SunAmerica Specialty Series NPORT-P AIG Focused Growth Fund (Jan 2021 report)

SunAmerica Specialty Series–AIG Commodity Strategy Fund

PORTFOLIO OF INVESTMENTS – January 31, 2021@ – (unaudited)

Security Description	Shares/ Principal Amount			Value (Note 2)
U.S. GOVERNMENT AGENCIES – 2.1%
Federal Farm Credit Bank FRS – 2.1%
0.14% (SOFR + 0.10%) due 05/07/2021	$	50,000		$	50,011
0.19% (1 ML + 0.05%) due 03/01/2021		200,000			200,016
0.22% (1 ML + 0.08%) due 02/01/2021		300,000			300,000
Total U.S. Government Agencies (cost $550,000)					550,027
U.S. GOVERNMENT TREASURIES – 0.9%
United States Treasury Notes FRS – 0.9%
0.22% (3 UTBMM + 0.14%) due 04/30/2021 (cost $249,999)		250,000			250,086
COMMON STOCKS – 1.4%
Investment Companies – 1.4%
Uranium Participation Corp.†(1) (cost $378,951)		105,957			364,583
EXCHANGE–TRADED FUNDS – 0.1%
SPDR Gold Shares†(1) (cost $35,000)		201			34,695
OPTIONS – PURCHASED†(1)(2) – 0.4%
Exchange Traded Call Options		11			53,595
Exchange Traded Put Options		35,509			47,394
Total Options – Purchased (cost $168,745)					100,989
Total Long-Term Investment Securities (cost $1,382,695)					1,300,380
SHORT-TERM INVESTMENT SECURITIES – 62.4%
U.S. Government Treasuries – 62.4%
United States Cash Management Bills 0.08%-0.09% due 05/18/2021		575,000			574,873
0.08% due 07/06/2021		325,000			324,899
0.09%-0.11% due 04/13/2021		625,000			624,932
0.09% due 04/20/2021		325,000			324,958
0.09% due 05/04/2021		400,000			399,908
0.09% due 05/25/2021		300,000			299,934
0.09% due 06/08/2021		325,000			324,920
0.09% due 06/15/2021		300,000			299,930
0.09% due 06/29/2021		425,000			424,881
United States Treasury Bills 0.07% due 03/30/2021		425,000			424,958
0.08% due 02/02/2021		425,000			425,000
0.08%-0.10% due 02/04/2021		900,000			899,997
0.08% due 04/08/2021		335,800			335,758
0.08%-0.09% due 05/27/2021		562,300			562,170
0.09%-0.12% due 02/18/2021		1,100,000			1,099,978
0.09% due 03/09/2021		750,000			749,957
0.09% due 03/16/2021		400,000			399,971
0.09%-0.11% due 03/25/2021		1,050,000			1,049,909
0.09% due 04/01/2021		425,000			424,956
0.09%-0.12% due 04/15/2021		450,000			449,941
0.09% due 04/22/2021		350,000			349,953
0.09% due 05/06/2021		200,000			199,963
0.09% due 05/13/2021		300,000			299,937
0.09% due 06/10/2021		200,000			199,944
0.09% due 06/17/2021		425,000			424,880
0.09% due 06/24/2021		250,000			249,923
0.09% due 07/15/2021		250,000			249,912
0.10% due 02/25/2021		400,000			399,987
0.10% due 03/02/2021		800,000			799,961
0.10% due 07/01/2021		425,000			424,858
0.10% due 07/22/2021		325,000			324,890
0.11% due 03/04/2021		600,000			599,972
0.11% due 04/29/2021		599,700			599,609
0.12% due 03/18/2021		400,000			399,969
0.12% due 03/23/2021		400,000			399,967
Total Short-Term Investment Securities (cost $16,344,795)					16,345,555
REPURCHASE AGREEMENTS – 30.0%
Bank of America Securities LLC Joint Repurchase Agreement(3)		1,110,000			1,110,000
Bank of America Securities LLC Joint Repurchase Agreement(1)(3)		765,000			765,000
Barclays Capital, Inc. Joint Repurchase Agreement(3)		970,000			970,000
Barclays Capital, Inc. Joint Repurchase Agreement(1)(3)		660,000			660,000
BNP Paribas SA Joint Repurchase Agreement(3)		840,000			840,000
BNP Paribas SA Joint Repurchase Agreement(1)(3)		575,000			575,000
Deutsche Bank AG Joint Repurchase Agreement(3)		870,000			870,000
Deutsche Bank AG Joint Repurchase Agreement(1)(3)		595,000			595,000
RBS Securities, Inc. Joint Repurchase Agreement(3)		870,000			870,000
RBS Securities, Inc. Joint Repurchase Agreement(1)(3)		595,000			595,000
Total Repurchase Agreements (cost $7,850,000)					7,850,000
TOTAL INVESTMENTS (cost $25,577,490)		97.3	%		25,495,935
Other assets less liabilities		2.7			706,034
NET ASSETS		100.0	%	$	26,201,969

@ Consolidated (see Note 1)

† Non-income producing security

(1) The security is owned by the AIG Commodity Strategy Cayman Fund, Ltd., which is wholly-owned subsidiary of the AIG Commodity Strategy Fund.

(2) Options – Purchased

Exchange Traded Call Options(a)

Issue	Expiration Month		Strike Price		No. of Contracts		Notional Amount*		Premiums Paid		Value at January 31, 2021		Unrealized Appreciation (Depreciation)
Gold		April 2021	$	1,800		2	$	158	$	16,723	$	15,840	$	(883	)
Natural Gas		March 2021		3.25		6		8		25,140		690		(24,450	)
Silver		March 2021		25.50		3		354		22,655		37,065		14,410
									$	64,518	$	53,595	$	(10,923	)

* Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index.

Exchange Traded Put Options(a)

Issue	Expiration Month		Strike Price		No. of Contracts		Notional Amount*		Premiums Paid		Value at January 31, 2021		Unrealized Appreciation (Depreciation)
Brent Crude Oil		May 2021	$	52		13	$	256	$	35,100	$	25,610	$	(9,490	)
Commodity Index		May 2021		70		17,732		25		25,641		3,518		(22,123	)
Commodity Index		June 2021		73		17,762		109		31,736		15,110		(16,626	)
Copper		March 2021		7,400		2		32		11,750		3,156		(8,594	)
									$	104,227	$	47,394	$	(56,833	)

* Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index.

(3) See Note 3 for details of Joint Repurchase Agreements.

FRS – Floating Rate Security

The rates shown on FRS are the current rates as of January 31, 2021 and unless otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML – 1 Month USD LIBOR

SOFR – Secured Overnight Financing Rate

3 UTBMM – US Treasury 3 Month Bill Money Market Yield

Exchange Traded Written Call Options(a)

Issue	Expiration Month		Strike Price		No. of Contracts		Notional Amount*		Premiums Paid		Value at January 31, 2021		Unrealized Appreciation (Depreciation)
Gold		April 2021	$	2,100		3	$	20	$	4,795	$	1,515	$	3,280

* Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index.

Exchange Traded Written Put Options(a)

Issue	Expiration Month		Strike Price		No. of Contracts		Notional Amount*		Premiums Paid		Value at January 31, 2021		Unrealized Appreciation (Depreciation)
Brent Crude Oil		May 2021	$	42		13	$	64	$	9,750	$	6,370	$	3,380
Commodity Index		May 2021		63		17,732		1		1,962		161		1,801
Commodity Index		June 2021		65		17,762		10		4,095		1,633		2,462
Copper		March 2021		6,500		2		3		2,050		262		1,788
									$	17,857	$	8,426	$	9,431

* Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index.

Futures Contracts(a)

Number of Contracts	Type		Description	Expiration Month	Notional Basis**		Notional Value**		Unrealized Appreciation
7		Long	Aluminum Futures	March 2021		$340,727		$344,379	$	3,652
27		Long	Brent Crude Futures	April 2021		1,359,550		1,486,080		126,530
8		Long	Coffee Futures	March 2021		330,450		368,850		38,400
9		Long	Copper Futures	March 2021		1,638,787		1,768,444		129,657
3		Short	Copper Futures	March 2021		595,205		589,481		5,724
36		Long	Corn Futures	March 2021		835,162		984,600		149,438
4		Long	Corn Futures	July 2021		82,212		107,300		25,088
4		Long	Cotton Futures	March 2021		142,430		161,280		18,850
9		Long	Gasoline Futures	March 2021		584,531		586,921		2,390
13		Long	Gold Futures	April 2021		2,399,480		2,405,390		5,910
8		Long	Lean Hogs Futures	April 2021		232,566		245,280		12,714
11		Long	Live Cattle Futures	April 2021		518,210		536,140		17,930
6		Short	Natural Gas Futures	April 2021		170,533		155,520		15,013
2		Long	Natural Gas Futures	May 2021		51,050		52,500		1,450
2		Long	Natural Gas Futures	June 2021		51,050		53,660		2,610
2		Long	Natural Gas Futures	July 2021		51,050		55,040		3,990
2		Long	Natural Gas Futures	August 2021		50,500		55,500		5,000
2		Long	Natural Gas Futures	September 2021		50,500		55,320		4,820
2		Long	Natural Gas Futures	October 2021		51,050		55,800		4,750
9		Long	Nickel Futures	March 2021		870,223		954,369		84,146
5		Long	NY Harbor ULSD Futures	March 2021		334,076		335,664		1,588
5		Long	Platinum Futures	April 2021		258,745		269,800		11,055
5		Long	Silver Futures	March 2021		610,490		672,850		62,360
17		Long	Soybean Futures	March 2021		987,337		1,164,500		177,163
21		Long	Soybean Meal Futures	March 2021		784,651		905,100		120,449
26		Long	Soybean Oil Futures	March 2021		589,560		696,072		106,512
33		Long	Sugar Futures	March 2021		480,581		585,077		104,496
4		Long	Wheat Futures	March 2021		121,712		132,600		10,888
1		Long	Wheat Futures	July 2021		30,375		32,150		1,775
7		Long	Wheat Futures	March 2021		196,875		223,300		26,425
23		Long	WTI Crude Futures	March 2021		1,108,530		1,200,600		92,070
2		Short	Zinc Futures	March 2021		138,397		128,500		9,897
									$	1,382,740
									Unrealized (Depreciation)
6		Long	Brent Crude Oil Futures	May 2021		337,750		328,860	$	(8,890	)
3		Short	Brent Crude Oil Futures	December 2023		144,750		151,110		(6,360	)
3		Short	Coffee Futures	December 2021		145,650		147,094		(1,444	)
13		Short	Corn Futures	December 2022		258,150		266,338		(8,188	)
6		Short	Lean Hogs Futures	June 2021		195,950		209,520		(13,570	)
12		Long	Low Sulfur Gasoline Futures	March 2021		552,697		542,700		(9,997	)
58		Long	Natural Gas Futures	March 2021		1,575,909		1,487,120		(88,789	)
2		Short	Natural Gas Futures	April 2023		46,440		47,500		(1,060	)
2		Short	Natural Gas Futures	May 2023		46,550		46,880		(330	)
4		Short	Natural Gas Futures	June 2023		93,196		95,440		(2,244	)
4		Short	Natural Gas Futures	July 2023		93,485		97,440		(3,955	)
2		Short	Natural Gas Futures	August 2023		46,440		48,920		(2,480	)
2		Short	Natural Gas Futures	September 2023		46,400		48,620		(2,220	)
2		Short	Natural Gas Futures	October 2023		46,550		49,180		(2,630	)
4		Short	Nickel Futures	March 2021		371,760		424,164		(52,404	)
2		Short	Wheat Futures	December 2021		62,350		64,325		(1,975	)
5		Long	Zinc Futures	March 2021		331,389		321,250		(10,139	)
4		Long	Zinc Futures	December 2021		274,075		260,875		(13,200	)
									$	(229,875	)
			Net Unrealized Appreciation (Depreciation)						$	1,152,865

** Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

ULSD – Ultra Low Sulfur Diesel Futures

Over the Counter Total Return Swap Contracts(a)

Swap Counterparty	Notional Amount (000’s)		Maturity Date		Payments Received (Paid) by the Portfolio/Frequency	Total Return Received or Paid by Portfolio/Frequency	Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
JPMorgan		8,442		03/31/2021	(0.090)%/Monthly	Bloomberg Commodity Index/Monthly		–		–
JPMorgan		121		04/30/2021	(0.090)%/Monthly	Bloomberg Commodity Index/Monthly		–		–
JPMorgan		205		05/31/2021	(0.090)%/Monthly	Bloomberg Commodity Index/Monthly		–		–
							$	–	$	–

(a) The security is owned by the AIG Commodity Strategy Cayman Fund, Ltd. which is a wholly-owned subsidiary of the AIG Commodity Strategy Fund.

The following is a summary of the inputs used to value the Fund’s net assets as of January 31, 2021 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
U.S. Government Agencies	$	–	$	550,027	$	–	$	550,027
U.S. Government Treasuries		–		250,086		–		250,086
Common Stocks		364,583		–		–		364,583
Exchange-Traded Funds		34,695		–		–		34,695
Options-Purchased		100,989		–		–		100,989
Short-Term Investment Securities		–		16,345,555		–		16,345,555
Repurchase Agreements		–		7,850,000		–		7,850,000
Total Investments at Value	$	500,267	$	24,995,668	$	–	$	25,495,935
Other Financial Instruments:†
Exchange Traded Written Call Options	$	3,280	$	–	$	–	$	3,280
Exchange Traded Written Put Options		9,431		–		–		9,431
Futures Contracts		1,382,740		–		–		1,382,740
	$	1,395,451	$	–	$	–	$	1,395,451
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	229,875	$	–	$	–	$	229,875

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

† Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

@ Consolidated (see Note 1)

See Notes to Portfolio of Investments

SunAmerica Specialty Series–AIG ESG Dividend Fund

PORTFOLIO OF INVESTMENTS – January 31, 2021 – (unaudited)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS – 97.9%
Advertising Agencies – 1.9%
Omnicom Group, Inc.		13,271		$	827,845
Apparel Manufacturers – 2.5%
Hanesbrands, Inc.		73,439			1,122,882
Auto-Heavy Duty Trucks – 3.3%
Cummins, Inc.		6,189			1,450,825
Beverages-Non-alcoholic – 4.1%
Coca-Cola Co.		17,077			822,257
PepsiCo, Inc.		7,068			965,277
					1,787,534
Commercial Services-Finance – 2.7%
Automatic Data Processing, Inc.		7,257			1,198,276
Computers – 4.5%
Hewlett Packard Enterprise Co.		70,375			868,428
HP, Inc.		46,477			1,131,250
					1,999,678
Consumer Products-Misc. – 2.1%
Kimberly-Clark Corp.		6,999			924,568
Containers-Paper/Plastic – 2.3%
Amcor PLC		91,434			1,000,288
Cosmetics & Toiletries – 2.4%
Colgate-Palmolive Co.		13,361			1,042,158
Data Processing/Management – 2.6%
Paychex, Inc.		13,160			1,149,131
Distribution/Wholesale – 2.9%
Fastenal Co.		28,077			1,280,030
Diversified Manufacturing Operations – 2.5%
Illinois Tool Works, Inc.		5,608			1,089,130
Electronic Components-Semiconductors – 3.1%
Texas Instruments, Inc.		8,187			1,356,504
Finance-Credit Card – 1.9%
Western Union Co.		37,037			824,814
Food-Misc./Diversified – 9.2%
Campbell Soup Co.		20,611			991,595
General Mills, Inc.		19,121			1,110,930
Ingredion, Inc.		14,444			1,090,089
Kellogg Co.		14,562			858,284
					4,050,898
Home Decoration Products – 3.5%
Newell Brands, Inc.		65,040			1,562,261
Human Resources – 6.0%
ManpowerGroup, Inc.		13,327			1,178,640
Robert Half International, Inc.		21,534			1,453,545
					2,632,185
Insurance-Property/Casualty – 2.3%
First American Financial Corp.		19,473			1,018,243
Internet Security – 2.2%
NortonLifeLock, Inc.		46,671			983,358
Investment Management/Advisor Services – 8.0%
Franklin Resources, Inc.		39,424			1,036,457
Invesco, Ltd.		57,271			1,179,210
T. Rowe Price Group, Inc.		8,354			1,307,234
					3,522,901
Machinery-Construction & Mining – 3.2%
Caterpillar, Inc.		7,690			1,406,040
Medical-Biomedical/Gene – 4.8%
Amgen, Inc.		4,631			1,118,062
Gilead Sciences, Inc.		15,111			991,282
					2,109,344
Networking Products – 2.2%
Cisco Systems, Inc.		21,585			962,259
Office Automation & Equipment – 1.3%
Xerox Holdings Corp.		27,520			578,746
Oil Companies-Exploration & Production – 1.5%
ConocoPhillips		16,866			675,146
Oil-Field Services – 2.1%
Baker Hughes Co.		46,264			929,444
Real Estate Investment Trusts – 2.4%
Iron Mountain, Inc.		31,593			1,063,736
Retail-Building Products – 2.7%
Home Depot, Inc.		4,327			1,171,838
Retail-Consumer Electronics – 2.9%
Best Buy Co., Inc.		11,702			1,273,412
Toys – 2.1%
Hasbro, Inc.		9,815			920,843
Transport-Services – 2.7%
C.H. Robinson Worldwide, Inc.		13,962			1,194,589
Total Long-Term Investment Securities (cost $38,243,926)					43,108,906
REPURCHASE AGREEMENTS – 1.5%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 01/29/2021, to be repurchased 02/01/2021 in the amount of $660,000 and collateralized by $674,100 of United States Treasury Notes, bearing interest at 0.13% due 12/15/2023 and having an approximate value of $673,204 (cost $660,000)	$	660,000			660,000
TOTAL INVESTMENTS (cost $38,903,926)		99.4	%		43,768,906
Other assets less liabilities		0.6			276,129
NET ASSETS		100.0	%	$	44,045,035

The following is a summary of the inputs used to value the Fund’s net assets as of January 31, 2021 (see Note 2):

	Level 1 – Unadjusted Quoted Prices		Level 2 – Other Observable Inputs		Level 3 – Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	43,108,906	$	–	$	–	$	43,108,906
Repurchase Agreements		–		660,000		–		660,000
Total Investments at Value	$	43,108,906	$	660,000	$	–	$	43,768,906

* For a detailed presentation of investments, please refer to the Portfolio of Investments.    

See Notes to Portfolio of Investments

SunAmerica Specialty Series - AIG Focused Alpha Large-Cap Fund

PORTFOLIO OF INVESTMENTS — January 31, 2021 — (unaudited)

Security Description	Shares			Value (Note 2)
COMMON STOCKS — 97.5%
Aerospace/Defense — 5.1%
BAE Systems PLC ADR		1,375,754		$	35,255,072
Applications Software — 12.0%
Microsoft Corp.		163,189			37,853,321
ServiceNow, Inc.†		82,713			44,926,393
					82,779,714
Auto-Cars/Light Trucks — 5.5%
General Motors Co.		747,991			37,908,184
Banks-Super Regional — 2.6%
Wells Fargo & Co.		611,347			18,267,048
Beverages-Non-alcoholic — 4.3%
Coca-Cola Co.		617,827			29,748,370
Commercial Services-Finance — 9.1%
PayPal Holdings, Inc.†		137,232			32,154,830
S&P Global, Inc.		96,743			30,667,531
					62,822,361
Cosmetics & Toiletries — 5.0%
Unilever PLC ADR		589,366			34,383,612
Diagnostic Equipment — 4.6%
Danaher Corp.		133,369			31,720,483
E-Commerce/Products — 5.6%
Amazon.com, Inc.†		12,013			38,516,081
E-Commerce/Services — 3.4%
Uber Technologies, Inc.†		459,870			23,421,179
Finance-Credit Card — 4.5%
Visa, Inc., Class A		159,293			30,783,372
Internet Content-Entertainment — 5.9%
Facebook, Inc., Class A†		156,307			40,378,787
Medical-Drugs — 5.3%
Sanofi ADR		772,325			36,461,463
Medical-HMO — 4.8%
Anthem, Inc.		112,556			33,426,881
Multimedia — 6.0%
Walt Disney Co.†		244,263			41,077,709
Networking Products — 5.5%
Cisco Systems, Inc.		845,341			37,685,302
Oil Refining & Marketing — 3.2%
Marathon Petroleum Corp.		508,222			21,934,862
Retail-Discount — 5.1%
Dollar Tree, Inc.†		347,699			35,347,080
Total Long-Term Investment Securities (cost $525,307,112)					671,917,560
SHORT-TERM INVESTMENT SECURITIES — 0.0%
Registered Investment Companies — 0.0%
State Street Institutional Liquid Reserves Fund, Premier Class 0.08%(1) (cost $64)		64			64
TOTAL INVESTMENTS (cost $525,307,176)		97.5	%		671,917,624
Other assets less liabilities		2.5			17,541,342
NET ASSETS		100.0	%	$	689,458,966

† Non-income producing security

(1) The rate shown is the 7-day yield as of January 31, 2021.

ADR – American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of January 31, 2021 (see Note 2):
	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs
ASSETS:
Investments at Value:*
Common Stocks	$	671,917,560	$	–	$	–	671,917,560
Short-Term Investment Securities		64		–		–	64
Total Investments at Value	$	671,917,624	$	–	$	–	671,917,624

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Portfolio of Investments

SunAmerica Specialty Series - AIG Focused Growth Fund

PORTFOLIO OF INVESTMENTS — January 31, 2021 — (unaudited)

Security Description	Shares			Value (Note 2)
COMMON STOCKS — 94.0%
Applications Software — 11.7%
Microsoft Corp.		189,290		$	43,907,708
ServiceNow, Inc.†		75,198			40,844,546
					84,752,254
Auto-Cars/Light Trucks — 14.5%
Tesla, Inc.†		132,000			104,745,960
Commercial Services — 1.5%
CoStar Group, Inc.†		12,000			10,796,520
Commercial Services-Finance — 10.2%
PayPal Holdings, Inc.†		169,984			39,828,951
S&P Global, Inc.		106,856			33,873,352
					73,702,303
Consulting Services — 0.4%
Gartner, Inc.†		18,000			2,734,380
Diagnostic Equipment — 5.9%
Danaher Corp.		160,359			38,139,785
Neogen Corp.†		50,500			4,083,935
					42,223,720
Diagnostic Kits — 2.2%
IDEXX Laboratories, Inc.†		33,500			16,035,780
E-Commerce/Products — 6.2%
Amazon.com, Inc.†		13,935			44,678,397
E-Commerce/Services — 5.3%
Uber Technologies, Inc.†		498,863			25,407,093
Zillow Group, Inc., Class A†		92,825			12,876,684
					38,283,777
Enterprise Software/Service — 2.2%
Guidewire Software, Inc.†		70,000			8,031,800
Pegasystems, Inc.		62,500			7,965,625
					15,997,425
Finance-Credit Card — 5.1%
Visa, Inc., Class A		191,645			37,035,396
Finance-Investment Banker/Broker — 1.4%
Charles Schwab Corp.		201,000			10,359,540
Hotels/Motels — 2.8%
Hyatt Hotels Corp., Class A		309,000			20,288,940
Insurance-Property/Casualty — 1.3%
Arch Capital Group, Ltd.†		217,000			6,815,970
Kinsale Capital Group, Inc.		15,000			2,813,400
					9,629,370
Internet Content-Entertainment — 5.6%
Facebook, Inc., Class A†		157,437			40,670,700
Multimedia — 7.9%
FactSet Research Systems, Inc.		40,000			12,093,600
Walt Disney Co.†		266,250			44,775,262
					56,868,862
Professional Sports — 1.2%
Manchester United PLC, Class A		595,397			8,579,671
Racetracks — 2.5%
Penn National Gaming, Inc.†		175,000			18,151,000
Real Estate Investment Trusts — 0.4%
American Homes 4 Rent, Class A		100,000			3,023,000
Resorts/Theme Parks — 3.6%
Marriott Vacations Worldwide Corp.		33,850			4,155,426
Vail Resorts, Inc.		81,000			21,542,760
					25,698,186
Satellite Telecom — 1.1%
Iridium Communications, Inc.†		166,500			8,203,455
Schools — 1.0%
Bright Horizons Family Solutions, Inc.†		48,500			7,370,545
TOTAL INVESTMENTS (cost $389,595,098)		94.0	%		679,829,181
Other assets less liabilities		6.0			43,564,919
NET ASSETS		100.0	%	$	723,394,100

† Non-income producing security

The following is a summary of the inputs used to value the Fund’s net assets as of January 31,2021 (see Note 2):
	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 -  Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	679,829,181	$	–	$	–	$	679,829,181
*   For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Portfolio of Investments

SunAmerica Specialty Series–AIG Income Explorer Fund

PORTFOLIO OF INVESTMENTS – January 31, 2021 – (unaudited)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS – 60.8%
Advertising Agencies – 1.7%
Interpublic Group of Cos., Inc.		13,840	$	333,129
Omnicom Group, Inc.		5,022		313,272
				646,401
Aerospace/Defense – 0.8%
General Dynamics Corp.		1,913		280,599
Appliances – 0.8%
Whirlpool Corp.		1,553		287,445
Beverages-Non-alcoholic – 2.3%
Coca-Cola Co.		5,365		258,325
Coca-Cola European Partners PLC		7,152		332,353
PepsiCo, Inc.		1,998		272,867
				863,545
Brewery – 0.8%
AMBEV SA		104,000		287,210
Cellular Telecom – 0.8%
Orange SA		24,385		286,713
Computer Services – 0.8%
International Business Machines Corp.		2,453		292,177
Computers – 1.9%
Hewlett Packard Enterprise Co.		28,890		356,502
HP, Inc.		14,847		361,376
				717,878
Computers-Memory Devices – 2.0%
NetApp, Inc.		5,834		387,611
Seagate Technology PLC		5,262		347,923
				735,534
Containers-Paper/Plastic – 0.7%
Amcor PLC		24,094		263,588
Cosmetics & Toiletries – 0.7%
Unilever PLC		4,554		265,441
Diversified Manufacturing Operations – 0.8%
3M Co.		1,698		298,271
Diversified Minerals – 1.0%
BHP Group PLC		13,090		359,650
Electronic Components-Misc. – 1.1%
Hon Hai Precision Industry Co., Ltd.		100,000		398,929
Electronic Components-Semiconductors – 0.9%
Broadcom, Inc.		765		344,632
Finance-Credit Card – 0.8%
Western Union Co.		13,669		304,409
Food-Confectionery – 0.8%
J.M. Smucker Co.		2,399		279,268
Food-Dairy Products – 0.8%
Danone SA		4,477		298,281
Food-Meat Products – 0.8%
Tyson Foods, Inc., Class A		4,704		302,514
Food-Misc./Diversified – 3.0%
Conagra Brands, Inc.		8,094		280,052
General Mills, Inc.		4,800		278,880
Kellogg Co.		4,381		258,216
Kraft Heinz Co.		9,170		307,287
				1,124,435
Food-Retail – 0.8%
Koninklijke Ahold Delhaize NV		10,506		300,641
Home Decoration Products – 1.0%
Newell Brands, Inc.		14,613		351,004
Human Resources – 0.8%
Adecco Group AG		4,988		312,356
Instruments-Controls – 0.8%
ABB, Ltd.		10,604		312,963
Medical-Biomedical/Gene – 0.8%
Amgen, Inc.		1,195		288,509
Medical-Drugs – 5.5%
AbbVie, Inc.		2,929		300,164
GlaxoSmithKline PLC		14,884		276,501
Johnson & Johnson		1,944		317,125
Novartis AG		3,347		302,753
Pfizer, Inc.		7,465		267,994
Sanofi		2,800		263,070
Takeda Pharmaceutical Co., Ltd.		8,500		298,030
				2,025,637
Medical-Wholesale Drug Distribution – 0.7%
Cardinal Health, Inc.		5,112		274,668
Metal-Diversified – 1.8%
MMC Norilsk Nickel PJSC ADR		10,699		342,670
Rio Tinto, Ltd.		4,074		341,474
				684,144
Networking Products – 0.9%
Cisco Systems, Inc.		7,309		325,835
Pharmacy Services – 0.8%
CVS Health Corp.		4,136		296,344
Real Estate Investment Trusts – 19.2%
Agree Realty Corp.		1,785		112,812
Alexandria Real Estate Equities, Inc.		730		121,990
American Homes 4 Rent, Class A		3,952		119,469
American Tower Corp.		494		112,316
Americold Realty Trust		3,233		112,864
Armada Hoffler Properties, Inc.		11,481		123,421
AvalonBay Communities, Inc.		698		114,242
Boston Properties, Inc.		1,309		119,473
Camden Property Trust		1,178		120,333
CareTrust REIT, Inc.		6,191		139,050
Columbia Property Trust, Inc.		9,749		132,586
Community Healthcare Trust, Inc.		2,479		110,861
CoreSite Realty Corp.		928		124,760
Cousins Properties, Inc.		3,776		119,095
Crown Castle International Corp.		709		112,915
Digital Realty Trust, Inc.		833		119,910
Duke Realty Corp.		2,928		115,832
Easterly Government Properties, Inc.		5,556		121,954
EastGroup Properties, Inc.		817		110,409
Equinix, Inc.		155		114,694
Equity LifeStyle Properties, Inc.		1,923		116,995
Equity Residential		2,000		123,280
Essential Properties Realty Trust, Inc.		6,095		126,898
Extra Space Storage, Inc.		1,025		116,635
Four Corners Property Trust, Inc.		4,187		110,369
Gaming and Leisure Properties, Inc.		2,915		119,894
GEO Group, Inc.		13,608		121,656
Getty Realty Corp.		4,161		110,558
Gladstone Land Corp.		8,268		130,138

Healthcare Realty Trust, Inc.	3,715		111,487
Healthpeak Properties, Inc.	4,002		118,659
Hudson Pacific Properties, Inc.	4,815		112,864
Independence Realty Trust, Inc.	8,708		115,642
Industrial Logistics Properties Trust	5,596		118,691
Invitation Homes, Inc.	4,116		121,340
Iron Mountain, Inc.	4,569		153,838
Kilroy Realty Corp.	1,976		111,901
Medical Properties Trust, Inc.	6,085		128,454
Mid-America Apartment Communities, Inc.	908		120,537
National Health Investors, Inc.	1,862		120,732
National Retail Properties, Inc.	3,036		118,404
National Storage Affiliates Trust	3,239		118,353
Paramount Group, Inc.	15,073		133,999
Physicians Realty Trust	6,407		112,955
Prologis, Inc.	1,153		118,990
Public Storage	505		114,948
QTS Realty Trust, Inc., Class A	1,870		121,737
Realty Income Corp.	1,895		111,919
Rexford Industrial Realty, Inc.	2,363		115,645
SBA Communications Corp.	397		106,662
STAG Industrial, Inc.	3,798		113,180
STORE Capital Corp.	3,811		118,217
Sun Communities, Inc.	830		118,798
Terreno Realty Corp.	1,962		111,010
UDR, Inc.	3,080		118,426
VEREIT, Inc.	3,241		114,181
VICI Properties, Inc.	4,634		117,148
Vornado Realty Trust	3,125		124,250
Welltower, Inc.	1,847		111,928
WP Carey, Inc.	1,700		112,880
			7,123,184
Real Estate Operations & Development – 0.7%
Sunac China Holdings, Ltd.	69,000		258,147
Retail-Restaurants – 0.8%
Restaurant Brands International, Inc.	5,006		288,753
Semiconductor Equipment – 1.2%
Globalwafers Co., Ltd.	20,000		440,703
Telecom Services – 0.8%
BCE, Inc.	6,663		282,621
Telecommunication Equipment – 0.9%
Juniper Networks, Inc.	13,362		326,300
Total Common Stocks (cost $21,453,150)			22,528,729
PREFERRED SECURITIES – 37.9%
Banks-Commercial – 4.3%
First Citizens BancShares, Inc. Series A 5.38%	11,105		296,059
First Republic Bank Series J 4.70%	11,260		289,945
First Republic Bank Series I 5.50%	9,500		256,500
Merchants Bancorp Series B 6.00%	8,000		210,640
Synovus Financial Corp. Series E 5.88%	10,600		284,080
Truist Financial Corp. Series O 5.25%	9,800		269,010
		��
			1,606,234
Banks-Fiduciary – 2.3%
Northern Trust Corp. Series E 4.70%.	11,000		294,800
State Street Corp. Series G 5.35%	10,000		285,500
State Street Corp. Series D 5.90%	10,000		283,500
			863,800
Banks-Super Regional – 4.3%
PNC Financial Services Group, Inc. Series P 6.13%	7,500		198,000
US Bancorp FRS (3ML+0.60%) Series B 3.50%	12,000		288,720
US Bancorp Series K 5.50%	10,300		280,778
US Bancorp Series F 6.50%	6,000		157,080
Wells Fargo & Co. Series Z 4.75%	9,000		225,180
Wells Fargo & Co. Series Q 5.85%	5,500		145,585
Wells Fargo & Co. Series R 6.63%	10,414		299,298
			1,594,641
Closed-End Funds – 1.5%
Gabelli Equity Trust, Inc. Series K 5.00%	10,949		285,331
Highland Income Fund Series A 5.38%	11,200		287,240
			572,571
Diversified Banking Institutions – 3.5%
Bank of America Corp. FRS (3 ML+0.50%) Series 5 4.00%	7,700		190,960
Bank of America Corp. Series KK 5.38%	9,000		244,350
JPMorgan Chase & Co. Series GG 4.75%	7,000		183,400

JPMorgan Chase & Co. Series DD 5.75%.	7,500	202,875
JPMorgan Chase & Co. Series EE 6.00%.	7,497	205,193
Morgan Stanley Series K 5.85%	10,000	286,000
		1,312,778
Electric-Generation – 0.8%
Brookfield Renewable Partners LP Series 17 5.25%	11,375	302,348
Electric-Integrated – 0.8%
Duke Energy Corp. Series A 5.75%	10,472	291,855
Electric-Transmission – 0.6%
Brookfield Infrastructure Partners LP Series 13 5.13%	8,100	206,226
Finance-Investment Banker/Broker – 0.8%
Charles Schwab Corp. Series D 5.95%	11,000	284,240
Gas-Distribution – 0.6%
Spire, Inc. Series A 5.90%	8,500	234,175
Insurance-Life/Health – 1.8%
Athene Holding, Ltd. Series A 6.35%	10,000	286,200
Athene Holding, Ltd. Series C 6.38%	6,000	165,120
Brighthouse Financial, Inc. Series B 6.75%	7,500	206,625
		657,945
Insurance-Multi-line – 4.8%
Aegon NV FRS (3 ML+0.88%) Series 1 4.00%	9,800	248,038
Allstate Corp. Series I 4.75%	10,300	275,010
Allstate Corp. 5.10%	11,000	296,670
Hartford Financial Services Group, Inc. Series G 6.00%	10,300	287,164
Hartford Financial Services Group, Inc. 7.88%	6,000	164,700
MetLife, Inc. Series F 4.75%	7,000	182,000
MetLife, Inc. Series E 5.63%	6,000	165,540
Voya Financial, Inc. Series B 5.35%	5,500	152,900
		1,772,022
Insurance-Property/Casualty – 1.5%
Arch Capital Group, Ltd. Series E 5.25%	11,000	282,700
Arch Capital Group, Ltd. Series F 5.45%	11,000	292,380
		575,080
Insurance-Reinsurance – 3.1%
Axis Capital Holdings, Ltd. Series E 5.50%	11,200	287,504
PartnerRe, Ltd. Series I 5.88%	10,800	276,264
Reinsurance Group of America, Inc. 6.20%	10,903	293,945
RenaissanceRe Holdings, Ltd. Series F 5.75%	10,000	276,500
		1,134,213
Investment Companies – 0.7%
Oaktree Capital Group LLC Series B 6.55%	8,800	242,088
Investment Management/Advisor Services – 0.8%
Ares Management Corp. Series A 7.00%	11,000	284,240
Pipelines – 1.9%
Energy Transfer Partners LP Series C 7.38%	9,000	188,100
Energy Transfer Operating LP Series E 7.60%	8,130	179,023
Energy Transfer Operating LP Series D 7.63%	6,940	149,279
NGL Energy Partners LP Series B 9.00%	20,000	205,000
		721,402
Private Equity – 1.3%
Apollo Global Management, Inc. Series B 6.38%	8,500	228,905
KKR & Co, Inc. Series A 6.75%	10,400	268,216
		497,121
Real Estate Investment Trusts – 2.0%
Annaly Capital Management, Inc. Series G 6.50%	5,000	122,900
Public Storage Series L 4.63%	10,972	287,686

Two Harbors Investment Corp. Series C 7.25%		14,246			321,959
					732,545
Savings & Loans/Thrifts – 0.5%
New York Community Bancorp, Inc. Series A 6.38%		6,000			172,140
Total Preferred Securities (cost $13,914,252)					14,057,664
Total Long-Term Investment Securities (cost $35,367,402)					36,586,393
REPURCHASE AGREEMENTS – 1.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 01/29/2021, to be repurchased 02/01/2021 in the amount of $473,000 and collateralized by $483,200 of United States Treasury Notes, bearing interest at 0.13% due 12/15/2023 and having an approximate value of $482,558 (cost $473,000)	$	473,000			473,000
TOTAL INVESTMENTS (cost $35,840,402)		100.0	%		37,059,393
Other assets less liabilities		0.0			14,105
NET ASSETS		100.0	%	$	37,073,498

† Non-income producing security

ADR – American Depositary Receipt

FRS – Floating Rate Security

The rates shown on FRS are the current interest rates at January 31, 2021 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

3 ML – 3 Month USD LIBOR

The following is a summary of the inputs used to value the Fund’s net assets as of January 31, 2021 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	17,470,407	$	5,058,322	**	$	–	$	22,528,729
Preferred Securities		14,057,664		–			–		14,057,664
Repurchase Agreements		–		473,000			–		473,000
Total Investments at Value	$	31,528,071	$	5,531,322		$	–	$	37,059,393

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

See Notes to Portfolio of Investments

SunAmerica Specialty Series–AIG Small-Cap Quality Fund @

PORTFOLIO OF INVESTMENTS – January 31, 2021 – (unaudited)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS – 98.9%
Aerospace/Defense-Equipment – 2.3%
Aerojet Rocketdyne Holdings, Inc.†		17,849	$	928,862
Apparel Manufacturers – 1.3%
Deckers Outdoor Corp.†		1,851		540,455
Athletic Equipment – 0.8%
YETI Holdings, Inc.†		5,215		343,251
Banks-Commercial – 8.6%
First Commonwealth Financial Corp.		73,566		862,929
Hancock Whitney Corp.		26,400		901,296
Heritage Commerce Corp.		84,466		741,612
Hope Bancorp, Inc.		88,672		991,353
				3,497,190
Batteries/Battery Systems – 2.3%
EnerSys		11,298		929,035
Building & Construction Products-Misc. – 1.5%
Louisiana-Pacific Corp.		16,411		623,782
Building & Construction-Misc. – 1.6%
TopBuild Corp.†		3,217		643,239
Building-Residential/Commercial – 2.4%
TRI Pointe Group, Inc.†		47,365		956,773
Casino Services – 0.9%
Caesars Entertainment, Inc.†		5,441		382,992
Chemicals-Diversified – 0.0%
ESC Aceto Chemicals, Inc.†(1)		1		0
Chemicals-Specialty – 2.0%
Minerals Technologies, Inc.		13,258		817,091
Computer Data Security – 2.6%
Qualys, Inc.†		7,784		1,077,851
Computers-Integrated Systems – 1.9%
NetScout Systems, Inc.†		26,827		784,287
Diagnostic Equipment – 2.7%
BioTelemetry, Inc.†		7,897		564,320
Neogen Corp.†		6,405		517,972
				1,082,292
Diagnostic Kits – 0.6%
Natera, Inc.†		2,088		222,664
E-Commerce/Services – 1.0%
Stamps.com, Inc.†		1,756		400,912
Electronic Components-Misc. – 3.1%
Vishay Intertechnology, Inc.		58,015		1,250,223
Energy-Alternate Sources – 2.2%
Plug Power, Inc.†		9,015		569,478
Sunrun, Inc.†		4,524		313,377
				882,855
Engineering/R&D Services – 0.9%
Fluor Corp.		21,051		363,972
Enterprise Software/Service – 3.3%
Blackline, Inc.†		3,931		509,536
SPS Commerce, Inc.†		8,629		853,322
				1,362,858
Finance-Commercial – 0.0%
NewStar Financial, Inc. CVR†(1)		360		194
Health Care Cost Containment – 1.1%
HealthEquity, Inc.†		5,553		463,953
Identification Systems – 2.4%
Brady Corp., Class A		21,260		976,047
Insurance-Property/Casualty – 1.0%
Kinsale Capital Group, Inc.		2,121		397,815
Internet Connectivity Services – 1.1%
Cogent Communications Holdings, Inc.		7,928		451,500
Investment Management/Advisor Services – 1.5%
Federated Hermes, Inc.		22,620		610,740
Lasers-System/Components – 0.9%
II-VI, Inc.†		4,155		349,311
Medical Labs & Testing Services – 1.7%
Invitae Corp.†		4,198		207,885
Medpace Holdings, Inc.†		3,678		488,402
				696,287
Medical Products – 1.2%
Omnicell, Inc.†		4,199		494,642
Medical-Biomedical/Gene – 9.8%
Alder Biopharmaceuticals, Inc. CVR†(1)		708		623
Amicus Therapeutics, Inc.†		8,242		155,856
Arrowhead Pharmaceuticals, Inc.†		2,648		204,346
Biohaven Pharmaceutical Holding Co., Ltd.†		2,804		238,957
Blueprint Medicines Corp.†		2,926		283,090
Denali Therapeutics, Inc.†		1,936		132,616
Dicerna Pharmaceuticals, Inc.†		14,581		327,635
Emergent BioSolutions, Inc.†		2,908		310,720
Fate Therapeutics, Inc.†		2,153		195,126
FibroGen, Inc.†		8,326		401,147
Halozyme Therapeutics, Inc.†		6,466		307,717
Insmed, Inc.†		5,850		219,902
Mirati Therapeutics, Inc.†		1,349		276,990
Novavax, Inc.†		1,375		303,792
Oncternal Therapeutics, Inc. CVR(1)		7		14
TG Therapeutics, Inc.†		3,280		158,326
Tobira Therapeutics, Inc. CVR†(1)		104		0
Twist Bioscience Corp.†		1,425		234,470
Ultragenyx Pharmaceutical, Inc.†		1,839		254,867
				4,006,194
Medical-Drugs – 3.1%
Coherus Biosciences, Inc.†		29,264		550,163
Contra Aduro Biotech Holding, Inc. CVR†(1)		109		0
Ironwood Pharmaceuticals, Inc.†		31,003		316,851
Progenics Pharmaceuticals, Inc. CVR†(1)		722		0
Vanda Pharmaceuticals, Inc.†		27,925		400,444
				1,267,458
Medical-Outpatient/Home Medical – 1.4%
LHC Group, Inc.†		2,766		551,043
Metal Processors & Fabrication – 2.6%
Mueller Industries, Inc.		31,382		1,071,695
Metal-Aluminum – 1.1%
Alcoa Corp.†		24,213		435,834
Metal-Diversified – 0.0%
Ferroglobe Representation & Warranty Trust(1)		777		0

Multimedia – 0.0%
Media General, Inc. CVR†(1)		1,299			0
Pastoral & Agricultural – 1.4%
Darling Ingredients, Inc.†		8,922			553,253
Publishing-Newspapers – 1.4%
TEGNA, Inc.		36,569			586,201
Racetracks – 1.0%
Penn National Gaming, Inc.†		4,028			417,784
Real Estate Investment Trusts – 5.5%
Global Net Lease, Inc.		42,559			685,625
LTC Properties, Inc.		26,876			1,038,489
Sabra Health Care REIT, Inc.		30,578			513,405
					2,237,519
Real Estate Management/Services – 2.1%
Redfin Corp.†		4,547			323,792
RMR Group, Inc., Class A		14,287			526,904
					850,696
Retail-Automobile – 1.2%
Lithia Motors, Inc., Class A		1,509			480,888
Retail-Home Furnishings – 1.1%
RH†		970			461,099
Retail-Regional Department Stores – 1.2%
Macy’s, Inc.		32,001			481,295
Retail-Restaurants – 1.5%
Wingstop, Inc.		4,145			621,957
Savings & Loans/Thrifts – 5.1%
Berkshire Hills Bancorp, Inc.		23,851			395,449
Pacific Premier Bancorp, Inc.		27,367			909,953
WSFS Financial Corp.		17,564			754,725
					2,060,127
Semiconductor Equipment – 1.7%
FormFactor, Inc.†		16,774			685,553
Silver Mining – 0.0%
Pan American Silver Corp. CVR		3,628			2,794
Television – 1.8%
Sinclair Broadcast Group, Inc., Class A		23,639			744,865
Tobacco – 0.9%
Vector Group, Ltd.		30,928			363,095
Wireless Equipment – 2.1%
InterDigital, Inc.		13,480			865,551
Total Common Stocks (cost $38,701,193)					40,275,974
WARRANTS† – 0.0%
Oil Companies-Exploration & Production – 0.0%
Whiting Petroleum Corp., Series A		39			54
Whiting Petroleum Corp., Series B		19			30
Total Warrants (cost $0)					84
Total Long-Term Investment Securities (cost $38,701,193)					40,276,058
REPURCHASE AGREEMENTS – 1.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 01/29/2021, to be repurchased 02/01/2021 in the amount of $581,000 and collateralized by $593,500 of United States Treasury Notes, bearing interest at 0.13% due 12/15/2023 and having an approximate value of $592,711 (cost $581,000)	$	581,000			581,000
TOTAL INVESTMENTS (cost $39,282,193)		100.3	%		40,857,058
Liabilities in excess of other assets		(0.3	)		(113,641	)
NET ASSETS		100.0	%	$	40,743,417

@ Effective December 15, 2020, the Board of Trustees approved a change in the name of the AIG Small-Cap Fund to “AIG Small-Cap Quality Fund.”

† Non-income producing security

(1) Securities classified as Level 3 (see Note 2).

CVR – Contingent Value Rights

The following is a summary of the inputs used to value the Fund’s net assets as of January 31, 2021 (see Note 2):

	Level 1  – Unadjusted Quoted Prices		Level 2 – Other Observable Inputs		Level 3  – Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Chemicals-Diversified	$	–	$	–	$	0	$	0
Finance-Commercial		–		–		194		194
Medical-Biomedical/Gene		4,005,557		–		637		4,006,194
Medical-Drugs		1,267,458		–		0		1,267,458
Metal-Diversified		–		–		0		0
Multimedia		–		–		0		0
Other Industries		35,002,128		–		–		35,002,128
Warrants		84		–		–		84
Repurchase Agreements		–		581,000		–		581,000
Total Investments at Value	$	40,275,227	$	581,000	$	831	$	40,857,058

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

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 Level 3 transfers during the reporting period.

See Notes to Portfolio of Investments

SunAmerica Specialty Series

NOTES TO PORTFOLIO OF INVESTMENTS – January 31, 2021 – (unaudited)

Note 1. Basis for consolidation for the AIG Commodity Strategy Cayman Fund, Ltd.

The AIG Commodity Strategy Cayman Fund, Ltd. (the “Commodity Strategy Subsidiary”), a Cayman Islands exempted company, was incorporated on October 20, 2008, and is a wholly-owned subsidiary of the Commodity Strategy Fund. The Commodity Strategy Subsidiary commenced operations on May 22, 2009 and was organized as a wholly-owned subsidiary of the Commodity Strategy Fund in order to effect certain investments on behalf of the Commodity Strategy Fund consistent with the investment objectives and policies in the Commodity Strategy Fund’s prospectus and statement of additional information. With respect to its investments, the Commodity Strategy Subsidiary will generally be subject to the same fundamental, non-fundamental and certain other investment restrictions as the Commodity Strategy Fund; however, the Commodity Strategy Subsidiary (unlike the Commodity Strategy Fund) may invest without limitation in commodity-linked swap agreements and other commodity-linked derivative instruments that may otherwise be limited if purchased by the Commodity Strategy Fund due to federal tax requirements relating to qualifying income. The Commodity Strategy Fund and Commodity Strategy Subsidiary may test for compliance with certain investment restrictions on a consolidated basis, except that with respect to its investment in certain securities that may involve leverage, the Commodity Strategy Subsidiary will comply with asset segregation or “earmarking” requirements to the same extent as the Commodity Strategy Fund. The Commodity Strategy Fund may invest up to 25% of its assets in the Commodity Strategy Subsidiary. As of January 31, 2021, net assets of the Commodity Strategy Fund were $26,201,969 of which approximately $5,066,832, or approximately 19.3% represented the Commodity Strategy Fund’s ownership of all issued shares and voting rights of the Commodity Strategy Subsidiary.

Note 2. Security Valuation:

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

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

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

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

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

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

The summary of the Funds’ assets and liabilities classified in the fair value hierarchy as of January 31, 2021 is reported on a schedule at the end of each Fund’s Portfolio of Investments.

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

As of the close of regular trading on the New York Stock Exchange (“NYSE”), securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security’s price is available from more than one exchange, the Funds use the exchange that is the primary market for the security. Such securities are generally categorized as Level 1. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price a Fund’s shares, and a Fund may determine that certain closing prices do not reflect the fair value of the security. This determination will be based on the review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If a Fund determines that closing prices do not reflect the fair value of the securities, the Fund will adjust the previous closing prices in accordance with pricing procedures approved by the Board to reflect what it believes to be the fair value of the securities as of the close of regular trading on the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but a Fund is open. For foreign equity securities and foreign equity futures contracts, the Funds use an outside pricing service to provide it with closing market prices and information used for adjusting those prices, and when so adjusted, such securities and futures are generally categorized as Level 2.

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

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

Futures contracts traded on national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade reported by a Board-approved pricing service, and are generally categorized as Level 1. Option contracts traded on national securities exchanges are valued at the mean of the last bid and ask price reported by a Board-approved pricing service as of the close of the exchange on which they are traded, and are generally categorized as Level 1.

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

Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) which is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or OTC market, and are generally categorized as Level 1 or Level 2.

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

Derivative Instruments:

Futures: During the period, the Commodity Strategy Fund entered into futures transactions for investment purposes in order to provide exposure to commodities. The Small-Cap Quality Fund entered into futures transactions for investment purposes in order to provide exposure to U.S. and non-U.S. equity markets.

A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Fund will be required to segregate an initial margin payment of cash or other liquid securities with the futures commission merchant (the “broker”). Subsequent payments are made or received by a Fund as a result of changes in the value of the contract and/or changes in the value of the initial margin requirement. When a contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The primary risk to a Fund of entering into futures contracts is market risk. Market risk is the risk that there will be an unfavorable change in the interest rate, value or currency rate of the underlying security or securities. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin. There may also be trading restrictions or limitations imposed by an exchange, and government regulations may restrict trading in futures contracts. While a Fund will generally only purchase exchange-traded futures, due to market conditions, there may not always be a liquid secondary market for a futures contract and, as a result, the Fund may be unable to close out its futures contracts at a time which is advantageous. In addition, if a Fund has insufficient cash to meet margin requirements, the Fund may need to sell other investments, including at disadvantageous times. There is generally minimal counterparty credit risk to a Fund since exchange-traded futures contracts are centrally cleared.

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

Forward Foreign Currency Contracts: A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the cumulative change in market value is recorded by a Fund as unrealized appreciation or depreciation. On the settlement date, a Fund records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

For federal income tax purposes, the Income Explorer Fund has made an election to treat gains and losses from forward foreign currency contracts as capital gains and losses.

Risks to a Fund of entering into forward contracts include counterparty risk, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Fund’s loss will generally consist of the net amount of contractual payments that the Fund has not yet received though the Fund’s maximum exposure due to counterparty risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market

risk in excess of the unrealized appreciation or depreciation reported on the Portfolio of Investments. 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 each Fund’s Portfolio of Investments.

Options: During the period, the Commodity Strategy Fund used options contracts to provide exposure to commodities.

An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. When a Fund writes a call or a put option, it receives a premium which is equal to the current market value of the option written. If a Fund purchases a call or a put option, it pays a premium which reflects the current market value of the option. The option position is marked to market daily and its value fluctuates based upon the value of the underlying financial instrument, time to expiration, cost of borrowing funds, and volatility of the value of the underlying financial instrument. If an option which a Fund has written either expires on its stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such options is extinguished. If a call option which a Fund has written is exercised, the Fund realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the premium originally received. If a put option which a Fund has written is exercised, the amount of the premium originally received reduces the cost of the security which the Fund purchased upon exercise of the option. Options may be traded on a national securities exchange or in the OTC market.

Risks to the Funds of entering into option contracts include counterparty risk, market risk and, with respect to OTC options, illiquidity risk. Counterparty risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, the Fund’s loss will consist of the net amount of contractual payments that the Fund has not yet received. Market risk is the risk that there will be an unfavorable change in the value of the underlying securities. There is also the risk a Fund may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby.

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

Swap Contracts: Certain Funds may enter into credit default, interest rate and/or total return swap contracts. Swap contracts are privately negotiated in the OTC market and may be entered into as a bilateral contract or a centrally cleared contract (“centrally cleared swaps”). In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and a Fund faces the CCP through a broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Portfolio of Investments. Unlike a bilateral swap contract, for centrally cleared swaps, a Fund has no credit exposure to the counterparty as the CCP stands between the Fund and the counterparty. Swaps are marked-to-market daily and the changes in value are recorded as an unrealized gain (loss). The daily change in valuation of swap contracts, if any, is recorded as unrealized appreciation (depreciation) on swap contracts. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid. Upfront payments and receipts on swap contracts are amortized on a daily basis. Net periodic payments made or received by a Fund are included as part of realized gain (loss).

Total Return Swaps: During the period, the Commodity Strategy Fund used total return swaps for investment purposes in order to provide exposure to commodities.

Total return swaps give a Fund the right to receive the appreciation in the value of a specified security, index or other instrument

in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset in a total

return swap declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

The Fund will generally enter into total return swaps only on a net basis, which means that the two payment streams are netted against each other, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. Payments may be made at the conclusion of a total return swap contract or periodically during its term. Total return swaps normally do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to total return swaps is normally limited to the net amount of payments that the Fund is contractually obligated to make. If the counterparty to a total return swap defaults, the Fund’s risk of loss consists of the net discounted amount of payments that the Fund is contractually entitled to receive, if any.

Total return swap contracts outstanding at the end of the period, if any, are reported on a schedule at the end of the Fund’s Portfolio of Investments.

Risks of Entering into Swap Agreements: Risks to a Fund of entering into credit default swaps, total return swaps and interest rate swaps, include credit risk, market risk, counterparty risk, liquidity risk and documentation risk. By entering into swap agreements, a Fund may be exposed to risk of potential loss due to unfavorable changes in interest rates, the price of the underlying security or index, or the underlying referenced asset���s perceived or actual credit, that the counterparty may default on its obligation to perform or the possibility that there is no liquid market for these agreements. There is also the risk that the parties may disagree as to the meaning of contractual terms in the swap agreement. In addition, to the extent that a subadviser does not accurately analyze and predict the underlying economic factors influencing the value of the swap, a Fund may suffer a loss.

Risks of Commodity-Linked Derivatives: Commodity-linked derivatives are derivative instruments, the value of which is primarily linked to the price movement of a commodity, commodity index or commodity futures or option contract. The commodity-linked derivative instruments in which certain of the Funds invest have substantial risks, including risk of loss of a significant portion of their principal value. Commodity-linked derivative instruments may be more volatile and less liquid than the underlying instruments and their value will be affected by the performance of the commodity markets, as well as economic and other regulatory or political developments, overall market movements and other factors. Typically, the return of the commodity-linked swaps will be based on some multiple of the performance of an index. The multiple (or leverage) will magnify the positive and negative return the Fund earns from these swaps as compared to the index.

Master Agreements: Certain Funds that hold derivative instruments and other financial instruments may be a party to ISDA (International Swap and Derivatives Association, Inc.) Master Agreements or similar agreements (“Master Agreements”) with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by a Fund and applicable counterparty. Collateral requirements are generally determined based on a Fund’s net position with each counterparty. Master Agreements may also include certain provisions that require a Fund to post additional collateral upon the occurrence of certain events, such as when a Fund’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Fund may also occur upon a decline in a Fund’s net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Fund’s counterparties to elect early termination could cause a Fund to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a Fund’s financial statements.

Note 3. Repurchase Agreements:

As of January 31, 2021, the following Fund held an undivided interest in the joint repurchase agreement with Bank of America Securities LLC:

Fund	Percentage Ownership			Principal Amount
Commodity Strategy		1.31	%	$	1,110,000
Commodity Strategy Subsidiary		0.90			765,000

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

Bank of America Securities LLC, dated January 29, 2021, bearing interest at a rate of 0.03% per annum, with a principal amount of $84,865,000, a repurchase price of $84,865,212, and a maturity date of February 1, 2021. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Notes		2.13	%		05/31/2026	$	79,416,000	$	86,551,543

As of January 31, 2021, the following Funds held an undivided interest in the joint repurchase agreement with Barclays Capital, Inc.:

Fund	Percentage Ownership			Principal Amount
Commodity Strategy		1.29	%	$	970,000
Commodity Strategy Subsidiary		0.88			660,000

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

Barclays Capital, Inc., dated January 29, 2021, bearing interest at a rate of 0.04% per annum, with a principal amount of $75,000,000, a repurchase price of $75,000,250, and a maturity date of February 1, 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	%		02/15/2045	$	65,949,000	$	76,684,193

As of January 31, 2021, the following Funds held an undivided interest in the joint repurchase agreement with BNP Paribas SA:

Fund	Percentage Ownership			Principal Amount
Commodity Strategy		1.29	%	$	840,000
Commodity Strategy Subsidiary		0.88			575,000

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

BNP Paribas SA, dated January 29, 2021, bearing interest at a rate of 0.03% per annum, with a principal amount of 65,000,000, a repurchase price of $65,000,163, and a maturity date of February 1, 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	$	54,794,400	$	66,447,609

As of January 31, 2021, the following Funds held an undivided interest in the joint repurchase agreement with Deutsche Bank AG:

Fund	Percentage Ownership			Principal Amount
Commodity Strategy		1.29	%	$	870,000
Commodity Strategy Subsidiary		0.88			595,000

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

Deutsche Bank AG, dated January 29, 2021, bearing interest at a rate of 0.03% per annum, with a principal amount of $67,500,000, a repurchase price of $67,500,169 and a maturity date of February 1, 2021. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Notes		1.63	%		05/31/2023	$	66,580,000	$	69,055,200

As of January 31, 2021, the following Funds held an undivided interest in the joint repurchase agreement with RBS Securities, Inc.:

Fund	Percentage Ownership			Principal Amount
Commodity Strategy		1.29	%	$	870,000
Commodity Strategy Subsidiary		0.88			595,000

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

RBS Securities, Inc., dated January 29, 2021, bearing interest at a rate of 0.03% per annum, with a principal amount of $67,500,000, a repurchase price of $67,500,169, and a maturity date of February 1, 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	%		09/30/2023	$	63,705,000	$	68,915,077

ADDITIONAL INFORMATION

Additional information is available in the SunAmerica Specialty Series’s Annual and Semi-annual reports which may be obtained

without charge from the EDGAR database on the Securities and Exchange Commission’s website at http://www.sec.gov.