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    2019 SEMI-ANNUAL REPORT SunAmerica Specialty Series Commodity Strategy Fund AIG ESG Dividend Fund Focused Alpha Large-Cap Fund Focused Growth Fund Income Explorer Fund Small-Cap Fund Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from a Fund electronically by calling 800-858-8850 or contacting your financial intermediary directly. You may elect to receive all future reports in paper free of charge. If your account is held directly at the Fund, you can inform the Fund that you wish to receive paper copies of reports by calling 800-858-8850. If your account is held through a financial intermediary, please contact the financial intermediary to make this election. Your election to receive paper will apply to all AIG Funds in which you are invested and may apply to all funds held with your financial intermediary. aig.com/funds


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    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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19 NOTES TO FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .66 SUPPLEMENT TO THE PROSPECTUS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .90


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    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 Growth Fund, AIG Income Explorer Fund and AIG Small-Cap Fund (the “Funds”), covering the six-month period ended April 30, 2019. Overall, global equities and global bonds advanced, while commodities generated negative returns. Virtually all asset classes saw volatility surge during the period. Following a challenging October 2018, global equities enjoyed a brief reprieve as the semi-annual period began in November 2018 on dovish† comments from U.S. Federal Reserve (“Fed”) Chair Powell and seemingly encouraging progress toward China-U.S. trade talks. However, the relief rally proved short-lived, with global equities plunging in December on renewed concerns about slowing global economic growth. China’s economy grew at the weakest pace in a decade, and economic growth in Europe moderated. U.S. equities suffered their largest quarterly loss during the fourth quarter of 2018 since 2011. European equities ended the quarter lower, with concerns about budget negotiations between Italy and the European Union, protests in France, Brexit†† risks and trade developments of particular focus. Pacific Basin equity markets ended the calendar year on a disappointing note, with Japanese equities underperforming the region by a substantial margin, as increased global economic growth risks weighed on Japan’s export-dependent economy. On the monetary policy front, the U.S. Fed raised its interest rates by 25 basis points††† in December to the highest level in a decade. The European Central Bank (ECB) concluded its asset-purchase program but announced it would continue its reinvestment policy for an extended period of time beyond its first interest rate increase, slated for the second half of 2019. In a sharp reversal, global equities rebounded in the first quarter of 2019 to their best quarterly return since September 2009. Though Brexit remained a key concern, markets were buoyed by productive trade negotiations between the U.S. and China and by dovish rhetoric and policy actions from the major central banks. U.S. equities rallied, supported by relatively strong fourth quarter 2018 corporate earnings and by a shift in Fed policy, wherein the Fed left its interest rates unchanged and indicated rates would likely remain stable in 2019. European equities overall also gained, as the ECB surprised markets by pushing back interest rate raises, slashing its economic growth forecast and announcing an extended liquidity policy. Pacific Basin equities rose alongside other global equity markets, though Japanese equities continued to underperform the region, as inflation there sank. In April 2019, global equities rose for the fourth consecutive month. Markets reacted positively to strong economic data, accommodative central bank policies, improving economic growth prospects in China, and rising expectations for a U.S.-China trade deal. In Europe, weakness in the manufacturing sector and Brexit uncertainty remained key concerns, though the U.K. avoided an abrupt no-deal departure from the European Union in April after European Union leaders granted the U.K. a flexible extension until the end of October 2019. The broad global fixed income market posted a positive return during the semi-annual period overall. Sovereign yields declined across most markets for most of the semi-annual period, amid a spike in equity market volatility, increased concerns about global economic growth and more dovish central bank policies. Corporate bonds underperformed the broad fixed income market during the last months of 2018, owing to a flight to quality among investors, unresolved political issues in Europe and a sharp sell-off in energy prices, but then rebounded strongly during the first four months of 2019, benefiting from a rally in risk assets generally as investor sentiment improved. Commodities declined in the last months of 2018 amid a sharp correction in energy prices, as concerns about increasing crude oil supplies weighed on prices. Commodities then realized one of their best quarterly performances in a decade in the first months of 2019 on improved supply and demand fundamentals and more optimistic global trade sentiment, with energy the top performer. Crude oil prices continued to benefit in April from a challenging supply scenario, including plans for U.S. sanctions on Iran, production outages in Venezuela and production cuts by Saudi Arabia-led OPEC. Still, for the semi-annual period overall, energy was among the 2


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    A Message from the President — (unaudited) (continued) weakest commodities sectors, surpassed only by agriculture and livestock. Precious metals was the strongest commodities sector during the semi-annual period as volatility in global equity markets increased demand for what are widely considered safe-haven assets. Industrial metals also gained, benefiting from Chinese economic stimulus and improved trade sentiment. Amid these conditions, developed market equities, as measured by the 8.83% return of the MSCI World Index,* underperformed emerging market equities, as measured by the 13.76% return of the MSCI Emerging Markets Index* for the semi-annual period overall. Among the developed markets, U.S. equities, as measured by the 9.76% return of the S&P 500 Index,* outperformed non-U.S. equities, as measured by the 7.45% return of the MSCI EAFE Index.* Within the U.S. equity market, mid-cap stocks performed best, followed by large-cap stocks, and then at some distance, by small-cap stocks. Growth stocks outpaced value stocks across the capitalization spectrum. For the semi-annual period overall, 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 5.49% and 4.28%, respectively. The ICE BofAML U.S. Treasury Index* returned 5.05%, while international government bonds, as represented by the FTSE WGBI (USD, hedged),* returned 5.00%. Commodities, as represented by the Bloomberg Commodity Index,* returned -1.97% for the semi-annual period as a whole. 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, 2019. 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, 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. † Dovish tends to suggest lower interest rates; opposite of hawkish. †† Brexit indicates the U.K.’s path out of the European Union. ††† A basis point is 1/100th of a percentage point. * The MSCI World Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of 23 developed markets. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of 26 emerging markets. 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 EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of 21 developed markets, excluding the US & Canada. The Bloomberg Barclays U.S. Aggregate Bond Index represents securities that are U.S. domestic, taxable and dollar denominated. The index covers 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 income markets. 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 3


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    A Message from the President — (unaudited) (continued) market capitalization-weighted bond index consisting of the government bond markets of over 20 countries, including all fixed-rate bonds with a remaining maturity of one year or longer and with amounts outstanding of at least the equivalent of US$50 billion. 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 into 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 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 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 Commodity Strategy Fund expects to invest a significant portion of its 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 Fund will be to serve as collateral for the futures instruments. The Fund’s 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 Fund’s returns are expected to be derived principally from changes in the value of the assets underlying the futures instruments held by the Fund. Active trading of the 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 Fund and which will affect the Fund’s 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 Fund’s strategies, including the proprietary investment processes used by the subadviser, will influence the performance of the Fund 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


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    SunAmerica Specialty Series EXPENSE EXAMPLE — April 30, 2019 — (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, 2018 and held until April 30, 2019. 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, 2019” 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, 2019” 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, 2019” 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, 2019” 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, 2019” 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, 2019” 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, 2019” 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


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    SunAmerica Specialty Series EXPENSE EXAMPLE — April 30, 2019 — (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 Annualized at November 1, April 30, April 30, at November 1, at April 30, April 30, Expense 2018 2019 2019* 2018 2019 2019* Ratio* AIG Commodity Strategy Fund@ Class A# . . . . . . . . . . . . . $1,000.00 $ 967.11 $ 8.39 $1,000.00 $1,016.27 $ 8.60 1.72% Class C# . . . . . . . . . . . . . $1,000.00 $ 964.83 $11.55 $1,000.00 $1,013.04 $11.83 2.37% Class W# . . . . . . . . . . . . . $1,000.00 $ 969.20 $ 7.42 $1,000.00 $1,017.26 $ 7.60 1.52% AIG ESG Dividend Fund Class A# . . . . . . . . . . . . . $1,000.00 $1,052.30 $ 5.80 $1,000.00 $1,019.14 $ 5.71 1.14% Class C# . . . . . . . . . . . . . $1,000.00 $1,048.62 $ 9.09 $1,000.00 $1,015.92 $ 8.95 1.79% Class W# . . . . . . . . . . . . . $1,000.00 $1,053.37 $ 4.79 $1,000.00 $1,020.13 $ 4.71 0.94% AIG Focused Alpha Large-Cap Fund Class A . . . . . . . . . . . . . . $1,000.00 $1,113.88 $ 8.65 $1,000.00 $1,016.61 $ 8.25 1.65% Class C# . . . . . . . . . . . . . $1,000.00 $1,110.07 $12.40 $1,000.00 $1,013.04 $11.83 2.37% Class W# . . . . . . . . . . . . . $1,000.00 $1,114.35 $ 7.97 $1,000.00 $1,017.26 $ 7.60 1.52% AIG Focused Growth Fund Class A# . . . . . . . . . . . . . $1,000.00 $1,104.35 $ 6.21 $1,000.00 $1,018.89 $ 5.96 1.19% Class C# . . . . . . . . . . . . . $1,000.00 $1,101.08 $ 9.59 $1,000.00 $1,015.67 $ 9.20 1.84% Class W# . . . . . . . . . . . . . $1,000.00 $1,105.44 $ 5.22 $1,000.00 $1,019.84 $ 5.01 1.00% AIG Income Explorer Fund Class A# . . . . . . . . . . . . . $1,000.00 $1,072.85 $ 8.84 $1,000.00 $1,016.27 $ 8.60 1.72% Class C# . . . . . . . . . . . . . $1,000.00 $1,069.53 $12.16 $1,000.00 $1,013.04 $11.83 2.37% Class W# . . . . . . . . . . . . . $1,000.00 $1,073.96 $ 7.82 $1,000.00 $1,017.26 $ 7.60 1.52% AIG Small-Cap Fund Class A# . . . . . . . . . . . . . $1,000.00 $1,009.01 $ 6.48 $1,000.00 $1,018.35 $ 6.51 1.30% Class C# . . . . . . . . . . . . . $1,000.00 $1,005.76 $ 9.65 $1,000.00 $1,015.17 $ 9.69 1.94% Class W# . . . . . . . . . . . . . $1,000.00 $1,010.05 $ 5.68 $1,000.00 $1,019.14 $ 5.71 1.14% * 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, 2019” 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, 2019” and the “Annualized Expense Ratio” would have been lower. @ Consolidated (see Note 2 to Notes to Financial Statements) 6


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    SunAmerica Specialty Series STATEMENT OF ASSETS AND LIABILITIES — April 30, 2019 — (unaudited) AIG AIG AIG Focused AIG AIG Commodity ESG Alpha Focused Income AIG Strategy Dividend Large-Cap Growth Explorer Small-Cap Fund# Fund Fund Fund** Fund Fund ASSETS: Investments at value (unaffiliated)* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $14,789,978 $30,599,194 $643,128,289 $605,158,787 $45,859,014 $56,216,681 Repurchase agreements (cost approximates value) . . . . . . . . . . . . . . . . . . 15,195,000 357,000 — — — 161,000 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,233,864 932 35,358,537 51,594,521 531,156 475,874 Foreign cash* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — 51,180 — Receivable for: Shares of beneficial interest sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,251 83,121 669,779 480,344 7,661 189,382 Dividends and interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,483 49,509 521,354 36,000 225,625 10,884 Investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — 47,242 147,459 Prepaid expenses and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,133 129 7,504 11,237 4,213 4,431 Cash collateral for futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — 33 Due from broker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 767,000 — — — — — Due from investment adviser for expense reimbursements/fee waivers . . 72,883 30,340 8,060 537,042 18,465 88,696 Variation margin on futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,900 — — — — — Unrealized appreciation on forward foreign currency contracts . . . . . . . . . — — — — 3,655 — Unrealized appreciation on swap contracts . . . . . . . . . . . . . . . . . . . . . . . . 5,927 — — — — — Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,181,419 31,120,225 679,693,523 657,817,931 46,748,211 57,294,440 LIABILITIES: Payable for: Shares of beneficial interest redeemed . . . . . . . . . . . . . . . . . . . . . . . . . 15,286 5,463 444,136 451,295 13,672 57,278 Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 17,430,460 23,423,561 — 1,206 Investments purchased on an extended settlement basis . . . . . . . . . . . — — — — 75,000 — Payments on swap contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115,915 — — — — — Investment advisory and management fees . . . . . . . . . . . . . . . . . . . . . . 22,469 19,024 529,796 511,022 38,671 46,622 Distribution and account maintenance fees . . . . . . . . . . . . . . . . . . . . . . 10,349 8,156 201,860 202,679 14,653 17,489 Transfer agent fees and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,737 6,001 126,703 123,906 8,471 11,412 Trustees’ fees and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 30 704 706 60 75 Other accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164,196 54,333 280,728 270,202 90,214 107,616 Due to investment adviser from expense recoupment . . . . . . . . . . . . . . — — 3,593 — — — Variation margin on futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,730 — — — — 2,400 Unrealized depreciation on forward foreign currency contracts . . . . . . . . . — — — — 248 — Due to broker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,876 — — — — — Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 541,599 93,007 19,017,980 24,983,371 240,989 244,098 NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $33,639,820 $31,027,218 $660,675,543 $632,834,560 $46,507,222 $57,050,342 # Consolidated (see Note 2) ** See Note 1 See Notes to Financial Statements 7


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    SunAmerica Specialty Series STATEMENT OF ASSETS AND LIABILITIES — April 30, 2019 — (unaudited) (continued) AIG AIG AIG Focused AIG AIG Commodity ESG Alpha Focused Income AIG Strategy Dividend Large-Cap Growth Explorer Small-Cap Fund# Fund Fund Fund** Fund Fund NET ASSETS REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $132,169,821 $29,945,792 $480,820,343 $445,731,640 $47,731,743 $51,258,234 Total accumulated earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (98,530,001) 1,081,426 179,855,200 187,102,920 (1,224,521) 5,792,108 Net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 33,639,820 $31,027,218 $660,675,543 $632,834,560 $46,507,222 $57,050,342 *Cost Investments (unaffiliated) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,875,055 $28,877,179 $480,471,882 $432,429,384 $46,623,847 $50,027,164 Foreign cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ — $ — $ 51,498 $ — Class A (unlimited shares authorized): Net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 30,680,225 $22,254,070 $602,985,788 $506,478,939 $36,654,726 $48,910,604 Shares of beneficial interest issued and outstanding . . . . . . . . . . . . . . . . 4,631,008 1,460,198 20,842,067 18,707,278 2,413,175 2,832,176 Net asset value and redemption price per share (excluding any applicable contingent deferred sales charge) . . . . . . . . . . . . . . . . . . . . $ 6.62 $ 15.24 $ 28.93 $ 27.07 $ 15.19 $ 17.27 Maximum sales charge (5.75% of offering price) . . . . . . . . . . . . . . . . . . 0.40 0.93 1.76 1.65 0.93 1.05 Maximum offering price to public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7.02 $ 16.17 $ 30.69 $ 28.72 $ 16.12 $ 18.32 Class C (unlimited shares authorized): Net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,494,647 $ 987,731 $ 37,551,416 $ 64,766,791 $ 3,888,197 $ 3,598,207 Shares of beneficial interest issued and outstanding . . . . . . . . . . . . . . . . 236,713 64,924 1,387,830 2,571,520 256,433 217,620 Net asset value, offering and redemption price per share (excluding any applicable contingent deferred sales charge) . . . . . . . . . . . . . . . . . . . . $ 6.31 $ 15.21 $ 27.06 $ 25.19 $ 15.16 $ 16.53 Class W (unlimited shares authorized): Net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,464,948 $ 7,785,417 $ 20,138,339 $ 61,588,830 $ 5,964,299 $ 4,541,531 Shares of beneficial interest issued and outstanding . . . . . . . . . . . . . . . . 218,201 510,497 684,424 2,228,986 392,702 259,704 Net asset value, offering and redemption price per share . . . . . . . . . . . . $ 6.71 $ 15.25 $ 29.42 $ 27.63 $ 15.19 $ 17.49 # Consolidated (see Note 2) ** See Note 1 See Notes to Financial Statements 8


  • Page 10

    SunAmerica Specialty Series STATEMENT OF OPERATIONS — For the six months ended April 30, 2019 — (unaudited) AIG AIG AIG Focused AIG AIG Commodity ESG Alpha Focused Income AIG Strategy Dividend Large-Cap Growth Explorer Small-Cap Fund# Fund Fund Fund** Fund Fund INVESTMENT INCOME: Dividends (unaffiliated) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 450,784 $5,407,415 $ 2,156,377 $1,316,928 $ 298,069 Interest (unaffiliated) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 384,893 1,588 — — 291,485 7,838 Total investment income* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 384,893 452,372 5,407,415 2,156,377 1,608,413 305,907 EXPENSES: Investment advisory and management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,250 103,022 3,040,763 2,987,677 246,642 297,753 Distribution and account maintenance fees: Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,482 36,979 939,669 806,725 68,949 81,985 Class C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,261 2,316 167,912 309,546 19,730 16,883 Service fees: Class W . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,063 3,240 13,711 49,906 4,202 6,542 Transfer agent fees and expenses: Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,611 25,338 655,021 571,787 44,904 54,930 Class C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,565 1,271 42,110 72,363 5,096 4,724 Class W . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,092 5,199 21,657 73,894 6,731 10,446 Registration fees: Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,458 25,199 35,666 43,036 23,967 24,996 Class C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,667 14,006 16,993 19,988 15,042 14,343 Class W . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,228 14,345 14,374 22,646 17,382 25,505 Custodian and accounting fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,452 8,364 47,773 54,476 22,155 35,689 Reports to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,976 10,290 80,334 66,050 10,226 17,149 Audit and tax fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,702 31,405 27,668 27,685 43,333 36,244 Legal fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,239 5,269 13,882 14,231 5,786 5,822 Trustees’ fees and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 911 688 16,556 16,839 1,483 1,803 Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 720 931 10,686 841 631 Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,555 13,137 15,408 15,354 5,999 29,441 Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 523,512 300,788 5,150,428 5,162,889 542,468 664,886 Fees waived and expenses reimbursed by investment advisor (see Note 4) . . . (233,002) (145,862) (8,297) (1,477,110) (111,021) (273,556) Fees paid indirectly (see Note 9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (4,212) (11,778) — — Net expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,510 154,926 5,137,919 3,674,001 431,447 391,330 Net investment income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,383 297,446 269,496 (1,517,624) 1,176,966 (85,423) # Consolidated (see Note 2) ** See Note 1 See Notes to Financial Statements 9


  • Page 11

    SunAmerica Specialty Series STATEMENT OF OPERATIONS — For the six months ended April 30, 2019 — (unaudited) (continued) AIG AIG AIG Focused AIG AIG Commodity ESG Alpha Focused Income AIG Strategy Dividend Large-Cap Growth Explorer Small-Cap Fund# Fund Fund Fund** Fund Fund NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: Net realized gain (loss) on: Investments (unaffiliated) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (54,236) $ (777,491) $18,646,612 $22,282,344 $ (563,190) $ 175,896 Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,427,590) — — — — (895,803) Forward contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — — Swap contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (508,439) — — — — — Written options contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 902 — — — — — Net realized foreign exchange gain (loss) on other assets and liabilities . . . . . . . — — (5,111) — (1,265) (4) Net realized gain (loss) on investments and foreign currencies . . . . . . . . . . . . . . (1,989,363) (777,491) 18,641,501 22,282,344 (564,455) (719,911) Change in unrealized appreciation (depreciation) on: Investments (unaffiliated) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (29,493) 2,054,873 48,738,401 38,350,428 2,710,334 (279,383) Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 734,557 — — — — 687,743 Forward contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — 3,407 — Swap contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,954 — — — — — Written options contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (892) — — — — — Change in net unrealized foreign exchange gain (loss) on other assets and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 150,670 — — 2,743 — Net unrealized gain (loss) on investments and foreign currencies . . . . . . . . . . . . 746,126 2,205,543 48,738,401 38,350,428 2,716,484 408,360 Net realized and unrealized gain (loss) on investments and foreign currencies . . (1,243,237) 1,428,052 67,379,902 60,632,772 2,152,029 (311,551) NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(1,148,854) $1,725,498 $67,649,398 $59,115,148 $3,328,995 $(396,974) * Net of foreign withholding taxes on interest and dividends of . . . . . . . . . . . $ — $ — $ 180,334 $ — $ 16,314 $ 62 # Consolidated (see Note 2) ** See Note 1 See Notes to Financial Statements 10


  • Page 12

    SunAmerica Specialty Series STATEMENT OF CHANGES IN NET ASSETS AIG Commodity AIG Focused Alpha Strategy Fund# AIG ESG Dividend Fund Large-Cap 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 2019 October 31, 2019 October 31, 2019 October 31, (unaudited) 2018 (unaudited) 2018 (unaudited) 2018 INCREASE (DECREASE) IN NET ASSETS Operations: Net investment income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 94,383 $ (66,034) $ 297,446 $ 491,653 $ 269,496 $ (1,710,075) Net realized gain (loss) on investments and foreign currencies . . . . . . (1,989,363) (62,842) (777,491) 1,966,682 18,641,501 104,666,956 Net unrealized gain (loss) on investments and foreign currencies . . . . 746,126 (1,444,025) 2,205,543 (1,337,943) 48,738,401 (56,096,952) Net increase (decrease) in net assets resulting from operations . . . . . . . (1,148,854) (1,572,901) 1,725,498 1,120,392 67,649,398 46,859,929 Distributions to shareholders from: Distributable earnings (Class A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (22,154) (61,011) (1,955,188) (926,828) (95,234,176) (42,929,817) Distributable earnings (Class C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (34,665) (10,033) (6,231,964) (10,460,288) Distributable earnings (Class W) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,578) (6,043) (271,822) (44,270) (3,202,795) (1,279,042) Total distributions to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (25,732) (67,054) (2,261,675) (981,131) (104,668,935) (54,669,147) Net increase (decrease) in net assets resulting from capital share transactions (see Note 7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,568,181) (1,398,356) 5,708,456 85,994 69,802,785 (3,586,898) Total increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . (2,742,767) (3,038,311) 5,172,279 225,255 32,783,248 (11,396,116) NET ASSETS: Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,382,587 39,420,898 25,854,939 25,629,684 627,892,295 639,288,411 End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $33,639,820 $36,382,587 $31,027,218 $25,854,939 $ 660,675,543 $627,892,295 # Consolidated (see Note 2) See Notes to Financial Statements 11


  • Page 13

    SunAmerica Specialty Series STATEMENT OF CHANGES IN NET ASSETS — (continued) AIG Focused Growth Fund* AIG Income Explorer Fund AIG Small-Cap Fund For the For the For the six months six months six months For the ended For the ended For the ended year ended April 30, year ended April 30, year ended April 30, 2019 October 31, 2019 October 31, 2019 October 31, (unaudited) 2018 (unaudited) 2018 (unaudited) 2018 INCREASE (DECREASE) IN NET ASSETS Operations: Net investment income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1,517,624) $ (7,052,513) $ 1,176,966 $ 1,864,499 $ (85,423) $ (653,531) Net realized gain (loss) on investments and foreign currencies . . . . . 22,282,344 124,402,736 (564,455) 557,806 (719,911) 7,622,304 Net unrealized gain (loss) on investments and foreign currencies . . . 38,350,428 (88,684,131) 2,716,484 (4,505,960) 408,360 (4,655,934) Net increase (decrease) in net assets resulting from operations . . . . . . 59,115,148 28,666,092 3,328,995 (2,083,655) (396,974) 2,312,839 Distributions to shareholders from: Distributable earnings (Class A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (94,208,878) (37,619,171) (1,252,992) (1,683,253) (4,719,487) (4,732,978) Distributable earnings (Class C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,637,145) (7,778,934) (114,287) (193,863) (299,248) (210,588) Distributable earnings (Class W) . . . . . . . . . . . . . . . . . . . . . . . . . . . . (14,308,470) (3,879,281) (187,123) (303,598) (1,238,362) (849,123) Total distributions to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . (122,154,493) (49,277,386) (1,554,402) (2,180,714) (6,257,097) (5,792,689) Net increase (decrease) in net assets resulting from capital share transactions (see Note 7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,692,686 65,890,995 (10,260,306) 14,751,199 (6,671,864) 15,298,243 Total increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . (5,346,659) 45,279,701 (8,485,713) 10,486,830 (13,325,935) 11,818,393 NET ASSETS: Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 638,181,219 592,901,518 54,992,935 44,506,105 70,376,277 58,557,884 End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 632,834,560 $638,181,219 $ 46,507,222 $54,992,935 $ 57,050,342 $70,376,277 * See Note 1 See Notes to Financial Statements 12


  • Page 14

    SunAmerica Specialty Series FINANCIAL HIGHLIGHTS Net gain (loss) on Ratio Net investments Net Net of net Asset (both Dividends Distributions Asset Assets Ratio of investment Value Net realized Total from from net from Total Value end of expenses income to beginning investment and investment investment net realized Distri- end of Total period to average average Portfolio . . Ended Period of period income(1) unrealized) operations income gains butions period Return(2) (000’s) net assets(3) net assets(3) Turnover AIG COMMODITY STRATEGY FUND# Class A 10/31/14 $7.89 $(0.07) $(0.08) $(0.15) $ — $— $ — $7.74 (1.90)%(4) $45,829 1.72% (0.91)% 16% 10/31/15 7.74 (0.09) (0.25) (0.34) — — — 7.40 (4.39) 35,472 1.72 (1.12) 54 10/31/16 7.40 (0.10) (0.22) (0.32) — — — 7.08 (4.32) 35,228 1.72 (1.40) 50 10/31/17 7.08 (0.07) 0.12 0.05 — — — 7.13 0.71 35,015 1.73 (0.98) 49 10/31/18 7.13 (0.01) (0.26) (0.27) (0.01) — (0.01) 6.85 (3.75) 32,602 1.72 (0.14) 1 04/30/19## 6.85 0.02 (0.25) (0.23) (0.00) — (0.00) 6.62 (3.29) 30,680 1.72@ 0.59@ 19 Class C 10/31/14 $7.77 $(0.13) $(0.06) $(0.19) $ — $— $ — $7.58 (2.45)%(4) $ 9,153 2.37% (1.56)% 16% 10/31/15 7.58 (0.13) (0.25) (0.38) — — — 7.20 (5.01) 5,272 2.37 (1.77) 54 10/31/16 7.20 (0.14) (0.22) (0.36) — — — 6.84 (5.00) 3,478 2.37 (2.06) 50 10/31/17 6.84 (0.11) 0.12 0.01 — — — 6.85 0.15 2,755 2.38 (1.65) 49 10/31/18 6.85 (0.06) (0.25) (0.31) — — — 6.54 (4.53) 1,908 2.37 (0.83) 1 04/30/19## 6.54 (0.00) (0.23) (0.23) — — — 6.31 (3.52) 1,495 2.37@ (0.07)@ 19 Class W 10/31/14 $7.94 $(0.06) $(0.08) $(0.14) $ — $— $ — $7.80 (1.76)%(4) $ 9,977 1.52% (0.73)% 16% 10/31/15 7.80 (0.07) (0.26) (0.33) — — — 7.47 (4.23) 2,979 1.52 (0.91) 54 10/31/16 7.47 (0.09) (0.21) (0.30) — — — 7.17 (4.02) 1,958 1.52 (1.21) 50 10/31/17 7.17 (0.06) 0.12 0.06 — — — 7.23 0.84 1,651 1.53 (0.79) 49 10/31/18 7.23 0.01 (0.27) (0.26) (0.03) — (0.03) 6.94 (3.64) 1,873 1.52 0.08 1 04/30/19## 6.94 0.03 (0.24) (0.21) (0.02) — (0.02) 6.71 (3.08) 1,465 1.52@ 0.78@ 19 # 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): 10/31/14 10/31/15 10/31/16 10/31/17 10/31/18 04/30/19@## Commodity Strategy Fund Class A . . . . . . . . 0.49% 0.82% 0.85% 0.92% 0.83% 1.23% Commodity Strategy Fund Class C . . . . . . . . 0.59 0.92 1.21 1.25 1.45 2.92 Commodity Strategy Fund Class W . . . . . . . . 0.65 0.84 1.48 1.52 1.49 3.14 (4) 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


  • Page 15

    SunAmerica Specialty Series FINANCIAL HIGHLIGHTS — (continued) Net gain (loss) on Ratio Net investments Net Net of net Asset (both Dividends Distributions Asset Assets Ratio of investment Value Net realized Total from from net from Total Value end of expenses income to beginning investment and investment investment net realized Distri- end of Total period to average average Portfolio Period Ended of period income(1) unrealized) operations income gains butions period Return(2) (000’s) net assets(3) net assets(3) Turnover 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 1.25%(4) 1.92%(4) 18% 10/31/18 15.81 0.30 0.37 0.67 (0.51) (0.09) (0.60) 15.88 4.26(5) 22,973 1.25 1.84 57 04/30/19# 15.88 0.16 0.58 0.74 (0.14) (1.24) (1.38) 15.24 5.23 22,254 1.14(4) 2.15(4) 42 Class C 12/16/16@- 10/31/17 $15.00 $0.16 $0.56 $0.72 $ — $ — $ — $15.72 4.80% $ 365 1.90%(4) 1.22%(4) 18% 10/31/18 15.72 0.19 0.38 0.57 (0.34) (0.09) (0.43) 15.86 3.59(5) 384 1.90 1.18 57 04/30/19# 15.86 0.09 0.60 0.69 (0.10) (1.24) (1.34) 15.21 4.86 988 1.79(4) 1.36(4) 42 Class W 12/16/16@- 10/31/17 $15.00 $0.28 $0.56 $0.84 $ — $ — $ — $15.84 5.60% $ 352 1.05%(4) 2.06%(4) 18% 10/31/18 15.84 0.31 0.40 0.71 (0.57) (0.09) (0.66) 15.89 4.48(5) 2,498 1.05 1.99 57 04/30/19# 15.89 0.15 0.61 0.76 (0.16) (1.24) (1.40) 15.25 5.34 7,785 0.94(4) 2.39(4) 42 @ 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) Net of following expense reimbursements, waivers and (recoupments), if applicable (based on average net assets): 10/31/17(4) 10/31/18 04/30/19#(4) ESG Dividend Fund Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.25% 0.75% 0.92% ESG Dividend Fund Class C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.56 2.88 4.08 ESG Dividend Fund Class W . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.15 1.41 1.29 (4) Annualized. (5) The Fund’s performance figure was increased by 0.66% from a reimbursement of losses resulting from an investment restriction violation (see Note 4). See Notes to Financial Statements 14


  • Page 16

    SunAmerica Specialty Series FINANCIAL HIGHLIGHTS — (continued) Net gain Ratio (loss) on of net Net investments Net Net investment Asset Net (both Dividends Distributions Asset Assets Ratio of income Value investment realized Total from from net from net Total Value end of expenses (loss) to beginning income and investment investment realized Distri- end of Total period to average average Portfolio Period Ended of period (loss)(1) unrealized) operations income gains butions period Return(2) (000's) net assets(3) net assets(3) Turnover AIG FOCUSED ALPHA LARGE-CAP FUND Class A 10/31/14 $24.37 $(0.12) $ 4.47 $ 4.35 $— $(1.27) $(1.27) $27.45 18.66% $525,359 1.66%(4) (0.46)%(4) 57% 10/31/15 27.45 (0.11) 0.86 0.75 — (1.64) (1.64) 26.56 2.98 495,598 1.66 (0.43) 82 10/31/16 26.56 (0.11) (0.14) (0.25) — (2.61) (2.61) 23.70 (0.91) 413,090 1.67 (0.47) 38 10/31/17 23.70 (0.07) 8.28 8.21 — — — 31.91 34.64 505,796 1.65 (0.26) 68 10/31/18 31.91 (0.06) 2.30 2.24 — (2.73) (2.73) 31.42 7.46 572,092 1.64 (0.20) 65 04/30/19@ 31.42 0.02 2.77 2.79 — (5.28) (5.28) 28.93 11.39 602,986 1.65# 0.12# 40 Class C 10/31/14 $24.11 $(0.28) $ 4.40 $ 4.12 $— $(1.27) $(1.27) $26.96 17.87% $126,687 2.32%(4) (1.12)%(4) 57% 10/31/15 26.96 (0.28) 0.85 0.57 — (1.64) (1.64) 25.89 2.33 123,641 2.31 (1.08) 82 10/31/16 25.89 (0.26) (0.14) (0.40) — (2.61) (2.61) 22.88 (1.58) 106,319 2.32 (1.12) 38 10/31/17 22.88 (0.24) 7.97 7.73 — — — 30.61 33.78 118,151 2.30 (0.91) 68 10/31/18 30.61 (0.26) 2.21 1.95 — (2.73) (2.73) 29.83 6.78 35,561 2.30 (0.81) 65 04/30/19@ 29.83 (0.07) 2.58 2.51 — (5.28) (5.28) 27.06 11.01 37,551 2.37#(4) (0.59)#(4) 40 Class W 10/31/14 $24.48 $(0.08) $ 4.48 $ 4.40 $— $(1.27) $(1.27) $27.61 18.78% $ 8,109 1.52%(4) (0.31)%(4) 57% 10/31/15 27.61 (0.08) 0.88 0.80 — (1.64) (1.64) 26.77 3.15 16,475 1.52(4) (0.29)(4) 82 10/31/16 26.77 (0.08) (0.15) (0.23) — (2.61) (2.61) 23.93 (0.82) 8,368 1.52(4) (0.31)(4) 38 10/31/17 23.93 (0.05) 8.39 8.34 — — — 32.27 34.85 15,342 1.52(4) (0.18)(4) 68 10/31/18 32.27 (0.03) 2.34 2.31 — (2.73) (2.73) 31.85 7.60 20,240 1.52(4) (0.09)(4) 65 04/30/19@ 31.85 0.04 2.81 2.85 — (5.28) (5.28) 29.42 11.44 20,138 1.52#(4) 0.27#(4) 40 # 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: 10/31/14 10/31/15 10/31/16 10/31/17 10/31/18 04/30/19#@ 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) Net of following expense reimbursements, waivers and (recoupments), if applicable (based on average net assets): 10/31/14 10/31/15 10/31/16 10/31/17 10/31/18 04/30/19#@ Focused Alpha Large-Cap Fund Class A . . . . . . . (0.01)% — % — % — % — % — % Focused Alpha Large-Cap Fund Class C . . . . . . . (0.02) — — — — 0.00 Focused Alpha Large-Cap Fund Class W . . . . . . 0.13 0.02 0.08 0.01 (0.00) 0.09 See Notes to Financial Statements 15


  • Page 17

    SunAmerica Specialty Series FINANCIAL HIGHLIGHTS — (continued) Net gain Ratio (loss) on of net Net investments Net Net investment Asset Net (both Dividends Distributions Asset Assets Ratio of income Value investment realized Total from from net from net Total Value end of expenses (loss) to beginning income and investment investment realized Distri- end of Total period to average average Portfolio Period Ended of period (loss)(1) unrealized) operations income gains butions period Return(2) (000's) net assets(3) net assets(3) Turnover AIG FOCUSED GROWTH FUND Class A 10/31/14 $24.78 $(0.28) $3.77 $3.49 $— $(1.05) $(1.05) $27.22 14.70% $462,483 1.65% (1.10)% 65% 10/31/15 27.22 (0.26) 0.73 0.47 — (0.84) (0.84) 26.85 1.87 441,345 1.67 (0.97) 103 10/31/16 26.85 (0.25) 0.43 0.18 — (3.27) (3.27) 23.76 0.75 369,683 1.68 (1.07) 29 10/31/17 23.76 (0.25) 8.52 8.27 — (0.39) (0.39) 31.64 35.38 456,940 1.66 (0.93) 66 10/31/18 31.64 (0.33) 1.93 1.60 — (2.61) (2.61) 30.63 5.41 493,051 1.65 (1.03) 94 04/30/19@ 30.63 (0.06) 2.46 2.40 — (5.96) (5.96) 27.07 10.43 506,479 1.19#(4) (0.47)#(4) 42 Class C 10/31/14 $24.50 $(0.45) $3.71 $3.26 $— $(1.05) $(1.05) $26.71 13.90% $103,900 2.37%(4) (1.82)%(4) 65% 10/31/15 26.71 (0.43) 0.71 0.28 — (0.84) (0.84) 26.15 1.17 99,519 2.33(4) (1.64)(4) 103 10/31/16 26.15 (0.39) 0.41 0.02 — (3.27) (3.27) 22.90 0.09 81,943 2.33 (1.72) 29 10/31/17 22.90 (0.41) 8.17 7.76 — (0.39) (0.39) 30.27 34.47 90,491 2.32 (1.59) 66 10/31/18 30.27 (0.52) 1.86 1.34 — (2.61) (2.61) 29.00 4.74 68,173 2.31 (1.70) 94 04/30/19@ 29.00 (0.13) 2.28 2.15 — (5.96) (5.96) 25.19 10.11 64,767 1.84#(4) (1.12)#(4) 42 Class W 10/31/14 $24.88 $(0.24) $3.78 $3.54 $— $(1.05) $(1.05) $27.37 14.85% $ 54,920 1.50%(4) (0.98)%(4) 65% 10/31/15 27.37 (0.21) 0.73 0.52 — (0.84) (0.84) 27.05 2.05 56,840 1.47 (0.78) 103 10/31/16 27.05 (0.21) 0.43 0.22 — (3.27) (3.27) 24.00 0.91 30,065 1.51 (0.86) 29 10/31/17 24.00 (0.20) 8.62 8.42 — (0.39) (0.39) 32.03 35.65 45,470 1.48 (0.75) 66 10/31/18 32.03 (0.27) 1.96 1.69 — (2.61) (2.61) 31.11 5.64 76,957 1.45 (0.83) 94 04/30/19@ 31.11 (0.03) 2.51 2.48 — (5.96) (5.96) 27.63 10.54 61,589 1.00#(4) (0.27)#(4) 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: 10/31/14 10/31/15 10/31/16 10/31/17 10/31/18 04/30/19#@ Focused Growth Fund Class A . . . . . . . . . . . . . 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Focused Growth Fund Class C . . . . . . . . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 Focused Growth Fund Class W . . . . . . . . . . . . 0.00 0.00 0.00 0.00 0.00 0.00 (4) Net of following expense reimbursements, waivers and (recoupments), if applicable (based on average net assets): 10/31/14 10/31/15 04/30/19#@ Focused Growth Fund Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — % — % 0.49% Focused Growth Fund Class C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.03) (0.00) 0.52 Focused Growth Fund Class W . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.05) — 0.51 See Notes to Financial Statements 16


  • Page 18

    SunAmerica Specialty Series FINANCIAL HIGHLIGHTS — (continued) Net gain (loss) on Ratio Net investments Net Net of net Asset (both Dividends Distributions Asset Assets Ratio of investment Value Net realized Total from from net from Total Value end of expenses income to beginning investment and investment investment net realized Distri- end of Total period to average average Portfolio Period Ended of period income(1) unrealized) operations income gains butions period Return(2) (000’s) net assets(3) net assets(3) Turnover AIG INCOME EXPLORER FUND Class A 10/31/14 $15.56 $0.72 $ 0.39 $ 1.11 $(0.71) $ — $(0.71) $15.96 7.28% $23,620 1.72% 4.55% 51% 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 4.76 50 10/31/16 13.92 0.62 0.60 1.22 (0.64) — (0.64) 14.50 9.10 22,195 1.72 4.42 54 10/31/17 14.50 0.65 1.23 1.88 (0.57) — (0.57) 15.81 13.21(4) 31,625 1.72 4.30 49 10/31/18 15.81 0.57 (1.08) (0.51) (0.68) (0.01) (0.69) 14.61 (3.42) 44,413 1.72 3.77 51 04/30/19# 14.61 0.35 0.68 1.03 (0.30) (0.15) (0.45) 15.19 7.29 36,655 1.72@ 4.80@ 9 Class C 10/31/14 $15.56 $0.52 $ 0.49 $ 1.01 $(0.63) $ — $(0.63) $15.94 6.58% $ 2,860 2.37% 3.53% 51% 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 4.11 50 10/31/16 13.90 0.52 0.61 1.13 (0.55) — (0.55) 14.48 8.42 3,307 2.37 3.75 54 10/31/17 14.48 0.55 1.22 1.77 (0.47) — (0.47) 15.78 12.43(4) 4,954 2.37 3.65 49 10/31/18 15.78 0.50 (1.11) (0.61) (0.58) (0.01) (0.59) 14.58 (4.07) 4,360 2.37 3.17 51 04/30/19# 14.58 0.30 0.69 0.99 (0.26) (0.15) (0.41) 15.16 6.95 3,888 2.37@ 4.16@ 9 Class W 10/31/14 $15.56 $0.65 $ 0.49 $ 1.14 $(0.74) $ — $(0.74) $15.96 7.51% $ 502 1.52% 4.37% 51% 10/31/15 15.96 0.73 (1.40) (0.67) (0.74) (0.64) (1.38) 13.91 (4.26) 410 1.52 4.92 50 10/31/16 13.91 0.63 0.63 1.26 (0.67) — (0.67) 14.50 9.38 505 1.52 4.65 54 10/31/17 14.50 0.54 1.37 1.91 (0.60) — (0.60) 15.81 13.44(4) 7,927 1.52 3.95 49 10/31/18 15.81 0.61 (1.09) (0.48) (0.71) (0.01) (0.72) 14.61 (3.24) 6,220 1.52 3.94 51 04/30/19# 14.61 0.37 0.68 1.05 (0.32) (0.15) (0.47) 15.19 7.40 5,964 1.52@ 5.00@ 9 @ 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): 10/31/14 10/31/15 10/31/16 10/31/17 10/31/18 04/30/19@# Income Explorer Fund Class A . . . . . . . . . . . . . 0.40% 0.42% 0.52% 0.40% 0.26% 0.34% Income Explorer Fund Class C . . . . . . . . . . . . . 0.82 0.75 0.97 0.56 0.52 1.01 Income Explorer Fund Class W . . . . . . . . . . . . 3.71 2.94 4.00 0.71 0.46 0.85 (4) 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 17


  • Page 19

    SunAmerica Specialty Series FINANCIAL HIGHLIGHTS — (continued) Net gain (loss) on Ratio Net investments Net Net of net Asset (both Dividends Distributions Asset Assets Ratio of investment Value Net realized Total from from net from Total Value end of expenses income to beginning investment and investment investment net realized Distri- end of Total period to average average Portfolio Period Ended of period income(1) unrealized) operations income gains butions period Return(2) (000’s) net assets(4) net assets(4) Turnover 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) (0.76)%(3) 61% 10/31/15 15.49 (0.13) 1.06 0.93 — — — 16.42 6.00 51,789 1.72 (0.79) 88 10/31/16 16.42 (0.10) 0.75 0.65 — (1.32) (1.32) 15.75 4.61 42,739 1.72 (0.66) 67 10/31/17 15.75 (0.14) 5.22 5.08 — (0.52) (0.52) 20.31 32.76 48,384 1.72 (0.79) 65 10/31/18 20.31 (0.19) 0.92 0.73 — (2.00) (2.00) 19.04 4.05 50,471 1.73 (0.97) 63 04/30/19# 19.04 (0.02) 0.05 0.03 — (1.80) (1.80) 17.27 0.90 48,911 1.30(3) (0.28)(3) 26 Class C 02/06/14@- 10/31/14 $15.00 $(0.15) $0.56 $ 0.41 $— $ — $ — $15.41 2.73% $ 256 2.37%(3) (1.46)%(3) 61% 10/31/15 15.41 (0.23) 1.06 0.83 — — — 16.24 5.39 541 2.37 (1.47) 88 10/31/16 16.24 (0.19) 0.72 0.53 — (1.32) (1.32) 15.45 3.87 811 2.37 (1.33) 67 10/31/17 15.45 (0.26) 5.11 4.85 — (0.52) (0.52) 19.78 31.89 1,944 2.37 (1.48) 65 10/31/18 19.78 (0.31) 0.89 0.58 — (2.00) (2.00) 18.36 3.34 3,099 2.38 (1.64) 63 04/30/19# 18.36 (0.07) 0.04 (0.03) — (1.80) (1.80) 16.53 0.58 3,598 1.94(3) (0.92)(3) 26 Class W 02/06/14@- 10/31/14 $15.00 $(0.06) $0.57 $ 0.51 $— $ — $ — $15.51 3.40% $ 113 1.52%(3) (0.57)%(3) 61% 10/31/15 15.51 (0.10) 1.07 0.97 — — — 16.48 6.25 110 1.52 (0.59) 88 10/31/16 16.48 (0.07) 0.75 0.68 — (1.32) (1.32) 15.84 4.79 341 1.52 (0.47) 67 10/31/17 15.84 (0.12) 5.26 5.14 — (0.52) (0.52) 20.46 32.96 8,230 1.52 (0.70) 65 10/31/18 20.46 (0.16) 0.94 0.78 — (2.00) (2.00) 19.24 4.29 16,806 1.53 (0.81) 63 04/30/19# 19.24 (0.01) 0.06 0.05 — (1.80) (1.80) 17.49 1.00 4,542 1.14(3) (0.08)(3) 26 @ 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 10/31/18 04/30/19#(3) Small Cap Fund Class A . . . . . . . . . . . . . . . 0.26% 0.33% 0.26% 0.29% 0.22% 0.81% Small Cap Fund Class C . . . . . . . . . . . . . . . 12.36 4.32 2.27 0.96 0.75 1.54 Small Cap Fund Class W . . . . . . . . . . . . . . 18.46 13.86 5.01 0.50 0.36 1.24 See Notes to Financial Statements 18


  • Page 20

    SunAmerica Specialty Series — AIG Commodity Strategy Fund CONSOLIDATED PORTFOLIO PROFILE — April 30, 2019@ — (unaudited) Industry Allocation* Credit Quality+** Repurchase Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.2% Aaa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% U.S. Government Agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.5 United States Treasury Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.4 @ Consolidated (See Note 2) U.S. Government Treasuries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.3 + Source: Moody’s Investment Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 ** Calculated as a percentage of total debt issues, excluding short-term 89.1% securities. * Calculated as a percentage of net assets 19


  • Page 21

    SunAmerica Specialty Series — AIG Commodity Strategy Fund CONSOLIDATED PORTFOLIO OF INVESTMENTS — April 30, 2019@ — (unaudited) Shares/ Principal Value Principal Value Security Description Amount (Note 3) Security Description Amount (Note 3) U.S. GOVERNMENT AGENCIES — 3.5% U.S. Government Agencies (continued) Federal Farm Credit Bank FRS — 1.2% 2.52% due 08/01/2019 . . . . . . . . . . . . . . . . . . $ 249,000 $ 247,466 2.41% (1 USFREF + 0.00%) 2.53% due 07/05/2019 . . . . . . . . . . . . . . . . . . 2,000,000 1,991,297 due 08/08/2019 . . . . . . . . . . . . . . . . . . . . . . . . . $ 200,000 $ 199,962 2.54% due 07/10/2019 . . . . . . . . . . . . . . . . . . 400,000 398,125 2.53% (1 ML + 0.05%) 2.57% due 06/21/2019 . . . . . . . . . . . . . . . . . . 397,000 395,645 due 03/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 199,984 2.58% due 06/05/2019 . . . . . . . . . . . . . . . . . . 1,000,000 997,657 2.64% due 01/24/2020 . . . . . . . . . . . . . . . . . . 100,000 98,236 399,946 Federal Home Loan Bank FRS Federal Home Loan Mtg. Corp. — 1.0% 2.53% (SOFR + 0.03%) 1.50% due 01/17/2020 . . . . . . . . . . . . . . . . . . . . . 350,000 347,790 due 10/09/2019 . . . . . . . . . . . . . . . . . . . . . 615,000 614,914 Federal National Mtg. Assoc. — 1.3% 8,083,701 1.63% due 01/21/2020 . . . . . . . . . . . . . . . . . . . . . 199,000 197,852 U.S. Government Treasuries — 7.3% Federal National Mtg. Assoc. FRS United States Treasury Bills 2.58% (SOFR + 0.08%) 2.43% due 06/06/2019(1)(3) . . . . . . . . . . . . . 1,500,000 1,496,429 due 10/30/2020 . . . . . . . . . . . . . . . . . . . . . . . . . 250,000 249,832 2.43% due 06/20/2019 . . . . . . . . . . . . . . . . . . 550,000 548,182 447,684 2.46% due 08/08/2019 . . . . . . . . . . . . . . . . . . 400,000 397,385 Total U.S. Government Agencies 2,441,996 (cost $1,195,059) . . . . . . . . . . . . . . . . . . . . . . . 1,195,420 Total Short-Term Investment Securities U.S. GOVERNMENT TREASURIES — 7.4% (cost $10,524,062) . . . . . . . . . . . . . . . . . . . . . 10,525,697 United States Treasury Notes FRS — 7.4% REPURCHASE AGREEMENTS — 45.2% 2.45% (3 UTBMM + 0.05%) Bank of America Securities LLC Joint due 10/31/2019 . . . . . . . . . . . . . . . . . . . . . . . . . 1,500,000 1,500,060 Repurchase Agreement(4) . . . . . . . . . . . . . . . 2,100,000 2,100,000 2.46% (3 UTBMM + 0.06%) Bank of America Securities LLC Joint due 07/31/2019 . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 200,019 Repurchase Agreement(1)(4) . . . . . . . . . . . . . 690,000 690,000 2.51% (3 UTBMM + 0.12%) Barclays Capital, Inc. Joint Repurchase due 01/31/2021 . . . . . . . . . . . . . . . . . . . . . . . . . 800,000 799,982 Agreement(4) . . . . . . . . . . . . . . . . . . . . . . . . . 1,750,000 1,750,000 Total U.S. Government Treasuries Barclays Capital, Inc. Joint Repurchase (cost $2,499,555) . . . . . . . . . . . . . . . . . . . . . . . 2,500,061 Agreement(1)(4) . . . . . . . . . . . . . . . . . . . . . . 575,000 575,000 COMMON STOCKS — 1.7% BNP Paribas SA Joint Repurchase Investment Companies — 1.7% Agreement(4) . . . . . . . . . . . . . . . . . . . . . . . . . 2,455,000 2,455,000 Uranium Participation Corp.†(1) BNP Paribas SA Joint Repurchase (cost $642,418) . . . . . . . . . . . . . . . . . . . . . . . . 174,138 564,125 Agreement(1)(4) . . . . . . . . . . . . . . . . . . . . . . 805,000 805,000 Deutsche Bank AG Joint Repurchase OPTIONS-PURCHASED — 0.0% Agreement(4) . . . . . . . . . . . . . . . . . . . . . . . . . 2,670,000 2,670,000 Exchange Traded Purchased Call Options(1)(2) Deutsche Bank AG Joint Repurchase (cost $13,961) . . . . . . . . . . . . . . . . . . . . . . . . . 34 4,675 Agreement(1)(4) . . . . . . . . . . . . . . . . . . . . . . 890,000 890,000 Total Long-Term Investment Securities RBS Securities, Inc. Joint Repurchase (cost $4,350,993) . . . . . . . . . . . . . . . . . . . . . . . 4,264,281 Agreement(4) . . . . . . . . . . . . . . . . . . . . . . . . . 2,455,000 2,455,000 RBS Securities, Inc. Joint Repurchase SHORT-TERM INVESTMENT SECURITIES — 31.3% Agreement(1)(4) . . . . . . . . . . . . . . . . . . . . . . 805,000 805,000 U.S. Government Agencies — 24.0% Federal Farm Credit Bank Total Repurchase Agreements 2.45% due 07/23/2019 . . . . . . . . . . . . . . . . . . . 189,000 187,950 (cost $15,195,000) . . . . . . . . . . . . . . . . . . . . . 15,195,000 2.52% due 07/24/2019 . . . . . . . . . . . . . . . . . . . 100,000 99,438 TOTAL INVESTMENTS 2.65% due 07/19/2019 . . . . . . . . . . . . . . . . . . . 192,000 190,985 (cost $30,070,055)(5) . . . . . . . . . . . . . . . . . . 89.1% 29,984,978 2.69% due 08/26/2019 . . . . . . . . . . . . . . . . . . . 250,000 248,042 Other assets less liabilities . . . . . . . . . . . . . . . . . . . 10.9 3,654,842 2.70% due 09/09/2019 . . . . . . . . . . . . . . . . . . . 250,000 247,817 2.70% due 10/01/2019 . . . . . . . . . . . . . . . . . . . 188,000 186,082 NET ASSETS 100.0% $33,639,820 2.72% due 10/28/2019 . . . . . . . . . . . . . . . . . . . 250,000 247,000 2.73% due 11/04/2019 . . . . . . . . . . . . . . . . . . . 55,000 54,317 @ Consolidated (see Note 2) Federal Home Loan Bank † Non-income producing security 2.46% due 05/09/2019 . . . . . . . . . . . . . . . . . . . 350,000 349,813 (1) The security is owned by the AIG Commodity Strategy Cayman Fund, Ltd., 2.46% due 07/24/2019 . . . . . . . . . . . . . . . . . . . 550,000 546,907 which is a wholly-owned subsidiary of the AIG Commodity Strategy Fund. 2.47% due 06/13/2019 . . . . . . . . . . . . . . . . . . . 387,000 385,886 (2) Call Options — Purchased 2.51% due 08/02/2019 . . . . . . . . . . . . . . . . . . . 300,000 298,132 2.51% due 08/09/2019 . . . . . . . . . . . . . . . . . . . 300,000 297,992 20


  • Page 22

    SunAmerica Specialty Series — AIG Commodity Strategy Fund CONSOLIDATED PORTFOLIO OF INVESTMENTS — April 30, 2019@ — (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 2019 (Depreciation) Corn Futures Morgan Stanley & Co. Jul-19 $400.00 34 $616,250 $13,960 $4,675 $(9,285) * Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index. (3) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. (4) See Note 3 for details of Joint Repurchase Agreements. (5) 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, 2019 and unless noted otherwise, the dates shown are the original maturity dates. Index Legend 1 ML — 1 Month USD LIBOR SOFR — Secured Overnight Financing Rate 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) 27 Short Aluminum Futures June 2019 $1,250,481 $1,205,550 $ 44,931 32 Long Aluminum Futures June 2019 1,594,165 1,428,800 (165,365) 26 Long Aluminum Futures September 2019 1,220,505 1,176,663 (43,842) 4 Long Brent Crude Futures December 2019 246,760 278,560 31,800 10 Long Brent Crude Futures September 2019 663,870 709100 45,230 20 Long Brent Crude Futures August 2019 1,415,100 1,429,000 13,900 16 Long Coffee Futures July 2019 640,463 558,900 (81,563) 13 Long Copper Futures June 2019 2,043,536 2,085,038 41,502 1 Long Copper Futures September 2019 162,839 160,600 (2,239) 65 Long Corn Futures July 2019 1,277,638 1,178,125 (99,513) 3 Long Cotton Futures July 2019 116,740 115,170 (1,570) 18 Long Gold Futures August 2019 2,297,610 2,325,060 27,450 12 Long Lean Hogs Futures June 2019 450,890 423480 (27,410) 4 Short Lean Hogs Futures July 2019 124,810 147,800 (22,990) 4 Long Lean Hogs Futures August 2019 152,310 148,920 (3,390) 3 Short Lean Hogs Futures December 2019 101,300 98,370 2,930 2 Long Live Cattle Futures August 2019 90,090 89,420 (670) 8 Long Low Sulfur Gasoil Futures July 2019 679,724 683,155 3,431 11 Long Low Sulfur Gasoil Futures July 2019 699,225 702,350 3,125 13 Long Natural Gas Futures October 2019 363,220 346,840 (16,380) 28 Long Natural Gas Futures July 2019 773,870 732,760 (41,110) 12 Long Nickel Futures June 2019 947,697 877,140 (70,557) 1 Long Nickel Futures September 2019 74,996 73,446 (1,550) 7 Long NY Harbor ULSD Futures June 2019 596,329 610,903 14,574 7 Long Platinum Futures July 2019 294,805 312,095 17,290 1 Long Silver Futures July 2019 76,555 74,920 (1,635) 22 Long Soybean Futures July 2019 1,042,188 939,400 (102,788) 5 Short Soybean Futures November 2019 239,126 218,688 20,438 10 Long Soybean Meal Futures July 2019 306,000 300,100 (5,900) 37 Long Soybean Oil Futures July 2019 651,300 618,936 (32,364) 46 Long Sugar Futures July 2019 654,159 635,757 (18,402) 8 Short Wheat Futures July 2019 186,100 171,500 14,600 33 Long Wheat Futures July 2019 783,637 650,100 (133,537) 5 Long WTI Crude Futures December 2019 277,150 315,350 38,200 6 Short WTI Crude Futures December 2021 325,180 337,260 (12,080) 31 Long WTI Crude Futures July 2019 1,998,330 1,983,380 (14,950) 6 Short Zinc Futures June 2019 384,554 430,650 (46,096) 6 Long Zinc Futures June 2019 364,698 430,650 65,952 21


  • Page 23

    SunAmerica Specialty Series — AIG Commodity Strategy Fund CONSOLIDATED PORTFOLIO OF INVESTMENTS — April 30, 2019@ — (unaudited) (continued) Futures Contracts(a) Unrealized Number of Notional Notional Appreciation Contracts Type Description Expiration Month Basis* Value* (Depreciation) 2 Short Zinc Futures December 2019 $135,354 $138,350 $ (2,996) 5 Long Zinc Futures December 2019 314,375 345,875 31,500 $(532,044) * 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. ULSD — Ultra Low Sulfur Diesel Futures Over the Counter Total Return Swap Contracts(a) Notional Unrealized Amount Maturity Payments Received (Paid) Total Return Received or Paid Upfront Premiums Appreciation/ Swap Counterparty (000’s) Date by the Portfolio/Frequency by Portfolio/Frequency Paid/(Received) (Depreciation) Barclays $ 220 08/30/2019 (0.350)%/Monthly Bloomberg Soybean Meal $— $ — Subindex/Monthly Goldman Sachs International 207 05/31/2019 (Difference between the Fixed Difference between the LBMA — 5,927 Silver Spot Price of $14.534/oz. Silver Price Average/Term and and the LBMA Silver Price the Fixed Silver Spot Price of Average/Term*) $14.534/oz.* JPMorgan 113 05/31/2019 (0.120)%/Monthly Bloomberg Corn Subindex/ — — Monthly JPMorgan 10,514 09/30/2019 (0.090)%/Monthly Bloomberg Commodity Index/ — — Monthly JPMorgan 392 09/30/2019 (0.150)%/Monthly S&P GSCI Grains Index Excess — — Return/Monthly JPMorgan 365 09/30/2019 (0.090)%/Monthly Bloomberg Commodity Index/ — — Monthly JPMorgan 163 10/31/2019 (0.070)%/Monthly Bloomberg Silver SubIndex/ — — Monthly JPMorgan 292 06/28/2019 (0.090)%/Monthly Bloomberg Commodity Index/ — — Monthly Morgan Stanley 257 06/28/2019 (0.400)%/Monthly Bloomberg Soybean Meal — — Subindex/Monthly $— $5,927 * The Fund will pay or receive the total return of the Fixed Silver Spot Price as compared to the LBMA Silver Price average depending on whether the return is positive or negative. If the commodity reference price equals the fixed price at the end of the term, then no payment shall be made. (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. GSCI — Goldman Sachs Commodity Index LBMA — London Bullion Market Association 22


  • Page 24

    SunAmerica Specialty Series — AIG Commodity Strategy Fund CONSOLIDATED PORTFOLIO OF INVESTMENTS — April 30, 2019@ — (unaudited) (continued) The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2019 (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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 1,195,420 $— $ 1,195,420 U.S. Government Treasuries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 2,500,061 — 2,500,061 Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 564,125 — — 564,125 Options-Purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,675 — — 4,675 Short-Term Investment Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 10,525,697 — 10,525,697 Repurchase Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 15,195,000 — 15,195,000 Total Investments at Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $568,800 $29,416,178 $— $29,984,978 Other Financial Instruments:† Futures Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $416,853 $ — $— $ 416,853 Over the Counter Total Return Swap Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 5,927 — 5,927 Total Other Financial Instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $416,853 $ 5,927 $— $ 422,780 LIABILITIES: Other Financial Instruments:† Futures Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $948,897 $ — $— $ 948,897 * For a detailed presentation of investments, please refer to the Portfolio of Investments. † Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. @ Consolidated (see Note 2) See Notes to Financial Statements 23


  • Page 25

    SunAmerica Specialty Series — AIG ESG Dividend Fund PORTFOLIO PROFILE — April 30, 2019 — (unaudited) Industry Allocation* Food-Misc./Diversified . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.2% Semiconductor Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5 Electronic Components-Semiconductors . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1 Cosmetics & Toiletries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1 Retail-Apparel/Shoe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8 Computers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4 Medical-Biomedical/Gene . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4 Retail-Consumer Electronics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 Human Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8 Apparel Manufacturers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 Networking Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 Investment Management/Advisor Services . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 Airlines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 Commercial Services-Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 Beverages-Non-alcoholic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 Engines-Internal Combustion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 Insurance-Property/Casualty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 Building Products-Air & Heating . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 Engineering/R&D Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 Theaters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 Distribution/Wholesale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 Machinery-Construction & Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 Retail-Mail Order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 Finance-Credit Card . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 Appliances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 Advertising Agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 Consumer Products-Misc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 Oil-Field Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 Commercial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 Steel-Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 Retail-Major Department Stores . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 Repurchase Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 99.8% * Calculated as a percentage of net assets 24


  • Page 26

    SunAmerica Specialty Series — AIG ESG Dividend Fund PORTFOLIO OF INVESTMENTS — April 30, 2019 — (unaudited) Shares/ Value Principal Value Security Description Shares (Note 3) Security Description Amount (Note 3) COMMON STOCKS — 98.6% Investment Management/Advisor Services — 2.7% Advertising Agencies — 2.4% Franklin Resources, Inc. . . . . . . . . . . . . . . . . . . . 24,007 $ 830,402 Omnicom Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 9,256 $ 740,758 Machinery-Construction & Mining — 2.4% Airlines — 2.7% Caterpillar, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 5,447 759,421 Delta Air Lines, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,226 829,233 Medical-Biomedical/Gene — 4.4% Apparel Manufacturers — 2.7% Amgen, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,822 685,361 Hanesbrands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,844 846,471 Gilead Sciences, Inc. . . . . . . . . . . . . . . . . . . . . . . 10,235 665,684 Appliances — 2.4% 1,351,045 Whirlpool Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,341 741,438 Networking Products — 2.7% Beverages-Non-alcoholic — 2.6% Cisco Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . 15,033 841,096 PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,322 809,532 Oil-Field Services — 2.3% Building Products-Air & Heating — 2.6% Baker Hughes a GE Co., LLC . . . . . . . . . . . . . . . . 29,445 707,269 Johnson Controls International PLC . . . . . . . . . . . . . . 21,359 800,962 Retail-Apparel/Shoe — 4.8% Commercial Services — 2.3% Foot Locker, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 12,972 742,128 Nielsen Holdings PLC . . . . . . . . . . . . . . . . . . . . . . . . . 27,631 705,419 Gap, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,518 743,750 Commercial Services-Finance — 2.6% 1,485,878 H&R Block, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,174 821,034 Retail-Consumer Electronics — 2.9% Computers — 4.4% Best Buy Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . 12,164 905,123 Hewlett Packard Enterprise Co. . . . . . . . . . . . . . . . . . . 45,569 720,446 Retail-Mail Order — 2.4% HP, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,976 637,921 Williams-Sonoma, Inc. . . . . . . . . . . . . . . . . . . . . 13,243 757,102 1,358,367 Retail-Major Department Stores — 2.1% Consumer Products-Misc. — 2.3% Nordstrom, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 15,555 638,066 Clorox Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,520 721,980 Semiconductor Equipment — 5.5% Cosmetics & Toiletries — 5.1% KLA-Tencor Corp. . . . . . . . . . . . . . . . . . . . . . . . . 6,721 856,793 Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . . . . . . . . . 10,924 795,158 Lam Research Corp. . . . . . . . . . . . . . . . . . . . . . . 4,155 861,872 Procter & Gamble Co. . . . . . . . . . . . . . . . . . . . . . . . . . 7,329 780,392 1,718,665 1,575,550 Steel-Producers — 2.1% Distribution/Wholesale — 2.5% Nucor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,549 659,101 KAR Auction Services, Inc. . . . . . . . . . . . . . . . . . . . . . 13,647 770,783 Theaters — 2.5% Electronic Components-Semiconductors — 5.1% Cinemark Holdings, Inc. . . . . . . . . . . . . . . . . . . . 18,335 770,987 Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,734 752,024 Total Long-Term Investment Securities Texas Instruments, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 7,010 825,988 (cost $28,877,179) . . . . . . . . . . . . . . . . . . . . . 30,599,194 1,578,012 REPURCHASE AGREEMENTS — 1.2% Engineering/R&D Services — 2.5% Fixed Income Clearing Corp. bearing interest at Fluor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,872 789,515 0.50%, dated 04/30/2019, to be repurchased 05/01/2019 in the amount of $357,005 and Engines-Internal Combustion — 2.6% collateralized by $360,000 of United States Cummins, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,859 808,003 Treasury Notes, bearing interest at 2.75%, due Finance-Credit Card — 2.4% 07/31/2023 and having an approximate value Western Union Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,631 750,987 of $368,889 (cost $357,000) . . . . . . . . . . . . . $ 357,000 357,000 Food-Misc./Diversified — 9.2% TOTAL INVESTMENTS Campbell Soup Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,359 787,690 (cost $29,234,179)(1) . . . . . . . . . . . . . . . . . . . 99.8% 30,956,194 General Mills, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,182 832,888 Other assets less liabilities . . . . . . . . . . . . . . . . . . . 0.2 71,024 Kellogg Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,075 728,122 NET ASSETS 100.0% $31,027,218 Kraft Heinz Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,963 497,370 2,846,070 (1) See Note 6 for cost of investments on a tax basis. Human Resources — 2.8% ManpowerGroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 9,099 873,868 Insurance-Property/Casualty — 2.6% First American Financial Corp. . . . . . . . . . . . . . . . . . . . 14,144 807,057 25


  • Page 27

    SunAmerica Specialty Series — AIG ESG Dividend Fund PORTFOLIO OF INVESTMENTS — April 30, 2019 — (unaudited) (continued) The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2019 (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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $30,599,194 $ — $— $30,599,194 Repurchase Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 357,000 — 357,000 Total Investments at Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $30,599,194 $357,000 $— $30,956,194 * For a detailed presentation of investments, please refer to the Portfolio of Investments. See Notes to Financial Statements 26


  • Page 28

    SunAmerica Specialty Series — AIG Focused Alpha Large-Cap Fund PORTFOLIO PROFILE — April 30, 2019 — (unaudited) Industry Allocation* E-Commerce/Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.8% Diversified Banking Institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2 Cable/Satellite TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8 Multimedia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8 Commercial Services-Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.7 Finance-Credit Card . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.7 Medical Labs & Testing Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5 Transport-Rail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3 Banks-Super Regional . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2 Internet Content-Entertainment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1 Web Portals/ISP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1 Applications Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0 Oil Companies-Integrated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9 Telephone-Integrated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8 Electric-Integrated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7 Medical-Drugs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3 Electronic Components-Semiconductors . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8 Retail-Discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 97.3% * Calculated as a percentage of net assets 27


  • Page 29

    SunAmerica Specialty Series — AIG Focused Alpha Large-Cap Fund PORTFOLIO OF INVESTMENTS — April 30, 2019 — (unaudited) Value Value Security Description Shares (Note 3) Security Description Shares (Note 3) COMMON STOCKS — 97.3% Medical Labs & Testing Services — 5.5% Applications Software — 5.0% Laboratory Corp. of America Holdings† . . . . . . . . 226,266 $ 36,184,459 salesforce.com, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . 201,637 $33,340,678 Medical-Drugs — 4.3% Banks-Super Regional — 5.2% Novartis AG ADR . . . . . . . . . . . . . . . . . . . . . . . . . . 347,350 28,562,590 US Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 640,318 34,141,756 Multimedia — 5.8% Cable/Satellite TV — 5.8% Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . 278,031 38,081,906 Comcast Corp., Class A . . . . . . . . . . . . . . . . . . . . . . 886,403 38,585,123 Oil Companies-Integrated — 4.9% Commercial Services-Finance — 5.7% BP PLC ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 733,466 32,074,468 PayPal Holdings, Inc.† . . . . . . . . . . . . . . . . . . . . . . . 336,178 37,910,793 Retail-Discount — 2.6% Diversified Banking Institutions — 7.2% Dollar Tree, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 156,848 17,454,045 Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232,800 16,458,960 Telephone-Integrated — 4.8% JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . 269,090 31,227,894 Verizon Communications, Inc. . . . . . . . . . . . . . . . . 552,703 31,609,085 47,686,854 Transport-Rail — 5.3% E-Commerce/Products — 10.8% Norfolk Southern Corp. . . . . . . . . . . . . . . . . . . . . . 169,958 34,674,831 Alibaba Group Holding, Ltd. ADR† . . . . . . . . . . . . . . 185,932 34,503,401 Web Portals/ISP — 5.1% Amazon.com, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . 19,161 36,914,050 Alphabet, Inc., Class A† . . . . . . . . . . . . . . . . . . . . . 28,254 33,875,416 71,417,451 TOTAL INVESTMENTS Electric-Integrated — 4.7% (cost $480,471,882)(1) . . . . . . . . . . . . . . . . . . . 97.3% 643,128,289 FirstEnergy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 742,021 31,187,143 Other assets less liabilities . . . . . . . . . . . . . . . . . . . . 2.7 17,547,254 Electronic Components-Semiconductors — 3.8% NET ASSETS 100.0% $660,675,543 NVIDIA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138,885 25,138,185 Finance-Credit Card — 5.7% † Non-income producing security Visa, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . 226,966 37,320,019 (1) See Note 6 for cost of investments on a tax basis. Internet Content-Entertainment — 5.1% ADR — American Depositary Receipt Facebook, Inc., Class A† . . . . . . . . . . . . . . . . . . . . . 175,199 33,883,487 The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2019 (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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $643,128,289 $— $— $643,128,289 * For a detailed presentation of investments, please refer to the Portfolio of Investments. See Notes to Financial Statements 28


  • Page 30

    SunAmerica Specialty Series — AIG Focused Growth Fund† PORTFOLIO PROFILE — April 30, 2019 — (unaudited) Industry Allocation* E-Commerce/Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.4% Multimedia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.7 Internet Content-Entertainment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.7 Applications Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6 Finance-Credit Card . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.5 Web Portals/ISP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.4 Commercial Services-Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.4 Electronic Components-Semiconductors . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 Resorts/Theme Parks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6 Hotels/Motels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0 Retail-Discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7 Auto-Cars/Light Trucks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 Commercial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 Diagnostic Kits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 Insurance-Property/Casualty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 Finance-Investment Banker/Broker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Enterprise Software/Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 Professional Sports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Consulting Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Dental Supplies & Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Schools . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Real Estate Investment Trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 95.6% * Calculated as a percentage of net assets † See Note 1 29


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    SunAmerica Specialty Series — AIG Focused Growth Fund* PORTFOLIO OF INVESTMENTS — April 30, 2019 — (unaudited) Value Value Security Description Shares (Note 3) Security Description Shares (Note 3) COMMON STOCKS — 95.6% Internet Content-Entertainment — 7.7% Applications Software — 7.6% Facebook, Inc., Class A† . . . . . . . . . . . . . . . . . . . . 252,109 $ 48,757,881 salesforce.com, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . 289,010 $47,787,803 Multimedia — 10.7% Auto-Cars/Light Trucks — 2.7% FactSet Research Systems, Inc. . . . . . . . . . . . . . . 58,550 16,152,188 Tesla, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,650 17,340,828 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . 374,940 51,355,532 Commercial Services — 2.5% 67,507,720 CoStar Group, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . 32,000 15,880,000 Professional Sports — 1.2% Commercial Services-Finance — 6.4% Manchester United PLC, Class A . . . . . . . . . . . . . . 400,000 7,884,000 PayPal Holdings, Inc.† . . . . . . . . . . . . . . . . . . . . . . . 359,974 40,594,268 Real Estate Investment Trusts — 0.4% Consulting Services — 0.7% American Homes 4 Rent, Class A . . . . . . . . . . . . . 100,000 2,398,000 Gartner, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,375 4,192,834 Resorts/Theme Parks — 4.6% Dental Supplies & Equipment — 0.7% Marriott Vacations Worldwide Corp. . . . . . . . . . . . 29,100 3,073,833 Align Technology, Inc.† . . . . . . . . . . . . . . . . . . . . . . 12,600 4,090,968 Vail Resorts, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 115,000 26,317,750 Diagnostic Kits — 2.1% 29,391,583 IDEXX Laboratories, Inc.† . . . . . . . . . . . . . . . . . . . . 58,000 13,456,000 Retail-Discount — 3.7% E-Commerce/Products — 15.4% Dollar Tree, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 210,777 23,455,265 Alibaba Group Holding, Ltd. ADR† . . . . . . . . . . . . . . 254,044 47,142,945 Schools — 0.4% Amazon.com, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . 26,183 50,442,073 2U, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,000 2,722,500 97,585,018 Web Portals/ISP — 7.4% Electronic Components-Semiconductors — 5.4% Alphabet, Inc., Class A† . . . . . . . . . . . . . . . . . . . . . 38,909 46,650,335 NVIDIA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187,286 33,898,766 TOTAL INVESTMENTS Enterprise Software/Service — 1.4% (cost $432,429,384)(1) . . . . . . . . . . . . . . . . . . . 95.6% 605,158,787 Guidewire Software, Inc.† . . . . . . . . . . . . . . . . . . . . 80,000 8,520,000 Other assets less liabilities . . . . . . . . . . . . . . . . . . . . 4.4 27,675,773 Finance-Credit Card — 7.5% NET ASSETS 100.0% $632,834,560 Visa, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . 289,268 47,564,337 Finance-Investment Banker/Broker — 1.5% † Non-income producing security Charles Schwab Corp. . . . . . . . . . . . . . . . . . . . . . . . 210,000 9,613,800 * See Note 1 (1) See Note 6 for cost of investments on a tax basis. Hotels/Motels — 4.0% Hyatt Hotels Corp., Class A . . . . . . . . . . . . . . . . . . . 333,168 25,563,981 ADR — American Depositary Receipt Insurance-Property/Casualty — 1.6% Arch Capital Group, Ltd.† . . . . . . . . . . . . . . . . . . . . . 305,000 10,302,900 The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2019 (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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $605,158,787 $— $— $605,158,787 * For a detailed presentation of investments, please refer to the Portfolio of Investments. See Notes to Financial Statements 30


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    SunAmerica Specialty Series — AIG Income Explorer Fund PORTFOLIO PROFILE — April 30, 2019 — (unaudited) Industry Allocation* Domestic Fixed Income Investment Companies . . . . . . . . . . . . . . . . . . . . . 27.8% Energy-Alternate Sources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1% Diversified Banking Institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6 Investment Management/Advisor Services . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 International Fixed Income Investment Companies . . . . . . . . . . . . . . . . . . . 6.0 98.6% Domestic Equity Investment Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6 Banks-Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6 Insurance-Life/Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4 * Calculated as a percentage of net assets Insurance-Multi-line . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 Telephone-Integrated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 Electric-Integrated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0 Domestic Mixed Allocation Investment Companies . . . . . . . . . . . . . . . . . . 1.9 Oil Companies-Integrated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 Cellular Telecom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Tobacco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Pipelines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Sovereign Agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 Insurance-Property/Casualty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 Metal-Diversified . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 Real Estate Investment Trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Banks-Super Regional . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Medical-Drugs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Human Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Coal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 Retail-Apparel/Shoe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 Diversified Manufacturing Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 Semiconductor Components-Integrated Circuits . . . . . . . . . . . . . . . . . . . . 0.9 Auto-Cars/Light Trucks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 Metal-Iron . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 Transport-Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 Television . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Telecom Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Closed-End Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Real Estate Operations & Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Commercial Services-Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Fisheries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Gas-Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Airlines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Computer Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Chemicals-Diversified . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Public Thoroughfares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Oil Refining & Marketing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Retail-Major Department Stores . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Building-Residential/Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Diversified Minerals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Building-Heavy Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Metal Processors & Fabrication . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Advertising Agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Electric-Generation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Electronic Components-Misc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Food-Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Insurance-Reinsurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Retail-Jewelry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Private Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Banks-Money Center . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Agricultural Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Food-Dairy Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Finance-Other Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Insurance-Mutual . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 31


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    SunAmerica Specialty Series — AIG Income Explorer Fund PORTFOLIO OF INVESTMENTS — April 30, 2019 — (unaudited) Value Value Security Description Shares (Note 3) Security Description Shares (Note 3) COMMON STOCKS — 26.5% Metal-Iron — 0.9% Advertising Agencies — 0.4% Fortescue Metals Group, Ltd. . . . . . . . . . . . . . . . . . . 79,705 $ 401,745 WPP PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,252 $202,686 Oil Companies-Integrated — 1.8% Airlines — 0.5% China Petroleum & Chemical Corp. . . . . . . . . . . . . . 294,000 225,987 Deutsche Lufthansa AG . . . . . . . . . . . . . . . . . . . . . . . . . 10,657 257,226 Gazprom PJSC ADR . . . . . . . . . . . . . . . . . . . . . . . . . 55,884 279,085 Auto-Cars/Light Trucks — 0.9% Lukoil PJSC ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,661 310,379 Renault SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,872 195,916 815,451 Subaru Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,902 216,582 Oil Refining & Marketing — 0.5% 412,498 SK Innovation Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . 1,502 234,657 Building-Heavy Construction — 0.5% Public Thoroughfares — 0.5% Bouygues SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,781 217,472 Atlantia SpA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,653 236,031 Building-Residential/Commercial — 0.5% Real Estate Operations & Development — 0.6% Persimmon PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,769 226,524 China Vanke Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 77,800 300,993 Cellular Telecom — 1.2% Retail-Apparel/Shoe — 1.0% China Mobile, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,700 283,000 Hennes & Mauritz AB, Class B . . . . . . . . . . . . . . . . . 15,920 277,561 Telstra Corp., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124,757 297,262 L Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,988 179,172 580,262 456,733 Chemicals-Diversified — 0.5% Retail-Jewelry — 0.3% PTT Global Chemical PCL . . . . . . . . . . . . . . . . . . . . . . . 117,400 252,819 Pandora A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,770 158,133 Closed-End Funds — 0.7% Retail-Major Department Stores — 0.5% Bancroft Fund, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,697 340,154 Marks & Spencer Group PLC . . . . . . . . . . . . . . . . . . 62,035 231,275 Coal — 1.0% Semiconductor Components-Integrated Circuits — 0.9% China Shenhua Energy Co., Ltd. . . . . . . . . . . . . . . . . . . 113,000 249,773 Nanya Technology Corp. . . . . . . . . . . . . . . . . . . . . . 100,000 211,644 Yanzhou Coal Mining Co., Ltd. . . . . . . . . . . . . . . . . . . . 206,000 219,529 Winbond Electronics Corp. . . . . . . . . . . . . . . . . . . . 417,000 216,590 469,302 428,234 Commercial Services-Finance — 0.6% Telecom Services — 0.5% H&R Block, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,900 296,589 Telenor ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,836 237,613 Computer Services — 0.5% Telephone-Integrated — 2.1% International Business Machines Corp. . . . . . . . . . . . . . 1,832 256,975 AT&T, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,745 239,785 Electronic Components-Misc. — 0.4% BT Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,449 249,246 General Interface Solution Holding, Ltd. . . . . . . . . . . . . 49,000 189,492 Orange SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,669 229,763 Fisheries — 0.6% Telefonica SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,322 236,085 Mowi ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,625 273,501 954,879 Food-Retail — 0.4% Television — 0.8% Wesfarmers, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,942 176,224 ITV PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,306 196,556 Gas-Distribution — 0.4% ProSiebenSat.1 Media SE . . . . . . . . . . . . . . . . . . . . 10,109 159,133 Centrica PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118,770 164,556 355,689 Human Resources — 1.1% Tobacco — 1.5% Adecco Group AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,295 246,669 Imperial Brands PLC . . . . . . . . . . . . . . . . . . . . . . . . 6,626 210,478 Randstad NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,286 244,782 Japan Tobacco, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 9,300 215,584 491,451 Philip Morris International, Inc. . . . . . . . . . . . . . . . . 3,115 269,634 Medical-Drugs — 1.1% 695,696 GlaxoSmithKline PLC . . . . . . . . . . . . . . . . . . . . . . . . . . 12,521 256,895 Transport-Services — 0.9% Sanofi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,024 262,824 Deutsche Post AG . . . . . . . . . . . . . . . . . . . . . . . . . . 7,829 271,333 519,719 Royal Mail PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,281 126,194 Metal Processors & Fabrication — 0.5% 397,527 Catcher Technology Co., Ltd. . . . . . . . . . . . . . . . . . . . . 27,000 213,634 Water — 0.6% Metal-Diversified — 1.3% Veolia Environnement SA . . . . . . . . . . . . . . . . . . . . . 11,625 274,593 MMC Norilsk Nickel PJSC ADR . . . . . . . . . . . . . . . . . . . 13,926 309,157 Total Common Stocks Rio Tinto, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,347 292,254 (cost $13,193,301) . . . . . . . . . . . . . . . . . . . . . . . 12,321,744 601,411 32


  • Page 34

    SunAmerica Specialty Series — AIG Income Explorer Fund PORTFOLIO OF INVESTMENTS — April 30, 2019 — (unaudited) (continued) Value Value Security Description Shares (Note 3) Security Description Shares (Note 3) PREFERRED SECURITIES — 7.7% Energy-Alternate Sources — 0.1% Agricultural Operations — 0.2% Algonquin Power & Utilities Corp. CHS, Inc. 6.88% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500 $ 40,170 Series 4 Finance-Other Services — 0.2% 7.50% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,756 $103,478 National Rural Utilities Cooperative Finance Corp. Banks-Commercial — 0.7% 5.50% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 75,390 BB&T Corp. Food-Dairy Products — 0.1% Series E Dairy Farmers of America, Inc. 5.63% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,470 62,985 7.88%* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 49,856 BB&T Corp. 5.85% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,899 73,780 Gas-Distribution — 0.1% Citizens Financial Group, Inc. NiSource, Inc. Series D Series B 6.35% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 42,224 6.50% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 991 26,143 First Republic Bank Insurance-Life/Health — 0.3% Series I Prudential Financial, Inc. 5.50% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,550 39,246 5.63% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 41,632 Regions Financial Corp. Unum Group Series C 6.25% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,060 106,007 5.70% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 101,600 147,639 319,835 Insurance-Multi-line — 0.2% Banks-Super Regional — 0.2% American Financial Group, Inc. Wells Fargo & Co. 6.25% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,028 79,091 Series V MetLife, Inc. 6.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,150 30,291 Series E Wells Fargo & Co. 5.63% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,240 32,389 Series W 5.70% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,709 44,024 111,480 74,315 Insurance-Property/Casualty — 0.4% Arch Capital Group, Ltd. Diversified Banking Institutions — 0.6% Series E Bank of America Corp. 5.25% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,150 26,933 Series HH Enstar Group, Ltd. 5.88% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,450 38,048 Series D GMAC Capital Trust I FRS 7.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,466 89,596 Series 2 WR Berkley Corp. (3 ML+5.79%) 5.70% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,700 67,932 8.47% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,383 194,173 Morgan Stanley 184,461 Series F Insurance-Reinsurance — 0.3% 6.88% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,885 51,950 PartnerRe, Ltd. 284,171 Series I Electric-Integrated — 0.8% 5.88% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400 36,358 CMS Energy Corp. Reinsurance Group of America, Inc. 5.63% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 879 23,100 6.20% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,745 46,714 CMS Energy Corp. RenaissanceRe Holdings, Ltd. 5.88% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,925 76,489 Series F Duke Energy Corp. 5.75% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,319 84,136 Series A 167,208 5.75% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,700 70,254 Investment Management/Advisor Services — 0.1% Integrys Holding, Inc. Ares Management Corp. 6.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,090 107,362 Series A NextEra Energy Capital Holdings, Inc. 7.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500 39,330 Series N 5.65% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,868 73,708 Pipelines — 0.5% SCE Trust Enbridge, Inc. 5.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395 8,591 Series B 6.38% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,283 86,770 359,504 33


  • Page 35

    SunAmerica Specialty Series — AIG Income Explorer Fund PORTFOLIO OF INVESTMENTS — April 30, 2019 — (unaudited) (continued) Shares/ Value Principal Value Security Description Shares (Note 3) Security Description Amount (Note 3) PREFERRED SECURITIES (continued) Sovereign Agency (continued) Pipelines (continued) Farm Credit Bank of Texas Energy Transfer Operating LP 6.75%* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200 $ 126,600 Series E Farm Credit Bank of Texas 7.60% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,800 $ 44,766 Series 1 Energy Transfer Partners LP 10.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 112,500 Series D 538,449 7.63% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,550 88,111 Telecom Services — 0.2% 219,647 Centaur Funding Corp. Private Equity — 0.3% Series B Apollo Global Management LLC 9.08%* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 102,722 Series B Telephone-Integrated — 0.1% 6.38% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,351 134,524 AT&T, Inc. Real Estate Investment Trusts — 1.2% 5.63% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,800 46,602 American Homes 4 Rent Total Preferred Securities Series E (cost $3,356,124) . . . . . . . . . . . . . . . . . . . . . 3,609,788 6.35% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,710 71,544 American Homes 4 Rent PREFERRED SECURITIES/CAPITAL SECURITIES — 22.7% Series D Banks-Commercial — 3.9% 6.50% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,289 34,094 Australia & New Zealand Banking Group, Ltd. Global Net Lease, Inc. 6.75% due 06/15/2026*(1) . . . . . . . . . . . . . . $ 200,000 216,750 Series A Citizens Financial Group, Inc. 7.25% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,943 49,741 6.38% due 04/06/2024(1) . . . . . . . . . . . . . . . 90,000 92,700 Kimco Realty Corp. DNB Bank ASA Series K 6.50% due 03/26/2022(1) . . . . . . . . . . . . . . . 200,000 207,250 5.63% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,750 43,575 Erste Group Bank AG Monmouth Real Estate Investment Corp. 6.50% due 04/15/2024(1) . . . . . . . . . . . . . . . EUR 200,000 251,810 Series C ING Groep NV 6.13% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 48,440 6.50% due 04/16/2025(1) . . . . . . . . . . . . . . . 200,000 201,940 PS Business Parks, Inc. ING Groep NV Series U 6.88% due 04/16/2022(1) . . . . . . . . . . . . . . . 200,000 208,500 5.75% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,700 43,248 Nordea Bank Abp Public Storage Junior Sub. Notes Series H 6.63% due 03/26/2026*(1) . . . . . . . . . . . . . . 200,000 204,500 5.60% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400 36,442 Standard Chartered PLC SITE Centers Corp. 7.75% due 04/02/2023*(1) . . . . . . . . . . . . . . 200,000 213,250 Series A Svenska Handelsbanken AB 6.38% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,700 43,299 6.25% due 03/01/2024(1) . . . . . . . . . . . . . . . 200,000 203,545 Spirit Realty Capital, Inc. 1,800,245 Series A Banks-Money Center — 0.2% 6.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,417 58,805 HSBC Capital Funding Dollar 1 LP Summit Hotel Properties, Inc. 10.18% due 06/30/2030*(1) . . . . . . . . . . . . . 75,000 112,313 Series E 6.25% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,589 61,463 Banks-Super Regional — 1.0% VEREIT, Inc. First Union Capital II Series F Series A 6.70% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,752 94,213 7.95% due 11/15/2029 . . . . . . . . . . . . . . . . . 10,000 12,741 SunTrust Banks, Inc. 584,864 5.13% due 12/15/2027(1) . . . . . . . . . . . . . . . 40,000 38,688 Sovereign Agency — 1.1% Wells Fargo & Co. AgriBank FCB Series U 6.88% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,250 133,594 5.88% due 06/15/2025(1) . . . . . . . . . . . . . . . 79,000 85,320 CoBank ACB Wells Fargo & Co. FRS Series H 6.38% (3 ML+3.77%) 6.20% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 72,380 due 06/15/2019(1) . . . . . . . . . . . . . . . . . . . . 215,000 216,075 CoBank ACB Wells Fargo Capital X Series F 5.95% due 12/01/2086 . . . . . . . . . . . . . . . . . 115,000 129,524 6.25% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900 93,375 482,348 34


  • Page 36

    SunAmerica Specialty Series — AIG Income Explorer Fund PORTFOLIO OF INVESTMENTS — April 30, 2019 — (unaudited) (continued) Principal Value Principal Value Security Description Amount (Note 3) Security Description Amount (Note 3) PREFERRED SECURITIES/CAPITAL SECURITIES (continued) Diversified Manufacturing Operations — 0.7% Cellular Telecom — 0.3% General Electric Co. Vodafone Group PLC Series D 7.00% due 04/04/2079 . . . . . . . . . . . . . . . . . . . . $110,000 $ 115,515 5.00% due 01/21/2021(1) . . . . . . . . . . . . . . . . . . $356,000 $ 336,979 Diversified Banking Institutions — 7.0% Diversified Minerals — 0.5% Bank of America Corp. BHP Billiton Finance USA, Ltd. Series AA 6.75% due 10/19/2075* . . . . . . . . . . . . . . . . . . . 200,000 225,000 6.10% due 03/17/2025(1) . . . . . . . . . . . . . . . . . . 105,000 112,613 Electric-Generation — 0.4% Bank of America Corp. Electricite de France SA Series X 5.25% due 01/29/2023*(1) . . . . . . . . . . . . . . . . . 200,000 202,000 6.25% due 09/05/2024(1) . . . . . . . . . . . . . . . . . . 174,000 187,485 Bank of America Corp. Electric-Integrated — 1.2% Series Z Emera, Inc. 6.50% due 10/23/2024(1) . . . . . . . . . . . . . . . . . . 180,000 197,676 Series 16-A BNP Paribas SA 6.75% due 06/15/2076 . . . . . . . . . . . . . . . . . . . . 193,000 207,643 7.38% due 08/19/2025*(1) . . . . . . . . . . . . . . . . . 200,000 216,250 Enel SpA BNP Paribas SA 8.75% due 09/24/2073* . . . . . . . . . . . . . . . . . . . 200,000 224,000 7.63% due 03/30/2021*(1) . . . . . . . . . . . . . . . . . 200,000 210,750 NextEra Energy Capital Holdings, Inc. Citigroup, Inc. 5.65% due 05/01/2079 . . . . . . . . . . . . . . . . . . . . 70,000 71,102 5.90% due 02/15/2023(1) . . . . . . . . . . . . . . . . . . 60,000 62,028 Southern Co. Citigroup, Inc. Series B 5.95% due 01/30/2023(1) . . . . . . . . . . . . . . . . . . 60,000 62,175 5.50% due 03/15/2057 . . . . . . . . . . . . . . . . . . . . 50,000 51,001 Citigroup, Inc. 553,746 Series R Gas-Distribution — 0.1% 6.13% due 11/15/2020(1) . . . . . . . . . . . . . . . . . . 70,000 72,485 NiSource, Inc. Citigroup, Inc. 5.65% due 06/15/2023(1) . . . . . . . . . . . . . . . . . . 60,000 60,223 Series T 6.25% due 08/15/2026(1) . . . . . . . . . . . . . . . . . . 156,000 167,115 Insurance-Life/Health — 3.0% Credit Agricole SA Dai-ichi Life Insurance Co., Ltd. 8.13% due 12/23/2025*(1) . . . . . . . . . . . . . . . . . 200,000 227,722 5.10% due 10/28/2024*(1) . . . . . . . . . . . . . . . . . 200,000 208,000 Credit Suisse Group AG Dai-ichi Life Insurance Co., Ltd. 7.50% due 07/17/2023*(1) . . . . . . . . . . . . . . . . . 200,000 210,744 7.25% due 07/25/2021*(1) . . . . . . . . . . . . . . . . . 100,000 107,250 HSBC Holdings PLC Hanwha Life Insurance Co., Ltd. 6.50% due 03/23/2028(1) . . . . . . . . . . . . . . . . . . 200,000 203,500 4.70% due 04/23/2023*(1) . . . . . . . . . . . . . . . . . 200,000 194,483 JPMorgan Chase & Co. La Mondiale SAM Series Z 4.80% due 01/18/2048 . . . . . . . . . . . . . . . . . . . . 200,000 183,650 5.30% due 05/01/2020(1) . . . . . . . . . . . . . . . . . . 30,000 30,574 Meiji Yasuda Life Insurance Co. JPMorgan Chase & Co. FRS 5.10% due 04/26/2048* . . . . . . . . . . . . . . . . . . . 200,000 208,506 Series I Nippon Life Insurance Co. 6.05% (3 ML +3.47%) due 07/30/2019(1) . . . . . 71,000 71,325 5.10% due 10/16/2044* . . . . . . . . . . . . . . . . . . . 200,000 209,000 JPMorgan Chase & Co. Prudential Financial, Inc. Series X 5.20% due 03/15/2044 . . . . . . . . . . . . . . . . . . . . 40,000 40,687 6.10% due 10/01/2024(1) . . . . . . . . . . . . . . . . . . 70,000 74,347 Prudential Financial, Inc. JPMorgan Chase & Co. 5.63% due 06/15/2043 . . . . . . . . . . . . . . . . . . . . 197,000 206,357 Series S Prudential Financial, Inc. 6.75% due 02/01/2024(1) . . . . . . . . . . . . . . . . . . 177,000 196,082 5.70% due 09/15/2048 . . . . . . . . . . . . . . . . . . . . 25,000 25,897 Royal Bank of Scotland Group PLC Prudential Financial, Inc. 7.65% due 09/30/2031(1) . . . . . . . . . . . . . . . . . . 70,000 88,610 5.88% due 09/15/2042 . . . . . . . . . . . . . . . . . . . . 30,000 31,860 Royal Bank of Scotland Group PLC 1,415,690 8.63% due 08/15/2021(1) . . . . . . . . . . . . . . . . . . 200,000 215,000 Insurance-Multi-line — 2.0% Societe Generale SA Assurant, Inc. 7.38% due 09/13/2021*(1) . . . . . . . . . . . . . . . . . 200,000 208,000 7.00% due 03/27/2048 . . . . . . . . . . . . . . . . . . . . 100,000 102,000 UBS Group AG AXA SA 7.00% due 01/31/2024*(1) . . . . . . . . . . . . . . . . . 200,000 208,494 8.60% due 12/15/2030 . . . . . . . . . . . . . . . . . . . . 25,000 33,625 UBS Group AG Hartford Financial Services Group, Inc. FRS 7.13% due 08/10/2021(1) . . . . . . . . . . . . . . . . . . 200,000 210,000 4.81% (3 ML+2.13%) 3,232,975 due 02/12/2067* . . . . . . . . . . . . . . . . . . . . . . . . . 95,000 84,946 MetLife Capital Trust IV 7.88% due 12/15/2067* . . . . . . . . . . . . . . . . . . . 100,000 124,500 35


  • Page 37

    SunAmerica Specialty Series — AIG Income Explorer Fund PORTFOLIO OF INVESTMENTS — April 30, 2019 — (unaudited) (continued) Shares/ Principal Value Value Security Description Amount (Note 3) Security Description Shares (Note 3) PREFERRED SECURITIES/CAPITAL SECURITIES (continued) Domestic Equity Investment Companies (continued) Insurance-Multi-line (continued) Tortoise Midstream Energy Fund, Inc. . . . . . . . . . . . 9,804 $ 139,119 MetLife, Inc. 2,597,649 Series C 5.25% due 06/15/2020(1) . . . . . . . . . . . . . . . . . $ 52,000 $ 52,635 Domestic Fixed Income Investment Companies — 27.8% MetLife, Inc. AllianzGI Convertible & Income Fund II . . . . . . . . . . 10,354 54,048 5.88% due 03/15/2028(1) . . . . . . . . . . . . . . . . . 38,000 39,653 BlackRock Corporate High Yield Fund, Inc. . . . . . . . 75,129 794,865 MetLife, Inc. BlackRock Floating Rate Income Strategies Fund, 9.25% due 04/08/2068* . . . . . . . . . . . . . . . . . . 100,000 137,000 Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,110 78,391 MetLife, Inc. BlackRock Limited Duration Income Trust . . . . . . . . 18,879 280,164 10.75% due 08/01/2069 . . . . . . . . . . . . . . . . . . 85,000 133,025 BlackRock MuniHoldings Investment Quality Voya Financial, Inc. Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,704 279,982 5.65% due 05/15/2053 . . . . . . . . . . . . . . . . . . . 166,000 166,415 BlackRock MuniYield Quality Fund III, Inc. . . . . . . . . 15,588 201,709 Voya Financial Inc BlackRock Taxable Municipal Bond Trust . . . . . . . . . 12,827 293,097 6.13% due 09/15/2023(1) . . . . . . . . . . . . . . . . . 35,000 36,400 Calamos Convertible and High Income Fund . . . . . . 61,997 686,307 DoubleLine Income Solutions Fund . . . . . . . . . . . . . 28,161 567,726 910,199 Eaton Vance Limited Duration Income Fund . . . . . . . 44,611 568,344 Insurance-Mutual — 0.1% Eaton Vance Senior Floating-Rate Trust . . . . . . . . . . 7,841 104,520 Liberty Mutual Group, Inc. Eaton Vance Senior Income Trust . . . . . . . . . . . . . . . 28,742 182,224 7.80% due 03/07/2087* . . . . . . . . . . . . . . . . . . 35,000 41,825 Flaherty & Crumrine Preferred Securities Income Fund, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,160 736,488 Insurance-Property/Casualty — 1.0% Flaherty & Crumrine Total Return Fund, Inc. . . . . . . 20,825 404,630 Mitsui Sumitomo Insurance Co., Ltd. Franklin Limited Duration Income Trust . . . . . . . . . . 15,233 146,237 4.95% due 03/06/2029*(1) . . . . . . . . . . . . . . . . 200,000 204,500 Guggenheim Taxable Municipal Managed Duration Mitsui Sumitomo Insurance Co., Ltd. Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,301 328,351 7.00% due 03/15/2072* . . . . . . . . . . . . . . . . . . 50,000 54,063 Invesco Dynamic Credit Opportunities Fund . . . . . . . 30,138 339,354 QBE Insurance Group, Ltd. John Hancock Preferred Income Fund . . . . . . . . . . . 34,381 789,732 6.75% due 12/02/2044 . . . . . . . . . . . . . . . . . . . 200,000 215,250 MFS Multimarket Income Trust . . . . . . . . . . . . . . . . 28,969 164,834 473,813 New America High Income Fund, Inc. . . . . . . . . . . . . 94,470 821,889 Pipelines — 1.0% Nuveen AMT-Free Quality Municipal Income Enbridge, Inc. Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,806 250,496 Series 16-A Nuveen Credit Strategies Income Fund . . . . . . . . . . . 70,168 560,642 6.00% due 01/15/2077 ................... 99,000 99,119 Nuveen Floating Rate Income Fund . . . . . . . . . . . . . 8,667 86,583 Enbridge, Inc. Nuveen Floating Rate Income Opportunity Fund . . . . 13,139 129,682 Sub. Notes Nuveen Municipal Credit Income Fund . . . . . . . . . . . 19,344 297,898 6.25% due 03/01/2078 ................... 119,000 120,537 Nuveen Municipal Value Fund, Inc. . . . . . . . . . . . . . . 17,799 177,456 TransCanada Trust Nuveen Preferred Income Opportunities Fund . . . . . 88,204 849,404 5.63% due 05/20/2075 ................... 55,000 54,873 Nuveen Short Duration Credit Opportunities Fund . . 10,266 163,229 TransCanada Trust PIMCO Corporate & Income Opportunity Fund . . . . . 16,280 292,063 Series 16-A PIMCO Dynamic Credit and Mortgage Income 5.88% due 08/15/2076 ................... 178,000 182,219 Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,335 832,139 PIMCO Income Strategy Fund II . . . . . . . . . . . . . . . . 57,760 607,635 456,748 Pioneer Floating Rate Trust . . . . . . . . . . . . . . . . . . . 12,997 139,458 Sovereign Agency — 0.3% Pioneer High Income Trust . . . . . . . . . . . . . . . . . . . . 42,175 391,806 CoBank ACB Wells Fargo Income Opportunities Fund . . . . . . . . . . 22,011 178,069 Series I Western Asset High Yield Defined Opportunity Fund, 6.25% due 10/01/2026(1) . . . . . . . . . . . . . . . . . 123,000 129,150 Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,089 150,326 Total Preferred Securities/Capital Securities 12,929,778 (cost $10,396,390) . . . . . . . . . . . . . . . . . . . . . . 10,548,769 Domestic Mixed Allocation Investment Company — 1.9% REGISTERED INVESTMENT COMPANIES(2) — 41.3% Flaherty & Crumrine Dynamic Preferred and Income Domestic Equity Investment Companies — 5.6% Fund, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,372 870,151 Eaton Vance Tax-Advantaged Dividend Income International Fixed Income Investment Companies — 6.0% Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,056 404,739 AllianceBernstein Global High Income Fund, Inc. . . . 21,083 247,725 Eaton Vance Tax-Managed Diversified Equity BrandywineGLOBAL Global Income Opportunities Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,996 192,592 Fund, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,763 228,808 First Trust Energy Income and Growth Fund . . . . . 13,328 294,549 Nuveen Preferred & Income Term Fund . . . . . . . . . . 21,487 500,217 Gabelli Dividend & Income Trust . . . . . . . . . . . . . . 23,384 512,577 PIMCO Dynamic Income Fund . . . . . . . . . . . . . . . . . 18,467 578,017 Gabelli Equity Trust, Inc. . . . . . . . . . . . . . . . . . . . . 44,939 279,970 PIMCO Income Opportunity Fund . . . . . . . . . . . . . . . 24,605 652,033 Reaves Utility Income Fund . . . . . . . . . . . . . . . . . . 22,360 774,103 36


  • Page 38

    SunAmerica Specialty Series — AIG Income Explorer Fund PORTFOLIO OF INVESTMENTS — April 30, 2019 — (unaudited) (continued) Shares/ Principal Value Principal Value Security Description Amount (Note 3) Security Description Amount (Note 3) REGISTERED INVESTMENT COMPANIES(2) (continued) Insurance-Life/Health — 0.1% International Fixed Income Investment Companies (continued) Brighthouse Financial, Inc. Wells Fargo Multi-Sector Income Fund . . . . . . . . . 21,301 $ 263,919 Senior Notes Western Asset Global Corporate Defined 4.70% due 06/22/2047 . . . . . . . . . . . . . . . . . . . $55,000 $ 45,083 Opportunity Fund, Inc. . . . . . . . . . . . . . . . . . . . . 7,087 119,629 Total U.S. Corporate Bonds & Notes Western Asset Global High Income Fund, Inc. . . . . 22,138 214,960 (cost $165,600) . . . . . . . . . . . . . . . . . . . . . . . . . 175,827 2,805,308 TOTAL INVESTMENTS Total Registered Investment Companies (cost $46,623,847)(3) . . . . . . . . . . . . . . . . . . . . 98.6% 45,859,014 (cost $19,512,432) . . . . . . . . . . . . . . . . . . . . . . . 19,202,886 Other assets less liabilities . . . . . . . . . . . . . . . . . . . . . 1.4 648,208 U.S. CORPORATE BONDS & NOTES — 0.4% NET ASSETS 100.0% $46,507,222 Diversified Manufacturing Operations — 0.2% General Electric Capital Corp. * Securities exempt from registration under Rule 144A of the Securities Act of Senior Notes 1933. These securities may be sold in transactions exempt from registration, 5.88% due 01/14/2038 . . . . . . . . . . . . . . . . . . . . $60,000 64,743 normally to qualified institutional buyers. The Fund has no right to demand General Electric Capital Corp. registration of these securities. At April 30, 2019, the aggregate value of Senior Notes these securities was $4,562,349 representing 9.8% of net assets. 6.88% due 01/10/2039 . . . . . . . . . . . . . . . . . . . . 31,000 36,676 (1) Perpetual maturity — maturity date reflects the next call date. 101,419 (2) Represents common shares of closed-end investment companies. (3) See Note 6 for cost of investments on a tax basis. Food-Dairy Products — 0.1% Land O’ Lakes, Inc. ADR — American Depositary Receipt Junior Sub. Notes EUR — Euro Currency 7.25% due 04/04/2027*(1) . . . . . . . . . . . . . . . . 30,000 29,325 FRS — Floating Rate Security The rates shown on FRS are the current interest rates at April 30, 2019 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 and Co. EUR 225,795 USD 256,679 05/03/2019 $3,427 $— EUR 225,520 USD 253,397 06/04/2019 — (248) USD 253,024 EUR 225,795 05/03/2019 228 — Net Unrealized Appreciation (Depreciation) $3,655 $(248) EUR — Euro Currency USD — United States Dollar 37


  • Page 39

    SunAmerica Specialty Series — AIG Income Explorer Fund PORTFOLIO OF INVESTMENTS — April 30, 2019 — (unaudited) (continued) The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2019 (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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11,889,578 $ 432,166** $— $12,321,744 Preferred Securities: Electric-Integrated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252,142 107,362 — 359,504 Food-Dairy Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 49,856 — 49,856 Sovereign Agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,380 466,069 — 538,449 Telecom Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 102,722 — 102,722 Other Industries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,559,257 — — 2,559,257 Preferred Securities/Capital Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 10,548,769 — 10,548,769 Registered Investment Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,202,886 — — 19,202,886 U.S. Corporate Bonds & Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 175,827 — 175,827 Total Investments at Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $33,976,243 $11,882,771 $— $45,859,014 Other Financial Instruments:† Forward Foreign Currency Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 3,655 $— $ 3,655 LIABILITIES: Other Financial Instruments:† Forward Foreign Currency Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 248 $— $ 248 * 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). † Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. See Notes to Financial Statements 38


  • Page 40

    SunAmerica Specialty Series — AIG Small-Cap Fund PORTFOLIO PROFILE — April 30, 2019 — (unaudited) Industry Allocation* Banks-Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0% Oil Companies-Exploration & Production . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5% Medical-Biomedical/Gene . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1 Gas-Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Real Estate Investment Trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7 Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Medical Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 Finance-Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Human Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 Telecommunication Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Enterprise Software/Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 Instruments-Scientific . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Medical-Drugs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 Patient Monitoring Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Investment Management/Advisor Services . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 Night Clubs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Insurance-Property/Casualty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9 Therapeutics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Medical-Outpatient/Home Medical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 Retail-Computer Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Retail-Restaurants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 Building & Construction Products-Misc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Computer Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 Auto/Truck Parts & Equipment-Original . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Consulting Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Television . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Food-Wholesale/Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Insurance-Life/Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Internet Content-Information/News . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Building-Residential/Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Water Treatment Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 Commercial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Auto/Truck Parts & Equipment-Replacement . . . . . . . . . . . . . . . . . . . . . . . . 1.3 Schools . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Financial Guarantee Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 Repurchase Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Oil-Field Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Exchange-Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Electronic Components-Semiconductors . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Distribution/Wholesale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Computer Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Steel-Specialty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Internet Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Aerospace/Defense-Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Recreational Vehicles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 Retail-Misc./Diversified . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Medical Information Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 E-Commerce/Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Networking Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 Diversified Manufacturing Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Applications Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 Computers-Integrated Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Finance-Consumer Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 Computer Data Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Hazardous Waste Disposal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 Airlines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Optical Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 Rental Auto/Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Disposable Medical Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 Retail-Discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Machinery-General Industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 Transport-Marine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Retail-Automobile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Building-Heavy Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Building-Mobile Home/Manufactured Housing . . . . . . . . . . . . . . . . . . . . . . . 0.8 Insurance-Multi-line . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Metal Processors & Fabrication . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 E-Commerce/Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Medical Labs & Testing Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Instruments-Controls . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Commercial Services-Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Insurance-Reinsurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Auto-Heavy Duty Trucks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Food-Misc./Diversified . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Beverages-Non-alcoholic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Medical Instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Electronic Components-Misc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Electronic Parts Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Physical Therapy/Rehabilitation Centers . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Finance-Investment Banker/Broker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Retail-Apparel/Shoe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Advertising Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Wireless Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Chemicals-Diversified . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Electric-Integrated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Real Estate Management/Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 E-Marketing/Info . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Office Furnishings-Original . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Cruise Lines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Consumer Products-Misc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Semiconductor Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Aerospace/Defense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 MRI/Medical Diagnostic Imaging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Computers-Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Footwear & Related Apparel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Engineering/R&D Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Energy-Alternate Sources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Coal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Building & Construction-Misc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Racetracks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Drug Delivery Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Rubber/Plastic Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Electronic Measurement Instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Transport-Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Savings & Loans/Thrifts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Semiconductor Components-Integrated Circuits . . . . . . . . . . . . . . . . . . . . . 0.1 Paper & Related Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Recreational Centers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Medical Imaging Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Diagnostic Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Chemicals-Specialty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Transport-Truck . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Computers-Voice Recognition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Machinery-Pumps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Tobacco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Miscellaneous Manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Telecom Equipment-Fiber Optics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Apparel Manufacturers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 U.S. Government Treasuries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Non-Hazardous Waste Disposal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Oil Refining & Marketing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Retail-Building Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 39


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    SunAmerica Specialty Series — AIG Small-Cap Fund PORTFOLIO PROFILE — April 30, 2019 — (unaudited) (continued) Industry Allocation* (continued) Data Processing/Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1% Multimedia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1% Steel-Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Chemicals-Plastics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Resorts/Theme Parks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Linen Supply & Related Items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Telecom Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Publishing-Periodicals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Finance-Mortgage Loan/Banker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Machinery-Electrical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Publishing-Newspapers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Retail-Bedding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Firearms & Ammunition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Home Furnishings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Oil Field Machinery & Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 98.8% Power Converter/Supply Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Retail-Pawn Shops . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Diagnostic Kits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 * Calculated as a percentage of net assets Satellite Telecom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Retail-Home Furnishings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Casino Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Medical-Generic Drugs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Building Products-Doors & Windows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Athletic Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Machine Tools & Related Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Web Hosting/Design . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Health Care Cost Containment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Transport-Equipment & Leasing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Transactional Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Security Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Finance-Other Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Cosmetics & Toiletries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Medical-Hospitals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Wire & Cable Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Building Products-Air & Heating . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Electric Products-Misc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Environmental Consulting & Engineering . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Veterinary Diagnostics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Pastoral & Agricultural . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Medical-Nursing Homes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Cable/Satellite TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Printing-Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Internet Connectivity Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Building Products-Wood . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Medical-HMO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Real Estate Operations & Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Healthcare Safety Devices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Internet Content-Entertainment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Cellular Telecom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Poultry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Building-Maintenance & Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Batteries/Battery Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Banks-Super Regional . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Metal-Iron . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Appliances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Golf . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Brewery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Private Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Auto Repair Centers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Identification Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Gambling (Non-Hotel) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Telephone-Integrated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Casino Hotels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Banks-Mortgage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Electric-Generation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Transport-Air Freight . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Electronic Security Devices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Lasers-System/Components . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 40


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    SunAmerica Specialty Series — AIG Small-Cap Fund PORTFOLIO OF INVESTMENTS — April 30, 2019 — (unaudited) Value Value Security Description Shares (Note 3) Security Description Shares (Note 3) COMMON STOCKS — 97.7% Apparel Manufacturers — 0.1% Advanced Materials — 0.0% Deckers Outdoor Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . 339 $ 53,633 Haynes International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 144 $ 4,653 Oxford Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 194 16,114 Superior Group of Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . 105 1,758 Advertising Agencies — 0.0% MDC Partners, Inc., Class A† . . . . . . . . . . . . . . . . . . . . . 648 1,361 71,505 Telaria, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 503 3,626 Appliances — 0.1% 4,987 Hamilton Beach Brands Holding Co., Class A . . . . . . . . . 75 1,357 iRobot Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 313 32,408 Advertising Sales — 0.0% Boston Omaha Corp., Class A† . . . . . . . . . . . . . . . . . . . . 59 1,390 33,765 Clear Channel Outdoor Holdings, Inc., Class A† . . . . . . . 442 2,161 Applications Software — 0.9% 3,551 Appfolio, Inc., Class A† . . . . . . . . . . . . . . . . . . . . . . . . . . 181 17,577 Brightcove, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 419 4,202 Advertising Services — 0.2% Ebix, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279 14,084 Fluent, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 378 2,657 Five9, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 666 35,345 National CineMedia, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 896 6,254 HubSpot, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 430 79,331 Trade Desk, Inc., Class A† . . . . . . . . . . . . . . . . . . . . . . . 387 85,713 Immersion Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 301 2,844 94,624 Park City Group, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 155 1,198 Aerospace/Defense — 0.2% PDF Solutions, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321 4,167 AeroVironment, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . 246 16,866 Telenav, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 366 2,280 Kratos Defense & Security Solutions, Inc.† . . . . . . . . . . 1,023 16,245 Upland Software, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 7,941 369,177 MSA Safety, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 396 43,524 530,205 National Presto Industries, Inc. . . . . . . . . . . . . . . . . . . . 58 6,177 Athletic Equipment — 0.1% Wesco Aircraft Holdings, Inc.† . . . . . . . . . . . . . . . . . . . . 629 5,309 Clarus Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243 3,261 88,121 Fox Factory Holding Corp.† . . . . . . . . . . . . . . . . . . . . . . 419 32,514 Aerospace/Defense-Equipment — 0.3% Nautilus, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340 1,819 AAR Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 382 12,900 Vista Outdoor, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . 663 5,722 Aerojet Rocketdyne Holdings, Inc.† . . . . . . . . . . . . . . . . 841 28,476 YETI Holdings, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198 7,065 Astronics Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248 8,268 50,381 Barnes Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 555 30,869 Auction Houses/Art Dealers — 0.0% Ducommun, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123 4,992 Sotheby’s† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 387 16,324 Kaman Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321 19,873 Moog, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 373 34,928 Audio/Video Products — 0.0% Triumph Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 566 13,431 Daktronics, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 417 3,161 Sonos, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186 2,031 153,737 Universal Electronics, Inc.† . . . . . . . . . . . . . . . . . . . . . . 156 5,936 Agricultural Biotech — 0.0% 11,128 Calyxt, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 1,101 Auto Repair Centers — 0.1% Agricultural Chemicals — 0.0% Monro, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 370 31,017 Intrepid Potash, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,109 4,126 Marrone Bio Innovations, Inc.† . . . . . . . . . . . . . . . . . . . 633 1,019 Auto-Heavy Duty Trucks — 0.8% Blue Bird Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,354 404,258 5,145 Navistar International Corp.† . . . . . . . . . . . . . . . . . . . . . 571 19,494 Agricultural Operations — 0.0% REV Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340 4,314 Alico, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 972 428,066 Andersons, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 316 10,333 Cadiz, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 262 2,683 Auto-Truck Trailers — 0.0% Limoneira Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173 3,952 Wabash National Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 633 9,546 Tejon Ranch Co.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244 4,209 Auto/Truck Parts & Equipment-Original — 0.4% 22,149 Altra Industrial Motion Corp. . . . . . . . . . . . . . . . . . . . . . 697 26,131 American Axle & Manufacturing Holdings, Inc.† . . . . . . 1,294 19,086 Airlines — 0.2% Cooper-Standard Holdings, Inc.† . . . . . . . . . . . . . . . . . . 206 10,438 Allegiant Travel Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 22,032 Dana, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,698 33,111 Hawaiian Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 570 16,080 Dorman Products, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . 312 27,353 Mesa Air Group, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . 134 1,225 Gentherm, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 405 17,156 SkyWest, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 592 36,461 Meritor, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 928 22,513 Spirit Airlines, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . 797 43,341 Methode Electronics, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 418 12,335 119,139 Miller Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 4,234 41


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    SunAmerica Specialty Series — AIG Small-Cap Fund PORTFOLIO OF INVESTMENTS — April 30, 2019 — (unaudited) (continued) Value Value Security Description Shares (Note 3) Security Description Shares (Note 3) COMMON STOCKS (continued) Banks-Commercial (continued) Auto/Truck Parts & Equipment-Original (continued) Central Pacific Financial Corp. . . . . . . . . . . . . . . . . . . . . . 329 $ 9,873 Modine Manufacturing Co.† . . . . . . . . . . . . . . . . . . . . . . 575 $ 8,504 Central Valley Community Bancorp . . . . . . . . . . . . . . . . . 134 2,742 Spartan Motors, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 396 3,683 Century Bancorp, Inc., Class A . . . . . . . . . . . . . . . . . . . . 33 3,025 Superior Industries International, Inc. . . . . . . . . . . . . . . 285 1,411 Chemical Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 828 36,374 Tenneco, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . 591 12,955 Chemung Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 39 1,848 Titan International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 583 4,040 Citizens & Northern Corp. . . . . . . . . . . . . . . . . . . . . . . . . 138 3,912 Tower International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 230 5,368 City Holding Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184 14,606 Civista Bancshares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 163 3,586 208,318 CNB Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169 4,813 Auto/Truck Parts & Equipment-Replacement — 1.3% Coastal Financial Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . 83 1,324 Commercial Vehicle Group, Inc.† . . . . . . . . . . . . . . . . . . 36,333 324,090 Codorus Valley Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . 106 2,243 Douglas Dynamics, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 10,141 382,924 Columbia Banking System, Inc. . . . . . . . . . . . . . . . . . . . . 849 31,871 Motorcar Parts of America, Inc.† . . . . . . . . . . . . . . . . . . 218 4,504 Community Bank System, Inc. . . . . . . . . . . . . . . . . . . . . 583 38,746 Standard Motor Products, Inc. . . . . . . . . . . . . . . . . . . . . 247 12,343 Community Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . 56 1,715 723,861 Community Trust Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . 180 7,605 ConnectOne Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 351 7,662 B2B/E-Commerce — 0.0% County Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 1,058 ePlus, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155 14,615 Customers Bancorp, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . 335 7,588 Banks-Commercial — 6.0% CVB Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,299 28,188 1st Constitution Bancorp . . . . . . . . . . . . . . . . . . . . . . . . 88 1,653 Eagle Bancorp, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . 370 20,446 1st Source Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182 8,523 Enterprise Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 112 3,554 ACNB Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 2,992 Enterprise Financial Services Corp. . . . . . . . . . . . . . . . . . 261 11,103 Allegiance Bancshares, Inc.† . . . . . . . . . . . . . . . . . . . . . 137 4,736 Equity Bancshares, Inc., Class A† . . . . . . . . . . . . . . . . . . 155 4,070 Amalgamated Bank, Class A . . . . . . . . . . . . . . . . . . . . . . 137 2,322 Esquire Financial Holdings, Inc.† . . . . . . . . . . . . . . . . . . . 70 1,760 American National Bankshares, Inc. . . . . . . . . . . . . . . . . 123 4,652 Evans Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 1,984 Ameris Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 492 17,938 Farmers & Merchants Bancorp, Inc. . . . . . . . . . . . . . . . . 104 3,301 Ames National Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 2,825 Farmers National Banc Corp. . . . . . . . . . . . . . . . . . . . . . . 294 4,231 Arrow Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 142 4,778 FB Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190 6,981 Atlantic Capital Bancshares, Inc.† . . . . . . . . . . . . . . . . . . 288 5,023 Fidelity D&D Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . 32 1,920 Auburn National Bancorporation, Inc. . . . . . . . . . . . . . . . 27 966 Fidelity Southern Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 254 7,394 BancFirst Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209 11,788 Financial Institutions, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 178 4,895 Bancorp, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 585 5,973 First Bancorp, Inc./Maine . . . . . . . . . . . . . . . . . . . . . . . . 118 3,164 BancorpSouth Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,094 33,345 First Bancorp, Inc./North Carolina . . . . . . . . . . . . . . . . . . 340 12,889 Bank of Commerce Holdings . . . . . . . . . . . . . . . . . . . . . 180 1,948 First BanCorp./Puerto Rico . . . . . . . . . . . . . . . . . . . . . . . 2,482 28,047 Bank of Marin Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . 158 6,691 First Bancshares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 144 4,447 Bank of N.T. Butterfield & Son, Ltd. . . . . . . . . . . . . . . . . 649 25,973 First Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189 2,156 Bank of Princeton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 2,017 First Busey Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 508 13,127 Bank7 Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 693 First Business Financial Services, Inc. . . . . . . . . . . . . . . . 96 2,211 Bankwell Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . 72 2,195 First Choice Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 2,211 Banner Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 372 19,723 First Commonwealth Financial Corp. . . . . . . . . . . . . . . . . 1,138 15,488 Bar Harbor Bankshares . . . . . . . . . . . . . . . . . . . . . . . . . . 177 4,652 First Community Bankshares, Inc. . . . . . . . . . . . . . . . . . . 181 6,292 Baycom Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119 2,743 First Community Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 83 1,560 BCB Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159 2,102 First Financial Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . 1,109 27,836 Bridge Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193 5,981 First Financial Bankshares, Inc. . . . . . . . . . . . . . . . . . . . . 755 46,448 Bridgewater Bancshares, Inc.† . . . . . . . . . . . . . . . . . . . . 269 2,876 First Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138 5,681 Bryn Mawr Bank Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 9,341 355,799 First Foundation, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 442 6,281 Business First Bancshares, Inc. . . . . . . . . . . . . . . . . . . . 124 3,156 First Guaranty Bancshares, Inc. . . . . . . . . . . . . . . . . . . . . 56 1,201 Byline Bancorp, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . 189 3,784 First Internet Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 2,474 C&F Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 1,843 First Interstate BancSystem, Inc., Class A . . . . . . . . . . . . 382 16,143 Cadence BanCorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,397 31,782 First Merchants Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 574 21,049 Cambridge Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 3,606 First Mid-Illinois Bancshares, Inc. . . . . . . . . . . . . . . . . . . 147 5,070 Camden National Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 179 7,872 First Midwest Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1,228 26,365 Capital Bancorp, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 853 First Northwest Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . 107 1,742 Capital City Bank Group, Inc. . . . . . . . . . . . . . . . . . . . . . 133 3,051 First of Long Island Corp. . . . . . . . . . . . . . . . . . . . . . . . . 285 6,632 Capstar Financial Holdings, Inc. . . . . . . . . . . . . . . . . . . . 95 1,472 First United Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 1,495 Carolina Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 244 8,806 Franklin Financial Network, Inc. . . . . . . . . . . . . . . . . . . . . 150 4,147 Cathay General Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . 898 33,037 Fulton Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,938 33,430 CB Financial Services, Inc. . . . . . . . . . . . . . . . . . . . . . . . 54 1,282 FVCBankcorp, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 377 CenterState Bank Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,405 34,675 German American Bancorp, Inc. . . . . . . . . . . . . . . . . . . . 265 7,910 42


  • Page 44

    SunAmerica Specialty Series — AIG Small-Cap Fund PORTFOLIO OF INVESTMENTS — April 30, 2019 — (unaudited) (continued) Value Value Security Description Shares (Note 3) Security Description Shares (Note 3) COMMON STOCKS (continued) Banks-Commercial (continued) Banks-Commercial (continued) Park National Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 159 $ 15,531 Glacier Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 986 $ 41,994 PCSB Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 189 3,600 Great Southern Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . 128 7,418 Peapack Gladstone Financial Corp. . . . . . . . . . . . . . . . 217 6,278 Great Western Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . 665 23,388 Penns Woods Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . 53 2,314 Guaranty Bancshares, Inc. . . . . . . . . . . . . . . . . . . . . . . . 88 2,470 People’s Utah Bancorp . . . . . . . . . . . . . . . . . . . . . . . . 179 5,093 Hancock Whitney Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 988 43,215 Peoples Bancorp of North Carolina, Inc. . . . . . . . . . . . 54 1,510 Hanmi Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 353 8,373 Peoples Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 205 6,699 HarborOne Bancorp, Inc.† . . . . . . . . . . . . . . . . . . . . . . . 169 3,164 Peoples Financial Services Corp. . . . . . . . . . . . . . . . . . 80 3,480 Heartland Financial USA, Inc. . . . . . . . . . . . . . . . . . . . . . 341 15,311 Preferred Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,689 329,032 Heritage Commerce Corp. . . . . . . . . . . . . . . . . . . . . . . . 464 5,809 Premier Financial Bancorp, Inc. . . . . . . . . . . . . . . . . . . 138 2,288 Heritage Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 424 12,834 Provident Bancorp, Inc.† . . . . . . . . . . . . . . . . . . . . . . . 50 1,225 Hilltop Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 827 17,392 QCR Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 152 5,200 Home BancShares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1,822 34,964 RBB Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161 3,117 HomeStreet, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289 8,132 Reliant Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 117 2,679 Hope Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,409 19,810 Renasant Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 560 20,306 Horizon Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 430 6,996 Republic Bancorp, Inc., Class A . . . . . . . . . . . . . . . . . . 112 5,293 Howard Bancorp, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 152 2,285 Republic First Bancorp, Inc.† . . . . . . . . . . . . . . . . . . . . 511 2,616 IBERIABANK Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 645 51,277 S&T Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 16,032 Independent Bank Corp./Massachusetts . . . . . . . . . . . . . 383 30,728 Sandy Spring Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . 402 14,026 Independent Bank Corp./Michigan . . . . . . . . . . . . . . . . . 249 5,361 SB One Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 1,971 International Bancshares Corp. . . . . . . . . . . . . . . . . . . . . 642 26,624 Seacoast Banking Corp. of Florida† . . . . . . . . . . . . . . . 534 15,144 Investar Holding Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 103 2,398 Select Bancorp, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 180 2,210 Kearny Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,025 14,350 ServisFirst Bancshares, Inc. . . . . . . . . . . . . . . . . . . . . 540 18,328 Lakeland Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 523 8,661 Shore Bancshares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 146 2,311 Lakeland Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 283 13,513 Sierra Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164 4,339 LCNB Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 1,768 Simmons First National Corp., Class A . . . . . . . . . . . . 1,051 26,685 LegacyTexas Financial Group, Inc. . . . . . . . . . . . . . . . . . 552 22,124 SmartFinancial, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 132 2,744 Level One Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 60 1,486 South State Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 413 31,248 Live Oak Bancshares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 295 5,154 Southern First Bancshares, Inc.† . . . . . . . . . . . . . . . . . 81 2,982 Luther Burbank Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 237 2,496 Southern National Bancorp of Virginia, Inc. . . . . . . . . . 227 3,387 Macatawa Bank Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 302 3,117 Southside Bancshares, Inc. . . . . . . . . . . . . . . . . . . . . . 371 13,033 MBT Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209 2,098 Spirit of Texas Bancshares, Inc.† . . . . . . . . . . . . . . . . 117 2,629 Mercantile Bank Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 188 6,354 Sterling Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 254 2,487 Merchants Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187 4,522 Stock Yards Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . 250 8,587 Metropolitan Bank Holding Corp.† . . . . . . . . . . . . . . . . . 76 3,033 Summit Financial Group, Inc. . . . . . . . . . . . . . . . . . . . 130 3,386 Mid Penn Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 55 1,341 Tompkins Financial Corp. . . . . . . . . . . . . . . . . . . . . . . 171 13,795 Middlefield Banc Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 35 1,419 Towne Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 765 19,951 Midland States Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . 245 6,571 TriCo Bancshares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 296 11,813 MidSouth Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 174 2,065 TriState Capital Holdings, Inc.† . . . . . . . . . . . . . . . . . . 285 6,629 MidWestOne Financial Group, Inc. . . . . . . . . . . . . . . . . . 130 3,663 Triumph Bancorp, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . 286 8,869 MVB Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 1,642 TrustCo Bank Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,087 8,696 National Bankshares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 78 3,299 Trustmark Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 760 27,330 NBT Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 495 18,820 UMB Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 526 36,746 Nicolet Bankshares, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . 91 5,556 Union Bankshares Corp. . . . . . . . . . . . . . . . . . . . . . . . 894 32,631 Northeast Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 1,929 United Bankshares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1,144 44,891 Northrim BanCorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 79 2,804 United Community Banks, Inc. . . . . . . . . . . . . . . . . . . 911 25,581 Norwood Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . 67 2,156 United Security Bancshares . . . . . . . . . . . . . . . . . . . . . 152 1,596 Oak Valley Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 1,534 Unity Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 1,944 OFG Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 503 10,151 Univest Corp. of Pennsylvania . . . . . . . . . . . . . . . . . . . 335 8,449 Ohio Valley Banc Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 48 1,804 Valley National Bancorp . . . . . . . . . . . . . . . . . . . . . . . . 3,748 39,279 Old Line Bancshares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 182 4,550 Veritex Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 16,950 449,344 Old National Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,755 29,975 Washington Trust Bancorp, Inc. . . . . . . . . . . . . . . . . . 175 9,067 Old Second Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 337 4,465 WesBanco, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 607 24,474 OP Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147 1,385 West Bancorporation, Inc. . . . . . . . . . . . . . . . . . . . . . . 184 3,858 Opus Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229 5,008 Westamerica Bancorporation . . . . . . . . . . . . . . . . . . . . 299 19,202 Origin Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203 7,072 Western New England Bancorp, Inc. . . . . . . . . . . . . . . 296 2,859 Orrstown Financial Services, Inc. . . . . . . . . . . . . . . . . . . 86 1,784 3,406,501 Pacific City Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . 9,840 180,269 Pacific Mercantile Bancorp† . . . . . . . . . . . . . . . . . . . . . . 180 1,409 Banks-Fiduciary — 0.0% Parke Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 1,830 43


  • Page 45

    SunAmerica Specialty Series — AIG Small-Cap Fund PORTFOLIO OF INVESTMENTS — April 30, 2019 — (unaudited) (continued) Value Value Security Description Shares (Note 3) Security Description Shares (Note 3) COMMON STOCKS (continued) Building Products-Air & Heating — 0.1% Banks-Fiduciary (continued) AAON, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 479 $ 24,051 Union Bankshares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 45 $ 1,778 SPX Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 18,250 3,608 42,301 Banks-Mortgage — 0.1% Building Products-Cement — 0.0% Flagstar Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 343 12,262 Continental Building Products, Inc.† . . . . . . . . . . . . . . . 432 11,081 Walker & Dunlop, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 321 17,639 US Concrete, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187 8,813 29,901 19,894 Banks-Super Regional — 0.1% Building Products-Doors & Windows — 0.1% Independent Bank Group, Inc. . . . . . . . . . . . . . . . . . . . . 379 21,603 Apogee Enterprises, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 310 12,493 National Bank Holdings Corp., Class A . . . . . . . . . . . . . . 334 12,772 Griffon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 411 8,064 34,375 JELD-WEN Holding, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . 789 15,582 Masonite International Corp.† . . . . . . . . . . . . . . . . . . . . 306 15,756 Batteries/Battery Systems — 0.1% 51,895 EnerSys . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 502 34,733 Building Products-Wood — 0.1% Beverages-Non-alcoholic — 0.8% Boise Cascade Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 451 12,488 Celsius Holdings, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 265 1,097 Universal Forest Products, Inc. . . . . . . . . . . . . . . . . . . . . 696 25,717 Coca-Cola Consolidated, Inc. . . . . . . . . . . . . . . . . . . . . . 55 17,876 National Beverage Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 137 7,672 38,205 Primo Water Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,253 397,735 Building-Heavy Construction — 0.2% 424,380 Aegion Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 372 7,407 Beverages-Wine/Spirits — 0.0% Dycom Industries, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . 351 17,406 MGP Ingredients, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 154 13,532 Granite Construction, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 510 22,894 Great Lakes Dredge & Dock Corp.† . . . . . . . . . . . . . . . . 663 6,782 Brewery — 0.1% MasTec, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 736 37,278 Boston Beer Co., Inc., Class A† . . . . . . . . . . . . . . . . . . . 96 29,761 Orion Group Holdings, Inc.† . . . . . . . . . . . . . . . . . . . . . . 327 847 Craft Brew Alliance, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . 148 2,088 Primoris Services Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 485 10,631 31,849 Sterling Construction Co., Inc.† . . . . . . . . . . . . . . . . . . . 310 4,204 Tutor Perini Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 435 8,687 Broadcast Services/Program — 0.0% Hemisphere Media Group, Inc.† . . . . . . . . . . . . . . . . . . . 210 3,068 116,136 MSG Networks, Inc., Class A† . . . . . . . . . . . . . . . . . . . . 687 15,822 Building-Maintenance & Services — 0.1% 18,890 ABM Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 768 29,161 Brightview Holdings, Inc.† . . . . . . . . . . . . . . . . . . . . . . . 348 5,582 Building & Construction Products-Misc. — 0.4% American Woodmark Corp.† . . . . . . . . . . . . . . . . . . . . . 162 14,569 34,743 Armstrong Flooring, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . 247 3,579 Building-Mobile Home/Manufactured Housing — 0.8% Builders FirstSource, Inc.† . . . . . . . . . . . . . . . . . . . . . . . 1,312 18,079 Cavco Industries, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 3,438 428,959 Caesarstone, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266 4,025 LCI Industries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 284 24,950 Forterra, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219 1,016 Skyline Champion Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 388 8,191 Gibraltar Industries, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . 371 14,718 Winnebago Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . 363 12,839 Louisiana-Pacific Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,649 41,308 NCI Building Systems, Inc.† . . . . . . . . . . . . . . . . . . . . . . 495 2,831 474,939 Patrick Industries, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . 268 13,365 Building-Residential/Commercial — 0.3% PGT Innovations, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 658 9,646 Beazer Homes USA, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . 349 4,638 Simpson Manufacturing Co., Inc. . . . . . . . . . . . . . . . . . . 481 30,630 Century Communities, Inc.† . . . . . . . . . . . . . . . . . . . . . . 304 7,731 Summit Materials, Inc., Class A† . . . . . . . . . . . . . . . . . . 1,302 22,811 Green Brick Partners, Inc.† . . . . . . . . . . . . . . . . . . . . . . . 285 2,548 Trex Co., Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 686 47,519 Hovnanian Enterprises, Inc., Class A† . . . . . . . . . . . . . . 56 852 Installed Building Products, Inc.† . . . . . . . . . . . . . . . . . . 252 12,104 224,096 KB Home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 998 25,858 Building & Construction-Misc. — 0.7% LGI Homes, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215 14,902 Comfort Systems USA, Inc. . . . . . . . . . . . . . . . . . . . . . . 425 22,992 M/I Homes, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 314 8,845 EMCOR Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 665 55,953 MDC Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 568 17,358 IES Holdings, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 1,698 Meritage Homes Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . 442 22,608 MYR Group, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187 6,760 New Home Co., Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . 146 673 NV5 Global, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,984 252,347 Taylor Morrison Home Corp., Class A† . . . . . . . . . . . . . 1,340 25,943 TopBuild Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 412 29,347 TRI Pointe Group, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . 1,645 21,467 Willscot Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 448 6,035 William Lyon Homes, Class A† . . . . . . . . . . . . . . . . . . . . 371 6,255 375,132 171,782 44


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    SunAmerica Specialty Series — AIG Small-Cap Fund PORTFOLIO OF INVESTMENTS — April 30, 2019 — (unaudited) (continued) Value Value Security Description Shares (Note 3) Security Description Shares (Note 3) COMMON STOCKS (continued) Chemicals-Specialty (continued) Cable/Satellite TV — 0.1% Sensient Technologies Corp. . . . . . . . . . . . . . . . . . . . . . 494 $ 34,639 Liberty Latin America, Ltd., Class A† . . . . . . . . . . . . . . . . 504 $10,549 Stepan Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235 21,747 Liberty Latin America, Ltd., Class C† . . . . . . . . . . . . . . . . 1,320 27,509 Tronox Holdings PLC, Class A . . . . . . . . . . . . . . . . . . . . 1,087 15,370 WideOpenWest, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . 344 2,748 Valhi, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293 735 40,806 329,603 Capacitors — 0.0% Circuit Boards — 0.0% KEMET Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 655 11,705 Park Electrochemical Corp. . . . . . . . . . . . . . . . . . . . . . . . 223 3,668 TTM Technologies, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . 1,089 14,419 Casino Hotels — 0.1% Boyd Gaming Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 956 27,514 18,087 Century Casinos, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 314 2,857 Coal — 0.2% 30,371 Advanced Emissions Solutions, Inc. . . . . . . . . . . . . . . . . 215 2,429 Arch Coal, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . 203 19,687 Casino Services — 0.1% CONSOL Energy, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 319 10,814 Eldorado Resorts, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 765 37,768 Hallador Energy Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193 996 Scientific Games Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . 645 14,919 NACCO Industries, Inc., Class A . . . . . . . . . . . . . . . . . . . 44 1,799 52,687 Peabody Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 910 26,181 Cellular Telecom — 0.1% Ramaco Resources, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . 69 464 8x8, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,091 26,097 SunCoke Energy, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 754 6,492 ATN International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 121 7,387 Warrior Met Coal, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 501 15,531 NII Holdings, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,031 2,021 84,393 35,505 Coatings/Paint — 0.0% Chemicals-Diversified — 0.2% Kronos Worldwide, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 263 3,577 Aceto Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0 Coffee — 0.0% AdvanSix, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 348 10,520 Farmer Bros. Co.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117 2,359 Codexis, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 11,820 Commercial Services — 0.3% Innophos Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 226 7,275 Acacia Research Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . 562 1,787 Innospec, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 281 23,834 Care.com, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232 3,886 Koppers Holdings, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . 232 6,204 Emerald Expositions Events, Inc. . . . . . . . . . . . . . . . . . . 288 4,046 Quaker Chemical Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 152 34,021 Forrester Research, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 121 6,154 93,674 Healthcare Services Group, Inc. . . . . . . . . . . . . . . . . . . . 860 29,111 Chemicals-Fibers — 0.0% HMS Holdings Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . 962 29,274 Rayonier Advanced Materials, Inc. . . . . . . . . . . . . . . . . . 588 8,726 LiveRamp Holdings, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . 787 45,906 Medifast, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136 19,950 Chemicals-Other — 0.0% National Research Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 128 5,066 American Vanguard Corp. . . . . . . . . . . . . . . . . . . . . . . . . 338 5,320 PFSweb, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176 813 Chemicals-Plastics — 0.1% ServiceSource International, Inc.† . . . . . . . . . . . . . . . . . 915 970 A. Schulman, Inc. CVR†(1) . . . . . . . . . . . . . . . . . . . . . . . 318 95 SP Plus Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263 9,079 Landec Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 284 2,985 Team, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 344 5,813 PolyOne Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 927 25,622 Weight Watchers International, Inc.† . . . . . . . . . . . . . . . 447 9,128 28,702 170,983 Chemicals-Specialty — 0.6% Commercial Services-Finance — 0.8% AgroFresh Solutions, Inc.† . . . . . . . . . . . . . . . . . . . . . . . 366 1,168 Avalara, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321 18,897 Amyris, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 383 1,716 Cardtronics PLC, Class A† . . . . . . . . . . . . . . . . . . . . . . . 461 16,485 Balchem Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 372 37,762 Cass Information Systems, Inc. . . . . . . . . . . . . . . . . . . . 167 8,238 Ferro Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 966 17,262 CBIZ, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 599 11,567 GCP Applied Technologies, Inc.† . . . . . . . . . . . . . . . . . . . 835 24,040 Everi Holdings, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . 771 7,934 H.B. Fuller Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 588 28,794 EVERTEC, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 708 22,167 Hawkins, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112 4,134 Evo Payments, Inc., Class A† . . . . . . . . . . . . . . . . . . . . . 287 8,527 Ingevity Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 492 56,585 Green Dot Corp., Class A† . . . . . . . . . . . . . . . . . . . . . . . 561 35,775 Kraton Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360 11,815 I3 Verticals, Inc., Class A† . . . . . . . . . . . . . . . . . . . . . . . 106 2,559 Minerals Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . 411 25,799 MoneyGram International, Inc.† . . . . . . . . . . . . . . . . . . . 358 1,185 Oil-Dri Corp. of America . . . . . . . . . . . . . . . . . . . . . . . . . 59 1,877 PRGX Global, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,940 280,219 OMNOVA Solutions, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . 508 3,759 Travelport Worldwide, Ltd. . . . . . . . . . . . . . . . . . . . . . . . 1,457 22,846 PQ Group Holdings, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . 425 6,719 436,399 Rogers Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213 35,682 45


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    SunAmerica Specialty Series — AIG Small-Cap Fund PORTFOLIO OF INVESTMENTS — April 30, 2019 — (unaudited) (continued) Value Value Security Description Shares (Note 3) Security Description Shares (Note 3) COMMON STOCKS (continued) Computers-Integrated Systems (continued) Communications Software — 0.0% USA Technologies, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . 662 $ 3,754 Avaya Holdings Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . 1,216 $ 23,201 131,136 Computer Aided Design — 0.0% Computers-Other — 0.2% Altair Engineering, Inc., Class A† . . . . . . . . . . . . . . . . . . 290 11,438 3D Systems Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,268 13,492 Computer Data Security — 0.2% Lumentum Holdings, Inc.† . . . . . . . . . . . . . . . . . . . . . . . 883 54,719 Carbon Black, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 446 6,128 PlayAGS, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255 6,151 ForeScout Technologies, Inc.† . . . . . . . . . . . . . . . . . . . . 357 15,008 Stratasys, Ltd.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 588 13,671 OneSpan, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 366 6,786 88,033 Qualys, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 396 35,743 Rapid7, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 428 23,258 Computers-Periphery Equipment — 0.0% Tenable Holdings, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . 346 12,421 Electronics For Imaging, Inc.† . . . . . . . . . . . . . . . . . . . . 508 18,893 Varonis Systems, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 328 23,337 Mitek Systems, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . 389 4,629 122,681 23,522 Computer Graphics — 0.0% Computers-Voice Recognition — 0.6% Monotype Imaging Holdings, Inc. . . . . . . . . . . . . . . . . . . 474 8,172 Vocera Communications, Inc.† . . . . . . . . . . . . . . . . . . . . 10,220 325,507 Computer Services — 1.6% Consulting Services — 1.5% CACI International, Inc., Class A† . . . . . . . . . . . . . . . . . . 285 55,558 CRA International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 8,981 467,730 Carbonite, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,284 374,917 Franklin Covey Co.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 3,222 ExlService Holdings, Inc.† . . . . . . . . . . . . . . . . . . . . . . . 388 23,047 FTI Consulting, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . 441 37,476 Insight Enterprises, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . 408 23,085 GP Strategies Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . 144 1,833 KeyW Holding Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . 565 6,407 Hackett Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,104 308,596 MAXIMUS, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 742 54,648 Huron Consulting Group, Inc.† . . . . . . . . . . . . . . . . . . . . 257 12,421 Perspecta, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,651 38,105 ICF International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 210 16,353 Presidio, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 473 7,104 Information Services Group, Inc.† . . . . . . . . . . . . . . . . . 396 1,410 Rimini Street, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120 610 Kelly Services, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . 363 8,080 Science Applications International Corp. . . . . . . . . . . . . 587 43,996 Navigant Consulting, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 491 11,210 Sykes Enterprises, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . 459 12,737 Vectrus, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 5,231 TTEC Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164 5,979 873,562 Unisys Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,362 273,098 Consumer Products-Misc. — 0.2% Virtusa Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330 18,332 Central Garden & Pet Co.† . . . . . . . . . . . . . . . . . . . . . . . 121 3,265 937,623 Central Garden & Pet Co., Class A† . . . . . . . . . . . . . . . . 478 11,701 Computer Software — 1.1% Helen of Troy, Ltd.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . 299 43,056 Avid Technology, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 319 2,424 Quanex Building Products Corp. . . . . . . . . . . . . . . . . . . . 387 6,471 Box, Inc., Class A† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,464 30,187 WD-40 Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158 26,583 Cision, Ltd.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 778 9,383 91,076 Cloudera, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,329 25,922 Containers-Metal/Glass — 0.0% Cornerstone OnDemand, Inc.† . . . . . . . . . . . . . . . . . . . . 631 34,484 Greif, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 297 11,738 Envestnet, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 519 36,844 Greif, Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 3,162 j2 Global, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 544 47,665 SecureWorks Corp., Class A† . . . . . . . . . . . . . . . . . . . . . 100 1,942 14,900 Simulations Plus, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,083 407,410 Containers-Paper/Plastic — 0.0% TiVo Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,402 13,137 Multi-Color Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161 8,034 Veritone, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 613 UFP Technologies, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . 77 2,803 Yext, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 989 21,669 10,837 631,680 Cosmetics & Toiletries — 0.1% Computers-Integrated Systems — 0.2% e.l.f. Beauty, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263 3,364 Agilysys, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180 3,443 Edgewell Personal Care Co.† . . . . . . . . . . . . . . . . . . . . . 627 25,851 Cray, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 469 12,316 Inter Parfums, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202 14,643 Cubic Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 363 20,611 Revlon, Inc., Class A† . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 2,007 Diebold Nixdorf, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . 886 8,940 Maxwell Technologies, Inc.† . . . . . . . . . . . . . . . . . . . . . . 475 2,085 45,865 Mercury Systems, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . 546 39,869 Cruise Lines — 0.7% MTS Systems Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207 11,381 Lindblad Expeditions Holdings, Inc.† . . . . . . . . . . . . . . . 24,784 401,749 NetScout Systems, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . 871 25,607 Data Processing/Management — 0.1% PAR Technology Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . 132 3,130 Amber Road, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 277 2,504 46


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    SunAmerica Specialty Series — AIG Small-Cap Fund PORTFOLIO OF INVESTMENTS — April 30, 2019 — (unaudited) (continued) Value Value Security Description Shares (Note 3) Security Description Shares (Note 3) COMMON STOCKS (continued) Diversified Manufacturing Operations (continued) Data Processing/Management (continued) Federal Signal Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 690 $ 19,851 Bottomline Technologies, Inc.† . . . . . . . . . . . . . . . . . . . 491 $ 24,830 Harsco Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 934 21,146 CommVault Systems, Inc.† . . . . . . . . . . . . . . . . . . . . . . 465 24,459 LSB Industries, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . 251 1,468 CSG Systems International, Inc. . . . . . . . . . . . . . . . . . . . 380 16,967 Lydall, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196 4,824 NL Industries, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 344 68,760 Standex International Corp. . . . . . . . . . . . . . . . . . . . . . . 146 9,646 Dental Supplies & Equipment — 0.0% Synalloy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 1,712 Patterson Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 952 20,792 Tredegar Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 5,406 Diagnostic Equipment — 0.1% 133,348 Accelerate Diagnostics, Inc.† . . . . . . . . . . . . . . . . . . . . . 303 5,909 Diversified Minerals — 0.0% BioTelemetry, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 383 20,835 Covia Holdings Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . 361 1,737 GenMark Diagnostics, Inc.† . . . . . . . . . . . . . . . . . . . . . . 602 4,358 Livent Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,735 18,703 OPKO Health, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,734 8,924 United States Lime & Minerals, Inc. . . . . . . . . . . . . . . . . 23 1,861 Oxford Immunotec Global PLC† . . . . . . . . . . . . . . . . . . . 300 4,869 Quanterix Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 2,249 22,301 Repligen Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 454 30,591 Diversified Operations/Commercial Services — 0.0% 77,735 Viad Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236 14,469 Diagnostic Kits — 0.1% Drug Delivery Systems — 0.6% Celcuity, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 1,507 Antares Pharma, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 1,676 4,508 Genomic Health, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 243 15,632 Assertio Therapeutics, Inc.† . . . . . . . . . . . . . . . . . . . . . . 683 2,848 Meridian Bioscience, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 482 5,548 BioDelivery Sciences International, Inc.† . . . . . . . . . . . . 69,053 333,526 OraSure Technologies, Inc.† . . . . . . . . . . . . . . . . . . . . . . 699 6,613 Heron Therapeutics, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . 800 17,344 Quidel Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 397 25,384 Revance Therapeutics, Inc.† . . . . . . . . . . . . . . . . . . . . . . 444 5,879 Senseonics Holdings, Inc.† . . . . . . . . . . . . . . . . . . . . . . 989 2,304 54,684 366,409 Dialysis Centers — 0.0% American Renal Associates Holdings, Inc.† . . . . . . . . . . 152 1,046 E-Commerce/Products — 0.2% 1-800-flowers.com, Inc., Class A† . . . . . . . . . . . . . . . . . 308 6,558 Direct Marketing — 0.0% Etsy, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,387 93,678 Quotient Technology, Inc.† . . . . . . . . . . . . . . . . . . . . . . . 926 8,603 Lands’ End, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122 2,136 Disposable Medical Products — 0.9% Overstock.com, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . 268 3,532 BioLife Solutions, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 25,440 425,866 105,904 CONMED Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293 23,449 Merit Medical Systems, Inc.† . . . . . . . . . . . . . . . . . . . . . 619 34,775 E-Commerce/Services — 0.3% Utah Medical Products, Inc. . . . . . . . . . . . . . . . . . . . . . . 40 3,376 Cargurus, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 581 23,670 Cars.com, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 803 16,710 487,466 ChannelAdvisor Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . 301 3,537 Distribution/Wholesale — 0.3% Groupon, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,176 18,219 Anixter International, Inc.† . . . . . . . . . . . . . . . . . . . . . . . 342 21,502 Leaf Group, Ltd.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194 1,628 BlueLinx Holdings, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . 103 2,649 Liberty Expedia Holdings, Inc., Class A† . . . . . . . . . . . . . 633 29,384 Core-Mark Holding Co., Inc. . . . . . . . . . . . . . . . . . . . . . . 530 19,265 Shutterfly, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 389 17,050 EVI Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 1,606 Shutterstock, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218 8,818 Fossil Group, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 530 6,927 Stamps.com, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204 17,503 G-III Apparel Group, Ltd.† . . . . . . . . . . . . . . . . . . . . . . . 505 21,791 Travelzoo, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 949 H&E Equipment Services, Inc. . . . . . . . . . . . . . . . . . . . . 369 11,221 TrueCar, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,094 7,045 Manitex International, Inc.† . . . . . . . . . . . . . . . . . . . . . . 169 1,291 Upwork, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146 2,919 ScanSource, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 292 10,994 147,432 SiteOne Landscape Supply, Inc.† . . . . . . . . . . . . . . . . . . 471 31,698 Systemax, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142 3,225 E-Marketing/Info — 0.7% Titan Machinery, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 219 3,767 Cardlytics, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 1,076 Triton International, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 600 19,770 Liquidity Services, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . 314 2,132 Veritiv Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134 3,737 New Media Investment Group, Inc. . . . . . . . . . . . . . . . . . 692 7,398 QuinStreet, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,578 393,538 159,443 404,144 Diversified Manufacturing Operations — 0.2% Actuant Corp., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . 708 18,111 E-Services/Consulting — 0.0% Chase Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 7,868 Perficient, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375 11,040 EnPro Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 237 17,614 Educational Software — 0.0% Fabrinet† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 419 25,358 Instructure, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 369 15,897 47


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    SunAmerica Specialty Series — AIG Small-Cap Fund PORTFOLIO OF INVESTMENTS — April 30, 2019 — (unaudited) (continued) Value Value Security Description Shares (Note 3) Security Description Shares (Note 3) COMMON STOCKS (continued) Electronic Components-Semiconductors (continued) Electric Products-Misc. — 0.1% Impinj, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190 $ 5,561 Graham Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111 $ 2,298 Inphi Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 504 23,013 nLight, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 264 6,898 Kopin Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 686 858 Novanta, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 380 33,068 Lattice Semiconductor Corp.† . . . . . . . . . . . . . . . . . . . . 1,359 17,599 MACOM Technology Solutions Holdings, Inc.† . . . . . . . 532 7,389 42,264 Photronics, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 756 7,061 Electric-Distribution — 0.0% Rambus, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,238 14,188 Spark Energy, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . 134 1,267 Rudolph Technologies, Inc.† . . . . . . . . . . . . . . . . . . . . . 14,769 357,262 Unitil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169 9,618 Semtech Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 756 40,726 10,885 Silicon Laboratories, Inc.† . . . . . . . . . . . . . . . . . . . . . . . 499 53,722 Synaptics, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 403 15,181 Electric-Generation — 0.1% Xperi Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 562 13,966 Atlantic Power Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,260 2,911 Ormat Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 462 26,962 697,403 29,873 Electronic Measurement Instruments — 0.6% Badger Meter, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 332 18,419 Electric-Integrated — 0.7% CyberOptics Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,996 266,029 ALLETE, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 598 48,707 FARO Technologies, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . 199 11,194 Ameresco, Inc., Class A† . . . . . . . . . . . . . . . . . . . . . . . . 220 3,313 Fitbit, Inc., Class A† . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,484 13,116 Avista Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 761 32,829 Itron, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 394 21,142 Black Hills Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 622 45,257 Mesa Laboratories, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 39 9,231 El Paso Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 470 28,722 Stoneridge, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 319 10,026 IDACORP, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 586 58,026 MGE Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 405 27,455 349,157 NorthWestern Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 587 41,002 Electronic Parts Distribution — 0.2% Otter Tail Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 457 23,444 SYNNEX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 483 52,106 PNM Resources, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 924 42,911 Tech Data Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 433 46,162 Portland General Electric Co. . . . . . . . . . . . . . . . . . . . . . 1,039 54,350 98,268 406,016 Electronic Security Devices — 0.1% Electronic Components-Misc. — 0.7% Alarm.com Holdings, Inc.† . . . . . . . . . . . . . . . . . . . . . . . 363 25,729 Advanced Energy Industries, Inc.† . . . . . . . . . . . . . . . . . 445 25,703 Napco Security Technologies, Inc.† . . . . . . . . . . . . . . . . 136 3,370 Applied Optoelectronics, Inc.† . . . . . . . . . . . . . . . . . . . . 220 2,754 29,099 Atkore International Group, Inc.† . . . . . . . . . . . . . . . . . . 453 11,216 Bel Fuse, Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . 115 2,726 Energy-Alternate Sources — 0.7% Benchmark Electronics, Inc. . . . . . . . . . . . . . . . . . . . . . . 510 13,785 Clean Energy Fuels Corp.† . . . . . . . . . . . . . . . . . . . . . . . 1,593 5,002 Comtech Telecommunications Corp. . . . . . . . . . . . . . . . 270 6,353 Enphase Energy, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 1,004 10,080 IntriCon Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 2,057 FuelCell Energy, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,148 301 Kimball Electronics, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . 288 4,358 FutureFuel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 4,407 Knowles Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,014 19,144 Green Plains, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 457 7,938 NVE Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 5,270 Pattern Energy Group, Inc., Class A . . . . . . . . . . . . . . . . 939 21,710 OSI Systems, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195 17,575 Plug Power, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,482 6,180 Plexus Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 356 21,424 Renewable Energy Group, Inc.† . . . . . . . . . . . . . . . . . . . 12,154 293,155 Sanmina Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 787 26,695 REX American Resources Corp.† . . . . . . . . . . . . . . . . . . 65 5,493 SMART Global Holdings, Inc.† . . . . . . . . . . . . . . . . . . . . 151 3,283 Sunrun, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,122 17,066 Vishay Intertechnology, Inc. . . . . . . . . . . . . . . . . . . . . . . 1,539 30,488 TerraForm Power, Inc., Class A . . . . . . . . . . . . . . . . . . . 849 11,512 Vishay Precision Group, Inc.† . . . . . . . . . . . . . . . . . . . . 120 4,544 TPI Composites, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 171 5,292 ZAGG, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,418 225,924 Vivint Solar, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 460 2,489 423,299 390,625 Electronic Components-Semiconductors — 1.2% Engineering/R&D Services — 0.2% Adesto Technologies Corp.† . . . . . . . . . . . . . . . . . . . . . . 287 1,828 Argan, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170 8,130 Alpha & Omega Semiconductor, Ltd.† . . . . . . . . . . . . . . 230 2,852 Exponent, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 599 33,915 Amkor Technology, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . 1,188 10,763 Infrastructure and Energy Alternatives, Inc.† . . . . . . . . . 199 904 AVX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 542 8,840 Iteris, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 295 1,280 AXT, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 442 2,519 KBR, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,638 36,396 CEVA, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252 6,348 Mistras Group, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203 2,783 Cree, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,201 79,374 VSE Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 3,088 CTS Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 380 11,381 86,496 Diodes, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 466 16,972 48


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    SunAmerica Specialty Series — AIG Small-Cap Fund PORTFOLIO OF INVESTMENTS — April 30, 2019 — (unaudited) (continued) Value Value Security Description Shares (Note 3) Security Description Shares (Note 3) COMMON STOCKS (continued) Finance-Consumer Loans (continued) Engines-Internal Combustion — 0.0% Regional Management Corp.† . . . . . . . . . . . . . . . . . . . . 108 $ 2,675 Briggs & Stratton Corp. . . . . . . . . . . . . . . . . . . . . . . . . 476 $ 5,807 World Acceptance Corp.† . . . . . . . . . . . . . . . . . . . . . . . . 71 9,229 Enterprise Software/Service — 2.3% 513,917 Alteryx, Inc., Class A† . . . . . . . . . . . . . . . . . . . . . . . . . 340 30,138 Finance-Credit Card — 0.0% American Software, Inc., Class A . . . . . . . . . . . . . . . . . 37,568 486,506 Meta Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . 324 8,346 Asure Software, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . 146 1,016 Benefitfocus, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . 327 13,319 Finance-Investment Banker/Broker — 0.2% Blackbaud, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 560 44,402 Cowen, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 322 5,393 Blackline, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 427 21,811 Diamond Hill Investment Group, Inc.† . . . . . . . . . . . . . . 38 5,490 Coupa Software, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . 648 66,958 GAIN Capital Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . 314 1,655 Daily Journal Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . 13 2,899 Greenhill & Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 4,245 Domo, Inc., Class B† . . . . . . . . . . . . . . . . . . . . . . . . . . 195 7,470 Houlihan Lokey, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 393 19,383 Donnelley Financial Solutions, Inc.† . . . . . . . . . . . . . . 391 5,986 INTL. FCStone, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180 7,301 eGain Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,497 294,675 Ladenburg Thalmann Financial Services, Inc. . . . . . . . . . 1,182 4,338 Everbridge, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339 25,049 Moelis & Co., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 518 21,212 Evolent Health, Inc., Class A† . . . . . . . . . . . . . . . . . . . 791 10,718 Oppenheimer Holdings, Inc., Class A . . . . . . . . . . . . . . . 112 2,940 Exela Technologies, Inc.† . . . . . . . . . . . . . . . . . . . . . . 550 1,810 Piper Jaffray Cos. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166 13,380 LivePerson, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 684 20,062 PJT Partners, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . 231 9,961 Majesco† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 593 Siebert Financial Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . 86 900 ManTech International Corp., Class A . . . . . . . . . . . . . 307 19,031 96,198 MicroStrategy, Inc., Class A† . . . . . . . . . . . . . . . . . . . 100 14,970 Finance-Leasing Companies — 0.0% MobileIron, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 864 5,124 Aircastle, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 631 12,570 Model N, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 5,562 New Relic, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 524 55,146 Finance-Mortgage Loan/Banker — 0.1% Omnicell, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450 36,162 CBTX, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208 6,594 Progress Software Corp. . . . . . . . . . . . . . . . . . . . . . . . 519 23,672 Federal Agricultural Mtg. Corp., Class C . . . . . . . . . . . . . 104 7,954 PROS Holdings, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . 368 18,856 Impac Mtg. Holdings, Inc.† . . . . . . . . . . . . . . . . . . . . . . 114 392 QAD, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121 5,671 LendingTree, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 35,403 SailPoint Technologies Holding, Inc.† . . . . . . . . . . . . . 811 22,919 Mr. Cooper Group, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . 864 7,430 SPS Commerce, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . 199 20,644 PennyMac Financial Services, Inc. . . . . . . . . . . . . . . . . . 230 5,129 SVMK, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 3,669 62,902 Verint Systems, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . 750 45,292 Workiva, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 337 17,908 Finance-Other Services — 0.1% Deluxe Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 537 24,015 1,328,038 WageWorks, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 461 22,492 Entertainment Software — 0.0% 46,507 Glu Mobile, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,309 14,320 Financial Guarantee Insurance — 1.3% Environmental Consulting & Engineering — 0.1% MBIA, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,028 9,941 Tetra Tech, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 644 41,680 MGIC Investment Corp.† . . . . . . . . . . . . . . . . . . . . . . . . 4,122 60,346 Filtration/Separation Products — 0.0% NMI Holdings, Inc., Class A† . . . . . . . . . . . . . . . . . . . . . 20,801 584,092 ESCO Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . 296 22,200 Radian Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,509 58,761 Finance-Commercial — 0.5% 713,140 Hannon Armstrong Sustainable Infrastructure Capital, Firearms & Ammunition — 0.1% Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 691 18,374 American Outdoor Brands Corp.† . . . . . . . . . . . . . . . . . . 624 6,146 Marlin Business Services Corp. . . . . . . . . . . . . . . . . . . 101 2,201 Axon Enterprise, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 667 42,355 NewStar Financial, Inc. CVR†(1) . . . . . . . . . . . . . . . . . 360 194 Sturm Ruger & Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 195 10,918 On Deck Capital, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . 43,939 239,907 59,419 260,676 Food-Baking — 0.0% Finance-Consumer Loans — 0.9% Hostess Brands, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,146 15,356 Curo Group Holdings Corp.† . . . . . . . . . . . . . . . . . . . . 136 1,812 Elevate Credit, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . 239 1,071 Food-Canned — 0.0% Encore Capital Group, Inc.† . . . . . . . . . . . . . . . . . . . . . 302 8,534 Seneca Foods Corp., Class A† . . . . . . . . . . . . . . . . . . . . 83 2,054 Enova International, Inc.† . . . . . . . . . . . . . . . . . . . . . . 16,381 449,331 Food-Confectionery — 0.0% LendingClub Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,728 11,855 Simply Good Foods Co.† . . . . . . . . . . . . . . . . . . . . . . . . 709 15,924 Nelnet, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 216 12,539 Tootsie Roll Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . 196 7,611 Ocwen Financial Corp.† . . . . . . . . . . . . . . . . . . . . . . . . 1,364 2,305 23,535 PRA Group, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 518 14,566 49

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