SEC Info  
    Home      Search      My Interests      Help      Sign In      Please Sign In

Valic Co II – ‘N-CSRS’ for 2/28/18

On:  Tuesday, 5/8/18, at 2:26pm ET   ·   Effective:  5/8/18   ·   For:  2/28/18   ·   Accession #:  1193125-18-155777   ·   File #:  811-08789

Previous ‘N-CSRS’:  ‘N-CSRS’ on 5/8/17 for 2/28/17   ·   Latest ‘N-CSRS’:  This Filing

  in   Show  &   Hints

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 5/08/18  Valic Co II                       N-CSRS      2/28/18    3:10M                                    Donnelley...Solutions/FAAggressive Growth Lifestyle Fund VAGLXCapital Appreciation Fund VCCAXConservative Growth Lifestyle Fund VCGLXCore Bond Fund VCCBXGovernment Money Market II Fund VIIXXHigh Yield Bond Fund VCHYXInternational Opportunities Fund VISEXLarge Cap Value Fund VACVXMid Cap Growth Fund VAMGXMid Cap Value Fund VMCVXModerate Growth Lifestyle Fund VMGLXSmall Cap Growth Fund VASMXSmall Cap Value Fund VCSVXSocially Responsible Fund VCSRXStrategic Bond Fund VCSBX

Certified Semi-Annual Shareholder Report by a Management Investment Company   —   Form N-CSR
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-CSRS      Certified Semi-Annual Shareholder Report by a       HTML   6.89M 
                          Management Investment Company                          
 3: EX-99.906.CERT  Miscellaneous Exhibit                           HTML      6K 
 2: EX-99.CERT  Miscellaneous Exhibit                               HTML     18K 


N-CSRS   —   Certified Semi-Annual Shareholder Report by a Management Investment Company
Document Table of Contents

Page (sequential)   (alphabetic) Top
 
11st Page  –  Filing Submission
"Table of Contents
"President's Letter
"Expense Example
"Aggressive Growth Lifestyle Fund
"Portfolios of Investments
"Capital Appreciation Fund
"Conservative Growth Lifestyle Fund
"Core Bond Fund
"Government Money Market II Fund
"High Yield Bond Fund
"International Opportunities Fund
"Large Cap Value Fund
"Mid Cap Growth Fund
"Mid Cap Value Fund
"Moderate Growth Lifestyle Fund
"Small Cap Growth Fund
"Small Cap Value Fund
"Socially Responsible Fund
"Strategic Bond Fund
"Statements of Assets and Liabilities
"Statements of Operations
"Statements of Changes in Net Assets
"Notes to Financial Statements
"Financial Highlights
"Supplements to the Prospectus
"Trustees and Officers Information

This is an HTML Document rendered as filed.  [ Alternative Formats ]



  N-CSRS  
Table of Contents

 

 

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)

 

 

John T. Genoy

President

SunAmerica Asset Management, LLC

Harborside 5

185 Hudson Street, Suite 3300

Jersey City, NJ 07311

(Name and address of agent for service)

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

 

 

Date of fiscal year end: August 31

Date of reporting period: February 28, 2018

 

 

 


Table of Contents

Item 1. Reports to Stockholders

 


Table of Contents

LOGO

 

VALIC Company II

 

Semi-Annual Report, February 28, 2018

 

SAVING : INVESTING : PLANNING


Table of Contents

VALIC Company II

SEMI-ANNUAL REPORT FEBRUARY 28, 2018


 

TABLE OF CONTENTS

 

President’s Letter

     1  

Expense Example

     2  

Portfolios of Investments:

        

Aggressive Growth Lifestyle Fund

     4  

Capital Appreciation Fund

     6  

Conservative Growth Lifestyle Fund

     9  

Core Bond Fund

     11  

Government Money Market II Fund

     35  

High Yield Bond Fund

     37  

International Opportunities Fund

     48  

Large Cap Value Fund

     55  

Mid Cap Growth Fund

     59  

Mid Cap Value Fund

     63  

Moderate Growth Lifestyle Fund

     68  

Small Cap Growth Fund

     70  

Small Cap Value Fund

     74  

Socially Responsible Fund

     84  

Strategic Bond Fund

     90  

Statements of Assets and Liabilities

     116  

Statements of Operations

     119  

Statements of Changes in Net Assets

     122  

Notes to Financial Statements

     126  

Financial Highlights

     145  

Supplements to the Prospectus

     153  

Trustees and Officers Information

     155  


Table of Contents

VALIC Company II

PRESIDENT’S LETTER (Unaudited)


 

Dear Valued Investor:

 

We are pleased to provide you with the following Semi-Annual Report for VALIC Company II. The report contains the investment portfolio information and the financial statements of VALIC Company II for the six-month period ended February 28, 2018. We encourage you to carefully read this report and thank you for your investment.

 

Domestically, the total return for the S&P 500® Index,* widely regarded as the best single gauge of the U.S. equity market, rose 10.84% in the six month period. The passage of a tax cut and continued strength in both jobs and US economic readings provided an optimistic groundwork entering 2018. The S&P 500 entered February having posted 15 consecutive months of positive returns. Additionally, the calendar year 2017 marked the first time in nearly 60 years where the S&P 500 delivered positive returns in every month. 2018 started off on a high with January S&P returns totaling a notable 5.73%. The steady gains and low volatility came to a halt in February as the S&P Index recorded a substantial loss of -3.69% for the month as volatility reentered the market. While the market produced contrasting monthly outcomes, the returns for 2018 leading into March were still overall positive, with the S&P Index up 1.83% year to date through February 28, 2018.

 

As anticipated, in December 2017, the Federal Reserve (the “Fed”) stayed on course of normalizing interest rates with an increase in December – its third in 2017. The impact of these rate increases, and the initiating of unwinding quantitative easing in the fourth quarter, was a flattening of the yield curve, narrowing the spread between 2 Year and 10 Year Treasuries. At its January meeting Fed officials showed continued optimism toward the strengthening economy and left most still predicting at least three and possibly four rate hikes in 2018.

 

Fixed income markets declined across most of the spectrum in the six month period, with the Bloomberg Barclays U.S. Aggregate Bond Index, ** a broad measure of the bond market, down 2.18%. Long Treasuries, as measured by the Bloomberg Barclays US Treasury Long Index, *** declined 5.99% for the period. TIPS, as represented by the Bloomberg Barclays US Treasury Inflation-Linked Bond Index, **** were down 1.22%. Risk assets, such as high yield assets, exemplified by the Citigroup High Yield Market Index, ***** gained some ground returning 1.27%.

 

The MSCI EAFE Index (net), ****** designed to measure the equity market performance of developed foreign markets (Europe, Australasia, Far East), excluding the U.S. and Canada, rose 7.12%. 2017 ended with global equity markets delivering exceptionally strong returns and signs that synchronized global growth was to continue in 2018. Though positive for the six month period, in February, European markets emulated the broad stock sell off in the United States. Within the MSCI EAFE Index, no sector posted a positive return for the month. That being said, The MSCI Emerging Markets Index (net), ******* designed to measure equity market performance in global emerging markets, rose 10.58% in the six month period continuing the steady path of global synchronized growth.

 

We appreciate being part of your investment program and thank you for your ongoing confidence in us. We look forward to serving your investment needs in the years ahead.

 

Sincerely,

 

LOGO

 

John T. Genoy, President

VALIC Company II

 


Past performance is no guarantee of future results.

 

*

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

** The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities.
*** The Bloomberg Barclays US Treasury Long Index measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting.
**** The Bloomberg Barclays US Treasury Inflation-Linked Bond Index measures the performance of the US Treasury Inflation Protected Securities (TIPS) market. Federal Reserve holdings of US TIPS are not index eligible and are excluded from the face amount outstanding of each bond in the index.
***** Citi’s US High-Yield Market Index is a US Dollar-denominated index which measures the performance of high-yield debt issued by corporations domiciled in the US or Canada. ... It aims to address the disproportionate influence that a recently downgraded issuer can have on the index’s characteristics upon entry.
****** The MSCI EAFE Index (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.
******* The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

 

Indices are not managed and an investor cannot invest directly into an index. Past performance of an index does not guarantee the future performance of any investment.

 

1


Table of Contents

VALIC Company II

EXPENSE EXAMPLE — February 28, 2018 (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, 2017 and held until February 28, 2018. 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, 2018 to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended February 28, 2018 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, 2018 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, 2018 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, 2018 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


Table of Contents

VALIC Company II

EXPENSE EXAMPLE — February 28, 2018 (unaudited) — (continued)


 

 

     Actual

     Hypothetical

 

Fund


   Beginning
Account Value
at September  1,
2017


     Ending
Account Value
Using Actual
Return at
February 28,
2018


     Expenses Paid
During the Six
Months Ended
February 28,
2018
*


     Beginning
Account Value
at September 1,
2017


     Ending
Account Value
Using a
Hypothetical
5% Annual
Return at
February 28,

2018


     Expenses Paid
During the

Six Months Ended
February 28,
2018
*


     Annualized
Expense
Ratio


 

Aggressive Growth Lifestyle#

   $ 1,000.00      $ 1,062.73      $ 0.51      $ 1,000.00      $ 1,024.30      $ 0.50        0.10

Capital Appreciation#

   $ 1,000.00      $ 1,119.03      $ 4.47      $ 1,000.00      $ 1,020.58      $ 4.26        0.85

Conservative Growth Lifestyle#

   $ 1,000.00      $ 1,024.85      $ 0.50      $ 1,000.00      $ 1,024.30      $ 0.50        0.10

Core Bond#

   $ 1,000.00      $ 983.86      $ 3.79      $ 1,000.00      $ 1,020.98      $ 3.86        0.77

Government Money Market II#

   $ 1,000.00      $ 1,003.03      $ 2.73      $ 1,000.00      $ 1,022.07      $ 2.76        0.55

High Yield Bond#

   $ 1,000.00      $ 1,014.19      $ 4.79      $ 1,000.00      $ 1,020.03      $ 4.81        0.96

International Opportunities#

   $ 1,000.00      $ 1,109.91      $ 5.23      $ 1,000.00      $ 1,019.84      $ 5.01        1.00

Large Cap Value#

   $ 1,000.00      $ 1,098.26      $ 4.21      $ 1,000.00      $ 1,020.78      $ 4.06        0.81

Mid Cap Growth#

   $ 1,000.00      $ 1,127.24      $ 4.48      $ 1,000.00      $ 1,020.58      $ 4.26        0.85

Mid Cap Value

   $ 1,000.00      $ 1,079.13      $ 5.36      $ 1,000.00      $ 1,019.64      $ 5.21        1.04

Moderate Growth Lifestyle#

   $ 1,000.00      $ 1,051.30      $ 0.51      $ 1,000.00      $ 1,024.30      $ 0.50        0.10

Small Cap Growth#

   $ 1,000.00      $ 1,177.86      $ 6.26      $ 1,000.00      $ 1,019.04      $ 5.81        1.16

Small Cap Value#

   $ 1,000.00      $ 1,050.45      $ 4.83      $ 1,000.00      $ 1,020.08      $ 4.76        0.95

Socially Responsible#

   $ 1,000.00      $ 1,109.68      $ 2.93      $ 1,000.00      $ 1,022.02      $ 2.81        0.56

Strategic Bond

   $ 1,000.00      $ 995.61      $ 4.35      $ 1,000.00      $ 1,020.43      $ 4.41        0.88

 

* 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 assumed a portion of or all expenses for the Fund. As a result, if these fees and expenses had not been waived or assumed, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Six Months Ended February 28, 2018 and the “Annualized Expense Ratio” would have been higher.

 

3


Table of Contents

VALIC Company II Aggressive Growth Lifestyle Fund

PORTFOLIO PROFILE — February 28, 2018 (unaudited)


 

Industry Allocation*

 

Domestic Equity Investment Companies

     54.8

International Equity Investment Companies

     23.0  

Domestic Fixed Income Investment Companies

     17.4  

Real Estate Investment Companies

     3.7  

International Fixed Income Investment Companies

     1.1  
    


       100.0
    


 

* Calculated as a percentage of net assets
 

 

4


Table of Contents

VALIC Company II Aggressive Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS — February 28, 2018 (unaudited)


 

Security Description    Shares      Value
(Note 2)
 

AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%

 

Domestic Equity Investment Companies — 54.8%

 

VALIC Co. I Blue Chip Growth Fund†

     594,752      $ 12,882,327  

VALIC Co. I Dividend Value Fund†

     2,070,198        27,719,954  

VALIC Co. I Large Cap Core Fund†

     340,364        4,315,821  

VALIC Co. I Mid Cap Index Fund†

     696,798        20,137,462  

VALIC Co. I Mid Cap Strategic Growth Fund†

     456,838        7,373,359  

VALIC Co. I Nasdaq-100 Index Fund†

     561,919        8,086,011  

VALIC Co. I Science & Technology Fund†

     279,856        9,089,717  

VALIC Co. I Small Cap Index Fund†

     1,269,048        28,553,587  

VALIC Co. I Small Cap Special Values Fund†

     1,802,711        25,868,904  

VALIC Co. I Stock Index Fund†

     308,768        12,823,150  

VALIC Co. I Value Fund†

     292,951        5,375,647  

VALIC Co. II Capital Appreciation Fund

     1,134,199        21,005,358  

VALIC Co. II Large Cap Value Fund

     788,385        17,888,464  

VALIC Co. II Mid Cap Growth Fund†

     700,262        7,940,969  

VALIC Co. II Mid Cap Value Fund

     2,307,247        52,859,036  

VALIC Co. II Small Cap Growth Fund

     773,949        15,478,981  

VALIC Co. II Small Cap Value Fund

     3,073,988        46,724,611  
             


Total Domestic Equity Investment Companies

                 

(cost $276,899,906)

              324,123,358  
             


Domestic Fixed Income Investment Companies — 17.4%

 

VALIC Co. I Capital Conservation Fund†

     1,382,806        13,454,703  

VALIC Co. I Government Securities Fund†

     897,470        9,351,636  

VALIC Co. I Inflation Protected Fund†

     3,176,861        35,517,310  

VALIC Co. II Core Bond Fund

     1,548,591        16,988,046  

VALIC Co. II High Yield Bond Fund

     1,770,792        13,918,422  

VALIC Co. II Strategic Bond Fund

     1,207,394        13,679,773  
             


Total Domestic Fixed Income Investment Companies

                 

(cost $102,072,992)

              102,909,890  
             


Security Description    Shares     Value
(Note 2)
 

                  

International Equity Investment Companies — 23.0%

 

VALIC Co. I Emerging Economies Fund†

     1,740,298     $ 17,107,127  

VALIC Co. I Foreign Value Fund†

     3,080,346       33,544,972  

VALIC Co. I International Equities Index Fund†

     6,338,747       48,491,411  

VALIC Co. I International Growth Fund†

     749,615       10,884,416  

VALIC Co. II International Opportunities Fund

     1,199,258       25,796,030  
            


Total International Equity Investment Companies

                

(cost $126,312,932)

             135,823,956  
            


International Fixed Income Investment Companies — 1.1%

 

VALIC Co. I International Government Bond Fund†

                

(cost $6,127,381)

     517,128       6,210,703  
            


Real Estate Investment Companies — 3.7%

 

VALIC Co. I Global Real Estate Fund†

                

(cost $22,461,051)

     2,851,150       22,067,898  
            


TOTAL INVESTMENTS

                

(cost $533,874,262)(2)

     100.0     591,135,805  

Liabilities in excess of other assets

     (0.0     (56,906
    


 


NET ASSETS

     100.0   $ 591,078,899  
    


 



# 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 is available at our website, www.valic.com.
Non-income producing security
(1) See Note 3.
(2) See Note 5 for cost of investments on a tax basis.
 

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2018 (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

   $ 591,135,805      $         —        $         —        $ 591,135,805  
    


  


  


  



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

 

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

 

See Notes to Financial Statements

 

5


Table of Contents

VALIC Company II Capital Appreciation Fund

PORTFOLIO PROFILE — February 28, 2018 (unaudited)


 

Industry Allocation*

 

Applications Software

     10.6

Computers

     6.6  

Electronic Components — Semiconductors

     6.4  

E-Commerce/Products

     6.1  

Web Portals/ISP

     3.9  

Internet Content — Entertainment

     3.8  

Medical — HMO

     3.7  

Beverages — Non-alcoholic

     3.1  

Medical — Drugs

     2.9  

Finance — Credit Card

     2.8  

Commercial Services — Finance

     2.8  

Retail — Discount

     2.7  

Retail — Building Products

     2.3  

Medical — Biomedical/Gene

     2.1  

Instruments — Controls

     2.0  

Transport — Rail

     1.8  

Commercial Services

     1.8  

Telephone — Integrated

     1.8  

Time Deposits

     1.8  

Insurance — Property/Casualty

     1.7  

Entertainment Software

     1.6  

Electronic Measurement Instruments

     1.5  

Medical Products

     1.5  

Investment Management/Advisor Services

     1.4  

Aerospace/Defense

     1.4  

Aerospace/Defense — Equipment

     1.4  

Chemicals — Diversified

     1.3  

Cable/Satellite TV

     1.3  

Casino Hotels

     1.3  

Cellular Telecom

     1.2  

Medical Instruments

     1.2  

Auto — Heavy Duty Trucks

     1.2  

Retail — Auto Parts

     1.2  

Auto — Cars/Light Trucks

     1.2  

Diagnostic Kits

     1.1  

Computer Data Security

     1.1  

Registered Investment Companies

     1.0  

Industrial Gases

     1.0  

Computer Software

     1.0  

Auto/Truck Parts & Equipment — Original

     0.9  

Therapeutics

     0.8  

Retail — Apparel/Shoe

     0.8  

Building Products — Cement

     0.8  

Data Processing/Management

     0.7  

Networking Products

     0.7  

Computer Services

     0.7  

Food — Misc./Diversified

     0.7  

Oil Refining & Marketing

     0.6  
    


       101.3
    


 

* Calculated as a percentage of net assets
 

 

6


Table of Contents

VALIC Company II Capital Appreciation Fund

PORTFOLIO OF INVESTMENTS — February 28, 2018 (unaudited)


 

Security Description    Shares      Value
(Note 2)
 

COMMON STOCKS — 98.5%

 

Aerospace/Defense — 1.4%

 

Raytheon Co.

     6,508      $ 1,415,555  
             


Aerospace/Defense - Equipment — 1.4%

 

United Technologies Corp.

     10,481        1,412,210  
             


Applications Software — 10.6%

 

HubSpot, Inc.†#

     9,798        1,088,068  

Microsoft Corp.

     62,198        5,832,307  

salesforce.com, Inc.†

     15,357        1,785,251  

ServiceNow, Inc.†#

     8,041        1,294,681  

Twilio, Inc., Class A†#

     17,121        584,853  
             


                10,585,160  
             


Auto-Cars/Light Trucks — 1.2%

 

Tesla, Inc.†#

     3,391        1,163,316  
             


Auto-Heavy Duty Trucks — 1.2%

 

PACCAR, Inc.

     16,451        1,177,727  
             


Auto/Truck Parts & Equipment - Original — 0.9%

 

Aptiv PLC

     9,945        908,277  
             


Beverages-Non-alcoholic — 3.1%

 

Monster Beverage Corp.†

     16,924        1,072,474  

PepsiCo, Inc.

     18,667        2,048,330  
             


                3,120,804  
             


Building Products - Cement — 0.8%

 

Vulcan Materials Co.

     6,444        758,652  
             


Cable/Satellite TV — 1.3%

 

Charter Communications, Inc., Class A†

     3,730        1,275,399  
             


Casino Hotels — 1.3%

 

Las Vegas Sands Corp.

     17,227        1,254,298  
             


Cellular Telecom — 1.2%

 

T - Mobile US, Inc.†

     20,238        1,226,625  
             


Chemicals - Diversified — 1.3%

 

DowDuPont, Inc.

     18,950        1,332,185  
             


Commercial Services — 1.8%

 

Cintas Corp.

     5,913        1,009,113  

Quanta Services, Inc.†

     23,226        799,903  
             


                1,809,016  
             


Commercial Services - Finance — 2.8%

 

PayPal Holdings, Inc.†

     24,578        1,951,739  

Square, Inc., Class A†#

     18,895        870,115  
             


                2,821,854  
             


Computer Data Security — 1.1%

 

Fortinet, Inc.†

     22,266        1,123,765  
             


Computer Services — 0.7%

 

Teradata Corp.†#

     19,829        730,104  
             


Computer Software — 1.0%

 

Splunk, Inc.†#

     10,295        959,494  
             


Computers — 6.6%

 

Apple, Inc.

     36,736        6,543,416  
             


Data Processing/Management — 0.7%

 

First Data Corp., Class A†#

     47,837        747,214  
             


Diagnostic Kits — 1.1%

 

IDEXX Laboratories, Inc.†

     6,086        1,139,482  
             


Security Description    Shares      Value
(Note 2)
 

   

E-Commerce/Products — 6.1%

 

Amazon.com, Inc.†

     3,417      $ 5,168,042  

Wayfair, Inc., Class A†#

     11,918        922,691  
             


                6,090,733  
             


Electronic Components - Semiconductors — 6.4%

 

Broadcom, Ltd.

     9,644        2,376,860  

NVIDIA Corp.

     8,847        2,140,974  

Texas Instruments, Inc.

     16,873        1,828,190  
             


                6,346,024  
             


Electronic Measurement Instruments — 1.5%

 

Fortive Corp.

     20,207        1,551,897  
             


Entertainment Software — 1.6%

 

Activision Blizzard, Inc.

     21,439        1,567,834  
             


Finance - Credit Card — 2.8%

 

Visa, Inc., Class A

     22,970        2,823,932  
             


Food - Misc./Diversified — 0.7%

 

Kraft Heinz Co.

     10,178        682,435  
             


Industrial Gases — 1.0%

 

Praxair, Inc.

     6,429        962,743  
             


Instruments - Controls — 2.0%

 

Honeywell International, Inc.

     13,235        1,999,941  
             


Insurance - Property/Casualty — 1.7%

 

Progressive Corp.

     29,029        1,671,490  
             


Internet Content-Entertainment — 3.8%

 

Facebook, Inc., Class A†

     21,196        3,779,671  
             


Investment Management/Advisor Services — 1.4%

 

Ameriprise Financial, Inc.

     9,072        1,419,224  
             


Medical Instruments — 1.2%

 

Boston Scientific Corp.†

     43,978        1,198,840  
             


Medical Products — 1.5%

 

Becton Dickinson and Co.

     6,769        1,502,853  
             


Medical - Biomedical/Gene — 2.1%

 

Biogen, Inc.†

     5,361        1,549,276  

BioMarin Pharmaceutical, Inc.†#

     6,302        511,533  
             


                2,060,809  
             


Medical - Drugs — 2.9%

 

Bristol-Myers Squibb Co.

     13,141        869,934  

Merck & Co., Inc.

     19,535        1,059,188  

Zoetis, Inc.

     11,760        950,913  
             


                2,880,035  
             


Medical - HMO — 3.7%

 

UnitedHealth Group, Inc.

     12,687        2,869,292  

WellCare Health Plans, Inc.†

     4,523        877,055  
             


                3,746,347  
             


Networking Products — 0.7%

 

Arista Networks, Inc.†

     2,722        734,232  
             


Oil Refining & Marketing — 0.6%

 

Andeavor

     6,434        576,615  
             


Retail - Apparel/Shoe — 0.8%

 

PVH Corp.

     5,307        765,694  
             


 

 

7


Table of Contents

VALIC Company II Capital Appreciation Fund

PORTFOLIO OF INVESTMENTS — February 28, 2018 (unaudited) — (continued)


 

Security Description    Shares
     Value
(Note 2)
 

                 

COMMON STOCKS (continued)

 

Retail-Auto Parts — 1.2%

 

O’Reilly Automotive, Inc.†

     4,819      $ 1,176,752  
             


Retail - Building Products — 2.3%

 

Home Depot, Inc.

     12,359        2,252,675  
             


Retail - Discount — 2.7%

 

Costco Wholesale Corp.

     8,418        1,606,996  

Dollar Tree, Inc.†

     10,581        1,086,034  
             


                2,693,030  
             


Telephone - Integrated — 1.8%

 

Verizon Communications, Inc.

     37,465        1,788,579  
             


Therapeutics — 0.8%

 

Neurocrine Biosciences, Inc.†

     9,751        823,277  
             


Transport - Rail — 1.8%

 

Union Pacific Corp.

     14,130        1,840,432  
             


Web Portals/ISP — 3.9%

 

Alphabet, Inc., Class C†

     3,523        3,891,964  
             


Total Long-Term Investment Securities

 

        

(cost $74,049,444)

              98,332,611  
      


SHORT-TERM INVESTMENT SECURITIES — 2.8%

 

Registered Investment Companies — 1.0%

 

State Street Navigator Securities Lending Government Money Market Portfolio
1.37%(1)(2)

     988,769        988,769  
             


Security Description    Principal
Amount
    Value
(Note 2)
 

                
                  

Time Deposits — 1.8%

 

Euro Time Deposit with State Street Bank and Trust Co. 0.20% due 03/01/2018

   $ 1,781,000     $ 1,781,000  
            


Total Short-Term Investment Securities

 

       

(cost $2,769,769)

             2,769,769  
     


TOTAL INVESTMENTS

                

(cost $76,819,213)(3)

     101.3     101,102,380  

Liabilities in excess of other assets

     (1.3     (1,338,441
    


 


NET ASSETS

     100.0   $ 99,763,939  
    


 



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, 2018.
(2) At February 28, 2018, the Fund had loaned securities with a total value of $6,260,268. This was secured by collateral of $988,769, which was received in cash and subsequently invested in short-term investments currently valued at $988,769 as reported in the Portfolio of Investments. Additional collateral of $5,471,918 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, 2018


 

Federal Home Loan Mtg. Corp.

   2.75% to 4.50%    01/15/2039 to 01/01/2048    $ 2,820,394  

Federal National Mtg. Assoc.

   3.00% to 4.00%    10/01/2032 to 02/01/2048      1,012,389  

Government National Mtg. Assoc.

   2.50% to 3.50%    08/20/2045 to 02/16/2058      1,046,761  

United States Treasury Bills

   0.00%    05/03/2018 to 07/19/2018      10,482  

United States Treasury Notes/Bonds

   0.13% to 4.63%    04/15/2018 to 05/15/2047      581,892  

 

(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, 2018 (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

   $ 98,332,611      $ —        $ —        $ 98,332,611  

Short Term Investment Securities:

                                   

Registered Investment Companies

     988,769        —          —          988,769  

Time Deposits

     —          1,781,000        —          1,781,000  
    


  


  


  


Total Investments at Value

   $ 99,321,380      $ 1,781,000      $         —        $ 101,102,380  
    


  


  


  



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

 

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

 

See Notes to Financial Statements

 

8


Table of Contents

VALIC Company II Conservative Growth Lifestyle Fund

PORTFOLIO PROFILE — February 28, 2018 (unaudited)


 

Industry Allocation*

 

Domestic Fixed Income Investment Companies

     57.2

Domestic Equity Investment Companies

     25.6  

International Equity Investment Companies

     12.7  

Real Estate Investment Companies

     2.5  

International Fixed Income Investment Companies

     2.0  
    


       100.0
    


 

* Calculated as a percentage of net assets
 

 

9


Table of Contents

VALIC Company II Conservative Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS — February 28, 2018 (unaudited)


 

Security Description    Shares      Value
(Note 2)
 

AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%

 

Domestic Equity Investment Companies — 25.6%

 

VALIC Co. I Dividend Value Fund†

     712,755      $ 9,543,788  

VALIC Co. I Large Cap Core Fund†

     138,775        1,759,665  

VALIC Co. I Mid Cap Index Fund†

     203,528        5,881,947  

VALIC Co. I Mid Cap Strategic Growth Fund†

     22,028        355,535  

VALIC Co. I Nasdaq-100 Index Fund†

     99,062        1,425,509  

VALIC Co. I Science & Technology Fund†

     44,099        1,432,334  

VALIC Co. I Small Cap Index Fund†

     187,658        4,222,307  

VALIC Co. I Small Cap Special Values Fund†

     957,995        13,747,224  

VALIC Co. I Stock Index Fund†

     8,495        352,812  

VALIC Co. I Value Fund†

     70,206        1,288,281  

VALIC Co. II Capital Appreciation Fund

     224,935        4,165,789  

VALIC Co. II Large Cap Value Fund

     243,564        5,526,477  

VALIC Co. II Mid Cap Growth Fund†

     31,371        355,749  

VALIC Co. II Mid Cap Value Fund

     675,647        15,479,066  

VALIC Co. II Small Cap Growth Fund

     260,337        5,206,737  

VALIC Co. II Small Cap Value Fund

     1,049,270        15,948,898  
             


Total Domestic Equity Investment Companies

                 

(cost $77,615,577)

              86,692,118  
             


Domestic Fixed Income Investment Companies — 57.2%

 

VALIC Co. I Capital Conservation Fund†

     1,837,306        17,876,992  

VALIC Co. I Inflation Protected Fund†

     2,764,505        30,907,171  

VALIC Co. II Core Bond Fund

     3,699,304        40,581,365  

VALIC Co. II High Yield Bond Fund

     4,697,126        36,919,408  

VALIC Co. II Strategic Bond Fund

     5,918,186        67,053,048  
             


Total Domestic Fixed Income Investment Companies

                 

(cost $192,302,737)

              193,337,984  
             


Security Description    Shares     Value
(Note 2)
 

                  

International Equity Investment Companies — 12.7%

 

VALIC Co. I Emerging Economies Fund†

     449,025     $ 4,413,918  

VALIC Co. I Foreign Value Fund†

     1,112,460       12,114,686  

VALIC Co. I International Equities Index Fund†

     2,323,511       17,774,861  

VALIC Co. I International Growth Fund†

     94,421       1,370,988  

VALIC Co. II International Opportunities Fund

     332,249       7,146,674  
            


Total International Equity Investment Companies

                

(cost $41,698,595)

             42,821,127  
            


International Fixed Income Investment Companies — 2.0%

 

VALIC Co. I International Government Bond Fund†

                

(cost $6,767,110)

     573,588       6,888,795  
            


Real Estate Investment Companies — 2.5%

                

VALIC Co. I Global Real Estate Fund†

                

(cost $8,771,091)

     1,097,275       8,492,908  
            


TOTAL INVESTMENTS

                

(cost $327,155,110)(2)

     100.0     338,232,932  

Liabilities in excess of other assets

     (0.0     (13,077
    


 


NET ASSETS

     100.0   $ 338,219,855  
    


 



# 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 fund’s prospectuses and shareholder reports is available at our website, www.valic.com.
Non-income producing security
(1) See Note 3.
(2) See Note 5 for cost of investments on a tax basis.
 

The following is a summary of the inputs used to value the Fund’s net assets as of February 28, 2018 (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

   $ 338,232,932      $         —        $         —        $ 338,232,932  
    


  


  


  



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

 

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

 

See Notes to Financial Statements

 

10


Table of Contents

VALIC Company II Core Bond Fund

PORTFOLIO PROFILE — February 28, 2018 (unaudited)


 

Industry Allocation*

 

Federal National Mtg. Assoc.

     18.8

Federal Home Loan Mtg. Corp.

     11.8  

Diversified Banking Institutions

     7.4  

Sovereign

     6.4  

United States Treasury Notes

     4.7  

Banks — Commercial

     3.9  

Registered Investment Companies

     3.9  

United States Treasury Bonds

     3.0  

Diversified Financial Services

     2.8  

Pipelines

     2.8  

Government National Mtg. Assoc.

     2.6  

Electric — Integrated

     2.2  

Telephone — Integrated

     2.1  

Oil Companies — Exploration & Production

     1.9  

Auto — Cars/Light Trucks

     1.6  

Oil Companies — Integrated

     1.6  

Banks — Super Regional

     1.5  

Cable/Satellite TV

     0.8  

Insurance — Life/Health

     0.7  

Computers

     0.7  

Computer Services

     0.7  

Real Estate Investment Trusts

     0.6  

Paper & Related Products

     0.6  

Brewery

     0.6  

Banks — Special Purpose

     0.6  

Savings & Loans/Thrifts

     0.6  

Enterprise Software/Service

     0.5  

Insurance — Multi-line

     0.5  

Finance — Other Services

     0.5  

Medical Labs & Testing Services

     0.5  

Cellular Telecom

     0.5  

Diversified Manufacturing Operations

     0.4  

Networking Products

     0.4  

Electric — Generation

     0.3  

Medical — Biomedical/Gene

     0.3  

Finance — Credit Card

     0.3  

Insurance — Mutual

     0.3  

Medical — HMO

     0.3  

Aerospace/Defense — Equipment

     0.3  

Finance — Consumer Loans

     0.3  

Machinery — Farming

     0.3  

Oil Refining & Marketing

     0.3  

Oil — Field Services

     0.3  

Satellite Telecom

     0.3  

Medical — Drugs

     0.2  

Building & Construction Products — Misc.

     0.2  

Chemicals — Diversified

     0.2  

Agricultural Chemicals

     0.2  

Building Products — Wood

     0.2  

Retail — Discount

     0.2  

Transport — Marine

     0.2  

Machinery — Construction & Mining

     0.2  

SupraNational Banks

     0.2  

Computers — Memory Devices

     0.2  

Building — Residential/Commercial

     0.2  

Banks — Fiduciary

     0.2  

Finance — Investment Banker/Broker

     0.2  

Metal — Copper

     0.2  

Medical — Hospitals

     0.2  

Coatings/Paint

     0.2  

Retail — Restaurants

     0.2  

Transport — Rail

     0.2  

Food — Retail

     0.2  

Electronic Components — Semiconductors

     0.2  

Tools — Hand Held

     0.2  

Telecom Services

     0.2  

Food — Meat Products

     0.2  

Computers — Integrated Systems

     0.1  

Real Estate Management/Services

     0.1  

Retail — Automobile

     0.1  

Building Products — Cement

     0.1  

Diversified Minerals

     0.1  

Containers — Metal/Glass

     0.1  

Food — Misc./Diversified

     0.1  

Commercial Services

     0.1  

Finance — Auto Loans

     0.1  

Steel — Producers

     0.1  

Auto — Heavy Duty Trucks

     0.1  

Internet Connectivity Services

     0.1  

Insurance — Property/Casualty

     0.1  

Electronic Components — Misc.

     0.1  

Pharmacy Services

     0.1  

Banks — Money Center

     0.1  

Transport — Equipment & Leasing

     0.1  

Electric — Distribution

     0.1  

Cosmetics & Toiletries

     0.1  

Printing — Commercial

     0.1  

Gold Mining

     0.1  

Oil & Gas Drilling

     0.1  

Metal Processors & Fabrication

     0.1  

Medical — Generic Drugs

     0.1  

Central Bank

     0.1  

Building & Construction — Misc.

     0.1  

Petrochemicals

     0.1  

Semiconductor Components — Integrated Circuits

     0.1  

Retail — Office Supplies

     0.1  

Radio

     0.1  

Medical Instruments

     0.1  

Broadcast Services/Program

     0.1  

Building Societies

     0.1  

Insurance — Reinsurance

     0.1  

Retail — Auto Parts

     0.1  

Metal — Diversified

     0.1  

Publishing — Books

     0.1  

Marine Services

     0.1  

Applications Software

     0.1  

Coal

     0.1  

Building — Heavy Construction

     0.1  

Cruise Lines

     0.1  

Energy — Alternate Sources

     0.1  

Beverages — Non — alcoholic

     0.1  

Travel Services

     0.1  

Finance — Mortgage Loan/Banker

     0.1  

Internet Content — Entertainment

     0.1  

Distribution/Wholesale

     0.1  

Circuit Boards

     0.1  

Television

     0.1  

Retail — Appliances

     0.1  

Finance — Leasing Companies

     0.1  

Chemicals — Specialtypg

     0.1  

Building Products — Air & Heating

     0.1  

Rental Auto/Equipment

     0.1  

Independent Power Producers

     0.1  

Internet Application Software

     0.1  

Containers — Paper/Plastic

     0.1  

Hotels/Motels

     0.1  

Advertising Agencies

     0.1  

Semiconductor Equipment

     0.1  

Racetracks

     0.1  

Batteries/Battery Systems

     0.1  

Real Estate Operations & Development

     0.1  

Machinery — Thermal Process

     0.1  

Tennessee Valley Authority

     0.1  

Medical — Wholesale Drug Distribution

     0.1  
    


       102.8
    


 

* Calculated as a percentage of net assets
 

 

11


Table of Contents

VALIC Company II Core Bond Fund

PORTFOLIO PROFILE February 28, 2018 (unaudited) — (continued)


 

 

Credit Quality†#

 

Aaa

     44.5

Aa

     3.7  

A

     13.2  

Baa

     18.1  

Ba

     9.4  

B

     6.2  

Caa

     1.3  

Not Rated @

     3.6  
    


       100.0
    


 

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


Table of Contents

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2018 (unaudited)


 

Security Description    Principal
Amount
     Value
(Note 2)
 

                 

ASSET BACKED SECURITIES — 2.5%

 

Diversified Financial Services — 2.5%

 

Avis Budget Rental Car Funding AESOP LLC
Series 2015-1A, Class A
2.50% due 07/20/2021*

   $ 550,000      $ 543,438  

Benchmark Mtg. Trust
Series 2018-B1, Class A2
3.57% due 01/15/2051(1)

     1,233,000        1,258,657  

BMW Vehicle Lease Trust
Series 2017-2, Class A3
2.07% due 10/20/2020

     325,000        322,032  

Capital One Multi-Asset Execution Trust
Series 2016-A4, Class A4
1.33% due 06/15/2022

     725,000        711,994  

CarMax Auto Owner Trust
Series 2016-4, Class A4
1.60% due 06/15/2022

     1,042,000        1,006,487  

CarMax Auto Owner Trust
Series 2014-4, Class C
2.44% due 11/16/2020

     1,000,000        998,661  

CGGS Commercial Mtg. Trust
Series 2016-RNDA, Class AFX
2.76% due 02/10/2033*(1)

     2,429,849        2,413,028  

Chase Mtg. Finance Trust VRS
Series 2016-2, Class M2
3.75% due 12/25/2045*(2)(8)

     1,762,320        1,752,028  

Citibank Credit Card Issuance Trust FRS
Series 2018-A2, Class A2
1.89% (1ML+0.33%)
due 01/21/2025

     200,000        200,336  

Citibank Credit Card Issuance Trust
Series 2017-A3, Class A3
1.92% due 04/07/2022

     1,554,000        1,529,419  

COMM Mtg. Trust VRS
Series 2016-787S, Class B
3.83% due 02/10/2036*(1)(8)

     754,000        748,207  

Core Industrial Trust
Series 2015-CALW, Class A
3.04% due 02/10/2034*(1)

     6,000        5,988  

CSAIL Commercial Mtg. Trust
Series 2017-C8, Class A2
2.99% due 06/15/2050(1)

     1,770,000        1,757,579  

CSMC Trust
Series 2015-GLPA, Class A
3.88% due 11/15/2037*(1)

     1,500,000        1,537,153  

DBCG Mtg. Trust FRS
Series 2017-BBG, Class A
2.29% (1 ML+0.70%)
due 06/15/2034*(1)

     300,000        300,475  

Discover Card Execution Note Trust
Series 2015-A4, Class A4
2.19% due 04/17/2023

     1,556,000        1,533,407  

Ford Credit Auto Owner Trust
Series 2014-C,Class B
1.97% due 04/15/2020

     1,023,000        1,018,381  

GM Financial Consumer Automobile Receivables Trust
Series 2017-3A, Class 4A
2.13% due 03/16/2023*

     1,000,000        980,520  

GS Mtg. Securities Trust
Series 2015-GC28, Class A2
2.90% due 02/10/2048(1)

     61,000        61,139  

Honda Auto Receivables Owner Trust
Series 2016-2, Class A4
1.62% due 08/15/2022

     512,000        505,879  
Security Description    Principal
Amount
     Value
(Note 2)
 

                 
                   

Diversified Financial Services (continued)

 

Morgan Stanley Bank of America Merrill Lynch Trust
Series 2015-C23, Class A2
2.98% due 07/15/2050(1)

   $ 1,000,000      $ 1,001,975  

Morgan Stanley Capital Barclays Bank Trust
Series 2016-MART, Class A
2.20% due 09/13/2031*(1)

     2,397,000        2,318,490  

MSDB Trust VRS
Series 2017-712F, Class A
3.32% due 07/11/2039*(1)(8)

     4,520,000        4,434,795  

Nissan Auto Receivables Owner Trust
Series 2016-C, Class A3
1.18% due 01/15/2021

     500,000        493,741  

Synchrony Credit Card Master Note Trust
Series 2016-3, Class B
1.91% due 09/15/2022

     1,200,000        1,184,995  

Synchrony Credit Card Master Note Trust
Series 2016-1, Class A
2.04% due 03/15/2022

     350,000        348,531  

Synchrony Credit Card Master Note Trust
Series 2016-2, Class A
2.21% due 05/15/2024

     850,000        831,276  

Toyota Auto Receivables Owner Trust
Series 2018-A, Class A3
2.35% due 05/16/2022

     125,000        124,291  

World Financial Network Credit Card Master Trust
Series 2016-A, Class A
2.03% due 04/15/2025

     446,000        431,439  
             


Total Asset Backed Securities

                 

(cost $30,912,683)

              30,354,341  
             


U.S. CORPORATE BONDS & NOTES — 34.0%

 

Advertising Agencies — 0.1%

 

Interpublic Group of Cos., Inc.
Senior Notes
4.20% due 04/15/2024#

     611,000        624,102  
             


Aerospace/Defense - Equipment — 0.2%

 

Moog, Inc.
Company Guar. Notes
5.25% due 12/01/2022*

     459,000        472,770  

Triumph Group, Inc.
Company Guar. Notes
4.88% due 04/01/2021

     896,000        873,600  

United Technologies Corp.
Senior Notes
1.90% due 05/04/2020

     1,106,000        1,088,430  
             


                2,434,800  
             


Agricultural Chemicals — 0.2%

 

Mosaic Co.
Senior Notes
3.25% due 11/15/2022

     769,000        754,278  

Mosaic Co.
Senior Notes
4.05% due 11/15/2027

     1,050,000        1,023,888  

Mosaic Co.
Senior Notes
4.88% due 11/15/2041

     440,000        417,634  
             


                2,195,800  
             


Airlines — 0.0%

 

Atlas Air, Inc.
Pass-Through Certs.
Series 1999-1, Class B
7.63% due 01/02/2019(3)

     37,452        37,587  
 

 

13


Table of Contents

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS February 28, 2018 (unaudited) — (continued)


 

Security Description    Principal
Amount
     Value
(Note 2)
 

U.S. CORPORATE BONDS & NOTES (continued)

 

Airlines (continued)

 

United Airlines Pass-Through Trust
Pass-Through Certs.
Series 2014-2, Class B
4.63% due 03/03/2024

   $ 543,471      $ 554,514  
             


                592,101  
             


Applications Software — 0.1%

 

Microsoft Corp.
Senior Notes
4.10% due 02/06/2037

     815,000        856,032  
             


Auto - Cars/Light Trucks — 1.5%

 

American Honda Finance Corp.
Senior Notes
1.20% due 07/12/2019

     174,000        170,841  

American Honda Finance Corp.
Senior Notes
2.00% due 11/13/2019#

     1,065,000        1,054,765  

BMW US Capital LLC
Company Guar. Notes
1.50% due 04/11/2019*

     1,015,000        1,003,268  

Daimler Finance North America LLC
Company Guar. Notes
1.50% due 07/05/2019*

     1,497,000        1,472,204  

Daimler Finance North America LLC
Company Guar. Notes
2.00% due 07/06/2021*

     911,000        877,959  

Daimler Finance North America LLC
Company Guar. Notes
2.30% due 01/06/2020*

     834,000        824,949  

Daimler Finance North America LLC
Company Guar. Notes
2.45% due 05/18/2020*

     1,839,000        1,818,778  

Ford Motor Credit Co. LLC
Senior Notes
2.34% due 11/02/2020

     3,372,000        3,289,446  

Ford Motor Credit Co. LLC
Senior Notes
3.82% due 11/02/2027

     654,000        613,015  

Nissan Motor Acceptance Corp.
Senior Notes
2.15% due 09/28/2020*

     2,401,000        2,356,310  

Nissan Motor Acceptance Corp.
Senior Notes
2.65% due 07/13/2022*

     1,757,000        1,710,754  

Toyota Motor Credit Corp.
Senior Notes
1.70% due 01/09/2019

     2,371,000        2,356,120  
             


                17,548,409  
             


Auto-Heavy Duty Trucks — 0.1%

 

JB Poindexter & Co., Inc.
Senior Notes
9.00% due 04/01/2022*

     674,000        695,905  

PACCAR Financial Corp.
Senior Notes
2.05% due 11/13/2020

     747,000        733,430  
             


                1,429,335  
             


Auto/Truck Parts & Equipment - Original — 0.0%

 

Lear Corp.
Senior Notes
3.80% due 09/15/2027

     536,000        518,360  
             


Security Description    Principal
Amount
     Value
(Note 2)
 

                   

Banks - Commercial — 2.0%

 

BankUnited, Inc.
Senior Notes
4.88% due 11/17/2025

   $ 4,485,000      $ 4,633,418  

BB&T Corp
Senior Notes
2.15% due 02/01/2021

     1,044,000        1,022,235  

Citizens Bank NA
Senior Notes
2.55% due 05/13/2021

     514,000        503,749  

Fifth Third Bank
Senior Notes
2.20% due 10/30/2020

     732,000        717,215  

First Horizon National Corp.
Senior Notes
3.50% due 12/15/2020

     3,712,000        3,747,072  

First Tennessee Bank NA
Senior Notes
2.95% due 12/01/2019

     979,000        979,335  

PNC Bank NA
Senior Notes
2.00% due 05/19/2020

     1,514,000        1,486,621  

Regions Financial Corp.
Senior Notes
2.75% due 08/14/2022

     1,610,000        1,569,357  

Regions Financial Corp.
Sub. Notes
7.38% due 12/10/2037

     4,567,000        6,033,562  

Santander Holdings USA, Inc.
Senior Notes
3.40% due 01/18/2023*

     1,056,000        1,032,571  

Santander Holdings USA, Inc.
Senior Notes
3.70% due 03/28/2022*

     1,560,000        1,562,541  

Synovus Financial Corp.
Senior Notes
3.13% due 11/01/2022

     767,000        749,298  
             


                24,036,974  
             


Banks - Fiduciary — 0.2%

 

Bank of New York Mellon Corp.
Senior Notes
2.66% due 05/16/2023

     706,000        689,105  

Citizens Financial Group, Inc.
Sub. Notes
4.15% due 09/28/2022*

     1,570,000        1,596,002  
             


                2,285,107  
             


Banks - Super Regional — 1.2%

 

Capital One Financial Corp.
Sub. Notes
4.20% due 10/29/2025

     1,040,000        1,031,247  

Citibank NA
Senior Notes
2.13% due 10/20/2020

     2,323,000        2,271,210  

Huntington National Bank
Senior Notes
2.38% due 03/10/2020

     1,255,000        1,245,392  

Wells Fargo & Co.
Senior Notes
3.07% due 01/24/2023

     5,981,000        5,895,032  

Wells Fargo & Co.
Sub. Notes
4.40% due 06/14/2046

     133,000        130,837  
 

 

14


Table of Contents

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2018 (unaudited) — (continued)


 

Security Description    Principal
Amount
     Value
(Note 2)
 

                 

U.S. CORPORATE BONDS & NOTES (continued)

 

Banks - Super Regional (continued)

 

Wells Fargo & Co.
Sub. Notes
4.75% due 12/07/2046

   $ 1,795,000      $ 1,856,779  

Wells Fargo & Co.
Sub. Notes
4.90% due 11/17/2045

     194,000        204,878  

Wells Fargo Bank NA
Senior Notes
2.40% due 01/15/2020

     1,900,000        1,885,329  
             


                14,520,704  
             


Batteries/Battery Systems — 0.1%

 

EnerSys
Company Guar. Notes
5.00% due 04/30/2023*

     605,000        618,612  
             


Brewery — 0.6%

 

Anheuser-Busch InBev Finance, Inc.
Company Guar. Notes
2.65% due 02/01/2021

     2,158,000        2,137,741  

Anheuser-Busch InBev Finance, Inc.
Company Guar. Notes
4.70% due 02/01/2036

     1,481,000        1,556,321  

Anheuser-Busch InBev Finance, Inc.
Company Guar. Notes
4.90% due 02/01/2046

     3,262,000        3,478,720  
             


                7,172,782  
             


Broadcast Services/Program — 0.1%

 

Clear Channel Worldwide Holdings, Inc.
Company Guar. Notes
6.50% due 11/15/2022#

     440,000        451,000  

Discovery Communications LLC
Company Guar. Notes
5.00% due 09/20/2037

     546,000        545,095  
             


                996,095  
             


Building & Construction Products - Misc. — 0.2%

 

Owens Corning
Company Guar. Notes
4.30% due 07/15/2047

     2,088,000        1,921,083  

Owens Corning
Company Guar. Notes
4.40% due 01/30/2048

     660,000        617,126  

Standard Industries, Inc.
Senior Notes
5.00% due 02/15/2027*

     381,000        377,666  
             


                2,915,875  
             


Building & Construction - Misc. — 0.1%

 

Weekley Homes LLC/Weekley Finance Corp.
Senior Notes
6.00% due 02/01/2023

     1,100,000        1,111,000  
             


Building Products - Air & Heating — 0.1%

 

Lennox International, Inc.
Company Guar. Notes
3.00% due 11/15/2023

     710,000        692,144  
             


Building Products - Cement — 0.1%

 

Martin Marietta Materials, Inc.
Senior Notes
4.25% due 12/15/2047

     492,000        456,863  

Vulcan Materials Co.
Senior Notes
4.70% due 03/01/2048*

     1,197,000        1,181,759  
             


                1,638,622  
             


Security Description    Principal
Amount
    

Value

(Note 2)

 

                 
                   

Building Products - Wood — 0.2%

 

Boise Cascade Co.
Company Guar. Notes
5.63% due 09/01/2024*

   $ 625,000      $ 643,750  

Masco Corp.
Senior Notes
4.45% due 04/01/2025

     1,336,000        1,376,614  

Masco Corp.
Senior Notes
4.50% due 05/15/2047

     766,000        739,542  
             


                2,759,906  
             


Building - Heavy Construction — 0.1%

 

Tutor Perini Corp.
Company Guar. Notes
6.88% due 05/01/2025*#

     795,000        834,750  
             


Building - Residential/Commercial — 0.1%

 

Lennar Corp.
Company Guar. Notes
4.13% due 01/15/2022

     454,000        449,460  

Toll Brothers Finance Corp.
Company Guar. Notes
4.35% due 02/15/2028

     1,359,000        1,284,255  
             


                1,733,715  
             


Cable/Satellite TV — 0.5%

 

Block Communications, Inc.
Senior Notes
6.88% due 02/15/2025*

     1,104,000        1,142,640  

CCO Holdings LLC/CCO Holdings Capital Corp.
Senior Notes
5.00% due 02/01/2028*

     895,000        844,925  

Charter Communications Operating LLC/Charter Communications Operating Capital
Senior Sec. Notes
3.75% due 02/15/2028

     619,000        572,360  

Charter Communications Operating LLC/Charter Communications Operating Capital
Senior Sec. Notes
5.38% due 05/01/2047

     401,000        396,924  

Charter Communications Operating LLC/Charter Communications Operating Capital
Senior Sec. Notes
6.38% due 10/23/2035

     857,000        967,645  

Comcast Corp.
Company Guar. Notes
3.90% due 03/01/2038

     942,000        899,066  

CSC Holdings LLC
Company Guar. Notes
5.50% due 04/15/2027*

     845,000        832,325  

DISH DBS Corp.
Company Guar. Notes
5.00% due 03/15/2023#

     295,000        271,031  

DISH DBS Corp.
Company Guar. Notes
5.88% due 11/15/2024

     449,000        420,937  

DISH DBS Corp.
Company Guar. Notes
7.75% due 07/01/2026

     240,000        236,400  
             


                6,584,253  
             


Cellular Telecom — 0.4%

 

Sprint Corp.
Company Guar. Notes
7.13% due 06/15/2024

     565,000        561,101  
 

 

15


Table of Contents

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2018 (unaudited) — (continued)


 

Security Description    Principal
Amount
    

Value

(Note 2)

 

U.S. CORPORATE BONDS & NOTES (continued)

 

Cellular Telecom (continued)

 

Sprint Corp.
Company Guar. Notes
7.63% due 03/01/2026

   $ 1,208,000      $ 1,203,591  

Sprint Corp.
Company Guar. Notes
7.88% due 09/15/2023

     1,397,000        1,445,895  

T-Mobile USA, Inc.
Company Guar. Notes
4.75% due 02/01/2028

     910,000        887,596  

United States Cellular Corp.
Senior Notes
6.70% due 12/15/2033

     476,000        499,800  
             


                4,597,983  
             


Chemicals - Diversified — 0.0%

 

Westlake Chemical Corp.
Company Guar. Notes
4.38% due 11/15/2047

     582,000        558,795  
             


Chemicals - Specialty — 0.1%

 

Lubrizol Corp.
Company Guar. Notes
6.50% due 10/01/2034

     550,000        708,295  
             


Circuit Boards — 0.1%

 

TTM Technologies, Inc.
Company Guar. Notes
5.63% due 10/01/2025*

     745,000        741,275  
             


Coal — 0.1%

 

SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.
Company Guar. Notes
7.50% due 06/15/2025*

     810,000        844,425  
             


Coatings/Paint — 0.2%

 

RPM International, Inc.
Senior Notes
3.75% due 03/15/2027

     484,000        474,365  

RPM International, Inc.
Senior Notes
4.25% due 01/15/2048

     476,000        439,471  

Sherwin-Williams Co.
Senior Notes
2.25% due 05/15/2020

     445,000        438,834  

Sherwin-Williams Co.
Senior Notes
2.75% due 06/01/2022

     840,000        819,105  
             


                2,171,775  
             


Commercial Services — 0.1%

 

Ecolab, Inc.
Senior Notes
2.38% due 08/10/2022

     1,532,000        1,480,218  
             


Computer Services — 0.7%

 

Harland Clarke Holdings Corp.
Senior Sec. Notes
8.38% due 08/15/2022*

     825,000        853,875  

Harland Clarke Holdings Corp.
Senior Notes
9.25% due 03/01/2021*

     952,000        985,320  

IBM Credit LLC
Senior Notes
1.63% due 09/06/2019

     1,868,000        1,842,768  
Security Description    Principal
Amount
    

Value

(Note 2)

 

                   

Computer Services (continued)

                 

IBM Credit LLC
Senior Notes
2.65% due 02/05/2021

   $ 4,351,000      $ 4,322,261  
             


                8,004,224  
             


Computers — 0.7%

 

Apple, Inc.
Senior Notes
2.45% due 08/04/2026

     1,432,000        1,326,483  

Apple, Inc.
Senior Notes
2.85% due 05/06/2021

     1,080,000        1,081,569  

Apple, Inc.
Senior Notes
3.75% due 11/13/2047#

     1,096,000        1,044,595  

Diamond 1 Finance Corp./Diamond 2 Finance Corp.
Senior Sec. Notes
6.02% due 06/15/2026*

     1,025,000        1,094,348  

Diamond 1 Finance Corp./Diamond 2 Finance Corp.
Senior Sec. Notes
8.10% due 07/15/2036*

     2,838,000        3,471,509  

Hewlett Packard Enterprise Co.
Senior Notes
6.20% due 10/15/2035

     54,000        57,631  
             


                8,076,135  
             


Computers - Integrated Systems — 0.1%

 

Diebold Nixdorf, Inc.
Company Guar. Notes
8.50% due 04/15/2024#

     775,000        817,625  

Everi Payments, Inc.
Company Guar. Notes
7.50% due 12/15/2025*

     1,005,000        1,020,075  
             


                1,837,700  
             


Computers - Memory Devices — 0.1%

 

Western Digital Corp.
Company Guar. Notes
4.75% due 02/15/2026

     1,753,000        1,766,147  
             


Consumer Products - Misc. — 0.0%

 

Central Garden & Pet Co.
Company Guar. Notes
5.13% due 02/01/2028

     575,000        559,187  
             


Containers - Metal/Glass — 0.1%

 

Crown Cork & Seal Co., Inc.
Company Guar. Notes
7.38% due 12/15/2026#

     683,000        775,205  

Owens-Brockway Glass Container, Inc.
Company Guar. Notes
5.38% due 01/15/2025*

     726,000        740,520  
             


                1,515,725  
             


Containers - Paper/Plastic — 0.1%

 

Multi-Color Corp.
Company Guar. Notes
6.13% due 12/01/2022*

     650,000        669,500  
             


Cosmetics & Toiletries — 0.1%

 

First Quality Finance Co., Inc.
Company Guar. Notes
5.00% due 07/01/2025*

     434,000        425,320  
 

 

16


Table of Contents

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2018 (unaudited) — (continued)


 

Security Description    Principal
Amount
    

Value

(Note 2)

 

U.S. CORPORATE BONDS & NOTES (continued)

 

Cosmetics & Toiletries (continued)

 

Procter & Gamble Co.
Senior Notes
2.30% due 02/06/2022

   $ 895,000      $ 877,887  
             


                1,303,207  
             


Dialysis Centers — 0.0%

 

DaVita HealthCare Partners, Inc.
Company Guar. Notes
5.00% due 05/01/2025

     575,000        564,219  
             


Distribution/Wholesale — 0.1%

 

H&E Equipment Services, Inc.
Company Guar. Notes
5.63% due 09/01/2025*

     750,000        766,875  
             


Diversified Banking Institutions — 3.8%

 

Bank of America Corp.
Senior Notes
3.55% due 03/05/2024

     1,202,000        1,202,000  

Bank of America Corp.
Senior Notes
3.59% due 07/21/2028#

     1,566,000        1,525,221  

Bank of America Corp.
Senior Bonds
3.95% due 01/23/2049

     965,000        924,747  

Bank of America Corp.
Sub. Notes
4.18% due 11/25/2027

     3,378,000        3,376,396  

Bank of America Corp.
Sub. Notes
6.11% due 01/29/2037

     1,681,000        2,022,627  

Citigroup, Inc.
Senior Notes
2.88% due 07/24/2023

     1,591,000        1,552,637  

Citigroup, Inc.
Senior Notes
3.67% due 07/24/2028

     894,000        874,462  

Citigroup, Inc.
Sub. Notes
4.40% due 06/10/2025

     2,412,000        2,469,428  

Citigroup, Inc.
Sub. Notes
4.45% due 09/29/2027

     4,053,000        4,136,186  

Citigroup, Inc.
Sub. Notes
6.00% due 10/31/2033

     622,000        730,074  

Goldman Sachs Group, Inc.
Senior Notes
2.91% due 06/05/2023

     1,526,000        1,487,277  

Goldman Sachs Group, Inc.
Senior Notes
3.63% due 01/22/2023

     1,286,000        1,295,869  

Goldman Sachs Group, Inc.
Senior Notes
4.02% due 10/31/2038

     1,893,000        1,829,265  

Goldman Sachs Group, Inc.
Senior Notes
6.13% due 02/15/2033

     1,627,000        1,960,708  

Goldman Sachs Group, Inc.
Sub. Notes
6.75% due 10/01/2037

     2,249,000        2,841,720  

JPMorgan Chase & Co.
Senior Notes
2.55% due 03/01/2021

     2,605,000        2,571,282  

JPMorgan Chase & Co.
Senior Notes
3.88% due 07/24/2038

     2,997,000        2,893,516  
Security Description    Principal
Amount
    

Value

(Note 2)

 

                   

Diversified Banking Institutions (continued)

                 

Morgan Stanley
Senior Notes
2.75% due 05/19/2022

   $ 2,694,000      $ 2,634,985  

Morgan Stanley
Senior Notes
3.59% due 07/22/2028

     974,000        940,394  

Morgan Stanley
Senior Notes
3.77% due 01/24/2029

     944,000        923,779  

Morgan Stanley
Senior Notes
3.97% due 07/22/2038

     749,000        730,177  

Morgan Stanley
Sub. Notes
4.10% due 05/22/2023

     2,125,000        2,163,164  

Morgan Stanley
Sub. Notes
5.00% due 11/24/2025

     4,374,000        4,654,140  
             


                45,740,054  
             


Diversified Financial Services — 0.1%

 

USAA Capital Corp.
Senior Notes
2.13% due 06/03/2019*

     1,623,000        1,612,916  
             


Diversified Manufacturing Operations — 0.2%

 

Carlisle Cos., Inc.
Senior Notes
3.75% due 12/01/2027

     1,222,000        1,202,902  

Trinity Industries, Inc.
Company Guar. Notes
4.55% due 10/01/2024

     777,000        773,616  
             


                1,976,518  
             


Electric - Distribution — 0.1%

 

NextEra Energy Operating Partners LP
Company Guar. Notes
4.25% due 09/15/2024*

     424,000        418,170  

NextEra Energy Operating Partners LP
Company Guar. Notes
4.50% due 09/15/2027*

     357,000        343,612  
             


                761,782  
             


Electric - Generation — 0.2%

 

Basin Electric Power Cooperative
1st Mtg. Notes
4.75% due 04/26/2047*

     2,403,000        2,510,232  
             


Electric - Integrated — 1.5%

 

Dominion Energy, Inc.
Junior Sub. Notes
2.58% due 07/01/2020

     707,000        698,479  

Dominion Resources, Inc.
Senior Notes
5.25% due 08/01/2033

     1,459,000        1,616,008  

Duke Energy Progress LLC
1st Mtg. Notes
2.80% due 05/15/2022

     1,018,000        1,010,905  

Exelon Corp.
Junior Sub. Notes
3.50% due 06/01/2022

     1,455,000        1,452,986  

Exelon Generation Co. LLC
Senior Notes
2.95% due 01/15/2020

     785,000        784,831  

FirstEnergy Corp.
Senior Notes
3.90% due 07/15/2027

     506,000        500,546  
 

 

17


Table of Contents

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2018 (unaudited) — (continued)


 

Security Description    Principal
Amount
    

Value

(Note 2)

 

U.S. CORPORATE BONDS & NOTES (continued)

 

Electric-Integrated (continued)

 

FirstEnergy Corp.
Senior Notes
4.85% due 07/15/2047

   $ 1,765,000      $ 1,855,123  

FirstEnergy Corp.
Senior Notes
7.38% due 11/15/2031

     3,966,000        5,228,721  

Georgia Power Co.
Senior Notes
2.00% due 09/08/2020

     938,000        921,648  

Massachusetts Electric Co.
Notes
4.00% due 08/15/2046*

     1,670,000        1,659,319  

South Carolina Electric & Gas Co.
1st Mtg. Bonds
5.10% due 06/01/2065

     1,634,000        1,702,331  
             


                17,430,897  
             


Electronic Components - Misc. — 0.1%

 

Corning, Inc.
Senior Notes
1.50% due 05/08/2018

     667,000        666,066  

Jabil, Inc.
Senior Notes
3.95% due 01/12/2028#

     785,000        753,490  
             


                1,419,556  
             


Electronic Components - Semiconductors — 0.2%

 

Intel Corp.
Senior Notes
2.35% due 05/11/2022

     1,912,000        1,869,858  
             


Electronic Parts Distribution — 0.0%

 

Ingram Micro, Inc.
Senior Notes
5.45% due 12/15/2024

     550,000        544,833  
             


Energy - Alternate Sources — 0.1%

 

Pattern Energy Group, Inc.
Company Guar. Notes
5.88% due 02/01/2024*

     803,000        826,929  
             


Enterprise Software/Service — 0.5%

 

BMC Software Finance, Inc.
Senior Notes
8.13% due 07/15/2021*

     242,000        242,908  

Donnelley Financial Solutions, Inc.
Company Guar. Notes
8.25% due 10/15/2024

     957,000        1,007,243  

Oracle Corp.
Senior Notes
1.90% due 09/15/2021

     2,231,000        2,156,495  

Oracle Corp.
Senior Notes
3.80% due 11/15/2037

     962,000        951,336  

Oracle Corp.
Senior Notes
3.85% due 07/15/2036#

     1,862,000        1,864,223  

Oracle Corp.
Senior Notes
3.90% due 05/15/2035

     309,000        306,237  
             


                6,528,442  
             


Finance - Auto Loans — 0.1%

 

Ally Financial, Inc.
Sub. Notes
5.75% due 11/20/2025#

     700,000        729,750  
Security Description    Principal
Amount
    

Value

(Note 2)

 

                   

Finance - Auto Loans (continued)

                 

Credit Acceptance Corp.
Company Guar. Notes
7.38% due 03/15/2023#

   $ 701,000      $ 732,545  
             


                1,462,295  
             


Finance - Consumer Loans — 0.2%

 

Enova International, Inc.
Company Guar. Notes
8.50% due 09/01/2024*

     880,000        928,400  

Enova International, Inc.
Company Guar. Notes
9.75% due 06/01/2021

     80,000        84,300  

SLM Corp.
Senior Notes
5.63% due 08/01/2033

     983,000        874,870  

Springleaf Finance Corp.
Company Guar. Notes
6.13% due 05/15/2022

     775,000        794,375  
             


                2,681,945  
             


Finance - Credit Card — 0.3%

 

Alliance Data Systems Corp.
Company Guar. Notes
5.88% due 11/01/2021*

     800,000        818,000  

American Express Co.
Senior Notes
2.50% due 08/01/2022

     3,432,000        3,318,924  
             


                4,136,924  
             


Finance - Investment Banker/Broker — 0.2%

 

Jefferies Group LLC/Jefferies Group Capital Finance, Inc.
Senior Notes
4.15% due 01/23/2030

     944,000        895,958  

Lehman Brothers Holdings, Inc.
Escrow Notes
6.75% due 12/28/2017†(3)(4)

     179,000        18  

Lehman Brothers Holdings, Inc.
Escrow Notes
7.50% due 05/11/2038†(3)(4)

     230,000        23  

LPL Holdings, Inc.
Company Guar. Notes
5.75% due 09/15/2025*

     570,000        577,125  

TD Ameritrade Holding Corp.
Senior Notes
2.95% due 04/01/2022

     794,000        788,561  
             


                2,261,685  
             


Finance - Leasing Companies — 0.1%

 

Washington Prime Group LP
Senior Notes
5.95% due 08/15/2024

     715,000        709,419  
             


Finance - Mortgage Loan/Banker — 0.1%

 

Quicken Loans, Inc.
Company Guar. Notes
5.75% due 05/01/2025*

     800,000        806,000  
             


Finance - Other Services — 0.4%

 

National Rural Utilities Cooperative Finance Corp.
Collateral Trust Bonds
2.30% due 11/01/2020

     2,420,000        2,391,141  

National Rural Utilities Cooperative Finance Corp.
Senior Notes
2.30% due 09/15/2022

     1,032,000        997,214  

National Rural Utilities Cooperative Finance Corp.
Collateral Trust Notes
2.40% due 04/25/2022

     769,000        748,629  
 

 

18


Table of Contents

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2018 (unaudited) — (continued)


 

Security Description    Principal
Amount
    

Value

(Note 2)

 

U.S. CORPORATE BONDS & NOTES (continued)

 

Finance-Other Services (continued)

                 

Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.
Senior Notes
6.38% due 12/15/2022*

   $ 560,000      $ 568,400  
             


                4,705,384  
             


Food - Meat Products — 0.1%

 

Smithfield Foods, Inc.
Senior Notes
2.65% due 10/03/2021*

     600,000        580,126  
             


Food - Misc./Diversified — 0.1%

 

Kraft Heinz Foods Co.
Sec. Notes
4.88% due 02/15/2025*

     1,441,000        1,505,633  
             


Food - Retail — 0.2%

 

Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC
Company Guar. Notes
5.75% due 03/15/2025

     740,000        647,500  

Kroger Co.
Senior Notes
4.65% due 01/15/2048#

     1,522,000        1,469,412  
             


                2,116,912  
             


Food - Wholesale/Distribution — 0.0%

 

C&S Group Enterprises LLC
Senior Sec. Notes
5.38% due 07/15/2022*#

     370,000        351,038  
             


Gambling (Non-Hotel) — 0.0%

 

Mohegan Gaming & Entertainment
Company Guar. Notes
7.88% due 10/15/2024*#

     513,000        529,154  

Waterford Gaming LLC/Waterford Gaming Financial Corp.
Escrow Notes
8.63% due 09/15/2014*†(3)(4)(13)

     5,223        81  
             


                529,235  
             


Gas - Distribution — 0.0%

 

NiSource, Inc.
Senior Notes
4.38% due 05/15/2047

     488,000        494,431  
             


Hazardous Waste Disposal — 0.0%

 

Clean Harbors, Inc.
Company Guar. Notes
5.13% due 06/01/2021

     534,000        537,338  
             


Hotels/Motels — 0.1%

 

Wyndham Worldwide Corp.
Senior Notes
4.50% due 04/01/2027

     640,000        635,834  
             


Independent Power Producers — 0.1%

 

Calpine Corp.
Senior Sec. Notes
5.25% due 06/01/2026*

     700,000        679,000  
             


Insurance - Life/Health — 0.3%

 

Brighthouse Financial, Inc.
Senior Notes
4.70% due 06/22/2047*

     362,000        337,586  

Lincoln National Corp.
Senior Notes
3.80% due 03/01/2028

     490,000        485,722  
Security Description    Principal
Amount
    

Value

(Note 2)

 

   

Insurance - Life/Health — (continued)

 

Pricoa Global Funding I
Senior Sec. Notes
1.60% due 05/29/2018*

   $ 2,643,000      $ 2,638,471  
             


                3,461,779  
             


Insurance - Multi-line — 0.3%

 

Assurant, Inc.
Senior Notes
6.75% due 02/15/2034

     862,000        1,033,673  

Metropolitan Life Global Funding I
Sec. Notes
2.30% due 04/10/2019*

     2,603,000        2,594,371  
             


                3,628,044  
             


Insurance - Mutual — 0.3%

 

Massachusetts Mutual Life Insurance Co.
Sub. Notes
4.50% due 04/15/2065*

     391,000        379,680  

MassMutual Global Funding II
Senior Sec. Notes
2.75% due 06/22/2024*

     908,000        873,009  

New York Life Global Funding
Sec. Notes
1.95% due 09/28/2020*

     2,678,000        2,617,444  
             


                3,870,133  
             


Insurance - Property/Casualty — 0.1%

 

Markel Corp.
Senior Notes
4.30% due 11/01/2047

     921,000        886,114  
             


Insurance - Reinsurance — 0.1%

 

Berkshire Hathaway, Inc.
Senior Notes
1.15% due 08/15/2018

     976,000        971,762  
             


Internet Connectivity Services — 0.1%

 

Cogent Communications Group, Inc.
Senior Sec. Notes
5.38% due 03/01/2022*

     800,000        833,000  

Zayo Group LLC/Zayo Capital, Inc.
Company Guar. Notes
6.38% due 05/15/2025#

     565,000        590,493  
             


                1,423,493  
             


Internet Content - Entertainment — 0.1%

 

Netflix, Inc.
Senior Notes
5.88% due 02/15/2025

     750,000        792,457  
             


Machinery - Construction & Mining — 0.2%

 

Caterpillar Financial Services Corp.
Senior Notes
1.85% due 09/04/2020

     1,554,000        1,518,336  

Caterpillar Financial Services Corp.
Senior Notes
2.55% due 11/29/2022

     1,060,000        1,034,608  
             


                2,552,944  
             


Machinery - Farming — 0.2%

 

CNH Industrial Capital LLC
Company Guar. Notes
4.38% due 04/05/2022

     754,000        770,694  
 

 

19


Table of Contents

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2018 (unaudited) — (continued)


 

Security Description    Principal
Amount
    

Value

(Note 2)

 

U.S. CORPORATE BONDS & NOTES (continued)

 

Machinery - Farming (continued)

 

John Deere Capital Corp.
Senior Notes
2.35% due 01/08/2021

   $ 1,291,000      $ 1,275,264  
             


                2,045,958  
             


Machinery - Thermal Process — 0.1%

 

Cleaver-Brooks, Inc.
Senior Sec. Notes
7.88% due 03/01/2023*

     565,000        596,075  
             


Marine Services — 0.1%

 

Great Lakes Dredge & Dock Corp.
Company Guar. Notes
8.00% due 05/15/2022

     830,000        863,200  
             


Medical Instruments — 0.1%

 

Boston Scientific Corp.
Senior Notes
4.00% due 03/01/2028

     675,000        672,579  

Teleflex, Inc.
Company Guar. Notes
4.63% due 11/15/2027

     417,000        406,575  
             


                1,079,154  
             


Medical Labs & Testing Services — 0.5%

 

Laboratory Corp. of America Holdings
Senior Notes
3.20% due 02/01/2022

     312,000        311,252  

Laboratory Corp. of America Holdings
Senior Notes
3.25% due 09/01/2024

     650,000        633,064  

Roche Holdings, Inc.
Company Guar. Notes
1.75% due 01/28/2022*#

     1,811,000        1,731,517  

Roche Holdings, Inc.
Company Guar. Notes
2.25% due 09/30/2019*

     1,595,000        1,586,604  

Roche Holdings, Inc.
Company Guar. Notes
2.88% due 09/29/2021*

     1,240,000        1,238,765  
             


                5,501,202  
             


Medical - Biomedical/Gene — 0.3%

 

Amgen, Inc.
Senior Notes
2.65% due 05/11/2022

     1,289,000        1,260,002  

Celgene Corp.
Senior Notes
3.63% due 05/15/2024

     1,057,000        1,053,758  

Celgene Corp.
Senior Notes
4.55% due 02/20/2048

     1,979,000        1,922,243  
             


                4,236,003  
             


Medical - Drugs — 0.0%

 

Endo Finance LLC/Endo Finco, Inc.
Company Guar. Notes
5.38% due 01/15/2023*

     675,000        504,563  
             


Medical - Generic Drugs — 0.1%

 

Actavis, Inc.
Company Guar. Notes
3.25% due 10/01/2022

     1,260,000        1,242,690  
             


Security Description    Principal
Amount
    

Value

(Note 2)

 

   

Medical - HMO — 0.3%

 

Anthem, Inc.
Senior Notes
4.38% due 12/01/2047

   $ 467,000      $ 456,516  

Centene Corp.
Senior Notes
4.75% due 01/15/2025#

     375,000        372,891  

UnitedHealth Group, Inc.
Senior Bonds
1.95% due 10/15/2020

     1,107,000        1,084,644  

UnitedHealth Group, Inc.
Senior Notes
2.13% due 03/15/2021

     971,000        949,507  

UnitedHealth Group, Inc.
Senior Notes
3.35% due 07/15/2022

     663,000        669,200  
             


                3,532,758  
             


Medical - Hospitals — 0.2%

 

CHS/Community Health Systems, Inc.
Senior Sec. Notes
5.13% due 08/01/2021#

     575,000        530,437  

HCA, Inc.
Senior Sec. Notes
5.25% due 06/15/2026

     513,000        525,825  

Tenet Healthcare Corp.
Senior Sec. Notes
4.63% due 07/15/2024*

     421,000        404,160  

Tenet Healthcare Corp.
Senior Notes
6.75% due 06/15/2023#

     725,000        725,000  
             


                2,185,422  
             


Medical - Wholesale Drug Distribution — 0.1%

 

Allergan Sales LLC
Company Guar. Notes
4.88% due 02/15/2021*

     530,000        552,453  

McKesson Corp.
Senior Notes
3.95% due 02/16/2028

     289,000        287,356  
             


                839,809  
             


Metal Processors & Fabrication — 0.1%

 

Grinding Media, Inc./Moly-Cop AltaSteel, Ltd.
Senior Sec. Notes
7.38% due 12/15/2023*

     600,000        634,500  

Novelis Corp.
Company Guar. Notes
5.88% due 09/30/2026*

     220,000        221,650  

Novelis Corp.
Company Guar. Notes
6.25% due 08/15/2024*

     389,000        397,752  
             


                1,253,902  
             


Metal - Copper — 0.1%

 

Freeport-McMoRan Copper & Gold, Inc.
Company Guar. Notes
3.88% due 03/15/2023#

     715,000        693,550  
             


Metal - Diversified — 0.1%

 

Glencore Funding LLC
Company Guar. Notes
3.88% due 10/27/2027*

     660,000        634,896  
 

 

20


Table of Contents

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2018 (unaudited) — (continued)


 

Security Description    Principal
Amount
    

Value

(Note 2)

 

U.S. CORPORATE BONDS & NOTES (continued)

 

Metal - Diversified (continued)

 

Glencore Funding LLC
Company Guar. Notes
4.00% due 03/27/2027*

   $ 258,000      $ 251,650  
             


                886,546  
             


Multimedia — 0.0%

 

Time Warner, Inc.
Company Guar. Notes
4.85% due 07/15/2045

     180,000        181,637  
             


Networking Products — 0.4%

 

Cisco Systems, Inc.
Senior Notes
2.20% due 02/28/2021

     4,621,000        4,537,950  
             


Oil Companies - Exploration & Production — 1.4%

 

Anadarko Petroleum Corp.
Senior Notes
6.45% due 09/15/2036

     1,565,000        1,864,294  

Carrizo Oil & Gas, Inc.
Company Guar. Notes
6.25% due 04/15/2023#

     525,000        526,312  

Concho Resources, Inc.
Company Guar. Notes
4.38% due 01/15/2025

     1,114,000        1,144,816  

Continental Resources, Inc.
Company Guar. Notes
3.80% due 06/01/2024

     600,000        582,750  

Continental Resources, Inc.
Senior Notes
4.38% due 01/15/2028*

     1,386,000        1,351,350  

Continental Resources, Inc.
Company Guar. Notes
5.00% due 09/15/2022

     575,000        583,625  

Denbury Resources, Inc.
Sec. Notes
9.00% due 05/15/2021*#

     303,000        309,818  

Denbury Resources, Inc.
Sec. Notes
9.25% due 03/31/2022*

     450,000        461,250  

Devon Energy Corp.
Senior Notes
5.00% due 06/15/2045

     518,000        542,544  

Devon Energy Corp.
Senior Notes
5.60% due 07/15/2041

     517,000        576,896  

Endeavor Energy Resources LP/EER Finance, Inc.
Senior Notes
5.50% due 01/30/2026*

     475,000        471,438  

Hess Corp.
Senior Notes
4.30% due 04/01/2027#

     357,000        349,462  

Hess Corp.
Senior Notes
5.60% due 02/15/2041

     1,336,000        1,375,892  

Hilcorp Energy I LP/Hilcorp Finance Co.
Senior Notes
5.00% due 12/01/2024*#

     1,011,000        1,016,055  

Lonestar Resources America, Inc.
Company Guar. Notes
11.25% due 01/01/2023*

     450,000        456,750  

Marathon Oil Corp.
Senior Notes
4.40% due 07/15/2027

     1,098,000        1,115,605  
Security Description    Principal
Amount
    

Value

(Note 2)

 

   

Oil Companies-Exploration & Production (continued)

 

Marathon Oil Corp.
Senior Notes
6.60% due 10/01/2037#

   $ 1,390,000      $ 1,680,365  

Newfield Exploration Co.
Senior Notes
5.38% due 01/01/2026

     509,000        525,542  

QEP Resources, Inc.
Senior Notes
5.63% due 03/01/2026#

     405,000        398,419  

Sanchez Energy Corp.
Company Guar. Notes
6.13% due 01/15/2023#

     896,000        672,000  

Southwestern Energy Co.
Senior Notes
7.50% due 04/01/2026#

     550,000        555,500  

WPX Energy, Inc.
Senior Notes
7.50% due 08/01/2020

     419,000        448,330  
             


                17,009,013  
             


Oil Companies - Integrated — 0.4%

 

Chevron Corp.
Senior Bonds
1.99% due 03/03/2020

     2,196,000        2,169,487  

Chevron Corp.
Senior Notes
2.36% due 12/05/2022

     1,200,000        1,163,528  

Chevron Corp.
Senior Notes
2.50% due 03/03/2022

     1,337,000        1,315,471  
             


                4,648,486  
             


Oil Field Machinery & Equipment — 0.0%

 

Forum Energy Technologies, Inc.
Company Guar. Notes
6.25% due 10/01/2021

     580,000        576,375  
             


Oil Refining & Marketing — 0.3%

 

Andeavor
Senior Notes
4.50% due 04/01/2048

     476,000        433,546  

Murphy Oil USA, Inc.
Company Guar. Notes
5.63% due 05/01/2027

     152,000        155,040  

PBF Holding Co. LLC/PBF Finance Corp.
Company Guar. Notes
7.25% due 06/15/2025

     1,045,000        1,081,575  

Phillips 66
Company Guar. Notes
3.90% due 03/15/2028

     1,625,000        1,621,478  
             


                3,291,639  
             


Oil - Field Services — 0.1%

 

Halliburton Co.
Senior Notes
4.85% due 11/15/2035

     380,000        406,985  

Pioneer Energy Services Corp.
Company Guar. Notes
6.13% due 03/15/2022

     750,000        677,813  
             


                1,084,798  
             


Paper & Related Products — 0.6%

 

Domtar Corp.
Company Guar. Notes
6.75% due 02/15/2044

     1,445,000        1,609,447  
 

 

21


Table of Contents

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2018 (unaudited) — (continued)


 

Security Description    Principal
Amount
    

Value

(Note 2)

 

U.S. CORPORATE BONDS & NOTES (continued)

 

Paper & Related Products (continued)

 

Georgia-Pacific LLC
Senior Notes
3.60% due 03/01/2025*#

   $ 1,186,000      $ 1,193,453  

Georgia-Pacific LLC
Senior Notes
3.73% due 07/15/2023*

     2,930,000        2,990,254  

Georgia-Pacific LLC
Company Guar. Notes
5.40% due 11/01/2020*

     737,000        784,283  

International Paper Co.
Senior Notes
4.40% due 08/15/2047

     263,000        258,723  

International Paper Co.
Senior Notes
5.00% due 09/15/2035

     551,000        598,759  
             


                7,434,919  
             


Petrochemicals — 0.1%

 

Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP
Senior Notes
3.30% due 05/01/2023*

     1,110,000        1,110,815  
             


Pharmacy Services — 0.1%

 

CVS Pass-Through Trust
Pass-Through Certs.
4.70% due 01/10/2036*

     551,996        555,749  

CVS Pass-Through Trust
Pass-Through Certs.
5.77% due 01/10/2033*

     280,434        302,767  

CVS Pass-Through Trust
Pass-Through Certs.
5.93% due 01/10/2034*

     489,296        535,862  
             


                1,394,378  
             


Physicians Practice Management — 0.0%

 

MEDNAX, Inc.
Company Guar. Notes
5.25% due 12/01/2023*

     580,000        593,775  
             


Pipelines — 2.3%

 

Andeavor Logistics LP/Tesoro Logistics Finance Corp.
Company Guar. Notes
3.50% due 12/01/2022

     585,000        575,622  

Andeavor Logistics LP/Tesoro Logistics Finance Corp.
Company Guar. Notes
5.20% due 12/01/2047

     1,470,000        1,424,072  

Antero Midstream Partners LP/Antero Midstream Finance Corp.
Company Guar. Notes
5.38% due 09/15/2024

     583,000        596,118  

Cheniere Corpus Christi Holdings LLC
Senior Sec. Notes
5.13% due 06/30/2027

     850,000        859,563  

Cheniere Corpus Christi Holdings LLC
Senior Sec. Notes
7.00% due 06/30/2024

     231,000        258,489  

Cheniere Energy Partners LP
Senior Sec. Notes
5.25% due 10/01/2025*

     648,000        654,480  

Duke Energy Field Services LLC
Company Guar. Notes
6.45% due 11/03/2036*#

     535,000        588,500  

Enbridge Energy Partners LP
Senior Notes
7.38% due 10/15/2045

     784,000        1,019,059  
Security Description    Principal
Amount
    

Value

(Note 2)

 

   

Pipelines (continued)

 

Energy Transfer Equity LP
Senior Sec. Notes
4.25% due 03/15/2023

   $ 595,000      $ 583,659  

Energy Transfer Partners LP
Senior Notes
4.90% due 03/15/2035

     301,000        286,885  

Energy Transfer Partners LP
Senior Notes
6.05% due 06/01/2041

     111,000        116,215  

Energy Transfer Partners LP
Senior Notes
6.63% due 10/15/2036

     1,894,000        2,134,989  

EnLink Midstream Partners LP
Senior Notes
4.85% due 07/15/2026#

     910,000        924,136  

EnLink Midstream Partners LP
Senior Notes
5.05% due 04/01/2045

     1,043,000        989,134  

Enterprise Products Operating LLC
Company Guar. Notes
4.25% due 02/15/2048

     1,369,000        1,312,777  

Genesis Energy LP/Genesis Energy Finance Corp.
Company Guar. Notes
5.63% due 06/15/2024

     250,000        240,000  

Genesis Energy LP/Genesis Energy Finance Corp.
Company Guar. Notes
6.00% due 05/15/2023

     500,000        498,600  

Holly Energy Partners LP/Holly Energy Finance Corp.
Company Guar. Notes
6.00% due 08/01/2024*

     672,000        690,480  

Kinder Morgan, Inc.
Company Guar. Notes
5.00% due 02/15/2021*

     647,000        675,042  

MPLX LP
Senior Notes
4.00% due 03/15/2028

     831,000        816,665  

MPLX LP
Senior Notes
4.50% due 04/15/2038

     964,000        935,310  

NGPL PipeCo LLC
Senior Notes
4.38% due 08/15/2022*

     1,201,000        1,197,998  

ONEOK, Inc.
Company Guar. Notes
4.00% due 07/13/2027

     1,237,000        1,218,662  

Phillips 66 Partners LP
Senior Notes
4.90% due 10/01/2046

     452,000        454,608  

SemGroup Corp.
Company Guar. Notes
7.25% due 03/15/2026

     670,000        685,075  

SemGroup Corp./Rose Rock Finance Corp.
Company Guar. Notes
5.63% due 07/15/2022

     487,000        482,130  

SemGroup Corp./Rose Rock Finance Corp.
Company Guar. Notes
5.63% due 11/15/2023

     217,000        209,948  

Summit Midstream Holdings LLC/Summit Midstream
Finance Corp.
Company Guar. Notes
5.50% due 08/15/2022

     540,000        544,725  

Summit Midstream Holdings LLC/Summit Midstream
Finance Corp.
Company Guar. Notes
5.75% due 04/15/2025

     250,000        250,000  
 

 

22


Table of Contents

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2018 (unaudited) — (continued)


 

Security Description    Principal
Amount
    

Value

(Note 2)

 

U.S. CORPORATE BONDS & NOTES (continued)

 

Pipelines (continued)

 

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
Company Guar. Notes
5.50% due 09/15/2024*

   $ 465,000      $ 478,941  

Western Gas Partners LP
Senior Notes
4.65% due 07/01/2026#

     966,000        981,059  

Williams Cos., Inc.
Senior Notes
3.70% due 01/15/2023

     2,389,000        2,320,316  

Williams Partners LP
Senior Notes
3.75% due 06/15/2027

     396,000        382,741  

Williams Partners LP
Senior Notes
5.10% due 09/15/2045

     1,863,000        1,926,827  
             


                27,312,825  
             


Poultry — 0.0%

 

Pilgrim’s Pride Corp.
Senior Notes
5.88% due 09/30/2027*

     575,000        559,072  
             


Publishing - Books — 0.1%

 

McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance
Senior Notes
7.88% due 05/15/2024*

     915,000        885,262  
             


Racetracks — 0.1%

 

GLP Capital LP/GLP Financing II, Inc.
Company Guar. Notes
5.38% due 04/15/2026

     600,000        619,500  
             


Radio — 0.1%

 

Sirius XM Radio, Inc.
Company Guar. Notes
5.38% due 07/15/2026*#

     1,075,000        1,088,437  
             


Real Estate Investment Trusts — 0.6%

 

Brandywine Operating Partnership LP
Company Guar. Notes
3.95% due 11/15/2027

     657,000        632,900  

CTR Partnership LP/CareTrust Capital Corp.
Company Guar. Notes
5.25% due 06/01/2025

     668,000        671,340  

ESH Hospitality, Inc.
Company Guar. Notes
5.25% due 05/01/2025*

     1,000,000        997,500  

GEO Group, Inc.
Company Guar. Notes
5.13% due 04/01/2023

     550,000        547,250  

Goodman US Finance Three LLC
Company Guar. Notes
3.70% due 03/15/2028*

     544,000        521,594  

Goodman US Finance Three LLC
Company Guar. Notes
4.50% due 10/15/2037*

     540,000        534,385  

Iron Mountain, Inc.
Company Guar. Notes
4.88% due 09/15/2027*

     665,000        626,763  

iStar, Inc.
Senior Notes
5.25% due 09/15/2022

     639,000        627,818  

iStar, Inc.
Senior Notes
6.00% due 04/01/2022

     289,000        290,445  
Security Description    Principal
Amount
    

Value

(Note 2)

 

   

Real Estate Investment Trusts (continued)

                 

Life Storage LP
Company Guar. Notes
3.88% due 12/15/2027

   $ 465,000      $ 450,290  

MPT Operating Partnership LP/MPT Finance Corp.
Company Guar. Notes
5.00% due 10/15/2027

     960,000        937,920  

Starwood Property Trust, Inc.
Senior Notes
4.75% due 03/15/2025*#

     975,000        945,750  
             


                7,783,955  
             


Real Estate Management/Services — 0.1%

 

Kennedy - Wilson, Inc.
Company Guar. Notes
5.88% due 04/01/2024

     1,000,000        1,000,000  

Realogy Group LLC/Realogy Co-Issuer Corp.
Company Guar. Notes
4.88% due 06/01/2023*

     860,000        832,050  
             


                1,832,050  
             


Real Estate Operations & Development — 0.1%

 

Greystar Real Estate Partners LLC
Senior Sec. Notes
5.75% due 12/01/2025*

     590,000        597,375  
             


Rental Auto/Equipment — 0.1%

 

Ahern Rentals, Inc.
Sec. Notes
7.38% due 05/15/2023*

     710,000        688,700  
             


Retail - Appliances — 0.1%

 

Conn’s, Inc.
Company Guar. Notes
7.25% due 07/15/2022

     720,000        712,800  
             


Retail - Auto Parts — 0.1%

 

O’Reilly Automotive, Inc.
Senior Notes
3.60% due 09/01/2027

     916,000        890,130  
             


Retail - Automobile — 0.1%

 

Asbury Automotive Group, Inc.
Company Guar. Notes
6.00% due 12/15/2024

     423,000        438,863  

AutoNation, Inc.
Company Guar. Notes
3.80% due 11/15/2027

     1,444,000        1,375,308  
             


                1,814,171  
             


Retail - Discount — 0.2%

 

Wal-Mart Stores, Inc.
Senior Bonds
1.90% due 12/15/2020

     2,688,000        2,634,812  
             


Retail - Office Supplies — 0.1%

 

Arch Merger Sub, Inc.
Company Guar. Notes
8.50% due 09/15/2025*#

     1,135,000        1,089,600  
             


Retail - Pawn Shops — 0.0%

 

FirstCash, Inc.
Company Guar. Notes
5.38% due 06/01/2024*

     362,000        374,218  
             


Retail - Restaurants — 0.2%

 

Brinker International, Inc.
Company Guar. Notes
5.00% due 10/01/2024*

     462,000        455,648  
 

 

23


Table of Contents

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2018 (unaudited) — (continued)


 

Security Description    Principal
Amount
    

Value

(Note 2)

 

U.S. CORPORATE BONDS & NOTES (continued)

 

Retail - Restaurants (continued)

 

Darden Restaurants, Inc.
Senior Notes
4.55% due 02/15/2048

   $ 265,000      $ 262,034  

Golden Nugget, Inc.
Company Guar. Notes
8.75% due 10/01/2025*

     770,000        810,425  

KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
Company Guar. Notes
5.00% due 06/01/2024*

     620,000        626,200  
             


                2,154,307  
             


Satellite Telecom — 0.1%

 

Hughes Satellite Systems Corp.
Company Guar. Notes
6.63% due 08/01/2026

     785,000        802,898  
             


Savings & Loans/Thrifts — 0.6%

 

Astoria Financial Corp.
Senior Notes
3.50% due 06/08/2020

     2,075,000        2,077,363  

First Niagara Financial Group, Inc.
Senior Notes
6.75% due 03/19/2020

     2,335,000        2,508,912  

First Niagara Financial Group, Inc.
Sub. Notes
7.25% due 12/15/2021

     2,210,000        2,506,413  
             


                7,092,688  
             


Semiconductor Components - Integrated Circuits — 0.1%

 

QUALCOMM, Inc.
Senior Notes
2.10% due 05/20/2020

     1,127,000        1,104,793  
             


Steel - Producers — 0.1%

 

AK Steel Corp.
Company Guar. Notes
6.38% due 10/15/2025#

     575,000        563,500  

United States Steel Corp.
Senior Notes
6.88% due 08/15/2025#

     525,000        551,250  
             


                1,114,750  
             


Telecom Services — 0.1%

 

Embarq Corp.
Senior Notes
8.00% due 06/01/2036

     635,000        600,869  
             


Telecommunication Equipment — 0.0%

 

Plantronics, Inc.
Company Guar. Notes
5.50% due 05/31/2023*

     269,000        269,673  
             


Telephone - Integrated — 1.5%

 

AT&T, Inc.
Senior Notes
2.85% due 02/14/2023

     1,505,000        1,497,588  

AT&T, Inc.
Senior Notes
4.35% due 06/15/2045

     1,230,000        1,101,357  

AT&T, Inc.
Senior Notes
4.50% due 05/15/2035

     1,747,000        1,688,572  

AT&T, Inc.
Senior Notes
4.75% due 05/15/2046

     822,000        778,811  
Security Description    Principal
Amount
    

Value

(Note 2)

 

   

Telephone-Integrated (continued)

 

AT&T, Inc.
Senior Notes
4.90% due 08/14/2037

   $ 4,549,000      $ 4,558,586  

AT&T, Inc.
Senior Notes
5.30% due 08/14/2058

     1,343,000        1,336,753  

CenturyLink, Inc.
Senior Notes
5.80% due 03/15/2022

     580,000        572,025  

Citizens Communications Co.
Senior Notes
9.00% due 08/15/2031#

     835,000        526,050  

Verizon Communications, Inc.
Senior Notes
3.38% due 02/15/2025

     659,000        643,961  

Verizon Communications, Inc.
Senior Notes
4.40% due 11/01/2034

     489,000        479,959  

Verizon Communications, Inc.
Senior Notes
4.67% due 03/15/2055

     2,608,000        2,435,725  

Verizon Communications, Inc.
Senior Notes
5.25% due 03/16/2037

     1,988,000        2,106,880  
             


                17,726,267  
             


Television — 0.1%

 

Belo Corp.
Company Guar. Notes
7.75% due 06/01/2027

     594,000        670,477  
             


Transport - Equipment & Leasing — 0.1%

 

GATX Corp.
Senior Notes
3.25% due 09/15/2026

     948,000        895,130  

GATX Corp.
Senior Notes
3.50% due 03/15/2028

     223,000        211,180  

GATX Corp.
Senior Notes
3.85% due 03/30/2027

     240,000        236,051  
             


                1,342,361  
             


Transport - Marine — 0.1%

 

Kirby Corp.
Senior Notes
4.20% due 03/01/2028

     1,159,000        1,152,611  
             


Travel Services — 0.1%

 

Sabre GLBL, Inc.
Senior Sec. Notes
5.38% due 04/15/2023*#

     809,000        815,067  
             


Trucking/Leasing — 0.0%

 

Penske Truck Leasing Co. LP/PTL Finance Corp.
Senior Notes
2.70% due 03/14/2023*

     519,000        499,943  
             


Total U.S. Corporate Bonds & Notes

 

        

(cost $406,520,982)

              404,821,333  
             


FOREIGN CORPORATE BONDS & NOTES — 11.3%

 

Aerospace/Defense - Equipment — 0.1%

 

Airbus Finance BV
Company Guar. Notes
2.70% due 04/17/2023*#

     1,099,000        1,075,833  
             


 

 

24


Table of Contents

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2018 (unaudited) — (continued)


 

Security Description    Principal
Amount
    

Value

(Note 2)

 

FOREIGN CORPORATE BONDS & NOTES (continued)

 

Agricultural Chemicals 0.0%

 

Consolidated Energy Finance SA
Senior Notes
6.88% due 06/15/2025*

   $ 560,000      $ 588,000  
             


Airport Development/Maintenance — 0.0%

 

Mexico City Airport Trust
Senior Sec. Notes
5.50% due 07/31/2047*

     485,000        452,869  
             


Auto-Cars/Light Trucks — 0.1%

 

Hyundai Capital Services, Inc.
Senior Notes
3.00% due 08/29/2022*

     1,283,000        1,246,134  
             


Auto/Truck Parts & Equipment - Original — 0.0%

 

Delphi Jersey Holdings PLC
Company Guar. Notes
5.00% due 10/01/2025*

     595,000        589,972  
             


Banks - Commercial — 1.4%

 

Australia & New Zealand Banking Group, Ltd.
Senior Notes
1.60% due 07/15/2019

     728,000        717,254  

Bank of Montreal
Sub. Notes
3.80% due 12/15/2032

     995,000        949,091  

Bank of Nova Scotia
Senior Notes
2.50% due 01/08/2021

     1,613,000        1,593,513  

BPCE SA
Bank Guar. Notes
2.75% due 12/02/2021

     1,105,000        1,081,762  

BPCE SA
Sub. Notes
4.50% due 03/15/2025*

     1,800,000        1,816,613  

Canadian Imperial Bank of Commerce
Senior Notes
2.10% due 10/05/2020

     2,621,000        2,568,441  

Credit Suisse AG
Senior Notes
3.00% due 10/29/2021

     1,094,000        1,087,623  

DBS Group Holdings, Ltd.
Senior Notes
2.25% due 07/16/2019*

     1,529,000        1,518,088  

ICICI Bank, Ltd.
Senior Notes
5.75% due 11/16/2020

     1,100,000        1,163,836  

Intesa Sanpaolo SpA
Senior Notes
3.88% due 01/12/2028*

     556,000        527,714  

Intesa Sanpaolo SpA
Sub. Notes
5.71% due 01/15/2026*#

     1,662,000        1,696,840  

Rabobank Nederland NY
Senior Notes
1.70% due 03/19/2018

     377,000        376,970  

Santander UK PLC
Senior Notes
2.13% due 11/03/2020

     733,000        717,438  

Toronto-Dominion Bank
Senior Notes
1.85% due 09/11/2020

     1,568,000        1,532,531  
             


                17,347,714  
             


Beverages - Non-alcoholic — 0.1%

 

Coca-Cola Femsa SAB de CV
Company Guar. Notes
2.38% due 11/26/2018

     818,000        817,409  
             


Security Description    Principal
Amount
    

Value

(Note 2)

 

   

Building Societies — 0.1%

 

Nationwide Building Society
Sub. Notes
4.13% due 10/18/2032*

   $ 1,018,000      $ 980,767  
             


Building - Residential/Commercial — 0.1%

 

Mattamy Group Corp.
Senior Notes
6.50% due 10/01/2025*

     616,000        643,720  
             


Cable/Satellite TV — 0.3%

 

Altice Financing SA
Senior Sec. Notes
7.50% due 05/15/2026*#

     585,000        589,388  

Altice Luxembourg SA
Company Guar. Notes
7.63% due 02/15/2025*#

     1,045,000        919,600  

SFR Group SA
Senior Sec. Notes
7.38% due 05/01/2026*

     1,643,000        1,585,988  

UPCB Finance IV, Ltd.
Senior Sec. Notes
5.38% due 01/15/2025*

     580,000        573,475  

Ziggo Secured Finance BV
Senior Sec. Notes
5.50% due 01/15/2027*

     575,000        551,281  
             


                4,219,732  
             


Cellular Telecom — 0.1%

 

C&W Senior Financing Designated Activity Co.
Senior Notes
6.88% due 09/15/2027*#

     617,000        637,053  
             


Chemicals - Diversified — 0.2%

 

Braskem Netherlands Finance BV
Company Guar. Notes
4.50% due 01/10/2028*

     971,000        945,268  

NOVA Chemicals Corp.
Senior Notes
5.00% due 05/01/2025*

     825,000        818,813  

Trinseo Materials Operating SCA/Trinseo Materials
Finance, Inc.
Company Guar. Notes
5.38% due 09/01/2025*

     565,000        571,356  
             


                2,335,437  
             


Computers - Memory Devices — 0.1%

 

Seagate HDD Cayman
Company Guar. Notes
4.75% due 01/01/2025#

     725,000        703,212  
             


Cruise Lines — 0.1%

 

Silversea Cruise Finance, Ltd.
Senior Sec. Notes
7.25% due 02/01/2025*

     775,000        827,313  
             


Diversified Banking Institutions — 2.7%

 

Barclays PLC
Sub. Notes
4.84% due 05/09/2028#

     1,815,000        1,787,614  

BNP Paribas SA
Senior Notes
3.80% due 01/10/2024*#

     1,576,000        1,579,690  

Credit Agricole SA
Senior Notes
3.25% due 10/04/2024*

     910,000        878,908  

Credit Agricole SA
Senior Notes
4.13% due 01/10/2027*#

     1,129,000        1,132,153  
 

 

25


Table of Contents

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2018 (unaudited) — (continued)


 

Security Description    Principal
Amount
    

Value

(Note 2)

 

FOREIGN CORPORATE BONDS & NOTES (continued)

 

Diversified Banking Institutions (continued)

 

Credit Suisse Group AG
Senior Notes
4.28% due 01/09/2028*

   $ 2,886,000      $ 2,899,610  

Deutsche Bank AG
Senior Notes
3.95% due 02/27/2023

     321,000        320,670  

HSBC Holdings PLC
Senior Notes
3.26% due 03/13/2023

     1,176,000        1,169,462  

HSBC Holdings PLC
Senior Notes
4.04% due 03/13/2028

     974,000        977,368  

Lloyds Banking Group PLC
Senior Notes
2.91% due 11/07/2023

     1,195,000        1,156,167  

Lloyds Banking Group PLC
Sub. Notes
4.58% due 12/10/2025

     1,168,000        1,181,910  

Macquarie Group, Ltd.
Senior Notes
3.76% due 11/28/2028*

     539,000        517,541  

Mitsubishi UFJ Financial Group, Inc.
Senior Notes
2.67% due 07/25/2022

     1,275,000        1,238,973  

Mitsubishi UFJ Financial Group, Inc.
Senior Notes
2.95% due 03/01/2021

     1,135,000        1,131,951  

Mitsubishi UFJ Financial Group, Inc.
Senior Notes
3.78% due 03/02/2025

     1,980,000        1,982,373  

Mizuho Financial Group, Inc.
Senior Notes
2.27% due 09/13/2021

     3,722,000        3,600,950  

Mizuho Financial Group, Inc.
Senior Notes
3.55% due 03/05/2023

     2,286,000        2,286,000  

Royal Bank of Scotland Group PLC
Senior Notes
3.50% due 05/15/2023

     587,000        578,267  

Royal Bank of Scotland Group PLC
Senior Notes
3.88% due 09/12/2023

     454,000        451,529  

UBS AG
Senior Notes
2.20% due 06/08/2020*

     723,000        711,699  

UBS AG
Senior Notes
2.45% due 12/01/2020*

     1,088,000        1,071,206  

UBS Group Funding Switzerland AG
Company Guar. Notes
3.49% due 05/23/2023*

     702,000        702,369  

UBS Group Funding Switzerland AG
Company Guar. Notes
4.13% due 09/24/2025*

     269,000        273,282  

UniCredit SpA
Sub. Notes
5.86% due 06/19/2032*#

     4,063,000        4,169,312  
             


                31,799,004  
             


Diversified Financial Services — 0.2%

 

GE Capital International Funding Co. ULC
Company Guar. Notes
4.42% due 11/15/2035

     2,229,000        2,183,272  
             


Security Description    Principal
Amount
    

Value

(Note 2)

 

                   

Diversified Manufacturing Operations — 0.2%

 

Bombardier, Inc.
Senior Notes
5.75% due 03/15/2022*

   $ 700,000      $ 698,250  

Siemens Financieringsmaatschappij NV
Company Guar. Notes
2.20% due 03/16/2020*

     2,165,000        2,142,978  
             


                2,841,228  
             


Diversified Minerals — 0.1%

 

Anglo American Capital PLC
Company Guar. Notes
4.00% due 09/11/2027*

     773,000        749,243  

FMG Resources August 2006 Pty, Ltd.
Company Guar. Notes
4.75% due 05/15/2022*

     885,000        884,336  
             


                1,633,579  
             


Electric - Generation — 0.1%

 

Electricite de France SA
Senior Notes
2.35% due 10/13/2020*

     1,442,000        1,419,107  

Electricite de France SA
Senior Notes
6.00% due 01/22/2114*

     339,000        361,406  
             


                1,780,513  
             


Electric - Integrated — 0.6%

 

EDP Finance BV
Senior Notes
3.63% due 07/15/2024*

     2,031,000        2,002,751  

Enel Finance International NV
Company Guar. Notes
3.50% due 04/06/2028*

     2,394,000        2,252,130  

Enel Finance International NV
Company Guar. Notes
3.63% due 05/25/2027*

     2,632,000        2,528,705  
             


                6,783,586  
             


Finance - Consumer Loans — 0.1%

 

goeasy, Ltd.
Company Guar. Notes
7.88% due 11/01/2022*

     775,000        824,406  
             


Food - Meat Products — 0.1%

 

JBS USA LLC/JBS USA Finance, Inc.
Company Guar. Notes
5.88% due 07/15/2024*

     398,000        388,130  

JBS USA Lux SA/JBS USA Finance, Inc.
Company Guar. Notes
6.75% due 02/15/2028*

     216,000        213,883  
             


                602,013  
             


Gambling (Non-Hotel) — 0.0%

 

International Game Technology PLC
Senior Sec. Notes
6.50% due 02/15/2025*

     315,000        337,838  
             


Gold Mining — 0.1%

 

Goldcorp, Inc.
Senior Notes
3.70% due 03/15/2023

     540,000        543,523  

Kinross Gold Corp.
Company Guar. Notes
4.50% due 07/15/2027*

     772,000        748,840  
             


                1,292,363  
             


 

 

26


Table of Contents

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2018 (unaudited) — (continued)


 

Security Description    Principal
Amount
    

Value

(Note 2)

 

FOREIGN CORPORATE BONDS & NOTES (continued)

 

Insurance - Life/Health — 0.3%

 

AIA Group, Ltd.
Senior Notes
4.50% due 03/16/2046*

   $ 495,000      $ 509,919  

Athene Holding, Ltd.
Senior Bonds
4.13% due 01/12/2028

     2,869,000        2,760,512  
             


                3,270,431  
             


Insurance - Multi-line — 0.1%

 

XLIT, Ltd.
Company Guar. Notes
5.50% due 03/31/2045

     989,000        1,042,416  
             


Insurance - Property/Casualty — 0.0%

 

Enstar Group, Ltd.
Senior Notes
4.50% due 03/10/2022

     533,000        534,364  
             


Internet Application Software — 0.1%

 

Tencent Holdings, Ltd.
Senior Notes
3.93% due 01/19/2038*

     710,000        671,570  
             


Machinery - Farming — 0.1%

 

CNH Industrial NV
Senior Notes
3.85% due 11/15/2027

     1,353,000        1,311,491  
             


Medical - Drugs — 0.2%

 

Shire Acquisitions Investments Ireland DAC
Company Guar. Notes
2.88% due 09/23/2023

     1,044,000        999,481  

Valeant Pharmaceuticals International, Inc.
Company Guar. Notes
5.88% due 05/15/2023*

     1,510,000        1,342,012  

Valeant Pharmaceuticals International, Inc.
Senior Sec. Notes
7.00% due 03/15/2024*

     561,000        590,453  
             


                2,931,946  
             


Metal - Copper — 0.1%

 

First Quantum Minerals, Ltd.
Company Guar. Notes
6.50% due 03/01/2024*

     308,000        306,075  

First Quantum Minerals, Ltd.
Company Guar. Notes
6.88% due 03/01/2026*#

     326,000        324,370  

First Quantum Minerals, Ltd.
Company Guar. Notes
7.25% due 04/01/2023*

     320,000        332,000  

Hudbay Minerals, Inc.
Company Guar. Notes
7.25% due 01/15/2023*

     525,000        557,812  
             


                1,520,257  
             


Oil & Gas Drilling — 0.1%

 

Noble Holding International, Ltd.
Company Guar. Notes
7.75% due 01/15/2024#

     377,000        344,484  

Noble Holding International, Ltd.
Company Guar. Notes
7.88% due 02/01/2026*#

     437,000        439,185  

Shelf Drilling Holdings, Ltd.
Senior Notes
8.25% due 02/15/2025*

     475,000        478,562  
             


                1,262,231  
             


Security Description    Principal
Amount
    

Value

(Note 2)

 

                   

Oil Companies - Exploration & Production — 0.5%

 

Anadarko Finance Co.
Company Guar. Notes
7.50% due 05/01/2031

   $ 681,000      $ 861,299  

CNOOC Curtis Funding No. 1 Pty, Ltd.
Company Guar. Notes
4.50% due 10/03/2023

     3,200,000        3,314,019  

MEG Energy Corp.
Company Guar. Notes
6.38% due 01/30/2023*

     997,000        854,928  

MEG Energy Corp.
Sec. Notes
6.50% due 01/15/2025*

     464,000        455,300  
             


                5,485,546  
             


Oil Companies - Integrated — 1.2%

 

BP Capital Markets PLC
Company Guar. Notes
3.25% due 05/06/2022

     1,130,000        1,135,854  

Cenovus Energy, Inc.
Senior Bonds
5.40% due 06/15/2047#

     1,035,000        1,040,735  

Petroleos Mexicanos
Company Guar. Notes
4.88% due 01/24/2022

     2,800,000        2,871,232  

Petroleos Mexicanos
Senior Notes
6.35% due 02/12/2048*

     822,000        801,368  

Petroleos Mexicanos
Company Guar. Notes
6.63% due 06/15/2035

     1,400,000        1,447,950  

Petroleos Mexicanos
Company Guar. Notes
6.75% due 09/21/2047

     1,831,000        1,861,889  

Petroleos Mexicanos
Company Guar. Notes
6.75% due 09/21/2047*

     1,552,000        1,578,182  

Petronas Capital, Ltd.
Company Guar. Notes
5.25% due 08/12/2019

     500,000        516,958  

Shell International Finance BV
Company Guar. Notes
2.13% due 05/11/2020

     902,000        890,770  

Shell International Finance BV
Company Guar. Notes
2.25% due 11/10/2020

     1,024,000        1,009,330  

Suncor Energy, Inc.
Senior Notes
4.00% due 11/15/2047

     690,000        662,433  
             


                13,816,701  
             


Oil - Field Services — 0.2%

 

KCA Deutag UK Finance PLC
Senior Sec. Notes
9.88% due 04/01/2022*

     679,000        714,647  

Trinidad Drilling, Ltd.
Company Guar. Notes
6.63% due 02/15/2025*

     875,000        845,469  

Weatherford International, Ltd.
Company Guar. Notes
9.88% due 02/15/2024#

     500,000        495,000  
             


                2,055,116  
             


Paper & Related Products — 0.0%

 

Cascades, Inc.
Company Guar. Notes
5.50% due 07/15/2022*

     158,000        159,975  
 

 

27


Table of Contents

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2018 (unaudited) — (continued)


 

Security Description    Principal
Amount
    

Value

(Note 2)

 

FOREIGN CORPORATE BONDS & NOTES (continued)

 

Paper & Related Products (continued)

 

Cascades, Inc.
Company Guar. Notes
5.75% due 07/15/2023*#

   $ 179,000      $ 183,028  
             


                343,003  
             


Printing - Commercial — 0.1%

 

Cimpress NV
Company Guar. Notes
7.00% due 04/01/2022*

     1,240,000        1,302,000  
             


Satellite Telecom — 0.2%

 

Inmarsat Finance PLC
Company Guar. Notes
6.50% due 10/01/2024*#

     870,000        885,225  

Intelsat Jackson Holdings SA
Company Guar. Notes
5.50% due 08/01/2023

     800,000        661,000  

Intelsat Luxembourg SA
Company Guar. Notes
8.13% due 06/01/2023

     720,000        379,800  
             


                1,926,025  
             


Semiconductor Equipment — 0.1%

 

Sensata Technologies BV
Company Guar. Notes
4.88% due 10/15/2023*

     380,000        385,700  

Sensata Technologies BV
Company Guar. Notes
5.00% due 10/01/2025*

     236,000        237,770  
             


                623,470  
             


Steel - Producers — 0.0%

 

ArcelorMittal
Senior Notes
6.13% due 06/01/2025#

     292,000        321,653  
             


SupraNational Banks — 0.2%

 

European Investment Bank
Senior Notes
1.63% due 08/14/2020

     2,603,000        2,547,167  
             


Telephone - Integrated — 0.6%

 

Deutsche Telekom International Finance BV
Company Guar. Notes
2.49% due 09/19/2023*

     1,124,000        1,063,008  

Telecom Italia Capital SA
Company Guar. Notes
7.72% due 06/04/2038

     1,882,000        2,305,450  

Telefonica Emisiones SAU
Company Guar. Notes
4.10% due 03/08/2027

     730,000        725,338  

Telefonica Emisiones SAU
Company Guar. Notes
4.67% due 03/06/2038

     1,989,000        1,986,664  

Telefonica Emisiones SAU
Company Guar. Notes
5.21% due 03/08/2047

     1,107,000        1,163,551  
             


                7,244,011  
             


Transport - Marine — 0.1%

 

SCF Capital Designated Activity Co.
Company Guar. Notes
5.38% due 06/16/2023

     1,400,000        1,422,120  
             


Transport - Rail — 0.2%

 

Canadian Pacific Railway Co.
Senior Notes
6.13% due 09/15/2115

     623,000        764,812  
Security Description    Principal
Amount
    

Value

(Note 2)

 

                   

Transport - Rail (continued)

 

Kazakhstan Temir Zholy Finance BV
Company Guar. Notes
6.95% due 07/10/2042

   $ 1,200,000      $ 1,353,605  
             


                2,118,417  
             


Total Foreign Corporate Bonds & Notes

 

        

(cost $135,916,303)

              134,292,902  
             


FOREIGN GOVERNMENT OBLIGATIONS — 7.1%

 

Banks - Special Purpose — 0.6%

 

Brazilian Development Bank
Senior Notes
5.50% due 07/12/2020

     2,300,000        2,392,000  

Brazilian Development Bank
Senior Notes
6.50% due 06/10/2019

     2,300,000        2,388,550  

China Development Bank Corp.
Senior Notes
2.50% due 10/09/2020

     2,400,000        2,364,693  
             


                7,145,243  
             


Central Bank — 0.1%

 

Central Bank of Tunisia
Senior Notes
5.75% due 01/30/2025

     1,200,000        1,134,000  
             


Sovereign — 6.4%

 

Dominican Republic
Senior Bonds
5.88% due 04/18/2024

     1,600,000        1,688,384  

Dominican Republic
Senior Bonds
7.45% due 04/30/2044

     1,850,000        2,127,500  

Government of Egypt
Senior Notes
5.58% due 02/21/2023*

     600,000        610,158  

Government of Egypt
Senior Notes
8.50% due 01/31/2047

     1,150,000        1,287,469  

Government of Romania
Senior Notes
6.13% due 01/22/2044

     1,300,000        1,569,750  

Government of Ukraine
Senior Notes
7.38% due 09/25/2032*

     1,600,000        1,552,355  

Kingdom of Jordan
Senior Notes
7.38% due 10/10/2047

     1,400,000        1,477,336  

Oriental Republic of Uruguay
Senior Notes
4.38% due 10/27/2027

     900,000        927,855  

Oriental Republic of Uruguay
Senior Notes
5.10% due 06/18/2050

     900,000        934,650  

Republic of Argentina
Senior Notes
4.63% due 01/11/2023

     1,200,000        1,150,812  

Republic of Argentina
Senior Notes
5.88% due 01/11/2028

     360,000        336,420  

Republic of Argentina
Senior Notes
6.88% due 04/22/2021

     750,000        793,875  

Republic of Argentina
Senior Bonds
6.88% due 01/11/2048

     700,000        640,500  
 

 

28


Table of Contents

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2018 (unaudited) — (continued)


 

Security Description    Principal
Amount
    

Value

(Note 2)

 

FOREIGN GOVERNMENT OBLIGATIONS (continued)

 

Sovereign (continued)

 

Republic of Argentina
Senior Notes
8.28% due 12/31/2033

   $ 1,612,344      $ 1,763,904  

Republic of Azerbaijan
Senior Notes
4.75% due 03/18/2024

     1,600,000        1,620,000  

Republic of Chile
Senior Notes
3.24% due 02/06/2028#

     4,636,000        4,480,694  

Republic of Colombia
Senior Bonds
7.38% due 09/18/2037

     800,000        1,021,200  

Republic of Colombia
Senior Notes
8.13% due 05/21/2024

     800,000        984,000  

Republic of Croatia
Senior Notes
6.38% due 03/24/2021

     2,600,000        2,801,500  

Republic of Ecuador
Senior Notes
7.88% due 01/23/2028*

     1,385,000        1,385,000  

Republic of Ecuador
Senior Notes
9.63% due 06/02/2027

     1,700,000        1,872,550  

Republic of Guatemala
Senior Notes
4.38% due 06/05/2027*

     340,000        330,650  

Republic of Guatemala
Senior Notes
4.38% due 06/05/2027

     1,200,000        1,167,000  

Republic of Guatemala
Senior Notes
4.88% due 02/13/2028

     1,000,000        994,490  

Republic of Honduras
Senior Notes
6.25% due 01/19/2027

     2,300,000        2,384,249  

Republic of Hungary
Senior Notes
5.38% due 02/21/2023

     2,600,000        2,811,900  

Republic of Indonesia
Senior Notes
2.95% due 01/11/2023

     1,270,000        1,226,199  

Republic of Indonesia
Senior Notes
5.88% due 01/15/2024

     1,000,000        1,101,048  

Republic of Indonesia
Senior Notes
6.63% due 02/17/2037

     1,200,000        1,452,132  

Republic of Ivory Coast
Senior Notes
5.75% due 12/31/2032

     567,000        547,918  

Republic of Ivory Coast
Senior Notes
6.13% due 06/15/2033

     400,000        386,000  

Republic of Ivory Coast
Senior Notes
6.13% due 06/15/2033*

     900,000        868,500  

Republic of Kazakhstan
Senior Notes
6.50% due 07/21/2045

     1,400,000        1,717,554  

Republic of Lebanon
Senior Notes
5.80% due 04/14/2020

     500,000        491,085  
Security Description    Principal
Amount
    

Value

(Note 2)

 

                   

Sovereign (continued)

 

Republic of Lebanon
Senior Notes
8.25% due 04/12/2021

   $ 500,000      $ 518,944  

Republic of Nigeria
Senior Notes
7.14% due 02/23/2030*

     1,350,000        1,385,775  

Republic of Panama
Senior Notes
4.00% due 09/22/2024

     1,700,000        1,751,000  

Republic of Peru
Senior Notes
5.63% due 11/18/2050

     800,000        956,000  

Republic of Peru
Senior Notes
8.75% due 11/21/2033

     700,000        1,057,000  

Republic of Poland
Senior Notes
5.13% due 04/21/2021

     700,000        744,205  

Republic of Serbia
Senior Bonds
4.88% due 02/25/2020

     3,000,000        3,069,294  

Republic of South Africa
Senior Notes
4.67% due 01/17/2024

     900,000        909,990  

Republic of South Africa
Senior Notes
6.25% due 03/08/2041

     1,400,000        1,509,200  

Republic of Sri Lanka
Senior Notes
6.83% due 07/18/2026

     3,100,000        3,224,595  

Republic of the Philippines
Senior Notes
4.00% due 01/15/2021

     950,000        974,324  

Republic of Turkey
Senior Notes
6.25% due 09/26/2022

     1,250,000        1,333,435  

Republic of Turkey
Notes
6.63% due 02/17/2045

     2,800,000        2,833,858  

Republic of Turkey
Senior Notes
8.00% due 02/14/2034

     800,000        936,000  

Republic of Zambia
Senior Notes
8.50% due 04/14/2024

     1,350,000        1,425,805  

Socialist Republic of Vietnam
Senior Notes
4.80% due 11/19/2024

     1,400,000        1,436,716  

United Mexican States
Senior Bonds
3.63% due 03/15/2022

     1,400,000        1,421,000  

United Mexican States
Senior Notes
3.75% due 01/11/2028

     1,627,000        1,558,666  

United Mexican States
Senior Notes
4.35% due 01/15/2047

     1,128,000        1,021,968  

United Mexican States
Senior Bonds
4.75% due 03/08/2044

     1,334,000        1,283,975  
             


                75,856,387  
             


Total Foreign Government Obligations

 

        

(cost $86,191,741)

              84,135,630  
             


 

 

29


Table of Contents

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — February 28, 2018 (unaudited) — (continued)


 

Security Description    Principal
Amount
    

Value

(Note 2)

 

U.S. GOVERNMENT AGENCIES — 33.3%

 

Federal Home Loan Mtg. Corp. — 11.8%

 

2.50% due 01/01/2028

   $ 723,875      $ 710,521  

2.50% due 04/01/2028

     1,564,783        1,535,564  

2.50% due 03/01/2031

     914,412        892,007  

2.50% due 10/01/2032

     4,785,084        4,667,837  

3.00% due 08/01/2027

     296,674        297,575  

3.00% due 10/01/2042

     1,508,325        1,473,408  

3.00% due 11/01/2042

     1,230,058        1,201,582  

3.00% due 02/01/2043

     1,842,775        1,789,767  

3.00% due 04/01/2043

     1,825,774        1,782,085  

3.00% due 05/01/2043

     622,941        608,519  

3.00% due 08/01/2043

     6,411,127        6,258,199  

3.00% due 07/01/2045

     11,236,653        10,923,336  

3.00% due 10/01/2045

     6,654,857        6,463,871  

3.00% due 05/01/2046

     5,220,210        5,066,130  

3.00% due 08/01/2046

     6,235,226        6,051,182  

3.50% due 01/01/2032

     5,397,494        5,500,422  

3.50% due 03/01/2042

     4,397,867        4,416,956  

3.50% due 04/01/2042

     1,828,446        1,836,382  

3.50% due 08/01/2042

     1,511,804        1,518,364  

3.50% due 09/01/2043

     1,483,359        1,489,796  

3.50% due 03/01/2045

     1,318,668        1,320,180  

3.50% due 07/01/2045

     8,830,683        8,841,878  

3.50% due 08/01/2045

     2,549,499        2,556,715  

3.50% due 11/01/2045

     4,773,309        4,777,390  

3.50% due 01/01/2046

     2,918,455        2,920,949  

3.50% due 11/01/2047

     13,774,452        13,786,256  

4.00% due 03/01/2023

     146,595        150,343  

4.00% due 09/01/2040

     1,491,205        1,540,813  

4.00% due 07/01/2044

     108,461        111,572  

4.00% due 10/01/2045

     3,995,618        4,110,122  

4.00% due 01/01/2046

     847,789        875,083  

4.50% due 11/01/2018

     3,877        3,913  

4.50% due 02/01/2019

     6,796        6,866  

4.50% due 12/01/2039

     603,678        638,610  

4.50% due 07/01/2044

     1,473,228        1,550,530  

4.50% due 09/01/2044

     5,975,892        6,268,344  

5.00% due 10/01/2033

     1,448        1,553  

5.00% due 07/01/2040

     704,516        757,168  

5.00% due 11/01/2043

     3,310,318        3,579,083  

5.50% due 11/01/2018

     797        799  

5.50% due 11/01/2032

     8,613        9,432  

5.50% due 07/01/2034

     31,032        34,135  

5.50% due 02/01/2035

     36,755        39,852  

5.50% due 07/01/2035

     1,148        1,268  

5.50% due 01/01/2036

     198,212        218,744  

5.50% due 05/01/2037

     32,900        36,045  

6.00% due 07/01/2035

     84,553        93,848  

6.00% due 03/01/2040

     169,087        189,385  

6.50% due 12/01/2032

     20,108        22,643  

6.50% due 02/01/2036

     13,948        15,707  

6.50% due 09/01/2036

     322        363  

6.50% due 05/01/2037

     44,307        49,892  

Federal Home Loan Mtg. Corp. FRS
3.11% (6 ML+1.49%)
due 02/01/2037

     218,241        224,828  

3.64% (12 ML+1.89%)

due 11/01/2037

     1,670,561        1,761,499  

Federal Home Loan Mtg. Corp. REMIC

 

Series 4740, Class BA
3.00% due 09/15/2045(2)

     4,031,375        3,991,140  

Series 3820, Class DA
4.00% due 11/15/2035(2)

     3,912,635        3,972,391  

Federal Home Loan Mtg. Corp. REMIC FRS
Series 3572, Class JS
5.21% (6.80% - 1 ML)
due 09/15/2039(2)(5)(6)

     1,148,958        122,912  

Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS

                 

Series 2017-HQA1, Class M1
2.82% (1 ML+1.20%)
due 08/25/2029(2)

     2,587,133        2,611,152  
Security Description    Principal
Amount
    

Value

(Note 2)

 

                   

Federal Home Loan Mtg. Corp. (continued)

 

Series 2015-DNA1, Class M2
3.47% (1 ML+1.85%)
due 10/25/2027(2)

   $ 1,000,000      $ 1,021,441  

Series 2014-DN1, Class M2
3.82% (1 ML+2.20%)
due 02/25/2024(2)

     1,492,640        1,537,477  

Series 2014-HQ2, Class M2
3.82% (1 ML+2.20%)
due 09/25/2024(2)

     3,644,366        3,757,072  

Series 2015-HQ1, Class M2
3.82% (1 ML+2.20%)
due 03/25/2025(2)

     7,269        7,326  

Series 2015-HQA1, Class M2
4.27% (1 ML+2.65%)
due 03/25/2028(2)

     626,316        639,529  

Series 2016-HQA1, Class M2
4.37% (1 ML+2.75%)
due 09/25/2028(2)

     1,314,000        1,349,714  

Series 2015-HQA2, Class M2
4.42% (1ML+2.80%)
due 05/25/2028(2)

     821,262        848,019  
             


                140,837,484  
             


Federal National Mtg. Assoc. — 18.8%

 

Federal National Mtg. Assoc.
2.50% due 02/01/2028

     1,591,474        1,564,888  

2.50% due 04/01/2028

     408,534        401,453  

2.50% due 01/01/2032

     2,770,280        2,703,823  

3.00% due 04/01/2027

     1,133,857        1,135,939  

3.00% due 10/01/2027

     180,073        179,806  

3.00% due 01/01/2028

     1,580,853        1,579,869  

3.00% due 10/01/2030

     2,948,518        2,943,046  

3.00% due 10/01/2032

     11,789,963        11,749,828  

3.00% due 03/01/2042

     3,031,948     </