Sunamerica Senior Floating Rate Fund NCSR Certified annual shareholder report (management investment company)

Sunamerica Senior Floating Rate Fund (SFRF) N-CSRCertified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08727

SunAmerica Senior Floating Rate Fund, Inc.

(Exact name of registrant as specified in charter)

Harborside 5, 185 Hudson Street, Jersey City, NJ 07311

(Address of principal executive offices) (Zip code)

John T. Genoy

Senior Vice President

SunAmerica Asset Management, LLC

Harborside 5, 185 Hudson Street

Jersey City, NJ 07311

(Name and address of agent for service)

Registrant’s telephone number, including area code: (201) 324-6414

Date of fiscal year end: December 31

Date of reporting period: December 31, 2020

Item 1.

Reports to Stockholders

ANNUAL REPORT 2020

AIG

Senior Floating

Rate Fund

LOGO

aig.com/funds

Table of Contents


SHAREHOLDERS’ LETTER			2
EXPENSE EXAMPLE			4
STATEMENT OF ASSETS AND LIABILITIES			6
STATEMENT OF OPERATIONS			7
STATEMENT OF CHANGES IN NET ASSETS			8
FINANCIAL HIGHLIGHTS			9
PORTFOLIO OF INVESTMENTS			11
NOTES TO FINANCIAL STATEMENTS			23
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			36
DIRECTORS AND OFFICERS INFORMATION			37
SHAREHOLDER TAX INFORMATION			40
COMPARISON: FUND vs. INDEX			41

December 31, 2020 ANNUAL REPORT

Shareholders’ Letter

Dear Shareholders:

All of us at Wellington Management Company, AIG and SunAmerica Asset Management hope this annual report finds you and yours safe and well during these challenging times.

As the COVID-19 pandemic continues to evolve, know that we remain focused on serving our Fund shareholders. As such, we are pleased to present this annual report for the AIG Senior Floating Rate Fund, Inc. (the “Fund”) for the 12 months ended December 31, 2020.

Overall, fixed income markets generated solid positive returns during the annual period. In most markets, sovereign yields declined to record lows during the first half of 2020, as the COVID-19 pandemic sparked fears of a global recession and then remained range-bound near these lows, supported by central bank purchase programs. During the second half of the annual period, sovereign yield curves generally steepened, as accommodative central bank policies anchored front-end yields, while the prospect of additional fiscal stimulus lifted inflation expectations.

On the monetary policy front, most global central banks initiated aggressive stimulus measures with large-scale asset purchases and emergency rate cuts during the first quarter of 2020 to help combat the economic impacts of the COVID-19 pandemic. The U.S. Federal Reserve (the Fed) cut rates to zero; committed to buy an unlimited amount of U.S. Treasury and agency mortgage-backed securities; increased the size and scope of its asset purchase program to include corporate bonds, agency commercial mortgage-backed securities and commercial paper; and also supported the municipal funding market. The European Central Bank (ECB) launched a massive asset purchase program – which included non-financial commercial paper for the first time – and eased collateral rules. Many other developed market central banks also added accommodation, while several emerging markets central banks embarked on quantitative easing for the first time. During the second quarter, the Fed amplified its policy response and announced a trillion-dollar lending program, which included high yield bonds. The ECB announced more generous terms for its targeted longer-term refinancing operations. The Bank of England announced an extension of the U.K. government’s overdraft facility and increased its bond purchases. Norway’s central bank cut its policy rate to zero, and Sweden’s Riksbank expanded its quantitative easing program. In the third calendar quarter, the Fed extended its emergency liquidity provisions through the end of 2020 and unveiled a new inflation policy framework that will allow inflation to modestly exceed 2% without a hawkish^{1 policy response. The ECB announced it would ease bank regulations to free up capital to boost lending. Global central banks maintained highly accommodative policy stances through the fourth quarter of 2020, including the ECB extending its pandemic emergency purchase program through at least March 2022.}

Corporate bonds performed strongly for the annual period overall. However, during the first quarter, corporate bonds were challenged amid expectations that declining economic activity and supply-chain disruptions would cause credit fundamentals to deteriorate. For the remainder of the year, the performance of corporate bonds generally improved given the unprecedented speed and magnitude of stimulus measures enacted by global governments and central banks to counter the economic and financial market weakness in the short term. Corporate bond performance was further supported as the year progressed by countries gradually emerging from lockdowns, COVID-19 vaccine developments progressing and strong demand, even as corporate issuance set records for the year. The U.S. dollar strengthened versus most currencies during the first quarter of 2020 but then weakened against most currencies in the remaining three quarters of the annual period.

Amid this backdrop, floating rate loans, as represented by the S&P/LSTA Leveraged Loan Index (“LLI”)^*, returned 3.12% during the annual period ended December 31, 2020, underperforming the broad U.S. fixed income market. The Bloomberg Barclays U.S. Aggregate Bond Index^* returned 7.51% for the same time period.

Within the floating rate loan market, higher quality issuers outperformed in the first quarter of 2020, but lower quality issuers outperformed in each of the subsequent three quarters of the annual period. The sector’s overall credit fundamentals

December 31, 2020 ANNUAL REPORT

Shareholders’ Letter — (continued)

weakened. By the third calendar quarter, however, we started to see some stabilization in fundamentals, although we did not expect leverage to improve to 2019 levels in the near term. Still, we believed bank loan valuations were attractive for long-term investors, more than adequately compensating investors for downside risks. Further, at the end of the annual period, we saw potential for further capital appreciation. Technicals, or supply/demand factors, remained rather supportive. Bank loan mutual funds experienced outflows of $27.8 billion during 2020, less than the $42.7 billion during 2019.^** Offsetting these outflows was gross U.S. collateralized loan obligation (“CLO”) volume, one of the main sources of demand for bank loans, which totaled $91.6 billion for the 12-month period^†, trailing last year’s pace of $118.3 billion but still strong. At the end of the annual period, retail outflows appeared to have moderated, and we anticipated a favorable technical backdrop going forward given strong CLO demand and limited new issue supply. The trailing 12-month loan default rate, examined by principal amount, was 3.83% at the end of the annual period, as compared to 3.5% at the end of 2019.^†^† At the end of the annual period, we expected defaults, which had reached a trailing 12-month loan default rate, examined by principal amount, of 6.7% at the end of June 2020, to continue to decline.

On the following pages, you will find a brief discussion regarding the Fund’s annual results. You will also find financial statements and portfolio information for the Fund for the annual period ended December 31, 2020.

As always, we remain diligent in the management of your assets. If you have any questions, or require additional information on this or other AIG Funds, we invite you to visit our website, www.aig.com/funds, or call the Shareholder Services Department at 800-858-8850. We value your ongoing confidence in us and look forward to serving your investment needs in the future.

Sincerely,

THE AIG SENIOR FLOATING RATE FUND PORTFOLIO MANAGER

Jeffrey W. Heuer

Wellington Management Company LLP

Past performance is no guarantee of future results.

The S&P/LSTA Leveraged Loan Index (LLI) reflects the market-weighted performance of U.S. dollar-denominated institutional leveraged loan portfolios. The LLI is the only domestic leveraged loan index that utilized real-time market weightings, spreads and interest payments. 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. Indices are not managed and an investor cannot invest directly into an index.

Source: Lipper, Inc.

†

Source: S&P.

††

Source: S&P Leveraged Commentary & Data.

Hawkish tends to suggest higher interest rates; opposite of dovish.

The Fund is not a money market fund and its net asset value may fluctuate. Investments in loans involve certain risks including nonpayment of principal and interest; collateral impairment; non-diversification and borrower industry concentration; and lack of an active trading market, in certain cases, which may impair the Fund’s ability to obtain full value for loans sold. The Fund may invest all or substantially all of its assets in loans or other securities (e.g. unsecured loans or high yield securities) that are rated below investment grade, or in comparable unrated securities. Credit risks include the possibility of a default on the loan or bankruptcy of the borrower. The value of these loans is subject to a greater degree of volatility in response to interest rate fluctuations.

SunAmerica Senior Floating Rate Fund, Inc.

EXPENSE EXAMPLE — December 31, 2020 — (unaudited)

Disclosure of Portfolio Expenses in Shareholder Reports

As a shareholder of the AIG Senior Floating Rate Fund (the “Fund”), you may incur two types of costs: (1) transaction costs, including sales charges on purchase payments and contingent deferred sales charges and (2) ongoing costs, including management fees, distribution and account maintenance fees, and other Fund expenses. The example set forth below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund 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 July 1, 2020 and held until December 31, 2020.

Actual Expenses

The “Actual” section of the table provides information about 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 December 31, 2020” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended December 31, 2020” 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 December 31, 2020” 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 Fund’s prospectus, your retirement plan documents and/or materials from your financial adviser, for a full description of these fees. Had these fees been included, the “Expenses Paid During the Six Months Ended December 31, 2020” 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 the 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 this Fund 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. The “Expenses Paid During the Six Months Ended December 31, 2020” 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 December 31, 2020” 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 Fund’s prospectus, your retirement plan document and/or materials from your financial adviser for full description of these fees. Had these fees been included, the “Expenses Paid During the Six Months Ended December 31, 2020” 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 and administrative fees, if applicable to your account. Please refer to the Fund’s prospectus, qualified 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 transaction costs and other fees were included, your costs would have been higher.

SunAmerica Senior Floating Rate Fund, Inc.

EXPENSE EXAMPLE — December 31, 2020 — (unaudited) (continued)


	Actual						Hypothetical
	Beginning Account Value at July 1, 2020		Ending Account Value Using Actual Return at December 31, 2020		Expenses Paid During the Six Months Ended December 31, 2020*		Beginning Account Value at July 1, 2020		Ending Account Value Using a Hypothetical 5% Annual Return at December 31, 2020*		Expenses Paid During the Six Months Ended December 31, 2020*		Annualized Expense Ratio*
AIG Senior Floating Rate Fund#
Class A	$	1,000.00	$	1,060.71	$	5.28	$	1,000.00	$	1,020.01	$	5.18		1.02	%
Class C	$	1,000.00	$	1,060.19	$	7.35	$	1,000.00	$	1,018.00	$	7.20		1.42	%
Class W	$	1,000.00	$	1,063.05	$	4.25	$	1,000.00	$	1,021.01	$	4.17		0.82	%

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184 days then divided by 366 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 qualified retirement plan document and/or materials from your financial advisor 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 Fund. 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 December 31, 2020” and the “Annualized Expense Ratio” would have been higher.

SunAmerica Senior Floating Rate Fund, Inc.

STATEMENT OF ASSETS AND LIABILITIES — December 31, 2020


	AIG Senior Floating Rate Fund
ASSETS:
Investments at value (unaffiliated)*	$	147,069,476
Repurchase agreements (cost approximates value)		5,035,000
Cash		85,404
Foreign cash*		602,345
Due from broker		860
Receivable for:
Fund shares sold		17,020
Dividends and interest		705,901
Investments sold		542,463
Investments sold on an extended settlement basis		3,369,555
Prepaid expenses and other assets		10,695
Due from investment adviser for expense reimbursements/fee waivers		86,830
Unrealized appreciation on forward foreign currency contracts		1,191

Total assets		157,526,740

LIABILITIES:
Payable for:
Fund shares redeemed		273,050
Investments purchased		1,362
Investments purchased on an extended settlement basis		6,866,733
Investment advisory and management fees		108,267
Distribution and service maintenance fees		54,107
Administration fees		25,475
Transfer agent fees and expenses		36,271
Directors’ fees and expenses		261
Other accrued expenses		253,753
Dividends payable		44,452
Unrealized depreciation on forward foreign currency contracts		78,622

Total liabilities		7,742,353

Net Assets	$	149,784,387

NET ASSETS REPRESENTED BY:
Common stock, $0.01 par value	$	193,972
Additional paid-in capital		190,119,683

		190,313,655
Total accumulated earnings (loss)		(40,529,268	)

Net Assets	$	149,784,387

Class A:
Net assets	$	97,516,577
Shares outstanding		12,631,238
Net asset value and redemption price per share	$	7.72
Maximum sales charge (3.00% of offering price)		0.24

Maximum offering price to public	$	7.96

Class C:
Net assets	$	36,783,139
Shares outstanding		4,767,368
Net asset value, offering and redemption price per share (excluding any applicable contingent deferred sales charges)	$	7.72

Class W:
Net assets	$	15,484,671
Shares outstanding		1,998,564
Net asset value, offering and redemption price per share	$	7.75

*Cost
Investments securities (unaffiliated)	$	148,742,477

Foreign cash	$	602,986

See Notes to Financial Statements

SunAmerica Senior Floating Rate Fund, Inc.

STATEMENT OF OPERATIONS — For the year ended December 31, 2020


	AIG Senior Floating Rate Fund
INVESTMENT INCOME:
Interest (unaffiliated)	$	6,884,459
Dividends (unaffiliated)		27,191
Facility and other fee income (Note 2)		128,402

Total investment income		7,040,052

EXPENSES:
Investment advisory and management fees		1,404,382
Administrative fees		330,443
Distribution and account maintenance fees:
Class A		312,959
Class C		402,053
Service fees:
Class W		32,068
Transfer agent fees and expenses:
Class A		218,178
Class C		130,217
Class W		48,366
Registration fees:
Class A		25,688
Class C		25,721
Class W		17,953
Custodian and accounting fees		80,166
Reports to shareholders		62,475
Audit and tax fees		124,567
Legal fees		68,319
Directors’ fees and expenses		55,386
Other expenses		33,398

Total expenses before fee waivers and expense reimbursements		3,372,339
Fees waived and expenses reimbursed by investment adviser (Note 5)		(1,515,401	)

Net expenses		1,856,938

Net investment income (loss)		5,183,114

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)		(11,252,504	)
Forward contracts		(1,105,797	)
Net realized foreign exchange gain (loss) on other assets and liabilities		132,332

Net realized gain (loss) on investments and foreign currencies		(12,225,969	)

Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		4,905,315
Forward contracts		2,153
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(81,405	)

Net unrealized gain (loss) on investments and foreign currencies		4,826,063

Net realized and unrealized gain (loss) on investments and foreign currencies		(7,399,906	)

INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,216,792	)

See Notes to Financial Statements.

SunAmerica Senior Floating Rate Fund, Inc.

STATEMENT OF CHANGES IN NET ASSETS


	AIG Senior Floating Rate Fund
	For the year ended December 31, 2020			For the year ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	5,183,114		$	10,409,916
Net realized gain (loss) on investments and foreign currencies		(12,225,969	)		(2,036,314	)
Net unrealized gain (loss) on investments and foreign currencies		4,826,063			8,433,667

Net increase (decrease) in net assets resulting from operations		(2,216,792	)		16,807,269


Distributions to shareholders from:
Distributable earnings (Class A)		(2,317,533	)		(5,151,087	)
Distributable earnings (Class C)		(1,243,493	)		(3,796,099	)
Distributable earnings (Class W)		(627,930	)		(1,877,654	)
Return of capital (Class A)		(329,282	)		—
Return of capital (Class C)		(176,679	)		—
Return of capital (Class W)		(89,218	)		—

Total distributions to shareholders		(4,784,135	)		(10,824,840	)

Net increase (decrease) in net assets resulting from capital share transactions (Note3)		(48,837,547	)		(37,881,251	)

Total increase (decrease) in net assets		(55,838,474	)		(31,898,822	)
NET ASSETS:
Beginning of period		205,622,861			237,521,683

End of period	$	149,784,387		$	205,622,861

See Notes to Financial Statements

SunAmerica Senior Floating Rate Fund, Inc.

FINANCIAL HIGHLIGHTS


AIG Senior Floating Rate Fund
Period Ended	Net Asset Value, beginning of period		Net investment income(1)		Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Return of Capital			Dividends from net realized gains on investments		Total Distri- butions			Net Asset Value, end of period		Total Return(2)			Net Assets, end of period (000's)		Ratio of expenses to average net assets(3)			Ratio of net investment income to average net assets(3)			Portfolio Turnover

Class A
12/31/16	$	7.61	$	0.31	$	0.44		$	0.75		$	(0.30	)		—		$	—	$	(0.30	)	$	8.06		10.08	%	$	131,640		1.45	%		3.95	%		60	%
12/31/17		8.06		0.30		0.03			0.33			(0.30	)		—			—		(0.30	)		8.09		4.14			93,346		1.45			3.69			68
12/31/18		8.09		0.33		(0.36	)		(0.03	)		(0.35	)		—			—		(0.35	)		7.71		(0.41	)		113,869		1.22			4.21			44
12/31/19		7.71		0.36		0.21			0.57			(0.38	)		—			—		(0.38	)		7.90		7.49			95,402		1.02			4.59			34
12/31/20		7.90		0.24		(0.20	)		0.04			(0.19	)		(0.03	)		—		(0.22	)		7.72		0.64			97,517		1.02			3.17			51

Class C
12/31/16	$	7.60	$	0.29	$	0.44		$	0.73		$	(0.28	)		—		$	—	$	(0.28	)	$	8.05		9.76	%	$	155,688		1.75	%		3.68	%		60	%
12/31/17		8.05		0.28		0.03			0.31			(0.27	)		—			—		(0.27	)		8.09		3.96			135,902		1.75			3.38			68
12/31/18		8.09		0.31		(0.38	)		(0.07	)		(0.32	)		—			—		(0.32	)		7.70		(0.90	)		95,038		1.61			3.77			44
12/31/19		7.70		0.34		0.20			0.54			(0.35	)		—			—		(0.35	)		7.89		7.08			73,506		1.42			4.19			34
12/31/20		7.89		0.23		(0.21	)		0.02			(0.17	)		(0.02	)		—		(0.19	)		7.72		0.38			36,783		1.42			2.92			51

Class W
04/20/17@-
12/31/17	$	8.11	$	0.25	$	(0.03	)	$	0.22		$	(0.22	)		—		$	—	$	(0.22	)	$	8.11		2.69	%	$	19,790		1.25	%(4)		3.72	%(4)		68	%
12/31/18		8.11		0.35		(0.37	)		(0.02	)		(0.37	)		—			—		(0.37	)		7.72		(0.34	)		28,615		1.02			4.43			44
12/31/19		7.72		0.37		0.22			0.59			(0.39	)		—			—		(0.39	)		7.92		7.70			36,715		0.82			4.78			34
12/31/20		7.92		0.28		(0.21	)		0.07			(0.21	)		(0.03	)		—		(0.24	)		7.75		0.99			15,485		0.82			3.57			51

(1)	Calculated based upon average shares outstanding.

(2)	Total return is not annualized and does not reflect sales load but does include expense reimbursements.

(3)	Net of the following expense waivers and/or reimbursements, if applicable (based on average daily net assets) (see Note 5):


	12/31/16			12/31/17			12/31/18			12/31/19			12/31/20
Class A		0.33	%		0.38	%		0.64	%		0.81	%		0.90	%
Class C		0.42			0.48			0.65			0.81			0.94
Class W		—			0.50	(4)		0.69			0.85			0.94

(4)	Annualized

@	Inception date of class.

See Notes to Financial Statements

AIG Senior Floating Rate Fund

PORTFOLIO PROFILE — December 31, 2020 — (unaudited)


Industry Allocation*
Health Care Providers & Services	7.9	%
Media	7.9
Software	7.5
Hotels, Restaurants & Leisure	5.8
Insurance	5.3
Chemicals	3.6
Commercial Services & Supplies	3.5
Diversified Telecommunication Services	3.5
Repurchase Agreements	3.4
Specialty Retail	3.4
Pharmaceuticals	3.3
Diversified Financial Services	3.2
Containers & Packaging	2.9
IT Services	2.9
Machinery	2.9
Registered Investment Companies	2.5
Oil, Gas & Consumable Fuels	2.4
Construction & Engineering	2.4
Food Products	2.3
Entertainment	2.3
Trading Companies & Distributors	1.8
Auto Components	1.7
Professional Services	1.7
Capital Markets	1.5
Internet & Direct Marketing Retail	1.3
Construction Materials	1.2
Airlines	1.1
Road & Rail	1.0
Building Products	1.0
Aerospace & Defense	0.9
Food & Staples Retailing	0.9
Personal Products	0.8
Multiline Retail	0.8
Diversified Consumer Services	0.8
Thrifts & Mortgage Finance	0.7
Electronic Equipment, Instruments & Components	0.7
Metals & Mining	0.7
Household Durables	0.6
Leisure Products	0.6
Real Estate Investment Trusts	0.6
Household Products	0.4
Gas Utilities	0.3
Industrial Conglomerates	0.3
Wireless Telecommunication Services	0.3
Life Sciences Tools & Services	0.3
Interactive Media & Services	0.2
Tech Hardware,Storage & Peripheral	0.2
Electric Utilities	0.2
Semiconductors & Semiconductor Equipment	0.1

	101.6	%


Credit Quality†#
Baa3	0.9	%
Baa1	0.4
Ba3	13.9
Ba2	9.0
Ba1	5.5
B3	11.2
B2	27.1
B1	25.3
Caa3	0.5
Caa2	2.3
Caa1	3.2
Ca	0.6
Not Rated@	0.1

	100.0	%

*	Calculated as a percentage of net assets.

@	Represents debt issues that either have no rating, or the rating is unavailable from the data source.

†	Source: Moody’s

#	Calculated as a percentage of total debt issues, excluding short-term securities.

AIG Senior Floating Rate Fund

PORTFOLIO OF INVESTMENTS — December 31, 2020

Ratings⁽¹⁾

Industry Description

Type

Moody’s

S&P

Interest

Rate

Reference

Rate

Maturity

Date⁽²⁾

Principal

Amount**

Value

(Note 2)

LOANS(3)(4) — 88.1%

Aerospace & Defense — 0.9%

Maxar Technologies, Ltd.

BTL-B

2.90%

1 ML+2.75%

10/04/2024

366,464

360,280

Spirit AeroSystems Inc.

BTL-B

Ba2

BB-

6.00

1 ML+5.25%

01/15/2025

140,000

141,050

TransDigm Group, Inc.

BTL-F

Ba3

B+

2.40

1 ML+2.25%

12/09/2025

858,982

840,924

1,342,254

Airlines — 0.8%

JetBlue Airways Corp

BTL

Ba2

B+

6.25

3 ML+5.25%

06/17/2024

190,125

195,252

Mileage Plus Holdings LLC

BTL-B

Baa3

6.25

3 ML+5.25%

06/25/2027

375,000

389,896

SkyMiles IP Ltd

BTL-B

Baa1

4.75

3 ML+3.75%

10/20/2027

635,000

657,225

1,242,373

Auto Components — 1.5%

Adient US LLC

BTL-B

Ba3

B+

4.40

1 ML+4.25%

05/06/2024

422,625

422,203

Adient US LLC

BTL-B

Ba3

B+

4.46

3 ML+4.25%

05/06/2024

143,750

143,606

First Brands Group LLC

BTL-B

8.50

3 ML+7.50%

02/02/2024

677,542

674,154

Panther BF Aggregator 2 LP

BTL-B

3.65

1 ML+3.50%

04/30/2026

484,821

482,397

Panther BF Aggregator 2 LP(9)

BTL-B

3.75

1 ME+3.75%

04/30/2026

483,376

587,933

2,310,293

Building Products — 0.8%

CP Atlas Buyer, Inc.

BTL-B1

5.25

3 ML+4.50%

11/23/2027

330,000

330,103

CP Atlas Buyer, Inc.

Delayed Draw

5.25

3 ML+4.50%

11/23/2027

115,000

115,036

NCI Building Systems, Inc.

BTL-B

B+

3.90

1 ML+3.75%

04/12/2025

251,968

250,834

Wilsonart LLC

BTL-D

B+

4.25

3 ML+3.25%

12/19/2023

541,443

540,766

1,236,739

Capital Markets — 1.5%

Deerfield Dakota Holding LLC(9)

BTL-B

B-

4.00

1 ME+4.00%

04/09/2027

496,877

604,227

Deerfield Dakota Holding LLC

BTL-B

B-

4.75

3 ML+3.75%

04/09/2027

597,249

597,343

NFP Corp.

BTL

3.40

1 ML+3.25%

02/15/2027

668,309

653,133

PAI Holdco, Inc.

BTL-B

5.00

3 ML+4.00%

10/28/2027

345,000

345,431

2,200,134

Chemicals — 3.6%

ASP Unifrax Holdings, Inc.

BTL-B1

Caa1

CCC+

4.00

3 ML+3.75%

12/12/2025

249,667

228,446

ASP Unifrax Holdings, Inc.

BTL-B2

Caa3

CCC

8.72

3 ML+8.50%

12/14/2026

375,000

315,000

Diamond (BC) BV

BTL

B-

3.21

3 ML+3.00%

09/06/2024

887,550

872,850

Diamond (BC) BV(9)

BTL

B-

3.25

3 ME+3.25%

09/06/2024

402,674

483,113

Diamond (BC) BV

BTL

B-

6.00

3 ML+5.00%

09/06/2024

394,013

390,565

Hexion, Inc.

BTL

Ba3

B+

3.73

6 ML+3.50%

07/01/2026

388,705

386,275

Messer Industries GmbH

BTL-B1

BB-

TBD

03/01/2026

405,390

401,779

SCIH Salt Holdings, Inc.

BTL-B

5.50

3 ML+4.50%

03/16/2027

398,000

Starfruit Finco BV

BTL-B

B+

3.15

1 ML+3.00%

10/01/2025

397,219

392,055

Tronox Finance LLC

BTL

Ba3

B+

3.15

1 ML+3.00%

09/23/2024

384,788

382,383

Tronox Finance LLC

BTL

Ba3

B+

3.15

3 ML+3.00%

09/23/2024

334,438

332,348

U.S. Coating Acquisition, Inc.

BTL-B2

Ba1

BBB-

2.00

3 ML+1.75%

06/01/2024

390,560

386,898

WR Grace & Co.

BTL-B1

Ba1

BBB-

2.00

3 ML+1.75%

04/03/2025

181,867

179,139

WR Grace & Co.

BTL-B2

Ba1

BBB-

2.00

3 ML+1.75%

04/03/2025

311,771

307,094

5,455,945

Commercial Services & Supplies — 3.6%

Amentum Government Services Holdings LLC

BTL-B

3.65

1 ML+3.50%

02/01/2027

532,325

528,998

Amentum Government Services Holdings LLC

BTL-B

5.50

3 ML+4.75%

01/29/2027

400,000

401,500

APX Group, Inc.

BTL

B-

5.15

1 ML+5.00%

12/31/2025

634,475

630,708

AVSC Holding Corp.

BTL-B1

Caa2

CCC

4.50

3 ML+3.50%

03/03/2025

399,576

338,974

AIG Senior Floating Rate Fund

PORTFOLIO OF INVESTMENTS — December 31, 2020 — (continued)

Ratings⁽¹⁾

Industry Description

Type

Moody’s

S&P

Interest

Rate

Reference

Rate

Maturity

Date⁽²⁾

Principal

Amount**

Value

(Note 2)

Commercial Services & Supplies (continued)

Brickman Group, Ltd.

BTL-B

BB-

2.69%

1 ML+2.50%

08/15/2025

443,424

438,621

Brickman Group, Ltd.

BTL-B

BB-

2.69

3 ML+2.50%

08/15/2025

550,502

544,538

Clean Harbors, Inc.

BTL

Ba1

BBB-

1.90

1 ML+1.75%

06/28/2024

533,626

531,624

Filtration Group Corporation

BTL

4.50

1 ML+3.75%

03/29/2025

369,075

Techem Verwaltungsgesellschaft 675 mbH(9)

BTL-B4

B+

2.63

6 ME+2.63%

07/15/2025

667,888

806,375

Verisure Holdings AB(9)

BTL-B

4.00

6 ME+4.00%

07/20/2026

600,000

734,656

5,325,069

Construction & Engineering — 1.9%

Brand Energy & Infrastructure Services, Inc.

1st Lien

B-

5.25

3 ML+4.25%

06/21/2024

993,110

967,317

Hamilton Holdco, LLC

BTL-B

Ba1

BB+

2.26

3 ML+2.00%

01/02/2027

712,984

702,289

Power Buyer LLC

BTL

B-

4.25

3 ML+3.25%

03/06/2025

607,203

600,119

Power Buyer LLC

2nd Lien

Caa2

CCC

8.25

3 ML+7.25%

03/06/2026

585,000

538,200

2,807,925

Construction Materials —1.2%

Quikrete Holdings, Inc.

BTL

Ba3

BB-

2.65

1 ML+2.50%

02/01/2027

993,808

988,011

Summit Materials LLC

1st Lien

Ba1

BBB-

2.15

1 ML+2.00%

11/21/2024

882,700

876,448

1,864,459

Containers & Packaging — 2.7%

Berlin Packaging LLC

BTL-B1

B-

3.16

1 ML+3.00%

11/07/2025

513,184

504,132

Berlin Packaging LLC

BTL-B1

B-

3.26

3 ML+3.00%

11/07/2025

3,004

2,951

Berry Plastics Holding Corp.

BTL-W

Ba2

BBB-

2.15

1 ML+2.00%

10/01/2022

299,624

299,119

Berry Plastics Holding Corp.

BTL-Y

Ba2

BBB-

2.15

1 ML+2.00%

07/01/2026

248,122

246,696

Flex Acquisition Co., Inc.

BTL

3.23

3 ML+3.00%

06/29/2025

288,947

285,480

Flex Acquisition Co., Inc.

BTL

4.00

1 ML+3.00%

12/29/2023

39,583

39,335

Flex Acquisition Co., Inc.

BTL

4.00

3 ML+3.00%

12/29/2023

566,633

563,092

Pregis TopCo LLC

BTL

B-

TBD

08/01/2026

300,000

Proampac PG Borrower LLC

BTL

B-

5.00

1 ML+4.00%

11/03/2025

221,042

220,490

Proampac PG Borrower LLC

BTL

B-

5.00

4 ML+4.00%

11/03/2025

395,475

394,486

Reynolds Group Holdings, Inc.

BTL

B+

2.90

1 ML+2.75%

02/05/2023

191,667

190,517

Tosca Services LLC

BTL-B

5.25

1 ML+4.25%

07/28/2027

975,000

978,656

4,024,954

Diversified Consumer Services — 0.8%

Belron Finance US LLC

BTL-B

Ba3

2.46

3 ML+2.25%

11/13/2025

588,000

586,530

Belron Finance US LLC

BTL-B

Ba3

2.46

3 ML+2.25%

10/30/2026

148,500

148,129

Weight Watchers International, Inc.

BTL-B

Ba2

5.50

1 ML+4.75%

11/29/2024

427,860

426,880

1,161,539

Diversified Financial Services —3.2%

EVO Payments International LLC

BTL

3.40

1 ML+3.25%

12/22/2023

913,017

912,104

Financial & Risk US Holdings, Inc.(9)

BTL-B

3.25

1 ME+3.25%

10/01/2025

481,140

586,071

Financial & Risk US Holdings, Inc.

BTL-B

3.40

1 ML+3.25%

10/01/2025

558,600

557,465

GT Polaris, Inc.

BTL-B

5.00

3 ML+4.00%

09/24/2027

194,513

194,902

Millennium Trust Company, LLC

BTL-B

5.15

1 ML+5.00%

03/27/2026

417,563

409,211

MPH Acquisition Holdings LLC

BTL-B

Ba3

B+

3.75

3 ML+2.75%

06/07/2023

700,631

697,128

Nets Holding AS(9)

BTL-B

B-

3.25

3 ME+3.25%

02/06/2025

798,159

973,395

Trans Union LLC

BTL-B5

Ba2

BBB-

1.90

1 ML+1.75%

11/16/2026

425,820

424,312

4,754,588

Diversified Telecommunication Services — 3.5%

Altice France SA

BTL

3.85

1 ML+3.69%

01/31/2026

990,165

979,955

Consolidated Communications Inc

BTL-B

B+

5.75

1 ML+4.75%

10/02/2027

209,475

210,118

Frontier Communications Corp.

BTL

B+

5.75

1 ML+4.75%

10/08/2021

560,000

562,800

Lorca Finco PLC

BTL-B2

B+

TBD

09/17/2027

845,000

1,033,585

AIG Senior Floating Rate Fund

PORTFOLIO OF INVESTMENTS — December 31, 2020 — (continued)

Ratings⁽¹⁾

Industry Description

Type

Moody’s

S&P

Interest

Rate

Reference

Rate

Maturity

Date⁽²⁾

Principal

Amount**

Value

(Note 2)

Diversified Telecommunication Services (continued)

MTN Infrastructure TopCo, Inc.

BTL

4.00%

1 ML+3.00%

11/15/2024

992,507

989,405

MTN Infrastructure TopCo Inc

BTL-B

5.00

1 ML+4.00%

11/17/2024

557,200

556,852

Telenet Financing USD LLC

BTL-AR

Ba3

BB-

2.16

1 ML+2.00%

04/30/2028

920,000

906,056

5,238,771

Electric Utilities — 0.2%

Exgen Renewables IV LLC

BTL

Ba3

BB-

TBD

12/15/2027

280,000

280,117

Electronic Equipment, Instruments & Components — 0.7%

Avantor, Inc.

BTL-B3

Ba2

BB-

3.25

1 ML+2.25%

11/21/2024

139,963

139,876

Avantor, Inc.

BTL-B4

Ba2

BB-

3.50

1 ML+2.50%

11/08/2027

685,000

684,714

Lifescan Global Corporation

BTL-B

6.23

3 ML+6.00%

10/01/2024

207,807

197,417

1,022,007

Energy Equipment & Services — 0.0%

Philadelphia Energy Solutions LLC†(5)(10)(11)(13)

BTL-C

11.24

USFRBPLR+6.99%

12/31/2022

845,872

67,670

Entertainment — 2.3%

Crown Finance US, Inc.(9)

BTL

Caa2

CCC

2.63

3 ME+2.63%

02/28/2025

329

270

Crown Finance US, Inc.(9)

BTL

Caa2

CCC

2.63

6 ME+2.63%

02/28/2025

131,744

107,934

Crown Finance US, Inc.

BTL

Caa2

CCC

2.77

3 ML+2.25%

02/28/2025

1,457

981

Crown Finance US, Inc.

BTL

Caa2

CCC

2.77

6 ML+2.50%

02/28/2025

581,077

391,258

Crown Finance US, Inc.

BTL-B1

B-

TBD

05/23/2024

172,482

204,679

Delta 2 (Lux) SARL

BTL-B

B+

3.50

1 ML+2.50%

02/01/2024

850,951

839,959

NAI Entertainment Holdings LLC

BTL-B

B+

3.50

1 ML+2.50%

05/08/2025

413,200

382,985

Nascar Holdings, Inc.

BTL-B

Ba3

2.90

1 ML+2.75%

10/19/2026

234,078

232,824

UFC Holdings LLC

BTL

4.25

6 ML+3.25%

04/29/2026

452,324

450,854

UFC Holdings LLC

BTL

4.25

6 ML+3.25%

04/29/2026

497,500

495,013

William Morris Endeavor Entertainment LLC

BTL-B1

CCC+

2.90

1 ML+2.75%

05/18/2025

294,816

270,125

3,376,882

Food & Staples Retailing — 0.9%

U.S. Foods, Inc.

BTL-B

BB-

1.90

1 ML+1.75%

06/27/2023

766,876

754,222

U.S. Foods, Inc.

BTL-B

BB-

2.15

1 ML+2.00%

09/13/2026

533,250

523,252

1,277,474

Food Products — 2.3%

Atkins Nutritionals, Inc.

BTL

BB-

4.75

1 ML+3.75%

07/07/2024

421,377

422,035

Bellring Brands LLC

BTL-B

B+

6.00

1 ML+5.00%

10/21/2024

149,961

150,430

CHG PPC Parent LLC

BTL-B

2.90

1 ML+2.75%

03/31/2025

419,250

411,389

Froneri International PLC

BTL

B+

2.40

1 ML+2.25%

01/31/2027

646,750

639,636

Froneri International PLC(9)

BTL

B+

2.63

1 ME+2.63%

01/31/2027

700,000

842,461

Froneri International PLC(9)

2nd Lien

B-

5.75

1 ME+5.75%

01/31/2028

100,000

122,318

Froneri International PLC

2nd Lien

B-

5.90

1 ML+5.75%

01/31/2028

100,000

100,500

Hostess Brands LLC

BTL

BB-

3.00

3 ML+2.25%

08/03/2025

794,744

790,273

3,479,042

Gas Utilities — 0.3%

UGI Energy Services LLC

BTL-B

Ba3

3.90

1 ML+3.75%

08/13/2026

493,962

Health Care Providers & Services — 7.5%

ADMI Corp

BTL

TBD

12/23/2027

635,000

634,683

Biogroup LCD(9)

BTL-B

B-

4.75

3 ME+4.75%

04/25/2026

510,000

623,042

Cano Health LLC

Delayed Draw

B-

TBD

11/19/2027

187,023

185,776

AIG Senior Floating Rate Fund

PORTFOLIO OF INVESTMENTS — December 31, 2020 — (continued)

Ratings⁽¹⁾

Industry Description

Type

Moody’s

S&P

Interest

Rate

Reference

Rate

Maturity

Date⁽²⁾

Principal

Amount**

Value

(Note 2)

Health Care Providers & Services (continued)

Cano Health LLC

BTL

B-

TBD

11/19/2027

512,977

509,557

Catalent Pharma Solutions, Inc.

BTL

Ba1

BBB-

3.25%

1 ML+2.25%

05/18/2026

574,763

574,403

Change Healthcare Holdings, Inc.

BTL-B

B+

3.50

1 ML+2.50%

03/01/2024

26,822

26,677

Change Healthcare Holdings, Inc.

BTL-B

B+

3.50

3 ML+2.50%

03/01/2024

837,168

832,633

Dental Corp. Perfect Smile ULC

1st Lien

B-

4.75

1 ML+3.75%

06/06/2025

595,758

584,587

DuPage Medical Group, Ltd.

BTL

3.75

1 ML+2.75%

08/15/2024

405,147

401,602

DuPage Medical Group, Ltd.

2nd Lien

Caa1

CCC+

7.75

1 ML+7.00%

08/15/2025

623,968

606,809

Envision Healthcare Corp.

BTL

Caa1

CCC

3.90

1 ML+3.75%

10/10/2025

352,784

293,987

Eyecare Partners LLC

BTL

3.90

1 ML+3.75%

02/18/2027

583,429

567,385

Eyecare Partners LLC

Delayed Draw

3.75-3.90

02/18/2027

137,162

133,390

Gentiva Health Services, Inc.

BTL

3.44

1 ML+3.25%

07/02/2025

912,459

907,137

IQVIA, Inc.(9)

BTL-B2

Ba1

BBB-

2.00

3 ME+2.00%

06/11/2025

507,674

617,541

LGC Group Holdings, Ltd.(9)

BTL-B

3.25

1 ME+3.25%

04/21/2027

595,000

716,282

MED ParentCo LP

1st Lien

B-

4.40

1 ML+4.25%

08/31/2026

645,136

634,383

MED ParentCo LP

Delayed Draw

B-

4.25-4.40

08/31/2026

161,780

158,868

Pathway Vet Alliance LLC

Delayed Draw

4.00-4.15

03/31/2027

19,868

19,844

Pathway Vet Alliance LLC

BTL

4.15

1 ML+4.00%

03/31/2027

243,244

242,939

Pharmaceutical Product Development, Inc.

BTL

Ba2

BB-

3.50

1 ML+2.50%

08/18/2022

504,460

503,704

Sound Inpatient Physicians

1st Lien

Ba3

2.90

1 ML+2.75%

06/27/2025

561,362

555,748

Surgery Center Holdings, Inc.

1st Lien

B-

4.25

1 ML+3.25%

09/03/2024

410,166

402,903

Surgery Center Holdings Inc

BTL

B-

9.00

1 ML+8.00%

09/03/2024

471,438

482,929

11,216,809

Hotels, Restaurants & Leisure — 4.9%

8th Avenue Food & Provisions, Inc.

BTL

B-

3.65

1 ML+3.50%

10/01/2025

416,500

414,418

8th Avenue Food & Provisions, Inc.

2nd Lien

Caa1

CCC

7.90

1 ML+7.75%

10/01/2026

270,000

264,938

Aramark Services, Inc.

BTL-B1

Ba2

BB+

1.90

1 ML+1.75%

03/11/2025

596,904

588,398

Boyd Gaming Corp.

BTL-B

Ba3

BB-

2.35

1 WL+2.25%

09/15/2023

621,005

615,238

Caesars Resort Collection LLC

BTL-B

B+

2.90

1 ML+2.75%

12/23/2024

992,386

971,987

Caesars Resort Collection LLC

BTL

B+

4.65

1 ML+4.50%

07/21/2025

842,888

842,993

Carnival Corp

BTL-B

Ba2

BB-

8.50

1 ML+7.50%

06/30/2025

462,675

476,324

CityCenter Holdings LLC

BTL-B

B+

2.40

1 ML+2.25%

04/18/2024

494,826

487,558

Golden Entertainment, Inc.

BTL-B

B+

3.75

1 ML+3.00%

10/21/2024

250,875

244,603

IRB Holding Corp

BTL

TBD

12/15/2027

485,000

484,273

Penn National Gaming, Inc.

BTL-B1

BB-

3.00

1 ML+2.25%

10/15/2025

619,073

610,328

Playtika Holding Corp.

BTL-B

BB-

7.00

3 ML+6.00%

12/10/2024

897,750

902,239

Station Casinos LLC

BTL-B

BB-

2.50

1 ML+2.25%

02/08/2027

404,683

398,006

7,301,303

Household Durables — 0.6%

Installed Building Products, Inc.

BTL-B

Ba3

BB+

2.40

1 ML+2.25%

04/15/2025

500,000

490,000

Weber-Stephen Products LLC

BTL-B

4.00

1 ML+3.25%

10/30/2027

445,000

445,159

935,159

Household Products — 0.4%

Prestige Brands, Inc.

BTL-B4

Ba3

2.15

1 ML+2.00%

01/26/2024

189,493

189,611

Reynolds Consumer Products, Inc.

BTL

Ba1

BB+

1.90

1 ML+1.75%

02/04/2027

337,326

334,754

524,365

Industrial Conglomerates — 0.1%

Ameriforge Group, Inc.(12)

BTL

5.00-14.00

3 ML+8.00%

06/08/2022

107,722

84,023

UTEX Industries Inc.

BTL

11.00

1 ML+9.50%

12/03/2025

16,377

15,940

99,963

AIG Senior Floating Rate Fund

PORTFOLIO OF INVESTMENTS — December 31, 2020 — (continued)

Ratings⁽¹⁾

Industry Description

Type

Moody’s

S&P

Interest

Rate

Reference

Rate

Maturity

Date⁽²⁾

Principal

Amount**

Value

(Note 2)

Insurance — 5.1%

Asurion LLC

BTL-B6

Ba3

B+

3.15%

1 ML+3.00%

11/03/2023

337,383

335,644

Asurion LLC

BTL-B7

Ba3

B+

3.15

1 ML+3.00%

11/03/2024

502,076

497,839

Acrisure LLC

BTL-B

3.65

1 ML+3.50%

02/15/2027

441,663

432,719

Asurion LLC

2nd Lien

6.65

1 ML+6.50%

08/04/2025

1,390,303

1,398,123

Asurion LLC

BTL-B8

Ba3

B+

TBD

12/23/2026

915,356

905,630

Compass Investments, Inc.

BTL-B

3.25

3 ML+3.00%

05/16/2024

1,065,777

1,049,569

Hub International, Ltd.

BTL-B1

2.96-3.00

3 ML+2.75%

04/25/2025

960,375

941,931

Hyperion Insurance Group Ltd.

BTL-B

TBD

11/12/2027

119,931

119,631

Hyperion Insurance Group Ltd.

Delayed Draw

TBD

11/12/2027

144,769

144,407

Ryan Specialty Group LLC

BTL

4.00

1 ML+3.25%

09/01/2027

269,325

268,315

Sedgwick Claims Management Services, Inc.

BTL-B

3.40

1 ML+3.25%

12/31/2025

1,324,624

1,301,996

Sedgwick Claims Management Services, Inc.

BTL-B3

5.25

1 ML+4.25%

09/03/2026

233,825

235,286

7,631,090

Interactive Media & Services — 0.2%

Adevinta ASA

BTL-B

Ba3

BB-

TBD

10/13/2027

170,000

207,875

Adevinta ASA

BTL-B

Ba3

BB-

TBD

10/13/2027

125,000

124,792

332,667

Internet & Direct Marketing Retail — 1.3%

Go Daddy Operating Co. LLC

BTL-B1

Ba1

1.90

1 ML+1.75%

02/15/2024

393,056

391,664

Go Daddy Operating Co. LLC

BTL-B3

Ba1

2.65

1 ML+2.50%

08/10/2027

308,450

309,735

MH Sub I LLC

BTL

4.75

1 ML+3.75%

09/13/2024

473,074

471,497

Rodan & Fields, LLC

BTL

Caa2

B-

4.16

1 ML+4.00%

06/16/2025

353,905

291,087

Shutterfly, Inc.

BTL-B

B-

7.00

3 ML+6.00%

09/25/2026

460,556

457,678

1,921,661

IT Services — 2.9%

Blackhawk Network Holdings, Inc.

BTL-B

B-

3.15

1 ML+3.00%

06/15/2025

798,807

777,339

CCC Information Services, Inc.

1st Lien

B-

4.00

1 ML+3.00%

04/29/2024

899,182

896,185

Science Applications International Corp.

BTL-B

Ba1

BB+

2.40

1 ML+2.25%

03/12/2027

233,467

233,029

Tempo Acquisition LLC

BTL-B

3.75

1 ML+3.25%

11/02/2026

973,035

965,129

Web.com Group, Inc.

BTL-B2

Caa2

CCC+

7.90

1 ML+7.75%

10/09/2026

568,466

540,517

WEX, Inc.

BTL-B3

Ba2

BB-

2.40

1 ML+2.25%

05/15/2026

1,006,984

999,431

4,411,630

Leisure Products — 0.6%

Hayward Industries, Inc.

1st Lien

3.65

1 ML+3.50%

08/05/2024

388,363

383,509

SRAM LLC

BTL-B

BB-

3.75

1 ML+2.75%

03/15/2024

13,708

13,656

SRAM LLC

BTL-B

BB-

3.75

3 ML+2.75%

03/15/2024

227,826

226,972

SRAM LLC

BTL-B

BB-

3.75

6 ML+2.75%

03/15/2024

260,373

259,397

883,534

Life Sciences Tools & Services — 0.3%

Syneos Health, Inc.

BTL-B

Ba2

1.90

1 ML+1.75%

08/01/2024

389,408

385,611

Machinery — 2.9%

Alliance Laundry Systems LLC

BTL-B

4.25

3 ML+3.50%

10/08/2027

415,000

414,568

Altra Industrial Motion Corp.

BTL-B

Ba2

BB-

2.15

1 ML+2.00%

10/01/2025

423,518

422,459

Fluidra SA

BTL-B

Ba3

2.15

1 ML+2.00%

07/02/2025

371,131

367,420

Ingersoll-Rand Company Ltd.(9)

BTL-B

Ba2

BB+

2.00

1 ME+2.00%

03/01/2027

501,951

611,983

Welbilt Inc

BTL-B

CCC+

2.65

1 ML+2.50%

10/23/2025

500,000

473,125

Navistar International Corp.

BTL-B

Ba2

BB-

3.66

1 ML+3.50%

11/06/2024

538,104

536,927

Vertical Midco GMBH(9)

BTL-B

4.25

6 ME+4.25%

07/30/2027

150,000

184,301

Vertical US Newco Inc.

BTL-B

4.57

6 ML+4.25%

07/30/2027

723,188

725,560

WireCo WorldGroup, Inc.

1st Lien

Caa1

6.00

3 ML+5.00%

09/30/2023

594,246

563,976

4,300,319

AIG Senior Floating Rate Fund

PORTFOLIO OF INVESTMENTS — December 31, 2020 — (continued)

Ratings⁽¹⁾

Industry Description

Type

Moody’s

S&P

Interest

Rate

Reference

Rate

Maturity

Date⁽²⁾

Principal

Amount**

Value

(Note 2)

Media — 7.3%

Banijay Group US Holding Inc

BTL

3.90 %

1 ML+3.75%

03/01/2025

423,937

��

417,578

Banijay Group US Holding Inc

BTL

TBD

03/04/2025

170,000

206,707

Charter Communications Operating LLC

BTL-B2

Ba1

BBB-

1.90

1 ML+1.75%

02/01/2027

644,156

640,220

CSC Holdings, Inc.

BTL-B

Ba3

2.41

1 ML+2.25%

07/17/2025

492,752

485,362

CSC Holdings, Inc.

BTL-B5

Ba3

2.66

1 ML+2.50%

04/15/2027

501,641

496,624

E.W. Scripps Co.

BTL-B2

Ba3

BB-

2.65

1 ML+2.50%

05/01/2026

628,840

620,665

E.W. Scripps Co.

BTL-B3

Ba3

BB-

TBD

12/15/2027

185,000

185,046

Gray Television, Inc.

BTL-C

Ba2

2.65

3 ML+2.50%

01/02/2026

1,007,627

999,230

Houghton Mifflin Harcourt Publishing Company

BTL-B

Caa1

7.25

1 ML+6.25%

11/22/2024

475,000

455,604

ION Media Networks, Inc.

BTL-B

BB-

3.15

1 ML+3.00%

12/18/2024

1,036,047

1,034,320

Nielsen Fianance LLC

BTL-B5

Ba1

BBB-

4.75

1 ML+3.75%

06/04/2025

99,500

100,091

NEP Group, Inc.

BTL

Caa1

3.40

1 ML+3.25%

10/20/2025

518,532

490,877

NEP Group, Inc.

2nd Lien

Caa3

CCC

7.15

1 ML+7.00%

10/19/2026

595,000

502,180

Nexstar Broadcasting, Inc.

BTL-B4

Ba3

2.90

3 ML+2.75%

09/18/2026

1,160,393

1,151,368

Radiate Holdco LLC

BTL

4.25

1 ML+3.50%

09/25/2026

260,000

260,081

UPC Broadband Holding BV(9)

BTL-B2

BB-

3.50

3 ME+3.50%

01/31/2029

150,000

183,575

UPC Broadband Holding BV(9)

BTL-B1

BB-

3.50

3 ME+3.50%

01/31/2029

150,000

183,575

UPC Broadband Holding BV

BTL-B1

BB-

3.67

2 ML+3.50%

01/31/2029

560,000

UPC Broadband Holding BV

BTL-B2

BB-

3.68

2 ML+3.50%

01/31/2029

560,000

Virgin Media Bristol LLC

BTL-Q

Ba3

BB-

TBD

01/31/2029

480,000

478,350

Ziggo Secured Finance Partnership

BTL-I

B+

2.66

1 ML+2.50%

04/30/2028

1,000,000

989,875

11,001,328

Metals & Mining — 0.7%

American Rock Salt Co. LLC

1st Lien

4.50

1 ML+3.50%

03/21/2025

992,806

992,185

Multiline Retail — 0.8%

Peer Holding B.V.(9)

BTL-B

B+

3.25

6 ME+3.25%

03/08/2025

1,000,000

1,203,706

Oil, Gas & Consumable Fuels — 1.6%

BCP Renaissance Parent LLC

BTL

4.50

3 ML+3.50%

10/31/2024

287,879

277,659

Grizzly Acquisition, Inc.

BTL

Ba3

3.48

3 ML+3.25%

10/01/2025

592,260

581,155

Medallion Midland Acquisition LLC

1st Lien

B-

4.25

1 ML+3.25%

10/30/2024

696,497

681,696

Oryx Midstream Services LLC

BTL-B

B-

4.15

1 ML+4.00%

05/22/2026

570,112

554,078

Traverse Midstream Partners LLC

BTL-B

6.50

1 ML+5.50%

09/27/2024

276,956

271,878

2,366,466

Personal Products — 0.8%

Revlon Consumer Products Corp.(5)

BTL

4.25

2 ML+3.50%

09/07/2023

3,144

1,157

Revlon Consumer Products Corp.(5)

BTL

4.25

3 ML+3.50%

09/07/2023

753,972

277,462

Sunshine Luxembourg VII SARL

BTL-B1

B-

4.25

3 ML+4.00%

10/01/2026

990,000

991,768

1,270,387

Pharmaceuticals — 2.6%

Elanco Animal Health Inc

BTL-B

Baa3

BB+

1.90

3 ML+1.75%

08/01/2027

765,083

757,592

Endo Luxembourg Finance Co. I SARL

BTL-B

B+

5.00

3 ML+4.25%

04/29/2024

498,225

489,817

Milano Acquisition Corp

BTL-B

B+

4.75

3 ML+4.00%

10/01/2027

455,000

454,431

Packaging Coordinators Midco Inc.

BTL

B-

4.50

3 ML+3.75%

11/30/2027

380,000

Valeant Pharmaceuticals International, Inc.

BTL

Ba2

2.90

1 ML+2.75%

11/27/2025

916,544

907,379

Valeant Pharmaceuticals International, Inc.

BTL

Ba2

3.15

1 ML+3.00%

06/02/2025

926,551

922,063

3,911,282

Professional Services — 1.7%

AlixPartners LLP

BTL-B

B+

2.65

1 ML+2.50%

04/04/2024

1,280,429

1,265,224

AlixPartners LLP(9)

BTL

B+

3.25

3 ME+3.25%

04/04/2024

245,625

298,782

Dun & Bradstreet Corporation

BTL

B+

3.90

1 ML+3.75%

02/06/2026

1,000,555

999,554

2,563,560

AIG Senior Floating Rate Fund

PORTFOLIO OF INVESTMENTS — December 31, 2020 — (continued)

Ratings⁽¹⁾

Industry Description

Type

Moody’s

S&P

Interest

Rate

Reference

Rate

Maturity

Date⁽²⁾

Principal

Amount**

Value

(Note 2)

Real Estate Investment Trusts — 0.6%

VICI Properties 1 LLC

BTL

Ba2

BBB-

1.89 %

1 ML+1.75%

12/20/2024

853,864

838,921

Road & Rail — 0.8%

Boels Top Holding BV(9)

BTL-B

BB-

4.00

3 ME+4.00%

02/06/2027

605,000

739,098

Fly Funding II SARL

BTL-B

Ba3

BB+

2.00

3 ML+1.75%

08/11/2025

505,959

478,131

1,217,229

Semiconductors & Semiconductor Equipment — 0.1%

Entegris, Inc.

BTL-B

Baa3

BBB-

2.15

1 ML+2.00%

11/06/2025

211,196

210,844

Software — 6.8%

Almonde, Inc.

BTL-B

CCC+

4.50

6 ML+3.50%

06/13/2024

491,556

480,719

Almonde, Inc.

BTL

Caa2

CCC-

8.25

6 ML+7.25%

06/13/2025

230,000

230,095

BY Crown Parent LLC

BTL-B1

B-

4.00

1 ML+3.00%

02/02/2026

399,435

397,937

Ceridian HCM Holding, Inc.

BTL-B

B+

2.60

1 WL+2.50%

04/30/2025

571,998

563,894

Dcert Buyer, Inc.

BTL-B

B-

4.15

1 ML+4.00%

10/16/2026

496,250

495,381

E2Open LLC

BTL-B

TBD

10/29/2027

490,000

488,468

Emerald Topco, Inc.

BTL

3.71

3 ML+3.50%

07/24/2026

439,438

433,944

Epicor Software Corp

BTL

B-

5.25

1 ML+4.25%

07/30/2027

1,085,188

1,090,614

Epicor Software Corp

2nd Lien

Caa2

CCC

8.75

1 ML+7.75%

07/31/2028

240,000

249,300

Hyland Software, Inc.

BTL

B-

4.25

1 ML+3.50%

07/01/2024

1,436,335

1,437,509

Hyland Software, Inc.

2nd Lien

Caa1

CCC

7.75

1 ML+7.00%

07/07/2025

470,800

SS&C Technologies, Inc.

BTL-B3

Ba2

BB+

1.90

1 ML+1.75%

04/16/2025

430,814

425,361

SS&C Technologies, Inc.

BTL

Ba2

BB+

1.90

1 ML+1.75%

04/16/2025

333,354

329,135

SS&C Technologies, Inc.

BTL-B5

Ba2

BB+

1.90

1 ML+1.75%

04/16/2025

1,150,518

1,137,414

Ultimate Software Group, Inc.

BTL-B

3.90

1 ML+3.75%

05/04/2026

671,500

670,493

Ultimate Software Group, Inc.

BTL-B

4.75

3 ML+4.00%

05/04/2026

339,150

340,719

Zelis Payments Buyer, Inc.

BTL

4.90

1 ML+4.75%

09/30/2026

990,000

991,546

10,233,329

Specialty Retail — 3.1%

Bass Pro Group LLC

BTL-B

B+

5.75

1 ML+5.00%

09/25/2024

701,850

702,837

Foundation Building Materials Holding Co. LLC

BTL

BB-

3.15

1 ML+3.00%

08/13/2025

269,028

268,804

Harbor Freight Tools USA, Inc.

BTL-B

Ba3

BB-

4.00

1 ML+3.25%

10/19/2027

509,790

509,103

LBM Acquisition LLC

Delayed Draw

TBD

12/09/2027

105,299

105,246

LBM Acquisition LLC

BTL-B

TBD

12/17/2027

473,846

473,609

Les Schwab Tire Centers

BTL-B

4.25

3 ML+3.50%

11/02/2027

300,000

299,625

Michaels Stores, Inc.

BTL-B

Ba3

B+

4.25

1 ML+3.50%

10/01/2027

441,048

437,741

PetSmart, Inc.

BTL

4.50

3 ML+3.50%

03/11/2022

419,344

418,401

SRS Distribution, Inc.

BTL-B

4.40

1 ML+4.25%

05/23/2025

351,450

350,132

Staples, Inc.

BTL

5.21

3 ML+5.00%

04/16/2026

498,765

482,400

White Cap Buyer LLC

BTL-B

TBD

10/19/2027

535,000

534,443

4,582,341

Tech Hardware,Storage & Peripheral — 0.2%

Cardtronics USA, Inc.

BTL-B

Ba2

BB+

5.00

1 ML+4.00%

06/29/2027

288,550

287,973

Trading Companies & Distributors — 1.6%

American Builders & Contractors Supply Co., Inc.

BTL

BB+

2.15

1 ML+2.00%

01/15/2027

987,500

977,213

Beacon Roofing Supply, Inc.

BTL-B

2.40

1 ML+2.25%

01/02/2025

437,625

433,796

HD Supply Waterworks, Ltd.

BTL-B

3.75

3 ML+2.75%

08/01/2024

438,420

435,863

Univar USA, Inc.

BTL-B5

Ba3

BB+

2.15

1 ML+2.00%

07/01/2026

168,300

166,547

Univar USA, Inc.

BTL-B3

Ba3

BB+

2.40

1 ML+2.25%

07/01/2024

413,296

411,126

2,424,545

Total Loans (cost $132,952,060)

132,010,404

AIG Senior Floating Rate Fund

PORTFOLIO OF INVESTMENTS — December 31, 2020 — (continued)

Ratings⁽¹⁾

Industry Description

Type

Moody’s

S&P

Interest

Rate

Maturity

Date⁽²⁾

Principal

Amount**

Value

(Note 2)

U.S. CORPORATE BONDS & NOTES — 4.9%

Auto Components- 0.2%

Clarios Global LP / Clarios US Finance Co.*

Company Guar. Notes

Caa1

CCC+

8.50 %

05/15/2027

250,000

271,602

Building Products — 0.2%

Advanced Drainage Systems, Inc.*

Senior Notes

5.00

09/30/2027

220,000

231,084

Construction & Engineering — 0.5%

Brand Energy & Infrastructure Services, Inc.*

Senior Notes

Caa2

CCC

8.50

07/15/2025

250,000

255,313

PowerTeam Services LLC*

Senior Sec. Notes

B-

9.03

12/04/2025

420,000

467,296

722,609

Health Care Providers & Services — 0.4%

Centene Corp

Senior Notes

Ba1

BBB-

4.63

12/15/2029

250,000

277,552

CHS/Community Health Systems Inc.*

Senior Sec. Notes

Caa2

B-

5.63

03/15/2027

360,000

387,090

664,642

Hotels, Restaurants & Leisure — 0.0%

Boyd Gaming Corp

Company Guar. Notes

Caa1

B-

4.75

12/01/2027

250,000

259,688

Boyd Gaming Corp*

Company Guar. Notes

Caa1

B-

8.63

06/01/2025

250,000

278,048

Caesars Entertainment, Inc.*

Senior Notes

Caa1

CCC+

8.13

07/01/2027

150,000

166,053

703,789

Insurance — 0.2%

Acrisure LLC / Acrisure Finance, Inc.*

Senior Sec. Notes

8.13

02/15/2024

250,000

264,678

Media- 0.3%

Houghton Mifflin Harcourt Publishers, Inc.*

Senior Notes

Caa1

9.00

02/15/2025

400,000

407,000

Multi Utilities — 0.0%

Texas Competitive Electric Holdings Co. LLC*

Escrow Notes

11.50

10/01/2020

4,174,956

6,262

Oil, Gas & Consumable Fuels — 0.7%

Blue Racer Midstream LLC / Blue Racer Finance Corp*

Senior Notes

7.63

12/15/2025

65,000

69,225

EQM Midstream Partners LP*

Senior Notes

Ba3

BB-

6.00

07/01/2025

275,000

301,125

Vine Oil & Gas LP / Vine Oil & Gas Finance Corp.*

Company Guar. Notes

8.75

04/15/2023

775,000

612,250

982,600

Road & Rail — 0.2%

United Rentals North America, Inc.

Company Guar. Notes

Ba3

BB-

3.88

02/15/2031

240,000

251,772

Software — 0.7%

SS&C Technologies, Inc.*

Company Guar. Notes

B+

5.50

09/30/2027

750,000

801,015

Black Knight InfoServ LLC*

Company Guar. Notes

Ba3

B+

3.63

09/01/2028

275,000

281,531

1,082,546

Specialty Retail — 0.3%

L Brands, Inc.*

Company Guar. Notes

B+

6.63

10/01/2030

405,000

450,563

Thrifts & Mortgage Finance — 0.7%

Freedom Mortgage Corp*

Senior Notes

B-

7.63

05/01/2026

235,000

248,560

Genworth Mortgage Holdings, Inc.*

Senior Notes

Ba3

6.50

08/15/2025

245,000

265,212

LD Holdings Group LLC*

Company Guar. Notes

B-

6.50

11/01/2025

285,000

299,962

MGIC Investment Corp.

Senior Notes

Ba1

BB+

5.25

08/15/2028

195,000

208,650

1,022,384

Trading Companies & Distributors — 0.2%

Performance Food Group, Inc.*

Senior Notes

5.50

10/15/2027

315,000

332,325

Total U.S. Corporate Bonds & Notes (cost $7,099,523)

7,393,856

AIG Senior Floating Rate Fund

PORTFOLIO OF INVESTMENTS — December 31, 2020 — (continued)

Ratings⁽¹⁾

Industry Description

Type

Moody’s

S&P

Interest

Rate

Maturity

Date⁽²⁾

Principal

Amount**/

Shares

Value

(Note 2)

FOREIGN CORPORATE BONDS & NOTES — 2.2%

Airlines- 0.2%

Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd*

Senior Sec. Notes

Ba3

8.00%

09/20/2025

295,000

330,400

Containers & Packaging — 0.3%

Ardagh Packaging Finance PLC*

Senior Sec. Notes

4.13

08/15/2026

390,000

407,550

Hotels, Restaurants & Leisure — 0.5%

Carnival Corp*

Senior Sec. Notes

Ba2

BB-

11.50

04/01/2023

500,000

578,360

Royal Caribbean Cruises Ltd*

Company Guar. Notes

BB-

9.13

06/15/2023

175,000

189,875

768,235

Media — 0.3%

Virgin Media Secured Finance PLC*

Senior Sec. Notes

Ba3

BB-

4.50

08/15/2030

400,000

418,000

Pharmaceuticals — 0.7%

Bausch Health Cos, Inc.*

Company Guar. Notes

5.00

01/30/2028

485,000

499,812

Bausch Health Cos, Inc.*

Company Guar. Notes

9.00

12/15/2025

385,000

425,021

Endo Dac / Endo Finance LLC / Endo Finco Inc*

Company Guar. Notes

Caa2

CCC+

6.00

06/30/2028

114,000

96,900

1,021,733

Wireless Telecommunication Services — 0.3%

Vmed O2 UK Financing I PLC*

Senior Sec. Notes

Ba3

BB-

4.25

01/31/2031

400,000

408,000

Total Foreign Corporate Bonds & Notes (cost $3,100,562)

3,353,918

COMMON STOCKS — 0.4%

Energy Equipment & Services — 0.0%

Philadelphia Energy Solutions LLC, Class A†(7)

35,161

352

Industrial Conglomerates — 0.1%

AFG Holdings, Inc.†(7)

14,309

250,408

UTEX Industries Inc.†(7)

2,588

86,697

337,105

Oil, Gas & Consumable Fuels — 0.3%

Ascent Resources Marcellus LLC, Class A†(5)(7)

187,384

131,170

Foresight Energy LLC†(5)(7)

9,907

80,032

211,202

Total Common Stocks (cost $1,819,225)

548,659

WARRANTS — 0.0%

Oil, Gas & Consumable Fuels — 0.0%

Ascent Resources Marcellus LLC†(5)(7)
Expires 03/30/2023
(strike price $6.15)
(cost $4,625)

48,515

ESCROWS AND LITIGATION TRUSTS — 0.0%

Paragon Offshore, Ltd.†(5)
(cost $3,843)

Escrow Holding

6.00

07/18/2021

4,516

Total Long-Term Investment Securities (cost $144,979,838)

143,306,837

SHORT-TERM INVESTMENT SECURITIES — 2.5%

Registered Investment Companies — 2.5%

State Street Institutional Liquid Reserves Fund,
Administration Class
0.00%(8)
(cost $3,762,639)

3,762,262

3,762,639

AIG Senior Floating Rate Fund

PORTFOLIO OF INVESTMENTS — December 31, 2020 — (continued)



Industry Description	Principal Amount**			Value (Note 2)
REPURCHASE AGREEMENTS — 3.4%
Bank of America Securities LLC Joint Repurchase Agreement(14)	$	1,090,000		$	1,090,000
Barclays Capital, Inc. Joint Repurchase Agreement(14)		865,000			865,000
BNP Paribas SA Joint Repurchase Agreement(14)		865,000			865,000
Deutsche Bank AG Joint Repurchase Agreement(14)		1,110,000			1,110,000
RBS Securities, Inc. Joint Repurchase Agreement(14)		1,105,000			1,105,000

Total Repurchase Agreements (cost $5,035,000)					5,035,000

TOTAL INVESTMENTS
(cost $153,777,477)(6)		101.6	%		152,104,476
Liabilities in excess of other assets		(1.6	)%		(2,320,089	)

NET ASSETS		100.0	%	$	149,784,387

BTL	Bank Term Loan

EUR	Euro Currency

NR	Security is not rated.

TBD

Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to the settlement.

†	Non-income producing security

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no rights to demand registration of these securities. At December 31, 2020, the aggregate value of these securities was $9,750,112, representing 6.5% of net assets.

**	Denominated in United States Dollars unless otherwise noted.

(1)	Bank loans rated below Baa by Moody’s Investor Service, Inc. or BBB by Standard & Poor’s Group are considered below investment grade. Ratings provided are as of December 31, 2020. Ratings are not covered by the Report of Independent Registered Public Accounting Firm.

(2)

Based on the stated maturity, the weighted average to maturity of the loans held in the portfolio is approximately 57 months. Loans in the Fund’s portfolio are generally subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a Borrower to prepay, prepayments may occur. As a result, the actual remaining maturity may be substantially less than the stated maturities shown.

(3)

The Fund invests in senior loans which generally pay interest at rates which are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the London Inter-Bank Offer Rate (“LIBOR”) or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. Senior loans are generally considered to be restrictive in that the Fund is ordinarily contractually obligated to receive approval from the Agent Bank and/or borrower prior to the disposition of a senior loan.

(4)	All loans in the portfolio were purchased through assignment agreements unless otherwise indicated.

(5)	Security classified as Level 3 (see Note 2).

(6)	See Note 6 for cost of investments on a tax basis.

(7)

Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of December 31, 2020, the Fund held the following restricted securities:


Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
AFG Holdings, Inc.		01/22/2013		14,309	$	911,111	$	250,408	$	17.50		0.17	%
Ascent Resources Marcellus LLC, Class A		03/30/2018		187,384		567,151		131,170		0.70		0.09
Foresight Energy LLC		06/30/2020		9,907		82,859		80,032		8.08		0.05
Philadelphia Energy Solutions LLC, Class A		04/04/2018		35,161		185,574		352		0.01		0.00
UTEX Industries Inc.		12/24/2020		2,588		72,531		86,697		33.50		0.06
Warrants
Ascent Resources Marcellus LLC		03/30/2018		48,515		4,625		0		0.00		0.00

							$	548,659				0.37	%

AIG Senior Floating Rate Fund

PORTFOLIO OF INVESTMENTS — December 31, 2020 — (continued)

(8)	The rate shown is the 7-day yield as of December 31, 2020.

(9)	The referenced Index is less than 0.00% at the period end. The loan has an interest rate floor whereby the floating rate used in the coupon rate calculation cannot be less than zero.

(10)	Security in default of interest.

(11)	Company has filed for bankruptcy protection.

(12)	“Payment-in-Kind” (PIK) security — Income may be paid in additional securities or cash at the discretion of the issuer. The security is currently paying interest in cash at 9.00%. The security is also currently paying interest in the form of additional loans at 5.00%.

(13)	“Payment-in-Kind” (PIK) security — Income may be paid in additional securities or cash at the discretion of the issuer. The security is currently paying interest in the form of additional loans at 3.00%.

(14)	See Note 2 for details of the Joint Repurchase Agreement.

Index Legend

1 ME — 1 Month Euribor

1 ML — 1 Month USD LIBOR

1 WL — 1 Week USD LIBOR

2 ML — 2 Month USD LIBOR

3 ME — 3 Month Euribor

3 ML — 3 Month USD LIBOR

6 ME — 6 Month Euribor

6 ML — 6 Month USD LIBOR

USFRBPLR — US Federal Reserve Bank Prime Loan Rate


Forward Foreign Currency Contracts


Counterparty	Contract to Deliver		In Exchange For		Delivery Date		Unrealized Appreciation		Unrealized Depreciation
Deutsche Bank AG		USD 135,132		EUR 111,000		01/29/2021	$	551	$	—
Toronto Dominion Bank		EUR 10,944,837		USD 13,299,991		01/29/2021		—		(78,622	)
		USD 108,300		EUR 89,122		01/29/2021		640		—

Net Unrealized Appreciation/(Depreciation)							$	1,191	$	(78,622	)

The following is a summary of the inputs used to value the Fund’s net assets as of December 31, 2020 (see Note 2):


	Level 1 — Unadjusted Quoted Prices		Level 2 — Other Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*

Loans:
Energy Equipment & Services	$	—	$	—	$	67,670	$	67,670
Personal Products		—		991,768		278,619		1,270,387
Other Industries		—		130,672,347		—		130,672,347
U.S. Corporate Bonds & Notes		—		7,393,856		—		7,393,856
Foreign Corporate Bonds & Notes		—		3,353,918		—		3,353,918

Common Stocks:
Oil, Gas & Consumable Fuels		—		—		211,202		211,202
Other Industries		—		337,457		—		337,457
Warrants		—		—		0		0
Escrows and Litigation Trusts		—		—		0		0
Short-Term Investment Securities		3,762,639		—		—		3,762,639
Repurchase Agreements		—		5,035,000		—		5,035,000

Total Investments at Value	$	3,762,639	$	147,784,346	$	557,491	$	152,104,476

Other Financial Instruments:@

Forward Foreign Currency Contracts	$	—	$	1,191	$	—	$	1,191

AIG Senior Floating Rate Fund

PORTFOLIO OF INVESTMENTS — December 31, 2020 — (continued)


	Level 1 — Unadjusted Quoted Prices		Level 2 — Other Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
LIABILITIES:
Other Financial Instruments:@

Forward Foreign Currency Contracts	$	—	$	78,622	$	—	$	78,622

*	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.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no material Level 3 transfers during the reporting period.

See Notes to Financial Statements

SunAmerica Senior Floating Rate Fund, Inc.

NOTES TO FINANCIAL STATEMENTS — December 31, 2020

Note 1. Organization of the Fund

SunAmerica Senior Floating Rate Fund, Inc. (the “Corporation”) is an open-end, diversified management investment company organized as a Maryland corporation in 1998 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Corporation consists of one series — AIG Senior Floating Rate Fund (the “Fund”). The Fund is managed by SunAmerica Asset Management, LLC (the “Adviser” or “SunAmerica”), an indirect wholly-owned subsidiary of American International Group, Inc. (“AIG”). The Fund’s investment goal and principal investment techniques are to provide as high a level of current income as is consistent with the preservation of capital by investing, under normal market conditions, at least 80% of its net assets, plus any borrowings for investment purposes, in senior secured floating rate loans and other institutionally traded secured floating rate debt obligations (“Loans”). The Fund may also purchase both investment grade and high yield fixed income securities and money market instruments, although the Fund may not invest more than 10% of its total assets in high yield fixed income securities. The Fund may invest in foreign securities, including up to 10% of its total assets in non-U.S. dollar denominated Loans and high yield fixed income securities and up to 25% of its total assets in U.S. dollar denominated Loans issued by non-U.S. companies.

The Fund offers three classes of shares: Class A, Class C and Class W. These classes within the Fund are presented in the Statement of Assets and Liabilities. The cost structure for each class is as follows:

Class A shares—

Offered at net asset value per share plus an initial sales charge. Additionally, purchases of Class A shares in excess of $1,000,000 will be purchased at net asset value but will be subject to a contingent deferred sales charge (“CDSC”) on redemptions made within one year of purchase.

Class C shares—

Offered at net asset value without an initial sales charge and may be subject to a CDSC on redemptions made within 12 months of purchase. Effective September 30, 2020, Class C shares convert automatically to Class A shares approximately eight years after purchase and at such time will be subject to the lower distribution fee applicable to Class A shares.

Class W shares—

Offered at net asset value per share. The class is offered exclusively through advisory fee-based programs sponsored by certain financial intermediaries and other programs.

Each class of shares bears the same voting, dividend, liquidation and other rights and conditions, except as may otherwise be provided in the Fund’s registration statement. Class A and Class C shares each make distribution and account maintenance fee payments under the distribution plans pursuant to Rule 12b-1 under the 1940 Act, with Class C shares being subject to higher distribution fee rates. Class W shares have not adopted a 12b-1 plan and make no payments thereunder, however, Class W shares pay a service fee to the Fund’s distributor for providing administrative and shareholder services.

Indemnifications: The Fund’s organizational documents provide current and former officers and directors with a limited indemnification against liabilities arising out of the performance of their duties to the Fund. In addition, pursuant to Indemnification Agreements between the Fund and each of the current directors who is not an “interested person,” as defined in Section 2(a)(19) of the 1940 Act, of the Fund (collectively, the “Disinterested Directors”), the Fund provides the Disinterested Directors with a limited indemnification against liabilities arising out of the performance of their duties to the Fund, whether such liabilities are asserted during or after their service as directors. In addition, in the normal course of business, the Fund enters into contracts that contain the obligation to indemnify others. The Fund’s maximum exposure under these arrangements is unknown. Currently, however, the Fund expects the risk of loss to be remote.

Note 2. Significant Accounting Policies

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates and those differences could be significant. The Fund is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to

SunAmerica Senior Floating Rate Fund, Inc.

NOTES TO FINANCIAL STATEMENTS — December 31, 2020 — (continued)

investment companies. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements:

Security Valuation: In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Fund would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP establishes a three-tier hierarchy to provide more transparency around the inputs used to measure fair value and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tiers are as follows:

Level 1 — Unadjusted quoted prices in active markets for identical securities

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board of Directors (the “Board”), etc.)

Level 3 — Significant unobservable inputs (includes inputs that reflect the Fund’s own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The summary of the Fund’s assets and liabilities classified in the fair value hierarchy as of December 31, 2020, is reported on a schedule at the end of the Portfolio of Investments.

Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges on which the securities are principally traded and are generally categorized as Level 1. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.

As of the close of regular trading on the New York Stock Exchange (“NYSE”), securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security’s price is available from more than

SunAmerica Senior Floating Rate Fund, Inc.

NOTES TO FINANCIAL STATEMENTS — December 31, 2020 — (continued)

one exchange, the Fund uses the exchange that is the primary market for the security. Such securities are generally categorized as Level 1. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price a Fund’s shares, and the Fund may determine that certain closing prices do not reflect the fair value of the security. This determination will be based on the review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If the Fund determines that closing prices do not reflect the fair value of the securities, the Fund will adjust the previous closing prices in accordance with pricing procedures approved by the Board to reflect what it believes to be the fair value of the securities as of the close of regular trading on the NYSE. The Fund may also fair value securities in other situations, for example, when a particular foreign market is closed but the Fund is open. For foreign equity securities and foreign equity futures contracts, the Fund uses an outside pricing service to provide it with closing market prices and information used for adjusting those prices, and when so adjusted, such securities and futures are generally categorized as Level 2.

Bonds, debentures, and other debt securities are valued at evaluated bid prices obtained for the day of valuation from a Board-approved pricing service, and are generally categorized as Level 2. The pricing service may use valuation models or matrix pricing which considers information with respect to comparable bond and note transactions, quotations from bond dealers, or by reference to other securities that are considered comparable in such characteristics as rating, interest rate, and maturity date, option adjusted spread models, prepayments projections, interest rate spreads, and yield curves to determine current value. If a price is unavailable from a Board-approved pricing service, the securities may be priced at the mean of two independent quotes obtained from brokers.

Senior secured floating rate loans (“Loans”) are valued at the average of available bids in the market for such Loans, as provided by a Board-approved loan pricing service, and are generally categorized as Level 2.

Investments in registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in registered investment companies are generally categorized as Level 1.

Swap contracts traded on national securities exchanges are valued at the closing price of the exchange on which they are traded or if a closing price of the exchange is not available, the swap will be valued using a mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Swap contracts traded in the over-the-counter (“OTC”) market are valued at a mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Forward foreign currency contracts (“forward contracts”) are valued at the 4:00 pm Eastern time forward rate and are generally categorized as Level 2.

The Board is responsible for the share valuation process and has adopted policies and procedures (the “PRC Procedures”) for valuing the securities and other assets held by the Fund, including procedures for the fair valuation of securities and other assets for which market quotations are not readily available or are unreliable. The PRC Procedures provide for the establishment of a pricing review committee, which is responsible for, among other things, making certain determinations in connection with the Fund’s fair valuation procedures. Securities for which market quotations are not readily available or the values of which may be significantly impacted by the occurrence of developments or significant events are generally categorized as Level 3. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.

Derivative Instruments:

Forward Foreign Currency Contracts: During the period, the Fund used forward contracts to protect against uncertainty in the level of future exchange rates.

A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market

SunAmerica Senior Floating Rate Fund, Inc.

NOTES TO FINANCIAL STATEMENTS — December 31, 2020 — (continued)

daily using the forward rate and the cumulative change in market value is recorded by the Fund as unrealized appreciation or depreciation. On the settlement date, the Fund records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Risks to the Fund of entering into forward contracts include counterparty risk, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, the Fund’s loss will generally consist of the net amount of contractual payments that the Fund has not yet received though the Fund’s maximum exposure due to counterparty risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reported on the Statement of Assets and Liabilities. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. Currency transactions are also subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

Forward foreign currency contracts outstanding at the end of the period, if any, are reported on a schedule at the end of the Fund’s Portfolio of Investments.

Master Agreements: The Fund holds derivative instruments and other financial instruments whereby the Fund may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements (“Master Agreements”) with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by the Fund and applicable counterparty. Collateral requirements are generally determined based on the Fund’s net position with each counterparty. Master Agreements may also include certain provisions that require the Fund to post additional collateral upon the occurrence of certain events, such as when a Fund’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to the Fund may also occur upon a decline in the Fund’s net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Fund’s counterparties to elect early termination could cause the Fund to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to the Fund’s financial statements. The Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

The following tables represent the value of derivatives held as of December 31, 2020, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities and the effect of derivatives on the Statement of Operations for the year ended December 31, 2020. The derivative contracts held during the period are not accounted for as hedging instruments under GAAP. For a detailed presentation of derivatives held as of December 31, 2020, please refer to the schedule at the end of the Fund’s Portfolio of Investments.

SunAmerica Senior Floating Rate Fund, Inc.

NOTES TO FINANCIAL STATEMENTS — December 31, 2020 — (continued)


Asset Derivatives				Liability Derivatives
Forward Foreign Currency Contracts(1)				Forward Foreign Currency Contracts(2)
Foreign Exchange Contracts				Foreign Exchange Contracts
$1,191				$78,622

Statement of Assets and Liabilities Location:

(1) Unrealized appreciation on forward foreign currency contracts

(2) Unrealized depreciation on forward foreign currency contracts


Realized Gain (Loss) on Derivatives Recognized in Statement of Operations				Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Forward Foreign Currency Contracts(1)				Forward Foreign Currency Contracts(2)
Foreign Exchange Contracts				Foreign Exchange Contracts
$(1,105,797)				$2,153

Statement of Operations Location:

(1) Net realized gain (loss) on forward contracts

(2) Change in unrealized appreciation (depreciation) on forward contracts

The following table represents the average monthly balances of derivatives held during the year ended December 31, 2020.

Average Amount Outstanding During the Period

Foreign Exchange Contracts(1)

$15,205,389

(1) Amounts represent notional amounts in US dollars.

The following table sets forth the Fund's derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged/(received) as of December 31, 2020.


	Derivative Assets(1)				Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		Total		Forward Foreign Currency Contracts		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
Deutsche Bank AG.	$	551	$	551	$	—	$	551	$	551		$	—	$	551
Toronto Dominion Bank		640		640		78,622		78,622		(77,982	)		—		(77,982	)

Total	$	1,191	$	1,191	$	78,622	$	79,173	$	(77,431	)	$	—	$	(77,431	)

(1)

Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2)

For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3)

Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

Repurchase Agreements: The Fund, along with other affiliated registered investment companies, pursuant to procedures adopted by the Board and applicable guidance from the Securities and Exchange Commission (“SEC”), may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repurchase agreements and joint repurchase agreements, the Fund’s custodian takes possession of the collateral pledged for investments in such repurchase agreements (“repo” or collectively “repos”). The underlying collateral is valued daily on a mark to market basis, plus accrued interest, to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In

SunAmerica Senior Floating Rate Fund, Inc.

NOTES TO FINANCIAL STATEMENTS — December 31, 2020 — (continued)

the event of default of the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

As of December 31, 2020, the Fund held an undivided interest in a joint repurchase agreement with Bank of America Securities LLC:


	Percentage Ownership			Principal Amount
AIG Senior Floating Rate Fund		1.33	%	$	1,090,000

As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows:

Bank of America Securities LLC, dated December 31, 2020, bearing interest at a rate of 0.05% per annum, with a principal amount of $82,090,000, a repurchase price of $82,090,456, and a maturity date of January 4, 2021. The repurchase agreement is collateralized by the following:


Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Notes		0.63	%		12/31/2027	$	83,837,000	$	83,668,154

As of December 31, 2020, the Fund held an undivided interest in a joint repurchase agreement with Barclays Capital, Inc.:


	Percentage Ownership			Principal Amount
AIG Senior Floating Rate Fund		1.33	%	$	865,000

As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows:

Barclays Capital, Inc., dated December 31, 2020, bearing interest at a rate of 0.05% per annum, with a principal amount of $65,000,000, a repurchase price of $65,000,361, and a maturity date of January 4, 2021. The repurchase agreement is collateralized by the following:


Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Bonds		2.50	%		02/15/2046	$	55,193,000	$	66,248,285

As of December 31, 2020, the Fund held an undivided interest in a joint repurchase agreement with BNP Paribas SA:


	Percentage Ownership			Principal Amount
AIG Senior Floating Rate Fund		1.33	%	$	865,000

As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows:

BNP Paribas SA, dated December 31, 2020, bearing interest at a rate of 0.04% per annum, with a principal amount of $65,000,000, a repurchase price of $65,000,289, and a maturity date of January 4, 2021. The repurchase agreement is collateralized by the following:


Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Bonds		2.75	%		08/15/2042	$	53,146,300	$	66,237,548

SunAmerica Senior Floating Rate Fund, Inc.

NOTES TO FINANCIAL STATEMENTS — December 31, 2020 — (continued)

As of December 31, 2020, the Fund held an undivided interest in a joint repurchase agreement with Deutsche Bank AG:


	Percentage Ownership			Principal Amount
AIG Senior Floating Rate Fund		1.34	%	$	1,110,000

As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows:

Deutsche Bank AG, dated December 31, 2020, bearing interest at a rate of 0.04% per annum, with a principal amount of $83,000,000, a repurchase price of $83,000,369, and a maturity date of January 4, 2021. The repurchase agreement is collateralized by the following:


Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Notes		2.88	%		05/15/2028	$	73,132,000	$	84,948,982

As of December 31, 2020, the Fund held an undivided interest in a joint repurchase agreement with RBS Securities, Inc.:


	Percentage Ownership			Principal Amount
AIG Senior Floating Rate Fund		1.33	%	$	1,105,000

As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows:

RBS Securities, Inc., dated December 31, 2020, bearing interest at a rate of 0.04% per annum, with a principal amount of $83,000,000, a repurchase price of $83,000,369, and a maturity date of January 4, 2021. The repurchase agreement is collateralized by the following:


Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Bonds		5.00	%		05/15/2037	$	53,905,000	$	84,675,464

When-Issued Securities and Forward Commitments: The Fund may purchase or sell when-issued securities that have been authorized, but not yet issued in the market. In addition, the Fund may purchase or sell securities on a forward commitment basis. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The Fund may engage in when-issued or forward commitment transactions in order to secure what is considered to be an advantageous price and yield at the time of entering into the obligation. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a when-issued or forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Securities purchased or sold on a when-issued or forward commitment basis outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

Loans: The Fund invests in senior loans which generally consist of direct debt obligations of companies (collectively, “Borrowers”), primarily U.S. companies and their affiliates, undertaken to finance the growth of the Borrower’s business internally and externally, or to finance a capital restructuring. Transactions in senior loans may settle on a delayed basis. Unsettled loans at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

SunAmerica Senior Floating Rate Fund, Inc.

NOTES TO FINANCIAL STATEMENTS — December 31, 2020 — (continued)

Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders: Security transactions are recorded on a trade date basis. Realized gains and losses on sales of investments are calculated on the identified cost basis. Interest income is accrued daily from settlement date except when collection is not expected. Dividend income is recorded on the ex-dividend date. For financial statement purposes, the Fund amortizes all premiums and accretes all discounts. Facility fees are accreted over the life of the loan. Fees in the amount of $112,547 were recognized for the year ended December 31, 2020. Other income, including amendment fees, commitment fees, letter of credit fees, etc., which were $15,855 for the year ended December 31, 2020, are recorded as income when received or contractually due to the Fund.

Net investment income, other than class specific expenses, and realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative value of outstanding shares (or the value of dividend-eligible shares, as appropriate) of each class of shares at the beginning of the day (after adjusting for the current capital share activity of the respective class).

Dividends from net investment income are normally declared daily and paid monthly. Capital gain distributions, if any, are paid annually. The Fund records dividends and distributions to the shareholders on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts at fiscal year end based on their federal tax-basis treatment; temporary differences do not require reclassification. Net assets are not affected by the reclassifications.

The Fund is considered a separate entity for tax purposes and intends to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of its taxable income, including any net capital gains on investments, to its shareholders. The Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that the Fund will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is required.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed the Fund’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. The Fund is not aware of any tax provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Fund files U.S. federal and certain state income tax returns. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Foreign Currency Translation: The books and records of the Fund is maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency contracts are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation.

The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the changes in the market prices of portfolio securities sold during the period.

Realized foreign exchange gains and losses on other assets and liabilities and change in unrealized foreign exchange gains and losses on other assets and liabilities located in the Statements of Operations include realized foreign exchange gains and losses from currency gains or losses between the trade and the settlement dates of securities transactions, the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid and changes in the unrealized foreign exchange gains and losses relating to the other assets and liabilities arising as a result of changes in the exchange rates.

SunAmerica Senior Floating Rate Fund, Inc.

NOTES TO FINANCIAL STATEMENTS — December 31, 2020 — (continued)

LIBOR Risk: A fund’s investments, payment obligations and financing terms may be based on floating rates, such as London Interbank Offer Rate (“LIBOR”), Euro Interbank Offered Rate and other similar types of reference rates (each, a “Reference Rate”). On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority (“FCA”), which regulates LIBOR, announced that the FCA will no longer persuade nor require banks to submit rates for the calculation of LIBOR and certain other Reference Rates after 2021. Such announcement indicates that the continuation of LIBOR and other Reference Rates on the current basis cannot and will not be guaranteed after 2021. This announcement and any additional regulatory or market changes may have an adverse impact on a fund or its investments.

In advance of 2021, regulators and market participants will work together to identify or develop successor Reference Rates. Additionally, prior to 2021, it is expected that market participants will focus on the transition mechanisms by which the Reference Rates in existing contracts or instruments may be amended, whether through market wide protocols, fallback contractual provisions, bespoke negotiations or amendments or otherwise. Nonetheless, the termination of certain Reference Rates presents risks to a fund. At this time, it is not possible to completely identify or predict the effect of any such changes, any establishment of alternative Reference Rates or any other reforms to Reference Rates that may be enacted in the UK or elsewhere. The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of Reference Rates could have an adverse impact on the market for or value of any securities or payments linked to those Reference Rates and other financial obligations held by a fund or on its overall financial condition or results of operations. In addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect a fund’s performance and/or NAV.

Recent Accounting and Regulatory Developments: In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13 “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement”. The ASU eliminates, modifies, and adds disclosure requirements for fair value measurements and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Adoption of the ASU had no material impact on the Fund.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule will become effective 60 days after publication in the Federal Register, and will have a compliance date 18 months following the effective date. Management is currently evaluating the Rule and its impact to the Fund.

Note 3. Capital Share Transactions


	For the year ended December 31, 2020						For the year ended December 31, 2019
Class A	Shares			Amount			Shares			Amount
Shares sold		2,943,661		$	21,956,789			2,840,820		$	22,514,129
Reinvested dividends		302,929			2,267,176			556,869			4,406,845
Shares redeemed		(3,147,561	)		(23,462,971	)		(6,221,145	)		(49,205,810	)

Net increase (decrease) in shares outstanding before automatic conversion		99,029			760,994			(2,823,456	)		(22,284,836	)
Shares issued/(reacquired) upon automatic conversion		455,369			3,432,595			122,660			972,358

Net increase (decrease)		554,398		$	4,193,589			(2,700,796	)	$	(21,312,478	)

SunAmerica Senior Floating Rate Fund, Inc.

NOTES TO FINANCIAL STATEMENTS — December 31, 2020 — (continued)


	For the year ended December 31, 2020						For the year ended December 31, 2019
Class C	Shares			Amount			Shares			Amount
Shares sold		272,346		$	2,059,596			1,009,419		$	7,996,848
Reinvested dividends		160,108			1,195,546			392,439			3,104,263
Shares redeemed		(4,521,695	)		(33,552,394	)		(4,308,722	)		(34,033,672	)

Net increase (decrease) in shares outstanding before automatic conversion		(4,089,241	)		(30,297,252	)		(2,906,864	)		(22,932,561	)
Shares issued/(reacquired) upon automatic conversion		(455,910	)		(3,432,595	)		(122,698	)		(972,358	)

Net increase (decrease)		(4,545,151	)	$	(33,729,847	)		(3,029,562	)	$	(23,904,919	)


	For the year ended December 31, 2020						For the year ended December 31, 2019
Class W	Shares			Amount			Shares			Amount
Shares sold		663,580		$	5,151,381			4,824,111		$	38,332,740
Reinvested dividends		94,360			710,489			235,531			1,868,579
Shares redeemed		(3,392,317	)		(25,163,159	)		(4,133,314	)		(32,865,173	)

Net increase (decrease)		(2,634,377	)	$	(19,301,289	)		926,328		$	7,336,146

Note 4. Purchases and Sales of Securities

During the year ended December 31, 2020, the Fund’s cost of purchases and proceeds from sale of long-term investments, including loan principal paydowns, were $81,590,449 and $128,549,616, respectively.

Note 5. Investment Advisory Agreement and Other Transactions with Affiliates

The Fund has entered into an Investment Advisory and Management Agreement (the “Advisory Agreement”) with SunAmerica. Pursuant to the Advisory Agreement, SunAmerica provides continuous supervision of the Fund and administers its corporate affairs, subject to the general review and oversight of the Board. In connection therewith, SunAmerica furnishes the Fund with office facilities, maintains certain of the Fund’s books and records and pays the salaries and expenses of all personnel, including officers of the Fund who are employees of SunAmerica and its affiliates. SunAmerica also selects, contracts with and compensates the subadviser to manage the Fund’s assets. The Fund will pay SunAmerica a monthly management fee at the following annual rates, based on the average daily net assets of the Fund: 0.85% on the first $1 billion; 0.80% on the next $1 billion; and 0.75% in excess of $2 billion.

Pursuant to an Advisory Fee Waiver Agreement, SunAmerica is contractually obligated to waive its advisory fee with respect to the Fund so that the advisory fee payable by the Fund to SunAmerica equals 0.63% on the first $2 billion of average daily net assets and 0.58% above $2 billion of average daily net assets. For the year ended December 31, 2020, SunAmerica waived $363,487 of investment advisory fees.

Wellington Management Company LLP (“Wellington”) acts as subadviser to the Fund pursuant to a Subadvisory Agreement with SunAmerica. Under the Subadvisory Agreement, Wellington manages the investment and reinvestment of the Fund’s assets. The fee paid to the subadviser is paid by SunAmerica and not the Fund.

Pursuant to the Administrative Services Agreement (the “Administrative Agreement”), SunAmerica acts as the Fund’s administrator and is responsible for providing and supervising the performance by others, of administrative services in connection with the operations of the Fund, subject to supervision by the Fund’s Board. For its services, SunAmerica receives an annual fee equal to 0.20% of average daily net assets of the Fund. For the year ended December 31, 2020, SunAmerica earned fees as reflected in the Statement of Operations based upon the aforementioned rate.

The Fund has entered into a Distribution Agreement with AIG Capital Services, Inc. (“ACS” or the “Distributor”), an affiliate of the Adviser. The Fund has adopted a Distribution Plan on behalf of each class of shares (other than

SunAmerica Senior Floating Rate Fund, Inc.

NOTES TO FINANCIAL STATEMENTS — December 31, 2020 — (continued)

Class W shares) (each a “Plan” and collectively, the “Plans”) in accordance with the provisions of Rule 12b-1 under the 1940 Act, hereinafter referred to as the “Class A Plan” and “Class C Plan”. In adopting the Plans, the Board determined that there was a reasonable likelihood that each such Plan would benefit the Fund and the shareholders of the respective class. The sales charge and distribution fees of a particular class will not be used to subsidize the sale of shares of any other class.

Under the Class A Plan and Class C Plan, the Distributor receives payments from the Fund at an annual rate of 0.10% and 0.50%, respectively, of the average daily net assets of the Fund’s Class A and Class C shares to compensate the Distributor and certain securities firms for providing sales and promotional activities for distributing that class of shares. The distribution costs for which the Distributor may be compensated include fees paid to broker-dealers that have sold Fund shares, commissions and other expenses such as those incurred for sales literature, prospectus printing and distribution and compensation to wholesalers. It is possible that in any given year, the amount paid to the Distributor under each Class’ Plan may exceed the Distributor’s distribution costs as described above. The Plans provide that the Class A and Class C shares of the Fund will pay the Distributor an account maintenance fee up to an annual rate of 0.25% of the aggregate average daily net assets of such class of shares for payments to compensate the Distributor and certain securities firms for account maintenance activities. The Distributor does not receive or retain any distribution and/or account maintenance fees for any shares when the shareholder does not have a broker of record. For the year ended December 31, 2020, ACS received fees (see Statement of Operations) based upon the aforementioned rates.

The Fund has entered into an Administrative and Shareholder Services Agreement with ACS, pursuant to which ACS is paid an annual fee of 0.15% of average daily net assets of Class W shares as compensation for providing additional shareholder services to Class W shareholders. For the year ended December 31, 2020, ACS earned fees as reflected in the Statement of Operations based on the aforementioned rate.

For the year ended December 31, 2020, ACS received sales charges on Class A shares of $25,837, of which $16,357 was reallowed to affiliated broker-dealers and $4,405 to non-affiliated broker-dealers. In addition, ACS receives the proceeds of contingent deferred sales charges paid by investors in connection with certain redemptions of Class A and Class C shares. For the year ended December 31, 2020, ACS received contingent deferred sales charges of $2,311.

The Fund has entered into a Service Agreement with AIG Fund Services, Inc. (“AFS”) an affiliate of the Adviser. Under the Service Agreement, AFS performs certain shareholder account functions by assisting the Fund’s transfer agent in connection with the services that it offers to the shareholders of the Fund. The Service Agreement, which permits the Fund to compensate AFS for services rendered based upon an annual rate of 0.22% of average daily net assets, is approved annually by the Board. For the year ended December 31, 2020, the Fund incurred the following expenses, which are included in the transfer agent fees and expenses payable in the Statement of Assets and Liabilities and in transfer agent fees and expenses in the Statement of Operations to compensate AFS pursuant to the terms of the Service Agreement.


	Expense		Payable at December 31, 2020
Class A	$	198,514	$	18,181
Class C		117,940		6,860
Class W		47,033		2,979

SunAmerica has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s annual operating expenses at 1.02% for Class A, 1.42% for Class C and 0.82% for Class W of average daily net assets. For purposes of waived fees and/or reimbursed expense calculations, annual Fund operating expenses shall not include extraordinary expenses, (i.e., expenses that are unusual in nature and infrequent in occurrence, such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees and other expenses not

SunAmerica Senior Floating Rate Fund, Inc.

NOTES TO FINANCIAL STATEMENTS — December 31, 2020 — (continued)

incurred in the ordinary course of the Fund’s business. The expense reimbursements and fee waivers will continue indefinitely, unless terminated by the Board, including a majority of the Disinterested Directors. For the year ended December 31, 2020, SunAmerica waived fees and/or reimbursed expenses as follows: Class A $613,119, Class C $383,994 and Class W $154,801.

Note 6. Federal Income Taxes

The following details the tax basis distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from dividends payable, treatment of defaulted securities and wash sales.

Distributable Earnings

Tax Distributions

For the year ended December 31, 2020

For the year ended December 31, 2019

Ordinary

Income

Long-term Gains,

Capital and

Other Losses

Unrealized
Appreciation/
(Depreciation)

Ordinary

Income

Long-term

Capital Gains

Return of

Capital

Ordinary

Income

Long-term

Capital Gains

$ —

$(35,969,000)

$(1,900,896)

$4,188,956

$ —

$595,179

$10,824,840

$ —

Capital Loss Carryforwards: At December 31, 2020 for Federal income tax purposes, the Fund has $34,460,224 of unlimited long-term capital losses and $1,508,776 of unlimited short-term capital losses.

Under the current law, capital losses realized after October 31 and specified ordinary losses may be deferred and treated as occurring on the first day of the following year. For the year ended December 31, 2020, the fund deferred $2,433,149 of post-October capital losses, consisting of $114,972 short-term gains and $2,548,121 of long-term losses.

For the year ended December 31, 2020, reclassifications were made to increase accumulated net realized gain (loss) by $997,006, decrease paid in capital by $595,179 and decrease undistributed net investment income by $401,826. The reclassifications arising from book/tax differences were due primarily to return of capital and the reclassification of foreign currency gains and losses.

At December 31, 2020, the amounts of aggregate unrealized gain (loss) and the cost of investment securities for federal tax purposes, including short-term securities, repurchase agreements and derivatives, were as follows:


Cost (tax basis)	$	153,924,033

Gross unrealized appreciation	$	2,502,528
Gross unrealized depreciation		(4,322,085	)

Net unrealized depreciation	($	1,819,557	)

Note 7. Line of Credit

The Fund, along with certain other funds managed by the Adviser, has access to a $75 million committed unsecured line of credit and a $50 million uncommitted unsecured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company (“State Street”), the Fund’s custodian. Prior to September 4, 2020, interest is payable on the committed line of credit at the higher of the Federal Funds Rate (but not less than zero) plus 125 basis points or the One-Month London Interbank Offered Rate (but not less than zero) plus 125 basis points and State Street’s discretionary bid rate on the uncommitted line of credit. The Fund has paid State Street for its own account, the Fund’s ratable portion of an upfront fee in an amount equal to $25,000 in the aggregate for the uncommitted line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There is also a commitment fee of 25 basis points per annum on the daily unused portion of the committed line of credit. Effective September 4, 2020, interest on each of the committed and uncommitted lines of credit is payable at a variable rate per annum equal to the Applicable Rate

SunAmerica Senior Floating Rate Fund, Inc.

NOTES TO FINANCIAL STATEMENTS — December 31, 2020 — (continued)

plus one and one quarter of one percent (1.25%). The Applicable Rate per annum shall be equal to the higher of (a) the Federal Funds Effective Rate on such date and (b) the Overnight Bank Funding Rate on such date, plus, in each case, 10 basis points. Notwithstanding anything to the contrary, if the Federal Funds Effective Rate or the Overnight Bank Funding Rate shall be less than zero, then the Federal Funds Effective Rate or the Overnight Bank Funding Rate, shall be deemed to be zero for the purposes of determining the rate. The Fund has paid State Street for its own account, the Fund’s ratable portion of an upfront fee in an amount equal to $40,000 in the aggregate for the uncommitted line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There is also a commitment fee of 30 basis points per annum on the daily unused portion of the committed line of credit. Borrowings under the line of credit will commence when the respective Fund’s cash shortfall exceeds $100,000.

For the year ended December 31, 2020, the Fund did not utilize the line of credit.

Note 8. Interfund Lending

Pursuant to the exemptive relief granted by the SEC, the Fund is permitted to participate in an interfund lending program among investment companies advised by SunAmerica or an affiliate. The interfund lending program allows the participating funds to borrow money from and lend money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating funds receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction. For the year ended December 31, 2020, the Fund did not participate in this program.

Note 9. Investment Concentration

The Fund invests primarily in participations and assignments, or acts as a party to the primary lending syndicate of a variable rate senior loan interest to United States corporations, partnerships, and other entities. If the lead lender in a typical lending syndicate becomes insolvent, enters receivership or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in receiving payment, or may suffer a loss of principal and/or interest. When the Fund purchases a participation of a senior loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation but not with the borrower directly. As such, the Fund is subject to the credit risk of the borrower, selling participant, lender or other persons positioned between the Fund and the borrower.

Note 10. Other Matters

The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

Note 11. Subsequent Event

SunAmerica and Touchstone Advisors, Inc. (“Touchstone”) announced that they have entered into a definitive agreement for Touchstone to acquire certain assets related to SunAmerica’s retail mutual fund management business (the “AIG Funds”).

Under the terms of the agreement, subject to shareholder approval, twelve of the AIG Funds, including the AIG Senior Floating Rate Fund, are expected to be reorganized into either existing or newly created series of trusts in the Touchstone fund complex (the “Reorganizations”), and subsequently will be advised by Touchstone under its sub-advised mutual fund approach. On February 8, 2021, the Boards of Directors/Trustees of the AIG Funds unanimously approved each of the proposed Reorganizations.

SunAmerica Senior Floating Rate Fund, Inc.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of SunAmerica Senior Floating Rate Fund, Inc. and Shareholders of AIG Senior Floating Rate Fund

Opinions on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of AIG Senior Floating Rate Fund (the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agent, brokers and selling or agent banks; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

February 25, 2021

We have served as the auditor of one or more investment companies in the AIG Funds family of funds since 1984.

SunAmerica Senior Floating Rate Fund, Inc.

DIRECTORS AND OFFICERS INFORMATION — December 31, 2020 — (unaudited)

The following table contains basic information regarding the Trustees and Officers that oversee operations of the Funds and other investment companies within the Fund complex. Unless otherwise noted, the address of each Director and executive officer is Harborside 5, 185 Hudson Street, Suite 3300, Jersey City, NJ 07311.


Name and Age	Position(s) Held With Trust	Length of Time Served(1)	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee(2)	Other Directorship(s) Held by Trustee During Past Five Years(3)

Disinterested Trustees

Dr. Judith L. Craven Age: 75	Trustee	2001-present	Retired.	82	Director A.G. Belo Corp. (media company) (1992 to 2014); Director, Sysco Corp. (food marketing and distribution company) (1996 to 2017); Director, Luby’s, Inc. (1998 to present).

Richard W. Grant Age: 75	Trustee Chairman of the Board	2011-present	Retired.	23	None

Stephen J. Gutman Age: 77	Trustee	2001-present	Senior Vice President and Associate Broker, The Corcoran Group (real estate) (2002 to present); President, SJG Marketing, Inc. (2009 to present).	23	None

Eileen A. Kamerick Age: 62	Trustee	2018-present	National Association of Corporate Directors Board Leadership Fellow and financial expert; Adjunct Professor of Law, University of Chicago, Washington University in St. Louis and University of Iowa law schools (2007 to Present); formerly, Senior Advisor to the Chief Executive Officer and Executive Vice President and Chief Financial Officer of ConnectWise, Inc. (software and services company) (2015 to 2016); Chief Financial Officer, Press Ganey Associates (health care informatics company) (2012 to 2014).	23	Hochschild Mining plc (precious metals company) (2016 to Present); Associated Banc-Corp (financial services company) (2007 to Present); Legg Mason Closed End Funds (registered investment companies) (2013 to Present); Westell Technologies, Inc. (technology company) (2003 to 2016).

Interested Trustee

Peter A. Harbeck(4) Age: 67	Trustee	2001-present	Retired June 2019; formerly President, CEO (1997 to 2019), and Director (1992 to 2019), SunAmerica; Director, AIG Capital Services, Inc. (“ACS”) (1993 to 2019); Chairman, President and CEO, Advisor Group, Inc. (2004 to 2016).	82	None

(1)

Trustees serve until their successors are duly elected and qualified.

(2)

The term “Fund Complex” means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment services or have a common investment adviser or any investment adviser that is an affiliate of the Adviser. The “Fund Complex” includes the Trust (1 fund), SunAmerica Money Market

SunAmerica Senior Floating Rate Fund, Inc.

DIRECTORS AND OFFICERS INFORMATION — December 31, 2020 — (unaudited) (continued)

Funds Inc. (“SAMMF”) (1 fund), SunAmerica Equity Funds (“SAEF”) (2 funds), SunAmerica Income Funds (“SAIF”) (3 funds), SunAmerica Series, Inc. (“SA Series”) (6 funds), Anchor Series Trust (“AST”) (4 portfolios), SunAmerica Specialty Series (6 funds), SunAmerica Series Trust (“SAST”) (60 portfolios), VALIC Company I (“VALIC I”) (44 funds), VALIC Company II (“VALIC II”) (15 funds), Seasons Series Trust (“SST”) (19 portfolios).

(3)

Directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the 1940 Act.

(4)

Mr. Harbeck is considered to be an Interested Trustee because he owns shares of American International Group, Inc., the ultimate parent of the Adviser.

Additional information concerning the Trustees is contained in the Statement of Additional Information which is available, without charge, by calling (800) 858-8850.


Name and Age	Position(s) Held with Trust	Length of Time Served	Principal Occupation(s) During Past 5 Years

Officers

John T. Genoy Age: 52	President	2007- present	Chief Financial Officer, SunAmerica (2002 to present); Senior Vice President, SunAmerica (2004 to present); Chief Operating Officer, SunAmerica (2006 to present).

Sharon French Age: 55	Executive Vice President	2019- present	President and CEO of SunAmerica (since 2019); Vice President of AIG (since 2019); Executive Vice President and Head of Beta Solutions, OppenheimerFunds (2016-2019); President, F-Squared Capital, LLC (financial services) (2013-2015).

Gregory R. Kingston Age: 54 2919 Allen Parkway Houston, Texas 77019	Treasurer	2014- present	Vice President, SunAmerica (2001 to present); Head of Mutual Fund Administration, SunAmerica (2014 to present).

James Nichols Age: 54	Vice President	2006- present	Director, President and CEO, ACS (2006 to present); Senior Vice President, SunAmerica (2002 to present).

Gregory N. Bressler Age: 54	Secretary	2005- present	Senior Vice President and General Counsel, SunAmerica (2005 to present).

Kathleen D. Fuentes Age: 51	Chief Legal Officer and Assistant Secretary	2013- present	Vice President and Deputy General Counsel, SunAmerica (2006 to present).

Timothy P. Pettee Age: 62	Vice President	2018 to Present	Chief Investment Officer, SunAmerica (2018 to Present); Lead Portfolio Manager-Rules Based Funds (2013 to Present); Chief Investment Officer (2003 to 2013)

Shawn Parry Age: 48 2919 Allen Parkway Houston, Texas 77019	Vice President and Assistant Treasurer	2014- present	Assistant Vice President, SunAmerica (2005 to 2014); Vice President, SunAmerica (2014 to present).

Donna M. McManus Age: 59	Vice President and Assistant Treasurer	2014- present	Managing Director, BNY Mellon (2009-2014); Vice President, SunAmerica, (2014 to present).

Christopher C. Joe Age: 51 2919 Allen Parkway Houston, Texas 77019	Chief Compliance Officer	2017 to Present	Chief Compliance Officer, AIG Funds, Anchor Series Trust, Seasons Series Trust, SunAmerica Series Trust, VALIC Company I and VALIC Company II (2017-Present); Chief Compliance Officer, VALIC Retirement Services Company (2017-Present); Chief Compliance Officer, The Variable Annuity Life Insurance Company (2017 to Present); Chief Compliance Officer, Invesco PowerShares (2012-2017); Chief Compliance Officer, Invesco Investment Advisers, LLC (2010-2013); U.S. Compliance Director, Invesco Ltd. (2006-2014); Deputy Chief Compliance Officer, Invesco Advisers, LLC (2014-2015).

SunAmerica Senior Floating Rate Fund, Inc.

DIRECTORS AND OFFICERS INFORMATION — December 31, 2020 — (unaudited) (continued)

SunAmerica Senior Floating Rate Fund, Inc.

SHAREHOLDER TAX INFORMATION — (unaudited)

Certain tax information regarding the Fund is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended December 31, 2020. The information necessary to complete your income tax returns is included with your Form 1099-DIV, which will be mailed to shareholders in early 2021.

During the year ended December 31, 2020 the Fund paid the following dividends along with the percentage of ordinary income dividends that qualified for the dividends received deductions for corporations:


	Net Long-Term Capital Gains		Qualifying % for the Dividends Received Deduction
Class A	$	—		—	%
Class C		—		—

For the year ended December 31, 2020, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Of the distributions paid during the fiscal year, none may be considered qualified dividend income.

SunAmerica Senior Floating Rate Fund, Inc.

COMPARISON: FUND vs. INDEX — (unaudited)

As required by the Securities and Exchange Commission, the graph on the following pages compares the performance of a $10,000 investment in the Fund to a similar investment in the index. Please note that the term “inception,” as used herein, reflects the date on which a specific class of shares commenced operations. It is important to note that the Fund is a professionally managed mutual fund while the index is not available for investment and is unmanaged. The comparison is shown for illustrative purposes only. The graph presents the performance of Class C shares of the Fund. The performance of the other classes will vary based upon the difference in sales charges and fees assessed to shareholders of that class. Past performance does not predict future results.

SunAmerica Senior Floating Rate Fund, Inc.

COMPARISON: FUND vs. INDEX — (unaudited) (continued)

The AIG Senior Floating Rate Fund (Class C) returned 0.38%, underperforming its benchmark, the S&P/LSTA Leveraged Loan Index (“LLI”)^*, which returned 3.12% for the annual period ended December 31, 2020. The Fund also underperformed the Bloomberg Barclays U.S. Aggregate Bond Index,^* a broad-based fixed income market index, which returned 7.51% for the same annual period.

Security selection overall detracted from the Fund’s results, driven primarily by weak selection within the energy and consumer cyclical services industries. This was partially offset by effective selection within the wireless and packaging industries, which contributed positively to relative results.

Among individual loans, significant detractors from the Fund’s returns included overweight positions in loans issued by AVSC Holding, a leading provider of commercial support services in the audiovisual and event experiences industry, and AFG Holdings, an oilfield drilling services provider. The individual loans that contributed most positively to the Fund’s absolute returns were overweight positions in those of wireless and wireline communication services provider Sprint and utility line construction services provider PowerTeam Services.

Quality positioning within the Fund had a positive impact on relative performance during the first quarter of 2020 when the Fund was overweight BB-rated loans but had a negative impact on relative performance for the remainder of the annual period. Compared to the LLI, as of the end of 2020, the Fund maintained an overweight position in loans rated B, as we believed they offered the best risk/reward profiles.

In aggregate, industry allocation decisions contributed positively to the Fund’s relative results. The Fund’s overweight to the wireless industry contributed most positively. While we took an idiosyncratic, or individualized, approach to issuers in the wireless industry, we believed that certain wireless companies benefited in terms of industry structure and economics from consolidation in the technology, media and telecommunications space. Partially offsetting this positive contributor was the Fund’s underweight to the strongly performing technology industry, which detracted. We saw the best opportunities in software companies with strong recurring revenue streams, but remained underweight legacy hardware companies, which experienced substantial growth during the work-from-home, school-at-home conditions that dominated amid the COVID-19 pandemic. We had believed there was too much complacency around these legacy hardware companies’ business models.

Past performance is no guarantee of future results.

The S&P/LSTA Leveraged Loan Index (LLI) reflects the market-weighted performance of U.S. dollar-denominated institutional leveraged loan portfolios. The LLI is the only domestic leveraged loan index that utilized real-time market weightings, spreads and interest payments. 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. Indices are not managed and an investor cannot invest directly into an index.

Securities listed may or may not be a part of current portfolio construction.

SunAmerica Senior Floating Rate Fund, Inc.

COMPARISON: FUND vs. INDEX — (unaudited) (continued)

Over the past ten years, $10,000 invested in the Senior Floating Rate Fund Class C shares would have increased to $13,534. The same amount invested in securities mirroring the performance of the S&P/LSTA Leveraged Loan Index and the Bloomberg Barclays U.S. Aggregate Bond Index would be valued at $15,264 and $14,576, respectively.

LOGO


Senior Floating Rate Fund#	Class A				Class C				Class W
Senior Floating Rate Fund#	Average Annual Return		Cumulative Return†		Average Annual Return		Cumulative Return†		Average Annual Return		Cumulative Return†
1 Year Return		-3.16%		0.64%		-0.60%		0.38%		0.99%		0.99%
5 Year Return		3.51%		23.50%		3.98%		21.55%		N/A		N/A
10 Year Return		3.00%		39.58%		3.07%		35.34%		N/A		N/A
Since Inception*		2.93%		56.87%		3.55%		117.83%		2.94%		11.32%

For the purposes of the table, it has been assumed that the maximum sales charge of 3.75% with respect to Class A shares was deducted from the initial investment in the Fund and that the CDSCs with respect to the Class C shares have been deducted, as applicable. Effective September 30, 2020, the maximum sales charge with respect to Class A Shares was lowered to 3.00%.

†

Cumulative returns do not include sales load. If sales load had been included, the return would have been lower.

Inception date: Class A: 10/04/2006; Class C: 08/31/1998; Class W: 04/20/2017

††

The S&P/LSTA Leveraged Loan Index (LLI) reflects the market-weighted performance of U.S. dollar-denominated institutional leveraged loans. The LLI is the only domestic leveraged loan index that utilizes real-time market weightings, spreads and interest payments.

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.

Indices are not managed and an investor cannot invest directly into an index.

The Fund operated as a closed-end investment company with monthly repurchase offers until October 4, 2006, whereupon it converted to an open-end investment company. Information in the graph and table reflects performance of the Fund as a closed-end investment company through October 3, 2006, and the Fund may have performed differently if it were an open-end investment company prior to that date.

For the 12 month period ended December 31, 2020, the AIG Senior Floating Rate Class C returned -0.60% compared to 3.12% for the S&P/LSTA Leveraged Loan Index and 7.51% for the Bloomberg Barclays U.S. Aggregate Bond Index. (The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.)

Performance data quoted represents past performance and is no guarantee of future results. Maximum Sales Charge: Class A: 3.00%; Contingent Deferred Sales Charge (CDSC): Class C: 1.00% CDSC. The fund’s daily net asset values are not guaranteed and shares are not insured by the FDIC, the Federal Reserve Board or any other agency. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be higher or lower than the original cost. Current performance may be higher or lower than that shown. Performance as of the most recent month end is available at www.safunds.com

Harborside 5

185 Hudson Street, Suite 3300

Jersey City, NJ 07311

Directors

Dr. Judith L. Craven

Richard W. Grant

Stephen J. Gutman

Peter A. Harbeck

Eileen A. Kamerick

Officers

John T. Genoy, President and Chief Executive Officer

James Nichols, Vice President

Sharon French, Executive Vice President

Timothy Pettee, Vice President

Christopher C. Joe, Chief Compliance Officer

Gregory N. Bressler, Secretary

Gregory R. Kingston, Treasurer

Kathleen Fuentes, Chief Legal Officer
and Assistant Secretary

Matthew J. Hackethal, Anti-Money Laundering Compliance Officer

Donna McManus, Vice President and Assistant Treasurer

Shawn Parry, Vice President and Assistant Treasurer

Investment Adviser

SunAmerica Asset Management, LLC

Harborside 5

185 Hudson Street, Suite 3300

Jersey City, NJ 07311

Distributor

AIG Capital Services, Inc.

Harborside 5

185 Hudson Street, Suite 3300

Jersey City, NJ 07311

Shareholder Servicing Agent

AIG Fund Services, Inc.

Harborside 5

185 Hudson Street, Suite 3300

Jersey City, NJ 07311

Transfer Agent

DST Asset Manager Solutions, Inc.

303 W 11th Street

Kansas City, MO 64105

Custodian

State Street Bank and Trust Company

One Lincoln St.

Boston, MA 02111

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

A description of the policies and procedures that the Fund uses to determine how to vote proxies related to securities held in the Fund’s portfolio, which is available in the Fund’s Statement of Additional Information may be obtained without charge upon request, by calling (800) 858-8850. This information is also available from the EDGAR database on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

DELIVERY OF SHAREHOLDER DOCUMENTS

The Fund has adopted a policy that allows it to send only one copy of the Fund’s prospectus, proxy material, annual report and semi-annual report (the “shareholder documents”) to shareholders with multiple accounts residing at the same “household.” This practice is called householding and reduces Fund expenses, which benefits you and other shareholders. Unless the Fund receives instructions to the contrary, you will only receive one copy of the shareholder documents. The Fund will continue to household the shareholder documents indefinitely, until we are instructed otherwise. If you do not wish to participate in householding, please contact Shareholder Services at (800) 858-8850 ext. 6010 or send a written request with your name, the name of your fund(s) and your account number(s) to AIG Funds, P.O. Box 219186, Kansas City MO, 64121-9186. We will resume individual mailings for your account within thirty (30) days of receipt of your request.

DISCLOSURE OF QUARTERLY PORTFOLIO HOLDINGS

The Fund is required to file its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT is available on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

PROXY VOTING RECORD ON FUND PORTFOLIO SECURITIES

Information regarding how the Fund voted proxies relating to securities held in the Fund’s portfolio during the most recent twelve month period ended June 30 is available, once filed with the U.S. Securities and Exchange Commission, without charge, upon request, by calling (800) 858-8850 or on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

This report is submitted solely for the general information of shareholders of the Fund. Distribution of this report to persons other than shareholders of the Fund is authorized only in connection with a currently effective prospectus, setting forth details of the Fund, which must precede or accompany this report.

LOGO

Go Paperless!!

Did you know that you have the option to

receive your shareholder reports online?

By choosing this convenient service, you will no longer receive paper copies of Fund documents such as annual reports, semi-annual reports, prospectuses and proxy statements in the mail. Instead, you are provided with quick and easy access to this information via the Internet.

Why Choose Electronic Delivery?

It’s Quick — Fund documents will be received faster than via traditional mail.

It’s Convenient — Elimination of bulky documents from personal files.

It’s Cost Effective — Reduction of your Fund’s printing and mailing costs.

To sign up for electronic delivery, follow

these simple steps:

Go to www.aig.com/funds

Click on the link to “Go Paperless!!”

The email address you provide will be kept strictly confidential. Once your enrollment has been processed, you will begin receiving email notifications when anything you receive electronically is available online.

You can return to www.aig.com/funds at any time to change your email address, edit your preferences or to cancel this service if you choose to resume physical delivery of your Fund documents.

Please note - this option is only available to accounts opened through the Funds.

For information on receiving this report online, see inside back cover.

AIG Funds are advised by SunAmerica Asset Management, LLC (SAAMCo) and distributed by AIG Capital Services, Inc. (ACS), Member FINRA. Harborside 5, 185 Hudson Street, Suite 3300, Jersey City, NJ 07311, 800-858-8850. SAAMCo and ACS are members of American International Group, Inc. (AIG).

This fund report must be preceded by or accompanied by a prospectus.

Investors should carefully consider a Fund’s investment objectives, risks, charges and expenses before investing. The prospectus, containing this and other important information, can be obtained from your financial adviser, the AIG Funds Sales Desk at 800-858-8850, ext. 6003, or at aig.com/funds. Read the prospectus carefully before investing.

LOGO

aig.com/funds

SFANN - 12/20

Item 2.

Code of Ethics

The SunAmerica Senior Floating Rate Fund, Inc. (the “registrant”) has adopted a Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (the “Code”). During the fiscal year ended December 31, 2020, there were no reportable waivers or implicit waivers to a provision of the Code that applies to the registrant’s Principal Executive and Principal Accounting Officers (the “Covered Officers”).

Item 3.

Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that Eileen A. Kamerick, a Director of the registrant, qualifies as an audit committee financial expert, as defined in Item 3(b) of Form N-CSR. Ms. Kamerick is considered to be “independent” for purposes of Item 3(a)(2) of Form N-CSR.

Item 4.

Principal Accountant Fees and Services.

(a) — (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows:


	2019		2020
(a) Audit Fees	$	114,272	$	115,414
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	18,833	$	19,398
(d) All Other Fees	$	0	$	0

Audit Fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings. Tax Fees principally include tax compliance, tax advice, tax planning and preparation of tax returns.

Aggregate fees billed to the investment adviser and Adviser Affiliates (as defined below in Item 4(e)) that are required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X for the last two fiscal years for services rendered by the registrant’s principal accountant were as follows:


	2019		2020
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	0	$	0

(e)

(1) The registrant’s audit committee pre-approves all audit services provided by the registrant’s principal accountant for the registrant and all non-audit services provided by the registrant’s principal accountant for the registrant, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser (“Adviser Affiliates”) that provides ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliate relates directly to the operations and financial reporting of the registrant. The audit committee has not presently established any pre-approval policies and procedures that permit the pre-approval of the above services other than by the full audit committee. Certain de minimis exceptions are allowed for non-audit services in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X as set forth in the registrant’s audit committee charter.

(2) No services included in (b)-(d) above in connection with fees billed to the registrant or the investment adviser or Adviser Affiliates were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

Not applicable.

(g)

The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provides ongoing services to the registrant for 2019 and 2020 were $18,833 and $19,398, respectively.

(h)

Not applicable.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Investments.

Included in Item 1 to the Form.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101)), or this Item 10.

Item 11.

Controls and Procedures.

(a)

An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective.

(b)

There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the most recent fiscal half year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.

Exhibits.

(a)

(1) Code of Ethics applicable to its Principal Executive and Principle Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.406. Code of Ethics.

(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(3) Not applicable.

(4) Not applicable.

(b)

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) and Section 906 of the Sarbanes- Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SunAmerica Senior Floating Rate Fund, Inc.


By:		/s/ John T. Genoy
		John T. Genoy
		President

Date: March 2, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ John T. Genoy
		John T. Genoy
		President

Date: March 2, 2021

By:		/s/ Gregory R. Kingston
		Gregory R. Kingston
		Treasurer

Date: March 2, 2021

Name
and
Age

Position(s)
Held with Trust

Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Matthew J. Hackethal
Age: 49

Anti-Money Laundering (“AML”) Compliance Officer

Acting Chief Compliance Officer, AIG Funds, Anchor Series Trust, Seasons Series Trust, SunAmerica Series Trust, VALIC Company I and VALIC Company II (2016 to 2017); Chief Compliance Officer, SunAmerica (2006 to Present); Chief Compliance Officer, The Variable Annuity Life Insurance Company (2016 to 2017); AML Compliance Officer, AIG Funds, Anchor Series Trust, Seasons Series Trust, SunAmerica Series Trust, VALIC Company I and VALIC Company II (2006 to Present); and Vice President, SunAmerica (2011 to Present).