Fund Evaluator:

VALIC Company I Inflation Protected Overview

VALIC Company I Inflation Protected (VCTPX) is an actively managed Taxable Bond Inflation-Protected Bond fund. VALIC launched the fund in 2004.

The investment seeks maximum real return. The fund normally invests at least 80% of its net assets in inflation-indexed fixed income securities issued by domestic and foreign governments (including those in emerging market countries), their agencies or instrumentalities, and corporations and in derivative instruments that have economic characteristics similar to such securities. It invests primarily in investment grade securities rated Baa3 or higher by Moody's Investors Service, Inc. or BBB- or higher by S&P Global Ratings. The fund also may invest up to 50% of its total assets in securities denominated in foreign currencies.

About VALIC Company I Inflation Protected (VCTPX)

There are 2 members of the management team with an average tenure of 5.75 years: Jeremy Forster (2020), Joseph Marvan (2020). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Treasury US TIPS TR USD index with a weighting of 100%. VALIC Company I Inflation Protected has 115 securities in its portfolio. The top 10 holdings constitute 71.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

VALIC Company I Inflation Protected is part of the Fixed Income global asset class and is within the Taxable Bond fund group. VALIC Company I Inflation Protected has 26.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.3%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 93.6% (67.4% domestic bond, 26.2% foreign bond and 0.0% convertible bond). VALIC Company I Inflation Protected has 4.1% of the portfolio in cash.

Assets Under Management

The fund has $355 million in total assets, which is below the $872 million average for the Inflation-Protected Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

VCTPX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The VALIC Company I Inflation Protected expense ratio is average compared to funds in the Inflation-Protected Bond category. VALIC Company I Inflation Protected has an expense ratio of 0.54%, which is 26% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. VALIC Company I Inflation Protected has a portfolio turnover rate of 18%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 74% for the Inflation-Protected Bond category.

Recently, in the month of June 2026, VALIC Company I Inflation Protected returned -0.3%, which earned it a grade of A, as the Inflation-Protected Bond category had an average return of -0.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

VALIC Company I Inflation Protected has a trailing yield of 2.57%, which is below the 4.07% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

VALIC Company I Inflation Protected Grades

Year to date, the fund has returned 1.9%, 0.8 percentage points better than the category, which translates into a grade of A. The fund has returned 4.1% over the past year (grade of A), 3.6% over the past three years (grade of D) and 1.2% per year over the past five years (grade of A) and 2.6% per year over the past 10 years (grade of B).

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