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Effective April 30, 2026, the Fund changed its benchmark index from the Russell 2000® Value Index to the Russell 2000® Index, which is relevant to the Fund because it has characteristics similar to the Fund’s investment strategies. Fund management believes that the Russell 2000® Index is more representative of the securities in which the Fund invests.
Effective April 30, 2026, the Fund changed its benchmark index from the Russell 2000® Value Index to the Russell 2000® Index, which is relevant to the Fund because it has characteristics similar to the Fund’s investment strategies. Fund management believes that the Russell 2000® Index is more representative of the securities in which the Fund invests.
N-1A
VALIC COMPANY I
2026-04-30
FUND SUMMARY: SMALL CAP CORE FUND (FORMERLY, SMALL CAP SPECIAL VALUES FUND)
Investment Objective
<div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; text-align: justify;">The Fund seeks to achieve capital appreciation.</div>
Fees and Expenses of the Fund
<div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; text-align: justify;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund<span style="font-weight: bold;">. The table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Fund is offered.</span> If separate account fees were shown, the Fund’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees.</div>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
0.0075
0.0015
0.0000
0.0090
0.0011
0.0079
Restated to reflect current fees and expenses.The fee table above has been restated to reflect the contractual advisory fee waiver agreement.
September 30, 2027
Expense Example
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; text-align: justify;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; text-align: justify;">expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the separate account fees were reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:</div>
81
81
276
276
488
488
1098
1098
Portfolio Turnover
<div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; text-align: justify;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; text-align: justify;">During the most recent fiscal year, the Fund’s portfolio turnover rate was 21% of the average value of its portfolio.</div>
0.21
Principal Investment Strategies of the Fund
<div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; text-align: justify;">Under normal market conditions, the Fund will invest at least 80% of its net assets in securities of “small‑cap” companies, and in derivatives and other instruments that have economic characteristics similar to such securities. The Fund considers a small‑cap company to be one whose market capitalization, at the time of purchase, is equal to or less than the market capitalization of the largest company in the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index during the most recent 12‑month period. As of March 31, 2026, the median stock by market capitalization in the Index was approximately $0.967 billion, and the largest stock was approximately $34.169 billion. The size of the companies in the Index changes with market conditions and the composition of the Index.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; text-align: justify;">The Fund primarily invests in common stock but may also invest in other types of securities such as real estate investment trusts (“REITs”).</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; text-align: justify;">The Subadviser uses fundamental research to select securities for the Fund’s portfolio. While the process may change over time or vary in particular cases, in general the selection process currently uses a fundamental approach in analyzing issuers on factors such as a company’s financial performance, competitive strength and prospects, industry position, and business model and management strength. Industry outlook, market trends and general economic conditions may also be considered.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; text-align: justify;">The Fund aims to maintain a broad diversification across all major economic sectors. In constructing the portfolio, the Fund seeks to limit exposure to so‑called “top‑down” or “macro” risks, such as overall stock market movements, economic cycles, and interest rate or currency fluctuations. Instead, the Subadviser seeks to add value by selecting individual securities that it believes have superior company-specific fundamental attributes or relative valuations that it expects to outperform their industry and sector peers. This is commonly referred to as a “bottom‑up” approach to portfolio construction.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; text-align: justify;">The Subadviser considers stock rankings, benchmark weightings and capitalization outlooks in determining security weightings for individual issuers.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; text-align: justify;">The Subadviser might sell a security if the price is approaching its price target, if the company’s competitive position has deteriorated or the company’s management has performed poorly, or if the Subadviser has identified more attractive investment prospects.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; text-align: justify;">In order to generate additional income, the Fund may lend portfolio securities to broker-dealers and other financial institutions provided that the value of the loaned securities does not exceed 30% of the Fund’s total assets. These loans earn income for the Fund and are collateralized by cash and securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities. Investors will be given at least 60 days’ written notice in advance of any change to the Fund’s 80% investment policy set forth above.</div>
Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation.
If the value of the assets of the Fund goes down, you could lose money.
<div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; text-align: justify;"><span style="font-weight: bold;">Management Risk. </span>The investment style or strategy used by a subadviser may fail to produce the intended result. A subadviser’s assessment of a particular security or company may prove incorrect, resulting in losses or underperformance.</div>
<div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; text-align: justify;"><span style="font-weight: bold;">Equity Securities Risk. </span>The Fund invests primarily in equity securities and is therefore subject to the risk that</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; text-align: justify;">stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day‑to‑day and may decline significantly. The prices of individual stocks may be negatively affected by poor company results or other factors affecting individual prices, as well as industry and/or economic trends and developments affecting industries or the securities market as a whole.</div>
<div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; text-align: justify;"><span style="font-weight: bold;">Small‑Cap Company Risk.</span> Investing in small‑cap companies carries the risk that due to current market conditions these companies may be out of favor with investors. Small companies often are in the early stages of development with limited product lines, markets, or financial resources and managements lacking depth and experience, which may cause their stock prices to be more volatile than those of larger companies. Small company stocks may be less liquid yet subject to abrupt or erratic price movements. It may take a substantial period of time before the Fund realizes a gain on an investment in a small‑cap company, if it realizes any gain at all.</div>
<div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; text-align: justify;"><span style="font-weight: bold;">Real Estate Investment Trusts Risk. </span>REITs are trusts that invest primarily in commercial real estate, residential real estate or real estate related loans. The value of an interest in a REIT may be affected by the value and the cash flows of the properties owned or the quality of the mortgages held by the REIT. The performance of a REIT depends on current economic conditions and the types of real property in which it invests and how well the property is managed. If a REIT concentrates its investments in a geographic region or property type, changes in underlying real estate values may have an exaggerated effect on the value of the REIT.</div>
<div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; text-align: justify;"><span style="font-weight: bold;">Market Risk. </span>The Fund’s share price can fall because of weakness in the broad market, a particular industry, or specific holdings or due to adverse social, political or economic developments here or abroad, changes in investor psychology, technological disruptions, or heavy institutional selling and other conditions or events (including, for example, military confrontations, war, terrorism, trade wars, disease/virus, outbreaks and epidemics). The prices of individual securities may fluctuate, sometimes dramatically, from day to day. The prices of stocks and other equity securities tend to be more volatile than those of fixed-income securities.</div>
<div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; text-align: justify;"><span style="font-weight: bold;">Securities Lending Risk. </span>Engaging in securities lending could increase the market and credit risk for Fund investments. The Fund may lose money if it does not recover borrowed securities, the value of the collateral falls, or the value of investments made with cash collateral declines. The Fund’s loans will be collateralized by securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities,</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; text-align: justify;">which subjects the Fund to the credit risk of the U.S. Government or the issuing federal agency or instrumentality. If the value of either the cash collateral or the Fund’s investments of the cash collateral falls below the amount owed to a borrower, the Fund also may incur losses that exceed the amount it earned on lending the security. Securities lending also involves the risks of delay in receiving additional collateral or possible loss of rights in the collateral if the borrower fails. Another risk of securities lending is the risk that the loaned portfolio securities may not be available to the Fund on a timely basis and the Fund may therefore lose the opportunity to sell the securities at a desirable price.</div>
Performance Information
<div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; text-align: justify;">The following Risk/Return Bar Chart and Table illustrate the risks of investing in the Fund by showing changes in the Fund’s performance from calendar year to calendar year and comparing the Fund’s average annual returns to those of the Russell 3000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index (a broad-based securities market index), the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index, and the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Value Index. Effective April 30, 2026, the Fund changed its benchmark index from the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Value Index to the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index, which is relevant to the Fund because it has characteristics similar to the Fund’s investment strategies. Fund management believes that the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index is more representative of the securities in which the Fund invests. The Fund’s returns prior to April 30, 2026, as reflected in the bar chart and table, are the returns of the Fund when it followed a different investment objective and different investment strategies under the name, “Small Cap Special Values Fund.” Fees and expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown. Of course, past performance of the Fund is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; text-align: justify;">Since the Fund’s inception, Wells Capital Management Incorporated (“WellsCap”) served as the Fund’s subadviser. In the fourth quarter of 2021, WellsCap changed its name to Allspring Global Investments, LLC (“Allspring”). From inception through September 11, 2009, Putnam Investment Management, LLC (“Putnam”) acted as co‑subadviser. Dreman Value Management, LLC succeeded Putnam as co‑subadviser from September 11, 2009, until December 7, 2015. Beginning December 7, 2015, Allspring (formerly WellsCap) served as the Fund’s sole subadviser. Effective April 30, 2026, Invesco Advisers, Inc. (“Invesco”) replaced Allspring as the Fund’s subadviser.</div>
The following Risk/Return Bar Chart and Table illustrate the risks of investing in the Fund by showing changes in the Fund’s performance from calendar year to calendar year and comparing the Fund’s average annual returns to those of the Russell 3000® Index (a broad-based securities market index), the Russell 2000® Index, and the Russell 2000® Value Index. Effective April 30, 2026, the Fund changed its benchmark index from the Russell 2000® Value Index to the Russell 2000® Index, which is relevant to the Fund because it has characteristics similar to the Fund’s investment strategies.
Fees and expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown.
Of course, past performance of the Fund is not necessarily an indication of how the Fund will perform in the future.
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">During the period shown in the bar chart:</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Highest Quarterly Return: December 31, 2020 28.56%</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Lowest Quarterly Return: March 31, 2020 -33.63%</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Year to Date Most Recent Quarter: March 31, 2026 -0.07%</div>
Highest Quarterly Return:
2020-12-31
0.2856
Lowest Quarterly Return:
2020-03-31
-0.3363
Year to Date Most Recent Quarter:
2026-03-31
-0.0007
Average Annual Total Returns (For the periods ended December 31, 2025)
-0.0303
0.0657
0.0839
0.1715
0.1315
0.1429
0.1281
0.0609
0.0962
0.1259
0.0888
0.0927
Restated to reflect current fees and expenses.
The Fund’s investment adviser, The Variable Annuity Life Insurance Company (“VALIC”), has contractually agreed to waive its advisory fee until September 30, 2027, so that the advisory fee payable by the Fund to VALIC equals 0.64% on the first $500 million of the Fund’s average daily net assets and 0.59% on average daily net assets over $500 million. This agreement may be modified or discontinued prior to such time only with the approval of the Board of Directors of VALIC Company I (“VC I”), including a majority of the directors who are not “interested persons” of VC I as defined in the Investment Company Act of 1940, as amended.
The fee table above has been restated to reflect the contractual advisory fee waiver agreement.