UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21482
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SunAmerica Specialty Series
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(Exact name of registrant as specified in charter)
Harborside 5, 185 Hudson Street, Suite 3300, Jersey City, NJ 07311
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(Address of principal executive offices) (Zip code)
John T. Genoy
Senior Vice President
SunAmerica Asset Management, LLC
Harborside 5,
185 Hudson Street, Suite 3300
Jersey City, NJ 07311
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(Name and address of agent for service)
Registrant's telephone number, including area code: (201) 324-6414
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Date of fiscal year end: October 31
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Date of reporting period: April 30, 2018
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Item 1. Reports to Stockholders
2018 SEMI-ANNUAL REPORT
SunAmerica Specialty Series
High Watermark Fund
2020 High Watermark Fund
SunAmerica
Alternative Strategies Fund
Global Trends Fund
Focused Alpha Growth Fund
Focused Alpha Large-Cap Fund
Income Explorer Fund
Small-Cap Fund
[GRAPHIC]
[LOGO]
Table of Contents
A MESSAGE FROM THE PRESIDENT................................ 2
EXPENSE EXAMPLE............................................. 5
STATEMENT OF ASSETS AND LIABILITIES......................... 7
STATEMENT OF OPERATIONS..................................... 9
STATEMENT OF CHANGES IN NET ASSETS.......................... 11
FINANCIAL HIGHLIGHTS........................................ 13
PORTFOLIO OF INVESTMENTS.................................... 20
NOTES TO FINANCIAL STATEMENTS............................... 70
A Message from the President -- (unaudited)
Dear Shareholders:
We are pleased to present this semi-annual update for SunAmerica Specialty
Series (the "Specialty Series"), including AIG Commodity Strategy Fund, AIG ESG
Dividend Fund, AIG Focused Alpha Large-Cap Fund, AIG Focused Multi-Cap Growth
Fund, AIG Global Trends Fund, AIG Income Explorer Fund and AIG Small-Cap Fund
(the "Funds"), covering the six-month period ended April 30, 2018.
Overall, global equities, global bonds and commodities advanced during the
semi-annual period, though volatility across markets heightened significantly.
Investor sentiment was dominated by global economic data, central bank monetary
policy and political events.
As the semi-annual period began in November 2017, global equities posted
positive results, recording a seventh consecutive quarter of gains by the end
of the calendar year. Political concerns dominated headlines globally, while
data across most major economies remained largely positive. U.S. equities rose
for the ninth straight quarter, as low unemployment, robust corporate earnings
and strong consumer and business spending contributed to positive market
sentiment. U.S. tax reform was a key area of focus, culminating with a tax
reform bill signed into law at the end of the December. Elsewhere, European
equities ended the fourth calendar quarter with its seventh consecutive quarter
of positive performance, and Japanese equities led the rally amongst markets in
the Pacific Basin region. On the monetary policy front, the European Central
Bank prepared to reduce its monthly asset purchases beginning in January 2018.
The U.S. Federal Reserve (the "Fed") raised the targeted federal funds rate by
25 basis points+ in December, citing labor market strength and a solid rate of
economic growth.
During the first quarter of 2018, a sharp correction in global equity markets
and a large spike in volatility were initially triggered by concerns about
robust labor market data and escalating inflation risks in the U.S. and, in
turn, market speculation of a faster pace of interest rate hikes. Renewed
concerns about the increasingly hostile exchanges between North Korea and the
White House and fears of a global trade war further unsettled financial
markets. The U.S. Administration had imposed stiff tariffs on steel and
aluminum and announced plans to implement tariffs on Chinese imports, while
also enacting tighter restrictions on acquisitions and technology transfers.
U.S. equities posted their first quarterly loss since September 2015. European
equities declined even more than U.S. equities, and Japanese equities were the
worst performing market in the Pacific Basin region for the quarter. The Fed
increased the targeted federal funds rate by another 25 basis points in March
2018, noting the U.S. economic outlook had strengthened in recent months. April
saw volatility continue, driven by trade headlines around U.S. and China,
rising U.S. Treasury yields and increased focus on the technology sector given
ongoing discussion around the regulatory environment. Investor concern also
increased with rising geopolitical risks surrounding North Korea and Syria as
well as by the announcement of additional sanctions on Russia. U.S. and
developed markets international equities eked out modestly positive returns for
the month, while emerging markets equities generated a modest decline.
The broad global fixed income market posted a modestly positive return during
the semi-annual period overall, though U.S. fixed income experienced a decline
as U.S. Treasury yields generally moved higher along with a pickup in inflation
expectations. The U.S. Treasury yield curve, or spectrum of maturities,
flattened slightly, as yields on longer-term maturities rose less than yields
on shorter- and intermediate-term maturities. (A flattening yield curve is one
wherein the differential in yields between longer-term and shorter-term
maturities narrows.) Spread, or non-government bond, sectors generally
outperformed U.S. Treasury securities, led by high yield corporate bonds.
In commodities, oil prices hit a two-year high during the fourth quarter of
2017 following an extended OPEC supply-cut agreement through the end of 2018.
Continued drawdowns in U.S. crude inventories and renewed fears of a supply
disruption in the Middle East following heightened concerns about potential
U.S. sanctions on Iran drove an ongoing rally in oil prices through the end of
the
2
A Message from the President -- (unaudited) (continued)
semi-annual period. Gold prices moved higher on concerns about U.S. tariffs
stifling global economic growth and on mounting geopolitical tensions.
Conversely, agriculture and livestock was the weakest commodities sector during
the semi-annual period.
Amid these conditions, the investment markets posted mixed results during the
semi-annual period. Despite heightened market volatility, U.S. equities
modestly outpaced international equities, with the representative S&P 500
Index/*/ returning 3.82%. International equity markets, represented by the MSCI
ACWI ex-US (Net),/*/ returned 3.47%. U.S. bonds, as represented by the
Bloomberg Barclays U.S. Aggregate Bond Index,/*/ and global bonds, as
represented by the Bloomberg Barclays Global Aggregate Bond Index,/*/ posted
returns of -1.87% and 1.19%, respectively, for the semi-annual period overall.
The ICE BofAML U.S. Treasury Index/*/ returned -1.80%, while international
government bonds, as represented by the FTSE WGBI (USD, hedged),/*/ returned
0.48%. Commodities, as represented by the Bloomberg Commodity Index,/*/
returned 4.74% for the same semi-annual period.
On the following pages, you will find the financial statements and portfolio
information for each of the Specialty Series Funds for the six-month period
ended April 30, 2018.
Thank you for being a part of the Specialty Series Funds. We value your ongoing
confidence in us and look forward to serving your investment needs in the
future. As always, if you have any questions regarding your investments, please
contact your financial advisor or get in touch with us directly at 800-858-8850
or via our website at www.aig.com/funds.
Sincerely,
/s/ Peter A. Harbeck
Peter A. Harbeck
President & CEO
SunAmerica Asset Management, LLC
--------
Past performance is no guarantee of future results. Diversification and asset
allocation do not guarantee a profit nor protect against a loss.
+ A basis point is 1/100/th/ of a percentage point.
* The S&P 500 Index is an unmanaged, weighted index of 500 large company
stocks that is widely-recognized as representative of the performance of the
U.S. stock market. The MSCI ACWI (Morgan Stanley Capital International All
Country World Index) ex-U.S. (Net) is a free float-adjusted market
capitalization-weighted index designed to provide a broad measure of the
global equity market performance of 46 developed and emerging markets
throughout the world, excluding the U.S. Net total return indices reinvest
dividends after the deduction of withholding taxes, using (for international
indices) a tax rate applicable to non-resident institutional investors who
do not benefit from double taxation treaties. The Bloomberg Barclays U.S.
Aggregate Bond Index represents securities that are SEC-registered, taxable
and dollar denominated. The index covers the U.S. investment-grade
fixed-rate bond market, with index components for government and corporate
securities, mortgage pass-through securities and asset-backed securities.
The Bloomberg Barclays Global Aggregate Bond Index provides a broad-based
measure of the global investment grade fixed-rate debt markets. It is
comprised of the U.S. Aggregate, Pan-European Aggregate and Asian- Pacific
Aggregate Indexes. It also includes a wide range of standard and customized
sub-indices by liquidity constraint, sector, quality and maturity. The ICE
BofAML U.S. Treasury Index tracks the performance of U.S. dollar denominated
sovereign debt publicly issued by the U.S. government in its domestic
market. The FTSE WGBI (World Government Bond Index) (USD, hedged) is a
market capitalization-weighted bond index consisting of the government bond
markets of over 20 countries. Country eligibility in the WGBI is determined
by market size, credit and barriers-to-entry requirement criteria. The index
includes all fixed-rate bonds with a remaining maturity of one year or
longer and with amounts outstanding of at least the equivalent of
US$25 million. The Bloomberg Commodity Index is a broadly diversified index
made up of 22 exchange-traded futures on physical commodities weighted to
account for economic significance and market liquidity. Indices are not
managed and an investor cannot invest directly in an index.
The AIG Commodity Strategy Fund is not a complete investment program and should
not be an investor's sole investment because its performance is linked to the
performance of highly volatile commodities. Investors should consider buying
shares of the AIG Commodity Strategy Fund only as part
3
A Message from the President -- (unaudited) (continued)
of an overall portfolio strategy that includes other asset classes, such as
fixed income and equity investments. Investors in the AIG Commodity Strategy
Fund should be willing to assume greater risks of potentially significant
short-term share price fluctuation because of the AIG Commodity Strategy Fund's
investments in commodity-linked derivative instruments.
The risks associated with the use of futures contracts by the AIG Commodity
Strategy Fund and the AIG Global Trends Fund include the risk that: (i) changes
in the price of a futures contract may not always track the changes in market
value of the underlying reference asset; (ii) trading restrictions or
limitations may be imposed by an exchange, and government regulations may
restrict trading in futures contracts; and (iii) if the Fund has insufficient
cash to meet margin requirements, the Fund may need to sell other investments,
including at disadvantageous times. Forwards are not exchange-traded and
therefore no clearinghouse or exchange stands ready to meet the obligations of
the contracts. Thus, the Fund faces the risk that its counterparties may not
perform their obligations. Investments that provide exposure to foreign markets
involve special risks, such as currency fluctuations, differing financial
reporting and regulatory standards, and economic and political instability.
These risks are highlighted when the issuer is in an emerging market. Fixed
income securities and currency and fixed income futures are subject to changes
in their value when prevailing interest rates change. Adverse changes in
currency exchange rates (relative to the U.S. dollar) may erode or reverse any
potential gains from futures instruments that are tied to foreign instruments
or currencies. The Fund also has exposure to the commodities markets, which may
subject it to greater volatility than investments in traditional securities.
The AIG Global Trends Fund and the AIG Commodity Strategy Fund expect to invest
a significant portion of their assets in repurchase agreements collateralized
by the U.S. government and its agencies, and may also invest in other
high-quality, short-term securities ("money market instruments"). The primary
purpose of the repurchase agreements and other money market instruments held by
the Funds will be to serve as collateral for the futures instruments. The
Funds' investments in repurchase agreements involve certain risks involving the
default or insolvency of the seller and counterparty risk (i.e., the risk that
the counterparty will not perform its obligations). The Funds' returns are
expected to be derived principally from changes in the value of the assets
underlying the futures instruments held by the Funds. Active trading of each
Fund's portfolio may result in high portfolio turnover and correspondingly
greater brokerage commissions and other transaction costs, which will be borne
directly by the Funds and which will affect the Funds' performance. Active
trading may also result in increased tax liability for Fund shareholders.
Investors should note that the ability of the subadviser to successfully
implement the Funds' strategies, including the proprietary investment processes
used by the subadviser, will influence the performance of the Funds
significantly.
Focused funds are less diversified than typical mutual funds; therefore, the
performance of each holding in a focused fund has a greater impact upon the
overall portfolio, which increases risk. Stocks of small-cap and mid-cap
companies are generally more volatile than and not as readily marketable as
those of larger companies, and may have fewer resources and a greater risk of
business failure than do large companies.
4
SunAmerica Specialty Series
EXPENSE EXAMPLE -- April 30, 2018 -- (unaudited)
Disclosure of Fund Expenses in Shareholder Reports
As a shareholder of a Fund (each a "Fund" and collectively, the "Funds") in the
SunAmerica Specialty Series (the "Trust"), you may incur two types of costs:
(1) transaction costs, including applicable sales charges (loads) on purchase
payments and contingent deferred sales charges and (2) ongoing costs, including
management fees; distribution and account maintenance fees; and other Fund
expenses. This Example is intended to help you understand your ongoing costs
(in dollars) of investing in the Funds and to compare these costs with the
ongoing costs of investing in other mutual funds. The Example is based on an
investment of $1,000 invested at November 1, 2017 and held until April 30, 2018.
Actual Expenses
The "Actual" section of the table provides information about your actual
account values and actual expenses. You may use the information in these
columns, together with the amount you invested, to estimate the expenses that
you paid over the period. Simply divide your account value by $1,000 (for
example, an $8,600 account value divided by $1,000 = 8.6), then multiply the
result by the number in the column under the heading entitled "Expenses Paid
During the Six Months Ended April 30, 2018" to estimate the expenses you paid
on your account during this period. For shareholder accounts in classes other
than Class W, the "Expenses Paid During the Six Months Ended April 30, 2018"
column and the "Annualized Expense Ratio" column do not include small account
fees that may be charged if your account balance is below $500 ($250 for
retirement plan accounts). In addition, the "Expenses Paid During the Six
Months Ended April 30, 2018" column and the "Annualized Expense Ratio" column
do not include administrative or other fees that may apply to qualified
retirement plan accounts and accounts held through financial institutions. See
the Funds' prospectuses, your retirement plan document and/or materials from
your financial advisers for a full description of these fees. Had these fees
been included, the "Expenses Paid During the Six Months Ended April 30, 2018"
column would have been higher and the "Ending Account Value" column would have
been lower.
Hypothetical Example for Comparison Purposes
The "Hypothetical" section of the table provides information about hypothetical
account values and hypothetical expenses based on each Fund's actual expense
ratio and an annual rate of return of 5% before expenses, which is not the
Fund's actual return. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you paid for the
period. You may use this information to compare the ongoing costs of investing
in the Funds and other funds. To do so, compare this 5% hypothetical example
with the 5% hypothetical examples that appear in the shareholder reports of
other funds. For shareholder accounts in classes other than Class W, the
"Expenses Paid During the Six Months Ended April 30, 2018" column and the
"Annualized Expense Ratio" column do not include small account fees that may be
charged if your account balance is below $500 ($250 for retirement plan
accounts). In addition, the "Expenses Paid During the Six Months Ended April
30, 2018" column and the "Annualized Expense Ratio" column do not include
administrative or other fees that may apply to qualified retirement plan
accounts and accounts held through financial institutions. See the Funds'
prospectuses, your retirement plan document and/or materials from your
financial advisers for a full description of these fees. Had these fees been
included, the "Expenses Paid During the Six Months Ended April 30, 2018" column
would have been higher and the "Ending Account Value" column would have been
lower.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transaction costs, including sales
charges on purchase payments, contingent deferred sales charges; small account
fees and administrative fees, if applicable, to your account. Please refer to
the Funds' prospectus, your retirement plan document and/or materials from your
financial adviser, for more information. Therefore, the "Hypothetical" example
is useful in comparing ongoing costs only, and will not help you determine the
relative total costs of owning different funds. In addition, if these
transactional costs and other fees were included, your costs would have been
higher.
5
SunAmerica Specialty Series
EXPENSE EXAMPLE -- April 30, 2018 -- (unaudited) (continued)
Actual Hypothetical
------------------------------------------------ -----------------------------------------------
Ending Account
Ending Account Expenses Paid Value Using a Expenses Paid
Beginning Value Using During the Beginning Hypothetical 5% During the
Account Value Actual Return at Six Months Ended Account Value Annual Return Six Months Ended
at November 1, April 30, April 30, at November 1, at April 30, April 30,
2017 2018 2018* 2017 2018 2018*
-------------- ---------------- ---------------- -------------- --------------- ----------------
AIG Commodity Strategy
Fund@
Class A#............... $1,000.00 $1,052.45 $ 8.75 $1,000.00 $1,016.27 $ 8.60
Class C#............... $1,000.00 $1,048.18 $12.04 $1,000.00 $1,013.04 $11.83
Class W#............... $1,000.00 $1,053.85 $ 7.74 $1,000.00 $1,017.26 $ 7.60
AIG ESG Dividend Fund
Class A#............... $1,000.00 $1,010.44 $ 6.23 $1,000.00 $1,018.60 $ 6.26
Class C#............... $1,000.00 $1,007.20 $ 9.46 $1,000.00 $1,015.37 $ 9.49
Class W#............... $1,000.00 $1,010.89 $ 5.24 $1,000.00 $1,019.59 $ 5.26
AIG Focused Alpha
Large-Cap Fund
Class A................ $1,000.00 $1,032.54 $ 8.32 $1,000.00 $1,016.61 $ 8.25
Class C................ $1,000.00 $1,029.47 $11.57 $1,000.00 $1,013.39 $11.48
Class W#............... $1,000.00 $1,033.13 $ 7.66 $1,000.00 $1,017.26 $ 7.60
AIG Focused Multi-Cap
Growth Fund
Class A................ $1,000.00 $1,049.98 $ 8.44 $1,000.00 $1,016.56 $ 8.30
Class C................ $1,000.00 $1,046.72 $11.72 $1,000.00 $1,013.34 $11.53
Class W................ $1,000.00 $1,051.00 $ 7.37 $1,000.00 $1,017.60 $ 7.25
AIG Global Trends Fund@
Class A#............... $1,000.00 $ 996.95 $ 9.21 $1,000.00 $1,015.57 $ 9.30
Class C#............... $1,000.00 $ 993.61 $12.41 $1,000.00 $1,012.35 $12.52
Class W#............... $1,000.00 $ 997.76 $ 8.22 $1,000.00 $1,016.56 $ 8.30
AIG Income Explorer Fund
Class A#............... $1,000.00 $1,014.15 $ 8.59 $1,000.00 $1,016.27 $ 8.60
Class C#............... $1,000.00 $1,010.90 $11.82 $1,000.00 $1,013.04 $11.83
Class W#............... $1,000.00 $1,015.10 $ 7.59 $1,000.00 $1,017.26 $ 7.60
AIG Small-Cap Fund
Class A#............... $1,000.00 $1,023.00 $ 8.63 $1,000.00 $1,016.27 $ 8.60
Class C#............... $1,000.00 $1,019.32 $11.87 $1,000.00 $1,013.04 $11.83
Class W#............... $1,000.00 $1,023.90 $ 7.63 $1,000.00 $1,017.26 $ 7.60
----------
Annualized
Expense
Ratio*
----------
AIG Commodity Strategy
Fund@
Class A#............... 1.72%
Class C#............... 2.37%
Class W#............... 1.52%
AIG ESG Dividend Fund
Class A#............... 1.25%
Class C#............... 1.90%
Class W#............... 1.05%
AIG Focused Alpha
Large-Cap Fund
Class A................ 1.65%
Class C................ 2.30%
Class W#............... 1.52%
AIG Focused Multi-Cap
Growth Fund
Class A................ 1.66%
Class C................ 2.31%
Class W................ 1.45%
AIG Global Trends Fund@
Class A#............... 1.86%
Class C#............... 2.51%
Class W#............... 1.66%
AIG Income Explorer Fund
Class A#............... 1.72%
Class C#............... 2.37%
Class W#............... 1.52%
AIG Small-Cap Fund
Class A#............... 1.72%
Class C#............... 2.37%
Class W#............... 1.52%
--------
* Expenses are equal to each Fund's annualized expense ratio multiplied by the
average account value over the period, multiplied by 181 days then divided
by 365 days (to reflect the one-half year period).
These ratios do not reflect transaction costs, including sales charges on
purchase payments, contingent deferred sales charges, small account fees and
administrative fees, if applicable to your account. Please refer to your
Prospectus, your retirement plan document and/or materials from your
financial adviser, for more information.
# During the stated period, the investment adviser either waived a portion of
or all of the fees and assumed a portion of or all expenses for the Funds or
through recoupment provisions, recovered a portion of or all fees and
expenses waived or reimbursed in the previous two fiscal years. As a result,
if these fees and expenses had not been waived or assumed, the
"Actual/Hypothetical Ending Account Value" would have been lower and the
"Actual/Hypothetical Expenses Paid During the Six Months Ended April 30,
2018" and the "Annualized Expense Ratio" would have been higher. If these
fees and expenses had not been recouped, the "Actual/Hypothetical Ending
Account Value" would have been higher and the "Actual/Hypothetical Expenses
Paid During the Six Months Ended April 30, 2018" and the "Annualized Expense
Ratio" would have been lower.
@ Consolidated (see Note 2)
6
SunAmerica Specialty Series
STATEMENT OF ASSETS AND LIABILITIES -- April 30, 2018 -- (unaudited)
AIG AIG
AIG AIG Focused Focused AIG
Commodity ESG Alpha Multi-Cap Global
Strategy Dividend Large-Cap Growth Trends
Fund# Fund Fund Fund Fund#
----------- ----------- ------------ ------------ -----------
ASSETS:
Investments at value (unaffiliated)*.......................... $12,822,466 $25,915,953 $625,989,552 $605,978,086 $ --
Repurchase agreements (cost approximates value)............... 27,585,000 733,000 -- -- 33,855,000
Cash.......................................................... 4,762 979 807 98 12,000
Foreign cash*................................................. -- -- -- -- --
Receivable for:
Shares of beneficial interest sold.......................... 20,604 812 76,225 741,530 17,677
Dividends and interest...................................... 4,253 47,906 77 55,852 1,594
Investments sold............................................ -- -- -- -- --
Receipts on swap contracts.................................. 371,032 -- -- -- --
Prepaid expenses and other assets............................. 7,374 3,241 10,705 14,052 7,120
Cash collateral for futures contracts......................... 747,000 -- -- -- 1,171,397
Due from broker............................................... 1,269,165 -- -- -- --
Due from investment adviser for expense reimbursements/fee
waivers...................................................... 20,884 25,085 -- -- --
Variation margin on futures contracts......................... 236,683 -- -- -- 26,899
Unrealized appreciation on forward foreign currency contracts. -- -- -- -- 13
Unrealized appreciation on swap contracts..................... 1,966 -- -- -- --
----------- ----------- ------------ ------------ -----------
Total assets................................................ 43,091,189 26,726,976 626,077,366 606,789,618 35,091,700
----------- ----------- ------------ ------------ -----------
LIABILITIES:
Payable for:
Shares of beneficial interest redeemed...................... 49,909 15,191 435,027 438,166 35,058
Investments purchased....................................... -- 349,755 -- -- --
Investments purchased on an extended settlement basis....... -- -- -- -- --
Payments on swap contracts.................................. 1,203 -- -- -- --
Investment advisory and management fees..................... 34,093 16,313 517,081 500,696 31,895
Distribution and account maintenance fees................... 12,767 7,527 196,843 199,527 11,601
Transfer agent fees and expenses............................ 11,037 6,163 166,936 176,367 10,406
Trustees' fees and expenses................................. 69 48 1,157 1,084 64
Other accrued expenses...................................... 97,596 1,717 266,215 239,154 81,255
Due to investment adviser from expense recoupment........... -- -- 40 -- 4,610
Unrealized depreciation on forward foreign currency contracts. -- -- -- -- 81
Unrealized depreciation on swap contracts..................... 12,574 -- -- -- --
Variation margin on futures contracts......................... 147,117 -- -- -- 33,170
----------- ----------- ------------ ------------ -----------
Total liabilities........................................... 366,365 396,714 1,583,299 1,554,994 208,140
----------- ----------- ------------ ------------ -----------
NET ASSETS.................................................... $42,724,824 $26,330,262 $624,494,067 $605,234,624 $34,883,560
=========== =========== ============ ============ ===========
AIG
Income AIG
Explorer Small-Cap
Fund Fund
----------- -----------
ASSETS:
Investments at value (unaffiliated)*.......................... $47,357,269 $62,441,065
Repurchase agreements (cost approximates value)............... 703,000 3,810,000
Cash.......................................................... 2,346 19,045
Foreign cash*................................................. 40,133 --
Receivable for:
Shares of beneficial interest sold.......................... 77,138 438,308
Dividends and interest...................................... 246,741 16,886
Investments sold............................................ 13,754 349,959
Receipts on swap contracts.................................. -- --
Prepaid expenses and other assets............................. 7,157 7,491
Cash collateral for futures contracts......................... -- 28
Due from broker............................................... -- --
Due from investment adviser for expense reimbursements/fee
waivers...................................................... 10,066 1,750
Variation margin on futures contracts......................... -- --
Unrealized appreciation on forward foreign currency contracts. 4,646 --
Unrealized appreciation on swap contracts..................... -- --
----------- -----------
Total assets................................................ 48,462,250 67,084,532
----------- -----------
LIABILITIES:
Payable for:
Shares of beneficial interest redeemed...................... 52,710 40,363
Investments purchased....................................... 537,220 67,826
Investments purchased on an extended settlement basis....... 54,324 --
Payments on swap contracts.................................. -- --
Investment advisory and management fees..................... 38,060 53,903
Distribution and account maintenance fees................... 15,395 17,924
Transfer agent fees and expenses............................ 10,611 15,301
Trustees' fees and expenses................................. 80 106
Other accrued expenses...................................... 38,697 13,742
Due to investment adviser from expense recoupment........... -- --
Unrealized depreciation on forward foreign currency contracts. 18 --
Unrealized depreciation on swap contracts..................... -- --
Variation margin on futures contracts......................... -- 38,505
----------- -----------
Total liabilities........................................... 747,115 247,670
----------- -----------
NET ASSETS.................................................... $47,715,135 $66,836,862
=========== ===========
--------
# Consolidated (see Note 2)
See Notes to Financial Statements
7
SunAmerica Specialty Series
STATEMENT OF ASSETS AND LIABILITIES -- April 30, 2018 -- (unaudited)
(continued)
AIG AIG
AIG AIG Focused Focused
Commodity ESG Alpha Multi-Cap
Strategy Dividend Large-Cap Growth
Fund# Fund Fund Fund
------------ ----------- ------------ ------------
NET ASSETS REPRESENTED BY:
Paid-in capital............................................... 136,617,518 25,335,796 433,853,738 357,639,463
Accumulated undistributed net investment income (loss)........ (12,339,951) 28,466 (1,115,944) (7,084,491)
Accumulated undistributed net realized gain (loss) on
investments, futures contracts, written options contracts,
swap contracts and foreign exchange transactions............. (81,484,948) 1,695,859 71,977,726 95,571,944
Unrealized appreciation (depreciation) on investments......... (96,405) (729,859) 119,778,547 159,107,708
Unrealized appreciation (depreciation) on futures contracts,
written options contracts and swap contracts................. 28,610 -- -- --
Unrealized foreign exchange gain (loss) on other assets and
liabilities.................................................. -- -- -- --
------------ ----------- ------------ ------------
Net assets.................................................... $ 42,724,824 $26,330,262 $624,494,067 $605,234,624
============ =========== ============ ============
*Cost
Investments (unaffiliated).................................. $ 12,918,871 $26,645,812 $506,211,005 $446,870,378
============ =========== ============ ============
Foreign cash................................................ $ -- $ -- $ -- $ --
============ =========== ============ ============
Class A (unlimited shares authorized):
Net assets.................................................... $ 38,196,782 $24,046,659 $572,232,080 $489,030,315
Shares of beneficial interest issued and outstanding.......... 5,099,472 1,547,754 18,956,407 16,031,009
Net asset value and redemption price per share (excluding any
applicable contingent deferred sales charge)................. $ 7.49 $ 15.54 $ 30.19 $ 30.51
Maximum sales charge (5.75% of offering price)................ 0.46 0.95 1.84 1.86
------------ ----------- ------------ ------------
Maximum offering price to public.............................. $ 7.95 $ 16.49 $ 32.03 $ 32.37
============ =========== ============ ============
Class C (unlimited shares authorized):
Net assets.................................................... $ 2,250,138 $ 372,997 $ 34,578,458 $ 62,168,476
Shares of beneficial interest issued and outstanding.......... 313,360 24,038 1,202,431 2,145,232
Net asset value, offering and redemption price per share
(excluding any applicable contingent deferred sales charge).. $ 7.18 $ 15.52 $ 28.76 $ 28.98
============ =========== ============ ============
Class W (unlimited shares authorized):
Net assets.................................................... $ 2,277,904 $ 1,910,606 $ 17,683,529 $ 54,035,833
Shares of beneficial interest issued and outstanding.......... 300,289 122,918 578,302 1,745,862
Net asset value, offering and redemption price per share...... $ 7.59 $ 15.54 $ 30.58 $ 30.95
============ =========== ============ ============
AIG AIG
Global Income AIG
Trends Explorer Small-Cap
Fund# Fund Fund
----------- ----------- -----------
NET ASSETS REPRESENTED BY:
Paid-in capital............................................... 39,170,236 46,856,026 55,353,516
Accumulated undistributed net investment income (loss)........ (4,587,116) 143,313 (227,174)
Accumulated undistributed net realized gain (loss) on
investments, futures contracts, written options contracts,
swap contracts and foreign exchange transactions............. 99,799 107,940 2,365,735
Unrealized appreciation (depreciation) on investments......... -- 604,104 9,386,037
Unrealized appreciation (depreciation) on futures contracts,
written options contracts and swap contracts................. 176,039 -- (41,252)
Unrealized foreign exchange gain (loss) on other assets and
liabilities.................................................. 24,602 3,752 --
----------- ----------- -----------
Net assets.................................................... $34,883,560 $47,715,135 $66,836,862
=========== =========== ===========
*Cost
Investments (unaffiliated).................................. $ -- $46,753,165 $53,055,028
=========== =========== ===========
Foreign cash................................................ $ -- $ 40,379 $ --
=========== =========== ===========
Class A (unlimited shares authorized):
Net assets.................................................... $31,421,905 $36,777,192 $51,586,856
Shares of beneficial interest issued and outstanding.......... 2,464,309 2,347,172 2,756,120
Net asset value and redemption price per share (excluding any
applicable contingent deferred sales charge)................. $ 12.75 $ 15.67 $ 18.72
Maximum sales charge (5.75% of offering price)................ 0.78 0.96 1.14
----------- ----------- -----------
Maximum offering price to public.............................. $ 13.53 $ 16.63 $ 19.86
=========== =========== ===========
Class C (unlimited shares authorized):
Net assets.................................................... $ 2,975,846 $ 5,229,320 $ 2,121,361
Shares of beneficial interest issued and outstanding.......... 244,636 334,340 117,110
Net asset value, offering and redemption price per share
(excluding any applicable contingent deferred sales charge).. $ 12.16 $ 15.64 $ 18.11
=========== =========== ===========
Class W (unlimited shares authorized):
Net assets.................................................... $ 485,809 $ 5,708,623 $13,128,645
Shares of beneficial interest issued and outstanding.......... 37,516 364,357 694,883
Net asset value, offering and redemption price per share...... $ 12.95 $ 15.67 $ 18.89
=========== =========== ===========
--------
# Consolidated (see Note 2)
See Notes to Financial Statements
8
SunAmerica Specialty Series
STATEMENT OF OPERATIONS -- For the period ended April 30, 2018 --
(unaudited)
AIG AIG
AIG AIG Focused Focused AIG AIG
Commodity ESG Alpha Multi-Cap Global Income AIG
Strategy Dividend Large-Cap Growth Trends Explorer Small-Cap
Fund# Fund Fund Fund Fund# Fund Fund
--------- -------- ----------- ----------- --------- ---------- ---------
INVESTMENT INCOME:
Dividends (unaffiliated).................. $ -- $433,451 $ 4,493,040 $ 1,761,373 $ -- $1,096,694 $ 291,589
Interest (unaffiliated)................... 255,747 539 7,618 15,255 236,200 240,359 2,450
--------- -------- ----------- ----------- --------- ---------- ---------
Total investment income*............... 255,747 433,990 4,500,658 1,776,628 236,200 1,337,053 294,039
--------- -------- ----------- ----------- --------- ---------- ---------
EXPENSES:
Investment advisory and management fees.. 233,664 99,845 3,217,662 3,027,067 237,814 225,725 302,414
Distribution and account maintenance
fees:
Class A................................ 59,791 43,135 884,160 806,186 53,780 56,775 85,253
Class C................................ 12,684 88 498,177 428,751 16,841 27,099 9,356
Service fees:
Class W................................ 1,421 691 12,038 36,862 711 5,282 6,913
Transfer agent fees and expenses:
Class A................................ 40,266 28,459 627,276 578,915 37,262 37,096 56,648
Class C................................ 3,576 833 119,266 104,481 4,788 6,629 2,943
Class W................................ 2,505 1,402 18,447 54,613 1,437 8,325 10,605
Registration fees:
Class A................................ 1,299 3,262 14,847 13,921 12,603 13,555 6,908
Class C................................ 3,078 1,666 12,732 4,391 7,753 6,449 5,174
Class W................................ 2,847 1,672 4,517 2,923 5,681 7,768 8,449
Custodian and accounting fees............ 68,646 12,504 38,661 37,475 23,307 14,792 25,613
Reports to shareholders.................. 17,648 5,652 119,799 103,742 15,774 18,189 16,407
Audit and tax fees....................... 26,810 34,785 9,812 9,800 23,159 22,290 8,288
Legal fees............................... 9,939 6,737 10,603 11,008 11,536 10,065 7,889
Trustees' fees and expenses.............. 925 615 15,403 14,277 856 1,075 1,388
Deferred offering costs.................. -- 10,954 -- -- -- -- --
Interest expense......................... -- -- 1,358 2,065 987 217 --
Other expenses........................... 10,724 8,660 16,600 16,115 9,972 14,794 23,869
--------- -------- ----------- ----------- --------- ---------- ---------
Total expenses before fee waivers,
expense reimbursements, expense
recoupments and fees paid indirectly.. 495,823 260,960 5,621,358 5,252,592 464,261 476,125 578,117
Fees waived and expenses reimbursed
by investment advisor (see Note 4).... (154,464) (94,242) 1,389 -- (124,543) (77,260) (60,546)
Fees paid indirectly (see Note 9)...... -- -- (6,145) (16,551) -- -- --
--------- -------- ----------- ----------- --------- ---------- ---------
Net expenses........................... 341,359 166,718 5,616,602 5,236,041 339,718 398,865 517,571
--------- -------- ----------- ----------- --------- ---------- ---------
Net investment income (loss).............. (85,612) 267,272 (1,115,944) (3,459,413) (103,518) 938,188 (223,532)
--------- -------- ----------- ----------- --------- ---------- ---------
--------
# Consolidated (see Note 2)
See Notes to Financial Statements
9
SunAmerica Specialty Series
STATEMENT OF OPERATIONS -- For the period ended April 30, 2018 --
(unaudited) (continued)
AIG AIG
AIG AIG Focused Focused
Commodity ESG Alpha Multi-Cap
Strategy Dividend Large-Cap Growth
Fund# Fund Fund Fund
---------- ----------- ------------ ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)...................................... $ (45,362) $ 1,706,407 $ 71,976,196 $ 95,859,195
Futures contracts............................................... 1,702,446 -- -- --
Forward contracts............................................... -- -- -- --
Swap contracts.................................................. 637,214 -- -- --
Written options contracts....................................... (9,775) -- -- --
Net realized foreign exchange gain (loss) on other assets and
liabilities....................................................... (8) -- 1,680 --
---------- ----------- ------------ ------------
Net realized gain (loss) on investments and foreign currencies..... 2,284,515 1,706,407 71,977,876 95,859,195
---------- ----------- ------------ ------------
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)...................................... 81,165 (1,734,944) (50,236,411) (63,955,398)
Futures contracts............................................... (231,539) -- -- --
Forward contracts............................................... -- -- -- --
Swap contracts.................................................. (5,206) -- -- --
Written options contracts....................................... 1,080 -- -- --
Change in net unrealized foreign exchange gain (loss) on other
assets and liabilities............................................ -- -- -- --
---------- ----------- ------------ ------------
Net unrealized gain (loss) on investments and foreign currencies... (154,500) (1,734,944) (50,236,411) (63,955,398)
---------- ----------- ------------ ------------
Net realized and unrealized gain (loss) on investments and foreign
currencies........................................................ 2,130,015 (28,537) 21,741,465 31,903,797
---------- ----------- ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS........................................................ $2,044,403 $ 238,735 $ 20,625,521 $ 28,444,384
========== =========== ============ ============
*Netof foreign withholding taxes on interest and dividends of...... $ -- $ -- $ 71,888 $ --
========== =========== ============ ============
AIG AIG
Global Income AIG
Trends Explorer Small-Cap
Fund# Fund Fund
--------- --------- -----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)...................................... $ -- $ 98,372 $ 2,652,589
Futures contracts............................................... 176,292 -- 24,663
Forward contracts............................................... (40,889) 3,130 --
Swap contracts.................................................. -- -- --
Written options contracts....................................... -- -- --
Net realized foreign exchange gain (loss) on other assets and
liabilities....................................................... 17,216 385 --
--------- --------- -----------
Net realized gain (loss) on investments and foreign currencies..... 152,619 101,887 2,677,252
--------- --------- -----------
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)...................................... -- (421,379) (1,062,462)
Futures contracts............................................... (147,009) -- (41,252)
Forward contracts............................................... (6,330) 2,675
Swap contracts.................................................. -- -- --
Written options contracts....................................... -- -- --
Change in net unrealized foreign exchange gain (loss) on other
assets and liabilities............................................ 10,313 (978) --
--------- --------- -----------
Net unrealized gain (loss) on investments and foreign currencies... (143,026) (419,682) (1,103,714)
--------- --------- -----------
Net realized and unrealized gain (loss) on investments and foreign
currencies........................................................ 9,593 (317,795) 1,573,538
--------- --------- -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS........................................................ $ (93,925) $ 620,393 $ 1,350,006
========= ========= ===========
*Netof foreign withholding taxes on interest and dividends of...... $ -- $ 14,637 $ 22
========= ========= ===========
--------
# Consolidated (see Note 2)
See Notes to Financial Statements
10
SunAmerica Specialty Series
STATEMENT OF CHANGES IN NET ASSETS
AIG Commodity
Strategy Fund# AIG ESG Dividend Fund
-------------------------- -------------------------
For the
For the For the period
six months six months December 16,
ended For the ended 2016@
April 30, year ended April 30, through
2018 October 31, 2018 October 31,
(unaudited) 2017 (unaudited) 2017
------------ ------------ ----------- ------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)..................................... $ (85,612) $ (402,621) $ 267,272 $ 323,474
Net realized gain (loss) on investments and foreign currencies... 2,284,515 92,916 1,706,407 132,803
Net unrealized gain (loss) on investments and foreign
currencies...................................................... (154,500) 682,430 (1,734,944) 1,005,085
------------ ------------ ----------- -----------
Net increase (decrease) in net assets resulting from operations.... 2,044,403 372,725 238,735 1,461,362
------------ ------------ ----------- -----------
Distributions to shareholders from:
Net investment income (Class A).................................. (61,011) -- (558,668) --
Net investment income (Class C).................................. -- -- (5,464) --
Net investment income (Class W).................................. (6,043) -- (15,128) --
Net realized gain on investments (Class A)....................... -- -- (139,298) --
Net realized gain on investments (Class C)....................... -- -- (2,074) --
Net realized gain on investments (Class W)....................... -- -- (1,979) --
------------ ------------ ----------- -----------
Total distributions to shareholders................................ (67,054) -- (722,611) --
------------ ------------ ----------- -----------
Net increase (decrease) in net assets resulting from capital share
transactions (see Note 7)......................................... 1,326,577 (1,616,036) 1,184,454 24,168,322
------------ ------------ ----------- -----------
Total increase (decrease) in net assets............................ 3,303,926 (1,243,311) 700,578 25,629,684
NET ASSETS:
Beginning of period................................................ 39,420,898 40,664,209 25,629,684 --
------------ ------------ ----------- -----------
End of period+..................................................... $ 42,724,824 $ 39,420,898 $26,330,262 $25,629,684
============ ============ =========== ===========
+ Includes accumulated undistributed net investment income
(loss)............................................................ (12,339,951) (12,187,285) 28,466 $ 340,454
============ ============ =========== ===========
AIG Focused Alpha
Large-Cap Fund
--------------------------
For the
six months
ended For the
April 30, year ended
2018 October 31,
(unaudited) 2017
------------ ------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)..................................... $ (1,115,944) $ (2,240,749)
Net realized gain (loss) on investments and foreign currencies... 71,977,876 60,331,617
Net unrealized gain (loss) on investments and foreign
currencies...................................................... (50,236,411) 114,209,450
------------ ------------
Net increase (decrease) in net assets resulting from operations.... 20,625,521 172,300,318
------------ ------------
Distributions to shareholders from:
Net investment income (Class A).................................. -- --
Net investment income (Class C).................................. -- --
Net investment income (Class W).................................. -- --
Net realized gain on investments (Class A)....................... (42,929,817) --
Net realized gain on investments (Class C)....................... (10,460,288) --
Net realized gain on investments (Class W)....................... (1,279,042) --
------------ ------------
Total distributions to shareholders................................ (54,669,147) --
------------ ------------
Net increase (decrease) in net assets resulting from capital share
transactions (see Note 7)......................................... 19,249,282 (60,788,856)
------------ ------------
Total increase (decrease) in net assets............................ (14,794,344) 111,511,462
NET ASSETS:
Beginning of period................................................ 639,288,411 527,776,949
------------ ------------
End of period+..................................................... $624,494,067 $639,288,411
============ ============
+ Includes accumulated undistributed net investment income
(loss)............................................................ (1,115,944) $ --
============ ============
# Consolidated (see Note 2)
@ Commencement of operations.
See Notes to Financial Statements
11
SunAmerica Specialty Series
STATEMENT OF CHANGES IN NET ASSETS -- (continued)
AIG Focused Multi-Cap
Growth Fund AIG Global Trends Fund# AIG Income Explorer Fund
-------------------------- ------------------------ ------------------------
For the For the For the
six months six months six months
ended For the ended For the ended For the
April 30, year ended April 30, year ended April 30, year ended
2018 October 31, 2018 October 31, 2018 October 31,
(unaudited) 2017 (unaudited) 2017 (unaudited) 2017
------------ ------------ ----------- ----------- ----------- -----------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)............. $ (3,459,413) $ (5,284,184) $ (103,518) $ (442,972) $ 938,188 $ 1,380,853
Net realized gain (loss) on investments
and foreign currencies.................. 95,859,195 51,767,743 152,619 3,542,379 101,887 1,383,523
Net unrealized gain (loss) on
investments and foreign
currencies.............................. (63,955,398) 110,141,740 (143,026) 607,541 (419,682) 1,045,481
------------ ------------ ----------- ----------- ----------- -----------
Net increase (decrease) in net assets
resulting from operations................. 28,444,384 156,625,299 (93,925) 3,706,948 620,393 3,809,857
------------ ------------ ----------- ----------- ----------- -----------
Distributions to shareholders from:
Net investment income (Class A).......... -- -- -- -- (734,661) (994,077)
Net investment income (Class C).......... -- -- -- -- (103,849) (131,857)
Net investment income (Class W).......... -- -- -- -- (166,671) (90,675)
Net realized gain on investments
(Class A)............................... (37,619,171) (5,975,560) (2,550,384) -- (15,063) --
Net realized gain on investments
(Class C)............................... (7,778,934) (1,357,932) (301,228) -- (2,494) --
Net realized gain on investments
(Class W)............................... (3,879,281) (426,999) (77,777) -- (3,801) --
------------ ------------ ----------- ----------- ----------- -----------
Total distributions to shareholders........ (49,277,386) (7,760,491) (2,929,389) -- (1,026,539) (1,216,609)
------------ ------------ ----------- ----------- ----------- -----------
Net increase (decrease) in net assets
resulting from capital share
transactions (see Note 7)................. 33,166,108 (37,654,310) 1,333,879 (5,466,547) 3,615,176 15,906,209
------------ ------------ ----------- ----------- ----------- -----------
Total increase (decrease) in net
assets.................................... 12,333,106 111,210,498 (1,689,435) (1,759,599) 3,209,030 18,499,457
NET ASSETS:
Beginning of period........................ 592,901,518 481,691,020 36,572,995 38,332,594 44,506,105 26,006,648
------------ ------------ ----------- ----------- ----------- -----------
End of period+............................. $605,234,624 $592,901,518 $34,883,560 $36,572,995 $47,715,135 $44,506,105
============ ============ =========== =========== =========== ===========
+ Includes accumulated undistributed net
investment income (loss).................. (7,084,491) $ (3,625,078) (4,587,116) (4,483,598) 143,313 $ 210,306
============ ============ =========== =========== =========== ===========
AIG Small-Cap Fund
------------------------
For the
six months
ended For the
April 30, year ended
2018 October 31,
(unaudited) 2017
----------- -----------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)............. $ (223,532) $ (419,650)
Net realized gain (loss) on investments
and foreign currencies.................. 2,677,252 6,428,333
Net unrealized gain (loss) on
investments and foreign
currencies.............................. (1,103,714) 8,391,818
----------- -----------
Net increase (decrease) in net assets
resulting from operations................. 1,350,006 14,400,501
----------- -----------
Distributions to shareholders from:
Net investment income (Class A).......... -- --
Net investment income (Class C).......... -- --
Net investment income (Class W).......... -- --
Net realized gain on investments
(Class A)............................... (4,732,978) (1,389,064)
Net realized gain on investments
(Class C)............................... (210,588) (29,030)
Net realized gain on investments
(Class W)............................... (849,123) (13,932)
----------- -----------
Total distributions to shareholders........ (5,792,689) (1,432,026)
----------- -----------
Net increase (decrease) in net assets
resulting from capital share
transactions (see Note 7)................. 12,721,661 1,698,979
----------- -----------
Total increase (decrease) in net
assets.................................... 8,278,978 14,667,454
NET ASSETS:
Beginning of period........................ 58,557,884 43,890,430
----------- -----------
End of period+............................. $66,836,862 $58,557,884
=========== ===========
+ Includes accumulated undistributed net
investment income (loss).................. (227,174) $ (3,642)
=========== ===========
# Consolidated (see Note 2)
See Notes to Financial Statements
12
SunAmerica Specialty Series
FINANCIAL HIGHLIGHTS
Net gain
(loss) on
Net investments Net Net
Asset (both Dividends Distributions Asset Assets
Value Net realized Total from from net from Total Value end of
beginning investment and investment investment net realized Distri- end of Total period
Period Ended of period income(1) unrealized) operations income gains butions period Return(2) (000's)
------------ --------- ---------- ----------- ---------- ---------- ------------- ------- ------ --------- -------
AIG COMMODITY STRATEGY FUND#
----------------------------
Class A
-------
10/31/13 $8.72 $(0.08) $(0.75) $(0.83) $ -- $-- $ -- $7.89 (9.52)% $65,418
10/31/14 7.89 (0.07) (0.08) (0.15) -- -- -- 7.74 (1.90)(6) 45,829
10/31/15 7.74 (0.09) (0.25) (0.34) -- -- -- 7.40 (4.39) 35,472
10/31/16 7.40 (0.10) (0.22) (0.32) -- -- -- 7.08 (4.32) 35,228
10/31/17 7.08 (0.07) 0.12 0.05 -- -- -- 7.13 0.71 35,015
04/30/18## 7.13 (0.01) 0.38 0.37 (0.01) -- (0.01) 7.49 5.25 38,197
Class C
-------
10/31/13 $8.63 $(0.13) $(0.73) $(0.86) $ -- $-- $ -- $7.77 (9.97)%(5) $14,198
10/31/14 7.77 (0.13) (0.06) (0.19) -- -- -- 7.58 (2.45)(6) 9,153
10/31/15 7.58 (0.13) (0.25) (0.38) -- -- -- 7.20 (5.01) 5,272
10/31/16 7.20 (0.14) (0.22) (0.36) -- -- -- 6.84 (5.00) 3,478
10/31/17 6.84 (0.11) 0.12 0.01 -- -- -- 6.85 0.15 2,755
04/30/18## 6.85 (0.04) 0.37 0.33 -- -- -- 7.18 4.82 2,250
Class W
-------
10/31/13 $8.74 $(0.06) $(0.74) $(0.80) $ -- $-- $ -- $7.94 (9.15)%(5) $ 9,066
10/31/14 7.94 (0.06) (0.08) (0.14) -- -- -- 7.80 (1.76)(6) 9,977
10/31/15 7.80 (0.07) (0.26) (0.33) -- -- -- 7.47 (4.23) 2,979
10/31/16 7.47 (0.09) (0.21) (0.30) -- -- -- 7.17 (4.02) 1,958
10/31/17 7.17 (0.06) 0.12 0.06 -- -- -- 7.23 0.84 1,651
04/30/18## 7.23 (0.01) 0.40 0.39 (0.03) -- (0.03) 7.59 5.38 2,278
Ratio
of net
Ratio of investment
expenses income to
to average average Portfolio
net assets(3) net assets(3) Turnover
------------- ------------- ---------
1.72% (0.94)% 57%
1.72 (0.91) 16
1.72 (1.12) 54
1.72 (1.40) 50
1.73 (0.98) 49
1.72@ (0.41)@ 1
2.30%(4) (1.52)% 57%
2.37 (1.56) 16
2.37 (1.77) 54
2.37 (2.06) 50
2.38 (1.65) 49
2.37@ (1.07)@ 1
1.43%(4) (0.63)% 57%
1.52 (0.73) 16
1.52 (0.91) 54
1.52 (1.21) 50
1.53 (0.79) 49
1.52@ (0.19)@ 1
--------
# Consolidated (see Note 2)
@ Annualized
## Unaudited
(1)Calculated based upon average shares outstanding.
(2)Total return is not annualized and does not reflect sales load, but does
include expense reimbursements and expense reductions.
(3)Net of following expense reimbursements, waivers and (recoupments), if
applicable (based on average net assets):
10/31/13 10/31/14 10/31/15 10/31/16 10/31/17 04/30/18@##
-------- -------- -------- -------- -------- -----------
Commodity Strategy Fund Class A......... 0.42% 0.49% 0.82% 0.85% 0.92% 0.76%
Commodity Strategy Fund Class C......... 0.53 0.59 0.92 1.21 1.25 1.05
Commodity Strategy Fund Class W......... 0.56 0.65 0.84 1.48 1.52 1.08
(4)Includes a reimbursement of expenses from a prior year of 0.07% and 0.09%
for Class C and Class W, respectively.
(5)The Fund's performance figure was increased by 0.11% and 0.23% for Class C
and Class W, respectively, for a reimbursement of expenses from a prior year.
(6)The Fund's performance figure was increased by 0.69% for Class A, Class C
and Class W, from a reimbursement by an affiliate.
See Notes to Financial Statements
13
SunAmerica Specialty Series
FINANCIAL HIGHLIGHTS -- (continued)
Net gain
(loss) on
Net investments Net Net
Asset (both Dividends Distributions Asset Assets
Value Net realized Total from from net from Total Value end of
beginning investment and investment investment net realized Distri- end of Total period
Period Ended of period income(1) unrealized) operations income gains butions period Return(2) (000's)
------------ --------- ---------- ----------- ---------- ---------- ------------- ------- ------ --------- -------
AIG ESG DIVIDEND FUND
---------------------
Class A
-------
12/16/16@-
10/31/17 $15.00 $0.25 $0.56 $0.81 $ -- $ -- $ -- $15.81 5.40% $24,913
04/30/18# 15.81 0.16 0.02 0.18 (0.36) (0.09) (0.45) 15.54 1.04 24,047
Class C
-------
12/16/16@-
10/31/17 $15.00 $0.16 $0.56 $0.72 $ -- $ -- $ -- $15.72 4.80% $ 365
04/30/18# 15.72 0.11 0.01 0.12 (0.23) (0.09) (0.32) 15.52 0.72 373
Class W
-------
12/16/16@-
10/31/17 $15.00 $0.28 $0.56 $0.84 $ -- $ -- $ -- $15.84 5.60% $ 352
04/30/18# 15.84 0.14 0.04 0.18 (0.39) (0.09) (0.48) 15.54 1.09 1,911
Ratio
of net
Ratio of investment
expenses income to
to average average Portfolio
net assets(3)(4) net assets(3)(4) Turnover
---------------- ---------------- ---------
1.25% 1.92% 18%
1.25 2.02 41
1.90% 1.22% 18%
1.90 1.37 41
1.05% 2.06% 18%
1.05 2.06 41
--------
@ Commencement of operations.
# Unaudited
(1)Calculated based upon average shares outstanding.
(2)Total return is not annualized and does not reflect sales load, but does
include expense reimbursements and expense reductions.
(3)Annualized.
(4)Net of following expense reimbursements, waivers and (recoupments), if
applicable (based on average net assets):
10/31/17(3) 04/30/18#(3)
----------- ------------
ESG Dividend Fund Class A............... 1.25% 0.69%
ESG Dividend Fund Class C............... 4.56 0.81
ESG Dividend Fund Class W............... 5.15 1.21
See Notes to Financial Statements
14
SunAmerica Specialty Series
FINANCIAL HIGHLIGHTS -- (continued)
Net gain
(loss) on
Net investments Net Net
Asset Net (both Dividends Distributions Asset Assets Ratio of
Value investment realized Total from from net from net Total Value end of expenses
beginning income and investment investment realized Distri- end of Total period to average
Period Ended of period (loss)(1) unrealized) operations income gains butions period Return(2) (000's) net assets(3)
------------ --------- ---------- ----------- ---------- ---------- ------------- ------- ------ --------- -------- -------------
AIG FOCUSED ALPHA LARGE-CAP FUND
--------------------------------
Class A
-------
10/31/13 $19.25 $(0.08) $ 6.06(4) $ 5.98 $-- $(0.86) $(0.86) $24.37 32.50% $521,938 1.72%(6)
10/31/14 24.37 (0.12) 4.47 4.35 -- (1.27) (1.27) 27.45 18.66 525,359 1.66(6)
10/31/15 27.45 (0.11) 0.86 0.75 -- (1.64) (1.64) 26.56 2.98 495,598 1.66
10/31/16 26.56 (0.11) (0.14) (0.25) -- (2.61) (2.61) 23.70 (0.91) 413,090 1.67
10/31/17 23.70 (0.07) 8.28 8.21 -- -- -- 31.91 34.64 505,796 1.65
04/30/18@ 31.91 (0.04) 1.05 1.01 -- (2.73) (2.73) 30.19 3.25 572,232 1.65#
Class C
-------
10/31/13 $19.17 $(0.19) $ 5.99(4) $ 5.80 $-- $(0.86) $(0.86) $24.11 31.66% $118,963 2.37%(6)
10/31/14 24.11 (0.28) 4.40 4.12 -- (1.27) (1.27) 26.96 17.87 126,687 2.32(6)
10/31/15 26.96 (0.28) 0.85 0.57 -- (1.64) (1.64) 25.89 2.33 123,641 2.31
10/31/16 25.89 (0.26) (0.14) (0.40) -- (2.61) (2.61) 22.88 (1.58) 106,319 2.32
10/31/17 22.88 (0.24) 7.97 7.73 -- -- -- 30.61 33.78 118,151 2.30
04/30/18@ 30.61 (0.13) 1.01 0.88 -- (2.73) (2.73) 28.76 2.95 34,578 2.30#
Class W
-------
10/31/13 $19.29 $(0.07) $ 6.12(4) $ 6.05 $-- $(0.86) $(0.86) $24.48 32.80% $ 2,490 1.52%(6)
10/31/14 24.48 (0.08) 4.48 4.40 -- (1.27) (1.27) 27.61 18.78 8,109 1.52(6)
10/31/15 27.61 (0.08) 0.88 0.80 -- (1.64) (1.64) 26.77 3.15 16,475 1.52(6)
10/31/16 26.77 (0.08) (0.15) (0.23) -- (2.61) (2.61) 23.93 (0.82) 8,368 1.52(6)
10/31/17 23.93 (0.05) 8.39 8.34 -- -- -- 32.27 34.85 15,342 1.52(6)
04/30/18@ 32.27 (0.02) 1.06 1.04 -- (2.73) (2.73) 30.58 3.31 17,684 1.52(6)#
Ratio
of net
investment
income
(loss) to
average Portfolio
net assets(3) Turnover
------------- ---------
(0.38)%(6) 124%(5)
(0.46)(6) 57
(0.43) 82
(0.47) 38
(0.26) 68
(0.27)# 25
(1.04)%(6) 124%(5)
(1.12)(6) 57
(1.08) 82
(1.12) 38
(0.91) 68
(0.80)# 25
(0.32)%(6) 124%(5)
(0.31)(6) 57
(0.29)(6) 82
(0.31)(6) 38
(0.18)(6) 68
(0.15)(6)# 25
--------
# Annualized
@ Unaudited
(1)Calculated based upon average shares outstanding.
(2)Total return is not annualized and does not reflect sales load, but does
include expense reimbursements and expense reductions.
(3)Excludes expense reductions. If expense reductions had been applied, the
ratio of expenses to average net assets would have been lower and the ratio
of net investment income (loss) to average net assets would have been higher
by the following:
10/31/13 10/31/14 10/31/15 10/31/16 10/31/17 04/30/18#@
-------- -------- -------- -------- -------- ----------
Focused Alpha Large-Cap Fund Class A 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Focused Alpha Large-Cap Fund
Class C............................ 0.00 0.00 0.00 0.00 0.00 0.00
Focused Alpha Large-Cap Fund
Class W............................ 0.00 0.00 0.00 0.00 0.00 0.00
(4)Includes the effect of a merger.
(5)Excludes purchases/sales due to fund merger.
(6)Net of following expense reimbursements, waivers and (recoupments), if
applicable (based on average net assets):
10/31/13 10/31/14 10/31/15 10/31/16 10/31/17 04/30/18#@
-------- -------- -------- -------- -------- ----------
Focused Alpha Large-Cap Fund
Class A...................... 0.00% (0.01)% -- % -- % -- % -- %
Focused Alpha Large-Cap Fund
Class C...................... 0.03 (0.02) -- -- -- --
Focused Alpha Large-Cap Fund
Class W...................... 1.13 0.13 0.02 0.08 0.01 (0.02)
See Notes to Financial Statements
15
SunAmerica Specialty Series
FINANCIAL HIGHLIGHTS -- (continued)
Net gain
(loss) on
Net investments Net Net
Asset Net (both Dividends Distributions Asset Assets Ratio of
Value investment realized Total from from net from net Total Value end of expenses
beginning income and investment investment realized Distri- end of Total period to average
Period Ended of period (loss)(1) unrealized) operations income gains butions period Return(2) (000's) net assets(3)
------------ --------- ---------- ----------- ---------- ---------- ------------- ------- ------ --------- -------- -------------
AIG FOCUSED MULTI-CAP GROWTH FUND
---------------------------------
Class A
-------
10/31/13 $21.52 $(0.19) $5.95(4) $5.76 $-- $(2.50) $(2.50) $24.78 30.45% $418,071 1.71%(6)
10/31/14 24.78 (0.28) 3.77 3.49 -- (1.05) (1.05) 27.22 14.70 462,483 1.65
10/31/15 27.22 (0.26) 0.73 0.47 -- (0.84) (0.84) 26.85 1.87 441,345 1.67
10/31/16 26.85 (0.25) 0.43 0.18 -- (3.27) (3.27) 23.76 0.75 369,683 1.68
10/31/17 23.76 (0.25) 8.52 8.27 -- (0.39) (0.39) 31.64 35.38 456,940 1.66
04/30/18@ 31.64 (0.16) 1.64 1.48 -- (2.61) (2.61) 30.51 5.00 489,030 1.66#
Class C
-------
10/31/13 $21.42 $(0.33) $5.91(4) $5.58 $-- $(2.50) $(2.50) $24.50 29.66% $ 72,132 2.37%(6)
10/31/14 24.50 (0.45) 3.71 3.26 -- (1.05) (1.05) 26.71 13.90 103,900 2.37(6)
10/31/15 26.71 (0.43) 0.71 0.28 -- (0.84) (0.84) 26.15 1.17 99,519 2.33(6)
10/31/16 26.15 (0.39) 0.41 0.02 -- (3.27) (3.27) 22.90 0.09 81,943 2.33
10/31/17 22.90 (0.41) 8.17 7.76 -- (0.39) (0.39) 30.27 34.47 90,491 2.32
04/30/18@ 30.27 (0.26) 1.58 1.32 -- (2.61) (2.61) 28.98 4.67 62,168 2.31#
Class W
-------
10/31/13 $21.55 $(0.18) $6.01(4) $5.83 $-- $(2.50) $(2.50) $24.88 30.76% $ 30,710 1.52%(6)
10/31/14 24.88 (0.24) 3.78 3.54 -- (1.05) (1.05) 27.37 14.85 54,920 1.50(6)
10/31/15 27.37 (0.21) 0.73 0.52 -- (0.84) (0.84) 27.05 2.05 56,840 1.47
10/31/16 27.05 (0.21) 0.43 0.22 -- (3.27) (3.27) 24.00 0.91 30,065 1.51
10/31/17 24.00 (0.20) 8.62 8.42 -- (0.39) (0.39) 32.03 35.65 45,470 1.48
04/30/18@ 32.03 (0.13) 1.66 1.53 -- (2.61) (2.61) 30.95 5.10 54,036 1.45#
Ratio
of net
investment
income
(loss) to
average Portfolio
net assets(3) Turnover
------------- ---------
(0.87)%(6) 107%(5)
(1.10) 65
(0.97) 103
(1.07) 29
(0.93) 66
(1.07)# 42
(1.58)%(6) 107%(5)
(1.82)(6) 65
(1.64)(6) 103
(1.72) 29
(1.59) 66
(1.71)# 42
(0.85)%(6) 107%(5)
(0.98)(6) 65
(0.78) 103
(0.86) 29
(0.75) 66
(0.86)# 42
--------
# Annualized
@ Unaudited
(1)Calculated based upon average shares outstanding.
(2)Total return is not annualized and does not reflect sales load, but does
include expense reimbursements and expense reductions.
(3)Excludes expense reductions. If expense reductions had been applied, the
ratio of expenses to average net assets would have been lower and the ratio
of net investment income (loss) to average net assets would have been higher
by the following:
10/31/13 10/31/14 10/31/15 10/31/16 10/31/17 04/30/18#@
-------- -------- -------- -------- -------- ----------
Focused Multi-Cap Fund Class A..... 0.00% 0.00% 0.00% 0.00% 0.00% 0.01%
Focused Multi-Cap Fund Class C..... 0.00 0.00 0.00 0.00 0.00 0.01
Focused Multi-Cap Fund Class W..... 0.00 0.00 0.00 0.00 0.00 0.01
(4)Includes the effect of a merger.
(5)Excludes purchases/sales due to fund merger.
(6)Net of following expense reimbursements, waivers and (recoupments), if
applicable (based on average net assets):
10/31/13 10/31/14 10/31/15
-------- -------- --------
Focused Multi-Cap Fund Class A..... (0.01)% -- % -- %
Focused Multi-Cap Fund Class C..... 0.03 (0.03) (0.00)
Focused Multi-Cap Fund Class W..... 0.01 (0.05) --
See Notes to Financial Statements
16
SunAmerica Specialty Series
FINANCIAL HIGHLIGHTS -- (continued)
Net gain
(loss) on
Net investments Net Net
Asset (both Dividends Distributions Asset Assets
Value Net realized Total from from net from Total Value end of
beginning investment and investment investment net realized Distri- end of Total period
Period Ended of period income(1) unrealized) operations income gains butions period Return(2) (000's)
------------ --------- ---------- ----------- ---------- ---------- ------------- ------- ------ --------- -------
AIG GLOBAL TRENDS FUND#
-----------------------
Class A
-------
10/31/13 $14.47 $(0.27) $ 1.03 $ 0.76 $-- $ -- $ -- $15.23 5.25%(4)(6) $66,702
10/31/14 15.23 (0.26) 0.06 (0.20) -- (1.49) (1.49) 13.54 (1.39) 35,293
10/31/15 13.54 (0.25) 0.44 0.19 -- (0.20) (0.20) 13.53 1.42 31,504
10/31/16 13.53 (0.20) (0.26) (0.46) -- (0.50) (0.50) 12.57 (3.42) 32,309
10/31/17 12.57 (0.15) 1.49 1.34 -- -- -- 13.91 10.66 31,860
04/30/18## 13.91 (0.03) (0.01) (0.04) -- (1.12) (1.12) 12.75 (0.31) 31,422
Class C
-------
10/31/13 $14.39 $(0.37) $ 1.03 $ 0.66 $-- $ -- $ -- $15.05 4.59%(4) $23,535
10/31/14 15.05 (0.35) 0.07 (0.28) -- (1.49) (1.49) 13.28 (1.99) 11,428
10/31/15 13.28 (0.33) 0.43 0.10 -- (0.20) (0.20) 13.18 0.77 7,984
10/31/16 13.18 (0.29) (0.24) (0.53) -- (0.50) (0.50) 12.15 (4.06) 4,597
10/31/17 12.15 (0.23) 1.44 1.21 -- -- -- 13.36 9.96 3,720
04/30/18## 13.36 (0.08) (0.00) (0.08) -- (1.12) (1.12) 12.16 (0.64) 2,976
Class W
-------
10/31/13 $14.49 $(0.24) $ 1.04 $ 0.80 $-- $ -- $ -- $15.29 5.52%(4)(6) $10,668
10/31/14 15.29 (0.23) 0.07 (0.16) -- (1.49) (1.49) 13.64 (1.09) 6,755
10/31/15 13.64 (0.23) 0.44 0.21 -- (0.20) (0.20) 13.65 1.56 2,717
10/31/16 13.65 (0.18) (0.26) (0.44) -- (0.50) (0.50) 12.71 (3.24) 1,427
10/31/17 12.71 (0.13) 1.52 1.39 -- -- -- 14.10 10.94 993
04/30/18## 14.10 (0.02) (0.01) (0.03) -- (1.12) (1.12) 12.95 (0.22) 486
Ratio
of net
Ratio of investment
expenses income to
to average average Portfolio
net assets(3) net assets(3) Turnover
------------- ------------- ---------
1.85% (1.74)% 0%
1.86 (1.82) 0
1.86 (1.79) 0
1.86 (1.59) 0
1.86 (1.13) 0
1.86@ (0.53)@ 0
2.48%(5) (2.38)% 0%
2.51 (2.47) 0
2.51 (2.44) 0
2.51 (2.25) 0
2.51 (1.80) 0
2.51@ (1.19)@ 0
1.60%(5) (1.48)% 0%
1.66 (1.62) 0
1.66 (1.59) 0
1.66 (1.40) 0
1.67 (0.96) 0
1.66@ (0.33)@ 0
--------
# Consolidated (see Note 2)
@ Annualized
## Unaudited
(1)Calculated based upon average shares outstanding.
(2)Total return is not annualized and does not reflect sales load, but does
include expense reimbursements and expense reductions.
(3)Net of following expense reimbursements, waivers and (recoupments), if
applicable (based on average net assets):
10/31/13 10/31/14 10/31/15 10/31/16 10/31/17 04/30/18@##
-------- -------- -------- -------- -------- -----------
Global Trends Fund Class A.............. 0.28% 0.47% 0.58% 0.58% 0.74% 0.63%
Global Trends Fund Class C.............. 0.25 0.43 0.66 0.79 0.93 1.07
Global Trends Fund Class W.............. 0.26 0.47 0.84 1.22 1.59 1.83
(4)The Fund's performance figure was increased by 0.35% for Class A, Class C
and Class W, from a reimbursement by an affiliate.
(5)Includes a reimbursement of expenses from a prior year of 0.01% and 0.02%
for Class C and Class W, respectively.
(6)The Fund's performance figure was increased by 0.07% for Class A and Class W
for a reimbursement of expenses from a prior year.
See Notes to Financial Statements
17
SunAmerica Specialty Series
FINANCIAL HIGHLIGHTS -- (continued)
Net gain
(loss) on
Net investments Net Net
Asset (both Dividends Distributions Asset Assets Ratio of
Value Net realized Total from from net from Total Value end of expenses
beginning investment and investment investment net realized Distri- end of Total period to average
Period Ended of period income(1) unrealized) operations income gains butions period Return(2) (000's) net assets(4)
------------ --------- ---------- ----------- ---------- ---------- ------------- ------- ------ --------- ------- -------------
AIG INCOME EXPLORER FUND
------------------------
Class A
-------
07/02/13@-
10/31/13 $15.00 $0.20 $ 0.55 $ 0.75 $(0.19) $ -- $(0.19) $15.56 5.03% $21,475 1.72%(3)
10/31/14 15.56 0.72 0.39 1.11 (0.71) -- (0.71) 15.96 7.28 23,620 1.72
10/31/15 15.96 0.70 (1.39) (0.69) (0.71) (0.64) (1.35) 13.92 (4.38) 20,062 1.72
10/31/16 13.92 0.62 0.60 1.22 (0.64) -- (0.64) 14.50 9.10 22,195 1.72
10/31/17 14.50 0.65 1.23 1.88 (0.57) -- (0.57) 15.81 13.21(5) 31,625 1.72
04/30/18+ 15.81 0.32 (0.10) 0.22 (0.35) (0.01) (0.36) 15.67 1.41 36,777 1.72(3)
Class C
-------
07/02/13@-
10/31/13 $15.00 $0.17 $ 0.55 $ 0.72 $(0.16) $ -- $(0.16) $15.56 4.81% $ 190 2.37%(3)
10/31/14 15.56 0.52 0.49 1.01 (0.63) -- (0.63) 15.94 6.58 2,860 2.37
10/31/15 15.94 0.60 (1.38) (0.78) (0.62) (0.64) (1.26) 13.90 (5.00) 3,110 2.37
10/31/16 13.90 0.52 0.61 1.13 (0.55) -- (0.55) 14.48 8.42 3,307 2.37
10/31/17 14.48 0.55 1.22 1.77 (0.47) -- (0.47) 15.78 12.43(5) 4,954 2.37
04/30/18+ 15.78 0.28 (0.11) 0.17 (0.30) (0.01) (0.31) 15.64 1.09 5,229 2.37(3)
Class W
-------
07/02/13@-
10/31/13 $15.00 $0.22 $ 0.54 $ 0.76 $(0.20) $ -- $(0.20) $15.56 5.10% $ 105 1.52%(3)
10/31/14 15.56 0.65 0.49 1.14 (0.74) -- (0.74) 15.96 7.51 502 1.52
10/31/15 15.96 0.73 (1.40) (0.67) (0.74) (0.64) (1.38) 13.91 (4.26) 410 1.52
10/31/16 13.91 0.63 0.63 1.26 (0.67) -- (0.67) 14.50 9.38 505 1.52
10/31/17 14.50 0.54 1.37 1.91 (0.60) -- (0.60) 15.81 13.44(5) 7,927 1.52
04/30/18+ 15.81 0.34 (0.10) 0.24 (0.37) (0.01) (0.38) 15.67 1.51 5,709 1.52(3)
Ratio
of net
investment
income to
average Portfolio
net assets(4) Turnover
------------- ---------
4.22%(3) 13%
4.55 51
4.76 50
4.42 54
4.30 49
4.20(3) 20
3.39%(3) 13%
3.53 51
4.11 50
3.75 54
3.65 49
3.59(3) 20
4.36%(3) 13%
4.37 51
4.92 50
4.65 54
3.95 49
4.39(3) 20
--------
@ Commencement of operations.
+ Unaudited
(1)Calculated based upon average shares outstanding.
(2)Total return is not annualized and does not reflect sales load, but does
include expense reimbursements and expense reductions.
(3)Annualized.
(4)Net of following expense reimbursements, waivers and (recoupments), if
applicable (based on average net assets):
10/31/13(3) 10/31/14 10/31/15 10/31/16 10/31/17 04/30/18+(3)
----------- -------- -------- -------- -------- ------------
Income Explorer Fund Class A............ 3.80% 0.40% 0.42% 0.52% 0.40% 0.30%
Income Explorer Fund Class C............ 44.66 0.82 0.75 0.97 0.56 0.47
Income Explorer Fund Class W............ 53.79 3.71 2.94 4.00 0.71 0.44
(5)The Portfolio's performance figure was increased by less than 0.01% from
gains on the disposal of investments in violation of investment restrictions.
See Notes to Financial Statements
18
SunAmerica Specialty Series
FINANCIAL HIGHLIGHTS -- (continued)
Net gain
(loss) on
Net investments Net Net
Asset (both Dividends Distributions Asset Assets Ratio of
Value Net realized Total from from net from Total Value end of expenses
beginning investment and investment investment net realized Distri- end of Total period to average
Period Ended of period income(1) unrealized) operations income gains butions period Return(2) (000's) net assets(4)
------------ --------- ---------- ----------- ---------- ---------- ------------- ------- ------ --------- ------- -------------
AIG SMALL-CAP FUND
------------------
Class A
-------
02/06/14@-
10/31/14 $15.00 $(0.08) $0.57 $0.49 $-- $ -- $ -- $15.49 3.27% $50,123 1.72%(3)
10/31/15 15.49 (0.13) 1.06 0.93 -- -- -- 16.42 6.00 51,789 1.72
10/31/16 16.42 (0.10) 0.75 0.65 -- (1.32) (1.32) 15.75 4.61 42,739 1.72
10/31/17 15.75 (0.14) 5.22 5.08 -- (0.52) (0.52) 20.31 32.76 48,384 1.72
04/30/18+ 20.31 (0.07) 0.48 0.41 -- (2.00) (2.00) 18.72 2.30 51,587 1.72(3)
Class C
-------
02/06/14@-
10/31/14 $15.00 $(0.15) $0.56 $0.41 $-- $ -- $ -- $15.41 2.73% $ 256 2.37%(3)
10/31/15 15.41 (0.23) 1.06 0.83 -- -- -- 16.24 5.39 541 2.37
10/31/16 16.24 (0.19) 0.72 0.53 -- (1.32) (1.32) 15.45 3.87 811 2.37
10/31/17 15.45 (0.26) 5.11 4.85 -- (0.52) (0.52) 19.78 31.89 1,944 2.37
04/30/18+ 19.78 (0.13) 0.46 0.33 -- (2.00) (2.00) 18.11 1.93 2,121 2.37(3)
Class W
-------
02/06/14@-
10/31/14 $15.00 $(0.06) $0.57 $0.51 $-- $ -- $ -- $15.51 3.40% $ 113 1.52%(3)
10/31/15 15.51 (0.10) 1.07 0.97 -- -- -- 16.48 6.25 110 1.52
10/31/16 16.48 (0.07) 0.75 0.68 -- (1.32) (1.32) 15.84 4.79 341 1.52
10/31/17 15.84 (0.12) 5.26 5.14 -- (0.52) (0.52) 20.46 32.96 8,230 1.52
04/30/18+ 20.46 (0.05) 0.48 0.43 -- (2.00) (2.00) 18.89 2.39 13,129 1.52(3)
Ratio
of net
investment
income to
average Portfolio
net assets(4) Turnover
------------- ---------
(0.76)%(3) 61%
(0.79) 88
(0.66) 67
(0.79) 65
(0.74)(3) 28
(1.46)%(3) 61%
(1.47) 88
(1.33) 67
(1.48) 65
(1.39)(3) 28
(0.57)%(3) 61%
(0.59) 88
(0.47) 67
(0.70) 65
(0.58)(3) 28
--------
@ Commencement of operations.
+ Unaudited
(1)Calculated based upon average shares outstanding.
(2)Total return is not annualized and does not reflect sales load, but does
include expense reimbursements and expense reductions.
(3)Annualized.
(4)Net of following expense reimbursements, waivers and (recoupments), if
applicable (based on average net assets):
10/31/14(3) 10/31/15 10/31/16 10/31/17 04/30/18+(3)
----------- -------- -------- -------- ------------
Small Cap Fund Class A.................. 0.26% 0.33% 0.26% 0.29% 0.16%
Small Cap Fund Class C.................. 12.36 4.32 2.27 0.96 0.62
Small Cap Fund Class W.................. 18.46 13.86 5.01 0.50 0.31
See Notes to Financial Statements
19
SunAmerica Specialty Series -- AIG Commodity Strategy Fund
CONSOLIDATED PORTFOLIO PROFILE -- April 30, 2018@ -- (unaudited)
Industry Allocation*
Repurchase Agreements......................................... 64.6%
U.S. Government Agencies...................................... 16.7
U.S. Government Treasuries.................................... 5.7
United States Treasury Notes.................................. 5.4
Investment Companies.......................................... 1.2
Federal Farm Credit Bank...................................... 0.9
Options Purchased............................................. 0.1
-----
Total Investments............................................. 94.6
Other assets less liabilities (including futures, options and
swap contracts).............................................. 5.4
-----
Net Assets.................................................... 100.0%
=====
--------
* Calculated as a percentage of net assets
Credit Quality+**
--------
@ Consolidated (See Note 2)
+ Source: Moody's
** Calculated as a percentage of total debt issues, excluding short-term
securities.
20
SunAmerica Specialty Series -- AIG Commodity Strategy Fund
CONSOLIDATED PORTFOLIO OF INVESTMENTS -- April 30, 2018@ -- (unaudited)
Shares/
Principal Value
Security Description Amount (Note 3)
---------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES -- 0.9%
Federal Farm Credit Bank FRS -- 0.9%
1.70% (1 USFREF + 0.00%)
due 08/08/2019............................... $ 200,000 $ 199,993
1.92% (1 ML+0.02%)
due 05/17/2018............................... 200,000 200,017
----------
Total U.S. Government Agencies
(cost $400,018).............................. 400,010
----------
U.S. GOVERNMENT TREASURIES -- 5.4%
United States Treasury Notes FRS -- 5.4%
1.89% (3 UTBMM + 0.05%)
due 10/31/2019............................... 1,500,000 1,500,954
1.90% (3 UTBMM + 0.06%)
due 07/31/2019............................... 200,000 200,244
1.91% (3 UTBMM + 0.07%)
due 04/30/2019............................... 600,000 600,705
----------
Total U.S. Government Treasuries
(cost $2,300,096)............................ 2,301,903
----------
COMMON STOCKS -- 1.3%
Investment Companies -- 1.2%
Uranium Participation Corp.+(1)
(cost $620,997).............................. 164,995 498,602
----------
OPTIONS - PURCHASED -- 0.1%
Exchange Traded Purchased Call Options(1)(2)
(cost $ 38,590).............................. 90 62,970
----------
Total Long-Term Investment Securities
(cost $3,359,701)............................ 3,263,485
----------
SHORT-TERM INVESTMENT SECURITIES -- 22.4%
U.S. Government Agencies -- 16.7%
Federal Home Loan Bank
1.66% due 05/18/2018......................... 300,000 299,759
1.66% due 05/23/2018......................... 300,000 299,688
1.67% due 05/17/2018......................... 700,000 699,471
1.71% due 05/25/2018......................... 278,000 277,685
1.71% due 06/08/2018......................... 400,000 399,270
1.73% due 05/23/2018......................... 292,000 291,697
1.74% due 06/13/2018......................... 600,000 598,760
1.75% due 05/16/2018......................... 200,000 199,858
1.76% due 05/09/2018......................... 300,000 299,887
1.77% due 05/09/2018......................... 250,000 249,905
1.78% due 05/16/2018......................... 450,000 449,682
1.78% due 05/21/2018......................... 450,000 449,575
1.83% due 06/20/2018......................... 450,000 448,919
Federal Home Loan Bank FRS
1.53% (3 ML - 0.25%)
due 05/02/2018............................... 300,000 300,002
1.74% (1 ML - 0.14%)
due 07/05/2018.............................. 300,000 299,992
1.76% (1 ML - 0.15%)
due 11/01/2018.............................. 150,000 149,967
1.77% (1 ML - 0.13%)
due 10/24/2018.............................. 700,000 699,910
1.78% (1 ML - 0.13%)
due 10/30/2018.............................. 700,000 699,896
----------
7,113,923
----------
Principal Value
Security Description Amount (Note 3)
------------------------------------------------------------------
U.S. Government Treasuries -- 5.7%
United States Treasury Bills
1.51% due 05/10/2018.................... $1,000,000 $ 999,616
1.64% due 05/31/2018.................... 300,000 299,586
1.67% due 06/07/2018.................... 300,000 299,495
1.68% due 06/14/2018.................... 500,000 498,993
1.96% due 09/20/2018.................... 350,000 347,368
-----------
2,445,058
-----------
Total Short-Term Investment Securities
(cost $9,559,170)....................... 9,558,981
-----------
REPURCHASE AGREEMENTS -- 64.6%
Bank of America Securities LLC Joint
Repurchase Agreement(3)................. 1,225,000 1,225,000
Bank of America Securities LLC Joint
Repurchase Agreement(1)(3).............. 280,000 280,000
Barclays Capital, Inc. Joint Repurchase
Agreement(3)............................ 4,095,000 4,095,000
Barclays Capital, Inc. Joint Repurchase
Agreement(1)(3)......................... 935,000 935,000
BNP Paribas SA Joint Repurchase
Agreement(3)............................ 6,960,000 6,960,000
BNP Paribas SA Joint Repurchase
Agreement(1)(3)......................... 1,590,000 1,590,000
Deutsche Bank AG Joint Repurchase
Agreement(3)............................ 2,135,000 2,135,000
Deutsche Bank AG Joint Repurchase
Agreement(1)(3)......................... 485,000 485,000
RBS Securities, Inc. Joint Repurchase
Agreement(3)............................ 8,035,000 8,035,000
RBS Securities, Inc. Joint Repurchase
Agreement(1)(3)......................... 1,845,000 1,845,000
-----------
Total Repurchase Agreements
(cost $27,585,000)...................... 27,585,000
-----------
TOTAL INVESTMENTS
(cost $40,503,871)(4)................... 94.6% 40,407,466
Other assets less liabilities.............. 5.4 2,317,358
---------- -----------
NET ASSETS 100.0% $42,724,824
========== ===========
--------
@ Consolidated (see Note 2)
+ Non-income producing security
(1)The security is owned by the AIG Commodity Strategy Cayman Fund, Ltd., which
is a wholly-owned subsidiary of the AIG Commodity Strategy Fund.
(2)Call Options -- Purchased
21
SunAmerica Specialty Series -- AIG Commodity Strategy Fund
CONSOLIDATED PORTFOLIO OF INVESTMENTS -- April 30, 2018@ -- (unaudited)
(continued)
Exchange Traded Purchased Call Options(a)
-------------------------------------------------------------------------------------------------------------
Value at Unrealized
Expiration Strike No. of Notional Premiums April 30, Appreciation
Issue Counterparty Month Price Contracts Amount* Paid 2018 (Depreciation)
----------------- -------------------- ---------- ------ --------- -------- -------- --------- --------------
Crude Oil Futures Morgan Stanley & Co. Nov-18 $80.00 31 $20,627 $13,020 $25,110 $12,090
Crude Oil Futures Morgan Stanley & Co. May-19 85.00 32 20,154 15,040 21,120 6,080
Crude Oil Futures Morgan Stanley & Co. Feb-19 85.00 27 17,496 10,530 16,740 6,210
-- ------- ------- ------- -------
90 $58,277 $38,590 $62,970 $24,380
== ======= ======= ======= =======
--------
* Notional amount is calculated by multiplying the number of contracts by the
multiplier by the market value of the underlying security or index.
(3)See Note 3 for details of Joint Repurchase Agreements.
(4)See Note 6 for cost of investments on a tax basis.
FRS -- Floating Rate Security
The rates shown on FRS are the current interest rates at April 30, 2018 and
unless noted otherwise, the dates shown are the original maturity dates.
Index Legend
1 ML -- 1 Month USD LIBOR
3 ML -- 3 Month USD LIBOR
1 USFREF -- 1 Month Average Effective Federal Funds Rate
3 UTBMM -- US Treasury 3 Month Bill Money Market Yield
Futures Contracts(a)
-------------------------------------------------------------------------------------------
Unrealized
Number of Notional Notional Appreciation
Contracts Type Description Expiration Month Basis* Value* (Depreciation)
--------- ----- --------------------- ---------------- ---------- ---------- --------------
52 Long Aluminum Futures June 2018 $2,819,176 $2,944,500 $ 125,324
52 Short Aluminum Futures June 2018 2,979,928 2,944,500 35,428
43 Long Aluminum Futures September 2018 2,444,331 2,416,063 (28,268)
11 Short Aluminum Futures December 2018 570,636 618,063 (47,427)
62 Long Brent Crude Futures July 2018 4,391,680 4,630,780 239,100
5 Short Brent Crude Futures December 2018 257,800 360,200 (102,400)
7 Short Brent Crude Futures December 2020 389,000 435,050 (46,050)
4 Long Brent Crude Futures December 2021 229,640 238,600 8,960
15 Long Coffee Futures July 2018 679,556 690,750 11,194
20 Short Coffee Futures July 2018 347,730 351,200 (3,470)
15 Long Copper Futures June 2018 2,613,129 2,547,375 (65,754)
10 Short Copper Futures June 2018 1,701,844 1,698,250 3,594
11 Long Copper Futures September 2018 1,886,204 1,877,838 (8,366)
110 Long Corn Futures July 2018 2,136,962 2,204,125 67,163
14 Short Corn Futures December 2018 267,437 291,200 (23,763)
1 Long Cotton Futures July 2018 41,450 41,920 470
1 Long Gasoil Futures June 2018 62,925 65,230 2,305
12 Long Gasoline Futures June 2018 1,034,695 1,073,923 39,228
11 Long Gold Futures June 2018 1,461,870 1,451,120 (10,750)
13 Long Heating Oil Futures June 2018 1,136,896 1,173,518 36,622
14 Long Live Cattle Futures June 2018 574,930 594,160 19,230
31 Short Natural Gas Futures October 2018 842,530 868,000 (25,470)
20 Short Natural Gas Futures March 2019 600,130 578,000 22,130
82 Long Natural Gas Futures April 2019 2,196,000 2,120,520 (75,480)
11 Long Nickel Futures June 2018 868,012 898,986 30,974
3 Short Nickel Futures June 2018 263,880 245,178 18,702
3 Long Nickel Futures September 2018 264,906 246,258 (18,648)
18 Long Silver Futures July 2018 1,497,635 1,476,090 (21,545)
34 Long Soybean Futures July 2018 1,790,825 1,782,450 (8,375)
5 Long Soybean Futures November 2018 261,876 261,188 (688)
9 Long Soybean Meal Futures July 2018 348,290 354,420 6,130
33 Long Soybean Oil Futures July 2018 624,888 606,276 (18,612)
84 Long Sugar Futures July 2018 1,143,386 1,105,440 (37,946)
24 Short Sugar Futures March 2019 381,270 350,515 30,755
13 Long Wheat Futures July 2018 334,425 349,375 14,950
--------
@ Consolidated (see Note 2)
22
SunAmerica Specialty Series -- AIG Commodity Strategy Fund
CONSOLIDATED PORTFOLIO OF INVESTMENTS -- April 30, 2018@ -- (unaudited)
(continued)
Futures Contracts(a)
----------------------------------------------------------------------------------------
Unrealized
Number of Notional Notional Appreciation
Contracts Type Description Expiration Month Basis* Value* (Depreciation)
--------- ----- ------------------ ---------------- ---------- ---------- --------------
18 Long Wheat Futures July 2018 $ 441,000 $ 459,450 $ 18,450
22 Short Wheat Futures December 2018 553,250 601,975 (48,725)
13 Long WTI Crude Futures September 2018 882,315 879,840 (2,475)
13 Long WTI Crude Futures December 2018 844,220 857,870 13,650
5 Short WTI Crude Futures December 2019 265,750 297,100 (31,350)
14 Short Zinc Futures June 2018 1,114,733 1,095,150 19,583
14 Long Zinc Futures June 2018 1,184,776 1,095,150 (89,626)
13 Long Zinc Futures September 2019 1,025,730 1,016,194 (9,536)
--------
$ 39,218
========
--------
* Notional basis refers to the contractual amount agreed upon at inception of
the open contract; notional value represents the current value of the open
contract.
Over
the
Counter
Total
Return
Swap
Contracts(a)+
----------------------------------------------------------------------------------------------------------------------------
Notional Unrealized
Swap Amount Maturity Payments Received (Paid) Total Return Received or Paid Upfront Premiums Appreciation/
Counterparty (000's) Date by the Portfolio/Frequency by Portfolio/Frequency Paid/(Received) (Depreciation)
------------- -------- ---------- --------------------------- ------------------------------ ---------------- --------------
Barclays $ 303 08/31/2018 (0.350)%/Monthly Bloomberg Soybean Meal $-- $ --
Subindex/Monthly
244 05/31/2018 $17.16 per oz./At Maturity LMBA Silver Price/At Maturity -- (12,574)
Goldman
Sachs
International
231 09/28/2018 (0.150)%/Monthly S&P GSCI Industrial Metals -- --
Goldman Excess Return Index/Monthly
Sachs
International
JPMorgan 965 06/07/2018 (0.090)%/Monthly Bloomberg Commodity Index/ -- --
Monthly
JPMorgan 550 10/31/2018 (0.070)%/Monthly Bloomberg Silver Subindex/ -- --
Monthly
JPMorgan 927 09/28/2018 (0.090)%/Monthly Bloomberg Commodity Index/ -- --
Monthly
JPMorgan 11,955 09/28/2018 (0.090)%/Monthly Bloomberg Commodity Index/ -- --
Monthly
JPMorgan 509 09/28/2018 (0.090)%/Monthly Bloomberg Commodity Index/ -- 1,966
Monthly
JPMorgan 519 09/28/2018 (0.200)%/Monthly S&P GSCI Grains Index Excess -- --
Return/Monthly
354 12/31/2018 (0.250)%/Monthly Bloomberg Soybean Meal -- --
Morgan Subindex/Monthly
Stanley
--- --------
$-- $(10,608)
=== ========
--------
(a)The security is owned by the AIG Commodity Strategy Cayman Fund, Ltd. which
is a wholly-owned subsidiary of the AIG Commodity Strategy Fund.
+ Illiquid security. At April 30, 2018, the aggregate value of these
securities was $10,608, representing 0.0% of net assets.
GSCI -- Goldman Sachs Commodity Index
LMBA -- London Bullion Market Association
@ Consolidated (see Note 2)
23
SunAmerica Specialty Series -- AIG Commodity Strategy Fund
CONSOLIDATED PORTFOLIO OF INVESTMENTS -- April 30, 2018@ -- (unaudited)
(continued)
The following is a summary of the inputs used to value the Fund's net assets as
of April 30, 2018 (see Note 3):
Level 1 -- Unadjusted Level 2 -- Other Level 3 -- Significant
Quoted Prices Observable Inputs Unobservable Inputs Total
--------------------- ----------------- ---------------------- -----------
ASSETS:
Investments at Value:*
U.S. Government Agencies..................... $ -- $ 400,010 $-- $ 400,010
U.S. Government Treasuries................... -- 2,301,903 -- 2,301,903
Common Stocks................................ 498,602 -- -- 498,602
Options -- Purchased......................... 62,970 -- -- 62,970
Short-Term Investment Securities............. -- 9,558,981 -- 9,558,981
Repurchase Agreements........................ -- 27,585,000 -- 27,585,000
-------- ----------- --- -----------
Total Investments at Value................... $561,572 $39,845,894 $-- $40,407,466
======== =========== === ===========
Other Financial Instruments:+
Futures Contracts............................ $763,942 $ -- $-- $ 763,942
Over the Counter Total Return Swap Contracts. -- 1,966 -- 1,966
-------- ----------- --- -----------
Total Other Financial Instruments............ $763,942 $ 1,966 $-- $ 765,908
======== =========== === ===========
LIABILITIES:
Other Financial Instruments:+
Futures Contracts............................ $724,724 $ -- $-- $ 724,724
Over the Counter Total Return Swap Contracts. -- 12,574 -- 12,574
-------- ----------- --- -----------
Total Other Financial Instruments............ $724,724 $ 12,574 $-- $ 737,298
======== =========== === ===========
--------
* For a detailed presentation of investments, please refer to the Portfolio of
Investments.
+ Other financial instruments are derivative instruments not reflected in the
Consolidated Portfolio of Investments, such as futures, forward, swap and
written option contracts, which are valued at the unrealized appreciation
(depreciation) on the instrument.
The Fund's policy is to recognize transfers between Levels as of the end of the
reporting period. There were no transfers between Levels during the reporting
period.
@ Consolidated (see Note 2)
See Notes to Financial Statements
24
SunAmerica Specialty Series -- AIG ESG Dividend Fund
PORTFOLIO PROFILE -- April 30, 2018 -- (unaudited)
Industry Allocation*
Food-Misc./Diversified...................................... 8.7%
Advertising Agencies........................................ 5.6
Electronic Components-Semiconductors........................ 5.4
Investment Management/Advisor Services...................... 5.2
Cosmetics & Toiletries...................................... 4.7
Consumer Products-Misc...................................... 4.6
Food-Meat Products.......................................... 2.9
Electric-Integrated......................................... 2.9
Networking Products......................................... 2.9
Commercial Services-Finance................................. 2.9
Theaters.................................................... 2.9
Retail-Major Department Stores.............................. 2.8
Repurchase Agreements....................................... 2.8
Home Decoration Products.................................... 2.7
Enterprise Software/Service................................. 2.7
Distribution/Wholesale...................................... 2.6
Retail-Restaurants.......................................... 2.6
Retail-Mail Order........................................... 2.5
Airlines.................................................... 2.5
Computers................................................... 2.5
Toys........................................................ 2.5
Computer Services........................................... 2.4
Retail-Apparel/Shoe......................................... 2.4
Medical-Biomedical/Gene..................................... 2.3
Apparel Manufacturers....................................... 2.3
Building Products-Air & Heating............................. 2.3
Engines-Internal Combustion................................. 2.3
Beverages-Non-alcoholic..................................... 2.3
Retail-Misc./Diversified.................................... 2.2
Office Automation & Equipment............................... 2.0
Television.................................................. 2.0
Retail-Jewelry.............................................. 2.0
Dental Supplies & Equipment................................. 1.8
-----
Total Investments........................................... 101.2
Liabilities in excess of other assets....................... (1.2)
-----
Net Assets.................................................. 100%
=====
--------
* Calculated as a percentage of net assets
25
SunAmerica Specialty Series -- AIG ESG Dividend Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited)
Value
Security Description Shares (Note 3)
-------------------------------------------------------------------
COMMON STOCKS -- 98.4%
Advertising Agencies -- 5.6%
Interpublic Group of Cos., Inc................... 32,794 $ 773,611
Omnicom Group, Inc............................... 9,370 690,194
----------
1,463,805
----------
Airlines -- 2.5%
Delta Air Lines, Inc............................. 12,653 660,740
----------
Apparel Manufacturers -- 2.3%
Hanesbrands, Inc................................. 33,283 614,737
----------
Beverages-Non-alcoholic -- 2.3%
PepsiCo, Inc..................................... 5,935 599,079
----------
Building Products-Air & Heating -- 2.3%
Johnson Controls International PLC............... 17,933 607,391
----------
Commercial Services-Finance -- 2.9%
H&R Block, Inc................................... 27,300 754,845
----------
Computer Services -- 2.4%
International Business Machines Corp............. 4,396 637,244
----------
Computers -- 2.5%
HP, Inc.......................................... 30,641 658,475
----------
Consumer Products-Misc. -- 4.6%
Clorox Co........................................ 5,088 596,314
Kimberly-Clark Corp.............................. 6,056 627,038
----------
1,223,352
----------
Cosmetics & Toiletries -- 4.7%
Colgate-Palmolive Co............................. 9,736 635,079
Procter & Gamble Co.............................. 8,316 601,580
----------
1,236,659
----------
Dental Supplies & Equipment -- 1.8%
Patterson Cos., Inc.............................. 20,020 466,066
----------
Distribution/Wholesale -- 2.6%
KAR Auction Services, Inc........................ 13,075 679,769
----------
Electric-Integrated -- 2.9%
AES Corp......................................... 62,026 759,198
----------
Electronic Components-Semiconductors -- 5.4%
Intel Corp....................................... 14,983 773,422
Texas Instruments, Inc........................... 6,486 657,875
----------
1,431,297
----------
Engines-Internal Combustion -- 2.3%
Cummins, Inc..................................... 3,774 603,312
----------
Enterprise Software/Service -- 2.7%
CA, Inc.......................................... 20,179 702,229
----------
Food-Meat Products -- 2.9%
Hormel Foods Corp................................ 20,949 759,401
----------
Food-Misc./Diversified -- 8.7%
Campbell Soup Co................................. 15,261 622,343
General Mills, Inc............................... 12,335 539,533
Kellogg Co....................................... 10,449 615,446
Kraft Heinz Co................................... 9,086 512,269
----------
2,289,591
----------
Shares/
Principal Value
Security Description Amount (Note 3)
--------------------------------------------------------------------------
Home Decoration Products -- 2.7%
Newell Brands, Inc................................ 26,055 $ 719,900
-----------
Investment Management/Advisor Services -- 5.2%
Legg Mason, Inc................................... 16,564 657,591
T. Rowe Price Group, Inc.......................... 6,365 724,464
-----------
1,382,055
-----------
Medical-Biomedical/Gene -- 2.3%
Gilead Sciences, Inc.............................. 8,551 617,639
-----------
Networking Products -- 2.9%
Cisco Systems, Inc................................ 17,120 758,245
-----------
Office Automation & Equipment -- 2.0%
Pitney Bowes, Inc................................. 52,187 533,351
-----------
Retail-Apparel/Shoe -- 2.4%
Foot Locker, Inc.................................. 14,508 625,005
-----------
Retail-Jewelry -- 2.0%
Signet Jewelers, Ltd.............................. 13,562 527,290
-----------
Retail-Mail Order -- 2.5%
Williams-Sonoma, Inc.............................. 14,017 670,012
-----------
Retail-Major Department Stores -- 2.8%
Nordstrom, Inc.................................... 14,502 733,221
-----------
Retail-Misc./Diversified -- 2.2%
GameStop Corp., Class A........................... 42,852 584,930
-----------
Retail-Restaurants -- 2.6%
Dunkin' Brands Group, Inc......................... 11,106 677,022
-----------
Television -- 2.0%
TEGNA, Inc........................................ 50,099 529,546
-----------
Theaters -- 2.9%
Cinemark Holdings, Inc............................ 19,243 753,748
-----------
Toys -- 2.5%
Hasbro, Inc....................................... 7,456 656,799
-----------
Total Long-Term Investment Securities
(cost $26,645,812)............................... 25,915,953
-----------
REPURCHASE AGREEMENTS -- 2.8%
Agreement with Fixed Income Clearing Corp.,
bearing interest at 0.28%, dated 04/30/2018, to
be repurchased 05/01/2018 in the amount of
$733,006 and collateralized by $760,000 of
United States Treasury Notes, bearing interest
at 2.63%, due 03/31/2025 and having an
approximate value of $747,686.
(cost $733,000).................................. $733,000 733,000
-----------
TOTAL INVESTMENTS
(cost $27,378,812)(1)............................ 101.2% 26,648,953
Liabilities in excess of other assets............... (1.2) (318,691)
-------- -----------
NET ASSETS 100.0% $26,330,262
======== ===========
--------
(1)See Note 6 for cost of investments on a tax basis.
26
SunAmerica Specialty Series -- AIG ESG Dividend Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
The following is a summary of the inputs used to value the Fund's net assets as
of April 30, 2018 (see Note 3):
Level 1 -- Unadjusted Level 2 -- Other Level 3 -- Significant
Quoted Prices Observable Inputs Unobservable Inputs Total
--------------------- ----------------- ---------------------- -----------
ASSETS:
Investments at Value:*
Common Stocks.............. $25,915,953 $ -- $-- $25,915,953
Repurchase Agreements...... -- 733,000 -- 733,000
----------- -------- --- -----------
Total Investments at Value. $25,915,953 $733,000 $-- $26,648,953
=========== ======== === ===========
--------
* For a detailed presentation of investments, please refer to the Portfolio of
Investments.
The Fund's policy is to recognize transfers between Levels as of the end of the
reporting period. There were no transfers between Levels during the reporting
period.
See Notes to Financial Statements
27
SunAmerica Specialty Series -- AIG Focused Alpha Large-Cap Fund
PORTFOLIO PROFILE -- April 30, 2018 -- (unaudited)
Industry Allocation*
E-Commerce/Products................... 10.9%
Diversified Banking Institutions...... 7.4
Finance-Credit Card................... 5.9
Medical-Drugs......................... 5.6
Applications Software................. 5.5
Oil Companies-Integrated.............. 5.5
Aerospace/Defense..................... 5.3
Electric-Integrated................... 5.3
Commercial Services-Finance........... 5.2
Banks-Super Regional.................. 5.2
Computers............................. 5.1
Web Portals/ISP....................... 5.1
Transport-Rail........................ 5.1
E-Services/Consulting................. 4.6
Semiconductor Equipment............... 4.6
Cable/Satellite TV.................... 4.4
Medical-Biomedical/Gene............... 4.0
Electronic Components-Semiconductors.. 3.9
Time Deposits......................... 1.6
-----
Total Investments..................... 100.2
Liabilities in excess of other assets. (0.2)
-----
Net Assets............................ 100.0%
=====
--------
* Calculated as a percentage of net assets
28
SunAmerica Specialty Series -- AIG Focused Alpha Large-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited)
Value
Security Description Shares (Note 3)
-----------------------------------------------------------------
COMMON STOCKS -- 98.6%
Aerospace/Defense -- 5.3%
Lockheed Martin Corp....................... 103,095 $33,077,000
-----------
Applications Software -- 5.5%
salesforce.com, Inc.+...................... 284,854 34,464,485
-----------
Banks-Super Regional -- 5.2%
US Bancorp................................. 640,318 32,304,043
-----------
Cable/Satellite TV -- 4.4%
Comcast Corp., Class A..................... 871,444 27,354,627
-----------
Commercial Services-Finance -- 5.2%
PayPal Holdings, Inc.+..................... 439,384 32,782,440
-----------
Computers -- 5.1%
Apple, Inc................................. 194,739 32,182,567
-----------
Diversified Banking Institutions -- 7.4%
Citigroup, Inc............................. 232,800 15,893,256
JPMorgan Chase & Co........................ 279,918 30,449,480
-----------
46,342,736
-----------
E-Commerce/Products -- 10.9%
Alibaba Group Holding, Ltd. ADR+........... 181,931 32,481,961
Amazon.com, Inc.+.......................... 22,880 35,833,054
-----------
68,315,015
-----------
E-Services/Consulting -- 4.6%
CDW Corp................................... 402,257 28,676,902
-----------
Electric-Integrated -- 5.3%
FirstEnergy Corp........................... 957,606 32,941,646
-----------
Electronic Components-Semiconductors -- 3.9%
NVIDIA Corp................................ 108,423 24,384,333
-----------
Finance-Credit Card -- 5.9%
Visa, Inc., Class A........................ 290,473 36,855,214
-----------
Shares/
Principal Value
Security Description Amount (Note 3)
-------------------------------------------------------------------------
Medical-Biomedical/Gene -- 4.0%
Biogen, Inc.+................................. 91,448 $ 25,020,173
------------
Medical-Drugs -- 5.6%
Pfizer, Inc................................... 952,327 34,864,691
------------
Oil Companies-Integrated -- 5.5%
Suncor Energy, Inc............................ 900,750 34,435,673
------------
Printing-Commercial -- 0.0%
Quad/Graphics, Inc............................ 1 25
------------
Semiconductor Equipment -- 4.6%
Applied Materials, Inc........................ 577,228 28,670,915
------------
Transport-Rail -- 5.1%
Norfolk Southern Corp......................... 220,797 31,677,746
------------
Web Portals/ISP -- 5.1%
Alphabet, Inc., Class A+...................... 31,126 31,704,321
------------
Total Long-Term Investment Securities
(cost $496,276,005).......................... 616,054,552
------------
SHORT-TERM INVESTMENT SECURITIES -- 1.6%
Time Deposits -- 1.6%
Euro Time Deposit with State Street Bank and
Trust Co. 0.28% due 05/01/2018
(cost $9,935,000)............................ $9,935,000 9,935,000
------------
TOTAL INVESTMENTS
(cost $506,211,005)(1)....................... 100.2% $625,989,552
Liabilities in excess of other assets........... (0.2) (1,495,485)
---------- ------------
NET ASSETS 100.0% $624,494,067
========== ============
--------
+ Non-income producing security
(1)See Note 6 for cost of investments on a tax basis.
ADR -- American Depositary Receipt
The following is a summary of the inputs used to value the Fund's net assets as
of April 30, 2018 (see Note 3):
Level 1 -- Unadjusted Level 2 -- Other Level 3 -- Signifiant
Quoted Prices Observable Inputs Unobservable Inputs Total
--------------------- ----------------- --------------------- ------------
ASSETS:
Investments at Value:*
Common Stocks.................... $616,054,552 $ -- $-- $616,054,552
Short-Term Investment Securities. -- 9,935,000 -- 9,935,000
------------ ---------- --- ------------
Total Investments at Value....... $616,054,552 $9,935,000 $-- $625,989,552
============ ========== === ============
--------
* For a detailed presentation of investments, please refer to the Portfolio of
Investments.
The Fund's policy is to recognize transfers between Levels as of the end of the
reporting period. There were no transfers between Levels during the reporting
period.
See Notes to Financial Statements
29
SunAmerica Specialty Series -- AIG Focused Multi-Cap Growth Fund
PORTFOLIO PROFILE -- April 30, 2018 -- (unaudited)
Industry Allocation*
E-Commerce/Products................... 14.5%
Finance-Credit Card................... 7.8
Applications Software................. 7.3
Computers............................. 7.1
Commercial Services-Finance........... 6.9
Web Portals/ISP....................... 6.8
Aerospace/Defense..................... 6.8
Semiconductor Equipment............... 6.1
Resorts/Theme Parks................... 6.1
Electronic Components-Semiconductors.. 4.9
Hotels/Motels......................... 4.4
Auto-Cars/Light Trucks................ 3.7
Time Deposits......................... 3.5
Commercial Services................... 2.6
Diagnostic Kits....................... 2.2
Finance-Investment Banker/Broker...... 2.1
Multimedia............................ 2.1
Professional Sports................... 1.9
Insurance-Property/Casualty........... 1.7
Enterprise Software/Service........... 1.1
Educational Software.................. 0.5
-----
Total Investments..................... 100.1
Liabilities in excess of other assets. (0.1)
-----
Net Assets............................ 100.0%
=====
--------
* Calculated as a percentage of net assets
30
SunAmerica Specialty Series -- AIG Focused Multi-Cap Growth Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited)
Value
Security Description Shares (Note 3)
-----------------------------------------------------------------
COMMON STOCKS -- 96.6%
Aerospace/Defense -- 6.8%
Lockheed Martin Corp....................... 128,322 $41,170,830
-----------
Applications Software -- 7.3%
salesforce.com, Inc.+...................... 366,779 44,376,591
-----------
Auto-Cars/Light Trucks -- 3.7%
Tesla, Inc.+............................... 75,664 22,237,650
-----------
Commercial Services -- 2.6%
CoStar Group, Inc.+........................ 42,461 15,568,750
-----------
Commercial Services-Finance -- 6.9%
PayPal Holdings, Inc.+..................... 563,132 42,015,279
-----------
Computers -- 7.1%
Apple, Inc................................. 258,643 42,743,342
-----------
Diagnostic Kits -- 2.2%
IDEXX Laboratories, Inc.+.................. 68,900 13,400,361
-----------
E-Commerce/Products -- 14.5%
Alibaba Group Holding, Ltd. ADR+........... 234,255 41,823,888
Amazon.com, Inc.+.......................... 29,460 46,138,190
-----------
87,962,078
-----------
Educational Software -- 0.5%
2U, Inc.+.................................. 35,000 2,817,150
-----------
Electronic Components-Semiconductors -- 4.9%
NVIDIA Corp................................ 130,822 29,421,868
-----------
Enterprise Software/Service -- 1.1%
Guidewire Software, Inc.+.................. 80,000 6,769,600
-----------
Finance-Credit Card -- 7.8%
Visa, Inc., Class A........................ 370,218 46,973,260
-----------
Finance-Investment Banker/Broker -- 2.1%
Charles Schwab Corp........................ 229,000 12,750,720
-----------
Hotels/Motels -- 4.4%
Hyatt Hotels Corp., Class A................ 350,000 26,904,500
-----------
Shares/
Principal Value
Security Description Amount (Note 3)
-----------------------------------------------------------------
Insurance-Property/Casualty -- 1.7%
Arch Capital Group, Ltd.+............ 130,000 $ 10,416,900
------------
Multimedia -- 2.1%
FactSet Research Systems, Inc........ 67,146 12,697,980
------------
Professional Sports -- 1.9%
Manchester United PLC, Class A....... 618,723 11,508,248
------------
Resort/Theme Parks -- 6.1%
Vail Resorts, Inc.................... 160,000 36,689,600
------------
Semiconductor Equipment -- 6.1%
Applied Materials, Inc............... 740,017 36,756,644
------------
Web Portals/ISP -- 6.8%
Alphabet, Inc., Class A+............. 40,567 41,320,735
------------
Total Long-Term Investment Securities
(cost $425,394,378)................. 584,502,086
------------
SHORT-TERM INVESTMENT SECURITIES -- 3.5%
Time Deposits -- 3.5%
Euro Time Deposit with State Street
Bank and Trust Co.
0.28% due 05/01/2018
(cost $21,476,000).................. $21,476,000 21,476,000
------------
TOTAL INVESTMENTS
(cost $446,870,378)(1).............. 100.1% 605,978,086
Liabilities in excess of other assets.. (0.1) (743,462)
----------- ------------
NET ASSETS 100.0% $605,234,624
=========== ============
--------
+ Non-income producing security
(1)See Note 6 for cost of investments on a tax basis.
ADR-- American Depositary Receipt
The following is a summary of the inputs used to value the Fund's net assets as
of April 30, 2018 (see Note 3):
Level 1 -- Unadjusted Level 2 -- Other Level 3 -- Significant
Quoted Prices Observable Inputs Unobservable Inputs Total
--------------------- ----------------- ---------------------- ------------
ASSETS:
Investments at Value:*
Common Stocks......................... $584,502,086 $ -- $-- $584,502,086
Short-Term Investment Securities...... -- 21,476,000 -- 21,476,000
------------ ----------- --- ------------
Total Investments at Value............ $584,502,086 $21,476,000 $-- $605,978,086
============ =========== === ============
--------
* For a detailed presentation of investments, please refer to the Portfolio of
Investments.
The Fund's policy is to recognize transfers between Levels as of the end of the
reporting period. There were no transfers between Levels during the reporting
period.
See Notes to Financial Statements
31
SunAmerica Specialty Series -- AIG Global Trends Fund
CONSOLIDATED PORTFOLIO PROFILE -- April 30, 2018@ -- (unaudited)
Industry Allocation*
Repurchase Agreements................................................ 97.1%
Other assets less liabilities (including futures and forward foreign
currency contracts.................................................. 2.9
----
100%
====
--------
* Calculated as a percentage of net assets
@ Consolidated (see Note 2).
32
SunAmerica Specialty Series -- AIG Global Trends Fund
CONSOLIDATED PORTFOLIO OF INVESTMENTS -- April 30, 2018@ -- (unaudited)
Principal Value
Security Description Amount (Note 3)
-------------------------------------------------------------
REPURCHASE AGREEMENTS -- 97.1%
Bank of America Securities LLC Joint
Repurchase Agreement(1).............. $1,425,000 $1,425,000
Bank of America Securities LLC Joint
Repurchase Agreement(1)(2)........... 420,000 420,000
Barclays Capital, Inc. Joint
Repurchase Agreement(1).............. 4,760,000 4,760,000
Barclays Capital, Inc. Joint
Repurchase Agreement(1)(2)........... 1,410,000 1,410,000
BNP Paribas SA Joint
Repurchase Agreement(1).............. 8,095,000 8,095,000
BNP Paribas SA Joint
Repurchase Agreement(1)(2)........... 2,400,000 2,400,000
Deutsche Bank AG Joint
Repurchase Agreement(1).............. 2,480,000 2,480,000
Deutsche Bank AG Joint
Repurchase Agreement(1)(2)........... 735,000 735,000
Principal Value
Security Description Amount (Note 3)
------------------------------------------------------
REPURCHASE AGREEMENTS (continued)
RBS Securities, Inc. Joint
Repurchase Agreement(1).... $9,345,000 $ 9,345,000
RBS Securities, Inc. Joint
Repurchase Agreement(1)(2). 2,785,000 2,785,000
-----------
Total Repurchase Agreements
(cost $33,855,000)......... 33,855,000
-----------
TOTAL INVESTMENTS
(cost $33,855,000)(3)...... 97.1% 33,855,000
Other assets less liabilities. 2.9 1,028,560
---------- -----------
NET ASSETS 100.0% $34,883,560
========== ===========
--------
@ Consolidated (see Note 2).
(1)See Note 3 for details of Joint Repurchase Agreements.
(2)The security is owned by the AIG Global Trends Cayman Fund Ltd. which is a
wholly-owned subsidiary of the SunAmerica Global Trends Fund.
(3)See Note 6 for cost of investments on a tax basis.
Futures Contracts
----------------------------------------------------------------------------------------------------------
Unrealized
Number of Appreciation
Contracts Type Description Expiration Month Notional Basis* Notional Value* (Depreciation)
--------- ---- --------------------------- ---------------- --------------- --------------- --------------
58 Long Corn Future(a) July 2018 $1,146,950 $1,162,175 $ 15,225
9 Long Dax Index June 2018 3,399,530 3,413,157 13,627
18 Long Euro-Bund June 2018 3,448,325 3,450,499 2,174
34 Long Nikkei June 2018 6,917,215 6,977,616 60,401
14 Long U.S. Treasury 10 Year Note June 2018 1,669,938 1,674,750 4,812
35 Long WTI Crude Future(a) May 2018 2,320,150 2,399,950 79,800
--------
$176,039
========
--------
* Notional basis refers to the contractual amount agreed upon at inception of
the open contract; notional value represents the current value of the open
contract
(a)The security is owned by the AIG Global Trends Cayman Fund, Ltd., which is a
wholly-owned subsidiary of the SunAmerica Global Trends Fund.
Forward Foreign Currency Contracts
--------------------------------------------------------------------------------------------------------------------
Delivery Unrealized Unrealized
Counterparty Contract to Deliver In Exchange For Date Appreciation Depreciation
------------------------------------------- ------------------- --------------- ---------- ------------ ------------
Goldman Sachs International BRL 4,000 USD 1,154 05/03/2018 $13 $ --
USD 1,209 BRL 4,000 05/03/2018 -- (68)
USD 1,151 BRL 4,000 06/04/2018 -- (13)
--- ----
Net Unrealized Appreciation (Depreciation) $13 $(81)
=== ====
BRL -- Brazilian Real
USD -- United States Dollar
33
SunAmerica Specialty Series -- AIG Global Trends Fund
CONSOLIDATED PORTFOLIO OF INVESTMENTS -- April 30, 2018@ -- (unaudited)
(continued)
The following is a summary of the inputs used to value the Fund's net assets as
of April 30, 2018 (see Note 3):
Level 1 -- Unadjusted Level 2 -- Other Level 3 -- Significant
Quoted Prices Observable Inputs Unobservable Inputs Total
--------------------- ----------------- ---------------------- -----------
ASSETS:
Investments at Value:*
Repurchase Agreements............................. $ -- $33,855,000 $-- $33,855,000
-------- ----------- --- -----------
Total Investments at Value........................ $ -- $33,855,000 $-- $33,855,000
======== =========== === ===========
Other Financial Instruments:+
Futures Contracts................................. $102,011 $ 74,028** $-- $ 176,039
Forward Foreign Currency Contracts................ -- 13 -- 13
-------- ----------- --- -----------
Total Other Financial Instruments................. $102,011 $ 74,041 $-- $ 176,052
======== =========== === ===========
LIABILITIES:
Other Financial Instruments:+
Forward Foreign Currency Contracts................ $ -- $ 81 $-- $ 81
======== =========== === ===========
--------
* For a detailed presentation of investments, please refer to the Portfolio of
Investments.
** Represents index futures that have been fair valued in accordance with
pricing procedures approved by the Board (See Note 3).
+ Other financial instruments are derivative instruments not reflected in the
Portfolio of Investments, such as futures, forward, swap and written option
contracts, which are valued at the unrealized appreciation (depreciation) on
the instrument.
The Fund's policy is to recognize transfers between Levels as of the end of the
reporting period. There were no transfers between Levels during the reporting
period.
@ Consolidated (see Note 2)
See Notes to Financial Statements
34
SunAmerica Specialty Series -- AIG Income Explorer Fund
PORTFOLIO PROFILE -- April 30, 2018 -- (unaudited)
Industry Allocation*
Domestic Fixed Income Investment Companies...... 22.7%
Domestic Equity Investment Companies............ 8.0
Diversified Banking Institutions................ 7.1
International Fixed Income Investment Companies. 5.8
Time Deposits................................... 5.0
Banks-Commercial................................ 3.9
Insurance-Life/Health........................... 3.9
Telephone-Integrated............................ 3.1
Electric-Integrated............................. 2.8
Insurance-Multi-line............................ 2.7
Retail-Apparel/Shoe............................. 1.9
Retail-Regional Department Stores............... 1.6
Real Estate Investment Trusts................... 1.5
Repurchase Agreements........................... 1.5
Oil Companies-Integrated........................ 1.4
Food-Retail..................................... 1.4
Building-Residential/Commercial................. 1.3
Banks-Super Regional............................ 1.3
Domestic Mixed Allocation Investment Companies.. 1.2
Electronic Components-Misc...................... 1.0
Oil Refining & Marketing........................ 1.0
Pipelines....................................... 1.0
Television...................................... 1.0
Insurance-Property/Casualty..................... 0.9
Computers-Memory Devices........................ 0.8
Transport-Services.............................. 0.8
Networking Products............................. 0.8
Telecom Services................................ 0.7
Retail-Discount................................. 0.7
Real Estate Operations & Development............ 0.7
Diversified Manufacturing Operations............ 0.7
Insurance-Reinsurance........................... 0.6
Fisheries....................................... 0.6
Metal-Diversified............................... 0.6
Steel-Producers................................. 0.6
Retail-Jewelry.................................. 0.6
Petrochemicals.................................. 0.6
Water........................................... 0.6
Retail-Misc./Diversified........................ 0.6
Finance-Other Services.......................... 0.6
Cellular Telecom................................ 0.5
Sovereign Agency................................ 0.5
Banks-Money Center.............................. 0.5
Computer Services............................... 0.5
Chemicals-Diversified........................... 0.5
Distribution/Wholesale.......................... 0.5
Medical-Drugs................................... 0.5
Electric-Generation............................. 0.5
Auto-Cars/Light Trucks.......................... 0.5
Diversified Minerals............................ 0.5
Metal-Iron...................................... 0.4
Gas-Distribution................................ 0.4
Computers....................................... 0.4
Food-Dairy Products............................. 0.2
Banks-Special Purpose........................... 0.2
Investment Management/Advisor Services.......... 0.1
Agricultural Operations......................... 0.1
Banks-Fiduciary................................. 0.1
Insurance-Mutual...................... 0.1%
Private Equity........................ 0.1
-----
Total Investments..................... 100.7
Liabilities in excess of other assets. (0.7)
-----
Net Assets............................ 100%
=====
--------
* Calculated as a percentage of net assets
35
SunAmerica Specialty Series -- AIG Income Explorer Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited)
Value
Security Description Shares (Note 3)
----------------------------------------------------------------------
COMMON STOCKS -- 28.4%
Auto-Cars/Light Trucks -- 0.5%
Subaru Corp........................................ 6,802 $228,433
--------
Building-Residential/Commercial -- 1.3%
Berkeley Group Holdings PLC........................ 5,893 329,982
Persimmon PLC...................................... 7,952 296,770
--------
626,752
--------
Cellular Telecom -- 0.5%
Turkcell Iletisim Hizmetleri AS.................... 72,552 249,775
--------
Chemicals-Diversified -- 0.5%
Petkim Petrokimya Holding AS....................... 137,749 242,924
--------
Computer Services -- 0.5%
International Business Machines Corp............... 1,676 242,953
--------
Computers -- 0.4%
Lenovo Group, Ltd.................................. 400,000 189,875
--------
Computers-Memory Devices -- 0.8%
Seagate Technology PLC............................. 6,643 384,563
--------
Distribution/Wholesale -- 0.5%
Rexel SA........................................... 15,683 242,554
--------
Electric-Generation -- 0.5%
Huaneng Power International, Inc................... 350,000 230,955
--------
Electric-Integrated -- 0.4%
Cia Energetica de Minas Gerais (Preference Shares). 90,000 217,344
--------
Electronic Components-Misc. -- 1.0%
Micro-Star International Co., Ltd.................. 99,000 308,658
Pegatron Corp...................................... 78,000 181,966
--------
490,624
--------
Finance-Other Services -- 0.6%
ASX, Ltd........................................... 6,028 265,151
--------
Fisheries -- 0.6%
Marine Harvest ASA................................. 14,121 306,703
--------
Food-Retail -- 1.4%
Casino Guichard Perrachon SA....................... 3,913 202,654
Distribuidora Internacional de Alimentacion SA..... 40,922 189,414
Wesfarmers, Ltd.................................... 7,968 261,675
--------
653,743
--------
Gas-Distribution -- 0.4%
Centrica PLC....................................... 92,870 196,245
--------
Insurance-Multi-line -- 0.5%
BB Seguridade Participacoes SA..................... 28,074 220,220
--------
Medical-Drugs -- 0.5%
GlaxoSmithKline PLC................................ 11,939 239,578
--------
Metal-Diversified -- 0.6%
MMC Norilsk Nickel PJSC ADR........................ 17,075 293,292
--------
Metal-Iron -- 0.4%
Fortescue Metals Group, Ltd........................ 58,614 200,455
--------
Networking Products -- 0.8%
Cisco Systems, Inc................................. 8,186 362,558
--------
Oil Companies-Integrated -- 1.4%
China Petroleum & Chemical Corp.................... 322,000 313,608
Value
Security Description Shares (Note 3)
---------------------------------------------------------------
Oil Companies-Integrated (continued)
Lukoil PJSC ADR.......................... 5,159 $ 343,791
-----------
657,399
-----------
Oil Refining & Marketing -- 1.0%
S-Oil Corp............................... 2,708 277,157
Tupras Turkiye Petrol Rafinerileri AS.... 8,268 211,182
-----------
488,339
-----------
Petrochemicals -- 0.6%
Braskem SA, Class A (Preference Shares).. 21,100 274,953
-----------
Real Estate Operations & Development -- 0.7%
China Vanke Co., Ltd..................... 82,800 343,485
-----------
Retail-Apparel/Shoe -- 1.9%
Gap, Inc................................. 11,180 326,903
L Brands, Inc............................ 5,776 201,640
Next PLC................................. 5,180 373,204
-----------
901,747
-----------
Retail-Discount -- 0.7%
Target Corp.............................. 4,800 348,480
-----------
Retail-Jewelry -- 0.6%
Pandora A/S.............................. 2,560 284,479
-----------
Retail-Misc./Diversified -- 0.6%
Woolworths Holdings, Ltd................. 52,095 267,443
-----------
Retail-Regional Department Stores -- 1.6%
Kohl's Corp.............................. 6,496 403,532
Macy's, Inc.............................. 11,375 353,421
-----------
756,953
-----------
Steel-Producers -- 0.6%
Eregli Demir ve Celik Fabrikalari TAS.... 115,421 287,462
-----------
Telecom Services -- 0.5%
HKT Trust & HKT, Ltd..................... 194,000 255,144
-----------
Telephone-Integrated -- 3.1%
AT&T, Inc................................ 7,168 234,394
BT Group PLC............................. 63,125 216,128
CenturyLink, Inc......................... 11,552 214,636
Orange SA................................ 15,115 274,751
Telefonica Brasil SA (Preference Shares). 17,700 248,281
Verizon Communications, Inc.............. 5,948 293,534
-----------
1,481,724
-----------
Television -- 1.0%
ITV PLC.................................. 108,506 225,385
ProSiebenSat.1 Media SE.................. 6,513 236,600
-----------
461,985
-----------
Transport-Services -- 0.8%
Royal Mail PLC........................... 47,608 380,219
-----------
Water -- 0.6%
Veolia Environnement SA.................. 11,339 268,487
-----------
Total Common Stocks
(cost $12,537,433)...................... 13,542,996
-----------
36
SunAmerica Specialty Series -- AIG Income Explorer Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
-----------------------------------------------------------
PREFERRED SECURITIES -- 6.4%
Agricultural Operations -- 0.1%
CHS, Inc.
Series 4
7.50%.................................... 2,231 $ 61,486
--------
Banks-Commercial -- 0.4%
BB&T Corp.
5.85%.................................... 1,799 45,623
BB&T Corp.
Series E
5.63%.................................... 2,868 71,786
CoBank ACB
Series F
6.25%.................................... 900 95,400
--------
212,809
--------
Banks-Special Purpose -- 0.2%
AgriBank FCB
6.88%.................................... 750 81,000
--------
Banks-Super Regional -- 0.5%
Capital One Financial Corp.
Series H
6.00%.................................... 2,788 72,098
Wells Fargo & Co.
Series Q
5.85%.................................... 1,193 30,779
Wells Fargo & Co.
Series W
5.70%.................................... 2,009 50,265
Wells Fargo & Co.
Series Y
5.63%.................................... 2,600 64,324
--------
217,466
--------
Diversified Banking Institutions -- 1.0%
Bank of America Corp.
Series EE
6.00%.................................... 2,488 64,116
Citigroup, Inc.
Series S
6.30%.................................... 1,183 31,066
Deutsche Bank Contingent Capital Trust V
8.05%.................................... 1,700 43,316
GMAC Capital Trust I FRS
Series 2
(3 ML+5.79%)
7.62%.................................... 7,933 210,938
Morgan Stanley
Series F
6.88%.................................... 1,594 43,835
Morgan Stanley
Series I
6.38%.................................... 918 24,547
Morgan Stanley
Series K
5.85%.................................... 2,825 72,461
--------
490,279
--------
Value
Security Description Shares (Note 3)
-----------------------------------------------------
Electric-Integrated -- 0.7%
Integrys Holding, Inc.
6.00%.............................. 2,728 $ 69,155
SCE Trust III
Series H
5.75%.............................. 950 25,128
SCE Trust IV
Series J
5.38%.............................. 2,775 71,234
SCE Trust VI
5.00%.............................. 2,875 64,802
Southern Co.
6.25%.............................. 3,244 84,020
--------
314,339
--------
Food-Dairy Products -- 0.1%
Dairy Farmers of America, Inc.
7.88%*(3).......................... 500 50,561
--------
Insurance-Multi-line -- 0.3%
Allstate Corp.+
Series G
5.63%.............................. 2,028 50,842
American Financial Group, Inc.
6.00%.............................. 100 2,511
American Financial Group, Inc.
6.25%.............................. 2,553 65,101
--------
118,454
--------
Insurance-Property/Casualty -- 0.3%
Arch Capital Group, Ltd.
Series F
5.45%.............................. 1,386 33,444
Hanover Insurance Group, Inc.
6.35%.............................. 2,322 58,352
WR Berkley Corp.
5.70%.............................. 1,800 43,002
WR Berkley Corp.
5.75%.............................. 794 19,461
--------
154,259
--------
Insurance-Reinsurance -- 0.2%
Reinsurance Group of America, Inc.
5.75%.............................. 1,525 39,208
Reinsurance Group of America, Inc.
6.20%.............................. 611 16,265
Validus Holdings, Ltd.
Series B
5.80%.............................. 1,880 46,755
--------
102,228
--------
Investment Management/Advisor Services -- 0.1%
Ares Management LP
Series A
7.00%.............................. 2,675 69,684
--------
Pipelines -- 0.2%
Enbridge, Inc.
Series B
6.38%.............................. 3,075 77,644
37
SunAmerica Specialty Series -- AIG Income Explorer Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
-------------------------------------------------------
PREFERRED SECURITIES (continued)
Pipelines (continued)
Energy Transfer Partners LP
Series C
7.38%................................ 1,175 $ 29,163
--------
106,807
--------
Private Equity -- 0.1%
Carlyle Group LP
Series A
5.88%................................ 1,250 29,313
--------
Real Estate Investment Trusts -- 1.5%
American Homes 4 Rent
Series D
6.50%................................ 2,750 69,685
American Homes 4 Rent
Series E
6.35%................................ 2,723 67,585
Colony NorthStar, Inc.
Series E
8.75%................................ 2,572 65,278
DDR Corp.
Series J
6.50%................................ 2,825 63,280
Global Net Lease, Inc.
Series A
7.25%................................ 3,000 73,800
Monmouth Real Estate Investment Corp.
Series C
6.13%................................ 2,000 47,980
National Storage Affiliates Trust
Series A
6.00%................................ 2,845 67,484
Sabra Health Care REIT, Inc.
Series A
7.13%................................ 3,500 88,130
Saul Centers, Inc.
Series C
6.88%................................ 478 11,663
Spirit Realty Capital, Inc.
Series A
6.00%................................ 1,925 40,136
Summit Hotel Properties, Inc.
Series E
6.25%................................ 2,414 56,777
Taubman Centers, Inc.
Series K
6.25%................................ 534 12,693
VEREIT, Inc.
Series F
6.70%................................ 1,982 49,887
--------
714,378
--------
Sovereign Agency -- 0.5%
Farm Credit Bank of Texas*
6.75%................................ 1,200 128,762
Shares/
Principal Value
Security Description Amount (Note 3)
-----------------------------------------------------------
Sovereign Agency (continued)
Farm Credit Bank of Texas
Series 1
10.00%............................ 100 $ 117,500
----------
246,262
----------
Telecom Services -- 0.2%
Centaur Funding Corp.*
Series B
9.08%............................. 100 112,055
----------
Total Preferred Securities
(cost $3,124,949)................. 3,081,380
----------
PREFERRED SECURITIES/CAPITAL SECURITIES -- 21.4%
Banks-Commercial -- 3.5%
CaixaBank SA
5.25% due 03/23/2026(1)........... EUR 200,000 237,679
CoBank ACB
Series I
6.25% due 10/01/2026(1)........... $ 123,000 130,910
Cooperatieve Rabobank UA
11.00% due 06/30/2019*(1)......... 225,000 243,000
DNB Bank ASA
6.50% due 03/26/2022(1)........... 200,000 209,300
ING Groep NV
6.88% due 04/16/2022(1)........... 200,000 211,050
Skandinaviska Enskilda Banken AB
5.75% due 05/13/2020(1)........... 200,000 202,000
Standard Chartered PLC
7.75% due 04/02/2023*(1).......... 200,000 213,000
Swedbank AB
6.00% due 03/17/2022(1)........... 200,000 204,492
----------
1,651,431
----------
Banks-Fiduciary -- 0.1%
State Street Corp.
Series F
5.25% due 09/15/2020(1)........... 50,000 51,375
----------
Banks-Money Center -- 0.5%
Dresdner Funding Trust I
8.15% due 06/30/2031*............. 100,000 127,212
HSBC Capital Funding Dollar 1 LP
10.18% due 06/30/2030*(1)......... 75,000 116,671
----------
243,883
----------
Banks-Super Regional -- 0.8%
PNC Financial Services Group, Inc.
6.75% due 08/01/2021(1)........... 85,000 91,694
Wells Fargo & Co.
Series U
5.88% due 06/15/2025(1)........... 55,000 56,925
Wells Fargo & Co. FRS
Series K
5.89% (3 ML+3.77%)
due 06/15/2018(1)................. 165,000 166,856
Wells Fargo Capital X
5.95% due 12/15/2036.............. 80,000 86,400
----------
401,875
----------
38
SunAmerica Specialty Series -- AIG Income Explorer Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Principal Value
Security Description Amount (Note 3)
-------------------------------------------------------
PREFERRED SECURITIES/CAPITAL SECURITIES (continued)
Diversified Banking Institutions -- 6.1%
Bank of America Corp.
5.99% (3 ML +3.63%)
due 07/30/2018(1)............... $ 20,000 $ 20,100
Bank of America Corp.
Series AA
6.10% due 03/17/2025(1)......... 130,000 134,713
Bank of America Corp.
Series X
6.25% due 09/05/2024(1)......... 189,000 197,032
Bank of America Corp.
Series Z
6.50% due 10/23/2024(1)......... 95,000 100,700
Bank of America Corp.
Series M
8.13% due 05/15/2018(1)......... 80,000 80,160
BNP Paribas SA
7.63% due 03/30/2021*(1)........ 200,000 215,450
Citigroup, Inc. FRS
5.90% due 02/15/2023(1)......... 95,000 97,078
Citigroup, Inc.
5.95% due 01/30/2023(1)......... 34,000 34,804
Citigroup, Inc.
Series R
6.13% due 11/15/2020(1)......... 175,000 182,875
Citigroup, Inc.
Series T
6.25% due 08/15/2026(1)......... 61,000 63,364
Credit Agricole SA
8.13% due 12/23/2025*(1)........ 200,000 227,250
Credit Suisse Group AG
7.13% due 07/29/2022(1)......... 200,000 209,800
Goldman Sachs Group, Inc.
Series L
5.70% due 05/10/2019(1)......... 70,000 71,575
HSBC Holdings PLC
6.88% due 06/01/2021(1)......... 200,000 212,000
JPMorgan Chase & Co.
Series Z
5.30% due 05/01/2020(1)......... 95,000 97,622
JPMorgan Chase & Co. FRS
Series I
5.83% (3 ML +3.47%)
due 07/30/2018(1)............... 70,000 70,525
JPMorgan Chase & Co.
Series S
6.75% due 02/01/2024(1)......... 200,000 216,750
Royal Bank of Scotland Group PLC
7.65% due 09/30/2031(1)......... 35,000 43,925
Royal Bank of Scotland Group PLC
8.63% due 08/15/2021(1)......... 200,000 219,000
Societe Generale SA
7.88% due 12/18/2023*(1)........ 200,000 216,750
UBS Group AG
7.13% due 08/10/2021(1)......... 200,000 211,750
----------
2,923,223
----------
Principal Value
Security Description Amount (Note 3)
------------------------------------------------------------------
Diversified Manufacturing Operations -- 0.7%
General Electric Co.
Series D
5.00% due 01/21/2021(1).................... $336,000 $ 332,640
----------
Diversified Minerals -- 0.5%
BHP Billiton Finance USA, Ltd.
6.75% due 10/20/2025*...................... 200,000 222,450
----------
Electric-Integrated -- 1.7%
Electricite de France SA
5.25% due 01/29/2023*(1)................... 200,000 200,532
Emera, Inc.
Series 16-A
6.75% due 06/15/2076....................... 168,000 181,776
Enel SpA
8.75% due 09/24/2073*...................... 200,000 236,500
Southern California Edison Co.
6.25% due 02/01/2022(1).................... 85,000 90,100
Southern Co.
Series B
5.50% due 03/15/2057....................... 95,000 98,139
----------
807,047
----------
Insurance-Life/Health -- 3.9%
Dai-ichi Life Insurance Co., Ltd.
5.10% due 10/28/2024*(1)................... 200,000 208,000
Dai-ichi Life Insurance Co., Ltd.
7.25% due 07/25/2021*(1)................... 150,000 164,058
Hanwha Life Insurance Co., Ltd.
4.70% due 04/23/2048*...................... 200,000 198,400
La Mondiale SAM
4.80% due 01/18/2048....................... 200,000 183,970
Meiji Yasuda Life Insurance Co.
5.10% due 04/26/2048*...................... 200,000 204,114
Nippon Life Insurance Co.
5.00% due 10/18/2042*...................... 200,000 206,400
Principal Financial Group, Inc.
4.70% due 05/15/2055....................... 50,000 50,125
Prudential Financial, Inc.
5.20% due 03/15/2044....................... 90,000 90,450
Prudential Financial, Inc.
5.38% due 05/15/2045....................... 50,000 50,500
Prudential Financial, Inc.
5.63% due 06/15/2043....................... 197,000 205,619
Prudential Financial, Inc.
5.88% due 09/15/2042....................... 90,000 95,737
Sumitomo Life Insurance Co.
4.00% due 09/14/2077*...................... 200,000 188,366
----------
1,845,739
----------
Insurance-Multi-line -- 1.9%
Aegon NV
5.50% due 04/11/2048....................... 200,000 198,867
Assurant, Inc.
7.00% due 03/27/2048....................... 75,000 78,145
Hartford Financial Services Group, Inc. FRS
3.96% (3 ML+2.13%)
due 02/12/2067*............................ 70,000 67,473
MetLife Capital Trust IV
7.88% due 12/15/2067*...................... 100,000 124,500
39
SunAmerica Specialty Series -- AIG Income Explorer Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Shares/
Principal Value
Security Description Amount (Note 3)
--------------------------------------------------------------------
PREFERRED SECURITIES/CAPITAL SECURITIES (continued)
Insurance-Multi-line (continued)
MetLife, Inc.
Series C
5.25% due 06/15/2020(1).................... $134,000 $ 136,948
MetLife, Inc.
5.88% due 03/15/2028(1).................... 55,000 55,859
MetLife, Inc.
9.25% due 04/08/2068*...................... 100,000 136,000
Voya Financial, Inc.
5.65% due 05/15/2053....................... 126,000 128,394
-----------
926,186
-----------
Insurance-Mutual -- 0.1%
Liberty Mutual Group, Inc.
7.80% due 03/07/2087*...................... 32,500 39,325
-----------
Insurance-Property/Casualty -- 0.6%
Mitsui Sumitomo Insurance Co., Ltd.
7.00% due 03/15/2072*...................... 50,000 55,050
QBE Insurance Group, Ltd.
6.75% due 12/02/2044....................... 200,000 213,322
-----------
268,372
-----------
Insurance-Reinsurance -- 0.4%
Aquarius & Investments PLC for Swiss
Reinsurance Co., Ltd.
6.38% due 09/01/2024....................... 200,000 204,590
-----------
Pipelines -- 0.8%
Enbridge, Inc.
Sub. Notes
6.25% due 03/01/2078....................... 50,000 48,786
Enterprise Products Operating LLC FRS
Series A
6.07% (3 ML +3.71%)
due 08/01/2066............................. 43,000 43,170
TransCanada Trust
5.63% due 05/20/2075....................... 65,000 66,463
TransCanada Trust
Series 16-A
5.88% due 08/15/2076....................... 208,000 214,240
-----------
372,659
-----------
Total Preferred Securities/Capital Securities
(cost $10,254,173)......................... 10,290,795
-----------
REGISTERED INVESTMENT COMPANIES -- 37.7%
Domestic Equity Investment Companies -- 8.0%
Eaton Vance Tax-Advantaged Dividend Income
Fund....................................... 35,316 789,313
Eaton Vance Tax-Managed Diversified Equity
Income Fund................................ 67,986 814,472
First Trust Energy Income and Growth Fund... 17,644 402,636
Gabelli Dividend & Income Trust............. 34,411 761,171
Gabelli Equity Trust, Inc................... 102,620 628,035
Reaves Utility Income Fund.................. 8,012 225,618
Tortoise Energy Infrastructure Corp......... 7,359 206,567
-----------
3,827,812
-----------
Value
Security Description Shares (Note 3)
------------------------------------------------------------------------
Domestic Fixed Income Investment Companies -- 22.7%
AllianzGI Convertible & Income Fund................. 73,940 $ 499,095
AllianzGI Convertible & Income Fund II.............. 98,834 587,568
BlackRock Corporate High Yield Fund, Inc............ 25,799 273,727
BlackRock Floating Rate Income Strategies
Fund, Inc.......................................... 6,110 88,900
BlackRock Limited Duration Income Trust............. 8,858 133,313
BlackRock MuniHoldings Investment Quality Fund...... 14,553 185,842
BlackRock Taxable Municipal Bond Trust.............. 6,830 150,397
Calamos Convertible and High Income Fund............ 57,221 693,518
DoubleLine Income Solutions Fund.................... 30,638 618,275
Eaton Vance Limited Duration Income Fund............ 29,823 387,699
Eaton Vance Senior Floating-Rate Trust.............. 7,841 115,419
Eaton Vance Senior Income Trust..................... 28,742 193,434
Flaherty & Crumrine Preferred Securities Income
Fund, Inc.......................................... 14,793 273,523
Flaherty & Crumrine Total Return Fund, Inc.......... 11,517 221,242
Franklin Limited Duration Income Trust.............. 14,202 157,074
Guggenheim Taxable Municipal Managed
Duration Trust..................................... 7,106 152,495
Invesco Dynamic Credit Opportunities Fund........... 30,138 357,738
John Hancock Preferred Income Fund.................. 25,411 519,655
MFS Multimarket Income Trust........................ 25,869 147,971
New America High Income Fund, Inc................... 41,596 361,885
Nuveen AMT-Free Quality Municipal Income Fund....... 18,037 230,693
Nuveen Credit Strategies Income Fund................ 70,168 565,554
Nuveen Floating Rate Income Fund.................... 5,611 61,048
Nuveen Floating Rate Income Opportunity Fund........ 9,497 102,758
Nuveen Mortgage Opportunity Term Fund............... 1,521 35,454
Nuveen Municipal Credit Income Fund................. 18,487 261,591
Nuveen Preferred Income Opportunities Fund.......... 54,819 543,256
Nuveen Short Duration Credit Opportunities Fund..... 10,266 173,495
PIMCO Corporate & Income Opportunity Fund........... 17,437 303,753
PIMCO Dynamic Credit and Mortgage
Income Fund........................................ 31,470 718,145
PIMCO High Income Fund.............................. 39,387 309,188
PIMCO Income Strategy Fund II....................... 52,760 554,508
Pioneer Floating Rate Trust......................... 12,997 150,765
Pioneer High Income Trust........................... 23,578 223,991
Wells Fargo Income Opportunities Fund............... 22,011 177,629
Western Asset Global Corporate Defined Opportunity
Fund, Inc.......................................... 7,868 130,687
Western Asset High Yield Defined Opportunity Fund,
Inc................................................ 10,089 149,015
-----------
10,810,300
-----------
Domestic Mixed Allocation Investment Company -- 1.2%
Flaherty & Crumrine Dynamic Preferred and Income
Fund, Inc.......................................... 24,645 585,319
-----------
International Fixed Income Investment Companies -- 5.8%
AllianceBernstein Global High Income Fund, Inc...... 13,888 163,878
BrandywineGLOBAL Global Income Opportunities
Fund, Inc.......................................... 24,701 312,221
First Trust Aberdeen Global Opportunity
Income Fund........................................ 5,094 56,289
Nuveen Preferred & Income Term Fund................. 17,549 416,262
PIMCO Dynamic Income Fund........................... 23,543 722,064
PIMCO Income Opportunity Fund....................... 24,605 660,644
40
SunAmerica Specialty Series -- AIG Income Explorer Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Shares/
Principal Value
Security Description Amount (Note 3)
--------------------------------------------------------------------
REGISTERED INVESTMENT COMPANIES (continued)
International Fixed Income Investment Companies (continued)
Wells Fargo Multi-Sector Income Fund...... 21,301 $ 276,061
Western Asset Global High Income Fund,
Inc...................................... 15,605 147,623
-----------
2,755,042
-----------
Total Registered Investment Companies
(cost $18,378,610)....................... 17,978,473
-----------
U.S. CORPORATE BONDS & NOTES -- 0.1%
Food-Dairy Products -- 0.1%
Land O' Lakes, Inc.
Junior Sub. Notes
7.25% due 04/04/2027*(1)
(cost $50,000)........................... $ 50,000 55,625
-----------
Total Long-Term Investment Securities
(cost $44,345,165)....................... 44,949,269
-----------
SHORT-TERM INVESTMENT SECURITIES -- 5.0%
Time Deposits -- 5.0%
Euro Time Deposit with State Street
Bank and Trust Co.
0.28% due 05/01/2018
(cost $2,408,000)........................ 2,408,000 2,408,000
-----------
REPURCHASE AGREEMENTS -- 1.5%
Agreement with Fixed Income Clearing
Corp., bearing interest at 0.28%, dated
04/30/2018, to be repurchased
05/01/2018 in the amount of $703,005
and collateralized by $730,000 of
United States Treasury Notes, bearing
interest at 2.63%, due 03/31/2025 and
having an approximate value of $718,172
(cost $703,000).......................... 703,000 703,000
-----------
TOTAL INVESTMENTS
(cost $47,456,165)(2).................... 100.7% 48,060,269
Liabilities in excess of other assets....... (0.7) (345,134)
---------- -----------
NET ASSETS 100.0% $47,715,135
========== ===========
--------
* Securities exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be sold in transactions exempt from registration,
normally to qualified institutional buyers. The Fund has no right to demand
registration of these securities. At April 30, 2018, the aggregate value of
these securities was $3,957,504 representing 8.3% of net assets. Unless
otherwise indicated, these securities are not considered to be illiquid.
(1)Perpetual maturity -- maturity date reflects the next call date.
(2)See Note 6 for cost of investments on a tax basis.
(3)Illiquid security. At April 30, 2018, the aggregate value of these
securities was $50,561 representing 0.1% of net assets.
ADR -- American Depositary Receipt
FRS -- Floating Rate Security
The rates shown on FRS are the current interest rates at April 30, 2018 and
unless noted otherwise, the dates shown are the original maturity dates.
Index Legend
3 ML -- 3 Month USD LIBOR
Forward Foreign Currency Contracts
-------------------------------------------------------------------------------------------------------
Delivery Unrealized Unrealized
Counterparty Contract to Deliver In Exchange For Date Appreciation Depreciation
------------------------------ ------------------- --------------- ---------- ------------ ------------
Brown Brothers Harriman & Co. EUR 198,375 USD 244,204 05/03/2018 $ 4,646 $--
EUR 198,365 USD 240,079 06/04/2018 -- (14)
USD 239,562 EUR 198,375 05/03/2018 -- (4)
------- ----
4,646 (18)
------- ----
Net Unrealized Appreciation (Depreciation) $ 4,646 $(18)
======= ====
EUR -- Euro Currency
USD -- United States Dollar
41
SunAmerica Specialty Series -- AIG Income Explorer Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
The following is a summary of the inputs used to value the Fund's net assets as
of April 30, 2018 (see Note 3):
Level 1 -- Unadjusted Level 2 -- Other Level 3 -- Significant
Quoted Prices Observable Inputs Unobservable Inputs Total
--------------------- ----------------- ---------------------- -----------
ASSETS:
Investments at Value:*
Common Stocks........................... $ 4,327,412 $ 9,215,584** $-- $13,542,996
Preferred Securities:
Banks-Commercial..................... 117,409 95,400 -- 212,809
Banks-Special Purpose................ -- 81,000 -- 81,000
Electric-Integrated.................. 245,184 69,155 -- 314,339
Food-Dairy Products.................. -- 50,561 -- 50,561
Sovereign Agency..................... -- 246,262 -- 246,262
Telecom Services..................... -- 112,055 -- 112,055
Other Industries..................... 2,064,354 -- -- 2,064,354
Preferred Securities/Capital Securities. -- 10,290,795 -- 10,290,795
Registered Investment Companies......... 17,978,473 -- -- 17,978,473
U.S. Corporate Bonds & Notes............ -- 55,625 -- 55,625
Short-Term Investment Securities........ -- 2,408,000 -- 2,408,000
Repurchase Agreements................... -- 703,000 -- 703,000
----------- ----------- --- -----------
Total Investments at Value.............. $24,732,832 $23,327,437 $-- $48,060,269
=========== =========== === ===========
Other Financial Instruments:+
Forward Foreign Currency Contracts...... $ -- $ 4,646 $-- $ 4,646
=========== =========== === ===========
LIABILITIES:
Other Financial Instruments:+ $ -- $ 18 $-- $ 18
=========== =========== === ===========
--------
* For a detailed presentation of investments, please refer to the Portfolio of
Investments.
** Represents foreign equity securities that have been fair valued in
accordance with pricing procedures approved by the Board (see Note 3).
+ Other financial instruments are derivative instruments not reflected in the
Portfolio of Investments, such as futures, forward, swap and written option
contracts, which are valued at the unrealized appreciation (depreciation) on
the instrument.
The Fund's policy is to recognize transfers between Levels as of the end of the
reporting period. Securities currently valued at $9,215,584 were transferred
from Level 1 to Level 2 due to foreign equity securities whose values were
adjusted for fair value pricing procedures for foreign equity securities. There
were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
42
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO PROFILE -- April 30, 2018 -- (unaudited)
Industry Allocation*
Banks-Commercial.................................. 6.7%
Repurchase Agreements............................. 5.7
Medical-Biomedical/Gene........................... 4.0
Real Estate Investment Trusts..................... 3.0
Time Deposits..................................... 2.5
Insurance-Property/Casualty....................... 2.4
Medical Products.................................. 2.1
Retail-Restaurants................................ 2.0
Medical-Outpatient/Home Medical................... 1.8
Human Resources................................... 1.7
Medical-Drugs..................................... 1.7
Exchange-Traded Funds............................. 1.6
Computer Services................................. 1.5
Food-Wholesale/Distribution....................... 1.5
Therapeutics...................................... 1.5
Commercial Services............................... 1.5
Oil Companies-Exploration & Production............ 1.4
Savings & Loans/Thrifts........................... 1.4
Building-Mobile Home/Manufactured Housing......... 1.3
Recreational Vehicles............................. 1.2
Electronic Components-Misc........................ 1.2
Medical Imaging Systems........................... 1.2
Auto/Truck Parts & Equipment-Replacement.......... 1.2
Water Treatment Systems........................... 1.2
Investment Management/Advisor Services............ 1.1
Commercial Services-Finance....................... 1.1
Finance-Consumer Loans............................ 1.1
Applications Software............................. 1.1
Chemicals-Specialty............................... 1.1
Medical Information Systems....................... 1.1
Oil-Field Services................................ 1.1
Enterprise Software/Service....................... 1.0
Consulting Services............................... 1.0
Power Converter/Supply Equipment.................. 1.0
Computer Software................................. 1.0
Finance-Investment Banker/Broker.................. 1.0
Insurance-Life/Health............................. 0.9
Hazardous Waste Disposal.......................... 0.8
Medical-HMO....................................... 0.8
Diversified Manufacturing Operations.............. 0.8
Electronic Components-Semiconductors.............. 0.8
Web Portals/ISP................................... 0.8
Transport-Truck................................... 0.8
Building Products-Doors & Windows................. 0.8
Computer Data Security............................ 0.8
Capacitors........................................ 0.7
Metal Products-Distribution....................... 0.7
Engineering/R&D Services.......................... 0.7
Internet Security................................. 0.7
Oil Field Machinery & Equipment................... 0.7
Machinery-General Industrial...................... 0.6
Oil Refining & Marketing.......................... 0.6
Building-Heavy Construction....................... 0.6
Auto-Heavy Duty Trucks............................ 0.6
MRI/Medical Diagnostic Imaging.................... 0.6
Physical Therapy/Rehabilitation Centers........... 0.6
Real Estate Operations & Development.............. 0.6
Electric-Integrated............................... 0.5
Computers-Periphery Equipment..................... 0.5
Dialysis Centers.................................. 0.5
Diversified Operations/Commercial Services........ 0.5
Funeral Services & Related Items.................. 0.5%
Wireless Equipment................................ 0.5
Networking Products............................... 0.4
Gas-Distribution.................................. 0.4
E-Commerce/Services............................... 0.4
Drug Delivery Systems............................. 0.4
Medical Instruments............................... 0.4
Semiconductor Equipment........................... 0.4
Building & Construction Products-Misc............. 0.4
Retail-Apparel/Shoe............................... 0.3
Aerospace/Defense-Equipment....................... 0.3
Brewery........................................... 0.3
U.S. Government Treasuries........................ 0.3
Building-Residential/Commercial................... 0.3
Auto/Truck Parts & Equipment-Original............. 0.3
Data Processing/Management........................ 0.3
Medical-Generic Drugs............................. 0.2
Schools........................................... 0.2
Distribution/Wholesale............................ 0.2
Metal Processors & Fabrication.................... 0.2
Rental Auto/Equipment............................. 0.2
Computers-Integrated Systems...................... 0.2
Industrial Automated/Robotic...................... 0.2
Food-Misc./Diversified............................ 0.2
Building & Construction-Misc...................... 0.2
Telecom Equipment-Fiber Optics.................... 0.2
Footwear & Related Apparel........................ 0.2
Semiconductor Components-Integrated Circuits...... 0.2
Transport-Marine.................................. 0.2
Printing-Commercial............................... 0.2
Patient Monitoring Equipment...................... 0.2
Internet Telephone................................ 0.2
Financial Guarantee Insurance..................... 0.2
Racetracks........................................ 0.1
Electronic Measurement Instruments................ 0.1
Steel-Producers................................... 0.1
Water............................................. 0.1
Insurance-Multi-line.............................. 0.1
Office Furnishings-Original....................... 0.1
E-Commerce/Products............................... 0.1
Retail-Automobile................................. 0.1
Hotels/Motels..................................... 0.1
Retail-Building Products.......................... 0.1
Airlines.......................................... 0.1
Chemicals-Diversified............................. 0.1
Miscellaneous Manufacturing....................... 0.1
Finance-Mortgage Loan/Banker...................... 0.1
Rubber/Plastic Products........................... 0.1
Instruments-Controls.............................. 0.1
Electric Products-Misc............................ 0.1
Disposable Medical Products....................... 0.1
Oil & Gas Drilling................................ 0.1
Internet Application Software..................... 0.1
Computer Aided Design............................. 0.1
Telecom Services.................................. 0.1
Coal.............................................. 0.1
Consumer Products-Misc............................ 0.1
Television........................................ 0.1
Retail-Misc./Diversified.......................... 0.1
Insurance-Reinsurance............................. 0.1
Aerospace/Defense................................. 0.1
43
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO PROFILE -- April 30, 2018 -- (unaudited) (continued)
Energy-Alternate Sources.......................... 0.1%
Wire & Cable Products............................. 0.1
Electronic Parts Distribution..................... 0.1
Medical Labs & Testing Services................... 0.1
Computers......................................... 0.1
Computers-Other................................... 0.1
Retail-Discount................................... 0.1
Educational Software.............................. 0.1
Casino Hotels..................................... 0.1
Chemicals-Plastics................................ 0.1
Real Estate Management/Services................... 0.1
Internet Content-Information/News................. 0.1
Broadcast Services/Program........................ 0.1
Casino Services................................... 0.1
Retail-Pawn Shops................................. 0.1
Diagnostic Equipment.............................. 0.1
Publishing-Newspapers............................. 0.1
Medical-Hospitals................................. 0.1
Paper & Related Products.......................... 0.1
Machine Tools & Related Products.................. 0.1
Diagnostic Kits................................... 0.1
Security Services................................. 0.1
Gambling (Non-Hotel).............................. 0.1
Retail-Home Furnishings........................... 0.1
Veterinary Diagnostics............................ 0.1
Apparel Manufacturers............................. 0.1
Independent Power Producers....................... 0.1
Containers-Paper/Plastic.......................... 0.1
Steel Pipe & Tube................................. 0.1
Telecommunication Equipment....................... 0.1
Transport-Equipment & Leasing..................... 0.1
Non-Hazardous Waste Disposal...................... 0.1
Building Products-Light Fixtures.................. 0.1
Health Care Cost Containment...................... 0.1
Firearms & Ammunition............................. 0.1
Resorts/Theme Parks............................... 0.1
Web Hosting/Design................................ 0.1
Transactional Software............................ 0.1
Machinery-Pumps................................... 0.1
Diversified Minerals.............................. 0.1
Building Products-Wood............................ 0.1
Transport-Services................................ 0.1
Recreational Centers.............................. 0.1
Lasers-System/Components.......................... 0.1
Telephone-Integrated.............................. 0.1
Steel-Specialty................................... 0.1
Tobacco........................................... 0.1
Internet Connectivity Services.................... 0.1
Precious Metals................................... 0.1
Environmental Monitoring & Detection.............. 0.1
Batteries/Battery Systems......................... 0.1
Medical-Nursing Homes............................. 0.1
Golf.............................................. 0.1
Environmental Consulting & Engineering............ 0.1
Transport-Air Freight............................. 0.1
Machinery-Electrical.............................. 0.1
Metal-Aluminum.................................... 0.1
Linen Supply & Related Items...................... 0.1
Finance-Credit Card............................... 0.1
Storage/Warehousing............................... 0.1
-----
99.1
Other assets less liabilities..................... 0.9
-----
100.0%
=====
--------
* Calculated as a percentage of net assets
44
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited)
Value
Security Description Shares (Note 3)
----------------------------------------------------------------
COMMON STOCKS -- 89.0%
Advanced Materials -- 0.0%
Core Molding Technologies, Inc................ 86 $ 1,333
--------
Advertising Agencies -- 0.0%
MDC Partners, Inc., Class A+.................. 667 5,036
--------
Advertising Sales -- 0.0%
Clear Channel Outdoor Holdings, Inc., Class A. 431 2,069
Yext, Inc.+................................... 278 3,708
--------
5,777
--------
Aerospace/Defense -- 0.1%
AeroVironment, Inc.+.......................... 246 13,407
Cubic Corp.................................... 296 18,278
Esterline Technologies Corp.+................. 307 22,058
Kratos Defense & Security Solutions, Inc.+.... 1,002 10,030
National Presto Industries, Inc............... 58 5,553
--------
69,326
--------
Aerospace/Defense-Equipment -- 0.3%
AAR Corp...................................... 381 16,497
Aerojet Rocketdyne Holdings, Inc.+............ 810 22,631
Astronics Corp.+.............................. 245 8,962
Curtiss-Wright Corp........................... 518 66,325
Ducommun, Inc.+............................... 123 3,578
Kaman Corp.................................... 323 19,587
KLX, Inc.+.................................... 590 46,156
Moog, Inc., Class A+.......................... 373 30,575
Triumph Group, Inc............................ 572 13,528
--------
227,839
--------
Agricultural Biotech -- 0.0%
Calyxt, Inc.+................................. 56 941
--------
Agricultural Chemicals -- 0.0%
Intrepid Potash, Inc.+........................ 1,123 5,087
--------
Agricultural Operations -- 0.0%
Alico, Inc.................................... 36 1,163
Andersons, Inc................................ 316 10,317
Cadiz, Inc.+.................................. 251 3,376
Limoneira Co.................................. 141 3,283
Tejon Ranch Co.+.............................. 216 5,255
--------
23,394
--------
Airlines -- 0.1%
Allegiant Travel Co........................... 148 23,717
Hawaiian Holdings, Inc........................ 594 24,473
SkyWest, Inc.................................. 594 33,798
--------
81,988
--------
Airport Development/Maintenance -- 0.0%
Hudson, Ltd., Class A+........................ 466 6,911
--------
Apparel Manufacturers -- 0.1%
Columbia Sportswear Co........................ 342 28,389
Delta Apparel, Inc.+.......................... 77 1,393
Oxford Industries, Inc........................ 193 14,869
Sequential Brands Group, Inc.+................ 465 897
Superior Uniform Group, Inc................... 100 2,682
--------
48,230
--------
Value
Security Description Shares (Note 3)
----------------------------------------------------------------
Appliances -- 0.0%
Hamilton Beach Brands Holding Co., Class A.... 33 $ 734
iRobot Corp.+................................. 315 18,384
--------
19,118
--------
Applications Software -- 1.1%
Appfolio, Inc., Class A+...................... 110 5,275
Brightcove, Inc.+............................. 402 3,879
Ebix, Inc..................................... 281 21,778
Five9, Inc.+.................................. 624 18,327
HubSpot, Inc.+................................ 408 43,207
Immersion Corp.+.............................. 341 3,754
MINDBODY, Inc., Class A+...................... 502 19,904
New Relic, Inc.+.............................. 358 25,021
Park City Group, Inc.+........................ 155 1,225
PDF Solutions, Inc.+.......................... 327 3,646
Progress Software Corp........................ 538 19,868
RealPage, Inc.+............................... 687 36,754
Telenav, Inc.+................................ 336 1,730
Upland Software, Inc.+........................ 19,221 522,235
--------
726,603
--------
Athletic Equipment -- 0.0%
Clarus Corp.+................................. 240 1,716
Nautilus, Inc.+............................... 354 5,150
Vista Outdoor, Inc.+.......................... 669 11,206
--------
18,072
--------
Auction Houses/Art Dealers -- 0.0%
Sotheby's+.................................... 446 23,549
--------
Audio/Video Products -- 0.0%
Daktronics, Inc............................... 416 3,748
Universal Electronics, Inc.+.................. 165 7,640
VOXX International Corp.+..................... 235 1,175
--------
12,563
--------
Auto Repair Centers -- 0.0%
Monro, Inc.................................... 371 20,757
--------
Auto-Heavy Duty Trucks -- 0.6%
Blue Bird Corp.+.............................. 15,516 368,505
Navistar International Corp.+................. 582 20,259
REV Group, Inc................................ 357 6,444
--------
395,208
--------
Auto-Truck Trailers -- 0.0%
Wabash National Corp.......................... 684 13,721
--------
Auto/Truck Parts & Equipment-Original -- 0.3%
American Axle & Manufacturing Holdings, Inc.+. 1,156 17,733
Cooper-Standard Holding, Inc.+................ 202 25,008
Dana, Inc..................................... 1,703 40,412
Gentherm, Inc.+............................... 429 14,500
Horizon Global Corp.+......................... 291 2,174
Meritor, Inc.+................................ 981 19,100
Miller Industries, Inc........................ 129 3,193
Modine Manufacturing Co.+..................... 579 9,959
Spartan Motors, Inc........................... 400 7,140
Superior Industries International, Inc........ 288 3,787
Tenneco, Inc.................................. 597 26,680
Titan International, Inc...................... 583 6,005
45
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
-----------------------------------------------------------------
COMMON STOCKS (continued)
Auto/Truck Parts & Equipment-Original (continued)
Tower International, Inc....................... 231 $ 6,814
--------
182,505
--------
Auto/Truck Parts & Equipment-Replacement -- 1.2%
Commercial Vehicle Group, Inc.+................ 39,268 263,488
Dorman Products, Inc.+......................... 315 20,242
Douglas Dynamics, Inc.......................... 11,750 490,563
Motorcar Parts of America, Inc.+............... 223 4,246
Standard Motor Products, Inc................... 252 11,428
--------
789,967
--------
B2B/E-Commerce -- 0.0%
ePlus, Inc.+................................... 151 12,057
TechTarget, Inc.+.............................. 230 4,796
--------
16,853
--------
Banks-Commercial -- 6.7%
1st Source Corp................................ 189 9,828
Access National Corp........................... 174 4,839
ACNB Corp...................................... 81 2,430
Allegiance Bancshares, Inc.+................... 134 5,420
American National Bankshares, Inc.............. 96 3,691
Ameris Bancorp................................. 425 21,972
Ames National Corp............................. 100 2,765
Arrow Financial Corp........................... 139 4,921
Atlantic Capital Bancshares, Inc.+............. 244 4,709
BancFirst Corp................................. 197 11,259
Bancorp, Inc.+................................. 576 5,962
BancorpSouth Bank.............................. 996 32,918
Bank of Commerce Holdings...................... 181 2,018
Bank of Marin Bancorp.......................... 79 5,731
Bank of N.T. Butterfield & Son, Ltd............ 630 29,893
Bankwell Financial Group, Inc.................. 70 2,211
Banner Corp.................................... 380 21,812
Bar Harbor Bankshares.......................... 176 5,143
BCB Bancorp, Inc............................... 148 2,294
Blue Hills Bancorp, Inc........................ 279 5,671
Bridge Bancorp, Inc............................ 221 7,271
Bryn Mawr Bank Corp............................ 8,864 395,334
Byline Bancorp, Inc.+.......................... 197 4,186
C&F Financial Corp............................. 38 2,200
Cadence BanCorp................................ 340 9,938
Camden National Corp........................... 179 7,931
Capital City Bank Group, Inc................... 129 2,887
Capstar Financial Holdings, Inc.+.............. 104 1,985
Carolina Financial Corp........................ 222 8,705
Cass Information Systems, Inc.................. 140 8,467
Cathay General Bancorp, Class B................ 892 35,689
CBTX, Inc...................................... 33 957
CenterState Bank Corp.......................... 708 20,518
Central Pacific Financial Corp................. 342 9,945
Central Valley Community Bancorp............... 116 2,390
Century Bancorp, Inc., Class A................. 34 2,720
Chemical Financial Corp........................ 830 45,559
Chemung Financial Corp......................... 37 1,746
Citizens & Northern Corp....................... 138 3,333
City Holding Co................................ 178 12,741
Civista Bancshares, Inc........................ 116 2,661
Value
Security Description Shares (Note 3)
-------------------------------------------------------------
Banks-Commercial (continued)
CNB Financial Corp......................... 173 $ 4,906
CoBiz Financial, Inc....................... 451 9,088
Codorus Valley Bancorp, Inc................ 100 2,921
Columbia Banking System, Inc............... 834 33,535
Community Bank System, Inc................. 575 32,344
Community Financial Corp................... 46 1,658
Community Trust Bancorp, Inc............... 180 8,640
ConnectOne Bancorp, Inc.................... 354 9,346
County Bancorp, Inc........................ 55 1,549
Customers Bancorp, Inc.+................... 338 9,741
CVB Financial Corp......................... 1,212 26,846
DNB Financial Corp......................... 36 1,255
Eagle Bancorp, Inc.+....................... 369 21,660
Enterprise Bancorp, Inc.................... 111 4,016
Enterprise Financial Services Corp......... 259 13,170
Equity Bancshares, Inc., Class A+.......... 127 4,843
Evans Bancorp, Inc......................... 54 2,446
Farmers & Merchants Bancorp, Inc........... 104 4,587
Farmers Capital Bank Corp.................. 86 4,313
Farmers National Banc Corp................. 300 4,425
FB Financial Corp.......................... 11,477 457,129
FCB Financial Holdings, Inc., Class A+..... 429 24,796
Fidelity Southern Corp..................... 259 5,887
Financial Institutions, Inc................ 175 5,443
First Bancorp, Inc......................... 119 3,299
First Bancorp, Inc......................... 329 12,551
First BanCorp./Puerto Rico+................ 2,249 16,238
First Bancshares, Inc...................... 122 3,947
First Busey Corp........................... 477 14,143
First Business Financial Services, Inc..... 96 2,495
First Citizens BancShares, Inc., Class A... 87 37,609
First Commonwealth Financial Corp.......... 1,133 17,154
First Community Bancshares, Inc............ 194 6,020
First Connecticut Bancorp, Inc............. 165 3,977
First Financial Bancorp.................... 1,121 34,695
First Financial Bankshares, Inc............ 743 36,816
First Financial Corp....................... 124 5,301
First Foundation, Inc.+.................... 25,032 447,822
First Guaranty Bancshares, Inc............. 53 1,375
First Internet Bancorp..................... 93 3,181
First Interstate BancSystem, Inc., Class A. 302 12,231
First Merchants Corp....................... 480 20,678
First Mid-Illinois Bancshares, Inc......... 119 4,373
First Midwest Bancorp, Inc................. 1,196 29,075
First Northwest Bancorp+................... 115 1,848
First of Long Island Corp.................. 280 7,420
FNB Bancorp................................ 63 2,282
Franklin Financial Network, Inc.+.......... 139 4,684
Fulton Financial Corp...................... 2,008 33,935
German American Bancorp, Inc............... 248 8,370
Glacier Bancorp, Inc....................... 916 33,919
Great Southern Bancorp, Inc................ 127 6,712
Great Western Bancorp, Inc................. 693 28,510
Green Bancorp, Inc.+....................... 16,527 372,684
Guaranty Bancorp........................... 288 8,208
Guaranty Bancshares, Inc................... 92 3,017
Hancock Holding Co......................... 987 48,215
Hanmi Financial Corp....................... 369 10,184
HarborOne Bancorp, Inc.+................... 154 2,709
46
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
----------------------------------------------------------
COMMON STOCKS (continued)
Banks-Commercial (continued)
Heartland Financial USA, Inc............ 287 $ 15,398
Heritage Commerce Corp.................. 424 6,992
Heritage Financial Corp................. 345 10,246
Hilltop Holdings, Inc................... 858 19,236
Home BancShares, Inc.................... 1,844 42,855
HomeStreet, Inc.+....................... 316 8,058
Hope Bancorp, Inc....................... 1,519 26,264
Horizon Bancorp......................... 269 7,736
Howard Bancorp, Inc.+................... 103 1,957
IBERIABANK Corp......................... 592 44,370
Independent Bank Corp................... 317 22,919
Independent Bank Corp................... 238 5,688
International Bancshares Corp........... 641 25,512
Investar Holding Corp................... 96 2,443
Kearny Financial Corp................... 1,180 16,579
Lakeland Bancorp, Inc................... 525 10,238
Lakeland Financial Corp................. 283 13,448
LCNB Corp............................... 104 1,945
LegacyTexas Financial Group, Inc........ 553 22,712
Live Oak Bancshares, Inc................ 273 7,712
Luther Burbank Corp..................... 165 2,056
Macatawa Bank Corp...................... 304 3,247
MB Financial, Inc....................... 949 40,446
MBT Financial Corp...................... 209 2,127
Mercantile Bank Corp.................... 189 6,672
Merchants Bancorp....................... 85 1,817
Metropolitan Bank Holding Corp.+........ 42 1,988
Middlefield Banc Corp................... 31 1,590
Midland States Bancorp, Inc............. 181 5,702
MidSouth Bancorp, Inc................... 171 2,385
MidWestOne Financial Group, Inc......... 131 4,227
National Bankshares, Inc................ 79 3,622
National Commerce Corp.+................ 141 6,105
NBT Bancorp, Inc........................ 500 18,270
Nicolet Bankshares, Inc.+............... 103 5,724
Northeast Bancorp....................... 87 1,697
Northrim BanCorp, Inc................... 79 2,781
Norwood Financial Corp.................. 67 1,984
OFG Bancorp............................. 506 6,831
Ohio Valley Banc Corp................... 48 2,186
Old Line Bancshares, Inc................ 133 4,529
Old National Bancorp.................... 1,573 27,056
Old Point Financial Corp................ 42 1,105
Old Second Bancorp, Inc................. 339 4,848
Opus Bank............................... 234 6,599
Orrstown Financial Services, Inc........ 87 2,292
Pacific Mercantile Bancorp+............. 181 1,692
Park National Corp...................... 156 16,829
PCSB Financial Corp.+................... 212 4,297
Peapack Gladstone Financial Corp........ 208 6,872
Penns Woods Bancorp, Inc................ 54 2,349
People's Utah Bancorp................... 163 5,192
Peoples Bancorp of North Carolina, Inc.. 54 1,661
Peoples Bancorp, Inc.................... 192 6,885
Peoples Financial Services Corp......... 80 3,752
Preferred Bank.......................... 6,681 425,847
Premier Financial Bancorp, Inc.......... 110 2,165
Provident Bancorp, Inc.+................ 51 1,199
Value
Security Description Shares (Note 3)
----------------------------------------------------------------
Banks-Commercial (continued)
QCR Holdings, Inc........................... 142 $ 6,426
RBB Bancorp................................. 96 2,623
Reliant Bancorp, Inc........................ 81 1,863
Renasant Corp............................... 530 23,972
Republic Bancorp, Inc., Class A............. 113 4,765
Republic First Bancorp, Inc.+............... 570 4,731
S&T Bancorp, Inc............................ 402 17,157
Sandy Spring Bancorp, Inc................... 378 14,980
Seacoast Banking Corp. of Florida+.......... 499 13,787
ServisFirst Bancshares, Inc................. 542 22,742
Shore Bancshares, Inc....................... 146 2,641
Sierra Bancorp.............................. 158 4,402
Simmons First National Corp., Class A....... 970 29,294
SmartFinancial, Inc.+....................... 84 2,003
South State Corp............................ 423 36,611
Southern First Bancshares, Inc.+............ 77 3,530
Southern National Bancorp of Virginia, Inc.. 251 4,079
Southside Bancshares, Inc................... 324 11,285
State Bank Financial Corp................... 439 13,833
Sterling Bancorp, Inc....................... 204 2,599
Stock Yards Bancorp, Inc.................... 255 9,550
Summit Financial Group, Inc................. 127 3,181
Texas Capital Bancshares, Inc.+............. 583 57,513
Tompkins Financial Corp..................... 171 13,287
Towne Bank.................................. 747 22,335
TriCo Bancshares............................ 239 8,931
TriState Capital Holdings, Inc.+............ 261 6,525
Triumph Bancorp, Inc.+...................... 205 7,964
TrustCo Bank Corp........................... 1,082 9,251
Trustmark Corp.............................. 790 24,735
Two River Bancorp........................... 84 1,431
UMB Financial Corp.......................... 530 40,587
Umpqua Holdings Corp........................ 2,594 61,115
Union Bankshares Corp....................... 655 24,766
United Bankshares, Inc...................... 1,171 39,755
United Community Banks, Inc................. 857 27,364
United Security Bancshares.................. 152 1,687
Unity Bancorp, Inc.......................... 90 1,980
Univest Corp. of Pennsylvania............... 334 9,603
Valley National Bancorp..................... 3,025 37,964
Veritex Holdings, Inc.+..................... 189 5,428
Washington Trust Bancorp, Inc............... 176 9,750
WesBanco, Inc............................... 493 21,593
West Bancorporation, Inc.................... 186 4,529
Westamerica Bancorporation.................. 298 16,631
Western New England Bancorp, Inc............ 324 3,499
Wintrust Financial Corp..................... 650 58,142
----------
4,464,224
----------
Banks-Fiduciary -- 0.0%
Boston Private Financial Holdings, Inc...... 976 15,665
Parke Bancorp, Inc.......................... 68 1,594
Union Bankshares, Inc....................... 46 2,346
----------
19,605
----------
Banks-Mortgage -- 0.0%
Walker & Dunlop, Inc........................ 325 18,561
----------
47
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
----------------------------------------------------------------
COMMON STOCKS (continued)
Banks-Super Regional -- 0.0%
Independent Bank Group, Inc.................. 233 $ 16,636
National Bank Holdings Corp., Class A........ 291 10,238
--------
26,874
--------
Batteries/Battery Systems -- 0.1%
EnerSys...................................... 493 33,800
--------
Beverages-Non-alcoholic -- 0.0%
Coca-Cola Bottling Co. Consolidated.......... 55 9,262
National Beverage Corp....................... 137 12,105
Primo Water Corp.+........................... 296 3,860
--------
25,227
--------
Beverages-Wine/Spirits -- 0.0%
MGP Ingredients, Inc......................... 151 14,464
--------
Bicycle Manufacturing -- 0.0%
Fox Factory Holding Corp.+................... 410 13,632
--------
Brewery -- 0.3%
Boston Beer Co., Inc., Class A+.............. 97 21,743
Craft Brew Alliance, Inc.+................... 148 2,856
New Age Beverages Corp.+..................... 106,513 195,984
--------
220,583
--------
Broadcast Services/Program -- 0.1%
Hemisphere Media Group, Inc.+................ 170 1,853
MSG Networks, Inc., Class A+................. 701 14,371
TiVo Corp.................................... 1,403 19,852
World Wrestling Entertainment, Inc., Class A. 495 19,696
--------
55,772
--------
Building & Construction Products-Misc. -- 0.4%
American Woodmark Corp.+..................... 163 13,399
Armstrong Flooring, Inc.+.................... 254 3,137
Builders FirstSource, Inc.+.................. 1,292 23,553
Caesarstone, Ltd............................. 265 4,889
Forterra, Inc.+.............................. 218 1,600
Gibraltar Industries, Inc.+.................. 372 13,076
Louisiana-Pacific Corp....................... 1,703 48,246
NCI Building Systems, Inc.+.................. 500 8,750
Patrick Industries, Inc.+.................... 284 16,160
Quanex Building Products Corp................ 410 7,032
Simpson Manufacturing Co., Inc............... 483 26,410
Summit Materials, Inc., Class A+............. 1,296 36,469
Trex Co., Inc.+.............................. 346 35,942
--------
238,663
--------
Building & Construction-Misc. -- 0.2%
Aegion Corp.+................................ 378 8,577
Comfort Systems USA, Inc..................... 431 18,188
EMCOR Group, Inc............................. 690 50,777
Hill International, Inc.+.................... 399 2,115
IES Holdings, Inc.+.......................... 101 1,707
MYR Group, Inc.+............................. 187 5,610
TopBuild Corp.+.............................. 415 33,075
--------
120,049
--------
Building Products-Air & Heating -- 0.0%
AAON, Inc.................................... 485 16,490
--------
Value
Security Description Shares (Note 3)
------------------------------------------------------------------
Building Products-Cement -- 0.0%
Continental Building Products, Inc.+............ 445 $ 12,505
US Concrete, Inc.+.............................. 185 10,813
--------
23,318
--------
Building Products-Doors & Windows -- 0.8%
Apogee Enterprises, Inc......................... 327 13,443
Griffon Corp.................................... 343 6,826
JELD-WEN Holding, Inc.+......................... 790 22,207
Masonite International Corp.+................... 332 20,152
PGT Innovations , Inc.+......................... 25,667 447,889
--------
510,517
--------
Building Products-Light Fixtures -- 0.1%
Cree, Inc.+..................................... 1,144 42,694
LSI Industries, Inc............................. 288 1,766
--------
44,460
--------
Building Products-Wood -- 0.1%
Boise Cascade Co................................ 453 18,845
Universal Forest Products, Inc.................. 703 22,411
--------
41,256
--------
Building-Heavy Construction -- 0.6%
Chicago Bridge & Iron Co. NV.................... 1,180 17,818
Dycom Industries, Inc.+......................... 353 36,662
Granite Construction, Inc....................... 465 24,357
Layne Christensen Co.+.......................... 211 2,977
MasTec, Inc.+................................... 780 34,320
Orion Group Holdings, Inc.+..................... 322 1,951
Primoris Services Corp.......................... 462 11,823
Sterling Construction Co., Inc.+................ 23,311 259,451
Tutor Perini Corp.+............................. 438 9,045
--------
398,404
--------
Building-Maintenance & Services -- 0.0%
ABM Industries, Inc............................. 655 20,390
--------
Building-Mobile Home/Manufactured Housing -- 1.3%
Cavco Industries, Inc.+......................... 2,953 503,044
Winnebago Industries, Inc....................... 9,499 360,012
--------
863,056
--------
Building-Residential/Commercial -- 0.3%
AV Homes, Inc.+................................. 143 2,381
Beazer Homes USA, Inc.+......................... 366 5,373
Century Communities, Inc.+...................... 239 7,349
Green Brick Partners, Inc.+..................... 278 2,808
Hovnanian Enterprises, Inc., Class A+........... 1,446 2,906
Installed Building Products, Inc.+.............. 253 14,598
KB Home......................................... 995 26,417
LGI Homes, Inc.+................................ 202 13,978
M/I Homes, Inc.+................................ 310 9,449
MDC Holdings, Inc............................... 526 15,259
Meritage Homes Corp.+........................... 451 20,070
New Home Co., Inc.+............................. 145 1,447
PICO Holdings, Inc.............................. 260 3,133
Taylor Morrison Home Corp., Class A+............ 1,301 30,912
TRI Pointe Group, Inc.+......................... 1,756 30,045
William Lyon Homes, Class A+.................... 375 10,073
--------
196,198
--------
48
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
-----------------------------------------------------
COMMON STOCKS (continued)
Cable/Satellite TV -- 0.0%
Global Eagle Entertainment, Inc.+.... 591 $ 692
WideOpenWest, Inc.+.................. 319 2,019
--------
2,711
--------
Capacitors -- 0.7%
KEMET Corp.+......................... 28,469 490,236
--------
Casino Hotels -- 0.1%
Boyd Gaming Corp..................... 973 32,313
Caesars Entertainment Corp.+......... 1,598 18,137
Century Casinos, Inc.+............... 297 2,281
Monarch Casino & Resort, Inc.+....... 128 5,461
--------
58,192
--------
Casino Services -- 0.1%
Eldorado Resorts, Inc.+.............. 548 22,194
Scientific Games Corp.+.............. 623 33,206
--------
55,400
--------
Cellular Telecom -- 0.0%
ATN International, Inc............... 123 6,519
--------
Chemicals-Diversified -- 0.1%
Aceto Corp........................... 351 885
AdvanSix, Inc.+...................... 351 12,573
Codexis, Inc.+....................... 477 5,366
Innophos Holdings, Inc............... 227 9,393
Innospec, Inc........................ 281 20,429
Koppers Holdings, Inc.+.............. 242 10,600
Quaker Chemical Corp................. 152 22,342
--------
81,588
--------
Chemicals-Fibers -- 0.0%
Rayonier Advanced Materials, Inc..... 581 12,433
--------
Chemicals-Other -- 0.0%
American Vanguard Corp............... 336 7,241
--------
Chemicals-Plastics -- 0.1%
A. Schulman, Inc..................... 334 14,328
Landec Corp.+........................ 314 4,176
PolyOne Corp......................... 942 39,423
--------
57,927
--------
Chemicals-Specialty -- 1.1%
AgroFresh Solutions, Inc.+........... 258 1,785
Balchem Corp......................... 371 32,737
CSW Industrials, Inc.+............... 170 7,369
Ferro Corp.+......................... 980 21,570
GCP Applied Technologies, Inc.+...... 840 24,066
H.B. Fuller Co....................... 591 29,237
Hawkins, Inc......................... 113 3,673
Ingevity Corp.+...................... 498 38,261
KMG Chemicals, Inc................... 7,116 437,563
Kraton Corp.+........................ 351 16,030
Minerals Technologies, Inc........... 412 28,449
Oil-Dri Corp. of America............. 59 2,287
OMNOVA Solutions, Inc.+.............. 506 5,515
PQ Group Holdings, Inc.+............. 343 4,768
Sensient Technologies Corp........... 509 33,925
Stepan Co............................ 234 16,455
Value
Security Description Shares (Note 3)
------------------------------------------------------------
Chemicals-Specialty (continued)
Tronox, Ltd., Class A....................... 1,052 $ 18,073
Valhi, Inc.................................. 296 2,457
--------
724,220
--------
Circuit Boards -- 0.0%
Park Electrochemical Corp................... 225 3,832
TTM Technologies, Inc.+..................... 1,082 15,083
--------
18,915
--------
Coal -- 0.1%
Arch Coal, Inc., Class A.................... 225 18,187
Cloud Peak Energy, Inc.+.................... 866 2,762
Hallador Energy Co.......................... 190 1,242
NACCO Industries, Inc., Class A............. 48 1,769
Peabody Energy Corp......................... 781 28,780
Ramaco Resources, Inc.+..................... 72 492
SunCoke Energy, Inc.+....................... 754 8,663
Warrior Met Coal, Inc....................... 387 8,998
--------
70,893
--------
Coatings/Paint -- 0.0%
Kronos Worldwide, Inc....................... 266 6,129
--------
Coffee -- 0.0%
Farmer Bros. Co.+........................... 102 2,892
--------
Commercial Services -- 1.5%
Acacia Research Corp.+...................... 579 2,113
Care.com, Inc.+............................. 18,907 294,949
Collectors Universe, Inc.................... 89 1,395
Emerald Expositions Events, Inc............. 212 4,085
Healthcare Services Group, Inc.............. 834 32,217
HMS Holdings Corp.+......................... 982 17,686
Medifast, Inc............................... 5,670 569,155
National Research Corp., Class A............ 114 3,728
Nutrisystem, Inc............................ 348 10,092
Reis, Inc................................... 106 2,226
RPX Corp.................................... 538 5,827
ServiceSource International, Inc.+.......... 903 3,422
SP Plus Corp.+.............................. 204 7,171
Team, Inc.+................................. 343 5,814
Weight Watchers International, Inc.+........ 328 22,976
--------
982,856
--------
Commercial Services-Finance -- 1.1%
Cardtronics PLC, Class A+................... 534 14,018
CBIZ, Inc.+................................. 599 11,141
CPI Card Group, Inc......................... 48 123
Everi Holdings, Inc.+....................... 760 4,872
EVERTEC, Inc................................ 708 12,921
Green Dot Corp., Class A+................... 543 33,020
LendingTree, Inc.+.......................... 75 17,880
Liberty Tax, Inc............................ 80 824
MoneyGram International, Inc.+.............. 341 2,980
PRGX Global, Inc.+.......................... 62,973 617,135
Travelport Worldwide, Ltd................... 1,453 24,905
--------
739,819
--------
Communications Software -- 0.0%
Digi International, Inc.+................... 315 3,623
pdvWireless, Inc.+.......................... 111 3,230
49
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
--------------------------------------------------------------
COMMON STOCKS (continued)
Communications Software (continued)
Ribbon Communications, Inc.+................ 556 $ 3,236
----------
10,089
----------
Computer Aided Design -- 0.1%
Aspen Technology, Inc.+..................... 856 75,114
----------
Computer Data Security -- 0.8%
ForeScout Technologies, Inc.+............... 64 2,047
Qualys, Inc.+............................... 376 28,933
Varonis Systems, Inc.+...................... 7,214 471,435
VASCO Data Security International, Inc.+.... 354 5,487
----------
507,902
----------
Computer Graphics -- 0.0%
Monotype Imaging Holdings, Inc.............. 487 10,787
----------
Computer Services -- 1.5%
CACI International, Inc., Class A+.......... 286 43,200
Carbonite, Inc.+............................ 22,124 688,056
Convergys Corp.............................. 1,080 25,229
Engility Holdings, Inc.+.................... 211 5,364
EPAM Systems, Inc.+......................... 583 66,666
ExlService Holdings, Inc.+.................. 383 22,141
Fluent, Inc.+............................... 260 715
Insight Enterprises, Inc.+.................. 417 14,783
KeyW Holding Corp.+......................... 564 4,365
MAXIMUS, Inc................................ 752 50,858
Presidio, Inc.+............................. 369 5,653
Science Applications International Corp..... 502 43,067
SecureWorks Corp., Class A+................. 97 1,059
StarTek, Inc.+.............................. 121 1,070
Sykes Enterprises, Inc.+.................... 459 13,201
Syntel, Inc.+............................... 387 11,176
TTEC Holdings, Inc.......................... 163 5,216
Unisys Corp.+............................... 589 6,597
Virtusa Corp.+.............................. 316 15,212
----------
1,023,628
----------
Computer Software -- 1.0%
Avid Technology, Inc.+...................... 391 1,752
Box, Inc., Class A+......................... 948 21,671
Cloudera, Inc.+............................. 1,158 16,501
CommerceHub, Inc., Series A+................ 161 3,650
CommerceHub, Inc., Series C+................ 340 7,708
Cornerstone OnDemand, Inc.+................. 621 27,405
Envestnet, Inc.+............................ 510 27,693
j2 Global, Inc.............................. 544 43,183
Red Violet, Inc.+........................... 34 214
SendGrid, Inc.+............................. 100 2,886
Simulations Plus, Inc....................... 28,982 476,754
Tintri, Inc.+............................... 160 181
Veritone, Inc.+............................. 34 704
Workiva, Inc.+.............................. 299 6,727
----------
637,029
----------
Computers -- 0.1%
Nutanix, Inc., Class A+..................... 1,284 64,958
----------
Value
Security Description Shares (Note 3)
------------------------------------------------------
Computers-Integrated Systems -- 0.2%
Agilysys, Inc.+..................... 180 $ 2,120
Cray, Inc.+......................... 469 11,186
Diebold Nixdorf, Inc................ 885 13,585
Maxwell Technologies, Inc.+......... 427 2,191
Mercury Systems, Inc.+.............. 549 17,612
MTS Systems Corp.................... 209 10,617
NetScout Systems, Inc.+............. 988 26,824
Radisys Corp.+...................... 431 329
Super Micro Computer, Inc.+......... 456 8,071
USA Technologies, Inc.+............. 567 4,961
VeriFone Systems, Inc.+............. 1,289 29,660
--------
127,156
--------
Computers-Memory Devices -- 0.0%
Pure Storage, Inc., Class A+........ 1,136 22,981
Quantum Corp.+...................... 333 1,306
--------
24,287
--------
Computers-Other -- 0.1%
3D Systems Corp.+................... 1,279 12,841
ExOne Co.+.......................... 130 900
Lumentum Holdings, Inc.+............ 724 36,526
PlayAGS, Inc.+...................... 121 2,736
Stratasys, Ltd.+.................... 591 11,329
--------
64,332
--------
Computers-Periphery Equipment -- 0.5%
Electronics For Imaging, Inc.+...... 533 14,764
Mitek Systems, Inc.+................ 378 2,929
TransAct Technologies, Inc.......... 27,713 338,099
--------
355,792
--------
Computers-Voice Recognition -- 0.0%
Vocera Communications, Inc.+........ 339 8,499
--------
Consulting Services -- 1.0%
CRA International, Inc.............. 10,433 589,151
Forrester Research, Inc............. 119 4,736
Franklin Covey Co.+................. 114 2,782
FTI Consulting, Inc.+............... 443 25,871
Hackett Group, Inc.................. 275 4,458
Huron Consulting Group, Inc.+....... 257 9,625
ICF International, Inc.............. 210 14,091
Information Services Group, Inc.+... 379 1,645
Navigant Consulting, Inc.+.......... 537 11,486
Vectrus, Inc.+...................... 130 4,680
--------
668,525
--------
Consumer Products-Misc. -- 0.1%
Central Garden & Pet Co.+........... 124 4,649
Central Garden & Pet Co., Class A+.. 413 14,661
CSS Industries, Inc................. 104 1,774
Helen of Troy, Ltd.+................ 319 28,439
WD-40 Co............................ 162 21,368
--------
70,891
--------
Containers-Metal/Glass -- 0.0%
Greif, Inc., Class A................ 299 17,497
Greif, Inc., Class B................ 65 4,092
--------
21,589
--------
50
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
------------------------------------------------------------
COMMON STOCKS (continued)
Containers-Paper/Plastic -- 0.1%
KapStone Paper and Packaging Corp........... 1,018 $ 35,040
Multi-Color Corp............................ 160 10,392
UFP Technologies, Inc.+..................... 76 2,527
--------
47,959
--------
Cosmetics & Toiletries -- 0.0%
e.l.f. Beauty, Inc.+........................ 246 4,470
Inter Parfums, Inc.......................... 202 10,343
Revlon, Inc., Class A+...................... 138 3,146
--------
17,959
--------
Cruise Lines -- 0.0%
Lindblad Expeditions Holdings, Inc.+........ 235 2,573
--------
Data Processing/Management -- 0.3%
Acxiom Corp.+............................... 928 24,110
Amber Road, Inc.+........................... 235 2,176
Bottomline Technologies (DE), Inc.+......... 466 18,416
CommVault Systems, Inc.+.................... 454 31,757
CSG Systems International, Inc.............. 390 16,688
Fair Isaac Corp.+........................... 349 60,440
Pegasystems, Inc............................ 429 26,191
--------
179,778
--------
Decision Support Software -- 0.0%
Castlight Health, Inc., Class B+............ 749 2,809
QAD, Inc., Class A.......................... 117 5,253
--------
8,062
--------
Diagnostic Equipment -- 0.1%
Accelerate Diagnostics, Inc.+............... 308 6,838
BioTelemetry, Inc.+......................... 372 14,210
GenMark Diagnostics, Inc.+.................. 597 3,737
Genomic Health, Inc.+....................... 234 7,425
Oxford Immunotec Global PLC+................ 296 3,798
Quanterix Corp.+............................ 58 983
Quotient, Ltd.+............................. 309 1,288
Repligen Corp.+............................. 440 16,280
--------
54,559
--------
Diagnostic Kits -- 0.1%
Foundation Medicine, Inc.+.................. 169 12,903
Meridian Bioscience, Inc.................... 487 7,110
OraSure Technologies, Inc.+................. 662 11,738
Quidel Corp.+............................... 333 18,881
--------
50,632
--------
Dialysis Centers -- 0.5%
American Renal Associates Holdings, Inc.+... 24,087 352,875
--------
Disposable Medical Products -- 0.1%
ICU Medical, Inc.+.......................... 179 45,054
Merit Medical Systems, Inc.+................ 570 27,645
Utah Medical Products, Inc.................. 40 4,062
--------
76,761
--------
Distribution/Wholesale -- 0.2%
Anixter International, Inc.+................ 340 20,026
Core-Mark Holding Co., Inc.................. 534 11,006
EnviroStar, Inc............................. 43 1,569
Value
Security Description Shares (Note 3)
-------------------------------------------------------------------
Distribution/Wholesale (continued)
Essendant, Inc................................... 438 $ 3,259
Fossil Group, Inc.+.............................. 518 7,744
G-III Apparel Group, Ltd.+....................... 507 18,500
H&E Equipment Services, Inc...................... 369 11,937
Huttig Building Products, Inc.+.................. 279 1,733
Nexeo Solutions, Inc.+........................... 307 3,128
ScanSource, Inc.+................................ 293 10,050
SiteOne Landscape Supply, Inc.+.................. 397 27,194
Systemax, Inc.................................... 134 4,212
Titan Machinery, Inc.+........................... 220 4,250
Triton International, Ltd........................ 551 17,087
Veritiv Corp.+................................... 134 5,099
--------
146,794
--------
Diversified Financial Services -- 0.0%
Ladder Capital Corp.............................. 924 12,844
--------
Diversified Manufacturing Operations -- 0.8%
Actuant Corp., Class A........................... 697 16,414
AZZ, Inc......................................... 304 13,543
Barnes Group, Inc................................ 588 32,652
Chase Corp....................................... 84 9,408
EnPro Industries, Inc............................ 248 18,637
Fabrinet+........................................ 425 11,989
Federal Signal Corp.............................. 691 14,967
GP Strategies Corp.+............................. 147 3,065
Harsco Corp.+.................................... 941 19,243
LSB Industries, Inc.+............................ 254 1,405
Lydall, Inc.+.................................... 7,976 355,730
NL Industries, Inc.+............................. 98 750
Raven Industries, Inc............................ 423 15,482
Standex International Corp....................... 148 14,349
Tredegar Corp.................................... 302 5,315
--------
532,949
--------
Diversified Minerals -- 0.1%
Fairmount Santrol Holdings, Inc.+................ 1,816 9,988
Smart Sand, Inc.+................................ 256 1,874
United States Lime & Minerals, Inc............... 23 1,719
US Silica Holdings, Inc.......................... 956 28,785
--------
42,366
--------
Diversified Operations -- 0.0%
HRG Group, Inc.+................................. 1,392 15,646
--------
Diversified Operations/Commercial Services -- 0.5%
Viad Corp........................................ 6,592 334,544
--------
Drug Delivery Systems -- 0.4%
Antares Pharma, Inc.+............................ 1,682 3,936
Catalent, Inc.+.................................. 1,566 64,378
Depomed, Inc.+................................... 675 4,239
Heron Therapeutics, Inc.+........................ 635 19,241
Nektar Therapeutics+............................. 1,761 147,325
Revance Therapeutics, Inc.+...................... 315 8,804
--------
247,923
--------
E-Commerce/Products -- 0.1%
1-800-flowers.com, Inc., Class A+................ 312 3,962
Chegg, Inc.+..................................... 1,137 26,390
Etsy, Inc.+...................................... 1,415 42,365
51
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
------------------------------------------------------------
COMMON STOCKS (continued)
E-Commerce/Products (continued)
FTD Cos., Inc.+............................. 198 $ 1,275
Lands' End, Inc.+........................... 155 2,999
Overstock.com, Inc.+........................ 196 7,468
--------
84,459
--------
E-Commerce/Services -- 0.4%
Cars.com, Inc.+............................. 843 24,009
Carvana Co.+................................ 276 7,234
ChannelAdvisor Corp.+....................... 300 3,990
Groupon, Inc.+.............................. 3,977 18,453
GrubHub, Inc.+.............................. 1,006 101,747
Leaf Group, Ltd.+........................... 167 1,227
Quotient Technology, Inc.+.................. 885 11,859
Shutterfly, Inc.+........................... 381 30,831
Shutterstock, Inc.+......................... 217 9,144
Stamps.com, Inc.+........................... 191 43,500
Trade Desk, Inc., Class A+.................. 284 14,532
TrueCar, Inc.+.............................. 823 8,148
--------
274,674
--------
E-Marketing/Info -- 0.0%
Cardlytics, Inc.+........................... 64 897
Liquidity Services, Inc.+................... 304 1,961
New Media Investment Group, Inc............. 599 9,932
QuinStreet, Inc.+........................... 436 4,901
Rubicon Project, Inc.+...................... 519 1,131
--------
18,822
--------
E-Services/Consulting -- 0.0%
Perficient, Inc.+........................... 402 9,941
--------
Educational Software -- 0.1%
2U, Inc.+................................... 563 45,316
Instructure, Inc.+.......................... 256 10,381
Rosetta Stone, Inc.+........................ 198 2,754
--------
58,451
--------
Electric Products-Misc. -- 0.1%
Graham Corp................................. 112 2,417
Littelfuse, Inc............................. 283 52,898
Novanta, Inc.+.............................. 375 22,050
--------
77,365
--------
Electric-Distribution -- 0.0%
Genie Energy, Ltd., Class B................. 158 657
Spark Energy, Inc., Class A................. 137 1,706
Unitil Corp................................. 171 8,309
--------
10,672
--------
Electric-Generation -- 0.0%
Atlantic Power Corp.+....................... 1,341 2,950
--------
Electric-Integrated -- 0.5%
ALLETE, Inc................................. 599 45,770
Ameresco, Inc., Class A+.................... 219 2,595
Avista Corp................................. 754 39,102
Black Hills Corp............................ 626 35,482
El Paso Electric Co......................... 473 24,147
IDACORP, Inc................................ 592 55,056
MGE Energy, Inc............................. 409 23,742
Value
Security Description Shares (Note 3)
------------------------------------------------------------
Electric-Integrated (continued)
NorthWestern Corp........................... 582 $ 31,975
Otter Tail Corp............................. 460 20,171
PNM Resources, Inc.......................... 934 37,033
Portland General Electric Co................ 1,048 44,519
--------
359,592
--------
Electronic Components-Misc. -- 1.2%
AVX Corp.................................... 540 7,970
Bel Fuse, Inc., Class B..................... 113 2,187
Benchmark Electronics, Inc.................. 585 15,386
CTS Corp.................................... 374 11,201
Kimball Electronics, Inc.+.................. 306 4,850
Knowles Corp.+.............................. 1,032 13,210
Methode Electronics, Inc.................... 419 16,718
Microvision, Inc.+.......................... 921 1,179
NVE Corp.................................... 4,364 369,063
OSI Systems, Inc.+.......................... 207 13,252
Plexus Corp.+............................... 393 21,552
Rogers Corp.+............................... 211 22,514
Sanmina Corp.+.............................. 829 24,455
Sparton Corp.+.............................. 113 2,087
Stoneridge, Inc.+........................... 315 8,294
Vishay Intertechnology, Inc................. 1,551 27,375
Vishay Precision Group, Inc.+............... 119 3,368
ZAGG, Inc.+................................. 22,848 255,898
--------
820,559
--------
Electronic Components-Semiconductors -- 0.8%
Alpha & Omega Semiconductor, Ltd.+.......... 234 3,547
Ambarella, Inc.+............................ 380 17,704
Amkor Technology, Inc.+..................... 1,193 9,878
AXT, Inc.+.................................. 436 2,551
CEVA, Inc.+................................. 256 8,346
Diodes, Inc.+............................... 456 13,019
DSP Group, Inc.+............................ 256 3,059
EMCORE Corp.+............................... 320 1,440
GSI Technology, Inc.+....................... 174 1,275
Impinj, Inc.+............................... 213 2,618
Inphi Corp.+................................ 492 14,061
Kopin Corp.+................................ 721 2,386
Lattice Semiconductor Corp.+................ 1,437 7,789
MACOM Technology Solutions Holdings, Inc.+.. 475 7,894
Monolithic Power Systems, Inc............... 467 54,686
Pixelworks, Inc.+........................... 59,314 253,864
Rambus, Inc.+............................... 1,269 17,131
Semtech Corp.+.............................. 767 30,143
Silicon Laboratories, Inc.+................. 491 45,614
SMART Global Holdings, Inc.+................ 112 4,385
Synaptics, Inc.+............................ 403 17,539
Xperi Corp.................................. 573 12,606
--------
531,535
--------
Electronic Measurement Instruments -- 0.1%
Badger Meter, Inc........................... 329 13,966
CyberOptics Corp.+.......................... 80 1,220
ESCO Technologies, Inc...................... 298 16,643
FARO Technologies, Inc.+.................... 194 9,797
Fitbit, Inc., Class A+...................... 2,268 12,588
Itron, Inc.+................................ 400 26,160
52
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
---------------------------------------------------------------
COMMON STOCKS (continued)
Electronic Measurement Instruments (continued)
Mesa Laboratories, Inc....................... 38 $ 6,396
--------
86,770
--------
Electronic Parts Distribution -- 0.1%
SYNNEX Corp.................................. 340 34,058
Tech Data Corp.+............................. 411 31,339
--------
65,397
--------
Electronic Security Devices -- 0.0%
Napco Security Technologies, Inc.+........... 139 1,487
--------
Energy-Alternate Sources -- 0.1%
Clean Energy Fuels Corp.+.................... 1,598 2,573
FutureFuel Corp.............................. 293 3,428
Green Plains, Inc............................ 456 8,482
Pacific Ethanol, Inc.+....................... 505 1,768
Pattern Energy Group, Inc., Class A.......... 921 16,744
Plug Power, Inc.+............................ 2,674 4,893
Renewable Energy Group, Inc.+................ 446 5,753
REX American Resources Corp.+................ 68 5,085
Sunrun, Inc.+................................ 1,008 9,294
TerraForm Power, Inc., Class A............... 532 5,932
TPI Composites, Inc.+........................ 125 2,831
Vivint Solar, Inc.+.......................... 316 1,248
--------
68,031
--------
Engineering/R&D Services -- 0.7%
Argan, Inc................................... 170 6,800
Exponent, Inc................................ 300 25,920
KBR, Inc..................................... 1,647 27,489
Mistras Group, Inc.+......................... 202 3,933
NV5 Global, Inc.+............................ 6,620 389,587
VSE Corp..................................... 101 5,180
--------
458,909
--------
Engines-Internal Combustion -- 0.0%
Briggs & Stratton Corp....................... 489 8,817
--------
Enterprise Software/Service -- 1.0%
Alteryx, Inc., Class A+...................... 275 8,594
American Software, Inc., Class A............. 24,676 314,866
Apptio, Inc., Class A+....................... 273 8,056
Benefitfocus, Inc.+.......................... 186 5,617
Blackbaud, Inc............................... 558 58,568
Blackline, Inc.+............................. 331 13,703
Coupa Software, Inc.+........................ 378 17,528
Donnelley Financial Solutions, Inc.+......... 392 7,213
Everbridge, Inc.+............................ 201 7,507
Evolent Health, Inc., Class A+............... 700 11,550
Hortonworks, Inc.+........................... 605 10,243
LivePerson, Inc.+............................ 646 10,853
Majesco+..................................... 65 329
ManTech International Corp., Class A......... 302 17,845
MicroStrategy, Inc., Class A+................ 111 14,148
MobileIron, Inc.+............................ 669 3,111
Model N, Inc.+............................... 278 4,768
MuleSoft, Inc., Class A+..................... 285 12,705
Omnicell, Inc.+.............................. 439 18,921
Paycom Software, Inc.+....................... 577 65,899
PROS Holdings, Inc.+......................... 312 9,210
Value
Security Description Shares (Note 3)
------------------------------------------------------------------------
Enterprise Software/Service (continued)
SailPoint Technologies Holding, Inc.+................. 237 $ 5,709
SPS Commerce, Inc.+................................... 198 13,577
Verint Systems, Inc.+................................. 745 31,364
--------
671,884
--------
Entertainment Software -- 0.0%
Glu Mobile, Inc.+..................................... 1,236 5,414
--------
Environmental Consulting & Engineering -- 0.1%
Tetra Tech, Inc....................................... 655 31,702
--------
Environmental Monitoring & Detection -- 0.1%
MSA Safety, Inc....................................... 390 33,868
--------
Finance-Commercial -- 0.0%
Hannon Armstrong Sustainable Infrastructure Capital,
Inc.................................................. 594 11,530
NewStar Financial, Inc. CVR+(1)(2).................... 360 194
On Deck Capital, Inc.+................................ 586 3,076
--------
14,800
--------
Finance-Consumer Loans -- 1.1%
Curo Group Holdings Corp.+............................ 91 1,990
Elevate Credit, Inc.+................................. 203 1,551
Encore Capital Group, Inc.+........................... 281 12,533
Enova International, Inc.+............................ 22,364 655,265
LendingClub Corp.+.................................... 3,825 10,289
Nelnet, Inc., Class A................................. 223 11,777
Ocwen Financial Corp.+................................ 1,262 5,124
PRA Group, Inc.+...................................... 523 18,619
Regional Management Corp.+............................ 119 3,911
World Acceptance Corp.+............................... 71 7,277
--------
728,336
--------
Finance-Credit Card -- 0.1%
Blackhawk Network Holdings, Inc.+..................... 640 28,736
--------
Finance-Investment Banker/Broker -- 1.0%
Cowen, Inc.+.......................................... 303 4,697
Diamond Hill Investment Group, Inc.................... 37 7,231
Evercore, Inc., Class A............................... 451 45,664
GAIN Capital Holdings, Inc............................ 400 3,264
Greenhill & Co., Inc.................................. 285 5,785
Houlihan Lokey, Inc................................... 313 13,928
INTL. FCStone, Inc.+.................................. 177 7,933
Investment Technology Group, Inc...................... 385 7,785
Ladenburg Thalmann Financial Services, Inc............ 130,228 432,357
Moelis & Co., Class A................................. 366 19,691
Oppenheimer Holdings, Inc., Class A................... 113 3,034
Piper Jaffray Cos..................................... 168 11,768
PJT Partners, Inc., Class A........................... 212 11,764
Stifel Financial Corp................................. 780 45,458
Virtu Financial, Inc., Class A........................ 296 10,656
--------
631,015
--------
Finance-Leasing Companies -- 0.0%
Aircastle, Ltd........................................ 557 10,917
Marlin Business Services Corp......................... 103 2,822
--------
13,739
--------
53
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
-------------------------------------------------------
COMMON STOCKS (continued)
Finance-Mortgage Loan/Banker -- 0.1%
Arlington Asset Investment Corp.,
Class A.............................. 322 $ 3,684
Ellie Mae, Inc.+....................... 396 38,360
Federal Agricultural Mtg. Corp.,
Class C.............................. 103 8,807
Granite Point Mtg. Trust, Inc.......... 505 8,403
Impac Mortgage Holdings, Inc.+......... 114 976
Nationstar Mtg. Holdings, Inc.+........ 342 6,163
PennyMac Financial Services, Inc.,
Class A+............................. 186 3,832
PHH Corp.+............................. 375 3,979
TPG RE Finance Trust, Inc.............. 242 4,789
--------
78,993
--------
Finance-Other Services -- 0.0%
R1 RCM, Inc.+.......................... 1,174 8,723
WageWorks, Inc.+....................... 466 19,409
--------
28,132
--------
Financial Guarantee Insurance -- 0.2%
MBIA, Inc.+............................ 1,041 8,869
MGIC Investment Corp.+................. 4,336 43,447
NMI Holdings, Inc., Class A+........... 667 9,238
Radian Group, Inc...................... 2,537 36,279
--------
97,833
--------
Firearms & Ammunition -- 0.1%
American Outdoor Brands Corp.+......... 629 6,919
Axon Enterprise, Inc.+................. 610 25,608
Sturm Ruger & Co., Inc................. 198 10,939
--------
43,466
--------
Food-Canned -- 0.0%
Seneca Foods Corp., Class A+........... 81 2,232
--------
Food-Confectionery -- 0.0%
Hostess Brands, Inc.+.................. 937 13,165
Tootsie Roll Industries, Inc........... 198 5,653
--------
18,818
--------
Food-Dairy Products -- 0.0%
Dean Foods Co.......................... 1,064 9,161
Lifeway Foods, Inc.+................... 55 292
--------
9,453
--------
Food-Misc./Diversified -- 0.2%
B&G Foods, Inc......................... 770 17,518
Cal-Maine Foods, Inc.+................. 336 16,363
Darling Ingredients, Inc.+............. 1,922 32,943
J&J Snack Foods Corp................... 176 24,184
John B. Sanfilippo & Son, Inc.......... 100 5,689
Lancaster Colony Corp.................. 220 27,630
--------
124,327
--------
Food-Retail -- 0.0%
Ingles Markets, Inc., Class A.......... 165 5,651
Smart & Final Stores, Inc.+............ 265 1,352
SUPERVALU, Inc.+....................... 449 7,862
Village Super Market, Inc., Class A.... 93 2,530
Weis Markets, Inc...................... 112 5,154
--------
22,549
--------
Value
Security Description Shares (Note 3)
-----------------------------------------------------------
Food-Wholesale/Distribution -- 1.5%
Calavo Growers, Inc.................... 5,312 $ 497,734
Chefs' Warehouse, Inc.+................ 17,695 429,104
Fresh Del Monte Produce, Inc........... 379 18,628
Performance Food Group Co.+............ 1,191 38,648
SpartanNash Co......................... 429 7,799
United Natural Foods, Inc.+............ 594 26,742
----------
1,018,655
----------
Footwear & Related Apparel -- 0.2%
Crocs, Inc.+........................... 815 12,877
Deckers Outdoor Corp.+................. 370 34,506
Iconix Brand Group, Inc.+.............. 586 475
Steven Madden, Ltd..................... 692 33,389
Weyco Group, Inc....................... 72 2,643
Wolverine World Wide, Inc.............. 1,091 32,686
----------
116,576
----------
Funeral Services & Related Items -- 0.5%
Carriage Services, Inc................. 11,359 295,675
Matthews International Corp., Class A.. 366 17,989
----------
313,664
----------
Gambling (Non-Hotel) -- 0.1%
Golden Entertainment, Inc.+............ 208 5,564
Pinnacle Entertainment, Inc.+.......... 619 19,882
Red Rock Resorts, Inc., Class A........ 808 24,394
----------
49,840
----------
Gas-Distribution -- 0.4%
Chesapeake Utilities Corp.............. 185 14,060
New Jersey Resources Corp.............. 1,020 42,177
Northwest Natural Gas Co............... 333 20,413
ONE Gas, Inc........................... 611 42,599
RGC Resources, Inc..................... 78 2,020
South Jersey Industries, Inc........... 935 28,892
Southwest Gas Holdings, Inc............ 556 40,582
Spire, Inc............................. 553 39,899
WGL Holdings, Inc...................... 600 51,060
----------
281,702
----------
Gold Mining -- 0.0%
Gold Resource Corp..................... 614 3,113
Klondex Mines, Ltd.+................... 2,086 5,111
----------
8,224
----------
Golf -- 0.1%
Acushnet Holdings Corp................. 369 8,915
Callaway Golf Co....................... 1,095 18,900
Drive Shack, Inc.+..................... 728 3,953
----------
31,768
----------
Hazardous Waste Disposal -- 0.8%
Heritage-Crystal Clean, Inc.+.......... 15,846 335,143
Sharps Compliance Corp.+............... 50,214 199,851
US Ecology, Inc........................ 256 13,645
----------
548,639
----------
Health Care Cost Containment -- 0.1%
CorVel Corp.+.......................... 109 5,346
HealthEquity, Inc.+.................... 591 38,811
----------
44,157
----------
54
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
-------------------------------------------------------------------
COMMON STOCKS (continued)
Heart Monitors -- 0.0%
FONAR Corp.+..................................... 72 $ 2,048
----------
Home Furnishings -- 0.0%
Ethan Allen Interiors, Inc....................... 291 6,417
Flexsteel Industries, Inc........................ 89 3,263
Hooker Furniture Corp............................ 135 5,096
Sleep Number Corp.+.............................. 460 13,036
----------
27,812
----------
Hotels/Motels -- 0.1%
Belmond, Ltd., Class A+.......................... 1,048 11,213
Bluegreen Vacations Corp......................... 88 2,048
ILG, Inc......................................... 1,245 42,492
La Quinta Holdings, Inc.+........................ 955 18,661
Marcus Corp...................................... 219 6,526
Red Lion Hotels Corp.+........................... 194 1,911
----------
82,851
----------
Housewares -- 0.0%
Libbey, Inc...................................... 257 1,470
Lifetime Brands, Inc............................. 116 1,380
----------
2,850
----------
Human Resources -- 1.7%
AMN Healthcare Services, Inc.+................... 552 36,901
ASGN, Inc.+...................................... 586 47,249
Barrett Business Services, Inc................... 5,078 444,426
BG Staffing, Inc................................. 80 1,526
Cross Country Healthcare, Inc.+.................. 414 5,208
Heidrick & Struggles International, Inc.......... 215 8,095
Insperity, Inc................................... 424 34,026
Kelly Services, Inc., Class A.................... 357 10,446
Kforce, Inc...................................... 271 7,195
Korn/Ferry International......................... 616 32,931
Paylocity Holding Corp.+......................... 310 16,935
Resources Connection, Inc........................ 355 5,556
TriNet Group, Inc.+.............................. 484 24,999
TrueBlue, Inc.+.................................. 478 12,739
Willdan Group, Inc.+............................. 15,797 451,794
----------
1,140,026
----------
Identification Systems -- 0.0%
Brady Corp., Class A............................. 544 19,802
----------
Import/Export -- 0.0%
Castle Brands, Inc.+............................. 1,049 1,311
----------
Independent Power Producers -- 0.1%
NRG Yield, Inc., Class A......................... 408 7,185
NRG Yield, Inc., Class C......................... 764 13,599
Ormat Technologies, Inc.......................... 472 27,329
----------
48,113
----------
Industrial Audio & Video Products -- 0.0%
Akoustis Technologies, Inc.+..................... 140 710
GoPro, Inc., Class A+............................ 1,277 6,461
Iteris, Inc.+.................................... 298 1,511
----------
8,682
----------
Value
Security Description Shares (Note 3)
-------------------------------------------------------------------------
Industrial Automated/Robotic -- 0.2%
Hurco Cos., Inc.......................................... 73 $ 3,227
Ichor Holdings, Ltd.+.................................... 5,490 121,329
--------
124,556
--------
Instruments-Controls -- 0.1%
Allied Motion Technologies, Inc.......................... 77 3,070
Control4 Corp.+.......................................... 303 6,314
Watts Water Technologies, Inc., Class A.................. 326 24,287
Woodward, Inc............................................ 624 44,891
--------
78,562
--------
Instruments-Scientific -- 0.0%
Fluidigm Corp.+.......................................... 454 2,679
--------
Insurance Brokers -- 0.0%
Crawford & Co., Class B.................................. 140 1,123
eHealth, Inc.+........................................... 184 3,466
--------
4,589
--------
Insurance-Life/Health -- 0.9%
American Equity Investment Life Holding Co............... 1,013 30,593
CNO Financial Group, Inc................................. 1,952 41,851
FBL Financial Group, Inc., Class A....................... 116 9,019
Health Insurance Innovations, Inc., Class A+............. 15,277 435,395
Independence Holding Co.................................. 70 2,478
National Western Life Group, Inc., Class A............... 27 8,570
Primerica, Inc........................................... 519 50,213
Trupanion, Inc.+......................................... 266 6,990
--------
585,109
--------
Insurance-Multi-line -- 0.1%
Citizens, Inc.+.......................................... 545 4,235
Genworth Financial, Inc., Class A+....................... 5,887 16,248
Horace Mann Educators Corp............................... 479 21,411
Kemper Corp.............................................. 464 31,320
United Fire Group, Inc................................... 248 12,472
--------
85,686
--------
Insurance-Property/Casualty -- 2.4%
Ambac Financial Group, Inc.+............................. 532 9,060
AMERISAFE, Inc........................................... 224 13,283
AmTrust Financial Services, Inc.......................... 998 12,864
Atlas Financial Holdings, Inc.+.......................... 123 1,292
Baldwin & Lyons, Inc., Class B........................... 109 2,540
Donegal Group, Inc., Class A............................. 103 1,434
EMC Insurance Group, Inc................................. 103 2,676
Employers Holdings, Inc.................................. 372 15,215
Enstar Group, Ltd.+...................................... 132 27,740
Federated National Holding Co............................ 139 2,349
Global Indemnity, Ltd.................................... 97 3,966
Hallmark Financial Services, Inc.+....................... 156 1,602
HCI Group, Inc........................................... 92 3,854
Heritage Insurance Holdings, Inc......................... 18,884 296,479
Infinity Property & Casualty Corp........................ 125 16,500
Investors Title Co....................................... 17 3,310
James River Group Holdings, Ltd.......................... 299 10,860
Kingstone Cos., Inc...................................... 27,427 469,002
Kinsale Capital Group, Inc............................... 10,190 525,294
National General Holdings Corp........................... 575 14,818
Navigators Group, Inc.................................... 241 13,616
55
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
--------------------------------------------------------------
COMMON STOCKS (continued)
Insurance-Property/Casualty (continued)
NI Holdings, Inc.+.......................... 118 $ 1,929
RLI Corp.................................... 451 28,539
Safety Insurance Group, Inc................. 171 13,680
Selective Insurance Group, Inc.............. 674 39,901
State Auto Financial Corp................... 186 5,809
Stewart Information Services Corp........... 247 10,302
Third Point Reinsurance, Ltd.+.............. 1,076 14,311
Tiptree, Inc................................ 300 1,905
United Insurance Holdings Corp.............. 241 4,545
Universal Insurance Holdings, Inc........... 364 11,812
----------
1,580,487
----------
Insurance-Reinsurance -- 0.1%
Argo Group International Holdings, Ltd...... 384 22,445
Blue Capital Reinsurance Holdings, Ltd...... 69 800
Essent Group, Ltd.+......................... 953 31,411
Greenlight Capital Re, Ltd., Class A+....... 353 5,472
Maiden Holdings, Ltd........................ 821 6,281
WMIH Corp.+................................. 2,266 3,104
----------
69,513
----------
Internet Application Software -- 0.1%
Okta, Inc.+................................. 228 9,761
RealNetworks, Inc.+......................... 284 1,014
Tucows, Inc., Class A+...................... 106 6,705
VirnetX Holding Corp.+...................... 602 1,324
Zendesk, Inc.+.............................. 1,167 56,891
----------
75,695
----------
Internet Connectivity Services -- 0.1%
Boingo Wireless, Inc.+...................... 445 10,439
Cogent Communications Holdings, Inc......... 492 23,198
Internap Corp.+............................. 237 2,799
----------
36,436
----------
Internet Content-Entertainment -- 0.0%
Limelight Networks, Inc.+................... 1,074 5,542
----------
Internet Content-Information/News -- 0.1%
DHI Group, Inc.+............................ 568 795
HealthStream, Inc........................... 302 7,003
XO Group, Inc.+............................. 288 6,244
Yelp, Inc.+................................. 935 41,935
----------
55,977
----------
Internet Gambling -- 0.0%
Inspired Entertainment, Inc.+............... 113 565
----------
Internet Security -- 0.7%
Corindus Vascular Robotics, Inc.+........... 1,193 1,241
Imperva, Inc.+.............................. 398 17,810
Proofpoint, Inc.+........................... 511 60,267
Rapid7, Inc.+............................... 323 9,122
Zix Corp.+.................................. 72,536 366,307
----------
454,747
----------
Internet Telephone -- 0.2%
8x8, Inc.+.................................. 1,048 21,222
RingCentral, Inc., Class A+................. 762 51,092
Value
Security Description Shares (Note 3)
-------------------------------------------------------------------------------------
Internet Telephone (continued)
Twilio, Inc., Class A+............................................... 728 $ 30,729
--------
103,043
--------
Investment Companies -- 0.0%
B. Riley Financial, Inc.............................................. 243 5,018
Cannae Holdings, Inc.+............................................... 724 14,958
Ominto, Inc.+........................................................ 164 477
Rafael Holdings, Inc., Class B+...................................... 101 828
--------
21,281
--------
Investment Management/Advisor Services -- 1.1%
Altisource Portfolio Solutions SA+................................... 128 3,505
Artisan Partners Asset Management, Inc., Class A..................... 535 17,200
Associated Capital Group, Inc., Class A.............................. 46 1,663
BrightSphere Investment Group PLC.................................... 882 13,380
Cohen & Steers, Inc.................................................. 250 10,025
Financial Engines, Inc............................................... 685 30,585
GAMCO Investors, Inc., Class A....................................... 61 1,565
Hamilton Lane, Inc., Class A......................................... 165 6,905
Medley Management, Inc., Class A..................................... 61 348
Pzena Investment Management, Inc., Class A........................... 25,378 222,311
Silvercrest Asset Management Group, Inc., Class A.................... 26,332 405,513
Virtus Investment Partners, Inc...................................... 80 9,228
Waddell & Reed Financial, Inc., Class A.............................. 941 19,046
Westwood Holdings Group, Inc......................................... 95 5,508
WisdomTree Investments, Inc.......................................... 1,350 14,269
--------
761,051
--------
Lasers-System/Components -- 0.1%
Applied Optoelectronics, Inc.+....................................... 219 6,999
Electro Scientific Industries, Inc.+................................. 379 6,822
II-VI, Inc.+......................................................... 703 26,785
--------
40,606
--------
Leisure Products -- 0.0%
Escalade, Inc........................................................ 124 1,643
Johnson Outdoors, Inc., Class A...................................... 57 3,691
Marine Products Corp................................................. 92 1,396
--------
6,730
--------
Lighting Products & Systems -- 0.0%
Revolution Lighting Technologies, Inc.+.............................. 146 520
--------
Linen Supply & Related Items -- 0.1%
UniFirst Corp........................................................ 179 28,747
--------
Machine Tools & Related Products -- 0.1%
Hardinge, Inc........................................................ 135 2,476
Kennametal, Inc...................................................... 952 34,700
Milacron Holdings Corp.+............................................. 791 14,262
--------
51,438
--------
Machinery-Construction & Mining -- 0.0%
Astec Industries, Inc................................................ 249 13,835
Hyster-Yale Materials Handling, Inc.................................. 121 8,615
--------
22,450
--------
Machinery-Electrical -- 0.1%
Babcock & Wilcox Enterprises, Inc.+.................................. 3,437 7,836
Franklin Electric Co., Inc........................................... 542 22,222
--------
30,058
--------
56
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
------------------------------------------------------------
COMMON STOCKS (continued)
Machinery-Farming -- 0.0%
Alamo Group, Inc............................ 111 $ 12,151
Lindsay Corp................................ 123 10,807
--------
22,958
--------
Machinery-General Industrial -- 0.6%
Albany International Corp., Class A......... 336 19,874
Altra Industrial Motion Corp................ 336 13,994
Applied Industrial Technologies, Inc........ 448 28,650
Chart Industries, Inc.+..................... 359 20,370
DXP Enterprises, Inc.+...................... 185 6,715
Gencor Industries, Inc.+.................... 103 1,602
Intevac, Inc.+.............................. 234 1,533
Kadant, Inc................................. 3,123 288,097
Manitowoc Co, Inc.+......................... 373 9,194
Tennant Co.................................. 206 15,244
Twin Disc, Inc.+............................ 100 2,208
--------
407,481
--------
Machinery-Material Handling -- 0.0%
Columbus McKinnon Corp...................... 258 9,257
--------
Machinery-Pumps -- 0.1%
Cactus, Inc., Class A+...................... 272 7,809
Gorman-Rupp Co.............................. 207 6,517
NN, Inc..................................... 317 6,435
SPX FLOW, Inc.+............................. 485 21,825
--------
42,586
--------
Marine Services -- 0.0%
Great Lakes Dredge & Dock Corp.+............ 665 3,059
SEACOR Marine Holdings, Inc.+............... 190 4,501
--------
7,560
--------
Medical Imaging Systems -- 1.2%
Analogic Corp............................... 147 12,216
iRadimed Corp.+............................. 25,383 442,933
Lantheus Holdings, Inc.+.................... 18,928 336,918
--------
792,067
--------
Medical Information Systems -- 1.1%
Allscripts Healthcare Solutions, Inc.+...... 2,127 24,716
Computer Programs & Systems, Inc............ 6,323 188,742
Cotiviti Holdings, Inc.+.................... 430 14,852
Inovalon Holdings, Inc., Class A+........... 750 7,912
Medidata Solutions, Inc.+................... 660 47,098
NantHealth, Inc.+........................... 186 634
Quality Systems, Inc.+...................... 621 8,340
Tabula Rasa HealthCare, Inc.+............... 10,307 422,484
--------
714,778
--------
Medical Instruments -- 0.4%
Abaxis, Inc................................. 257 17,109
AngioDynamics, Inc.+........................ 428 8,295
Cardiovascular Systems, Inc.+............... 381 8,706
CONMED Corp................................. 321 20,875
CryoLife, Inc.+............................. 376 8,441
Endologix, Inc.+............................ 962 4,146
Halyard Health, Inc.+....................... 547 25,911
Integra LifeSciences Holdings Corp.+........ 745 45,914
Value
Security Description Shares (Note 3)
----------------------------------------------------------
Medical Instruments (continued)
iRhythm Technologies, Inc.+........... 167 $ 9,711
LivaNova PLC+......................... 568 50,427
Natus Medical, Inc.+.................. 357 11,799
NuVasive, Inc.+....................... 594 31,607
Obalon Therapeutics, Inc.+............ 105 404
----------
243,345
----------
Medical Labs & Testing Services -- 0.1%
Evolus, Inc.+......................... 59 404
Invitae Corp.+........................ 499 2,759
Medpace Holdings, Inc.+............... 110 4,069
Natera, Inc.+......................... 374 4,163
Syneos Health, Inc.+.................. 639 24,346
Teladoc, Inc.+........................ 680 29,240
----------
64,981
----------
Medical Laser Systems -- 0.0%
Cutera, Inc.+......................... 155 7,773
----------
Medical Products -- 2.1%
Accuray, Inc.+........................ 979 4,895
AtriCure, Inc.+....................... 376 8,358
Atrion Corp........................... 16 9,954
AxoGen, Inc.+......................... 329 13,094
Cantel Medical Corp................... 426 47,742
Cerus Corp.+.......................... 1,488 7,738
ConforMIS, Inc.+...................... 651 843
Glaukos Corp.+........................ 335 11,283
Globus Medical, Inc., Class A+........ 826 42,283
Haemonetics Corp.+.................... 630 49,165
Inogen, Inc.+......................... 202 28,397
Integer Holdings Corp.+............... 367 20,148
Intersect ENT, Inc.+.................. 311 12,424
Invacare Corp......................... 381 6,934
K2M Group Holdings, Inc.+............. 482 9,206
LeMaitre Vascular, Inc................ 10,789 339,314
Luminex Corp.......................... 478 10,205
MiMedx Group, Inc.+................... 1,213 9,959
NanoString Technologies, Inc.+........ 241 2,290
Nevro Corp.+.......................... 328 29,310
Novocure, Ltd.+....................... 685 18,701
NxStage Medical, Inc.+................ 760 20,231
Orthofix International NV+............ 9,582 584,694
OrthoPediatrics Corp.+................ 54 1,016
Penumbra, Inc.+....................... 343 42,652
Pulse Biosciences, Inc.+.............. 107 1,882
Restoration Robotics, Inc.+........... 43 184
Rockwell Medical, Inc.+............... 561 2,968
Sientra, Inc.+........................ 170 2,241
Surmodics, Inc.+...................... 151 5,640
Tactile Systems Technology, Inc.+..... 152 5,291
Viveve Medical, Inc.+................. 237 815
Wright Medical Group NV+.............. 1,241 24,336
----------
1,374,193
----------
Medical-Biomedical/Gene -- 4.0%
Abeona Therapeutics, Inc.+............ 329 5,741
Acceleron Pharma, Inc.+............... 439 15,325
Achillion Pharmaceuticals, Inc.+...... 1,587 5,983
Acorda Therapeutics, Inc.+............ 507 11,712
57
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
-----------------------------------------------------------------
COMMON STOCKS (continued)
Medical-Biomedical/Gene (continued)
Aduro Biotech, Inc.+............................. 527 $ 3,636
Advaxis, Inc.+................................... 440 704
Agenus, Inc.+.................................... 890 3,053
Aileron Therapeutics, Inc.+...................... 62 315
Alder Biopharmaceuticals, Inc.+.................. 742 10,536
Allena Pharmaceuticals, Inc.+.................... 63 903
AMAG Pharmaceuticals, Inc.+...................... 411 8,446
Amicus Therapeutics, Inc.+....................... 2,182 30,875
AnaptysBio, Inc.+................................ 209 19,600
Anavex Life Sciences Corp.+...................... 462 1,053
ANI Pharmaceuticals, Inc.+....................... 7,544 447,736
Aratana Therapeutics, Inc.+...................... 484 2,493
Ardelyx, Inc.+................................... 391 1,877
Arena Pharmaceuticals, Inc.+..................... 561 22,350
ARMO BioSciences, Inc.+.......................... 80 2,130
Arsanis, Inc.+................................... 54 1,082
Assembly Biosciences, Inc.+...................... 190 8,261
Asterias Biotherapeutics, Inc.+.................. 346 433
Atara Biotherapeutics, Inc.+..................... 385 15,535
Athersys, Inc.+.................................. 1,195 2,402
Audentes Therapeutics, Inc.+..................... 235 8,780
Avexis, Inc.+.................................... 329 69,965
Axovant Sciences, Ltd.+.......................... 380 407
Bellicum Pharmaceuticals, Inc.+.................. 318 2,127
BioCryst Pharmaceuticals, Inc.+.................. 1,147 5,643
Biohaven Pharmaceutical Holding Co., Ltd.+....... 372 10,848
BioTime, Inc.+................................... 1,014 2,190
Bluebird Bio, Inc.+.............................. 573 97,496
Blueprint Medicines Corp.+....................... 498 38,207
Cambrex Corp.+................................... 380 20,121
Celcuity, Inc.+.................................. 33 636
Celldex Therapeutics, Inc.+...................... 1,540 1,140
ChemoCentryx, Inc.+.............................. 289 3,159
Clearside Biomedical, Inc.+...................... 242 2,948
Corium International, Inc.+...................... 238 2,351
Corvus Pharmaceuticals, Inc.+.................... 99 950
Cue Biopharma, Inc.+............................. 104 1,148
Curis, Inc.+..................................... 1,548 826
CytomX Therapeutics, Inc.+....................... 340 8,942
Deciphera Pharmaceuticals, Inc.+................. 97 2,177
Denali Therapeutics, Inc.+....................... 189 3,493
Dynavax Technologies Corp.+...................... 712 12,068
Edge Therapeutics, Inc.+......................... 232 255
Editas Medicine, Inc.+........................... 434 13,628
Emergent BioSolutions, Inc.+..................... 392 20,329
Enzo Biochem, Inc.+.............................. 35,008 210,048
Epizyme, Inc.+................................... 573 7,363
Esperion Therapeutics, Inc.+..................... 203 14,212
Exact Sciences Corp.+............................ 1,377 68,864
Fate Therapeutics, Inc.+......................... 565 5,706
FibroGen, Inc.+.................................. 816 37,087
Five Prime Therapeutics, Inc.+................... 385 6,449
Fortress Biotech, Inc.+.......................... 386 1,544
Genocea Biosciences, Inc.+....................... 965 926
Geron Corp.+..................................... 1,740 6,473
Halozyme Therapeutics, Inc.+..................... 1,397 26,445
Idera Pharmaceuticals, Inc.+..................... 1,651 2,526
ImmunoGen, Inc.+................................. 1,169 12,847
Value
Security Description Shares (Note 3)
-----------------------------------------------------------------
Medical-Biomedical/Gene (continued)
Immunomedics, Inc.+.............................. 1,196 $ 21,779
Innoviva, Inc.+.................................. 878 12,731
Inovio Pharmaceuticals, Inc.+.................... 953 4,184
Insmed, Inc.+.................................... 895 21,775
Intellia Therapeutics, Inc.+..................... 195 3,904
Iovance Biotherapeutics, Inc.+................... 863 12,513
Karyopharm Therapeutics, Inc.+................... 416 5,441
Kura Oncology, Inc.+............................. 252 3,818
Lexicon Pharmaceuticals, Inc.+................... 504 4,158
Ligand Pharmaceuticals, Inc.+.................... 240 37,164
Loxo Oncology, Inc.+............................. 268 33,744
MacroGenics, Inc.+............................... 397 9,155
Matinas BioPharma Holdings, Inc.+................ 765 339
Medicines Co.+................................... 816 24,553
Menlo Therapeutics, Inc.+........................ 75 601
Merrimack Pharmaceuticals, Inc................... 150 1,272
Myriad Genetics, Inc.+........................... 764 21,614
NantKwest, Inc.+................................. 346 1,349
NeoGenomics, Inc.+............................... 39,986 383,066
NewLink Genetics Corp.+.......................... 340 1,550
Novavax, Inc.+................................... 3,656 5,703
Novelion Therapeutics, Inc.+..................... 177 759
Nymox Pharmaceutical Corp.+...................... 370 1,513
Omeros Corp.+.................................... 532 7,634
Oncocyte Corp.+.................................. 45 97
Organovo Holdings, Inc.+......................... 1,225 1,519
Otonomy, Inc.+................................... 330 1,237
Ovid therapeutics, Inc.+......................... 144 1,365
Pacific Biosciences of California, Inc.+......... 1,351 3,486
PDL BioPharma, Inc.+............................. 1,784 5,209
Pieris Pharmaceuticals, Inc.+.................... 45,879 292,249
Prothena Corp. PLC+.............................. 454 5,448
PTC Therapeutics, Inc.+.......................... 469 13,005
Puma Biotechnology, Inc.+........................ 341 21,739
Radius Health, Inc.+............................. 448 13,530
REGENXBIO, Inc.+................................. 325 12,139
resTORbio, Inc.+................................. 77 693
Retrophin, Inc.+................................. 461 11,571
Rigel Pharmaceuticals, Inc.+..................... 1,731 6,249
RTI Surgical, Inc.+.............................. 640 2,816
Sage Therapeutics, Inc.+......................... 493 70,953
Sangamo Therapeutics, Inc.+...................... 8,888 140,430
Selecta Biosciences, Inc.+....................... 165 1,934
Seres Therapeutics, Inc.+........................ 239 1,833
Sienna Biopharmaceuticals, Inc.+................. 177 3,395
Solid Biosciences, Inc.+......................... 106 1,518
Spark Therapeutics, Inc.+........................ 323 24,651
Spectrum Pharmaceuticals, Inc.+.................. 1,017 16,191
Stemline Therapeutics, Inc.+..................... 311 5,349
Strongbridge Biopharma PLC+...................... 328 2,509
Syndax Pharmaceuticals, Inc.+.................... 138 1,441
Theravance Biopharma, Inc.+...................... 496 11,939
Tobira Therapeutics, Inc. CVR+(1)(2)............. 104 0
Tocagen, Inc.+................................... 208 1,924
Ultragenyx Pharmaceutical, Inc.+................. 521 26,488
VBI Vaccines, Inc.+.............................. 404 1,265
Veracyte, Inc.+.................................. 277 1,679
Versartis, Inc.+................................. 386 579
WaVe Life Sciences, Ltd.+........................ 139 6,179
58
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
-------------------------------------------------------------------
COMMON STOCKS (continued)
Medical-Biomedical/Gene (continued)
XBiotech, Inc.+.................................. 226 $ 1,087
ZIOPHARM Oncology, Inc.+......................... 1,538 6,490
----------
2,693,010
----------
Medical-Drugs -- 1.7%
Achaogen, Inc.+.................................. 400 5,724
Aclaris Therapeutics, Inc.+...................... 6,916 122,759
Adamas Pharmaceuticals, Inc.+.................... 201 6,068
Aerie Pharmaceuticals, Inc.+..................... 398 20,378
Aimmune Therapeutics, Inc.+...................... 416 12,913
Akcea Therapeutics, Inc.+........................ 176 4,595
Apellis Pharmaceuticals, Inc.+................... 129 3,110
Array BioPharma, Inc.+........................... 2,330 31,595
Athenex, Inc.+................................... 89 1,425
BioSpecifics Technologies Corp.+................. 66 2,800
Catalyst Pharmaceuticals, Inc.+.................. 1,024 2,867
Chimerix, Inc.+.................................. 551 2,524
Clovis Oncology, Inc.+........................... 514 22,297
Coherus Biosciences, Inc.+....................... 464 5,614
Collegium Pharmaceutical, Inc.+.................. 293 6,929
Conatus Pharmaceuticals, Inc.+................... 308 1,050
Corbus Pharmaceuticals Holdings, Inc.+........... 575 3,421
Corcept Therapeutics, Inc.+...................... 1,067 17,798
Cytokinetics, Inc.+.............................. 486 4,034
Durect Corp.+.................................... 1,679 3,408
Eagle Pharmaceuticals, Inc.+..................... 94 4,889
Enanta Pharmaceuticals, Inc.+.................... 182 16,935
Global Blood Therapeutics, Inc.+................. 456 20,132
Horizon Pharma PLC+.............................. 1,911 25,302
Immune Design Corp.+............................. 375 1,388
Insys Therapeutics, Inc.+........................ 286 2,005
Intra-Cellular Therapies, Inc.+.................. 497 8,658
Ironwood Pharmaceuticals, Inc.+.................. 1,576 28,557
Jounce Therapeutics, Inc.+....................... 169 3,480
Kala Pharmaceuticals, Inc.+...................... 167 2,508
Keryx Biopharmaceuticals, Inc.+.................. 1,048 4,643
Lannett Co., Inc.+............................... 333 5,195
Madrigal Pharmaceuticals, Inc.+.................. 55 6,224
MediciNova, Inc.+................................ 454 5,117
Melinta Therapeutics, Inc.+...................... 177 1,204
Minerva Neurosciences, Inc.+..................... 310 2,031
Miragen Therapeutics, Inc.+...................... 200 1,372
MyoKardia, Inc.+................................. 230 11,362
Neos Therapeutics, Inc.+......................... 290 2,407
Ocular Therapeutix, Inc.+........................ 338 2,126
Odonate Therapeutics, Inc.+...................... 79 1,665
Optinose, Inc.+.................................. 64 1,370
Pacira Pharmaceuticals, Inc.+.................... 465 15,391
Paratek Pharmaceuticals, Inc.+................... 15,545 166,331
PRA Health Sciences, Inc.+....................... 580 47,659
Prestige Brands Holdings, Inc.+.................. 624 18,371
Progenics Pharmaceuticals, Inc.+................. 828 5,390
Protagonist Therapeutics, Inc.+.................. 133 1,149
Ra Pharmaceuticals, Inc.+........................ 189 1,147
Reata Pharmaceuticals, Inc., Class A+............ 132 3,490
Rhythm Pharmaceuticals, Inc.+.................... 96 2,276
scPharmaceuticals, Inc.+......................... 86 857
Spero Therapeutics, Inc.+........................ 71 860
Value
Security Description Shares (Note 3)
--------------------------------------------------------------
Medical-Drugs (continued)
Supernus Pharmaceuticals, Inc.+........... 565 $ 26,498
Synergy Pharmaceuticals, Inc.+............ 3,134 4,889
Syros Pharmaceuticals, Inc.+.............. 181 2,208
Tetraphase Pharmaceuticals, Inc.+......... 602 1,938
TG Therapeutics, Inc.+.................... 601 8,624
TherapeuticsMD, Inc.+..................... 1,939 10,665
Trevena, Inc.+............................ 685 1,274
Vanda Pharmaceuticals, Inc.+.............. 23,669 330,183
Voyager Therapeutics, Inc.+............... 200 3,632
vTv Therapeutics, Inc., Class A+.......... 83 149
Zogenix, Inc.+............................ 401 15,759
Zynerba Pharmaceuticals, Inc.+............ 137 1,407
----------
1,110,026
----------
Medical-Generic Drugs -- 0.2%
Amphastar Pharmaceuticals, Inc.+.......... 6,138 117,175
Dova Pharmaceuticals, Inc.+............... 73 2,103
Impax Laboratories, Inc.+................. 859 16,149
Momenta Pharmaceuticals, Inc.+............ 885 18,408
Teligent, Inc.+........................... 481 1,443
----------
155,278
----------
Medical-HMO -- 0.8%
Magellan Health, Inc.+.................... 282 23,646
Molina Healthcare, Inc.+.................. 540 44,955
Tivity Health, Inc.+...................... 432 15,530
Triple-S Management Corp., Class B+....... 15,912 451,105
----------
535,236
----------
Medical-Hospitals -- 0.1%
Community Health Systems, Inc.+........... 1,114 4,211
Select Medical Holdings Corp.+............ 1,257 22,689
Surgery Partners, Inc.+................... 221 3,536
Tenet Healthcare Corp.+................... 952 22,791
----------
53,227
----------
Medical-Nursing Homes -- 0.1%
Ensign Group, Inc......................... 572 15,942
Genesis Healthcare, Inc.+................. 531 807
Kindred Healthcare, Inc.+................. 997 8,873
National HealthCare Corp.................. 131 8,028
----------
33,650
----------
Medical-Outpatient/Home Medical -- 1.8%
Addus HomeCare Corp.+..................... 9,629 505,523
Amedisys, Inc.+........................... 334 22,074
Chemed Corp............................... 184 56,712
Civitas Solutions, Inc.+.................. 5,102 72,704
LHC Group, Inc.+.......................... 6,969 518,633
Providence Service Corp.+................. 132 10,016
----------
1,185,662
----------
Medical-Wholesale Drug Distribution -- 0.0%
Owens & Minor, Inc........................ 712 11,570
----------
Metal Processors & Fabrication -- 0.2%
Ampco-Pittsburgh Corp..................... 102 1,005
CIRCOR International, Inc................. 193 8,177
DMC Global, Inc........................... 165 6,385
Global Brass & Copper Holdings, Inc....... 254 7,620
59
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
---------------------------------------------------------------------------
COMMON STOCKS (continued)
Metal Processors & Fabrication (continued)
Haynes International, Inc.................................. 145 $ 6,062
LB Foster Co., Class A+.................................... 97 2,284
Mueller Industries, Inc.................................... 667 18,129
Park-Ohio Holdings Corp.................................... 103 3,904
RBC Bearings, Inc.+........................................ 274 31,888
Rexnord Corp.+............................................. 1,219 33,535
Sun Hydraulics Corp........................................ 322 15,640
--------
134,629
--------
Metal Products-Distribution -- 0.7%
Lawson Products, Inc.+..................................... 19,591 453,532
Olympic Steel, Inc......................................... 108 2,533
Worthington Industries, Inc................................ 510 22,710
--------
478,775
--------
Metal Products-Fasteners -- 0.0%
Eastern Co................................................. 65 1,846
TriMas Corp.+.............................................. 533 14,444
--------
16,290
--------
Metal-Aluminum -- 0.1%
Century Aluminum Co.+...................................... 584 10,202
Kaiser Aluminum Corp....................................... 194 19,117
--------
29,319
--------
Metal-Diversified -- 0.0%
Ardmore Shipping Corp.+.................................... 378 3,024
Ferroglobe Representation & Warranty Trust+(1)(2).......... 777 0
--------
3,024
--------
Metal-Iron -- 0.0%
Cleveland-Cliffs, Inc.+.................................... 3,489 25,888
--------
Miscellaneous Manufacturing -- 0.1%
American Railcar Industries, Inc........................... 85 3,226
FreightCar America, Inc.................................... 142 1,980
Hillenbrand, Inc........................................... 741 34,345
John Bean Technologies Corp................................ 368 39,652
--------
79,203
--------
Motion Pictures & Services -- 0.0%
Eros International PLC+.................................... 359 3,841
IMAX Corp.+................................................ 656 15,219
--------
19,060
--------
MRI/Medical Diagnostic Imaging -- 0.6%
RadNet, Inc.+.............................................. 28,571 378,566
--------
Multimedia -- 0.0%
E.W. Scripps Co., Class A.................................. 677 7,535
Entravision Communications Corp., Class A.................. 775 3,604
Liberty Media Corp.-Liberty Braves, Series A+.............. 116 2,548
Liberty Media Corp.-Liberty Braves, Series C+.............. 402 8,860
Media General, Inc. CVR+(1)(2)............................. 1,299 0
--------
22,547
--------
Networking Products -- 0.4%
A10 Networks, Inc.+........................................ 586 3,575
Calix, Inc.+............................................... 508 3,378
Extreme Networks, Inc.+.................................... 1,337 14,306
Value
Security Description Shares (Note 3)
----------------------------------------------------------------
Networking Products (continued)
Infinera Corp.+.............................. 1,727 $ 20,240
NeoPhotonics Corp.+.......................... 386 1,984
NETGEAR, Inc.+............................... 366 20,240
Silicom, Ltd................................. 5,908 224,327
--------
288,050
--------
Night Clubs -- 0.0%
RCI Hospitality Holdings, Inc................ 106 2,882
--------
Non-Ferrous Metals -- 0.0%
Materion Corp................................ 233 11,825
Uranium Energy Corp.+........................ 1,597 2,411
--------
14,236
--------
Non-Hazardous Waste Disposal -- 0.1%
Advanced Disposal Services, Inc.+............ 592 13,048
Casella Waste Systems, Inc., Class A+........ 458 11,225
Covanta Holding Corp......................... 1,372 20,443
--------
44,716
--------
Office Automation & Equipment -- 0.0%
Eastman Kodak Co.+........................... 193 955
--------
Office Furnishings-Original -- 0.1%
CompX International, Inc..................... 19 261
Herman Miller, Inc........................... 699 21,459
HNI Corp..................................... 507 16,929
Interface, Inc............................... 699 15,378
Kimball International, Inc., Class B......... 427 7,054
Knoll, Inc................................... 566 10,794
Steelcase, Inc., Class A..................... 987 13,078
--------
84,953
--------
Office Supplies & Forms -- 0.0%
ACCO Brands Corp............................. 1,232 14,846
--------
Oil & Gas Drilling -- 0.1%
Diamond Offshore Drilling, Inc.+............. 757 13,921
Ensco PLC, Class A........................... 5,006 28,284
Noble Corp. PLC+............................. 2,859 13,352
Parker Drilling Co.+......................... 1,572 991
Rowan Cos. PLC, Class A+..................... 1,366 19,725
--------
76,273
--------
Oil Companies-Exploration & Production -- 1.4%
Abraxas Petroleum Corp.+..................... 195,939 560,385
Approach Resources, Inc.+.................... 504 1,401
Bonanza Creek Energy, Inc.+.................. 238 7,219
California Resources Corp.+.................. 499 12,700
Callon Petroleum Co.+........................ 2,360 32,828
Carrizo Oil & Gas, Inc.+..................... 906 18,183
Contango Oil & Gas Co.+...................... 276 1,029
Denbury Resources, Inc.+..................... 4,654 15,312
Earthstone Energy, Inc., Class A+............ 216 2,210
Eclipse Resources Corp.+..................... 1,023 1,361
Energy XXI Gulf Coast, Inc.+................. 342 1,977
EP Energy Corp., Class A+.................... 451 830
Evolution Petroleum Corp..................... 296 2,753
Gastar Exploration, Inc.+.................... 2,111 1,435
Halcon Resources Corp.+...................... 1,610 8,646
HighPoint Resources Corp.+................... 1,163 8,036
60
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
--------------------------------------------------------------------
COMMON STOCKS (continued)
Oil Companies-Exploration & Production (continued)
Isramco, Inc.+................................... 9 $ 951
Jagged Peak Energy, Inc.+........................ 671 9,615
Jones Energy, Inc., Class A+..................... 593 391
Lilis Energy, Inc.+.............................. 501 2,069
Matador Resources Co.+........................... 1,138 37,258
Midstates Petroleum Co., Inc.+................... 131 1,833
Oasis Petroleum, Inc.+........................... 3,127 34,491
Panhandle Oil and Gas, Inc., Class A............. 184 3,579
PDC Energy, Inc.+................................ 774 41,440
Penn Virginia Corp.+............................. 167 7,752
Resolute Energy Corp.+........................... 254 8,481
Ring Energy, Inc.+............................... 585 9,781
Rosehill Resources, Inc.+........................ 29 230
Sanchez Energy Corp.+............................ 849 2,606
SandRidge Energy, Inc.+.......................... 409 5,947
SilverBow Resources, Inc.+....................... 82 2,513
SRC Energy, Inc.+................................ 2,826 31,199
Stone Energy Corp.+.............................. 228 8,117
Ultra Petroleum Corp.+........................... 2,284 5,527
Unit Corp.+...................................... 606 13,744
W&T Offshore, Inc.+.............................. 1,098 6,698
WildHorse Resource Development Corp.+............ 569 14,879
--------
925,406
--------
Oil Field Machinery & Equipment -- 0.7%
Dril-Quip, Inc.+................................. 444 18,404
Exterran Corp.+.................................. 376 11,013
Flotek Industries, Inc.+......................... 648 2,313
Forum Energy Technologies, Inc.+................. 944 11,894
Gulf Island Fabrication, Inc..................... 160 1,600
Natural Gas Services Group, Inc.+................ 145 3,495
Profire Energy, Inc.+............................ 108,570 387,595
Thermon Group Holdings, Inc.+.................... 377 8,592
--------
444,906
--------
Oil Refining & Marketing -- 0.6%
Adams Resources & Energy, Inc.................... 25 1,145
CVR Energy, Inc.................................. 185 6,382
Delek US Holdings, Inc........................... 937 44,386
Par Pacific Holdings, Inc.+...................... 372 6,276
Trecora Resources+............................... 26,353 341,271
--------
399,460
--------
Oil-Field Services -- 1.1%
Archrock, Inc.................................... 1,305 14,094
Basic Energy Services, Inc.+..................... 204 3,301
Bristow Group, Inc............................... 379 6,083
C&J Energy Services, Inc.+....................... 588 17,558
CARBO Ceramics, Inc.+............................ 269 2,378
Era Group, Inc.+................................. 230 2,426
Frank's International NV......................... 583 4,075
FTS International, Inc.+......................... 265 5,292
Helix Energy Solutions Group, Inc.+.............. 1,647 12,715
Independence Contract Drilling, Inc.+............ 401 1,841
Keane Group, Inc.+............................... 624 9,703
Key Energy Services, Inc.+....................... 121 1,940
Liberty Oilfield Services, Inc., Class A+........ 173 3,450
Mammoth Energy Services, Inc.+................... 94 3,053
Value
Security Description Shares (Note 3)
---------------------------------------------------------------------------
Oil-Field Services (continued)
Matrix Service Co.+........................................ 307 $ 4,728
McDermott International, Inc.+............................. 3,316 21,886
MRC Global, Inc.+.......................................... 1,046 19,591
NCS Multistage Holdings, Inc.+............................. 124 2,259
Newpark Resources, Inc.+................................... 986 10,353
Nine Energy Service, Inc.+................................. 95 2,901
NOW, Inc.+................................................. 1,253 15,199
Oil States International, Inc.+............................ 595 21,390
PHI, Inc.+................................................. 137 1,717
Pioneer Energy Services Corp.+............................. 891 3,074
ProPetro Holding Corp.+.................................... 668 12,224
Quintana Energy Services, Inc.+............................ 72 557
Ranger Energy Services, Inc.+.............................. 69 569
SEACOR Holdings, Inc.+..................................... 193 10,584
Select Energy Services, Inc., Class A+..................... 313 4,711
Solaris Oilfield Infrastructure, Inc., Class A+............ 24,721 464,755
Superior Energy Services, Inc.+............................ 1,783 19,132
TETRA Technologies, Inc.+.................................. 1,340 5,266
--------
708,805
--------
Optical Recognition Equipment -- 0.0%
Digimarc Corp.+............................................ 121 3,491
--------
Optical Supplies -- 0.0%
STAAR Surgical Co.+........................................ 479 7,784
--------
Paper & Related Products -- 0.1%
Clearwater Paper Corp.+.................................... 190 4,493
Neenah, Inc................................................ 195 15,210
Orchids Paper Products Co.+................................ 107 654
P.H. Glatfelter Co......................................... 508 10,612
Schweitzer-Mauduit International, Inc...................... 356 13,895
Verso Corp., Class A+...................................... 402 7,260
--------
52,124
--------
Pastoral & Agricultural -- 0.0%
Phibro Animal Health Corp., Class A........................ 231 9,771
--------
Patient Monitoring Equipment -- 0.2%
Insulet Corp.+............................................. 681 58,566
Masimo Corp.+.............................................. 525 47,108
--------
105,674
--------
Pharmacy Services -- 0.0%
BioScrip, Inc.+............................................ 1,359 3,574
Diplomat Pharmacy, Inc.+................................... 568 12,377
--------
15,951
--------
Physical Therapy/Rehabilitation Centers -- 0.6%
AAC Holdings, Inc.+........................................ 134 1,518
Encompass Health Corp...................................... 1,153 70,125
U.S. Physical Therapy, Inc................................. 3,346 305,323
--------
376,966
--------
Pipelines -- 0.0%
SemGroup Corp., Class A.................................... 777 19,542
Tellurian, Inc.+........................................... 718 6,835
--------
26,377
--------
Pollution Control -- 0.0%
Advanced Emissions Solutions, Inc.......................... 232 2,557
CECO Environmental Corp.................................... 349 1,640
61
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
---------------------------------------------------------
COMMON STOCKS (continued)
Pollution Control (continued)
Hudson Technologies, Inc.+............. 434 $ 1,901
--------
6,098
--------
Poultry -- 0.0%
Sanderson Farms, Inc................... 236 26,234
--------
Power Converter/Supply Equipment -- 1.0%
Advanced Energy Industries, Inc.+...... 465 27,691
Energous Corp.+........................ 220 3,951
Generac Holdings, Inc.+................ 713 32,092
Powell Industries, Inc................. 103 3,095
SPX Corp.+............................. 499 15,788
SunPower Corp.+........................ 700 5,971
Vicor Corp.+........................... 15,337 549,832
--------
638,420
--------
Precious Metals -- 0.1%
Coeur Mining, Inc.+.................... 2,169 16,419
Hecla Mining Co........................ 4,615 17,676
--------
34,095
--------
Printing-Commercial -- 0.2%
ARC Document Solutions, Inc.+.......... 468 1,030
Cimpress NV+........................... 288 41,417
Deluxe Corp............................ 562 38,519
Ennis, Inc............................. 293 5,245
LSC Communications, Inc................ 402 7,027
Quad/Graphics, Inc..................... 367 9,069
RR Donnelley & Sons Co................. 821 6,937
--------
109,244
--------
Private Equity -- 0.0%
Kennedy-Wilson Holdings, Inc........... 1,417 26,852
--------
Publishing-Books -- 0.0%
Houghton Mifflin Harcourt Co.+......... 1,211 8,235
Scholastic Corp........................ 331 13,703
--------
21,938
--------
Publishing-Newspapers -- 0.1%
Daily Journal Corp.+................... 13 2,945
Gannett Co., Inc....................... 1,316 12,726
New York Times Co., Class A............ 1,470 34,471
tronc, Inc.+........................... 235 4,315
--------
54,457
--------
Publishing-Periodicals -- 0.0%
Meredith Corp.......................... 463 23,984
Value Line, Inc........................ 13 253
--------
24,237
--------
Quarrying -- 0.0%
Compass Minerals International, Inc.... 397 26,718
--------
Racetracks -- 0.1%
Churchill Downs, Inc................... 158 43,387
Empire Resorts, Inc.+.................. 40 762
International Speedway Corp., Class A.. 283 11,631
Penn National Gaming, Inc.+............ 992 30,068
Speedway Motorsports, Inc.............. 136 2,400
--------
88,248
--------
Value
Security Description Shares (Note 3)
----------------------------------------------------------------------
Radio -- 0.0%
Beasley Broadcast Group, Inc., Class A................ 57 $ 647
Entercom Communications Corp., Class A................ 1,485 15,073
Saga Communications, Inc., Class A.................... 44 1,632
Salem Media Group, Inc................................ 136 428
Townsquare Media, Inc., Class A....................... 103 785
-------
18,565
-------
Real Estate Investment Trusts -- 3.0%
Acadia Realty Trust................................... 971 22,916
AG Mtg. Investment Trust, Inc......................... 328 5,799
Agree Realty Corp..................................... 331 16,179
Alexander & Baldwin, Inc.............................. 798 18,274
Alexander's, Inc...................................... 25 9,834
American Assets Trust, Inc............................ 473 15,879
Americold Realty Trust................................ 616 12,696
Anworth Mtg. Asset Corp............................... 1,139 5,387
Apollo Commercial Real Estate Finance, Inc............ 1,259 22,687
Ares Commercial Real Estate Corp...................... 314 3,840
Armada Hoffler Properties, Inc........................ 523 7,097
ARMOUR Residential REIT, Inc.......................... 487 11,021
Ashford Hospitality Trust, Inc........................ 900 6,192
Bluerock Residential Growth REIT, Inc................. 269 2,418
Braemar Hotels & Resorts, Inc......................... 310 3,224
Capstead Mtg. Corp.................................... 1,117 9,830
CareTrust REIT, Inc................................... 883 11,664
CatchMark Timber Trust, Inc., Class A................. 507 6,611
CBL & Associates Properties, Inc...................... 1,974 8,251
Cedar Realty Trust, Inc............................... 1,032 4,014
Chatham Lodging Trust................................. 523 9,963
Cherry Hill Mtg. Investment Corp...................... 137 2,414
Chesapeake Lodging Trust.............................. 693 20,471
City Office REIT, Inc................................. 412 4,689
Clipper Realty, Inc................................... 184 1,507
CorEnergy Infrastructure Trust, Inc................... 139 5,357
Cousins Properties, Inc............................... 4,896 43,525
CYS Investments, Inc.................................. 1,812 12,992
DiamondRock Hospitality Co............................ 2,342 25,879
Dynex Capital, Inc.................................... 611 4,020
Easterly Government Properties, Inc................... 494 10,181
EastGroup Properties, Inc............................. 398 35,732
Education Realty Trust, Inc........................... 891 29,323
Ellington Residential Mortgage REIT................... 107 1,217
First Industrial Realty Trust, Inc.................... 1,393 43,336
Four Corners Property Trust, Inc...................... 722 16,361
Franklin Street Properties Corp....................... 1,224 9,523
Front Yard Residential Corp........................... 581 5,705
GEO Group, Inc........................................ 1,433 32,243
Getty Realty Corp..................................... 362 9,068
Gladstone Commercial Corp............................. 329 5,705
Global Medical REIT, Inc.............................. 213 1,659
Global Net Lease, Inc................................. 794 14,776
Government Properties Income Trust.................... 1,141 14,251
Gramercy Property Trust............................... 1,874 44,039
Great Ajax Corp....................................... 184 2,473
Healthcare Realty Trust, Inc.......................... 1,437 39,992
Hersha Hospitality Trust.............................. 454 8,526
Independence Realty Trust, Inc........................ 982 9,231
Industrial Logistics Properties Trust................. 237 4,863
InfraREIT, Inc........................................ 497 10,591
62
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
----------------------------------------------------------------------
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Invesco Mtg. Capital, Inc............................. 1,316 $ 21,359
Investors Real Estate Trust........................... 1,412 7,526
iStar, Inc.+.......................................... 771 7,818
Jernigan Capital, Inc................................. 154 2,957
Kite Realty Group Trust............................... 970 14,278
KKR Real Estate Finance Trust, Inc.................... 181 3,568
LaSalle Hotel Properties.............................. 1,333 39,417
Lexington Realty Trust................................ 2,536 20,389
LTC Properties, Inc................................... 461 16,665
Mack-Cali Realty Corp................................. 1,060 18,200
MedEquities Realty Trust, Inc......................... 335 3,414
Monmouth Real Estate Investment Corp.................. 870 13,598
MTGE Investment Corp.................................. 536 9,728
National Health Investors, Inc........................ 471 32,155
National Storage Affiliates Trust..................... 589 15,503
New Senior Investment Group, Inc...................... 961 8,284
New York Mortgage Trust, Inc.......................... 1,305 7,908
NexPoint Residential Trust, Inc....................... 202 5,412
NorthStar Realty Europe Corp.......................... 637 9,237
One Liberty Properties, Inc........................... 171 4,063
Orchid Island Capital, Inc............................ 594 4,158
Owens Realty Mortgage, Inc............................ 115 1,784
Pebblebrook Hotel Trust............................... 806 28,202
Pennsylvania Real Estate Investment Trust............. 802 7,763
PennyMac Mtg. Investment Trust........................ 710 12,489
Physicians Realty Trust............................... 2,108 31,494
PotlatchDeltic Corp................................... 705 36,554
Preferred Apartment Communities, Inc., Class A........ 449 6,605
PS Business Parks, Inc................................ 231 26,630
QTS Realty Trust, Inc., Class A....................... 577 20,420
Quality Care Properties, Inc.+........................ 1,107 24,321
RAIT Financial Trust.................................. 1,075 195
Ramco-Gershenson Properties Trust..................... 920 10,994
Redwood Trust, Inc.................................... 897 13,760
Resource Capital Corp................................. 353 3,445
Retail Opportunity Investments Corp................... 1,268 21,810
Rexford Industrial Realty, Inc........................ 905 27,648
RLJ Lodging Trust..................................... 1,987 41,270
Ryman Hospitality Properties, Inc..................... 518 40,601
Sabra Health Care REIT, Inc........................... 2,077 38,030
Saul Centers, Inc..................................... 133 6,364
Select Income REIT.................................... 741 14,049
Seritage Growth Properties, Class A................... 299 10,635
STAG Industrial, Inc.................................. 1,109 27,248
Summit Hotel Properties, Inc.......................... 1,214 17,579
Sunstone Hotel Investors, Inc......................... 2,642 41,215
Sutherland Asset Management Corp...................... 206 2,966
Terreno Realty Corp................................... 637 23,665
Tier REIT, Inc........................................ 558 10,608
UMH Properties, Inc................................... 28,215 381,749
Universal Health Realty Income Trust.................. 146 8,750
Urban Edge Properties................................. 1,211 24,910
Urstadt Biddle Properties, Inc., Class A.............. 346 6,875
Washington Prime Group, Inc........................... 2,184 14,131
Washington Real Estate Investment Trust............... 924 26,537
Western Asset Mtg. Capital Corp....................... 478 4,756
Whitestone REIT....................................... 436 4,731
Value
Security Description Shares (Note 3)
---------------------------------------------------------------
Real Estate Investment Trusts (continued)
Xenia Hotels & Resorts, Inc................ 1,260 $ 25,943
----------
1,995,788
----------
Real Estate Management/Services -- 0.1%
Farmland Partners, Inc..................... 372 2,835
Griffin Industrial Realty, Inc............. 8 297
HFF, Inc., Class A......................... 430 15,110
Marcus & Millichap, Inc.+.................. 188 6,422
Newmark Group, Inc., Class A+.............. 272 4,107
RE/MAX Holdings, Inc., Class A............. 209 11,317
Redfin Corp.+.............................. 682 14,595
Safety Income and Growth, Inc.............. 121 2,172
----------
56,855
----------
Real Estate Operations & Development -- 0.6%
Community Healthcare Trust, Inc............ 201 5,126
Consolidated-Tomoka Land Co................ 45 2,768
Forestar Group, Inc.+...................... 123 2,681
FRP Holdings, Inc.+........................ 77 4,428
Maui Land & Pineapple Co., Inc.+........... 79 841
RMR Group, Inc., Class A................... 4,575 340,380
St. Joe Co.+............................... 519 8,953
Stratus Properties, Inc.+.................. 69 2,156
Transcontinental Realty Investors, Inc.+... 20 877
Trinity Place Holdings, Inc.+.............. 212 1,389
----------
369,599
----------
Recreational Centers -- 0.1%
Planet Fitness, Inc., Class A+............. 1,013 40,814
----------
Recreational Vehicles -- 1.2%
Camping World Holdings, Inc., Class A...... 372 10,650
LCI Industries............................. 284 27,065
Malibu Boats, Inc., Class A+............... 13,242 446,256
MCBC Holdings, Inc.+....................... 14,284 342,816
----------
826,787
----------
Recycling -- 0.0%
Aqua Metals, Inc.+......................... 266 833
----------
Rental Auto/Equipment -- 0.2%
Aaron's, Inc............................... 742 30,993
Avis Budget Group, Inc.+................... 848 41,900
CAI International, Inc.+................... 192 4,316
Herc Holdings, Inc.+....................... 284 14,952
Hertz Global Holdings, Inc.+............... 641 14,038
McGrath RentCorp........................... 274 16,147
Rent-A-Center, Inc......................... 501 5,065
Textainer Group Holdings, Ltd.+............ 318 5,470
----------
132,881
----------
Resorts/Theme Parks -- 0.1%
Marriott Vacations Worldwide Corp.......... 251 30,775
SeaWorld Entertainment, Inc.+.............. 801 12,087
----------
42,862
----------
Retail-Apparel/Shoe -- 0.3%
Abercrombie & Fitch Co., Class A........... 800 20,496
American Eagle Outfitters, Inc............. 1,900 39,292
Ascena Retail Group, Inc.+................. 2,020 4,484
Boot Barn Holdings, Inc.+.................. 230 4,501
63
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
-----------------------------------------------------------------
COMMON STOCKS (continued)
Retail-Apparel/Shoe (continued)
Buckle, Inc...................................... 337 $ 7,768
Caleres, Inc..................................... 493 16,136
Cato Corp., Class A.............................. 267 4,328
Chico's FAS, Inc................................. 1,486 14,756
Children's Place, Inc............................ 202 25,765
DSW, Inc., Class A............................... 769 17,149
Duluth Holdings, Inc., Class B+.................. 112 1,943
Express, Inc.+................................... 903 7,080
Finish Line, Inc., Class A....................... 466 6,324
Francesca's Holdings Corp.+...................... 426 2,109
Genesco, Inc.+................................... 228 9,747
Guess?, Inc...................................... 702 16,350
J. Jill, Inc.+................................... 168 858
Shoe Carnival, Inc............................... 135 3,290
Tailored Brands, Inc............................. 575 18,141
Tilly's, Inc., Class A........................... 154 1,726
Vera Bradley, Inc.+.............................. 230 2,617
Winmark Corp..................................... 25 3,258
--------
228,118
--------
Retail-Appliances -- 0.0%
Conn's, Inc.+.................................... 220 5,610
--------
Retail-Automobile -- 0.1%
America's Car-Mart, Inc.+........................ 81 4,317
Asbury Automotive Group, Inc.+................... 217 14,550
Group 1 Automotive, Inc.......................... 232 15,161
Lithia Motors, Inc., Class A..................... 276 26,458
Rush Enterprises, Inc., Class A+................. 357 14,576
Rush Enterprises, Inc., Class B+................. 60 2,335
Sonic Automotive, Inc., Class A.................. 295 5,841
--------
83,238
--------
Retail-Bookstores -- 0.0%
Barnes & Noble Education, Inc.+.................. 452 3,250
Barnes & Noble, Inc.............................. 696 3,863
--------
7,113
--------
Retail-Building Products -- 0.1%
At Home Group, Inc.+............................. 128 4,504
Beacon Roofing Supply, Inc.+..................... 798 39,062
BMC Stock Holdings, Inc.+........................ 766 13,214
Foundation Building Materials, Inc.+............. 174 2,445
GMS, Inc.+....................................... 381 11,872
Lumber Liquidators Holdings, Inc.+............... 329 7,919
Tile Shop Holdings, Inc.......................... 471 3,226
--------
82,242
--------
Retail-Computer Equipment -- 0.0%
PC Connection, Inc............................... 135 3,603
PCM, Inc.+....................................... 110 1,425
--------
5,028
--------
Retail-Discount -- 0.1%
Big Lots, Inc.................................... 499 21,183
Citi Trends, Inc................................. 156 4,778
Fred's, Inc., Class A............................ 421 1,008
Ollie's Bargain Outlet Holdings, Inc.+........... 557 34,646
--------
61,615
--------
Value
Security Description Shares (Note 3)
----------------------------------------------------------
Retail-Hair Salons -- 0.0%
Regis Corp.+............................ 416 $ 6,498
--------
Retail-Home Furnishings -- 0.1%
Bassett Furniture Industries, Inc....... 119 3,457
Haverty Furniture Cos., Inc............. 220 3,993
Kirkland's, Inc.+....................... 179 1,896
La-Z-Boy, Inc........................... 548 15,782
Pier 1 Imports, Inc..................... 937 2,089
RH+..................................... 235 22,431
--------
49,648
--------
Retail-Jewelry -- 0.0%
Movado Group, Inc....................... 178 7,022
--------
Retail-Leisure Products -- 0.0%
MarineMax, Inc.+........................ 248 5,357
Party City Holdco, Inc.+................ 410 6,457
--------
11,814
--------
Retail-Major Department Stores -- 0.0%
J.C. Penney Co., Inc.+.................. 3,632 10,569
Sears Holdings Corp.+................... 139 416
--------
10,985
--------
Retail-Misc./Diversified -- 0.1%
Container Store Group, Inc.+............ 187 1,165
Five Below, Inc.+....................... 633 44,696
Gaia, Inc.+............................. 103 1,561
PriceSmart, Inc......................... 259 22,688
--------
70,110
--------
Retail-Office Supplies -- 0.0%
Office Depot, Inc....................... 5,997 13,733
--------
Retail-Pawn Shops -- 0.1%
EZCORP, Inc., Class A+.................. 584 8,001
FirstCash, Inc.......................... 543 47,078
--------
55,079
--------
Retail-Pet Food & Supplies -- 0.0%
Freshpet, Inc.+......................... 291 5,762
PetIQ, Inc.+............................ 91 2,034
PetMed Express, Inc..................... 231 7,729
--------
15,525
--------
Retail-Regional Department Stores -- 0.0%
Dillard's, Inc., Class A................ 159 11,853
--------
Retail-Restaurants -- 2.0%
Biglari Holdings, Inc.+................. 12 4,107
BJ's Restaurants, Inc................... 236 13,181
Bloomin' Brands, Inc.................... 1,061 25,103
Bojangles', Inc.+....................... 205 3,024
Brinker International, Inc.............. 545 23,757
Carrols Restaurant Group, Inc.+......... 404 4,161
Cheesecake Factory, Inc................. 502 26,079
Chuy's Holdings, Inc.+.................. 194 5,548
Cracker Barrel Old Country Store, Inc... 225 37,033
Dave & Buster's Entertainment, Inc.+.... 477 20,268
Del Frisco's Restaurant Group, Inc.+.... 248 3,943
Del Taco Restaurants, Inc.+............. 386 4,308
Denny's Corp.+.......................... 32,342 566,308
64
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
------------------------------------------------------------------
COMMON STOCKS (continued)
Retail-Restaurants (continued)
Dine Brands Global, Inc....................... 202 $ 16,027
El Pollo Loco Holdings, Inc.+................. 238 2,380
Fiesta Restaurant Group, Inc.+................ 302 6,342
Habit Restaurants, Inc., Class A+............. 236 2,384
J Alexander's Holdings, Inc.+................. 151 1,804
Jack in the Box, Inc.......................... 345 30,946
Nathan's Famous, Inc.......................... 33 2,704
Noodles & Co.+................................ 137 993
Papa John's International, Inc................ 304 18,848
Potbelly Corp.+............................... 268 3,203
Red Robin Gourmet Burgers, Inc.+.............. 151 9,415
Ruth's Hospitality Group, Inc................. 14,983 402,294
Shake Shack, Inc., Class A+................... 261 12,426
Sonic Corp.................................... 436 11,297
Texas Roadhouse, Inc.......................... 784 50,239
Wingstop, Inc................................. 340 16,612
Zoe's Kitchen, Inc.+.......................... 224 3,304
----------
1,328,038
----------
Retail-Sporting Goods -- 0.0%
Big 5 Sporting Goods Corp..................... 238 1,999
Hibbett Sports, Inc.+......................... 224 6,093
Sportsman's Warehouse Holdings, Inc.+......... 424 2,116
Zumiez, Inc.+................................. 216 5,054
----------
15,262
----------
Retail-Toy Stores -- 0.0%
Build-A-Bear Workshop, Inc.+.................. 159 1,447
----------
Retail-Vision Service Center -- 0.0%
National Vision Holdings, Inc.+............... 357 11,881
----------
Retail-Vitamins & Nutrition Supplements -- 0.0%
GNC Holdings, Inc., Class A+.................. 794 2,819
Vitamin Shoppe, Inc.+......................... 250 1,237
----------
4,056
----------
Retirement/Aged Care -- 0.0%
Capital Senior Living Corp.+.................. 287 3,372
----------
Rubber-Tires -- 0.0%
Cooper Tire & Rubber Co....................... 602 14,719
----------
Rubber/Plastic Products -- 0.1%
Myers Industries, Inc......................... 274 6,384
Proto Labs, Inc.+............................. 290 34,554
Trinseo SA.................................... 520 37,934
----------
78,872
----------
Satellite Telecom -- 0.0%
Globalstar, Inc.+............................. 6,663 4,075
Intelsat SA+.................................. 425 4,152
Iridium Communications, Inc.+................. 981 11,674
Loral Space & Communications, Inc.+........... 150 5,828
----------
25,729
----------
Savings & Loans/Thrifts -- 1.4%
Banc of California, Inc....................... 509 9,773
BankFinancial Corp............................ 165 2,793
Beneficial Bancorp, Inc....................... 796 12,617
Berkshire Hills Bancorp, Inc.................. 468 17,761
Value
Security Description Shares (Note 3)
----------------------------------------------------------------------
Savings & Loans/Thrifts (continued)
BofI Holding, Inc.+................................... 692 $ 27,874
Brookline Bancorp, Inc................................ 879 14,591
BSB Bancorp, Inc.+.................................... 98 3,160
Capitol Federal Financial, Inc........................ 1,504 18,755
Charter Financial Corp................................ 144 3,349
Community Bankers Trust Corp.+........................ 251 2,184
Dime Community Bancshares, Inc........................ 371 7,327
Entegra Financial Corp.+.............................. 79 2,295
ESSA Bancorp, Inc..................................... 104 1,520
First Defiance Financial Corp......................... 116 6,921
First Financial Northwest, Inc........................ 95 1,606
Flagstar Bancorp, Inc.+............................... 249 8,603
Flushing Financial Corp............................... 325 8,421
Greene County Bancorp, Inc............................ 36 1,247
Hingham Institution for Savings....................... 15 3,060
Home Bancorp, Inc..................................... 77 3,338
HomeTrust Bancshares, Inc.+........................... 195 5,089
Investors Bancorp, Inc................................ 2,995 40,043
Malvern Bancorp, Inc.+................................ 75 1,909
Meridian Bancorp, Inc................................. 561 10,603
Meta Financial Group, Inc............................. 4,312 479,279
MutualFirst Financial, Inc............................ 72 2,646
Northfield Bancorp, Inc............................... 504 7,983
Northwest Bancshares, Inc............................. 1,108 18,393
OceanFirst Financial Corp............................. 468 12,627
Oconee Federal Financial Corp......................... 15 431
Oritani Financial Corp................................ 463 7,084
Pacific Premier Bancorp, Inc.+........................ 459 18,245
Provident Financial Holdings, Inc..................... 64 1,174
Provident Financial Services, Inc..................... 722 18,859
Prudential Bancorp, Inc............................... 95 1,736
Riverview Bancorp, Inc................................ 250 2,348
SI Financial Group, Inc............................... 131 1,873
Southern Missouri Bancorp, Inc........................ 79 2,757
Sterling Bancorp...................................... 2,496 59,280
Territorial Bancorp, Inc.............................. 90 2,740
Timberland Bancorp, Inc............................... 73 2,383
United Community Financial Corp....................... 573 5,804
United Financial Bancorp, Inc......................... 592 9,786
Washington Federal, Inc............................... 1,007 31,972
Waterstone Financial, Inc............................. 299 5,128
WSFS Financial Corp................................... 354 17,735
--------
925,102
--------
Schools -- 0.2%
Adtalem Global Education, Inc.+....................... 706 33,606
American Public Education, Inc.+...................... 185 7,455
Bridgepoint Education, Inc.+.......................... 307 1,793
Cambium Learning Group, Inc.+......................... 162 1,643
Capella Education Co.................................. 135 12,386
Career Education Corp.+............................... 792 10,272
Grand Canyon Education, Inc.+......................... 549 57,090
K12, Inc.+............................................ 450 6,885
Laureate Education, Inc., Class A+.................... 647 9,136
Strayer Education, Inc................................ 124 13,029
--------
153,295
--------
65
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
-----------------------------------------------------------------
COMMON STOCKS (continued)
Security Services -- 0.1%
Alarm.com Holdings, Inc.+........................ 242 $ 9,772
Ascent Capital Group, Inc., Class A+............. 129 446
Brink's Co....................................... 537 39,631
--------
49,849
--------
Seismic Data Collection -- 0.0%
Geospace Technologies Corp.+..................... 153 1,613
--------
Semiconductor Components-Integrated Circuits -- 0.2%
Aquantia Corp.+.................................. 84 992
Cirrus Logic, Inc.+.............................. 745 27,170
Integrated Device Technology, Inc.+.............. 1,569 43,665
MaxLinear, Inc.+................................. 721 16,100
Power Integrations, Inc.......................... 336 22,781
Sigma Designs, Inc.+............................. 446 2,810
--------
113,518
--------
Semiconductor Equipment -- 0.4%
Axcelis Technologies, Inc.+...................... 359 7,898
Brooks Automation, Inc........................... 814 20,252
Cabot Microelectronics Corp...................... 296 30,029
Cohu, Inc........................................ 326 6,976
Entegris, Inc.................................... 1,664 53,581
FormFactor, Inc.+................................ 843 9,674
MKS Instruments, Inc............................. 631 64,614
Nanometrics, Inc.+............................... 285 7,074
Photronics, Inc.+................................ 783 5,990
Rudolph Technologies, Inc.+...................... 366 9,278
Ultra Clean Holdings, Inc.+...................... 443 7,757
Veeco Instruments, Inc.+......................... 552 8,528
Xcerra Corp.+.................................... 634 7,659
--------
239,310
--------
Steel Pipe & Tube -- 0.1%
Advanced Drainage Systems, Inc................... 422 10,634
Atkore International Group, Inc.+................ 388 6,895
Mueller Water Products, Inc., Class A............ 1,805 17,671
Northwest Pipe Co.+.............................. 112 2,210
Omega Flex, Inc.................................. 34 2,220
TimkenSteel Corp.+............................... 464 7,791
--------
47,421
--------
Steel-Producers -- 0.1%
AK Steel Holding Corp.+.......................... 3,693 16,951
Carpenter Technology Corp........................ 543 28,920
Commercial Metals Co............................. 1,354 28,448
Ryerson Holding Corp.+........................... 187 1,879
Schnitzer Steel Industries, Inc., Class A........ 310 9,130
Shiloh Industries, Inc.+......................... 169 1,404
--------
86,732
--------
Steel-Specialty -- 0.1%
Allegheny Technologies, Inc.+.................... 1,471 39,084
--------
Storage/Warehousing -- 0.1%
Mobile Mini, Inc................................. 515 21,630
Wesco Aircraft Holdings, Inc.+................... 653 6,595
--------
28,225
--------
Value
Security Description Shares (Note 3)
-----------------------------------------------------------------
SupraNational Banks -- 0.0%
Banco Latinoamericano de Comercio Exterior SA,
Class E........................................ 355 $ 9,617
--------
Telecom Equipment-Fiber Optics -- 0.2%
Acacia Communications, Inc.+..................... 220 6,193
Ciena Corp.+..................................... 1,680 43,260
Clearfield, Inc.+................................ 135 1,647
Finisar Corp.+................................... 1,335 20,799
Harmonic, Inc.+.................................. 941 3,435
KVH Industries, Inc.+............................ 182 1,929
Oclaro, Inc.+.................................... 1,964 15,555
Viavi Solutions, Inc.+........................... 2,680 25,326
--------
118,144
--------
Telecom Services -- 0.1%
Consolidated Communications Holdings, Inc........ 765 8,644
GTT Communications, Inc.+........................ 363 17,442
Hawaiian Telcom Holdco, Inc.+.................... 70 1,907
HC2 Holdings, Inc.+.............................. 487 2,484
Ooma, Inc.+...................................... 206 2,194
ORBCOMM, Inc.+................................... 795 7,171
RigNet, Inc.+.................................... 156 2,355
Spok Holdings, Inc............................... 232 3,457
Vonage Holdings Corp.+........................... 2,409 26,933
--------
72,587
--------
Telecommunication Equipment -- 0.1%
ADTRAN, Inc...................................... 569 8,336
Casa Systems, Inc.+.............................. 82 1,918
Comtech Telecommunications Corp.................. 269 8,228
Plantronics, Inc................................. 386 25,148
Preformed Line Products Co....................... 36 2,421
--------
46,051
--------
Telephone-Integrated -- 0.1%
Cincinnati Bell, Inc.+........................... 492 7,454
Frontier Communications Corp..................... 921 7,644
IDT Corp., Class B............................... 202 1,095
Shenandoah Telecommunications Co................. 544 20,536
Windstream Holdings, Inc......................... 2,143 3,322
--------
40,051
--------
Television -- 0.1%
Central European Media Enterprises, Ltd.,
Class A+....................................... 965 4,101
Gray Television, Inc.+........................... 941 10,633
Nexstar Media Group, Inc., Class A............... 513 31,934
Sinclair Broadcast Group, Inc., Class A.......... 836 23,701
--------
70,369
--------
Textile-Apparel -- 0.0%
Perry Ellis International, Inc.+................. 150 3,892
Unifi, Inc.+..................................... 180 5,330
--------
9,222
--------
Textile-Products -- 0.0%
Culp, Inc........................................ 128 3,782
--------
Theaters -- 0.0%
AMC Entertainment Holdings, Inc., Class A........ 624 10,889
National CineMedia, Inc.......................... 724 4,141
66
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
-------------------------------------------------------------------
COMMON STOCKS (continued)
Theaters (continued)
Reading International, Inc., Class A+............ 194 $ 2,974
----------
18,004
----------
Therapeutics -- 1.5%
Akebia Therapeutics, Inc.+....................... 524 4,826
Anika Therapeutics, Inc.+........................ 168 7,394
Calithera Biosciences, Inc.+..................... 358 2,202
Cara Therapeutics, Inc.+......................... 313 3,875
Concert Pharmaceuticals, Inc.+................... 18,366 335,179
Dyax Corp. CVR+(1)(2)............................ 1,907 7,533
Flexion Therapeutics, Inc.+...................... 6,367 158,666
G1 Therapeutics, Inc.+........................... 158 6,059
La Jolla Pharmaceutical Co.+..................... 205 5,949
Mersana Therapeutics, Inc.+...................... 131 2,230
Portola Pharmaceuticals, Inc.+................... 665 24,026
Recro Pharma, Inc.+.............................. 31,324 380,900
Sarepta Therapeutics, Inc.+...................... 715 54,597
Xencor, Inc.+.................................... 446 12,929
----------
1,006,365
----------
Tobacco -- 0.1%
Turning Point Brands, Inc........................ 60 1,273
Universal Corp................................... 290 13,645
Vector Group, Ltd................................ 1,149 22,405
----------
37,323
----------
Toys -- 0.0%
Funko, Inc., Class A+............................ 123 1,081
----------
Transactional Software -- 0.1%
ACI Worldwide, Inc.+............................. 1,365 31,736
InnerWorkings, Inc.+............................. 539 5,444
Synchronoss Technologies, Inc.+.................. 499 5,589
----------
42,769
----------
Transport-Air Freight -- 0.1%
Air Transport Services Group, Inc.+.............. 688 13,925
Atlas Air Worldwide Holdings, Inc.+.............. 273 17,308
----------
31,233
----------
Transport-Equipment & Leasing -- 0.1%
GATX Corp........................................ 448 29,228
Greenbrier Cos., Inc............................. 324 14,207
Willis Lease Finance Corp.+...................... 40 1,307
----------
44,742
----------
Transport-Marine -- 0.2%
Costamare, Inc................................... 595 4,040
DHT Holdings, Inc................................ 1,000 3,630
Dorian LPG, Ltd.+................................ 263 1,891
Eagle Bulk Shipping, Inc.+....................... 450 2,277
Frontline, Ltd................................... 901 3,901
GasLog, Ltd...................................... 478 8,054
Genco Shipping & Trading, Ltd.+.................. 90 1,440
Gener8 Maritime, Inc.+........................... 552 3,179
Golar LNG, Ltd................................... 1,125 36,169
International Seaways, Inc.+..................... 344 6,925
Navios Maritime Acquisition Corp................. 965 748
Navios Maritime Holdings, Inc.+.................. 1,073 814
Value
Security Description Shares (Note 3)
-----------------------------------------------------------------
Transport-Marine (continued)
Nordic American Tankers, Ltd..................... 1,630 $ 3,064
Overseas Shipholding Group, Inc., Class A+....... 530 1,977
Safe Bulkers, Inc.+.............................. 576 1,682
Scorpio Bulkers, Inc............................. 704 5,386
Scorpio Tankers, Inc............................. 3,154 8,390
Ship Finance International, Ltd.................. 700 9,975
Teekay Corp...................................... 736 6,491
Teekay Tankers, Ltd., Class A.................... 2,381 2,738
--------
112,771
--------
Transport-Services -- 0.1%
Echo Global Logistics, Inc.+..................... 309 8,436
Hub Group, Inc., Class A+........................ 382 16,789
Matson, Inc...................................... 494 14,439
Radiant Logistics, Inc.+......................... 438 1,546
--------
41,210
--------
Transport-Truck -- 0.8%
ArcBest Corp..................................... 303 9,726
Covenant Transportation Group, Inc., Class A+.... 139 3,857
Daseke, Inc.+.................................... 42,997 356,015
Forward Air Corp................................. 346 18,681
Heartland Express, Inc........................... 554 9,878
Knight-Swift Transportation Holdings, Inc........ 1,469 57,306
Marten Transport, Ltd............................ 456 8,892
Roadrunner Transportation Systems, Inc.+......... 358 770
Saia, Inc.+...................................... 296 19,551
Schneider National, Inc., Class B................ 489 13,046
Universal Logistics Holdings, Inc................ 98 2,151
Werner Enterprises, Inc.......................... 558 19,139
YRC Worldwide, Inc.+............................. 387 3,220
--------
522,232
--------
Travel Services -- 0.0%
Liberty TripAdvisor Holdings, Inc., Class A+..... 850 7,820
--------
Venture Capital -- 0.0%
Safeguard Scientifics, Inc.+..................... 237 3,069
--------
Veterinary Diagnostics -- 0.1%
Heska Corp.+..................................... 77 6,285
Kindred Biosciences, Inc.+....................... 298 2,726
Neogen Corp.+.................................... 587 40,004
--------
49,015
--------
Vitamins & Nutrition Products -- 0.0%
Natural Grocers by Vitamin Cottage, Inc.+........ 106 758
Natural Health Trends Corp....................... 86 1,596
Nature's Sunshine Products, Inc.+................ 126 1,166
USANA Health Sciences, Inc.+..................... 128 13,510
--------
17,030
--------
Water -- 0.1%
American States Water Co......................... 425 23,681
Artesian Resources Corp., Class A................ 92 3,524
California Water Service Group................... 562 21,777
Connecticut Water Service, Inc................... 139 9,452
Consolidated Water Co., Ltd...................... 171 2,420
Global Water Resources, Inc...................... 119 1,097
Middlesex Water Co............................... 186 7,749
SJW Group........................................ 191 11,546
67
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
Value
Security Description Shares (Note 3)
--------------------------------------------------------------------
COMMON STOCKS (continued)
Water (continued)
York Water Co.................................... 150 $ 4,830
-----------
86,076
-----------
Water Treatment Systems -- 1.2%
AquaVenture Holdings, Ltd.+...................... 136 1,994
Energy Recovery, Inc.+........................... 44,389 376,862
Evoqua Water Technologies Corp.+................. 583 11,911
Pure Cycle Corp.+................................ 42,347 379,006
-----------
769,773
-----------
Web Hosting/Design -- 0.1%
Endurance International Group Holdings, Inc.+.... 667 4,903
NIC, Inc......................................... 751 11,152
Q2 Holdings, Inc.+............................... 373 18,370
Web.com Group, Inc.+............................. 449 8,351
-----------
42,776
-----------
Web Portals/ISP -- 0.8%
Blucora, Inc.+................................... 20,216 525,616
Meet Group, Inc.+................................ 784 1,866
-----------
527,482
-----------
Wire & Cable Products -- 0.1%
Belden, Inc...................................... 493 30,369
Encore Wire Corp................................. 237 12,478
General Cable Corp............................... 588 17,434
Insteel Industries, Inc.......................... 213 6,396
-----------
66,677
-----------
Wireless Equipment -- 0.5%
Aerohive Networks, Inc.+......................... 375 1,526
CalAmp Corp.+.................................... 9,919 195,900
Gogo, Inc.+...................................... 667 6,283
InterDigital, Inc................................ 405 30,152
Quantenna Communications, Inc.+.................. 258 3,269
Ubiquiti Networks, Inc.+......................... 263 18,742
ViaSat, Inc.+.................................... 638 40,819
-----------
296,691
-----------
Wound, Burn & Skin Care -- 0.0%
Dermira, Inc.+................................... 446 4,063
-----------
X-Ray Equipment -- 0.0%
Varex Imaging Corp.+............................. 441 15,872
ViewRay, Inc.+................................... 358 2,642
-----------
18,514
-----------
Total Common Stocks
(cost $50,108,354)............................. 59,475,994
-----------
Shares/
Principal Value
Security Description Amount (Note 3)
------------------------------------------------------------------------
EXCHANGE-TRADED FUNDS -- 1.6%
iShares Russell 2000 ETF....................... 3,414 $ 523,434
Vanguard Russell 2000 ETF...................... 4,500 554,265
-----------
Total Exchange-Traded Funds
(cost $1,059,281)............................. 1,077,699
-----------
Total Long-Term Investment Securities
(cost $51,167,635)............................ 60,553,693
-----------
SHORT-TERM INVESTMENT SECURITIES -- 2.8%
Time Deposits -- 2.5%
Euro Time Deposit with State Street Bank and
Trust Co.
0.28% due 05/01/2018.......................... $1,678,000 1,678,000
-----------
U.S. Government Treasuries -- 0.3%
United States Treasury Bills Disc. Notes
1.44% due 05/17/2018(4)....................... 60,000 59,957
1.69% due 06/28/2018(4)....................... 50,000 49,864
1.75% due 07/19/2018(4)....................... 50,000 49,807
1.76% due 08/09/2018(4)....................... 50,000 49,744
-----------
209,372
-----------
Total Short-Term Investment Securities
(cost $1,887,393)............................. 1,887,372
-----------
REPURCHASE AGREEMENTS -- 5.7%
Agreement with Fixed Income Clearing Corp.,
bearing interest at 0.28%, dated 04/30/2018,
to be repurchased 05/01/2018 in the amount
of $3,810,030 and collateralized by
$3,955,000 of United States Treasury Notes,
bearing interest at 2.63%, due 03/31/2025
and having an approximate value of
$3,890,917 (cost $3,810,000).................. 3,810,000 3,810,000
-----------
TOTAL INVESTMENTS
(cost $56,865,028)(3)......................... 99.1% 66,251,065
Other assets less liabilities.................... 0.9 585,797
---------- -----------
NET ASSETS 100.0% $66,836,862
========== ===========
--------
+ Non-income producing security
(1)Security classified as Level 3 (see Note 3).
(2)Illiquid security. At April 30, 2017, the aggregate value of these
securities was $7,727 representing 0.0% of net assets.
(3)See Note 6 for cost of investments on a tax basis.
(4)The security or a portion thereof was pledged as collateral to cover margin
requirements for open futures contracts.
CVR -- Contingent Value Rights
Futures Contracts
--------------------------------------------------------------------------------------------------------
Unrealized
Number of Appreciation
Contracts Type Description Expiration Month Notional Basis* Notional Value* (Depreciation)
--------- ---- ------------------------- ---------------- --------------- --------------- --------------
51 Long E-Mini Russell 2000 Index June 2018 $3,977,942 $3,936,690 $(41,252)
========
--------
* Notional basis refers to the contractual amount agreed upon at inception of
the open contract; notional value represents the current value of the open
contract.
68
SunAmerica Specialty Series -- AIG Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- April 30, 2018 -- (unaudited) (continued)
The following is a summary of the inputs used to value the Fund's net assets as
of April 30, 2018 (see Note 3):
Level 1 -- Unadjusted Level 2 -- Other Level 3 -- Significant
Quoted Prices Observable Inputs Unobservable Inputs Total
--------------------- ----------------- ---------------------- -----------
ASSETS:
Investments at Value:*
Common Stocks:
Finance-Commercial............................. $ 14,606 $ -- $ 194 $ 14,800
Medical-Biomedical/Gene........................ 2,693,010 -- 0 2,693,010
Metal-Diversified.............................. 3,024 -- 0 3,024
Multimedia..................................... 22,547 -- 0 22,547
Therapeutics................................... 998,832 -- 7,533 1,006,365
Other Industries............................... 55,736,248 -- -- 55,736,248
Exchange-Traded Funds............................. 1,077,699 -- -- 1,077,699
Short-Term Investments Securities................. -- 1,887,372 -- 1,887,372
Repurchase Agreements............................. -- 3,810,000 -- 3,810,000
----------- ---------- ------ -----------
Total Investments at Value........................ $60,545,966 $5,697,372 $7,727 $66,251,065
=========== ========== ====== ===========
LIABILITIES:
Other Financial Instruments:+
Futures Contracts................................. $ 41,252 $ -- $ -- $ 41,252
=========== ========== ====== ===========
--------
* For a detailed presentation of investments, please refer to the Portfolio of
Investments.
The Fund's policy is to recognize transfers between Levels as of the end of the
reporting period. There were no transfers between Levels during the reporting
period.
At the beginning and end of the reporting period, Level 3 investments in
securities were not considered a material portion of the Fund.
See Notes to Financial Statements
69
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
Note 1. Organization
SunAmerica Specialty Series (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end management
investment company and is organized as a Delaware Statutory Trust. The Trust
consists of seven different investment funds (each a "Fund" and
collectively, the "Funds") as of April 30, 2018. Each Fund is managed by
SunAmerica Asset Management, LLC (the "Adviser" or "SunAmerica"). An
investor may invest in one or more of the following Funds: AIG Commodity
Strategy Fund (the "Commodity Strategy Fund"), AIG ESG Dividend Fund (the
"ESG Dividend Fund"), AIG Focused Alpha Large-Cap Fund (the "Focused Alpha
Large-Cap Fund"), AIG Focused Multi-Cap Growth Fund (the "Focused Multi-Cap
Growth Fund"), AIG Global Trends Fund (the "Global Trends Fund"), AIG Income
Explorer Fund (the "Income Explorer Fund") and AIG Small-Cap Fund ("the
Small-Cap Fund").
The Funds are considered to be separate entities for financial and tax
reporting purposes. The investment objective and principal investment
techniques for each Fund are as follows:
The Commodity Strategy Fund seeks to provide long-term total return through
a strategy that is designed to provide diversified exposure to the
commodities markets. The Fund seeks to achieve its investment goal by
investing its assets in a combination of commodity-linked derivative
instruments and fixed income securities.
The ESG Dividend Fund seeks to provide total return including capital
appreciation and current income, employing a "buy and hold" strategy with up
to forty dividend yielding equity securities selected annually from the
Russell 1000(R) Index that meet the Fund's ESG standards.
The Focused Alpha Large-Cap Fund seeks to provide growth of capital through
active trading of equity securities to achieve a blend of growth companies,
value companies and companies that have elements of growth and value, issued
by large-cap companies. Under normal market conditions, the Fund will invest
at least 80% of its net assets, plus any borrowing for investment purposes,
in large-cap companies.
The Focused Multi-Cap Growth Fund seeks to provide growth of capital through
active trading of equity securities of large, small and mid-cap companies.
The Global Trends Fund seeks to provide capital appreciation by utilizing an
actively managed, rules based investment process to allocate assets across a
diversified, broad-based spectrum of asset classes, including the global
equity and fixed income markets, currencies and commodities.
The Income Explorer Fund seeks to provide high current income with a
secondary objective of capital appreciation primarily by strategically
allocating its assets among a preferred securities strategy, closed-end fund
strategy and global dividend equity strategy. Through this combination of
investments, the Fund expects to gain exposure to a broad range of
income-producing investments, including both fixed income and equity
securities.
The Small-Cap Fund seeks to provide long-term growth of capital by
strategically allocating its assets between a small-cap index strategy and a
micro-cap growth strategy.
Each Fund, except for the Focused Alpha Large-Cap Fund and Focused Multi-Cap
Growth Fund, is a "diversified" Fund within the meaning of the 1940 Act.
Each Fund offers multiple classes of shares of beneficial interest. The
classes within each Fund are presented in the Statement of Assets and
Liabilities. The cost structure for each class is as follows:
Class A shares are offered at net asset value per share plus an initial
sales charge. Additionally, any purchases of Class A shares in excess of
$1,000,000 will be purchased at net asset value but will be subject to a
contingent deferred sales charge on redemptions made within two years of
purchase.
70
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
Class C shares are offered at net asset value and may be subject to a
contingent deferred sales charge on redemptions made within 12 months of
purchase.
Class W shares are offered at net asset value per share. The class is
offered exclusively through advisory fee-based programs sponsored by certain
financial intermediaries and other programs.
Each class of shares bears the same voting, dividend, liquidation and other
rights and conditions, except as may otherwise be provided in the Funds'
registration statement. Class A and Class C shares make distribution and
account maintenance fee payments under a distribution plan pursuant to Rule
12b-1 under the 1940 Act, with Class C shares being subject to higher
distribution fee rates. Class W shares have not adopted 12b-1 Plans and make
no payments thereunder, however, Class W shares pay a service fee to the
Funds' distributor for administrative and shareholder services.
Indemnifications: The Trust's organizational documents provide current and
former officers and trustees with a limited indemnification against
liabilities arising out of the performance of their duties to the Trust. In
addition, pursuant to Indemnification Agreements between the Trust and each
of the current trustees who is not an "interested person," as defined in
Section 2(a)(19) of the 1940 Act, of the Trust (collectively, the
"Disinterested Trustees"), the Trust provides the Disinterested Trustees
with a limited indemnification against liabilities arising out of the
performance of their duties to the Trust, whether such liabilities are
asserted during or after their service as trustees. In addition, in the
normal course of business the Trust enters into contracts that contain the
obligation to indemnify others. The Trust's maximum exposure under these
arrangements is unknown. Currently, however, the Trust expects the risk of
loss to be remote.
Note 2. Basis for consolidation for the SunAmerica Commodity Strategy Cayman
Fund Ltd. and SunAmerica Global Trends Cayman Fund Ltd.
The AIG Commodity Strategy Cayman Fund Ltd. (the "Commodity Strategy
Subsidiary"), a Cayman Islands exempted company, was incorporated on
October 20, 2008, and is a wholly-owned subsidiary of the Commodity Strategy
Fund. The Commodity Strategy Subsidiary commenced operations on May 22, 2009
and was organized as a wholly-owned subsidiary of the Commodity Strategy
Fund in order to effect certain investments on behalf of the Commodity
Strategy Fund consistent with the investment objectives and policies in the
Commodity Strategy Fund's prospectus and statement of additional
information. With respect to its investments, the Commodity Strategy
Subsidiary will generally be subject to the same fundamental,
non-fundamental and certain other investment restrictions as the Commodity
Strategy Fund; however, the Commodity Strategy Subsidiary (unlike the
Commodity Strategy Fund) may invest without limitation in commodity-linked
swap agreements and other commodity-linked derivative instruments that may
otherwise be limited if purchased by the Commodity Strategy Fund due to
federal tax requirements relating to qualifying income. The Commodity
Strategy Fund and Commodity Strategy Subsidiary may test for compliance with
certain investment restrictions on a consolidated basis, except that with
respect to its investment in certain securities that may involve leverage,
the Commodity Strategy Subsidiary will comply with asset segregation or
"earmarking" requirements to the same extent as the Commodity Strategy Fund.
The Commodity Strategy Fund may invest up to 25% of its assets in the
Commodity Strategy Subsidiary. As of April 30, 2018, net assets of the
Commodity Strategy Fund were $42,724,824, of which approximately $8,103,735,
or approximately 19.0%, represented the Commodity Strategy Fund's ownership
of all issued shares and voting rights of the Commodity Strategy Subsidiary.
The AIG Global Trends Cayman Fund Ltd. (the "Global Trends Subsidiary"), a
Cayman Islands exempted company, was incorporated on March 17, 2011, and is
a wholly-owned subsidiary of the Global Trends Fund. The Global Trends
Subsidiary commenced operations on June 17, 2011 and was organized as a
wholly-owned subsidiary of the Global Trends Fund in order to effect certain
investments on behalf of the Global Trends Fund consistent with the
investment objectives and policies in the Global Trends Fund's prospectus
and statement of additional information. With respect to its investments,
the Global Trends Subsidiary will generally be subject to the same
fundamental, non-fundamental and certain other investment restrictions as
the Global Trends Fund; however, the Global Trends Subsidiary (unlike the
Global Trends Fund) may invest without limitation in commodity-linked
instruments that may otherwise be limited if purchased by the Global Trends
Fund due to federal tax requirements relating to qualifying income. The
Global Trends Fund and Global Trends Subsidiary may test for compliance with
certain investment restrictions on a consolidated basis, except that with
respect to its investment in certain securities that may involve leverage,
the Global Trends Subsidiary will comply with asset segregation or
"earmarking" requirements to the same
71
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
extent as the Global Trends Fund. The Global Trends Fund may invest up to
25% of its assets in the Global Trends Subsidiary. As of April 30, 2018, net
assets of the Global Trends Fund were $34,883,560, of which approximately
$7,891,333, or approximately 22.6%, represented the Global Trends Fund's
ownership of all issued shares and voting rights of the Global Trends
Subsidiary.
Note 3. Significant Accounting Policies
The preparation of financial statements in accordance with U.S. generally
accepted accounting principles ("GAAP") requires management to make
estimates and assumptions that affect the reported amounts and disclosures
in the financial statements. Actual results could differ from those
estimates and those differences could be significant. The Funds are
considered investment companies under GAAP and follow the accounting and
reporting guidance applicable to investment companies. The following is a
summary of significant accounting policies consistently followed by the
Trust in the preparation of its financial statements:
Security Valuation: In accordance with the authoritative guidance on fair
value measurements and disclosures under GAAP, the Funds disclose the fair
value of their investments in a hierarchy that prioritizes the inputs to
valuation techniques used to measure the fair value. In accordance with
GAAP, fair value is defined as the price that the Funds would receive upon
selling an asset or transferring a liability in a timely transaction to an
independent third party in the principal or most advantageous market. GAAP
establishes a three-tier hierarchy to provide more transparency around the
inputs used to measure fair value and to establish classification of fair
value measurements for disclosure purposes. Inputs refer broadly to the
assumptions that market participants would use in pricing the asset or
liability, including assumptions about risk. Inputs may be observable or
unobservable. Observable inputs are inputs that reflect the assumptions
market participants would use in pricing the asset or liability developed
based on market data obtained from sources independent of the reporting
entity. Unobservable inputs are inputs that reflect the reporting entity's
own assumptions about the assumptions market participants would use in
pricing the asset or liability developed based on the best information
available in the circumstances. The three-tiers are as follows:
Level 1 -- Unadjusted quoted prices in active markets for identical
securities
Level 2 -- Other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk,
referenced indices, quoted prices in inactive markets, adjusted quoted
prices in active markets, adjusted quoted prices
on foreign equity securities that were adjusted in accordance with pricing
procedures approved by the Board of Trustees (the "Board") , etc.)
Level 3 -- Significant unobservable inputs (includes inputs that reflect the
Funds' own assumptions about the assumptions market participants would use
in pricing the security, developed based on the best information available
under the circumstances)
Changes in valuation techniques may result in transfers in or out of an
investment's assigned Level within the hierarchy. The methodology used for
valuing investments is not necessarily an indication of the risk associated
with investing in those investments and the determination of the
significance of a particular input to the fair value measurement in its
entirety requires judgment and consideration of factors specific to each
security.
The availability of observable inputs can vary from security to security and
is affected by a wide variety of factors, including, for example, the type
of security, whether the security is recently issued and not yet established
in the marketplace, the liquidity of markets, and other characteristics
particular to the security. To the extent that valuation is based on models
or inputs that are less observable or unobservable in the market, the
determination of fair value requires more judgment. Accordingly, the degree
of judgment exercised in determining fair value is greatest for instruments
categorized in Level 3.
The summary of the Funds' assets and liabilities classified in the fair
value hierarchy as of April 30, 2018 is reported on a schedule following
each Fund's Portfolio of Investments.
Stocks are generally valued based upon closing sales prices reported on
recognized securities exchanges on which the securities are principally
traded and are generally categorized as Level 1. Stocks listed on the NASDAQ
are valued using the NASDAQ Official Closing Price ("NOCP"). Generally, the
NOCP will be the last sale price unless the reported trade for the stock is
outside the range of the bid/ask price. In such cases, the NOCP will be
normalized to the nearer of the bid or ask price. For listed securities
having no sales reported and for unlisted securities, such securities will
be valued based upon the last reported bid price.
72
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
As of the close of regular trading on the New York Stock Exchange ("NYSE"),
securities traded primarily on security exchanges outside the United States
are valued at the last sale price on such exchanges on the day of valuation,
or if there is no sale on the day of valuation, at the last-reported bid
price. If a security's price is available from more than one exchange, the
Funds use the exchange that is the primary market for the security. Such
securities are generally categorized as Level 1. However, depending on the
foreign market, closing prices may be up to 15 hours old when they are used
to price a Fund's shares, and a Fund may determine that certain closing
prices do not reflect the fair value of the security. This determination
will be based on the review of a number of factors, including developments
in foreign markets, the performance of U.S. securities markets, and the
performance of instruments trading in U.S. markets that represent foreign
securities and baskets of foreign securities. If a Fund determines that
closing prices do not reflect the fair value of the securities, the Fund
will adjust the previous closing prices in accordance with pricing
procedures approved by the Board to reflect what it believes to be the fair
value of the securities as of the close of regular trading on the NYSE. The
Funds may also fair value securities in other situations, for example, when
a particular foreign market is closed but a Fund is open. For foreign equity
securities and foreign equity futures contracts, the Funds use an outside
pricing service to provide it with closing market prices and information
used for adjusting those prices, and when so adjusted, such securities and
futures are generally categorized as Level 2.
Bonds, debentures and other debt securities are valued at evaluated bid
prices obtained for the day of valuation from a Board-approved pricing
service and are generally categorized as Level 2. The pricing services may
use valuation models or matrix pricing which considers information with
respect to comparable bond and note transactions, quotations from bond
dealers, or by reference to other securities that are considered comparable
in such characteristics as rating, interest rate, maturity date, option
adjusted spread models, prepayments projections, interest rate spreads, and
yield curves to determine current value. If a price is unavailable from a
Board-approved pricing service, the securities may be priced at the mean of
two independent quotes obtained from brokers.
Investments in registered investment companies that do not trade on an
exchange are valued at the end of day net asset value per share. Investments
in registered investment companies that trade on an exchange are valued at
the last sales price or official closing price as of the close of the
customary trading session on the exchange where the security is principally
traded. Investments in registered investment companies are generally
categorized as Level 1.
Futures contracts traded on national securities exchanges are valued at the
quoted daily settlement price established by the exchange on which they
trade reported by a Board-approved pricing service, and are generally
categorized as Level 1. Option contracts traded on national securities
exchanges are valued at the mean of the last bid and ask price reported by a
Board-approved pricing service as of the close of the exchange on which they
are traded, and are generally categorized as Level 1.
Option contracts traded in the over-the-counter ("OTC") market are valued at
the mid valuation provided by a Board-approved pricing service, and are
generally categorized as Level 2. Swap contracts traded on national
securities exchanges are valued at the closing price of the exchange on
which they are traded or if a closing price of the exchange is not
available, the swap will be valued using a mid valuation provided by a
Board-approved pricing service, and are generally categorized as Level 2.
Swap contracts traded over the counter are valued at a mid valuation
provided by a Board-approved pricing service, and are generally categorized
as Level 2. Forward foreign currency contracts ("forward contracts") are
valued at the 4:00 p.m. Eastern Time forward rate and are generally
categorized as Level 2.
Other securities are valued on the basis of last sale or bid price (if a
last sale price is not available) which is, in the opinion of the Adviser,
the broadest and most representative market, that may be either a securities
exchange or OTC market, and are generally categorized as Level 1 or Level 2.
The Board is responsible for the share valuation process and has adopted
policies and procedures (the "PRC Procedures") for valuing the securities
and other assets held by the Funds, including procedures for the fair
valuation of securities and other assets for which market quotations are not
readily available or are unreliable. The PRC Procedures provide for the
establishment of a pricing review committee, which is responsible for, among
other things, making certain determinations in connection with the Trust's
fair valuation procedures. Securities for which market quotations are not
readily available or the values of which may be significantly impacted by
the occurrence of developments or significant events are generally
categorized as Level 3. There is no single standard for making fair value
determinations, which may result in prices that vary from those of other
funds.
73
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
Derivative Instruments:
Futures: During the period, the Commodity Strategy Fund entered into futures
transactions for investment purposes in order to provide exposure to
commodities. The Global Trends Fund entered into futures transactions for
investment purposes in order to provide exposure to U.S. and non-U.S. equity
markets, U.S. and non-U.S. fixed income and commodities markets. The
Small-Cap Fund entered into futures transactions for investment purposes in
order to provide exposure to U.S and non-U.S. equity markets.
A futures contract is an agreement between two parties to buy and sell a
financial instrument at a set price on a future date. Upon entering into a
futures transaction, a Fund will be required to segregate an initial margin
payment of cash or other liquid securities with the futures commission
merchant (the "broker"). Subsequent payments are made or received by a Fund
as a result of changes in the value of the contract and/or changes in the
value of the initial margin requirement. Such receipts or payments are
recorded in the Statements of Assets and Liabilities as variation margin for
changes in the value of the contracts and as cash collateral for futures
contracts for the changes in the value of the initial margin requirement.
When a contract is closed, a Fund records a realized gain or loss equal to
the difference between the value of the contract at the time it was opened
and the value at the time it was closed.
The primary risk to a Fund of entering into futures contracts is market
risk. Market risk is the risk that there will be an unfavorable change in
the interest rate, value or currency rate of the underlying security or
securities. Futures contracts involve, to varying degrees, risk of loss in
excess of the variation margin. There may also be trading restrictions or
limitations imposed by an exchange, and government regulations may restrict
trading in futures contracts. While a Fund will generally only purchase
exchange-traded futures, due to market conditions, there may not always be a
liquid secondary market for a futures contract and, as a result, the Fund
may be unable to close out its futures contracts at a time which is
advantageous. In addition, if a Fund has insufficient cash to meet margin
requirements, the Fund may need to sell other investments, including at
disadvantageous times. There is generally minimal counterparty credit risk
to a Fund since exchange-traded futures contracts are centrally cleared.
Futures contracts outstanding at the end of the period, if any, are reported
on a schedule following each Fund's Portfolio of Investments.
Forward Foreign Currency Contracts: During the period, the Global Trends
Fund and the Income Explorer Fund used forward contracts for investment
purposes in order to gain currency exposure.
A forward contract is an agreement between two parties to buy or sell
currency at a set price on a future date. The market value of the contract
will fluctuate with changes in currency exchange rates. The contract is
marked-to-market daily using the forward rate and the cumulative change in
market value is recorded by a Fund as unrealized appreciation or
depreciation. On the settlement date, a Fund records either realized gains
or losses equal to the difference between the value of the contract at the
time it was opened and the value at the time it was closed.
For federal income tax purposes, the Income Explorer Fund has made an
election to treat gains and losses from forward foreign currency contracts
as capital gains and losses.
Risks to a Fund of entering into forward contracts include counterparty
risk, market risk and illiquidity risk. Counterparty risk arises upon
entering into these contracts from the potential inability of counterparties
to meet the terms of their contracts. If the counterparty defaults, a Fund's
loss will generally consist of the net amount of contractual payments that
the Fund has not yet received though the Fund's maximum exposure due to
counterparty risk could extend to the notional amount of the contract.
Market risk is the risk that the value of the forward contract will
depreciate due to unfavorable changes in the exchange rates. These contracts
may involve market risk in excess of the unrealized appreciation or
depreciation reported on the Statement of Assets and Liabilities.
Illiquidity risk arises because the secondary market for forwards may have
less liquidity relative to markets for other securities. Currency
transactions are also subject to risks different from those of other
portfolio transactions. Because currency control is of great importance to
the issuing governments and influences economic planning and policy,
purchases and sales of currency and related instruments can be adversely
affected by government exchange controls, limitations or restrictions on
repatriation of currency, and manipulations or exchange restrictions imposed
by governments.
74
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
Forward foreign currency contracts outstanding at the end of the period, if
any, are reported on a schedule following each Fund's Portfolio of
Investments.
Options: During the period, the Commodity Strategy Fund used options
contracts to provide exposure to commodities.
An option is a contract conveying a right to buy or sell a financial
instrument at a specified price during a stipulated period. When a Fund
writes a call or a put option, it receives a premium which is equal to the
current market value of the option written. The premiums on written options
are recorded as a liability on the Statement of Assets and Liabilities. If a
Fund purchases a call or a put option, it pays a premium which reflects the
current market value of the option and which is included on the Fund's
Statement of Assets and Liabilities as an investment. The option position is
marked to market daily and its value fluctuates based upon the value of the
underlying financial instrument, time to expiration, cost of borrowing
funds, and volatility of the value of the underlying financial instrument.
If an option which a Fund has written either expires on its stipulated
expiration date, or if the Fund enters into a closing purchase transaction,
the Fund realizes a gain (or loss if the cost of a closing purchase
transaction exceeds the premium received when the option was written)
without regard to any unrealized gain or loss on the underlying security,
and the liability related to such options is extinguished. If a call option
which a Fund has written is exercised, the Fund realizes a gain or loss from
the sale of the underlying security and the proceeds from such sale are
increased by the premium originally received. If a put option which a Fund
has written is exercised, the amount of the premium originally received
reduces the cost of the security which the Fund purchased upon exercise of
the option. Options may be traded on a national securities exchange or in
the OTC market.
Risks to the Funds of entering into option contracts include counterparty
risk, market risk and, with respect to OTC options, illiquidity risk.
Counterparty risk arises from the potential inability of counterparties to
meet the terms of their contracts. If the counterparty defaults, the Fund's
loss will consist of the net amount of contractual payments that the Fund
has not yet received. Market risk is the risk that there will be an
unfavorable change in the value of the underlying securities. There is also
the risk a Fund may not be able to enter into a closing transaction because
of an illiquid market. In addition, unlisted options are not traded on an
exchange and may not be as actively traded as listed options, making the
valuation of such securities more difficult. An unlisted option also entails
a greater risk that the party on the other side of the option transaction
may default, which would make it impossible to close out an unlisted option
position in some cases, and profits related to the transaction lost thereby.
Option contracts outstanding at the end of the period, if any, are reported
on a schedule following each Fund's Portfolio of Investments.
Swap Contracts: Certain Funds may enter into credit default, interest rate
and/or total return swap contracts. Swap contracts are privately negotiated
in the OTC market and may be entered into as a bilateral contract or a
centrally cleared contract ("centrally cleared swaps"). In a centrally
cleared swap, immediately following execution of the swap contract, the swap
contract is novated to a central counterparty (the "CCP") and a Fund faces
the CCP through a broker. Upon entering into a centrally cleared swap, a
Fund is required to deposit initial margin with the broker in the form of
cash or securities in an amount that varies depending on the size and risk
profile of the particular swap. Securities deposited as initial margin are
designated on the Portfolio of Investments and cash deposited is recorded on
the Statement of Assets and Liabilities as cash collateral for centrally
cleared swap contracts. Unlike a bilateral swap contract, for centrally
cleared swaps, a Fund has no credit exposure to the counterparty as the CCP
stands between the Fund and the counterparty. Swaps are marked-to-market
daily and the changes in value are recorded as an unrealized gain (loss).
The daily change in valuation of swap contracts, if any, is recorded as
unrealized appreciation (depreciation) on swap contracts. When the swap is
terminated, a Fund will record a realized gain or loss equal to the
difference between the proceeds from (or cost of) the closing transaction
and the Fund's basis in the contract, if any. Generally, the basis of the
contracts is the premium received or paid. Upfront payments and receipts on
swap contracts are amortized on a daily basis. Net periodic payments made or
received by a Fund are included as part of realized gain (loss).
Total Return Swaps: During the period, the Commodity Strategy Fund used
total return swaps for investment purposes in order to provide exposure to
commodities.
75
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
Total return swaps give a Fund the right to receive the appreciation in the
value of a specified security, index or other instrument in return for a fee
paid to the counterparty, which will typically be an agreed upon interest
rate. If the underlying asset in a total return swap declines in value over
the term of the swap, a Fund may also be required to pay the dollar value of
that decline to the counterparty.
The Fund will generally enter into total return swaps only on a net basis,
which means that the two payment streams are netted against each other, with
the Fund receiving or paying, as the case may be, only the net amount of the
two payments. Payments may be made at the conclusion of a total return swap
contract or periodically during its term. Total return swaps normally do not
involve the delivery of securities or other underlying assets. Accordingly,
the risk of loss with respect to total return swaps is normally limited to
the net amount of payments that the Fund is contractually obligated to make.
If the counterparty to a total return swap defaults, the Fund's risk of loss
consists of the net discounted amount of payments that the Fund is
contractually entitled to receive, if any.
Total return swap contracts outstanding at the end of the period, if any,
are reported on a schedule following the Fund's Portfolio of Investments.
Risks of Entering into Swap Agreements: Risks to a Fund of entering into
credit default swaps, total return swaps and interest rate swaps, include
credit risk, market risk, counterparty risk, liquidity risk and
documentation risk. By entering into swap agreements, a Fund may be exposed
to risk of potential loss due to unfavorable changes in interest rates, the
price of the underlying security or index, or the underlying referenced
asset's perceived or actual credit, that the counterparty may default on its
obligation to perform or the possibility that there is no liquid market for
these agreements. There is also the risk that the parties may disagree as to
the meaning of contractual terms in the swap agreement. In addition, to the
extent that a subadviser does not accurately analyze and predict the
underlying economic factors influencing the value of the swap, a Fund may
suffer a loss.
Risks of Commodity-Linked Derivatives: Commodity-linked derivatives are
derivative instruments, the value of which is primarily linked to the price
movement of a commodity, commodity index or commodity futures or option
contract. The commodity-linked derivative instruments in which certain of
the Funds invest have substantial risks, including risk of loss of a
significant portion of their principal value. Commodity-linked derivative
instruments may be more volatile and less liquid than the underlying
instruments and their value will be affected by the performance of the
commodity markets, as well as economic and other regulatory or political
developments, overall market movements and other factors. Typically, the
return of the commodity-linked swaps will be based on some multiple of the
performance of an index. The multiple (or leverage) will magnify the
positive and negative return the Fund earns from these swaps as compared to
the index.
Master Agreements: Certain Funds that hold derivative instruments and other
financial instruments may be a party to ISDA (International Swap and
Derivatives Association, Inc.) Master Agreements or similar agreements
("Master Agreements") with certain counterparties that govern such
instruments. Master Agreements may contain provisions regarding, among other
things, the parties' general obligations, representations, agreements,
collateral requirements, events of default and early termination. Collateral
can be in the form of cash or securities as agreed to by a Fund and
applicable counterparty. Collateral requirements are generally determined
based on a Fund's net position with each counterparty. Master Agreements may
also include certain provisions that require a Fund to post additional
collateral upon the occurrence of certain events, such as when a Fund's net
assets fall below a specified level. In addition, Master Agreements
typically specify certain standard termination events, such as failure of a
party to pay or deliver, credit support defaults and other events of
default. Termination events applicable to a Fund may also occur upon a
decline in a Fund's net assets below a specified level over a certain period
of time. Additional termination events applicable to counterparties may
occur upon a decline in a counterparty's long-term and short-term credit
ratings below a specified level, or upon a decline in the ratings of a
counterparty's credit support provider. Upon the occurrence of a termination
event, the other party may elect to terminate early and cause settlement of
all instruments outstanding pursuant to a particular Master Agreement,
including the payment of any losses and costs resulting from such early
termination, as reasonably determined by the terminating party. Any decision
by one or more of a Fund's counterparties to elect early termination could
cause a Fund to accelerate the payment of liabilities, which settlement
amounts could be in excess of the amount of assets that are already posted
as collateral. Typically, the Master Agreement will permit a single net
payment in the event of default. Note, however, that bankruptcy or
insolvency laws of a particular jurisdiction may impose restrictions on or
prohibitions against the
76
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
right of offset in bankruptcy, insolvency or other events. As a result, the
early termination with respect to derivative instruments subject to Master
Agreements that are in a net liability position could be material to a
Fund's financial statements. The Funds do not offset derivative assets and
derivative liabilities that are subject to netting arrangements in the
Statement of Assets and Liabilities.
The following tables represent the value of derivatives held as of April 30,
2018, by their primary underlying risk exposure and the respective location
on the Statement of Assets and Liabilities and the effect of derivatives on
the Statement of Operations for the year ended April 30, 2018. The
derivative contracts held during the period are not accounted for as hedging
instruments under GAAP. For a detailed presentation of derivatives held as
of April 30, 2018, please refer to a schedule following each Fund's
Portfolio of Investments.
Asset Derivatives
-----------------------------------------------------------------------------------------------
Interest Foreign
Rate Equity Exchange
Contracts Contracts Commodity Contracts Contracts
--------------- --------------- ----------------------------------------- ------------
Foreign
Futures Futures Futures Options Swap Exchange
Fund Contracts(1)(8) Contracts(1)(8) Contracts(1)(8) Purchased(2) Contracts(6) Contracts(3) Total
---- --------------- --------------- --------------- ------------ ------------ ------------ --------
Commodity Strategy#. $ -- $ -- $236,683 $62,970 $ 1,966 $ -- $301,619
Global Trends#...... 3,924 -- 22,975 -- -- 13 26,912
Income Explorer..... -- -- -- -- -- 4,646 4,646
Small-Cap........... -- -- -- -- -- -- --
Liability Derivatives
-----------------------------------------------------------------------------------------------
Interest Foreign
Rate Equity Exchange
Contracts Contracts Commodity Contracts Contracts
--------------- --------------- ----------------------------------------- ------------
Foreign
Futures Futures Futures Options Swap Exchange
Fund Contracts(1)(8) Contracts(1)(8) Contracts(1)(8) Written(4) Contracts(7) Contracts(5) Total
---- --------------- --------------- --------------- ------------ ------------ ------------ --------
Commodity Strategy#. $ -- $ -- $147,117 $ -- $12,574 $ -- $159,691
Global Trends#...... -- 33,170 -- -- -- 81 33,251
Income Explorer..... -- -- -- -- -- 18 18
Small-Cap........... -- 38,505 -- -- -- -- 38,505
--------
Statement of Assets and Liabilities Location:
(1)Variation margin on futures contracts
(2)Investments, at value
(3)Unrealized appreciation on forward foreign currency contracts
(4)Call and put options written, at value
(5)Unrealized depreciation on forward foreign currency contracts
(6)Unrealized appreciation on swap contracts
(7)Unrealized depreciation on swap contracts
(8)The variation margin on futures contracts is included in the cumulative
unrealized appreciation (depreciation) as reported on each Fund's Portfolio
of Investments in the following amounts:
Cumulative
Unrealized
Appreciation
Fund (Depreciation)
---- --------------
Commodity Strategy#. $ 39,218
Global Trends#...... 176,039
Small-Cap........... (41,252)
--------
# Consolidated (see Note 2)
77
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
Realized Gain (Loss) on Derivatives Recognized in Statement of Operations
----------------------------------------------------------------------------------------------------
Interest Foreign
Rate Equity Exchange
Contracts Contracts Commodity Contracts Contracts
------------ ------------ ---------------------------------------- ------------
Foreign
Futures Futures Futures Swap Exchange
Fund Contracts(1) Contracts(1) Contracts(1) Options* Contracts(2) Contracts(3) Total
---- ------------ ------------ ------------ -------- ------------ ------------ ----------
Commodity Strategy#. $ -- $ -- $1,702,446 $(55,137) $637,214 $ -- $2,284,523
Global Trends#...... (114,724) (225,904) 516,920 -- -- (40,889) 135,403
Income Explorer..... -- -- -- -- -- 3,130 3,130
Small-Cap........... -- 24,663 -- -- -- -- 24,663
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
----------------------------------------------------------------------------------------------------
Interest Foreign
Rate Equity Exchange
Contracts Contracts Commodity Contracts Contracts
------------ ------------ ---------------------------------------- ------------
Foreign
Futures Futures Futures Swap Exchange
Fund Contracts(4) Contracts(4) Contracts(4) Options* Contracts(5) Contracts(6) Total
---- ------------ ------------ ------------ -------- ------------ ------------ ----------
Commodity Strategy#. $ -- $ -- $ (231,539) $ 34,131 $ (5,206) $ -- $ (202,614)
Global Trends#...... 6,986 (9,235) (144,760) -- -- (6,330) (153,339)
Income Explorer..... -- -- -- -- -- 2,675 2,675
Small-Cap........... -- (41,252) -- -- -- -- (41,252)
--------
* Includes amounts relating to purchased and written options as follows:
Change in Unrealized
Realized Gain (Loss) on Appreciation (Depreciation) on
Derivatives Recognized in Derivatives Recognized in
Statement of Operations Statement of Operations
------------------------ ------------------------------
Commodity Contracts Commodity Contracts
------------------------ ------------------------------
Options Options Options Options
Purchased(7) Written(8) Purchased(9) Written(10)
------------ ---------- ------------ -----------
Commodity Strategy#. $(45,362) $(9,775) $33,051 $1,080
--------
Statement of Operations Location:
(1)Net realized gain (loss) on futures contracts
(2)Net realized gain (loss) on swap contracts
(3)Net realized gain (loss) on forward contracts
(4)Change in unrealized appreciation (depreciation) on futures contracts
(5)Change in unrealized appreciation (depreciation) on swap contracts
(6)Change in unrealized appreciation (depreciation) on forward contracts
(7)Net realized gain (loss) on investments
(8)Net realized gain (loss) on written options contracts
(9)Change in unrealized appreciation (depreciation) on investments
(10)Change in unrealized appreciation (depreciation) on written options
contracts
# Consolidated (see Note 2)
The following table represents the average monthly balances of derivatives
held during the six months ended April 30, 2018.
Average Amount Outstanding During the Period
------------------------------------------------------------------------
Foreign Purchased Call Purchased Put
Futures Exchange Options Options Total Return
Fund Contracts(2) Contracts(2) Contracts(1) Contracts(1) Swap Contracts(1)
---- ------------ ------------ -------------- ------------- -----------------
Commodity Strategy#. $39,496,931 $ -- $30,217 $2,467 $17,486,832
Global Trends#...... 24,260,748 9,661,747 -- -- --
Income Explorer..... -- 243,444 -- -- --
Small-Cap........... 1,233,208 -- -- -- --
--------
(1)Amounts represent values in US dollars.
(2)Amounts represent notional amounts in US dollars.
# Consolidated (see Note 2)
78
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
The following tables set forth the Funds' derivative assets and liabilities
by counterparty, net of amount available for offset under Master Agreements
and net of related collateral pledged/(received) as of April 30, 2018. The
repurchase agreements held by the Funds as of April 30, 2018 are subject to
Master Agreements but are not included in the following tables. See the
Portfolio of Investments and Notes to the Financial Statements for more
information about the Funds' holdings in repurchase agreements.
AIG Commodity Strategy Fund#
------------------------------------------------------------------------
Derivative Assets(1) Derivative Liabilities(1)
------------------------------------ -----------------------------------
Forward Forward Net
Foreign Foreign Derivative Collateral
Currency Options Currency Options Assets Pledged/ Net
Counterparty Contracts OTC Swaps Purchased Total Contracts OTC Swaps Written Total (Liabilities) (Received)(2) Amount(3)
------------ --------- --------- --------- ------ --------- --------- ------- ------- ------------- ------------- ---------
Goldman Sachs
International.. $ -- $ -- $-- $ -- $-- $12,574 $-- $12,574 $(12,574) $-- $(12,574)
JPMorgan........ -- 1,966 -- 1,966 -- -- -- -- 1,966 -- 1,966
--------- --------- --------- ------ --------- --------- ------- ------- ------------- ------------- ---------
Total........... $ -- $1,966 $-- $1,966 $-- $12,574 $-- $12,574 $(10,608) $-- $(10,608)
========= ========= ========= ====== ========= ========= ======= ======= ============= ============= =========
AIG Global Trends Fund#
------------------------------------------------------------------------
Derivative Assets(1) Derivative Liabilities(1)
------------------------------------ -----------------------------------
Forward Forward Net
Foreign Foreign Derivative Collateral
Currency Options Currency Options Assets Pledged/ Net
Counterparty Contracts OTC Swaps Purchased Total Contracts OTC Swaps Written Total (Liabilities) (Received)(2) Amount(3)
------------ --------- --------- --------- ------ --------- --------- ------- ------- ------------- ------------- ---------
Goldman Sachs
International.. $ 13 $ -- $-- $ 13 $81 $ -- $-- $ 81 $ (68) $-- $ (68)
=============================================================================================================
AIG Income Explorer Fund
------------------------------------------------------------------------
Derivative Assets(1) Derivative Liabilities(1)
------------------------------------ -----------------------------------
Forward Forward Net
Foreign Foreign Derivative Collateral
Currency Options Currency Options Assets Pledged/ Net
Counterparty Contracts OTC Swaps Purchased Total Contracts OTC Swaps Written Total (Liabilities) (Received)(2) Amount(3)
------------ --------- --------- --------- ------ --------- --------- ------- ------- ------------- ------------- ---------
Brown Brothers
Harriman & Co.. $4,646 $ -- $-- $4,646 $18 $ -- $-- $ 18 $ 4,628 $-- $ 4,628
=============================================================================================================
--------
(1)Gross amounts of recognized assets and liabilities not offset in the
Statement of Assets and Liabilities.
(2)For each respective counterparty, collateral pledged or (received) is
limited to an amount not to exceed 100% of the derivative asset/liability in
the table above.
(3)Net amount represents the net amount due (to)/from counterparty in the event
of a default based on the contractual set-off rights under the agreement.
# Consolidated (see Note 2)
Repurchase Agreements: The Funds, along with other affiliated registered
investment companies, pursuant to procedures adopted by the Board and
applicable guidance from the Securities and Exchange Commission ("SEC"), may
transfer uninvested cash balances into a single joint account, the daily
aggregate balance of which is invested in one or more repurchase agreements
collateralized by U.S. Treasury or federal agency obligations. In a
repurchase agreement, the seller of a security agrees to repurchase the
security at a mutually agreed-upon time and price, which reflects the
effective rate of return for the term of the agreement. For repurchase
agreements and joint repurchase agreements, the Funds' custodian takes
possession of the collateral pledged for investments in such repurchase
agreements ("repo" or collectively "repos"). The underlying collateral is
valued daily on a mark to market basis, plus accrued interest to ensure that
the value, at the time the agreement is entered into, is equal to at least
102% of the repurchase price, including accrued interest. In the event of
default of the obligation to repurchase, a Fund has the right to liquidate
the collateral and apply the proceeds in satisfaction of the obligation. If
the seller defaults and the value of the collateral declines or if
bankruptcy proceedings are commenced with respect to the seller of the
security, realization of the collateral by a Fund may be delayed or limited.
79
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
As of April 30, 2018, the following Funds held an undivided interest in the
joint repurchase agreement with Bank of America Securities LLC:
Percentage Principal
Fund Ownership Amount
---- ---------- ----------
Commodity Strategy............ 8.17% $1,225,000
Commodity Strategy Subsidiary. 1.87 280,000
Global Trends................. 9.50 1,425,000
Global Trends Subsidiary...... 2.80 420,000
As of such date, the repurchase agreement in that joint account and the
collateral thereof were as follows:
Bank of America Securities LLC, dated April 30, 2018, bearing interest at a
rate of 1.70% per annum, with a principal amount of $15,000,000, a
repurchase price of $15,000,708, and a maturity date of May 1, 2018. The
repurchase agreement is collateralized by the following:
Interest Maturity Principal
Type of Collateral Rate Date Amount Value
------------------ -------- ---------- ----------- -----------
U.S. Treasury Bonds. 3.13% 08/15/2044 $15,240,000 $15,354,744
As of April 30, 2018, the following Funds held an undivided interest in the
joint repurchase agreement with Barclays Capital, Inc:
Percentage Principal
Fund Ownership Amount
---- ---------- ----------
Commodity Strategy............ 8.19% $4,095,000
Commodity Strategy Subsidiary. 1.87 935,000
Global Trends................. 9.52 4,760,000
Global Trends Subsidiary...... 2.82 1,410,000
As of such date, the repurchase agreement in that joint account and the
collateral thereof were as follows:
Barclays Capital, Inc., dated April 30, 2018, bearing interest at a rate of
1.72% per annum, with a principal amount of $50,000,000, a repurchase price
of $50,002,389, and a maturity date of May 1, 2018. The repurchase agreement
is collateralized by the following:
Interest Maturity Principal
Type of Collateral Rate Date Amount Value
------------------ -------- ---------- ----------- -----------
U.S. Treasury Bonds. 3.13% 08/15/2044 $50,684,000 $51,065,607
As of April 30, 2018, the following Funds held an undivided interest in the
joint repurchase agreement with BNP Paribas SA:
Percentage Principal
Fund Ownership Amount
---- ---------- ----------
Commodity Strategy............ 8.19% $6,960,000
Commodity Strategy Subsidiary. 1.87 1,590,000
Global Trends................. 9.52 8,095,000
Global Trends Subsidiary...... 2.82 2,400,000
As of such date, the repurchase agreement in that joint account and the
collateral thereof were as follows:
BNP Paribas SA, dated April 30, 2018, bearing interest at a rate of 1.69%
per annum, with a principal amount of $85,000,000, a repurchase price of
$85,003,990, and a maturity date of May 1, 2018. The repurchase agreement is
collateralized by the following:
Interest Maturity Principal
Type of Collateral Rate Date Amount Value
------------------ -------- ---------- ----------- -----------
U.S. Treasury Notes. 2.38% 08/15/2024 $88,958,700 $86,755,467
80
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
As of April 30, 2018, the following Funds held an undivided interest in the
joint repurchase agreement with Deutsche Bank AG:
Percentage Principal
Fund Ownership Amount
---- ---------- ----------
Commodity Strategy............ 8.19% $2,135,000
Commodity Strategy Subsidiary. 1.86 485,000
Global Trends................. 9.51 2,480,000
Global Trends Subsidiary...... 2.82 735,000
As of such date, the repurchase agreement in that joint account and the
collateral thereof were as follows:
Deutsche Bank AG, dated April 30, 2018, bearing interest at a rate of 1.71%
per annum, with a principal amount of $26,070,000, a repurchase price of
$26,071,238 and a maturity date of May 1, 2018. The repurchase agreement is
collateralized by the following:
Interest Maturity Principal
Type of Collateral Rate Date Amount Value
------------------ -------- ---------- ----------- -----------
U.S. Treasury Notes. 1.88% 03/31/2022 $27,428,000 $26,600,505
As of April 30, 2018, the following Funds held an undivided interest in the
joint repurchase agreement with RBS Securities, Inc.:
Percentage Principal
Fund Ownership Amount
---- ---------- ----------
Commodity Strategy............ 8.20% $8,035,000
Commodity Strategy Subsidiary. 1.88 1,845,000
Global Trends................. 9.54 9,345,000
Global Trends Subsidiary...... 2.84 2,785,000
As of such date, the repurchase agreement in that joint account and the
collateral thereof were as follows:
RBS Securities, Inc., dated April 30, 2018, bearing interest at a rate of
1.68% per annum, with a principal amount of $98,000,000, a repurchase price
of $98,004,573, and a maturity date of May 1, 2018. The repurchase agreement
is collateralized by the following:
Interest Maturity Principal
Type of Collateral Rate Date Amount Value
------------------ -------- ---------- ------------ ------------
U.S. Treasury Notes. 2.13% 03/31/2024 $104,035,000 $100,012,082
Securities Transactions, Investment Income, Expenses, Dividends and
Distributions to Shareholders: Securities transactions are recorded on a
trade date basis. Realized gains and losses on sales of investments are
calculated on the identified cost basis.
Interest income is accrued daily from settlement date except when collection
is not expected. For financial statement purposes, the Funds amortize all
premiums and accrete all discounts on fixed income securities. Dividend
income is recorded on the ex-dividend date except for certain dividends from
foreign securities, which are recorded as soon as the Trust is informed
after the ex-dividend date.
Securities purchased or sold on a when-issued or forward commitment basis
outstanding at the end of the period, if any, are included in investments
purchased/sold on an extended settlement basis in the Statement of Assets
and Liabilities.
Distributions received from Real Estate Investment Trusts ("REIT")
investments are recharacterized based on information provided by the REIT
into the following categories: ordinary income, long-term and short-term
capital gains and return of capital. If information is not available on a
timely basis from the REIT, the recharacterization will be based on
available information which may include the previous year's allocation. If
new or additional information becomes available from the REIT at a later
date, a recharacterization will be made in the following year. The amount
recharacterized as ordinary income is
81
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
recorded as dividend income and the amount recharacterized as capital gain
is recorded as realized gain in the Statement of Operations. The amount
recharacterized as return of capital is recorded as a reduction to the cost
of investments in the Statement of Assets and Liabilities. These
recharacterizations are reflected in the accompanying financial statements.
Expenses common to all Funds are allocated among the Funds based on relative
net assets or other appropriate methods. In all other respects, expenses are
charged to each Fund as incurred on a specific identification basis.
Net investment income, other than class specific expenses, and realized and
unrealized gains and losses are allocated daily to each class of shares
based upon the relative net asset value of outstanding shares (or the value
of dividend-eligible shares, as appropriate) of each class of shares at the
beginning of the day (after adjusting for the current capital share activity
of the respective class).
Dividends from net investment income, if any, are normally paid monthly for
the Income Explorer Fund and quarterly for the ESG Dividend Fund. All other
Funds pay annually. Each of the Funds reserves the right to declare and pay
dividends less frequently than disclosed above, provided that the net
realized capital gains and the net investment income, if any, are paid at
least annually. The Funds record dividends and distributions to their
shareholders on the ex-dividend date.
The amount of dividends and distributions from net investment income and net
realized capital gains are determined in accordance with federal income tax
regulations, which may differ from GAAP. These "book/tax" differences are
either considered temporary or permanent in nature. To the extent these
differences are permanent in nature, such amounts are reclassified within
the capital accounts at fiscal year end based on their federal tax-basis
treatment; temporary differences do not require reclassification. Net assets
are not affected by these reclassifications.
Each Fund is considered a separate entity for tax purposes and intends to
comply with the requirements of the Internal Revenue Code, as amended,
applicable to regulated investment companies and distribute all of its
taxable income, including any net capital gains on investments, to its
shareholders. Each Fund also intends to distribute sufficient net investment
income and net capital gains, if any, so that each Fund will not be subject
to excise tax on undistributed income and gains. Therefore, no federal
income tax or excise tax provision is required.
Each Fund recognizes the tax benefits of uncertain tax positions only when
the position is more likely than not to be sustained, assuming examination
by tax authorities. Management has analyzed each Fund's tax positions and
concluded that no liability for unrecognized tax benefits should be recorded
related to uncertain tax positions taken on returns filed for open tax years
2014 -2016 or expected to be taken in each Funds' 2017 tax return. The Funds
are not aware of any tax provisions for which it is reasonably possible that
the total amounts of unrecognized tax benefits will change materially in the
next twelve months. The Funds file U.S. federal and certain state income tax
returns. With few exceptions, the Funds are no longer subject to U.S.
federal and state tax examinations by tax authorities for tax returns ending
before 2014.
Foreign Currency Translation: The books and records of the Funds are
maintained in U.S. dollars. Assets and liabilities denominated in foreign
currencies and commitments under forward foreign currency contracts are
translated into U.S. dollars based on the exchange rate of such currencies
against U.S. dollars on the date of valuation.
The Funds do not isolate that portion of the results of operations arising
as a result of changes in the foreign exchange rates from the changes in the
market prices of securities held at the end of the period. Similarly, the
Funds do not isolate the effect of changes in foreign exchange rates from
the changes in the market prices of portfolio securities sold during the
period.
Realized foreign exchange gains and losses on other assets and liabilities
and change in unrealized foreign exchange gains and losses on other assets
and liabilities located in the Statements of Operations include realized
foreign exchange gains and losses from currency gains or losses between the
trade and the settlement dates of securities transactions, the difference
between the amounts of interest, dividends and foreign withholding taxes
recorded on the Funds' books and the U.S. dollar equivalent amounts actually
received or paid and changes in the unrealized foreign exchange gains and
losses relating to the other assets and liabilities arising as a result of
changes in the exchange rates.
82
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
Organization and Offering Costs: Organization costs incurred in connection
with the commencement of the ESG Dividend Fund are expensed, while offering
costs are reflected as "Deferred offering costs" in the Statement of Assets
and Liabilities of the Fund, and amortized over a 12-month period. As of
April 30, 2018, the deferred offering costs of the ESG Dividend Fund were
fully amortized.
Note 4. Investment Advisory and Management Agreements, Distribution and Service
Agreements
The Trust, on behalf of each Fund, has entered into Investment Advisory and
Management Agreements (the "Agreements") with SunAmerica. Under the
Agreements, SunAmerica provides continuous supervision of each Fund's
portfolio and administrative affairs, subject to general review by the
Board. In connection therewith, SunAmerica furnishes the Funds with office
facilities, maintains certain of the Funds' books and records, pays the
salaries and expenses of all personnel, including officers of the Funds who
are employees of SunAmerica and its affiliates and oversees the performance
of services provided to the Funds by third parties. Pursuant to the
Agreements, the Funds pay SunAmerica a management fee at an annual rate
based on average daily net assets, which is computed daily and payable
monthly, as follows:
Fund Percentage
---- ----------
Commodity Strategy....... 1.00%
ESG Dividend............. 0.75
Focused Alpha Large-Cap.. 1.00
Focused Multi-Cap Growth. 1.00
Global Trends............ 1.10
Income Explorer.......... 1.00
Small-Cap................ 1.00
The Commodity Strategy Subsidiary has entered into a separate contract with
SunAmerica whereby SunAmerica provides investment advisory and other
services to the Commodity Strategy Subsidiary. In consideration of these
services, the Commodity Strategy Subsidiary pays SunAmerica a management fee
at the annual rate of 1.00% of average daily net assets of the Commodity
Strategy Subsidiary. SunAmerica has contractually agreed to waive the
management fee it receives from the Commodity Strategy Fund in an amount
equal to the management fee paid by the Commodity Strategy Subsidiary to
SunAmerica (the "Commodity Strategy Subsidiary management fee waiver"). This
waiver may not be terminated by SunAmerica, and will remain in effect for as
long as SunAmerica's contract with the Commodity Strategy Subsidiary is in
place. For the period ended April 30, 2018, the amount of advisory fees
waived was $38,891.
The Global Trends Subsidiary has entered into a separate contract with
SunAmerica whereby SunAmerica provides investment advisory and other
services to the Global Trends Subsidiary. In consideration of these
services, the Global Trends Subsidiary pays SunAmerica a management fee at
the annual rate of 1.10% of average daily net assets of the Global Trends
Subsidiary. SunAmerica has contractually agreed to waive the management fee
it receives from the Global Trends Fund in an amount equal to the management
fee paid by the Global Trends Subsidiary to SunAmerica (the "Global Trends
Subsidiary management fee waiver"). This waiver may not be terminated by
SunAmerica, and will remain in effect for as long as SunAmerica's contract
with the Global Trends Subsidiary is in place. For the period ended April
30, 2018, the amount of advisory fees waived was $42,464.
Pursuant to the Subadvisory Agreement between SunAmerica and Wellington
Management Company LLP ("Wellington") (the "Commodity Strategy Subadvisory
Agreement"), SunAmerica has delegated portfolio management responsibilities
of the Commodity Strategy Fund to Wellington and pays Wellington a
subadvisory fee at an annual rate of 0.40% of the average daily net assets
of the Fund. Pursuant to a Subadvisory Agreement between SunAmerica and
Wellington with respect to the Commodity Strategy Subsidiary, SunAmerica has
delegated portfolio management responsibilities of the Commodity Strategy
Subsidiary to Wellington and pays Wellington a subadvisory fee at an annual
rate of 0.40% of average daily net assets of the Commodity Strategy
Subsidiary. Payments to Wellington for its services are made by SunAmerica,
not by the Fund. Wellington has contractually agreed to waive the
subadvisory fee it receives with respect to the Commodity Strategy Fund in
an amount equal to the subadvisory fee paid by SunAmerica to Wellington with
respect to the Commodity Strategy Subsidiary. This waiver may not be
terminated by Wellington and will remain in effect for as long as the
contract with the Commodity Strategy Subsidiary is in place.
83
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
Pursuant to the Subadvisory Agreement between SunAmerica and Marisco and the
Subadvisory Agreement between SunAmerica and Blackrock Investment
Management, LLC ("Blackrock"), SunAmerica has delegated portfolio management
responsibilities of the Focused Alpha Large-Cap Fund to Marisco and
Blackrock. SunAmerica pays Marisco and Blackrock a fee equal to a percentage
of the average daily total assets of the Fund allocated to each Subadviser.
For the six months ended April 30, 2018, SunAmerica paid Marisco and
Blackrock at an aggregate annual rate of 0.40% of the Fund's average daily
total net assets. Marsico is responsible for managing the large-cap growth
portion of the Fund and Blackrock is responsible for managing the large-cap
value portion of the Fund. Each Subadviser is paid by SunAmerica and not the
Fund.
Pursuant to the Subadvisory Agreement between SunAmerica and Marisco Capital
Management, LLC ("Marisco"), and the Subadvisory Agreement between
SunAmerica and BAMCO, Inc. ("BAMCO"), SunAmerica has delegated portfolio
management responsibilities of the Focused Multi-Cap Growth Fund to Marisco
and BAMCO. SunAmerica pays Marisco and BAMCO a fee equal to a percentage of
the average daily total assets of the Fund allocated to each Subadviser. For
the six months ended April 30, 2018, SunAmerica paid Marisco and BAMCO at an
aggregate annual rate of 0.46% of the Fund's average daily total net assets.
Marsico is responsible for managing the large-cap portion of the Fund and
BAMCO is responsible for managing the small- and mid-cap portion of the
Fund. Each subadviser is paid by SunAmerica and not the Fund.
Pursuant to the Subadvisory Agreement between SunAmerica and Wellington (the
"Global Trends Subadvisory Agreement"), SunAmerica has delegated portfolio
management responsibilities of Global Trends Fund to Wellington and pays
Wellington a subadvisory fee at an annual rate of 0.45% of the average daily
net assets of the Fund on the first $1 billion and 0.40% thereafter.
Pursuant to a Subadvisory Agreement between SunAmerica and Wellington with
respect to the Global Trends Subsidiary, SunAmerica has delegated portfolio
management responsibilities of the Global Trends Subsidiary to Wellington
and pays Wellington a subadvisory fee at an annual rate of 0.45% of average
daily net assets of the Global Trends Subsidiary on the first $1 billion and
0.40% thereafter. Payments to Wellington for its services are made by
SunAmerica, not by the Fund. Wellington has contractually agreed to waive
the subadvisory fee it receives with respect to the Global Trends Fund in an
amount equal to the subadvisory fee paid by SunAmerica to Wellington with
respect to the Global Trends Subsidiary. This waiver may not be terminated
by Wellington and will remain in effect for as long as Wellington's contract
with the Global Trends Subsidiary is in place.
Pursuant to the subadvisory agreement between SunAmerica and Cohen & Steers
Capital Management, Inc. ("Cohen & Steers"), SunAmerica has delegated a
portion of portfolio management responsibilities of the Income Explorer Fund
to Cohen & Steers. For its services under the Subadvisory Agreement, Cohen &
Steers will receive a subadvisory fee at an annual rate of 0.40% of the
average daily net assets on the first $200 million, 0.35% on the next $200
million and 0.30% thereafter of the portion of the Fund that it manages.
Cohen and Steers is paid by SunAmerica and not by the Fund.
Pursuant to the Subadvisory Agreement between SunAmerica and Cadence Capital
Management, LLC ("Cadence"), SunAmerica has delegated a portion of portfolio
management responsibilities of the Small-Cap Fund to Cadence. Cadence is
responsible for managing the micro-cap growth portion of the Fund. For its
services under the Subadvisory Agreement, Cadence will receive a subadvisory
fee at an annual rate of 0.50% of the average daily net assets of the
portion of the Fund that it manages. Cadence is paid by SunAmerica and not
by the Fund.
SunAmerica has contractually agreed to waive fees and/or reimburse expenses
to the extent necessary to cap the Funds' annual Fund operating expense at
the following percentages of each Class's average daily net assets. For the
purposes of waived fee and/or reimbursed expense calculations, annual Fund
operating expenses shall not include extraordinary expenses (i.e., expenses
that are unusual in nature and/or infrequent in occurrence, such as
litigation), or acquired fund fees and expenses, brokerage commissions and
other transactional expenses relating to the purchase and sale of portfolio
securities, interest, taxes and governmental fees, and other expenses not
incurred in the ordinary course of a Fund's business. The contractual
expense fee waivers and expense reimbursements will continue in effect
indefinitely, unless terminated by the Trustees, including a majority of the
Disinterested Trustees.
84
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
Fund Percentage
---- ----------
Commodity Strategy Class A#................................. 1.72%
Commodity Strategy Class C#................................. 2.37
Commodity Strategy Class W#................................. 1.52
ESG Dividend Class A........................................ 1.25
ESG Dividend Class C........................................ 1.90
ESG Dividend Class W........................................ 1.05
Focused Alpha Large-Cap Class A............................. 1.72
Focused Alpha Large-Cap Class C............................. 2.37
Focused Alpha Large-Cap Class W............................. 1.52
Focused Multi-Cap Growth Class A............................ 1.72
Focused Multi-Cap Growth Class C............................ 2.37
Focused Multi-Cap Growth Class W............................ 1.52
Global Trends Class A#...................................... 1.85
Global Trends Class C#...................................... 2.50
Global Trends Class W#...................................... 1.65
Income Explorer Class A..................................... 1.72
Income Explorer Class C..................................... 2.37
Income Explorer Class W..................................... 1.52
Small-Cap Class A........................................... 1.72
Small-Cap Class C........................................... 2.37
Small-Cap Class W........................................... 1.52
--------
# Consolidated (see Note 2)
Any contractual waivers and/or reimbursements made by SunAmerica with
respect to a Fund, with the exception of the Subsidiary management fee
waivers, are subject to recoupment from the Funds within two years after the
occurrence of any such waivers and/or reimbursements, provided that the
Funds are able to effect such payment to SunAmerica and remain in compliance
with the expense limitations in effect at the time the waivers and/or
reimbursements were made.
For the period ended April 30, 2018, pursuant to the contractual expense
limitations referred above, SunAmerica has waived or reimbursed expenses as
follows:
Other
Expenses
Fund Reimbursed
---- ----------
Commodity Strategy#....... $62,629
ESG Dividend.............. 66,590
Focused Alpha Large-Cap... --
Focused Multi-Cap Growth.. --
Global Trends#............ 20,123
Income Explorer........... 6,356
Small-Cap................. --
Class
Specific
Expenses
Fund Reimbursed
---- ----------
Commodity Strategy Class A#....... $40,940
Commodity Strategy Class C#....... 6,654
Commodity Strategy Class W#....... 5,350
ESG Dividend Class A.............. 17,132
ESG Dividend Class C.............. 592
--------
# Consolidated (see Note 2)
85
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
Class
Specific
Expenses
Fund Reimbursed
---- ----------
ESG Dividend Class W...... $ 3,074
Focused Alpha Large-Cap
Class A.................. --
Focused Alpha Large-Cap
Class C.................. --
Focused Alpha Large-Cap
Class W.................. 181
Focused Multi-Cap Growth
Class A.................. --
Focused Multi-Cap Growth
Class C.................. --
Focused Multi-Cap Growth
Class W.................. --
Global Trends Class A#.... 45,643
Global Trends Class C#.... 14,513
Global Trends Class W#.... 7,616
Income Explorer Class A... 44,212
Income Explorer Class C... 11,981
Income Explorer Class W... 14,711
Small-Cap Class A......... 39,864
Small-Cap Class C......... 6,454
Small-Cap Class W......... 17,092
For the period ended April 30, 2018, the amounts recouped by SunAmerica are
as follows:
Other
Expenses
Fund Recouped
---- --------
Commodity Strategy#........ $--
ESG Dividend............... --
Focused Alpha Large-Cap.... --
Focused Multi-Cap Growth... --
Global Trends#............. --
Income Explorer............ --
Small-Cap.................. --
Class Specific
Expenses
Fund Recouped
---- --------------
Commodity Strategy Class A#......... $ --
Commodity Strategy Class C#......... --
Commodity Strategy Class W#......... --
ESG Dividend Class A................ --
ESG Dividend Class C................ --
ESG Dividend Class W................ --
Focused Alpha Large-Cap Class A..... --
Focused Alpha Large-Cap Class C..... --
Focused Alpha Large-Cap Class W..... 1,570
Focused Multi-Cap Growth Class A.... --
Focused Multi-Cap Growth Class C.... --
Focused Multi-Cap Growth Class W.... --
Global Trends Class A#.............. 2,654
Global Trends Class C#.............. 2,550
Global Trends Class W#.............. 612
Income Explorer Class A............. --
Income Explorer Class C............. --
Income Explorer Class W............. --
Small-Cap Class A................... --
Small-Cap Class C................... 143
Small-Cap Class W................... 2,721
--------
# Consolidated (see Note 2)
86
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
At April 30, 2018, expenses previously waived and/or reimbursed by
SunAmerica that are subject to recoupment and expire during the time periods
indicated are as follows:
Other Expenses Reimbursed
---------------------------------
October 31, October 31, April 30,
Fund 2018 2019 2020
---- ----------- ----------- ---------
Commodity Strategy#....... $46,846 $162,994 $62,629
ESG Dividend.............. -- 189,689 66,590
Focused Alpha Large-Cap... -- -- --
Focused Multi-Cap Growth.. -- -- --
Global Trends#............ 10,564 88,819 20,123
Income Explorer........... 9,790 32,449 6,356
Small-Cap................. 12,417 13,643 --
Class Specific Expenses Reimbursed
---------------------------------
October 31, October 31, April 30,
Fund 2018 2019 2020
---- ----------- ----------- ---------
Commodity Strategy Class A#....... $49,212 $106,001 $40,940
Commodity Strategy Class C#....... 13,066 19,833 6,654
Commodity Strategy Class W#....... 9,906 16,039 5,350
ESG Dividend Class A.............. -- 32,616 17,132
ESG Dividend Class C.............. -- 2,285 592
ESG Dividend Class W.............. -- 3,986 3,074
Focused Alpha Large-Cap Class A... -- -- --
Focused Alpha Large-Cap Class C... -- -- --
Focused Alpha Large-Cap Class W... 2,748 2,075 181
Focused Multi-Cap Growth Class A.. -- -- --
Focused Multi-Cap Growth Class C.. -- -- --
Focused Multi-Cap Growth Class W.. -- -- --
Global Trends Class A#............ 37,567 86,609 45,643
Global Trends Class C#............ 12,277 19,209 14,513
Global Trends Class W#............ 7,462 12,648 7,616
Income Explorer Class A........... 34,037 79,698 44,212
Income Explorer Class C........... 7,982 19,631 11,981
Income Explorer Class W........... 6,865 13,942 14,711
Small-Cap Class A................. 48,478 121,298 39,864
Small-Cap Class C................. 3,369 12,792 6,454
Small-Cap Class W................. 2,328 18,118 17,092
--------
# Consolidated (see Note 2)
The Trust, on behalf of each Fund, has a Distribution Agreement with AIG
Capital Services, Inc. ("ACS" or the "Distributor"), an affiliate of the
Adviser. Each Fund has adopted a Distribution Plan on behalf of its Class A
shares and Class C shares (each a "Plan" and collectively, the "Plans") in
accordance with the provisions of Rule 12b-1 under the 1940 Act, hereinafter
referred to as the "Class A Plan" and the "Class C Plan." In adopting the
Plans, the Trustees determined that there was a reasonable likelihood that
each such Plan would benefit the Fund and the shareholders of the respective
class. The sales charge and distribution fees of a particular class will not
be used to subsidize the sale of shares of any other class.
Under the Class A Plan and Class C Plan, the Distributor receives payments
from a Fund at an annual rate of 0.10% and 0.75%, respectively, of average
daily net assets of such Fund's Class to compensate the Distributor and
certain securities firms for providing sales and promotional activities for
distributing that class of shares. The distribution costs for which the
Distributor may be compensated include fees paid to broker-dealers that have
sold Fund shares, commissions and other expenses such as those incurred for
sales literature, prospectus printing and distribution and compensation to
wholesalers. It is possible that in any given year, the amount paid to the
Distributor under each Plan may exceed the Distributor's distribution costs
as described above. For the period ended April 30, 2018, ACS waived fees in
the amount of $6,854 for the Class A shares of ESG Dividend Fund. The Plans
further provide that the Class A and Class C shares of each Fund shall pay
the Distributor an account maintenance fee up to an annual rate
87
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
of 0.25% of the average daily net assets of such class of shares for
payments to broker-dealers for providing account maintenance activities. The
Distributor does not receive or retain any distribution and/or a account
maintenance fees for any shares when the shareholder does not have a broker
of record. For the period ended April 30, 2018, ACS received fees based upon
the aforementioned rates (see Statement of Operations).
The Trust, on behalf of each fund, has entered into an Administrative and
Shareholder Services Agreement with ACS, pursuant to which ACS is paid an
annual fee of 0.15% of average daily net assets of Class W shares as
compensation for providing administrative and shareholder services to Class
W shareholders. For the period ended April 30, 2018, ACS earned fees based
upon the aforementioned rates (see Statement of Operations).
ACS receives sales charges on each Fund's Class A shares, portions of which
are reallocated to affiliated broker-dealers and nonaffiliated
broker-dealers. ACS also receives the proceeds of contingent deferred sales
charges paid by investors in connection with certain redemptions of each
Fund's Class A and Class C shares. ACS has advised the Funds that for the
period ended April 30, 2018, the proceeds received from sales (and paid out
to affiliated and non-affiliated broker-dealers) and redemptions are as
follows:
Class A Class C
---------------------------------------------------- -------------
Contingent Contingent
Sales Affiliated Non-affiliated Deferred Deferred
Fund Charges Broker-dealers Broker-dealers Sales Charges Sales Charges
---- -------- -------------- -------------- ------------- -------------
Commodity Strategy....... $ 2,210 $ 1,018 $ 875 $ 2 $ 211
ESG Dividend............. 12,709 7,799 2,643 -- --
Focused Alpha Large-Cap.. 159,102 30,817 103,946 507 632
Focused Multi-Cap Growth. 423,815 131,407 226,100 1,649 1,656
Global Trends............ 5,142 1,266 3,038 -- --
Income Explorer.......... 30,615 8,301 17,059 -- 866
Small-Cap................ 43,529 2,851 33,331 298 196
The Trust has entered into a Service Agreement with AIG Fund Services, Inc.
("AFS"), an affiliate of the Adviser. Under the Service Agreement, AFS
performs certain shareholder account functions by assisting the Funds'
transfer agent, DST Asset Manager Solutions, Inc. ("DST"), in connection
with the services that it offers to the shareholders of the Funds. Pursuant
to the Service Agreement, the Funds pay a fee to AFS for services rendered
based upon an annual rate of 0.22% of daily net assets. For the period ended
April 30, 2018, the Funds incurred the following expenses which are included
in transfer agent fees payable in the Statement of Assets and Liabilities
and in transfer agent fees and expenses in the Statement of Operations, to
compensate AFS pursuant to the terms of the Service Agreement.
Payable at
Fund Expenses April 30, 2018
---- -------- --------------
Commodity Strategy Class A....... $ 37,975 $ 6,685
Commodity Strategy Class C....... 2,790 408
Commodity Strategy Class W....... 2,084 408
ESG Dividend Class A............. 27,857 4,403
ESG Dividend Class C............. 418 68
ESG Dividend Class W............. 1,013 314
Focused Alpha Large-Cap Class A.. 578,199 104,144
Focused Alpha Large-Cap Class C.. 112,032 6,368
Focused Alpha Large-Cap Class W.. 17,655 3,245
Focused Multi-Cap Growth Class A. 516,926 88,990
Focused Multi-Cap Growth Class C. 94,965 11,265
Focused Multi-Cap Growth Class W. 54,064 9,898
Global Trends Class A............ 34,323 5,671
Global Trends Class C............ 3,705 542
Global Trends Class W............ 1,042 165
Income Explorer Class A.......... 35,936 6,569
Income Explorer Class C.......... 5,977 961
Income Explorer Class W.......... 7,746 843
Small-Cap Class A................ 54,146 9,291
Small-Cap Class C................ 2,246 360
Small-Cap Class W................ 10,139 2,208
88
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
At April 30, 2018, SunAmerica Series, Inc. AIG Active Allocation Fund and
AIG Multi-Asset Allocation Fund ("Strategy Funds"), affiliates of the
Adviser owned 5% or more of the outstanding shares of the following Funds:
Holder
------------------------------
AIG Active AIG Multi-Asset
Fund Allocation Fund Allocation Fund
---- --------------- ---------------
Commodity Strategy. 10.98% 63.35%
ESG Dividend....... 19.02 68.88
Global Trends...... 29.26 38.15
Income Explorer.... 6.17 26.19
Small-Cap.......... 13.74 42.09
The Strategy Portfolios do not invest in the underlying funds for the
purpose of exercising management or control; however, investments by these
Portfolios within the set limits across their asset allocations may
represent a significant portion of net assets of the underlying funds.
Note 5. Purchases and Sales of Investment Securities
The cost of purchases and proceeds from sales and maturities of long-term
investments during the period ended April 30, 2018 were as follows:
Purchases Sales
of portfolio of portfolio
securities securities Purchases Sales
(excluding U.S. (excluding U.S. of U.S. of U.S.
government government government government
Fund securities securities securities securities
---- --------------- --------------- ---------- ----------
Commodity Strategy............ $ 33,189 $ -- -- $1,000,000
ESG Dividend.................. 11,173,290 10,795,752 -- --
Focused Alpha Large-Cap....... 157,853,489 194,837,292 -- --
Focused Multi-Cap Growth...... 247,979,144 267,901,174 -- --
Income Explorer............... 10,471,626 8,731,450 -- --
Small-Cap..................... 18,345,830 16,543,090 -- --
Note 6. Federal Income Taxes
The following details the tax basis distributions as well as the components
of distributable earnings. The tax basis components of distributable
earnings differ from the amounts reflected in the Statement of Assets and
Liabilities by temporary book/tax differences primarily due to taxable
income from a wholly-owned foreign subsidiary, amortization of
organizational costs, late year ordinary loss deferral, partnership
investments, investments in passive foreign investment companies, wash sales
and derivative transactions.
Distributable Earnings Tax Distributions
----------------------------------------- ------------------------
For the year ended October 31, 2017
-------------------------------------------------------------------
Long-term Unrealized
Ordinary Gains/Capital Appreciation Ordinary Long-Term
Fund Income Loss Carryover (Depreciation)* Income Capital Gains
---- ----------- -------------- --------------- ---------- -------------
Commodity Strategy#...... $ 67,022 $(83,767,852) $ (7,510,922) $ -- $ --
ESG Dividend............. 483,800 -- 994,542 -- --
Focused Alpha Large-Cap.. 13,732,012 40,936,982 170,014,958 -- --
Focused Multi-Cap Growth. -- 49,277,342 222,775,900 -- 7,760,491
Global Trends#........... 1,891,091 1,038,271 (16,659,627) -- --
Income Explorer.......... 205,882 21,333 1,038,045 1,216,609 --
Small-Cap................ 1,864,286 3,928,373 10,133,372 -- 1,432,026
--------
* Unrealized appreciation (depreciation) includes amounts for derivatives and
other assets and liabilities denominated in foreign currency.
# Consolidated (see Note 2)
89
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
As of October 31, 2017, for Federal income tax purposes, the Funds indicated
below have capital loss carryforwards, which expire in the year indicated,
which are available to offset future capital gains, if any:
Unlimited
-----------------------
Fund ST LT
---- ----------- -----------
Commodity Strategy#...... $51,868,140 $31,899,712
ESG Dividend............. -- --
Focused Alpha Large-Cap.. -- --
Focused Multi-Cap Growth. -- --
Global Trends#........... -- --
Income Explorer.......... -- --
Small-Cap................ -- --
At April 30, 2018, the amounts of aggregate unrealized gain (loss) and the
cost of investment securities for federal tax purposes, including short-term
securities and repurchase agreements and derivatives, were as follows:
Aggregate Aggregate Net
Unrealized Unrealized Unrealized Cost of
Fund Gain Loss Gain/(Loss) Investments
---- ------------ ------------ ------------ ------------
Commodity Strategy#...... $ 6,241,284 $(13,993,411) $ (7,752,127) $ 50,168,803
ESG Dividend............. 1,670,947 (2,411,349) (740,402) 27,389,355
Focused Alpha Large-Cap.. 137,613,737 (17,835,190) 119,778,547 506,211,005
Focused Multi-Cap Growth. 174,152,184 (15,331,682) 158,820,502 447,157,584
Global Trends#........... (122,424) (16,944,684) (17,067,108) 50,992,487
Income Explorer.......... 621,982 (2,743) 619,239 47,443,705
Small-Cap................ 13,713,310 (4,642,400) 9,070,910 57,180,155
--------
# Consolidated (see Note 2)
On December 22, 2017, the Tax Cuts and Jobs Act (the "Act") was signed into
law. Certain provisions of the Act were effective upon enactment with the
remainder becoming effective for tax years beginning after December 31,
2017. Management is currently evaluating the impact, if any, on the
financial statements and the accompanying notes to financial statements.
Note 7. Capital Share Transactions
Transactions in capital shares of each class of each Fund were as follows:
Commodity Strategy Fund#
--------------------------------------------------------------------------------------
Class A Class A Class C Class C
---------------------- --------------------- ------------------ -------------------
For the For the
six months ended For the six months ended For the
April 30, 2018 year ended April 30, 2018 year ended
(unaudited) October 31, 2017 (unaudited) October 31, 2017
---------------------- --------------------- ------------------ -------------------
Shares Amount Shares Amount Shares Amount Shares Amount
--------- ----------- -------- ----------- ------- --------- -------- ---------
Shares sold.............. 1,121,839 $ 8,239,861 798,053 $ 5,527,159 5,465 $ 38,466 21,234 $ 146,454
Reinvested shares........ 8,624 59,854 -- -- -- -- -- --
Shares redeemed.......... (964,973) (7,071,622) (864,608) (6,104,961) (67,691) (469,254) (127,255) (865,569)
--------- ----------- -------- ----------- ------- --------- -------- ---------
Net increase (decrease)
in shares outstanding
before automatic
conversion.............. 165,490 1,228,093 -- -- (62,226) (430,788) -- --
Shares
issued/(reacquired)
upon automatic
conversion.............. 25,653 184,445 -- -- (26,731) (184,445) -- --
--------- ----------- -------- ----------- ------- --------- -------- ---------
Net increase (decrease).. 191,143 $ 1,412,538 (66,555) $ (577,802) (88,957) $(615,233) (106,021) $(719,115)
========= =========== ======== =========== ======= ========= ======== =========
90
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
Commodity Strategy Fund#
---------------------------------------
Class W Class W
------------------ -------------------
For the
six months ended For the
April 30, 2018 year ended
(unaudited) October 31, 2017
------------------ -------------------
Shares Amount Shares Amount
------- --------- -------- ---------
Shares sold.............. 108,745 $ 800,657 58,362 $ 421,222
Reinvested shares........ 752 5,282 -- --
Shares redeemed.......... (37,492) (276,667) (103,302) (740,341)
------- --------- -------- ---------
Net increase (decrease).. 72,005 $ 529,272 (44,940) $(319,119)
======= ========= ======== =========
--------
# Consolidated (see Note 2)
ESG Dividend Fund
----------------------------------------------------------------------------------------------------
Class A Class A Class C Class C
------------------------ ------------------------ ------------------------ ----------------------
For the For the
six months ended For the period six months ended For the period
April 30, 2018 December 16, 2016* April 30, 2018 December 16, 2016*
(unaudited) through October 31, 2017 (unaudited) through October 31, 2017
------------------------ ------------------------ ------------------------ ----------------------
Shares Amount Shares Amount Shares Amount Shares Amount
---------- ------------ ---------- ------------ ---------- ------------ -------- ------------
Shares sold........... 40,527 $ 646,579 1,749,813 $ 26,182,337 347 $ 5,552 23,220 $ 348,420
Reinvested shares..... 43,657 697,696 -- -- 472 7,538 -- --
Shares redeemed....... (111,750) (1,810,094) (174,493) (2,695,435) (1) (15) -- --
---------- ------------ ---------- ------------ ---------- ------------ -------- ------------
Net increase
(decrease)........... (27,566) $ (465,819) 1,575,320 $ 23,486,902 818 $ 13,075 23,220 $ 348,420
========== ============ ========== ============ ========== ============ ======== ============
ESG Dividend Fund
--------------------------------------------------
Class W Class W
------------------------ ------------------------
For the
six months ended For the period
April 30, 2018 December 16, 2016*
(unaudited) through October 31, 2017
------------------------ ------------------------
Shares Amount Shares Amount
---------- ------------ ---------- ------------
Shares sold........... 99,668 $ 1,620,566 22,200 $ 333,000
Reinvested shares..... 1,078 17,062 -- --
Shares redeemed....... (28) (430) -- --
---------- ------------ ---------- ------------
Net increase
(decrease)........... 100,718 $ 1,637,198 22,200 $ 333,000
========== ============ ========== ============
Focused Alpha Large-Cap Fund
----------------------------------------------------------------------------------------------------
Class A Class A Class C Class C
------------------------ ------------------------ ------------------------ ----------------------
For the For the
year ended For the year ended For the
April 30, 2018 year ended April 30, 2018 year ended
(unaudited) October 31, 2017 (unaudited) October 31, 2017
------------------------ ------------------------ ------------------------ ----------------------
Shares Amount Shares Amount Shares Amount Shares Amount
---------- ------------ ---------- ------------ ---------- ------------ -------- ------------
Shares sold........... 2,063,719 $ 62,070,109 680,493 $ 19,302,610 93,303 $ 2,747,874 126,659 $ 3,346,850
Reinvested shares..... 1,354,077 40,527,524 -- -- 354,695 10,137,186 -- --
Shares redeemed....... (1,293,383) (40,194,048) (2,263,757) (62,692,386) (2,073,732) (59,302,730) (914,267) (24,137,139)
---------- ------------ ---------- ------------ ---------- ------------ -------- ------------
Net increase
(decrease) in shares
outstanding before
automatic conversion. 2,124,413 62,403,585 -- -- (1,625,734) (46,417,670) -- --
Shares
issued/(reacquired)
upon automatic
conversion........... 983,114 30,632,012 -- -- (1,031,447) (30,632,012) -- --
---------- ------------ ---------- ------------ ---------- ------------ -------- ------------
Net increase
(decrease)........... 3,107,527 $ 93,035,597 (1,583,264) $(43,389,776) (2,657,181) $(77,049,682) (787,608) $(20,790,289)
========== ============ ========== ============ ========== ============ ======== ============
91
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
Focused Alpha Large-Cap Fund
---------------------------------------------
Class W Class W
--------------------- ----------------------
For the
year ended For the
April 30, 2018 year ended
(unaudited) October 31, 2017
--------------------- ----------------------
Shares Amount Shares Amount
-------- ----------- -------- ------------
Shares sold........... 208,746 $ 6,590,460 518,493 $ 15,170,238
Reinvested shares..... 31,057 941,329 -- --
Shares redeemed....... (136,897) (4,268,422) (392,738) (11,779,029)
-------- ----------- -------- ------------
Net increase
(decrease)........... 102,906 $ 3,263,367 125,755 $ 3,391,209
======== =========== ======== ============
--------
* Commencement of operations
Focused Multi-Cap Growth Fund
--------------------------------------------------------------------------------------------------
Class A Class A Class C Class C
------------------------ ------------------------ ---------------------- ----------------------
For the For the
year ended For the year ended For the
April 30, 2018 year ended April 30, 2018 year ended
(unaudited) October 31, 2017 (unaudited) October 31, 2017
------------------------ ------------------------ ---------------------- ----------------------
Shares Amount Shares Amount Shares Amount Shares Amount
---------- ------------ ---------- ------------ --------- ------------ --------- ------------
Shares sold........... 1,656,625 $ 51,297,491 1,149,529 $ 31,579,237 276,018 $ 8,215,809 285,454 $ 7,249,635
Reinvested shares..... 1,188,572 34,884,590 235,190 5,564,598 261,228 7,301,311 53,273 1,213,029
Shares redeemed....... (1,714,202) (52,712,921) (2,502,152) (65,479,951) (901,247) (26,480,378) (928,163) (23,644,057)
---------- ------------ ---------- ------------ -------- ------------ -------- ------------
Net increase
(decrease) in shares
outstanding before
automatic conversion. 1,130,995 33,469,160 -- -- (364,001) (10,963,258) -- --
Shares
issued/(reacquired)
upon automatic
conversion........... 456,106 14,583,768 -- -- (479,817) (14,583,768) -- --
---------- ------------ ---------- ------------ -------- ------------ -------- ------------
Net increase
(decrease)........... 1,587,101 $ 48,052,928 (1,117,433) $(28,336,116) (843,818) $(25,547,026) (589,436) $(15,181,393)
========== ============ ========== ============ ======== ============ ======== ============
Focused Multi-Cap Growth Fund
--------------------------------------------------
Class W Class W
------------------------ ------------------------
For the
year ended For the
April 30, 2018 year ended
(unaudited) October 31, 2017
------------------------ ------------------------
Shares Amount Shares Amount
---------- ------------ ---------- ------------
Shares sold........... 799,621 $ 25,441,583 761,790 $ 21,457,555
Reinvested shares..... 92,850 2,762,282 13,418 320,814
Shares redeemed....... (566,254) (17,543,659) (608,199) (15,915,170)
---------- ------------ ---------- ------------
Net increase
(decrease)........... 326,217 $ 10,660,206 167,009 $ 5,863,199
========== ============ ========== ============
92
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
Global Trends Fund#
---------------------------------------------------------------------------------------
Class A Class A Class C Class C
--------------------- --------------------- ------------------ ---------------------
For the For the
six months ended For the six months ended For the
April 30, 2018 year ended April 30, 2018 year ended
(unaudited) October 31, 2017 (unaudited) October 31, 2017
--------------------- --------------------- ------------------ ---------------------
Shares Amount Shares Amount Shares Amount Shares Amount
-------- ----------- -------- ----------- ------- --------- -------- -----------
Shares sold........... 167,878 $ 2,150,481 125,820 $ 1,680,909 7,330 $ 90,941 10,249 $ 134,558
Reinvested shares..... 196,687 2,517,598 -- -- 21,380 261,691 -- --
Shares redeemed....... (204,805) (2,667,702) (405,965) (5,340,002) (47,350) (592,683) (110,159) (1,392,078)
-------- ----------- -------- ----------- ------- --------- -------- -----------
Net increase
(decrease) in shares
outstanding before
automatic conversion. 159,760 2,000,377 -- -- (18,640) (240,051) -- --
Shares
issued/(reacquired)
upon automatic
conversion........... 14,406 183,133 -- -- (15,095) (183,133) -- --
-------- ----------- -------- ----------- ------- --------- -------- -----------
Net increase
(decrease)........... 174,166 $ 2,183,510 (280,145) $(3,659,093) (33,735) $(423,184) (99,910) $(1,257,520)
======== =========== ======== =========== ======= ========= ======== ===========
--------
# Consolidated (see Note 2)
Global Trends Fund#
---------------------------------------------
Class W Class W
--------------------- ----------------------
For the
six months ended For the
April 30, 2018 year ended
(unaudited) October 31, 2017
--------------------- ----------------------
Shares Amount Shares Amount
-------- ----------- --------- -----------
Shares sold................ 14,995 $ 194,486 3,324 $ 44,460
Reinvested shares.......... 2,055 26,690 -- --
Shares redeemed............ (49,964) (647,623) (45,118) (594,394)
-------- ----------- --------- -----------
Net increase
(decrease)................ (32,914) $ (426,447) (41,794) $ (549,934)
======== =========== ========= ===========
Income Explorer Fund
-----------------------------------------------------------------------------------------
Class A Class A Class C Class C
--------------------- ---------------------- ------------------- ---------------------
For the For the
year ended For the year ended For the
April 30, 2018 year ended April 30, 2018 year ended
(unaudited) October 31, 2017 (unaudited) October 31, 2017
--------------------- ---------------------- ------------------- ---------------------
Shares Amount Shares Amount Shares Amount Shares Amount
-------- ----------- --------- ----------- ------- ---------- -------- -----------
Shares sold................ 637,751 $10,072,847 1,003,506 $15,384,847 92,612 $1,465,463 177,564 $ 2,734,798
Reinvested shares.......... 47,301 744,707 64,190 980,769 6,430 101,067 8,247 125,782
Shares redeemed............ (363,754) (5,749,774) (598,076) (9,090,962) (52,660) (824,983) (100,354) (1,560,643)
-------- ----------- --------- ----------- ------- ---------- -------- -----------
Net increase
(decrease) in
shares
outstanding
before automatic
conversion................ 321,298 5,067,780 -- -- 46,382 741,547 -- --
Shares issued/(reacquired)
upon automatic
conversion................ 25,853 406,919 -- -- (25,918) (406,919) -- --
-------- ----------- --------- ----------- ------- ---------- -------- -----------
Net
increase (decrease)....... 347,151 $ 5,474,699 469,620 $ 7,274,654 20,464 $ 334,628 85,457 $ 1,299,937
======== =========== ========= =========== ======= ========== ======== ===========
93
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
Income Explorer Fund
---------------------------------------------
Class W Class W
--------------------- ----------------------
For the
year ended For the
April 30, 2018 year ended
(unaudited) October 31, 2017
--------------------- ----------------------
Shares Amount Shares Amount
-------- ----------- -------- ------------
Shares sold................ 161,029 $ 2,536,514 486,896 $ 7,654,707
Reinvested shares.......... 10,731 169,158 5,667 88,419
Shares redeemed............ (308,787) (4,899,823) (25,994) (411,508)
-------- ----------- -------- ------------
Net increase
(decrease)................ (137,027) $(2,194,151) 466,569 $ 7,331,618
======== =========== ======== ============
Small-Cap Fund
------------------------------------------------------------------------------------------
Class A Class A Class C Class C
--------------------- ---------------------- ------------------ -----------------------
For the For the
six months ended For the six months ended For the
April 30, 2018 year ended April 30, 2018 year ended
(unaudited) October 31, 2017 (unaudited) October 31, 2017
--------------------- ---------------------- ------------------ -----------------------
Shares Amount Shares Amount Shares Amount Shares Amount
-------- ----------- -------- ------------ ------- --------- ---------- -----------
Shares sold................ 333,016 $ 6,258,720 290,584 $ 5,244,799 31,464 $ 590,753 53,327 $ 950,781
Reinvested shares.......... 258,775 4,720,058 78,873 1,384,213 11,540 204,147 1,667 28,657
Shares redeemed............ (224,264) (4,236,152) (700,332) (12,743,109) (17,665) (322,943) (9,225) (165,173)
-------- ----------- -------- ------------ ------- --------- ---------- -----------
Net increase
(decrease) in
shares
outstanding
before automatic
conversion................ 367,527 6,742,626 -- -- 25,339 471,957 -- --
Shares issued/(reacquired)
upon automatic
conversion................ 6,289 119,207 -- -- (6,491) (119,207) -- --
-------- ----------- -------- ------------ ------- --------- ---------- -----------
Net increase
(decrease)................ 373,816 $ 6,861,833 (330,875) $ (6,114,097) 18,848 $ 352,750 45,769 $ 814,265
======== =========== ======== ============ ======= ========= ========== ===========
Small-Cap Fund
---------------------------------------------
Class W Class W
--------------------- ----------------------
For the
six months ended For the
April 30, 2018 year ended
(unaudited) October 31, 2017
--------------------- ----------------------
Shares Amount Shares Amount
-------- ----------- -------- ------------
Shares sold................ 350,853 $ 6,638,057 413,473 $ 7,614,236
Reinvested shares.......... 44,203 812,888 789 13,932
Shares redeemed............ (102,350) (1,943,867) (33,586) (629,357)
-------- ----------- -------- ------------
Net increase
(decrease)................ 292,706 $ 5,507,078 380,676 $ 6,998,811
======== =========== ======== ============
Note 8. Line of Credit
The Trust, along with certain other funds managed by the Adviser and
exclusive of the Commodity Strategy Fund and Global Trends Fund, has access
to a $75 million committed unsecured line of credit and a $50 million
uncommitted unsecured line of credit. The Commodity Strategy Fund and Global
Trends Fund have access to a $10 million committed secured line of credit.
The committed and uncommitted lines of credit are renewable on an annual
basis with State Street Bank and Trust Company ("State Street"), the Trust's
custodian. Interest is currently payable on the committed lines of credit at
the higher of the Federal Funds Rate (but not less than zero) plus 125 basis
points or the One-Month London Interbank Offered Rate (but not less than
zero) plus 125 basis points and State Street's discretionary bid rate on the
uncommitted line of credit. There is also a commitment
94
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
fee of 25 basis points per annum on the daily unused portion of the
committed line of credit and an upfront fee of $25,000 on the uncommitted
line of credit. Borrowings under the line of credit will commence when the
respective Fund's cash shortfall exceeds $100,000. For the period ended
April 30, 2018, the following Funds had borrowings:
Average Weighted
Days Interest Debt Average
Fund Outstanding Charges Utilized Interest
---- ----------- -------- ---------- --------
Focused Alpha Large-Cap.. 30 $1,358 $ 594,938 2.80%
Focused Multi-Cap Growth. 11 2,065 2,404,435 2.81
Income Explorer.......... 13 217 202,175 2.92
At April 30, 2018, none of the Funds had outstanding borrowings.
Note 9. Expense Reductions
Through expense offset arrangements resulting from broker commission
recapture, a portion of the expenses of certain Funds have been reduced. For
the period ended April 30, 2018, the amount of expense reductions received
by each Fund used to offset non-affiliated expenses are reflected as Fees
paid indirectly in the Statement of Operations.
Note 10. Interfund Lending Agreement
Pursuant to the exemptive relief granted by the SEC, the Funds are permitted
to participate in an interfund lending program among investment companies
advised by SunAmerica or an affiliate. The interfund lending program allows
the participating Funds to borrow money from and lend money to each other
for temporary or emergency purposes. An interfund loan will be made under
this facility only if the participating Funds receive a more favorable
interest rate than would otherwise be available from a typical bank for a
comparable transaction.
For the period ended April 30, 2018, none of the Funds participated in this
program.
Note 11. Investment Concentration
Each Fund may invest in obligations issued by agencies and instrumentalities
of the U.S. Government that may vary in the level of support they receive
from the government. The government may choose not to provide financial
support to government sponsored agencies or instrumentalities if it is not
legally obligated to do so, and if the issuer defaults, a fund holding
securities of such issuer might not be able to recover its investment from
the U.S. Government. As a result of the Commodity Strategy Funds'
concentration in such investments, these funds may be subject to risks
associated with U.S. Government agencies or instrumentalities.
The Commodity Strategy Fund's exposure to the commodities markets may
subject the Fund to greater volatility than investments in traditional
securities. The value of commodity-linked derivative instruments may be
affected by changes in overall market movements, commodity index volatility,
changes in interest rates, or sectors affecting a particular industry or
commodity, such as drought, floods, weather, livestock disease, embargoes,
tariffs and international economic, political and regulatory developments.
Note 12. Security Transactions with Affiliated Portfolios
The Funds are permitted to transfer securities by purchasing from and/or
selling to other affiliated funds under certain conditions approved by the
Board of Trustees. The affiliated funds involved in such transactions must
have a common investment adviser or investment advisers which are affiliated
persons of each other, common Trustees, and/or common officers in compliance
with Rule 17a-7 of the 1940 Act. Pursuant to the Act, such a transaction
must be either a purchase or a sale, for no consideration other than cash
payment against prompt delivery of the security at the current market price.
No brokerage commission or fee (except for customary transfer fees), or
other remuneration is paid in connection with such transactions. For the
period ended April 30, 2018, the following Fund engaged in security
transactions with affiliated Funds:
Cost of Proceeds Realized
Fund Purchases from Sales Gain(Loss)
---- --------- ---------- ----------
AIG Multi-Cap Growth Fund. $-- $2,681,518 $(565,640)
95
SunAmerica Specialty Series
NOTES TO FINANCIAL STATEMENTS -- April 30, 2018 -- (unaudited)
(continued)
Note 13. Subsequent Event
On June 5, 2018, the Board of the Trust, on behalf of the Global Trends
Fund, approved a proposal to close the Global Trends Fund to new and
subsequent investments and thereafter to liquidate and dissolve the Global
Trends Fund. Accordingly, the Board approved a Plan of Liquidation for the
Global Trends Fund pursuant to which the Global Trends Fund will be
liquidated (the "Liquidation") on or about July 27, 2018 (the "Liquidation
Date").
Effective June 15, 2018, shares of the Global Trends Fund are no longer
available for purchase; however, the Global Trends Fund continues to accept
reinvestments of dividends and capital gain distributions from existing
shareholders. To the extent there are any dividend payments on or after
June 15, 2018, they will be automatically reinvested in additional shares of
the Global Trends Fund, unless a shareholder elected to receive them in cash
or automatically reinvest them in shares of other funds. The Global Trends
Fund's Distributor will waive the distribution and account maintenance fees
payable under the Global Trends Fund's 12b-1 plans as of June 15, 2018.
96
[LOGO]
Harborside 5
185 Hudson Street, Suite 3300
Jersey City, NJ 07311
Directors/Trustees VOTING PROXIES ON FUND PORTFOLIO DELIVERY OF SHAREHOLDER DOCUMENTS
Richard W. Grant SECURITIES The Funds have adopted a policy that
Peter A. Harbeck A description of the policies and proce- allows them to send only one copy of a
Dr. Judith L. Craven dures that the Trust uses to determine Fund's prospectus, proxy material,
William F. Devin how to vote proxies related to securities annual report and semi-annual report
Stephen J. Gutman held in a Fund's portfolio, which is (the "shareholder documents") to
Eileen A. Kamerick available in the Trust's Statement of shareholders with multiple accounts
Officers Additional Information, may be ob- residing at the same "household." This
John T. Genoy, President and Chief tained without charge upon request, by practice is called householding and
Executive Officer calling (800) 858-8850. The in- reduces Fund expenses, which benefits
Timothy Pettee, Vice President formation is also available from the you and other shareholders. Unless the
James Nichols, Vice President EDGAR database on the U.S. Secu- Funds receive instructions to the con-
Gregory N. Bressler, Secretary rities and Exchange Commission's trary, you will only receive one copy of
Gregory R. Kingston, Treasurer website at http://www.sec.gov. the shareholder documents. The Funds
Shawn Parry, Vice President and PROXY VOTING RECORD ON FUND will continue to household the share-
Assistant Treasurer PORTFOLIO SECURITIES holder documents indefinitely, until we
Donna McManus, Vice President and Information regarding how the Trust are instructed otherwise. If you do not
Assistant Treasurer voted proxies related to securities held wish to participate in householding
Kathleen Fuentes, Chief Legal Officer in the Funds during the most recent please contact Shareholder Services at
and Assistant Secretary twelve month period ended June 30 is (800) 858-8850 ext. 6010 or send a
Christopher C. Joe, Chief Compliance available, once filed with the U.S. written request with your name, the
Officer Securities and Exchange Commission, name of your fund(s) and your ac-
Matthew J. Hackethal, Anti-Money without charge, upon request, by call- count number(s) to AIG Funds,
Laundering Compliance Officer ing (800) 858-8850 or on the U.S. P.O. Box 219186, Kansas City MO,
Investment Adviser Securities and Exchange Commission 64121-9186. We will resume in-
SunAmerica Asset Management, LLC website at http://www.sec.gov. dividual mailings for your account
Harborside 5 DISCLOSURE OF QUARTERLY PORTFOLIO within thirty (30) days of receipt of
185 Hudson Street, Suite 3300 HOLDINGS your request.
Jersey City, NJ 07311 The Trust is required to file its com- This report is submitted solely for the
Distributor plete schedule of portfolio holdings general information of shareholders of
AIG Capital Services, Inc. with the U.S. Securities and Exchange the Funds. Distribution of this report
Harborside 5 Commission for its first and third fiscal to persons other than shareholders of
185 Hudson Street, Suite 3300 quarters on Form N-Q. The Trust's the Funds is authorized only in con-
Jersey City, NJ 07311 Forms N-Q are available on the U.S. nection with a currently effective pro-
Shareholder Servicing Agent Securities and Exchange Commission spectus, setting forth details of the
AIG Fund Services, Inc. website at http://www.sec.gov. You can Funds, which must precede or accom-
Harborside 5 also review and obtain copies of the pany this report.
185 Hudson Street, Suite 3300 Forms N-Q at the U.S. Securities and The accompanying report has not been
Jersey City, NJ 07311 Exchange Commission Public Refer- audited by independent accountants
Custodian ence Room in Washington DC and accordingly no opinion has been
State Street Bank and Trust Company (information on the operation of the expressed thereon.
One Lincoln Street Public Reference Room may be ob-
Boston, MA 02111 tained by calling 1-800-SEC-0330).
Transfer Agent
DST Asset Manager Solutions, Inc.
303 W 11th Street
Kansas City, MO 64105
[GRAPHIC]
Go Paperless!!
Did you know that you have the option to
receive your shareholder reports online?
By choosing this convenient service, you will no longer receive paper copies of
Fund documents such as annual reports, semi-annual reports, prospectuses and
proxy statements in the mail. Instead, you are provided with quick and easy
access to this information via the Internet.
Why Choose Electronic Delivery?
It's Quick -- Fund documents will be received faster than via traditional mail.
It's Convenient -- Elimination of bulky documents from personal files.
It's Cost Effective -- Reduction of your Fund's printing and mailing costs.
To sign up for electronic delivery, follow
these simple steps:
1 Go to www.aig.com/funds
2 Click on the link to "Go Paperless!!"
The email address you provide will be kept strictly confidential. Once your
enrollment has been processed, you will begin receiving email notifications
when anything you receive electronically is available online.
You can return to www.aig.com/funds at any time to change your email
address, edit your preferences or to cancel this service if you choose to
resume physical delivery of your Fund documents.
Please note - this option is only available to accounts opened through the
Funds.
[LOGO]
For information on receiving this report online, see inside back cover.
AIG Funds are advised by SunAmerica Asset Management, LLC (SAAMCo) and
distributed by AIG Capital Services, Inc. (ACS), Member FINRA. Harborside 5,
185 Hudson Street, Suite 3300, Jersey City, NJ 07311, 800-858-8850. SAAMCo and
ACS are members of American International Group, Inc. (AIG).
Investors should carefully consider a Fund's investment objectives, risks,
charges and expenses before investing. The prospectus, containing this and
other important information, can be obtained from your financial adviser, the
AIG Funds Sales Desk at 800-858-8850, ext. 6003, or at aig.com/funds. Read the
prospectus carefully before investing.
HWSAN-4/18
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
Included in Item 1 to the Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders
may recommend nominees to the registrant's Board of Trustees that were
implemented after the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR
229.407) (as required by Item 22(b)(15)) of Schedule 14A (17 CFR
240.14a - 101), or this Item 10.
Item 11. Controls and Procedures.
(a) An evaluation was performed within 90 days of the filing of this
report, under the supervision and with the participation of the
registrant's management, including the President and Treasurer, of the
effectiveness of the design and operation of the registrant's
disclosure controls and procedures (as defined under Rule 30a-3(c)
under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based
on that evaluation, the registrant's management, including the
President and Treasurer, concluded that the registrant's disclosure
controls and procedures are effective.
(b) There was no change in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the
registrant's last fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies.
Not applicable.
Item 13. Exhibits.
(a) (1) Not applicable.
(2) Certifications pursuant to Rule 30a-2(a) under the Investment
Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit
99.CERT.
(3) Not applicable.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company
Act of 1940 (17 CFR 270.30a-2(a)) and Section 906 of the
Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
SunAmerica Specialty Series
By: /s/ John T. Genoy
--------------------------
John T. Genoy
President
Date: July 6, 2018
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ John T. Genoy
--------------------------
John T. Genoy
President
Date: July 6, 2018
By: /s/ Gregory R. Kingston
--------------------------
Gregory R. Kingston
Treasurer
Date: July 6, 2018
Exhibit 99.CERT
CERTIFICATION PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT
I, John T. Genoy, certify that:
1. I have reviewed this report on Form N-CSR of SunAmerica Specialty Series;
2. Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash
flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the registrant's most recent
fiscal quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over
financial reporting.
Date: July 5, 2018
/s/ John T. Genoy
-------------------
John T. Genoy
President
CERTIFICATION PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT
I, Gregory R. Kingston, certify that:
1. I have reviewed this report on Form N-CSR of SunAmerica Specialty Series;
2. Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash
flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the registrant's most recent
fiscal quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over
financial reporting.
Date: July 5, 2018
/s/ Gregory R. Kingston
------------------------
Gregory R. Kingston
Treasurer
Exhibit 99.906.CERT
CERTIFICATIONS PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT
John T. Genoy, President, and Gregory R. Kingston, Treasurer of SunAmerica
Specialty Series (the "registrant"), each certify to the best of his
knowledge that:
1. The attached Form N-CSR report of the registrant fully complies with the
requirements of Sections 13(a) and 15(d) of the Securities Exchange Act of
1934; and
2. The information contained in such N-CSR report fairly represents, in all
material respects, the financial conditions and results of operations of
the Registrant as of, and for, the periods presented in the report.
Dated: July 5, 2018
/s/ John T. Genoy
---------------
John T. Genoy
President
/s/ Gregory R. Kingston
---------------------
Gregory R. Kingston
Treasurer
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