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 811-04801
---------------------------------------------
SunAmerica Equity Funds
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Harborside Financial Center, 3200 Plaza 5 Jersey City, NJ 07311
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
John T. Genoy
Senior Vice President
SunAmerica Asset Management Corp.
Harborside Financial Center,
3200 Plaza 5
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: September 30
--------------------------
Date of reporting period: March 31, 2009
-------------------------
Item 1. Reports to Stockholders
[PHOTO]
SEMI-ANNUAL REPORT 2009
SUNAMERICA
Equity Funds
[LOGO]
March 31, 2009 SEMI-ANNUAL REPORT
SUNAMERICA EQUITY FUNDS
SunAmerica Blue Chip Growth Fund (SVLAX)
SunAmerica Growth Opportunities Fund (SGWAX)
SunAmerica New Century Fund (SEGAX)
SunAmerica Growth and Income Fund (SEIAX)
SunAmerica Balanced Assets Fund (SBAAX)
SunAmerica International Equity Fund (SIEAX)
SunAmerica Value Fund (SSVAX)
SunAmerica Disciplined Growth Fund (TXMAX)
SunAmerica International Small-Cap Fund (SAESX)
Table of Contents
SHAREHOLDER LETTER.................. 2
EXPENSE EXAMPLE..................... 3
STATEMENT OF ASSETS AND LIABILITIES. 6
STATEMENT OF OPERATIONS............. 10
STATEMENT OF CHANGES IN NET ASSETS.. 12
FINANCIAL HIGHLIGHTS................ 15
PORTFOLIO OF INVESTMENTS............ 24
NOTES TO FINANCIAL STATEMENTS....... 64
Shareholder Letter
Dear Shareholder,
The six month period ended March 31, 2009 was one of the most challenging in
the history of the equity markets.
The period began in the wake of Lehman Brothers bankruptcy and government
intervention to support other financial institutions. Credit markets were
frozen, credit spreads widened and even money market funds were challenged. As
the semi-annual period progressed, Gross Domestic Product (GDP), a measure of a
country's economic output or growth, contracted, unemployment rose, consumer
confidence sank and the equity markets declined.
The policy response to this historic economic situation has been strong and
multifaceted. The U.S. Government has responded by launching a variety of
programs designed to support financial institutions, restart consumer credit
and remove toxic assets from banks' balance sheets. In addition, the U.S.,
other developed nations and emerging countries have launched significant
stimulus programs designed to stimulate domestic economic demand. With
short-term interest rates effectively at zero, the Federal Reserve embarked on
a program of buying government bonds to create new money in the economy.
While the economic trends remained negative at the end of the semi-annual
period, there are signs that the rate of decline was stabilizing. The jury is
still out regarding future economic growth as the battle between deflation and
inflation is waged. Investors continue to search for evidence that credit
markets are functioning, banks are lending and the economy is growing.
While the equity markets had a strong rally in March, the S&P 500 Index
returned -30.54% over the six month period. In addition, while the crisis was
born in the U.S., its ramifications were global as exhibited by the MSCI EAFE's
- -31.11% return over the semi-annual period. The decline was indiscriminate
attacking all equity asset classes and styles.
In the face of these challenging markets, your portfolio managers worked
diligently against headwinds presented by the markets and the economy to build
portfolios that can potentially benefit from tailwinds, which low interest
rates and fiscal stimulus eventually should provide.
We urge you to meet with your financial adviser and review your portfolio
regularly. We also encourage you to visit our website, www.sunamericafunds.com,
for additional information.
We thank you for your investment in our funds.
Sincerely,
The SunAmerica Equity Funds Investment Professionals
John Massey Sarah Kallok Robin Thorn
Steve Neimeth Soraya Benitez Chantal Brennan
Jay Rushin Karen Forte
Brendan Voege Ben Barrett
Andrew Sheridan Mike Beaulieu
Sandra Salas Jay Merchant
Alison Larkin Kara Murphy
- --------
Past performance is no guarantee of future results.
2
SunAmerica Equity Funds
EXPENSE EXAMPLE -- March 31, 2009 -- (unaudited)
Disclosure of Portfolio Expenses in Shareholder Reports
As a shareholder of a Fund (each, a "Fund" and collectively, the "Funds") in
the SunAmerica Equity Funds (the "Trust"), you may incur two types of costs:
(1) transaction costs, including sales charges (loads) on purchase payments,
contingent deferred sales charges, redemption fees (applicable to Class A
shares of SunAmerica International Equity Fund and SunAmerica International
Small-Cap Fund only) and (2) ongoing costs, including management fees;
distribution and service 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 Funds and to compare these costs with the ongoing costs of
investing in other mutual funds. The Example is based on an investment of
$1,000 invested at October 1, 2008 and held until March 31, 2009.
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 March 31, 2009" to estimate the expenses you paid on your account
during this period. For shareholder accounts in classes other than Class I and
Class Z, the "Expenses Paid During the Six Months Ended March 31, 2009" column
does 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 March 31, 2009" column does not include
administrative fees that may apply to qualified retirement plan accounts. See
the Funds' prospectus and/or your retirement plan documents for full
description of these fees. Had these fees been included, the "Expenses Paid
During the Six Months Ended March 31, 2009" column would have been higher and
the "Ending Account Value" 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 assumed rate of return of 5% per year before expenses, which is
not the Fund's actual return. The hypothetical account values and expenses may
not be used to estimate the actual ending account balance or expenses you paid
for the period. You may use this information to compare the ongoing costs of
investing in the Funds and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder
reports of other funds. For shareholder accounts in classes other than Class I
and Class Z the "Expenses Paid During the Six Months Ended March 31, 2009"
column does 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 March 31, 2009" column does not
include administrative fees that may apply to qualified retirement plan
accounts. See the Funds' prospectus and/or your retirement plan document for
full description of these fees. Had these fees been included, the "Expenses
Paid During the Six Months Ended March 31, 2009" column would have been higher
and the "Ending Account Value" 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, redemption
fees (applicable to Class A shares of SunAmerica International Equity Fund and
SunAmerica International Small-Cap Fund only); small account fees and
administrative fees, if applicable to your account. Please refer to the Fund's
prospectus and/or qualified retirement plan document 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.
3
SunAmerica Equity Funds
EXPENSE EXAMPLE -- March 31, 2009 -- (unaudited) (continued)
Actual Hypothetical
------------------------------------------- -------------------------------------------
Ending Account
Ending Account Value using
Value Using Expenses Paid a Hypothetical Expenses Paid Expense
Beginning Actual During the Six Beginning 5% Assumed During the Six Ratio
Account Value Return at Months Ended Account Value Return at Months Ended as of
at October 1, March 31, March 31, at October 1, March 31, March 31, March 31,
Fund 2008 2009 2009 2008 2009 2009 2009*
- ---- ------------- -------------- -------------- ------------- -------------- -------------- ---------
Blue Chip Growth Fund#@
Class A..................... $1,000.00 $743.80 $ 8.09 $1,000.00 $1,015.66 $ 9.35 1.86%
Class B..................... $1,000.00 $740.23 $11.84 $1,000.00 $1,011.32 $13.69 2.73%
Class C..................... $1,000.00 $739.37 $12.40 $1,000.00 $1,010.67 $14.34 2.86%
Class I..................... $1,000.00 $745.38 $ 5.79 $1,000.00 $1,018.30 $ 6.69 1.33%
Growth Opportunities Fund#@
Class A..................... $1,000.00 $791.73 $ 9.51 $1,000.00 $1,014.31 $10.70 2.13%
Class B..................... $1,000.00 $788.39 $13.29 $1,000.00 $1,010.07 $14.93 2.98%
Class C..................... $1,000.00 $787.82 $13.55 $1,000.00 $1,009.77 $15.23 3.04%
Class I..................... $1,000.00 $794.66 $ 5.86 $1,000.00 $1,018.40 $ 6.59 1.31%
New Century Fund#@
Class A..................... $1,000.00 $704.93 $ 7.99 $1,000.00 $1,015.56 $ 9.45 1.88%
Class B..................... $1,000.00 $700.75 $12.34 $1,000.00 $1,010.42 $14.59 2.91%
Class C..................... $1,000.00 $703.53 $ 9.00 $1,000.00 $1,014.36 $10.65 2.12%
Growth and Income Fund#@
Class A..................... $1,000.00 $679.25 $ 7.37 $1,000.00 $1,016.16 $ 8.85 1.76%
Class B..................... $1,000.00 $676.21 $10.70 $1,000.00 $1,012.17 $12.84 2.56%
Class C..................... $1,000.00 $676.55 $10.28 $1,000.00 $1,012.67 $12.34 2.46%
Class I..................... $1,000.00 $680.35 $ 5.53 $1,000.00 $1,018.35 $ 6.64 1.32%
Balanced Assets Fund#@
Class A..................... $1,000.00 $800.63 $ 7.81 $1,000.00 $1,016.26 $ 8.75 1.74%
Class B..................... $1,000.00 $798.04 $11.30 $1,000.00 $1,012.37 $12.64 2.52%
Class C..................... $1,000.00 $797.90 $11.03 $1,000.00 $1,012.67 $12.34 2.46%
Class I..................... $1,000.00 $802.34 $ 5.98 $1,000.00 $1,018.30 $ 6.69 1.33%
International Equity Fund#@
Class A..................... $1,000.00 $643.94 $ 7.79 $1,000.00 $1,015.46 $ 9.55 1.90%
Class B..................... $1,000.00 $641.71 $10.44 $1,000.00 $1,012.22 $12.79 2.55%
Class C..................... $1,000.00 $641.96 $10.44 $1,000.00 $1,012.22 $12.79 2.55%
Class I..................... $1,000.00 $644.14 $ 7.38 $1,000.00 $1,015.96 $ 9.05 1.80%
Value Fund#@
Class A..................... $1,000.00 $670.61 $ 6.79 $1,000.00 $1,016.80 $ 8.20 1.63%
Class B..................... $1,000.00 $668.65 $ 9.49 $1,000.00 $1,013.56 $11.45 2.28%
Class C..................... $1,000.00 $668.65 $ 9.49 $1,000.00 $1,013.56 $11.45 2.28%
Class I..................... $1,000.00 $670.94 $ 6.37 $1,000.00 $1,017.30 $ 7.70 1.53%
Class Z..................... $1,000.00 $672.06 $ 4.42 $1,000.00 $1,019.65 $ 5.34 1.06%
Disciplined Growth Fund#@
Class A..................... $1,000.00 $738.03 $ 6.28 $1,000.00 $1,017.70 $ 7.29 1.45%
Class B..................... $1,000.00 $735.24 $ 9.09 $1,000.00 $1,014.46 $10.55 2.10%
Class C..................... $1,000.00 $735.49 $ 9.09 $1,000.00 $1,014.46 $10.55 2.10%
International Small-Cap Fund#
Class A..................... $1,000.00 $677.60 $ 7.95 $1,000.00 $1,015.46 $ 9.55 1.90%
Class B..................... $1,000.00 $676.00 $10.66 $1,000.00 $1,012.22 $12.79 2.55%
Class C..................... $1,000.00 $676.00 $10.66 $1,000.00 $1,012.22 $12.79 2.55%
- --------
* Expenses are equal to the Fund's annualized expense ratio multiplied by the
average account value over the period, multiplied by 182 days divided by 365
days. These ratios do not reflect transaction costs, including sales charges
on purchase payments, contingent deferred sales charges, redemption fees
(SunAmerica International Equity Fund and SunAmerica International Small-Cap
Fund only), small account fees and administrative fees, if applicable to
your account. Please refer to your Prospectus and/or qualified retirement
plan document for more information.
# During the stated period, the investment advisor either waived a portion of
or all of the fees and assumed a portion of or all expenses for the Funds or
through recoupment provisions, recovered a portion of or all fees and
expenses waived or reimbursed in the previous two fiscal years. As a result,
if these fees and expenses had not been waived or assumed, the
"Actual/Hypothetical Ending Account Value" would have been lower and the
"Actual/Hypothetical Expenses Paid During the Six Months Ended March 31,
2009" and the "Expense Ratios" would have been higher. If these fees and
expenses had not been recouped, the "Actual/Hypothetical Ending Account
Value" would have been higher and the "Actual/Hypothetical Expenses Paid
During the Six Months Ended March 31, 2009" and "Expense Ratios" would have
been lower.
@ Through expense offset arrangements resulting from broker commission
recapture, a portion of the Fund's expenses have been reduced. Had the
expense reductions been applied, the Expense Example would have been as
follows:
4
SunAmerica Equity Funds
EXPENSE EXAMPLE -- March 31, 2009 -- (unaudited) (continued)
Actual Hypothetical
------------------------------------------- -------------------------------------------
Ending Account
Ending Account Value using
Value Using Expenses Paid a Hypothetical Expenses Paid Expense
Beginning Actual During the Six Beginning 5% Assumed During the Six Ratio
Account Value Return at Months Ended Account Value Return at Months Ended as of
at October 1, March 31, March 31, at October 1, March 31, March 31, March 31,
Fund 2008 2009 2009 2008 2009 2009 2009*
- ---- ------------- -------------- -------------- ------------- -------------- -------------- ---------
Blue Chip Growth Fund#
Class A.................. $1,000.00 $743.80 $ 8.09 $1,000.00 $1,015.66 $ 9.35 1.86%
Class B.................. $1,000.00 $740.23 $11.84 $1,000.00 $1,011.32 $13.69 2.73%
Class C.................. $1,000.00 $739.37 $12.40 $1,000.00 $1,010.67 $14.34 2.86%
Class I.................. $1,000.00 $745.38 $ 5.79 $1,000.00 $1,018.30 $ 6.69 1.33%
Growth Opportunities Fund#
Class A.................. $1,000.00 $791.73 $ 9.34 $1,000.00 $1,014.51 $10.50 2.09%
Class B.................. $1,000.00 $788.39 $13.11 $1,000.00 $1,010.27 $14.74 2.94%
Class C.................. $1,000.00 $787.82 $13.33 $1,000.00 $1,010.02 $14.98 2.99%
Class I.................. $1,000.00 $794.66 $ 5.68 $1,000.00 $1,018.60 $ 6.39 1.27%
New Century Fund#
Class A.................. $1,000.00 $704.93 $ 7.82 $1,000.00 $1,015.76 $ 9.25 1.84%
Class B.................. $1,000.00 $700.75 $12.17 $1,000.00 $1,010.62 $14.39 2.87%
Class C.................. $1,000.00 $703.53 $ 8.83 $1,000.00 $1,014.56 $10.45 2.08%
Growth and Income Fund#
Class A.................. $1,000.00 $679.25 $ 7.37 $1,000.00 $1,016.16 $ 8.85 1.76%
Class B.................. $1,000.00 $676.21 $10.70 $1,000.00 $1,012.17 $12.84 2.56%
Class C.................. $1,000.00 $676.55 $10.28 $1,000.00 $1,012.67 $12.34 2.46%
Class I.................. $1,000.00 $680.35 $ 5.53 $1,000.00 $1,018.35 $ 6.64 1.32%
Balanced Assets Fund#
Class A.................. $1,000.00 $800.63 $ 7.81 $1,000.00 $1,016.26 $ 8.75 1.74%
Class B.................. $1,000.00 $798.04 $11.30 $1,000.00 $1,012.37 $12.64 2.52%
Class C.................. $1,000.00 $797.90 $11.03 $1,000.00 $1,012.67 $12.34 2.46%
Class I.................. $1,000.00 $802.34 $ 5.98 $1,000.00 $1,018.30 $ 6.69 1.33%
International Equity Fund#
Class A.................. $1,000.00 $643.94 $ 7.79 $1,000.00 $1,015.46 $ 9.55 1.90%
Class B.................. $1,000.00 $641.71 $10.44 $1,000.00 $1,012.22 $12.79 2.55%
Class C.................. $1,000.00 $641.96 $10.44 $1,000.00 $1,012.22 $12.79 2.55%
Class I.................. $1,000.00 $644.14 $ 7.38 $1,000.00 $1,015.96 $ 9.05 1.80%
Value Fund#
Class A.................. $1,000.00 $670.61 $ 6.75 $1,000.00 $1,016.85 $ 8.15 1.62%
Class B.................. $1,000.00 $668.65 $ 9.44 $1,000.00 $1,013.61 $11.40 2.27%
Class C.................. $1,000.00 $668.65 $ 9.44 $1,000.00 $1,013.61 $11.40 2.27%
Class I.................. $1,000.00 $670.94 $ 6.33 $1,000.00 $1,017.35 $ 7.64 1.52%
Class Z.................. $1,000.00 $672.06 $ 4.38 $1,000.00 $1,019.70 $ 5.29 1.05%
Disciplined Growth Fund#
Class A.................. $1,000.00 $738.03 $ 5.94 $1,000.00 $1,018.10 $ 6.89 1.37%
Class B.................. $1,000.00 $735.24 $ 8.74 $1,000.00 $1,014.86 $10.15 2.02%
Class C.................. $1,000.00 $735.49 $ 8.74 $1,000.00 $1,014.86 $10.15 2.02%
5
SunAmerica Equity Funds
STATEMENT OF ASSETS AND LIABILITIES -- March 31, 2009 -- (unaudited)
Blue Chip Growth New
Growth Opportunities Century
Fund Fund Fund
------------ ------------- -------------
ASSETS:
Long-term investment securities, at market value (unaffiliated)*........... $ 32,006,198 $ 16,345,125 $ 27,661,037
Short-term investment securities, at market value (unaffiliated)*.......... -- -- --
Repurchase agreements (cost approximates market value)..................... 1,600,000 6,023,000 600,000
------------ ------------- -------------
Total investments........................................................ 33,606,198 22,368,125 28,261,037
------------ ------------- -------------
Cash....................................................................... 836 492 149,805
Foreign cash*.............................................................. -- -- --
Receivable for:
Fund shares sold......................................................... 457,517 1,841 600
Dividends and interest................................................... 31,657 5,715 38,249
Investments sold......................................................... 229,671 869,376 2,384,734
Prepaid expenses and other assets.......................................... 2,137 17,294 51,276
Due from investment adviser for expense reimbursements/fee waivers......... 6,591 9,953 18,204
------------ ------------- -------------
Total assets............................................................... 34,334,607 23,272,796 30,903,905
------------ ------------- -------------
LIABILITIES:
Payable for:
Fund shares redeemed..................................................... 26,374 9,249 41,717
Investments purchased.................................................... 42,251 1,136,152 1,321,039
Investment advisory and management fees.................................. 20,490 13,055 18,021
Distribution and service maintenance fees................................ 13,021 9,443 10,429
Transfer agent fees and expenses......................................... 17,493 14,712 20,120
Trustees' fees and expenses.............................................. 5,137 4,397 9,287
Other accrued expenses................................................... 59,275 73,033 80,783
------------ ------------- -------------
Total liabilities.......................................................... 184,041 1,260,041 1,501,396
------------ ------------- -------------
Net Assets................................................................. $ 34,150,566 $ 22,012,755 $ 29,402,509
============ ============= =============
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value.............................. $ 31,689 $ 22,643 $ 34,420
Paid-in capital............................................................ 102,604,829 234,674,031 177,773,972
------------ ------------- -------------
102,636,518 234,696,674 177,808,392
Accumulated undistributed net investment income (loss)..................... (123,037) (244,167) (135,548)
Accumulated undistributed net realized gain (loss) on investments, futures
contracts, options contracts, securities sold short, and foreign exchange
transactions.............................................................. (60,056,555) (212,680,069) (148,190,524)
Unrealized appreciation (depreciation) on investments...................... (8,306,360) 240,317 (79,811)
Unrealized foreign exchange gain (loss) on other assets and liabilities.... -- -- --
------------ ------------- -------------
Net Assets................................................................. $ 34,150,566 $ 22,012,755 $ 29,402,509
============ ============= =============
*Cost
Long-term investment securities (unaffiliated)........................... $ 40,312,558 $ 16,104,808 $ 27,740,848
============ ============= =============
Short-term investment securities (unaffiliated).......................... $ -- $ -- $ --
============ ============= =============
Foreign cash............................................................. $ -- $ -- $ --
============ ============= =============
Growth and Balanced
Income Assets
Fund Fund
------------ ------------
ASSETS:
Long-term investment securities, at market value (unaffiliated)*........... $ 41,418,070 $ 72,812,446
Short-term investment securities, at market value (unaffiliated)*.......... -- 29,370
Repurchase agreements (cost approximates market value)..................... 707,000 2,643,000
------------ ------------
Total investments........................................................ 42,125,070 75,484,816
------------ ------------
Cash....................................................................... 210 3,407
Foreign cash*.............................................................. -- --
Receivable for:
Fund shares sold......................................................... 1,897 3,558
Dividends and interest................................................... 89,675 502,968
Investments sold......................................................... 1,970,306 2,023,363
Prepaid expenses and other assets.......................................... 2,408 8,522
Due from investment adviser for expense reimbursements/fee waivers......... 5,123 6,375
------------ ------------
Total assets............................................................... 44,194,689 78,033,009
------------ ------------
LIABILITIES:
Payable for:
Fund shares redeemed..................................................... 45,342 85,253
Investments purchased.................................................... 582,595 305,572
Investment advisory and management fees.................................. 26,317 48,176
Distribution and service maintenance fees................................ 19,626 29,390
Transfer agent fees and expenses......................................... 21,608 30,518
Trustees' fees and expenses.............................................. 5,940 13,690
Other accrued expenses................................................... 59,733 91,287
------------ ------------
Total liabilities.......................................................... 761,161 603,886
------------ ------------
Net Assets................................................................. $ 43,433,528 $ 77,429,123
============ ============
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value.............................. $ 53,956 $ 75,819
Paid-in capital............................................................ 114,422,010 181,875,161
------------ ------------
114,475,966 181,950,980
Accumulated undistributed net investment income (loss)..................... 294,919 (61,916)
Accumulated undistributed net realized gain (loss) on investments, futures
contracts, options contracts, securities sold short, and foreign exchange
transactions.............................................................. (62,984,201) (90,965,979)
Unrealized appreciation (depreciation) on investments...................... (8,353,156) (13,493,962)
Unrealized foreign exchange gain (loss) on other assets and liabilities.... -- --
------------ ------------
Net Assets................................................................. $ 43,433,528 $ 77,429,123
============ ============
*Cost
Long-term investment securities (unaffiliated)........................... $ 49,771,226 $ 86,306,408
============ ============
Short-term investment securities (unaffiliated).......................... $ -- $ 29,370
============ ============
Foreign cash............................................................. $ -- $ --
============ ============
See Notes to Financial Statements
6
SunAmerica Equity Funds
STATEMENT OF ASSETS AND LIABILITIES -- March 31, 2009 -- (unaudited)
(continued)
Blue Chip Growth New
Growth Opportunities Century
Fund Fund Fund
----------- ------------- -----------
Class A (unlimited shares authorized):
Net assets......................................................................... $27,270,037 $15,567,097 $25,674,959
Shares of beneficial interest issued and outstanding............................... 2,459,948 1,534,148 2,946,007
Net asset value and redemption price per share..................................... $ 11.09 $ 10.15 $ 8.72
Maximum sales charge (5.75% of offering price)..................................... 0.68 0.62 0.53
----------- ----------- -----------
Maximum offering price to public................................................... $ 11.77 $ 10.77 $ 9.25
=========== =========== ===========
Class B (unlimited shares authorized):
Net assets......................................................................... $ 4,643,270 $ 3,786,010 $ 2,173,124
Shares of beneficial interest issued and outstanding............................... 480,786 428,801 290,735
Net asset value, offering and redemption price per share (excluding any applicable
contingent deferred sales charge)................................................. $ 9.66 $ 8.83 $ 7.47
=========== =========== ===========
Class C (unlimited shares authorized):
Net assets......................................................................... $ 1,876,857 $ 2,612,319 $ 1,554,426
Shares of beneficial interest issued and outstanding............................... 196,289 296,826 205,215
Net asset value, offering and redemption price per share (excluding any applicable
contingent deferred sales charge)................................................. $ 9.56 $ 8.80 $ 7.57
=========== =========== ===========
Class I (unlimited shares authorized):
Net assets......................................................................... $ 360,402 $ 47,329 $ --
Shares of beneficial interest issued and outstanding............................... 31,887 4,546 --
Net asset value, offering and redemption price per share........................... $ 11.30 $ 10.41 $ --
=========== =========== ===========
Class Z (unlimited shares authorized):
Net assets......................................................................... $ -- $ -- $ --
Shares of beneficial interest issued and outstanding............................... -- -- --
Net asset value, offering and redemption price per share........................... $ -- $ -- $ --
=========== =========== ===========
Growth and Balanced
Income Assets
Fund Fund
----------- -----------
Class A (unlimited shares authorized):
Net assets......................................................................... $29,507,483 $64,249,262
Shares of beneficial interest issued and outstanding............................... 3,591,171 6,290,641
Net asset value and redemption price per share..................................... $ 8.22 $ 10.21
Maximum sales charge (5.75% of offering price)..................................... 0.50 0.62
----------- -----------
Maximum offering price to public................................................... $ 8.72 $ 10.83
=========== ===========
Class B (unlimited shares authorized):
Net assets......................................................................... $ 4,829,874 $ 6,016,680
Shares of beneficial interest issued and outstanding............................... 624,751 589,975
Net asset value, offering and redemption price per share (excluding any applicable
contingent deferred sales charge)................................................. $ 7.73 $ 10.20
=========== ===========
Class C (unlimited shares authorized):
Net assets......................................................................... $ 8,942,998 $ 6,766,093
Shares of beneficial interest issued and outstanding............................... 1,161,115 662,441
Net asset value, offering and redemption price per share (excluding any applicable
contingent deferred sales charge)................................................. $ 7.70 $ 10.21
=========== ===========
Class I (unlimited shares authorized):
Net assets......................................................................... $ 153,173 $ 397,088
Shares of beneficial interest issued and outstanding............................... 18,571 38,857
Net asset value, offering and redemption price per share........................... $ 8.25 $ 10.22
=========== ===========
Class Z (unlimited shares authorized):
Net assets......................................................................... $ -- $ --
Shares of beneficial interest issued and outstanding............................... -- --
Net asset value, offering and redemption price per share........................... $ -- $ --
=========== ===========
See Notes to Financial Statements
7
SunAmerica Equity Funds
STATEMENT OF ASSETS AND LIABILITIES -- March 31, 2009 -- (unaudited)
(continued)
International
Equity
Fund
-------------
ASSETS:
Long-term investment securities, at market value (unaffiliated)*......................................... $118,759,598
Short-term investment securities, at market value (unaffiliated)*........................................ --
Repurchase agreements (cost approximates market value)................................................... 2,876,000
------------
Total investments...................................................................................... 121,635,598
------------
Cash..................................................................................................... 540
Foreign cash*............................................................................................ 1,132,448
Receivable for:
Fund shares sold....................................................................................... 44,133
Dividends and interest................................................................................. 893,059
Investments sold....................................................................................... 2,151,003
Prepaid expenses and other assets........................................................................ 2,246
Due from investment adviser for expense reimbursements/fee waivers....................................... 1,649
------------
Total assets............................................................................................. 125,860,676
------------
LIABILITIES:
Payable for:
Fund shares redeemed................................................................................... 66,962
Investments purchased.................................................................................. 2,291,361
Investment advisory and management fees................................................................ 101,487
Distribution and service maintenance fees.............................................................. 51,397
Transfer agent fees and expenses....................................................................... 35,976
Trustees' fees and expenses............................................................................ 5,235
Other accrued expenses................................................................................. 140,029
------------
Total liabilities........................................................................................ 2,692,447
------------
Net Assets............................................................................................... $123,168,229
============
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value............................................................ $ 161,070
Paid-in capital.......................................................................................... 210,149,723
------------
210,310,793
Accumulated undistributed net investment income (loss)................................................... (921,334)
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts,
securities sold short, and foreign exchange transactions................................................ (78,054,854)
Unrealized appreciation (depreciation) on investments.................................................... (8,147,350)
Unrealized foreign exchange gain (loss) on other assets and liabilities.................................. (19,026)
------------
Net Assets............................................................................................... $123,168,229
============
*Cost
Long-term investment securities (unaffiliated)......................................................... $126,906,948
============
Short-term investment securities (unaffiliated)........................................................ $ --
============
Foreign cash........................................................................................... $ 1,137,549
============
Value
Fund
------------
ASSETS:
Long-term investment securities, at market value (unaffiliated)*......................................... $ 73,934,153
Short-term investment securities, at market value (unaffiliated)*........................................ --
Repurchase agreements (cost approximates market value)................................................... 2,362,000
------------
Total investments...................................................................................... 76,296,153
------------
Cash..................................................................................................... 664
Foreign cash*............................................................................................ --
Receivable for:
Fund shares sold....................................................................................... 2,388
Dividends and interest................................................................................. 249,527
Investments sold....................................................................................... 4,090,980
Prepaid expenses and other assets........................................................................ 11,196
Due from investment adviser for expense reimbursements/fee waivers....................................... 22,350
------------
Total assets............................................................................................. 80,673,258
------------
LIABILITIES:
Payable for:
Fund shares redeemed................................................................................... 848,789
Investments purchased.................................................................................. --
Investment advisory and management fees................................................................ 64,950
Distribution and service maintenance fees.............................................................. 28,622
Transfer agent fees and expenses....................................................................... 33,261
Trustees' fees and expenses............................................................................ 5,809
Other accrued expenses................................................................................. 68,916
------------
Total liabilities........................................................................................ 1,050,347
------------
Net Assets............................................................................................... $ 79,622,911
============
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value............................................................ $ 96,022
Paid-in capital.......................................................................................... 154,165,914
------------
154,261,936
Accumulated undistributed net investment income (loss)................................................... 307,818
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts,
securities sold short, and foreign exchange transactions................................................ (56,749,471)
Unrealized appreciation (depreciation) on investments.................................................... (18,197,372)
Unrealized foreign exchange gain (loss) on other assets and liabilities.................................. --
------------
Net Assets............................................................................................... $ 79,622,911
============
*Cost
Long-term investment securities (unaffiliated)......................................................... $ 92,131,525
============
Short-term investment securities (unaffiliated)........................................................ $ --
============
Foreign cash........................................................................................... $ --
============
Disciplined
Growth
Fund
------------
ASSETS:
Long-term investment securities, at market value (unaffiliated)*......................................... $ 22,094,937
Short-term investment securities, at market value (unaffiliated)*........................................ --
Repurchase agreements (cost approximates market value)................................................... 248,000
------------
Total investments...................................................................................... 22,342,937
------------
Cash..................................................................................................... 983
Foreign cash*............................................................................................ 50,460
Receivable for:
Fund shares sold....................................................................................... 5,183
Dividends and interest................................................................................. 29,201
Investments sold....................................................................................... 237,500
Prepaid expenses and other assets........................................................................ 36,106
Due from investment adviser for expense reimbursements/fee waivers....................................... 15,305
------------
Total assets............................................................................................. 22,717,675
------------
LIABILITIES:
Payable for:
Fund shares redeemed................................................................................... 71,125
Investments purchased.................................................................................. --
Investment advisory and management fees................................................................ 15,835
Distribution and service maintenance fees.............................................................. 12,078
Transfer agent fees and expenses....................................................................... 8,131
Trustees' fees and expenses............................................................................ 2,211
Other accrued expenses................................................................................. 37,985
------------
Total liabilities........................................................................................ 147,365
------------
Net Assets............................................................................................... $ 22,570,310
============
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value............................................................ $ 28,360
Paid-in capital.......................................................................................... 68,461,084
------------
68,489,444
Accumulated undistributed net investment income (loss)................................................... (7,519)
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts,
securities sold short, and foreign exchange transactions................................................ (44,367,511)
Unrealized appreciation (depreciation) on investments.................................................... (1,541,319)
Unrealized foreign exchange gain (loss) on other assets and liabilities.................................. (2,785)
------------
Net Assets............................................................................................... $ 22,570,310
============
*Cost
Long-term investment securities (unaffiliated)......................................................... $ 23,636,256
============
Short-term investment securities (unaffiliated)........................................................ $ --
============
Foreign cash........................................................................................... $ 53,266
============
International
Small-Cap
Fund
-------------
ASSETS:
Long-term investment securities, at market value (unaffiliated)*......................................... $ 46,602,107
Short-term investment securities, at market value (unaffiliated)*........................................ 2,934,000
Repurchase agreements (cost approximates market value)................................................... --
------------
Total investments...................................................................................... 49,536,107
------------
Cash..................................................................................................... 656
Foreign cash*............................................................................................ 180,255
Receivable for:
Fund shares sold....................................................................................... 1,149
Dividends and interest................................................................................. 207,335
Investments sold....................................................................................... 357,655
Prepaid expenses and other assets........................................................................ 125
Due from investment adviser for expense reimbursements/fee waivers....................................... 18,228
------------
Total assets............................................................................................. 50,301,510
------------
LIABILITIES:
Payable for:
Fund shares redeemed................................................................................... 1,758
Investments purchased.................................................................................. 420,748
Investment advisory and management fees................................................................ 47,774
Distribution and service maintenance fees.............................................................. 15,271
Transfer agent fees and expenses....................................................................... 9,639
Trustees' fees and expenses............................................................................ --
Other accrued expenses................................................................................. 61,728
------------
Total liabilities........................................................................................ 556,918
------------
Net Assets............................................................................................... $ 49,744,592
============
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $.01 par value............................................................ $ 88,028
Paid-in capital.......................................................................................... 68,940,900
------------
69,028,928
Accumulated undistributed net investment income (loss)................................................... (11,244)
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts,
securities sold short, and foreign exchange transactions................................................ (13,841,318)
Unrealized appreciation (depreciation) on investments.................................................... (5,429,164)
Unrealized foreign exchange gain (loss) on other assets and liabilities.................................. (2,610)
------------
Net Assets............................................................................................... $ 49,744,592
============
*Cost
Long-term investment securities (unaffiliated)......................................................... $ 52,031,271
============
Short-term investment securities (unaffiliated)........................................................ $ 2,934,000
============
Foreign cash........................................................................................... $ 179,945
============
See Notes to Financial Statements
8
SunAmerica Equity Funds
STATEMENT OF ASSETS AND LIABILITIES -- March 31, 2009 -- (unaudited)
(continued)
International
Equity Value
Fund Fund
------------- -----------
Class A (unlimited shares authorized):
Net assets............................................................................................. $90,175,718 $42,776,016
Shares of beneficial interest issued and outstanding................................................... 11,575,982 5,127,978
Net asset value and redemption price per share......................................................... $ 7.79 $ 8.34
Maximum sales charge (5.75% of offering price)......................................................... 0.48 0.51
----------- -----------
Maximum offering price to public....................................................................... $ 8.27 $ 8.85
=========== ===========
Class B (unlimited shares authorized):
Net assets............................................................................................. $10,451,179 $11,543,658
Shares of beneficial interest issued and outstanding................................................... 1,445,076 1,472,755
Net asset value, offering and redemption price per share (excluding any applicable contingent deferred
sales charge)......................................................................................... $ 7.23 $ 7.84
=========== ===========
Class C (unlimited shares authorized):
Net assets............................................................................................. $19,342,591 $ 8,284,899
Shares of beneficial interest issued and outstanding................................................... 2,678,208 1,057,373
Net asset value, offering and redemption price per share (excluding any applicable contingent deferred
sales charge)......................................................................................... $ 7.22 $ 7.84
=========== ===========
Class I (unlimited shares authorized):
Net assets............................................................................................. $ 3,198,741 $ 14,080
Shares of beneficial interest issued and outstanding................................................... 407,768 1,692
Net asset value, offering and redemption price per share............................................... $ 7.84 $ 8.32
=========== ===========
Class Z (unlimited shares authorized):
Net assets............................................................................................. $ -- $17,004,258
Shares of beneficial interest issued and outstanding................................................... -- 1,942,413
Net asset value, offering and redemption price per share............................................... $ -- $ 8.75
=========== ===========
Disciplined International
Growth Small-Cap
Fund Fund
----------- -------------
Class A (unlimited shares authorized):
Net assets............................................................................................. $12,276,891 $48,478,438
Shares of beneficial interest issued and outstanding................................................... 1,503,497 8,574,657
Net asset value and redemption price per share......................................................... $ 8.17 $ 5.65
Maximum sales charge (5.75% of offering price)......................................................... 0.50 0.34
----------- -----------
Maximum offering price to public....................................................................... $ 8.67 $ 5.99
=========== ===========
Class B (unlimited shares authorized):
Net assets............................................................................................. $ 1,721,413 $ 261,695
Shares of beneficial interest issued and outstanding................................................... 223,044 47,133
Net asset value, offering and redemption price per share (excluding any applicable contingent deferred
sales charge)......................................................................................... $ 7.72 $ 5.55
=========== ===========
Class C (unlimited shares authorized):
Net assets............................................................................................. $ 8,572,006 $ 1,004,459
Shares of beneficial interest issued and outstanding................................................... 1,109,413 180,960
Net asset value, offering and redemption price per share (excluding any applicable contingent deferred
sales charge)......................................................................................... $ 7.73 $ 5.55
=========== ===========
Class I (unlimited shares authorized):
Net assets............................................................................................. $ -- $ --
Shares of beneficial interest issued and outstanding................................................... -- --
Net asset value, offering and redemption price per share............................................... $ -- $ --
=========== ===========
Class Z (unlimited shares authorized):
Net assets............................................................................................. $ -- $ --
Shares of beneficial interest issued and outstanding................................................... -- --
Net asset value, offering and redemption price per share............................................... $ -- $ --
=========== ===========
See Notes to Financial Statements
9
SunAmerica Equity Funds
STATEMENT OF OPERATIONS -- For the period ended March 31, 2009 --
(unaudited)
Blue Chip Growth New
Growth Opportunities Century
Fund Fund Fund
------------ ------------- ------------
INVESTMENT INCOME:
Dividends (unaffiliated)........................................................ $ 269,032 $ 57,736 $ 235,387
Interest (unaffiliated)......................................................... 231 1,456 2,960
------------ ----------- ------------
Total investment income*....................................................... 269,263 59,192 238,347
------------ ----------- ------------
EXPENSES:
Investment advisory and management fees......................................... 134,217 88,933 126,929
Distribution and service maintenance fees
Class A........................................................................ 49,031 28,672 51,507
Class B........................................................................ 26,297 22,808 13,355
Class C........................................................................ 10,644 13,576 8,720
Service fees Class I............................................................ 481 68 --
Transfer agent fees and expenses
Class A........................................................................ 46,696 31,807 51,567
Class B........................................................................ 10,959 11,224 6,015
Class C........................................................................ 4,201 6,086 3,647
Class I........................................................................ 781 152 --
Registration fees
Class A........................................................................ 7,653 7,156 8,530
Class B........................................................................ 5,149 5,322 4,920
Class C........................................................................ 4,764 4,700 4,816
Class I........................................................................ 5,748 4,693 --
Class Z........................................................................ -- -- --
Custodian and accounting fees................................................... 19,826 26,980 17,361
Reports to shareholders......................................................... 15,175 16,744 30,301
Audit and tax fees.............................................................. 18,322 18,322 18,310
Legal fees...................................................................... 7,428 6,918 7,915
Trustees' fees and expenses..................................................... 2,907 1,957 3,315
Interest expense................................................................ -- 256 --
Other expenses.................................................................. 8,568 7,972 8,512
------------ ----------- ------------
Total expenses before fee waivers, expense reimbursements, expense
recoupments, custody credits and fees paid indirectly......................... 378,847 304,346 365,720
Net (fees waived and expenses reimbursed)/recouped by investment adviser
(Note 4)...................................................................... (14,066) (20,229) (31,968)
Custody credits earned on cash balances........................................ (1) (58) (19)
Fees paid indirectly (Note 5).................................................. (221) (5,229) (7,275)
------------ ----------- ------------
Net expenses................................................................... 364,559 278,830 326,458
------------ ----------- ------------
Net investment income (loss).................................................... (95,296) (219,638) (88,111)
------------ ----------- ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN
CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)............................ (6,621,392) (8,330,100) (15,396,477)
Net realized foreign exchange gain (loss) on other assets and liabilities......... -- -- --
Net realized gain (loss) on disposal of investments in violation of investments
restrictions (Note 4)............................................................ -- -- --
------------ ----------- ------------
Net realized gain (loss) on investments and foreign currencies.................... (6,621,392) (8,330,100) (15,396,477)
------------ ----------- ------------
Change in unrealized appreciation (depreciation) on investments (unaffiliated).... (6,068,390) 1,829,162 1,484,808
Change in unrealized foreign exchange gain (loss) on other assets and liabilities. -- -- --
------------ ----------- ------------
Net unrealized gain (loss) on investments and foreign currencies.................. (6,068,390) 1,829,162 1,484,808
------------ ----------- ------------
Net realized and unrealized gain (loss) on investments and foreign currencies..... (12,689,782) (6,500,938) (13,911,669)
------------ ----------- ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................... $(12,785,078) $(6,720,576) $(13,999,780)
============ =========== ============
- --------
*Net of foreign withholding taxes on interest and dividends of.................... $ 1,361 $ -- $ 1,308
============ =========== ============
Growth and Balanced
Income Assets
Fund Fund
------------ ------------
INVESTMENT INCOME:
Dividends (unaffiliated)........................................................ $ 834,510 $ 678,360
Interest (unaffiliated)......................................................... 228 1,184,063
------------ ------------
Total investment income*....................................................... 834,738 1,862,423
------------ ------------
EXPENSES:
Investment advisory and management fees......................................... 188,354 323,556
Distribution and service maintenance fees
Class A........................................................................ 58,613 124,859
Class B........................................................................ 31,611 34,943
Class C........................................................................ 51,184 37,571
Service fees Class I............................................................ 219 538
Transfer agent fees and expenses
Class A........................................................................ 52,791 111,854
Class B........................................................................ 12,422 12,594
Class C........................................................................ 16,002 10,973
Class I........................................................................ 136 597
Registration fees
Class A........................................................................ 7,558 8,900
Class B........................................................................ 5,131 5,104
Class C........................................................................ 5,504 5,038
Class I........................................................................ 4,577 4,571
Class Z........................................................................ -- --
Custodian and accounting fees................................................... 20,522 59,287
Reports to shareholders......................................................... 19,481 27,517
Audit and tax fees.............................................................. 18,334 19,796
Legal fees...................................................................... 8,069 8,183
Trustees' fees and expenses..................................................... 4,202 6,535
Interest expense................................................................ -- 45
Other expenses.................................................................. 8,376 12,014
------------ ------------
Total expenses before fee waivers, expense reimbursements, expense
recoupments, custody credits and fees paid indirectly......................... 513,086 814,475
Net (fees waived and expenses reimbursed)/recouped by investment adviser
(Note 4)...................................................................... (10,785) (11,838)
Custody credits earned on cash balances........................................ -- (1)
Fees paid indirectly (Note 5).................................................. (702) (1,492)
------------ ------------
Net expenses................................................................... 501,599 801,144
------------ ------------
Net investment income (loss).................................................... 333,139 1,061,279
------------ ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN
CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)............................ (22,497,009) (16,624,085)
Net realized foreign exchange gain (loss) on other assets and liabilities......... -- --
Net realized gain (loss) on disposal of investments in violation of investments
restrictions (Note 4)............................................................ -- --
------------ ------------
Net realized gain (loss) on investments and foreign currencies.................... (22,497,009) (16,624,085)
------------ ------------
Change in unrealized appreciation (depreciation) on investments (unaffiliated).... (939,591) (6,329,734)
Change in unrealized foreign exchange gain (loss) on other assets and liabilities. -- --
------------ ------------
Net unrealized gain (loss) on investments and foreign currencies.................. (939,591) (6,329,734)
------------ ------------
Net realized and unrealized gain (loss) on investments and foreign currencies..... (23,436,600) (22,953,819)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................... $(23,103,461) $(21,892,540)
============ ============
- --------
*Net of foreign withholding taxes on interest and dividends of.................... $ 950 $ 578
============ ============
See Notes to Financial Statements
10
SunAmerica Equity Funds
STATEMENT OF OPERATIONS -- For the period ended March 31, 2009 --
(unaudited) (continued)
International
Equity
Fund
-------------
INVESTMENT INCOME:
Dividends (unaffiliated)............................................................................ $ 1,131,009
Interest (unaffiliated)............................................................................. 259
------------
Total investment income*........................................................................... 1,131,268
------------
EXPENSES:
Investment advisory and management fees............................................................. 427,261
Distribution and service maintenance fees
Class A............................................................................................ 103,723
Class B............................................................................................ 42,098
Class C............................................................................................ 71,480
Service fees Class I................................................................................ 4,333
Transfer agent fees and expenses
Class A............................................................................................ 81,484
Class B............................................................................................ 17,567
Class C............................................................................................ 24,316
Class I............................................................................................ 4,452
Registration fees
Class A............................................................................................ 8,088
Class B............................................................................................ 5,096
Class C............................................................................................ 5,090
Class I............................................................................................ 5,208
Class Z............................................................................................ --
Custodian and accounting fees....................................................................... 67,382
Reports to shareholders............................................................................. 16,724
Audit and tax fees.................................................................................. 22,502
Legal fees.......................................................................................... 7,680
Trustees' fees and expenses......................................................................... 4,592
Interest expense.................................................................................... 106
Other expenses...................................................................................... 10,594
------------
Total expenses before fee waivers, expense reimbursements, expense recoupments, custody
credits and fees paid indirectly.................................................................. 929,776
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 4).................. (45,870)
Custody credits earned on cash balances............................................................ (18)
Fees paid indirectly (Note 5)...................................................................... (626)
------------
Net expenses....................................................................................... 883,262
------------
Net investment income (loss)........................................................................ 248,006
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)................................................ (72,714,473)
Net realized foreign exchange gain (loss) on other assets and liabilities............................. (66,328)
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 4). --
------------
Net realized gain (loss) on investments and foreign currencies........................................ (72,780,801)
------------
Change in unrealized appreciation (depreciation) on investments (unaffiliated)........................ 34,363,287
Change in unrealized foreign exchange gain (loss) on other assets and liabilities..................... (1,866)
------------
Net unrealized gain (loss) on investments and foreign currencies...................................... 34,361,421
------------
Net realized and unrealized gain (loss) on investments and foreign currencies......................... (38,419,380)
------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS....................................... $(38,171,374)
============
- --------
*Net of foreign withholding taxes on interest and dividends of........................................ $ 108,707
============
Value
Fund
------------
INVESTMENT INCOME:
Dividends (unaffiliated)............................................................................ $ 1,875,147
Interest (unaffiliated)............................................................................. 512
------------
Total investment income*........................................................................... 1,875,659
------------
EXPENSES:
Investment advisory and management fees............................................................. 489,529
Distribution and service maintenance fees
Class A............................................................................................ 94,402
Class B............................................................................................ 73,223
Class C............................................................................................ 50,024
Service fees Class I................................................................................ 22
Transfer agent fees and expenses
Class A............................................................................................ 75,675
Class B............................................................................................ 22,976
Class C............................................................................................ 14,381
Class I............................................................................................ 20
Registration fees
Class A............................................................................................ 8,491
Class B............................................................................................ 5,632
Class C............................................................................................ 5,102
Class I............................................................................................ 7,230
Class Z............................................................................................ 3,091
Custodian and accounting fees....................................................................... 27,884
Reports to shareholders............................................................................. 22,220
Audit and tax fees.................................................................................. 18,340
Legal fees.......................................................................................... 8,236
Trustees' fees and expenses......................................................................... 7,541
Interest expense.................................................................................... --
Other expenses...................................................................................... 9,414
------------
Total expenses before fee waivers, expense reimbursements, expense recoupments, custody
credits and fees paid indirectly.................................................................. 943,433
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 4).................. (120,391)
Custody credits earned on cash balances............................................................ --
Fees paid indirectly (Note 5)...................................................................... (6,903)
------------
Net expenses....................................................................................... 816,139
------------
Net investment income (loss)........................................................................ 1,059,520
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)................................................ (37,404,135)
Net realized foreign exchange gain (loss) on other assets and liabilities............................. --
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 4). --
------------
Net realized gain (loss) on investments and foreign currencies........................................ (37,404,135)
------------
Change in unrealized appreciation (depreciation) on investments (unaffiliated)........................ (9,042,208)
Change in unrealized foreign exchange gain (loss) on other assets and liabilities..................... --
------------
Net unrealized gain (loss) on investments and foreign currencies...................................... (9,042,208)
------------
Net realized and unrealized gain (loss) on investments and foreign currencies......................... (46,446,343)
------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS....................................... $(45,386,823)
============
- --------
*Net of foreign withholding taxes on interest and dividends of........................................ $ 1,200
============
Disciplined
Growth
Fund
------------
INVESTMENT INCOME:
Dividends (unaffiliated)............................................................................ $ 225,024
Interest (unaffiliated)............................................................................. 899
------------
Total investment income*........................................................................... 225,923
------------
EXPENSES:
Investment advisory and management fees............................................................. 112,701
Distribution and service maintenance fees
Class A............................................................................................ 23,851
Class B............................................................................................ 12,035
Class C............................................................................................ 52,411
Service fees Class I................................................................................ --
Transfer agent fees and expenses
Class A............................................................................................ 18,218
Class B............................................................................................ 4,154
Class C............................................................................................ 14,030
Class I............................................................................................ --
Registration fees
Class A............................................................................................ 7,700
Class B............................................................................................ 4,852
Class C............................................................................................ 6,331
Class I............................................................................................ --
Class Z............................................................................................ --
Custodian and accounting fees....................................................................... 20,822
Reports to shareholders............................................................................. 5,752
Audit and tax fees.................................................................................. 18,370
Legal fees.......................................................................................... 6,680
Trustees' fees and expenses......................................................................... 2,497
Interest expense.................................................................................... 16
Other expenses...................................................................................... 7,968
------------
Total expenses before fee waivers, expense reimbursements, expense recoupments, custody
credits and fees paid indirectly.................................................................. 318,388
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 4).................. (84,240)
Custody credits earned on cash balances............................................................ (3)
Fees paid indirectly (Note 5)...................................................................... (10,707)
------------
Net expenses....................................................................................... 223,438
------------
Net investment income (loss)........................................................................ 2,485
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)................................................ (10,553,687)
Net realized foreign exchange gain (loss) on other assets and liabilities............................. --
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 4). --
------------
Net realized gain (loss) on investments and foreign currencies........................................ (10,553,687)
------------
Change in unrealized appreciation (depreciation) on investments (unaffiliated)........................ 284,896
Change in unrealized foreign exchange gain (loss) on other assets and liabilities..................... (3,701)
------------
Net unrealized gain (loss) on investments and foreign currencies...................................... 281,195
------------
Net realized and unrealized gain (loss) on investments and foreign currencies......................... (10,272,492)
------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS....................................... $(10,270,007)
============
- --------
*Net of foreign withholding taxes on interest and dividends of........................................ $ 638
============
International
Small-Cap
Fund
-------------
INVESTMENT INCOME:
Dividends (unaffiliated)............................................................................ $ 452,079
Interest (unaffiliated)............................................................................. 2,043
-----------
Total investment income*........................................................................... 454,122
-----------
EXPENSES:
Investment advisory and management fees............................................................. 269,555
Distribution and service maintenance fees
Class A............................................................................................ 78,901
Class B............................................................................................ 1,952
Class C............................................................................................ 7,012
Service fees Class I................................................................................ --
Transfer agent fees and expenses
Class A............................................................................................ 52,183
Class B............................................................................................ 1,421
Class C............................................................................................ 2,888
Class I............................................................................................ --
Registration fees
Class A............................................................................................ 6,108
Class B............................................................................................ 5,693
Class C............................................................................................ 5,786
Class I............................................................................................ --
Class Z............................................................................................ --
Custodian and accounting fees....................................................................... 77,111
Reports to shareholders............................................................................. 1,730
Audit and tax fees.................................................................................. 23,194
Legal fees.......................................................................................... 6,692
Trustees' fees and expenses......................................................................... 2,637
Interest expense.................................................................................... 69
Other expenses...................................................................................... 7,537
-----------
Total expenses before fee waivers, expense reimbursements, expense recoupments, custody
credits and fees paid indirectly.................................................................. 550,469
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 4).................. (99,235)
Custody credits earned on cash balances............................................................ (56)
Fees paid indirectly (Note 5)...................................................................... --
-----------
Net expenses....................................................................................... 451,178
-----------
Net investment income (loss)........................................................................ 2,944
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)................................................ (9,400,503)
Net realized foreign exchange gain (loss) on other assets and liabilities............................. 32,527
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 4). 4,099
-----------
Net realized gain (loss) on investments and foreign currencies........................................ (9,363,877)
-----------
Change in unrealized appreciation (depreciation) on investments (unaffiliated)........................ 91,662
Change in unrealized foreign exchange gain (loss) on other assets and liabilities..................... 5,163
-----------
Net unrealized gain (loss) on investments and foreign currencies...................................... 96,825
-----------
Net realized and unrealized gain (loss) on investments and foreign currencies......................... (9,267,052)
-----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS....................................... $(9,264,108)
===========
- --------
*Net of foreign withholding taxes on interest and dividends of........................................ $ 25,250
===========
See Notes to Financial Statements
11
SunAmerica Equity Funds
STATEMENT OF CHANGES IN NET ASSETS
Blue Chip Growth Fund Growth Opportunities Fund
-------------------------- --------------------------
For the For the
six months six months
ended For the year ended For the year
March 31, ended March 31, ended
2009 September 30, 2009 September 30,
(unaudited) 2008 (unaudited) 2008
------------ ------------- ------------ -------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss).................................. $ (95,296) $ (527,166) $ (219,638) $ (451,258)
Net realized gain (loss) on investments and foreign
currencies................................................... (6,621,392) 308,653 (8,330,100) (16,211,550)
Net unrealized gain (loss) on investments and foreign
currencies................................................... (6,068,390) (13,548,306) 1,829,162 (2,017,924)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from operations. (12,785,078) (13,766,819) (6,720,576) (18,680,732)
------------ ------------ ------------ ------------
Distributions to shareholders from:
Net investment income (Class A)............................... -- -- -- --
Net investment income (Class B)............................... -- -- -- --
Net investment income (Class C)............................... -- -- -- --
Net investment income (Class I)............................... -- -- -- --
Net investment income (Class Z)............................... -- -- -- --
Net realized gain on securities (Class A)..................... -- -- -- --
Net realized gain on securities (Class B)..................... -- -- -- --
Net realized gain on securities (Class C)..................... -- -- -- --
Net realized gain on securities (Class I)..................... -- -- -- --
Net realized gain on securities (Class Z)..................... -- -- -- --
Return of capital (Class A)................................... -- -- -- --
Return of capital (Class B)................................... -- -- -- --
Return of capital (Class C)................................... -- -- -- --
Return of capital (Class I)................................... -- -- -- --
Return of capital (Class Z)................................... -- -- -- --
------------ ------------ ------------ ------------
Total distributions to shareholders............................. -- -- -- --
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from capital
share transactions (Note 8).................................... (2,978,508) (7,226,436) (3,435,759) (12,400,973)
------------ ------------ ------------ ------------
Total increase (decrease) in net assets......................... (15,763,586) (20,993,255) (10,156,335) (31,081,705)
NET ASSETS:
Beginning of period............................................. 49,914,152 70,907,407 32,169,090 63,250,795
------------ ------------ ------------ ------------
End of period+.................................................. $ 34,150,566 $ 49,914,152 $ 22,012,755 $ 32,169,090
============ ============ ============ ============
- --------
+Includes accumulated undistributed net investment income
(loss)......................................................... $ (123,037) $ (27,741) $ (244,167) $ (24,529)
============ ============ ============ ============
New Century Fund
--------------------------
For the
six months
ended For the year
March 31, ended
2009 September 30,
(unaudited) 2008
------------ -------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss).................................. $ (88,111) $ (595,876)
Net realized gain (loss) on investments and foreign
currencies................................................... (15,396,477) (38,250,023)
Net unrealized gain (loss) on investments and foreign
currencies................................................... 1,484,808 (2,122,695)
------------ ------------
Net increase (decrease) in net assets resulting from operations. (13,999,780) (40,968,594)
------------ ------------
Distributions to shareholders from:
Net investment income (Class A)............................... -- --
Net investment income (Class B)............................... -- --
Net investment income (Class C)............................... -- --
Net investment income (Class I)...............................
Net investment income (Class Z)............................... -- --
Net realized gain on securities (Class A)..................... -- --
Net realized gain on securities (Class B)..................... -- --
Net realized gain on securities (Class C)..................... -- --
Net realized gain on securities (Class I)..................... -- --
Net realized gain on securities (Class Z)..................... -- --
Return of capital (Class A)................................... -- --
Return of capital (Class B)................................... -- --
Return of capital (Class C)................................... -- --
Return of capital (Class I)................................... -- --
Return of capital (Class Z)................................... -- --
------------ ------------
Total distributions to shareholders............................. -- --
------------ ------------
Net increase (decrease) in net assets resulting from capital
share transactions (Note 8).................................... (4,412,421) (16,250,879)
------------ ------------
Total increase (decrease) in net assets......................... (18,412,201) (57,219,473)
NET ASSETS:
Beginning of period............................................. 47,814,710 105,034,183
------------ ------------
End of period+.................................................. $ 29,402,509 $ 47,814,710
============ ============
- --------
+Includes accumulated undistributed net investment income
(loss)......................................................... $ (135,548) $ (47,437)
============ ============
See Notes to Financial Statements
12
SunAmerica Equity Funds
STATEMENT OF CHANGES IN NET ASSETS -- (continued)
Growth and Income Fund Balanced Assets Fund
-------------------------- --------------------------
For the For the
six months six months
ended For the year ended For the year
March 31, ended March 31, ended
2009 September 30, 2009 September 30,
(unaudited) 2008 (unaudited) 2008
------------ ------------- ------------ -------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)............................... $ 333,139 $ 687,508 $ 1,061,279 $ 2,138,408
Net realized gain (loss) on investments and foreign
currencies................................................ (22,497,009) (6,333,715) (16,624,085) (5,243,552)
Net unrealized gain (loss) on investments and foreign
currencies................................................ (939,591) (17,055,222) (6,329,734) (20,166,764)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from
operations................................................ (23,103,461) (22,701,429) (21,892,540) (23,271,908)
------------ ------------ ------------ ------------
Distributions to shareholders from:
Net investment income (Class A)............................ (575,896) (240,971) (1,168,769) (1,944,922)
Net investment income (Class B)............................ (27,943) -- (89,224) (127,852)
Net investment income (Class C)............................ (79,919) -- (98,894) (126,190)
Net investment income (Class I)............................ (3,747) (1,451) (7,865) (12,607)
Net investment income (Class Z)............................ -- -- -- --
Net realized gain on securities (Class A).................. -- -- -- --
Net realized gain on securities (Class B).................. -- -- -- --
Net realized gain on securities (Class C).................. -- -- -- --
Net realized gain on securities (Class I).................. -- -- -- --
Net realized gain on securities (Class Z).................. -- -- -- --
Return of capital (Class A)................................ -- -- -- --
Return of capital (Class B)................................ -- -- -- --
Return of capital (Class C)................................ -- -- -- --
Return of capital (Class I)................................ -- -- -- --
Return of capital (Class Z)................................ -- -- -- --
------------ ------------ ------------ ------------
Total distributions to shareholders.......................... (687,505) (242,422) (1,364,752) (2,211,571)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from capital
share transactions (Note 8)................................. (5,601,548) (14,928,379) (9,980,390) (17,362,771)
------------ ------------ ------------ ------------
Total increase (decrease) in net assets...................... (29,392,514) (37,872,230) (33,237,682) (42,846,250)
NET ASSETS:
Beginning of period.......................................... 72,826,042 110,698,272 110,666,805 153,513,055
------------ ------------ ------------ ------------
End of period+............................................... $ 43,433,528 $ 72,826,042 $ 77,429,123 $110,666,805
============ ============ ============ ============
- --------
+Includes accumulated undistributed net investment income
(loss)...................................................... $ 294,919 $ 649,285 $ (61,916) $ 241,557
============ ============ ============ ============
International Equity Fund
--------------------------
For the
six months
ended For the year
March 31, ended
2009 September 30,
(unaudited) 2008
------------ -------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)............................... $ 248,006 $ 842,037
Net realized gain (loss) on investments and foreign
currencies................................................ (72,780,801) (1,416,225)
Net unrealized gain (loss) on investments and foreign
currencies................................................ 34,361,421 (37,537,424)
------------ ------------
Net increase (decrease) in net assets resulting from
operations................................................ (38,171,374) (38,111,612)
------------ ------------
Distributions to shareholders from:
Net investment income (Class A)............................ (807,105) --
Net investment income (Class B)............................ (89,507) --
Net investment income (Class C)............................ (130,346) --
Net investment income (Class I)............................ (111,265) --
Net investment income (Class Z)............................ -- --
Net realized gain on securities (Class A).................. -- (6,405,167)
Net realized gain on securities (Class B).................. -- (1,777,695)
Net realized gain on securities (Class C).................. -- (2,438,019)
Net realized gain on securities (Class I).................. -- (706,303)
Net realized gain on securities (Class Z).................. -- --
Return of capital (Class A)................................ -- --
Return of capital (Class B)................................ -- --
Return of capital (Class C)................................ -- --
Return of capital (Class I)................................ -- --
Return of capital (Class Z)................................ -- --
------------ ------------
Total distributions to shareholders.......................... (1,138,223) (11,327,184)
------------ ------------
Net increase (decrease) in net assets resulting from capital
share transactions (Note 8)................................. 87,630,308 (6,309,775)
------------ ------------
Total increase (decrease) in net assets...................... 48,320,711 (55,748,571)
NET ASSETS:
Beginning of period.......................................... 74,847,518 130,596,089
------------ ------------
End of period+............................................... $123,168,229 $ 74,847,518
============ ============
- --------
+Includes accumulated undistributed net investment income
(loss)...................................................... $ (921,334) $ (31,117)
============ ============
See Notes to Financial Statements
13
SunAmerica Equity Funds
STATEMENT OF CHANGES IN NET ASSETS -- (continued)
Value Fund Disciplined Growth Fund
-------------------------- --------------------------
For the For the
six months six months
ended For the year ended For the year
March 31, ended March 31, ended
2009 September 30, 2009 September 30,
(unaudited) 2008 (unaudited) 2008
------------ ------------- ------------ -------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss).................................. $ 1,059,520 $ 2,112,685 $ 2,485 $ (366,302)
Net realized gain (loss) on investments and foreign
currencies................................................... (37,404,135) (15,674,539) (10,553,687) (15,011,506)
Net unrealized gain (loss) on investments and foreign
currencies................................................... (9,042,208) (30,590,663) 281,195 (10,521,074)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from operations. (45,386,823) (44,152,517) (10,270,007) (25,898,882)
------------ ------------ ------------ ------------
Distributions to shareholders from:
Net investment income (Class A)............................... (1,308,678) (1,348,358) -- --
Net investment income (Class B)............................... (236,161) (210,886) -- --
Net investment income (Class C)............................... (158,369) (136,301) -- --
Net investment income (Class I)............................... (478) (425) -- --
Net investment income (Class Z)............................... (588,253) (468,654) -- --
Net realized gain on securities (Class A)..................... -- (17,163,009) -- --
Net realized gain on securities (Class B)..................... -- (5,445,543) -- --
Net realized gain on securities (Class C)..................... -- (3,519,589) -- --
Net realized gain on securities (Class I)..................... -- (4,981) -- --
Net realized gain on securities (Class Z)..................... -- (4,579,895) -- --
Return of capital (Class A)................................... -- -- -- --
Return of capital (Class B)................................... -- -- -- --
Return of capital (Class C)................................... -- -- -- --
Return of capital (Class I)................................... -- -- -- --
Return of capital (Class Z)................................... -- -- -- --
------------ ------------ ------------ ------------
Total distributions to shareholders............................. (2,291,939) (32,877,641) -- --
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from capital
share transactions (Note 8).................................... (11,950,868) (10,609,320) (7,348,178) 5,710,433
------------ ------------ ------------ ------------
Total increase (decrease) in net assets......................... (59,629,630) (87,639,478) (17,618,185) (20,188,449)
NET ASSETS:
Beginning of period............................................. 139,252,541 226,892,019 40,188,495 60,376,944
------------ ------------ ------------ ------------
End of period+.................................................. $ 79,622,911 $139,252,541 $ 22,570,310 $ 40,188,495
============ ============ ============ ============
- --------
+Includes accumulated undistributed net investment income
(loss)......................................................... $ 307,818 $ 1,540,237 $ (7,519) $ (10,004)
============ ============ ============ ============
International Small-Cap Fund
---------------------------
For the
six months
ended For the year
March 31, ended
2009 September 30,
(unaudited) 2008
----------- -------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss).................................. $ 2,944 $ (48,475)
Net realized gain (loss) on investments and foreign
currencies................................................... (9,363,877) (4,003,933)
Net unrealized gain (loss) on investments and foreign
currencies................................................... 96,825 (10,020,667)
----------- ------------
Net increase (decrease) in net assets resulting from operations. (9,264,108) (14,073,075)
----------- ------------
Distributions to shareholders from:
Net investment income (Class A)............................... (11,219) --
Net investment income (Class B)............................... -- --
Net investment income (Class C)............................... -- --
Net investment income (Class I)............................... -- --
Net investment income (Class Z)............................... -- --
Net realized gain on securities (Class A)..................... -- (273,789)
Net realized gain on securities (Class B)..................... -- (11,114)
Net realized gain on securities (Class C)..................... -- (49,279)
Net realized gain on securities (Class I)..................... -- --
Net realized gain on securities (Class Z)..................... -- --
Return of capital (Class A)................................... -- (32,125)
Return of capital (Class B)................................... -- (1,304)
Return of capital (Class C)................................... -- (5,782)
Return of capital (Class I)................................... -- --
Return of capital (Class Z)................................... -- --
----------- ------------
Total distributions to shareholders............................. (11,219) (373,393)
----------- ------------
Net increase (decrease) in net assets resulting from capital
share transactions (Note 8).................................... 39,358,348 (3,274,935)
----------- ------------
Total increase (decrease) in net assets......................... 30,083,021 (17,721,403)
NET ASSETS:
Beginning of period............................................. 19,661,571 37,382,974
----------- ------------
End of period+.................................................. $49,744,592 $ 19,661,571
=========== ============
- --------
+Includes accumulated undistributed net investment income
(loss)......................................................... $ (11,211) $ (2,969)
=========== ============
See Notes to Financial Statements
14
SunAmerica Equity Funds
FINANCIAL HIGHLIGHTS
BLUE CHIP GROWTH FUND
---------------------
Net gain
(loss) on
Net investments Distri- Net Net
Asset Net (both Dividends butions Asset Assets Ratio of
Value investment realized Total from from net from Total Value end of expenses
beginning income and investment investment capital distri- end of Total period to average
Period Ended of period (loss)(1) unrealized) operations income gains butions period Return(2) (000's) net assets
- ------------ --------- ---------- ----------- ---------- ---------- ------- ------- ------ --------- ------- ----------
Class A
- -
09/30/04 $13.12 $(0.08) $ 1.05 $ 0.97 $-- $-- $-- $14.09 7.39% $62,316 1.60%
09/30/05 14.09 (0.01) 1.13 1.12 -- -- -- 15.21 7.95 56,755 1.59
09/30/06 15.21 (0.07) 0.55 0.48 -- -- -- 15.69 3.16 49,539 1.55(3)(4)
09/30/07 15.69 (0.07) 3.12 3.05 -- -- -- 18.74 19.44 51,961 1.60(3)(4)
09/30/08 18.74 (0.11) (3.72) (3.83) -- -- -- 14.91 (20.44)(5) 38,927 1.64(4)
03/31/09(6) 14.91 (0.02) (3.80) (3.82) -- -- -- 11.09 (25.62) 27,270 1.86(3)(4)(7)
Class B
- -
09/30/04 $11.90 $(0.16) $ 0.96 $ 0.80 $-- $-- $-- $12.70 6.72% $27,946 2.26%
09/30/05 12.70 (0.11) 1.02 0.91 -- -- -- 13.61 7.17 22,558 2.32
09/30/06 13.61 (0.17) 0.50 0.33 -- -- -- 13.94 2.42 17,479 2.29(3)(4)
09/30/07 13.94 (0.17) 2.75 2.58 -- -- -- 16.52 18.51 14,314 2.36(3)(4)
09/30/08 16.52 (0.22) (3.25) (3.47) -- -- -- 13.05 (21.00)(5) 7,525 2.38(4)
03/31/09(6) 13.05 (0.06) (3.33) (3.39) -- -- -- 9.66 (25.98) 4,643 2.73(3)(4)(7)
Class C+
- -
09/30/04 $11.87 $(0.18) $ 0.96 $ 0.78 $-- $-- $-- $12.65 6.57% $ 6,458 2.37%
09/30/05 12.65 (0.13) 1.01 0.88 -- -- -- 13.53 6.96 5,278 2.49
09/30/06 13.53 (0.17) 0.50 0.33 -- -- -- 13.86 2.44 4,528 2.30(3)(4)
09/30/07 13.86 (0.20) 2.73 2.53 -- -- -- 16.39 18.25 3,959 2.55(3)(4)
09/30/08 16.39 (0.23) (3.23) (3.46) -- -- -- 12.93 (21.11)(5) 2,939 2.51(4)
03/31/09(6) 12.93 (0.07) (3.30) (3.37) -- -- -- 9.56 (26.06) 1,877 2.86(3)(4)(7)
Class I
- -
09/30/04 $13.16 $(0.04) $ 1.05 $ 1.01 $-- $-- $-- $14.17 7.67% $ 2,164 1.33%(3)
09/30/05 14.17 0.03 1.14 1.17 -- -- -- 15.34 8.26 1,454 1.33(3)
09/30/06 15.34 (0.04) 0.57 0.53 -- -- -- 15.87 3.45 642 1.28(3)(4)
09/30/07 15.87 (0.02) 3.16 3.14 -- -- -- 19.01 19.79 673 1.32(3)(4)
09/30/08 19.01 (0.06) (3.79) (3.85) -- -- -- 15.16 (20.25)(5) 524 1.33(3)(4)
03/31/09(6) 15.16 0.01 (3.87) (3.86) -- -- -- 11.30 (25.46) 360 1.33(3)(4)(7)
Ratio
of net
investment
income (loss)
to average Portfolio
net assets Turnover
- ------------- ---------
(0.59)% 145%
(0.09) 120
(0.45)(3)(4) 154
(0.40)(3)(4) 72
(0.66)(4) 49
(0.35)(3)(4)(7) 37
(1.25)% 145%
(0.80) 120
(1.20)(3)(4) 154
(1.14)(3)(4) 72
(1.41)(4) 49
(1.23)(3)(4)(7) 37
(1.37)% 145%
(0.98) 120
(1.21)(3)(4) 154
(1.35)(3)(4) 72
(1.54)(4) 49
(1.37)(3)(4)(7) 37
(0.26)%(3) 145%
0.22(3) 120
(0.22)(3)(4) 154
(0.11)(3)(4) 72
(0.36)(3)(4) 49
0.17(3)(4)(7) 37
- --------
(1)Calculated based upon average shares outstanding.
(2)Total return is not annualized and does not reflect sales load. Total return
does include expense reimbursements and expense reductions.
(3)Net of the following expense reimbursements/fee waivers (based on average
net assets) (See Note 4):
09/30/04 09/30/05 09/30/06 09/30/07 09/30/08 03/31/09(6)(7)
-------- -------- -------- -------- -------- --------------
Blue Chip Growth Class A................ -- % -- % 0.05% 0.01% -- % 0.04%
Blue Chip Growth Class B................ -- -- 0.05 0.02 -- 0.03
Blue Chip Growth Class C+............... -- -- 0.05 0.02 -- 0.13
Blue Chip Growth Class I................ 0.13 0.49 1.15 1.92 1.36 3.47
(4)Includes expense reimbursements, but excludes expense reductions. If the
expense reductions had been applied the ratio of expenses to average net
assets would have been lower and the ratio of net investment income to
average net assets would have been higher by:
09/30/06 09/30/07 09/30/08 03/31/09(6)(7)
-------- -------- -------- --------------
Blue Chip Growth Class A................ 0.01% 0.01% 0.01% 0.00%
Blue Chip Growth Class B................ 0.01 0.01 0.01 0.00
Blue Chip Growth Class C+............... 0.01 0.01 0.01 0.00
Blue Chip Growth Class I................ 0.01 0.01 0.01 0.00
(5)The Fund's performance was increased by less than 0.01% from gains on
disposal of investments in violation of investment restrictions.
(6)Unaudited
(7)Annualized
+ Effective February 23, 2004, Class II shares were redesignated to Class C
shares.
See Notes to Financial Statements
15
SunAmerica Equity Funds
FINANCIAL HIGHLIGHTS -- (continued)
GROWTH OPPORTUNITIES FUND
-------------------------
Net gain
(loss) on
Net investments Distri- Net Net
Asset Net (both Dividends butions Asset Assets Ratio of
Value investment realized Total from from net from Total Value end of expenses
beginning income and investment investment capital distri- end of Total period to average
Period Ended of period (loss)(1) unrealized) operations income gains butions period Return(2) (000's) net assets
- ------------ --------- ---------- ----------- ---------- ---------- ------- ------- ------ --------- ------- ----------
Class A
- -
09/30/04 $13.74 $(0.16) $ 0.07 $(0.09) $-- $-- $-- $13.65 (0.66)%(3) $49,918 1.58%
09/30/05 13.65 (0.17) 2.79 2.62 -- -- -- 16.27 19.19 44,641 1.65
09/30/06 16.27 (0.12) 0.89 0.77 -- -- -- 17.04 4.73 37,382 1.59(4)(5)
09/30/07 17.04 (0.14) 2.41 2.27 -- -- -- 19.31 13.32 39,646 1.62(4)(5)
09/30/08 19.31 (0.12) (6.37) (6.49) -- -- -- 12.82 (33.61) 21,705 1.82(4)(5)
03/31/09(6) 12.82 (0.08) (2.59) (2.67) -- -- -- 10.15 (20.83) 15,567 2.13(4)(5)(7)
Class B
- -
09/30/04 $12.44 $(0.24) $ 0.07 $(0.17) $-- $-- $-- $12.27 (1.37)%(3) $31,429 2.27%
09/30/05 12.27 (0.25) 2.50 2.25 -- -- -- 14.52 18.34 27,673 2.32
09/30/06 14.52 (0.21) 0.79 0.58 -- -- -- 15.10 3.99 21,500 2.30(4)(5)
09/30/07 15.10 (0.25) 2.15 1.90 -- -- -- 17.00 12.58 15,229 2.31(4)(5)
09/30/08 17.00 (0.21) (5.59) (5.80) -- -- -- 11.20 (34.12) 6,405 2.53(4)(5)
03/31/09(6) 11.20 (0.11) (2.26) (2.37) -- -- -- 8.83 (21.16) 3,786 2.98(4)(5)(7)
Class C+
- -
09/30/04 $12.43 $(0.24) $ 0.06 $(0.18) $-- $-- $-- $12.25 (1.45)%(3) $14,599 2.29%
09/30/05 12.25 (0.26) 2.51 2.25 -- -- -- 14.50 18.37 12,089 2.39
09/30/06 14.50 (0.21) 0.79 0.58 -- -- -- 15.08 4.00 9,281 2.28(4)(5)
09/30/07 15.08 (0.26) 2.14 1.88 -- -- -- 16.96 12.47 8,230 2.38(4)(5)
09/30/08 16.96 (0.22) (5.57) (5.79) -- -- -- 11.17 (34.14) 3,977 2.62(4)(5)
03/31/09(6) 11.17 (0.11) (2.26) (2.37) -- -- -- 8.80 (21.22) 2,612 3.04(4)(5)(7)
Class I
- -
09/30/04 $13.80 $(0.13) $ 0.08 $(0.05) $-- $-- $-- $13.75 (0.36)%(3) $ 3,493 1.33%(4)
09/30/05 13.75 (0.13) 2.82 2.69 -- -- -- 16.44 19.56 1,759 1.33(4)
09/30/06 16.44 (0.06) 0.88 0.82 -- -- -- 17.26 4.99 422 1.28(4)(5)
09/30/07 17.26 (0.06) 2.42 2.36 -- -- -- 19.62 13.67 145 1.32(4)(5)
09/30/08 19.62 (0.04) (6.48) (6.52) -- -- -- 13.10 (33.23) 82 1.33(4)(5)
03/31/09(6) 13.10 (0.04) (2.65) (2.69) -- -- -- 10.41 (20.53) 47 1.31(4)(5)(7)
Ratio
of net
investment
income (loss)
to average Portfolio
net assets Turnover
- ------------- ---------
(1.09)% 170%
(1.15) 86
(0.76)(4)(5) 278
(0.79)(4)(5) 321
(0.93)(4)(5) 510
(1.63)(4)(5)(7) 602
(1.78)% 170%
(1.82) 86
(1.46)(4)(5) 278
(1.48)(4)(5) 321
(1.64)(4)(5) 510
(2.49)(4)(5)(7) 602
(1.80)% 170%
(1.89) 86
(1.44)(4)(5) 278
(1.56)(4)(5) 321
(1.73)(4)(5) 510
(2.54)(4)(5)(7) 602
(0.85)%(4) 170%
(0.85)(4) 86
(0.35)(4)(5) 278
(0.34)(4)(5) 321
(0.44)(4)(5) 510
(0.81)(4)(5)(7) 602
- --------
(1)Calculated based upon average shares outstanding.
(2)Total return is not annualized and does not reflect sales load. Total return
does include expense reimbursements and expense reductions.
(3)The Fund's total return increased from a gain realized on the disposal of
investments in violation of investment restrictions on Class A 0.07%, Class
B 0.10%, Class C 0.10% and Class I 0.08%.
(4)Net of the following expense reimbursements/fee waivers (based on average
net assets) (See Note 4):
09/30/04 09/30/05 09/30/06 09/30/07 09/30/08 03/31/09(6)(7)
-------- -------- -------- -------- -------- --------------
Growth Opportunities Class A............ -- % -- % 0.05% 0.00% 0.00% 0.11%
Growth Opportunities Class B............ -- -- 0.05 0.01 0.00 0.16
Growth Opportunities Class C+........... -- -- 0.05 0.01 0.00 0.18
Growth Opportunities Class I............ 0.18 0.49 1.59 5.77 8.62 18.10
(5)Includes expense reimbursements, but excludes expense reductions. If the
expense reductions had been applied the ratio of expenses to average net
assets would have been lower and the ratio of net investment income to
average net assets would have been higher by:
09/30/06 09/30/07 09/30/08 03/31/09(6)(7)
-------- -------- -------- --------------
Growth Opportunities Class A............ 0.04% 0.05% 0.19% 0.04%
Growth Opportunities Class B............ 0.04 0.05 0.19 0.04
Growth Opportunities Class C+........... 0.04 0.05 0.19 0.04
Growth Opportunities Class I............ 0.03 0.05 0.19 0.04
(6)Unaudited
(7)Annualized
+ Effective February 23, 2004, Class II shares were redesignated to Class C
shares.
See Notes to Financial Statements
16
SunAmerica Equity Funds
FINANCIAL HIGHLIGHTS -- (continued)
NEW CENTURY FUND
----------------
Net gain
(loss) on
Net investments Distri- Net Net
Asset Net (both Dividends butions Asset Assets Ratio of
Value investment realized Total from from net from Total Value end of expenses
beginning income and investment investment capital distri- end of Total period to average
Period Ended of period (loss)(1) unrealized) operations income gains butions period Return(2) (000's) net assets
- ------------ --------- ---------- ----------- ---------- ---------- ------- ------- ------ --------- ------- ----------
Class A
- -
09/30/04 $13.44 $(0.17) $ 1.50 $ 1.33 $-- $-- $-- $14.77 9.90% $80,872 1.57%
09/30/05 14.77 (0.15) 3.38 3.23 -- -- -- 18.00 21.87 87,314 1.58
09/30/06 18.00 (0.07) 0.67 0.60 -- -- -- 18.60 3.33 75,682 1.55(4)
09/30/07 18.60 (0.04) 3.53 3.49 -- -- -- 22.09 18.76 88,535 1.55(4)
09/30/08 22.09 (0.12) (9.60) (9.72) -- -- -- 12.37 (44.00) 41,425 1.62(3)(4)
03/31/09(6) 12.37 (0.02) (3.63) (3.65) -- -- -- 8.72 (29.51) 25,675 1.88(3)(4)(7)
Class B
- -
09/30/04 $12.03 $(0.25) $ 1.35 $ 1.10 $-- $-- $-- $13.13 9.14% $11,415 2.29%
09/30/05 13.13 (0.25) 3.00 2.75 -- -- -- 15.88 20.94 10,344 2.32
09/30/06 15.88 (0.19) 0.60 0.41 -- -- -- 16.29 2.58 7,528 2.29(4)
09/30/07 16.29 (0.18) 3.09 2.91 -- -- -- 19.20 17.86 10,701 2.31(4)
09/30/08 19.20 (0.24) (8.30) (8.54) -- -- -- 10.66 (44.48) 3,907 2.45(3)(4)
03/31/09(6) 10.66 (0.06) (3.13) (3.19) -- -- -- 7.47 (29.92) 2,173 2.91(3)(4)(7)
Class C+
- -
09/30/04 $12.02 $(0.22) $ 1.34 $ 1.12 $-- $-- $-- $13.14 9.32% $ 2,180 2.10%(3)
09/30/05 13.14 (0.22) 3.02 2.80 -- -- -- 15.94 21.31 1,964 2.14(3)
09/30/06 15.94 (0.16) 0.59 0.43 -- -- -- 16.37 2.70 1,756 2.14(3)(4)
09/30/07 16.37 (0.16) 3.11 2.95 -- -- -- 19.32 18.02 5,798 2.14(3)(4)
09/30/08 19.32 (0.19) (8.37) (8.56) -- -- -- 10.76 (44.31) 2,483 2.14(3)(4)(5)
03/31/09(6) 10.76 (0.03) (3.16) (3.19) -- -- -- 7.57 (29.65) 1,554 2.12(3)(4)(7)
Ratio
of net
investment
income (loss)
to average Portfolio
net assets Turnover
- ------------- ---------
(1.20)% 110%
(0.89) 80
(0.39)(4) 235
(0.20)(4) 315
(0.80)(3)(4) 659
(0.47)(3)(4)(7) 464
(1.91)% 110%
(1.64) 80
(1.14)(4) 235
(1.00)(4) 315
(1.61)(3)(4) 659
(1.51)(3)(4)(7) 464
(1.73)%(3) 110%
(1.45)(3) 80
(0.98)(3)(4) 235
(0.88)(3)(4) 315
(1.31)(3)(4)(5) 659
(0.71)(3)(4)(7) 464
- --------
(1)Calculated based upon average shares outstanding.
(2)Total return is not annualized and does not reflect sales load. Total return
does include expense reimbursements and expense reductions.
(3)Net of the following expense reimbursements (based on average net assets)
(See Note 4):
09/30/04 09/30/05 09/30/06 09/30/07 09/30/08 03/31/09(6)(7)
-------- -------- -------- -------- -------- --------------
New Century Class A..................... -- % -- % -- % -- % 0.00% 0.14%
New Century Class B..................... -- -- -- -- 0.00 0.17
New Century Class C+.................... 0.48 0.66 0.44 0.35 0.40 1.11
(4)Includes expense reimbursements, but excludes expense reductions. If the
expense reductions had been applied the ratio of expenses to average net
assets would have been lower and the ratio of net investment income to
average net assets would have been higher by:
09/30/06 09/30/07 09/30/08 03/31/09(6)(7)
-------- -------- -------- --------------
New Century Class A..................... 0.01% 0.02% 0.14% 0.04%
New Century Class B..................... 0.01 0.02 0.14 0.04
New Century Class C+.................... 0.01 0.03 0.14 0.04
(5)Net of custody credits of 0.01%.
(6)Unaudited
(7)Annualized
+ Effective February 23, 2004, Class II shares were redesignated to Class C
shares.
See Notes to Financial Statements
17
SunAmerica Equity Funds
FINANCIAL HIGHLIGHTS -- (continued)
GROWTH AND INCOME FUND
----------------------
Net gain
(loss) on
Net investments Distri- Net Net
Asset Net (both Dividends butions Asset Assets Ratio of
Value investment realized Total from from net from Total Value end of expenses
beginning income and investment investment capital distri- end of Total period to average
Period Ended of period (loss)(1) unrealized) operations income gains butions period Return(2) (000's) net assets
- ------------ --------- ---------- ----------- ---------- ---------- ------- ------- ------ --------- ------- ----------
Class A
- -
09/30/04 $10.19 $ 0.00 $ 1.19 $ 1.19 $ -- $-- $ -- $11.38 11.68% $69,069 1.50%
09/30/05 11.38 0.10 1.03 1.13 (0.11) -- (0.11) 12.40 9.89 65,666 1.55
09/30/06 12.40 0.04 1.01 1.05 (0.02) -- (0.02) 13.43 8.47 61,872 1.54(3)(4)
09/30/07 13.43 0.07 2.38 2.45 -- -- -- 15.88 18.24 66,963 1.52(3)(4)
09/30/08 15.88 0.14 (3.65) (3.51) (0.06) -- (0.06) 12.31 (22.19) 48,022 1.58(4)
03/31/09(5) 12.31 0.07 (4.01) (3.94) (0.15) -- (0.15) 8.22 (32.08) 29,507 1.76(3)(4)(6)
Class B
- -
09/30/04 $ 9.69 $(0.07) $ 1.13 $ 1.06 $ -- $-- $ -- $10.75 10.94% $54,199 2.17%
09/30/05 10.75 0.02 0.97 0.99 -- -- -- 11.74 9.21 41,120 2.20
09/30/06 11.74 (0.05) 0.96 0.91 -- -- -- 12.65 7.75 27,100 2.22(3)(4)
09/30/07 12.65 (0.03) 2.23 2.20 -- -- -- 14.85 17.39 19,562 2.21(3)(4)
09/30/08 14.85 0.04 (3.41) (3.37) -- -- -- 11.48 (22.69) 9,729 2.29(4)
03/31/09(5) 11.48 0.03 (3.74) (3.71) (0.04) -- (0.04) 7.73 (32.38) 4,830 2.56(3)(4)(6)
Class C+
- -
09/30/04 $ 9.67 $(0.07) $ 1.13 $ 1.06 $ -- $-- $ -- $10.73 10.96% $43,993 2.14%
09/30/05 10.73 0.02 0.97 0.99 -- -- -- 11.72 9.23 37,448 2.18
09/30/06 11.72 (0.04) 0.95 0.91 -- -- -- 12.63 7.76 26,821 2.19(3)(4)
09/30/07 12.63 (0.02) 2.23 2.21 -- -- -- 14.84 17.50 23,851 2.19(3)(4)
09/30/08 14.84 0.04 (3.41) (3.37) -- -- -- 11.47 (22.71) 14,816 2.25(4)
03/31/09(5) 11.47 0.04 (3.75) (3.71) (0.06) -- (0.06) 7.70 (32.34) 8,943 2.46(3)(4)(6)
Class I
- -
09/30/04 $10.21 $ 0.02 $ 1.18 $ 1.20 $ -- $-- $ -- $11.41 11.75% $ 769 1.32%(3)
09/30/05 11.41 0.12 1.04 1.16 (0.14) -- (0.14) 12.43 10.18 758 1.31(3)
09/30/06 12.43 0.07 1.01 1.08 (0.04) -- (0.04) 13.47 8.69 288 1.32(3)(4)
09/30/07 13.47 0.11 2.38 2.49 -- -- -- 15.96 18.49 323 1.31(3)(4)
09/30/08 15.96 0.18 (3.68) (3.50) (0.07) -- (0.07) 12.39 (22.02) 259 1.32(3)(4)
03/31/09(5) 12.39 0.09 (4.04) (3.95) (0.19) -- (0.19) 8.25 (31.97) 153 1.32(3)(4)(6)
Ratio
of net
investment
income (loss)
to average Portfolio
net assets Turnover
- ------------- ---------
0.01% 139%
0.78 79
0.31(3)(4) 152
0.49(3)(4) 164
0.96(4) 251
1.57(3)(4)(6) 98
(0.67)% 139%
0.16 79
(0.39)(3)(4) 152
(0.21)(3)(4) 164
0.26(4) 251
0.77(3)(4)(6) 98
(0.64)% 139%
0.17 79
(0.36)(3)(4) 152
(0.18)(3)(4) 164
0.29(4) 251
0.86(3)(4)(6) 98
0.19%(3) 139%
1.00(3) 79
0.48(3)(4) 152
0.70(3)(4) 164
1.22(3)(4) 251
2.01(3)(4)(6) 98
- --------
(1)Calculated based upon average shares outstanding.
(2)Total return is not annualized and does not reflect sales load. Total return
does include expense reimbursements and expense reductions.
(3)Net of the following expense reimbursements/fee waivers (based on average
net assets) (See Note 4):
09/30/04 09/30/05 09/30/06 09/30/07 09/30/08 03/31/09(5)(6)
-------- -------- -------- -------- -------- --------------
Growth and Income Class A............... -- % -- % 0.00% 0.01% -- % 0.02%
Growth and Income Class B............... -- -- 0.00 0.01 -- 0.06
Growth and Income Class C+.............. -- -- 0.00 0.01 -- 0.03
Growth and Income Class I............... 0.14 0.96 2.23 3.72 3.36 5.36
(4)Includes expense reimbursements, but excludes expense reductions. If the
expense reductions had been applied the ratio of expenses to average net
assets would have been lower and the ratio of net investment income to
average net assets would have been higher by:
09/30/06 09/30/07 09/30/08 03/31/09(5)(6)
-------- -------- -------- --------------
Growth and Income Class A............... 0.01% 0.02% 0.03% 0.00%
Growth and Income Class B............... 0.01 0.02 0.04 0.00
Growth and Income Class C+.............. 0.01 0.02 0.04 0.00
Growth and Income Class I............... 0.01 0.02 0.03 0.00
(5)Unaudited
(6)Annualized
+ Effective February 23, 2004, Class II shares were redesignated to Class C
shares.
See Notes to Financial Statements
18
SunAmerica Equity Funds
FINANCIAL HIGHLIGHTS -- (continued)
BALANCED ASSETS FUND
--------------------
Net gain
(loss) on
Net investments Distri- Net Net
Asset Net (both Dividends butions Asset Assets Ratio of
Value investment realized Total from from net from Total Value end of expenses
beginning income and investment investment capital distri- end of Total period to average
Period Ended of period (loss)(1) unrealized) operations income gains butions period Return(2) (000's) net assets
- ------------ --------- ---------- ----------- ---------- ---------- ------- ------- ------ --------- -------- ----------
Class A
- -
09/30/04 $12.45 $0.12 $ 0.78 $ 0.90 $(0.16) $-- $(0.16) $13.19 7.27% $160,269 1.50%
09/30/05 13.19 0.21 0.56 0.77 (0.24) -- (0.24) 13.72 5.84 142,573 1.62
09/30/06 13.72 0.22 0.58 0.80 (0.25) -- (0.25) 14.27 5.90 127,313 1.52(3)(4)
09/30/07 14.27 0.25 1.52 1.77 (0.24) -- (0.24) 15.80 12.50 124,257 1.55(3)(4)
09/30/08 15.80 0.25 (2.82) (2.57) (0.26) -- (0.26) 12.97 (16.37)(5) 91,316 1.59(3)(4)
03/31/09(7) 12.97 0.14 (2.72) (2.58) (0.18) -- (0.18) 10.21 (19.94) 64,249 1.74(3)(4)(8)
Class B
- -
09/30/04 $12.41 $0.03 $ 0.77 $ 0.80 $(0.07) $-- $(0.07) $13.14 6.45% $ 38,687 2.18%
09/30/05 13.14 0.13 0.55 0.68 (0.15) -- (0.15) 13.67 5.16 30,002 2.27
09/30/06 13.67 0.13 0.58 0.71 (0.15) -- (0.15) 14.23 5.23 20,464 2.20(3)(4)
09/30/07 14.23 0.14 1.52 1.66 (0.12) -- (0.12) 15.77 11.70 14,714 2.28(3)(4)
09/30/08 15.77 0.15 (2.81) (2.66) (0.16) -- (0.16) 12.95 (16.95)(5) 9,252 2.31(3)(4)
03/31/09(7) 12.95 0.10 (2.71) (2.61) (0.14) -- (0.14) 10.20 (20.20) 6,017 2.52(3)(4)(8)
Class C+
- -
09/30/04 $12.42 $0.03 $ 0.78 $ 0.81 $(0.07) $-- $(0.07) $13.16 6.53% $ 22,781 2.18%
09/30/05 13.16 0.13 0.55 0.68 (0.15) -- (0.15) 13.69 5.15 19,298 2.26
09/30/06 13.69 0.13 0.58 0.71 (0.15) -- (0.15) 14.25 5.22 15,164 2.18(3)(4)
09/30/07 14.25 0.15 1.52 1.67 (0.12) -- (0.12) 15.80 11.75 13,891 2.26(3)(4)
09/30/08 15.80 0.15 (2.82) (2.67) (0.16) -- (0.16) 12.97 (16.98)(5) 9,552 2.28(3)(4)
03/31/09(7) 12.97 0.10 (2.72) (2.62) (0.14) -- (0.14) 10.21 (20.21) 6,766 2.46(3)(4)(8)
Class I
- -
09/30/04 $12.46 $0.16 $ 0.77 $ 0.93 $(0.18) $-- $(0.18) $13.21 7.44% $ 679 1.29%(3)
09/30/05 13.21 0.25 0.55 0.80 (0.28) -- (0.28) 13.73 6.10 746 1.32(3)
09/30/06 13.73 0.26 0.59 0.85 (0.29) -- (0.29) 14.29 6.24 754 1.28(3)(4)
09/30/07 14.29 0.29 1.53 1.82 (0.29) -- (0.29) 15.82 12.81 652 1.31(3)(4)
09/30/08 15.82 0.29 (2.83) (2.54) (0.30) -- (0.30) 12.98 (16.19)(5) 546 1.31(3)(4)
03/31/09(7) 12.98 0.16 (2.72) (2.56) (0.20) -- (0.20) 10.22 (19.77) 397 1.33(3)(4)(8)
Ratio
of net
investment
income (loss)
to average Portfolio
net assets Turnover
- ------------- ---------
0.89% 182%(6)
1.56 160(6)
1.59(3)(4) 156(6)
1.66(3)(4) 133(6)
1.71(3)(4) 122
2.58(3)(4)(8) 64
0.20% 182%(6)
0.91 160(6)
0.91(3)(4) 156(6)
0.93(3)(4) 133(6)
0.99(3)(4) 122
1.79(3)(4)(8) 64
0.21% 182%(6)
0.92 160(6)
0.93(3)(4) 156(6)
0.95(3)(4) 133(6)
1.02(3)(4) 122
1.86(3)(4)(8) 64
1.10%(3) 182%(6)
1.84(3) 160(6)
1.84(3)(4) 156(6)
1.90(3)(4) 133(6)
1.99(3)(4) 122
2.99(3)(4)(8) 64
- --------
(1)Calculated based upon average shares outstanding.
(2)Total return is not annualized and does not reflect sales load. Total return
does include expense reimbursements and expense reductions.
(3)Net of the following expense reimbursements/fee waivers (based on average
net assets) (See Note 4):
09/30/04 09/30/05 09/30/06 09/30/07 09/30/08 03/31/09(7)(8)
-------- -------- -------- -------- -------- --------------
Balanced Assets Class A................. -- % -- % 0.05% 0.02% 0.02% 0.01%
Balanced Assets Class B................. -- -- 0.05 0.02 0.02 0.05
Balanced Assets Class C+................ -- -- 0.05 0.02 0.02 0.03
Balanced Assets Class I................. 0.24 1.47 1.38 1.71 1.65 2.38
(4)Includes expense reimbursements, but excludes expense reductions. If the
expense reductions had been applied the ratio of expenses to average net
assets would have been lower and the ratio of net investment income to
average net assets would have been higher by:
09/30/06 09/30/07 09/30/08 03/31/09(7)(8)
-------- -------- -------- --------------
Balanced Assets Class A................. 0.00% 0.01% 0.01% 0.00%
Balanced Assets Class B................. 0.00 0.01 0.01 0.00
Balanced Assets Class C+................ 0.00 0.01 0.01 0.00
Balanced Assets Class I................. 0.00 0.01 0.01 0.00
(5)The Fund's performance was increased by less than 0.01% from gains on the
disposal of investments in violation of investment restrictions.
(6)Portfolio turnover includes "to be announced" ("TBA") transactions.
Previously, portfolio turnover was calculated prior to including TBA
transactions and was as follows:
09/30/04 09/30/05 09/30/06 09/30/07
-------- -------- -------- --------
181% 160% 154% 123%
(7)Unaudited
(8)Annualized
+ Effective February 23, 2004, Class II shares were redesignated to Class C
shares.
See Notes to Financial Statements
19
SunAmerica Equity Funds
FINANCIAL HIGHLIGHTS -- (continued)
INTERNATIONAL EQUITY FUND
-------------------------
Net gain
(loss) on
Net investments Distri- Net Net
Asset Net (both Dividends butions Asset Assets Ratio of
Value investment realized Total from from net from Total Value end of expenses
beginning income and investment investment capital distri- end of Total period to average
Period Ended of period (loss)(1) unrealized) operations income gains butions period Return(2) (000's) net assets
- ------------ --------- ---------- ----------- ---------- ---------- ------- ------- ------ --------- ------- ----------
Class A
- -
09/30/04 $ 8.73 $ 0.01 $ 1.46 $ 1.47 $ 0.00 $ -- $ 0.00 $10.20 16.88% $32,221 1.90%(3)
09/30/05 10.20 0.02 2.82 2.84 -- -- -- 13.04 27.84 43,527 1.90(3)
09/30/06 13.04 (0.01) 2.81 2.80 -- -- -- 15.84 21.47 62,190 1.90(3)
09/30/07 15.84 0.02 3.94 3.96 -- -- -- 19.80 25.00 75,408 1.90(3)
09/30/08 19.80 0.17 (5.85) (5.68) -- (1.68) (1.68) 12.44 (31.34) 46,384 1.90(4)
03/31/09(5) 12.44 0.03 (4.43) (4.40) (0.25) -- (0.25) 7.79 (35.61) 90,176 1.90(3)(4)(6)
Class B
- -
09/30/04 $ 8.34 $(0.06) $ 1.41 $ 1.35 $ -- $ -- $ -- $ 9.69 16.19% $20,673 2.55%(3)
09/30/05 9.69 (0.06) 2.68 2.62 -- -- -- 12.31 27.04 19,546 2.55(3)
09/30/06 12.31 (0.11) 2.65 2.54 -- -- -- 14.85 20.63 21,240 2.55(3)
09/30/07 14.85 (0.10) 3.69 3.59 -- -- -- 18.44 24.18 20,509 2.55(3)
09/30/08 18.44 0.04 (5.36) (5.32) -- (1.68) (1.68) 11.44 (31.72) 9,279 2.55(3)(4)
03/31/09(5) 11.44 (0.00) (4.09) (4.09) (0.12) -- (0.12) 7.23 (35.83) 10,451 2.55(3)(4)(6)
Class C+
- -
09/30/04 $ 8.33 $(0.06) $ 1.41 $ 1.35 $ -- $ -- $ -- $ 9.68 16.21% $15,798 2.55%(3)
09/30/05 9.68 (0.06) 2.67 2.61 -- -- -- 12.29 26.96 16,892 2.55(3)
09/30/06 12.29 (0.11) 2.66 2.55 -- -- -- 14.84 20.75 21,646 2.55(3)
09/30/07 14.84 (0.09) 3.67 3.58 -- -- -- 18.42 24.12 26,683 2.55(3)
09/30/08 18.42 0.05 (5.37) (5.32) -- (1.68) (1.68) 11.42 (31.77) 14,221 2.55(3)(4)
03/31/09(5) 11.42 0.00 (4.08) (4.08) (0.12) -- (0.12) 7.22 (35.80) 19,343 2.55(3)(4)(6)
Class I
- -
09/30/04 $ 8.77 $(0.04) $ 1.53 $ 1.49 $(0.01) $ -- $(0.01) $10.25 16.96% $ 4,233 1.80%(3)
09/30/05 10.25 0.05 2.82 2.87 -- -- -- 13.12 28.00 7,065 1.80(3)
09/30/06 13.12 0.00 2.84 2.84 -- -- -- 15.96 21.65 9,482 1.80(3)
09/30/07 15.96 0.04 3.96 4.00 -- -- -- 19.96 25.06 7,997 1.80(3)
09/30/08 19.96 0.17 (5.89) (5.72) -- (1.68) (1.68) 12.56 (31.29) 4,964 1.80(3)(4)
03/31/09(5) 12.56 0.02 (4.46) (4.44) (0.28) -- (0.28) 7.84 (35.59) 3,199 1.80(3)(4)(6)
Ratio
of net
investment
income (loss)
to average Portfolio
net assets Turnover
- ------------- ---------
0.06%(3) 202%
0.17(3) 126
(0.09)(3) 152
0.13(3) 132
0.98(4) 199
0.82(3)(4)(6) 251
(0.62)%(3) 202%
(0.51)(3) 126
(0.80)(3) 152
(0.59)(3) 132
0.25(3)(4) 199
(0.11)(3)(4)(6) 251
(0.60)%(3) 202%
(0.49)(3) 126
(0.76)(3) 152
(0.52)(3) 132
0.31(3)(4) 199
0.02(3)(4)(6) 251
(0.34)%(3) 202%
0.43(3) 126
(0.01)(3) 152
0.24(3) 132
1.01(3)(4) 199
0.49(3)(4)(6) 251
- --------
(1)Calculated based upon average shares outstanding.
(2)Total return is not annualized and does not reflect sales load. Total return
does include expense reimbursements and expense reductions.
(3)Net of the following expense reimbursements (recoupments) (based on average
net assets) (See Note 4):
09/30/04 09/30/05 09/30/06 09/30/07 09/30/08 03/31/09(5)(6)
-------- -------- -------- -------- -------- --------------
International Equity Class A............ 0.10% 0.09% (0.04)% (0.05)% -- % 0.04%
International Equity Class B............ 0.11 0.17 0.02 0.04 0.06 0.32
International Equity Class C+........... 0.06 0.14 (0.01) (0.00) 0.01 0.18
International Equity Class I............ 0.12 0.14 0.00 0.04 0.09 0.41
(4)Includes expense reimbursements, but excludes expense reductions. If the
expense reductions had been applied the ratio of expenses to average net
assets would have been lower and the ratio of net investment income to
average net assets would have been higher by:
09/30/08 03/31/09(5)(6)
-------- --------------
International Equity Class A....... 0.00% 0.00%
International Equity Class B....... 0.00 0.00
International Equity Class C+...... 0.00 0.00
International Equity Class I....... 0.00 0.00
(5)Unaudited
(6)Annualized
+ Effective February 23, 2004, Class II shares were redesignated to Class C
shares.
See Notes to Financial Statements
20
SunAmerica Equity Funds
FINANCIAL HIGHLIGHTS -- (continued)
VALUE FUND
----------
Net gain
(loss) on
Net investments Distri- Net Net
Asset Net (both Dividends butions Asset Assets
Value investment realized Total from from net from Total Value end of
beginning income and investment investment capital distri- end of Total period
Period Ended of period (loss)(1) unrealized) operations income gains butions period Return(2) (000's)
- ------------------- --------- ---------- ----------- ---------- ---------- ------- ------- ------ --------- --------
Class A
- -
10/31/03 $14.63 $0.29 $ 2.05 $ 2.34 $(0.18) $(0.46) $(0.64) $16.33 16.59% $ 60,701
11/1/03-09/30/04(6) 16.33 0.32 1.86 2.18 (0.37) (0.45) (0.82) 17.69 13.79 91,769
09/30/05 17.69 0.17 2.22 2.39 (0.29) (1.78) (2.07) 18.01 14.06 130,754
09/30/06 18.01 0.15 1.89 2.04 (0.13) (1.17) (1.30) 18.75 12.02 121,729
09/30/07 18.75 0.18 2.59 2.77 (0.16) (2.04) (2.20) 19.32 15.80 126,788
09/30/08 19.32 0.19 (3.86) (3.67) (0.21) (2.70) (2.91) 12.74 (21.70) 77,903
03/31/09(7) 12.74 0.11 (4.28) (4.17) (0.23) -- (0.23) 8.34 (32.94) 42,776
Class B
- -
10/31/03 $14.06 $0.19 $ 1.98 $ 2.17 $(0.08) $(0.46) $(0.54) $15.69 15.94% $ 83,935
11/1/03-09/30/04(6) 15.69 0.24 1.75 1.99 (0.27) (0.45) (0.72) 16.96 13.09 68,492
09/30/05 16.96 0.07 2.11 2.18 (0.18) (1.78) (1.96) 17.18 13.34 57,704
09/30/06 17.18 0.04 1.80 1.84 (0.03) (1.17) (1.20) 17.82 11.29 47,100
09/30/07 17.82 0.05 2.46 2.51 (0.05) (2.04) (2.09) 18.24 15.07 39,355
09/30/08 18.24 0.09 (3.62) (3.53) (0.10) (2.70) (2.80) 11.91 (22.16) 21,304
03/31/09(7) 11.91 0.07 (4.00) (3.93) (0.14) -- (0.14) 7.84 (33.14) 11,544
Class C+
- -
10/31/03 $14.06 $0.18 $ 1.99 $ 2.17 $(0.08) $(0.46) $(0.54) $15.69 15.94% $ 23,208
11/1/03-09/30/04(6) 15.69 0.22 1.77 1.99 (0.27) (0.45) (0.72) 16.96 13.09 30,985
09/30/05 16.96 0.06 2.12 2.18 (0.18) (1.78) (1.96) 17.18 13.34 41,095
09/30/06 17.18 0.04 1.80 1.84 (0.03) (1.17) (1.20) 17.82 11.30 33,849
09/30/07 17.82 0.06 2.45 2.51 (0.05) (2.04) (2.09) 18.24 15.07 26,071
09/30/08 18.24 0.09 (3.62) (3.53) (0.10) (2.70) (2.80) 11.91 (22.16) 14,194
03/31/09(7) 11.91 0.07 (4.00) (3.93) (0.14) -- (0.14) 7.84 (33.14) 8,285
Class I
- -
10/31/03 $14.63 $0.30 $ 2.05 $ 2.35 $(0.19) $(0.46) $(0.65) $16.33 16.72% $ 6,629
11/1/03-09/30/04(6) 16.33 0.37 1.83 2.20 (0.40) (0.45) (0.85) 17.68 13.91 4,746
09/30/05 17.68 0.20 2.20 2.40 (0.30) (1.78) (2.08) 18.00 14.12 3,106
09/30/06 18.00 0.16 1.91 2.07 (0.15) (1.17) (1.32) 18.75 12.20 174
09/30/07 18.75 0.21 2.57 2.78 (0.18) (2.04) (2.22) 19.31 15.89 34
09/30/08 19.31 0.20 (3.85) (3.65) (0.23) (2.70) (2.93) 12.73 (21.62) 25
03/31/09(7) 12.73 0.11 (4.27) (4.16) (0.25) -- (0.25) 8.32 (32.91) 14
Class Z
- -
10/31/03 $14.97 $0.36 $ 2.13 $ 2.49 $(0.25) $(0.46) $(0.71) $16.75 17.36% $ 4,532
11/1/03-09/30/04(6) 16.75 0.41 1.92 2.33 (0.45) (0.45) (0.90) 18.18 14.37 7,370
09/30/05 18.18 0.27 2.30 2.57 (0.39) (1.78) (2.17) 18.58 14.77 17,307
09/30/06 18.58 0.26 1.95 2.21 (0.19) (1.17) (1.36) 19.43 12.64 22,853
09/30/07 19.43 0.29 2.70 2.99 (0.22) (2.04) (2.26) 20.16 16.48 34,644
09/30/08 20.16 0.29 (4.05) (3.76) (0.28) (2.70) (2.98) 13.42 (21.28) 25,827
03/31/09(7) 13.42 0.14 (4.51) (4.37) (0.30) -- (0.30) 8.75 (32.79) 17,004
Ratio
of net
Ratio of investment
expenses income (loss)
to average to average Portfolio
net assets(4) net assets(4) Turnover
- ------------- ------------- ---------
1.78%(5) 1.94%(5) 138%
1.73(3) 2.12(3) 204
1.63 1.00 82
1.63(5) 0.88(5) 140
1.63(5) 0.97(5) 143
1.63(5) 1.23(5) 207
1.63(3)(5) 2.21(3)(5) 99
2.41%(5) 1.32%(5) 138%
2.40(3) 1.58(3) 204
2.28 0.38 82
2.28(5) 0.23(5) 140
2.28(5) 0.31(5) 143
2.28(5) 0.58(5) 207
2.28(3)(5) 1.55(3)(5) 99
2.43%(5) 1.28%(5) 138%
2.41(3) 1.48(3) 204
2.28 0.36 82
2.28(5) 0.23(5) 140
2.28(5) 0.32(5) 143
2.28(5) 0.58(5) 207
2.28(3)(5) 1.54(3)(5) 99
1.68%(5) 2.02%(5) 138%
1.67(3) 2.31(3) 204
1.53 1.11 82
1.53(5) 0.90(5) 140
1.53(5) 1.05(5) 143
1.53(5) 1.33(5) 207
1.53(3)(5) 2.30(3)(5) 99
1.21%(5) 2.33%(5) 138%
1.19(3) 2.58(3) 204
1.06 1.54 82
1.06(5) 1.45(5) 140
1.06(5) 1.54(5) 143
1.06(5) 1.81(5) 207
1.06(3)(5) 2.75(3)(5) 99
- --------
(1)Calculated based upon average shares outstanding.
(2)Total return is not annualized and does not reflect sales load. Total return
does include expense reimbursements and expense reductions.
(3)Annualized
(4)Net of the following expense reimbursements (recoupments) (based on average
net assets) (See Note 4):
10/31/03 09/30/04(3) 09/30/05 09/30/06 09/30/07 09/30/08 03/31/09(3)(7)
-------- ----------- -------- -------- -------- -------- --------------
Value Class A........................... (0.01)% 0.04% 0.08% 0.08% 0.07% 0.11% 0.22%
Value Class B........................... (0.01) 0.02 0.14 0.10 0.11 0.14 0.30
Value Class C+.......................... 0.02 0.06 0.08 0.08 0.09 0.14 0.30
Value Class I........................... -- 0.10 0.25 0.30 21.30 16.95 80.90
Value Class Z........................... 1.00 0.16 0.10 0.07 0.07 0.10 0.16
(5)Includes expense reimbursements, but excludes expense reductions. If the
expense reductions had been applied the ratio of expenses to average net
assets would have been lower and the ratio of net investment income to
average net assets would have been higher by:
10/31/03 09/30/06 09/30/07 09/30/08 03/31/09(3)(7)
-------- -------- -------- -------- --------------
Value Class A........................... 0.01% 0.01% 0.01% 0.03% 0.01%
Value Class B........................... 0.01 0.01 0.01 0.03 0.01
Value Class C+.......................... 0.01 0.01 0.01 0.03 0.01
Value Class I........................... 0.01 0.01 0.01 0.03 0.01
Value Class Z........................... 0.00 0.01 0.01 0.03 0.01
(6)The Fund changed its fiscal year end from October 31 to September 30.
(7)Unaudited
+ Effective February 23, 2004, Class II shares were redesignated to Class C
shares.
See Notes to Financial Statements
21
SunAmerica Equity Funds
FINANCIAL HIGHLIGHTS -- (continued)
DISCIPLINED GROWTH FUND
-----------------------
Net Gain
(loss) on
Net investments Distri- Net Net
Asset Net (both Dividends butions Asset Assets
Value investment realized Total from from net from Total Value end of
beginning income and investment investment capital distri- end of Total period
Period Ended of period (loss)(1) unrealized) operations income gains butions period Return(2) (000's)
- -------------------- --------- ---------- ----------- ---------- ---------- ------- ------- ------ --------- -------
Class A
- -
10/31/03 $ 9.00 $ 0.03 $ 1.46 $ 1.49 $ -- $-- $ -- $10.49 16.56% $14,877
11/01/03-09/30/04(3) 10.49 0.03 0.75 0.78 -- -- -- 11.27 7.44 13,562
09/30/05 11.27 0.09 0.53 0.62 (0.06) -- (0.06) 11.83 5.51 11,251
09/30/06 11.83 (0.01) 1.34 1.33 (0.06) -- (0.06) 13.10 11.25 22,554
09/30/07 13.10 (0.04) 4.38 4.34 -- -- -- 17.44 33.13(7) 25,774
09/30/08 17.44 (0.04) (6.33) (6.37) -- -- -- 11.07 (36.53) 19,949
03/31/09(9) 11.07 0.01 (2.91) (2.90) -- -- -- 8.17 (26.20) 12,277
Class B
- -
10/31/03 $ 8.79 $(0.03) $ 1.41 $ 1.38 $ -- $-- $ -- $10.17 15.70% $22,694
11/01/03-09/30/04(3) 10.17 (0.04) 0.73 0.69 -- -- -- 10.86 6.78 19,669
09/30/05 10.86 0.01 0.52 0.53 -- -- -- 11.39 4.88 15,117
09/30/06 11.39 (0.10) 1.29 1.19 0.00 -- 0.00 12.58 10.46 9,299
09/30/07 12.58 (0.13) 4.20 4.07 -- -- -- 16.65 32.35(7) 5,676
09/30/08 16.65 (0.13) (6.02) (6.15) -- -- -- 10.50 (36.94) 3,820
03/31/09(9) 10.50 (0.01) (2.77) (2.78) -- -- -- 7.72 (26.48) 1,721
Class C+
- -
10/31/03 $ 8.80 $(0.03) $ 1.42 $ 1.39 $ -- $-- $ -- $10.19 15.80% $23,036
11/01/03-09/30/04(3) 10.19 (0.04) 0.73 0.69 -- -- -- 10.88 6.77 18,295
09/30/05 10.88 0.01 0.51 0.52 -- -- -- 11.40 4.78 13,983
09/30/06 11.40 (0.09) 1.29 1.20 0.00 -- 0.00 12.60 10.54 26,927
09/30/07 12.60 (0.13) 4.19 4.06 -- -- -- 16.66 32.22(7) 28,927
09/30/08 16.66 (0.13) (6.02) (6.15) -- -- -- 10.51 (36.91) 16,419
03/31/09(9) 10.51 (0.01) (2.77) (2.78) -- -- -- 7.73 (26.45) 8,572
Ratio
of net
Ratio of investment
expenses income (loss)
to average to average Portfolio
net assets(5) net assets(5) Turnover
- ------------- ------------- ---------
1.45% 0.35% 13%
1.45(4) 0.25(4) 20
1.45 0.74 32
1.45(6) (0.02)(6) 999
1.45(6) (0.13)(6) 446
1.45(6)(8) (0.30)(6)(8) 706
1.45(4)(6) 0.26(4)(6) 421
2.10% (0.30)% 13%
2.10(4) (0.40)(4) 20
2.10 0.09 32
2.10(6) (0.77)(6) 999
2.10(6) (0.75)(6) 446
2.10(6)(8) (0.98)(6)(8) 706
2.10(4)(6) (0.41)(4)(6) 421
2.10% (0.30)% 13%
2.10(4) (0.40)(4) 20
2.10 0.09 32
2.10(6) (0.68)(6) 999
2.10(6) (0.78)(6) 446
2.10(6)(8) (0.95)(6)(8) 706
2.10(4)(6) (0.40)(4)(6) 421
- --------
(1)Calculated based upon average shares outstanding.
(2)Total return is not annualized and does not reflect sales load. Total return
does include expense reimbursements and expense reductions.
(3)The Fund changed its fiscal year end from October 31 to September 30.
(4)Annualized
(5)Net of the following expense reimbursements (based on average net assets)
(See Note 4):
10/31/03 09/30/04(4) 09/30/05 09/30/06 09/30/07 09/30/08 03/31/09(4)(9)
-------- ----------- -------- -------- -------- -------- --------------
Disciplined Growth Class A.............. 0.26% 0.24% 0.38% 0.31% 0.34% 0.25% 0.60%
Disciplined Growth Class B.............. 0.23 0.25 0.35 0.37 0.45 0.39 0.96
Disciplined Growth Class C+............. 0.23 0.24 0.33 0.30 0.30 0.24 0.60
(6)Includes expense reimbursements, but excludes expense reductions. If the
expense reductions had been applied the ratio of expenses to average net
assets would have been lower and the ratio of net investment income to
average net assets would have been higher by:
09/30/06 09/30/07 09/30/08 03/31/09(4)(9)
-------- -------- -------- --------------
Disciplined Growth Class A.............. 0.04% 0.11% 0.07% 0.08%
Disciplined Growth Class B.............. 0.02 0.14 0.07 0.08
Disciplined Growth Class C+............. 0.03 0.12 0.07 0.08
(7)Total Return for each class was increased by 0.38%, 0.40% and 0.40% for
Class A, Class B and Class C, respectively, from a reimbursement by an
affiliate.
(8)Net of custody credits of 0.01%.
(9)Unaudited
+ Effective February 23, 2004, Class II shares were redesignated to Class C
shares.
See Notes to Financial Statements
22
SunAmerica Equity Funds
FINANCIAL HIGHLIGHTS -- (continued)
INTERNATIONAL SMALL-CAP FUND
----------------------------
Net gain
(loss) on
Net investments Distri- Net
Asset Net (both Dividends butions Asset
Value investment realized Total from from net from Distributions Total Value
beginning income and investment investment capital from return distri- end of Total
Period Ended of period (loss)(1) unrealized) operations income gains of capital butions period Return(2)
- -------------------- --------- ---------- ----------- ---------- ---------- ------- ------------- ------- ------ ---------
Class A
05/02/06-09/30/06(3) $12.50 $ 0.00 $(1.45) $(1.45) $ -- $ -- $ -- $ -- $11.05 (11.60)%
09/30/07 11.05 (0.04) 2.99 2.95 -- -- -- -- 14.00 26.70
09/30/08 14.00 (0.00) (5.52) (5.52) -- (0.13) (0.01) (0.14) 8.34 (39.79)
03/31/09(6) 8.34 0.00 (2.69) (2.69) (0.00) -- -- (0.00) 5.65 (32.24)(7)
Class B
05/02/06-09/30/06(3) $12.50 $(0.04) $(1.44) $(1.48) $ -- $ -- $ -- $ -- $11.02 (11.84)%
09/30/07 11.02 (0.11) 2.97 2.86 -- -- -- -- 13.88 25.95
09/30/08 13.88 (0.08) (5.45) (5.53) -- (0.13) (0.01) (0.14) 8.21 (40.21)
03/31/09(6) 8.21 (0.02) (2.64) (2.66) -- -- -- -- 5.55 (32.40)(7)
Class C
05/02/06-09/30/06(3) $12.50 $(0.04) $(1.44) $(1.48) $ -- $ -- $ -- $ -- $11.02 (11.84)%
09/30/07 11.02 (0.12) 2.98 2.86 -- -- -- -- 13.88 25.95
09/30/08 13.88 (0.09) (5.44) (5.53) -- (0.13) (0.01) (0.14) 8.21 (40.20)
03/31/09(6) 8.21 (0.02) (2.64) (2.66) -- -- -- -- 5.55 (32.40)(7)
Ratio
Net of net
Assets Ratio of investment
end of expenses income (loss)
period to average to average Portfolio
(000's) net assets(5) net assets(5) Turnover
- ------- ------------- ------------- ---------
$21,557 1.90%(4) 0.08%(4) 55%
30,845 1.90 (0.30) 70
16,830 1.90 (0.04) 93
48,478 1.90(4) 0.04(4) 46
$ 583 2.55%(4) (0.93)%(4) 55%
1,181 2.55 (0.89) 70
633 2.55 (0.68) 93
262 2.55(4) (0.72)(4) 46
$ 3,363 2.55%(4) (1.07)%(4) 55%
5,357 2.55 (0.94) 70
2,199 2.55 (0.78) 93
1,004 2.55(4) (0.75)(4) 46
- --------
(1)Calculated based upon average shares outstanding.
(2)Total return is not annualized and does not reflect sales load. Total return
does include expense reimbursements and expense reductions.
(3)Commencement of operations.
(4)Annualized
(5)Net of the following expense reimbursements (based on average net assets)
(See Note 4):
09/30/06(4) 09/30/07 09/30/08 03/31/09(4)(6)
----------- -------- -------- --------------
International Small-Cap Class A......... 1.27% 0.45% 0.54% 0.36%
International Small-Cap Class B......... 12.63 2.10 1.53 3.89
International Small-Cap Class C......... 2.88 0.77 0.77 1.47
(6)Unaudited
(7)The Fund's performance was increased by less than 0.01% from gains on
disposal of investments in violation of investment restrictions (See Note 4).
See Notes to Financial Statements
23
SunAmerica Blue Chip Growth Fund
PORTFOLIO PROFILE -- March 31, 2009 -- (unaudited)
Industry Allocation*
Computers.............................. 6.1%
Medical-Biomedical/Gene................ 5.6
Repurchase Agreement................... 4.7
Web Portals/ISP........................ 4.2
Beverages-Non-alcoholic................ 4.1
Medical Products....................... 3.8
Electronic Components-Semiconductors... 3.5
Retail-Drug Store...................... 3.2
Oil Companies-Exploration & Production. 3.1
Wireless Equipment..................... 2.8
Instruments-Scientific................. 2.6
Agricultural Chemicals................. 2.5
Retail-Discount........................ 2.3
Medical-Generic Drugs.................. 2.3
Networking Products.................... 2.2
Diversified Banking Institutions....... 2.2
Electric Products-Misc................. 2.1
Applications Software.................. 2.0
Enterprise Software/Service............ 2.0
Commercial Services-Finance............ 1.9
Aerospace/Defense...................... 1.9
Oil Companies-Integrated............... 1.8
Cosmetics & Toiletries................. 1.7
Medical Instruments.................... 1.4
Retail-Office Supplies................. 1.4
Investment Management/Advisor Services. 1.3
Diversified Manufacturing Operations... 1.3
Data Processing/Management............. 1.3
Medical-Drugs.......................... 1.2
Finance-Investment Banker/Broker....... 1.2
Medical-HMO............................ 1.2
Aerospace/Defense-Equipment............ 1.1
Retail-Restaurants..................... 1.1
Transport-Rail......................... 1.0
Electronics-Military................... 1.0
Banks-Fiduciary........................ 1.0
Medical Labs & Testing Services........ 1.0
Telephone-Integrated................... 1.0
X-Ray Equipment........................ 1.0
Oil-Field Services..................... 1.0
Apparel Manufacturers.................. 0.9
Oil & Gas Drilling..................... 0.9
Sector Fund - Financial Services....... 0.9
Retail-Apparel/Shoe.................... 0.8
Retail-Regional Department Stores...... 0.7
Telecom Equipment-Fiber Optics......... 0.7
Internet Security...................... 0.6
Metal-Diversified...................... 0.6
Electronic Forms....................... 0.6
Retail-Consumer Electronics............ 0.6
Semiconductor Equipment................ 0.5
Medical-Wholesale Drug Distribution.... 0.5
Multimedia............................. 0.5
E-Commerce/Services.................... 0.5
Electronic Measurement Instruments..... 0.4
Entertainment Software................. 0.4
Cable/Satellite TV..................... 0.2
----
98.4%
====
- --------
*Calculated as a percentage of net assets
24
SunAmerica Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited)
Market
Value
Security Description Shares (Note 3)
---------------------------------------------------------------
COMMON STOCK -- 92.8%
Aerospace/Defense -- 1.9%
Lockheed Martin Corp....................... 3,950 $ 272,669
Raytheon Co................................ 9,700 377,718
----------
650,387
----------
Aerospace/Defense-Equipment -- 1.1%
United Technologies Corp................... 9,000 386,820
----------
Agricultural Chemicals -- 2.5%
Monsanto Co................................ 10,193 847,038
----------
Apparel Manufacturers -- 0.9%
Coach, Inc.+............................... 19,400 323,980
----------
Applications Software -- 2.0%
Microsoft Corp............................. 37,600 690,712
----------
Banks-Fiduciary -- 1.0%
The Bank of New York Mellon Corp........... 12,200 344,650
----------
Beverages-Non-alcoholic -- 4.1%
PepsiCo, Inc............................... 27,492 1,415,288
----------
Cable/Satellite TV -- 0.2%
Time Warner Cable, Inc..................... 2,175 53,940
----------
Commercial Services-Finance -- 1.9%
Visa, Inc., Class A........................ 11,850 658,860
----------
Computers -- 6.1%
Apple, Inc.+............................... 6,750 709,560
Hewlett-Packard Co......................... 18,000 577,080
International Business Machines Corp....... 5,400 523,206
Research In Motion, Ltd.+.................. 6,150 264,880
----------
2,074,726
----------
Cosmetics & Toiletries -- 1.7%
Colgate-Palmolive Co....................... 5,200 306,696
Procter & Gamble Co........................ 5,900 277,831
----------
584,527
----------
Data Processing/Management -- 1.3%
Fiserv, Inc.+.............................. 11,800 430,228
----------
Diversified Banking Institutions -- 2.2%
JPMorgan Chase & Co........................ 12,100 321,618
The Goldman Sachs Group, Inc............... 4,000 424,080
----------
745,698
----------
Diversified Manufacturing Operations -- 1.3%
Danaher Corp............................... 6,900 374,118
Dover Corp................................. 2,900 76,502
----------
450,620
----------
E-Commerce/Services -- 0.5%
eBay, Inc.+................................ 13,000 163,280
----------
Electric Products-Misc. -- 2.1%
AMETEK, Inc................................ 14,104 441,032
Emerson Electric Co........................ 9,100 260,078
----------
701,110
----------
Electronic Components-Semiconductors -- 3.5%
Broadcom Corp., Class A+................... 10,700 213,786
Intel Corp................................. 51,204 770,620
Market
Value
Security Description Shares (Note 3)
-----------------------------------------------------------------
Electronic Components-Semiconductors (continued)
Texas Instruments, Inc....................... 12,100 $ 199,771
----------
1,184,177
----------
Electronic Forms -- 0.6%
Adobe Systems, Inc.+......................... 9,223 197,280
----------
Electronic Measurement Instruments -- 0.4%
Agilent Technologies, Inc.+.................. 9,300 142,941
----------
Electronics-Military -- 1.0%
L-3 Communications Holdings, Inc............. 5,100 345,780
----------
Enterprise Software/Service -- 2.0%
Oracle Corp.+................................ 37,100 670,397
----------
Entertainment Software -- 0.4%
Electronic Arts, Inc.+....................... 6,634 120,672
----------
Finance-Investment Banker/Broker -- 1.2%
The Charles Schwab Corp...................... 26,700 413,850
----------
Instruments-Scientific -- 2.6%
Thermo Fisher Scientific, Inc.+.............. 24,783 884,010
----------
Internet Security -- 0.6%
McAfee, Inc.+................................ 6,400 214,400
----------
Investment Management/Advisor Services -- 1.3%
Invesco, Ltd................................. 33,300 461,538
----------
Medical Instruments -- 1.4%
Medtronic, Inc............................... 16,600 489,202
----------
Medical Labs & Testing Services -- 1.0%
Laboratory Corp. of America Holdings+........ 5,700 333,393
----------
Medical Products -- 3.8%
Baxter International, Inc.................... 6,900 353,418
Johnson & Johnson............................ 12,000 631,200
Zimmer Holdings, Inc.+....................... 8,850 323,025
----------
1,307,643
----------
Medical-Biomedical/Gene -- 5.6%
Amgen, Inc.+................................. 3,200 158,464
Celgene Corp.+............................... 8,300 368,520
Genzyme Corp.+............................... 8,800 522,632
Gilead Sciences, Inc.+....................... 18,800 870,816
----------
1,920,432
----------
Medical-Drugs -- 1.2%
Abbott Laboratories.......................... 8,900 424,530
----------
Medical-Generic Drugs -- 2.3%
Mylan, Inc.+................................. 35,200 472,032
Teva Pharmaceutical Industries, Ltd. ADR..... 6,714 302,466
----------
774,498
----------
Medical-HMO -- 1.2%
UnitedHealth Group, Inc...................... 19,200 401,856
----------
Medical-Wholesale Drug Distribution -- 0.5%
Cardinal Health, Inc......................... 5,400 169,992
----------
Metal-Diversified -- 0.6%
Freeport-McMoRan Copper & Gold, Inc.......... 5,600 213,416
----------
25
SunAmerica Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market
Value
Security Description Shares (Note 3)
-------------------------------------------------------------
COMMON STOCK (continued)
Multimedia -- 0.5%
Time Warner, Inc........................ 8,566 $ 165,324
-----------
Networking Products -- 2.2%
Cisco Systems, Inc.+.................... 45,000 754,650
-----------
Oil & Gas Drilling -- 0.9%
Transocean, Ltd.+....................... 5,492 323,149
-----------
Oil Companies-Exploration & Production -- 3.1%
Apache Corp............................. 1,500 96,135
Devon Energy Corp....................... 2,600 116,194
Occidental Petroleum Corp............... 4,400 244,860
Ultra Petroleum Corp.+.................. 4,400 157,916
XTO Energy, Inc......................... 14,400 440,928
-----------
1,056,033
-----------
Oil Companies-Integrated -- 1.8%
Exxon Mobil Corp........................ 9,100 619,710
-----------
Oil-Field Services -- 1.0%
Schlumberger, Ltd....................... 8,000 324,960
-----------
Retail-Apparel/Shoe -- 0.8%
American Eagle Outfitters, Inc.......... 22,500 275,400
-----------
Retail-Consumer Electronics -- 0.6%
Best Buy Co., Inc....................... 5,000 189,800
-----------
Retail-Discount -- 2.3%
Target Corp............................. 5,700 196,023
Wal-Mart Stores, Inc.................... 11,600 604,360
-----------
800,383
-----------
Retail-Drug Store -- 3.2%
CVS Caremark Corp....................... 39,702 1,091,408
-----------
Retail-Office Supplies -- 1.4%
Staples, Inc............................ 25,700 465,427
-----------
Retail-Regional Department Stores -- 0.7%
Kohl's Corp.+........................... 5,500 232,760
-----------
Retail-Restaurants -- 1.1%
McDonald's Corp......................... 6,600 360,162
-----------
Semiconductor Equipment -- 0.5%
ASML Holding NV......................... 10,400 182,104
-----------
Telecom Equipment-Fiber Optics -- 0.7%
Corning, Inc............................ 17,300 229,571
-----------
Telephone-Integrated -- 1.0%
AT&T, Inc............................... 13,200 332,640
-----------
Transport-Rail -- 1.0%
Union Pacific Corp...................... 8,600 353,546
-----------
Web Portals/ISP -- 4.2%
Google, Inc., Class A+.................. 4,150 1,444,449
-----------
Wireless Equipment -- 2.8%
QUALCOMM, Inc........................... 24,750 963,023
-----------
X-Ray Equipment -- 1.0%
Hologic, Inc.+.......................... 25,000 327,250
-----------
Total Common Stock
(cost $39,981,975)..................... 31,683,620
-----------
Shares/ Market
Principal Value
Security Description Amount (Note 3)
---------------------------------------------------------------
EXCHANGE-TRADED FUNDS -- 0.9%
Sector Fund-Financial Services -- 0.9%
Financial Select Sector SPDR Fund
(cost $330,583)..................... 36,615 $ 322,578
-----------
Total Long-Term Investment Securities
(cost $40,312,558).................. 32,006,198
-----------
REPURCHASE AGREEMENT -- 4.7%
State Street Bank & Trust Co.
Joint Repurchase Agreement(1)
(cost $1,600,000)................... $1,600,000 1,600,000
-----------
TOTAL INVESTMENTS
(cost $41,912,558)(2)............... 98.4% 33,606,198
Other assets less liabilities.......... 1.6 544,368
---------- -----------
NET ASSETS 100.0% $34,150,566
========== ===========
- --------
+ Non-income producing security
(1) See Note 3 for details of Joint Repurchase Agreement.
(2) See Note 7 for cost of investments on a tax basis.
ADR --American Depository Receipt
See Notes to Financial Statements
26
SunAmerica Growth Opportunities Fund
PORTFOLIO PROFILE -- March 31, 2009 -- (unaudited)
Industry Allocation*
Repurchase Agreements........................ 27.4%
Commercial Services-Finance.................. 12.9
Medical-Outpatient/Home Medical.............. 3.7
Medical-Generic Drugs........................ 3.6
Physical Therapy/Rehabilitation Centers...... 3.2
Data Processing/Management................... 3.0
Telecommunication Equipment.................. 2.7
Food-Misc.................................... 2.6
Hazardous Waste Disposal..................... 2.5
Medical Labs & Testing Services.............. 2.2
Oil Companies-Exploration & Production....... 2.1
Food-Confectionery........................... 2.0
Telecom Services............................. 2.0
Consulting Services.......................... 1.9
Semiconductor Components-Integrated Circuits. 1.8
Dialysis Centers............................. 1.7
Medical Instruments.......................... 1.7
Food-Wholesale/Distribution.................. 1.6
Aerospace/Defense-Equipment.................. 1.6
Transport-Services........................... 1.6
Brewery...................................... 1.4
Physicians Practice Management............... 1.4
E-Commerce/Services.......................... 1.4
Enterprise Software/Service.................. 1.4
Metal Processors & Fabrication............... 1.2
Apparel Manufacturers........................ 1.2
Computer Services............................ 1.1
Commercial Services.......................... 1.1
Medical-Biomedical/Gene...................... 1.0
Instruments-Scientific....................... 1.0
Lasers-System/Components..................... 0.9
Private Corrections.......................... 0.9
Consumer Products-Misc....................... 0.8
Medical-Nursing Homes........................ 0.8
Computers-Integrated Systems................. 0.8
Computer Aided Design........................ 0.7
Human Resources.............................. 0.6
Insurance-Multi-line......................... 0.5
Semiconductor Equipment...................... 0.5
Beverages-Wine/Spirits....................... 0.5
Footwear & Related Apparel................... 0.4
Banks-Commercial............................. 0.2
-----
101.6%
=====
- --------
*Calculated as a percentage of net assets
27
SunAmerica Growth Opportunities Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited)
Market
Value
Security Description Shares (Note 3)
----------------------------------------------------------
COMMON STOCK -- 74.2%
Aerospace/Defense-Equipment -- 1.6%
Orbital Sciences Corp.+............... 29,600 $ 351,944
----------
Apparel Manufacturers -- 1.2%
Coach, Inc.+.......................... 11,900 198,730
Polo Ralph Lauren Corp................ 1,400 59,150
----------
257,880
----------
Banks-Commercial -- 0.2%
SVB Financial Group+.................. 2,700 54,027
----------
Beverages-Wine/Spirits -- 0.5%
Central European Distribution Corp.+.. 10,100 108,676
----------
Brewery -- 1.4%
Molson Coors Brewing Co., Class B..... 9,200 315,376
----------
Commercial Services -- 1.1%
Team, Inc.+........................... 20,000 234,400
----------
Commercial Services-Finance -- 12.9%
Equifax, Inc.......................... 33,900 828,855
Global Payments, Inc.................. 23,184 774,577
Jackson Hewitt Tax Service, Inc....... 21,900 114,318
The Western Union Co.................. 62,400 784,368
TNS, Inc.+............................ 42,400 346,832
----------
2,848,950
----------
Computer Aided Design -- 0.7%
Parametric Technology Corp.+.......... 16,000 159,680
----------
Computer Services -- 1.1%
CACI International, Inc., Class A+.... 6,700 244,483
----------
Computers-Integrated Systems -- 0.8%
Diebold, Inc.......................... 7,900 168,665
----------
Consulting Services -- 1.9%
CRA International, Inc.+.............. 18,200 343,616
Huron Consulting Group, Inc.+......... 1,800 76,374
----------
419,990
----------
Consumer Products-Misc. -- 0.8%
Tupperware Brands Corp................ 10,400 176,696
----------
Data Processing/Management -- 3.0%
Fiserv, Inc.+......................... 18,300 667,218
----------
Dialysis Centers -- 1.7%
DaVita, Inc.+......................... 8,700 382,365
----------
E-Commerce/Services -- 1.4%
IAC/InterActive Corp.+................ 20,700 315,261
----------
Enterprise Software/Service -- 1.4%
Lawson Software, Inc.+................ 23,800 101,150
ManTech International Corp., Class A+. 4,751 199,067
----------
300,217
----------
Food-Confectionery -- 2.0%
The J.M. Smucker Co................... 12,000 447,240
----------
Food-Misc. -- 2.6%
Hain Celestial Group, Inc.+........... 40,700 579,568
----------
Market
Value
Security Description Shares (Note 3)
-------------------------------------------------------------
Food-Wholesale/Distribution -- 1.6%
Spartan Stores, Inc........................ 23,500 $362,135
--------
Footwear & Related Apparel -- 0.4%
Deckers Outdoor Corp.+..................... 1,500 79,560
--------
Hazardous Waste Disposal -- 2.5%
Stericycle, Inc.+.......................... 11,550 551,282
--------
Human Resources -- 0.6%
Emergency Medical Services Corp., Class A+. 4,000 125,560
--------
Instruments-Scientific -- 1.0%
FEI Co.+................................... 14,300 220,649
--------
Insurance-Multi-line -- 0.5%
HCC Insurance Holdings, Inc................ 4,700 118,393
--------
Lasers-System/Components -- 0.9%
Coherent, Inc.+............................ 11,300 194,925
--------
Medical Instruments -- 1.7%
CONMED Corp.+.............................. 25,600 368,896
--------
Medical Labs & Testing Services -- 2.2%
Laboratory Corp. of America Holdings+...... 8,200 479,618
--------
Medical-Biomedical/Gene -- 1.0%
Emergent Biosolutions, Inc.+............... 16,700 225,617
--------
Medical-Generic Drugs -- 3.6%
Perrigo Co................................. 31,800 789,594
--------
Medical-Nursing Homes -- 0.8%
Sun Healthcare Group, Inc.+................ 20,800 175,552
--------
Medical-Outpatient/Home Medical -- 3.7%
Air Methods Corp.+......................... 21,033 355,668
Amsurg Corp.+.............................. 20,000 317,000
Lincare Holdings, Inc.+.................... 6,300 137,340
--------
810,008
--------
Metal Processors & Fabrication -- 1.2%
RBC Bearings, Inc.+........................ 17,900 273,512
--------
Oil Companies-Exploration & Production -- 2.1%
Comstock Resources, Inc.+.................. 2,600 77,480
McMoRan Exploration Co.+................... 23,100 108,570
W&T Offshore, Inc.......................... 43,000 264,450
--------
450,500
--------
Physical Therapy/Rehabilitation Centers -- 3.2%
Psychiatric Solutions, Inc.+............... 45,000 707,850
--------
Physicians Practice Management -- 1.4%
MEDNAX, Inc.+.............................. 10,700 315,329
--------
Private Corrections -- 0.9%
The Geo Group, Inc.+....................... 14,100 186,825
--------
Semiconductor Components-Integrated Circuits -- 1.8%
Emulex Corp.+.............................. 50,400 253,512
Integrated Device Technology, Inc.+........ 30,400 138,320
--------
391,832
--------
Semiconductor Equipment -- 0.5%
Verigy, Ltd.+.............................. 13,500 111,375
--------
28
SunAmerica Growth Opportunities Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Shares/ Market
Principal Value
Security Description Amount (Note 3)
---------------------------------------------------------------
COMMON STOCK (continued)
Telecom Services -- 2.0%
Amdocs, Ltd.+....................... 23,200 $ 429,664
-----------
Telecommunication Equipment -- 2.7%
ADC Telecommunications, Inc.+....... 23,700 104,043
Comtech Telecommunications Corp.+... 19,696 487,870
-----------
591,913
-----------
Transport-Services -- 1.6%
Hub Group, Inc., Class A+........... 20,700 351,900
-----------
Total Long-Term Investment Securities
(cost $16,104,808)................. 16,345,125
-----------
REPURCHASE AGREEMENTS -- 27.4%
State Street Bank & Trust Co.
Joint Repurchase Agreement(1)...... $5,000,000 5,000,000
UBS Securities, LLC
Joint Repurchase Agreement(1)...... 1,023,000 1,023,000
-----------
Total Repurchase Agreements
(cost $6,023,000).................. 6,023,000
-----------
TOTAL INVESTMENTS
(cost $22,127,808)(2).............. 101.6% 22,368,125
Liabilities in excess of other assets. (1.6) (355,370)
---------- -----------
NET ASSETS 100.0% $22,012,755
========== ===========
- --------
+ Non-income producing security
(1)See Note 3 for details of Joint Repurchase Agreements.
(2)See Note 7 for cost of investment on a tax basis.
See Notes to Financial Statements
29
SunAmerica New Century Fund
PORTFOLIO PROFILE -- March 31, 2009 -- (unaudited)
Industry Allocation*
Schools...................................... 3.9%
Oil Companies-Exploration & Production....... 3.0
Diversified Manufacturing Operations......... 3.0
Applications Software........................ 2.8
Apparel Manufacturers........................ 2.8
Food-Misc.................................... 2.7
Semiconductor Components-Integrated Circuits. 2.7
Finance-Investment Banker/Broker............. 2.5
Medical-Generic Drugs........................ 2.5
Oil Companies-Integrated..................... 2.3
Soap & Cleaning Preparation.................. 2.2
Research & Development....................... 2.1
Repurchase Agreement......................... 2.0
Semiconductor Equipment...................... 1.8
Retail-Apparel/Shoe.......................... 1.7
Footwear & Related Apparel................... 1.6
Medical Labs & Testing Services.............. 1.6
Commercial Services-Finance.................. 1.6
Electric Products-Misc....................... 1.6
Athletic Footwear............................ 1.6
Beverages-Non-alcoholic...................... 1.5
Pharmacy Services............................ 1.5
Retail-Restaurants........................... 1.5
Gold Mining.................................. 1.5
Chemicals-Diversified........................ 1.5
E-Commerce/Services.......................... 1.5
Medical-Biomedical/Gene...................... 1.5
Retail-Major Department Stores............... 1.5
Transport-Truck.............................. 1.5
Agricultural Chemicals....................... 1.5
Wireless Equipment........................... 1.5
Machinery-Construction & Mining.............. 1.5
Oil & Gas Drilling........................... 1.4
Therapeutics................................. 1.4
Electric-Integrated.......................... 1.4
Insurance-Multi-line......................... 1.4
Medical-Drugs................................ 1.4
Casino Services.............................. 1.4
Internet Security............................ 1.3
Enterprise Software/Service.................. 1.3
Data Processing/Management................... 1.3
Medical Instruments.......................... 1.3
Sector Fund - Financial Services............. 1.2
Aerospace/Defense-Equipment.................. 1.2
Telecom Services............................. 1.2
Telephone-Integrated......................... 1.1
Networking Products.......................... 1.1
Electronic Measurement Instruments........... 1.0
Food-Wholesale/Distribution.................. 1.0
Transport-Rail............................... 1.0
Investment Management/Advisor Services....... 1.0
Metal Processors & Fabrication............... 1.0
Transport-Services........................... 1.0
Instruments-Scientific....................... 1.0
Steel-Producers.............................. 1.0
Hazardous Waste Disposal..................... 0.9
Electronic Components-Semiconductors......... 0.9
Banks-Commercial............................. 0.8
Diversified Banking Institutions............. 0.8
Hotels/Motels................................ 0.7
Vitamins & Nutrition Products. 0.3%
Human Resources............... 0.3
----
96.1%
====
- --------
*Calculated as a percentage of net assets
30
SunAmerica New Century Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited)
Market
Value
Security Description Shares (Note 3)
-------------------------------------------------------------
COMMON STOCK -- 92.9%
Aerospace/Defense-Equipment -- 1.2%
Argon ST, Inc.+............................ 18,500 $350,945
--------
Agricultural Chemicals -- 1.5%
Potash Corp. of Saskatchewan............... 5,400 436,374
--------
Apparel Manufacturers -- 2.8%
Coach, Inc.+............................... 25,900 432,530
True Religion Apparel, Inc.+............... 32,300 381,463
--------
813,993
--------
Applications Software -- 2.8%
Citrix Systems, Inc.+...................... 14,900 337,336
Intuit, Inc.+.............................. 17,900 483,300
--------
820,636
--------
Athletic Footwear -- 1.6%
NIKE, Inc., Class B........................ 9,800 459,522
--------
Banks-Commercial -- 0.8%
First Horizon National Corp................ 20,880 224,251
--------
Beverages-Non-alcoholic -- 1.5%
Coca-Cola Enterprises, Inc................. 34,600 456,374
--------
Casino Services -- 1.4%
International Game Technology.............. 43,800 403,836
--------
Chemicals-Diversified -- 1.5%
E.I. du Pont de Nemours & Co............... 20,100 448,833
--------
Commercial Services-Finance -- 1.6%
H&R Block, Inc............................. 25,500 463,845
--------
Data Processing/Management -- 1.3%
Fiserv, Inc.+.............................. 10,200 371,892
--------
Diversified Banking Institutions -- 0.8%
Morgan Stanley............................. 9,800 223,146
--------
Diversified Manufacturing Operations -- 3.0%
ITT Corp................................... 11,100 427,017
Pentair, Inc............................... 20,700 448,569
--------
875,586
--------
E-Commerce/Services -- 1.5%
IAC/InterActive Corp.+..................... 29,300 446,239
--------
Electric Products-Misc. -- 1.6%
AMETEK, Inc................................ 14,700 459,669
--------
Electric-Integrated -- 1.4%
FPL Group, Inc............................. 8,200 415,986
--------
Electronic Components-Semiconductors -- 0.9%
Intersil Corp., Class A.................... 23,800 273,700
--------
Electronic Measurement Instruments -- 1.0%
Agilent Technologies, Inc.+................ 20,000 307,400
--------
Enterprise Software/Service -- 1.3%
ManTech International Corp., Class A+...... 9,000 377,100
--------
Finance-Investment Banker/Broker -- 2.5%
TD Ameritrade Holding Corp.+............... 35,900 495,779
The Charles Schwab Corp.................... 16,100 249,550
--------
745,329
--------
Market
Value
Security Description Shares (Note 3)
--------------------------------------------------------
Food-Misc. -- 2.7%
American Italian Pasta Co., Class A+.. 10,508 $365,784
Cal-Maine Foods, Inc.................. 12,572 281,487
Hain Celestial Group, Inc.+........... 10,400 148,096
--------
795,367
--------
Food-Wholesale/Distribution -- 1.0%
Spartan Stores, Inc................... 19,500 300,495
--------
Footwear & Related Apparel -- 1.6%
Steven Madden, Ltd.+.................. 25,700 482,646
--------
Gold Mining -- 1.5%
Barrick Gold Corp..................... 13,900 450,638
--------
Hazardous Waste Disposal -- 0.9%
Stericycle, Inc.+..................... 5,800 276,834
--------
Hotel/Motels -- 0.7%
Marriott International, Inc., Class A. 13,200 215,952
--------
Human Resources -- 0.3%
MPS Group, Inc.+...................... 14,300 85,085
--------
Instruments-Scientific -- 1.0%
FEI Co.+.............................. 18,400 283,912
--------
Insurance-Multi-line -- 1.4%
MetLife, Inc.......................... 18,200 414,414
--------
Internet Security -- 1.3%
Symantec Corp.+....................... 25,300 377,982
--------
Investment Management/Advisor Services -- 1.0%
T. Rowe Price Group, Inc.............. 10,200 294,372
--------
Machinery-Construction & Mining -- 1.5%
Bucyrus International, Inc............ 19,500 296,010
Joy Global, Inc....................... 6,300 134,190
--------
430,200
--------
Medical Instruments -- 1.3%
St. Jude Medical, Inc.+............... 10,200 370,566
--------
Medical Labs & Testing Services -- 1.6%
Quest Diagnostics, Inc................ 9,800 465,304
--------
Medical-Biomedical/Gene -- 1.5%
Genzyme Corp.+........................ 7,500 445,425
--------
Medical-Drugs -- 1.4%
Cephalon, Inc.+....................... 6,000 408,600
--------
Medical-Generic Drugs -- 2.5%
Mylan, Inc.+.......................... 22,100 296,361
Perrigo Co............................ 17,800 441,974
--------
738,335
--------
Metal Processors & Fabrication -- 1.0%
Precision Castparts Corp.............. 4,900 293,510
--------
Networking Products -- 1.1%
Juniper Networks, Inc.+............... 20,600 310,236
--------
Oil & Gas Drilling -- 1.4%
Transocean, Ltd.+..................... 7,200 423,648
--------
31
SunAmerica New Century Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market
Value
Security Description Shares (Note 3)
---------------------------------------------------------------
COMMON STOCK (continued)
Oil Companies-Exploration & Production -- 3.0%
Comstock Resources, Inc.+................. 8,800 $ 262,240
Range Resources Corp...................... 7,000 288,120
Southwestern Energy Co.+.................. 11,600 344,404
----------
894,764
----------
Oil Companies-Integrated -- 2.3%
Hess Corp................................. 5,900 319,780
Murphy Oil Corp........................... 8,300 371,591
----------
691,371
----------
Pharmacy Services -- 1.5%
Express Scripts, Inc.+.................... 9,800 452,466
----------
Research & Development -- 2.1%
Pharmaceutical Product Development, Inc... 25,600 607,232
----------
Retail-Apparel/Shoe -- 1.7%
The Gap, Inc.............................. 38,400 498,816
----------
Retail-Major Department Stores -- 1.5%
TJX Companies, Inc........................ 17,200 441,008
----------
Retail-Restaurants -- 1.5%
Yum! Brands, Inc.......................... 16,400 450,672
----------
Schools -- 3.9%
Apollo Group, Inc., Class A+.............. 6,500 509,145
Capella Education Co.+.................... 8,200 434,600
DeVry, Inc................................ 4,300 207,174
----------
1,150,919
----------
Semiconductor Components-Integrated Circuits -- 2.7%
Marvell Technology Group, Ltd.+........... 50,700 464,412
Maxim Integrated Products, Inc............ 24,000 317,040
----------
781,452
----------
Semiconductor Equipment -- 1.8%
ASML Holding NV........................... 30,100 527,051
----------
Soap & Cleaning Preparation -- 2.2%
Church & Dwight Co., Inc.................. 12,200 637,206
----------
Steel-Producers -- 1.0%
Steel Dynamics, Inc....................... 32,200 283,682
----------
Telecom Services -- 1.2%
Amdocs, Ltd.+............................. 18,900 350,028
----------
Telephone-Integrated -- 1.1%
Windstream Corp........................... 40,900 329,654
----------
Therapeutics -- 1.4%
BioMarin Pharmaceutical, Inc.+............ 34,200 422,370
----------
Transport-Rail -- 1.0%
Union Pacific Corp........................ 7,200 295,992
----------
Transport-Services -- 1.0%
C.H. Robinson Worldwide, Inc.............. 6,400 291,904
----------
Transport-Truck -- 1.5%
Landstar System, Inc...................... 13,132 439,528
----------
Vitamins & Nutrition Products -- 0.3%
NBTY, Inc.+............................... 6,300 88,704
----------
Shares/ Market
Principal Value
Security Description Amount (Note 3)
-------------------------------------------------------------
Wireless Equipment -- 1.5%
American Tower Corp., Class A+....... 14,200 $ 432,106
-----------
Total Common Stock
(cost $27,377,456).................. 27,305,102
-----------
EXCHANGE-TRADED FUNDS -- 1.2%
Sector Fund-Financial Services -- 1.2%
SPDR KBW Regional Banking ETF
(cost $363,392)..................... 18,519 355,935
-----------
Total Long-Term Investment Securities
(cost $27,740,848).................. 27,661,037
-----------
REPURCHASE AGREEMENT -- 2.0%
State Street Bank & Trust Co.
Joint Repurchase Agreement(1)
(cost $600,000)..................... $600,000 600,000
-----------
TOTAL INVESTMENTS
(cost $28,340,848)(2)............... 96.1% 28,261,037
Other assets less liabilities.......... 3.9 1,141,472
-------- -----------
NET ASSETS 100.0% $29,402,509
======== ===========
- --------
+ Non-income producing security
(1) See Note 3 for details of Joint Repurchase Agreement.
(2) See Note 7 for cost of investments on a tax basis.
ETF --Exchange-Traded Fund
See Notes to Financial Statements
32
SunAmerica Growth and Income Fund
PORTFOLIO PROFILE -- March 31, 2009 -- (unaudited)
Industry Allocation*
Oil Companies-Integrated............... 14.0%
Medical-Drugs.......................... 6.8
Electric-Integrated.................... 4.6
Diversified Banking Institutions....... 4.3
Telephone-Integrated................... 4.2
Computers.............................. 3.5
Beverages-Non-alcoholic................ 3.4
Medical Products....................... 3.2
Multimedia............................. 3.1
Aerospace/Defense-Equipment............ 3.0
Diversified Manufacturing Operations... 2.9
Food-Misc.............................. 2.8
E-Commerce/Services.................... 2.6
Applications Software.................. 2.2
Cosmetics & Toiletries................. 2.0
Wireless Equipment..................... 1.8
Enterprise Software/Service............ 1.8
Retail-Discount........................ 1.8
Retail-Apparel/Shoe.................... 1.8
Electronic Components-Semiconductors... 1.8
Networking Products.................... 1.7
Medical-HMO............................ 1.6
Repurchase Agreement................... 1.6
Apparel Manufacturers.................. 1.5
Retail-Drug Store...................... 1.5
Transport-Rail......................... 1.4
Non-Hazardous Waste Disposal........... 1.4
Electronics-Military................... 1.4
Pharmacy Services...................... 1.4
Medical-Generic Drugs.................. 1.3
Industrial Gases....................... 1.3
Web Portals/ISP........................ 1.3
Finance-Investment Banker/Broker....... 1.3
Banks-Commercial....................... 1.2
Investment Management/Advisor Services. 1.2
Medical-Biomedical/Gene................ 1.1
Banks-Fiduciary........................ 1.1
Gold Mining............................ 1.1
Banks-Super Regional................... 1.0
----
97.0%
====
- --------
*Calculated as a percentage of net assets
33
SunAmerica Growth and Income Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited)
Market
Value
Security Description Shares (Note 3)
---------------------------------------------------------------
COMMON STOCK -- 95.4%
Aerospace/Defense-Equipment -- 3.0%
Goodrich Corp.............................. 17,587 $ 666,372
United Technologies Corp................... 15,200 653,296
----------
1,319,668
----------
Apparel Manufacturers -- 1.5%
Coach, Inc.+............................... 40,000 668,000
----------
Applications Software -- 2.2%
Microsoft Corp............................. 52,900 971,773
----------
Banks-Commercial -- 1.2%
First Horizon National Corp................ 49,280 529,267
----------
Banks-Fiduciary -- 1.1%
State Street Corp.......................... 16,000 492,480
----------
Banks-Super Regional -- 1.0%
Wells Fargo & Co........................... 30,000 427,200
----------
Beverages-Non-alcoholic -- 3.4%
PepsiCo, Inc............................... 14,700 756,756
The Coca-Cola Co........................... 16,100 707,595
----------
1,464,351
----------
Computers -- 3.5%
Hewlett-Packard Co......................... 17,200 551,432
International Business Machines Corp....... 10,000 968,900
----------
1,520,332
----------
Cosmetics & Toiletries -- 2.0%
Procter & Gamble Co........................ 18,400 866,456
----------
Diversified Banking Institutions -- 4.3%
Bank of America Corp....................... 79,200 540,144
Citigroup, Inc............................. 90,000 227,700
JPMorgan Chase & Co........................ 23,500 624,630
Morgan Stanley............................. 21,000 478,170
----------
1,870,644
----------
Diversified Manufacturing Operations -- 2.9%
General Electric Co........................ 60,500 611,655
Honeywell International, Inc............... 22,500 626,850
----------
1,238,505
----------
E-Commerce/Services -- 2.6%
eBay, Inc.+................................ 35,000 439,600
IAC/InterActive Corp.+..................... 45,000 685,350
----------
1,124,950
----------
Electric-Integrated -- 4.6%
FPL Group, Inc............................. 15,600 791,388
PG&E Corp.................................. 15,100 577,122
Xcel Energy, Inc........................... 33,500 624,105
----------
1,992,615
----------
Electronic Components-Semiconductors -- 1.8%
Intel Corp................................. 51,000 767,550
----------
Electronics-Military -- 1.4%
L-3 Communications Holdings, Inc........... 9,000 610,200
----------
Enterprise Software/Service -- 1.8%
Oracle Corp.+.............................. 43,900 793,273
----------
Market
Value
Security Description Shares (Note 3)
-----------------------------------------------------------------
Finance-Investment Banker/Broker -- 1.3%
The Charles Schwab Corp...................... 35,000 $ 542,500
----------
Food-Misc. -- 2.8%
H.J. Heinz Co................................ 17,000 562,020
Kraft Foods, Inc., Class A................... 29,000 646,410
----------
1,208,430
----------
Gold Mining -- 1.1%
Barrick Gold Corp............................ 15,000 486,300
----------
Industrial Gases -- 1.3%
Air Products & Chemicals, Inc................ 10,000 562,500
----------
Investment Management/Advisor Services -- 1.2%
Invesco, Ltd................................. 37,300 516,978
----------
Medical Products -- 3.2%
Johnson & Johnson............................ 16,100 846,860
Zimmer Holdings, Inc.+....................... 15,000 547,500
----------
1,394,360
----------
Medical-Biomedical/Gene -- 1.1%
Amgen, Inc.+................................. 10,000 495,200
----------
Medical-Drugs -- 6.8%
Abbott Laboratories.......................... 14,500 691,650
Eli Lilly & Co............................... 14,600 487,786
Merck & Co., Inc............................. 23,200 620,600
Pfizer, Inc.................................. 47,050 640,821
Wyeth........................................ 11,600 499,264
----------
2,940,121
----------
Medical-Generic Drugs -- 1.3%
Teva Pharmaceutical Industries, Ltd. ADR..... 12,500 563,125
----------
Medical-HMO -- 1.6%
UnitedHealth Group, Inc...................... 34,000 711,620
----------
Multimedia -- 3.1%
Liberty Media Corp.-Entertainment, Series A+. 33,000 658,350
The Walt Disney Co........................... 38,300 695,528
----------
1,353,878
----------
Networking Products -- 1.7%
Cisco Systems, Inc.+......................... 42,500 712,725
----------
Non-Hazardous Waste Disposal -- 1.4%
Waste Management, Inc........................ 24,000 614,400
----------
Oil Companies-Integrated -- 14.0%
Chevron Corp................................. 21,800 1,465,832
ConocoPhillips............................... 43,000 1,683,880
Exxon Mobil Corp............................. 22,000 1,498,200
Marathon Oil Corp............................ 53,800 1,414,402
----------
6,062,314
----------
Pharmacy Services -- 1.4%
Express Scripts, Inc.+....................... 13,000 600,210
----------
Retail-Apparel/Shoe -- 1.8%
The Gap, Inc................................. 60,000 779,400
----------
Retail-Discount -- 1.8%
Wal-Mart Stores, Inc......................... 15,000 781,500
----------
34
SunAmerica Growth and Income Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Shares/ Market
Principal Value
Security Description Amount (Note 3)
------------------------------------------------------------
COMMON STOCK (continued)
Retail-Drug Store -- 1.5%
CVS Caremark Corp................... 23,600 $ 648,764
-----------
Telephone-Integrated -- 4.2%
AT&T, Inc........................... 38,000 957,600
Verizon Communications, Inc......... 28,400 857,680
-----------
1,815,280
-----------
Transport-Rail -- 1.4%
Union Pacific Corp.................. 15,000 616,650
-----------
Web Portals/ISP -- 1.3%
Google, Inc., Class A+.............. 1,600 556,896
-----------
Wireless Equipment -- 1.8%
QUALCOMM, Inc....................... 20,500 797,655
-----------
Total Long-Term Investment Securities
(cost $49,771,226)................. 41,418,070
-----------
REPURCHASE AGREEMENT -- 1.6%
State Street Bank & Trust Co.
Joint Repurchase Agreement (1)
(cost $707,000).................... $707,000 707,000
-----------
TOTAL INVESTMENTS
(cost $50,478,226)(2).............. 97.0% 42,125,070
Other assets less liabilities......... 3.0 1,308,458
-------- -----------
NET ASSETS 100.0% $43,433,528
======== ===========
- --------
+ Non-income producing security
(1) See Note 3 for details of Joint Repurchase Agreement.
(2) See Note 7 for cost of investment on a tax basis.
ADR --American Depository Receipt
See Notes to Financial Statements
35
SunAmerica Balanced Assets Fund
PORTFOLIO PROFILE -- March 31, 2009 -- (unaudited)
Industry Allocation*
Federal Home Loan Mtg. Corp............ 10.1%
Federal National Mtg. Assoc............ 5.3
Oil Companies-Integrated............... 5.1
United States Treasury Notes........... 4.5
Diversified Banking Institutions....... 3.8
Electric-Integrated.................... 3.7
Repurchase Agreements.................. 3.4
Telephone-Integrated................... 3.2
Diversified Financial Services......... 3.2
Medical-Drugs.......................... 2.6
Medical Products....................... 2.1
Medical-Biomedical/Gene................ 2.0
Beverages-Non-alcoholic................ 2.0
Computers.............................. 1.8
Diversified Manufacturing Operations... 1.7
Government National Mtg. Assoc......... 1.6
Retail-Drug Store...................... 1.4
Oil Companies-Exploration & Production. 1.3
Cosmetics & Toiletries................. 1.3
Web Portals/ISP........................ 1.3
Applications Software.................. 1.3
Aerospace/Defense-Equipment............ 1.2
Retail-Discount........................ 1.2
Electronic Components-Semiconductors... 1.1
Food-Misc.............................. 1.1
United States Treasury Bonds........... 1.0
Transport-Rail......................... 0.9
Special Purpose Entities............... 0.9
Medical-HMO............................ 0.9
Multimedia............................. 0.9
Wireless Equipment..................... 0.9
Banks-Fiduciary........................ 0.9
Agricultural Chemicals................. 0.8
Instruments-Scientific................. 0.8
Electronics-Military................... 0.8
Banks-Commercial....................... 0.7
Banks-Super Regional................... 0.7
Apparel Manufacturers.................. 0.7
Networking Products.................... 0.7
Retail-Apparel/Shoe.................... 0.7
Aerospace/Defense...................... 0.7
Medical-Generic Drugs.................. 0.7
Electric Products-Misc................. 0.6
Enterprise Software/Service............ 0.6
Cable/Satellite TV..................... 0.6
Insurance-Multi-line................... 0.6
Commercial Services-Finance............ 0.6
Finance-Investment Banker/Broker....... 0.6
E-Commerce/Services.................... 0.6
Insurance-Property/Casualty............ 0.5
Medical Labs & Testing Services........ 0.5
Investment Management/Advisor Services. 0.5
Medical Instruments.................... 0.4
Oil Refining & Marketing............... 0.4
Retail-Restaurants..................... 0.4
Retail-Office Supplies................. 0.4
Data Processing/Management............. 0.4
Insurance-Life/Health.................. 0.3
Pipelines.............................. 0.3
Oil-Field Services..................... 0.3
Transport-Air Freight............... 0.3%
Medical-Hospitals................... 0.3
Gold Mining......................... 0.3
Industrial Gases.................... 0.3
X-Ray Equipment..................... 0.3
Electric-Generation................. 0.3
Sector Fund -- Financial Services... 0.3
Oil & Gas Drilling.................. 0.3
Office Automation & Equipment....... 0.3
Telecom Services.................... 0.3
Steel-Producers..................... 0.3
Retail-Regional Department Stores... 0.2
Cellular Telecom.................... 0.2
Telecom Equipment-Fiber Optics...... 0.2
Savings & Loans/Thrifts............. 0.2
Metal-Copper........................ 0.2
Internet Security................... 0.2
Electronic Forms.................... 0.2
Retail-Consumer Electronics......... 0.2
Semiconductor Equipment............. 0.2
Medical-Wholesale Drug Distribution. 0.2
Banks-Money Center.................. 0.1
Brewery............................. 0.1
Electronic Measurement Instruments.. 0.1
Metal Processors & Fabrication...... 0.1
Finance-Mortgage Loan/Banker........ 0.1
Food-Retail......................... 0.1
Independent Power Producers......... 0.1
Entertainment Software.............. 0.1
Transport-Services.................. 0.1
Airlines............................ 0.1
Schools............................. 0.1
Machinery-Construction & Mining..... 0.1
Insurance Brokers................... 0.1
Insurance-Reinsurance............... 0.1
Finance-Auto Loans.................. 0.1
Satellite Telecom................... 0.1
Real Estate Investment Trusts....... 0.1
Diversified Operations.............. 0.1
Transport-Marine.................... 0.1
Physicians Practice Management...... 0.1
Finance-Commercial.................. 0.1
Non-Hazardous Waste Disposal........ 0.1
Containers-Metal/Glass.............. 0.1
Metal-Aluminum...................... 0.1
Food-Wholesale/Distribution......... 0.1
Cruise Lines........................ 0.1
----
97.5%
====
- --------
*Calculated as a percentage of net assets
36
SunAmerica Balanced Assets Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited)
Market
Value
Security Description Shares (Note 3)
---------------------------------------------------------------
COMMON STOCK -- 52.3%
Aerospace/Defense -- 0.6%
Lockheed Martin Corp....................... 2,700 $ 186,381
Raytheon Co................................ 6,700 260,898
----------
447,279
----------
Aerospace/Defense-Equipment -- 1.1%
Goodrich Corp.............................. 8,276 313,578
United Technologies Corp................... 13,100 563,038
----------
876,616
----------
Agricultural Chemicals -- 0.7%
Monsanto Co................................ 6,987 580,620
----------
Apparel Manufacturers -- 0.7%
Coach, Inc.+............................... 33,400 557,780
----------
Applications Software -- 1.3%
Microsoft Corp............................. 53,178 976,880
----------
Banks-Fiduciary -- 0.8%
The Bank of New York Mellon Corp........... 22,200 627,150
----------
Banks-Super Regional -- 0.4%
Wells Fargo & Co........................... 20,400 290,496
----------
Beverages-Non-alcoholic -- 1.7%
PepsiCo, Inc............................... 18,734 964,426
The Coca-Cola Co........................... 7,500 329,625
----------
1,294,051
----------
Cable/Satellite TV -- 0.0%
Time Warner Cable, Inc..................... 1,506 37,349
----------
Commercial Services-Finance -- 0.6%
Visa, Inc., Class A........................ 8,050 447,580
----------
Computers -- 1.8%
Apple, Inc.+............................... 4,600 483,552
Hewlett-Packard Co......................... 12,200 391,132
International Business Machines Corp....... 3,800 368,182
Research In Motion, Ltd.+.................. 4,200 180,894
----------
1,423,760
----------
Cosmetics & Toiletries -- 1.2%
Colgate-Palmolive Co....................... 3,600 212,328
Procter & Gamble Co........................ 15,100 711,059
----------
923,387
----------
Data Processing/Management -- 0.4%
Fiserv, Inc.+.............................. 8,000 291,680
----------
Diversified Banking Institutions -- 2.5%
Bank of America Corp....................... 64,988 443,218
Citigroup, Inc............................. 50,088 126,723
JPMorgan Chase & Co........................ 31,500 837,270
Morgan Stanley............................. 11,000 250,470
The Goldman Sachs Group, Inc............... 2,600 275,652
----------
1,933,333
----------
Diversified Manufacturing Operations -- 1.6%
Danaher Corp............................... 4,700 254,834
Dover Corp................................. 1,990 52,496
General Electric Co........................ 58,568 592,123
Market
Value
Security Description Shares (Note 3)
-------------------------------------------------------------------
Diversified Manufacturing Operations (continued)
Honeywell International, Inc................... 11,200 $ 312,032
----------
1,211,485
----------
E-Commerce/Services -- 0.5%
eBay, Inc.+.................................... 34,000 427,040
----------
Electric Products-Misc. -- 0.6%
AMETEK, Inc.................................... 9,634 301,255
Emerson Electric Co............................ 6,000 171,480
----------
472,735
----------
Electric-Integrated -- 2.1%
FPL Group, Inc................................. 8,700 441,351
PG&E Corp...................................... 9,700 370,734
Southern Co.................................... 12,000 367,440
Xcel Energy, Inc............................... 24,100 448,983
----------
1,628,508
----------
Electronic Components-Semiconductors -- 1.0%
Broadcom Corp., Class A+....................... 7,300 145,854
Intel Corp..................................... 35,200 529,760
Texas Instruments, Inc......................... 8,200 135,382
----------
810,996
----------
Electronic Forms -- 0.2%
Adobe Systems, Inc.+........................... 6,234 133,345
----------
Electronic Measurement Instruments -- 0.1%
Agilent Technologies, Inc.+.................... 6,400 98,368
----------
Electronics-Military -- 0.7%
L-3 Communications Holdings, Inc............... 8,500 576,300
----------
Enterprise Software/Service -- 0.6%
Oracle Corp.+.................................. 25,200 455,364
----------
Entertainment Software -- 0.1%
Electronic Arts, Inc.+......................... 4,592 83,528
----------
Finance-Investment Banker/Broker -- 0.4%
The Charles Schwab Corp........................ 18,300 283,650
----------
Food-Misc. -- 0.9%
H.J. Heinz Co.................................. 12,000 396,720
Kraft Foods, Inc., Class A..................... 14,000 312,060
----------
708,780
----------
Gold Mining -- 0.3%
Barrick Gold Corp.............................. 7,000 226,940
----------
Independent Power Producers -- 0.0%
Mirant Corp.+.................................. 186 2,120
----------
Industrial Gases -- 0.3%
Air Products & Chemicals, Inc.................. 4,000 225,000
----------
Instruments-Scientific -- 0.8%
Thermo Fisher Scientific, Inc.+................ 16,937 604,143
----------
Insurance-Multi-line -- 0.4%
Allstate Corp.................................. 17,000 325,550
----------
Insurance-Property/Casualty -- 0.5%
Chubb Corp..................................... 8,300 351,256
----------
37
SunAmerica Balanced Assets Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market
Value
Security Description Shares (Note 3)
-----------------------------------------------------------------
COMMON STOCK (continued)
Internet Security -- 0.2%
McAfee, Inc.+................................ 4,200 $ 140,700
----------
Investment Management/Advisor Services -- 0.4%
Invesco, Ltd................................. 22,800 316,008
----------
Medical Instruments -- 0.4%
Medtronic, Inc............................... 11,400 335,958
----------
Medical Labs & Testing Services -- 0.3%
Laboratory Corp. of America Holdings+........ 4,000 233,960
----------
Medical Products -- 2.0%
Baxter International, Inc.................... 4,800 245,856
Johnson & Johnson............................ 16,300 857,380
Zimmer Holdings, Inc.+....................... 12,950 472,675
----------
1,575,911
----------
Medical-Biomedical/Gene -- 2.0%
Amgen, Inc.+................................. 6,200 307,024
Celgene Corp.+............................... 5,800 257,520
Genzyme Corp.+............................... 6,100 362,279
Gilead Sciences, Inc.+....................... 12,900 597,528
----------
1,524,351
----------
Medical-Drugs -- 2.1%
Abbott Laboratories.......................... 6,000 286,200
Eli Lilly & Co............................... 5,800 193,778
Merck & Co., Inc............................. 10,800 288,900
Pfizer, Inc.................................. 36,714 500,045
Wyeth........................................ 9,200 395,968
----------
1,664,891
----------
Medical-Generic Drugs -- 0.7%
Mylan, Inc.+................................. 24,000 321,840
Teva Pharmaceutical Industries, Ltd. ADR..... 4,647 209,347
----------
531,187
----------
Medical-HMO -- 0.8%
UnitedHealth Group, Inc...................... 29,100 609,063
----------
Medical-Wholesale Drug Distribution -- 0.1%
Cardinal Health, Inc......................... 3,700 116,476
----------
Metal-Copper -- 0.2%
Freeport-McMoRan Copper & Gold, Inc.......... 3,700 141,007
----------
Multimedia -- 0.6%
The Walt Disney Co........................... 18,400 334,144
Time Warner, Inc............................. 5,900 113,870
----------
448,014
----------
Networking Products -- 0.7%
Cisco Systems, Inc.+......................... 30,700 514,839
----------
Oil & Gas Drilling -- 0.3%
Transocean, Ltd.+............................ 3,683 216,708
----------
Oil Companies-Exploration & Production -- 0.9%
Apache Corp.................................. 1,050 67,295
Devon Energy Corp............................ 1,650 73,738
Occidental Petroleum Corp.................... 2,900 161,385
Ultra Petroleum Corp.+....................... 2,900 104,081
Market
Value
Security Description Shares (Note 3)
----------------------------------------------------------------------
Oil Companies-Exploration & Production (continued)
XTO Energy, Inc.................................. 9,900 $ 303,138
-----------
709,637
-----------
Oil Companies-Integrated -- 4.8%
Chevron Corp..................................... 14,328 963,415
ConocoPhillips................................... 23,000 900,680
Exxon Mobil Corp................................. 19,300 1,314,330
Marathon Oil Corp................................ 21,400 562,606
-----------
3,741,031
-----------
Oil Refining & Marketing -- 0.2%
Valero Energy Corp............................... 10,000 179,000
-----------
Oil-Field Services -- 0.3%
Schlumberger, Ltd................................ 5,500 223,410
-----------
Retail-Apparel/Shoe -- 0.7%
American Eagle Outfitters, Inc................... 15,600 190,944
The Gap, Inc..................................... 27,000 350,730
-----------
541,674
-----------
Retail-Consumer Electronics -- 0.2%
Best Buy Co., Inc................................ 3,400 129,064
-----------
Retail-Discount -- 1.2%
Target Corp...................................... 3,800 130,682
Wal-Mart Stores, Inc............................. 14,800 771,080
-----------
901,762
-----------
Retail-Drug Store -- 1.4%
CVS Caremark Corp................................ 38,561 1,060,042
-----------
Retail-Office Supplies -- 0.4%
Staples, Inc..................................... 17,800 322,358
-----------
Retail-Regional Department Stores -- 0.2%
Kohl's Corp.+.................................... 3,900 165,048
-----------
Retail-Restaurants -- 0.3%
McDonald's Corp.................................. 4,600 251,022
-----------
Semiconductor Equipment -- 0.2%
ASML Holding NV.................................. 7,100 124,321
-----------
Telecom Equipment-Fiber Optics -- 0.2%
Corning, Inc..................................... 11,700 155,259
-----------
Telephone-Integrated -- 2.4%
AT&T, Inc........................................ 42,135 1,061,802
Verizon Communications, Inc...................... 26,100 788,220
-----------
1,850,022
-----------
Transport-Rail -- 0.7%
Union Pacific Corp............................... 12,800 526,208
-----------
Web Portals/ISP -- 1.3%
Google, Inc., Class A+........................... 2,900 1,009,374
-----------
Wireless Equipment -- 0.9%
QUALCOMM, Inc.................................... 17,050 663,415
-----------
X-Ray Equipment -- 0.3%
Hologic, Inc.+................................... 17,100 223,839
-----------
Total Common Stock
(cost $50,321,764).............................. 40,478,628
-----------
38
SunAmerica Balanced Assets Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Shares/ Market
Principal Value
Security Description Amount (Note 3)
----------------------------------------------------------------------
EXCHANGE-TRADED FUNDS -- 0.3%
Sector Fund - Financial Services -- 0.3%
Financial Select Sector SPDR Fund
(cost $222,924).................................. 24,679 $217,422
--------
PREFERRED STOCK -- 0.5%
Banks-Money Center -- 0.1%
Santander Finance Preferred SA 4.00%(1)........... 8,400 69,300
--------
Banks-Super Regional -- 0.1%
Wachovia Capital Trust IX 6.38%................... 3,100 43,369
--------
Diversified Financial Services -- 0.2%
General Electric Capital Corp. 8.00%(2)........... 7,510 145,619
--------
Finance-Mortgage Loan/Banker -- 0.0%
Federal Home Loan Mtg. Corp. 8.38%(1)............. 1,300 598
--------
Special Purpose Entity -- 0.1%
Structured Repackaged Asset-Backed Trust
Securities 3.00%(1).............................. 9,200 112,700
--------
Total Preferred Stock
(cost $713,439).................................. 371,586
--------
ASSET BACKED SECURITIES -- 2.7%
Diversified Financial Services -- 2.7%
Banc of America Commercial Mtg., Inc.
Series 2006-6, Class AM
5.39% due 10/10/45(4)............................ $ 80,000 36,489
Bear Stearns Commercial Mtg. Securities, Inc.
Series 2007-PW15, Class A2
5.21% due 02/11/44(4)............................ 165,000 132,829
Chase Mtg. Finance Corp.,
Series 2007-A2, Class 1A1
4.93% due 07/25/37(3)(5)......................... 210,713 192,131
Citigroup Commercial Mtg. Trust
Series 2008-C7, Class AM
6.10% due 12/01/49(3)(4)......................... 12,000 5,436
Commercial Mtg. Asset Trust
Series 1999-C1, Class D
7.35% due 01/17/32(3)(4)......................... 15,000 13,663
Commercial Mtg.
Pass Through Certs.
Series 2004-LB2A, Class A3
4.22% due 03/10/39(4)............................ 605,270 557,383
GE Capital Commercial Mtg. Corp.
Series 2004-C2, Class A4
4.89% due 03/10/40(4)............................ 55,000 45,268
GMAC Commercial Mtg. Securities, Inc.
Series 2003-C2, Class A2
5.49% due 05/10/40(3)(4)......................... 3,000 2,896
JP Morgan Chase Commercial Mtg. Securities Corp.
Series 2006-LDP9, Class AM
5.37% due 05/15/47(4)............................ 334,000 135,777
JP Morgan Chase Commercial Mtg. Securities Corp.
Series 2008-C2, Class AM
6.80% due 02/12/51(3)(4)......................... 271,000 65,040
LB Commercial Conduit Mtg. Trust
Series 1998-C1, Class E
7.00% due 02/18/30(4)............................ 14,000 13,902
Ocwen Advance Receivables Backed Notes
Series 2006-1A
5.34% due 11/24/15*(9)........................... 350,000 210,000
Market
Principal Value
Security Description Amount (Note 3)
----------------------------------------------------------------
Diversified Financial Services (continued)
Providian Master Note Trust
Series 2006-C1A, Class C1
1.11% due 03/16/15*(1)................... $550,000 $ 236,500
Swift Master Auto Receivables Trust
Series 2007-2, Class A
1.21% due 10/15/12(1).................... 439,937 312,360
Wells Fargo Mtg. Backed Securities Trust
Series 2006-AR12, Class 2A1
6.10% due 09/25/36(3)(5)................. 180,243 113,140
----------
Total Asset Backed Securities
(cost $3,266,074)........................ 2,072,814
----------
CORPORATE BONDS & NOTES -- 13.3%
Aerospace/Defense -- 0.1%
Boeing Co.
Senior Notes
6.88% due 03/15/39....................... 83,000 83,047
Hawker Beechcraft Acquisition Co. LLC
Company Guar. Notes
9.75% due 04/01/17....................... 19,000 3,230
----------
86,277
----------
Aerospace/Defense-Equipment -- 0.0%
Goodrich Corp.
Senior Notes
6.13% due 03/01/19....................... 30,000 29,099
----------
Agricultural Chemicals -- 0.1%
Monsanto Co.
Senior Notes
5.50% due 08/15/25....................... 27,000 25,335
Terra Capital, Inc.
Company Guar. Notes
7.00% due 02/01/17....................... 25,000 23,000
----------
48,335
----------
Airlines -- 0.1%
American Airlines, Inc.
Pass Through Certs.
Series 2001-1, Class A-2
6.82% due 05/23/11....................... 70,000 49,000
American Airlines, Inc.
Pass Through Certs.
Series 2001-2, Class A-2
7.86% due 04/01/13....................... 4,000 3,240
Northwest Airlines, Inc.
Pass Through Certs.
Series 2002-1, Class G2
6.26% due 11/20/21....................... 39,943 26,762
----------
79,002
----------
Banks-Commercial -- 0.5%
CoBank ACB
Sub. Notes
7.88% due 04/16/18*...................... 16,000 15,615
Independence Community Bank Corp.
Sub. Notes
3.35% due 06/20/09(6).................... 64,000 48,185
39
SunAmerica Balanced Assets Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market
Principal Value
Security Description Amount (Note 3)
-------------------------------------------------------
CORPORATE BONDS & NOTES (continued)
Banks-Commercial (continued)
KeyBank NA
Sub. Notes
5.45% due 03/03/16............... $ 54,000 $ 45,318
KeyBank NA
Sub. Notes
7.41% due 10/15/27............... 16,000 14,583
SouthTrust Bank
Sub. Notes
4.75% due 03/01/13............... 99,000 89,411
SouthTrust Corp.
Sub. Notes
5.80% due 06/15/14............... 55,000 48,150
Sovereign Bank
Sub. Notes
8.75% due 05/30/18............... 21,000 16,905
Swiss Bank Corp. NY
Sub. Notes
7.75% due 09/01/26............... 61,000 49,588
Union Bank of California NA
Sub. Notes
5.95% due 05/11/16............... 120,000 86,018
--------
413,773
--------
Banks-Fiduciary -- 0.0%
State Street Capital Trust IV
Company Guar. Notes
2.32% due 06/15/37(1)............ 80,000 31,389
--------
Banks-Money Center -- 0.1%
Chase Capital III
Company Guar. Notes
1.81% due 03/01/27............... 114,000 45,265
--------
Banks-Super Regional -- 0.3%
Capital One Financial Corp.
Sub. Notes
6.15% due 09/01/16............... 65,000 41,145
JPMorgan Chase Bank NA
Sub. Notes
6.00% due 10/01/17............... 121,000 113,423
PNC Preferred Funding Trust I
Jr. Sub. Notes
6.11% due 03/15/12*(6)........... 45,000 12,457
Wachovia Corp.
Sub. Notes
4.88% due 02/15/14............... 12,000 10,076
Wells Fargo & Co.
Senior Notes
5.25% due 10/23/12............... 57,000 55,388
--------
232,489
--------
Beverages-Non-alcoholic -- 0.3%
Bottling Group LLC
Senior Notes
5.13% due 01/15/19............... 59,000 59,380
Coca-Cola Enterprises, Inc.
Senior Notes
4.25% due 03/01/15............... 70,000 70,561
Market
Principal Value
Security Description Amount (Note 3)
------------------------------------------------------------------
Beverages-Non-alcoholic (continued)
PepsiCo, Inc.
Senior Notes
3.75% due 03/01/14........................... $ 62,000 $ 62,888
The Coca-Cola Co.
Senior Notes
4.88% due 03/15/19........................... 60,000 60,634
--------
253,463
--------
Brewery -- 0.1%
Anheuser-Busch InBev Worldwide, Inc.
Company Guar. Notes
8.20% due 01/15/39*.......................... 70,000 68,686
--------
Broadcast Services/Program -- 0.0%
Nexstar Broadcasting, Inc.
Company Guar. Notes
7.00% due 01/15/14........................... 7,000 3,045
Nexstar Broadcasting, Inc.
Company Guar. Notes
7.00% due 01/15/14*(9)(17)................... 20,812 5,411
--------
8,456
--------
Cable/Satellite TV -- 0.5%
CCH I LLC/CCH I Capital Corp.
Senior Sec Notes
11.00% due 10/01/15+(7)(10).................. 5,000 500
CCH II LLC/CCH II Capital Corp.
Senior Notes
10.25% due 09/15/10+(7)(10).................. 7,000 6,300
CCH II LLC/CCH II Capital Corp.
Company Guar. Notes
10.25% due 10/01/13*+(7)(10)................. 2,000 1,740
CCO Holdings LLC
Senior Notes
8.75% due 11/15/13+(7)(10)................... 8,000 6,680
Charter Communications Operating LLC/Charter
Communications Operating Capital
Sec. Notes
8.38% due 04/30/14*.......................... 79,000 69,520
Comcast Corp.
Company Guar. Notes
5.85% due 11/15/15........................... 114,000 109,372
COX Communications, Inc.
Senior Bonds
6.95% due 06/01/38*.......................... 23,000 18,573
COX Communications, Inc.
Bonds
8.38% due 03/01/39*.......................... 40,000 37,530
COX Communications, Inc.
Senior Notes
9.38% due 01/15/19*.......................... 80,000 85,708
Time Warner Cable, Inc.
Company Guar. Notes
5.40% due 07/02/12........................... 35,000 33,808
Time Warner Cable, Inc.
Company Guar. Notes
8.25% due 04/01/19........................... 42,000 43,160
--------
412,891
--------
40
SunAmerica Balanced Assets Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market
Principal Value
Security Description Amount (Note 3)
------------------------------------------------------------
CORPORATE BONDS & NOTES (continued)
Casino Hotels -- 0.0%
Turning Stone Resort Casino Enterprise
Senior Notes
9.13% due 09/15/14*.................... $34,000 $ 20,740
--------
Casino Services -- 0.0%
Indianapolis Downs LLC & Capital Corp.
Senior Sec. Notes
11.00% due 11/01/12*................... 30,000 16,050
Snoqualmie Entertainment Authority
Senior Sec. Notes
9.13% due 02/01/15*.................... 45,000 11,700
--------
27,750
--------
Cellular Telecom -- 0.2%
Centennial Communications Corp.
Senior Notes
7.19% due 01/01/13(1).................. 50,000 50,000
Nextel Communications, Inc.
Company Guar. Notes
5.95% due 03/15/14..................... 50,000 27,750
Verizon Wireless Capital LLC
Senior Notes
5.55% due 02/01/14*.................... 81,000 81,068
--------
158,818
--------
Chemicals-Diversified -- 0.0%
E.I. du Pont de Nemours & Co.
Senior Notes
4.75% due 03/15/15..................... 35,000 34,495
--------
Chemicals-Specialty -- 0.0%
Huntsman International LLC
Company Guar. Notes
7.88% due 11/15/14..................... 34,000 13,940
Momentive Performance Materials, Inc.
Company Guar. Notes
11.50% due 12/01/16.................... 55,000 10,312
--------
24,252
--------
Computer Services -- 0.0%
Compucom Systems, Inc.
Senior Sub. Notes
12.50% due 10/01/15*................... 30,000 17,400
--------
Containers-Paper/Plastic -- 0.0%
Jefferson Smurfit Corp.
Senior Notes
8.25% due 10/01/12(7)(10).............. 25,000 3,125
--------
Cosmetics & Toiletries -- 0.1%
Procter & Gamble Co.
Senior Notes
4.60% due 01/15/14..................... 43,000 45,507
Procter & Gamble Co.
Notes
4.70% due 02/15/19..................... 60,000 60,521
--------
106,028
--------
Market
Principal Value
Security Description Amount (Note 3)
------------------------------------------------------------
Decision Support Software -- 0.0%
Vangent, Inc.
Company Guar. Notes
9.63% due 02/15/15.................... $ 25,000 $ 16,250
--------
Direct Marketing -- 0.0%
Affinity Group, Inc.
Company Guar. Notes
9.00% due 02/15/12.................... 45,000 24,975
--------
Distribution/Wholesale -- 0.0%
KAR Holdings, Inc.
Company Guar. Notes
5.17% due 05/01/14(1)................. 16,000 7,520
KAR Holdings, Inc.
Company Guar. Notes
8.75% due 05/01/14.................... 9,000 4,770
--------
12,290
--------
Diversified Banking Institutions -- 1.3%
Bank of America Corp.
Senior Notes
5.13% due 11/15/14.................... 44,000 37,591
Bank of America Corp.
Sub. Notes
5.75% due 08/15/16.................... 88,000 57,733
Bank of America Corp.
Sub. Notes
7.25% due 10/15/25.................... 15,000 9,360
Citigroup, Inc.
Senior Notes
1.34% due 05/18/11.................... 70,000 56,525
Citigroup, Inc.
Senior Notes
5.30% due 10/17/12.................... 42,000 37,019
Citigroup, Inc.
Senior Notes
5.50% due 04/11/13.................... 76,000 66,771
Citigroup, Inc.
Sub. Notes
5.50% due 02/15/17.................... 96,000 60,306
Citigroup, Inc.
Senior Notes
5.85% due 07/02/13.................... 52,000 46,544
Citigroup, Inc.
Sub. Notes
6.13% due 08/25/36.................... 50,000 26,868
GMAC LLC Company
Guar. Notes
6.88% due 09/15/11*................... 51,000 36,242
JP Morgan Chase & Co.
Sub. Notes
4.89% due 09/01/15(6)................. 56,000 45,550
JP Morgan Chase & Co.
Sub. Notes
5.13% due 09/15/14.................... 41,000 36,272
JP Morgan Chase & Co.
Senior Notes
5.38% due 01/15/14.................... 120,000 117,846
41
SunAmerica Balanced Assets Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market
Principal Value
Security Description Amount (Note 3)
------------------------------------------------------------------------
CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Morgan Stanley
Sub. Notes
4.75% due 04/01/14................................. $ 35,000 $ 28,615
Morgan Stanley
Senior Notes
5.45% due 01/09/17................................. 42,000 36,750
Morgan Stanley
Senior Notes
6.00% due 04/28/15................................. 80,000 75,529
The Goldman Sachs Group, Inc.
Senior Notes
5.13% due 01/15/15................................. 78,000 70,288
The Goldman Sachs Group, Inc.
Senior Notes
5.30% due 02/14/12................................. 37,000 35,702
The Goldman Sachs Group, Inc.
Senior Notes
5.95% due 01/18/18................................. 60,000 54,470
The Goldman Sachs Group, Inc.
Senior Notes
6.13% due 02/15/33................................. 30,000 24,985
The Goldman Sachs Group, Inc.
Sub. Notes
6.75% due 10/01/37................................. 46,000 31,112
--------
992,078
--------
Diversified Financial Services -- 0.3%
American Express Travel Related Services Co., Inc.
Senior Notes
5.25% due 11/21/11*................................ 86,000 77,625
General Electric Capital Corp.
Senior Notes
5.65% due 06/09/14................................. 80,000 75,709
General Electric Capital Corp.
Senior Notes
5.88% due 01/14/38................................. 63,000 45,000
General Electric Capital Corp.
Senior Notes
6.88% due 01/10/39................................. 36,000 29,361
--------
227,695
--------
Diversified Manufacturing Operations -- 0.1%
General Electric Co.
Senior Notes
5.25% due 12/06/17................................. 77,000 71,211
Ingersoll-Rand Global Holding Co., Ltd.
Company Guar. Notes
9.50% due 04/15/14................................. 21,000 20,998
--------
92,209
--------
Electric-Generation -- 0.3%
Bruce Mansfield Unit 1
Pass Through Certs.
6.85% due 06/01/34................................. 110,000 85,582
The AES Corp.
Senior Notes
8.00% due 10/15/17................................. 60,000 51,450
Market
Principal Value
Security Description Amount (Note 3)
-------------------------------------------------------------
Electric-Generation (continued)
The AES Corp.
Senior Notes
8.88% due 02/15/11...................... $ 85,000 $ 83,725
--------
220,757
--------
Electric-Integrated -- 1.3%
Appalachian Power Co.
Senior Notes
7.95% due 01/15/20...................... 30,000 30,789
Arizona Public Service Co.
Senior Notes
8.75% due 03/01/19...................... 35,000 35,142
CenterPoint Energy Houston Electric LLC
General Refunding Mtg.
7.00% due 03/01/14...................... 58,000 60,486
Central Illinois Light Co.
Senior Sec. Notes
8.88% due 12/15/13...................... 35,000 36,760
Dominion Resources, Inc.
Jr. Sub Notes
6.30% due 09/30/11(6)................... 109,000 61,585
Entergy Arkansas, Inc.
1st Mtg. Bonds
5.40% due 08/01/13...................... 29,000 28,411
Entergy Gulf States Louisiana LLC
1st Mtg. Bonds
6.00% due 05/01/18...................... 57,000 52,556
Mackinaw Power LLC
Senior Sec. Notes
6.30% due 10/31/23*..................... 100,639 88,087
Mirant Americas Generation LLC
Senior Notes
8.30% due 05/01/11...................... 30,000 29,100
Mirant Mid-Atlantic LLC
Pass Through Certs.
Series B
9.13% due 06/30/17...................... 40,254 37,889
Nevada Power Co.
General Refunding Mtg.
7.13% due 03/15/19...................... 70,000 68,724
Peco Energy Co.
1st Mtg. Bonds
5.00% due 10/01/14...................... 60,000 59,920
PSEG Power LLC
Company Guar. Notes
5.00% due 04/01/14...................... 67,000 63,377
PSEG Power LLC
Company Guar. Notes
7.75% due 04/15/11...................... 65,000 68,020
Sierra Pacific Power Co.
General Refunding Mtg.
5.45% due 09/01/13...................... 33,000 32,207
Sierra Pacific Power Co.
General Refunding Mtg.
6.75% due 07/01/37...................... 90,000 75,972
South Carolina Electric & Gas Co.
1st Mtg. Bonds
6.05% due 01/15/38...................... 40,000 39,619
42
SunAmerica Balanced Assets Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market
Principal Value
Security Description Amount (Note 3)
--------------------------------------------------------------------
CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Southern California Edison Co.
1st Mtg. Bonds
6.05% due 03/15/39........................... $ 80,000 $ 79,777
Southern Energy, Inc.
Notes
7.90% due 07/15/09+(9)(11)(12)............... 150,000 0
Texas Competitive Electric Holdings Co., LLC
Series A
Company Guar. Notes
10.25% due 11/01/15.......................... 35,000 17,500
Texas Competitive Electric Holdings Co., LLC
Series B
Company Guar. Notes
10.25% due 11/01/15.......................... 25,000 12,500
Union Electric Co.
Senior Sec. Notes
6.70% due 02/01/19........................... 33,000 31,433
----------
1,009,854
----------
Electronic Components-Semiconductors -- 0.1%
National Semiconductor Corp.
Senior Notes
6.60% due 06/15/17........................... 100,000 65,854
Spansion LLC
Senior Sec. Notes
5.33% due 06/01/13+*(1)(7)(10)............... 60,000 13,500
----------
79,354
----------
Electronics-Military -- 0.0%
L-3 Communications Corp.
Company Guar. Notes
6.38% due 10/15/15........................... 20,000 18,850
----------
Finance-Auto Loans -- 0.1%
Ford Motor Credit Co. LLC
Senior Notes
7.38% due 02/01/11........................... 50,000 37,785
----------
Finance-Commercial -- 0.1%
Textron Financial Corp.
Senior Notes
5.40% due 04/28/13........................... 80,000 48,873
----------
Finance-Credit Card -- 0.1%
FIA Card Services NA
Sub. Notes
7.13% due 11/15/12*.......................... 41,000 37,607
----------
Finance-Investment Banker/Broker -- 0.2%
Lehman Brothers Holdings Capital Trust VII
Company Guar. Notes
5.86% due 05/31/12+(7)(10)................... 27,000 3
Lehman Brothers Holdings, Inc.
Senior Notes
5.50% due 04/04/16+(7)(10)................... 26,000 3,315
Lehman Brothers Holdings, Inc.
Sub. Notes
6.75% due 12/28/17+(7)(10)................... 30,000 3
Lehman Brothers Holdings, Inc.
Sub. Notes
7.50% due 05/11/38+(7)(10)................... 38,000 4
Market
Principal Value
Security Description Amount (Note 3)
----------------------------------------------------------------
Finance-Investment Banker/Broker (continued)
Lehman Brothers Holdings, Inc.
Senior Notes
8.80% due 03/01/15+(7)(10)................ $31,000 $ 3,952
Merrill Lynch & Co., Inc.
Senior Notes
5.45% due 07/15/14........................ 35,000 26,518
Merrill Lynch & Co., Inc.
Sub. Notes
5.70% due 05/02/17........................ 34,000 20,132
Merrill Lynch & Co., Inc.
Sub. Notes
6.22% due 09/15/26........................ 40,000 19,745
Schwab Capital Trust I
Company Guar. Notes
7.50% due 11/15/37(6)..................... 19,000 11,976
The Bear Stearns Cos., Inc.
Senior Notes
5.70% due 11/15/14........................ 70,000 66,530
--------
152,178
--------
Finance-Mortgage Loan/Banker -- 0.1%
Countrywide Financial Corp.
Company Guar. Notes
5.80% due 06/07/12........................ 62,000 53,843
Countrywide Home Loans, Inc.
Company Guar. Notes
4.00% due 03/22/11........................ 40,000 35,596
--------
89,439
--------
Food-Misc. -- 0.2%
General Mills, Inc.
Senior Notes
5.65% due 02/15/19........................ 39,000 39,704
Kraft Foods, Inc.
Senior Notes
6.75% due 02/19/14........................ 56,000 60,543
Kraft Foods, Inc.
Senior Notes
6.88% due 01/26/39........................ 68,000 66,766
--------
167,013
--------
Food-Wholesale/Distribution -- 0.1%
Sysco Corp.
Bonds
6.63% due 03/17/39........................ 40,000 40,024
--------
Gambling (Non-Hotel) -- 0.0%
Downstream Development Authority
Senior Sec. Notes
12.00% due 10/15/15*...................... 25,000 6,500
--------
Health Care Cost Containment -- 0.1%
McKesson Corp.
Senior Notes
6.50% due 02/15/14........................ 35,000 36,202
--------
Home Furnishings -- 0.0%
Simmons Co.
Senior Disc. Notes
10.00% due 12/15/14(2).................... 1,000 10
--------
43
SunAmerica Balanced Assets Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market
Principal Value
Security Description Amount (Note 3)
------------------------------------------------------------------
CORPORATE BONDS & NOTES (continued)
Independent Power Producers -- 0.1%
NRG Energy, Inc.
Company Guar. Notes
7.38% due 02/01/16.......................... $ 90,000 $ 83,700
--------
Insurance Brokers -- 0.1%
Marsh & McLennan Cos., Inc.
Senior Notes
5.15% due 09/15/10.......................... 60,000 58,501
USI Holdings Corp.
Senior Sub. Notes
9.75% due 05/15/15*......................... 25,000 11,250
--------
69,751
--------
Insurance-Life/Health -- 0.3%
Americo Life, Inc.
Notes
7.88% due 05/01/13*......................... 134,000 87,100
Lincoln National Corp.
Senior Notes
5.65% due 08/27/12.......................... 58,000 26,178
Monumental Global Funding II
Senior Sec. Notes
5.65% due 07/14/11*......................... 66,000 63,742
Pricoa Global Funding I
Notes
5.30% due 09/27/13*......................... 110,000 88,082
--------
265,102
--------
Insurance-Multi-line -- 0.0%
Hartford Financial Services Group, Inc.
Senior Notes
6.00% due 01/15/19.......................... 44,000 24,912
--------
Insurance-Mutual -- 0.0%
Liberty Mutual Group, Inc.
Company Guar. Bonds
10.75% due 06/15/38*(6)..................... 45,000 22,050
--------
Insurance-Property/Casualty -- 0.1%
ACE INA Holdings, Inc.
Company Guar. Notes
5.60% due 05/15/15.......................... 64,000 59,666
W.R. Berkley Corp.
Senior Notes
6.25% due 02/15/37.......................... 3,000 2,016
--------
61,682
--------
Insurance-Reinsurance -- 0.1%
PartnerRe Finance A LLC
Company Guar. Notes
6.88% due 06/01/18.......................... 76,000 67,282
--------
Investment Management/Advisor Services -- 0.1%
Ameriprise Financial, Inc.
Senior Notes
5.35% due 11/15/10.......................... 51,000 47,373
--------
Machinery-Construction & Mining -- 0.1%
Caterpillar, Inc.
Senior Notes
7.90% due 12/15/18.......................... 70,000 72,427
--------
Market
Principal Value
Security Description Amount (Note 3)
-----------------------------------------------------------
Medical Labs & Testing Services -- 0.2%
Roche Holdings, Inc.
Company Guar. Notes
5.00% due 03/01/14*.................. $ 72,000 $ 73,694
Roche Holdings, Inc.
Company Guar. Notes
6.00% due 03/01/19*.................. 72,000 74,107
--------
147,801
--------
Medical Products -- 0.1%
Biomet, Inc.
Company Guar. Notes
10.00% due 10/15/17.................. 5,000 4,950
Biomet, Inc.
Company Guar. Notes
10.38% due 10/15/17(16).............. 36,000 30,420
--------
35,370
--------
Medical-Biomedical/Gene -- 0.1%
Amgen, Inc.
Senior Notes
6.40% due 02/01/39................... 45,000 43,259
--------
Medical-Drugs -- 0.3%
Pfizer, Inc.
Senior Notes
4.45% due 03/15/12................... 24,000 24,652
Pfizer, Inc.
Senior Notes
7.20% due 03/15/39................... 80,000 85,793
Wyeth
Bonds
5.50% due 02/01/14................... 126,000 132,352
--------
242,797
--------
Medical-HMO -- 0.1%
Humana, Inc.
Senior Bonds
8.15% due 06/15/38................... 35,000 25,809
UnitedHealth Group, Inc.
Senior Notes
5.25% due 03/15/11................... 35,000 35,300
WellPoint, Inc.
Senior Notes
5.00% due 01/15/11................... 21,000 21,060
--------
82,169
--------
Medical-Hospitals -- 0.3%
Community Health Systems, Inc.
Company Guar. Notes
8.88% due 07/15/15................... 55,000 51,975
HCA, Inc.
Senior Notes
6.25% due 02/15/13................... 55,000 41,250
HCA, Inc.
Senior Sec. Notes
9.13% due 11/15/14................... 25,000 23,500
HCA, Inc.
Senior Sec. Notes
9.25% due 11/15/16................... 140,000 127,400
--------
244,125
--------
44
SunAmerica Balanced Assets Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market
Principal Value
Security Description Amount (Note 3)
------------------------------------------------------------------
CORPORATE BONDS & NOTES (continued)
Metal Processors & Fabrication -- 0.1%
Timken Co.
Notes
5.75% due 02/15/10.......................... $ 96,000 $ 95,903
--------
Metal-Aluminum -- 0.1%
Alcoa, Inc.
Senior Notes
6.50% due 06/15/18.......................... 65,000 43,768
--------
Mining -- 0.0%
Noranda Aluminum Acquisition Corp.
Company Guar. Notes
6.60% due 11/15/14(1)(16)................... 25,000 7,750
--------
Multimedia -- 0.3%
News America, Inc.
Company Guar. Bonds
7.30% due 04/30/28.......................... 80,000 66,653
Time Warner Entertainment Co. LP
Senior Notes
8.38% due 07/15/33.......................... 99,000 93,656
Viacom, Inc.
Senior Notes
6.25% due 04/30/16.......................... 90,000 79,015
--------
239,324
--------
Networking Products -- 0.0%
Cisco Systems, Inc.
Notes
5.90% due 02/15/39.......................... 33,000 30,321
--------
Non-Hazardous Waste Disposal -- 0.1%
Waste Management, Inc.
Company Guar. Notes
6.38% due 11/15/12.......................... 29,000 29,202
Waste Management, Inc.
Company Guar. Notes
7.38% due 03/11/19.......................... 15,000 15,299
--------
44,501
--------
Office Automation & Equipment -- 0.3%
Pitney Bowes, Inc.
Senior Notes
5.25% due 01/15/37.......................... 194,000 188,415
Xerox Corp.
Senior Notes
6.35% due 05/15/18.......................... 35,000 26,075
--------
214,490
--------
Oil Companies-Exploration & Production -- 0.4%
Chesapeake Energy Corp.
Company Guar. Notes
7.50% due 09/15/13.......................... 175,000 160,125
Hilcorp Energy I LP
Senior Notes
7.75% due 11/01/15*......................... 30,000 21,900
Kerr-McGee Corp.
Company Guar. Notes
6.95% due 07/01/24.......................... 56,000 42,910
Market
Principal Value
Security Description Amount (Note 3)
----------------------------------------------------------------------
Oil Companies-Exploration & Production (continued)
Sabine Pass LNG LP
Senior Sec. Notes
7.50% due 11/30/16.............................. $ 75,000 $ 50,250
--------
275,185
--------
Oil Companies-Integrated -- 0.1%
Hess Corp.
Senior Notes
7.13% due 03/15/33.............................. 35,000 30,044
Hess Corp.
Senior Notes
7.88% due 10/01/29.............................. 80,000 72,402
--------
102,446
--------
Oil Refining & Marketing -- 0.2%
The Premcor Refining Group, Inc.
Company Guar. Notes
6.75% due 05/01/14.............................. 121,000 114,779
Valero Energy Corp.
Senior Notes
9.38% due 03/15/19.............................. 35,000 36,133
--------
150,912
--------
Oil-Field Services -- 0.0%
Weatherford International, Ltd.
Company Guar. Notes
6.50% due 08/01/36.............................. 40,000 28,159
--------
Paper & Related Products -- 0.1%
Georgia-Pacific LLC
Company Guar. Notes
7.00% due 01/15/15*............................. 30,000 28,050
Georgia-Pacific LLC
Company Guar. Notes
7.13% due 01/15/17*............................. 10,000 9,250
--------
37,300
--------
Physicians Practice Management -- 0.1%
US Oncology, Inc.
Company Guar. Notes
10.75% due 08/15/14............................. 55,000 50,600
--------
Pipelines -- 0.3%
Copano Energy LLC
Company Guar. Notes
8.13% due 03/01/16.............................. 95,000 80,275
DCP Midstream LLC
Senior Notes
9.75% due 03/15/19*............................. 30,000 29,742
Dynegy-Roseton Danskammer
Pass Through Certs.,
Series B
7.67% due 11/08/16.............................. 45,000 34,087
ONEOK, Inc.
Senior Notes
6.00% due 06/15/35.............................. 40,000 27,341
Williams Cos., Inc.
Senior Notes
7.88% due 09/01/21.............................. 90,000 83,250
--------
254,695
--------
45
SunAmerica Balanced Assets Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market
Principal Value
Security Description Amount (Note 3)
--------------------------------------------------------------
CORPORATE BONDS & NOTES (continued)
Publishing-Periodicals -- 0.0%
Dex Media West LLC/Dex Media Finance Co.
Senior Notes
8.50% due 08/15/10....................... $ 2,000 $ 1,000
R.H. Donnelley, Inc.
Company Guar. Bonds
11.75% due 05/15/15*..................... 1,000 130
The Reader's Digest Association, Inc.
Company Guar. Notes
9.00% due 02/15/17....................... 25,000 1,750
--------
2,880
--------
Real Estate Investment Trusts -- 0.1%
PPF Funding, Inc.
Bonds
5.35% due 04/15/12*...................... 60,000 42,584
Simon Property Group LP
Senior Notes
10.35% due 04/01/19...................... 18,000 17,494
--------
60,078
--------
Recycling -- 0.0%
Aleris International, Inc.
Company Guar. Notes
9.00% due 12/15/14+(7)(10)(16)........... 45,000 32
--------
Rental Auto/Equipment -- 0.0%
United Rentals North America, Inc.
Company Guar. Notes
7.75% due 11/15/13....................... 40,000 21,800
--------
Research & Development -- 0.0%
Alion Science and Technology Corp.
Company Guar. Notes
10.25% due 02/01/15...................... 55,000 8,250
--------
Retail-Restaurants -- 0.1%
McDonald's Corp.
Senior Notes
5.70% due 02/01/39....................... 42,000 40,707
NPC International, Inc.
Company Guar. Notes
9.50% due 05/01/14....................... 45,000 35,100
--------
75,807
--------
Savings & Loans/Thrifts -- 0.2%
Western Financial Bank
Sub. Notes
9.63% due 05/15/12....................... 150,000 149,760
--------
Schools -- 0.1%
Johns Hopkins University
Notes
5.25% due 07/01/19....................... 30,000 29,696
Princeton University
Senior Notes
5.70% due 03/01/39....................... 49,000 48,944
--------
78,640
--------
Market
Principal Value
Security Description Amount (Note 3)
---------------------------------------------------------------
Special Purpose Entities -- 0.2%
BankBoston Capital Trust III
Company Guar. Notes
2.07% due 06/15/27(1)..................... $ 53,000 $ 26,512
Chukchansi Economic Development Authority
Senior Notes
8.00% due 11/15/13*....................... 45,000 9,788
Principal Life Global Funding I
Senior Sec. Notes
5.25% due 01/15/13*....................... 100,000 93,038
The Goldman Sachs Capital III
Company Guar. Notes
2.03% due 09/01/12(1)(8).................. 121,000 38,115
--------
167,453
--------
Steel-Producers -- 0.3%
ArcelorMittal USA
Company Guar. Notes
6.50% due 04/15/14........................ 130,000 102,153
Reliance Steel & Aluminum Co.
Company Guar. Notes
6.85% due 11/15/36........................ 60,000 36,608
Ryerson, Inc.
Senior. Sec. Notes
8.55% due 11/01/14*(1).................... 50,000 25,875
United States Steel Corp.
Senior Notes
7.00% due 02/01/18........................ 45,000 30,709
--------
195,345
--------
Telecom Services -- 0.3%
Bellsouth Telecommunications, Inc.
Debentures
7.00% due 12/01/95........................ 174,000 137,308
Fairpoint Communications, Inc.
Senior Notes
13.13% due 04/01/18....................... 15,000 2,850
Fairpoint Communications, Inc.
Senior Notes
13.13% due 04/01/18*...................... 13,000 2,470
Qwest Corp.
Senior Notes
7.50% due 10/01/14........................ 65,000 59,150
--------
201,778
--------
Telephone-Integrated -- 0.6%
AT&T Corp.
Company Guar. Notes
7.30% due 11/15/11........................ 63,000 67,694
AT&T, Inc.
Senior Notes
5.63% due 06/15/16........................ 35,000 35,077
AT&T, Inc.
Senior Notes
6.30% due 01/15/38........................ 70,000 61,468
Cincinnati Bell, Inc.
Company Guar. Notes
7.00% due 02/15/15........................ 14,000 12,880
46
SunAmerica Balanced Assets Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market
Principal Value
Security Description Amount (Note 3)
---------------------------------------------------------
CORPORATE BONDS & NOTES (continued)
Telephone-Integrated (continued)
Pacific Bell Telephone Co.
Company Guar. Notes
7.13% due 03/15/26................. $ 80,000 $ 77,366
Sprint Capital Corp.
Company Guar. Notes
8.38% due 03/15/12................. 35,000 31,500
Sprint Capital Corp.
Company Guar. Notes
8.75% due 03/15/32................. 65,000 43,550
Verizon Communications, Inc.
Senior Notes
6.35% due 04/01/19................. 28,000 27,662
Verizon Pennsylvania, Inc.
Senior Bonds
8.35% due 12/15/30................. 35,000 34,240
Verizon Virginia, Inc.
Senior Debentures
4.63% due 03/15/13................. 35,000 33,951
--------
425,388
--------
Television -- 0.0%
Allbritton Communications Co.
Senior Sub. Notes
7.75% due 12/15/12................. 7,000 2,590
Paxson Communications Corp.
Senior Sec. Notes
7.34% due 01/15/13*(16)(18)(19).... 59,604 536
Young Broadcasting, Inc.
Company Guar. Notes
10.00% due 03/01/11+(7)(10)........ 25,000 3
--------
3,129
--------
Tools-Hand Held -- 0.0%
Black & Decker Corp.
Notes
8.95% due 04/15/14................. 35,000 34,582
--------
Transport-Air Freight -- 0.3%
Atlas Air, Inc.
Pass Through Certs.
Series 1991-1, Class B
7.63% due 01/02/15................. 366,911 245,830
--------
Transport-Equipment & Leasing -- 0.0%
GATX Corp.
Pass Through Certs.
9.00% due 11/15/13................. 16,000 16,843
--------
Transport-Rail -- 0.1%
CSX Corp.
Senior Notes
6.25% due 04/01/15................. 40,000 36,362
CSX Corp.
Senior Notes
6.25% due 03/15/18................. 27,000 23,260
--------
59,622
--------
Market
Principal Value
Security Description Amount (Note 3)
---------------------------------------------------------------------
Transport-Services -- 0.1%
PHI, Inc.
Company Guar. Notes
7.13% due 04/15/13........................... $ 75,000 $ 46,219
United Parcel Service, Inc.
Senior Notes
3.88% due 04/01/14........................... 20,000 20,049
United Parcel Service, Inc.
Senior Notes
5.13% due 04/01/19........................... 13,000 13,085
-----------
79,353
-----------
Total Corporate Bonds & Notes
(cost $12,176,406)........................... 10,323,400
-----------
FOREIGN CORPORATE BONDS & NOTES -- 2.5%
Banks-Commercial -- 0.2%
Banco Continental de Panama SA
Notes
6.63% due 12/01/10*.......................... 35,000 35,000
Barclays Bank PLC
Jr. Sub. Notes
5.93% due 12/31/16*(6)....................... 80,000 26,833
Caisse Nationale des Caisses d'Epargne et de
Prevoyance
Senior Notes
3.06% due 12/30/09(1)(8)..................... 109,000 66,490
Credit Agricole SA
Jr. Sub. Notes
6.64% due 05/31/17*(6)....................... 71,000 21,326
Lloyds Banking Group PLC
Jr. Sub. Notes
5.92% due 10/01/15*.......................... 40,000 7,200
-----------
156,849
-----------
Brewery -- 0.0%
SABMiller PLC
Notes
6.50% due 07/15/18*.......................... 41,000 38,184
-----------
Containers-Metal/Glass -- 0.1%
Rexam PLC
Senior Notes
6.75% due 06/01/13*.......................... 51,000 44,310
-----------
Cruise Lines -- 0.1%
Royal Caribbean Cruises, Ltd.
Senior Notes
7.00% due 06/15/13........................... 70,000 39,287
-----------
Diversified Manufacturing Operations -- 0.0%
Bombardier, Inc.
Senior Notes
8.00% due 11/15/14*.......................... 25,000 18,313
-----------
Diversified Minerals -- 0.0%
BHP Billiton Finance USA, Ltd.
Company Guar. Notes
5.50% due 04/01/14........................... 35,000 35,241
-----------
47
SunAmerica Balanced Assets Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market
Principal Value
Security Description Amount (Note 3)
---------------------------------------------------------------
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Operations -- 0.1%
EnCana Holdings Finance Corp.
Company Guar. Notes
5.80% due 05/01/14....................... $ 59,000 $ 58,037
--------
Electric-Integrated -- 0.3%
Electricite de France
Notes
6.50% due 01/26/19*...................... 56,000 57,688
Electricite de France
Notes
6.95% due 01/26/39*...................... 70,000 69,381
Empresa Nacional de Electricidad SA
Bonds
7.33% due 02/01/37....................... 84,000 79,028
--------
206,097
--------
Food-Retail -- 0.1%
Delhaize Group
Senior Notes
6.50% due 06/15/17....................... 90,000 86,999
--------
Insurance-Multi-line -- 0.1%
Aegon NV
Senior Notes
2.57% due 07/15/14(1)(8)................. 156,000 37,596
XL Capital Finance PLC
Company Guar. Notes
6.50% due 01/15/12....................... 32,000 23,289
XL Capital, Ltd.
Senior Notes
5.25% due 09/15/14....................... 56,000 36,693
--------
97,578
--------
Investment Companies -- 0.0%
Xstrata Finance Canada, Ltd.
Company Guar. Notes
6.90% due 11/15/37*...................... 40,000 23,924
--------
Medical Products -- 0.0%
Angiotech Pharmaceuticals, Inc.
Company Guar. Notes
5.01% due 12/01/13(1).................... 15,000 9,750
Angiotech Pharmaceuticals, Inc.
Company Guar. Notes
7.75% due 04/01/14....................... 55,000 15,675
--------
25,425
--------
Medical-Drugs -- 0.1%
Elan Finance PLC
Company Guar. Notes
7.75% due 11/15/11....................... 40,000 33,600
Novartis Securities Investment, Ltd.
Company Guar. Notes
5.13% due 02/10/19....................... 65,000 65,996
--------
99,596
--------
Market
Principal Value
Security Description Amount (Note 3)
------------------------------------------------------------------
Oil Companies-Exploration & Production -- 0.1%
Nexen, Inc.
Senior Notes
5.88% due 03/10/35.......................... $ 36,000 $ 23,818
OPTI Canada, Inc.
Senior Sec. Notes
7.88% due 12/15/14.......................... 50,000 21,875
--------
45,693
--------
Oil Companies-Integrated -- 0.1%
Shell International Finance BV
Company Guar. Notes
4.00% due 03/21/14.......................... 35,000 35,491
Shell International Finance BV
Company Guar. Notes
6.38% due 12/15/38.......................... 42,000 44,227
Suncor Energy, Inc.
Senior Notes
6.85% due 06/01/39.......................... 17,000 12,848
--------
92,566
--------
Printing-Commercial -- 0.0%
Quebecor World Capital Corp.
Company Guar. Notes
8.75% due 03/15/16*+(7)(15)................. 30,000 1,050
--------
Satellite Telecom -- 0.1%
Intelsat Intermediate Holding Co., Ltd.
Senior Notes
9.50% due 02/01/15*(2)...................... 20,000 16,600
Intelsat Subsidiary Holding Co., Ltd.
Senior Notes
8.50% due 01/15/13*......................... 50,000 47,125
--------
63,725
--------
Special Purpose Entities -- 0.5%
Aries Vermoegensverwaltungs GmbH
Sec. Notes
9.60% due 10/25/14.......................... 250,000 311,835
Hybrid Capital Funding I LP
Notes
8.00% due 06/30/11(8)....................... 286,000 34,306
SMFG Preferred Capital, Ltd.
Sub. Notes
6.08% due 01/25/17*(6)...................... 121,000 74,036
--------
420,177
--------
Telephone-Integrated -- 0.3%
Deutsche Telekom International Finance BV
Company Guar. Bonds
6.75% due 08/20/18.......................... 35,000 35,151
Telecom Italia Capital SA
Company Guar. Notes
4.95% due 09/30/14.......................... 60,000 51,806
Telecom Italia Capital SA
Company Guar. Bonds
6.20% due 07/18/11.......................... 115,000 112,930
--------
199,887
--------
48
SunAmerica Balanced Assets Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market
Principal Value
Security Description Amount (Note 3)
-----------------------------------------------------------------
FOREIGN CORPORATE BONDS & NOTES (continued)
Transport-Marine -- 0.1%
DP World, Ltd.
Bonds
6.85% due 07/02/37*...................... $121,000 $ 57,892
----------
Transport-Rail -- 0.2%
Canadian National Railway Co.
Senior Notes
6.38% due 10/15/11....................... 130,000 138,795
----------
Total Foreign Corporate Bonds & Notes
(cost $2,751,310)........................ 1,949,625
----------
U.S. GOVERNMENT AGENCIES -- 17.0%
Federal Home Loan Mtg. Corp. -- 10.1%
4.50% due 01/01/39....................... 182,848 186,870
5.00% due 05/01/34....................... 720,093 744,994
5.00% due 06/01/34....................... 686,581 710,323
5.00% due 07/01/35....................... 91,587 94,696
5.00% due 10/01/35....................... 466,836 482,687
5.00% due 11/01/35....................... 326,777 337,872
5.00% due 11/01/36....................... 30,106 31,096
5.00% due 03/01/38....................... 202,294 208,867
5.50% due 07/01/34....................... 416,462 433,466
5.50% due 09/01/37....................... 206,805 214,818
5.50% due 01/01/38....................... 495,748 514,983
5.50% due 07/01/38....................... 480,367 498,978
5.80% due 01/01/37(1).................... 351,548 365,262
5.95% due 10/01/36(1).................... 471,818 491,212
6.00% due 12/01/33....................... 75,300 79,128
6.00% due 10/01/37....................... 294,013 307,717
6.50% due 03/01/36....................... 217,922 230,014
6.50% due 05/01/36....................... 6,816 7,194
6.50% due 11/01/37....................... 120,864 127,564
7.00% due 04/01/32....................... 114,387 122,903
REMIC
Series 3102, Class PG
5.00% due 11/15/28....................... 304,000 315,955
Series 3317, Class PD
5.00% due 09/15/31....................... 390,000 407,256
Series 3116, Class PD
5.00% due 10/15/34....................... 615,000 642,044
Series 3349, Class HB
5.50% due 06/15/31....................... 232,000 242,659
----------
7,798,558
----------
Federal National Mtg. Assoc. -- 5.3%
4.50% due 01/01/39....................... 153,624 157,175
5.00% due 03/15/16....................... 47,000 52,159
5.00% due 08/01/18....................... 137,653 143,859
5.00% due 07/01/37....................... 116,187 120,020
5.50% due 11/01/22....................... 229,715 239,769
5.50% due 12/01/33....................... 764,498 796,810
5.50% due 02/01/36(1).................... 248,324 256,413
5.50% due 11/01/36....................... 224,193 232,968
5.50% due 08/01/38....................... 8,210 8,530
6.00% due 12/01/33....................... 70,744 74,273
Market
Principal Value
Security Description Amount (Note 3)
---------------------------------------------------------------
Federal National Mtg. Assoc. (continued)
6.00% due 11/01/36.................... $505,440 $ 525,919
6.00% due 07/01/38.................... 645,611 675,062
6.50% due 09/01/32.................... 218,040 231,427
6.50% due 07/01/36.................... 93,814 98,944
6.50% due 10/01/37.................... 92,343 97,386
REMIC
Series 2005-12, Class BE
5.00% due 11/25/30.................... 385,000 400,287
-----------
4,111,001
-----------
Government National Mtg. Assoc. -- 1.6%
5.50% due 05/15/33.................... 379,606 396,789
5.50% due 12/15/33.................... 277,459 290,019
6.00% due 09/15/38.................... 445,683 466,274
7.50% due 01/15/32.................... 96,323 103,633
-----------
1,256,715
-----------
Total U.S. Government Agencies
(cost $12,666,352).................... 13,166,274
-----------
U.S. GOVERNMENT TREASURIES -- 5.5%
U.S. Treasury Bonds -- 1.0%
4.38% due 02/15/38.................... 495,000 562,289
4.50% due 05/15/38.................... 38,000 44,365
5.25% due 11/15/28.................... 107,000 131,610
8.13% due 08/15/19.................... 33,000 47,850
-----------
786,114
-----------
U. S. Treasury Notes -- 4.5%
2.00% due 11/30/13.................... 558,000 569,509
2.75% due 02/28/13.................... 45,000 47,419
2.75% due 02/15/19.................... 105,000 105,607
2.88% due 01/31/13.................... 446,000 471,784
3.38% due 07/31/13.................... 102,000 110,351
3.50% due 02/15/18.................... 97,000 104,093
3.63% due 06/15/10.................... 800,000 829,500
3.75% due 11/15/18.................... 102,000 111,188
3.88% due 05/15/18.................... 31,000 34,197
4.00% due 08/15/18.................... 206,000 228,918
4.25% due 08/15/15.................... 24,000 27,345
4.25% due 11/15/17.................... 150,000 170,156
4.50% due 11/15/15.................... 200,000 231,938
4.88% due 06/30/09.................... 400,000 404,578
-----------
3,446,583
-----------
Total U.S. Government Treasuries
(cost $4,188,139)..................... 4,232,697
-----------
Total Long-Term Investment Securities
(cost $86,306,408).................... 72,812,446
-----------
SHORT-TERM INVESTMENT SECURITIES -- 0.0%
Finance-Auto Loans -- 0.0%
Ford Motor Credit Co. LLC
Senior Notes
5.54% due 04/15/09
(cost $29,370)........................ 30,000 29,370
-----------
49
SunAmerica Balanced Assets Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market
Principal Value
Security Description Amount (Note 3)
-------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- 3.4%
Agreement with State Street Bank & Trust Co.,
bearing interest at 0.01%, dated 03/31/09, to
be repurchased 04/01/09 in the amount of
$1,246,000 and collateraized by $1,215,000
of Federal Home Loan Mtg. Corp. Notes,
bearing interest at 4.38% due 09/17/10 and
having an approximate value of
$1,272,834..................................... $1,246,000 $ 1,246,000
State Street Bank & Trust Co.
Joint Repurchase Agreement(13)................. 1,397,000 1,397,000
-----------
Total Repurchase Agreements
(cost $2,643,000).............................. 2,643,000
-----------
TOTAL INVESTMENTS
(cost $88,978,778)(14)......................... 97.5% 75,484,816
Other assets less liabilities..................... 2.5 1,944,307
---------- -----------
NET ASSETS 100.0% $77,429,123
========== ===========
- --------
+ 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
right to demand registration of these securities. At March 31, 2009, the
aggregate value of these securities was $2,390,509 representing 3.1% of
net assets. Unless otherwise indicated these securities are not considered
to be illiquid.
(1) Floating rate security where the rate fluctuates. The rate moves up or
down at each reset date. The rate reflected is as of March 31, 2009.
(2) "Step-up" security where the rate increases ("steps-up") at a
predetermined rate. Rate shown reflects the increased rate.
(3) Variable Rate Security -- the rate reflected is as of March 31, 2009,
maturity date reflects the stated maturity date.
(4) Commercial Mortgage Backed Security
(5) Collateralized Mortgage Obligation
(6) Variable Rate Security -- the rate reflected is as of March 31, 2009,
maturity date reflects next reset date.
(7) Bond in default
(8) Perpetual maturity -- maturity date reflects the next call date.
(9) Fair valued security; see Note 3
(10) Company has filed Chapter 11 bankruptcy protection
(11) Illiquid security. At March 31, 2009, the aggregate value of these
securities was $0 representing 0.0% of net assets.
(12) To the extent permitted by the Prospectus, the Balanced Assets Fund may
invest in restricted securities. The Fund has no right to demand
registration of these securities. The securities are valued pursuant to
Note 3. Restricted securities held by a fund may not be sold except in
exempt transactions or in a public offering registered under the
Securities Act of 1933. The risk of investing in such securities is
generally greater than the risk of investing in the securities of widely
held, publicly traded companies. 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, these securities may exhibit greater price volatility than
securities for which secondary markets exist. As of March 31, 2009, the
Balanced Assets Fund held the following restricted securities:
Market
Value % of
Acquisition Principal Acquisition Market Per Par Net
Name Date Amount Cost Value Amount Assets
---- ----------- --------- ----------- ------ ------- ------
Southern Energy
7.90% due
7/15/2009...... 1/10/2006 $150,000 $0 $0 $0 0.00%
(13) See Note 3 for details on Joint Repurchase Agreement.
(14) See Note 7 for cost of investments on a tax basis.
(15) Company has filed bankruptcy in country of issuance.
(16) Income may be received in cash or additional shares at the discretion of
the issuer.
(17) PIK ("Payment-in-Kind") security. Bond or preferred stock that pays
interest/dividends in the form of additional bonds or preferred stocks.
(18) Subsequent to March 31, 2009, the company has filed Chapter 11 bankruptcy
protection.
(19) Bond is in default of interest subsequent to March 31, 2009.
ADR --American Depository Receipt
REMIC --Real Estate Mortgage Investment Conduit
See Notes to Financial Statements
50
SunAmerica International Equity Fund
PORTFOLIO PROFILE -- March 31, 2009 -- (unaudited)
Industry Allocation*
Oil Companies-Integrated............... 8.4%
Banks-Commercial....................... 8.2
Medical-Drugs.......................... 5.0
Diversified Banking Institutions....... 3.9
Telephone-Integrated................... 3.6
Machinery-General Industrial........... 3.5
Diversified Minerals................... 3.3
Oil Companies-Exploration & Production. 3.3
Repurchase Agreement................... 2.3
Electronic Components-Misc............. 2.3
Auto-Cars/Light Trucks................. 2.1
Consulting Services.................... 2.0
Cellular Telecom....................... 2.0
Food-Retail............................ 2.0
Multimedia............................. 1.9
Food-Misc.............................. 1.8
Rubber-Tires........................... 1.8
Medical-Biomedical/Gene................ 1.8
Insurance-Reinsurance.................. 1.7
Gas-Distribution....................... 1.7
Building Products-Cement............... 1.7
Gas-Transportation..................... 1.6
Finance-Other Services................. 1.6
Medical Products....................... 1.6
Beverages-Wine/Spirits................. 1.6
Tobacco................................ 1.5
Import/Export.......................... 1.5
Chemicals-Diversified.................. 1.4
Electronic Components-Semiconductors... 1.2
Agricultural Chemicals................. 1.2
Cruise Lines........................... 1.2
Cable/Satellite TV..................... 1.1
Gold Mining............................ 1.1
Medical-Generic Drugs.................. 1.1
Coal................................... 1.0
Shipbuilding........................... 0.9
Index Fund............................. 0.9
Metal-Diversified...................... 0.9
Wireless Equipment..................... 0.8
Telecom Services....................... 0.8
Audio/Video Products................... 0.8
Brewery................................ 0.7
Non-Ferrous Metals..................... 0.7
Oil Refining & Marketing............... 0.7
Broadcast Services/Program............. 0.7
Electric-Integrated.................... 0.6
Transport-Marine....................... 0.6
Patient Monitoring Equipment........... 0.6
Web Portals/ISP........................ 0.6
Machinery-Construction & Mining........ 0.6
Enterprise Software/Service............ 0.5
Auto/Truck Parts & Equipment-Original.. 0.5
Finance-Investment Banker/Broker....... 0.5
Steel-Specialty........................ 0.5
Insurance-Property/Casualty............ 0.4
Office Automation & Equipment.......... 0.4
Machinery-Material Handling............ 0.4
Batteries/Battery Systems.............. 0.4
Retail-Misc./Diversified............... 0.4
Circuit Boards......................... 0.3
Cosmetics & Toiletries................. 0.2
Toys................................... 0.2
Real Estate Management/Services........ 0.2
----
98.8%
====
Country Allocation*
United Kingdom......................... 19.3%
Japan.................................. 16.7
France................................. 8.2
Canada................................. 6.6
Germany................................ 6.5
Australia.............................. 4.2
Switzerland............................ 4.0
United States.......................... 3.3
Italy.................................. 3.2
Spain.................................. 3.1
Brazil................................. 3.0
China.................................. 2.5
Hong Kong.............................. 2.0
South Korea............................ 1.8
Israel................................. 1.8
Singapore.............................. 1.7
Ireland................................ 1.7
Netherlands............................ 1.7
Taiwan................................. 1.5
Mexico................................. 1.4
Portugal............................... 1.0
South Africa........................... 1.0
Philippines............................ 0.9
Russia................................. 0.9
Finland................................ 0.8
----
98.8%
====
- --------
*Calculated as a percentage of net assets
51
SunAmerica International Equity Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited)
Market
Value
Security Description Shares (Note 3)(1)
--------------------------------------------------------------------
COMMON STOCK -- 94.0%
Australia -- 4.2%
BHP Billiton, Ltd........................... 136,800 $ 3,049,107
CSL, Ltd.................................... 95,700 2,165,383
-----------
5,214,490
-----------
Brazil -- 1.5%
Petroleo Brasileiro SA ADR.................. 59,810 1,822,411
-----------
Canada -- 6.6%
Bank of Nova Scotia......................... 69,350 1,708,998
Barrick Gold Corp........................... 40,300 1,304,444
EnCana Corp................................. 51,700 2,115,895
Shaw Communications, Inc., Class B.......... 92,000 1,402,475
Toronto-Dominion Bank....................... 47,730 1,645,261
-----------
8,177,073
-----------
China -- 2.5%
Bank of China, Ltd.......................... 4,661,400 1,552,206
Mindray Medical International, Ltd. ADR..... 37,042 685,647
Shanghai Electric Group Co., Ltd............ 2,962,000 852,545
-----------
3,090,398
-----------
Finland -- 0.8%
Nokia OYJ................................... 87,578 1,025,296
-----------
France -- 8.2%
Alstom SA................................... 43,213 2,237,201
Compagnie Generale des Etablissements
Michelin, Class B.......................... 44,731 1,656,162
Pernod Ricard SA............................ 35,332 1,974,810
Total SA.................................... 85,917 4,261,128
-----------
10,129,301
-----------
Germany -- 6.5%
Deutsche Bank AG............................ 64,504 2,623,714
Deutsche Boerse AG.......................... 32,900 1,987,669
MAN AG...................................... 29,184 1,273,082
Muenchener Rueckversicherungs AG............ 17,348 2,118,925
-----------
8,003,390
-----------
Hong Kong -- 2.0%
Hengan International Group Co., Ltd......... 214,840 863,564
Hong Kong & China Gas Co., Ltd.............. 990,150 1,566,480
Peace Mark Holdings, Ltd.(2)................ 800,000 0
Peregrine Investments Holdings, Ltd.+(2)(3). 91,000 0
-----------
2,430,044
-----------
Ireland -- 1.7%
CRH PLC..................................... 96,240 2,090,750
-----------
Israel -- 1.8%
Israel Chemicals, Ltd....................... 110,700 909,449
Teva Pharmaceutical Industries, Ltd. ADR.... 28,551 1,286,222
-----------
2,195,671
-----------
Italy -- 3.2%
ENI SpA..................................... 101,017 1,944,926
Snam Rete Gas SpA........................... 372,871 2,001,483
-----------
3,946,409
-----------
Market
Value
Security Description Shares (Note 3)(1)
-----------------------------------------------------------------
Japan -- 16.7%
Aioi Insurance Co., Ltd.................... 141,000 $ 545,233
Bridgestone Corp........................... 38,100 550,203
Daiwa Securities Group, Inc................ 145,000 641,802
Fuji Heavy Industries, Ltd................. 226,000 752,038
GS Yuasa Corp.............................. 95,000 471,903
Hitachi Metals, Ltd........................ 77,000 549,387
Honda Motor Co., Ltd....................... 33,700 806,328
Ibiden Co., Ltd............................ 17,300 423,585
Japan Steel Works, Ltd..................... 52,000 489,767
Komatsu, Ltd............................... 60,400 669,983
Mitsubishi Corp............................ 36,300 482,985
Mitsubishi Estate Co., Ltd................. 20,000 228,300
Mitsubishi Materials Corp.................. 326,000 879,038
Mitsubishi UFJ Financial Group, Inc........ 246,000 1,208,516
Mitsui & Co., Ltd.......................... 130,000 1,323,474
Mitsui O.S.K. Lines, Ltd................... 148,000 734,323
Murata Manufacturing Co., Ltd.............. 10,400 402,085
Nidec Corp................................. 12,200 553,369
Nintendo Co., Ltd.......................... 1,000 293,335
Nippon Mining Holdings, Inc................ 109,000 439,797
Nippon Telegraph and Telephone Corp........ 32,600 1,238,190
Panasonic Corp............................. 40,700 447,262
Pigeon Corp................................ 12,000 298,355
Ricoh Co., Ltd............................. 41,000 493,431
Seven & I Holdings Co., Ltd................ 20,200 445,990
Seven Bank, Ltd............................ 137 365,375
Shin-Etsu Chemical Co., Ltd................ 17,400 854,018
Showa Shell Sekiyu K.K..................... 46,200 425,109
Sony Corp.................................. 26,100 535,162
Tokyo Electric Power Co., Inc.............. 30,600 763,859
Tokyo Gas Co., Ltd......................... 153,000 534,350
Toyota Motor Corp.......................... 30,700 984,635
Tsumura & Co............................... 21,700 560,193
Unicharm Petcare Corp...................... 9,500 240,929
-----------
20,632,309
-----------
Mexico -- 1.4%
Fomento Economico Mexicano SAB de CV ADR... 35,400 892,434
Grupo Televisa SA ADR...................... 62,200 848,408
-----------
1,740,842
-----------
Netherlands -- 1.7%
Koninklijke KPN NV......................... 154,212 2,062,322
-----------
Philippines -- 0.9%
Philippine Long Distance Telephone Co. ADR. 26,020 1,148,263
-----------
Portugal -- 1.0%
Galp Energia, SGPS, S.A.................... 106,410 1,270,277
-----------
Russia -- 0.9%
OAO Rosneft Co. GDR........................ 254,400 1,091,376
-----------
Singapore -- 1.7%
SembCorp Marine, Ltd....................... 940,000 1,120,107
StarHub, Ltd............................... 773,600 1,007,240
-----------
2,127,347
-----------
South Africa -- 1.0%
Exxaro Resources, Ltd...................... 162,200 1,189,381
-----------
52
SunAmerica International Equity Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market
Value
Security Description Shares (Note 3)(1)
------------------------------------------------------------------
COMMON STOCK (continued)
South Korea -- 1.8%
Hyundai Mobis............................ 11,000 $ 642,950
LG Dacom Corp............................ 53,300 675,121
Samsung Electronics Co., Ltd............. 2,170 896,234
------------
2,214,305
------------
Spain -- 3.1%
Banco Santander SA....................... 431,706 2,968,265
Grifols SA............................... 56,913 820,939
------------
3,789,204
------------
Switzerland -- 4.0%
Nestle SA................................ 59,257 2,005,819
Roche Holding AG......................... 9,897 1,358,803
Syngenta AG.............................. 7,501 1,507,976
------------
4,872,598
------------
Taiwan -- 1.5%
Hon Hai Precision Industry Co., Ltd. GDR. 410,600 1,827,170
------------
United Kingdom -- 19.3%
ARM Holdings PLC......................... 429,324 630,775
Autonomy Corp. PLC+...................... 34,961 655,054
BHP Billiton PLC......................... 53,571 1,060,657
British American Tobacco PLC............. 80,691 1,868,408
Carnival PLC............................. 64,031 1,450,612
GlaxoSmithKline PLC...................... 152,469 2,374,034
HSBC Holdings PLC........................ 162,600 920,480
Pearson PLC.............................. 236,309 2,372,617
Rio Tinto PLC............................ 32,177 1,077,429
Serco Group PLC.......................... 466,852 2,449,520
Shire PLC................................ 80,200 978,324
Smith & Nephew PLC....................... 180,002 1,112,688
Tesco PLC................................ 502,897 2,406,852
Tullow Oil PLC........................... 167,612 1,926,702
Vodafone Group PLC....................... 1,397,263 2,441,023
------------
23,725,175
------------
United States -- 0.0%
SoftBrands, Inc.+........................ 40 11
------------
Total Common Stock
(cost $123,317,383)..................... 115,815,813
------------
PREFERRED STOCK -- 1.5%
Brazil -- 1.5%
Banco Bradesco SA
(cost $2,509,987)....................... 185,700 1,849,195
------------
EXCHANGE-TRADED FUNDS -- 0.9%
United States -- 0.9%
iShares MSCI Canada Index Fund
(cost $1,079,578)....................... 66,500 1,094,590
------------
Total Long-Term Investment Securities
(cost $126,906,948)..................... 118,759,598
------------
Market
Principal Value
Security Description Amount (Note 3)(1)
------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 2.4%
Agreement with State Street Bank & Trust Co.,
bearing interest at 0.01%, dated 03/31/09, to
be repurchased 04/01/09 in the amount of
$2,876,001 and collateraized by Federal Home
Loan Bank Notes, bearing interest at
4.38% due 09/17/10 and having an
approximate value of $2,938,518
(cost $2,876,000)............................. $2,876,000 $ 2,876,000
------------
TOTAL INVESTMENTS --
(cost $129,782,948)(4)...................... 98.8% 121,635,598
Other assets less liabilities.................. 1.2 1,532,631
---------- ------------
NET ASSETS -- 100.0% $123,168,229
========== ============
- --------
+ Non-income producing security
(1) A substantial number of the Fund's holdings were valued using the fair
value procedures at March 31, 2009. At March 31, 2009, the aggregate value
of these securities was $98,036,798 representing 79.6% of net assets. See
Note 3 regarding fair value pricing procedures for foreign equity
securities.
(2) Fair valued security; see Note 3
(3) Illiquid security. At March 31, 2009, the aggregate value of these
securities was $0 representing 0.0% of net assets.
(4) See Note 7 for cost of investments on a tax basis.
ADR --American Depository Receipt
GDR --Global Depository Receipt
See Notes to Financial Statements
53
SunAmerica Value Fund
PORTFOLIO PROFILE -- March 31, 2009 -- (unaudited)
Industry Allocation*
Oil Companies-Integrated............. 16.5%
Electric-Integrated.................. 8.1
Telephone-Integrated................. 7.5
Medical-Drugs........................ 7.1
Diversified Banking Institutions..... 7.0
Diversified Manufacturing Operations. 4.5
Medical Products..................... 4.1
Food-Misc............................ 3.4
Aerospace/Defense-Equipment.......... 3.2
Repurchase Agreement................. 3.0
Cosmetics & Toiletries............... 2.6
Applications Software................ 2.3
Banks-Fiduciary...................... 1.9
Retail-Discount...................... 1.8
Retail-Apparel/Shoe.................. 1.8
Insurance-Property/Casualty.......... 1.8
Medical-HMO.......................... 1.7
Apparel Manufacturers................ 1.7
Multimedia........................... 1.6
Beverages-Non-alcoholic.............. 1.6
Insurance-Multi-line................. 1.6
Retail-Drug Store.................... 1.5
Transport-Rail....................... 1.5
Banks-Super Regional................. 1.4
Electronics-Military................. 1.3
Gold Mining.......................... 1.2
E-Commerce/Services.................. 1.2
Industrial Gases..................... 1.1
Medical-Biomedical/Gene.............. 0.9
Oil Refining & Marketing............. 0.9
----
95.8%
====
- --------
*Calculated as a percentage of net assets
54
SunAmerica Value Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited)
Market
Value
Security Description Shares (Note 3)
----------------------------------------------------------------
COMMON STOCK -- 92.8%
Aerospace/Defense-Equipment -- 3.2%
Goodrich Corp.............................. 34,829 $1,319,671
United Technologies Corp................... 27,700 1,190,546
----------
2,510,217
----------
Apparel Manufacturers -- 1.7%
Coach, Inc.+............................... 79,000 1,319,300
----------
Applications Software -- 2.3%
Microsoft Corp............................. 99,000 1,818,630
----------
Banks-Fiduciary -- 1.9%
The Bank of New York Mellon Corp........... 55,000 1,553,750
----------
Banks-Super Regional -- 1.4%
Wells Fargo & Co........................... 76,100 1,083,664
----------
Beverages-Non-alcoholic -- 1.6%
The Coca-Cola Co........................... 29,000 1,274,550
----------
Cosmetics & Toiletries -- 2.6%
Procter & Gamble Co........................ 44,300 2,086,087
----------
Diversified Banking Institutions -- 7.0%
Bank of America Corp....................... 244,300 1,666,126
Citigroup, Inc............................. 210,000 531,300
JPMorgan Chase & Co........................ 93,000 2,471,940
Morgan Stanley............................. 41,000 933,570
----------
5,602,936
----------
Diversified Manufacturing Operations -- 4.5%
General Electric Co........................ 235,000 2,375,850
Honeywell International, Inc............... 43,900 1,223,054
----------
3,598,904
----------
E-Commerce/Services -- 1.2%
eBay, Inc.+................................ 75,000 942,000
----------
Electric-Integrated -- 8.1%
FPL Group, Inc............................. 34,500 1,750,185
PG&E Corp.................................. 37,800 1,444,716
Southern Co................................ 50,000 1,531,000
Xcel Energy, Inc........................... 94,200 1,754,946
----------
6,480,847
----------
Electronics-Military -- 1.3%
L-3 Communications Holdings, Inc........... 15,000 1,017,000
----------
Food-Misc. -- 3.4%
H.J. Heinz Co.............................. 45,000 1,487,700
Kraft Foods, Inc., Class A................. 54,000 1,203,660
----------
2,691,360
----------
Gold Mining -- 1.2%
Barrick Gold Corp.......................... 30,000 972,600
----------
Industrial Gases -- 1.1%
Air Products & Chemicals, Inc.............. 16,000 900,000
----------
Insurance-Multi-line -- 1.6%
Allstate Corp.............................. 66,000 1,263,900
----------
Insurance-Property/Casualty -- 1.8%
Chubb Corp................................. 33,000 1,396,560
----------
Shares/ Market
Principal Value
Security Description Amount (Note 3)
--------------------------------------------------------------
Medical Products -- 4.1%
Johnson & Johnson................... 44,400 $ 2,335,440
Zimmer Holdings, Inc.+.............. 25,000 912,500
-----------
3,247,940
-----------
Medical-Biomedical/Gene -- 0.9%
Amgen, Inc.+........................ 15,000 742,800
-----------
Medical-Drugs -- 7.1%
Eli Lilly & Co...................... 26,700 892,047
Merck & Co., Inc.................... 43,500 1,163,625
Pfizer, Inc......................... 145,100 1,976,262
Wyeth............................... 38,000 1,635,520
-----------
5,667,454
-----------
Medical-HMO -- 1.7%
UnitedHealth Group, Inc............. 64,000 1,339,520
-----------
Multimedia -- 1.6%
The Walt Disney Co.................. 71,400 1,296,624
-----------
Oil Companies-Integrated -- 16.5%
Chevron Corp........................ 55,700 3,745,268
ConocoPhillips...................... 90,000 3,524,400
Exxon Mobil Corp.................... 52,000 3,541,200
Marathon Oil Corp................... 88,400 2,324,036
-----------
13,134,904
-----------
Oil Refining & Marketing -- 0.9%
Valero Energy Corp.................. 40,000 716,000
-----------
Retail-Apparel/Shoe -- 1.8%
The Gap, Inc........................ 108,000 1,402,920
-----------
Retail-Discount -- 1.8%
Wal-Mart Stores, Inc................ 28,000 1,458,800
-----------
Retail-Drug Store -- 1.5%
CVS Caremark Corp................... 44,400 1,220,556
-----------
Telephone-Integrated -- 7.5%
AT&T, Inc........................... 125,050 3,151,260
Verizon Communications, Inc......... 94,400 2,850,880
-----------
6,002,140
-----------
Transport-Rail -- 1.5%
Union Pacific Corp.................. 29,000 1,192,190
-----------
Total Long-Term Investment Securities
(cost $92,131,525)(2).............. 73,934,153
-----------
REPURCHASE AGREEMENT -- 3.0%
State Street Bank & Trust Co.
Joint Repurchase Agreement(1)
(cost $2,362,000).................. $2,362,000 2,362,000
-----------
TOTAL INVESTMENTS --
(cost $94,493,525)(2).............. 95.8% 76,296,153
Other assets less liabilities......... 4.2 3,326,758
---------- -----------
NET ASSETS -- 100.0% $79,622,911
========== ===========
- --------
+ Non-income producing security.
(1)See Note 3 for details of Joint Repurchase Agreement.
(2)See Note 7 for cost of investments on a tax basis.
See Notes to Financial Statements
55
SunAmerica Disciplined Growth Fund
PORTFOLIO PROFILE -- March 31, 2009 -- (unaudited)
Industry Allocation*
Computers.................................. 10.4%
Medical-Drugs.............................. 5.6
Enterprise Software/Service................ 5.4
Beverages-Non-alcoholic.................... 4.4
Aerospace/Defense.......................... 4.2
Applications Software...................... 4.1
Networking Products........................ 3.5
Tobacco.................................... 3.3
Medical Products........................... 3.1
Cosmetics & Toiletries..................... 3.1
Oil Companies-Integrated................... 2.9
Medical-Biomedical/Gene.................... 2.8
Oil-Field Services......................... 2.5
Web Portals/ISP............................ 2.3
Retail-Restaurants......................... 2.3
Commercial Services-Finance................ 2.1
Oil Companies-Exploration & Production..... 2.0
Apparel Manufacturers...................... 1.8
Retail-Discount............................ 1.8
Diversified Manufacturing Operations....... 1.7
Agricultural Chemicals..................... 1.5
Oil Field Machinery & Equipment............ 1.5
Consulting Services........................ 1.4
Computer Services.......................... 1.4
Electronics-Military....................... 1.4
Coatings/Paint............................. 1.3
Aerospace/Defense-Equipment................ 1.2
Retail-Drug Store.......................... 1.1
Retail-Computer Equipment.................. 1.1
Repurchase Agreement....................... 1.1
Electric Products-Misc..................... 1.1
Engineering/R&D Services................... 1.1
Retail-Office Supplies..................... 1.0
Diversified Operations/Commercial Services. 1.0
Beverages-Wine/Spirits..................... 1.0
Oil & Gas Drilling......................... 1.0
Wireless Equipment......................... 0.9
Transport-Services......................... 0.9
Telecommunication Equipment................ 0.9
Cable/Satellite TV......................... 0.9
Pharmacy Services.......................... 0.8
Medical Instruments........................ 0.8
Machinery-Construction & Mining............ 0.8
Insurance-Life/Health...................... 0.5
Medical-HMO................................ 0.5
Casino Services............................ 0.5
Retail-Consumer Electronics................ 0.4
Cellular Telecom........................... 0.3
Investment Management/Advisor Services..... 0.3
Software Tools............................. 0.3
Commercial Services........................ 0.3
Advertising Agencies....................... 0.3
Metal-Copper............................... 0.3
Instruments-Controls....................... 0.2
Metal-Iron................................. 0.2
Steel-Producers............................ 0.2
Energy-Alternate Sources................... 0.1
Building-Heavy Construction................ 0.1
----
99.0%
====
- --------
*Calculated as a percentage of net assets
56
SunAmerica Disciplined Growth Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited)
Market
Value
Security Description Shares (Note 3)
----------------------------------------------------------
COMMON STOCK -- 97.9%
Advertising Agencies -- 0.3%
Omnicom Group, Inc.................... 2,600 $ 60,840
----------
Aerospace/Defense -- 4.2%
Boeing Co............................. 6,000 213,480
Lockheed Martin Corp.................. 4,100 283,023
Northrop Grumman Corp................. 4,900 213,836
Raytheon Co........................... 6,300 245,322
----------
955,661
----------
Aerospace/Defense-Equipment -- 1.2%
Alliant Techsystems, Inc.+............ 500 33,490
United Technologies Corp.............. 5,300 227,794
----------
261,284
----------
Agricultural Chemicals -- 1.5%
Monsanto Co........................... 4,200 349,020
----------
Apparel Manufacturers -- 1.8%
Coach, Inc.+.......................... 11,300 188,710
Polo Ralph Lauren Corp................ 5,300 223,925
----------
412,635
----------
Applications Software -- 4.1%
Microsoft Corp........................ 49,800 914,826
----------
Beverages-Non-alcoholic -- 4.4%
PepsiCo, Inc.......................... 8,700 447,876
The Coca-Cola Co...................... 12,600 553,770
----------
1,001,646
----------
Beverages-Wine/Spirits -- 1.0%
Brown-Forman Corp., Class B........... 5,600 217,448
----------
Building-Heavy Construction -- 0.1%
Perini Corp.+......................... 2,100 25,830
----------
Cable/Satellite TV -- 0.9%
Comcast Corp., Class A................ 14,400 196,416
----------
Casino Services -- 0.5%
Scientific Games Corp., Class A+...... 8,893 107,694
----------
Cellular Telecom -- 0.3%
Syniverse Holdings, Inc.+............. 5,000 78,800
----------
Coatings/Paint -- 1.3%
The Sherwin-Williams Co............... 5,500 285,835
----------
Commercial Services -- 0.3%
Steiner Leisure, Ltd.+................ 2,600 63,466
----------
Commercial Services-Finance -- 2.1%
Automatic Data Processing, Inc........ 5,400 189,864
Global Payments, Inc.................. 8,800 294,008
----------
483,872
----------
Computer Services -- 1.4%
Accenture, Ltd., Class A.............. 11,500 316,135
----------
Computers -- 10.4%
Apple, Inc.+.......................... 5,800 609,696
Dell, Inc.+........................... 25,600 242,688
Hewlett-Packard Co.................... 19,600 628,376
International Business Machines Corp.. 8,900 862,321
----------
2,343,081
----------
Market
Value
Security Description Shares (Note 3)
---------------------------------------------------------------------
Consulting Services -- 1.4%
SAIC, Inc.+...................................... 17,100 $ 319,257
----------
Cosmetics & Toiletries -- 3.1%
Colgate-Palmolive Co............................. 5,000 294,900
Procter & Gamble Co.............................. 8,600 404,974
----------
699,874
----------
Diversified Manufacturing Operations -- 1.7%
3M Co............................................ 4,000 198,880
Honeywell International, Inc..................... 6,800 189,448
----------
388,328
----------
Diversified Operations/Commercial Services -- 1.0%
Chemed Corp...................................... 5,900 229,510
----------
Electric Products-Misc. -- 1.1%
Emerson Electric Co.............................. 8,400 240,072
----------
Electronics-Military -- 1.4%
L-3 Communications Holdings, Inc................. 4,500 305,100
----------
Energy-Alternate Sources -- 0.1%
First Solar, Inc.+............................... 200 26,540
----------
Engineering/R&D Services -- 1.1%
EMCOR Group, Inc.+............................... 2,500 42,925
Fluor Corp....................................... 4,300 148,565
Foster Wheeler AG+............................... 2,700 47,169
----------
238,659
----------
Enterprise Software/Service -- 5.4%
BMC Software, Inc.+.............................. 9,400 310,200
CA, Inc.......................................... 14,800 260,628
Oracle Corp.+.................................... 36,000 650,520
----------
1,221,348
----------
Instruments-Controls -- 0.2%
Mettler-Toledo International, Inc.+.............. 1,000 51,330
----------
Insurance-Life/Health -- 0.5%
AFLAC, Inc....................................... 5,700 110,352
----------
Investment Management/Advisor Services -- 0.3%
Federated Investors, Inc., Class B............... 3,300 73,458
----------
Machinery-Construction & Mining -- 0.8%
Caterpillar, Inc................................. 6,400 178,944
----------
Medical Instruments -- 0.8%
Medtronic, Inc................................... 6,200 182,714
----------
Medical Products -- 3.1%
Baxter International, Inc........................ 1,400 71,708
Johnson & Johnson................................ 8,700 457,620
Varian Medical Systems, Inc.+.................... 5,900 179,596
----------
708,924
----------
Medical-Biomedical/Gene -- 2.8%
Biogen Idec, Inc.+............................... 5,300 277,826
Gilead Sciences, Inc.+........................... 7,800 361,296
----------
639,122
----------
57
SunAmerica Disciplined Growth Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market
Value
Security Description Shares (Note 3)
---------------------------------------------------------
COMMON STOCK (continued)
Medical-Drugs -- 5.6%
Abbott Laboratories.................. 8,900 $ 424,530
Bristol-Myers Squibb Co.............. 15,900 348,528
Eli Lilly & Co....................... 1,500 50,115
Endo Pharmaceuticals Holdings, Inc.+. 2,900 51,272
Merck & Co., Inc..................... 3,400 90,950
Schering-Plough Corp................. 12,200 287,310
----------
1,252,705
----------
Medical-HMO -- 0.5%
UnitedHealth Group, Inc.............. 5,200 108,836
----------
Metal-Copper -- 0.3%
Southern Copper Corp................. 3,400 59,228
----------
Metal-Iron -- 0.2%
Cliffs Natural Resources, Inc........ 2,300 41,768
----------
Networking Products -- 3.5%
Cisco Systems, Inc.+................. 34,500 578,565
Juniper Networks, Inc.+.............. 14,000 210,840
----------
789,405
----------
Oil & Gas Drilling -- 1.0%
Noble Corp........................... 8,900 214,401
----------
Oil Companies-Exploration & Production -- 2.0%
Occidental Petroleum Corp............ 8,100 450,765
----------
Oil Companies-Integrated -- 2.9%
Exxon Mobil Corp..................... 8,200 558,420
Hess Corp............................ 1,600 86,720
----------
645,140
----------
Oil Field Machinery & Equipment -- 1.5%
Cameron International Corp.+......... 4,300 94,299
National-Oilwell Varco, Inc.+........ 8,700 249,777
----------
344,076
----------
Oil-Field Services -- 2.5%
Baker Hughes, Inc.................... 2,400 68,520
Halliburton Co....................... 13,700 211,939
Schlumberger, Ltd.................... 7,200 292,464
----------
572,923
----------
Pharmacy Services -- 0.8%
Express Scripts, Inc.+............... 4,100 189,297
----------
Retail-Computer Equipment -- 1.1%
GameStop Corp., Class A+............. 8,900 249,378
----------
Retail-Consumer Electronics -- 0.4%
Best Buy Co., Inc.................... 2,200 83,512
----------
Retail-Discount -- 1.8%
Wal-Mart Stores, Inc................. 7,800 406,380
----------
Retail-Drug Store -- 1.1%
CVS Caremark Corp.................... 9,200 252,908
----------
Retail-Office Supplies -- 1.0%
Staples, Inc......................... 12,800 231,808
----------
Shares/ Market
Principal Value
Security Description Amount (Note 3)
------------------------------------------------------------
Retail-Restaurants -- 2.3%
McDonald's Corp..................... 5,600 $ 305,592
Yum! Brands, Inc.................... 7,800 214,344
-----------
519,936
-----------
Software Tools -- 0.3%
VMware, Inc. Class A+............... 2,800 66,136
-----------
Steel-Producers -- 0.2%
United States Steel Corp............ 1,800 38,034
-----------
Telecommunication Equipment -- 0.9%
Harris Corp......................... 6,800 196,792
-----------
Tobacco -- 3.3%
Altria Group, Inc................... 21,900 350,838
Lorillard, Inc...................... 6,500 401,310
-----------
752,148
-----------
Transport-Services -- 0.9%
C.H. Robinson Worldwide, Inc........ 4,500 205,245
-----------
Web Portals/ISP -- 2.3%
Google, Inc., Class A+.............. 1,500 522,090
-----------
Wireless Equipment -- 0.9%
QUALCOMM, Inc....................... 5,500 214,005
-----------
Total Long-Term Investment Securities
(cost $23,636,256)................. 22,094,937
-----------
REPURCHASE AGREEMENT -- 1.1%
State Street Bank & Trust Co.
Joint Repurchase Agreement(1)
(cost $248,000).................... $248,000 248,000
-----------
TOTAL INVESTMENTS --
(cost $23,884,256)(2).............. 99.0% 22,342,937
Other assets less liabilities......... 1.0 227,373
-------- -----------
NET ASSETS -- 100.0% $22,570,310
======== ===========
- --------
+ Non-income producing security
(1)See Note 3 for details of Joint Repurchase Agreement.
(2)See Note 7 for cost of investments on a tax basis.
See Notes to Financial Statements
58
SunAmerica International Small-Cap Fund
PORTFOLIO PROFILE -- March 31, 2009 -- (unaudited)
Industry Allocation*
Index Fund-Small Cap.................. 8.8%
Time Deposit.......................... 5.9
Food-Misc............................. 3.3
Medical-Drugs......................... 2.8
Electric Products-Misc................ 2.3
Finance-Other Services................ 2.2
Insurance-Property/Casualty........... 2.2
Energy-Alternate Sources.............. 2.1
Enterprise Software/Service........... 1.9
Security Services..................... 1.9
Cosmetics & Toiletries................ 1.7
Electronic Components-Misc............ 1.6
Medical Instruments................... 1.6
Retail-Misc./Diversified.............. 1.6
Banks-Commercial...................... 1.5
Electronic Components-Semiconductors.. 1.5
Transport-Rail........................ 1.5
Printing-Commercial................... 1.5
Containers-Paper/Plastic.............. 1.5
Retail-Bookstores..................... 1.4
Shipbuilding.......................... 1.4
Retail-Apparel/Shoe................... 1.3
Water................................. 1.2
E-Commerce/Services................... 1.2
Chemicals-Diversified................. 1.2
Commercial Services................... 1.1
Diagnostic Kits....................... 1.1
Casino Services....................... 1.0
Internet Content-Information/News..... 1.0
Building-Maintance & Services......... 1.0
Computers-Integrated Systems.......... 1.0
Research & Development................ 1.0
Machinery-Electrical.................. 0.9
Real Estate Operations & Development.. 0.9
Direct Marketing...................... 0.9
Advanced Materials.................... 0.9
Electronics-Military.................. 0.9
Transport-Services.................... 0.9
Retail-Petroleum Products............. 0.9
Auto/Truck Parts & Equipment-Original. 0.9
Electronic Measurement Instruments.... 0.8
Computers-Periphery Equipment......... 0.8
Medical Products...................... 0.8
Veterinary Products................... 0.8
Internet Content-Entertainment........ 0.8
Leisure Products...................... 0.8
Coatings/Paint........................ 0.8
Building-Residential/Commercial....... 0.7
Miscellaneous Manufacturing........... 0.7
Power Converter/Supply Equipment...... 0.7
Medical Labs & Testing Services....... 0.7
Transactional Software................ 0.7
Agricultural Operations............... 0.7
Gambling (Non-Hotel).................. 0.7
Finance-Credit Card................... 0.7
Internet Infrastructure Software...... 0.7
Machinery-General Industrial.......... 0.7
Electronic Connectors................. 0.7
Diversified Financial Services........ 0.7
Metal Processors & Fabrication........ 0.7
Medical-Wholesale Drug Distribution...... 0.6
Applications Software.................... 0.6
Medical-Generic Drugs.................... 0.6
Beverages-Wine/Spirits................... 0.6
Telephone-Integrated..................... 0.6
Soap & Cleaning Preparation.............. 0.5
Real Estate Management/Services.......... 0.5
Consulting Services...................... 0.5
Retail-Music Store....................... 0.5
Machinery-Construction & Mining.......... 0.5
Medical Imaging Systems.................. 0.5
Communications Software.................. 0.5
Retail-Restaurants....................... 0.5
Medical-Hospitals........................ 0.5
Transport-Marine......................... 0.4
Auto/Truck Parts & Equipment-Replacement. 0.4
Medical-Nursing Homes.................... 0.4
E-Services/Consulting.................... 0.4
Insurance-Reinsurance.................... 0.4
Auto-Cars/Light Trucks................... 0.4
Audio/Video Products..................... 0.3
Retail-Discount.......................... 0.3
Paper & Related Products................. 0.3
Athletic Footwear........................ 0.3
Human Resources.......................... 0.3
Medical Information Systems.............. 0.2
Appliances............................... 0.2
Chemicals-Specialty...................... 0.2
Educational Software..................... 0.2
Computers................................ 0.2
Water Treatment Systems.................. 0.2
Food-Dairy Products...................... 0.2
Medical-Biomedical/Gene.................. 0.2
Food-Retail.............................. 0.2
Diversified Manufacturing Operations..... 0.2
Machine Tools & Related Products......... 0.2
Batteries/Battery Systems................ 0.2
Engines-Internal Combustion.............. 0.2
Cellular Telecom......................... 0.1
Food-Catering............................ 0.1
Motion Pictures & Services............... 0.1
Coal..................................... 0.1
Web Portals/ISP.......................... 0.1
Bicycle Manufacturing.................... 0.1
Diversified Operations................... 0.1
Lottery Services......................... 0.1
Building-Heavy Construction.............. 0.1
Fisheries................................ 0.1
Building & Construction-Misc............. 0.1
Electric-Generation...................... 0.1
Building & Construction Products-Misc.... 0.1
Retail-Regional Department Stores........ 0.1
----
99.6%
====
- --------
*Calculated as a percentage of net assets
59
SunAmerica International Small-Cap Fund
PORTFOLIO PROFILE -- March 31, 2009 -- (unaudited) (continued)
Country Allocation*
Japan.......... 30.0%
United Kingdom. 19.0
United States.. 12.1
France......... 7.0
Germany........ 5.9
Spain.......... 3.4
Sweden......... 3.2
South Korea.... 2.8
Italy.......... 2.6
Hong Kong...... 2.4
China.......... 2.2
Denmark........ 1.5
Switzerland.... 1.3
Ireland........ 1.1
Austria........ 0.9
Taiwan......... 0.9
Bermuda........ 0.8
Greece......... 0.6
Australia...... 0.5
Singapore...... 0.4
Indonesia...... 0.4
Malaysia....... 0.3
Netherlands.... 0.3
----
99.6%
====
- --------
*Calculated as a percentage of net assets
60
SunAmerica International Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited)
Market
Value
Security Description Shares (Note 3)(1)
-------------------------------------------------------------------
COMMON STOCK -- 84.9%
Australia -- 0.5%
Domino's Pizza Enterprises, Ltd.............. 13,332 $ 27,827
Felix Resources, Ltd......................... 11,316 69,049
Nufarm, Ltd.................................. 9,017 71,400
Reject Shop, Ltd............................. 4,224 30,839
Tassal Group, Ltd............................ 36,863 45,794
----------
244,909
----------
Austria -- 0.9%
Oesterreichische Post AG..................... 15,219 452,150
----------
Bermuda -- 0.8%
Lancashire Holdings, Ltd..................... 53,958 371,540
----------
China -- 2.2%
AAC Acoustic Technologies Holdings, Inc.+.... 126,000 59,326
AsiaInfo Holdings, Inc.+..................... 19,900 335,315
Beijing Jingkelong Supermarket Chain Group
Co., Ltd.................................... 295,000 106,088
China National Materials Co., Ltd., Class H+. 294,000 154,033
China Yurun Food Group, Ltd.................. 117,000 149,159
Epure International, Ltd..................... 423,000 82,149
Li Ning Co., Ltd............................. 79,000 130,503
Weichai Power Co., Ltd....................... 46,000 99,853
----------
1,116,426
----------
Denmark -- 1.5%
East Asiatic Co., Ltd. A/S................... 8,178 231,870
Genmab A/S+.................................. 2,934 111,281
NeuroSearch A/S+............................. 4,409 54,692
SimCorp A/S.................................. 3,364 360,716
----------
758,559
----------
France -- 4.9%
Faiveley SA.................................. 4,985 364,414
Guerbet SA................................... 1,611 235,566
Meetic+...................................... 16,030 327,357
Orpea+....................................... 4,893 193,066
Rubis SA..................................... 7,773 450,981
Sechilienne SA............................... 14,841 470,633
Virbac SA.................................... 5,656 400,121
----------
2,442,138
----------
Germany -- 5.9%
CTS Eventim AG............................... 13,340 388,635
Fielmann AG.................................. 12,534 772,582
Freenet AG+.................................. 45,600 283,938
Rational AG.................................. 1,511 120,509
Rhoen-Klinikum AG............................ 12,206 227,064
Software AG.................................. 6,740 481,179
Vossloh AG................................... 6,364 676,320
----------
2,950,227
----------
Greece -- 0.6%
Sarantis SA.................................. 77,735 271,462
----------
Hong Kong -- 2.4%
Agile Property Holdings, Ltd................. 222,000 126,161
China Everbright International, Ltd.......... 926,000 184,819
China Mengniu Dairy Co., Ltd................. 81,000 114,053
Market
Value
Security Description Shares (Note 3)(1)
----------------------------------------------------------------
Hong Kong (continued)
China State Construction International
Hldgs, Ltd............................. 164,000 $ 28,319
Dah Sing Banking Group, Ltd............. 118,400 65,241
Denway Motors, Ltd...................... 468,000 181,201
FU JI Food & Catering Services.......... 162,000 71,500
Huabao International Holdings, Ltd...... 145,000 119,940
Hysan Development Co., Ltd.............. 30,000 51,104
Pacific Basin Shipping, Ltd............. 139,000 63,982
Peace Mark Holdings, Ltd.(2)(3)......... 8,000 0
Techtronic Industries Co., Ltd.......... 185,500 85,959
Xinyi Glass Holding Co., Ltd............ 232,000 102,703
----------
1,194,982
----------
Indonesia -- 0.4%
PT Indofood Sukses Makmur Tbk........... 1,202,500 97,908
PT United Tractors Tbk.................. 144,666 84,631
----------
182,539
----------
Ireland -- 0.6%
Origin Enterprises PLC+................. 132,647 290,787
----------
Italy -- 2.6%
Ansaldo STS SpA......................... 46,914 745,628
DiaSorin SpA............................ 24,007 536,171
----------
1,281,799
----------
Japan -- 30.0%
Acrodea, Inc.+.......................... 58 47,349
Ain Pharmaciez, Inc..................... 22,000 364,108
Alpha Systems, Inc...................... 13,600 234,057
Axell Corp.............................. 226 760,342
Benefit One Inc......................... 265 164,522
Chugoku Marine Paints, Ltd.............. 64,000 385,059
CMIC Co., Ltd........................... 360 87,892
Credit Saison Co., Ltd.................. 34,100 336,021
Dai-ichi Seiko Co., Ltd................. 18,900 286,409
Daihatsu Diesel Manufacturing Co., Ltd.. 13,000 75,786
Daiseki Co., Ltd........................ 13,900 236,491
Dena Co., Ltd........................... 119 388,043
Disco Corp.............................. 11,400 282,351
Don Quijote Co., Ltd.................... 8,800 113,359
en-japan, Inc........................... 291 204,286
EPS Co., Ltd............................ 112 426,048
Foster Electric Co., Ltd................ 26,700 152,748
FP Corp................................. 18,800 736,040
Funai Electric Co., Ltd................. 15,800 466,415
Hisamitsu Pharmaceutical Co., Inc....... 4,600 142,079
Intage, Inc............................. 20,100 251,070
Iriso Electronics Co., Ltd.............. 8,300 40,571
Kakaku.com, Inc......................... 102 309,066
Koito Manufacturing Co., Ltd............ 59,000 427,041
Kokusai Co., Ltd........................ 17,000 52,012
MACROMILL, Inc.......................... 208 191,961
Mani, Inc............................... 8,400 402,300
Mars Engineering Corp................... 18,200 521,582
Moshi Moshi Hotline, Inc................ 26,000 461,021
Nichi-iko Pharmaceutical Co., Ltd....... 15,700 440,348
Nichii Gakkan Co........................ 9,600 77,028
61
SunAmerica International Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market
Value
Security Description Shares (Note 3)(1)
----------------------------------------------------------
COMMON STOCK (continued)
Japan (continued)
Nishimatsuya Chain Co., Ltd......... 87,800 $ 622,159
Nomura Real Estate Holdings, Inc.... 16,900 258,333
Oenon Holdings, Inc................. 160,000 289,264
OPTEX Co., Ltd...................... 21,300 179,197
Osaka Securities Exchange Co., Ltd.. 93 298,063
Otsuka Corp......................... 13,100 486,177
OUTSOURCING, Inc.................... 435 62,689
Proto Corp.+........................ 9,500 192,159
Roland DG Corp...................... 28,600 347,122
Shima Seiki Manufacturing, Ltd...... 2,400 47,721
Shimano, Inc........................ 2,200 67,013
Sintokogio, Ltd..................... 46,900 283,089
Software Service, Inc............... 16,500 121,296
Sysmex Corp......................... 7,900 251,850
Taiko Pharmaceutical Co., Ltd....... 3,800 98,469
The Hiroshima Bank, Ltd............. 38,000 144,685
Toho Pharmaceutical Co., Ltd........ 32,900 316,046
Token Corp.......................... 15,300 368,608
Toridoll.corp....................... 47 201,271
Union Tool Co....................... 8,600 182,073
Village Vanguard Co., Ltd........... 146 379,138
VSN, Inc............................ 18,200 128,306
Works Applications Co., Ltd......... 534 260,230
Yamaguchi Financial Group, Inc...... 22,000 207,108
Zappallas, Inc...................... 30 70,659
-----------
14,926,130
-----------
Malaysia -- 0.3%
Berjaya Sports Toto Bhd............. 49,600 62,520
IJM Corp. Bhd....................... 57,400 65,855
Sarawak Energy Bhd.................. 72,400 33,959
-----------
162,334
-----------
Netherlands -- 0.3%
Smit Internationale NV.............. 2,653 151,418
-----------
Singapore -- 0.4%
Golden Agri-Resources, Ltd.......... 292,240 53,471
Hyflux, Ltd......................... 30,000 32,586
Yanlord Land Group.................. 135,000 99,537
-----------
185,594
-----------
South Korea -- 2.8%
Bukwang Pharmaceutical Co., Ltd..... 9,190 139,878
Cheil Industries, Inc............... 3,590 98,390
CJ Internet Corp.................... 5,940 69,971
Digitech Systems Co., Ltd.+......... 3,317 58,212
Hansol Paper Co., Ltd.+............. 20,770 140,608
Hyundai DSF Co., Ltd................ 5,560 27,364
Korean Reinsurance Co............... 23,580 181,298
LG Dacom Corp....................... 5,380 68,145
LG Household & Health Care, Ltd..... 909 99,669
SODIFF Advanced Materials Co., Ltd.. 4,201 206,390
Taewoong Co., Ltd................... 4,115 253,209
Taeyoung Engineering & Construction. 13,800 46,740
-----------
1,389,874
-----------
Market
Value
Security Description Shares (Note 3)(1)
---------------------------------------------------------------
Spain -- 3.4%
Ebro Puleva SA........................... 39,569 $ 465,349
Prosegur Cia de Seguridad SA............. 20,835 561,761
Viscofan SA.............................. 34,866 677,165
-----------
1,704,275
-----------
Sweden -- 3.2%
Betsson AB............................... 30,759 341,981
Elekta AB, Series B...................... 53,150 534,299
Intrum Justitia AB....................... 48,335 316,923
Loomis AB, Series B+..................... 51,223 395,005
-----------
1,588,208
-----------
Switzerland -- 1.3%
Acino Holding AG......................... 2,241 301,275
Banque Cantonale Vaudoise................ 1,052 349,713
-----------
650,988
-----------
Taiwan -- 0.9%
Far EasTone Telecommunications Co., Ltd.. 70,000 71,988
InnoLux Display Corp..................... 58,000 56,902
L&K Engineering Co., Ltd................. 58,000 40,631
Shin Zu Shing Co., Ltd................... 20,000 69,845
Simplo Technology Co., Ltd............... 31,000 85,476
Wistron Corp............................. 107,000 115,907
-----------
440,749
-----------
Thailand -- 0.0%
Tata Steel Thailand PCL (2).............. 140,300 3,284
-----------
United Kingdom -- 19.0%
Amlin PLC................................ 90,510 445,714
Catlin Group, Ltd........................ 60,294 269,986
Chemring Group PLC....................... 18,389 498,787
Chloride Group PLC....................... 204,806 364,135
Connaught PLC............................ 65,521 284,543
Croda International PLC.................. 68,352 517,039
De La Rue PLC............................ 53,463 744,604
eaga PLC................................. 276,421 578,831
Halma PLC................................ 156,132 369,784
HMV Group PLC............................ 132,026 245,099
IG Group Holdings PLC.................... 190,177 478,345
McBride PLC.............................. 160,730 265,083
Mears Group PLC.......................... 69,249 216,229
Micro Focus International PLC............ 112,675 487,704
Northumbrian Water Group PLC............. 194,426 608,062
PayPoint PLC............................. 62,006 323,818
PV Crystalox Solar PLC................... 206,943 251,711
PZ Cussons PLC........................... 201,726 451,720
QinetiQ PLC.............................. 250,336 474,295
RM PLC................................... 52,469 116,314
Ultra Electronics Holdings PLC........... 29,118 455,320
VT Group PLC............................. 101,399 687,188
WH Smith PLC............................. 66,353 337,215
-----------
9,471,526
-----------
Total Common Stock
(cost $47,155,781)...................... 42,231,898
-----------
62
SunAmerica International Small-Cap Fund
PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Shares/ Market
Principal Value
Security Description Amount (Note 3)(1)
---------------------------------------------------------------------
EXCHANGE-TRADED FUNDS -- 8.8%
France -- 2.1%
Lyxor ETF MSCI EMU Small Cap................ 8,865 $ 1,060,966
-----------
Ireland -- 0.5%
iShares MSCI AC Far East ex-Japan SmallCap.. 20,482 264,627
-----------
United States -- 6.2%
iShares MSCI Japan Small Cap Index Fund..... 23,800 769,930
SPDR S&P International Small-Cap ETF........ 141,530 2,274,387
-----------
3,044,317
-----------
Total Exchange-Traded Funds
(cost $4,875,490).......................... 4,369,910
-----------
WARRANTS -- 0.0%
Malaysia -- 0.0%
IJM Land Bhd
Expires 09/13/2011
(strike price $1.35)+
(cost $0).................................. 5,740 299
-----------
Total Long-Term Investment Securities
(cost $52,031,271)......................... 46,602,107
-----------
SHORT-TERM INVESTMENT SECURITIES -- 5.9%
Time Deposit -- 5.9%
Euro Time Deposit with State Street Bank &
Trust Co.
0.01% due 04/01/09
(cost $2,934,000).......................... $2,934,000 2,934,000
-----------
TOTAL INVESTMENTS --
(cost $54,965,271)(4)...................... 99.6% 49,536,107
Other assets less liabilities................. 0.4 208,485
---------- -----------
NET ASSETS -- 100.0% $49,744,592
========== ===========
- --------
+ Non-income producing security
(1) A substantial number of the Fund's holdings were valued using the fair
value procedures at March 31, 2009. At March 31, 2009, the aggregate value
of these securities was $41,504,043 representing 83.4% of net assets. See
Note 3 regarding fair value pricing procedures for foreign equity
securities.
(2) Fair valued security. See Note 3
(3) Illiquid security. At March 31, 2009, the aggregate value of these
securities was $0 representing 0.0% of net assets.
(4) See Note 7 for cost of investment on a tax basis.
ETF --Exchange-Traded Fund.
See Notes to Financial Statements
63
SunAmerica Equity Funds
NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited)
Note 1. Organization
SunAmerica Equity Funds is registered under the Investment Company Act of
1940, as amended, (the "1940 Act") as an open-end management investment
company and was organized as a Massachusetts business trust (the "Trust" or
"Equity Funds") on June 16, 1986. It currently consists of nine different
funds (each, a "Fund" and collectively, the "Funds"). Each Fund is a
separate series of the Trust with a distinct objective and/or strategy. Each
Fund is advised and/or managed by SunAmerica Asset Management Corp. (the
"Adviser" or "SunAmerica")*, an indirect wholly-owned subsidiary of American
International Group, Inc. ("AIG"). An investor may invest in one or more of
the following Funds: SunAmerica Blue Chip Growth Fund ("Blue Chip Growth
Fund"), SunAmerica Growth Opportunities Fund ("Growth Opportunities Fund"),
SunAmerica New Century Fund ("New Century Fund"), SunAmerica Growth and
Income Fund ("Growth and Income Fund"), SunAmerica Balanced Assets Fund
("Balanced Assets Fund"), SunAmerica International Equity Fund
("International Equity Fund"), SunAmerica Value Fund ("Value Fund"),
SunAmerica Disciplined Growth Fund ("Disciplined Growth Fund") and
SunAmerica International Small-Cap Fund ("International Small-Cap Fund").
The Funds are considered to be separate entities for financial and tax
reporting purposes.
The investment objective and principal investment techniques for each of the
Funds are as follows:
Blue Chip Growth Fund seeks capital appreciation by active trading of equity
securities of Blue Chip companies that demonstrate the potential for capital
appreciation. At least 80% of the Fund's net assets plus any borrowing for
investment purposes will be invested in Blue Chip companies.
Growth Opportunities Fund seeks capital appreciation by active trading of
equity securities that demonstrate the potential for capital appreciation,
issued generally by small-cap companies.
New Century Fund seeks capital appreciation by active trading of equity
securities that demonstrate the potential for capital appreciation, without
regard to market capitalization.
Growth and Income Fund seeks capital appreciation and current income by
active trading of equity securities issued by companies of any size, that
pay dividends, demonstrate the potential for capital appreciation and/or are
believed to be undervalued in the market.
Balanced Assets Fund seeks capital appreciation and conservation of
principal by active trading partly in equity securities that demonstrate the
potential for capital appreciation issued by companies with market
capitalization of over $1.5 billion and partly in investment-grade fixed
income securities.
International Equity Fund seeks capital appreciation by active trading of
equity securities and other securities with equity characteristics of
non-U.S. issuers located in a number of different countries other than the
U.S. and selected without regard to market capitalization. At least 80% of
the Fund's net assets plus, any borrowing for investment purposes, will be
invested in equity securities.
Value Fund seeks long-term growth of capital by active trading of equity
securities selected on the basis of value criteria, issued by companies of
any market capitalization, that offer the potential for long-term growth of
capital.
Disciplined Growth Fund seeks capital appreciation by active trading of
equity securities that demonstrate the potential for capital appreciation,
without regard to market capitalization.
International Small-Cap Fund seeks long-term capital appreciation by active
trading of equity and equity-related securities of non-U.S. small-cap
companies throughout the world, including emerging market countries. Under
normal circumstances, at least 80% of the Fund's net assets, plus any
borrowings for investment purposes, will be invested in such securities.
The Blue Chip Growth Fund, Growth Opportunities Fund, New Century Fund,
Growth and Income Fund, Balanced Assets Fund, Disciplined Growth Fund and
International Small-Cap Fund are organized as "diversified" funds within the
meaning of the 1940 Act. The International Equity Fund and Value Fund are
organized as "non-diversified" funds.
- --------
* Effective April 1, 2009, AIG SunAmerica Asset Management Corp. changed its
name to SunAmerica Asset Management Corp.
64
SunAmerica Equity Funds
NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited)
(continued)
Each Fund offers multiple classes of shares. The classes within each Fund
are presented in the Statement of Assets and Liabilities. The cost structure
for each class is as follows:
Class A shares are offered at net asset value per share plus an initial
sales charge. Additionally, purchases of Class A shares in amounts
$1,000,000 or more will be purchased at net asset value but will be subject
to a contingent deferred sales charge on redemptions made within two years
of purchase. With respect to Class A shares of the International Equity Fund
and International Small-Cap Fund, a redemption fee of 2% will be assessed on
the proceeds of any redemption of shares that were purchased within ninety
(90) calendar days prior to the date of such redemption. An exchange fee of
2% will be assessed on the amount of any exchange of Class A shares of the
International Equity Fund and International Small-Cap Fund that were
purchased within ninety (90) calendar days prior to the date of such
exchange.
Class B shares are offered without an initial sales charge, although a
declining contingent sales charge may be imposed on redemptions made within
six years of purchase. Class B shares of each Fund convert automatically to
Class A shares approximately eight years after purchase of such Class B
shares and at such time will be subject to the lower distribution fee
applicable to Class A shares.
Class C shares are offered at net asset value per share without an initial
sales charge, although may be subject to a contingent deferred sales charge
on redemptions made within 12 months of purchase. Certain Class C shares of
particular Funds issued in connection with particular reorganizations or
mergers will convert automatically to Class A shares approximately ten years
after purchase and at such time will be subject to the lower distribution
fee applicable to Class A shares.
Class I and Class Z shares are offered at net asset value per share. These
classes are offered exclusively to certain institutions and to participants
in certain employee benefit plans 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 Trust's
registration statement. Class A, Class B 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, except that Class B and
Class C shares are subject to higher distribution fee rates. Class I shares
and Class Z shares have not adopted 12b-1 plans and make no payments
thereunder, however, Class I shares pay a service fee to the Funds'
distributor for providing administrative and shareholder services.
Indemnifications: Under the Trust's organizational documents, its officers
and trustees are indemnified against certain liability arising out of the
performance of their duties to the Trust. In addition, in the normal course
of business the Trust enters into contracts that contain the obligation to
indemnify others. The Trust's maximum exposure under these arrangements is
unknown. Currently, however, the Trust expects the risk of loss to be remote.
Note 2. Fund Merger
Pursuant to a plan of reorganization, all the assets and liabilities of
Focused International Equity Portfolio were transferred in a tax-free
exchange to the International Equity Fund, in exchange for shares of
International Equity Fund. The details of the reorganization, which was
consummated on January 12, 2009, are set forth below.
Class A, Class B, and Class C shares of Focused International Equity
Portfolio were exchanged tax-free for Class A, Class B, and Class C shares
of International Equity Fund at an exchange ratio of 1.10 to 1, 1.14 to 1
and 1.13 to 1, respectively.
Net assets and unrealized appreciation (depreciation) as of the merger date
were as follows:
Net assets of the Focused International Equity Portfolio prior to merger....................................... $107,741,476
Net assets of the International Equity Fund prior to merger.................................................... $ 47,409,480
------------
Aggregate net assets of the International Equity Fund following acquisition.................................... $155,150,957
------------
Shares of the International Equity Fund issued in connection with the acquisition of the Focused International
Equity Portfolio.............................................................................................. 12,477,732
Unrealized appreciation (depreciation) in the Focused International Equity Portfolio........................... $(28,289,972)
65
SunAmerica Equity Funds
NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited)
(continued)
Note 3. Significant Accounting Policies
The preparation of financial statements in accordance with U.S. generally
accepted accounting principles 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. The
following is a summary of the significant accounting policies followed by
the Trust in the preparation of their financial statements:
Security Valuations: Stocks are generally valued based upon closing sales
prices reported on recognized securities exchanges. 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, a
portfolio uses the exchange that is the primary market for the security.
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 are unreliable. This determination
will be based on 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 of Trustees (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, the Funds use an outside
pricing service to provide it with closing market prices and information
used for adjusting those prices.
Non-convertible bonds and debentures, other long-term debt securities, and
short term debt securities with maturities in excess of 60 days, are valued
at bid prices obtained for the day of valuation from a bond pricing service,
when such prices are available. If a vendor quote is unavailable the
securities may be priced at the mean of two independent quotes obtained from
brokers.
Short-term securities with 60 days or less to maturity are amortized to
maturity based on their cost to the Fund if acquired within 60 days of
maturity or, if already held by the Fund on the 60th day, are amortized to
maturity based on the value determined on the 61st day.
Investments in open-end and closed-end registered investment companies that
do not trade on an exchange are valued at the end of day net asset value per
share. Investments in open-end and closed-end 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.
Securities for which market quotations are not readily available or if a
development/significant event occurs that may significantly impact the value
of the security, then these securities are valued, as determined pursuant to
procedures adopted in good faith by the Board. There is no single standard
for making fair value determinations, which may result in prices that vary
from those of other funds.
In September 2006, the Financial Accounting Standards Board ("FASB") issued
Statement on Financial Accounting Standards No. 157, " Fair Value
Measurements " ("FAS 157"). This standard clarifies the definition of fair
value for financial reporting, establishes a framework for measuring fair
value and requires additional disclosures about the use of fair value
measurements. FAS 157 is effective for financial statements issued for
fiscal years beginning after November 15, 2007 and interim periods within
those fiscal years. Various inputs are used in determining the value of the
Funds' investments. These inputs are summarized in the three broad levels
listed below:
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, quoted
prices in inactive markets, etc.)
Level 3 -- Significant unobservable inputs (including the Funds' own
assumptions in determining the fair value of investments)
66
SunAmerica Equity Funds
NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited)
(continued)
The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Funds' net assets
as of March 31, 2009:
Blue Chip Growth Fund Growth Opportunities Fund
------------------------------ ------------------------------
Investments in Other Financial Investments in Other Financial
Valuation Inputs Securities Instruments* Securities Instruments*
- ---------------- -------------- --------------- -------------- ---------------
Level 1 -- Unadjusted Quoted Prices............ $32,006,198 $-- $16,345,125 $--
Level 2 -- Other Significant Observable Inputs. 1,600,000 -- 6,023,000 --
Level 3 -- Significant Unobservable Inputs..... -- -- -- --
----------- --- ----------- ---
Total.......................................... $33,606,198 $-- $22,368,125 $--
=========== === =========== ===
Growth and Income Fund Balanced Assets Fund
------------------------------ ------------------------------
Investments in Other Financial Investments in Other Financial
Valuation Inputs Securities Instruments* Securities Instruments*
- ---------------- -------------- --------------- -------------- ---------------
Level 1 -- Unadjusted Quoted Prices............ $41,418,070 $-- $45,300,333 $--
Level 2 -- Other Significant Observable Inputs. 707,000 -- 29,720,002 --
Level 3 -- Significant Unobservable Inputs..... -- -- 464,481 --
----------- --- ----------- ---
Total.......................................... $42,125,070 $-- $75,484,816 $--
=========== === =========== ===
Value Fund Disciplined Growth Fund
------------------------------ ------------------------------
Investments in Other Financial Investments in Other Financial
Valuation Inputs Securities Instruments* Securities Instruments*
- ---------------- -------------- --------------- -------------- ---------------
Level 1 -- Unadjusted Quoted Prices............ $73,934,153 $-- $22,094,937 $--
Level 2 -- Other Significant Observable Inputs. 2,362,000 -- 248,000 --
Level 3 -- Significant Unobservable Inputs..... -- -- -- --
----------- --- ----------- ---
Total.......................................... $76,296,153 $-- $22,342,937 $--
=========== === =========== ===
New Century Fund
------------------------------
Investments in Other Financial
Valuation Inputs Securities Instruments*
- ---------------- -------------- ---------------
Level 1 -- Unadjusted Quoted Prices............ $ 27,661,037 $--
Level 2 -- Other Significant Observable Inputs. 600,000 --
Level 3 -- Significant Unobservable Inputs..... -- --
------------ ---
Total.......................................... $ 28,261,037 $--
============ ===
International Equity Fund
------------------------------
Investments in Other Financial
Valuation Inputs Securities Instruments*
- ---------------- -------------- ---------------
Level 1 -- Unadjusted Quoted Prices............ $ 20,722,800 $--
Level 2 -- Other Significant Observable Inputs. 100,917,798 --
Level 3 -- Significant Unobservable Inputs..... 0 --
------------ ---
Total.......................................... $121,635,598 $--
============ ===
International Small-Cap Fund
------------------------------
Investments in Other Financial
Valuation Inputs Securities Instruments*
- ---------------- -------------- ---------------
Level 1 -- Unadjusted Quoted Prices............ $ 5,094,781 $--
Level 2 -- Other Significant Observable Inputs. 44,441,326 --
Level 3 -- Significant Unobservable Inputs..... 0 --
------------ ---
Total.......................................... $ 49,536,107 $--
============ ===
- --------
* Other financial instruments are derivative instruments not reflected in the
Portfolio of Investments, such as future, forward, written option and swap
contracts, which are valued at the unrealized appreciation/depreciation on
the instrument.
The following is a reconciliation of Level 3 assets for which significant
unobservable inputs were used to determine fair value:
Balanced Assets Fund International Equity Fund
------------------------------ ------------------------------
Investments in Other Financial Investments in Other Financial
Securities Instruments* Securities Instruments*
-------------- --------------- -------------- ---------------
Balance as of 9/30/2008.......................... $ 0 $-- $ 154,511 $--
Accrued discounts/premiums....................... -- -- -- --
Realized gain (loss)............................. -- -- -- --
Change in unrealized appreciation (depreciation). (195,196) -- (154,511) --
Net purchases (sales)............................ 20,105 -- -- --
Transfers in and/or out of Level 3............... 639,572 -- -- --
--------- --- --------- ---
Balance as of 03/31/2009......................... $ 464,481 $-- $ 0 $--
========= === ========= ===
International Small-Cap Fund
------------------------------
Investments in Other Financial
Securities Instruments*
-------------- ---------------
Balance as of 9/30/2008.......................... $ 11,586 $--
Accrued discounts/premiums....................... -- --
Realized gain (loss)............................. (40,140) --
Change in unrealized appreciation (depreciation). 28,699 --
Net purchases (sales)............................ (145) --
Transfers in and/or out of Level 3............... -- --
-------- ---
Balance as of 03/31/2009......................... $ 0 $--
======== ===
- --------
* Other financial instruments are derivative instruments not reflected in the
Portfolio of Investments, such as future, forward, written option and swap
contracts, which are valued at the unrealized appreciation/depreciation on
the instrument.
Repurchase Agreements: The Funds, along with other affiliated registered
investment companies, pursuant to exemptive relief granted by 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. For repurchase agreements and joint repurchase
agreements, the Funds' custodian takes possession of the collateral pledged
for investments in repurchase agreements ("repo" or collectively "repos").
The underlying collateral is valued daily on a mark to market basis to
ensure that the value, at the time the agreement is entered into, is equal
to at least 102% of the repurchase price, including accrued interest. In the
event of default of the obligation to repurchase, a Fund has the right to
67
SunAmerica Equity Funds
NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited)
(continued)
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 March 31, 2009, the following Funds held an undivided interest in a
joint repurchase agreement with State Street Bank & Trust Co.:
Percentage Principal
Fund Interest Amount
- ---- ---------- ----------
Blue Chip Growth..... 0.75% $1,600,000
Growth Opportunities. 2.36 5,000,000
New Century.......... 0.28 600,000
Growth and Income.... 0.33 707,000
Balanced Assets...... 0.66 1,397,000
Value................ 1.11 2,362,000
Disciplined Growth... 0.12 248,000
As of such date, the repurchase agreement in that joint account and the
collateral thereof were as follows:
State Street Bank & Trust Co., dated March 31, 2009, bearing interest at a
rate of 0.01% per annum, with a principal amount of $212,131,000, a
repurchase price of $212,131,059, and a maturity date of April 1, 2009. The
repurchase agreement is collateralized by the following:
Maturity Principal
Type of Collateral Interest Rate Date Amount Market Value
- ------------------ ------------- -------- ------------ ------------
U.S. Treasury Bills. 0.17% 07/16/09 $170,267,765 $173,673,120
U.S. Treasury Bills. 0.27 08/13/09 41,863,235 42,702,255
As of March 31, 2009, the following Funds held an undivided interest in a
joint repurchase agreement with UBS Securities, LLC.:
Percentage Principal
Fund Interest Amount
- ---- ---------- ----------
Growth Opportunities. 0.41% $1,023,000
As of such date, the repurchase agreement in that joint account and the
collateral thereof were as follows:
UBS Securities, LLC, dated March 31, 2009, bearing interest at a rate of
0.10% per annum, with a principal amount of $250,000,000, a repurchase price
of $250,000,694, and a maturity date of April 1, 2009. The repurchase
agreement is collateralized by the following:
Maturity Principal
Type of Collateral Interest Rate Date Amount Market Value
- ------------------ ------------- -------- ------------ ------------
U.S. Treasury Inflation Index Notes. 3.00% 07/15/12 $250,000,000 $255,000,032
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 except when
collection is not expected. Dividend income is recorded on the ex-dividend
date except for certain dividends from foreign securities, which are
recorded as soon as the Fund is informed after the ex-dividend date. Funds
which earn foreign income and capital gains may be subject to foreign
withholding taxes and capital gains taxes at various rates. Under applicable
foreign law, a withholding of tax may be imposed on interest, dividends, and
capital gains at various rates. For financial statements purposes, the Funds
amortize all premiums and accrete all discounts on fixed income securities.
68
SunAmerica Equity Funds
NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited)
(continued)
Net investment income, other than class-specific expenses, and realized and
unrealized gains and losses, are allocated daily to each class of shares
based upon the relative net asset value of outstanding shares of each class
of shares at the beginning of the day (after adjusting for the current
capital shares activity of the respective class).
Expenses common to all Funds, not directly related to individual Funds, are
allocated among the Funds based upon their relative net asset value or other
appropriate methods. In all other respects, expenses are charged to each
Fund as incurred on a specific identification basis. Interest earned on cash
balances held at the custodian are shown as custody credits on the Statement
of Operations.
Dividends from net investment income, if any, are paid annually, except for
the Balanced Assets Fund and Growth and Income Fund, which pay quarterly.
Capital gain distributions, if any, are paid at least annually. The Balanced
Assets Fund and Growth and Income Fund reserve the right to declare and pay
dividends less frequently than disclosed above, provided that net realized
capital gains and net investment income, if any, are paid annually.
The Funds record dividends and distributions to their shareholders on the
ex-dividend date. The amount of dividends and distributions from net
investment income and net realized capital gains are determined and
presented in accordance with federal income tax regulations, which may
differ from U.S. generally accepted accounting principles. 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 investment income (loss), net realized gain (loss) and
net assets are not affected by these reclassifications.
Each Fund 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 realized gain on
investments to its shareholders. Therefore, no federal tax provisions are
required. Each Fund is considered a separate entity for tax purposes. The
Funds file U.S. federal and certain state income tax returns. With few
exceptions, the Funds are no longer subject to U.S. federal and state tax
examination by tax authorities for tax years ending before 2004.
Foreign Currency Translation: The books and records of the Funds are
maintained in U.S. dollars. Assets and liabilities denominated in foreign
currencies are translated into U.S. dollars based on the exchange rate of
such currencies against U.S. dollars on the date of valuation. The Funds do
not isolate that portion of the results of operations arising as a result of
changes in the foreign exchange rates from the changes in the market prices
of securities held at the end of the period. Similarly, the Funds do not
isolate the effect of changes in foreign exchange rates from the changes in
the market prices of portfolio securities sold during the period. Realized
foreign exchange gains and losses on other assets and liabilities and change
in unrealized foreign exchange gains and losses on other assets and
liabilities include foreign exchange gains and losses from currency gains or
losses between the trade and 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 other assets and liabilities
arising as a result of changes in the exchange rate.
Forward Foreign Currency Contracts: Certain funds may enter into forward
foreign currency contracts ("forward contracts") to attempt to protect
securities and related receivables and payables against changes in future
foreign exchange rates or to enhance return. 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 change in market value is recorded by the Fund as
unrealized gain or loss. On settlement date, the Fund records realized
foreign exchange gains or losses when the contract is closed 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 may arise upon entering into
these contracts from the potential inability of counterparties to meet the
terms of their contracts and from unanticipated movements in the value of a
foreign currency relative to the U.S. dollar. Forward contracts involve
elements of risk in excess of the amounts reflected in the Statement of
Assets and Liabilities. The Fund bears the risk of an unfavorable change in
the foreign exchange rate underlying the forward contract.
Futures Contracts: 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
69
SunAmerica Equity Funds
NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited)
(continued)
or other liquid securities with the Futures Commission Merchant ("the
broker"). The Funds' activities in futures contracts are used primarily for
hedging purposes and from time to time for income enhancement. Futures
contracts are conducted through regulated exchanges that minimize
counter-party credit risks. A Funds' participation in the futures markets
involves certain risks, including imperfect correlation between movements in
the price of futures contracts and movements in the price of the securities
hedged or used for cover. Pursuant to a contract, the Funds agree to receive
from or pay to the broker an amount of cash equal to the daily fluctuation
in value of the contract. Such receipts or payments are known as "variation
margin" and are recorded by the Funds as unrealized appreciation or
depreciation. Futures contracts involve elements of risk in excess of the
amount reflected in the Statement of Assets and Liabilities. When a contract
is closed, the Funds record 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.
Options Contracts: An option is a contract conveying a right to buy or sell
a financial instrument at a specified price during a stipulated period. The
premium paid by a Fund for the purchase of a call or a put option is
included in the Fund's Statement of Assets and Liabilities as an investment
and subsequently marked to market to reflect the current market value of the
option. When a Fund writes a call or a put option, an amount equal to the
premium received by the Fund is included in the Fund's Statement of Assets
and Liabilities as a liability and is subsequently marked to market to
reflect the current market value of the option written. If an option which
the 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 the Fund has
written is exercised, the Fund realizes a capital 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 the 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.
There were no transactions in call and put options written during the six
months ended March 31, 2009.
Mortgage-Backed Dollar Rolls: The Balanced Assets Fund may enter into dollar
rolls using "to be announced" ("TBA") mortgage-backed securities ("TBA
Rolls"). The Fund's policy is to record the components of TBA Rolls as
purchase/sale transactions. Any difference between the purchase and sale
price is recorded as a realized gain or loss on the date the transaction is
entered into. Dollar roll transactions involve the risk that the market
value of the securities held by the Fund may decline below the price of the
securities that the Fund has sold but is obligated to repurchase under the
agreement. In the event that the buyer of securities in a dollar roll
transaction files bankruptcy or becomes insolvent, the Fund's use of the
proceeds from the sale of the securities may be restricted pending a
determination by the other party, or its trustee or receiver, whether to
enforce the Fund's obligation to repurchase the securities. The return
earned by the Fund with the proceeds of the dollar roll transaction may not
exceed transaction costs.
Short Sales: All funds may engage in "short sales against the box". A short
sale is against the box to the extent that the Fund contemporaneously owns,
or has the right to obtain without payment, securities identical to those
sold short. In addition, the Disciplined Growth Fund, Value Fund,
International Equity Fund and International Small-Cap Fund may sell a
security it does not own in anticipation of a decline in the market value of
that security ("short sales"). To complete such a transaction, the Fund must
borrow the security to make delivery to the buyer. The Fund then is
obligated to replace the security borrowed by purchasing it at market price
at the time of replacement. The price at such time may be more or less than
the price at which the security was sold by the Fund. Until the security is
replaced, the Fund is required to pay to the lender any dividends or
interest that accrues during the period of the loan. To borrow the security,
the Fund may be required to pay a premium, which would increase the cost of
the security sold. The proceeds of the short sale will be retained by the
broker, to the extent necessary to meet margin requirements, until the short
position is closed out. Until the Fund replaces a borrowed security, the
Fund will maintain daily a segregated account, containing cash or liquid
securities, at such a level that (i) the amount deposited in the account
plus the amount deposited with the broker as collateral will equal the
current value of the security sold short and (ii) the amount deposited in
the segregated account plus the amount deposited with the broker as
collateral will not be less than the market value of the security at the
time it was sold short. Liabilities for securities sold short are reported
at market value in the financial statements. Such liabilities are subject to
off balance sheet risk to the extent of any future increases in market value
of the securities sold short. The ultimate liability for securities sold
short could exceed the liabilities recorded in the Statement of Assets and
Liabilities. The Fund bears the risk of potential inability of the broker to
meet their obligation to perform.
70
SunAmerica Equity Funds
NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited)
(continued)
New Accounting Pronouncements: In March 2008, FASB issued FASB Statement
No. 161, "Disclosures about Derivative Instruments and Hedging Activities".
The standard is intended to improve financial reporting about derivative
instruments and hedging activities by requiring enhanced disclosures to
enable investors to better understand their effects on an entity's financial
position and financial performance. It is effective for financial statements
issued for fiscal years and interim periods beginning after November 15,
2008. Management is currently in the process of determining the impact of
the standard on the Trust's disclosures in the financial statements.
Note 4. Investment Advisory and Management Agreement, Distribution Agreement
and Service Agreement
The Trust, on behalf of each Fund, has an Investment Advisory and Management
Agreement (the "Agreement") with SunAmerica. Under the Agreement, SunAmerica
provides continuous supervision of a Fund's portfolio and administers its
corporate affairs, subject to general review by the Trustees. In connection
therewith, SunAmerica furnishes the Funds with office facilities, maintains
certain of the Funds' books and records, and pays the salaries and expenses
of all personnel, including officers of the Funds who are employees of
SunAmerica and its affiliates.
The Funds pay SunAmerica a monthly investment advisory and management fee
calculated daily at the following annual percentages of each Fund's average
daily net assets:
Management
Assets Fees
---------------------------- ----------
Blue Chip Growth Fund........ $0 - $350 million 0.75%
(greater than) $350 million 0.70
(greater than) $700 million 0.65
Growth Opportunities Fund+... $0 - $350 million 0.75
(greater than) $350 million 0.70
(greater than) $700 million 0.65
New Century Fund+............ $0 - $350 million 0.75
(greater than) $350 million 0.70
(greater than) $700 million 0.65
Growth and Income Fund....... $0 - $350 million 0.75
(greater than) $350 million 0.70
(greater than) $700 million 0.65
Balanced Assets Fund......... $0 - $350 million 0.75
(greater than) $350 million 0.70
(greater than) $700 million 0.65
International Equity Fund.... (greater than) $0 1.00
Value Fund................... $0 - $750 million 1.00
(greater than) $750 million 0.95
(greater than) $1.5 billion 0.90
Disciplined Growth Fund...... (greater than) $0 0.85
International Small-Cap Fund. (greater than) $0 1.15
- --------
+ Effective September 1, 2008, SunAmerica agreed to a voluntary waiver of
0.02% of the investment advisory fees for the Growth Opportunities Fund and
the New Century Fund. The voluntary waiver may be terminated at any time at
the option of SunAmerica. For the six months ended March 31, 2009, the
amount of investment advisory fees waived were $2,372 and $3,385
respectively. These amounts are reflected in the Statement of Operations.
71
SunAmerica Equity Funds
NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited)
(continued)
For the six months ended March 31, 2009, SunAmerica earned fees in the
amounts stated in the Statement of Operations.
The International Equity Fund and International Small-Cap Fund are
subadvised by AIG Global Investment Corp. ("AIGGIC") pursuant to a
subadvisory agreement with SunAmerica. AIGGIC is an indirect wholly-owned
subsidiary of AIG and an affiliate of SunAmerica. AIGGIC receives an annual
fee of 0.47% of average daily net assets for the International Equity Fund
and 0.60% of average daily net assets for the International Small-Cap Fund,
which is paid by SunAmerica. For the six months ended March 31, 2009, AIGGIC
waived 0.05% of the fee paid by SunAmerica for the International Small-Cap
Fund.
SunAmerica has contractually agreed to waive fees or reimburse expenses to
the extent necessary to cap the Funds' annual fund operating expenses at the
following percentages of each Fund's average net assets. Annual Fund
operating expenses shall not include extraordinary expenses, as determined
under generally accepted accounting principals, or acquired fund fees and
expenses. The contractual expense waivers and fee reimbursements will
continue indefinitely subject to termination by the Trustees, including a
majority of the trustees who are not deemed to be "interested persons" of
the Trust, as defined by Section 2(a)(19) of the 1940 Act ("Disinterested
Trustees").
Fund Percentage
- ---- ----------
Blue Chip Growth Class I........ 1.33%
Growth Opportunities Class I.... 1.33
Growth and Income Class I....... 1.32
Balanced Assets Class I......... 1.33
International Equity Class A.... 1.90
International Equity Class B.... 2.55
International Equity Class C.... 2.55
International Equity Class I.... 1.80
Value Class A................... 1.63
Value Class B................... 2.28
Value Class C................... 2.28
Value Class I................... 1.53
Value Class Z................... 1.06
Disciplined Growth Class A...... 1.45
Disciplined Growth Class B...... 2.10
Disciplined Growth Class C...... 2.10
International Small-Cap Class A. 1.90
International Small-Cap Class B. 2.55
International Small-Cap Class C. 2.55
Further, SunAmerica is voluntarily waiving fees and/or reimbursing expenses,
if necessary, so that the total net expense ratio for the following classes
do not exceed the amounts set forth below. The voluntary fee waivers and/or
expense reimbursements may be terminated at any time at the option of
SunAmerica.
Fund Percentage
- ---- ----------
Blue Chip Growth Class A*....... 1.80%
Blue Chip Growth Class B*....... 2.45
Blue Chip Growth Class C*....... 2.45
Growth Opportunities Class A*... 1.80
Growth Opportunities Class B*... 2.45
Growth Opportunities Class C*... 2.45
New Century Class A*............ 1.80
New Century Class B*............ 2.45
New Century Class C............. 2.14
Growth and Income Fund Class A*. 1.80
Growth and Income Fund Class B*. 2.45
Growth and Income Fund Class C*. 2.45
Balanced Assets Fund Class A*... 1.80
Balanced Assets Fund Class B*... 2.45
Balanced Assets Fund Class C*... 2.45
- --------
* Effective February 18, 2009.
72
SunAmerica Equity Funds
NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited)
(continued)
For the International Equity Fund, Value Fund, Disciplined Growth Fund, and
International Small-Cap Fund, any voluntary or contractual waivers and/or
reimbursements made by SunAmerica are subject to recoupment from the Funds
within the following two years of making such waivers or reimbursements,
provided that the Funds are able to effect such payment to SunAmerica and
remain in compliance with the foregoing expense limitations.
For the six months ending March 31, 2009, pursuant to the contractual and
voluntary expense limitations in the above tables SunAmerica has waived or
reimbursed expenses as follows:
Blue Chip Growth Class A........ $ 5,130
Blue Chip Growth Class B........ 867
Blue Chip Growth Class C........ 1,397
Blue Chip Growth Class I........ 6,672
Growth Opportunities Class A.... 7,674
Growth Opportunities Class B.... 3,136
Growth Opportunities Class C.... 2,109
Growth Opportunities Class I.... 4,938
New Century Fund Class A........ 17,126
New Century Fund Class B........ 1,973
New Century Fund Class C........ 9,484
Growth and Income Class A....... 2,765
Growth and Income Class B....... 1,902
Growth and Income Class C....... 1,409
Growth and Income Class I....... 4,709
Balanced Assets Class A......... 4,003
Balanced Assets Class B......... 1,665
Balanced Assets Class C......... 1,045
Balanced Assets Class I......... 5,125
International Equity Class A.... 28,087
International Equity Class B.... 13,637
International Equity Class C.... 13,322
International Equity Class I.... 7,082
Value Fund Class A.............. 60,186
Value Fund Class B.............. 22,090
Value Fund Class C.............. 15,053
Value Fund Class I.............. 7,242
Value Fund Class Z.............. 15,820
Disciplined Growth Class A...... 40,983
Disciplined Growth Class B...... 11,582
Disciplined Growth Class C...... 31,675
International Small-Cap Class A. 81,314
International Small-Cap Class B. 7,596
International Small-Cap Class C. 10,325
For the six months ended March 31, 2009, the amounts recouped by the Adviser
are as follows:
International Equity Class A. $15,553
International Equity Class B. --
International Equity Class C. 705
International Equity Class I. --
73
SunAmerica Equity Funds
NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited)
(continued)
At March 31, 2009, expenses previously waived and/or reimbursed by
SunAmerica during the prior two years that remain subject to recoupment are
as follows:
Class
Other Specific
Expenses Expenses
Reimbursed Reimbursed
---------- ----------
International Equity Class A......... $ -- $ 12,534
International Equity Class B......... -- 30,337
International Equity Class C......... -- 18,829
International Equity Class I......... -- 17,484
Value Fund Class A................... 124,188 112,367
Value Fund Class B................... 37,588 53,061
Value Fund Class C................... 25,431 34,489
Value Fund Class I................... 1,020 18,574
Value Fund Class Z................... 36,728 21,973
Disciplined Growth Class A........... 21,976 140,679
Disciplined Growth Class B........... 5,026 46,814
Disciplined Growth Class C........... 20,451 129,250
International Small-Cap Fund Class A. 127,166 151,550
International Small-Cap Fund Class B. 3,895 27,796
International Small-Cap Fund Class C. 15,950 39,070
The Trust, on behalf of each Fund, has entered into a Distribution Agreement
with SunAmerica Capital Services, Inc. ("SACS" or the "Distributor")+, an
affiliate of the Adviser. Each Fund has adopted a Distribution Plan on
behalf of each class of shares (other than Class I and Class Z 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," "Class B Plan" and "Class C Plan." In adopting the Plans, the
Trustees determined that there was a reasonable likelihood that each such
Plan would benefit the Fund and the shareholders of the respective class.
The sales charge and distribution fees of a particular class will not be
used to subsidize the sale of shares of any other class.
Under the Class A Plan, Class B Plan and Class C Plan, the Distributor
receives a distribution fee from a Fund at an annual rate of 0.10%, 0.75%
and 0.75%, respectively, of the average daily net assets of the Fund's Class
A, Class B 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, Class B and
Class C shares of each 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. Accordingly,
for the six months ended March 31, 2009, SACS received fees (see Statement
of Operations) based upon the aforementioned rates.
In addition, SACS is paid a fee of 0.25% of average daily net assets of
Class I shares in connection with providing administrative and shareholder
services to Class I shareholders. For the six months ended March 31, 2009,
SACS earned fees (see Statement of Operations) based upon the aforementioned
rates.
- --------
+ Effective November 12, 2008, AIG SunAmerica Capital Services, Inc. changed
its name to SunAmerica Capital Services, Inc.
74
SunAmerica Equity Funds
NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited)
(continued)
SACS receives sales charges on each Fund's Class A shares, portions of which
are reallocated to affiliated broker-dealers and non-affiliated
broker-dealers. SACS also receives the proceeds of contingent deferred sales
charges paid by investors in connection with certain redemptions of each
Fund's Class A, Class B and Class C shares. SACS has advised the Funds that
for the six months ended March 31, 2009, the proceeds received from sales
(and paid out to affiliated and non-affiliated broker-dealers) and
redemptions are as follows:
Class A Class B Class C
--------------------------------------------- ---------- ----------
Contingent Contingent Contingent
Affiliated Deferred Deferred Deferred
Sales Broker- Non-affiliated Sales Sales Sales
Fund Charges dealers Broker-dealers Charges Charges Charges
- ---- -------- ---------- -------------- ---------- ---------- ----------
Blue Chip Growth........ $ 19,778 $ 4,073 $ 13,977 $-- $ 3,937 $ 25
Growth Opportunities.... 110,596 3,589 105,769 -- 5,058 105
New Century............. 44,533 5,786 37,008 4 1,700 74
Growth and Income....... 14,674 6,580 5,841 -- 6,763 666
Balanced Assets......... 36,602 29,161 1,105 -- 7,455 122
International Equity.... 13,398 5,736 6,286 -- 9,618 547
Value................... 14,042 5,460 4,842 79 11,315 181
Disciplined Growth...... 5,375 1,392 3,480 -- 5,668 1,612
International Small-Cap. 4,273 706 3,368 -- 2,257 86
The Trust has entered into a Service Agreement with SunAmerica Fund
Services, Inc. ("SAFS")*, an affiliate of the Adviser. Under the Service
Agreement, SAFS performs certain shareholder account functions by assisting
the Funds' transfer agent in connection with the services that it offers to
the shareholders of the Funds. Pursuant to the Service Agreement, the Funds
(except for Class Z shares of the Funds) pay a fee to SAFS for services
rendered based upon an annual rate of 0.22% of average daily net assets. No
portion of this fee is paid or reimbursed by the Class Z shares, however,
Class Z shares pay all direct transfer agency fees and out-of-pocket
expenses relating to Class Z shares. For the six months ended March 31,
2009, the Funds incurred the following expenses which are included in
transfer agent fees payable in the Statement of Asset and Liabilities and in
transfer agent fees and expenses in the Statement of Operations to
compensate SAFS pursuant to the terms of the Service Agreement.
Expense Payable At March 31, 2009
------------------------------- -------------------------------
Fund Class A Class B Class C Class I Class A Class B Class C Class I
- ---- ------- ------- ------- ------- ------- ------- ------- -------
Blue Chip Growth........ $30,820 $ 5,785 $ 2,342 $ 423 $ 4,763 $ 842 $ 339 $ 64
Growth Opportunities.... 18,023 5,018 2,987 60 2,685 686 449 9
New Century............. 32,376 2,938 1,918 -- 4,602 404 279 --
Growth and Income....... 36,842 6,954 11,261 193 5,203 903 1,587 27
Balanced Assets......... 78,483 7,687 8,266 474 11,709 1,109 1,240 74
International Equity.... 65,198 9,262 15,726 3,813 16,300 1,921 3,539 564
Value................... 59,338 16,109 11,005 20 7,716 2,106 1,489 3
Disciplined Growth...... 14,992 2,648 11,530 -- 2,218 336 1,545 --
International Small-Cap. 49,595 429 1,542 -- 8,892 54 194 --
At March 31, 2009, the following affiliates owned a percentage of the
outstanding shares of the following funds; Focused Multi-Asset Strategy
Portfolio, Focused Balanced Strategy Portfolio and Focused Equity Strategy
Portfolio owned 30.3%, 7.9% and 7.6% of the SunAmerica International Equity
Fund, respectively; Focused Multi-Asset Strategy Portfolio and American Home
Assurance Company owned 75.5% and 18.4% of SunAmerica International
Small-Cap Fund, respectively; and SunAmerica, Inc. owned 20.2% of SunAmerica
Value Fund.
On November 7, 2008, the International Small Cap Fund purchased an
additional 280,000 shares of SPDR S&P International Small Cap ETF resulting
in the Fund's position in the security to exceed 5% of assets. The Fund is
subject to a limitation which prohibits the Fund from investing more than 5%
of assets in a single investment company. On November 14, 2008, the Fund
sold 130,970 shares of SPDR S&P International Small Cap ETF reducing the
Fund's position in the security to less than 5% of assets. The sale resulted
in a gain of $4,099 to the Fund.
On March 4, 2009, AIG, the ultimate parent of SunAmerica, SACS, SAFS, and
AIGGIC, issued and sold to the AIG Credit Facility Trust, a trust
established for the sole benefit of the United States Treasury (the
"Trust"), 100,000 shares of AIG's Series C Perpetual, Convertible,
Participating Preferred Stock (the "Stock") for an aggregate purchase price
of $500,000, with an
- --------
* Effective March 17, 2009, AIG SunAmerica Fund Services, Inc. changed its
name to SunAmerica Fund Services, Inc.
75
SunAmerica Equity Funds
NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited)
(continued)
understanding that additional and independently sufficient consideration was
also furnished to AIG by the Federal Reserve Bank of New York (the "FRBNY")
in the form of its lending commitment (the "Credit Facility") under the
Credit Agreement, dated as of September 22, 2008, between AIG and the FRBNY.
The Stock has preferential liquidation rights over AIG common stock, and, to
the extent permitted by law, votes with AIG's common stock on all matters
submitted to AIG's shareholders. The Trust has approximately 79.9% of the
aggregate voting power of AIG's common stock and is entitled to
approximately 79.9% of all dividends paid on AIG's common stock, in each
case treating the Stock as if converted. The Stock will remain outstanding
even if the Credit Facility is repaid in full or otherwise terminates.
Note 5. Expense Reductions
Through expense offset arrangements resulting from broker commission
recapture, a portion of the expenses of the Funds set forth below have been
reduced. For the six months ended March 31, 2009, the amount of expense
reductions received by each Fund, used to offset the Fund's non-affiliated
expenses were as follows:
Total Expense
Fund Reductions
- ---- -------------
Blue Chip Growth..... $ 221
Growth Opportunities. 5,229
New Century.......... 7,275
Growth and Income.... 702
Balanced Assets...... 1,492
International Equity. 626
Value................ 6,903
Disciplined Growth... 10,707
Note 6. Purchases and Sales of Investment Securities
The cost of purchases and proceeds from sales and maturities of long-term
investments during the six months ended March 31, 2009, were as follows:
Blue Chip Growth New Growth and Balanced
Growth Opportunities Century Income Assets
Fund Fund Fund Fund Fund
----------- ------------- ------------ ----------- -----------
Purchases (excluding U.S. government securities)............ $13,082,823 $118,276,859 $148,102,916 $49,633,464 $50,817,806
Sales and maturities (excluding U.S. government securities). 14,938,513 119,672,977 142,560,115 53,527,301 60,079,607
Purchases of U.S. government securities..................... -- -- -- -- 3,480,831
Sales and maturities of U.S. government securities.......... -- -- -- -- 3,540,657
International Disciplined International
Equity Value Growth Small-Cap
Fund Fund Fund Fund
------------- ------------ ------------ -------------
Purchases (excluding U.S. government securities)............ $219,362,360 $ 96,870,297 $109,828,481 $55,229,329
Sales and maturities (excluding U.S. government securities). 211,418,194 108,565,635 111,629,193 18,268,962
Purchases of U.S. government securities..................... -- -- -- --
Sales and maturities of U.S. government securities.......... -- -- -- --
Note 7. Federal Income Taxes
The amounts of aggregate unrealized gain (loss) and the cost of investment
securities for federal income tax purposes, including short-term securities
and repurchase agreements, were as follows at March 31, 2009:
Blue Chip Growth New Growth and Balanced
Growth Opportunities Century Income Assets
Fund Fund Fund Fund Fund
----------- ------------- ----------- ------------ ------------
Cost (tax basis)........................... $42,471,167 $23,299,704 $29,752,253 $ 52,080,223 $ 90,817,352
=========== =========== =========== ============ ============
Appreciation............................... 830,147 761,093 1,403,912 810,361 1,545,792
Depreciation............................... (9,695,116) (1,692,672) (2,895,128) (10,765,514) (16,878,328)
----------- ----------- ----------- ------------ ------------
Net unrealized appreciation (depreciation). $(8,864,969) $ (931,579) $(1,491,216) $ (9,955,153) $(15,332,536)
=========== =========== =========== ============ ============
76
SunAmerica Equity Funds
NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited)
(continued)
International Disciplined International
Equity Value Growth Small-Cap
Fund Fund Fund Fund
------------- ------------ ----------- -------------
Cost (tax basis)........................... $130,485,342 $100,295,270 $25,613,188 $55,071,539
============ ============ =========== ===========
Appreciation............................... 4,334,205 1,328,777 739,091 2,427,672
Depreciation............................... (13,183,949) (25,327,894) (4,009,342) (7,963,104)
------------ ------------ ----------- -----------
Net unrealized appreciation (depreciation). $ (8,849,744) $(23,999,117) $(3,270,251) $(5,535,432)
============ ============ =========== ===========
The following details the tax basis of distributions as well as the
components of distributable earnings. The tax character of distributions
paid may differ from the character of distributions shown on the Statement
of Changes in Net Assets due to short-term capital gains being treated as
ordinary income for tax purposes. The tax basis components of distributable
earnings differ from the amounts reflected in the Statement of Assets and
Liabilities due to temporary book/tax differences primarily arising from
wash sales, post October losses and derivative transactions.
For the year ended September 30, 2008
---------------------------------------------------------------------------
Distributable Earnings Tax Distributions
---------------------------------------- ---------------------------------
Long-term
Gains/Capital Unrealized Long-Term
Ordinary Loss Appreciation Ordinary Capital Return of
Fund Income Carryover (Depreciation)* Income Gains Capital
- ---- ---------- ------------- --------------- ----------- ----------- ---------
Blue Chip Growth........ $ -- $ (52,435,231) $ (2,796,579) $ -- $ -- $ --
Growth Opportunities.... -- (186,645,011) (2,760,741) -- -- --
New Century............. -- (92,245,942) (2,976,024) -- -- --
Growth and Income....... 687,448 (31,657,902) (9,015,562) 242,422 -- --
Balanced Assets......... 368,475 (66,959,266) (9,033,932) 2,211,571 -- --
International Equity.... -- -- (14,940,219) 1,052,826 10,274,358 --
Value................... 1,575,013 -- (14,956,909) 19,180,606 13,697,035 --
Disciplined Growth...... -- (15,651,807) (3,554,231) -- -- --
International Small-Cap. -- -- (5,634,308) 86,582 247,600 39,211
- --------
* Unrealized appreciation (depreciation) includes amounts for derivatives and
other assets and liabilities denominated in foreign currency
For Federal income tax purposes, the Funds indicated below have capital loss
carryforwards, which expire in the year indicated, as of September 30, 2008,
which are available to offset future capital gains, if any:
Capital Loss Carryforward
--------------------------------------------------------
Fund 2009 2010 2011 2012 2013
- ---- ----------- ------------ ----------- ---------- --------
Blue Chip Growth........ $ -- $ 10,374,287 $42,060,944 $ -- $ --
Growth Opportunities*... 151,316 121,180,893 65,312,802 -- --
New Century*............ 17,583,650 38,311,136 36,351,156 -- --
Growth and Income....... -- -- 25,935,512 5,722,390 --
Balanced Assets......... -- 7,399,151 55,685,563 3,874,552 --
International Equity.... -- -- -- -- --
Value................... -- -- -- -- --
Disciplined Growth...... -- 10,618,952 4,260,050 594,906 177,899
International Small-Cap. -- -- -- -- --
- --------
* The capital loss carryforwards include realized capital losses from the
acquisition of other funds. These losses may be subject to annual limitation
imposed by the Internal Revenue Code. Therefore, it is possible that not all
of these capital losses will be available for use.
77
SunAmerica Equity Funds
NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited)
(continued)
Note 8. Capital Share Transactions
Transactions in capital shares of each class of each fund were as follows:
Blue Chip Growth Fund
------------------------------------------------------------------------------------------
Class A Class B
-------------------------------------------- --------------------------------------------
For the For the
six months ended For the six months ended For the
March 31, 2009 year ended March 31, 2009 year ended
(unaudited) September 30, 2008 (unaudited) September 30, 2008
--------------------- --------------------- --------------------- ---------------------
Shares Amount Shares Amount Shares Amount Shares Amount
-------- ----------- -------- ----------- -------- ----------- -------- -----------
Shares sold (1)(2)(3)(4). 171,433 $ 1,896,581 289,921 $ 5,070,645 37,060 $ 363,395 54,301 $ 830,023
Reinvested dividends..... -- -- -- -- -- -- -- --
Shares redeemed (1)(2)... (322,289) (3,605,001) (451,336) (7,730,963) (132,987) (1,289,759) (343,906) (5,217,068)
-------- ----------- -------- ----------- -------- ----------- -------- -----------
Net increase (decrease).. (150,856) $(1,708,420) (161,415) $(2,660,318) (95,927) $ (926,364) (289,605) $(4,387,045)
======== =========== ======== =========== ======== =========== ======== ===========
Blue Chip Growth Fund
------------------------------------------------------------------------------------------
Class C Class I
-------------------------------------------- --------------------------------------------
For the For the
six months ended For the six months ended For the
March 31, 2009 year ended March 31, 2009 year ended
(unaudited) September 30, 2008 (unaudited) September 30, 2008
--------------------- --------------------- --------------------- ---------------------
Shares Amount Shares Amount Shares Amount Shares Amount
-------- ----------- -------- ----------- -------- ----------- -------- -----------
Shares sold.............. 28,544 $ 269,342 68,319 $ 1,087,552 2,132 $ 25,100 14,650 $ 270,801
Reinvested dividends..... -- -- -- -- -- -- -- --
Shares redeemed (3)(4)... (59,599) (583,771) (82,476) (1,252,219) (4,780) (54,395) (15,507) (285,207)
-------- ----------- -------- ----------- -------- ----------- -------- -----------
Net increase (decrease).. (31,055) $ (314,429) (14,157) $ (164,667) (2,648) $ (29,295) (857) $ (14,406)
======== =========== ======== =========== ======== =========== ======== ===========
Growth Opportunities Fund
------------------------------------------------------------------------------------------
Class A Class B
-------------------------------------------- --------------------------------------------
For the For the
six months ended For the six months ended For the
March 31, 2009 year ended March 31, 2009 year ended
(unaudited) September 30, 2008 (unaudited) September 30, 2008
--------------------- --------------------- --------------------- ---------------------
Shares Amount Shares Amount Shares Amount Shares Amount
-------- ----------- -------- ----------- -------- ----------- -------- -----------
Shares sold (5)(6)(7)(8). 133,769 $ 1,352,484 253,312 $ 4,189,533 21,978 $ 195,135 39,899 $ 553,585
Reinvested dividends..... -- -- -- -- -- -- -- --
Shares redeemed (5)(6)... (292,981) (2,935,645) (613,549) (9,921,188) (164,902) (1,453,988) (364,166) (5,248,108)
-------- ----------- -------- ----------- -------- ----------- -------- -----------
Net increase (decrease).. (159,212) $(1,583,161) (360,237) $(5,731,655) (142,924) $(1,258,853) (324,267) $(4,694,523)
======== =========== ======== =========== ======== =========== ======== ===========
- --------
(1)For the six months ended March 31, 2009, includes automatic conversion of
78,132 shares of Class B shares in the amount of $744,975 to 68,173 shares
of Class A shares in the amount of $744,975.
(2)For the year ended September 30, 2008, includes automatic conversion of
213,034 shares of Class B shares in the amount of $3,232,933 to 186,968
shares of Class A shares in the amount of $3,232,933.
(3)For the six months ended March 31, 2009, includes automatic conversion of
3,523 shares of Class C shares in the amount of $32,940 to 3,040 shares of
Class A shares in the amount of $32,940.
(4)For the year ended September 30, 2008, includes automatic conversion of
5,104 shares of Class C shares in the amount of $78,117 to 4,448 shares of
Class A shares in the amount of $78,117.
(5)For the six months ended March 31, 2009, includes automatic conversion of
105,989 shares of Class B shares in the amount of $923,085 to 92,313 shares
of Class A shares in the amount of $923,085.
(6)For the year ended September 30, 2008, includes automatic conversion of
146,917 shares of Class B shares in the amount of $2,166,396 to 128,971
shares of Class A shares in the amount of $2,166,396.
(7)For the six months ended March 31, 2009, includes automatic conversion of
1,350 shares of Class C shares in the amount of $11,882 to 1,173 shares of
Class A shares in the amount of $11,882.
(8)For the year ended September 30, 2008, includes automatic conversion of
9,445 shares of Class C shares in the amount of $129,260 to 8,257 shares of
Class A shares in the amount of $129,260.
78
SunAmerica Equity Funds
NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited)
(continued)
Growth Opportunities Fund
----------------------------------------------------------------------------------------
Class C Class I
--------------------------------------------- -----------------------------------------
For the For the
six months ended For the six months ended For the
March 31, 2009 year ended March 31, 2009 year ended
(unaudited) September 30, 2008 (unaudited) September 30, 2008
--------------------- ---------------------- ------------------ ---------------------
Shares Amount Shares Amount Shares Amount Shares Amount
-------- ----------- -------- ------------ ------- --------- -------- -----------
Shares sold............. 13,498 $ 115,497 59,452 $ 756,646 256 $ 2,752 1,876 $ 30,513
Reinvested dividends.... -- -- -- -- -- -- -- --
Shares redeemed (1)(2).. (72,790) (691,246) (188,701) (2,713,246) (1,990) (20,748) (3,002) (48,708)
-------- ----------- -------- ------------ ------- --------- -------- -----------
Net increase (decrease). (59,292) $ (575,749) (129,249) $ (1,956,600) (1,734) $ (17,996) (1,126) $ (18,195)
======== =========== ======== ============ ======= ========= ======== ===========
New Century Fund
----------------------------------------------------------------------------------------
Class A Class B
--------------------------------------------- -----------------------------------------
For the For the
six months ended For the six months ended For the
March 31, 2009 year ended March 31, 2009 year ended
(unaudited) September 30, 2008 (unaudited) September 30, 2008
--------------------- ---------------------- ------------------ ---------------------
Shares Amount Shares Amount Shares Amount Shares Amount
-------- ----------- -------- ------------ ------- --------- -------- -----------
Shares sold (3)(4)...... 101,776 $ 926,137 177,557 $ 3,209,325 13,352 $ 106,974 28,304 $ 451,311
Reinvested dividends.... -- -- -- -- -- -- -- --
Shares redeemed (3)(4).. (504,792) (4,535,445) (836,501) (15,340,030) (89,009) (703,689) (219,367) (3,484,631)
-------- ----------- -------- ------------ ------- --------- -------- -----------
Net increase (decrease). (403,016) $(3,609,308) (658,944) $(12,130,705) (75,657) $(596,715) (191,063) $(3,033,320)
======== =========== ======== ============ ======= ========= ======== ===========
New Century Fund
---------------------------------------------
Class C
---------------------------------------------
For the
six months ended For the
March 31, 2009 year ended
(unaudited) September 30, 2008
--------------------- ----------------------
Shares Amount Shares Amount
-------- ----------- -------- ------------
Shares sold............. 9,211 $ 76,178 33,282 $ 569,190
Reinvested dividends.... -- -- -- --
Shares redeemed......... (34,677) (282,576) (102,735) (1,656,044)
-------- ----------- -------- ------------
Net increase (decrease). (25,466) $ (206,398) (69,453) $ (1,086,854)
======== =========== ======== ============
- --------
(1)For the six months ended March 31, 2009, includes automatic conversion of
1,350 shares of Class C shares in the amount of $11,882 to 1,173 shares of
Class A shares in the amount of $11,882.
(2)For the year ended September 30, 2008, includes automatic conversion of
9,445 shares of Class C shares in the amount of $129,260 to 8,257 shares of
Class A shares in the amount of $129,260.
(3)For the six months ended March 31, 2009, includes automatic conversion of
48,321 shares of Class B shares in the amount of $366,591 to 41,488 shares
of Class A shares in the amount of $366,591.
(4)For the year ended September 30, 2008, includes automatic conversion of
77,721 shares of Class B shares in the amount of $1,225,115 to 67,258 shares
of Class A shares in the amount of $1,225,115.
79
SunAmerica Equity Funds
NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited)
(continued)
Growth and Income Fund
------------------------------------------------------------------------------------------------
Class A Class B
-------------------------------------------------- --------------------------------------------
For the For the
six months ended For the six months ended For the
March 31, 2009 year ended March 31, 2009 year ended
(unaudited) September 30, 2008 (unaudited) September 30, 2008
------------------------ ------------------------ --------------------- ---------------------
Shares Amount Shares Amount Shares Amount Shares Amount
---------- ------------ ---------- ------------ -------- ----------- -------- -----------
Shares sold (1)(2)(3)(4). 307,198 $ 2,724,902 630,796 $ 9,133,076 48,942 $ 410,300 89,678 $ 1,199,212
Reinvested dividends..... 58,742 519,275 14,377 220,109 3,047 25,411 -- --
Shares redeemed (1)(2)... (677,356) (5,919,995) (958,387) (13,836,029) (275,068) (2,267,114) (558,857) (7,455,853)
---------- ------------ ---------- ------------ -------- ----------- -------- -----------
Net increase (decrease).. (311,416) $ (2,675,818) (313,214) $ (4,482,844) (223,079) $(1,831,403) (469,179) $(6,256,641)
========== ============ ========== ============ ======== =========== ======== ===========
Growth and Income Fund
------------------------------------------------------------------------------------------------
Class C Class I
-------------------------------------------------- --------------------------------------------
For the For the
six months ended For the six months ended For the
March 31, 2009 year ended March 31, 2009 year ended
(unaudited) September 30, 2008 (unaudited) September 30, 2008
------------------------ ------------------------ --------------------- ---------------------
Shares Amount Shares Amount Shares Amount Shares Amount
---------- ------------ ---------- ------------ -------- ----------- -------- -----------
Shares sold.............. 30,611 $ 255,824 71,480 $ 957,187 1,076 $ 9,418 5,275 $ 76,070
Reinvested dividends..... 8,781 72,884 -- -- 423 3,747 95 1,451
Shares redeemed (3)(4)... (170,304) (1,401,996) (386,530) (5,155,170) (3,844) (34,204) (4,673) (68,432)
---------- ------------ ---------- ------------ -------- ----------- -------- -----------
Net increase (decrease).. (130,912) $ (1,073,288) (315,050) $ (4,197,983) (2,345) $ (21,039) 697 $ 9,089
========== ============ ========== ============ ======== =========== ======== ===========
Balanced Assets Fund
------------------------------------------------------------------------------------------------
Class A Class B
-------------------------------------------------- --------------------------------------------
For the For the
six months ended For the six months ended For the
March 31, 2009 year ended March 31, 2009 year ended
(unaudited) September 30, 2008 (unaudited) September 30, 2008
------------------------ ------------------------ --------------------- ---------------------
Shares Amount Shares Amount Shares Amount Shares Amount
---------- ------------ ---------- ------------ -------- ----------- -------- -----------
Shares sold (5)(6)(7)(8). 201,979 $ 2,146,948 492,914 $ 7,199,045 40,101 $ 428,120 95,382 $ 1,386,363
Reinvested dividends..... 104,779 1,098,234 128,624 1,834,569 8,051 84,329 8,240 117,639
Shares redeemed (5)(6)... (1,056,253) (11,119,619) (1,444,312) (21,111,948) (172,514) (1,817,234) (322,360) (4,705,433)
---------- ------------ ---------- ------------ -------- ----------- -------- -----------
Net increase (decrease).. (749,495) $ (7,874,437) (822,774) $(12,078,334) (124,362) $(1,304,785) (218,738) $(3,201,431)
========== ============ ========== ============ ======== =========== ======== ===========
Balanced Assets Fund
------------------------------------------------------------------------------------------------
Class C Class I
-------------------------------------------------- --------------------------------------------
For the For the
six months ended For the six months ended For the
March 31, 2009 year ended March 31, 2009 year ended
(unaudited) September 30, 2008 (unaudited) September 30, 2008
------------------------ ------------------------ --------------------- ---------------------
Shares Amount Shares Amount Shares Amount Shares Amount
---------- ------------ ---------- ------------ -------- ----------- -------- -----------
Shares sold.............. 24,512 $ 269,515 42,482 $ 629,344 735 $ 8,355 1,809 $ 26,801
Reinvested dividends..... 8,345 87,494 7,970 114,014 750 7,865 887 12,606
Shares redeemed (7)(8)... (106,746) (1,124,415) (193,356) (2,838,735) (4,717) (49,982) (1,818) (27,036)
---------- ------------ ---------- ------------ -------- ----------- -------- -----------
Net increase (decrease).. (73,889) $ (767,406) (142,904) $ (2,095,377) (3,232) $ (33,762) 878 $ 12,371
========== ============ ========== ============ ======== =========== ======== ===========
- --------
(1)For the six months ended March 31, 2009, includes automatic conversion of
131,895 shares of Class B shares in the amount of $1,061,576 to 124,019
shares of Class A shares in the amount of $1,061,576.
(2)For the year ended September 30, 2008, includes automatic conversion of
256,031 shares of Class B shares in the amount of $3,426,719 to 239,301
shares of Class A shares in the amount of $3,426,719.
(3)For the six months ended March 31, 2009, includes automatic conversion of
29,566 shares of Class C shares in the amount of $236,129 to 27,641 shares
of Class A shares in the amount of $236,129.
(4)For the year ended September 30, 2008, includes automatic conversion of
79,802 shares of Class C shares in the amount of $1,070,754 to 74,653 shares
of Class A shares in the amount of $1,070,754.
(5)For the six months ended March 31, 2009, includes automatic conversion of
61,249 shares of Class B shares in the amount of $638,190 to 61,098 shares
of Class A shares in the amount of $638,190.
(6)For the year ended September 30, 2008, includes automatic conversion of
110,956 shares of Class B shares in the amount of $1,639,736 to 110,614
shares of Class A shares in the amount of $1,639,736.
(7)For the six months ended March 31, 2009, includes automatic conversion of
5,006 shares of Class C shares in the amount of $52,416 to 5,001 shares of
Class A shares in the amount of $52,416.
(8)For the year ended September 30, 2008, includes automatic conversion of
6,528 shares of Class C shares in the amount of $94,078 to 6,522 shares of
Class A shares in the amount of $94,078.
80
SunAmerica Equity Funds
NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited)
(continued)
International Equity Fund
-------------------------------------------------------------------------------------------------
Class A Class B
-------------------------------------------------- ---------------------------------------------
For the For the
six months ended For the six months ended For the
March 31, 2009 year ended March 31, 2009 year ended
(unaudited) September 30, 2008 (unaudited) September 30, 2008
------------------------ ------------------------ --------------------- ----------------------
Shares Amount Shares Amount Shares Amount Shares Amount
---------- ------------ ---------- ------------ -------- ----------- -------- ------------
Shares sold (1)(2)(3)(4)..... 230,287 $ 1,933,041 873,082 $ 15,209,058 47,518 $ 368,846 180,778 $ 2,906,684
Shares issued in merger +.... 9,552,075 84,069,949 -- -- 928,841 7,600,518 -- --
Reinvested dividends......... 88,435 769,388 337,952 6,106,795 10,395 84,199 101,318 1,689,981
Shares redeemed (1)(2)(5)(6). (2,024,508) (16,515,952) (1,289,845) (21,458,586) (353,071) (2,731,780) (582,664) (8,831,689)
---------- ------------ ---------- ------------ -------- ----------- -------- ------------
Net increase (decrease)...... 7,846,289 $ 70,256,426 (78,811) $ (142,733) 633,683 $ 5,321,783 (300,568) $ (4,235,024)
========== ============ ========== ============ ======== =========== ======== ============
International Equity Fund
-------------------------------------------------------------------------------------------------
Class C Class I
-------------------------------------------------- ---------------------------------------------
For the For the
six months ended For the six months ended For the
March 31, 2009 year ended March 31, 2009 year ended
(unaudited) September 30, 2008 (unaudited) September 30, 2008
------------------------ ------------------------ --------------------- ----------------------
Shares Amount Shares Amount Shares Amount Shares Amount
---------- ------------ ---------- ------------ -------- ----------- -------- ------------
Shares sold.................. 126,162 $ 1,017,860 339,109 $ 5,508,728 63,981 $ 547,356 115,757 $ 2,027,150
Shares issued in merger +.... 1,966,816 16,071,009 -- -- -- -- -- --
Reinvested dividends......... 14,687 118,818 130,196 2,170,365 12,701 111,265 38,744 706,298
Shares redeemed (3)(4)(5)(6). (674,924) (5,258,195) (672,025) (9,700,348) (64,089) (556,014) (159,912) (2,644,211)
---------- ------------ ---------- ------------ -------- ----------- -------- ------------
Net increase (decrease)...... 1,432,741 $ 11,949,492 (202,720) $ (2,021,255) 12,593 $ 102,607 (5,411) $ 89,237
========== ============ ========== ============ ======== =========== ======== ============
Value Fund
-------------------------------------------------------------------------------------------------
Class A Class B
-------------------------------------------------- ---------------------------------------------
For the For the
six months ended For the six months ended For the
March 31, 2009 year ended March 31, 2009 year ended
(unaudited) September 30, 2008 (unaudited) September 30, 2008
------------------------ ------------------------ --------------------- ----------------------
Shares Amount Shares Amount Shares Amount Shares Amount
---------- ------------ ---------- ------------ -------- ----------- -------- ------------
Shares sold (7)(8)(9)(10).... 542,154 $ 5,061,489 647,141 $ 9,924,293 74,777 $ 671,047 146,756 $ 2,188,231
Reinvested dividends......... 125,403 1,175,028 1,063,818 16,563,642 24,162 213,106 351,095 5,133,009
Shares redeemed (7)(8)....... (1,652,907) (14,778,311) (2,160,593) (32,186,863) (414,668) (3,528,791) (866,926) (12,306,794)
---------- ------------ ---------- ------------ -------- ----------- -------- ------------
Net increase (decrease)...... (985,350) $ (8,541,794) (449,634) $ (5,698,928) (315,729) $(2,644,638) (369,075) $ (4,985,554)
========== ============ ========== ============ ======== =========== ======== ============
- --------
(1)For the six months ended March 31, 2009, includes automatic conversion of
95,264 shares of Class B shares in the amount of $720,882 to 88,334 shares
of Class A shares in the amount of $720,882.
(2)For the year ended September 30, 2008, includes automatic conversion of
201,566 shares of Class B shares in the amount of $3,107,494 to 185,992
shares of Class A shares in the amount of $3,107,494.
(3)For the six months ended March 31, 2009, includes automatic conversion of
5,007 shares of Class C shares in the amount of $39,870 to 4,631 shares of
Class A shares in the amount of $39,870.
(4)For the year ended September 30, 2008, includes automatic conversion of
16,006 shares of Class C shares in the amount of $250,119 to 14,757 shares
of Class A shares in the amount of $250,119.
(5)For the six months ended March 31, 2009, net of redemption fees of $1,945,
$327, $514, and $166 for Class A, Class B, Class C and Class I shares,
respectively.
(6)For the year ended September 30, 2008, net of redemption fees of $10,729,
$2,743, $3,748, and $1,179 for Class A, Class B, Class C and Class I shares,
respectively.
(7)For the six months ended March 31, 2009, includes automatic conversion of
165,305 shares of Class B shares in the amount of $1,358,246 to 155,362
shares of Class A shares in the amount of $1,358,246.
(8)For the year ended September 30, 2008, includes automatic conversion of
204,341 shares of Class B shares in the amount of $3,088,508 to 192,052
shares of Class A shares in the amount of $3,088,508.
(9)For the six months ended March 31, 2009, includes automatic conversion of
7,459 shares of Class C shares in the amount of $62,419 to 7,001 shares of
Class A shares in the amount of $62,419.
(10)For the year ended September 30, 2008, includes automatic conversion of
5,802 shares of Class C shares in the amount of $80,487 to 5,438 shares of
Class A shares in the amount of $80,487.
+ See Note 2.
81
SunAmerica Equity Funds
NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited)
(continued)
Value Fund
--------------------------------------------------------------------------------------------
Class C Class I
---------------------------------------------- --------------------------------------------
For the For the
six months ended For the six months ended For the
March 31, 2009 year ended March 31, 2009 year ended
(unaudited) September 30, 2008 (unaudited) September 30, 2008
--------------------- ----------------------- --------------------- ---------------------
Shares Amount Shares Amount Shares Amount Shares Amount
-------- ----------- --------- ------------ -------- ----------- -------- -----------
Shares sold............. 111,000 $ 1,003,468 126,100 $ 1,696,181 -- $ -- 86 $ 1,562
Reinvested dividends.... 14,733 129,943 203,721 2,978,405 51 478 348 5,401
Shares redeemed (1)(2).. (260,462) (2,228,394) (567,231) (8,063,054) (285) (2,243) (265) (3,842)
-------- ----------- --------- ------------ -------- ----------- -------- -----------
Net increase (decrease). (134,729) $(1,094,983) (237,410) $ (3,388,468) (234) $ (1,765) 169 $ 3,121
======== =========== ========= ============ ======== =========== ======== ===========
Value Fund
----------------------------------------------
Class Z
----------------------------------------------
For the
six months ended For the
March 31, 2009 year ended
(unaudited) September 30, 2008
--------------------- -----------------------
Shares Amount Shares Amount
-------- ----------- --------- ------------
Shares sold............. 298,828 $ 2,921,547 357,717 $ 5,554,158
Reinvested dividends.... 59,903 588,253 309,158 5,048,549
Shares redeemed......... (340,498) (3,177,488) (461,438) (7,142,198)
-------- ----------- --------- ------------
Net increase (decrease). 18,233 $ 332,312 205,437 $ 3,460,509
======== =========== ========= ============
Disciplined Growth Fund
--------------------------------------------------------------------------------------------
Class A Class B
---------------------------------------------- --------------------------------------------
For the For the
six months ended For the six months ended For the
March 31, 2009 year ended March 31, 2009 year ended
(unaudited) September 30, 2008 (unaudited) September 30, 2008
--------------------- ----------------------- --------------------- ---------------------
Shares Amount Shares Amount Shares Amount Shares Amount
-------- ----------- --------- ------------ -------- ----------- -------- -----------
Shares sold (3)(4)...... 202,314 $ 1,752,852 1,241,974 $ 20,161,048 4,242 $ 33,404 124,724 $ 1,851,127
Reinvested dividends.... -- -- -- -- -- -- -- --
Shares redeemed (3)(4).. (500,116) (4,295,463) (918,848) (13,537,356) (144,875) (1,171,489) (102,038) (1,489,966)
-------- ----------- --------- ------------ -------- ----------- -------- -----------
Net increase (decrease). (297,802) $(2,542,611) 323,126 $ 6,623,692 (140,633) $(1,138,085) 22,686 $ 361,161
======== =========== ========= ============ ======== =========== ======== ===========
Disciplined Growth Fund
----------------------------------------------
Class C
----------------------------------------------
For the
six months ended For the
March 31, 2009 year ended
(unaudited) September 30, 2008
--------------------- -----------------------
Shares Amount Shares Amount
-------- ----------- --------- ------------
Shares sold............. 23,040 $ 204,628 672,443 $ 10,787,226
Reinvested dividends.... -- -- -- --
Shares redeemed......... (475,275) (3,872,110) (847,217) (12,061,646)
-------- ----------- --------- ------------
Net increase (decrease). (452,235) $(3,667,482) (174,774) $ (1,274,420)
======== =========== ========= ============
- --------
(1)For the six months ended March 31, 2009, includes automatic conversion of
7,459 shares of Class C shares in the amount of $62,419 to 7,001 shares of
Class A shares in the amount of $62,419.
(2)For the year ended September 30, 2008, includes automatic conversion of
5,802 shares of Class C shares in the amount of $80,487 to 5,438 shares of
Class A shares in the amount of $80,487.
(3)For the six months ended March 31, 2009, includes automatic conversion of
66,272 shares of Class B shares in the amount of $518,243 to 62,899 shares
of Class A shares in the amount of $518,243.
(4)For the year ended September 30, 2008, includes automatic conversion of
27,497 shares of Class B shares in the amount of $437,155 to 26,202 shares
of Class A shares in the amount of $437,155.
82
SunAmerica Equity Funds
NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited)
(continued)
International Small-Cap Fund
-------------------------------------------------------------------------------------
Class A Class B
--------------------------------------------- --------------------------------------
For the For the
six months ended For the six months ended For the
March 31, 2009 year ended March 31, 2009 year ended
(unaudited) September 30, 2008 (unaudited) September 30, 2008
---------------------- --------------------- ------------------ ------------------
Shares Amount Shares Amount Shares Amount Shares Amount
--------- ----------- -------- ----------- ------- --------- ------- ---------
Shares sold (1)(2)........... 6,887,613 $42,000,531 90,461 $ 1,142,820 4,288 $ 25,082 26,818 $ 324,786
Reinvested dividends......... 1,826 11,121 21,169 275,413 -- -- 949 12,228
Shares redeemed (1)(2)(3)(4). (333,062) (1,977,607) (296,407) (3,416,464) (34,218) (202,477) (35,785) (405,992)
--------- ----------- -------- ----------- ------- --------- ------- ---------
Net increase (decrease)...... 6,556,377 $40,034,045 (184,777) $(1,998,231) (29,930) $(177,395) (8,018) $ (68,978)
========= =========== ======== =========== ======= ========= ======= =========
International Small-Cap Fund
---------------------------------------------
Class C
---------------------------------------------
For the
six months ended For the
March 31, 2009 year ended
(unaudited) September 30, 2008
---------------------- ---------------------
Shares Amount Shares Amount
--------- ----------- -------- -----------
Shares sold.................. 64,126 $ 392,031 50,457 $ 605,472
Reinvested dividends......... -- -- 4,084 52,562
Shares redeemed (3)(4)....... (150,977) (890,333) (172,747) (1,865,760)
--------- ----------- -------- -----------
Net increase (decrease)...... (86,851) $ (498,302) (118,206) $(1,207,726)
========= =========== ======== ===========
- --------
(1)For the six months ended March 31, 2009, includes automatic conversion of
779 shares of Class B shares in the amount of $4,583 to 766 shares of Class
A shares in the amount of $4,583.
(2)For the year ended September 30, 2008, includes automatic conversion of
3,459 shares of Class B shares in the amount of $40,920 to 3,421 shares of
Class A shares in the amount of $40,920.
(3)For the six months ended March 31, 2009, net of redemption fees of $1,831,
$12, and $42 for Class A, Class B, and Class C shares, respectively.
(4)For the year ended September 30, 2008, net of redemption fees of $1,750,
$71, and $290 for Class A, Class B, and Class C shares, respectively.
83
SunAmerica Equity Funds
NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited)
(continued)
Note 9. Line of Credit
The SunAmerica Family of Mutual Funds has established a $75 million
committed and $50 million uncommitted line of credit with State Street Bank
and Trust Company, the Funds' custodian. Interest is currently payable at
the Federal Funds Rate plus 50 basis points on the committed line and State
Street Bank and Trust Company's discretionary bid rate on the uncommitted
line of credit. There is also a commitment fee of 10 basis points per annum
on the daily unused portion of the committed line of credit which is
included in other expenses on the Statement of Operations. Borrowings under
the line of credit will commence when the respective Fund's cash shortfall
exceeds $100,000. For the six months ended March 31, 2009, the following
Funds had borrowings:
Days Interest Average Weighted
Portfolio Outstanding Charges Debt Average
Growth Opportunities.. 19 $256 $467,982 0.97%
Balanced Assets....... 4 45 285,642 1.08
International Equity.. 8 106 404,739 1.28
Disciplined Growth.... 4 16 187,910 0.79
International
Small-Cap............ 8 69 230,158 1.47
At March 31, 2009, there were no borrowings outstanding.
Note 10. Interfund Lending Agreement
Pursuant to exemptive relief granted by the SEC, the Funds are permitted to
participate in an interfund lending program among investment companies
advised by SunAmerica or an affiliate. The interfund lending program allows
the participating Funds to borrow money from and loan 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 six months ended March 31, 2009, none of the
Funds participated in this program.
Note 11. Trustees Retirement Plan
The Trustees of the Trust have adopted the SunAmerica Disinterested
Trustees' and Directors' Retirement Plan (the "Retirement Plan") effective
January 1, 1993, as amended, for the unaffiliated Trustees. The Retirement
Plan provides generally that an unaffiliated Trustee may become a
participant ("Participant") in the Retirement Plan if he or she has at least
10 years of consecutive service as a Disinterested Trustee of any of the
adopting SunAmerica mutual funds (the "Adopting Funds") or has attained the
age of 60 while a Trustee and completed five (5) consecutive years of
service as a Trustee of any Adopting Fund (an "Eligible Trustee"). Pursuant
to the Retirement Plan, an Eligible Trustee may receive benefits upon (i)
his or her death or disability while a Trustee or (ii) the termination of
his or her tenure as a Trustee, other than removal for cause from each of
the Adopting Funds with respect to which he or she is an Eligible Trustee.
As of each of the first 10 birthdays after becoming a Participant and on
which he or she is both a Trustee and Participant, each Eligible Trustee
will be credited with an amount equal to 50% of his or her regular fees
(excluding committee fees) for services as a Disinterested Trustee of each
Adopting Fund for the calendar year in which such birthday occurs. In
addition, an amount equal to 8.50% of any amounts credited under the
preceding statement during prior years is added to each Eligible Trustee's
account. The rights of any Participant to benefits under the Retirement Plan
shall be an unsecured claim against the assets of the Adopting Funds. An
Eligible Trustee may receive any benefits payable under the Retirement Plan,
at his or her election, either in one lump sum or in up to 15 annual
installments. Any undistributed amounts shall continue to accrue interest at
8.50%.
Effective December 3, 2008, the Retirement Plan was amended to, among other
things, (1) freeze the Retirement Plan as to future accruals for active
Participants as of December 31, 2008, (2) prohibit Disinterested Directors
from first becoming participants in the Retirement Plan after December 31,
2008 and (3) permit active Participants to elect to receive a distribution
of their entire Retirement Plan account balance in 2009. The freeze on
future accruals does not apply to Participants that have commenced receiving
benefits under the Retirement Plan on or before December 31, 2008.
84
SunAmerica Equity Funds
NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited)
(continued)
The following amounts for the Retirement Plan Liabilities are included in
the Trustee fees and expenses payable line on the Statement of Assets and
Liabilities and the amounts for the Retirement Plan Expenses are included in
the Trustees' fees and expenses line on the Statement of Operations.
Retirement Plan Retirement Plan Retirement Plan
Liability Expense Payments
--------------- --------------- ---------------
Fund As of March 31, 2009
- ---- -----------------------------------------------
Blue Chip Growth............... $ 4,881 $ 590 $23,400
Growth Opportunities........... 3,893 401 20,493
New Century.................... 8,466 692 39,576
Growth and Income.............. 5,661 799 33,199
Balanced Assets................ 13,545 1,402 62,077
International Equity........... 5,009 851 15,604
Value.......................... 4,858 1,449 31,365
Disciplined Growth............. 1,682 451 10,454
International Small-Cap Equity. -- 664 1,522
Note 12. Investment Concentration
Some of the Funds may invest internationally, including in "emerging market"
countries. These securities may be denominated in currencies other than U.S.
dollars. While investing internationally may reduce your risk by increasing
the diversification of your investment, the value of your investment may be
affected by fluctuating currency values, changing local and regional
economic, political and social conditions, and greater market volatility. In
addition, foreign securities may not be as liquid as domestic securities.
These risks are primary risks of the International Equity Fund and
International Small-Cap Fund. At March 31, 2009, the International Equity
Fund had approximately 19% and 17% of its net assets invested in equity
securities of companies domiciled in the United Kingdom and Japan,
respectively, and the International Small-Cap Fund had approximately 30% and
19% of its net assets invested in equity securities of companies domiciled
in Japan and the United Kingdom, respectively.
The Balanced Assets Fund invests in U.S. Government sponsored securities. No
assurance can be given that the U.S. Government will provide support to such
U.S. Government sponsored agencies or instrumentalities in the future since
it is not required to do so by law. As a result of the Fund's concentration
in such investments, it may be subject to risks associated with U.S.
Government securities. At March 31, 2009, the Fund had approximately 17%, of
its net assets invested in such securities.
85
[LOGO]
Harborside Financial Center
3200 Plaza 5
Jersey City, NJ 07311-4992
Trustees Shareholder Servicing This report is submitted
Samuel M. Eisenstat Agent solely for the general
Peter A. Harbeck SunAmerica Fund information of
Dr. Judith L. Craven Services, Inc. shareholders of the
William F. Devin Harborside Financial Funds. Distribution of
Stephen J. Gutman Center this report to persons
Jeffrey S. Burum 3200 Plaza 5 other than shareholders
William J. Shea Jersey City, NJ of the Funds is
07311-4992 authorized only in
Officers con-nection with a
John T. Genoy, President Custodian and Transfer currently effective
and Chief Executive Agent pro-spectus, setting
Officer State Street Bank and forth details of the
Donna M. Handel, Trust Company Funds, which must precede
Treasurer P.O. Box 5607 or accom-pany this report.
Timothy P. Pettee, Vice Boston, MA 02110
President DELIVERY OF SHAREHOLDER
James Nichols, Vice VOTING PROXIES ON TRUST DOCUMENTS
President PORTFOLIO SECURITIES The Funds have adopted a
Cynthia A. Skrehot, Vice A description of the policy that allows them
President and Chief policies and procedures to send only one copy of
Compliance Officer that the Trust uses to a Fund's prospectus,
Gregory N. Bressler, determine how to vote proxy material, annual
Chief Legal Officer proxies relating to report and semi-annual
and Secretary securities held in a report (the "shareholder
Gregory R. Kingston, Fund's portfolio which is documents") to
Vice President and available in the Trust's shareholders with
Assistant Treasurer Statement of Additional multiple accounts
Kathleen Fuentes, Information, may be residing at the same
Assistant Secretary obtained without charge "household." This
John E. McLean, upon request, by calling practice is called
Assistant Secretary (800) 858-8850. This householding and reduces
Nori L. Gabert, Vice in-formation is also Fund expenses, which
President and available from the EDGAR benefits you and other
Assistant Secretary database on the U.S. shareholders. Unless the
Matthew Hackethal, Securities and Ex-change Funds receive
Anti-Money Laundering Commission's website at instructions to the
Compliance Officer http://www.sec.gov. con-trary, you will only
John E. Smith Jr., receive one copy of the
Assistant Treasurer PROXY VOTING RECORD ON shareholder documents.
SUNAMERICA EQUITY FUNDS The Funds will continue
Investment Adviser Information regarding how to household the
SunAmerica Asset SunAmerica Equity Funds share-holder documents
Management Corp. voted proxies relating to indefinitely, until we
Harborside Financial securities held in are instructed otherwise.
Center SunAmerica Equity Funds If you do not wish to
3200 Plaza 5 during the most recent participate in
Jersey City, NJ twelve month period ended householding, please
07311-4992 June 30 is available, contact Shareholder
once filed with the U.S. Services at (800)
Distributor Securities and Exchange 858-8850 ext. 6010 or
SunAmerica Capital Commission, without send a written request
Services, Inc. charge, upon request, by with your name, the name
Harborside Financial calling (800) 858-8850 or of your fund(s) and your
Center on the U.S. Securities account number(s) to
3200 Plaza 5 and Exchange Commission's SunAmerica Mutual Funds
Jersey City, NJ website at c/o BFDS, P.O. Box
07311-4992 http://www.sec.gov. 219186, Kansas City MO,
64121-9186. We will
DISCLOSURE OF QUARTERLY resume individual
PORTFOLIO HOLDINGS mailings for your account
The Trust is required to within thirty (30) days
file its complete of receipt of your
schedule of portfolio request.
holdings with the U.S.
Securities and Exchange The accompanying report
Commission for its first has not been audited by
and third fiscal quarters independent accountants
on Form N-Q. The Trust's and accordingly no
Forms N-Q are available opinion has been
on the U.S. Securities expressed thereon.
and Exchange Commission's
website at
http://www.sec.gov. You
can also review and
obtain copies of the
Forms N-Q at the U.S.
Securities and Exchange
Com-mission's Public
Reference Room in
Wash-ington, DC
(information on the
operation of Public
Reference Room may be
obtained by calling
1-800-SEC-0330).
86
[GRAPHIC]
Go Paperless!!
Did you know that you have the option to
receive your shareholder reports online?
By choosing this convenient service, you will no longer receive paper copies of
Fund documents such as annual reports, semi-annual reports, prospectuses and
proxy statements in the mail. Instead, you are provided with quick and easy
access to this information via the Internet.
Why Choose Electronic Delivery?
It's Quick -- Fund documents will be received faster than via traditional mail.
It's Convenient -- Elimination of bulky documents from personal files.
It's Cost Effective -- Reduction of your Fund's printing and mailing costs.
To sign up for electronic delivery, follow
these simple steps:
1 Go to
www.sunamericafunds.com
2 Under the "Shareholder Services"
section, click on the "Go Paperless" link.
3 Fill out the appropriate information
including the email address to which you
would like your information sent.
4 Click "Submit" --
It's that easy!
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.sunamericafunds.com 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.
Funds distributed by SunAmerica Capital Services, Inc.
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
SunAmerica Sales Desk at 800-858-8850, ext. 6003, or at
www.sunamericafunds.com. Read the prospectus carefully before investing.
www.sunamericafunds.com
EQSAN - 3/09
[LOGO]
AIG
Sun America
Mutual Funds
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
Included in Item 1 to the Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders
may recommend nominees to the registrant's Board of Trustees that were
implemented after the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR
299.407) (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 registrant's
last fiscal quarter of the period covered by this report that has
materially affected, or is reasonably likely to materially affect, the
registrant's internal contro1 over financial reporting.
Item 12. Exhibits.
(a) (1) Not applicable.
(2) Certifications pursuant to Rule 30a-2(a) under the Investment
Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit
99.CERT.
(3) Not applicable.
(b) Certification pursuant to Rule 30a-2(b)under the Investment Company
Act of 1940 (17 CFR 270.30a-2(a)) and Section 906 of the
Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
SunAmerica Equity Funds
By: /s/ John T. Genoy
------------------
John T. Genoy
President
Date: June 8, 2009
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: June 8, 2009
By: /s/ Donna M. Handel
-------------------
Donna M. Handel
Treasurer
Date: June 8, 2009