Core Bond Fund
VALIC Co I · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
Core Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2025 Q3
The Fund seeks the highest possible total return consistent with conservation of capital through investments in medium- to high-quality fixed-income securities.
The fund is managed by subadvisers who employ different approaches: one relies on short-term factors including company information and market conditions, while the other takes a long-term value-oriented approach, analyzing individual securities for risk and reward across interest rate, credit, duration, and liquidity dimensions. The fund invests at least 80% of assets in medium- to high-quality fixed-income securities, including U.S. Treasuries, corporate debt, and mortgage-backed securities, with discretion to concentrate significantly in mortgage-related securities; up to 20% may be in below-investment-grade securities and up to 40% in foreign-issued dollar-denominated debt. Because the fund's returns depend on the subadvisers' security selection and market timing decisions, performance will diverge from any benchmark based on those choices.
| Share class | Gross | Net |
|---|---|---|
| VCBDX | 0.51% | 0.48% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 44.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 54.16% |
| Securitized | 41.81% |
| Cash & short-term | 2.57% |
| Stocks | 1.10% |
| Derivatives | 0.02% |
Derivatives are shown at market value, not notional exposure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Securitized | 41.9% |
| Government | 23.9% |
| Other | 7.8% |
| International | 7.1% |
| 12 smaller | 19.3% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: United States Treasury ×3, Fanniemae-Aces ×2, Freddie Mac ×2, Research-Driven Pagaya Motor Asset Trust I
Largest exited: United States Treasury ×2, AVOLON HOLDINGS FNDG LTD, Fannie Mae ×3, Mercury Financial Credit Card Master Trust, Freddie Mac
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
One month is blank because the fund did not report it — not because it was flat. A cumulative figure is not shown for this class: compounding across an unreported month would treat it as flat and invent a return.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 92.8% |
| Floating rate | 4.1% |
| Zero-coupon or unclassified | 3.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.9% |
| 1-3y | 7.1% |
| 3-5y | 11.8% |
| 5-10y | 28.0% |
| 10y+ | 52.2% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 73% |
| Credit spreads | 27% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +2.02 yr |
| High yield | +0.20 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.60 yr | 10% |
| 5 yr | 1.66 yr | 27% |
| 10 yr | 2.54 yr | 42% |
| 30 yr | 1.26 yr | 21% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.26 yr | 12% |
| 5 yr | 0.68 yr | 31% |
| 10 yr | 0.85 yr | 38% |
| 30 yr | 0.42 yr | 19% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.01 | +0.00 | $2.5k | $406 |
| 1 yr | +0.60 | +0.21 | +0.05 | $55.0k | $12.4k |
| 5 yr | +1.66 | +0.59 | +0.10 | $153.0k | $25.1k |
| 10 yr | +2.54 | +0.81 | +0.04 | $212.5k | $9.7k |
| 30 yr | +1.26 | +0.40 | +0.01 | $104.6k | $3.9k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| GVMXX | State Street Global AdvisorsGVMXX | 3.38% | $88.35M | — |
| — | United States Treasury3.63% · due 2030-08-31 | 1.49% | $38.84M | — |
| — | United States Treasury2.88% · due 2029-04-30 | 1.30% | $33.88M | — |
| — | United States Treasury4.50% · due 2033-11-15 | 1.12% | $29.18M | — |
| — | Fannie Mae3.00% · due 2052-02-01 | 1.02% | $26.66M | — |
| — | United States Treasury4.13% · due 2029-03-31 | 1.00% | $26.05M | — |
| — | United States Treasury4.13% · due 2031-07-31 | 0.97% | $25.45M | — |
| — | United States Treasury0.00% · due 2031-11-15 | 0.93% | $24.28M | — |
| — | United States Treasury4.00% · due 2034-02-15 | 0.80% | $21.00M | — |
| — | United States Treasury4.00% · due 2031-01-31 | 0.78% | $20.31M | — |
Top 10 positions are 12.79% of net assets, top 25 22.03%, across 808 issuers.
See more of this fund's book
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