Form 497K VALIC Co I
VALIC Company I
Aggressive Growth Lifestyle Fund |
Asset Allocation Fund |
Blue Chip Growth Fund |
Capital Appreciation Fund |
Conservative Growth Lifestyle Fund |
Core Bond Fund |
Dividend Value Fund |
Dynamic Allocation Fund |
Emerging Economies Fund |
Global Real Estate Fund |
Global Strategy Fund |
Government Securities Fund |
Growth Fund |
High Yield Bond Fund |
Inflation Protected Fund |
International Equities Index Fund |
International Government Bond Fund |
International Growth Fund |
International Opportunities Fund |
International Socially Responsible Fund |
International Value Fund |
Large Capital Growth Fund |
Mid Cap Index Fund |
Mid Cap Strategic Growth Fund |
Mid Cap Value Fund |
Moderate Growth Lifestyle Fund |
Nasdaq-100® Index Fund |
Science & Technology Fund |
Small Cap Growth Fund |
Small Cap Index Fund |
Small Cap Special Values Fund |
Small Cap Value Fund |
Stock Index Fund |
Systematic Core Fund |
Systematic Value Fund |
U.S. Socially Responsible Fund |
Supplement dated August 3, 2022, to each Funds current Summary Prospectus,
Prospectus and Statement of Additional Information, as amended or supplemented to date
The Variable Annuity Life Insurance Company (VALIC), the Funds investment adviser, and SunAmerica Asset Management, LLC (SunAmerica), a sub-adviser to the SunAmerica-Advised Funds (as defined below), are indirectly, wholly owned by Corebridge Financial, Inc. (Corebridge). American International Group, Inc. (AIG), the parent of Corebridge, has announced its intention to sell all of its interest in Corebridge over time, including through an initial public offering of Corebridges common stock (such divestment, the Separation Plan). It is anticipated that one or more of the transactions contemplated by the Separation Plan will be deemed to result in an assignment (as defined in the 1940 Act) of the current investment advisory agreement between VALIC and the Company with respect to the Funds and the current investment sub-advisory agreements between VALIC and SunAmerica with respect to the SunAmerica-Advised Funds. The agreements provide that they will automatically terminate in the event of their assignment.
Accordingly, at a meeting held on August 2-3, 2022 (the Board Meeting), the Board of Directors (the Board, whose members are referred to as the Directors) of the Company considered and approved proposals to approve a new investment advisory agreement between VALIC and the Company with respect to the Funds and a new investment sub-advisory agreement between VALIC and SunAmerica with respect to the SunAmerica-Advised Funds to take effect upon the automatic termination of an existing agreement in the event of an assignment resulting from a transaction contemplated by the Separation Plan, thus allowing VALIC and SunAmerica to continue to provide advisory and sub-advisory services, respectively, to the Funds without interruption. At the Board Meeting, the Board also approved several other proposals, as described below, and also approved submitting such proposals to shareholders of each Fund at a joint special
meeting (the Special Meeting) to be held on or about October 14, 2022. Specifically, at the Special Meeting, shareholders will be asked:
1. | To elect Directors to the Board of the Company; |
2. | To approve a new investment advisory agreement between VALIC and the Company, on behalf of each of its Funds, and to approve any future investment advisory agreements between VALIC and the Company, each to take effect upon a transaction contemplated by the Separation Plan that results in an assignment of the then-existing investment advisory agreement; |
3. | To approve a new investment sub-advisory agreement between VALIC and SunAmerica with respect to each of the Dynamic Allocation Fund, Growth Fund, International Equities Index Fund, Internationally Socially Responsible Fund, Mid Cap Index Fund, Nasdaq-100® Index Fund, Small Cap Index Fund, Stock Index Fund and U.S. Socially Responsible Fund (the SunAmerica-Advised Funds), and to approve any future investment sub-advisory agreements between VALIC and SunAmerica with respect to the SunAmerica-Advised Funds, each to take effect upon a transaction contemplated by the Separation Plan that results in an assignment of the then-existing investment sub-advisory agreement; |
4. | To approve a manager-of-managers arrangement that would permit VALIC to enter into and materially amend sub-advisory agreements with unaffiliated and affiliated subadvisers on behalf of the Funds without obtaining shareholder approval; |
5. | To approve the adoption, revision or elimination of the fundamental investment restrictions, as applicable, with respect to each Fund; and |
6. | To approve a change to the Blue Chip Growth Funds sub-classification under the 1940 Act from diversified to non-diversified. |
More detailed information about each proposal to be voted on at the Special Meeting will be provided in a forthcoming proxy statement. When you receive the proxy statement, please review it carefully and cast your vote or provide voting instructions to avoid the additional expense to the Funds of any future solicitation. This Supplement is not a proxy and is not soliciting any proxy, which can only be done by means of a proxy statement. The Special Meeting is limited to shareholders of each Fund. Shareholders of a Fund as of August 5, 2022, are entitled to vote at the Special Meeting.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
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