Form 497 VALIC Co I

Filed under Rule 497(e)

Registration No. 002-83631

VALIC Company I

(the “Company”)

Supplement dated January 5, 2026, to the Statement of Additional Information (“SAI”), dated October 1, 2025, as supplemented and amended to date

Effective January 1, 2026, The Variable Annuity Life Insurance Company replaced SunAmerica Asset Management, LLC as the Company’s administrator and SunAmerica became the Company’s sub-administrator. In addition, effective December 31, 2025, Mr. Thomas Brown and Dr. Judith Craven retired from their service as Directors of the Board of Directors of the Company and as members of its committees.

Effective immediately, the following changes are made to the SAI:

New Administrator and Sub-Administrator

The subsection in the SAI entitled “SERVICE AGREEMENTS – Amended and Restated Administrative Services Agreement” is deleted in its entirety and replaced with the following:

Administrative Services Agreement

VC I has entered into an Administrative Services Agreement (“Administrative Services Agreement”) with VALIC (the “Administrator”) on behalf of all Funds to provide certain accounting and administrative services to the Funds. Pursuant to the Administrative Services Agreement, the Administrator provides administrative services to the Board, regulatory reporting, internal legal and compliance services, fund accounting and related portfolio accounting services, all necessary office space, equipment, personnel, compensation and facilities for handling the affairs of the Funds and other services. Without limiting the generality of the foregoing, the Administrator (or its appointed service provider): assists with the preparation of prospectuses, statements of additional information, registration statements, and proxy materials; develops and prepares communications to shareholders, including the annual and semi-annual reports to shareholders; coordinates and supervises the preparation and filing of Fund tax returns; assists with the design, development, and operation of the Funds; prepares the Funds’ financial statements; determines the net asset value of the Funds’ shares; supervises the Funds’ transfer agent with respect to the payment of dividends and other distributions to shareholders; and calculates performance data of the Funds.

SunAmerica, located at One World Trade Center, 285 Fulton Street, Suite 49M, New York, NY 10007, performs certain accounting and administrative services for the Funds pursuant to a Sub-Administration Agreement with VALIC (the “Sub-Administration Agreement”). These services include, among others, the calculation of Fund expenses and coordination of disbursements, the provision of reporting services to VC I, and

support for valuation and pricing. Prior to January 1, 2026, SunAmerica served as the administrator to VC I, on behalf of all Funds, pursuant to an amended and restated administrative services agreement with VC I (the “Prior Administrative Services Agreement”) that was materially identical to the current Administrative Services Agreement. SunAmerica is a registered investment adviser and a wholly-owned subsidiary of Venerable Holdings, Inc.

Pursuant to the Administrative Services Agreement, VC I pays the Administrator an annual fee of 0.06% based on average daily net assets plus an accounting basis point fee.¹ These fees are paid directly by the Funds. For the fiscal years ended May 31, 2025, 2024 and 2023, the Funds paid SunAmerica the following administrative services fees under the Prior Administrative Services Agreement:

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1 Annual fee of 6 basis points based upon each Fund’s average daily net assets, plus the following Accounting Basis Point Fee:

†Accounting Basis Point Fee is calculated based upon all assets in the series of VC I, other than “Funds-of-Funds” and “Feeder Funds.” Prior to January 1, 2026, the Accounting Basis Point Fee was calculated based upon all assets in all registered management investment companies managed and/or administered by SunAmerica and VALIC, other than “Funds-of-Funds” and “Feeder Funds.”

All references to SunAmerica serving as the administrator to the Company, on behalf of the Funds, in the SAI are replaced with VALIC.

Officer Changes

The second table in the section of the SAI entitled “MANAGEMENT OF VC I” is deleted in its entirety and replaced with the following:

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Retirement of Directors and New Committee Chairs

All references to Mr. Thomas Brown and Dr. Judith Craven as being current Directors are hereby removed. Effective January 1, 2026, Ms. Eileen Kamerick was appointed as the new Chair of the Audit Committee and Ms. Cheryl Creuzot was appointed as the new Chair of the Compliance and Ethics Committee. All references to the Chair of the Audit Committee and the Chair of the Compliance and Ethics Committee in the SAI are updated accordingly.

The third sentence of the first paragraph in the subsection of the SAI entitled “MANAGEMENT OF VC I – Leadership Structure of the Board” is deleted in its entirety and replaced with the following:

The Board is presently composed of eight members, all of whom are Independent Directors.

Capitalized terms used herein but not defined shall have the meanings assigned to them in the SAI.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

VLSAI-SUP1 (1/26)

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