. |
881,000 | 834,223 | ||||||
| JPMorgan Chase & Co. |
76,000 | 78,980 | ||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Diversified Banking Institutions (continued) |
| |||||||
| JPMorgan Chase & Co. |
$ | 58,000 | $ | 63,825 | ||||
| JPMorgan Chase & Co. |
4,000 | 4,552 | ||||||
| Morgan Stanley |
146,000 | 161,798 | ||||||
| Morgan Stanley |
560,000 | 626,278 | ||||||
| Morgan Stanley |
46,000 | 53,587 | ||||||
| 8,742,188 | ||||||||
| Diversified Manufacturing Operations — 0.0% |
| |||||||
| General Electric Co. |
73,000 | 80,328 | ||||||
| General Electric Co. |
77,000 | 84,632 | ||||||
| Illinois Tool Works, Inc. |
163,000 | 176,457 | ||||||
| 341,417 | ||||||||
| Drug Delivery Systems — 0.1% |
| |||||||
| Becton Dickinson & Co. |
EUR | 400,000 | 524,600 | |||||
| E-Commerce/Products — 0.0% |
| |||||||
| Amazon.com, Inc. |
106,000 | 136,468 | ||||||
| E-Commerce/Services — 0.3% |
| |||||||
| Booking Holdings, Inc. |
EUR | 300,000 | 392,275 | |||||
| Expedia Group, Inc. |
EUR | 360,000 | 442,986 | |||||
| Expedia Group, Inc. |
249,000 | 244,823 | ||||||
| GrubHub Holdings, Inc. |
1,476,000 | 1,537,402 | ||||||
| 2,617,486 | ||||||||
| Electric Products-Misc. — 0.0% |
| |||||||
| Emerson Electric Co. |
197,000 | 193,769 | ||||||
| Electric-Distribution — 0.2% |
| |||||||
| National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds |
512,000 | 546,486 | ||||||
| NextEra Energy Operating Partners LP |
1,275,000 | 1,348,313 | ||||||
| 95 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Electric-Distribution (continued) |
| |||||||
| NSTAR Electric Co. |
$ | 189,000 | $ | 220,057 | ||||
| 2,114,856 | ||||||||
| Electric-Generation — 0.4% |
| |||||||
| Emera US Finance LP |
189,000 | 218,660 | ||||||
| Liberty Utilities Finance GP |
128,000 | 124,422 | ||||||
| Pattern Energy Operations LP/Pattern Energy Operations, Inc. |
1,385,000 | 1,441,110 | ||||||
| Vistra Operations Co. LLC |
1,554,000 | 1,626,261 | ||||||
| 3,410,453 | ||||||||
| Electric-Integrated — 0.8% |
| |||||||
| AES Corp. |
368,000 | 359,334 | ||||||
| Appalachian Power Co. |
202,000 | 214,658 | ||||||
| Avangrid, Inc. |
474,000 | 511,021 | ||||||
| Consolidated Edison Co. of New York, Inc. |
45,000 | 50,388 | ||||||
| Dominion Resources, Inc. |
186,000 | 235,225 | ||||||
| DTE Electric Co. |
348,000 | 409,833 | ||||||
| Entergy Texas, Inc. |
394,000 | 461,601 | ||||||
| Exelon Corp. |
143,000 | 175,353 | ||||||
| FirstEnergy Corp. |
319,000 | 440,220 | ||||||
| Georgia Power Co. |
379,000 | 379,984 | ||||||
| Interstate Power & Light Co. |
193,000 | 201,909 | ||||||
| Kentucky Utilities Co. |
82,000 | 82,481 | ||||||
| Pacific Gas & Electric Co. |
159,000 | 152,680 | ||||||
| Pacific Gas & Electric Co. |
186,000 | 187,707 | ||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Electric-Integrated (continued) |
| |||||||
| Public Service Co. of Colorado |
$ | 334,000 | $ | 320,721 | ||||
| Public Service Co. of Colorado |
243,000 | 273,371 | ||||||
| Public Service Co. of Colorado |
176,000 | 208,260 | ||||||
| South Carolina Electric & Gas Co. |
363,000 | 507,185 | ||||||
| Southern California Edison Co. |
135,000 | 122,119 | ||||||
| Southern California Edison Co. |
17,000 | 17,265 | ||||||
| Talen Energy Supply LLC |
788,000 | 813,610 | ||||||
| Talen Energy Supply LLC |
643,000 | 673,543 | ||||||
| Union Electric Co |
192,000 | 208,014 | ||||||
| 7,006,482 | ||||||||
| Electronic Measurement Instruments — 0.0% |
| |||||||
| Trimble, Inc. |
24,000 | 27,107 | ||||||
| Electronic Parts Distribution — 0.0% |
| |||||||
| Arrow Electronics, Inc. |
119,000 | 129,114 | ||||||
| Ingram Micro, Inc. |
125,000 | 143,335 | ||||||
| 272,449 | ||||||||
| Energy-Alternate Sources — 0.1% |
| |||||||
| Hanwha Energy USA Holdings Corp. |
420,000 | 430,430 | ||||||
| Enterprise Software/Service — 0.2% |
| |||||||
| Donnelley Financial Solutions, Inc. |
1,225,000 | 1,277,063 | ||||||
| Oracle Corp. |
467,000 | 493,529 | ||||||
| 1,770,592 | ||||||||
| Finance-Auto Loans — 0.2% |
| |||||||
| Credit Acceptance Corp. |
225,000 | 228,420 | ||||||
| Credit Acceptance Corp. |
1,781,000 | 1,861,145 | ||||||
| 2,089,565 | ||||||||
| 96 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Finance-Consumer Loans — 0.6% |
| |||||||
| Enova International, Inc. |
$ | 2,254,000 | $ | 2,293,445 | ||||
| Enova International, Inc. |
365,000 | 372,483 | ||||||
| Springleaf Finance Corp. |
1,311,000 | 1,383,105 | ||||||
| Springleaf Finance Corp. |
415,000 | 468,070 | ||||||
| Synchrony Financial |
762,000 | 849,038 | ||||||
| 5,366,141 | ||||||||
| Finance-Credit Card — 0.3% |
| |||||||
| Alliance Data Systems Corp. |
2,195,000 | 2,238,900 | ||||||
| American Express Co. |
158,000 | 170,868 | ||||||
| American Express Co. |
117,000 | 133,484 | ||||||
| Mastercard, Inc. |
258,000 | 269,944 | ||||||
| Visa, Inc. |
82,000 | 79,396 | ||||||
| 2,892,592 | ||||||||
| Finance-Investment Banker/Broker — 0.1% |
| |||||||
| LPL Holdings, Inc. |
375,000 | 383,550 | ||||||
| LPL Holdings, Inc. |
697,000 | 718,049 | ||||||
| 1,101,599 | ||||||||
| Finance-Mortgage Loan/Banker — 0.5% |
| |||||||
| Genworth Mtg. Holdings, Inc. |
1,841,000 | 1,989,440 | ||||||
| LD Holdings Group LLC |
1,605,000 | 1,701,300 | ||||||
| Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. |
626,000 | 619,740 | ||||||
| Quicken Loans, Inc. |
423,000 | 446,286 | ||||||
| 4,756,766 | ||||||||
| Financial Guarantee Insurance — 0.1% |
| |||||||
| NMI Holdings, Inc. |
1,110,000 | 1,254,300 | ||||||
| Food-Dairy Products — 0.0% |
| |||||||
| Land O’ Lakes, Inc. |
110,000 | 110,275 | ||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Food-Meat Products — 0.0% |
| |||||||
| Smithfield Foods, Inc. |
$ | 138,000 | $ | 152,067 | ||||
| Smithfield Foods, Inc. |
217,000 | 251,276 | ||||||
| 403,343 | ||||||||
| Food-Misc./Diversified — 0.6% |
| |||||||
| Conagra Brands, Inc. |
186,000 | 243,000 | ||||||
| Dole Food Co., Inc. |
1,595,000 | 1,630,887 | ||||||
| Kraft Heinz Foods Co. |
1,055,000 | 1,231,200 | ||||||
| Mars, Inc. |
122,000 | 114,981 | ||||||
| Nestle Holdings, Inc. |
335,000 | 369,801 | ||||||
| Post Holdings, Inc. |
1,655,000 | 1,653,031 | ||||||
| 5,242,900 | ||||||||
| Food-Retail — 0.3% |
| |||||||
| Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |
1,677,000 | 1,736,793 | ||||||
| Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |
160,000 | 165,000 | ||||||
| Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |
709,000 | 755,085 | ||||||
| 2,656,878 | ||||||||
| Food-Wholesale/Distribution — 0.5% |
| |||||||
| C&S Group Enterprises LLC |
1,620,000 | 1,591,650 | ||||||
| Sysco Corp. |
177,000 | 201,043 | ||||||
| Sysco Corp. |
198,000 | 224,831 | ||||||
| Sysco Corp. |
84,000 | 107,317 | ||||||
| Sysco Corp. |
192,000 | 271,363 | ||||||
| Sysco Corp. |
77,000 | 112,774 | ||||||
| US Foods, Inc. |
1,475,000 | 1,572,719 | ||||||
| 4,081,697 | ||||||||
| 97 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Gas-Distribution — 0.0% |
| |||||||
| National Fuel Gas Co. |
$ | 127,000 | $ | 125,114 | ||||
| Hotels/Motels — 0.5% |
| |||||||
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. |
1,395,000 | 1,454,288 | ||||||
| Marriott International, Inc. |
343,000 | 388,634 | ||||||
| Wyndham Destinations, Inc. |
860,000 | 970,768 | ||||||
| Wyndham Worldwide Corp. |
1,400,000 | 1,557,500 | ||||||
| 4,371,190 | ||||||||
| Human Resources — 0.5% |
| |||||||
| Korn Ferry International |
1,486,000 | 1,547,223 | ||||||
| Team Health Holdings, Inc. |
1,450,000 | 1,305,906 | ||||||
| TriNet Group, Inc. |
1,655,000 | 1,642,075 | ||||||
| 4,495,204 | ||||||||
| Independent Power Producers — 0.8% |
| |||||||
| Calpine Corp. |
1,945,000 | 1,876,925 | ||||||
| Clearway Energy Operating LLC |
1,945,000 | 2,078,719 | ||||||
| NRG Energy, Inc. |
569,000 | 559,754 | ||||||
| NRG Energy, Inc. |
1,635,000 | 1,596,005 | ||||||
| NRG Yield Operating LLC |
721,000 | 742,630 | ||||||
| 6,854,033 | ||||||||
| Instruments-Controls — 0.0% |
| |||||||
| Honeywell International, Inc. |
155,000 | 155,178 | ||||||
| Insurance Brokers — 0.0% |
| |||||||
| Willis North America, Inc. |
45,000 | 49,924 | ||||||
| Insurance-Life/Health — 0.3% |
| |||||||
| Athene Global Funding |
EUR | 760,000 | 900,749 | |||||
| Athene Global Funding |
GBP | 200,000 | 278,675 | |||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Insurance-Life/Health (continued) |
| |||||||
| Brighthouse Financial, Inc. |
$ | 75,000 | $ | 78,419 | ||||
| Brighthouse Financial, Inc. |
235,000 | 283,972 | ||||||
| Ohio National Financial Services, Inc. |
268,000 | 285,910 | ||||||
| Principal Life Global Funding II |
207,000 | 206,892 | ||||||
| Prudential Financial, Inc. |
454,000 | 463,202 | ||||||
| Prudential Financial, Inc. |
55,000 | 61,956 | ||||||
| Unum Group |
82,000 | 91,711 | ||||||
| 2,651,486 | ||||||||
| Insurance-Multi-line — 0.0% |
| |||||||
| Metropolitan Life Global Funding I |
GBP | 215,000 | 287,944 | |||||
| Insurance-Mutual — 0.0% |
| |||||||
| MassMutual Global Funding II |
287,000 | 306,344 | ||||||
| Insurance-Property/Casualty — 0.1% |
| |||||||
| Chubb INA Holdings, Inc. |
EUR | 550,000 | 713,838 | |||||
| Internet Content-Entertainment — 0.2% |
| |||||||
| Netflix, Inc. |
1,325,000 | 1,523,750 | ||||||
| Internet Telephone — 0.1% |
| |||||||
| Cablevision Lightpath LLC |
935,000 | 927,988 | ||||||
| Cablevision Lightpath LLC |
212,000 | 215,445 | ||||||
| 1,143,433 | ||||||||
| Investment Management/Advisor Services — 0.2% |
| |||||||
| AG Issuer LLC |
1,885,000 | 1,979,250 | ||||||
| Ameriprise Financial, Inc. |
199,000 | 204,643 | ||||||
| 2,183,893 | ||||||||
| Machine Tools & Related Products — 0.0% |
| |||||||
| Kennametal, Inc. |
48,000 | 47,909 | ||||||
| 98 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Machinery-Construction & Mining — 0.1% |
| |||||||
| Caterpillar Financial Services Corp. |
$ | 303,000 | $ | 305,088 | ||||
| Caterpillar Financial Services Corp. |
233,000 | 228,163 | ||||||
| 533,251 | ||||||||
| Machinery-Farming — 0.1% |
| |||||||
| CNH Industrial Capital LLC |
253,000 | 276,992 | ||||||
| John Deere Capital Corp. |
382,000 | 375,183 | ||||||
| John Deere Capital Corp. |
160,000 | 172,180 | ||||||
| John Deere Capital Corp. |
106,000 | 115,247 | ||||||
| 939,602 | ||||||||
| Medical Labs & Testing Services — 0.1% |
| |||||||
| Catalent Pharma Solutions, Inc. |
223,000 | 220,320 | ||||||
| Catalent Pharma Solutions, Inc. |
650,000 | 680,062 | ||||||
| 900,382 | ||||||||
| Medical Products — 0.1% |
| |||||||
| Stryker Corp. |
EUR | 450,000 | 553,524 | |||||
| Medical-Biomedical/Gene — 0.1% |
| |||||||
| Amgen, Inc. |
641,000 | 655,503 | ||||||
| Regeneron Pharmaceuticals, Inc. |
231,000 | 217,752 | ||||||
| Regeneron Pharmaceuticals, Inc. |
182,000 | 160,664 | ||||||
| 1,033,919 | ||||||||
| Medical-Drugs — 0.1% |
| |||||||
| AbbVie, Inc. |
175,000 | 198,665 | ||||||
| AbbVie, Inc. |
209,000 | 238,994 | ||||||
| Bristol-Myers Squibb Co. |
275,000 | 273,107 | ||||||
| GlaxoSmithKline Capital, Inc. |
116,000 | 123,648 | ||||||
| 834,414 | ||||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Medical-Generic Drugs — 0.2% |
| |||||||
| Par Pharmaceutical, Inc. |
$ | 1,095,000 | $ | 1,177,125 | ||||
| Viatris, Inc. |
405,000 | 416,334 | ||||||
| 1,593,459 | ||||||||
| Medical-HMO — 0.1% |
| |||||||
| UnitedHealth Group, Inc. |
254,000 | 255,924 | ||||||
| UnitedHealth Group, Inc. |
153,000 | 170,450 | ||||||
| 426,374 | ||||||||
| Medical-Hospitals — 1.3% |
| |||||||
| Acadia Healthcare Co., Inc. |
314,000 | 326,560 | ||||||
| Acadia Healthcare Co., Inc. |
1,163,000 | 1,226,965 | ||||||
| CHS/Community Health Systems, Inc. |
1,525,000 | 1,606,108 | ||||||
| CHS/Community Health Systems, Inc. |
794,000 | 815,835 | ||||||
| HCA, Inc. |
3,065,000 | 3,168,508 | ||||||
| LifePoint Health, Inc. |
1,109,000 | 1,102,435 | ||||||
| Tenet Healthcare Corp. |
1,075,000 | 1,091,125 | ||||||
| Tenet Healthcare Corp. |
2,044,000 | 2,148,673 | ||||||
| 11,486,209 | ||||||||
| Medical-Wholesale Drug Distribution — 0.0% |
| |||||||
| Cardinal Health, Inc. |
337,000 | 376,243 | ||||||
| Metal-Copper — 0.4% |
| |||||||
| Freeport-McMoRan, Inc. |
1,061,000 | 1,114,050 | ||||||
| Freeport-McMoRan, Inc. |
956,000 | 1,037,853 | ||||||
| Freeport-McMoRan, Inc. |
695,000 | 739,306 | ||||||
| Freeport-McMoRan, Inc. |
695,000 | 767,975 | ||||||
| 3,659,184 | ||||||||
| Multimedia — 0.2% |
| |||||||
| E.W. Scripps Co. |
1,425,000 | 1,446,375 | ||||||
| 99 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Multimedia (continued) |
| |||||||
| Walt Disney Co. |
$ | 277,000 | $ | 257,860 | ||||
| 1,704,235 | ||||||||
| Non-Hazardous Waste Disposal — 0.2% |
| |||||||
| Covanta Holding Corp. |
1,638,000 | 1,699,425 | ||||||
| Non-Profit Charity — 0.0% |
| |||||||
| Ford Foundation Notes |
162,000 | 149,786 | ||||||
| Oil Companies-Exploration & Production — 2.1% |
| |||||||
| Antero Resources Corp. |
1,002,000 | 1,068,383 | ||||||
| Apache Corp. |
1,310,000 | 1,326,375 | ||||||
| Apache Corp. |
188,000 | 194,815 | ||||||
| Apache Corp. |
969,000 | 947,207 | ||||||
| Apache Corp. |
287,000 | 301,350 | ||||||
| California Resources Corp. |
1,625,000 | 1,626,016 | ||||||
| Callon Petroleum Co. |
1,480,000 | 1,166,758 | ||||||
| Continental Resources, Inc. |
374,000 | 393,530 | ||||||
| Continental Resources, Inc. |
899,000 | 1,015,870 | ||||||
| Diamondback Energy, Inc. |
244,000 | 255,707 | ||||||
| Endeavor Energy Resources LP/EER Finance, Inc. |
863,000 | 912,191 | ||||||
| EOG Resources, Inc. |
79,000 | 98,791 | ||||||
| Hess Corp. |
321,000 | 391,802 | ||||||
| Hilcorp Energy I LP/Hilcorp Finance Co. |
702,000 | 716,040 | ||||||
| Hilcorp Energy I LP/Hilcorp Finance Co. |
1,437,000 | 1,460,394 | ||||||
| Indigo Natural Resources LLC |
1,494,000 | 1,486,530 | ||||||
| Marathon Oil Corp. |
265,000 | 341,637 | ||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Oil Companies-Exploration & Production (continued) |
| |||||||
| Marathon Oil Corp. |
$ | 136,000 | $ | 173,453 | ||||
| Occidental Petroleum Corp. |
1,058,000 | 1,147,930 | ||||||
| Occidental Petroleum Corp. |
780,000 | 864,825 | ||||||
| Occidental Petroleum Corp. |
1,632,000 | 1,811,520 | ||||||
| Occidental Petroleum Corp. |
127,000 | 149,225 | ||||||
| Pioneer Natural Resources Co. |
72,000 | 68,737 | ||||||
| Range Resources Corp. |
903,000 | 970,454 | ||||||
| 18,889,540 | ||||||||
| Oil Companies-Integrated — 0.3% |
| |||||||
| BP Capital Markets America, Inc. |
314,000 | 273,645 | ||||||
| BP Capital Markets America, Inc. |
221,000 | 207,707 | ||||||
| BP Capital Markets America, Inc. |
543,000 | 602,298 | ||||||
| Chevron Corp. |
387,000 | 395,752 | ||||||
| Chevron USA, Inc. |
138,000 | 134,188 | ||||||
| Chevron USA, Inc. |
116,000 | 135,291 | ||||||
| Chevron USA, Inc. |
182,000 | 243,182 | ||||||
| Exxon Mobil Corp. |
EUR | 290,000 | 346,016 | |||||
| 2,338,079 | ||||||||
| Oil Refining & Marketing — 0.2% |
| |||||||
| PBF Holding Co. LLC/PBF Finance Corp. |
1,889,000 | 1,199,515 | ||||||
| Phillips 66 |
189,000 | 182,992 | ||||||
| Valero Energy Corp. |
143,000 | 142,451 | ||||||
| 1,524,958 | ||||||||
| 100 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
||||||||
| Oil-Field Services — 0.5% |
| |||||||
| Archrock Partners LP/Archrock Partners Finance Corp. |
$ | 1,729,000 | $ | 1,824,475 | ||||
| ChampionX Corp |
1,305,000 | 1,370,250 | ||||||
| Halliburton Co. |
72,000 | 73,503 | ||||||
| Halliburton Co. |
114,000 | 126,035 | ||||||
| Schlumberger Holdings Corp. |
185,000 | 206,590 | ||||||
| USA Compression Partners LP/USA Compression Finance Corp. |
1,211,000 | 1,250,357 | ||||||
| 4,851,210 | ||||||||
| Paper & Related Products — 0.4% |
| |||||||
| Clearwater Paper Corp. |
1,805,000 | 1,848,464 | ||||||
| Domtar Corp. |
483,000 | 631,512 | ||||||
| Georgia-Pacific LLC |
768,000 | 753,411 | ||||||
| 3,233,387 | ||||||||
| Petrochemicals — 0.0% |
| |||||||
| Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP |
104,000 | 109,994 | ||||||
| Pharmacy Services — 0.1% |
| |||||||
| CVS Health Corp. |
88,000 | 82,691 | ||||||
| CVS Health Corp. |
98,000 | 112,378 | ||||||
| CVS Health Corp. |
228,000 | 275,595 | ||||||
| CVS Health Corp. |
202,000 | 252,851 | ||||||
| 723,515 | ||||||||
| Pipelines — 2.9% |
| |||||||
| Antero Midstream Partners LP/Antero Midstream Finance Corp. |
1,650,000 | 1,663,406 | ||||||
| Buckeye Partners LP |
591,000 | 604,297 | ||||||
| Buckeye Partners LP |
1,531,000 | 1,550,137 | ||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Pipelines (continued) |
| |||||||
| Cheniere Corpus Christi Holdings LLC |
$ | 209,000 | $ | 225,014 | ||||
| Cheniere Energy Partners LP |
1,085,000 | 1,137,894 | ||||||
| Cheniere Energy Partners LP |
462,000 | 474,844 | ||||||
| Cheniere Energy, Inc. |
1,149,000 | 1,197,832 | ||||||
| Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp. |
118,000 | 132,102 | ||||||
| DCP Midstream Operating LP |
465,000 | 482,438 | ||||||
| DCP Midstream Operating LP |
792,000 | 857,126 | ||||||
| DCP Midstream Operating LP |
363,000 | 408,375 | ||||||
| Enable Midstream Partners LP |
149,000 | 167,426 | ||||||
| Energy Transfer Operating LP |
243,000 | 262,088 | ||||||
| Energy Transfer Operating LP |
241,000 | 276,968 | ||||||
| EnLink Midstream Partners LP |
13,000 | 10,335 | ||||||
| Enterprise Products Operating LLC |
210,000 | 207,970 | ||||||
| Enterprise Products Operating LLC |
147,000 | 158,412 | ||||||
| Genesis Energy LP/Genesis Energy Finance Corp. |
1,915,000 | 1,876,700 | ||||||
| Genesis Energy LP/Genesis Energy Finance Corp. |
625,000 | 606,437 | ||||||
| Genesis Energy LP/Genesis Energy Finance Corp. |
1,140,000 | 1,152,352 | ||||||
| Gray Oak Pipeline LLC |
299,000 | 303,443 | ||||||
| Gray Oak Pipeline LLC |
175,000 | 179,944 | ||||||
| Harvest Midstream I LP |
2,170,000 | 2,304,269 | ||||||
| Holly Energy Partners LP/Holly Energy Finance Corp. |
2,249,000 | 2,265,778 | ||||||
| 101 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Pipelines (continued) |
| |||||||
| Kinder Morgan, Inc. |
$ | 190,000 | $ | 218,507 | ||||
| MPLX LP |
157,000 | 155,334 | ||||||
| NGL Energy Operating LLC/NGL Energy Finance Corp. |
1,925,000 | 1,985,252 | ||||||
| NGPL PipeCo LLC |
198,000 | 206,101 | ||||||
| NuStar Logistics LP |
669,000 | 712,485 | ||||||
| NuStar Logistics LP |
1,006,000 | 1,111,841 | ||||||
| ONEOK Partners LP |
116,000 | 147,771 | ||||||
| ONEOK, Inc. |
83,000 | 104,323 | ||||||
| ONEOK, Inc. |
78,000 | 104,484 | ||||||
| Plains All American Pipeline LP/PAA Finance Corp. |
90,000 | 84,295 | ||||||
| Sunoco Logistics Partners Operations LP |
138,000 | 147,253 | ||||||
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. |
1,382,000 | 1,417,241 | ||||||
| Valero Energy Partners LP |
275,000 | 311,443 | ||||||
| Williams Cos., Inc. |
301,000 | 373,393 | ||||||
| 25,585,310 | ||||||||
| Poultry — 0.3% |
| |||||||
| Pilgrim’s Pride Corp. |
1,099,000 | 1,179,062 | ||||||
| Simmons Foods, Inc. Sec. Notes |
1,086,000 | 1,100,010 | ||||||
| 2,279,072 | ||||||||
| Protection/Safety — 0.5% |
| |||||||
| Prime Security Services Borrower LLC/Prime Finance, Inc. |
1,275,000 | 1,242,972 | ||||||
| Prime Security Services Borrower LLC/Prime Finance, Inc. |
1,512,000 | 1,612,170 | ||||||
| Prime Security Services Borrower LLC/Prime Finance, Inc. |
640,000 | 689,600 | ||||||
| Prime Security Services Borrower LLC/Prime Finance, Inc. Sec. Notes |
1,276,000 | 1,321,847 | ||||||
| 4,866,589 | ||||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Real Estate Investment Trusts — 2.2% |
| |||||||
| American Tower Corp. |
EUR | 290,000 | $ | 364,643 | ||||
| American Tower Corp. |
179,000 | 167,198 | ||||||
| Columbia Property Trust Operating Partnership LP |
263,000 | 278,825 | ||||||
| CTR Partnership LP/CareTrust Capital Corp. |
2,074,000 | 2,138,335 | ||||||
| ESH Hospitality, Inc. |
1,485,000 | 1,508,196 | ||||||
| ESH Hospitality, Inc. |
140,000 | 142,713 | ||||||
| Essex Portfolio LP |
4,000 | 3,444 | ||||||
| Federal Realty Investment Trust |
272,000 | 271,472 | ||||||
| HAT Holdings I LLC/HAT Holdings II LLC |
304,000 | 314,193 | ||||||
| HAT Holdings I LLC/HAT Holdings II LLC |
1,180,000 | 1,239,000 | ||||||
| Hospitality Properties Trust |
1,164,000 | 1,082,520 | ||||||
| Host Hotels & Resorts LP |
414,000 | 418,368 | ||||||
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
2,130,000 | 2,055,450 | ||||||
| MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. |
1,387,000 | 1,567,310 | ||||||
| MPT Operating Partnership LP/MPT Finance Corp. |
714,000 | 726,566 | ||||||
| MPT Operating Partnership LP/MPT Finance Corp. |
1,599,000 | 1,703,255 | ||||||
| National Health Investors, Inc. |
169,000 | 163,125 | ||||||
| Omega Healthcare Investors, Inc. |
175,000 | 178,336 | ||||||
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |
1,655,000 | 1,733,612 | ||||||
| Piedmont Operating Partnership LP |
226,000 | 224,984 | ||||||
| 102 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Real Estate Investment Trusts (continued) |
| |||||||
| Public Storage |
EUR | 270,000 | $ | 325,972 | ||||
| Service Properties Trust |
297,000 | 292,545 | ||||||
| Service Properties Trust |
185,000 | 178,525 | ||||||
| Service Properties Trust |
302,000 | 305,775 | ||||||
| Service Properties Trust |
146,000 | 156,810 | ||||||
| Simon Property Group LP |
163,000 | 154,519 | ||||||
| Spirit Realty LP |
131,000 | 129,122 | ||||||
| Starwood Property Trust, Inc. |
1,792,000 | 1,831,738 | ||||||
| Starwood Property Trust, Inc. |
317,000 | 330,473 | ||||||
| VEREIT Operating Partnership LP |
109,000 | 108,008 | ||||||
| 20,095,032 | ||||||||
| Real Estate Management/Services — 0.3% |
| |||||||
| Cushman & Wakefield US Borrower LLC |
1,346,000 | 1,455,093 | ||||||
| Newmark Group, Inc. |
1,080,000 | 1,170,048 | ||||||
| 2,625,141 | ||||||||
| Real Estate Operations & Development — 0.2% |
| |||||||
| Kennedy-Wilson, Inc. |
1,299,000 | 1,338,879 | ||||||
| Recycling — 0.2% |
| |||||||
| Harsco Corp. |
1,784,000 | 1,859,820 | ||||||
| Rental Auto/Equipment — 0.5% |
| |||||||
| Ahern Rentals, Inc. |
2,767,000 | 2,324,280 | ||||||
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |
359,000 | 367,113 | ||||||
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |
1,412,000 | 1,457,890 | ||||||
| 4,149,283 | ||||||||
| Research & Development — 0.2% |
| |||||||
| Jaguar Holding Co. II/PPD Development LP |
273,000 | 284,602 | ||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Research & Development (continued) |
| |||||||
| Jaguar Holding Co. II/PPD Development LP |
$ | 1,045,000 | $ | 1,102,475 | ||||
| 1,387,077 | ||||||||
| Resorts/Theme Parks — 0.4% |
| |||||||
| SeaWorld Parks & Entertainment, Inc. |
1,515,000 | 1,636,200 | ||||||
| Six Flags Entertainment Corp. |
1,495,000 | 1,526,600 | ||||||
| Six Flags Theme Parks, Inc. |
130,000 | 140,144 | ||||||
| 3,302,944 | ||||||||
| Retail-Apparel/Shoe — 0.0% |
| |||||||
| Ross Stores, Inc. |
256,000 | 245,397 | ||||||
| Retail-Appliances — 0.1% |
| |||||||
| Conn’s, Inc. |
1,314,000 | 1,314,000 | ||||||
| Retail-Auto Parts — 0.0% |
| |||||||
| Advance Auto Parts, Inc. |
145,000 | 144,995 | ||||||
| Genuine Parts Co. |
175,000 | 165,216 | ||||||
| 310,211 | ||||||||
| Retail-Convenience Store — 0.0% |
| |||||||
| 7-Eleven, Inc. |
205,000 | 195,972 | ||||||
| Retail-Discount — 0.0% |
| |||||||
| Walmart, Inc. |
293,000 | 305,348 | ||||||
| Retail-Pawn Shops — 0.2% |
| |||||||
| FirstCash, Inc. |
1,529,000 | 1,588,509 | ||||||
| Retail-Petroleum Products — 0.2% |
| |||||||
| Murphy Oil USA, Inc. |
1,544,000 | 1,655,940 | ||||||
| Retail-Regional Department Stores — 0.1% |
| |||||||
| Kohl’s Corp. |
352,000 | 401,145 | ||||||
| Kohl’s Corp. |
94,000 | 121,146 | ||||||
| 522,291 | ||||||||
| Retail-Restaurants — 0.3% |
| |||||||
| Brinker International, Inc. |
932,000 | 969,280 | ||||||
| 103 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Retail-Restaurants (continued) |
| |||||||
| Dave & Buster’s, Inc. |
$ | 1,610,000 | $ | 1,706,600 | ||||
| McDonald’s Corp. |
111,000 | 118,191 | ||||||
| McDonald’s Corp. |
114,000 | 132,253 | ||||||
| 2,926,324 | ||||||||
| Satellite Telecom — 0.3% |
| |||||||
| Hughes Satellite Systems Corp. |
2,513,000 | 2,805,513 | ||||||
| Savings & Loans/Thrifts — 0.1% |
| |||||||
| First Niagara Financial Group, Inc. |
431,000 | 453,957 | ||||||
| New York Community Bancorp, Inc. |
340,000 | 354,738 | ||||||
| 808,695 | ||||||||
| Security Services — 0.2% |
| |||||||
| Brink’s Co. |
2,005,000 | 2,066,233 | ||||||
| Shipbuilding — 0.0% |
| |||||||
| Huntington Ingalls Industries, Inc. |
170,000 | 194,198 | ||||||
| Steel-Producers — 0.6% |
| |||||||
| Cleveland-Cliffs, Inc. |
839,000 | 821,381 | ||||||
| Cleveland-Cliffs, Inc. |
258,000 | 252,608 | ||||||
| Cleveland-Cliffs, Inc. |
1,044,000 | 1,068,743 | ||||||
| Cleveland-Cliffs, Inc. |
1,016,000 | 1,088,390 | ||||||
| Commercial Metals Co. |
1,627,000 | 1,625,861 | ||||||
| Periama Holdings LLC |
500,000 | 530,250 | ||||||
| Reliance Steel & Aluminum Co. |
302,000 | 294,995 | ||||||
| Steel Dynamics, Inc. |
5,000 | 5,403 | ||||||
| 5,687,631 | ||||||||
| Telecom Equipment-Fiber Optics — 0.1% |
| |||||||
| Corning, Inc. |
375,000 | 482,755 | ||||||
| Telephone-Integrated — 1.1% |
| |||||||
| AT&T, Inc. |
91,000 | 82,592 | ||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Telephone-Integrated (continued) |
| |||||||
| AT&T, Inc. |
$ | 805,000 | $ | 920,451 | ||||
| AT&T, Inc. |
22,000 | 25,053 | ||||||
| AT&T, Inc. |
226,000 | 261,085 | ||||||
| AT&T, Inc. |
244,000 | 289,239 | ||||||
| CenturyLink, Inc. |
1,345,000 | 1,403,144 | ||||||
| CenturyLink, Inc. |
1,279,000 | 1,435,678 | ||||||
| Frontier Communications Corp. |
1,608,000 | 1,660,260 | ||||||
| Verizon Communications, Inc. |
EUR | 290,000 | 361,789 | |||||
| Verizon Communications, Inc. |
353,000 | 331,149 | ||||||
| Verizon Communications, Inc. |
GBP | 200,000 | 293,047 | |||||
| Verizon Communications, Inc. |
510,000 | 453,516 | ||||||
| Verizon Communications, Inc. |
99,000 | 114,348 | ||||||
| Verizon Communications, Inc. |
104,000 | 122,677 | ||||||
| Zayo Group Holdings, Inc. |
1,754,000 | 1,808,550 | ||||||
| 9,562,578 | ||||||||
| Television — 0.4% |
| |||||||
| Belo Corp. |
1,030,000 | 1,184,500 | ||||||
| Belo Corp. |
1,105,000 | 1,276,275 | ||||||
| Scripps Escrow II, Inc. |
144,000 | 146,340 | ||||||
| Viacom, Inc. |
704,000 | 788,031 | ||||||
| 3,395,146 | ||||||||
| Theaters — 0.2% |
| |||||||
| Live Nation Entertainment, Inc. |
275,000 | 275,605 | ||||||
| Live Nation Entertainment, Inc. |
1,266,000 | 1,278,913 | ||||||
| 1,554,518 | ||||||||
| 104 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
| Tools-Hand Held — 0.0% |
| |||||||
| Stanley Black & Decker, Inc. |
$ | 157,000 | $ | 173,238 | ||||
| Transport-Air Freight — 0.3% |
| |||||||
| Cargo Aircraft Management, Inc. |
2,351,000 | 2,439,162 | ||||||
| Transport-Equipment & Leasing — 0.0% |
| |||||||
| GATX Corp. |
77,000 | 72,488 | ||||||
| GATX Corp. |
271,000 | 297,340 | ||||||
| 369,828 | ||||||||
| Transport-Marine — 0.0% |
| |||||||
| Kirby Corp. |
168,000 | 182,184 | ||||||
| Transport-Rail — 0.1% |
| |||||||
| Kansas City Southern |
147,000 | 153,682 | ||||||
| Kansas City Southern |
145,000 | 172,889 | ||||||
| Norfolk Southern Corp. |
232,000 | 264,862 | ||||||
| 591,433 | ||||||||
| Transport-Services — 0.1% |
| |||||||
| FedEx Corp. Pass Through Trust |
272,514 | 271,973 | ||||||
| United Parcel Service, Inc. |
137,000 | 152,357 | ||||||
| 424,330 | ||||||||
| Trucking/Leasing — 0.1% |
| |||||||
| Penske Truck Leasing Co. LP/PTL Finance Corp. |
39,000 | 41,538 | ||||||
| Penske Truck Leasing Co. LP/PTL Finance Corp. |
272,000 | 297,161 | ||||||
| Penske Truck Leasing Co. LP/PTL Finance Corp. |
131,000 | 149,337 | ||||||
| 488,036 | ||||||||
| Vitamins & Nutrition Products — 0.2% |
| |||||||
| HLF Financing SARL LLC/Herbalife International, Inc. |
1,622,000 | 1,685,964 | ||||||
| Water — 0.0% |
| |||||||
| Essential Utilities, Inc. |
118,000 | 119,547 | ||||||
| Total U.S. Corporate Bonds & Notes |
||||||||
| (cost $318,085,534) |
333,642,132 | |||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| FOREIGN CORPORATE BONDS & NOTES — 15.1% |
| |||||||
| Aerospace/Defense — 0.0% |
| |||||||
| BAE Systems PLC |
$ | 229,000 | $ | 248,545 | ||||
| Agricultural Chemicals — 0.3% |
| |||||||
| Consolidated Energy Finance SA |
1,461,000 | 1,486,567 | ||||||
| OCI NV |
1,540,000 | 1,591,975 | ||||||
| 3,078,542 | ||||||||
| Airlines — 0.1% |
| |||||||
| Hawaiian Brand Intellectual Property, Ltd./HawaiianMiles Loyalty, Ltd. |
1,091,081 | 1,150,414 | ||||||
| Airport Development/Maintenance — 0.1% |
| |||||||
| Heathrow Funding, Ltd. |
EUR | 400,000 | 498,676 | |||||
| Appliances — 0.0% |
| |||||||
| Whirlpool EMEA Finance SARL |
EUR | 255,000 | 306,601 | |||||
| Auto-Cars/Light Trucks — 0.2% |
| |||||||
| FCE Bank PLC |
EUR | 500,000 | 604,289 | |||||
| Hyundai Capital Services, Inc. |
215,000 | 211,395 | ||||||
| Nissan Motor Co., Ltd. |
200,000 | 210,219 | ||||||
| RCI Banque SA |
EUR | 275,000 | 350,085 | |||||
| Volkswagen International Finance NV |
EUR | 200,000 | 328,483 | |||||
| 1,704,471 | ||||||||
| Banks-Commercial — 1.3% |
| |||||||
| Australia & New Zealand Banking Group, Ltd. |
212,000 | 220,520 | ||||||
| Banco de Credito del Peru |
780,000 | 795,990 | ||||||
| Banco de Credito e Inversiones SA |
970,000 | 1,070,221 | ||||||
| Banco de Sabadell SA |
EUR | 400,000 | 493,344 | |||||
| Banco de Sabadell SA |
EUR | 300,000 | 369,291 | |||||
| Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander |
298,000 | 338,766 | ||||||
| 105 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
| Banks-Commercial (continued) |
| |||||||
| Bank of Montreal |
$ | 269,000 | $ | 276,546 | ||||
| CaixaBank SA |
EUR | 500,000 | 624,390 | |||||
| Canadian Imperial Bank of Commerce |
193,000 | 193,070 | ||||||
| Canadian Imperial Bank of Commerce |
138,000 | 136,955 | ||||||
| Canadian Imperial Bank of Commerce |
319,000 | 332,632 | ||||||
| Cooperatieve Rabobank UA |
680,000 | 674,114 | ||||||
| Danske Bank A/S |
EUR | 365,000 | 445,392 | |||||
| Danske Bank A/S |
GBP | 230,000 | 328,684 | |||||
| Danske Bank A/S |
322,000 | 345,231 | ||||||
| DBS Group Holdings, Ltd. |
277,000 | 284,510 | ||||||
| Grupo Aval, Ltd. |
1,000,000 | 1,036,200 | ||||||
| ING Groep NV |
404,000 | 405,268 | ||||||
| ING Groep NV |
220,000 | 253,317 | ||||||
| Malayan Banking Bhd |
550,000 | 559,927 | ||||||
| National Bank of Canada |
250,000 | 250,250 | ||||||
| Philippine National Bank |
1,300,000 | 1,380,840 | ||||||
| Standard Chartered PLC |
EUR | 350,000 | 434,124 | |||||
| Standard Chartered |
472,000 | 464,635 | ||||||
| 11,714,217 | ||||||||
| Banks-Special Purpose — 0.1% |
| |||||||
| BNG Bank NV |
206,000 | 202,381 | ||||||
| Industrial Bank of Korea |
568,000 | 565,411 | ||||||
| 767,792 | ||||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Beverages-Non-alcoholic — 0.0% |
| |||||||
| Coca-Cola Femsa SAB de CV |
$ | 247,000 | $ | 233,395 | ||||
| Building Products-Cement — 0.0% |
| |||||||
| Holcim Finance Luxembourg SA |
EUR | 215,000 | 252,338 | |||||
| Building-Residential/Commercial — 0.2% |
| |||||||
| Mattamy Group Corp. |
600,000 | 623,250 | ||||||
| Mattamy Group Corp. |
940,000 | 987,000 | ||||||
| 1,610,250 | ||||||||
| Cable/Satellite TV — 0.2% |
| |||||||
| Altice Financing SA |
1,551,000 | 1,558,755 | ||||||
| Casino Hotels — 0.3% |
| |||||||
| Melco Resorts Finance, Ltd. |
1,334,000 | 1,411,746 | ||||||
| Wynn Macau, Ltd. |
1,640,000 | 1,672,800 | ||||||
| 3,084,546 | ||||||||
| Cellular Telecom — 0.3% |
| |||||||
| Colombia Telecomunicaciones SA ESP |
739,000 | 793,871 | ||||||
| Numericable-SFR SA |
1,511,000 | 1,576,275 | ||||||
| SK Telecom Co., Ltd. |
200,000 | 213,061 | ||||||
| Vodafone Group PLC |
153,000 | 185,540 | ||||||
| Vodafone Group PLC |
124,000 | 158,043 | ||||||
| 2,926,790 | ||||||||
| Chemicals-Diversified — 0.2% |
| |||||||
| Braskem Netherlands Finance BV |
290,000 | 299,787 | ||||||
| Braskem Netherlands Finance BV |
360,000 | 365,472 | ||||||
| Braskem Netherlands Finance BV |
300,000 | 304,560 | ||||||
| Covestro AG |
EUR | 350,000 | 449,094 | |||||
| 1,418,913 | ||||||||
| 106 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
| Chemicals-Other — 0.1% |
| |||||||
| MEGlobal Canada ULC |
$ | 800,000 | $ | 887,472 | ||||
| Chemicals-Specialty — 0.1% |
| |||||||
| Albemarle New Holding GmbH |
EUR | 290,000 | 370,282 | |||||
| Albemarle Wodgina Pty, Ltd. |
231,000 | 240,672 | ||||||
| 610,954 | ||||||||
| Computer Software — 0.1% |
| |||||||
| Camelot Finance SA |
1,105,000 | 1,146,438 | ||||||
| Computers — 0.0% |
| |||||||
| Dell Bank International DAC |
EUR | 300,000 | 376,154 | |||||
| Containers-Metal/Glass — 0.1% |
| |||||||
| Trivium Packaging Finance BV |
1,018,000 | 1,091,805 | ||||||
| Containers-Paper/Plastic — 0.4% |
| |||||||
| Cascades, Inc./Cascades USA, Inc. |
1,053,000 | 1,112,231 | ||||||
| Intertape Polymer Group, Inc. |
1,538,000 | 1,618,745 | ||||||
| Klabin Austria GmbH |
379,000 | 472,992 | ||||||
| 3,203,968 | ||||||||
| Cruise Lines — 1.0% |
| |||||||
| Carnival Corp. |
1,965,000 | 1,994,475 | ||||||
| Carnival Corp. |
331,000 | 347,964 | ||||||
| NCL Corp., Ltd. |
2,315,000 | 2,163,830 | ||||||
| NCL Corp., Ltd. |
500,000 | 502,662 | ||||||
| Silversea Cruise Finance, Ltd. |
1,615,000 | 1,671,703 | ||||||
| Viking Ocean Cruises Ship VII, Ltd. |
223,000 | 224,449 | ||||||
| VOC Escrow, Ltd. |
2,196,000 | 2,169,868 | ||||||
| 9,074,951 | ||||||||
| Diversified Banking Institutions — 1.4% |
| |||||||
| Banco Santander SA |
EUR | 400,000 | 504,816 | |||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Diversified Banking Institutions (continued) |
| |||||||
| Banco Santander SA |
$ | 200,000 | $ | 212,114 | ||||
| Barclays PLC |
EUR | 400,000 | 489,473 | |||||
| Barclays PLC |
GBP | 230,000 | 343,026 | |||||
| Barclays PLC |
454,000 | 463,189 | ||||||
| BNP Paribas SA |
EUR | 500,000 | 600,012 | |||||
| BNP Paribas SA |
567,000 | 560,067 | ||||||
| BNP Paribas SA |
GBP | 200,000 | 306,104 | |||||
| Credit Agricole SA |
EUR | 500,000 | 591,095 | |||||
| Credit Agricole SA |
250,000 | 255,998 | ||||||
| Credit Agricole SA |
336,000 | 316,234 | ||||||
| Credit Suisse Group AG |
321,000 | 331,147 | ||||||
| Credit Suisse Group AG |
EUR | 400,000 | 539,981 | |||||
| Deutsche Bank AG |
EUR | 400,000 | 490,101 | |||||
| Deutsche Bank AG |
EUR | 200,000 | 250,204 | |||||
| Deutsche Bank AG |
152,000 | 156,338 | ||||||
| HSBC Holdings PLC |
394,000 | 392,781 | ||||||
| HSBC Holdings PLC |
GBP | 275,000 | 412,520 | |||||
| Mitsubishi UFJ Financial Group, Inc. |
205,000 | 212,761 | ||||||
| Mizuho Financial Group, Inc. |
643,000 | 677,557 | ||||||
| Natwest Group PLC |
EUR | 550,000 | 699,928 | |||||
| Natwest Group PLC |
649,000 | 636,085 | ||||||
| NatWest Markets PLC |
183,000 | 190,445 | ||||||
| Royal Bank of Scotland Group PLC |
319,000 | 330,093 | ||||||
| 107 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
| Diversified Banking Institutions (continued) |
| |||||||
| Societe Generale SA |
$ | 210,000 | $ | 206,539 | ||||
| UBS Group AG |
EUR | 380,000 | 452,199 | |||||
| UniCredit SpA |
EUR | 500,000 | 620,956 | |||||
| UniCredit SpA |
377,000 | 379,759 | ||||||
| UniCredit SpA |
408,000 | 439,192 | ||||||
| UniCredit SpA |
377,000 | 394,826 | ||||||
| 12,455,540 | ||||||||
| Diversified Financial Services — 0.4% |
| |||||||
| Fairstone Financial, Inc. |
1,629,000 | 1,709,375 | ||||||
| GE Capital European Funding |
EUR | 340,000 | 641,977 | |||||
| GE Capital International Funding Co. ULC |
890,000 | 1,008,737 | ||||||
| 3,360,089 | ||||||||
| Diversified Manufacturing Operations — 0.0% |
| |||||||
| Siemens Financieringsmaatschappij NV |
250,000 | 270,873 | ||||||
| Diversified Minerals — 0.2% |
| |||||||
| Anglo American Capital PLC |
223,000 | 224,899 | ||||||
| FMG Resources August 2006 Pty, Ltd. |
1,153,000 | 1,266,859 | ||||||
| Teck Resources, Ltd. |
395,000 | 511,693 | ||||||
| 2,003,451 | ||||||||
| Electric-Distribution — 0.3% |
| |||||||
| Energuate Trust |
1,000,000 | 1,063,760 | ||||||
| Infraestructura Energetica Nova SAB de CV |
650,000 | 652,762 | ||||||
| National Grid PLC |
EUR | 335,000 | 405,519 | |||||
| OmGrid Funding, Ltd. |
500,000 | 515,000 | ||||||
| 2,637,041 | ||||||||
| Electric-Generation — 0.6% |
| |||||||
| ACEA SpA |
EUR | 310,000 | 400,895 | |||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Electric-Generation (continued) |
| |||||||
| Electricite de France SA |
$ | 200,000 | $ | 248,440 | ||||
| Electricite de France SA |
GBP | 200,000 | 401,645 | |||||
| LLPL Capital Pte, Ltd. |
912,000 | 1,089,566 | ||||||
| Minejesa Capital BV |
1,000,000 | 1,057,500 | ||||||
| Mong Duong Finance Holdings BV |
1,200,000 | 1,218,000 | ||||||
| SPIC Luxembourg Latin America Renewable Energy Investment Co. SARL |
650,000 | 704,125 | ||||||
| 5,120,171 | ||||||||
| Electric-Integrated — 0.3% |
| |||||||
| E.ON International Finance BV |
GBP | 275,000 | 523,308 | |||||
| Empresas Publicas de Medellin ESP |
805,000 | 823,121 | ||||||
| Enel Finance International NV |
278,000 | 343,348 | ||||||
| Engie Energia Chile SA |
209,000 | 219,450 | ||||||
| Fortum Oyj |
EUR | 465,000 | 597,515 | |||||
| 2,506,742 | ||||||||
| Electric-Transmission — 0.0% |
| |||||||
| RTE Reseau de Transport d’Electricite SADIR |
EUR | 200,000 | 252,620 | |||||
| Energy-Alternate Sources — 0.1% |
| |||||||
| ReNew Power Synthetic |
500,000 | 524,510 | ||||||
| ReNew Power, Ltd. |
510,000 | 531,675 | ||||||
| 1,056,185 | ||||||||
| Finance-Consumer Loans — 0.2% |
| |||||||
| goeasy, Ltd. |
1,395,000 | 1,443,825 | ||||||
| Finance-Leasing Companies — 0.1% |
| |||||||
| BOC Aviation, Ltd. |
1,165,000 | 1,130,460 | ||||||
| Food-Meat Products — 0.1% |
| |||||||
| BRF SA |
500,000 | 520,625 | ||||||
| 108 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
| Food-Retail — 0.1% |
| |||||||
| Auchan Holding SA |
EUR | 400,000 | $ | 557,154 | ||||
| Tesco Corp.orate Treasury Services PLC |
EUR | 450,000 | 559,762 | |||||
| 1,116,916 | ||||||||
| Gas-Transportation — 0.0% |
| |||||||
| National Grid Gas PLC |
GBP | 185,000 | 239,836 | |||||
| Gold Mining — 0.0% |
| |||||||
| AngloGold Ashanti Holdings PLC |
266,000 | 279,720 | ||||||
| Industrial Gases — 0.1% |
| |||||||
| Yingde Gases Investment, Ltd. |
500,000 | 515,259 | ||||||
| Insurance-Life/Health — 0.1% |
| |||||||
| Athene Holding, Ltd. |
214,000 | 221,767 | ||||||
| Manulife Financial Corp. |
300,000 | 328,947 | ||||||
| 550,714 | ||||||||
| Insurance-Property/Casualty — 0.0% |
| |||||||
| Enstar Group, Ltd. |
361,000 | 411,051 | ||||||
| Insurance-Reinsurance — 0.1% |
| |||||||
| Fairfax Financial Holdings, Ltd. |
EUR | 400,000 | 524,176 | |||||
| Investment Companies — 0.3% |
| |||||||
| Huarong Finance II Co., Ltd. |
590,000 | 625,172 | ||||||
| Huarong Finance II Co., Ltd. |
1,000,000 | 1,095,068 | ||||||
| JAB Holdings BV |
EUR | 400,000 | 548,434 | |||||
| MDGH - GMTN BV |
600,000 | 614,730 | ||||||
| 2,883,404 | ||||||||
| Machinery-Farming — 0.0% |
| |||||||
| CNH Industrial Finance Europe SA |
EUR | 200,000 | 257,151 | |||||
| Medical-Drugs — 0.3% |
| |||||||
| Bayer AG |
EUR | 200,000 | 247,847 | |||||
| Endo Dac/Endo Finance LLC/Endo Finco, Inc. |
760,000 | 761,900 | ||||||
| Endo Dac/Endo Finance LLC/Endo Finco, Inc. |
1,113,000 | 977,214 | ||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Medical-Drugs (continued) |
| |||||||
| Takeda Pharmaceutical Co., Ltd. |
EUR | 410,000 | $ | 516,284 | ||||
| Upjohn Finance BV |
EUR | 200,000 | 258,106 | |||||
| 2,761,351 | ||||||||
| Metal-Aluminum — 0.1% |
| |||||||
| Constellium SE |
628,000 | 623,416 | ||||||
| Indonesia Asahan Aluminium Persero PT |
500,000 | 612,125 | ||||||
| 1,235,541 | ||||||||
| Metal-Copper — 0.3% |
| |||||||
| First Quantum Minerals, Ltd. |
1,319,000 | 1,376,706 | ||||||
| Hudbay Minerals, Inc. |
905,000 | 917,471 | ||||||
| 2,294,177 | ||||||||
| Metal-Diversified — 0.1% |
| |||||||
| Chinalco Capital Holdings, Ltd. |
400,000 | 407,233 | ||||||
| Glencore Capital Finance DAC |
EUR | 200,000 | 246,572 | |||||
| 653,805 | ||||||||
| Metal-Iron — 0.2% |
| |||||||
| Mineral Resources, Ltd. |
1,649,000 | 1,825,196 | ||||||
| Motion Pictures & Services — 0.3% |
| |||||||
| Banijay Entertainment SASU |
2,390,000 | 2,437,800 | ||||||
| Multimedia — 0.1% |
| |||||||
| Globo Comunicacao e Participacoes SA |
700,000 | 727,132 | ||||||
| Non-Ferrous Metals — 0.0% |
| |||||||
| Corp Nacional del Cobre de Chile |
200,000 | 179,356 | ||||||
| Oil Companies-Exploration & Production — 0.6% |
| |||||||
| Canadian Natural Resources, Ltd. |
139,000 | 141,786 | ||||||
| MEG Energy Corp. |
325,000 | 329,973 | ||||||
| MEG Energy Corp. |
2,250,000 | 2,320,312 | ||||||
| MEG Energy Corp. |
1,050,000 | 1,108,831 | ||||||
| Saka Energi Indonesia PT |
700,000 | 634,900 | ||||||
| 109 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
| Oil Companies-Exploration & Production (continued) |
| |||||||
| Wintershall Dea Finance B.V. |
EUR | 300,000 | $ | 369,640 | ||||
| 4,905,442 | ||||||||
| Oil Companies-Integrated — 1.0% |
| |||||||
| BP Capital Markets PLC |
EUR | 300,000 | 371,753 | |||||
| BP Capital Markets PLC |
GBP | 260,000 | 382,568 | |||||
| Ecopetrol SA |
500,000 | 540,415 | ||||||
| Ecopetrol SA |
700,000 | 854,630 | ||||||
| Equinor ASA |
114,000 | 117,212 | ||||||
| Pertamina Persero PT |
500,000 | 632,500 | ||||||
| Petro-Canada |
98,000 | 124,242 | ||||||
| Petrobras Global Finance BV |
1,000,000 | 1,080,800 | ||||||
| Petroleos Mexicanos |
920,000 | 786,600 | ||||||
| Petroleos Mexicanos |
900,000 | 943,425 | ||||||
| Petroleos Mexicanos |
530,000 | 555,519 | ||||||
| Petroleos Mexicanos |
1,600,000 | 1,519,292 | ||||||
| Petroleos Mexicanos |
1,000,000 | 879,000 | ||||||
| Shell International Finance BV |
EUR | 300,000 | 392,462 | |||||
| Total Capital International SA |
94,000 | 96,507 | ||||||
| 9,276,925 | ||||||||
| Paper & Related Products — 0.1% |
| |||||||
| Suzano Austria GmbH |
833,000 | 879,815 | ||||||
| Petrochemicals — 0.1% |
| |||||||
| Equate Petrochemical BV |
500,000 | 543,500 | ||||||
| Pipelines — 0.1% |
| |||||||
| Galaxy Pipeline Assets Bidco, Ltd. |
500,000 | 491,127 | ||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Real Estate Investment Trusts — 0.2% |
| |||||||
| Alexandria Real Estate Equities, Inc. |
$ | 62,000 | $ | 59,993 | ||||
| Digital Dutch Finco BV |
EUR | 290,000 | 355,751 | |||||
| Scentre Group Trust 1/Scentre Group Trust 2 |
EUR | 480,000 | 609,615 | |||||
| Unibail-Rodamco-Westfield SE |
EUR | 400,000 | 496,962 | |||||
| 1,522,321 | ||||||||
| Real Estate Operations & Development — 0.2% |
| |||||||
| Aroundtown SA |
EUR | 400,000 | 488,284 | |||||
| Aroundtown SA |
EUR | 500,000 | 628,173 | |||||
| Aroundtown SA |
GBP | 230,000 | 345,728 | |||||
| Logicor Financing Sarl |
EUR | 250,000 | 306,153 | |||||
| 1,768,338 | ||||||||
| Retail-Convenience Store — 0.0% |
| |||||||
| Alimentation Couche-Tard, Inc. |
EUR | 230,000 | 295,067 | |||||
| Retail-Petroleum Products — 0.2% |
| |||||||
| Global Finance PLC |
1,835,000 | 1,885,187 | ||||||
| Satellite Telecom — 0.6% |
| |||||||
| Connect Finco SARL/Connect US Finco LLC |
2,059,000 | 2,134,308 | ||||||
| Telesat Canada/Telesat LLC |
571,000 | 590,985 | ||||||
| Telesat Canada/Telesat LLC |
2,232,000 | 2,303,491 | ||||||
| 5,028,784 | ||||||||
| Security Services — 0.2% |
| |||||||
| Garda World Security Corp. |
1,565,000 | 1,553,262 | ||||||
| Semiconductor Components-Integrated Circuits — 0.0% |
| |||||||
| TSMC Global, Ltd. |
251,000 | 245,836 | ||||||
| Steel-Producers — 0.1% |
| |||||||
| Shandong Iron & Steel Xinheng International Co., Ltd. |
620,000 | 637,371 | ||||||
| SupraNational Banks — 0.2% |
| |||||||
| African Development Bank |
290,000 | 292,900 | ||||||
| 110 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
| SupraNational Banks (continued) |
| |||||||
| European Bank for Reconstruction & Development |
$ | 358,000 | $ | 369,990 | ||||
| International Bank for Reconstruction & Development |
423,000 | 409,067 | ||||||
| International Bank for Reconstruction & Development |
220,000 | 242,970 | ||||||
| International Finance Corp. |
417,000 | 419,034 | ||||||
| 1,733,961 | ||||||||
| Telecom Services — 0.2% |
| |||||||
| Altice France Holding SA |
1,555,000 | 1,521,956 | ||||||
| NTT Finance Corp. |
EUR | 290,000 | 348,535 | |||||
| NTT Finance Corp. |
204,000 | 202,621 | ||||||
| 2,073,112 | ||||||||
| Telephone-Integrated — 0.0% |
| |||||||
| Telefonica Emisiones SAU |
157,000 | 178,454 | ||||||
| Transport-Rail — 0.0% |
| |||||||
| Canadian Pacific Railway Co. |
76,000 | 118,032 | ||||||
| Transport-Services — 0.2% |
| |||||||
| Rumo Luxembourg SARL |
730,000 | 775,443 | ||||||
| Yunda Holding Investment, Ltd. |
580,000 | 573,910 | ||||||
| 1,349,353 | ||||||||
| Vitamins & Nutrition Products — 0.1% |
| |||||||
| Herbalife Nutrition, Ltd./HLF Financing, Inc. |
565,000 | 611,613 | ||||||
| Warehousing & Harbor Transportation Services — 0.1% |
| |||||||
| DP World PLC |
1,000,000 | 1,062,300 | ||||||
| Total Foreign Corporate Bonds & Notes |
||||||||
| (cost $130,036,329) |
134,755,994 | |||||||
| FOREIGN GOVERNMENT OBLIGATIONS — 13.6% |
| |||||||
| Regional Agencies — 0.1% |
| |||||||
| Kommunekredit |
EUR | 950,000 | 1,138,784 | |||||
| Regional Authority — 0.1% |
| |||||||
| Province of Quebec, Canada |
EUR | 900,000 | 1,075,612 | |||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Sovereign — 13.3% |
| |||||||
| Arab Republic of Egypt |
$ | 1,500,000 | $ | 1,586,100 | ||||
| Arab Republic of Egypt |
930,000 | 959,063 | ||||||
| Arab Republic of Egypt |
2,000,000 | 2,204,956 | ||||||
| Arab Republic of Egypt |
1,024,000 | 1,064,223 | ||||||
| Dominican Republic |
1,200,000 | 1,222,500 | ||||||
| Dominican Republic |
900,000 | 875,250 | ||||||
| Emirate of Abu Dhabi |
1,250,000 | 1,323,257 | ||||||
| Emirate of Abu Dhabi |
2,390,000 | 2,621,830 | ||||||
| Emirate of Abu Dhabi |
1,600,000 | 1,542,480 | ||||||
| Emirate of Abu Dhabi |
385,000 | 423,500 | ||||||
| Federal Republic of Ethiopia |
2,380,000 | 2,208,926 | ||||||
| Federal Republic of Nigeria |
1,080,000 | 1,234,440 | ||||||
| Federative Republic of Brazil |
1,300,000 | 1,293,500 | ||||||
| Federative Republic of Brazil |
1,250,000 | 1,171,888 | ||||||
| Federative Republic of Brazil |
1,550,000 | 1,514,350 | ||||||
| Federative Republic of Brazil |
1,100,000 | 1,155,561 | ||||||
| Government of Romania |
730,000 | 738,304 | ||||||
| Government of Romania |
1,300,000 | 1,260,090 | ||||||
| Government of Ukraine |
550,000 | 558,960 | ||||||
| Government of Ukraine |
700,000 | 711,403 | ||||||
| Government of Ukraine |
750,000 | 789,068 | ||||||
| Government of Ukraine |
550,000 | 594,688 | ||||||
| 111 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
| Sovereign (continued) |
| |||||||
| Government of Ukraine |
$ | 2,200,000 | $ | 2,598,385 | ||||
| Islamic Republic of Pakistan |
1,275,000 | 1,364,250 | ||||||
| Islamic Republic of Pakistan |
1,990,000 | 2,196,462 | ||||||
| Kingdom of Bahrain |
1,300,000 | 1,285,960 | ||||||
| Kingdom of Bahrain |
1,200,000 | 1,176,000 | ||||||
| Kingdom of Bahrain |
400,000 | 385,399 | ||||||
| Kingdom of Bahrain |
945,000 | 1,076,128 | ||||||
| Kingdom of Saudi Arabia |
2,900,000 | 3,100,715 | ||||||
| Kingdom of Saudi Arabia |
1,850,000 | 1,978,042 | ||||||
| Kingdom of Saudi Arabia |
710,000 | 782,826 | ||||||
| Kingdom of Saudi Arabia |
850,000 | 961,061 | ||||||
| Kingdom of Saudi Arabia |
1,700,000 | 1,936,300 | ||||||
| Kingdom of Saudi Arabia |
750,000 | 901,233 | ||||||
| Oriental Republic of Uruguay |
496,323 | 572,638 | ||||||
| People’s Republic of China |
1,600,000 | 1,441,434 | ||||||
| Republic of the Philippines |
1,080,000 | 1,592,795 | ||||||
| Republic of Angola |
940,000 | 905,577 | ||||||
| Republic of Angola |
1,200,000 | 1,273,440 | ||||||
| Republic of Cameroon |
1,080,000 | 1,167,750 | ||||||
| Republic of Chile |
1,550,000 | 1,571,715 | ||||||
| Republic of Colombia |
1,848,000 | 1,838,760 | ||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Sovereign (continued) |
| |||||||
| Republic of Colombia |
$ | 1,200,000 | $ | 1,324,512 | ||||
| Republic of Colombia |
600,000 | 649,500 | ||||||
| Republic of Colombia |
1,200,000 | 1,905,012 | ||||||
| Republic of El Salvador |
850,000 | 833,000 | ||||||
| Republic of El Salvador |
225,000 | 235,125 | ||||||
| Republic of El Salvador |
700,000 | 733,250 | ||||||
| Republic of Ghana |
1,500,000 | 1,449,690 | ||||||
| Republic of Ghana |
533,000 | 509,740 | ||||||
| Republic of Ghana Bank |
1,000,000 | 1,304,920 | ||||||
| Republic of Indonesia |
2,700,000 | 2,560,704 | ||||||
| Republic of Indonesia |
1,200,000 | 1,324,333 | ||||||
| Republic of Indonesia |
800,000 | 881,368 | ||||||
| Republic of Italy |
279,000 | 289,795 | ||||||
| Republic of Ivory Coast |
1,900,000 | 2,042,500 | ||||||
| Republic of Ivory Coast |
1,000,000 | 1,110,000 | ||||||
| Republic of Kazakhstan |
200,000 | 233,584 | ||||||
| Republic of Kazakhstan |
850,000 | 1,243,407 | ||||||
| Republic of Kenya |
1,280,000 | 1,419,507 | ||||||
| Republic of Kenya |
1,750,000 | 1,929,410 | ||||||
| Republic of Kenya |
750,000 | 827,895 | ||||||
| Republic of Panama |
800,000 | 790,000 | ||||||
| Republic of Panama |
400,000 | 440,604 | ||||||
| 112 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
| Sovereign (continued) |
| |||||||
| Republic of Panama |
$ | 500,000 | $ | 671,880 | ||||
| Republic of Paraguay |
1,200,000 | 1,356,000 | ||||||
| Republic of South Africa |
1,260,000 | 1,247,589 | ||||||
| Republic of South Africa |
660,000 | 696,696 | ||||||
| Republic of Sri Lanka |
1,975,000 | 1,186,541 | ||||||
| Republic of Sri Lanka |
1,000,000 | 566,570 | ||||||
| Republic of Sri Lanka |
700,000 | 406,091 | ||||||
| Republic of Sri Lanka |
2,310,000 | 1,315,568 | ||||||
| Republic of Sri Lanka |
2,300,000 | 1,309,873 | ||||||
| Republic of the Philippines |
1,155,000 | 1,093,655 | ||||||
| Republic of the Philippines |
500,000 | 559,582 | ||||||
| Republic of Turkey |
1,250,000 | 1,242,150 | ||||||
| Republic of Turkey |
1,200,000 | 1,189,202 | ||||||
| Republic of Turkey |
1,270,000 | 1,427,035 | ||||||
| Russian Federation |
3,000,000 | 3,393,840 | ||||||
| State of Qatar |
865,000 | 945,013 | ||||||
| State of Qatar |
900,000 | 1,015,169 | ||||||
| State of Qatar |
2,280,000 | 2,670,951 | ||||||
| State of Qatar |
1,600,000 | 1,972,621 | ||||||
| State of Qatar |
780,000 | 991,770 | ||||||
| Sultanate of Oman |
1,600,000 | 1,653,760 | ||||||
| Sultanate of Oman |
2,700,000 | 2,976,318 | ||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Sovereign (continued) |
| |||||||
| Sultanate of Oman |
$ | 2,130,000 | $ | 2,388,262 | ||||
| United Mexican States |
1,425,000 | 1,372,645 | ||||||
| United Mexican States |
255,000 | 285,858 | ||||||
| United Mexican States |
830,000 | 841,421 | ||||||
| United Mexican States |
143,000 | 151,224 | ||||||
| United Mexican States |
2,410,000 | 2,617,284 | ||||||
| 118,743,631 | ||||||||
| Sovereign Agency — 0.1% |
| |||||||
| Kommunalbanken AS |
EUR | 850,000 | 1,025,417 | |||||
| Total Foreign Government Obligations |
||||||||
| (cost $121,461,450) |
121,983,444 | |||||||
| U.S. GOVERNMENT AGENCIES — 16.9% |
| |||||||
| Federal Home Loan Bank — 0.4% |
| |||||||
| 2.13% due 09/14/2029 |
2,000,000 | 2,109,369 | ||||||
| 3.25% due 11/16/2028 |
1,000,000 | 1,142,023 | ||||||
| 3,251,392 | ||||||||
| Federal Home Loan Mtg. Corp. — 3.9% |
| |||||||
| 2.00% due 03/01/2051 |
5,500,000 | 5,536,832 | ||||||
| 2.50% due 01/01/2028 |
109,995 | 116,120 | ||||||
| 2.50% due 04/01/2028 |
237,451 | 250,681 | ||||||
| 2.50% due 03/01/2031 |
158,182 | 165,336 | ||||||
| 2.50% due 10/01/2032 |
1,951,145 | 2,039,391 | ||||||
| 2.50% due 11/01/2032 |
1,066,615 | 1,133,363 | ||||||
| 3.00% due 04/01/2043 |
317,291 | 344,048 | ||||||
| 3.00% due 11/01/2046 |
3,615,615 | 3,886,116 | ||||||
| 3.50% due 03/01/2042 |
169,260 | 184,115 | ||||||
| 3.50% due 04/01/2042 |
329,597 | 358,575 | ||||||
| 3.50% due 08/01/2042 |
324,915 | 354,696 | ||||||
| 3.50% due 09/01/2043 |
24,637 | 26,885 | ||||||
| 3.50% due 07/01/2045 |
2,947,566 | 3,188,384 | ||||||
| 3.50% due 01/01/2046 |
235,786 | 255,450 | ||||||
| 3.50% due 03/01/2046 |
459,467 | 494,374 | ||||||
| 3.50% due 11/01/2047 |
1,066,905 | 1,136,465 | ||||||
| 3.50% due 03/01/2048 |
7,635,136 | 8,286,493 | ||||||
| 4.00% due 01/01/2046 |
181,366 | 200,415 | ||||||
| 4.00% due 01/01/2047 |
47,394 | 52,473 | ||||||
| 4.00% due 07/01/2049 |
1,705,062 | 1,859,269 | ||||||
| 4.00% due 01/01/2050 |
1,559,028 | 1,671,057 | ||||||
| 4.50% due 03/01/2023 |
3,527 | 3,697 | ||||||
| 4.50% due 07/01/2045 |
2,505,343 | 2,821,771 | ||||||
| 5.00% due 05/01/2034 |
24,365 | 27,383 | ||||||
| 5.00% due 11/01/2043 |
32,130 | 37,363 | ||||||
| 5.50% due 06/01/2022 |
2,100 | 2,143 | ||||||
| 5.50% due 07/01/2035 |
10,826 | 12,640 | ||||||
| 6.00% due 03/01/2040 |
31,759 | 38,152 | ||||||
| 6.50% due 02/01/2036 |
6,362 | 7,384 | ||||||
| Federal Home Loan Mtg. Corp. FRS |
6,023 | 6,248 | ||||||
| 3.24% (12 ML+1.88%) |
75,518 | 80,271 | ||||||
| 113 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
| Federal Home Loan Mtg. Corp. (continued) |
| |||||||
| Federal Home Loan Mtg. Corp., REMIC |
$ | 234,371 | $ | 241,985 | ||||
| Series 4800, Class KG |
80,121 | 81,540 | ||||||
| Federal Home Loan Mtg. Corp. REMIC FRS |
73,321 | 11,603 | ||||||
| 34,912,718 | ||||||||
| Federal National Mtg. Assoc. — 8.5% |
| |||||||
| 2.00% due 11/01/2035 |
1,467,077 | 1,525,587 | ||||||
| 2.00% due 12/01/2050 |
2,966,275 | 2,997,875 | ||||||
| 2.50% due 12/01/2026 |
337,564 | 352,736 | ||||||
| 2.50% due 08/01/2031 |
2,038,060 | 2,129,662 | ||||||
| 2.50% due 02/01/2032 |
800,370 | 846,413 | ||||||
| 2.50% due 04/01/2035 |
707,490 | 739,289 | ||||||
| 2.50% due 05/01/2050 |
1,837,413 | 1,911,366 | ||||||
| 2.50% due 06/01/2050 |
2,884,506 | 2,983,410 | ||||||
| 2.50% due 08/01/2050 |
4,473,143 | 4,625,697 | ||||||
| 2.50% due 10/01/2050 |
966,401 | 1,001,160 | ||||||
| 3.00% due 10/01/2027 |
102,779 | 108,447 | ||||||
| 3.00% due 12/01/2027 |
170,587 | 180,179 | ||||||
| 3.00% due 10/01/2030 |
183,188 | 193,328 | ||||||
| 3.00% due 02/01/2033 |
2,651,698 | 2,797,336 | ||||||
| 3.00% due 11/01/2039 |
1,163,436 | 1,217,319 | ||||||
| 3.00% due 12/01/2042 |
86,362 | 93,075 | ||||||
| 3.00% due 12/01/2046 |
365,895 | 388,327 | ||||||
| 3.00% due 01/01/2047 |
1,840,672 | 1,940,757 | ||||||
| 3.00% due 04/01/2047 |
2,142,104 | 2,263,769 | ||||||
| 3.00% due 09/01/2048 |
2,746,751 | 2,893,032 | ||||||
| 3.00% due 11/01/2048 |
1,137,012 | 1,195,909 | ||||||
| 3.00% due 06/01/2049 |
2,734,991 | 2,914,752 | ||||||
| 3.00% due 03/01/2050 |
1,178,842 | 1,245,978 | ||||||
| 3.50% due 09/01/2026 |
103,433 | 110,308 | ||||||
| 3.50% due 08/01/2027 |
22,758 | 24,246 | ||||||
| 3.50% due 10/01/2028 |
107,262 | 116,002 | ||||||
| 3.50% due 08/01/2042 |
242,901 | 255,016 | ||||||
| 3.50% due 10/01/2045 |
300,831 | 326,998 | ||||||
| 3.50% due 11/01/2045 |
150,804 | 161,819 | ||||||
| 3.50% due 02/01/2046 |
228,523 | 245,939 | ||||||
| 3.50% due 07/01/2046 |
2,862,920 | 3,101,977 | ||||||
| 3.50% due 01/01/2047 |
436,771 | 466,377 | ||||||
| 3.50% due 12/01/2047 |
4,305,645 | 4,616,306 | ||||||
| 3.50% due 04/01/2048 |
2,464,178 | 2,666,426 | ||||||
| 4.00% due 11/01/2025 |
43,589 | 46,435 | ||||||
| 4.00% due 03/01/2039 |
1,459,605 | 1,575,355 | ||||||
| 4.00% due 12/01/2040 |
18,670 | 20,684 | ||||||
| 4.00% due 01/01/2043 |
1,289,424 | 1,427,474 | ||||||
| 4.00% due 02/01/2045 |
1,702,427 | 1,885,683 | ||||||
| 4.00% due 06/01/2046 |
308,031 | 335,722 | ||||||
| 4.00% due 01/01/2047 |
12,757 | 13,823 | ||||||
| 4.00% due 05/01/2047 |
250,946 | 271,584 | ||||||
| 4.00% due 07/01/2047 |
1,603,634 | 1,733,745 | ||||||
| 4.00% due 08/01/2047 |
3,450,374 | 3,732,191 | ||||||
| 4.00% due 06/01/2048 |
1,915,619 | 2,089,360 | ||||||
| 4.00% due 09/01/2048 |
429,765 | 461,614 | ||||||
| 4.00% due 01/01/2049 |
3,088,288 | 3,315,233 | ||||||
| 4.50% due 08/01/2045 |
2,627,325 | 2,975,358 | ||||||
| 4.50% due 11/01/2048 |
1,738,137 | 1,910,410 | ||||||
| 5.00% due 01/01/2023 |
5,898 | 6,180 | ||||||
| 5.00% due 04/01/2023 |
7,235 | 7,583 | ||||||
| 5.00% due 03/01/2037 |
2,755 | 3,049 | ||||||
| 5.00% due 05/01/2040 |
94,358 | 107,844 | ||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Federal National Mtg. Assoc. (continued) |
| |||||||
| 5.00% due 06/01/2040 |
$ | 32,440 | $ | 37,550 | ||||
| 5.00% due 02/01/2045 |
340,006 | 392,465 | ||||||
| 5.50% due 08/01/2037 |
181,044 | 211,547 | ||||||
| 5.50% due 06/01/2038 |
18,772 | 22,005 | ||||||
| 6.00% due 02/01/2032 |
2,639 | 2,962 | ||||||
| 6.00% due 10/01/2034 |
99 | 111 | ||||||
| 6.00% due 09/01/2038 |
34,380 | 41,301 | ||||||
| 6.00% due 11/01/2038 |
10,477 | 12,502 | ||||||
| 6.00% due 06/01/2040 |
9,277 | 11,035 | ||||||
| 6.50% due 11/01/2037 |
26,614 | 30,315 | ||||||
| Federal National Mtg. Assoc. FRS |
||||||||
| 1.79% (6 ML+1.54%) |
67,990 | 70,684 | ||||||
| 2.29% (12 ML+1.77%) |
64,707 | 68,145 | ||||||
| 2.33% (12 ML+1.83%) |
28,432 | 29,942 | ||||||
| 2.33% (12 ML+1.82%) |
16,045 | 16,914 | ||||||
| 2.36% (12 ML+1.57%) |
12,309 | 12,921 | ||||||
| 2.59% (1 Yr USTYCR+2.22%) |
52,882 | 55,563 | ||||||
| 2.74% (12 ML+1.67%) due 07/01/2039 |
57,039 | 59,565 | ||||||
| 2.87% (12 ML+1.91%) due 08/01/2035 |
45,283 | 47,908 | ||||||
| 3.00% (1 Yr USTYCR+2.27%) |
28,266 | 30,103 | ||||||
| Federal National Mtg. Assoc. REMIC |
||||||||
| Series 2017-100, Class NP |
785,365 | 839,352 | ||||||
| Series 2018-27, Class EA |
1,961,392 | 2,089,689 | ||||||
| Series 2018-35, Class CD |
1,497,179 | 1,582,204 | ||||||
| 76,220,927 | ||||||||
| Government National Mtg. Assoc. — 1.8% |
| |||||||
| 2.50% due 05/20/2050 |
1,684,002 | 1,743,928 | ||||||
| 2.50% due 12/20/2050 |
994,129 | 1,029,990 | ||||||
| 3.00% due 03/20/2046 |
191,315 | 202,383 | ||||||
| 3.00% due 04/20/2046 |
1,879,859 | 1,987,731 | ||||||
| 3.00% due 05/20/2046 |
2,707,306 | 2,864,102 | ||||||
| 3.00% due 09/20/2047 |
900,470 | 949,728 | ||||||
| 3.00% due 05/20/2050 |
2,495,497 | 2,598,015 | ||||||
| 3.50% due 07/20/2046 |
353,058 | 377,520 | ||||||
| 3.50% due 03/20/2047 |
202,304 | 216,110 | ||||||
| 4.50% due 10/20/2045 |
2,417,170 | 2,715,169 | ||||||
| 4.50% due 04/20/2047 |
1,510,138 | 1,655,544 | ||||||
| 16,340,220 | ||||||||
| Uniform Mtg. Backed Securities — 2.3% |
| |||||||
| 1.50% due March 15 TBA |
1,300,000 | 1,312,188 | ||||||
| 1.50% due March 30 TBA |
1,500,000 | 1,467,187 | ||||||
| 2.00% due March 15 TBA |
3,000,000 | 3,096,562 | ||||||
| 2.00% due March 30 TBA |
8,000,000 | 8,047,500 | ||||||
| 2.50% due March 30 TBA |
6,000,000 | 6,198,750 | ||||||
| 20,122,187 | ||||||||
| Total U.S. Government Agencies |
||||||||
| (cost $146,640,068) |
150,847,444 | |||||||
| 114 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| U.S. GOVERNMENT TREASURIES — 3.9% |
| |||||||
| United States Treasury Bonds — 0.0% |
| |||||||
| 1.38% due 08/15/2050 |
$ | 307,000 | $ | 251,932 | ||||
| United States Treasury Notes — 3.9% |
| |||||||
| 0.13% due 05/31/2022 |
9,200,000 | 9,201,078 | ||||||
| 0.13% due 01/31/2023 |
9,100,000 | 9,095,379 | ||||||
| 0.13% due 12/15/2023 |
600,000 | 597,328 | ||||||
| 0.13% due 01/15/2024 |
7,750,000 | 7,711,250 | ||||||
| 0.38% due 01/31/2026# |
4,600,000 | 4,512,312 | ||||||
| 1.38% due 01/31/2025 |
500,000 | 515,957 | ||||||
| 1.50% due 02/15/2030 |
3,460,000 | 3,495,141 | ||||||
| 35,128,445 | ||||||||
| Total U.S. Government Treasuries |
||||||||
| (cost $35,637,498) |
35,380,377 | |||||||
| LOANS(14)(15)(16) — 4.9% |
| |||||||
| Aerospace/Defense-Equipment — 0.0% |
| |||||||
| Spirit Aerosystems, Inc. FRS |
295,628 | 296,737 | ||||||
| Airlines — 0.1% |
| |||||||
| American Airlines, Inc. FRS |
267,429 | 242,395 | ||||||
| American Airlines, Inc. FRS |
44,571 | 40,399 | ||||||
| WestJet Airlines, Ltd. FRS |
478,546 | 463,292 | ||||||
| 746,086 | ||||||||
| Apparel Manufacturers — 0.0% |
||||||||
| Samsonite IP Holdings Sarl FRS |
330,340 | 332,818 | ||||||
| Applications Software — 0.1% |
||||||||
| Project Boost Purchaser LLC FRS |
432,202 | 430,582 | ||||||
| VS Buyer LLC FRS |
231,443 | 231,346 | ||||||
| 661,928 | ||||||||
| Athletic Equipment — 0.0% |
||||||||
| Varsity Brands Holding Co., Inc. FRS |
395,722 | 380,202 | ||||||
| Auction Houses/Art Dealers — 0.0% |
||||||||
| Sotheby’s FRS |
287,430 | 290,424 | ||||||
| Auto Repair Centers — 0.1% |
||||||||
| Mavis Tire Express Services Corp. FRS |
430,621 | 426,853 | ||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Auto Repair Centers (continued) |
| |||||||
| Wand NewCo. 3, Inc. FRS |
$ | 247,818 | $ | 245,959 | ||||
| 672,812 | ||||||||
| Auto/Truck Parts & Equipment-Original — 0.1% |
||||||||
| TI Group Automotive Systems LLC FRS |
393,774 | 394,102 | ||||||
| Broadcast Services/Program — 0.1% |
||||||||
| NEP Group, Inc. FRS |
436,125 | 424,313 | ||||||
| Building & Construction-Misc. — 0.1% |
||||||||
| Verra Mobility Corp. FRS |
400,360 | 400,160 | ||||||
| Building Products-Air & Heating — 0.0% |
||||||||
| API Heat Transfer ThermaSys Corp. FRS |
428,184 | 181,978 | ||||||
| Building Products-Doors & Windows — 0.1% |
||||||||
| CHI Doors Holdings Corp. FRS |
383,971 | 385,891 | ||||||
| Building-Heavy Construction — 0.0% |
||||||||
| USIC Holdings, Inc. FRS |
295,437 | 295,252 | ||||||
| Cable/Satellite TV — 0.1% |
||||||||
| CSC Holdings LLC FRS |
482,849 | 481,265 | ||||||
| UPC Broadband Holdings BV FRS |
135,692 | 135,946 | ||||||
| UPC Broadband Holdings BV FRS |
135,692 | 135,946 | ||||||
| Virgin Media Bristol LLC FRS |
174,500 | 174,500 | ||||||
| 927,657 | ||||||||
| Casino Hotels — 0.2% |
||||||||
| Caesars Resort Collection LLC FRS |
437,970 | 433,590 | ||||||
| CityCenter Holdings LLC FRS |
381,630 | 378,132 | ||||||
| 115 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| LOANS (continued) |
| |||||||
| Casino Hotels (continued) |
| |||||||
| Golden Nugget, Inc. FRS |
$ | 416,649 | $ | 412,118 | ||||
| Station Casinos LLC FRS |
303,995 | 300,471 | ||||||
| 1,524,311 | ||||||||
| Casino Services — 0.0% |
||||||||
| Stars Group Holdings FRS |
145,208 | 145,727 | ||||||
| Cellular Telecom — 0.1% |
||||||||
| Altice France SA FRS |
434,988 | 434,117 | ||||||
| CCI Buyer, Inc. FRS |
354,197 | 356,677 | ||||||
| Numericable Group SA FRS |
134,652 | 134,189 | ||||||
| 924,983 | ||||||||
| Chemicals-Diversified — 0.1% |
||||||||
| Hexion, Inc. FRS |
443,101 | 440,885 | ||||||
| Chemicals-Specialty — 0.1% |
||||||||
| Diamond BC BV FRS |
356,786 | 354,612 | ||||||
| PQ Corp. FRS |
134,711 | 134,767 | ||||||
| Starfruit US HoldCo. LLC FRS |
316,210 | 315,090 | ||||||
| 804,469 | ||||||||
| Commercial Services-Finance — 0.1% |
||||||||
| MoneyGram International, Inc. FRS |
343,746 | 342,801 | ||||||
| MPH Acquisition Holdings LLC FRS |
306,295 | 305,797 | ||||||
| Travelport Finance Luxembourg SARL FRS |
226,227 | 224,700 | ||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Commercial Services-Finance (continued) |
| |||||||
| Travelport Finance Luxembourg SARL FRS |
$ | 278,686 | $ | 216,678 | ||||
| 1,089,976 | ||||||||
| Computer Data Security — 0.0% |
||||||||
| McAfee LLC FRS |
338,655 | 339,267 | ||||||
| Computer Graphics — 0.1% |
||||||||
| Corel, Inc. FRS |
407,641 | 405,263 | ||||||
| Computer Services — 0.0% |
||||||||
| Tempo Acquisition LLC FRS |
328,228 | 328,331 | ||||||
| Computer Software — 0.1% |
||||||||
| Camelot Finance SA FRS |
288,719 | 288,630 | ||||||
| Cornerstone OnDemand, Inc. FRS |
262,199 | 263,641 | ||||||
| 552,271 | ||||||||
| Computers-Integrated Systems — 0.0% |
||||||||
| Everi Payments, Inc. FRS |
159,753 | 166,143 | ||||||
| Containers-Metal/Glass — 0.0% |
||||||||
| Mauser Packaging Solutions Holding, Co. FRS |
991 | 973 | ||||||
| Mauser Packaging Solutions Holding, Co. FRS |
381,596 | 374,646 | ||||||
| 375,619 | ||||||||
| Containers-Paper/Plastic — 0.2% |
||||||||
| Charter NEX FRS |
233,666 | 235,418 | ||||||
| Graham Packaging Co., Inc. FRS |
318,911 | 319,230 | ||||||
| Patriot Container Corp. FRS |
306,714 | 305,181 | ||||||
| Reynolds Group Holdings, Inc. FRS |
274,387 | 273,187 | ||||||
| 116 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| LOANS (continued) |
| |||||||
| Containers-Paper/Plastic (continued) |
| |||||||
| Trident TPI Holdings, Inc. FRS |
$ | 228,803 | $ | 228,588 | ||||
| 1,361,604 | ||||||||
| Cosmetics & Toiletries — 0.0% |
||||||||
| Sunshine Luxembourg VII SARL FRS |
332,240 | 333,279 | ||||||
| Cruise Lines — 0.1% |
||||||||
| Carnival Corp. FRS |
327,793 | 337,899 | ||||||
| Hornblower Sub LLC FRS |
285,520 | 244,120 | ||||||
| 582,019 | ||||||||
| Data Processing/Management — 0.0% |
||||||||
| CCC Information Services, Inc. FRS |
376,724 | 377,195 | ||||||
| Direct Marketing — 0.1% |
||||||||
| Terrier Media Buyer, Inc. FRS |
409,315 | 408,803 | ||||||
| Distribution/Wholesale — 0.1% |
||||||||
| Fastlane Parent Co., Inc. FRS |
337,842 | 337,842 | ||||||
| Univar USA, Inc. FRS |
270,463 | 270,407 | ||||||
| 608,249 | ||||||||
| E-Commerce/Products — 0.0% |
||||||||
| CNT Holdings I Corp. FRS |
228,098 | 229,060 | ||||||
| CNT Holdings I Corp. FRS |
69,045 | 70,339 | ||||||
| 299,399 | ||||||||
| E-Commerce/Services — 0.0% |
||||||||
| RentPath LLC FRS |
2,178,597 | 326,790 | ||||||
| Electronic Components-Misc. — 0.0% |
||||||||
| AI Ladder Luxembourg Subco SARL FRS |
362,135 | 362,814 | ||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Electronic Components-Semiconductors — 0.1% |
||||||||
| Bright Bidco BV FRS |
$ | 567,655 | $ | 431,791 | ||||
| Electronic Parts Distribution — 0.1% |
| |||||||
| Tech Data Corp. FRS |
277,227 | 279,029 | ||||||
| Tech Data Corp. FRS |
316,875 | 318,460 | ||||||
| 597,489 | ||||||||
| Enterprise Software/Service — 0.4% |
| |||||||
| Applied Systems, Inc. FRS |
361,172 | 361,643 | ||||||
| Banff Merger Sub, Inc. FRS |
300,016 | 300,155 | ||||||
| Dcert Buyer, Inc. FRS |
275,528 | 275,585 | ||||||
| Epicor Software Corp. FRS |
281,295 | 282,638 | ||||||
| Epicor Software Corp. FRS |
35,981 | 37,480 | ||||||
| Finastra USA, Inc. FRS |
273,402 | 270,295 | ||||||
| Finastra USA, Inc. FRS |
106,777 | 105,563 | ||||||
| Greeneden US Holdings II LLC FRS |
338,248 | 339,516 | ||||||
| MYOB US Borrower LLC FRS |
327,099 | 325,463 | ||||||
| Sophia L.P. FRS |
428,392 | 429,731 | ||||||
| UKG, Inc. FRS |
55,609 | 55,887 | ||||||
| Ultimate Software Group, Inc. FRS |
263,752 | 264,929 | ||||||
| 117 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| LOANS (continued) |
| |||||||
| Enterprise Software/Service (continued) |
| |||||||
| Ultimate Software Group, Inc. FRS |
$ | 92,341 | $ | 95,227 | ||||
| 3,144,112 | ||||||||
| Finance-Credit Card — 0.0% |
| |||||||
| Pi US Mergerco, Inc. FRS |
367,535 | 367,328 | ||||||
| Finance-Investment Banker/Broker — 0.1% |
| |||||||
| Deerfield Dakota Holding LLC FRS |
179,908 | 180,839 | ||||||
| Motion Finco SARL FRS |
25,620 | 24,766 | ||||||
| Motion Finco Sarl FRS |
194,939 | 188,441 | ||||||
| 394,046 | ||||||||
| Food-Misc./Diversified — 0.0% |
| |||||||
| Dole Food Co., Inc. FRS |
218,014 | 217,686 | ||||||
| Froneri US, Inc. FRS |
161,178 | 159,676 | ||||||
| 377,362 | ||||||||
| Gambling (Non-Hotel) — 0.0% |
| |||||||
| Scientific Games International, Inc. FRS |
389,818 | 383,240 | ||||||
| Human Resources — 0.1% |
| |||||||
| Creative Artists Agency LLC FRS |
304,063 | 301,565 | ||||||
| Team Health Holdings, Inc. FRS |
405,740 | 377,789 | ||||||
| 679,354 | ||||||||
| Insurance Brokers — 0.1% |
| |||||||
| Alliant Holdings Intermediate LLC FRS |
400,474 | 397,494 | ||||||
| HUB International, Ltd. FRS |
1,017 | 1,006 | ||||||
| HUB International, Ltd. FRS |
395,662 | 391,260 | ||||||
| 789,760 | ||||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Insurance-Property/Casualty — 0.1% |
| |||||||
| Asurion LLC FRS |
$ | 249,469 | $ | 249,053 | ||||
| Asurion LLC FRS |
124,672 | 124,243 | ||||||
| Sedgwick Claims Management Services, Inc. FRS |
318,045 | 315,620 | ||||||
| 688,916 | ||||||||
| Internet Content-Information/News — 0.0% |
| |||||||
| Ancestry Com Inc 2020 Term Loan FRS |
303,025 | 303,025 | ||||||
| Internet Financial Services — 0.1% |
| |||||||
| ION Trading Finance, Ltd. FRS |
445,504 | 445,968 | ||||||
| Internet Gambling — 0.0% |
| |||||||
| Golden Nugget, Inc. FRS |
38,363 | 43,734 | ||||||
| Internet Telephone — 0.0% |
| |||||||
| Cablevision Lightpath LLC FRS |
184,466 | 184,789 | ||||||
| Investment Management/Advisor Services — 0.1% |
| |||||||
| Advisor Group Holdings, Inc. FRS |
412,830 | 413,346 | ||||||
| Machinery-Electrical — 0.0% |
| |||||||
| Alliance Laundry Systems LLC FRS |
227,366 | 228,096 | ||||||
| Machinery-General Industrial — 0.0% |
| |||||||
| Vertical US Newco, Inc. FRS |
363,613 | 366,522 | ||||||
| Machinery-Pumps — 0.0% |
| |||||||
| STS Operating, Inc. FRS |
352,920 | 341,450 | ||||||
| Medical Information Systems — 0.1% |
| |||||||
| Navicure, Inc. FRS |
299,586 | 300,335 | ||||||
| 118 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| LOANS (continued) |
| |||||||
| Medical Information Systems (continued) |
| |||||||
| VVC Holding Corp. FRS |
$ | 328,329 | $ | 330,108 | ||||
| 630,443 | ||||||||
| Medical Labs & Testing Services — 0.1% |
| |||||||
| Envision Healthcare Corp. FRS |
736,485 | 632,325 | ||||||
| Medical-Drugs — 0.1% |
| |||||||
| Akorn Operating Co. LLC FRS |
158,495 | 159,486 | ||||||
| Alphabet Holding Co., Inc. FRS |
438,665 | 437,294 | ||||||
| Bausch Health Americas, Inc. FRS |
219,043 | 218,868 | ||||||
| Bausch Health Americas, Inc. FRS |
41,569 | 41,608 | ||||||
| 857,256 | ||||||||
| Medical-Generic Drugs — 0.0% |
| |||||||
| Endo Luxembourg Finance Co. I |
355,160 | 353,606 | ||||||
| Medical-Hospitals — 0.1% |
| |||||||
| Cano Health LLC FRS |
63,524 | 63,544 | ||||||
| Cano Health LLC FRS |
174,237 | 174,292 | ||||||
| RegionalCare Hospital Partners |
290,442 | 290,574 | ||||||
| 528,410 | ||||||||
| Miscellaneous Manufacturing — 0.0% |
| |||||||
| Excelitas Technologies Corp. FRS |
338,000 | 338,282 | ||||||
| Non-Hazardous Waste Disposal — 0.0% |
| |||||||
| GFL Environmental, Inc. FRS |
203,827 | 204,701 | ||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Oil Companies-Exploration & Production — 0.0% |
| |||||||
| Osum Production Corp. FRS |
$ | 370,749 | $ | 367,042 | ||||
| Oil-Field Services — 0.0% |
| |||||||
| Apergy Corp. FRS |
314,747 | 319,862 | ||||||
| Pharmacy Services — 0.1% |
| |||||||
| Change Healthcare Holdings LLC FRS |
246,705 | 246,936 | ||||||
| HC Group Holdings II, Inc. FRS |
365,243 | 365,320 | ||||||
| 612,256 | ||||||||
| Pipelines — 0.1% |
| |||||||
| Blackstone CQP Holdco LP FRS |
409,213 | 409,110 | ||||||
| Hercules Merger Sub LLC FRS |
444,215 | 443,589 | ||||||
| Medallion Midland Acquisition LLC FRS |
381,785 | 378,285 | ||||||
| 1,230,984 | ||||||||
| Protection/Safety — 0.0% |
| |||||||
| Prime Security Services Borrower LLC |
327,215 | 327,337 | ||||||
| Publishing-Periodicals — 0.0% |
| |||||||
| Nielsen Finance LLC FRS |
381,721 | 381,138 | ||||||
| Quarrying — 0.1% |
| |||||||
| US Silica Co. FRS |
467,740 | 442,404 | ||||||
| Real Estate Investment Trusts — 0.0% |
| |||||||
| Claros Mtg. Trust, Inc. FRS |
233,816 | 234,401 | ||||||
| Real Estate Management/Services — 0.0% |
| |||||||
| Cushman & Wakefield FRS |
387,543 | 384,567 | ||||||
| 119 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| LOANS (continued) |
| |||||||
| Research & Development — 0.1% |
| |||||||
| PAREXEL International Corp. FRS |
$ | 399,959 | $ | 397,647 | ||||
| Resort/Theme Parks — 0.0% |
| |||||||
| SeaWorld Parks & Entertainment, Inc. FRS |
361,505 | 355,631 | ||||||
| Retail-Auto Parts — 0.0% |
| |||||||
| LS Group OpCo Acquisition LLC FRS |
227,421 | 228,179 | ||||||
| Retail-Building Products — 0.0% |
| |||||||
| LBM Acquisition LLC FRS |
30,739 | 30,799 | ||||||
| LBM Acquisition LLC FRS |
138,324 | 138,596 | ||||||
| 169,395 | ||||||||
| Retail-Petroleum Products — 0.1% |
| |||||||
| EG America LLC FRS |
386,354 | 385,098 | ||||||
| Retail-Restaurants — 0.1% |
| |||||||
| IRB Holding Corp. FRS |
356,061 | 355,504 | ||||||
| Whatabrands LLC FRS |
315,878 | 315,702 | ||||||
| Wok Holdings, Inc. FRS |
350,647 | 333,991 | ||||||
| Zaxby’s Operating Co. LP FRS |
156,274 | 157,120 | ||||||
| 1,162,317 | ||||||||
| Retail-Sporting Goods — 0.1% |
| |||||||
| Bass Pro Group LLC FRS |
550,985 | 551,138 | ||||||
| Rubber/Plastic Products — 0.0% |
| |||||||
| Gates Global LLC FRS |
242,506 | 241,900 | ||||||
| Satellite Telecom — 0.1% |
| |||||||
| Connect Finco SARL FRS |
305,690 | 306,673 | ||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Satellite Telecom (continued) |
| |||||||
| Intelsat Jackson Holdings SA FRS |
$ | 73,350 | $ | 74,236 | ||||
| Intelsat Jackson Holdings SA FRS |
355,000 | 359,808 | ||||||
| Iridium Satellite LLC FRS |
380,557 | 382,256 | ||||||
| 1,122,973 | ||||||||
| Telecom Services — 0.0% |
| |||||||
| West Corp. FRS |
996 | 974 | ||||||
| West Corp. FRS |
387,624 | 379,079 | ||||||
| 380,053 | ||||||||
| Telecommunication Equipment — 0.0% |
| |||||||
| CommScope, Inc. FRS |
274,302 | 273,616 | ||||||
| Telephone-Integrated — 0.1% |
| |||||||
| CenturyLink, Inc. FRS |
235,255 | 234,292 | ||||||
| Zayo Group Holdings, Inc. FRS |
276,153 | 275,548 | ||||||
| 509,840 | ||||||||
| Theaters — 0.2% |
| |||||||
| William Morris Endeavor Entertainment LLC FRS |
915,226 | 862,601 | ||||||
| William Morris Endeavor Entertainment LLC FRS |
803,068 | 756,891 | ||||||
| 1,619,492 | ||||||||
| Transactional Software — 0.0% |
| |||||||
| Solera LLC FRS |
321,623 | 321,141 | ||||||
| Transport-Truck — 0.1% |
| |||||||
| Pods LLC FRS |
410,609 | 411,225 | ||||||
| Total Loans |
||||||||
| (cost $46,062,438) |
44,302,744 | |||||||
| 120 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Shares/ Principal Amount(17) |
Value (Note 2) |
||||||
| COMMON STOCKS — 0.0% |
| |||||||
| Building Products-Air & Heating — 0.0% |
| |||||||
| API Heat Transfer, Inc.†(5)(6) |
407,576 | $ | 0 | |||||
| Oil Field Machinery & Equipment — 0.0% |
| |||||||
| Hi-Crush, Inc.†(5)(6) |
37,863 | 6,437 | ||||||
| Total Common Stocks |
||||||||
| (cost $184,440) |
6,437 | |||||||
| PREFERRED SECURITIES — 0.0% |
||||||||
| Building Products-Air & Heating — 0.0% |
||||||||
| API Heat Transfer, Inc., Class A †(5)(6)(22) |
87 | 0 | ||||||
| Sovereign Agency — 0.0% |
||||||||
| Federal Home Loan Mtg. Corp. |
2,592 | 13,660 | ||||||
| Total Preferred Securities |
||||||||
| (cost $40,107) |
13,660 | |||||||
| PREFERRED SECURITIES/CAPITAL SECURITIES — 1.3% |
||||||||
| Auto-Cars/Light Trucks — 0.0% |
||||||||
| Volkswagen International Finance NV |
EUR | 200,000 | 251,562 | |||||
| Building & Construction-Misc. — 0.1% |
||||||||
| China Minmetals Corp. |
$ | 485,000 | 495,924 | |||||
| Diversified Banking Institutions — 0.2% |
||||||||
| BNP Paribas SA |
300,000 | 254,904 | ||||||
| JPMorgan Chase & Co. |
334,000 | 360,689 | ||||||
| Royal Bank of Scotland Group PLC |
245,000 | 287,875 | ||||||
| Societe Generale SA |
351,000 | 387,634 | ||||||
| 1,291,102 | ||||||||
| Electric-Distribution — 0.0% |
||||||||
| National Rural Utilities Cooperative Finance Corp. |
227,000 | 236,239 | ||||||
| Electric-Generation — 0.0% |
||||||||
| Electricite de France SA |
EUR | 200,000 | 257,420 | |||||
| Electric-Integrated — 0.0% |
||||||||
| CMS Energy Corp. |
112,000 | 112,314 | ||||||
| CMS Energy Corp. |
138,000 | 151,709 | ||||||
| Dominion Resources, Inc. |
89,000 | 97,331 | ||||||
| 361,354 | ||||||||
| Food-Dairy Products — 0.2% |
||||||||
| Land O’Lakes Capital Trust I |
1,152,000 | 1,347,840 | ||||||
| Insurance-Life/Health — 0.1% |
||||||||
| Aviva PLC |
GBP | 260,000 | 385,144 | |||||
| Prudential Financial, Inc. |
237,000 | 254,707 | ||||||
| Prudential Financial, Inc. |
61,000 | 69,888 | ||||||
| Voya Financial, Inc. |
146,000 | 150,792 | ||||||
| 860,531 | ||||||||
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| Insurance-Multi-line — 0.1% |
||||||||
| Aegon NV |
EUR | 335,000 | $ | 438,221 | ||||
| Allianz SE |
200,000 | 203,048 | ||||||
| Allianz SE |
EUR | 300,000 | 400,877 | |||||
| 1,042,146 | ||||||||
| Insurance-Mutual — 0.1% |
||||||||
| Liberty Mutual Group, Inc. |
654,000 | 598,267 | ||||||
| Medical-Drugs — 0.0% |
||||||||
| Bayer AG |
EUR | 280,000 | 356,077 | |||||
| Metal-Aluminum — 0.1% |
||||||||
| Chalco Hong Kong Investment Co., Ltd. |
800,000 | 811,129 | ||||||
| Metal-Diversified — 0.1% |
||||||||
| Chinalco Capital Holdings, Ltd. |
500,000 | 519,008 | ||||||
| Oil Companies-Integrated — 0.1% |
||||||||
| BP Capital Markets PLC |
242,000 | 259,787 | ||||||
| TOTAL SE |
EUR | 290,000 | 356,023 | |||||
| 615,810 | ||||||||
| Pipelines — 0.0% |
||||||||
| EnLink Midstream Partners LP |
100,000 | 59,625 | ||||||
| Enterprise Products Operating LLC |
73,000 | 72,759 | ||||||
| 132,384 | ||||||||
| Real Estate Investment Trusts — 0.0% |
||||||||
| Scentre Group Trust 2 |
206,000 | 214,382 | ||||||
| Tools-Hand Held — 0.0% |
||||||||
| Stanley Black & Decker, Inc. |
304,000 | 321,890 | ||||||
| Transport-Equipment & Leasing — 0.2% |
||||||||
| AerCap Global Aviation Trust |
1,860,000 | 1,939,310 | ||||||
| Total Preferred Securities/Capital Securities |
||||||||
| (cost $10,981,460) |
11,652,375 | |||||||
| ESCROWS AND LITIGATION TRUSTS — 0.0% |
||||||||
| Hellas Telecommunications |
560,000 | 0 | ||||||
| Lehman Brothers Holdings Capital |
101,000 | 10 | ||||||
| Lehman Brothers Holdings, Inc. |
97,000 | 990 | ||||||
| Lehman Brothers Holdings, Inc. |
111,000 | 11 | ||||||
| 121 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Principal Amount(17) |
Value (Note 2) |
||||||
| ESCROWS AND LITIGATION TRUSTS (continued) |
||||||||
| Lehman Brothers Holdings, Inc. |
$ | 143,000 | $ | 14 | ||||
| Venture Holdings Co. LLC |
25,000 | 0 | ||||||
| Waterford Gaming LLC/Waterford |
262,396 | 1,889 | ||||||
| Total Escrows and Litigation Trusts |
||||||||
| (cost $844,261) |
2,914 | |||||||
| Total Long-Term Investment Securities |
||||||||
| (cost $823,208,098) |
846,356,124 | |||||||
| SHORT-TERM INVESTMENT SECURITIES — 10.5% |
| |||||||
| Registered Investment Companies — 10.5% |
| |||||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class |
71,987,507 | 71,987,507 | ||||||
| State Street Navigator Securities Lending Government Money Market Portfolio |
21,545,306 | 21,545,306 | ||||||
| Total Short-Term Investment Securities |
||||||||
| (cost $93,532,813) |
93,532,813 | |||||||
| TOTAL INVESTMENTS |
||||||||
| (cost $916,740,911)(19) |
105.1 | % | 939,888,937 | |||||
| Liabilities in excess of other assets |
(5.1 | ) | (45,536,174 | ) | ||||
| NET ASSETS |
100.0 | % | $ | 894,352,763 | ||||
| * | 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 Fund has no right to demand registration of these securities. At February 28, 2021, the aggregate value of these securities was $297,333,054 representing 33.2% of net assets. |
| # | The security or a portion thereof is out on loan (see Note 2). |
| † | Non-income producing security |
| (1) | Commercial Mortgage Backed Security |
| (2) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
| (3) | Collateralized Mortgage Obligation |
| (4) | Interest Only |
| (5) | Securities classified as Level 3 (see Note 2). |
| (6) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. |
| In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of February 28, 2021, the Fund held the following restricted securities: |
| Name |
Acquisition Date |
Par Amount/ Shares |
Acquisition Cost |
Value |
Value per Share/ Par Amount |
% of Net Assets |
||||||||||||||||||
| U.S. Convertible Bonds & Notes |
||||||||||||||||||||||||
| Hi-Crush, Inc. |
10/8/2020 | 718,000 | $ | 650,268 | $ | 718,000 | $ | 100.00 | 0.08 | % | ||||||||||||||
| Loans |
||||||||||||||||||||||||
| API Heat Transfer ThermaSys Corp. |
2/28/2019 | 378,402 | 378,402 | |||||||||||||||||||||
| 3/31/2020 | 12,382 | 12,382 | ||||||||||||||||||||||
| 6/30/2020 | 6,373 | 6,373 | ||||||||||||||||||||||
| 6/30/2020 | 5,926 | 5,926 | ||||||||||||||||||||||
| 9/30/2020 | 12,361 | 12,361 | ||||||||||||||||||||||
| 1/4/2021 | 12,740 | 12,740 | ||||||||||||||||||||||
| 428,184 | 428,184 | 181,978 | 42.50 | 0.02 | % | |||||||||||||||||||
| RentPath LLC |
6/4/2015 | 802,597 | 794,469 | |||||||||||||||||||||
| 7/20/2015 | 400,000 | 396,123 | ||||||||||||||||||||||
| 2/14/2017 | 41,000 | 39,738 | ||||||||||||||||||||||
| 7/13/2017 | 935,000 | 924,174 | ||||||||||||||||||||||
| 2,178,597 | 2,154,504 | 326,790 | 15.00 | 0.04 | % | |||||||||||||||||||
| Common Stocks |
||||||||||||||||||||||||
| API Heat Transfer, Inc. |
12/31/2018 | 407,576 | 134,500 | 0 | 0.00 | 0.00 | % | |||||||||||||||||
| Hi-Crush, Inc. |
2/28/2021 | 37,863 | 49,940 | 6,437 | 0.17 | 0.00 | % | |||||||||||||||||
| Preferred Securities |
||||||||||||||||||||||||
| API Heat Transfer, Inc. Class A |
12/31/2018 | 87 | 87 | 0 | 0.00 | 0.00 | % | |||||||||||||||||
| $ | 1,233,205 | 0.14 | % | |||||||||||||||||||||
| (7) | PIK (“Payment-in-Kind”) security — Income may be paid in additional securities or cash at the discretion of the issuer. The security is currently paying interest in cash at the coupon rate listed. |
| (8) | Perpetual maturity — maturity date reflects the next call date. |
| (9) | 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 February 28, 2021. |
| (10) | PIK (“Payment-in-Kind”) security-Income may be paid in additional securities or cash at the discretion of the issuer. The security is currently paying interest in cash at 0.25%. The security is also currently paying interest in the form of additional loans at 12.00%. |
| (11) | Company has filed for bankruptcy protection. |
| (12) | Security in default of interest and principal at maturity. |
| (13) | The rate shown is the 7-day yield as of February 28, 2021. |
| (14) | 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. |
| (15) | 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”) 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. |
| (16) | All loans in the Fund were purchased through assignment agreements unless otherwise indicated. |
| (17) | Denominated in United States Dollars unless otherwise indicated. |
| 122 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| (18) | Security in default of interest. |
| (19) | See Note 5 for cost of investments on a tax basis. |
| (20) | At February 28, 2021, the Fund had loaned securities with a total value of $22,906,691. This was secured by collateral of $21,545,306, which was received in cash and subsequently invested in short-term investments currently valued at $21,545,306 as reported in the Portfolio of Investments. Additional collateral of $1,959,153 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 February 28, 2021 |
|||||
| United States Treasury Bills |
0.00% | 04/08/2021 to 04/29/2021 | $ | 279,021 | ||||
| United States Treasury Notes/Bonds |
0.13% to 3.88% | 03/31/2021 to 08/15/2048 | 1,680,132 | |||||
| (21) | All or a portion of this holding is subject to unfunded loan commitments (See Note 12) |
| (22) | Traded in units. 1 unit equals 1,000 shares. |
BTL — Bank Term Loan
DIP — Debtor in Possession
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.
TBD — Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to the settlement.
ULC — Unlimited Liability Corp.
FRS — Floating Rate Security
VRS — Variable Rate Security
The rates shown on FRS and VRS are the current interest rates at February 28, 2021 and unless noted otherwise, the dates are the original maturity dates.
Currency Legend
EUR — Euro Currency
GBP — British Pound
Index Legend
1 ML — 1 Month USD LIBOR
2 ML — 2 Month USD LIBOR
3 ML — 3 Month USD LIBOR
6 ML — 6 Month USD LIBOR
12 ML — 12 Month USD LIBOR
USFRBPLR — US Federal Reserve Bank Prime Loan Rate
1 Yr USTYCR — 1 Year US Treasury Yield Curve Rate
| Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
| Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation |
Unrealized (Depreciation) |
|||||||||||||||||||||||
| JPMorgan Chase Bank N.A |
EUR | 23,600,000 | USD | 28,749,013 | 04/15/2021 | $ | 245,393 | $ | – | |||||||||||||||||||
| EUR | 6,810,000 | USD | 8,268,423 | 06/10/2021 | 33,518 | – | ||||||||||||||||||||||
| GBP | 3,515,000 | USD | 4,927,945 | 04/15/2021 | 29,644 | – | ||||||||||||||||||||||
| USD | 947,047 | EUR | 780,000 | 04/15/2021 | – | (4,978 | ) | |||||||||||||||||||||
| USD | 85,869 | GBP | 61,000 | 04/15/2021 | – | (863 | ) | |||||||||||||||||||||
| Unrealized Appreciation (Depreciation) |
$ | 308,555 | $ | (5,841 | ) | |||||||||||||||||||||||
EUR—Euro Currency
GBP—British Pound
USD—United States Dollar
| 123 |
VALIC Company II Strategic Bond Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2021 (see Note 2):
| Level 1 - Unadjusted Quoted Prices |
Level 2 - Other Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total |
|||||||||||||
| ASSETS: |
||||||||||||||||
| Investments at Value:* |
||||||||||||||||
| Asset Backed Securities |
$ | — | $ | 13,050,603 | $ | — | $ | 13,050,603 | ||||||||
| U.S. Convertible Bonds & Notes |
— | — | 718,000 | 718,000 | ||||||||||||
| U.S. Corporate Bonds & Notes |
— | 333,642,132 | — | 333,642,132 | ||||||||||||
| Foreign Corporate Bonds & Notes |
— | 134,755,994 | — | 134,755,994 | ||||||||||||
| Foreign Government Obligations |
— | 121,983,444 | — | 121,983,444 | ||||||||||||
| U.S. Government Agencies |
— | 150,847,444 | — | 150,847,444 | ||||||||||||
| U.S. Government Treasuries |
— | 35,380,377 | — | 35,380,377 | ||||||||||||
| Loans: |
||||||||||||||||
| Building Products - Air & Heating |
— | — | 181,978 | 181,978 | ||||||||||||
| E-Commerce/Services |
— | — | 326,790 | 326,790 | ||||||||||||
| Other Industries |
— | 43,793,976 | — | 43,793,976 | ||||||||||||
| Common Stocks : |
||||||||||||||||
| Building Produsts - Air & Heating |
— | — | 0 | 0 | ||||||||||||
| Oil Field Machinery & Equipment |
— | — | 6,437 | 6,437 | ||||||||||||
| Preferred Securities: |
||||||||||||||||
| Building Products - Air & Heating |
— | — | 0 | 0 | ||||||||||||
| Sovereign Agency |
13,660 | — | — | 13,660 | ||||||||||||
| Preferred Securities/Capital Securities |
— | 11,652,375 | — | 11,652,375 | ||||||||||||
| Escrows and Litigation Trusts |
— | 990 | 1,924 | 2,914 | ||||||||||||
| Short-Term Investment Securities |
93,532,813 | — | — | 93,532,813 | ||||||||||||
| Total Investments at Value |
$ | 93,546,473 | $ | 845,107,335 | $ | 1,235,129 | $ | 939,888,937 | ||||||||
| Other Financial Instruments:+ |
||||||||||||||||
| Forward Foreign Currency Contracts |
$ | — | $ | 308,555 | $ | — | $ | 308,555 | ||||||||
| LIABILITIES: |
||||||||||||||||
| Other Financial Instruments:+ |
||||||||||||||||
| Forward Foreign Currency Contracts |
$ | — | $ | 5,841 | $ | — | $ | 5,841 | ||||||||
| * | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| + | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no transfers during the reporting period.
See Notes to Financial Statements
| 124 |
VALIC Company II U.S. Socially Responsible Fund
PORTFOLIO PROFILE — February 28, 2021 (unaudited)
Industry Allocation*
| Web Portals/ISP |
5.4 | % | ||
| Finance — Credit Card |
5.0 | |||
| Electronic Components — Semiconductors |
4.9 | |||
| Commercial Services — Finance |
4.0 | |||
| Medical — Biomedical/Gene |
2.6 | |||
| Telephone — Integrated |
2.5 | |||
| Diagnostic Equipment |
2.5 | |||
| Electronic Forms |
2.3 | |||
| Beverages — Non-alcoholic |
2.1 | |||
| Repurchase Agreements |
2.0 | |||
| Applications Software |
2.0 | |||
| Real Estate Investment Trusts |
2.0 | |||
| Computer Aided Design |
2.0 | |||
| Retail — Building Products |
1.9 | |||
| Multimedia |
1.9 | |||
| Banks — Super Regional |
1.7 | |||
| Diversified Manufacturing Operations |
1.7 | |||
| Computers |
1.6 | |||
| Auto — Cars/Light Trucks |
1.6 | |||
| Electric — Integrated |
1.6 | |||
| Internet Content — Entertainment |
1.5 | |||
| Networking Products |
1.5 | |||
| Entertainment Software |
1.4 | |||
| Enterprise Software/Service |
1.4 | |||
| Data Processing/Management |
1.3 | |||
| Medical Products |
1.3 | |||
| Investment Management/Advisor Services |
1.2 | |||
| Finance — Other Services |
1.2 | |||
| Transport — Rail |
1.2 | |||
| Medical — HMO |
1.2 | |||
| Cosmetics & Toiletries |
1.1 | |||
| Industrial Gases |
1.1 | |||
| Cable/Satellite TV |
1.1 | |||
| Computers — Memory Devices |
1.1 | |||
| Semiconductor Components — Integrated Circuits |
1.1 | |||
| Insurance — Multi-line |
1.0 | |||
| Retail — Restaurants |
1.0 | |||
| Food — Misc./Diversified |
1.0 | |||
| Airlines |
1.0 | |||
| Semiconductor Equipment |
1.0 | |||
| E-Commerce/Services |
1.0 | |||
| Medical — Drugs |
0.9 | |||
| Oil Companies — Exploration & Production |
0.8 | |||
| Banks — Fiduciary |
0.8 | |||
| Banks — Commercial |
0.8 | |||
| Machinery — Construction & Mining |
0.8 | |||
| Retail — Discount |
0.8 | |||
| Machinery — Farming |
0.8 | |||
| Insurance Brokers |
0.7 | |||
| Diversified Banking Institutions |
0.7 | |||
| Transport — Services |
0.7 | |||
| Insurance — Life/Health |
0.7 | |||
| Pipelines |
0.7 | |||
| Finance — Investment Banker/Broker |
0.7 | |||
| Electric Products — Misc. |
0.7 | |||
| Insurance — Property/Casualty |
0.6 | |||
| Auto — Heavy Duty Trucks |
0.6 | |||
| E-Commerce/Products |
0.6 | |||
| Oil — Field Services |
0.6 | |||
| Electric — Distribution |
0.5 | |||
| Electronic Measurement Instruments |
0.5 | |||
| Non-Hazardous Waste Disposal |
0.5 | |||
| Chemicals — Specialty |
0.5 | |||
| Medical — Hospitals |
0.5 | |||
| Retail — Major Department Stores |
0.4 | |||
| Medical Labs & Testing Services |
0.4 | |||
| Water |
0.4 | |||
| Decision Support Software |
0.4 | |||
| Consumer Products — Misc. |
0.4 |
| Consulting Services |
0.4 | |||
| U.S. Government Treasuries |
0.3 | |||
| Containers — Paper/Plastic |
0.3 | |||
| Retail — Drug Store |
0.3 | |||
| Computer Data Security |
0.3 | |||
| Oil Refining & Marketing |
0.2 | |||
| Dental Supplies & Equipment |
0.2 | |||
| Food — Retail |
0.2 | |||
| Drug Delivery Systems |
0.2 | |||
| Chemicals — Diversified |
0.2 | |||
| Steel — Producers |
0.2 | |||
| Diagnostic Kits |
0.2 | |||
| Paper & Related Products |
0.2 | |||
| Electronic Connectors |
0.2 | |||
| Medical Instruments |
0.2 | |||
| Containers — Metal/Glass |
0.2 | |||
| Respiratory Products |
0.2 | |||
| Wireless Equipment |
0.2 | |||
| Retail — Apparel/Shoe |
0.2 | |||
| Gold Mining |
0.2 | |||
| Food — Meat Products |
0.2 | |||
| Disposable Medical Products |
0.1 | |||
| Machinery — General Industrial |
0.1 | |||
| Food — Confectionery |
0.1 | |||
| Computer Software |
0.1 | |||
| Distribution/Wholesale |
0.1 | |||
| Web Hosting/Design |
0.1 | |||
| Medical Information Systems |
0.1 | |||
| Instruments — Controls |
0.1 | |||
| Coatings/Paint |
0.1 | |||
| Industrial Automated/Robotic |
0.1 | |||
| Tools — Hand Held |
0.1 | |||
| Retail — Auto Parts |
0.1 | |||
| Broadcast Services/Program |
0.1 | |||
| Registered Investment Companies |
0.1 | |||
| Commercial Services |
0.1 | |||
| Medical — Wholesale Drug Distribution |
0.1 | |||
| Telecom Equipment — Fiber Optics |
0.1 | |||
| 100.0% | ||||
| * | Calculated as a percentage of net assets |
| 125 |
VALIC Company II U.S. Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS — 97.6% |
| |||||||
| Airlines — 1.0% |
| |||||||
| Delta Air Lines, Inc. |
75,802 | $ | 3,633,948 | |||||
| Southwest Airlines Co. |
66,486 | 3,864,831 | ||||||
| 7,498,779 | ||||||||
| Applications Software — 2.0% |
| |||||||
| Intuit, Inc. |
19,584 | 7,640,502 | ||||||
| Roper Technologies, Inc. |
3,328 | 1,256,719 | ||||||
| ServiceNow, Inc.† |
12,586 | 6,714,128 | ||||||
| 15,611,349 | ||||||||
| Auto - Cars/Light Trucks — 1.6% |
| |||||||
| Tesla, Inc.† |
18,692 | 12,626,446 | ||||||
| Auto - Heavy Duty Trucks — 0.6% |
| |||||||
| Cummins, Inc. |
9,263 | 2,345,391 | ||||||
| PACCAR, Inc. |
25,530 | 2,322,975 | ||||||
| 4,668,366 | ||||||||
| Banks - Commercial — 0.8% |
| |||||||
| First Republic Bank |
4,598 | 757,520 | ||||||
| M&T Bank Corp. |
302 | 45,584 | ||||||
| Truist Financial Corp. |
101,247 | 5,767,029 | ||||||
| 6,570,133 | ||||||||
| Banks - Fiduciary — 0.8% |
| |||||||
| Bank of New York Mellon Corp. |
74,641 | 3,146,864 | ||||||
| Northern Trust Corp. |
14,624 | 1,391,181 | ||||||
| State Street Corp. |
28,527 | 2,075,910 | ||||||
| 6,613,955 | ||||||||
| Banks - Super Regional — 1.7% |
| |||||||
| PNC Financial Services Group, Inc. |
41,760 | 7,030,714 | ||||||
| US Bancorp |
128,981 | 6,449,050 | ||||||
| 13,479,764 | ||||||||
| Beverages - Non-alcoholic — 2.1% |
| |||||||
| Monster Beverage Corp.† |
27,721 | 2,432,241 | ||||||
| PepsiCo, Inc. |
107,933 | 13,943,864 | ||||||
| 16,376,105 | ||||||||
| Broadcast Services/Program — 0.1% |
| |||||||
| Discovery, Inc., Class A†# |
9,710 | 514,921 | ||||||
| Cable/Satellite TV — 1.1% |
| |||||||
| Comcast Corp., Class A |
164,910 | 8,694,055 | ||||||
| DISH Network Corp., Class A† |
5,385 | 169,682 | ||||||
| 8,863,737 | ||||||||
| Chemicals - Diversified — 0.2% |
| |||||||
| LyondellBasell Industries NV, Class A |
2,411 | 248,550 | ||||||
| PPG Industries, Inc. |
10,519 | 1,418,172 | ||||||
| 1,666,722 | ||||||||
| Chemicals - Specialty — 0.5% |
| |||||||
| Ecolab, Inc. |
15,410 | 3,226,238 | ||||||
| International Flavors & Fragrances, Inc. |
3,197 | 433,225 | ||||||
| 3,659,463 | ||||||||
| Coatings/Paint — 0.1% |
| |||||||
| Sherwin-Williams Co. |
1,310 | 891,245 | ||||||
| Commercial Services — 0.1% |
| |||||||
| Cintas Corp. |
1,245 | 403,803 | ||||||
| Commercial Services - Finance — 4.0% |
| |||||||
| Automatic Data Processing, Inc. |
24,431 | 4,251,483 | ||||||
| IHS Markit, Ltd. |
20,187 | 1,820,060 | ||||||
| MarketAxess Holdings, Inc. |
1,522 | 846,141 | ||||||
| Security Description | Shares | Value (Note 2) |
||||||
| Commercial Services - Finance (continued) |
| |||||||
| Moody’s Corp. |
16,715 | $ | 4,594,786 | |||||
| PayPal Holdings, Inc.† |
49,827 | 12,947,546 | ||||||
| S&P Global, Inc. |
20,664 | 6,805,895 | ||||||
| 31,265,911 | ||||||||
| Computer Aided Design — 2.0% |
| |||||||
| ANSYS, Inc.† |
8,015 | 2,733,035 | ||||||
| Autodesk, Inc.† |
16,641 | 4,592,916 | ||||||
| Cadence Design Systems, Inc.† |
29,019 | 4,094,291 | ||||||
| Synopsys, Inc.† |
16,146 | 3,959,160 | ||||||
| 15,379,402 | ||||||||
| Computer Data Security — 0.3% |
| |||||||
| Fortinet, Inc.† |
11,910 | 2,011,003 | ||||||
| Computer Software — 0.1% |
| |||||||
| Akamai Technologies, Inc.† |
3,973 | 375,449 | ||||||
| Citrix Systems, Inc. |
4,116 | 549,815 | ||||||
| 925,264 | ||||||||
| Computers — 1.6% |
| |||||||
| Hewlett Packard Enterprise Co. |
402,768 | 5,864,302 | ||||||
| HP, Inc. |
240,436 | 6,965,431 | ||||||
| 12,829,733 | ||||||||
| Computers - Memory Devices — 1.1% |
| |||||||
| NetApp, Inc. |
43,129 | 2,699,875 | ||||||
| Seagate Technology PLC |
52,141 | 3,818,285 | ||||||
| Western Digital Corp. |
33,839 | 2,318,987 | ||||||
| 8,837,147 | ||||||||
| Consulting Services — 0.4% |
| |||||||
| Verisk Analytics, Inc. |
17,136 | 2,807,734 | ||||||
| Consumer Products - Misc. — 0.4% |
| |||||||
| Clorox Co. |
5,539 | 1,002,836 | ||||||
| Kimberly-Clark Corp. |
14,540 | 1,865,918 | ||||||
| 2,868,754 | ||||||||
| Containers - Metal/Glass — 0.2% |
| |||||||
| Ball Corp. |
16,092 | 1,374,096 | ||||||
| Containers - Paper/Plastic — 0.3% |
| |||||||
| Amcor PLC |
56,705 | 620,352 | ||||||
| Packaging Corp. of America |
4,139 | 546,431 | ||||||
| WestRock Co. |
25,232 | 1,099,863 | ||||||
| 2,266,646 | ||||||||
| Cosmetics & Toiletries — 1.1% |
| |||||||
| Colgate-Palmolive Co. |
48,487 | 3,646,223 | ||||||
| Estee Lauder Cos., Inc., Class A |
18,555 | 5,304,132 | ||||||
| 8,950,355 | ||||||||
| Data Processing/Management — 1.3% |
| |||||||
| Fidelity National Information Services, Inc. |
32,015 | 4,418,070 | ||||||
| Fiserv, Inc.† |
38,735 | 4,468,857 | ||||||
| Paychex, Inc. |
16,552 | 1,507,391 | ||||||
| 10,394,318 | ||||||||
| Decision Support Software — 0.4% |
| |||||||
| MSCI, Inc. |
7,360 | 3,050,867 | ||||||
| Dental Supplies & Equipment — 0.2% |
| |||||||
| Align Technology, Inc.† |
1,972 | 1,118,341 | ||||||
| DENTSPLY SIRONA, Inc. |
11,597 | 615,453 | ||||||
| 1,733,794 | ||||||||
| 126 |
VALIC Company II U.S. Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS (continued) |
||||||||
| Diagnostic Equipment — 2.5% |
| |||||||
| Danaher Corp. |
44,510 | $ | 9,777,512 | |||||
| Thermo Fisher Scientific, Inc. |
22,030 | 9,915,262 | ||||||
| 19,692,774 | ||||||||
| Diagnostic Kits — 0.2% |
| |||||||
| IDEXX Laboratories, Inc.† |
3,138 | 1,632,293 | ||||||
| Dialysis Centers — 0.0% |
| |||||||
| DaVita, Inc.† |
2,350 | 240,005 | ||||||
| Disposable Medical Products — 0.1% |
| |||||||
| Teleflex, Inc. |
2,804 | 1,116,328 | ||||||
| Distribution/Wholesale — 0.1% |
| |||||||
| Fastenal Co. |
19,922 | 923,783 | ||||||
| Diversified Banking Institutions — 0.7% |
| |||||||
| Morgan Stanley |
72,940 | 5,606,898 | ||||||
| Diversified Manufacturing Operations — 1.7% |
| |||||||
| Eaton Corp. PLC |
36,496 | 4,751,414 | ||||||
| Illinois Tool Works, Inc. |
26,504 | 5,358,579 | ||||||
| Parker-Hannifin Corp. |
7,474 | 2,144,739 | ||||||
| Trane Technologies PLC |
4,905 | 751,642 | ||||||
| 13,006,374 | ||||||||
| Drug Delivery Systems — 0.2% |
| |||||||
| DexCom, Inc.† |
4,317 | 1,717,216 | ||||||
| E-Commerce/Products — 0.6% |
| |||||||
| eBay, Inc. |
77,410 | 4,367,472 | ||||||
| Etsy, Inc.† |
1,126 | 248,024 | ||||||
| 4,615,496 | ||||||||
| E-Commerce/Services — 1.0% |
| |||||||
| Booking Holdings, Inc.† |
2,648 | 6,165,894 | ||||||
| Expedia Group, Inc. |
8,065 | 1,298,465 | ||||||
| 7,464,359 | ||||||||
| Electric Products - Misc. — 0.7% |
| |||||||
| AMETEK, Inc. |
9,370 | 1,105,379 | ||||||
| Emerson Electric Co. |
47,990 | 4,122,341 | ||||||
| 5,227,720 | ||||||||
| Electric - Distribution — 0.5% |
| |||||||
| Consolidated Edison, Inc. |
63,006 | 4,136,344 | ||||||
| Electric - Integrated — 1.6% |
| |||||||
| AES Corp. |
9,891 | 262,705 | ||||||
| Alliant Energy Corp. |
17,853 | 824,094 | ||||||
| CMS Energy Corp. |
28,391 | 1,536,237 | ||||||
| Eversource Energy |
40,506 | 3,219,417 | ||||||
| FirstEnergy Corp. |
34,658 | 1,148,566 | ||||||
| PPL Corp. |
48,342 | 1,266,077 | ||||||
| WEC Energy Group, Inc. |
52,686 | 4,248,599 | ||||||
| 12,505,695 | ||||||||
| Electronic Components - Semiconductors — 4.9% |
| |||||||
| Advanced Micro Devices, Inc.† |
39,812 | 3,364,512 | ||||||
| Broadcom, Inc. |
15,598 | 7,329,032 | ||||||
| Microchip Technology, Inc. |
2,819 | 430,264 | ||||||
| Micron Technology, Inc.† |
46,130 | 4,222,279 | ||||||
| NVIDIA Corp. |
23,702 | 13,002,443 | ||||||
| Texas Instruments, Inc. |
53,901 | 9,285,525 | ||||||
| Xilinx, Inc. |
5,672 | 739,062 | ||||||
| 38,373,117 | ||||||||
| Electronic Connectors — 0.2% |
| |||||||
| Amphenol Corp., Class A |
4,555 | 572,473 | ||||||
| Security Description | Shares | Value (Note 2) |
||||||
| Electronic Connectors (continued) |
| |||||||
| TE Connectivity, Ltd. |
6,511 | $ | 846,625 | |||||
| 1,419,098 | ||||||||
| Electronic Forms — 2.3% |
| |||||||
| Adobe, Inc.† |
39,819 | 18,303,600 | ||||||
| Electronic Measurement Instruments — 0.5% |
| |||||||
| Agilent Technologies, Inc. |
20,089 | 2,452,264 | ||||||
| Fortive Corp. |
14,304 | 941,489 | ||||||
| Keysight Technologies, Inc.† |
4,419 | 625,377 | ||||||
| 4,019,130 | ||||||||
| Enterprise Software/Service — 1.4% |
| |||||||
| Paycom Software, Inc.† |
2,405 | 900,047 | ||||||
| salesforce.com, Inc.† |
45,632 | 9,879,328 | ||||||
| Tyler Technologies, Inc.† |
783 | 362,858 | ||||||
| 11,142,233 | ||||||||
| Entertainment Software — 1.4% |
| |||||||
| Activision Blizzard, Inc. |
70,318 | 6,723,104 | ||||||
| Electronic Arts, Inc. |
22,324 | 2,990,746 | ||||||
| Take-Two Interactive Software, Inc.† |
8,780 | 1,619,559 | ||||||
| 11,333,409 | ||||||||
| Finance - Credit Card — 5.0% |
| |||||||
| American Express Co. |
44,035 | 5,956,174 | ||||||
| Mastercard, Inc., Class A |
40,663 | 14,388,603 | ||||||
| Visa, Inc., Class A |
87,621 | 18,609,824 | ||||||
| 38,954,601 | ||||||||
| Finance - Investment Banker/Broker — 0.7% |
| |||||||
| Charles Schwab Corp. |
88,575 | 5,466,849 | ||||||
| Finance - Other Services — 1.2% |
| |||||||
| Cboe Global Markets, Inc. |
5,059 | 500,639 | ||||||
| CME Group, Inc. |
17,909 | 3,576,427 | ||||||
| Intercontinental Exchange, Inc. |
41,034 | 4,526,460 | ||||||
| Nasdaq, Inc. |
7,806 | 1,079,492 | ||||||
| 9,683,018 | ||||||||
| Food - Confectionery — 0.1% |
| |||||||
| J.M. Smucker Co. |
8,311 | 930,832 | ||||||
| Food - Meat Products — 0.2% |
| |||||||
| Hormel Foods Corp.# |
24,929 | 1,155,958 | ||||||
| Food - Misc./Diversified — 1.0% |
| |||||||
| Campbell Soup Co. |
8,974 | 408,138 | ||||||
| General Mills, Inc. |
40,330 | 2,218,553 | ||||||
| Kellogg Co. |
19,790 | 1,142,081 | ||||||
| Kraft Heinz Co. |
77,319 | 2,812,865 | ||||||
| Lamb Weston Holdings, Inc. |
274 | 21,857 | ||||||
| McCormick & Co., Inc. |
15,256 | 1,285,776 | ||||||
| 7,889,270 | ||||||||
| Food - Retail — 0.2% |
| |||||||
| Kroger Co. |
53,606 | 1,726,649 | ||||||
| Gas - Distribution — 0.0% |
| |||||||
| NiSource, Inc. |
10,728 | 231,725 | ||||||
| Gold Mining — 0.2% |
| |||||||
| Newmont Corp. |
22,820 | 1,240,952 | ||||||
| Industrial Automated/Robotic — 0.1% |
| |||||||
| Rockwell Automation, Inc. |
3,642 | 886,026 | ||||||
| Industrial Gases — 1.1% |
| |||||||
| Air Products & Chemicals, Inc. |
11,874 | 3,035,232 | ||||||
| Linde PLC |
24,135 | 5,895,456 | ||||||
| 8,930,688 | ||||||||
| 127 |
VALIC Company II U.S. Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS (continued) |
||||||||
| Instruments - Controls — 0.1% |
| |||||||
| Mettler-Toledo International, Inc.† |
802 | $ | 895,072 | |||||
| Instruments - Scientific — 0.0% |
| |||||||
| Waters Corp.† |
287 | 78,604 | ||||||
| Insurance Brokers — 0.7% |
| |||||||
| Aon PLC, Class A |
9,116 | 2,075,805 | ||||||
| Marsh & McLennan Cos., Inc. |
25,365 | 2,922,555 | ||||||
| Willis Towers Watson PLC |
3,797 | 837,770 | ||||||
| 5,836,130 | ||||||||
| Insurance - Life/Health — 0.7% |
| |||||||
| Aflac, Inc. |
51,882 | 2,484,629 | ||||||
| Prudential Financial, Inc. |
34,496 | 2,991,493 | ||||||
| 5,476,122 | ||||||||
| Insurance - Multi-line — 1.0% |
| |||||||
| Allstate Corp. |
18,664 | 1,989,583 | ||||||
| Chubb, Ltd. |
32,403 | 5,268,080 | ||||||
| Hartford Financial Services Group, Inc. |
4,628 | 234,593 | ||||||
| Loews Corp. |
12,251 | 585,720 | ||||||
| 8,077,976 | ||||||||
| Insurance - Property/Casualty — 0.6% |
| |||||||
| Progressive Corp. |
24,142 | 2,075,005 | ||||||
| Travelers Cos., Inc. |
20,398 | 2,967,909 | ||||||
| 5,042,914 | ||||||||
| Internet Content - Entertainment — 1.5% |
| |||||||
| Netflix, Inc.† |
19,418 | 10,463,389 | ||||||
| Twitter, Inc.† |
20,735 | 1,597,839 | ||||||
| 12,061,228 | ||||||||
| Internet Security — 0.0% |
| |||||||
| NortonLifeLock, Inc. |
11,033 | 215,254 | ||||||
| Investment Management/Advisor Services — 1.2% |
| |||||||
| BlackRock, Inc. |
9,485 | 6,587,333 | ||||||
| Franklin Resources, Inc. |
22,289 | 583,303 | ||||||
| Invesco, Ltd. |
16,155 | 362,195 | ||||||
| T. Rowe Price Group, Inc. |
13,879 | 2,250,341 | ||||||
| 9,783,172 | ||||||||
| Machinery - Construction & Mining — 0.8% |
| |||||||
| Caterpillar, Inc. |
29,985 | 6,473,162 | ||||||
| Machinery - Farming — 0.8% |
| |||||||
| Deere & Co. |
18,100 | 6,319,072 | ||||||
| Machinery - General Industrial — 0.1% |
| |||||||
| Otis Worldwide Corp. |
14,953 | 952,656 | ||||||
| Westinghouse Air Brake Technologies Corp. |
716 | 51,860 | ||||||
| 1,004,516 | ||||||||
| Medical Information Systems — 0.1% |
| |||||||
| Cerner Corp. |
13,310 | 920,253 | ||||||
| Medical Instruments — 0.2% |
| |||||||
| Edwards Lifesciences Corp.† |
16,784 | 1,394,750 | ||||||
| Medical Labs & Testing Services — 0.4% |
| |||||||
| IQVIA Holdings, Inc.† |
9,279 | 1,788,898 | ||||||
| Laboratory Corp. of America Holdings† |
4,976 | 1,193,792 | ||||||
| Quest Diagnostics, Inc. |
4,347 | 502,470 | ||||||
| 3,485,160 | ||||||||
| Medical Products — 1.3% |
| |||||||
| ABIOMED, Inc.† |
808 | 262,236 | ||||||
| Baxter International, Inc. |
36,034 | 2,799,481 | ||||||
| Cooper Cos., Inc. |
3,125 | 1,206,656 | ||||||
| Security Description | Shares | Value (Note 2) |
||||||
| Medical Products (continued) |
| |||||||
| Hologic, Inc.† |
12,739 | $ | 918,355 | |||||
| STERIS PLC |
4,206 | 735,209 | ||||||
| Stryker Corp. |
17,478 | 4,241,736 | ||||||
| 10,163,673 | ||||||||
| Medical - Biomedical/Gene — 2.6% |
| |||||||
| Alexion Pharmaceuticals, Inc.† |
8,720 | 1,331,980 | ||||||
| Amgen, Inc. |
26,474 | 5,954,532 | ||||||
| Biogen, Inc.† |
7,294 | 1,990,387 | ||||||
| Illumina, Inc.† |
6,745 | 2,963,820 | ||||||
| Incyte Corp.† |
8,072 | 634,943 | ||||||
| Regeneron Pharmaceuticals, Inc.† |
6,394 | 2,880,945 | ||||||
| Vertex Pharmaceuticals, Inc.† |
21,411 | 4,550,908 | ||||||
| 20,307,515 | ||||||||
| Medical - Drugs — 0.9% |
| |||||||
| Zoetis, Inc. |
43,591 | 6,767,067 | ||||||
| Medical - Generic Drugs — 0.0% |
| |||||||
| Perrigo Co. PLC |
310 | 12,512 | ||||||
| Medical - HMO — 1.2% |
| |||||||
| Anthem, Inc. |
9,201 | 2,789,651 | ||||||
| Centene Corp.† |
42,257 | 2,473,725 | ||||||
| Humana, Inc. |
10,687 | 4,057,320 | ||||||
| 9,320,696 | ||||||||
| Medical - Hospitals — 0.5% |
| |||||||
| HCA Healthcare, Inc. |
20,754 | 3,570,311 | ||||||
| Medical - Wholesale Drug Distribution — 0.1% |
| |||||||
| Henry Schein, Inc.† |
6,303 | 389,841 | ||||||
| Multimedia — 1.9% |
| |||||||
| Walt Disney Co.† |
77,642 | 14,677,444 | ||||||
| Networking Products — 1.5% |
| |||||||
| Cisco Systems, Inc. |
267,236 | 11,990,879 | ||||||
| Non-Hazardous Waste Disposal — 0.5% |
| |||||||
| Republic Services, Inc. |
10,924 | 973,219 | ||||||
| Waste Management, Inc. |
24,233 | 2,687,198 | ||||||
| 3,660,417 | ||||||||
| Oil Companies - Exploration & Production — 0.8% |
| |||||||
| Cabot Oil & Gas Corp. |
4,780 | 88,478 | ||||||
| EOG Resources, Inc. |
35,285 | 2,277,999 | ||||||
| Hess Corp. |
20,934 | 1,371,805 | ||||||
| Occidental Petroleum Corp. |
51,331 | 1,365,918 | ||||||
| Pioneer Natural Resources Co. |
10,389 | 1,543,494 | ||||||
| 6,647,694 | ||||||||
| Oil Refining & Marketing — 0.2% |
| |||||||
| Valero Energy Corp. |
23,622 | 1,818,422 | ||||||
| Oil - Field Services — 0.6% |
| |||||||
| Baker Hughes Co. |
29,011 | 710,189 | ||||||
| Schlumberger NV |
129,954 | 3,627,016 | ||||||
| 4,337,205 | ||||||||
| Paper & Related Products — 0.2% |
| |||||||
| International Paper Co. |
28,830 | 1,431,409 | ||||||
| Pipelines — 0.7% |
| |||||||
| Kinder Morgan, Inc. |
186,084 | 2,735,435 | ||||||
| ONEOK, Inc. |
19,353 | 857,144 | ||||||
| Williams Cos., Inc. |
82,311 | 1,879,983 | ||||||
| 5,472,562 | ||||||||
| 128 |
VALIC Company II U.S. Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
| Security Description | Shares | Value (Note 2) |
||||||
| COMMON STOCKS (continued) |
||||||||
| Real Estate Investment Trusts — 2.0% |
| |||||||
| American Tower Corp. |
19,192 | $ | 4,147,967 | |||||
| Crown Castle International Corp. |
20,444 | 3,184,153 | ||||||
| Digital Realty Trust, Inc. |
5,613 | 756,239 | ||||||
| Equinix, Inc. |
2,565 | 1,662,992 | ||||||
| Equity Residential |
7,243 | 473,765 | ||||||
| Prologis, Inc. |
36,294 | 3,595,647 | ||||||
| Public Storage |
4,868 | 1,138,820 | ||||||
| SBA Communications Corp. |
1,677 | 427,853 | ||||||
| 15,387,436 | ||||||||
| Rental Auto/Equipment — 0.0% |
| |||||||
| United Rentals, Inc.† |
639 | 190,026 | ||||||
| Respiratory Products — 0.2% |
| |||||||
| ResMed, Inc. |
6,875 | 1,325,362 | ||||||
| Retail - Apparel/Shoe — 0.2% |
| |||||||
| Ross Stores, Inc. |
11,209 | 1,307,418 | ||||||
| Retail - Auto Parts — 0.1% |
| |||||||
| Genuine Parts Co. |
5,495 | 578,898 | ||||||
| Retail - Building Products — 1.9% |
| |||||||
| Home Depot, Inc. |
39,524 | 10,210,630 | ||||||
| Lowe’s Cos., Inc. |
28,772 | 4,596,327 | ||||||
| 14,806,957 | ||||||||
| Retail - Discount — 0.8% |
| |||||||
| Dollar General Corp. |
13,115 | 2,478,604 | ||||||
| Target Corp. |
21,327 | 3,912,225 | ||||||
| 6,390,829 | ||||||||
| Retail - Drug Store — 0.3% |
| |||||||
| Walgreens Boots Alliance, Inc. |
46,324 | 2,220,309 | ||||||
| Retail - Major Department Stores — 0.4% |
| |||||||
| TJX Cos., Inc. |
53,053 | 3,500,967 | ||||||
| Retail - Restaurants — 1.0% |
| |||||||
| McDonald’s Corp. |
8,810 | 1,816,093 | ||||||
| Starbucks Corp. |
57,296 | 6,189,687 | ||||||
| 8,005,780 | ||||||||
| Semiconductor Components - Integrated Circuits — 1.1% |
| |||||||
| Analog Devices, Inc. |
15,018 | 2,340,105 | ||||||
| QUALCOMM, Inc. |
46,720 | 6,362,797 | ||||||
| 8,702,902 | ||||||||
| Semiconductor Equipment — 1.0% |
| |||||||
| Applied Materials, Inc. |
33,619 | 3,973,430 | ||||||
| KLA Corp. |
3,017 | 938,981 | ||||||
| Lam Research Corp. |
4,522 | 2,564,833 | ||||||
| 7,477,244 | ||||||||
| Steel - Producers — 0.2% |
| |||||||
| Nucor Corp. |
27,568 | 1,649,118 | ||||||
| Telecom Equipment - Fiber Optics — 0.1% |
| |||||||
| Corning, Inc. |
9,983 | 381,750 | ||||||
| Telephone - Integrated — 2.5% |
| |||||||
| AT&T, Inc. |
197,486 | 5,507,885 | ||||||
| Verizon Communications, Inc. |
256,545 | 14,186,938 | ||||||
| 19,694,823 | ||||||||
| Theaters — 0.0% |
| |||||||
| Live Nation Entertainment, Inc.† |
1,832 | 162,792 | ||||||
| Tools - Hand Held — 0.1% |
| |||||||
| Stanley Black & Decker, Inc. |
3,966 | 693,415 | ||||||
| Security Description | Shares/ Principal Amount |
Value (Note 2) |
||||||
| Transport - Rail — 1.2% |
| |||||||
| CSX Corp. |
34,770 | $ | 3,183,194 | |||||
| Norfolk Southern Corp. |
11,267 | 2,839,960 | ||||||
| Union Pacific Corp. |
16,965 | 3,494,111 | ||||||
| 9,517,265 | ||||||||
| Transport - Services — 0.7% |
| |||||||
| United Parcel Service, Inc., Class B |
34,748 | 5,484,277 | ||||||
| Water — 0.4% |
| |||||||
| American Water Works Co., Inc. |
23,512 | 3,335,883 | ||||||
| Web Hosting/Design — 0.1% |
| |||||||
| VeriSign, Inc.† |
4,751 | 921,837 | ||||||
| Web Portals/ISP — 5.4% |
| |||||||
| Alphabet, Inc., Class A† |
21,156 | 42,775,528 | ||||||
| Wireless Equipment — 0.2% |
| |||||||
| Motorola Solutions, Inc. |
7,514 | 1,318,557 | ||||||
| Total Long-Term Investment Securities |
767,172,657 | |||||||
| SHORT-TERM INVESTMENT SECURITIES — 0.4% |
| |||||||
| Registered Investment Companies — 0.1% |
| |||||||
| State Street Navigator Securities Lending Government Money Market Portfolio |
509,775 | 509,775 | ||||||
| U.S. Government Treasuries — 0.3% |
| |||||||
| United States Treasury Bills |
$ | 1,000,000 | 999,604 | |||||
| 0.13% due 10/07/2021(4) |
1,700,000 | 1,699,480 | ||||||
| 2,699,084 | ||||||||
| Total Short-Term Investment Securities |
3,208,859 | |||||||
| REPURCHASE AGREEMENTS — 2.0% |
| |||||||
| Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 02/26/2021, to be repurchased 03/01/2021 in the amount
of $15,909,000 and collateralized by $15,165,100 of United States Treasury Notes, bearing interest at 2.25% due 11/15/2024 and having an approximate value of $16,227,187 |
15,909,000 | 15,909,000 | ||||||
| TOTAL INVESTMENTS |
||||||||
| (cost $517,037,865)(3) |
100.0 | % | 786,290,516 | |||||
| Other assets less liabilities |
0.0 | 62,388 | ||||||
| NET ASSETS |
100.0 | % | $ | 786,352,904 | ||||
| † | Non-income producing security |
| # | The security or a portion thereof is out on loan (see Note 2). |
| (1) | The rate shown is the 7-day yield as of February 28, 2021. |
| (2) | At February 28, 2021, the Fund had loaned securities with a total value of $1,131,874. This was secured by collateral of $509,775, which was received in cash and subsequently invested in short-term investments currently valued at $509,775 as reported in the Portfolio of Investments. Additional collateral of $641,470 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. |
| 129 |
VALIC Company II U.S. Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — February 28, 2021 (unaudited) — (continued)
The components of the fixed income pooled securities referenced above are as follows:
| Securities |
Coupon Range |
Maturity Date Range |
Value as of February 28, 2021 |
|||||
| Federal Home Loan Mtg. Corp. |
1.00% to 3.50% | 02/01/2036 to 11/01/2050 | $ | 161,234 | ||||
| Federal National Mtg. Assoc. |
1.24% to 4.50% | 07/25/2030 to 09/01/2050 | 381,547 | |||||
| Government National Mtg. Assoc. |
1.00% to 2.70% | 09/20/2046 to 05/16/2053 | 75,555 | |||||
| United States Treasury Bills |
0.00% | 07/15/2021 to 07/15/2021 | 4,144 | |||||
| United States Treasury Notes/Bonds |
0.13% to 8.13% | 04/30/2021 to 05/15/2046 | 18,990 | |||||
| (3) | See Note 5 for cost of investments on a tax basis. |
| (4) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
| Futures Contracts | ||||||||||||||||||||||
| Number of Contracts |
Type | Description | Expiration Month |
Notional Basis# |
Notional Value# |
Unrealized Appreciation (Depreciation) |
||||||||||||||||
| 96 | Long | S&P 500 E-Mini Index |
March 2021 | $ | 18,256,169 | $ | 18,284,160 | $ | 27,991 | |||||||||||||
| # | 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 February 28, 2021 (see Note 2):
| Level 1 - Unadjusted Quoted Prices |
Level 2 - Other Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total |
|||||||||||||
| ASSETS: |
||||||||||||||||
| Investments at Value:* |
||||||||||||||||
| Common Stocks |
$ | 767,172,657 | $ | — | $ | — | $ | 767,172,657 | ||||||||
| Short Term Investment Securities: |
||||||||||||||||
| Registered Investment Companies |
509,775 | — | — | 509,775 | ||||||||||||
| U.S. Government Treasuries |
— | 2,699,084 | — | 2,699,084 | ||||||||||||
| Repurchase Agreements |
— | 15,909,000 | — | 15,909,000 | ||||||||||||
| Total Investments at Value |
$ | 767,682,432 | $ | 18,608,084 | $ | — | $ | 786,290,516 | ||||||||
| Other Financial Instruments:+ |
||||||||||||||||
| Futures Contracts |
$ | 27,991 | $ | — | $ | — | $ | 27,991 | ||||||||
| * | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| + | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Financial Statements
| 130 |
VALIC Company II
STATEMENTS OF ASSETS AND LIABILITIES — February 28, 2021 (unaudited)
| AGGRESSIVE GROWTH LIFESTYLE FUND |
CAPITAL APPRECIATION FUND |
CONSERVATIVE GROWTH LIFESTYLE FUND |
CORE BOND FUND |
GOVERNMENT MONEY MARKET II FUND |
HIGH YIELD BOND FUND |
INTERNATIONAL OPPORTUNITIES FUND |
||||||||||||||||||||||
| ASSETS: |
||||||||||||||||||||||||||||
| Investment at value (unaffiliated)*+ |
$ | – | $ | 129,761,463 | $ | – | $ | 1,709,472,260 | $ | 130,700,041 | $ | 522,687,480 | $ | 709,554,827 | ||||||||||||||
| Investment at value (affiliated)*+ |
687,086,785 | – | 359,574,189 | – | – | – | – | |||||||||||||||||||||
| Repurchase agreements (cost equals market value) |
– | – | – | – | 127,000 | 26,895,000 | 4,733,000 | |||||||||||||||||||||
| Cash |
1 | 859,301 | 2 | 8,843 | 2,000,262 | 1 | 4,500,990 | |||||||||||||||||||||
| Foreign cash* |
– | – | – | – | – | – | 21,045 | |||||||||||||||||||||
| Cash collateral for futures contracts |
– | – | – | – | – | – | – | |||||||||||||||||||||
| Due from broker |
– | – | – | – | – | – | – | |||||||||||||||||||||
| Receivable for: |
||||||||||||||||||||||||||||
| Fund shares sold |
52,538 | 3,263 | 16,643 | 1,516,735 | 745,030 | 28,981 | 70,802 | |||||||||||||||||||||
| Dividends and interest |
– | 111,615 | – | 9,875,269 | 30,041 | 6,449,747 | 1,156,729 | |||||||||||||||||||||
| Investments sold |
– | 1,103,758 | 7,542 | 2,354,215 | – | – | 3,994,266 | |||||||||||||||||||||
| Investments sold on an extended settlement basis |
– | – | – | 371,628 | – | – | – | |||||||||||||||||||||
| Securities lending income |
– | 2 | – | 3,097 | – | 2,956 | 17,125 | |||||||||||||||||||||
| Prepaid expenses and other assets |
21,628 | 11,365 | 15,198 | 47,438 | 21,575 | 27,562 | 43,446 | |||||||||||||||||||||
| Due from investment adviser for expense reimbursements/fee waivers |
29,589 | 15,973 | 18,531 | 40,246 | 74,387 | 22,277 | 27,027 | |||||||||||||||||||||
| Unrealized appreciation on forward foreign currency contracts |
– | – | – | – | – | 102,378 | – | |||||||||||||||||||||
| TOTAL ASSETS |
687,190,541 | 131,866,740 | 359,632,105 | 1,723,689,731 | 133,698,336 | 556,216,382 | 724,119,257 | |||||||||||||||||||||
| LIABILITIES: |
||||||||||||||||||||||||||||
| Payable for: |
||||||||||||||||||||||||||||
| Fund shares reacquired |
18,672 | 139,786 | 23,803 | 112,472 | 6,230 | 361,246 | 371,895 | |||||||||||||||||||||
| Investments purchased |
33,146 | – | 3 | 8,188,338 | – | 32,190 | 1,043,524 | |||||||||||||||||||||
| Investments purchased on an extended settlement basis |
– | – | – | 122,346,918 | – | 510,000 | – | |||||||||||||||||||||
| Investment advisory and management fees |
53,419 | 57,057 | 27,939 | 502,747 | 26,097 | 256,537 | 459,423 | |||||||||||||||||||||
| Administrative service fees |
– | 6,919 | – | 79,356 | 6,963 | 28,087 | 37,666 | |||||||||||||||||||||
| Shareholder services |
– | 25,935 | – | 297,436 | 26,097 | 105,275 | 141,175 | |||||||||||||||||||||
| Transfer agent fees and expenses |
753 | 1,504 | 753 | 1,529 | 562 | 1,504 | 1,317 | |||||||||||||||||||||
| Trustees’ fees and expenses |
21,161 | 6,597 | 13,040 | 47,011 | 15,330 | 23,687 | 39,883 | |||||||||||||||||||||
| Other accrued expenses |
100,817 | 60,602 | 72,814 | 224,714 | 58,579 | 135,277 | 209,417 | |||||||||||||||||||||
| Accrued foreign tax on capital gains |
– | – | – | – | – | – | 188,376 | |||||||||||||||||||||
| Collateral upon return of securities loaned |
– | – | – | 23,437,686 | – | 4,379,360 | 18,495,420 | |||||||||||||||||||||
| Variation margin on futures contracts |
– | – | – | – | – | – | – | |||||||||||||||||||||
| Due to broker |
– | – | – | – | – | – | – | |||||||||||||||||||||
| Commitments (Note 12) |
– | – | – | – | – | – | – | |||||||||||||||||||||
| Unrealized depreciation on forward foreign currency contracts |
– | – | – | – | – | – | – | |||||||||||||||||||||
| TOTAL LIABILITIES |
227,968 | 298,400 | 138,352 | 155,238,207 | 139,858 | 5,833,163 | 20,988,096 | |||||||||||||||||||||
| NET ASSETS |
$ | 686,962,573 | $ | 131,568,340 | $ | 359,493,753 | $ | 1,568,451,524 | $ | 133,558,478 | $ | 550,383,219 | $ | 703,131,161 | ||||||||||||||
| NET ASSETS REPRESENTED BY: |
||||||||||||||||||||||||||||
| Trust shares at par value of $0.01 per share |
$ | 582,086 | $ | 64,760 | $ | 269,682 | $ | 1,312,657 | $ | 1,335,371 | $ | 698,197 | $ | 303,521 | ||||||||||||||
| Additional paid in capital |
548,415,911 | 78,449,068 | 307,290,286 | 1,396,916,939 | 132,230,967 | 508,986,816 | 474,520,378 | |||||||||||||||||||||
| Total accumulated earnings(loss) |
137,964,576 | 53,054,512 | 51,933,785 | 170,221,928 | (7,860 | ) | 40,698,206 | 228,307,262 | ||||||||||||||||||||
| NET ASSETS |
$ | 686,962,573 | $ | 131,568,340 | $ | 359,493,753 | $ | 1,568,451,524 | $ | 133,558,478 | $ | 550,383,219 | $ | 703,131,161 | ||||||||||||||
| SHARES OF BENEFICIAL INTEREST: |
||||||||||||||||||||||||||||
| Authorized (Par value $0.01 per share) |
1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||||||||||||||||
| Outstanding |
58,208,587 | 6,475,965 | 26,968,239 | 131,265,710 | 133,537,119 | 69,819,688 | 30,352,113 | |||||||||||||||||||||
| NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE |
$ | 11.80 | $ | 20.32 | $ | 13.33 | $ | 11.95 | $ | 1.00 | $ | 7.88 | $ | 23.17 | ||||||||||||||
* Cost |
||||||||||||||||||||||||||||
| Investments (unaffiliated) |
$ | – | $ | 84,057,914 | $ | – | $ | 1,667,002,887 | $ | 130,700,041 | $ | 493,644,648 | $ | 582,061,279 | ||||||||||||||
| Investments (affiliated) |
$ | 579,743,444 | $ | – | $ | 322,189,102 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
| Foreign cash |
$ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 21,298 | ||||||||||||||
| † Including securities on loan |
$ | – | $ | – | $ | – | $ | 25,476,605 | $ | – | $ | 11,497,668 | $ | 24,563,988 | ||||||||||||||
See Notes to Financial Statements
| 131 |
VALIC Company II
STATEMENTS OF ASSETS AND LIABILITIES — February 28, 2021 (unaudited) — (continued)
| LARGE CAP VALUE FUND |
MID CAP GROWTH FUND |
MID CAP VALUE FUND |
MODERATE GROWTH LIFESTYLE FUND |
SMALL CAP GROWTH FUND |
SMALL CAP VALUE FUND |
STRATEGIC BOND FUND |
U.S. SOCIALLY RESPONSIBLE FUND |
|||||||||||||||||||||||||
| ASSETS: |
||||||||||||||||||||||||||||||||
| Investment at value (unaffiliated)*+ |
$ | 317,827,307 | $ | 287,494,578 | $ | 889,988,026 | $ | – | $ | 299,155,187 | 447,984,598 | 939,888,937 | $ | 770,381,516 | ||||||||||||||||||
| Investment at value (affiliated)*+ |
– | – | – | 1,110,552,103 | – | – | – | – | ||||||||||||||||||||||||
| Repurchase agreements (cost equals market value) |
– | 425,000 | 570,000 | – | – | 18,174,000 | – | 15,909,000 | ||||||||||||||||||||||||
| Cash |
1,038,539 | 688 | 608 | 2 | 3,688,211 | 718 | – | 818 | ||||||||||||||||||||||||
| Foreign cash* |
– | 158 | 53 | – | – | – | 808,931 | – | ||||||||||||||||||||||||
| Cash collateral for futures contracts |
– | – | – | – | – | 1,046,000 | – | – | ||||||||||||||||||||||||
| Due from broker |
– | – | – | – | – | – | – | 268 | ||||||||||||||||||||||||
| Receivable for: |
||||||||||||||||||||||||||||||||
| Fund shares sold |
9,194 | 45,787 | 17,566 | 17,280 | 84,951 | 38,145 | 122,774 | 421,654 | ||||||||||||||||||||||||
| Dividends and interest |
534,954 | 119,148 | 873,806 | – | 56,139 | 356,471 | 8,952,455 | 742,762 | ||||||||||||||||||||||||
| Investments sold |
1,851,101 | 897,878 | 2,996,504 | 171,852 | 347,133 | 32,329 | 4,421,416 | – | ||||||||||||||||||||||||
| Investments sold on an extended settlement basis |
– | – | – | – | – | – | 1,553,352 | – | ||||||||||||||||||||||||
| Securities lending income |
14 | 1,820 | 1,330 | – | 1,054 | 1,820 | 4,771 | 420 | ||||||||||||||||||||||||
| Prepaid expenses and other assets |
33,637 | 16,415 | 53,197 | 31,774 | 12,831 | 33,697 | 40,172 | 48,040 | ||||||||||||||||||||||||
| Due from investment adviser for expense reimbursements/fee waivers |
– | 18,380 | 21,222 | 42,789 | 21,263 | 16,183 | – | – | ||||||||||||||||||||||||
| Unrealized appreciation on forward foreign currency contracts |
– | – | – | – | – | – | 308,555 | – | ||||||||||||||||||||||||
| TOTAL ASSETS |
321,294,746 | 289,019,852 | 894,522,312 | 1,110,815,800 | 303,366,769 | 467,683,961 | 956,101,363 | 787,504,478 | ||||||||||||||||||||||||
| LIABILITIES: |
||||||||||||||||||||||||||||||||
| Payable for: |
||||||||||||||||||||||||||||||||
| Fund shares reacquired |
72,281 | 147,018 | 563,146 | 187,958 | 19,775 | 500,611 | 199,264 | 33,736 | ||||||||||||||||||||||||
| Investments purchased |
2,239,463 | 1,075,406 | 2,512,597 | 4 | 902,483 | 384,523 | 4,743,460 | – | ||||||||||||||||||||||||
| Investments purchased on an extended settlement basis |
– | – | – | – | – | 22,500 | 34,408,339 | – | ||||||||||||||||||||||||
| Investment advisory and management fees |
121,959 | 160,762 | 470,424 | 86,358 | 193,771 | 204,956 | 345,007 | 151,584 | ||||||||||||||||||||||||
| Administrative service fees |
16,269 | 14,922 | 45,124 | – | 15,836 | 20,638 | 46,021 | 40,443 | ||||||||||||||||||||||||
| Shareholder services |
60,979 | 55,930 | 169,131 | – | 59,355 | 77,354 | 172,493 | 151,584 | ||||||||||||||||||||||||
| Transfer agent fees and expenses |
1,460 | 1,279 | 1,692 | 753 | 1,504 | 1,279 | 2,060 | 998 | ||||||||||||||||||||||||
| Trustees’ fees and expenses |
16,054 | 12,159 | 49,523 | 33,469 | 8,563 | 26,058 | 38,763 | 44,637 | ||||||||||||||||||||||||
| Other accrued expenses |
97,691 | 90,054 | 125,173 | 135,942 | 72,692 | 179,947 | 178,522 | 128,577 | ||||||||||||||||||||||||
| Accrued foreign tax on capital gains |
– | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Collateral upon return of securities loaned |
70,200 | 654,738 | – | – | 3,273,474 | 1,293,321 | 21,545,306 | 509,775 | ||||||||||||||||||||||||
| Variation margin on futures contracts |
– | – | – | – | – | 6,320 | – | 90,240 | ||||||||||||||||||||||||
| Due to broker |
– | – | – | – | – | 41 | – | – | ||||||||||||||||||||||||
| Commitments (Note 12) |
– | – | – | – | – | – | 63,524 | – | ||||||||||||||||||||||||
| Unrealized depreciation on forward foreign currency contracts |
– | – | – | – | – | – | 5,841 | – | ||||||||||||||||||||||||
| TOTAL LIABILITIES |
2,696,356 | 2,212,268 | 3,936,810 | 444,484 | 4,547,453 | 2,717,548 | 61,748,600 | 1,151,574 | ||||||||||||||||||||||||
| NET ASSETS |
$ | 318,598,390 | $ | 286,807,584 | $ | 890,585,502 | $ | 1,110,371,316 | $ | 298,819,316 | 464,966,413 | $ | 894,352,763 | $ | 786,352,904 | |||||||||||||||||
| NET ASSETS REPRESENTED BY: |
||||||||||||||||||||||||||||||||
| Trust shares at par value of $0.01 per share |
$ | 137,359 | $ | 205,701 | $ | 444,894 | $ | 699,141 | $ | 109,840 | $ | 330,633 | $ | 760,917 | $ | 336,952 | ||||||||||||||||
| Additional paid in capital |
253,587,410 | 172,319,611 | 667,200,025 | 905,271,521 | 156,558,486 | 350,461,689 | 836,381,480 | 407,935,358 | ||||||||||||||||||||||||
| Total accumulated earnings(loss) |
64,873,621 | 114,282,272 | 222,940,583 | 204,400,654 | 142,150,990 | 114,174,091 | 57,210,366 | 378,080,594 | ||||||||||||||||||||||||
| NET ASSETS |
$ | 318,598,390 | $ | 286,807,584 | $ | 890,585,502 | $ | 1,110,371,316 | $ | 298,819,316 | $ | 464,966,413 | $ | 894,352,763 | $ | 786,352,904 | ||||||||||||||||
| SHARES OF BENEFICIAL INTEREST: |
||||||||||||||||||||||||||||||||
| Authorized (Par value $0.01 per share) |
1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||||||||||||||||||||||
| Outstanding |
13,735,927 | 20,570,057 | 44,489,441 | 69,914,122 | 10,983,952 | 33,063,319 | 76,091,666 | 33,695,217 | ||||||||||||||||||||||||
| NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE |
$ | 23.19 | $ | 13.94 | $ | 20.02 | $ | 15.88 | $ | 27.21 | $ | 14.06 | $ | 11.75 | $ | 23.34 | ||||||||||||||||
* Cost |
||||||||||||||||||||||||||||||||
| Investments (unaffiliated) |
$ | 264,384,945 | $ | 220,360,937 | $ | 680,322,700 | $ | – | $ | 204,874,587 | $ | 340,519,278 | $ | 916,740,911 | $ | 501,128,865 | ||||||||||||||||
| Investments (affiliated) |
$ | – | $ | – | $ | – | $ | 955,272,905 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
| Foreign cash |
$ | – | $ | 151 | $ | 53 | $ | – | $ | – | $ | – | $ | 813,213 | $ | – | ||||||||||||||||
| † Including securities on loan |
$ | 67,002 | $ | 13,064,882 | $ | 7,124,715 | $ | – | $ | 5,711,584 | $ | 11,178,613 | $ | 22,906,691 | $ | 1,131,874 | ||||||||||||||||
See Notes to Financial Statements
| 132 |
VALIC Company II
STATEMENTS OF OPERATIONS — For the Six Months Ended February 28, 2021 (unaudited)
| AGGRESSIVE GROWTH LIFESTYLE FUND |
CAPITAL APPRECIATION FUND |
CONSERVATIVE GROWTH LIFESTYLE FUND |
CORE BOND FUND |
GOVERNMENT MONEY MARKET II FUND |
HIGH YIELD BOND FUND |
INTERNATIONAL OPPORTUNITIES FUND |
||||||||||||||||||||||
| INVESTMENT INCOME: |
||||||||||||||||||||||||||||
| Dividends (unaffiliated) |
$ | – | $ | 461,331 | $ | – | $ | 7,745 | $ | – | $ | – | $ | 3,042,874 | ||||||||||||||
| Dividends (affiliated) |
52 | – | 73 | – | – | – | – | |||||||||||||||||||||
| Securities lending income |
– | 14 | – | 18,746 | – | 13,490 | 86,603 | |||||||||||||||||||||
| Interest (unaffiliated) |
– | – | – | 20,720,797 | 48,446 | 14,041,701 | 691 | |||||||||||||||||||||
| Total investment income* |
52 | 461,345 | 73 | 20,747,288 | 48,446 | 14,055,191 | 3,130,168 | |||||||||||||||||||||
| EXPENSES: |
||||||||||||||||||||||||||||
| Investment advisory and management fees |
320,174 | 340,607 | 173,262 | 3,422,966 | 170,534 | 1,613,259 | 2,757,145 | |||||||||||||||||||||
| Administrative service fee |
– | 41,300 | – | 541,708 | 45,487 | 176,061 | 225,707 | |||||||||||||||||||||
| Shareholder services fee |
– | 154,821 | – | 2,030,878 | 170,533 | 660,043 | 846,114 | |||||||||||||||||||||
| Transfer agent fees and expenses |
996 | 1,990 | 996 | 1,985 | 744 | 1,990 | 1,742 | |||||||||||||||||||||
| Custodian and accounting fees |
7,650 | 12,921 | 7,650 | 73,791 | 23,625 | 34,776 | 165,252 | |||||||||||||||||||||
| Reports to shareholders |
33,141 | 6,115 | 18,770 | 91,398 | 6,606 | 33,715 | 38,834 | |||||||||||||||||||||
| Audit and tax fees |
18,241 | 20,271 | 18,241 | 27,730 | 18,737 | 24,838 | 31,840 | |||||||||||||||||||||
| Legal fees |
20,812 | 10,043 | 14,871 | 43,972 | 10,137 | 18,547 | 22,256 | |||||||||||||||||||||
| Trustees’ fees and expenses |
29,261 | 5,778 | 15,615 | 75,899 | 6,193 | 23,523 | 31,506 | |||||||||||||||||||||
| Interest expense |
– | – | – | – | – | – | 5 | |||||||||||||||||||||
| Other expenses |
17,915 | 18,635 | 14,756 | 27,208 | 7,126 | 18,457 | 32,367 | |||||||||||||||||||||
| Total expenses before fee waivers, expense reimbursements, fees paid indirectly |
448,190 | 612,481 | 264,161 | 6,337,535 | 459,722 | 2,605,209 | 4,152,768 | |||||||||||||||||||||
| Fees waived and expenses reimbursed by investment adviser (Note 3) |
(128,017 | ) | (86,086 | ) | (90,900 | ) | (82,432 | ) | (418,093 | ) | (149,851 | ) | (87,399 | ) | ||||||||||||||
| Fees paid indirectly (Note 7) |
– | – | – | – | – | – | (2,070 | ) | ||||||||||||||||||||
| Net expenses |
320,173 | 526,395 | 173,261 | 6,255,103 | 41,629 | 2,455,358 | 4,063,299 | |||||||||||||||||||||
| Net investment income (loss) |
(320,121 | ) | (65,050 | ) | (173,188 | ) | 14,492,185 | 6,817 | 11,599,833 | (933,131 | ) | |||||||||||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: |
||||||||||||||||||||||||||||
| Net realized gain (loss) on: |
||||||||||||||||||||||||||||
| Investments (unaffiliated)** |
– | 7,346,559 | – | 31,384,016 | – | 3,220,880 | 62,915,783 | |||||||||||||||||||||
| Investments (affiliated) |
5,476,407 | – | 4,909,639 | – | – | – | – | |||||||||||||||||||||
| Futures contracts |
– | – | – | – | – | – | – | |||||||||||||||||||||
| Forward contracts |
– | – | – | – | – | (324,353 | ) | – | ||||||||||||||||||||
| Net realized foreign exchange gain (loss) on other assets and liabilities |
– | – | – | – | – | 2,437 | (337,017 | ) | ||||||||||||||||||||
| Net realized gain on capital gain distributions received from underlying funds (affliliated) |
– | – | – | – | – | – | – | |||||||||||||||||||||
| Net realized gain (loss) on investments and foreign currencies |
5,476,407 | 7,346,559 | 4,909,639 | 31,384,016 | – | 2,898,964 | 62,578,766 | |||||||||||||||||||||
| Change in unrealized appreciation (depreciation) on: |
||||||||||||||||||||||||||||
| Investments (unaffiliated) |
– | 3,679,262 | – | (43,567,695 | ) | – | 13,498,819 | 13,578,830 | ||||||||||||||||||||
| Investments (affiliated) |
87,734,738 | – | 23,104,314 | – | – | – | – | |||||||||||||||||||||
| Futures contracts |
– | – | – | – | – | – | – | |||||||||||||||||||||
| Forward contracts |
– | – | – | – | – | 204,052 | – | |||||||||||||||||||||
| Change in net unrealized foreign exchange gain (loss) on other assets and liabilities |
– | – | – | – | – | (2,280 | ) | (35,118 | ) | |||||||||||||||||||
| Change in accrued capital gains tax on unrealized appreciation (depreciation) |
– | – | – | – | – | – | (72,715 | ) | ||||||||||||||||||||
| Net unrealized gain (loss) on investments and foreign currencies |
87,734,738 | 3,679,262 | 23,104,314 | (43,567,695 | ) | – | 13,700,591 | 13,470,997 | ||||||||||||||||||||
| Net realized and unrealized gain (loss) on investments and foreign currencies |
93,211,145 | 11,025,821 | 28,013,953 | (12,183,679 | ) | – | 16,599,555 | 76,049,763 | ||||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 92,891,024 | $ | 10,960,771 | $ | 27,840,765 | $ | 2,308,506 | $ | 6,817 | $ | 28,199,388 | $ | 75,116,632 | ||||||||||||||
| * Net of foreign withholding taxes on interest and dividends of |
$ | – | $ | – | $ | – | $ | 1,100 | $ | – | $ | – | $ | 263,543 | ||||||||||||||
| ** Net of foreign withholding taxes on capital gains of |
$ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 9,361 | ||||||||||||||
See Notes to Financial Statements
| 133 |
VALIC Company II
STATEMENTS OF OPERATIONS — For the Six Months Ended February 28, 2021 (unaudited) — (continued)
| LARGE CAP VALUE FUND |
MID CAP GROWTH FUND |
MID CAP VALUE FUND |
MODERATE GROWTH LIFESTYLE FUND |
SMALL CAP GROWTH FUND |
SMALL CAP VALUE FUND |
STRATEGIC BOND FUND |
U.S. SOCIALLY RESPONSIBLE FUND |
|||||||||||||||||||||||||
| INVESTMENT INCOME: |
||||||||||||||||||||||||||||||||
| Dividends (unaffiliated) |
$ | 2,723,858 | $ | 1,092,071 | $ | 5,953,439 | $ | – | $ | 280,385 | $ | 3,381,337 | $ | 2,425 | $ | 5,597,209 | ||||||||||||||||
| Dividends (affiliated) |
– | – | – | 110 | – | – | – | – | ||||||||||||||||||||||||
| Securities lending income |
269 | 10,816 | 5,197 | – | 115,659 | 169,134 | 26,942 | 6,288 | ||||||||||||||||||||||||
| Interest (unaffiliated) |
666 | – | – | – | – | – | 18,833,362 | 1,513 | ||||||||||||||||||||||||
| Total investment income* |
2,724,793 | 1,102,887 | 5,958,636 | 110 | 396,044 | 3,550,471 | 18,862,729 | 5,605,010 | ||||||||||||||||||||||||
| EXPENSES: |
||||||||||||||||||||||||||||||||
| Investment advisory and management fees |
708,060 | 952,589 | 2,770,560 | 525,588 | 1,052,997 | 1,149,570 | 2,253,353 | 931,481 | ||||||||||||||||||||||||
| Administrative service fee |
94,439 | 87,661 | 264,063 | – | 85,718 | 115,404 | 300,857 | 248,470 | ||||||||||||||||||||||||
| Shareholder services fee |
354,030 | 328,619 | 989,898 | – | 321,313 | 432,606 | 1,127,890 | 931,480 | ||||||||||||||||||||||||
| Transfer agent fees and expenses |
1,946 | 1,703 | 2,239 | 996 | 1,990 | 1,703 | 2,727 | 1,243 | ||||||||||||||||||||||||
| Custodian and accounting fees |
27,282 | 35,571 | 31,782 | 7,677 | 14,953 | 102,139 | 98,727 | 21,725 | ||||||||||||||||||||||||
| Reports to shareholders |
13,833 | 12,732 | 48,591 | 54,580 | 11,176 | 18,318 | 48,158 | 40,645 | ||||||||||||||||||||||||
| Audit and tax fees |
15,716 | 15,714 | 20,407 | 18,241 | 20,281 | 21,408 | 21,353 | 21,253 | ||||||||||||||||||||||||
| Legal fees |
14,821 | 14,264 | 23,625 | 29,571 | 12,330 | 14,263 | 27,113 | 23,270 | ||||||||||||||||||||||||
| Trustees’ fees and expenses |
12,775 | 12,108 | 36,420 | 47,628 | 11,458 | 15,820 | 41,734 | 34,236 | ||||||||||||||||||||||||
| Interest expense |
505 | 137 | 34 | – | – | 191 | – | 3,356 | ||||||||||||||||||||||||
| Other expenses |
21,768 | 17,467 | 36,056 | 21,029 | 20,572 | 24,214 | 19,413 | 26,769 | ||||||||||||||||||||||||
| Total expenses before fee waivers, expense reimbursements, fees paid indirectly |
1,265,175 | 1,478,565 | 4,223,675 | 705,310 | 1,552,788 | 1,895,636 | 3,941,325 | 2,283,928 | ||||||||||||||||||||||||
| Fees waived and expenses reimbursed by investment adviser (Note 3) |
– | (45,784 | ) | (66,103 | ) | (179,722 | ) | (100,452 | ) | (130,413 | ) | – | – | |||||||||||||||||||
| Fees paid indirectly (Note 7) |
(8,763 | ) | (674 | ) | (5,399 | ) | – | (2,960 | ) | (17,929 | ) | – | – | |||||||||||||||||||
| Net expenses |
1,256,412 | 1,432,107 | 4,152,173 | 525,588 | 1,449,376 | 1,747,294 | 3,941,325 | 2,283,928 | ||||||||||||||||||||||||
| Net investment income (loss) |
1,468,381 | (329,220 | ) | 1,806,463 | (525,478 | ) | (1,053,332 | ) | 1,803,177 | 14,921,404 | 3,321,082 | |||||||||||||||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: |
||||||||||||||||||||||||||||||||
| Net realized gain (loss) on: |
||||||||||||||||||||||||||||||||
| Investments (unaffiliated)** |
13,751,144 | 20,197,006 | 20,419,538 | – | 24,728,073 | 19,706,304 | 20,175,659 | 74,824,070 | ||||||||||||||||||||||||
| Investments (affiliated) |
– | – | – | 9,581,351 | – | – | – | – | ||||||||||||||||||||||||
| Futures contracts |
– | – | – | – | – | 2,270,272 | – | 2,856,658 | ||||||||||||||||||||||||
| Forward contracts |
– | – | – | – | – | – | (3,540,649 | ) | – | |||||||||||||||||||||||
| Net realized foreign exchange gain (loss) on other assets and liabilities |
– | – | (683 | ) | – | – | – | (33,636 | ) | – | ||||||||||||||||||||||
| Net realized gain on capital gain distributions received from underlying funds (affliliated) |
– | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net realized gain (loss) on investments and foreign currencies |
13,751,144 | 20,197,006 | 20,418,855 | 9,581,351 | 24,728,073 | 21,976,576 | 16,601,374 | 77,680,728 | ||||||||||||||||||||||||
| Change in unrealized appreciation (depreciation) on: |
||||||||||||||||||||||||||||||||
| Investments (unaffiliated) |
50,319,897 | 43,313,307 | 189,747,033 | – | 47,582,157 | 113,203,872 | (8,882,979 | ) | 1,984,999 | |||||||||||||||||||||||
| Investments (affiliated) |
– | – | – | 113,282,020 | – | – | – | – | ||||||||||||||||||||||||
| Futures contracts |
– | – | – | – | – | (679,956 | ) | – | (676,140 | ) | ||||||||||||||||||||||
| Forward contracts |
– | – | – | – | – | – | 2,946,869 | – | ||||||||||||||||||||||||
| Change in net unrealized foreign exchange gain (loss) on other assets and liabilities |
– | (3 | ) | (322 | ) | – | – | – | (15,657 | ) | – | |||||||||||||||||||||
| Change in accrued capital gains tax on unrealized appreciation (depreciation) |
– | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Net unrealized gain (loss) on investments and foreign currencies |
50,319,897 | 43,313,304 | 189,746,711 | 113,282,020 | 47,582,157 | 112,523,916 | (5,951,767 | ) | 1,308,859 | |||||||||||||||||||||||
| Net realized and unrealized gain (loss) on investments and foreign currencies |
64,071,041 | 63,510,310 | 210,165,566 | 122,863,371 | 72,310,230 | 134,500,492 | 10,649,607 | 78,989,587 | ||||||||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 65,539,422 | $ | 63,181,090 | $ | 211,972,029 | $ | 122,337,893 | $ | 71,256,898 | $ | 136,303,669 | $ | 25,571,011 | $ | 82,310,669 | ||||||||||||||||
| * Net of foreign withholding taxes on interest and dividends of |
$ | 5,213 | $ | 353 | $ | 15,750 | $ | – | $ | – | $ | 5,942 | $ | 2,170 | $ | – | ||||||||||||||||
| ** Net of foreign withholding taxes on capital gains of |
$ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Notes to Financial Statements
| 134 |
VALIC Company II
STATEMENTS OF CHANGES IN NET ASSETS
| AGGRESSIVE GROWTH LIFESTYLE FUND |
CAPITAL APPRECIATION FUND |
CONSERVATIVE GROWTH LIFESTYLE FUND |
CORE BOND FUND |
|||||||||||||||||||||||||||||
| For the Six Months Ended February 28, 2021 (Unaudited) |
For the Year Ended August 31, 2020 |
For the Six Months Ended February 28, 2021 (Unaudited) |
For the Year Ended August 31, 2020 |
For the Six Months Ended February 28, 2021 (Unaudited) |
For the Year Ended August 31, 2020 |
For the Six Months Ended February 28, 2021 (Unaudited) |
For the Year Ended August 31, 2020 |
|||||||||||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS OPERATIONS: |
|
|||||||||||||||||||||||||||||||
| Net investment income (loss) |
$ | (320,121 | ) | $ | 10,809,057 | $ | (65,050 | ) | $ | 129,475 | $ | (173,188 | ) | $ | 8,772,571 | $ | 14,492,185 | $ | 37,584,465 | |||||||||||||
| Net realized gain (loss) on investments and foreign currencies |
5,476,407 | 21,064,111 | 7,346,559 | 825,860 | 4,909,639 | 5,804,089 | 31,384,016 | 50,886,281 | ||||||||||||||||||||||||
| Net unrealized gain (loss) on investments and foreign currencies |
87,734,738 | 24,144,105 | 3,679,262 | 27,664,564 | 23,104,314 | 10,453,344 | (43,567,695 | ) | 17,926,616 | |||||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
92,891,024 | 56,017,273 | 10,960,771 | 28,619,899 | 27,840,765 | 25,030,004 | 2,308,506 | 106,397,362 | ||||||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM: |
||||||||||||||||||||||||||||||||
| Distributable earnings |
– | (45,983,658 | ) | – | (3,756,144 | ) | – | (12,913,300 | ) | – | (52,196,618 | ) | ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from capital share transactions (Note 6) |
(18,540,991 | ) | 23,530,314 | (1,846,847 | ) | (5,489,650 | ) | (8,217,270 | ) | 3,317,197 | (218,035,795 | ) | 140,760,517 | |||||||||||||||||||
| TOTAL INCREASE (DECREASE) IN NET ASSETS |
74,350,033 | 33,563,929 | 9,113,924 | 19,374,105 | 19,623,495 | 15,433,901 | (215,727,289 | ) | 194,961,261 | |||||||||||||||||||||||
| NET ASSETS: |
||||||||||||||||||||||||||||||||
| Beginning of period |
612,612,540 | 579,048,611 | 122,454,416 | 103,080,311 | 339,870,258 | 324,436,357 | 1,784,178,813 | 1,589,217,552 | ||||||||||||||||||||||||
| End of period |
$ | 686,962,573 | $ | 612,612,540 | $ | 131,568,340 | $ | 122,454,416 | $ | 359,493,753 | $ | 339,870,258 | $ | 1,568,451,524 | $ | 1,784,178,813 | ||||||||||||||||
See Notes to Financial Statements
| 135 |
VALIC Company II
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
| GOVERNMENT MONEY MARKET II FUND |
HIGH YIELD BOND FUND |
INTERNATIONAL OPPORTUNITIES FUND |
LARGE CAP VALUE FUND |
|||||||||||||||||||||||||||||
| For the Six Months Ended February 28, 2021 (Unaudited) |
For the Year Ended August 31, 2020 |
For the Six Months Ended February 28, 2021 (Unaudited) |
For the Year Ended August 31, 2020 |
For the Six Months Ended February 28, 2021 (Unaudited) |
For the Year Ended August 31, 2020 |
For the Six Months Ended February 28, 2021 (Unaudited) |
For the Year Ended August 31, 2020 |
|||||||||||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS OPERATIONS: |
||||||||||||||||||||||||||||||||
| Net investment income (loss) |
$ | 6,817 | $ | 752,517 | $ | 11,599,833 | $ | 26,110,996 | $ | (933,131 | ) | $ | 2,621,153 | $ | 1,468,381 | $ | 3,983,930 | |||||||||||||||
| Net realized gain (loss) on investments and foreign currencies |
– | (362 | ) | 2,898,964 | (9,795,262 | ) | 62,578,766 | 44,253,770 | 13,751,144 | 821,948 | ||||||||||||||||||||||
| Net unrealized gain (loss) on investments and foreign currencies |
– | – | 13,700,591 | 8,797,920 | 13,470,997 | 38,489,025 | 50,319,897 | (7,981,145 | ) | |||||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
6,817 | 752,155 | 28,199,388 | 25,113,654 | 75,116,632 | 85,363,948 | 65,539,422 | (3,175,267 | ) | |||||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM: |
||||||||||||||||||||||||||||||||
| Distributable earnings |
(6,820 | ) | (752,517 | ) | – | (35,881,009 | ) | – | (13,556,100 | ) | – | (17,648,656 | ) | |||||||||||||||||||
| Net increase (decrease) in net assets resulting from capital share transactions (Note 6) |
(2,386,486 | ) | 16,578,907 | (16,531,978 | ) | (107,881,248 | ) | 17,590,060 | (37,580,434 | ) | (8,023,515 | ) | 10,419,819 | |||||||||||||||||||
| TOTAL INCREASE (DECREASE) IN NET ASSETS |
(2,386,489 | ) | 16,578,545 | 11,667,410 | (118,648,603 | ) | 92,706,692 | 34,227,414 | 57,515,907 | (10,404,104 | ) | |||||||||||||||||||||
| NET ASSETS: |
||||||||||||||||||||||||||||||||
| Beginning of period |
135,944,967 | 119,366,422 | 538,715,809 | 657,364,412 | 610,424,469 | 576,197,055 | 261,082,483 | 271,486,587 | ||||||||||||||||||||||||
| End of period |
$ | 133,558,478 | $ | 135,944,967 | $ | 550,383,219 | $ | 538,715,809 | $ | 703,131,161 | $ | 610,424,469 | $ | 318,598,390 | $ | 261,082,483 | ||||||||||||||||
See Notes to Financial Statements
| 136 |
VALIC Company II
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
| MID CAP GROWTH FUND |
MID CAP VALUE FUND |
MODERATE GROWTH LIFESTYLE FUND |
SMALL CAP GROWTH FUND |
|||||||||||||||||||||||||||||
| For the Six Months Ended February 28, 2021 (Unaudited) |
For the Year Ended August 31, 2020 |
For the Six Months Ended February 28, 2021 (Unaudited) |
For the Year Ended August 31, 2020 |
For the Six Months Ended February 28, 2021 (Unaudited) |
For the Year Ended August 31, 2020 |
For the Six Months Ended February 28, 2021 (Unaudited) |
For the Year Ended August 31, 2020 |
|||||||||||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS OPERATIONS: |
||||||||||||||||||||||||||||||||
| Net investment income (loss) |
$ | (329,220 | ) | $ | (313,777 | ) | $ | 1,806,463 | $ | 5,922,314 | $ | (525,478 | ) | $ | 21,580,823 | $ | (1,053,332 | ) | $ | (1,121,524) | ||||||||||||
| Net realized gain (loss) on investments and foreign currencies |
20,197,006 | 29,497,943 | 20,418,855 | (953,657 | ) | 9,581,351 | 30,367,188 | 24,728,073 | 27,635,795 | |||||||||||||||||||||||
| Net unrealized gain (loss) on investments and foreign currencies |
43,313,304 | (8,130,588 | ) | 189,746,711 | (27,616,644 | ) | 113,282,020 | 32,611,982 | 47,582,157 | 34,691,004 | ||||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
63,181,090 | 21,053,578 | 211,972,029 | (22,647,987 | ) | 122,337,893 | 84,559,993 | 71,256,898 | 61,205,275 | |||||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM: |
||||||||||||||||||||||||||||||||
| Distributable earnings |
– | (9,576,138 | ) | – | (49,023,543 | ) | – | (64,466,953 | ) | – | (23,166,804 | ) | ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from capital share transactions (Note 6) |
(17,637,154 | ) | (12,725,938 | ) | (45,486,111 | ) | 52,310,920 | (26,317,749 | ) | 50,946,826 | 17,065,733 | (19,883,009 | ) | |||||||||||||||||||
| TOTAL INCREASE (DECREASE) IN NET ASSETS |
45,543,936 | (1,248,498 | ) | 166,485,918 | (19,360,610 | ) | 96,020,144 | 71,039,866 | 88,322,631 | 18,155,462 | ||||||||||||||||||||||
| NET ASSETS: |
||||||||||||||||||||||||||||||||
| Beginning of period |
241,263,648 | 242,512,146 | 724,099,584 | 743,460,194 | 1,014,351,172 | 943,311,306 | 210,496,685 | 192,341,223 | ||||||||||||||||||||||||
| End of period |
$ | 286,807,584 | $ | 241,263,648 | $ | 890,585,502 | $ | 724,099,584 | $ | 1,110,371,316 | $ | 1,014,351,172 | $ | 298,819,316 | $ | 210,496,685 | ||||||||||||||||
See Notes to Financial Statements
| 137 |
VALIC Company II
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
| SMALL CAP VALUE FUND |
STRATEGIC BOND FUND |
U.S. SOCIALLY RESPONSIBLE FUND |
||||||||||||||||||||||
| For the Six Months Ended February 28, 2021 (Unaudited) |
For the Year Ended August 31, 2020 |
For the Six Months Ended February 28, 2021 (Unaudited) |
For the Year Ended August 31, 2020 |
For the Six Months Ended February 28, 2021 (Unaudited) |
For the Year Ended August 31, 2020 |
|||||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS OPERATIONS: |
||||||||||||||||||||||||
| Net investment income (loss) |
$ | 1,803,177 | $ | 2,942,834 | $ | 14,921,404 | $ | 27,739,668 | $ | 3,321,082 | $ | 8,521,501 | ||||||||||||
| Net realized gain (loss) on investments and foreign currencies |
21,976,576 | (13,937,045 | ) | 16,601,374 | 8,807,699 | 77,680,728 | 20,690,964 | |||||||||||||||||
| Net unrealized gain (loss) on investments and foreign currencies |
112,523,916 | (7,396,404 | ) | (5,951,767 | ) | 12,323,640 | 1,308,859 | 82,594,880 | ||||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
136,303,669 | (18,390,615 | ) | 25,571,011 | 48,871,007 | 82,310,669 | 111,807,345 | |||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM: |
||||||||||||||||||||||||
| Distributable earnings |
– | (13,323,759 | ) | – | (39,987,192 | ) | – | (134,438,913 | ) | |||||||||||||||
| Net increase (decrease) in net assets resulting from capital share transactions (Note 6) |
26,542,732 | 17,792,516 | (58,623,757 | ) | 79,962,869 | (41,397,467 | ) | 48,286,997 | ||||||||||||||||
| TOTAL INCREASE (DECREASE) IN NET ASSETS |
162,846,401 | (13,921,858 | ) | (33,052,746 | ) | 88,846,684 | 40,913,202 | 25,655,429 | ||||||||||||||||
| NET ASSETS: |
||||||||||||||||||||||||
| Beginning of period |
302,120,012 | 316,041,870 | 927,405,509 | 838,558,825 | 745,439,702 | 719,784,273 | ||||||||||||||||||
| End of period |
$ | 464,966,413 | $ | 302,120,012 | $ | 894,352,763 | $ | 927,405,509 | $ | 786,352,904 | $ | 745,439,702 | ||||||||||||
See Notes to Financial Statements
| 138 |
VALIC Company II
NOTES TO FINANCIAL STATEMENTS (unaudited)
Note 1 — Organization
VALIC Company II (the “Series” or “VC II”) was organized as a Delaware statutory trust on May 6, 1998, by The Variable Annuity Life Insurance Company (“VALIC” or the “Adviser”). VALIC, the investment adviser to VC II, is an indirect wholly-owned subsidiary of American International Group, Inc. (“AIG”). VC II 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 15 separate mutual funds (collectively, the “Funds,” or each, a “Fund”), each of which issues its own class of shares of beneficial interest:
| Aggressive Growth Lifestyle Fund* | Mid Cap Growth Fund | |
| Capital Appreciation Fund | Mid Cap Value Fund | |
| Conservative Growth Lifestyle Fund* | Moderate Growth Lifestyle Fund* | |
| Core Bond Fund | Small Cap Growth Fund | |
| Government Money Market II Fund | Small Cap Value Fund | |
| High Yield Bond Fund | Strategic Bond Fund | |
| International Opportunities Fund | U.S. Socially Responsible Fund | |
| Large Cap Value Fund |
| * | The Lifestyle Funds represent “Fund of Funds” which invest in either VALIC Company I (“VC I”) or VC II mutual funds. |
Each Fund is diversified as defined by the 1940 Act.
Indemnifications. Under VC II’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, VC II enters into contracts that contain the obligation to indemnify others. The Funds’ maximum exposure under these arrangements is unknown. Currently, however, VC II expects 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:
A. 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 approved by the Board of Trustees (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)
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 the Funds’ assets and liabilities classified in the fair value hierarchy as of February 28, 2021, 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
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VALIC Company II
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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 approved 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 a Board-approved 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, and maturity date, option adjusted spread models, prepayments projections, interest rate spreads, and yield curves to determine current value. If a price is unavailable from a Board-approved 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 a Board-approved 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 a Board-approved 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 a Board-approved pricing service, and are generally categorized as Level 2. Swap contracts traded in the over-the-counter (“OTC”) market are valued at a mid valuation provided by a Board-approved 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.
For the Government Money Market II Fund, securities are valued at amortized cost, which approximates market value and are generally categorized as Level 2. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of any discount or premium. In accordance with Rule 2a-7 under the 1940 Act, the Board has adopted procedures intended to stabilize the Government Money Market II Fund’s net asset value per share at $1.00. These procedures include the determination, at such intervals as the Board deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Government Money Market II Fund market-based net asset value per share deviates from the Fund’s amortized cost per share. The calculation of such deviation is referred to as “shadow pricing.” For purposes of these market-based valuations, securities for which market quotations are not readily available are fair valued, as determined pursuant to procedures adopted in good faith by the Board.
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.
The Board is responsible for the share valuation process and has adopted policies and procedures (the “PRC Procedures”) for valuing the securities and other assets held by the Funds, including procedures for the fair valuation of securities and other assets for which market quotations are not readily available or are unreliable. The PRC Procedures provide for the establishment of a pricing review committee, which is responsible for, among other things, making certain determinations in connection with the Series’ fair valuation procedures. 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.
B. Derivative Instruments
Forward Foreign Currency Contracts: During the period, the High Yield Bond Fund and Strategic Bond Fund used forward contracts to attempt to protect the value of securities and related receivables and payables against changes in future foreign exchange rates.
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 the Funds 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
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VALIC Company II
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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 Statements 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: During the period, the Small Cap Value Fund and U.S. Socially Responsible Fund used equity futures contracts to equitize cash, providing exposure to equity markets.
A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Fund will be required to segregate an initial margin payment of cash or other liquid securities with the futures commission merchant (the “broker”). Subsequent payments are made or received by the Fund as a result of changes in the value of the contract and/or changes in the value of the initial margin requirement. Such receipts or payments are recorded in the Statements of Assets and Liabilities as 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, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
The primary risk to the Funds 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 Statements 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 the Funds 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, a 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 the Funds 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.
Master Agreements: Certain Funds that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements (“Master Agreements”) with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by a Fund and applicable counterparty. Collateral requirements are generally determined based on a Fund’s net position with each counterparty. Master Agreements may also include certain provisions that require a Fund to post additional collateral upon the occurrence of certain events, such as when a Fund’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Fund may also occur upon a decline in a Fund’s net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Fund’s counterparties to elect early termination could cause a 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. See additional information on specific types of derivative instruments and other financial instruments as disclosed in the Notes to Financial Statements. The Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.
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VALIC Company II
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
The following tables represent the value of derivatives held as of February 28, 2021, 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 February 28, 2021. 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 February 28, 2021, please refer to the schedule at the end of each Fund’s Portfolio of Investments.
| Asset Derivatives |
Liability Derivatives |
|||||||||||||||
| Fund |
Futures Contracts(1)(4) |
Foreign Forward Exchange Contracts(2) |
Futures Contracts(1)(4) |
Foreign Forward Exchange Contracts(3) |
||||||||||||
| Equity Contracts |
Equity Contracts |
|||||||||||||||
| Small Cap Value |
$ | — | $ | — | $ | 6,320 | $ | — | ||||||||
| U.S. Socially Responsible |
— | — | 90,240 | — | ||||||||||||
| Foreign Exchange Contracts |
Foreign Exchange Contracts |
|||||||||||||||
| High Yield Bond |
— | 102,378 | — | — | ||||||||||||
| Strategic Bond |
— | 308,555 | — | 5,841 | ||||||||||||
Statement of Assets and Liabilities Location:
| (1) | Variation margin on futures contracts |
| (2) | Unrealized appreciation on forward foreign currency contracts |
| (3) | Unrealized depreciation on forward foreign currency contracts |
| (4) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) as reported on each Fund’s Portfolio of Investments in the following amounts: |
| Fund |
Cumulative Appreciation (Depreciation) |
|||
| Small Cap Value |
$ | (633,031 | ) | |
| U.S. Socially Responsible |
27,991 | |||
| Realized Gain (Loss) on Derivatives Recognized in Statement of Operations |
||||||||
| Fund |
Futures Contracts(1) |
Foreign Forward Exchange Contracts(2) |
||||||
| Equity Contracts |
||||||||
| Small Cap Value |
$ | 2,270,272 | $ | — | ||||
| U.S. Socially Responsible |
2,856,658 | — | ||||||
| Foreign Exchange Contracts |
||||||||
| High Yield Bond |
— | (324,353 | ) | |||||
| Strategic Bond |
— | (3,540,649 | ) | |||||
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VALIC Company II
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
| Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations |
||||||||
| Fund |
Futures Contracts(3) |
Foreign Forward Exchange Contracts(4) |
||||||
| Equity Contracts |
||||||||
| Small Cap Value |
$ | (679,956 | ) | $ | — | |||
| U.S. Socially Responsible |
(676,140 | ) | — | |||||
| Foreign Exchange Contracts |
||||||||
| High Yield Bond |
— | 204,052 | ||||||
| Strategic Bond |
— | 2,946,869 | ||||||
Statement of Operations Location:
| (1) | Net realized gain (loss) on futures contracts |
| (2) | Net realized gain (loss) on forward contracts |
| (3) | Change in unrealized appreciation (depreciation) on futures contracts |
| (4) | Change in unrealized appreciation (depreciation) on forward contracts |
The following table represents the average monthly balances of derivatives held during the six months ended February 28, 2021.
| Average Amount Outstanding During the Period
|
||||||||
| Fund |
Futures Contracts(1) |
Foreign Exchange Contracts(1) |
||||||
| High Yield Bond |
$ | — | $ | 12,822,158 | ||||
| Small Cap Value |
8,102,299 | — | ||||||
| Strategic Bond |
— | 60,879,633 | ||||||
| U.S. Socially Responsible |
15,068,209 | — | ||||||
| (1) | Amounts represent notional amounts in U.S. dollars. |
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 February 28, 2021. The repurchase agreements held by the Funds and securities on loan as of February 28, 2021, are also subject to Master Agreements but are not included in the following tables. See the Portfolio of Investments of each Fund and the Notes to the Financial Statements for more information about the Funds’ holdings in repurchase agreements and securities on loan.
| High Yield Bond Fund |
||||||||||||||||||||||||||||||||||||||||||||
| Derivative Assets(1) |
Derivative Liabilities(1) |
|||||||||||||||||||||||||||||||||||||||||||
| Counterparty |
Forward Foreign Currency Contracts |
OTC Swaps |
Options Purchased |
Total |
Forward Foreign Currency Contracts |
OTC Swaps |
Options Written |
Total |
Net Derivative Assets (Liabilities) |
Collateral Pledged/ (Received)(2) |
Net Amount(3) |
|||||||||||||||||||||||||||||||||
| UBS AG |
$ | 102,378 | $ | — | $ | — | $ | 102,378 | $ | — | $ | — | $ | — | $ | — | $ | 102,378 | $ | — | $ | 102,378 | ||||||||||||||||||||||
| Strategic Bond Fund |
||||||||||||||||||||||||||||||||||||||||||||
| Derivative Assets(1) |
Derivative Liabilities(1) |
|||||||||||||||||||||||||||||||||||||||||||
| Counterparty |
Forward Foreign Currency Contracts |
OTC Swaps |
Options Purchased |
Total |
Forward Foreign Currency Contracts |
OTC Swaps |
Options Written |
Total |
Net Derivative Assets (Liabilities) |
Collateral Pledged/ (Received)(2) |
Net Amount(3) |
|||||||||||||||||||||||||||||||||
| JPMorgan Chase Bank N.A. |
$ | 308,555 | $ | — | $ | — | $ | 308,555 | $ | 5,841 | $ | — | $ | — | $ | 5,841 | $ | 302,714 | $ | — | $ | 302,714 | ||||||||||||||||||||||
| (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. |
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VALIC Company II
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
C. 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.
D. Mortgage-Backed Dollar Rolls
Certain Funds may enter into dollar rolls using “to be announced” (“TBA”) mortgage-backed securities (“TBA Rolls”). TBA Roll transactions involve the sale of mortgage or other asset backed securities with the commitment to purchase substantially similar securities on a specified future date. The Funds’ policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. TBA Roll transactions involve the risk that the market value of the securities held by a Fund may decline below the price of the securities that the Fund has sold but is obligated to repurchase under the agreement. In the event that the buyer of securities in a TBA Roll transaction files bankruptcy or becomes insolvent, a Fund‘s use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund‘s obligation to repurchase the securities. Mortgage-Backed 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.
E. 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.
F. Loans
Certain Funds invests in senior loans which generally consist of direct debt obligations of companies (collectively, “Borrowers”), primarily U.S. companies and their affiliates, undertaken to finance the growth of the Borrower’s business internally and externally, or to finance a capital restructuring. Transactions in senior loans may settle on a delayed basis. Unsettled loans 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.
G. 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 Statements 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 Statements of Operations as an increase or decrease to interest income, even though principal is not paid until maturity.
H. 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 Series’ 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.
I. Investment Securities Loaned
To realize additional income, the Funds, except for Aggressive Growth Lifestyle Fund, Conservative Growth Lifestyle Fund, Moderate Growth Lifestyle Fund, and the Government Money Market II 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
| 144 |
VALIC Company II
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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 Statements 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.
J. 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 Lifestyle Funds, 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 Trusts (“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 Lifestyle Funds, the expenses included in the accompanying financial statements reflect the expenses of the Lifestyle Funds and do not include any expenses associated with the Underlying Funds.
Dividends from net investment income, if any, are normally paid annually, except for the Government Money Market II Fund, which declares daily and pays monthly. Distributions from net realized capital gains, if any, are normally declared and paid annually. The Funds record dividends and distributions to their shareholders on the ex-dividend date.
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.
The Funds recognize 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.
K. 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.
L. LIBOR Risk
A fund’s investments, payment obligations and financing terms may be based on floating rates, such as London Interbank Offer Rate (“LIBOR”), Euro Interbank Offered Rate 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. Such announcement indicates that the continuation of LIBOR and other Reference Rates on the current basis cannot and will not be guaranteed after 2021. This announcement and any additional regulatory or market changes may have an adverse impact on a fund or its investments.
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VALIC Company II
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
In advance of 2021, regulators and market participants will work together to identify or develop successor Reference Rates. Additionally, prior to 2021, 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 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 NAV.
M. Recent Accounting and Regulatory Developments
In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13 “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement”. The ASU eliminates, modifies, and adds disclosure requirements for fair value measurements and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Adoption of the ASU had no material impact on the Funds.
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 will become effective 60 days after publication in the Federal Register, and will have a compliance date 18 months following the effective date. Management is currently evaluating the Rule and its impact to the Funds.
In March 2020, FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848); 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 IBOR-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. Management is evaluating the potential impact of ASU 2020-04 to the financial statements.
Note 3 — Advisory Fees and Other Transactions with Affiliates
VALIC serves as investment adviser to VC II. Certain officers and trustees of VC II are officers and directors of VALIC or affiliates of VALIC. VALIC receives from VC II a monthly fee based on each Fund’s average daily net asset value at the following annual rates:
| Aggressive Growth Lifestyle Fund | 0.10% | |
| Capital Appreciation Fund | 0.55% on first $1 billion | |
| 0.525% on assets over $1 billion | ||
| Conservative Growth Lifestyle Fund | 0.10% | |
| Core Bond Fund | 0.50% on the first $200 million | |
| 0.45% on the next $300 million | ||
| 0.40% on assets over $500 million | ||
| Government Money Market II Fund | 0.25% | |
| 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 | ||
| International Opportunities Fund | 0.90% on the first $100 million | |
| 0.80% on the next $650 million | ||
| 0.75% on assets over $750 million | ||
| Large Cap Value Fund | 0.50% on the first $500 million | |
| 0.475% on assets over $500 million | ||
| Mid Cap Growth Fund | 0.80% on the first $50 million | |
| 0.75% on the next $50 million | ||
| 0.70% on the next $150 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 | 0.10% | |
| Small Cap Growth Fund(1) | 0.85% on the first $100 million | |
| 0.80% on assets over $100 million | ||
| Small Cap Value Fund | 0.75% on the first $50 million | |
| 0.65% on assets over $50 million | ||
| Strategic Bond Fund | 0.60% on the first $200 million | |
| 0.50% on the next $300 million | ||
| 0.45% on assets over $500 million | ||
| U.S. Socially Responsible Fund | 0.25% on the first $1 billion | |
| 0.24% on assets over $1 billion |
| (1) | 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. |
| 146 |
VALIC Company II
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
For the six months ended February 28, 2021, the amount of investment advisory fees waived was $38,558 for the Small Cap Growth Fund.
VALIC has entered into subadvisory agreements with the following:
BMO Asset Management Corp. (“BMO AM”)—subadviser for the Capital Appreciation Fund.
Boston Partners Global Investors, Inc. d/b/a Boston Partners (“Boston Partners”)—subadviser for a portion of the Mid Cap Value Fund.
Delaware Investments Fund Advisers (“DIFA”)—subadviser for a portion of the International Opportunities Fund.
J.P. Morgan Investment Management Inc. (“JPMIM”)—subadviser for the Small Cap Growth Fund and the Small Cap Value Fund.
Janus Capital Management LLC (“Janus”)—subadviser for a portion of the Large Cap Value Fund.
Massachusetts Financial Services Company (“MFS”)—subadviser for a portion of the International Opportunities Fund.
Mellon Investments Corporation (“Mellon”)—subadviser for a portion of the Large Cap Value Fund.
PineBridge Investments, LLC (“PineBridge”)—subadviser for the Strategic Bond Fund, Core Bond Fund, Aggressive, Moderate and Conservative Growth Lifestyle Funds.
SunAmerica Asset Management, LLC (“SunAmerica”)—subadviser for the Government Money Market II Fund and the U.S. Socially Responsible Fund.
Wellington Management Company LLP (“Wellington Management”)—subadviser for the High Yield Bond Fund, Mid Cap Growth Fund and a portion of the Mid Cap Value Fund.
The subadvisers are compensated for their services by VALIC.
VALIC has contractually agreed to waive fees and/or reimburse expenses, if necessary, to keep annual operating expenses at or below the following percentages of each Fund’s average daily net assets through December 31, 2021. For the purposes of waived fee and/or reimbursed expense calculations, annual fund operating expenses shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence, such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of the Fund’s business. The contractual expense waivers and fee reimbursements will continue until December 31, 2021, subject to termination by the Board, including a majority of the Trustees who are not interested persons of the Fund or VALIC as defined by Section 2(a)(19) of the 1940 Act (the “Disinterested Trustees”).
| Fund |
Expense Limitation |
|||
| Aggressive Growth Lifestyle |
0.10 | % | ||
| Capital Appreciation |
0.85 | % | ||
| Conservative Growth Lifestyle |
0.10 | % | ||
| Core Bond |
0.77 | % | ||
| Government Money Market II |
0.55 | % | ||
| High Yield Bond |
0.93 | % | ||
| International Opportunities |
1.20 | % | ||
| Mid Cap Growth |
1.09 | % | ||
| Mid Cap Value |
1.05 | % | ||
| Moderate Growth Lifestyle |
0.10 | % | ||
| Small Cap Growth |
1.13 | % | ||
| Small Cap Value |
1.02 | % | ||
| Strategic Bond |
0.89 | % | ||
| 147 |
VALIC Company II
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
For the six months ended February 28, 2021, pursuant to the contractual expense limitations in the above table, VALIC waived fees and/or reimbursed expenses as follows:
| Fund |
Amount |
|||
| Aggressive Growth Lifestyle |
$ | 128,017 | ||
| Capital Appreciation |
86,086 | |||
| Conservative Growth Lifestyle |
90,900 | |||
| Core Bond |
82,432 | |||
| Government Money Market II |
84,550 | |||
| High Yield Bond |
149,851 | |||
| International Opportunities |
87,399 | |||
| Mid Cap Growth |
45,784 | |||
| Mid Cap Value |
66,103 | |||
| Moderate Growth Lifestyle |
179,722 | |||
| Small Cap Growth |
61,894 | |||
| Small Cap Value |
130,413 | |||
VALIC may also voluntarily waive fees and/or reimburse expenses to avoid a negative yield on the Government Money Market II Fund. The voluntary waivers and/or reimbursements may be terminated at any time at the option of VALIC. The exact amount of the voluntary waivers and/or reimbursements may change on a day-to-day basis. There is no guarantee that the Government Money Market II Fund will be able to avoid a negative yield. For the six months ended February 28, 2021, VALIC voluntarily waived $333,543 of expenses for the Government Money Market II Fund.
VC II, on behalf of each Fund, other than the Lifestyle Funds, has entered into an Administrative Services Agreement with SunAmerica (“Administrator”), an affiliate of VALIC. SunAmerica receives from each Fund in the Series, other than 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, SunAmerica 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. For the six months ended February 28, 2021, the Administrator earned fees as reflected in the Statements of Operations based upon the aforementioned rate.
VC II, on behalf of each Fund, entered into a Master Transfer Agency and Services Agreement with VALIC Retirement Services Company (“VRSCO”), an affiliate of VALIC. VRSCO receives from the Series and VC I an annual fee of $132,510, which is allocated to each Fund in the Series and VC I 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 February 28, 2021, VRSCO earned fees as reflected in the Statement of Operations based upon the aforementioned rate.
VC II, on behalf of each Fund, other than the Lifestyle Funds, has entered into a Shareholder Services Agreement with VALIC. Under the agreement, VALIC provides record keeping, account maintenance, and other administrative and shareholder services for contract owners and participants. VALIC receives from each Fund, other than the Lifestyle Funds, an annual fee of 0.25% based on average daily net assets of the Fund. For the six months ended February 28, 2021, VALIC earned fees as reflected in the Statements of Operations based upon the aforementioned rate.
On January 23, 2001, the Board ratified a Deferred Compensation Plan for its independent trustees 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 deferred payment was made in March of 2001. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred may be invested in affiliated mutual funds that are specified in the plan as selected by the trustees. Obligations under the deferred compensation plan represents unsecured claims against the general assets of the Funds. For the six months ended February 28, 2021, VC II has deferred $10,710 of trustee compensation.
During the six months ended February 28, 2021, the following Fund incurred brokerage commissions with brokers which are affiliates of a sub-advisor:
| Affiliated Broker |
Large Cap Value |
|||
| Pershing LLC |
$ | 65 | ||
| † | 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.” |
| 148 |
VALIC Company II
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
At February 28, 2021, the following affiliates owned outstanding shares of the following Funds:
| Holder |
||||||||||||||||||||||||||||
| Fund |
American General Life Insurance Co. |
The United States Life Insurance Co. |
VALIC |
VALIC Co. I Dynamic Allocation Fund |
VCII Aggressive Growth Lifestyle |
VCII Conservative Growth Lifestyle |
VCII Moderate Growth Lifestyle |
|||||||||||||||||||||
| Aggressive Growth Lifestyle . . . . . . . . . . . . . |
— | % | — | % | 100.00 | % | — | % | — | % | — | % | — | % | ||||||||||||||
| Capital Appreciation . . . . . . . . . . . . |
— | — | 39.06 | 5.16 | 5.78 | 28.48 | 21.52 | |||||||||||||||||||||
| Conservative Growth Lifestyle . . . . . . . |
— | — | 100.00 | — | — | — | — | |||||||||||||||||||||
| Core Bond . . . . . . . . . . |
— | — | 88.73 | 0.62 | 4.01 | 6.41 | 0.23 | |||||||||||||||||||||
| Government Money Market II. . . . . . . . . . . . . . . . |
— | — | 100.00 | — | — | — | — | |||||||||||||||||||||
| High Yield Bond . . . . . . . . . . . . . . . . . |
0.01 | — | 86.62 | 0.28 | 4.59 | 5.81 | 2.69 | |||||||||||||||||||||
| International Opportunities . . . . . . . . . . . . . . |
— | — | 87.41 | 0.02 | 1.85 | 5.35 | 5.37 | |||||||||||||||||||||
| Large Cap Value . . . . . . . . . . . . . . . |
— | — | 61.07 | 1.34 | 3.54 | 20.48 | 13.57 | |||||||||||||||||||||
| Mid Cap Growth . . . . . . . . . . . . . . . . |
— | — | 88.56 | 0.89 | 1.28 | 5.30 | 3.97 | |||||||||||||||||||||
| Mid Cap Value . . . . . . . . . . . . . . . |
0.26 | — | 86.48 | 0.28 | 1.45 | 6.99 | 4.54 | |||||||||||||||||||||
| Moderate Growth Lifestyle . . . . . . . . . . . . |
— | — | 100.00 | — | — | — | — | |||||||||||||||||||||
| Small Cap Growth. . . . . . . . . . . . . . |
— | — | 91.94 | 0.23 | 0.81 | 3.90 | 3.12 | |||||||||||||||||||||
| Small Cap Value . . . . . . . . . |
— | — | 92.13 | 0.10 | 0.67 | 3.63 | 3.47 | |||||||||||||||||||||
| Strategic Bond . . . . . . . . . . . . . . . . . |
0.07 | 0.01 | 81.03 | 0.29 | 5.38 | 9.59 | 3.63 | |||||||||||||||||||||
| U.S. Socially Responsible . . . . . . . . . . . . . . . . . . . . |
0.02 | — | 99.77 | 0.21 | — | — | — | |||||||||||||||||||||
The VC I Dynamic Allocation Fund and the VC II 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 II 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 own shares of various VC I or VC II Funds and securities issued by AIG or an affiliate thereof. During the six months ended February 28, 2021, transactions in these securities were as follows:
Aggressive Growth Lifestyle Fund
| Security |
Income |
Capital Gain Distribution Received |
Value at 08/31/2020 |
Cost of Purchases† |
Proceeds from Sales |
Realized Gain/(Loss) |
Change in Unrealized Gain/(Loss) |
Value at 02/28/2021 |
||||||||||||||||||||||||
| VALIC Co. I Blue Chip Growth Fund |
$ | — | $ | — | $ | 12,299 | $ | — | $ | — | $ | — | $ | 411 | $ | 12,710 | ||||||||||||||||
| VALIC Co. I Capital Conservation Fund |
— | — | 5,000,770 | 1,926,221 | 2,260,779 | 206,629 | (255,097 | ) | 4,617,744 | |||||||||||||||||||||||
| VALIC Co. I Dividend Value Fund |
— | — | 39,574,288 | 4,848,905 | — | — | 7,053,601 | 51,476,794 | ||||||||||||||||||||||||
| VALIC Co. I Emerging Economies Fund |
— | — | 21,713,054 | 14,443,294 | — | — | 7,502,738 | 43,659,086 | ||||||||||||||||||||||||
| VALIC Co. I Global Real Estate Fund |
— | — | 19,468,392 | — | — | — | 1,282,193 | 20,750,585 | ||||||||||||||||||||||||
| VALIC Co. I Government Money Market I Fund |
52 | — | 253,686 | 2,632,554 | 1,421,061 | — | — | 1,465,179 | ||||||||||||||||||||||||
| VALIC Co. I Government Securities Fund |
— | — | 2,736,338 | 898,903 | 1,485,655 | 150,413 | (202,691 | ) | 2,097,308 | |||||||||||||||||||||||
| VALIC Co. I Inflation Protected Fund |
— | — | 34,132,728 | — | — | — | (424,185 | ) | 33,708,543 | |||||||||||||||||||||||
| VALIC Co. I International Equities Index Fund |
— | — | 37,898,432 | 15,559,493 | 4,982,051 | 2,419 | 5,240,554 | 53,718,847 | ||||||||||||||||||||||||
| VALIC Co. I International Government Bond Fund |
— | — | 16,491,391 | — | 1,937,811 | 224,716 | (240,016 | ) | 14,538,280 | |||||||||||||||||||||||
| VALIC Co. I International Growth Fund |
— | — | 11,589,734 | — | — | — | 2,042,074 | 13,631,808 | ||||||||||||||||||||||||
| VALIC Co. I International Value Fund |
— | — | 22,626,059 | — | — | — | 3,575,167 | 26,201,226 | ||||||||||||||||||||||||
| VALIC Co. I Large Cap Core Fund |
— | — | 11,678,348 | — | — | — | 1,457,611 | 13,135,959 | ||||||||||||||||||||||||
| VALIC Co. I Large Capital Growth Fund |
— | — | 12,266,661 | — | — | — | 1,198,139 | 13,464,800 | ||||||||||||||||||||||||
| VALIC Co. I Mid Cap Index Fund |
— | — | 24,989,678 | 673,547 | 9,303,563 | (731,191 | ) | 6,966,722 | 22,595,193 | |||||||||||||||||||||||
| VALIC Co. I Mid Cap Strategic Growth Fund |
— | — | 10,572,500 | — | — | — | 2,659,960 | 13,232,460 | ||||||||||||||||||||||||
| VALIC Co. I Nasdaq-100® Index Fund |
— | — | 8,554,193 | — | 6,046,114 | 1,686,313 | (1,529,820 | ) | 2,664,572 | |||||||||||||||||||||||
| VALIC Co. I Science & Technology Fund |
— | — | 23,610,360 | — | 6,046,114 | 932,941 | 2,664,788 | 21,161,975 | ||||||||||||||||||||||||
| VALIC Co. I Small Cap Index Fund |
— | — | 16,145,359 | 339,687 | 7,167,078 | 372,557 | 4,304,599 | 13,995,124 | ||||||||||||||||||||||||
| VALIC Co. I Small Cap Special Values Fund |
— | — | 6,996,429 | 950,321 | — | — | 3,152,929 | 11,099,679 | ||||||||||||||||||||||||
| VALIC Co. I Stock Index Fund |
— | — | 65,528,961 | 6,449,047 | 21,209,829 | 1,693,913 | 3,547,308 | 56,009,400 | ||||||||||||||||||||||||
| VALIC Co. I Value Fund |
— | — | 14,127,519 | — | — | — | 2,443,493 | 16,571,012 | ||||||||||||||||||||||||
| VALIC Co. II Capital Appreciation Fund |
— | — | 25,948,620 | — | — | — | 2,369,101 | 28,317,721 | ||||||||||||||||||||||||
| VALIC Co. II Core Bond Fund |
— | — | 13,086,407 | 5,778,663 | 15,358,885 | 489,319 | (471,058 | ) | 3,524,446 | |||||||||||||||||||||||
| VALIC Co. II High Yield Bond Fund |
— | — | 17,153,504 | — | 3,229,685 | 116,162 | 755,415 | 14,795,396 | ||||||||||||||||||||||||
| VALIC Co. II International Opportunities Fund |
— | — | 27,751,474 | 6,086,159 | — | — | 3,914,598 | 37,752,231 | ||||||||||||||||||||||||
| VALIC Co. II Large Cap Value Fund |
— | — | 34,424,450 | — | — | — | 8,815,791 | 43,240,241 | ||||||||||||||||||||||||
| VALIC Co. II Mid Cap Growth Fund |
— | — | 8,985,023 | — | — | — | 2,391,109 | 11,376,132 | ||||||||||||||||||||||||
| 149 |
VALIC Company II
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Aggressive Growth Lifestyle Fund (continued)
| Security |
Income |
Capital Gain Distribution Received |
Value at 08/31/2020 |
Cost of Purchases† |
Proceeds from Sales |
Realized Gain/(Loss) |
Change in Unrealized Gain/(Loss) |
Value at 02/28/2021 |
||||||||||||||||||||||||
| VALIC Co. II Mid Cap Value Fund |
$ | — | $ | — | $ | 31,056,403 | $ | — | $ | — | $ | — | $ | 9,369,422 | $ | 40,425,825 | ||||||||||||||||
| VALIC Co. II Small Cap Growth Fund |
— | — | 7,017,945 | — | — | — | 2,293,670 | 9,311,615 | ||||||||||||||||||||||||
| VALIC Co. II Small Cap Value Fund |
— | — | 9,411,936 | 1,484,142 | — | — | 5,220,104 | 16,116,182 | ||||||||||||||||||||||||
| VALIC Co. II Strategic Bond Fund |
— | — | 31,743,048 | 8,779,861 | 9,072,521 | 332,216 | 636,108 | 32,418,712 | ||||||||||||||||||||||||
| $ | 52 | $ | — | $ | 612,545,989 | $ | 70,850,797 | $ | 89,521,146 | $ | 5,476,407 | $ | 87,734,738 | $ | 687,086,785 | |||||||||||||||||
| † | Includes reinvestment of distributions paid. |
Conservative Growth Lifestyle Fund
| Security |
Income |
Capital Gain Distribution Received |
Value at 08/31/2020 |
Cost of Purchases† |
Proceeds from Sales |
Realized Gain/(Loss) |
Change in Unrealized Gain/(Loss) |
Value at 02/28/2021 |
||||||||||||||||||||||||
| VALIC Co. I Capital Conservation Fund |
$ | — | $ | — | $ | 16,175,501 | $ | 1,046,131 | $ | — | $ | — | $ | (199,094 | ) | $ | 17,022,538 | |||||||||||||||
| VALIC Co. I Dividend Value Fund |
— | — | 12,988,253 | 2,026,535 | — | — | 2,386,942 | 17,401,730 | ||||||||||||||||||||||||
| VALIC Co. I Emerging Economies Fund |
— | — | 6,149,394 | 2,556,157 | — | — | 1,981,675 | 10,687,226 | ||||||||||||||||||||||||
| VALIC Co. I Global Real Estate Fund |
— | — | 8,161,824 | — | — | — | 537,539 | 8,699,363 | ||||||||||||||||||||||||
| VALIC Co. I Government Money Market I Fund |
73 | — | 702,202 | 1,429,787 | — | — | — | 2,131,989 | ||||||||||||||||||||||||
| VALIC Co. I Government Securities |
— | — | 7,702,750 | 488,195 | — | — | (187,194 | ) | 8,003,751 | |||||||||||||||||||||||
| VALIC Co. I Inflation Protected Fund |
— | — | 23,467,073 | — | — | — | (291,637 | ) | 23,175,436 | |||||||||||||||||||||||
| VALIC Co. I International Equities Index Fund |
— | — | 12,841,805 | 1,179,876 | 794,548 | (55,998 | ) | 1,810,002 | 14,981,137 | |||||||||||||||||||||||
| VALIC Co. I International Government Bond Fund |
— | — | 16,636,537 | — | — | — | (77,260 | ) | 16,559,277 | |||||||||||||||||||||||
| VALIC Co. I International Growth Fund |
— | — | 1,847,300 | — | — | — | 325,488 | 2,172,788 | ||||||||||||||||||||||||
| VALIC Co. I International Value Fund |
— | — | 5,150,182 | — | — | — | 813,786 | 5,963,968 | ||||||||||||||||||||||||
| VALIC Co. I Large Cap Core Fund |
— | — | 3,158,338 | — | — | — | 394,201 | 3,552,539 | ||||||||||||||||||||||||
| VALIC Co. I Large Capital Growth Fund |
— | — | 2,025,563 | — | — | — | 197,845 | 2,223,408 | ||||||||||||||||||||||||
| VALIC Co. I Mid Cap Index Fund |
— | — | 7,066,354 | 192,978 | 3,119,841 | (137,794 | ) | 1,803,859 | 5,805,556 | |||||||||||||||||||||||
| VALIC Co. I Mid Cap Strategic Growth Fund |
— | — | 2,303,439 | — | — | — | 579,528 | 2,882,967 | ||||||||||||||||||||||||
| VALIC Co. I Nasdaq-100® Index Fund |
— | — | 6,291,109 | — | 4,264,885 | 1,152,545 | (1,053,577 | ) | 2,125,192 | |||||||||||||||||||||||
| VALIC Co. I Science & Technology Fund |
— | — | 7,577,936 | — | 2,521,332 | 484,156 | 581,354 | 6,122,114 | ||||||||||||||||||||||||
| VALIC Co. I Small Cap Index Fund |
— | — | 4,714,759 | 91,996 | 3,331,421 | 512,834 | 439,849 | 2,428,017 | ||||||||||||||||||||||||
| VALIC Co. I Small Cap Special Values Fund |
— | — | 2,484,245 | 529,852 | — | — | 1,199,900 | 4,213,997 | ||||||||||||||||||||||||
| VALIC Co. I Stock Index Fund |
— | — | 20,980,178 | 3,245,743 | 16,847,097 | 2,766,540 | (1,021,582 | ) | 9,123,782 | |||||||||||||||||||||||
| VALIC Co. I Value Fund |
— | — | 3,321,880 | — | — | — | 574,552 | 3,896,432 | ||||||||||||||||||||||||
| VALIC Co. II Capital Appreciation Fund |
— | — | 6,973,066 | — | — | — | 636,639 | 7,609,705 | ||||||||||||||||||||||||
| VALIC Co. II Core Bond Fund |
— | — | 54,300,125 | 10,807,539 | 2,208,728 | 240,637 | (278,521 | ) | 62,861,052 | |||||||||||||||||||||||
| VALIC Co. II High Yield Bond Fund |
— | — | 25,671,217 | — | 1,750,538 | (21,565 | ) | 1,369,575 | 25,268,689 | |||||||||||||||||||||||
| VALIC Co. II International Opportunities Fund |
— | — | 11,674,963 | — | — | — | 1,374,188 | 13,049,151 | ||||||||||||||||||||||||
| VALIC Co. II Large Cap Value Fund |
— | — | 8,987,126 | — | — | — | 2,301,522 | 11,288,648 | ||||||||||||||||||||||||
| VALIC Co. II Mid Cap Growth Fund |
— | — | 2,906,031 | — | — | — | 773,358 | 3,679,389 | ||||||||||||||||||||||||
| VALIC Co. II Mid Cap Value Fund |
— | — | 10,793,002 | — | 1,075,758 | (140,343 | ) | 3,359,816 | 12,936,717 | |||||||||||||||||||||||
| VALIC Co. II Small Cap Growth Fund |
— | — | 1,836,633 | — | — | — | 600,265 | 2,436,898 | ||||||||||||||||||||||||
| VALIC Co. II Small Cap Value Fund |
— | — | 1,287,013 | 827,484 | — | — | 1,015,540 | 3,130,037 | ||||||||||||||||||||||||
| VALIC Co. II Strategic Bond Fund |
— | — | 43,713,449 | 6,444,383 | 3,281,519 | 108,627 | 1,155,756 | 48,140,696 | ||||||||||||||||||||||||
| $ | 73 | $ | — | $ | 339,889,247 | $ | 30,866,656 | $ | 39,195,667 | $ | 4,909,639 | $ | 23,104,314 | $ | 359,574,189 | |||||||||||||||||
| † | Includes reinvestment of distributions paid. |
| 150 |
VALIC Company II
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Moderate Growth Lifestyle Fund
| Security |
Income |
Capital Gain Distribution Received |
Value at 08/31/2020 |
Cost of Purchases† |
Proceeds from Sales |
Realized Gain/(Loss) |
Change in Unrealized Gain/(Loss) |
Value at 02/28/2021 |
||||||||||||||||||||||||
| VALIC Co. I Blue Chip Growth Fund |
$ | — | $ | — | $ | 43,393 | $ | — | $ | — | $ | — | $ | 1,447 | $ | 44,840 | ||||||||||||||||
| VALIC Co. I Capital Conservation Fund |
— | — | 25,918,890 | 3,177,060 | 3,721,905 | 295,734 | (574,161 | ) | 25,095,618 | |||||||||||||||||||||||
| VALIC Co. I Dividend Value Fund |
— | — | 60,565,105 | 10,073,823 | — | — | 11,227,259 | 81,866,187 | ||||||||||||||||||||||||
| VALIC Co. I Emerging Economies Fund |
— | — | 19,068,908 | 20,289,150 | — | — | 7,513,481 | 46,871,539 | ||||||||||||||||||||||||
| VALIC Co. I Global Real Estate Fund |
— | — | 21,900,375 | — | — | — | 1,442,364 | 23,342,739 | ||||||||||||||||||||||||
| VALIC Co. I Government Money Market I Fund |
110 | — | 915,885 | 4,342,093 | 2,339,483 | — | — | 2,918,495 | ||||||||||||||||||||||||
| VALIC Co. I Government Securities Fund |
— | — | 9,441,911 | 1,482,628 | 1,488,762 | 150,727 | (369,145 | ) | 9,217,359 | |||||||||||||||||||||||
| VALIC Co. I Inflation Protected Fund |
— | — | 62,760,235 | — | — | — | (779,953 | ) | 61,980,282 | |||||||||||||||||||||||
| VALIC Co. I International Equities Index Fund |
— | — | 41,949,073 | 16,241,679 | 4,450,933 | 76,133 | 5,995,359 | 59,811,311 | ||||||||||||||||||||||||
| VALIC Co. I International Government Bond Fund |
— | — | 34,693,474 | — | 2,020,462 | 211,548 | (308,763 | ) | 32,575,797 | |||||||||||||||||||||||
| VALIC Co. I International Growth Fund |
— | — | 7,278,145 | — | — | — | 1,282,386 | 8,560,531 | ||||||||||||||||||||||||
| VALIC Co. I International Value Fund |
— | — | 20,587,514 | — | — | — | 3,253,054 | 23,840,568 | ||||||||||||||||||||||||
| VALIC Co. I Large Cap Core Fund |
— | — | 12,262,538 | — | — | — | 1,530,527 | 13,793,065 | ||||||||||||||||||||||||
| VALIC Co. I Large Capital Growth Fund |
— | — | 19,244,090 | 6,583,579 | — | — | 1,858,029 | 27,685,698 | ||||||||||||||||||||||||
| VALIC Co. I Mid Cap Index Fund |
— | — | 31,479,683 | 1,107,122 | 11,677,305 | (464,093 | ) | 8,491,497 | 28,936,904 | |||||||||||||||||||||||
| VALIC Co. I Mid Cap Strategic Growth Fund |
— | — | 14,151,149 | — | — | — | 3,560,320 | 17,711,469 | ||||||||||||||||||||||||
| VALIC Co. I Nasdaq-100® Index Fund |
— | — | 27,384,305 | — | 12,823,434 | 3,112,537 | (2,249,806 | ) | 15,423,602 | |||||||||||||||||||||||
| VALIC Co. I Science & Technology Fund |
— | — | 19,657,005 | — | 7,528,335 | 2,139,239 | 472,903 | 14,740,812 | ||||||||||||||||||||||||
| VALIC Co. I Small Cap Index Fund |
— | — | 22,229,486 | 569,584 | 10,240,301 | 382,363 | 6,173,447 | 19,114,579 | ||||||||||||||||||||||||
| VALIC Co. I Small Cap Special Values Fund |
— | — | 9,451,322 | 1,578,602 | 1,097,263 | (77,628 | ) | 4,399,829 | 14,254,862 | |||||||||||||||||||||||
| VALIC Co. I Stock Index Fund |
— | — | 109,295,461 | 4,214,919 | 27,579,549 | 2,426,400 | 7,018,492 | 95,375,723 | ||||||||||||||||||||||||
| VALIC Co. I Value Fund |
— | — | 19,392,535 | — | — | — | 3,354,129 | 22,746,664 | ||||||||||||||||||||||||
| VALIC Co. II Capital Appreciation Fund |
— | — | 34,333,662 | — | — | — | 3,134,652 | 37,468,314 | ||||||||||||||||||||||||
| VALIC Co. II Core Bond Fund |
— | — | 105,733,986 | 10,455,046 | 15,650,220 | 1,036,822 | (970,661 | ) | 100,604,973 | |||||||||||||||||||||||
| VALIC Co. II High Yield Bond Fund |
— | — | 35,447,217 | — | 5,317,008 | 11,810 | 1,808,491 | 31,950,510 | ||||||||||||||||||||||||
| VALIC Co. II International Opportunities Fund |
— | — | 33,650,046 | — | — | — | 3,960,739 | 37,610,785 | ||||||||||||||||||||||||
| VALIC Co. II Large Cap Value Fund |
— | — | 51,949,412 | — | — | — | 13,303,774 | 65,253,186 | ||||||||||||||||||||||||
| VALIC Co. II Mid Cap Growth Fund |
— | — | 12,012,967 | — | — | — | 3,196,912 | 15,209,879 | ||||||||||||||||||||||||
| VALIC Co. II Mid Cap Value Fund |
— | — | 46,705,472 | 2,021,973 | 1,097,263 | (91,816 | ) | 14,741,398 | 62,279,764 | |||||||||||||||||||||||
| VALIC Co. II Small Cap Growth Fund |
— | — | 8,787,552 | — | — | — | 2,872,029 | 11,659,581 | ||||||||||||||||||||||||
| VALIC Co. II Small Cap Value Fund |
— | — | 9,714,207 | 2,465,345 | 1,097,263 | (183,701 | ) | 5,961,507 | 16,860,095 | |||||||||||||||||||||||
| VALIC Co. II Strategic Bond Fund |
— | — | 86,536,769 | 12,946,516 | 16,272,673 | 555,276 | 1,980,484 | 85,746,372 | ||||||||||||||||||||||||
| $ | 110 | $ | — | $ | 1,014,541,772 | $ | 97,549,119 | $ | 124,402,159 | $ | 9,581,351 | $ | 113,282,020 | $ | 1,110,552,103 | |||||||||||||||||
| † | Includes reinvestment of distributions paid. |
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 February 28, 2021 were as follows:
| Fund |
Purchases of Investment Securities (Excluding U.S. Government Securities) |
Sales of Investment Securities (Excluding U.S. Government Securities) |
Purchase of U.S. Government Securities |
Sales of U.S. Government Securities |
||||||||||||
| Aggressive Growth Lifestyle |
$ | 70,850,745 | $ | 89,521,146 | $ | — | $ | — | ||||||||
| Capital Appreciation |
27,978,132 | 30,733,742 | — | — | ||||||||||||
| Conservative Growth Lifestyle |
30,866,583 | 39,195,667 | — | — | ||||||||||||
| Core Bond |
288,458,063 | 422,104,370 | 96,977,517 | 196,610,271 | ||||||||||||
| Government Money Market II |
— | — | — | — | ||||||||||||
| High Yield Bond |
108,306,273 | 112,801,149 | — | — | ||||||||||||
| International Opportunities |
247,184,328 | 230,536,571 | — | — | ||||||||||||
| Large Cap Value |
113,971,827 | 120,467,293 | — | — | ||||||||||||
| Mid Cap Growth |
51,574,276 | 69,205,822 | — | — | ||||||||||||
| Mid Cap Value |
171,935,191 | 213,376,607 | — | — | ||||||||||||
| 151 |
VALIC Company II
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
| Fund |
Purchases of Investment Securities (Excluding U.S. Government Securities) |
Sales of Investment Securities (Excluding U.S. Government Securities) |
Purchase of U.S. Government Securities |
Sales of U.S. Government Securities |
||||||||||||
| Moderate Growth Lifestyle |
$
|
97,549,009 |
|
$ | 124,402,159 | $ | — | $ | — | |||||||
| Small Cap Growth |
77,971,002 | 58,420,794 | — | — | ||||||||||||
| Small Cap Value |
155,842,077 | 138,473,553 | — | — | ||||||||||||
| Strategic Bond |
300,108,429 | 380,320,206 | 54,945,319 | 35,310,930 | ||||||||||||
| U.S. Socially Responsible |
108,699,266 | 158,274,224 | — | — | ||||||||||||
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 Statements of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, post October losses, investments in passive foreign investment companies, treatment of deferred compensation, late year ordinary losses, straddles, treatment of defaulted securities and derivative transactions.
The information in the following table is presented on the basis of cost for federal income tax purposes at February 28, 2021.
| Fund |
Identified Cost of Investments Owned |
Gross Unrealized Appreciation@ |
Gross Unrealized Depreciation@ |
Net Unrealized Appreciation (Depreciation)@ |
||||||||||||
| Aggressive Growth Lifestyle |
$ | 587,756,094 | $ | 107,381,682 | $ | (8,050,991 | ) | $ | 99,330,691 | |||||||
| Capital Appreciation |
84,097,988 | 46,220,358 | (556,883 | ) | 45,663,475 | |||||||||||
| Conservative Growth Lifestyle |
325,705,061 | 37,385,087 | (3,515,959 | ) | 33,869,128 | |||||||||||
| Core Bond |
1,667,388,487 | 55,431,739 | (13,347,966 | ) | 42,083,773 | |||||||||||
| Government Money Market II |
130,827,041 | — | — | — | ||||||||||||
| High Yield Bond |
520,544,510 | 32,480,191 | (3,238,169 | ) | 29,242,022 | |||||||||||
| International Opportunities |
591,843,746 | 144,720,258 | (22,273,344 | ) | 122,446,914 | |||||||||||
| Large Cap Value |
267,591,104 | 57,237,896 | (7,001,693 | ) | 50,236,203 | |||||||||||
| Mid Cap Growth |
222,015,941 | 71,414,429 | (5,510,792 | ) | 65,903,637 | |||||||||||
| Mid Cap Value |
695,617,802 | 215,940,884 | (21,000,660 | ) | 194,940,224 | |||||||||||
| Moderate Growth Lifestyle |
969,348,815 | 155,279,198 | (14,075,910 | ) | 141,203,288 | |||||||||||
| Small Cap Growth |
208,481,685 | 99,332,406 | (8,658,904 | ) | 90,673,502 | |||||||||||
| Small Cap Value |
367,629,528 | 115,770,772 | (17,921,658 | ) | 97,849,114 | |||||||||||
| Strategic Bond |
917,002,140 | 38,181,938 | (12,348,270 | ) | 25,833,668 | |||||||||||
| U.S. Socially Responsible |
517,515,169 | 285,285,428 | (17,186,222 | ) | 268,099,206 | |||||||||||
| @ | Unrealized appreciation (depreciation) includes amounts for derivatives. |
The tax character of distributions paid may differ from the Statement of Changes in Net Assets due to short-term gains treated as ordinary income distributions for tax purposes. The tax basis distributable earnings at August 31, 2020 and the tax character of distributions paid during the year ended August 31, 2020 were as follows:
| Distributable Earnings |
Tax Distributions |
|||||||||||||||||||
| For the year ended August 31, 2020 |
||||||||||||||||||||
| Fund |
Ordinary Income |
Long- term Capital Gains and Other Losses |
Unrealized Appreciation (Depreciation)@ |
Ordinary Income |
Long-Term Capital Gains |
|||||||||||||||
| Aggressive Growth Lifestyle |
$ | 11,396,513 | $ | 23,295,533 | $ | 11,595,953 | $ | 14,400,846 | $ | 31,582,812 | ||||||||||
| Capital Appreciation |
127,706 | 2,781,564 | 41,984,213 | 394,062 | 3,362,082 | |||||||||||||||
| Conservative Growth Lifestyle |
8,959,670 | 4,857,572 | 10,764,814 | 8,185,705 | 4,727,595 | |||||||||||||||
| Core Bond |
75,089,181 | 7,223,119 | 85,651,468 | 52,196,618 | — | |||||||||||||||
| Government Money Market II |
8,771 | (7,017 | ) | — | 752,517 | — | ||||||||||||||
| High Yield Bond |
23,220,376 | (13,404,018 | ) | 15,541,159 | 35,881,009 | — | ||||||||||||||
| International Opportunities |
3,312,585 | 48,699,799 | 108,798,549 | 3,966,791 | 9,589,309 | |||||||||||||||
| Large Cap Value |
3,793,534 | (3,495,205 | ) | (83,694 | ) | 5,898,259 | 11,750,397 | |||||||||||||
| Mid Cap Growth |
2,568,700 | 26,546,940 | 22,590,340 | 77,627 | 9,498,511 | |||||||||||||||
| Mid Cap Value |
5,738,934 | 4,316,684 | 5,193,513 | 6,350,802 | 42,672,741 | |||||||||||||||
| Moderate Growth Lifestyle |
22,479,421 | 32,655,302 | 27,921,268 | 22,793,531 | 41,673,422 | |||||||||||||||
| Small Cap Growth |
2,516,878 | 26,094,410 | 43,091,345 | 1,684,305 | 21,482,499 | |||||||||||||||
| 152 |
VALIC Company II
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
| Distributable Earnings |
Tax Distributions |
|||||||||||||||||||
| For the year ended August 31, 2020 |
||||||||||||||||||||
| Fund |
Ordinary Income |
Long- term Capital Gains and Other Losses |
Unrealized Appreciation (Depreciation)@ |
Ordinary Income |
Long-Term Capital Gains |
|||||||||||||||
| Small Cap Value |
$ | 3,471,474 | $ | (839,744 | ) | $ | (14,674,802 | ) | $ | 4,325,951 | $ | 8,997,808 | ||||||||
| Strategic Bond |
25,472,034 | (21,870,367 | ) | 31,792,690 | 39,987,192 | — | ||||||||||||||
| U.S. Socially Responsible |
8,765,901 | 21,987,667 | 266,790,347 | 12,375,586 | 122,063,327 | |||||||||||||||
| @ | Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency. |
As of August 31, 2020, for Federal income tax purposes, the Funds indicated below have capital loss carryforwards, which expire in the year indicated, which are available to offset future capital gains, if any:
| Unlimited |
||||||||
| Fund |
ST |
LT |
||||||
| Aggressive Growth Lifestyle |
$ | — | $ | — | ||||
| Capital Appreciation |
— | — | ||||||
| Conservative Growth Lifestyle |
— | — | ||||||
| Core Bond |
— | — | ||||||
| Government Money Market II |
7,017 | — | ||||||
| High Yield Bond |
803,393 | 12,600,625 | ||||||
| International Opportunities |
— | — | ||||||
| Large Cap Value |
3,495,205 | — | ||||||
| Mid Cap Growth |
— | — | ||||||
| Mid Cap Value |
— | — | ||||||
| Moderate Growth Lifestyle |
— | — | ||||||
| Small Cap Growth |
— | — | ||||||
| Small Cap Value |
839,744 | — | ||||||
| Strategic Bond |
1,297,164 | 20,573,203 | ||||||
| U.S. Socially Responsible |
— | — | ||||||
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 August 31, 2020, the Funds elected to defer late year ordinary losses and post October capital losses as follows:
| Fund |
Deferred Late Year Ordinary Loss |
Deferred Post-October Short-Term Capital Loss |
Deferred Post-October Long-Term Capital Loss |
|||||||||
| Aggressive Growth Lifestyle |
$ | — | $ | 1,199,801 | $ | — | ||||||
| Capital Appreciation |
— | 2,795,437 | — | |||||||||
| Conservative Growth Lifestyle |
— | 479,902 | — | |||||||||
| Core Bond |
— | — | — | |||||||||
| Government Money Market II |
— | — | — | |||||||||
| High Yield Bond |
701,873 | (2,957,151 | ) | 14,955,037 | ||||||||
| International Opportunities |
— | 7,537,496 | — | |||||||||
| Large Cap Value |
— | (969,306 | ) | 1,839,754 | ||||||||
| Mid Cap Growth |
597,164 | — | — | |||||||||
| Mid Cap Value |
3,867 | 4,494,860 | (251,548 | ) | ||||||||
| Moderate Growth Lifestyle |
— | 978,087 | — | |||||||||
| Small Cap Growth |
803,020 | — | — | |||||||||
| Small Cap Value |
— | 6,326,408 | 3,741,715 | |||||||||
| Strategic Bond |
1,588,087 | — | 1,627,426 | |||||||||
| U.S. Socially Responsible |
— | 1,745,963 | — | |||||||||
| Government Money Market II |
— | — | — | |||||||||
| High Yield Bond |
(594,510 | ) | 594,510 | — | ||||||||
| International Opportunities |
319,296 | (319,296 | ) | — | ||||||||
| Large Cap Value |
— | — | — | |||||||||
| Mid Cap Growth |
2,946 | (2,946 | ) | — | ||||||||
| Mid Cap Value |
(3,494 | ) | 3,494 | — | ||||||||
| Moderate Growth Lifestyle |
894,999 | (894,999 | ) | — | ||||||||
| 153 |
VALIC Company II
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
| Fund |
Deferred Late Year Ordinary Loss |
Deferred Post-October Short-Term Capital Loss |
Deferred Post-October Long-Term Capital Loss |
|||||||||
| Small Cap Growth |
$ | 153,127 | $ | (153,127 | ) | $ | — | |||||
| Small Cap Value |
353,626 | (353,626 | ) | — | ||||||||
| Strategic Bond |
2,733,127 | (2,733,127 | ) | — | ||||||||
| U.S. Socially Responsible |
160,091 | (160,091 | ) | — | ||||||||
Note 6 — Capital Share Transactions
Transactions in capital shares of each class of each Fund were as follows:
| Aggressive Growth Lifestyle |
Capital Appreciation |
|||||||||||||||||||||||||||||||
| For the six months ended February 28, 2021 (Unaudited) |
For the year ended August 31, 2020 |
For the six months ended February 28, 2021 (Unaudited) |
For the year ended August 31, 2020 |
|||||||||||||||||||||||||||||
| Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
| Shares sold |
901,510 | $ | 9,882,111 | 2,915,146 | $ | 29,423,066 | 112,921 | $ | 2,203,808 | 190,469 | $ | 2,953,433 | ||||||||||||||||||||
| Reinvested dividends |
— | — | 4,750,378 | 45,983,658 | — | — | 230,438 | 3,756,144 | ||||||||||||||||||||||||
| Shares redeemed |
(2,613,605 | ) | (28,423,102 | ) | (5,122,206 | ) | (51,876,410 | ) | (213,031 | ) | (4,050,655 | ) | (767,916 | ) | (12,199,227 | ) | ||||||||||||||||
| Net increase (decrease) |
(1,712,095 | ) | $ | (18,540,991 | ) | 2,543,318 | $ | 23,530,314 | (100,110 | ) | $ | (1,846,847 | ) | (347,009 | ) | $ | (5,489,650 | ) | ||||||||||||||
| Conservative Growth Lifestyle |
Core Bond |
|||||||||||||||||||||||||||||||
| For the six months ended February 28, 2021 (Unaudited) |
For the year ended August 31, 2020 |
For the six months ended February 28, 2021 (Unaudited) |
For the year ended August 31, 2020 |
|||||||||||||||||||||||||||||
| Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
| Shares sold |
793,800 | $ | 10,196,611 | 2,510,732 | $ | 30,063,091 | 11,432,233 | $ | 137,563,702 | 44,459,509 | $ | 523,558,703 | ||||||||||||||||||||
| Reinvested dividends |
— | — | 1,096,205 | 12,913,300 | — | — | 4,453,636 | 52,196,618 | ||||||||||||||||||||||||
| Shares redeemed |
(1,440,490 | ) | (18,413,881 | ) | (3,360,650 | ) | (39,659,194 | ) | (29,567,509 | ) | (355,599,497 | ) | (37,321,003 | ) | (434,994,804 | ) | ||||||||||||||||
| Net increase (decrease) |
(646,690 | ) | $ | (8,217,270 | ) | 246,287 | $ | 3,317,197 | (18,135,276 | ) | $ | (218,035,795 | ) | 11,592,142 | $ | 140,760,517 | ||||||||||||||||
| Government Money Market II |
High Yield Bond |
|||||||||||||||||||||||||||||||
| For the six months ended February 28, 2021 (Unaudited) |
For the year ended August 31, 2020 |
For the six months ended February 28, 2021 (Unaudited) |
For the year ended August 31, 2020 |
|||||||||||||||||||||||||||||
| Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
| Shares sold |
24,860,221 | $ | 24,860,221 | 65,703,620 | $ | 65,703,620 | 4,875,064 | $ | 37,992,262 | 7,221,194 | $ | 53,813,459 | ||||||||||||||||||||
| Reinvested dividends |
6,820 | 6,820 | 752,517 | 752,517 | — | — | 4,997,355 | 35,881,009 | ||||||||||||||||||||||||
| Shares redeemed |
(27,253,525 | ) | (27,253,527 | ) | (49,877,230 | ) | (49,877,230 | ) | (7,143,537 | ) | (54,524,240 | ) | (25,971,664 | ) | (197,575,716 | ) | ||||||||||||||||
| Net increase (decrease) |
(2,386,484 | ) | $ | (2,386,486 | ) | 16,578,907 | $ | 16,578,907 | (2,268,473 | ) | $ | (16,531,978 | ) | (13,753,115 | ) | $ | (107,881,248 | ) | ||||||||||||||
| International Opportunities |
Large Cap Value |
|||||||||||||||||||||||||||||||
| For the six months ended February 28, 2021 (Unaudited) |
For the year ended August 31, 2020 |
For the six months ended February 28, 2021 (Unaudited) |
For the year ended August 31, 2020 |
|||||||||||||||||||||||||||||
| Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
| Shares sold |
3,333,864 | $ | 72,060,809 | 3,212,375 | $ | 59,553,208 | 531,352 | $ | 11,509,511 | 876,181 | $ | 15,466,238 | ||||||||||||||||||||
| Reinvested dividends |
— | — | 714,984 | 13,556,100 | — | — | 957,605 | 17,648,656 | ||||||||||||||||||||||||
| Shares redeemed |
(2,429,193 | ) | (54,470,749 | ) | (5,732,849 | ) | (110,689,742 | ) | (931,071 | ) | (19,533,026 | ) | (1,197,968 | ) | (22,695,075 | ) | ||||||||||||||||
| Net increase (decrease) |
904,671 | $ | 17,590,060 | (1,805,490 | ) | $ | (37,580,434 | ) | (399,719 | ) | $ | (8,023,515 | ) | 635,818 | $ | 10,419,819 | ||||||||||||||||
| 154 |
VALIC Company II
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
| Mid Cap Growth |
Mid Cap Value |
|||||||||||||||||||||||||||||||
| For the six months ended February 28, 2021 (Unaudited) |
For the year ended August 31, 2020 |
For the six months ended February 28, 2021 (Unaudited) |
For the year ended August 31, 2020 |
|||||||||||||||||||||||||||||
| Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
| Shares sold |
992,653 | $ | 11,887,981 | 2,338,955 | $ | 23,751,039 | 685,500 | $ | 12,480,647 | 6,124,128 | $ | 94,129,950 | ||||||||||||||||||||
| Reinvested dividends |
— | — | 910,279 | 9,576,138 | — | — | 3,132,495 | 49,023,543 | ||||||||||||||||||||||||
| Shares redeemed |
(2,334,973 | ) | (29,525,135 | ) | (4,385,019 | ) | (46,053,115 | ) | (3,262,854 | ) | (57,966,758 | ) | (5,446,144 | ) | (90,842,573 | ) | ||||||||||||||||
| Net increase (decrease) |
(1,342,320 | ) | $ | (17,637,154 | ) | (1,135,785 | ) | $ | (12,725,938 | ) | (2,577,354 | ) | $ | (45,486,111 | ) | 3,810,479 | $ | 52,310,920 | ||||||||||||||
| Moderate Growth Lifestyle |
Small Cap Growth |
|||||||||||||||||||||||||||||||
| For the six months ended February 28, 2021 (Unaudited) |
For the year ended August 31, 2020 |
For the six months ended February 28, 2021 (Unaudited) |
For the year ended August 31, 2020 |
|||||||||||||||||||||||||||||
| Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
| Shares sold |
1,224,849 | $ | 18,380,949 | 4,748,351 | $ | 66,688,707 | 1,246,428 | $ | 30,188,369 | 660,174 | $ | 11,896,856 | ||||||||||||||||||||
| Reinvested dividends |
— | — | 4,785,965 | 64,466,953 | — | — | 1,309,599 | 23,166,804 | ||||||||||||||||||||||||
| Shares redeemed |
(2,966,573 | ) | (44,698,698 | ) | (5,843,056 | ) | (80,208,834 | ) | (533,929 | ) | (13,122,636 | ) | (3,084,269 | ) | (54,946,669 | ) | ||||||||||||||||
| Net increase (decrease) |
(1,741,724 | ) | $ | (26,317,749 | ) | 3,691,260 | $ | 50,946,826 | 712,499 | $ | 17,065,733 | (1,114,496 | ) | $ | (19,883,009 | ) | ||||||||||||||||
| Small Cap Value |
Strategic Bond |
|||||||||||||||||||||||||||||||
| For the six months ended February 28, 2021 (Unaudited) |
For the year ended August 31, 2020 |
For the six months ended February 28, 2021 (Unaudited) |
For the year ended August 31, 2020 |
|||||||||||||||||||||||||||||
| Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
| Shares sold |
5,449,180 | $ | 75,661,904 | 5,058,552 | $ | 45,307,520 | 6,498,565 | $ | 75,735,964 | 14,540,970 | $ | 162,906,621 | ||||||||||||||||||||
| Reinvested dividends |
— | — | 1,365,139 | 13,323,759 | — | — | 3,592,740 | 39,987,192 | ||||||||||||||||||||||||
| Shares redeemed |
(4,163,764 | ) | (49,119,172 | ) | (4,026,321 | ) | (40,838,763 | ) | (11,550,579 | ) | (134,359,721 | ) | (10,882,885 | ) | (122,930,944 | ) | ||||||||||||||||
| Net increase (decrease) |
1,285,416 | $ | 26,542,732 | 2,397,370 | $ | 17,792,516 | (5,052,014 | ) | $ | (58,623,757 | ) | 7,250,825 | $ | 79,962,869 | ||||||||||||||||||
| U.S. Socially Responsible |
||||||||||||||||||||||||||||||||
| For the six months ended February 28, 2021 (Unaudited) |
For the year ended August 31, 2020 |
|||||||||||||||||||||||||||||||
| Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||||||
| Shares sold |
883,931 | $ | 19,714,697 | 1,763,899 | $ | 39,577,158 | ||||||||||||||||||||||||||
| Reinvested dividends |
— | — | 6,919,141 | 134,438,913 | ||||||||||||||||||||||||||||
| Shares redeemed |
(2,831,553 | ) | (61,112,164 | ) | (5,715,684 | ) | (125,729,074 | ) | ||||||||||||||||||||||||
| Net increase (decrease) |
(1,947,622 | ) | $ | (41,397,467 | ) | 2,967,356 | $ | 48,286,997 | ||||||||||||||||||||||||
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 February 28, 2021, the amount of expense reductions received by each Fund used to offset non-affiliated expenses are 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.
The Funds may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so, and if the issuer defaults, a fund holding securities of such issuer might not be able to recover its investments from the U.S. Government. As a result of the Core Bond Fund, Government Money Market II Fund and Strategic Bond Fund’s concentration in such investments, these funds may be subject to risks associated with the U.S. Government agencies or instrumentalities.
The International Opportunities Fund invests 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
| 155 |
VALIC Company II
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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.
Each Fund, except the Government Money Market II Fund, the Lifestyle Funds and the Small Cap Value Fund, may invest in international bonds, which include U.S. dollar-denominated bonds issued by foreign corporations for which the primary trading market is in the United States (“Yankee Bonds”), or for which the primary trading market is abroad (“Euro Bonds”). International bonds may involve special risks and considerations not typically associated with investing in U.S. companies, including differences in accounting, auditing and financial reporting standards; generally higher commission rates on foreign portfolio transactions; the possibility of nationalization, expropriation or confiscatory taxation; adverse changes in investment or exchange control regulations (which may include suspension of the ability to transfer currency from a country); and political instability which could affect U.S. investments in foreign countries. As a result of the Strategic Bond Fund’s concentration in such investments, it may be subject to risks associated with the international bonds.
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. Prior to October 2, 2020, interest is payable on the committed line of credit at the higher of the Federal Funds Rate (but not less than zero) plus 125 basis points or the One-Month London Interbank Offered Rate (but not less than zero) plus 125 basis points and State Street’s discretionary bid rate on the uncommitted line of credit. 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 $25,000 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 25 basis points per annum on the daily unused portion of the committed line of credit. Effective October 2, 2020, 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, 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 February 28, 2021, the following Funds had borrowings:
| Fund |
Days Outstanding |
Interest Charges |
Average Debt Utilized |
Weighted Average Interest |
||||||||||||
| International Opportunities |
1 | $ | 5 | $ | 125,000 | 1.45 | % | |||||||||
| Large Cap Value |
11 | 505 | 1,143,182 | 1.45 | ||||||||||||
| Mid Cap Growth |
10 | 137 | 342,500 | 1.45 | ||||||||||||
| Mid Cap Value |
3 | 34 | 283,333 | 1.45 | ||||||||||||
| U.S. Socially Responsible |
9 | 526 | 1,450,000 | 1.45 | ||||||||||||
At February 28, 2021, there were no borrowings outstanding.
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 February 28, 2021, 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 Trustees, 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 February 28, 2021, the following Funds engaged in security transactions with affiliated Funds:
| Fund |
Cost of Purchases |
Proceeds from Sales |
Realized Gain/(Loss) |
|||||||||
| International Opportunities |
$ | 510,998 | $ | — | $ | — | ||||||
| Mid Cap Growth |
— | 93,853 | (41,464 | ) | ||||||||
| Mid Cap Value |
1,379,552 | — | — | |||||||||
| 156 |
VALIC Company II
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Note 12 — Unfunded Loan Commitments
At February 28, 2021, Strategic Bond Fund had the following unfunded loan commitment which could be extended at the option of the Borrower:
| Borrower |
Type |
Maturity Date |
Principal Amount |
Value |
||||||||||||
| Cano Health LLC |
Delayed Draw | 11/19/2027 | $ | 63,524 | $ | 63,544 | ||||||||||
Note 13 — Other Matters
The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s 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 may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.
Note 14 — Subsequent Events
At a meeting of the shareholders of the Mid Cap Growth Fund (the “Target Fund”) held on April 5, 2021, shareholders approved the reorganization of the Target Fund, a series of VALIC Company II, into the Mid Cap Strategic Growth Fund (the “Acquiring Fund”), a series of VALIC Company I (the “Reorganization”). Effective April 19, 2021, pursuant to the Reorganization, the assets and liabilities of the Target Fund were exchanged for shares of the Acquiring Fund, and Target Fund shareholders become shareholders of the Acquiring Fund.
At a meeting of the shareholders of the Large Cap Value Fund (the “Target Fund”) held on April 5, 2021, shareholders approved the reorganization of the Target Fund, a series of VALIC Company II, into the Systematic Value Fund (the “Acquiring Fund”), a series of VALIC Company I (the “Reorganization”). Effective April 19, 2021, pursuant to the Reorganization, the assets and liabilities of the Target Fund were exchanged for shares of the Acquiring Fund, and Target Fund shareholders become shareholders of the Acquiring Fund.
The Board of Directors of VC I and the Board of Trustees of VC II, on behalf of each of their respective funds below, (each, a “Target Fund”), have each determined that it is in the best interests of each of its respective Target Funds to reorganize into a series of VC I (each, an “Acquiring Fund”). Each proposed transaction is referred to as a “Reorganization.” The Target Fund and the Acquiring Fund for each Reorganization are shown in the tables below. Each Target Fund expects to convene a special meeting of its shareholders on or about May 11, 2021 for the Phase II Reorganizations, to vote on the approval of its Reorganization. Upon the closing of each Reorganization, shareholders of each Target Fund will receive shares of the corresponding Acquiring Fund, the total value of which will be equal to the total value of their shares of the Target Fund on the date of the Reorganization, and the Target Fund will liquidate and cease operations.
Phase II Reorganizations
| Target Fund |
Acquiring Fund | |
| Aggressive Growth Lifestyle Fund, a series of VC II | Aggressive Growth Lifestyle Fund, a series of VC I | |
| Capital Appreciation Fund, a series of VC II | Capital Appreciation Fund, a series of VC I | |
| Capital Conservation Fund, a series of VC I | Core Bond Fund, a series of VC I | |
| Conservative Growth Lifestyle Fund, a series of VC II | Conservative Growth Lifestyle Fund, a series of VC I | |
| Core Bond Fund, a series of VC II | Core Bond Fund, a series of VC I | |
| Government Money Market II Fund, a series of VCII | Government Money Market I Fund, a series of VCI | |
| High Yield Bond Fund, a series of VC II | High Yield Bond Fund, a series of VC I | |
| International Opportunities Fund, a series of VC II | International Opportunities Fund, a series of VC I | |
| Mid Cap Value Fund, a series of VC II | Mid Cap Value Fund, a series of VC I | |
| Moderate Growth Lifestyle Fund, a series of VC II | Moderate Growth Lifestyle Fund, a series of VC I | |
| Small Cap Aggressive Growth Fund, a series of VC I | Small Cap Growth Fund, a series of VC I | |
| Small Cap Fund, a series of VC I | Small Cap Growth Fund, a series of VC I | |
| Small Cap Growth Fund, a series of VC II | Small Cap Growth Fund, a series of VC I | |
| Small Cap Value Fund, a series of VC II | Small Cap Value Fund, a series of VC I | |
| Strategic Bond Fund, a series of VC II | Core Bond Fund, a series of VC I | |
| U.S. Socially Responsible Fund, a series of VC II | U.S. Socially Responsible Fund, a series of VC I |
| 157 |
VALIC Company II
| Aggressive Growth Lifestyle Fund |
Capital Appreciation Fund |
|||||||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended February 28, 2021(f) |
Year Ended August 31, |
Six
Months Ended February 28, 2021(f) |
Year Ended August 31, |
|||||||||||||||||||||||||||||||||||||||||||||
| 2020 |
2019 |
2018 |
2017 |
2016 |
2020 |
2019 |
2018 |
2017 |
2016 |
|||||||||||||||||||||||||||||||||||||||
| PER SHARE DATA |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net asset value at beginning of period |
$ | 10.22 | $ | 10.09 | $ | 11.34 | $ | 10.68 | $ | 10.41 | $ | 10.67 | $ | 18.62 | $ | 14.89 | $ | 20.13 | $ | 16.55 | $ | 15.99 | $ | 16.35 | ||||||||||||||||||||||||
| Income (loss) from investment operations: |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment income (loss)(d) |
(0.01 | ) | 0.19 | 0.17 | 0.17 | 0.16 | 0.19 | (0.01 | ) | 0.02 | 0.07 | 0.04 | 0.08 | 0.09 | ||||||||||||||||||||||||||||||||||
| Net realized and unrealized gain (loss) on investments and foreign currencies |
1.59 | 0.77 | (0.24 | ) | 1.04 | 0.93 | 0.56 | 1.71 | 4.28 | (0.26 | ) | 4.51 | 2.12 | 1.20 | ||||||||||||||||||||||||||||||||||
| Total income (loss) from investment operations |
1.58 | 0.96 | (0.07 | ) | 1.21 | 1.09 | 0.75 | 1.70 | 4.30 | (0.19 | ) | 4.55 | 2.20 | 1.29 | ||||||||||||||||||||||||||||||||||
| Distributions from: |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment income |
– | (0.26 | ) | (0.21 | ) | (0.16 | ) | (0.21 | ) | (0.23 | ) | – | (0.06 | ) | (0.05 | ) | (0.08 | ) | (0.08 | ) | (0.06 | ) | ||||||||||||||||||||||||||
| Net realized gain on securities |
– | (0.57 | ) | (0.97 | ) | (0.39 | ) | (0.61 | ) | (0.78 | ) | – | (0.51 | ) | (5.00 | ) | (0.89 | ) | (1.56 | ) | (1.59 | ) | ||||||||||||||||||||||||||
| Total distributions |
– | (0.83 | ) | (1.18 | ) | (0.55 | ) | (0.82 | ) | (1.01 | ) | – | (0.57 | ) | (5.05 | ) | (0.97 | ) | (1.64 | ) | (1.65 | ) | ||||||||||||||||||||||||||
| Net asset value at end of period |
$ | 11.80 | $ | 10.22 | $ | 10.09 | $ | 11.34 | $ | 10.68 | $ | 10.41 | $ | 20.32 | $ | 18.62 | $ | 14.89 | $ | 20.13 | $ | 16.55 | $ | 15.99 | ||||||||||||||||||||||||
| TOTAL RETURN(a) |
15.46 | % | 9.91 | % | (0.52 | )% | 11.39 | % | 10.61 | % | 7.53 | % | 9.13 | % | 29.44 | % | (0.35 | )% | 27.94 | % | 14.13 | % | 8.33 | % | ||||||||||||||||||||||||
| RATIOS/SUPPLEMENTAL DATA |
||||||||||||||||||||||||||||||||||||||||||||||||
| Ratio of expenses to average net assets(b) |
0.10 | %(e)(g) | 0.10 | %(e) | 0.10 | %(e) | 0.10 | %(e) | 0.10 | %(e) | 0.10 | %(e) | 0.85 | %(g) | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
| Ratio of expenses to average net assets(c) |
0.14 | %(e)(g) | 0.14 | %(e) | 0.14 | %(e) | 0.14 | %(e) | 0.14 | %(e) | 0.15 | %(e) | 0.99 | %(g) | 1.00 | % | 1.00 | % | 0.99 | % | 0.99 | % | 1.00 | % | ||||||||||||||||||||||||
| Ratio of expense reductions to average net assets |
– | – | – | – | – | – | – | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | |||||||||||||||||||||||||||||||
| Ratio of net investment income (loss) to average net assets(b) |
(0.10 | )%(e)(g) | 1.88 | %(e) | 1.56 | %(e) | 1.49 | %(e) | 1.47 | %(e) | 1.78 | %(e) | (0.11 | )%(g) | 0.12 | % | 0.38 | % | 0.22 | % | 0.50 | % | 0.52 | % | ||||||||||||||||||||||||
| Ratio of net investment income (loss) to average net assets(c) |
(0.14 | )%(e)(g) | 1.83 | %(e) | 1.52 | %(e) | 1.45 | %(e) | 1.44 | %(e) | 1.73 | %(e) | (0.24 | )%(g) | (0.03 | )% | 0.23 | % | 0.08 | % | 0.36 | % | 0.37 | % | ||||||||||||||||||||||||
| Portfolio turnover rate |
11 | % | 48 | % | 37 | % | 49 | % | 36 | % | 24 | % | 23 | % | 62 | % | 60 | % | 124 | % | 66 | % | 54 | % | ||||||||||||||||||||||||
| Number of shares outstanding at end of period (000’s) |
58,209 | 59,921 | 57,377 | 53,660 | 53,168 | 51,410 | 6,476 | 6,576 | 6,923 | 5,449 | 5,535 | 5,313 | ||||||||||||||||||||||||||||||||||||
| Net assets at the end of period (000’s) |
$ | 686,963 | $ | 612,613 | $ | 579,049 | $ | 608,709 | $ | 567,843 | $ | 535,245 | $ | 131,568 | $ | 122,454 | $ | 103,080 | $ | 109,697 | $ | 91,579 | $ | 84,946 | ||||||||||||||||||||||||
| (a) | 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. |
| (b) | Includes expense reimbursements, but excludes expense reductions. |
| (c) | Excludes expense reimbursements and expense reductions. |
| (d) | The per share amounts are calculated using the average share method. |
| (e) | Does not include underlying fund expenses that the Fund bears indirectly. |
| (f) | Unaudited |
| (g) | Annualized |
See Notes to Financial Statements
| 158 |
VALIC Company II
FINANCIAL HIGHLIGHTS — (continued)
| Conservative Growth Lifestyle Fund |
Core Bond Fund |
|||||||||||||||||||||||||||||||||||||||||||||||
| Six
Months Ended February 28, 2021(f) |
Year Ended August 31, |
Six
Months Ended February 28, 2021(f) |
Year Ended August 31, |
|||||||||||||||||||||||||||||||||||||||||||||
| 2020 |
2019 |
2018 |
2017 |
2016 |
2020 |
2019 |
2018 |
2017 |
2016 |
|||||||||||||||||||||||||||||||||||||||
| PER SHARE DATA |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net asset value at beginning of period |
$ | 12.31 | $ | 11.85 | $ | 12.31 | $ | 12.07 | $ | 11.82 | $ | 11.95 | $ | 11.94 | $ | 11.53 | $ | 10.74 | $ | 11.15 | $ | 11.30 | $ | 10.93 | ||||||||||||||||||||||||
| Income (loss) from investment operations: |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment income (loss)(d) |
(0.01 | ) | 0.32 | 0.25 | 0.31 | 0.28 | 0.30 | 0.11 | 0.28 | 0.33 | 0.30 | 0.27 | 0.24 | |||||||||||||||||||||||||||||||||||
| Net realized and unrealized gain (loss) on investments and foreign currencies |
1.03 | 0.63 | 0.17 | 0.28 | 0.39 | 0.41 | (0.10 | ) | 0.52 | 0.70 | (0.45 | ) | (0.12 | ) | 0.38 | |||||||||||||||||||||||||||||||||
| Total income (loss) from investment operations |
1.02 | 0.95 | 0.42 | 0.59 | 0.67 | 0.71 | 0.01 | 0.80 | 1.03 | (0.15 | ) | 0.15 | 0.62 | |||||||||||||||||||||||||||||||||||
| Distributions from: |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment income |
– | (0.31 | ) | (0.36 | ) | (0.28 | ) | (0.32 | ) | (0.34 | ) | – | (0.39 | ) | (0.24 | ) | (0.26 | ) | (0.30 | ) | (0.22 | ) | ||||||||||||||||||||||||||
| Net realized gain on securities |
– | (0.18 | ) | (0.52 | ) | (0.07 | ) | (0.10 | ) | (0.50 | ) | – | – | – | (0.00 | ) | – | (0.03 | ) | |||||||||||||||||||||||||||||
| Total distributions |
– | (0.49 | ) | (0.88 | ) | (0.35 | ) | (0.42 | ) | (0.84 | ) | – | (0.39 | ) | (0.24 | ) | (0.26 | ) | (0.30 | ) | (0.25 | ) | ||||||||||||||||||||||||||
| Net asset value at end of period |
$ | 13.33 | $ | 12.31 | $ | 11.85 | $ | 12.31 | $ | 12.07 | $ | 11.82 | $ | 11.95 | $ | 11.94 | $ | 11.53 | $ | 10.74 | $ | 11.15 | $ | 11.30 | ||||||||||||||||||||||||
| TOTAL RETURN(a) |
8.29 | % | 8.14 | % | 3.52 | % | 4.94 | % | 5.76 | % | 6.19 | % | 0.08 | % | 7.05 | % | 9.64 | % | (1.32 | )% | 1.37 | % | 5.78 | % | ||||||||||||||||||||||||
| RATIOS/SUPPLEMENTAL DATA |
||||||||||||||||||||||||||||||||||||||||||||||||
| Ratio of expenses to average net assets(b) |
0.10 | %(e)(g) | 0.10 | %(e) | 0.10 | %(e) | 0.10 | %(e) | 0.10 | %(e) | 0.10 | %(e) | 0.77 | %(g) | 0.77 | % | 0.77 | % | 0.77 | % | 0.77 | % | 0.77 | % | ||||||||||||||||||||||||
| Ratio of expenses to average net assets(c) |
0.15 | %(e)(g) | 0.15 | %(e) | 0.15 | %(e) | 0.15 | %(e) | 0.15 | %(e) | 0.15 | %(e) | 0.78 | %(g) | 0.78 | % | 0.78 | % | 0.78 | % | 0.80 | % | 0.79 | % | ||||||||||||||||||||||||
| Ratio of expense reductions to average net assets |
– | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
| Ratio of net investment income (loss) to average net assets(b) |
(0.10 | )%(e)(g) | 2.68 | %(e) | 2.06 | %(e) | 2.47 | %(e) | 2.31 | %(e) | 2.51 | %(e) | 1.78 | %(g) | 2.39 | % | 2.99 | % | 2.80 | % | 2.40 | % | 2.16 | % | ||||||||||||||||||||||||
| Ratio of net investment income (loss) to average net assets(c) |
(0.15 | )%(e)(g) | 2.62 | %(e) | 2.01 | %(e) | 2.43 | %(e) | 2.27 | %(e) | 2.46 | %(e) | 1.77 | %(g) | 2.37 | % | 2.99 | % | 2.78 | % | 2.37 | % | 2.15 | % | ||||||||||||||||||||||||
| Portfolio turnover rate |
9 | % | 38 | % | 45 | % | 44 | % | 38 | % | 27 | % | 24 | % | 93 | % | 97 | % | 73 | % | 76 | % | 139 | % | ||||||||||||||||||||||||
| Number of shares outstanding at end of period (000’s) |
26,968 | 27,615 | 27,369 | 27,516 | 27,674 | 27,779 | 131,266 | 149,401 | 137,809 | 119,431 | 100,052 | 106,434 | ||||||||||||||||||||||||||||||||||||
| Net assets at the end of period (000’s) |
$ | 359,494 | $ | 339,870 | $ | 324,436 | $ | 338,793 | $ | 333,907 | $ | 328,390 | $ | 1,568,452 | $ | 1,784,179 | $ | 1,589,218 | $ | 1,282,586 | $ | 1,115,936 | $ | 1,202,915 | ||||||||||||||||||||||||
| (a) | 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. |
| (b) | Includes expense reimbursements, but excludes expense reductions. |
| (c) | Excludes expense reimbursements and expense reductions. |
| (d) | The per share amounts are calculated using the average share method |
| (e) | Does not include underlying fund expenses that the Fund bears indirectly. |
| (f) | Unaudited |
| (g) | Annualized |
See Notes to Financial Statements
| 159 |
VALIC Company II
FINANCIAL HIGHLIGHTS — (continued)
| Government Money Market II Fund |
High Yield Bond Fund |
|||||||||||||||||||||||||||||||||||||||||||||||
| Six
Months Ended February 28, 2021(e) |
Year Ended August 31, |
Six
Months Ended February 28, 2021(e) |
Year Ended August 31, |
|||||||||||||||||||||||||||||||||||||||||||||
| 2020 |
2019 |
2018 |
2017 |
2016 |
2020 |
2019 |
2018 |
2017 |
2016 |
|||||||||||||||||||||||||||||||||||||||
| PER SHARE DATA |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net asset value at beginning of period |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 7.47 | $ | 7.66 | $ | 7.53 | $ | 7.75 | $ | 7.56 | $ | 7.40 | ||||||||||||||||||||||||
| Income (loss) from investment operations: |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment income (loss)(d) |
0.00 | 0.01 | 0.02 | 0.01 | 0.00 | 0.00 | 0.17 | 0.36 | 0.39 | 0.40 | 0.41 | 0.37 | ||||||||||||||||||||||||||||||||||||
| Net realized and unrealized gain (loss) on investments and foreign currencies |
0.00 | (0.00 | ) | 0.00 | (0.00 | ) | 0.00 | 0.00 | 0.24 | (0.00 | ) | 0.09 | (0.18 | ) | 0.15 | 0.13 | ||||||||||||||||||||||||||||||||
| Total income (loss) from investment operations |
0.00 | 0.01 | 0.02 | 0.01 | 0.00 | 0.00 | 0.41 | 0.36 | 0.48 | 0.22 | 0.56 | 0.50 | ||||||||||||||||||||||||||||||||||||
| Distributions from: |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment income |
(0.00 | ) | (0.01 | ) | (0.02 | ) | (0.01 | ) | (0.00 | ) | (0.00 | ) | – | (0.55 | ) | (0.35 | ) | (0.44 | ) | (0.37 | ) | (0.34 | ) | |||||||||||||||||||||||||
| Net realized gain on securities |
– | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
| Total distributions |
(0.00 | ) | (0.01 | ) | (0.02 | ) | (0.01 | ) | (0.00 | ) | (0.00 | ) | – | (0.55 | ) | (0.35 | ) | (0.44 | ) | (0.37 | ) | (0.34 | ) | |||||||||||||||||||||||||
| Net asset value at end of period |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 7.88 | $ | 7.47 | $ | 7.66 | $ | 7.53 | $ | 7.75 | $ | 7.56 | ||||||||||||||||||||||||
| TOTAL RETURN(a) |
0.00 | % | 0.63 | % | 1.75 | % | 0.91 | % | 0.16 | % | 0.01 | % | 5.49 | % | 5.01 | % | 6.47 | % | 2.89 | % | 7.54 | % | 7.07 | % | ||||||||||||||||||||||||
| RATIOS/SUPPLEMENTAL DATA |
||||||||||||||||||||||||||||||||||||||||||||||||
| Ratio of expenses to average net assets(b) |
0.06 | %(f) | 0.35 | % | 0.55 | % | 0.55 | % | 0.50 | % | 0.32 | % | 0.93 | %(f) | 0.94 | % | 0.96 | % | 0.96 | % | 0.96 | % | 0.96 | % | ||||||||||||||||||||||||
| Ratio of expenses to average net assets(c) |
0.67 | %(f) | 0.66 | % | 0.67 | % | 0.65 | % | 0.70 | % | 0.66 | % | 0.99 | %(f) | 0.98 | % | 0.97 | % | 0.97 | % | 0.97 | % | 0.99 | % | ||||||||||||||||||||||||
| Ratio of expense reductions to average net assets |
– | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
| Ratio of net investment income (loss) to average net assets(b) |
0.01 | %(f) | 0.59 | % | 1.73 | % | 0.91 | % | 0.16 | % | 0.01 | % | 4.39 | %(f) | 4.79 | % | 5.25 | % | 5.16 | % | 5.27 | % | 5.16 | % | ||||||||||||||||||||||||
| Ratio of net investment income (loss) to average net assets(c) |
(0.60 | )%(f) | 0.27 | % | 1.61 | % | 0.81 | % | (0.04 | )% | (0.33 | )% | 4.34 | %(f) | 4.75 | % | 5.24 | % | 5.15 | % | 5.26 | % | 5.13 | % | ||||||||||||||||||||||||
| Portfolio turnover rate |
N/A | N/A | N/A | N/A | N/A | N/A | 21 | % | 49 | % | 34 | % | 26 | % | 52 | % | 36 | % | ||||||||||||||||||||||||||||||
| Number of shares outstanding at end of period (000’s) |
133,537 | 135,924 | 119,345 | 136,966 | 132,916 | 141,263 | 69,820 | 72,088 | 85,841 | 76,525 | 72,461 | 78,148 | ||||||||||||||||||||||||||||||||||||
| Net assets at the end of period (000’s) |
$ | 133,558 | $ | 135,945 | $ | 119,366 | $ | 136,987 | $ | 132,944 | $ | 141,291 | $ | 550,383 | $ | 538,716 | $ | 657,364 | $ | 576,553 | $ | 561,480 | $ | 590,679 | ||||||||||||||||||||||||
| (a) | 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. |
| (b) | Includes expense reimbursements, but excludes expense reductions. |
| (c) | Excludes expense reimbursements and expense reductions. |
| (d) | The per share amounts are calculated using the average share method. |
| (e) | Unaudited |
| (f) | Annualized |
See Notes to Financial Statements
| 160 |
VALIC Company II
FINANCIAL HIGHLIGHTS — (continued)
| International Opportunities Fund |
Large Cap Value Fund |
|||||||||||||||||||||||||||||||||||||||||||||||
| Six
Months Ended February 28, 2021(e) |
Year Ended August 31, |
Six
Months Ended February 28, 2021(e) |
Year Ended August 31, |
|||||||||||||||||||||||||||||||||||||||||||||
| 2020 |
2019 |
2018 |
2017 |
2016 |
2020 |
2019 |
2018 |
2017 |
2016 |
|||||||||||||||||||||||||||||||||||||||
| PER SHARE DATA |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net asset value at beginning of period |
$ | 20.73 | $ | 18.44 | $ | 21.31 | $ | 19.38 | $ | 16.00 | $ | 15.08 | $ | 18.47 | $ | 20.11 | $ | 22.76 | $ | 20.66 | $ | 18.41 | $ | 17.08 | ||||||||||||||||||||||||
| Income (loss) from investment operations: |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment income (loss)(d) |
(0.03 | ) | 0.09 | 0.16 | 0.13 | 0.14 | 0.14 | 0.11 | 0.30 | 0.36 | 0.30 | 0.24 | 0.27 | |||||||||||||||||||||||||||||||||||
| Net realized and unrealized gain (loss) on investments and foreign currencies |
2.47 | 2.64 | (2.10 | ) | 1.97 | 3.49 | 0.94 | 4.61 | (0.60 | ) | (0.92 | ) | 2.80 | 2.27 | 1.27 | |||||||||||||||||||||||||||||||||
| Total income (loss) from investment operations |
2.44 | 2.73 | (1.94 | ) | 2.10 | 3.63 | 1.08 | 4.72 | (0.30 | ) | (0.56 | ) | 3.10 | 2.51 | 1.54 | |||||||||||||||||||||||||||||||||
| Distributions from: |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment income |
– | (0.13 | ) | (0.19 | ) | (0.17 | ) | (0.25 | ) | (0.16 | ) | – | (0.36 | ) | (0.27 | ) | (0.26 | ) | (0.26 | ) | (0.21 | ) | ||||||||||||||||||||||||||
| Net realized gain on securities |
– | (0.31 | ) | (0.74 | ) | – | – | – | – | (0.98 | ) | (1.82 | ) | (0.74 | ) | – | – | |||||||||||||||||||||||||||||||
| Total distributions |
– | (0.44 | ) | (0.93 | ) | (0.17 | ) | (0.25 | ) | (0.16 | ) | – | (1.34 | ) | (2.09 | ) | (1.00 | ) | (0.26 | ) | (0.21 | ) | ||||||||||||||||||||||||||
| Net asset value at end of period |
$ | 23.17 | $ | 20.73 | $ | 18.44 | $ | 21.31 | $ | 19.38 | $ | 16.00 | $ | 23.19 | $ | 18.47 | $ | 20.11 | $ | 22.76 | $ | 20.66 | $ | 18.41 | ||||||||||||||||||||||||
| TOTAL RETURN(a) |
11.77 | % | 15.03 | % | (9.20 | )% | 10.81 | % | 22.81 | % | 7.23 | % | 25.56 | % | (1.45 | )% | (2.39 | )% | 15.12 | % | 13.66 | % | 9.09 | % | ||||||||||||||||||||||||
| RATIOS/SUPPLEMENTAL DATA |
||||||||||||||||||||||||||||||||||||||||||||||||
| Ratio of expenses to average net assets(b) |
1.20 | %(f) | 1.13 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | 0.89 | %(f) | 0.86 | % | 0.81 | % | 0.81 | % | 0.81 | % | 0.81 | % | ||||||||||||||||||||||||
| Ratio of expenses to average net assets(c) |
1.23 | %(f) | 1.22 | % | 1.22 | % | 1.20 | % | 1.22 | % | 1.21 | % | 0.89 | %(f) | 0.89 | % | 0.89 | % | 0.88 | % | 0.88 | % | 0.89 | % | ||||||||||||||||||||||||
| Ratio of expense reductions to average net assets |
0.00 | %(f) | 0.00 | % | 0.00 | % | – | – | 0.00 | % | 0.01 | %(f) | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||||||||||||
| Ratio of net investment income (loss) to average net assets(b) |
(0.28 | )%(f) | 0.45 | % | 0.83 | % | 0.61 | % | 0.82 | % | 0.91 | % | 1.03 | %(f) | 1.51 | % | 1.68 | % | 1.35 | % | 1.21 | % | 1.59 | % | ||||||||||||||||||||||||
| Ratio of net investment income (loss) to average net assets(c) |
(0.30 | )%(f) | 0.36 | % | 0.60 | % | 0.41 | % | 0.60 | % | 0.70 | % | 1.03 | %(f) | 1.48 | % | 1.60 | % | 1.27 | % | 1.14 | % | 1.51 | % | ||||||||||||||||||||||||
| Portfolio turnover rate |
35 | % | 45 | % | 41 | % | 46 | % | 62 | % | 58 | % | 41 | % | 82 | % | 81 | % | 90 | % | 77 | % | 71 | % | ||||||||||||||||||||||||
| Number of shares outstanding at end of period (000’s) |
30,352 | 29,447 | 31,253 | 33,984 | 34,637 | 37,260 | 13,736 | 14,136 | 13,500 | 12,480 | 10,969 | 12,540 | ||||||||||||||||||||||||||||||||||||
| Net assets at the end of period (000’s) |
$ | 703,131 | $ | 610,424 | $ | 576,197 | $ | 724,027 | $ | 671,097 | $ | 596,055 | $ | 318,598 | $ | 261,082 | $ | 271,487 | $ | 284,086 | $ | 226,626 | $ | 230,844 | ||||||||||||||||||||||||
| (a) | 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. |
| (b) | Includes expense reimbursements, but excludes expense reductions. |
| (c) | Excludes expense reimbursements and expense reductions. |
| (d) | The per share amounts are calculated using the average share method. |
| (e) | Unaudited |
| (f) | Annualized |
See Notes to Financial Statements
| 161 |
VALIC Company II
FINANCIAL HIGHLIGHTS — (continued)
| Mid Cap Growth Fund |
Mid Cap Value Fund |
|||||||||||||||||||||||||||||||||||||||||||||||
| Six
Months Ended February 28, 2021(e) |
Year Ended August 31, |
Six
Months Ended February 28, 2021(e) |
Year Ended August 31, |
|||||||||||||||||||||||||||||||||||||||||||||
| 2020 |
2019 |
2018 |
2017 |
2016 |
2020 |
2019 |
2018 |
2017 |
2016 |
|||||||||||||||||||||||||||||||||||||||
| PER SHARE DATA |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net asset value at beginning of period |
$ | 11.01 | $ | 10.52 | $ | 10.71 | $ | 10.06 | $ | 8.42 | $ | 8.81 | $ | 15.38 | $ | 17.19 | $ | 22.13 | $ | 21.23 | $ | 20.45 | $ | 21.82 | ||||||||||||||||||||||||
| Income (loss) from investment operations: |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment income (loss)(d) |
(0.02 | ) | (0.01 | ) | (0.01 | ) | (0.02 | ) | 0.00 | (0.02 | ) | 0.04 | 0.13 | 0.14 | 0.09 | 0.07 | 0.14 | |||||||||||||||||||||||||||||||
| Net realized and unrealized gain (loss) on investments and foreign currencies |
2.95 | 0.94 | 0.19 | 2.56 | 1.64 | 0.24 | 4.60 | (0.81 | ) | (1.11 | ) | 2.62 | 2.17 | 1.73 | ||||||||||||||||||||||||||||||||||
| Total income (loss) from investment operations |
2.93 | 0.93 | 0.18 | 2.54 | 1.64 | 0.22 | 4.64 | (0.68 | ) | (0.97 | ) | 2.71 | 2.24 | 1.87 | ||||||||||||||||||||||||||||||||||
| Distributions from: |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment income |
– | – | – | (0.02 | ) | – | – | – | (0.15 | ) | (0.11 | ) | (0.09 | ) | (0.13 | ) | (0.06 | ) | ||||||||||||||||||||||||||||||
| Net realized gain on securities |
– | (0.44 | ) | (0.37 | ) | (1.87 | ) | – | (0.61 | ) | – | (0.98 | ) | (3.86 | ) | (1.72 | ) | (1.33 | ) | (3.18 | ) | |||||||||||||||||||||||||||
| Total distributions |
– | (0.44 | ) | (0.37 | ) | (1.89 | ) | – | (0.61 | ) | – | (1.13 | ) | (3.97 | ) | (1.81 | ) | (1.46 | ) | (3.24 | ) | |||||||||||||||||||||||||||
| Net asset value at end of period |
$ | 13.94 | $ | 11.01 | $ | 10.52 | $ | 10.71 | $ | 10.06 | $ | 8.42 | $ | 20.02 | $ | 15.38 | $ | 17.19 | $ | 22.13 | $ | 21.23 | $ | 20.45 | ||||||||||||||||||||||||
| TOTAL RETURN(a) |
26.61 | % | 9.04 | % | 1.72 | % | 25.54 | % | 19.48 | % | 3.01 | % | 30.17 | % | (4.12 | )% | (4.14 | )% | 12.90 | % | 11.02 | % | 9.62 | % | ||||||||||||||||||||||||
| RATIOS/SUPPLEMENTAL DATA |
||||||||||||||||||||||||||||||||||||||||||||||||
| Ratio of expenses to average net assets(b) |
1.09 | %(f) | 1.01 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 1.05 | %(f) | 1.05 | % | 1.05 | % | 1.05 | % | 1.05 | % | 1.05 | % | ||||||||||||||||||||||||
| Ratio of expenses to average net assets(c) |
1.12 | %(f) | 1.12 | % | 1.12 | % | 1.15 | % | 1.17 | % | 1.17 | % | 1.07 | %(f) | 1.07 | % | 1.06 | % | 1.05 | % | 1.05 | % | 1.06 | % | ||||||||||||||||||||||||
| Ratio of expense reductions to average net assets |
0.00 | %(f) | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.00 | %(f) | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
| Ratio of net investment income (loss) to average net assets(b) |
(0.25 | )%(f) | (0.13 | )% | (0.08 | )% | (0.18 | )% | 0.04 | % | (0.27 | )% | 0.45 | %(f) | 0.82 | % | 0.73 | % | 0.40 | % | 0.32 | % | 0.65 | % | ||||||||||||||||||||||||
| Ratio of net investment income (loss) to average net assets(c) |
(0.29 | )%(f) | (0.25 | )% | (0.35 | )% | (0.49 | )% | (0.28 | )% | (0.59 | )% | 0.44 | %(f) | 0.80 | % | 0.72 | % | 0.40 | % | 0.32 | % | 0.64 | % | ||||||||||||||||||||||||
| Portfolio turnover rate |
20 | % | 47 | % | 32 | % | 35 | % | 162 | % | 92 | % | 22 | % | 63 | % | 44 | % | 44 | % | 44 | % | 44 | % | ||||||||||||||||||||||||
| Number of shares outstanding at end of period (000’s) |
20,570 | 21,912 | 23,048 | 20,584 | 13,313 | 14,338 | 44,489 | 47,067 | 43,256 | 41,411 | 49,262 | 48,776 | ||||||||||||||||||||||||||||||||||||
| Net assets at the end of period (000’s) |
$ | 286,808 | $ | 241,264 | $ | 242,512 | $ | 220,444 | $ | 133,988 | $ | 120,774 | $ | 890,586 | $ | 724,100 | $ | 743,460 | $ | 916,284 | $ | 1,046,046 | $ | 997,576 | ||||||||||||||||||||||||
| (a) | 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. |
| (b) | Includes expense reimbursements, but excludes expense reductions. |
| (c) | Excludes expense reimbursements and expense reductions. |
| (d) | The per share amounts are calculated using the average share method. |
| (e) | Unaudited |
| (f) | Annualized |
See Notes to Financial Statements
| 162 |
VALIC Company II
FINANCIAL HIGHLIGHTS — (continued)
| Moderate Growth Lifestyle Fund |
Small Cap Growth Fund |
|||||||||||||||||||||||||||||||||||||||||||||||
| Six
Months Ended February 28, 2021(f) |
Year Ended August 31, |
Six
Months Ended February 28, 2021(f) |
Year Ended August 31, |
|||||||||||||||||||||||||||||||||||||||||||||
| 2020 |
2019 |
2018 |
2017 |
2016 |
2020 |
2019 |
2018 |
2017 |
2016 |
|||||||||||||||||||||||||||||||||||||||
| PER SHARE DATA |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net asset value at beginning of period |
$ | 14.16 | $ | 13.88 | $ | 15.00 | $ | 14.23 | $ | 13.98 | $ | 14.09 | $ | 20.49 | $ | 16.89 | $ | 23.31 | $ | 16.98 | $ | 14.20 | $ | 15.31 | ||||||||||||||||||||||||
| Income (loss) from investment operations: |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment income (loss)(d) |
(0.01 | ) | 0.31 | 0.24 | 0.26 | 0.24 | 0.30 | (0.10 | ) | (0.11 | ) | (0.11 | ) | (0.12 | ) | (0.08 | ) | (0.03 | ) | |||||||||||||||||||||||||||||
| Net realized and unrealized gain (loss) on investments and foreign currencies |
1.73 | 0.93 | (0.00 | ) | 1.08 | 0.92 | 0.70 | 6.82 | 6.21 | (1.22 | ) | 7.14 | 3.72 | 0.42 | ||||||||||||||||||||||||||||||||||
| Total income (loss) from investment operations |
1.72 | 1.24 | 0.24 | 1.34 | 1.16 | 1.00 | 6.72 | 6.10 | (1.33 | ) | 7.02 | 3.64 | 0.39 | |||||||||||||||||||||||||||||||||||
| Distributions from: |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment income |
– | (0.34 | ) | (0.32 | ) | (0.24 | ) | (0.32 | ) | (0.32 | ) | – | – | – | – | – | – | |||||||||||||||||||||||||||||||
| Net realized gain on securities |
– | (0.62 | ) | (1.04 | ) | (0.33 | ) | (0.59 | ) | (0.79 | ) | – | (2.50 | ) | (5.09 | ) | (0.69 | ) | (0.86 | ) | (1.50 | ) | ||||||||||||||||||||||||||
| Total distributions |
– | (0.96 | ) | (1.36 | ) | (0.57 | ) | (0.91 | ) | (1.11 | ) | – | (2.50 | ) | (5.09 | ) | (0.69 | ) | (0.86 | ) | (1.50 | ) | ||||||||||||||||||||||||||
| Net asset value at end of period |
$ | 15.88 | $ | 14.16 | $ | 13.88 | $ | 15.00 | $ | 14.23 | $ | 13.98 | $ | 27.21 | $ | 20.49 | $ | 16.89 | $ | 23.31 | $ | 16.98 | $ | 14.20 | ||||||||||||||||||||||||
| TOTAL RETURN(a) |
12.15 | % | 9.26 | % | 1.71 | % | 9.44 | % | 8.42 | % | 7.48 | % | 32.80 | % | 38.49 | % | (5.47 | )% | 41.51 | % | 26.05 | % | 4.40 | % | ||||||||||||||||||||||||
| RATIOS/SUPPLEMENTAL DATA |
||||||||||||||||||||||||||||||||||||||||||||||||
| Ratio of expenses to average net assets(b) |
0.10 | %(e)(g) | 0.10 | %(e) | 0.10 | %(e) | 0.10 | %(e) | 0.10 | %(e) | 0.10 | %(e) | 1.13 | %(g) | 1.14 | % | 1.16 | % | 1.16 | % | 1.16 | % | 1.16 | % | ||||||||||||||||||||||||
| Ratio of expenses to average net assets(c) |
0.13 | %(e)(g) | 0.14 | %(e) | 0.13 | %(e) | 0.13 | %(e) | 0.14 | %(e) | 0.14 | %(e) | 1.21 | %(g) | 1.24 | % | 1.23 | % | 1.22 | % | 1.25 | % | 1.29 | % | ||||||||||||||||||||||||
| Ratio of expense reduction to average net assets |
– | – | – | – | – | – | 0.00 | %(g) | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.01 | % | ||||||||||||||||||||||||||||||
| Ratio of net investment income (loss) to average net assets(b) |
(0.10 | )%(e)(g) | 2.24 | %(e) | 1.69 | %(e) | 1.75 | %(e) | 1.68 | %(e) | 2.15 | %(e) | (0.82 | )%(g) | (0.61 | )% | (0.54 | )% | (0.61 | )% | (0.53 | )% | (0.22 | )% | ||||||||||||||||||||||||
| Ratio of net investment income (loss) to average net assets(c) |
(0.13 | )%(e)(g) | 2.20 | %(e) | 1.66 | %(e) | 1.72 | %(e) | 1.65 | %(e) | 2.11 | %(e) | (0.90 | )%(g) | (0.70 | )% | (0.61 | )% | (0.67 | )% | (0.62 | )% | (0.35 | )% | ||||||||||||||||||||||||
| Portfolio turnover rate |
9 | % | 49 | % | 39 | % | 47 | % | 36 | % | 33 | % | 23 | % | 48 | % | 60 | % | 63 | % | 40 | % | 39 | % | ||||||||||||||||||||||||
| Number of shares outstanding at end of period (000’s) |
69,914 | 71,656 | 67,965 | 64,297 | 63,003 | 60,581 | 10,984 | 10,271 | 11,386 | 9,239 | 8,088 | 7,035 | ||||||||||||||||||||||||||||||||||||
| Net assets at the end of period (000’s) |
$ | 1,110,371 | $ | 1,014,351 | $ | 943,311 | $ | 964,607 | $ | 896,346 | $ | 846,974 | $ | 298,819 | $ | 210,497 | $ | 192,341 | $ | 215,384 | $ | 137,330 | $ | 99,884 | ||||||||||||||||||||||||
| (a) | 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. |
| (b) | Includes expense reimbursements, but excludes expense reductions. |
| (c) | Excludes expense reimbursements and expense reductions. |
| (d) | The per share amounts are calculated using the average share method. |
| (e) | Does not include underlying fund expenses that the Fund bears indirectly. |
| (f) | Unaudited |
| (g) | Annualized |
See Notes to Financial Statements
| 163 |
VALIC Company II
FINANCIAL HIGHLIGHTS — (continued)
| Small Cap Value Fund |
Strategic Bond Fund |
|||||||||||||||||||||||||||||||||||||||||||||||
| Six
Months Ended February 28, 2021(e) |
Year Ended August 31, |
Six Months Ended February 28, 2021(e) |
Year Ended August 31, |
|||||||||||||||||||||||||||||||||||||||||||||
| 2020 |
2019 |
2018 |
2017 |
2016 |
2020 |
2019 |
2018 |
2017 |
2016 |
|||||||||||||||||||||||||||||||||||||||
| PER SHARE DATA |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net asset value at beginning of period |
$ | 9.51 | $ | 10.76 | $ | 15.74 | $ | 14.47 | $ | 13.57 | $ | 14.01 | $ | 11.43 | $ | 11.35 | $ | 10.86 | $ | 11.38 | $ | 11.28 | $ | 11.00 | ||||||||||||||||||||||||
| Income (loss) from investment operations: |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment income (loss)(d) |
0.06 | 0.10 | 0.15 | 0.15 | 0.11 | 0.13 | 0.19 | 0.37 | 0.43 | 0.42 | 0.39 | 0.38 | ||||||||||||||||||||||||||||||||||||
| Net realized and unrealized gain (loss) on investments and foreign currencies |
4.49 | (0.92 | ) | (2.80 | ) | 2.36 | 1.48 | 1.27 | 0.13 | 0.26 | 0.46 | (0.53 | ) | 0.13 | 0.39 | |||||||||||||||||||||||||||||||||
| Total income (loss) from investment operations |
4.55 | (0.82 | ) | (2.65 | ) | 2.51 | 1.59 | 1.40 | 0.32 | 0.63 | 0.89 | (0.11 | ) | 0.52 | 0.77 | |||||||||||||||||||||||||||||||||
| Distributions from: |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment income |
– | (0.14 | ) | (0.21 | ) | (0.13 | ) | (0.14 | ) | (0.17 | ) | – | (0.55 | ) | (0.40 | ) | (0.41 | ) | (0.42 | ) | (0.45 | ) | ||||||||||||||||||||||||||
| Net realized gain on securities |
– | (0.29 | ) | (2.12 | ) | (1.11 | ) | (0.55 | ) | (1.67 | ) | – | – | – | – | – | (0.04 | ) | ||||||||||||||||||||||||||||||
| Total distributions |
– | (0.43 | ) | (2.33 | ) | (1.24 | ) | (0.69 | ) | (1.84 | ) | – | (0.55 | ) | (0.40 | ) | (0.41 | ) | (0.42 | ) | (0.49 | ) | ||||||||||||||||||||||||||
| Net asset value at end of period |
$ | 14.06 | $ | 9.51 | $ | 10.76 | $ | 15.74 | $ | 14.47 | $ | 13.57 | $ | 11.75 | $ | 11.43 | $ | 11.35 | $ | 10.86 | $ | 11.38 | $ | 11.28 | ||||||||||||||||||||||||
| TOTAL RETURN(a) |
47.84 | % | (7.72 | )% | (17.24 | )% | 17.40 | % | 11.61 | % | 11.27 | % | 2.80 | % | 5.65 | % | 8.27 | % | (0.96 | )% | 4.75 | % | 7.15 | % | ||||||||||||||||||||||||
| RATIOS/SUPPLEMENTAL DATA |
||||||||||||||||||||||||||||||||||||||||||||||||
| Ratio of expenses to average net assets(b) |
1.02 | %(f) | 0.99 | % | 0.95 | % | 0.95 | % | 0.95 | % | 0.95 | % | 0.87 | %(f) | 0.87 | % | 0.87 | % | 0.87 | % | 0.88 | % | 0.88 | % | ||||||||||||||||||||||||
| Ratio of expenses to average net assets(c) |
1.10 | %(f) | 1.09 | % | 1.06 | % | 1.03 | % | 1.03 | % | 1.04 | % | 0.87 | %(f) | 0.87 | % | 0.87 | % | 0.87 | % | 0.88 | % | 0.88 | % | ||||||||||||||||||||||||
| Ratio of expense reductions to average net assets |
0.01 | %(f) | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
| Ratio of net investment income (loss) to average net assets(b) |
1.03 | %(f) | 0.97 | % | 1.07 | % | 0.96 | % | 0.71 | % | 0.98 | % | 3.31 | %(f) | 3.31 | % | 3.92 | % | 3.73 | % | 3.48 | % | 3.51 | % | ||||||||||||||||||||||||
| Ratio of net investment income (loss) to average net assets(c) |
0.96 | %(f) | 0.87 | % | 0.96 | % | 0.88 | % | 0.62 | % | 0.89 | % | 3.31 | %(f) | 3.31 | % | 3.92 | % | 3.73 | % | 3.48 | % | 3.51 | % | ||||||||||||||||||||||||
| Portfolio turnover rate |
41 | % | 69 | % | 55 | % | 46 | % | 79 | % | 59 | % | 41 | % | 103 | % | 95 | % | 133 | % | 118 | % | 162 | % | ||||||||||||||||||||||||
| Number of shares outstanding at end of period (000’s) |
33,063 | 31,778 | 29,381 | 33,971 | 36,582 | 37,866 | 76,092 | 81,144 | 73,893 | 78,574 | 65,845 | 72,983 | ||||||||||||||||||||||||||||||||||||
| Net assets at the end of period (000’s) |
$ | 464,966 | $ | 302,120 | $ | 316,042 | $ | 534,548 | $ | 529,505 | $ | 513,783 | $ | 894,353 | $ | 927,406 | $ | 838,559 | $ | 853,401 | $ | 749,055 | $ | 823,464 | ||||||||||||||||||||||||
| (a) | 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. |
| (b) | Includes expense reimbursements, but excludes expense reductions. |
| (c) | Excludes expense reimbursements and expense reductions. |
| (d) | The per share amounts are calculated using the average share method. |
| (e) | Unaudited |
| (f) | Annualized |
See Notes to Financial Statements
| 164 |
VALIC Company II
FINANCIAL HIGHLIGHTS — (continued)
| U.S. Socially Responsible Fund |
||||||||||||||||||||||||
| Six
Months Ended February 28, 2021(e) |
Year Ended August 31, |
|||||||||||||||||||||||
| 2020 |
2019 |
2018 |
2017 |
2016 |
||||||||||||||||||||
| PER SHARE DATA |
||||||||||||||||||||||||
| Net asset value at beginning of period |
$ | 20.91 | $ | 22.03 | $ | 23.09 | $ | 20.15 | $ | 19.23 | $ | 18.55 | ||||||||||||
| Income (loss) from investment operations: |
||||||||||||||||||||||||
| Net investment income (loss)(d) |
0.10 | 0.26 | 0.27 | 0.30 | 0.29 | 0.28 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments and foreign currencies |
2.33 | 3.15 | 0.72 | 3.39 | 2.33 | 1.89 | ||||||||||||||||||
| Total income (loss) from investment operations |
2.43 | 3.41 | 0.99 | 3.69 | 2.62 | 2.17 | ||||||||||||||||||
| Distributions from: |
||||||||||||||||||||||||
| Net investment income |
– | (0.33 | ) | (0.34 | ) | (0.35 | ) | (0.29 | ) | (0.28 | ) | |||||||||||||
| Net realized gain on securities |
– | (4.20 | ) | (1.71 | ) | (0.40 | ) | (1.41 | ) | (1.21 | ) | |||||||||||||
| Total distributions |
– | (4.53 | ) | (2.05 | ) | (0.75 | ) | (1.70 | ) | (1.49 | ) | |||||||||||||
| Net asset value at end of period |
$ | 23.34 | $ | 20.91 | $ | 22.03 | $ | 23.09 | $ | 20.15 | $ | 19.23 | ||||||||||||
| TOTAL RETURN(a) |
11.62 | % | 17.06 | % | 4.46 | % | 18.49 | % | 13.90 | % | 12.16 | % | ||||||||||||
| RATIOS/SUPPLEMENTAL DATA |
||||||||||||||||||||||||
| Ratio of expenses to average net assets(b) |
0.61 | %(f) | 0.60 | % | 0.56 | % | 0.56 | % | 0.56 | % | 0.56 | % | ||||||||||||
| Ratio of expenses to average net assets(c) |
0.61 | %(f) | 0.61 | % | 0.61 | % | 0.61 | % | 0.61 | % | 0.61 | % | ||||||||||||
| Ratio of expense reductions to average net assets |
– | – | – | – | – | – | ||||||||||||||||||
| Ratio of net investment income (loss) to average net assets(b) |
0.89 | %(f) | 1.20 | % | 1.22 | % | 1.37 | % | 1.46 | % | 1.47 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets(c) |
0.89 | %(f) | 1.18 | % | 1.17 | % | 1.33 | % | 1.41 | % | 1.42 | % | ||||||||||||
| Portfolio turnover rate |
15 | % | 14 | % | 36 | % | 5 | % | 0 | % | 25 | % | ||||||||||||
| Number of shares outstanding at end of period (000’s) |
33,695 | 35,643 | 32,675 | 34,175 | 39,701 | 39,360 | ||||||||||||||||||
| Net assets at the end of period (000’s) |
$ | 786,353 | $ | 745,440 | $ | 719,784 | $ | 789,118 | $ | 799,898 | $ | 756,821 | ||||||||||||
| (a) | 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. |
| (b) | Includes expense reimbursements, but excludes expense reductions. |
| (c) | Excludes expense reimbursements and expense reductions. |
| (d) | The per share amounts are calculated using the average share method. |
| (e) | Unaudited |
| (f) | Annualized |
See Notes to Financial Statements
| 165 |
SUPPLEMENTS TO PROSPECTUS (unaudited)
THE SUPPLEMENT IS NOT PART OF THE SEMI-ANNUAL REPORT
Filed under Rule 497(e) and Rule 497(k)
Registration Nos. 002-83631
VALIC Company I
Core Equity Fund
Health Sciences Fund
Large Cap Core Fund
Mid Cap Strategic Growth Fund
Science & Technology Fund
Small-Mid Growth Fund
Systematic Core Fund
Systematic Value Fund
Value Fund
VALIC Company II
Large Cap Value Fund
Mid Cap Growth Fund
(each, a “Fund”)
Supplement to the Summary Prospectuses and Prospectuses of each Fund,
as supplemented and amended to date
The Board of Directors of VALIC Company I (“VC I”), on behalf of each of the Value Fund, the Core Equity Fund, the Large Cap Core Fund, the Small-Mid Growth Fund and the Health Sciences Fund, and the Board of Trustees of VALIC Company II, on behalf of each of the Large Cap Value Fund and the Mid Cap Growth Fund, (each, a “Target Fund”), have each determined that it is in the best interests of each of its respective Target Funds to reorganize into an existing series of VC I (each, an “Acquiring Fund”). Each proposed transaction is referred to as a “Reorganization.” The Target Fund and the Acquiring Fund for each Reorganization are shown in the table below.
| Target Funds |
Acquiring Funds | |
| Large Cap Value Fund |
Systematic Value Fund | |
| Value Fund |
Systematic Value Fund | |
| Core Equity Fund |
Systematic Core Fund | |
| Large Cap Core Fund |
Systematic Core Fund | |
| Mid Cap Growth Fund |
Mid Cap Strategic Growth Fund | |
| Small-Mid Growth Fund |
Mid Cap Strategic Growth Fund | |
| Health Sciences Fund |
Science & Technology Fund |
In each Reorganization, all of the Target Fund’s assets and liabilities would be transferred to the respective Acquiring Fund in exchange for shares of the Acquiring Fund. If the Reorganization is completed, shareholders of the Target Fund will receive shares of the respective Acquiring Fund, the total value of which will be equal to the total value of their shares of the Target Fund on the date of the Reorganization, after which the Target Fund will cease operations.
Each Target Fund expects to convene a special meeting of its shareholders on or about April 5, 2021 to vote on the approval of its Reorganization. Shareholders of record of each Target Fund as of January 11, 2021 (the “Record Date”), are entitled to notice of and to vote at the special meeting, and they will receive proxy materials describing the relevant Reorganization. The Reorganization of one Target Fund is not contingent upon the Reorganization of any other Target Fund.
Until a Reorganization is completed, each Target Fund will continue sales and redemptions of its shares as described in its Prospectus. However, holders of shares purchased after the Record Date set for each special meeting of shareholders will not be entitled to vote those shares at the special meeting.
Date: October 28, 2020
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
| 166 |
VALIC Company II
SUPPLEMENTS TO PROSPECTUS (unaudited) — (continued)
THE SUPPLEMENT IS NOT PART OF THE SEMI-ANNUAL REPORT
Filed under Rules 497(e) and 497(k)
Registration Nos. 002-83631
VALIC Company I
Capital Conservation Fund
Small Cap Aggressive Growth Fund Small Cap Fund
VALIC Company II
Aggressive Growth Lifestyle Fund
Capital Appreciation Fund
Conservative Growth Lifestyle Fund
Core Bond Fund
Government Money Market II Fund
High Yield Bond Fund
International Opportunities Fund
Mid Cap Value Fund
Moderate Growth Lifestyle Fund
Small Cap Growth Fund
Small Cap Value Fund
Strategic Bond Fund
U.S. Socially Responsible Fund
(each, a “Fund”)
Supplement to the Summary Prospectus and Prospectus of each Fund,
as supplemented and amended to date
The Board of Directors of VALIC Company I (“VC I”), on behalf of each of the Capital Conservation Fund, the Small Cap Aggressive Growth Fund and the Small Cap Fund, and the Board of Trustees of VALIC Company II (“VC II”), on behalf of each of the Aggressive Growth Lifestyle Fund, the Capital Appreciation Fund, the Conservative Growth Lifestyle Fund, the Core Bond Fund, the High Yield Bond Fund, the International Opportunities Fund, the Mid Cap Value Fund, the Moderate Growth Lifestyle Fund, the Small Cap Growth Fund, the Small Cap Value Fund, the Strategic Bond Fund and the U.S. Socially Responsible Fund, (each, a “Target Fund”), have each determined that it is in the best interests of each of its respective Target Funds to reorganize into a shell series of VC I (each, a “Shell Acquiring Fund”), as shown in the table below. Each Shell Acquiring Fund in the table below will have the same investment objectives, strategies and policies as the Target Fund of the same name.
| Target Fund |
Shell Acquiring Fund | |
| Aggressive Growth Lifestyle Fund, a series of VC II |
Aggressive Growth Lifestyle Fund, a series of VC I | |
| Capital Appreciation Fund, a series of VC II |
Capital Appreciation Fund, a series of VC I | |
| Capital Conservation Fund, a series of VC I |
Core Bond Fund, a series of VC I | |
| Conservative Growth Lifestyle Fund, a series of VC II |
Conservative Growth Lifestyle Fund, a series of VC I | |
| Core Bond Fund, a series of VC II |
Core Bond Fund, a series of VC I | |
| High Yield Bond Fund, a series of VC II |
High Yield Bond Fund, a series of VC I | |
| International Opportunities Fund, a series of VC II |
International Opportunities Fund, a series of VC I | |
| Mid Cap Value Fund, a series of VC II |
Mid Cap Value Fund, a series of VC I | |
| Moderate Growth Lifestyle Fund, a series of VC II |
Moderate Growth Lifestyle Fund, a series of VC I | |
| Small Cap Aggressive Growth Fund, a series of VC I |
Small Cap Growth Fund, a series of VC I | |
| Small Cap Fund, a series of VC I |
Small Cap Growth Fund, a series of VC I | |
| Small Cap Growth Fund, a series of VC II |
Small Cap Growth Fund, a series of VC I | |
| Small Cap Value Fund, a series of VC II |
Small Cap Value Fund, a series of VC I | |
| Strategic Bond Fund, a series of VC II |
Core Bond Fund, a series of VC I | |
| U.S. Socially Responsible Fund, a series of VC II |
U.S. Socially Responsible Fund, a series of VC I |
In addition, the Board of Trustees of VC II has determined that it is in the best interests of the Government Money Market II Fund to reorganize into the Government Money Market I Fund, an existing series of VC I (the “Existing Acquiring Fund”). Each proposed transaction is referred to as a “Reorganization” and each Shell Acquiring Fund and the Existing Acquiring Fund is referred to as an “Acquiring Fund.”
In each Reorganization, all of the Target Fund’s assets and liabilities would be transferred to the respective Acquiring Fund in exchange for shares of the Acquiring Fund. If the Reorganization is completed, shareholders of the Target Fund will receive shares of the respective Acquiring Fund, the total value of which will be equal to the total value of their shares of the Target Fund on the date of the Reorganization, after which the Target Fund will cease operations.
| 167 |
VALIC Company II
SUPPLEMENTS TO PROSPECTUS (unaudited) — (continued)
Each Target Fund expects to convene a special meeting of its shareholders on or about May 11, 2021 to vote on the approval of its Reorganization. Shareholders of record of each Target Fund as of February 26, 2021 (the “Record Date”), are entitled to notice of and to vote at the special meeting, and they will receive proxy materials describing the relevant Reorganization. The Reorganization of one Target Fund is not contingent upon the Reorganization of any other Target Fund.
Until a Reorganization is completed, each Target Fund will continue sales and redemptions of its shares as described in its Prospectus. However, holders of shares purchased after the Record Date set for each special meeting of shareholders will not be entitled to vote those shares at the special meeting.
Date: January 27, 2021
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
| 168 |
VALIC Company II
SUPPLEMENTS TO PROSPECTUS (unaudited) — (continued)
THE SUPPLEMENT IS NOT PART OF THE SEMI-ANNUAL REPORT
Filed under Rule 497(e) and Rule 497(k)
Registration No. 333-53589
VALIC COMPANY II
Large Cap Value Fund
Supplement dated April 6, 2021 to the
Summary Prospectus, Prospectus and Statement of Additional Information,
each dated January 1, 2021, as supplemented and amended to date
At a meeting of the shareholders of the Large Cap Value Fund (the “Target Fund”) held on April 5, 2021, shareholders approved the reorganization of the Target Fund, a series of VALIC Company II, into the Systematic Value Fund (the “Acquiring Fund”), a series of VALIC Company I (the “Reorganization”).
Pursuant to the Reorganization, the assets and liabilities of the Target Fund will be exchanged for shares of the Acquiring Fund, and Target Fund shareholders will become shareholders of the Acquiring Fund. The Acquiring Fund shares to be received by Target Fund shareholders will be equal in value to the Target Fund shares held by such shareholders immediately prior to the Reorganization.
The Reorganization is expected to close on or about April 19, 2021. Until the Reorganization is completed, the Target Fund will continue sales and redemptions of its shares as described in its Prospectus. After the Reorganization is complete, the Target Fund will be liquidated.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
| 169 |
VALIC Company II
SUPPLEMENTS TO PROSPECTUS (unaudited) — (continued)
THE SUPPLEMENT IS NOT PART OF THE SEMI-ANNUAL REPORT
Filed under Rule 497(e) and Rule 497(k)
Registration No. 333-53589
VALIC COMPANY II
Mid Cap Growth Fund
Supplement dated April 6, 2021 to the
Summary Prospectus, Prospectus and Statement of Additional Information,
each dated January 1, 2021, as supplemented and amended to date
At a meeting of the shareholders of the Mid Cap Growth Fund (the “Target Fund”) held on April 5, 2021, shareholders approved the reorganization of the Target Fund, a series of VALIC Company II, into the Mid Cap Strategic Growth Fund (the “Acquiring Fund”), a series of VALIC Company I (the “Reorganization”).
Pursuant to the Reorganization, the assets and liabilities of the Target Fund will be exchanged for shares of the Acquiring Fund, and Target Fund shareholders will become shareholders of the Acquiring Fund. The Acquiring Fund shares to be received by Target Fund shareholders will be equal in value to the Target Fund shares held by such shareholders immediately prior to the Reorganization.
The Reorganization is expected to close on or about April 19, 2021. Until the Reorganization is completed, the Target Fund will continue sales and redemptions of its shares as described in its Prospectus. After the Reorganization is complete, the Target Fund will be liquidated.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
| 170 |
VALIC Company II
SUPPLEMENTS TO PROSPECTUS (unaudited) — (continued)
THE SUPPLEMENT IS NOT PART OF THE SEMI-ANNUAL REPORT
Filed under Rules 497(e) and 497(k)
Registration No. 333-53589
VALIC Company II
International Opportunities Fund (the “Fund”)
Supplement dated March 31, 2021
to the Fund’s Summary Prospectus and Prospectus dated
January 1, 2021, as supplemented and amended to date
Effective March 31, 2021, in the section of the Summary Prospectus entitled “Investment Adviser” and in the section of the Prospectus entitled “Fund Summary: International Opportunities Fund – Investment Adviser,” in the table under the heading “Portfolio Managers,” the following is added under the subsection “MFS”:
| Name and Title |
Portfolio Manager of the Portfolio Since |
|||
| Lionel Gomez |
||||
| Portfolio Manager |
2021 | |||
Effective March 31, 2021, in the section of the Prospectus entitled “Management,” under the heading “Information about the Subadviser,” the second paragraph under “Massachusetts Financial Services. (“MFS”)” is deleted and replaced with the following:
MFS manages a portion of the asset of the International Opportunities Fund using a team of portfolio managers. The team is comprised of David Antonelli, Peter Fruzzetti, Jose Luis Garcia, Robert Lau, Sandeep Mehta and Lionel Gomez. Mr. Antonelli is a Vice Chairman of MFS and Messrs. Fruzzetti, Garcia, Mehta, Lau and Gomez are each Investment Officers of MFS. Mr. Antonelli has been employed in the investment area of MFS since 1991. Mr. Fruzzeti has been employed in the investment area of MFS since 2000. Mr. Garcia has been employed in the investment of MFS since 2002. Mr. Lau has been employed in the investment area of MFS since 2001. Mr. Mehta has been employed in the investment area of MFS since 2008. Mr. Gomez has been employed in the investment area since 2013.
Effective April 15, 2021, Mr. Antonelli will no longer be a portfolio manager of the fund.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
| 171 |
RESULTS OF SPECIAL SHAREHOLDER MEETINGS (unaudited)
On April 5, 2021, a Special Meeting of Shareholders was held to consider a proposal to approve an Agreement and Plan of Reorganization pursuant to which the Large Cap Value Fund (the “Acquired Fund”), a series of the VALIC Company II, would transfer all of its assets to the Systematic Value Fund (the “Acquiring Fund”), a series of VALIC Company I, in exchange for the assumption by the Acquiring Fund of all of the liabilities of the Acquired Fund and shares of the Acquiring Fund, which shares will be distributed by the Acquired Fund to the holders of its shares in complete liquidation thereof. The proposal was approved and voting results of this Special Meeting were as follows:
| For |
Against |
Abstain | ||
| 11,886,842.598 | 936,479.709 | 980,539.260 |
On April 5, 2021, a Special Meeting of Shareholders was held to consider a proposal to approve an Agreement and Plan of Reorganization pursuant to which the Mid Cap Growth Fund (the “Acquired Fund”), a series of the VALIC Company II, would transfer all of its assets to the Mid Cap Strategic Growth Fund (the “Acquiring Fund”), a series of VALIC Company I, in exchange for the assumption by the Acquiring Fund of all of the liabilities of the Acquired Fund and shares of the Acquiring Fund, which shares will be distributed by the Acquired Fund to the holders of its shares in complete liquidation thereof. The proposal was approved and voting results of this Special Meeting were as follows:
| For |
Against |
Abstain | ||
| 18,844,285.824 | 903,869.082 | 1,185,369.993 |
| 172 |
BOARD OF TRUSTEES
Thomas J. Brown
Judith L. Craven
Yvonne M. Curl
Timothy J. Ebner
Peter A. Harbeck
Kenneth J. Lavery
Eric S. Levy
John E. Maupin, Jr.
CUSTODIAN
State Street Bank and Trust Company
One Lincoln Street
INVESTMENT ADVISER
The Variable Annuity
Life Insurance Company (VALIC)
2929 Allen Parkway
INVESTMENT SUBADVISERS
BMO Asset Management Corp.
115 S. LaSalle Street
Boston Partners Global Investors, Inc. d/b/a Boston Partners
60 East 42nd Street, Suite 1550
Delaware Investments Fund Advisers
2005 Market Street
J.P. Morgan Investment Management Inc.
270 Park Avenue
Janus Capital Management LLC
151 Detroit Street
Massachusetts Financial Services Company
111 Huntington Avenue
Mellon Investments Corporation
One Boston Place
PineBridge Investments, LLC
399 Park Avenue
SunAmerica Asset Management, LLC
Haborside 5
185 Hudson Street, Suite 3300
Wellington Management Company LLP
280 Congress Street
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
PricewaterhouseCoopers LLP
1000 Louisiana Street, Suite 5800
TRANSFER AND SHAREHOLDER SERVICE AGENT
VALIC Retirement
Services Company (VRSCO)
2929 Allen Parkway
OFFICERS
President and Principal Executive Officer
Sharon French,
Executive Vice President
John Packs,
Vice President and Senior Investment Officer
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,
Vice President and Chief Compliance Officer
Matthew J. Hackethal,
Anti-Money Laundering Compliance Officer
DISCLOSURE OF QUARTERLY FUND PORTFOLIO 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 II PORTFOLIO SECURITIES
A description of the policies and procedures that VC II uses to determine how to vote proxies related to securities held in the Fund’s portfolios, which is available in VC II’s Statement of Additional Information, may be obtained without charge upon request, by calling 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 II PORTFOLIO SECURITIES
Information regarding how VC II voted proxies relating to securities held in the VC II Funds portfolios 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 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 II. 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.
| 173 |
|
|
aig.com/RetirementServices — Account access
Manage your account online
You will need to create an online security profile with a unique user ID and password.
With your PIN, you can also access your account via the 24-hour VALIC automated phone line at 1-800-448-2542.
| • | Print and download account transaction confirmations and tax statements |
| • | View transaction history and download it to Quicken using Direct ConnectSM |
| • | Use the Account Aggregation feature to display information from other accounts in addition to your AIG Retirement Services accounts |
| • | Easily manage your personal profile to update your contact information (phone, address, email), update your beneficiaries, reset your password and more |
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| • | It’s easy to sign up |
| • | Simply visit aig.com/RetirementServices today to get started |
Initiate account transactions including:
| • | Change allocation |
| • | Transfer money among investment options |
| • | Rebalance account to your desired allocation mix |
| • | Change contributions |
Start exploring your account online today!
| • | Visit aig.com/RetirementServices |
| • | Register for online access |
| • | Follow steps to create a security profile |
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CLICK aig.com/RetirementServices CALL 1-800-448-2542 VISIT your financial advisor
Securities and investment advisory services offered through VALIC Financial Advisors, Inc. (VFA), member FINRA, SIPC and an SEC-registered investment adviser.
Annuities are issued by The Variable Annuity Life Insurance Company (VALIC), Houston, TX. Variable annuities are distributed by its affiliate, AIG Capital Services, Inc. (ACS), member FINRA.
AIG Retirement Services represents AIG member companies — The Variable Annuity Life Insurance Company (VALIC) and its subsidiaries, VALIC Financial Advisors, Inc. (VFA) and VALIC Retirement Services Company (VRSCO). All are members of American International Group, Inc. (AIG).
© American International Group, Inc. All rights reserved.
VC 23800 (09/2019) J359703 EE
| VALIC Company II P.O. Box 3206 |
PRSRT STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1793 |
VC 11387 (03/2021) J600501
| Item 2. | Code of Ethics. |
Not applicable.
| Item 3. | Audit Committee Financial Expert. |
Not applicable.
| Item 4. | Principal Accountant Fees and Services. |
Not applicable.
| Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
| Item 6. | Investments. |
Included in Item 1 to the Form.
| Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
| Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
| Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
| Item 10. | Submission of Matters to a Vote of Security Holders. |
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees 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 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.
| Item 11. | Controls and Procedures. |
| (a) | An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the 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. |
| (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 most recent fiscal half year 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. |
Not applicable.
| Item 13. | Exhibits. |
| (a) | (1) Not applicable. |
(3) Not applicable.
(4) Not applicable.
| (b) |
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 II | ||
| By: | /s/ John T. Genoy | |
| John T. Genoy | ||
| President | ||
Date: May 7, 2021
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: May 7, 2021
| By: | /s/ Gregory R. Kingston | |
| Gregory R. Kingston | ||
| Treasurer |
Date: May 7, 2021
| This ‘N-CSRS’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 12/31/22 | ||||
| 12/31/21 | ||||
| 5/11/21 | ||||
| Filed on / Effective on: | 5/7/21 | N-MFP2 | ||
| 4/19/21 | ||||
| 4/15/21 | ||||
| 4/6/21 | 497, 497K | |||
| 4/5/21 | ||||
| 3/31/21 | 497, 497K, N-MFP2 | |||
| For Period end: | 2/28/21 | N-MFP2, NPORT-P | ||
| 2/26/21 | ||||
| 1/27/21 | 497, 497K | |||
| 1/11/21 | ||||
| 1/1/21 | ||||
| 12/3/20 | ||||
| 10/28/20 | 497, 497K | |||
| 10/2/20 | ||||
| 9/1/20 | ||||
| 8/31/20 | 24F-2NT, N-CEN, N-CSR, N-MFP2, NPORT-P | |||
| 3/12/20 | ||||
| 12/15/19 | ||||
| 7/27/17 | ||||
| 1/23/01 | ||||
| 1/1/01 | ||||
| 5/6/98 | ||||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/25/21 Valic Co. I 497K 5/25/21 1:110K Donnelley … Solutions/FA 5/25/21 Valic Co. I 497K 5/25/21 1:108K Donnelley … Solutions/FA 5/25/21 Valic Co. I 497K 5/25/21 1:109K Donnelley … Solutions/FA 5/25/21 Valic Co. I 497K 5/25/21 1:122K Donnelley … Solutions/FA 5/25/21 Valic Co. I 497K 5/25/21 1:117K Donnelley … Solutions/FA 5/25/21 Valic Co. I 497K 5/25/21 1:119K Donnelley … Solutions/FA 5/25/21 Valic Co. I 497K 5/25/21 1:112K Donnelley … Solutions/FA 5/25/21 Valic Co. I 497K 5/25/21 1:113K Donnelley … Solutions/FA 5/25/21 Valic Co. I 497K 5/25/21 1:157K Donnelley … Solutions/FA 5/25/21 Valic Co. I 497K 5/25/21 1:145K Donnelley … Solutions/FA 5/25/21 Valic Co. I 497K 5/25/21 1:159K Donnelley … Solutions/FA 5/25/21 Valic Co. I 485BPOS 5/25/21 87:14M Donnelley … Solutions/FA |