0001104659-13-047154.txt : 20130605 0001104659-13-047154.hdr.sgml : 20130605 20130605162814 ACCESSION NUMBER: 0001104659-13-047154 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130605 DATE AS OF CHANGE: 20130605 EFFECTIVENESS DATE: 20130605 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUNAMERICA SERIES, INC. CENTRAL INDEX KEY: 0001020861 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-11283 FILM NUMBER: 13894587 BUSINESS ADDRESS: STREET 1: HARBORSIDE FINANCIAL CENTER STREET 2: 3200 PLAZA 5 CITY: JERSEY CITY STATE: NJ ZIP: 07311 BUSINESS PHONE: 800-858-8850 MAIL ADDRESS: STREET 1: HARBORSIDE FINANCIAL CENTER STREET 2: 3200 PLAZA 5 CITY: JERSEY CITY STATE: NJ ZIP: 07311 FORMER COMPANY: FORMER CONFORMED NAME: SUNAMERICA FOCUSED SERIES INC DATE OF NAME CHANGE: 20040414 FORMER COMPANY: FORMER CONFORMED NAME: STYLE SELECT SERIES INC DATE OF NAME CHANGE: 19960903 FORMER COMPANY: FORMER CONFORMED NAME: SUNAMERICA STYLE SELECT SERIES INC DATE OF NAME CHANGE: 19960812 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUNAMERICA SERIES, INC. CENTRAL INDEX KEY: 0001020861 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07797 FILM NUMBER: 13894588 BUSINESS ADDRESS: STREET 1: HARBORSIDE FINANCIAL CENTER STREET 2: 3200 PLAZA 5 CITY: JERSEY CITY STATE: NJ ZIP: 07311 BUSINESS PHONE: 800-858-8850 MAIL ADDRESS: STREET 1: HARBORSIDE FINANCIAL CENTER STREET 2: 3200 PLAZA 5 CITY: JERSEY CITY STATE: NJ ZIP: 07311 FORMER COMPANY: FORMER CONFORMED NAME: SUNAMERICA FOCUSED SERIES INC DATE OF NAME CHANGE: 20040414 FORMER COMPANY: FORMER CONFORMED NAME: STYLE SELECT SERIES INC DATE OF NAME CHANGE: 19960903 FORMER COMPANY: FORMER CONFORMED NAME: SUNAMERICA STYLE SELECT SERIES INC DATE OF NAME CHANGE: 19960812 0001020861 S000007578 Focused Dividend Strategy Portfolio C000020643 Class A FDSAX C000020644 Class B FDSBX C000020645 Class C FDSTX C000126934 Class W FDSWX 0001020861 S000007583 Focused Small-Cap Growth Portfolio C000020659 Class A NSKAX C000020660 Class B NBSCX C000020661 Class C NCSCX C000020662 Class I NSKIX 0001020861 S000007584 Focused Small-Cap Value Portfolio C000020663 Class A SSSAX C000020664 Class B SSSBX C000020665 Class C SSSTX 0001020861 S000007587 Focused Large-Cap Growth Portfolio C000020672 Class A SSFAX C000020673 Class B SSFBX C000020674 Class C SSFTX C000020675 Class Z SSFZX 0001020861 S000007588 SunAmerica Strategic Value Portfolio C000020676 Class A SFVAX C000020677 Class B SFDBX C000020678 Class C SFVTX 485BPOS 1 a13-10013_13485bpos.htm POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)

 

As filed with the Securities and Exchange Commission on June 5, 2013

Securities Act File No. 333-11283

Investment Company Act File Act No. 811-07797

 

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-1A

 

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

x

 

PRE-EFFECTIVE AMENDMENT NO.

o

 

POST-EFFECTIVE AMENDMENT NO. 73

x

 

 

 

 

and/or

 

 

 

 

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

x

 

AMENDMENT NO. 73

 

(Check appropriate box or boxes)

 

SUNAMERICA SERIES, INC.

(Exact Name of Registrant as Specified in Charter)

 

Harborside Financial Center

3200 Plaza 5

Jersey City, NJ 07311-4992

(Address of Principal Executive Office) (Zip Code)

 

Registrant’s telephone number, including area code: (800) 858-8850

 

Gregory N. Bressler

Senior Vice President and General Counsel

SunAmerica Asset Management Corp.

Harborside Financial Center

3200 Plaza 5

Jersey City, NJ 07311-4992

(Name and Address for Agent for Service)

 

Copy to:

 

Margery K. Neale, Esq.

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, NY 10019

 

Approximate Date of Proposed Public Offering: As soon as practical after this Registration Statement becomes effective.

 

It is proposed that this filing will become effective (check appropriate box)

x

immediately upon filing pursuant to paragraph (b)

o

on (Date) pursuant to paragraph (b)

o

60 days after filing pursuant to paragraph (a)(1).

o

on (Date) pursuant to paragraph (a)(1)

o

75 days after filing pursuant to paragraph (a)(2)

o

on (date) pursuant to paragraph (a)(2) of rule 485.

 

If appropriate, check the following box;

 

o

This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485 (b) under the Securities Act of 1933 and that this amendment does not contain disclosures that would render it ineligible to become effective under Rule 485(b) and has duly caused this Post-Effective Amendment No. 73 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Jersey City, and the State of New Jersey, on the 5th day of June, 2013.

 

 

 

SUNAMERICA SERIES, INC.

 

 

(Registrant)

 

 

 

 

 

 

 

By:

/s/ John T. Genoy

 

 

John T. Genoy

 

Pursuant to the requirements of the Securities Act of 1933, the Post-Effective Amendment No. 73 to Registrant’s Registration Statement on Form N-1A has been signed by the following persons in the capacities and on the date indicated:

 

SIGNATURES

 

TITLES

 

DATE

 

 

 

 

 

/s/ John T. Genoy

 

 

 

 

John T. Genoy

 

President (Principal Executive Officer)

 

June 5, 2013

 

 

 

 

 

/s/ Donna M. Handel

 

 

 

 

Donna M. Handel

 

Treasurer (Principal Financial and Accounting Officer)

 

June 5, 2013

 

 

 

 

 

*

 

 

 

 

Peter A. Harbeck

 

Trustee

 

June 5, 2013

 

 

 

 

 

*

 

 

 

 

Richard W. Grant

 

Trustee

 

June 5, 2013

 

 

 

 

 

*

 

 

 

 

Stephen J. Gutman

 

Trustee

 

June 5, 2013

 

 

 

 

 

*

 

 

 

 

William F. Devin

 

Trustee

 

June 5, 2013

 

 

 

 

 

*

 

 

 

 

Dr. Judith L. Craven

 

Trustee

 

June 5, 2013

 

 

 

 

 

*

 

 

 

 

William J. Shea

 

Trustee

 

June 5, 2013

 

 

*By:

/s/ John E. McLean

 

 

John E. McLean

 

 

Attorney-in-Fact

 

 


*    Pursuant to a power of attorney previously filed.

 



 

EXHIBIT INDEX

 

Index No.

 

Description of Exhibit

 

 

 

EX-101.INS

 

XBRL Instance Document

EX-101.SCH

 

XBRL Taxonomy Extension Schema Document

EX-101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF

 

XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB

 

XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase

 

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If realized losses occur upon the sale of Portfolio shares, the capital loss is recorded as a tax benefit, which increases the return. Purchases of Class A shares of $1 million or more will be subject to a contingent deferred sales charge (CDSC) on redemptions made within two years of purchase. The CDSC on Class B shares applies only if shares are redeemed within six years of their purchase. The CDSC on Class C shares applies only if shares are redeemed within twelve months of their purchase. See pages 28-30 of the Prospectus for more information about the CDSCs. Any waivers or reimbursements made by SunAmerica with respect to the Portfolio are subject to recoupment from the Portfolio within two years after the occurrence of the waiver and/or reimbursement, provided that the Portfolio is able to effect such payment to SunAmerica and remain in compliance with the expense caps in effect at the time the waiver or reimbursement occurred. Pursuant to an Expense Limitation Agreement, SunAmerica is contractually obligated to waive its fees and/or reimburse expenses to the extent that the Total Annual Fund Operating Expenses exceed 1.72%, 2.37%, 2.37% and 1.33% for Class A, Class B, Class C and Class I shares, respectively. For purposes of the Expense Limitation Agreement, "Total Annual Fund Operating Expenses" shall not include extraordinary expenses, as determined under generally accepted accounting principles, or acquired fund fees and expenses. This agreement will continue in effect indefinitely, unless terminated by the Board of Directors, including a majority of the Independent Directors. Pursuant to an Expense Limitation Agreement, SunAmerica is contractually obligated to waive its fees and/or reimburse expenses to the extent that the Total Annual Fund Operating Expenses exceed 1.72%, 2.37% and 2.37% for Class A, Class B and Class C shares, respectively. For purposes of the Expense Limitation Agreement, "Total Annual Fund Operating Expenses" shall not include extraordinary expenses, as determined under generally accepted accounting principles, or acquired fund fees and expenses. This agreement will continue in effect indefinitely, unless terminated by the Board of Directors, including a majority of the Independent Directors. Other expenses with respect to the Class W shares are based on estimated amounts for the current fiscal year since no Class W shares were issued as of the Portfolio's most recent fiscal year end. Pursuant to an Expense Limitation Agreement, SunAmerica Asset Management Corp. is contractually obligated to waive its fees and/or reimburse expenses to the extent that the Total Annual Fund Operating Expenses exceed 1.72%, 2.37% and 2.37% for Class A, Class B and Class C shares, respectively. For purposes of the Expense Limitation Agreement, "Total Annual Fund Operating Expenses" shall not include extraordinary expenses, as determined under generally accepted accounting principles, or acquired fund fees and expenses. This agreement will continue in effect indefinitely, unless terminated by the Board of Directors, including a majority of the Independent Directors. SUNAMERICA SERIES, INC. 485BPOS false 0001020861 2012-10-31 2013-05-14 2013-05-14 2013-05-14 Focused Large-Cap Growth Portfolio SSFAX SSFBX SSFTX SSFZX INVESTMENT GOAL <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The investment goal of the Focused Large-Cap Growth Portfolio (the &#8220;Portfolio&#8221;) is long-term growth of capital.</font> </p> PERFORMANCE INFORMATION <p style="margin-top:0px;margin-bottom:0px;padding-bottom:0px;"> <font style="font-family:Times New Roman" size="2">The following Risk/Return Bar Chart and Table illustrate the risks of investing in the Portfolio by showing changes in the Portfolio&#8217;s performance from calendar year to calendar year, and compares the Portfolio&#8217;s average annual returns to those of the Russell 1000<font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&#174;</sup></font> Growth Index, a broad measure of market performance. Sales charges are not reflected in the Bar Chart. If these amounts were reflected, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Of course, past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. Updated information on the Portfolio&#8217;s performance can be obtained by visiting www.safunds.com or can be obtained by phone at 800-858-8850, ext. 6003.</font> </p> FOCUSED LARGE-CAP GROWTH PORTFOLIO (Class A) 0.4123 0.0161 0.0628 -0.0032 0.1607 -0.4430 0.3526 0.0965 -0.0774 0.1370 ~ http://sunamerica.com/20130514/role/ScheduleAnnualTotalReturnsBarChart20005 column dei_LegalEntityAxis compact ck0001020861_S000007587Member column rr_ProspectusShareClassAxis compact ck0001020861_C000020672Member row primary compact * ~ highest return for a quarter 0.1869 2003-06-30 lowest return for a quarter -0.2534 2008-12-31 <table align="center" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%;"> <tr> <td width="68%"> </td> <td valign="bottom" width="1%"> </td> <td width="31%"> </td> </tr> <tr> <td valign="top"> </td> <td valign="bottom"> <font style="font-size: xx-small;"></font> </td> <td valign="top"> <font style="font-family: Times New Roman; font-size: small;">During the 10-year period shown in the Bar Chart, the highest return for a quarter was 18.69% (quarter ended June 30, 2003) and the lowest return for a quarter was -25.34% (quarter ended December 31, 2008).</font> </td> </tr> </table> 0.0883 -0.0389 0.0377 0.1193 -0.0345 0.0366 0.1436 -0.0225 0.0495 0.0717 -0.0397 0.0372 0.0717 -0.0397 0.0372 0.0466 -0.0333 0.0324 0.1526 0.0312 0.0752 ~ http://sunamerica.com/20130514/role/ScheduleAverageAnnualReturnsTransposed20006 column dei_LegalEntityAxis compact ck0001020861_S000007587Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The after-tax returns shown were calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. An investor&#8217;s actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown in the above table. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">After-tax returns are shown only for Class A. After-tax returns for other classes will vary.</font> </p> However, the table includes all applicable fees and sales charges. The after-tax returns shown were calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. The following Risk/Return Bar Chart and Table illustrate the risks of investing in the Portfolio by showing changes in the Portfolio's performance from calendar year to calendar year, and compares the Portfolio's average annual returns to those of the Russell 1000 Growth Index, a broad measure of market performance. Of course, past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. After-tax returns are shown only for Class A. After-tax returns for other classes will vary. When the return after taxes on distributions and sale of Portfolio shares is higher, it is because of realized losses. If realized losses occur upon the sale of Portfolio shares, the capital loss is recorded as a tax benefit, which increases the return. Sales charges are not reflected in the Bar Chart. If these amounts were reflected, returns would be less than those shown. 800-858-8850, ext. 6003 www.safunds.com Average Annual Total Returns (as of the periods ended December 31, 2012) An investor's actual after-tax returns depend on the investor's tax situation and may differ from those shown in the above table. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. PORTFOLIO TURNOVER: <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 338% of the average value of its portfolio.</font> </p> 3.38 PRINCIPAL INVESTMENT STRATEGIES AND TECHNIQUES OF THE PORTFOLIO <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The Portfolio&#8217;s principal investment strategies are growth and &#8220;focused.&#8221; The growth oriented philosophy to which the Portfolio subscribes&#8212;that of investing in securities believed to offer the potential for long-term growth of capital&#8212;focuses on securities considered to have a historical record of above-average earnings growth; to have significant growth potential for earnings growth; to have above-average earnings growth or the ability to sustain earnings growth; to offer proven or unusual products or services; or to operate in industries experiencing increasing demand. A <i>focused</i> strategy is one in which an investment adviser actively invests in a small number of holdings which constitute its favorite stock-picking ideas at any given moment. A focus philosophy reflects the belief that, over time, the performance of most investment managers&#8217; &#8220;highest confidence&#8221; stocks exceeds that of their more diversified portfolios. The Portfolio will generally hold between 30 to 50 securities, although an adviser may, in its discretion, hold less than 30 securities. Examples of when the Portfolio may hold more than the specified number of securities include, but are not limited to, re-balancing or purchase and sale transactions, including where a new adviser is selected to manage the Portfolio or a portion of the Portfolio&#8217;s assets.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The principal investment technique of the Portfolio is active trading of equity securities that offer the potential for long-term growth of capital. Under normal market conditions, at least 80% of the Portfolio&#8217;s net assets, plus any borrowing for investment purposes, will be invested in large-cap companies.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">Large-cap companies will generally include companies whose market capitalizations are equal to or greater than the smallest company in the Russell 1000 Index during the most recent 12-month period. As of the most recent annual reconstitution on June 25, 2012, the market capitalization range of companies in the Russell 1000 Index was approximately $1.35 billion to $540.21 billion, which range will vary daily.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The principal investment strategies and principal investment techniques of the Portfolio may be changed without shareholder approval. You will receive at least sixty (60) days&#8217; notice of any change to the 80% investment policy set forth above.</font> </p> PRINCIPAL RISKS OF INVESTING IN THE PORTFOLIO <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">There can be no assurance that the Portfolio&#8217;s investment goals will be met or that the net return on an investment in the Portfolio will exceed what could have been obtained through other investment or savings vehicles. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. As with any mutual fund, there is no guarantee that the Portfolio will be able to achieve its investment goals. If the value of the assets of the Portfolio goes down, you could lose money.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The following is a summary description of the principal risks of investing in the Fund.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#3B6D4B"><b>Stock Market Volatility and Securities Selection.</b></font> <font style="font-family:Times New Roman" size="2">The Portfolio invests primarily in equity securities. As with any fund that invests in equity securities, the value of your investment in the Portfolio may fluctuate in response to stock market movements. You should be aware that the performance of &#8220;growth&#8221; stocks may rise or decline under varying market conditions&#8212;for example, &#8220;value&#8221; stocks may perform well under circumstances in which growth stocks in general have fallen. Additionally, growth stocks can be volatile for several reasons. In particular, since the issuers of growth stocks usually reinvest a high portion of earnings in their own business, growth stocks may lack the comfortable dividend yield associated with value stocks that can cushion total return in a bear market. Growth stocks also normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often go down more than other stocks. However, the market frequently rewards growth stocks with price increases when expectations are met or exceeded. In addition, individual stocks selected for the Portfolio may underperform the market generally.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#3B6D4B"><b>Non-Diversification.</b></font> <font style="font-family:Times New Roman" size="2">The Portfolio is non-diversified, which means it can invest a larger portion of its assets in the stock of a single company than can some other mutual funds. By investing in a smaller number of stocks, a Portfolio&#8217;s risk is increased because the effect of each stock on the Portfolio&#8217;s performance is greater.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#3B6D4B"><b>Active Trading.</b></font><font style="font-family:Times New Roman" size="2">As part of the Portfolio&#8217;s principal investment technique, the Portfolio may engage in active trading of its portfolio securities. Because the Portfolio may sell a security without regard to how long it has held the security, active trading may have tax consequences for certain shareholders, involving a possible increase in short-term capital gains or losses. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and which will affect the Portfolio&#8217;s performance. During periods of increased market volatility, active trading may be more pronounced.</font> </p> As with any mutual fund, there is no guarantee that the Portfolio will be able to achieve its investment goals. If the value of the assets of the Portfolio goes down, you could lose money The Portfolio is non-diversified, which means it can invest a larger portion of its assets in the stock of a single company than can some other mutual funds. By investing in a smaller number of stocks, a Portfolio's risk is increased because the effect of each stock on the Portfolio's performance is greater. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. EXAMPLE: <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:</font> </p> 716 1013 1332 2231 625 994 1390 2365 316 667 1144 2462 93 290 504 1120 716 1013 1332 2231 225 694 1190 2365 216 667 1144 2462 93 290 504 1120 ~ http://sunamerica.com/20130514/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0001020861_S000007587Member row primary compact * ~ ~ http://sunamerica.com/20130514/role/ScheduleExpenseExampleNoRedemptionTransposed20004 column dei_LegalEntityAxis compact ck0001020861_S000007587Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: FEES AND EXPENSES OF THE PORTFOLIO <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"><b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the SunAmerica fund complex. More information about these and other discounts is available from your financial professional and in the &#8220;Shareholder Account Information-Sales Charge Reductions and Waivers&#8221; section on page 29 of the Portfolio&#8217;s Prospectus and in the &#8220;Additional Information Regarding Purchase of Shares&#8221; section on page B-58 of the Portfolio&#8217;s statement of additional information.</b> <b></b></font> </p> 0.0575 0.0000 0.0000 0.0000 0.0000 0.0400 0.0100 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.00 0.00 0.00 0.00 0.0075 0.0075 0.0075 0.0075 0.0035 0.0100 0.0100 0.0037 0.0047 0.0038 0.0016 0.0147 0.0222 0.0213 0.0091 ~ http://sunamerica.com/20130514/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0001020861_S000007587Member row primary compact * ~ ~ http://sunamerica.com/20130514/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0001020861_S000007587Member row primary compact * ~ You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the SunAmerica fund complex. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Purchases of Class A shares of $1 million or more will be subject to a contingent deferred sales charge (CDSC) on redemptions made within two years of purchase. The CDSC on Class B shares applies only if shares are redeemed within six years of their purchase. The CDSC on Class C shares applies only if shares are redeemed within twelve months of their purchase. See pages 28-30 of the Prospectus for more information about the CDSCs. Shareholder Fees (fees paid directly from your investment) Focused Small-Cap Growth Portfolio NSKAX NBSCX NCSCX NSKIX INVESTMENT GOAL <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The investment goal of the Focused Small-Cap Growth Portfolio (the &#8220;Portfolio&#8221; ) is long-term growth of capital.</font> </p> PERFORMANCE INFORMATION <p style="margin-top:0px;margin-bottom:0px;padding-bottom:0px;"> <font style="font-family:Times New Roman" size="2">The following Risk/Return Bar Chart and Table illustrate the risks of investing in the Portfolio by showing changes in the Portfolio&#8217;s performance from calendar year to calendar year, and compares the Portfolio&#8217;s average annual returns to those of the Russell 2000<font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&#174;</sup></font> Growth Index, a broad measure of market performance. Sales charges are not reflected in the Bar Chart. If these amounts were reflected, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Of course, past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. Updated information on the Portfolio&#8217;s performance can be obtained by visiting www.safunds.com or can be obtained by phone at 800-858-8850, ext. 6003.</font> </p> FOCUSED SMALL-CAP GROWTH (Class A) 0.4480 0.1856 0.0907 0.0943 0.0892 -0.3569 0.2335 0.1820 -0.0736 0.0192 ~ http://sunamerica.com/20130514/role/ScheduleAnnualTotalReturnsBarChart20013 column dei_LegalEntityAxis compact ck0001020861_S000007583Member column rr_ProspectusShareClassAxis compact ck0001020861_C000020659Member row primary compact * ~ highest return for a quarter 0.2316 2003-06-30 lowest return for a quarter -0.2573 2011-09-30 <table align="center" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%;"> <tr> <td width="68%"> </td> <td valign="bottom" width="1%"> </td> <td width="31%"> </td> </tr> <tr> <td valign="top"> </td> <td valign="bottom"> <font style="font-size: xx-small;"></font> </td> <td valign="top"> <font style="font-family: Times New Roman; font-size: small;">During the 10-year period shown in the Bar Chart, the highest return for a quarter was 23.16% (quarter ended June 30, 2003) and the lowest return for a quarter was -25.73% (quarter ended September 30, 2011).</font> </td> </tr> </table> -0.0293 -0.0348 0.0648 0.0017 -0.0309 0.0632 0.0211 -0.0225 0.0719 -0.0394 -0.0355 0.0642 -0.0394 -0.0425 0.0541 -0.0256 -0.0335 0.0545 0.1459 0.0349 0.0980 ~ http://sunamerica.com/20130514/role/ScheduleAverageAnnualReturnsTransposed20014 column dei_LegalEntityAxis compact ck0001020861_S000007583Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The after-tax returns shown were calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. An investor&#8217;s actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown in the above table. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">After-tax returns are shown only for Class A. After-tax returns for other classes will vary.</font> </p> However, the table includes all applicable fees and sales charges. The after-tax returns shown were calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. The following Risk/Return Bar Chart and Table illustrate the risks of investing in the Portfolio by showing changes in the Portfolio's performance from calendar year to calendar year, and compares the Portfolio's average annual returns to those of the Russell 2000 Growth Index, a broad measure of market performance. Of course, past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. After-tax returns are shown only for Class A. After-tax returns for other classes will vary. When the return after taxes on distributions and sale of Portfolio shares is higher, it is because of realized losses. If realized losses occur upon the sale of Portfolio shares, the capital loss is recorded as a tax benefit, which increases the return. Sales charges are not reflected in the Bar Chart. If these amounts were reflected, returns would be less than those shown. 800-858-8850, ext. 6003 www.safunds.com Average Annual Total Returns (as of the periods ended December 31, 2012) An investor's actual after-tax returns depend on the investor's tax situation and may differ from those shown in the above table. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. PORTFOLIO TURNOVER: <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 223% of the average value of its portfolio.</font> </p> 2.23 PRINCIPAL INVESTMENT STRATEGIES AND TECHNIQUES OF THE PORTFOLIO <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The Portfolio&#8217;s principal investment strategies are growth and &#8220;focused.&#8221; The growth oriented philosophy to which the Focused Small-Cap Growth Portfolio subscribes&#8212;that of investing in securities believed to offer the potential for long-term growth of capital&#8212;focuses on securities considered to have a historical record of above-average earnings growth; to have significant growth potential for earnings growth; to have above-average earnings growth or the ability to sustain earnings growth; to offer proven or unusual products or services; or to operate in industries experiencing increasing demand. A <i>focused</i> strategy is one in which an investment adviser actively invests in a small number of holdings which constitute its favorite stock-picking ideas at any given moment. A focus philosophy reflects the belief that, over time, the performance of most investment managers&#8217; &#8220;highest confidence&#8221; stocks exceeds that of their more diversified portfolios. The Portfolio will generally hold between 30 to 50 securities, although an adviser may, in its discretion, hold less than 30 securities. Examples of when the Portfolio may hold more than the specified number of securities include, but are not limited to, re-balancing or purchase and sale transactions, including where a new adviser is selected to manage the Portfolio or a portion of the Portfolio&#8217;s assets.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The principal investment technique of the Portfolio is active trading of equity securities that offer the potential for long-term growth of capital. Under normal market conditions, at least 80% of the Portfolio&#8217;s net assets, plus any borrowing for investment purposes, will be invested in small-cap companies with characteristics similar to those contained in the Russell 2000 Growth Index, the Portfolio&#8217;s benchmark index.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">Small-cap companies will generally include companies whose market capitalizations are equal to or less than the largest company in the Russell 2000 Index during the most recent 12-month period. As of the most recent annual reconstitution on June&#160;25, 2012, the market capitalization range of companies in the Russell 2000 Index was $0.10 billion to $2.61 billion, which range will vary daily.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The principal investment strategies and principal investment techniques of the Portfolio may be changed without shareholder approval. You will receive at least sixty (60) days&#8217; notice of any change to the 80% investment policy set forth above.</font> </p> PRINCIPAL RISKS OF INVESTING IN THE PORTFOLIO <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">There can be no assurance that the Portfolio&#8217;s investment goals will be met or that the net return on an investment in the Portfolio will exceed what could have been obtained through other investment or savings vehicles. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. As with any mutual fund, there is no guarantee that the Portfolio will be able to achieve its investment goals. If the value of the assets of the Portfolio goes down, you could lose money.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The following is a summary description of the principal risks of investing in the Fund.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#3B6D4B"><b>Stock Market Volatility and Securities Selection.</b></font> <font style="font-family:Times New Roman" size="2">The Portfolio invests primarily in equity securities. As with any fund that invests in equity securities, the value of your investment in the Portfolio may fluctuate in response to stock market movements. You should be aware that the performance of &#8220;growth&#8221; stocks may rise or decline under varying market conditions&#8212;for example, &#8220;value&#8221; stocks may perform well under circumstances in which growth stocks in general have fallen. Additionally, growth stocks can be volatile for several reasons. In particular, since the issuers of growth stocks usually reinvest a high portion of earnings in their own business, growth stocks may lack the comfortable dividend yield associated with value stocks that can cushion total return in a bear market. Growth stocks also normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often go down more than other stocks. However, the market frequently rewards growth stocks with price increases when expectations are met or exceeded. In addition, individual securities selected for the Portfolio may underperform the market generally.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#3B6D4B"><b>Non-Diversification.</b></font> <font style="font-family:Times New Roman" size="2">The Portfolio is non-diversified, which means it can invest a larger portion of its assets in the stock of a single company than can some other mutual funds. By investing in a smaller number of stocks, a Portfolio&#8217;s risk is increased because the effect of each stock on the Portfolio&#8217;s performance is greater.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#3B6D4B"><b>Small-Market Capitalization.</b></font> <font style="font-family:Times New Roman" size="2">The Portfolio invests in small-cap companies. Stocks of small-cap companies, and to a lesser extent, mid-cap companies, may be more volatile than, and not as readily marketable as, those of larger companies.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#3B6D4B"><b>Active Trading.</b></font> <font style="font-family:Times New Roman" size="2">As part of the Portfolio&#8217;s principal investment technique, the Portfolio may engage in active trading of its portfolio securities. Because the Portfolio may sell a security without regard to how long it has held the security, active trading may have tax consequences for certain shareholders, involving a possible increase in short-term capital gains or losses. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and which will affect the Portfolio&#8217;s performance. During periods of increased market volatility, active trading may be more pronounced.</font> </p> The Portfolio is non-diversified, which means it can invest a larger portion of its assets in the stock of a single company than can some other mutual funds. By investing in a smaller number of stocks, a Portfolio's risk is increased because the effect of each stock on the Portfolio's performance is greater. As with any mutual fund, there is no guarantee that the Portfolio will be able to achieve its investment goals. If the value of the assets of the Portfolio goes down, you could lose money Shares of the Portfolio are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. EXAMPLE: <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:</font> </p> 721 1028 1356 2283 633 1018 1430 2440 324 691 1185 2544 135 421 729 1601 721 1028 1356 2283 233 718 1230 2440 224 691 1185 2544 135 421 729 1601 ~ http://sunamerica.com/20130514/role/ScheduleExpenseExampleTransposed20011 column dei_LegalEntityAxis compact ck0001020861_S000007583Member row primary compact * ~ ~ http://sunamerica.com/20130514/role/ScheduleExpenseExampleNoRedemptionTransposed20012 column dei_LegalEntityAxis compact ck0001020861_S000007583Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: FEES AND EXPENSES OF THE PORTFOLIO <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"><b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the SunAmerica fund complex. More information about these and other discounts is available from your financial professional and in the &#8220;Shareholder Account Information-Sales Charge Reductions and Waivers&#8221; section on page 29 of the Portfolio&#8217;s Prospectus and in the &#8220;Additional Information Regarding Purchase of Shares&#8221; section on page B-58 of the Portfolio&#8217;s statement of additional information.</b> <b></b></font> </p> 0.0575 0.0000 0.0000 0.0000 0.0000 0.0400 0.0100 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.00 0.00 0.00 0.00 0.0075 0.0075 0.0075 0.0075 0.0035 0.0100 0.0100 0.0042 0.0054 0.0046 0.0322 0.0152 0.0229 0.0221 0.0397 -0.0001 -0.0264 0.0152 0.0230 0.0221 0.0133 ~ http://sunamerica.com/20130514/role/ScheduleShareholderFees20009 column dei_LegalEntityAxis compact ck0001020861_S000007583Member row primary compact * ~ ~ http://sunamerica.com/20130514/role/ScheduleAnnualFundOperatingExpenses20010 column dei_LegalEntityAxis compact ck0001020861_S000007583Member row primary compact * ~ You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the SunAmerica fund complex. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Purchases of Class A shares of $1 million or more will be subject to a contingent deferred sales charge (CDSC) on redemptions made within two years of purchase. The CDSC on Class B shares applies only if shares are redeemed within six years of their purchase. The CDSC on Class C shares applies only if shares are redeemed within twelve months of their purchase. See pages 28-30 of the Prospectus for more information about the CDSCs. Shareholder Fees (fees paid directly from your investment) Focused Small-Cap Value Portfolio SSSAX SSSBX SSSTX INVESTMENT GOAL <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The investment goal of the Focused Small-Cap Value Portfolio (the &#8220;Portfolio&#8221;) is long-term growth of capital.</font> </p> PERFORMANCE INFORMATION <p style="margin-top:0px;margin-bottom:0px;padding-bottom:0px;"> <font style="font-family:Times New Roman" size="2">The following Risk/Return Bar Chart and Table illustrate the risks of investing in the Portfolio by showing changes in the Portfolio&#8217;s performance from calendar year to calendar year, and compares the Portfolio&#8217;s average annual returns to those of the Russell 2000<font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&#174;</sup></font> Value Index, a broad measure of market performance. Sales charges are not reflected in the Bar Chart. If these amounts were reflected, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Of course, past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. Updated information on the Portfolio&#8217;s performance can be obtained by visiting www.safunds.com or can be obtained by phone at 800-858-8850, ext. 6003.</font> </p> FOCUSED SMALL-CAP VALUE PORTFOLIO (Class A) 0.4410 0.2109 0.0058 0.1302 0.0130 -0.3879 0.2386 0.3831 -0.1193 -0.0145 ~ http://sunamerica.com/20130514/role/ScheduleAnnualTotalReturnsBarChart20021 column dei_LegalEntityAxis compact ck0001020861_S000007584Member column rr_ProspectusShareClassAxis compact ck0001020861_C000020663Member row primary compact * ~ highest return for a quarter 0.2639 2009-06-30 lowest return for a quarter -0.2698 2011-09-30 <table align="center" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%;"> <tr> <td width="68%"> </td> <td valign="bottom" width="1%"> </td> <td width="31%"> </td> </tr> <tr> <td valign="top"> </td> <td valign="bottom"> <font style="font-size: xx-small;"></font> </td> <td valign="top"> <font style="font-family: Times New Roman; font-size: small;">During the 10-year period shown in the Bar Chart, the highest return for a quarter was 26.39% (quarter ended June 30, 2009) and the lowest return for a quarter was -26.98% (quarter ended September 30, 2011).</font> </td> </tr> </table> -0.0616 -0.0304 0.0561 -0.0306 -0.0253 0.0553 -0.0710 -0.0302 0.0560 -0.0723 -0.0337 0.0437 -0.0445 -0.0269 0.0449 0.1805 0.0355 0.0950 ~ http://sunamerica.com/20130514/role/ScheduleAverageAnnualReturnsTransposed20022 column dei_LegalEntityAxis compact ck0001020861_S000007584Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The after-tax returns shown were calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. An investor&#8217;s actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown in the above table. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">After-tax returns are shown only for Class A. After-tax returns for other classes will vary.</font> </p> However, the table includes all applicable fees and sales charges. The after-tax returns shown were calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. The following Risk/Return Bar Chart and Table illustrate the risks of investing in the Portfolio by showing changes in the Portfolio's performance from calendar year to calendar year, and compares the Portfolio's average annual returns to those of the Russell 2000 Value Index, a broad measure of market performance. Of course, past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. After-tax returns are shown only for Class A. After-tax returns for other classes will vary. When the return after taxes on distributions and sale of Portfolio shares is higher, it is because of realized losses. If realized losses occur upon the sale of Portfolio shares, the capital loss is recorded as a tax benefit, which increases the return. Sales charges are not reflected in the Bar Chart. If these amounts were reflected, returns would be less than those shown. 800-858-8850, ext. 6003 www.safunds.com Average Annual Total Returns (as of the periods ended December 31, 2012) An investor's actual after-tax returns depend on the investor's tax situation and may differ from those shown in the above table. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. PORTFOLIO TURNOVER: <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 232% of the average value of its portfolio.</font> </p> 2.32 PRINCIPAL INVESTMENT STRATEGIES AND TECHNIQUES OF THE PORTFOLIO <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The Portfolio&#8217;s principal investment strategies are value and &#8220;focused.&#8221; The value oriented philosophy to which the Focused Small-Cap Value Portfolio subscribes is that of investing in securities believed to be undervalued in the market. The selection criteria is usually calculated to identify stocks of companies with solid financial strength that have attractive valuations (e.g., as measured by low price earnings ratios) and may have generally been overlooked by the market. A <i>focused</i> strategy is one in which an investment adviser actively invests in a small number of holdings which constitute its favorite stock-picking ideas at any given moment. A focus philosophy reflects the belief that, over time, the performance of most investment managers&#8217; &#8220;highest confidence&#8221; stocks exceeds that of their more diversified portfolios. The Portfolio will generally hold between 30 to 50 securities, although an adviser may, in its discretion, hold less than 30 securities. Examples of when the Portfolio may hold more than the specified number of securities include, but are not limited to, re-balancing or purchase and sale transactions, including where a new adviser is selected to manage the Portfolio or a portion of the Portfolio&#8217;s assets.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The principal investment technique of the Portfolio is active trading of equity securities that offer the potential for long-term growth of capital. Under normal market conditions, at least 80% of the Portfolio&#8217;s net assets, plus any borrowing for investment purposes, will be invested in small-cap companies with characteristics similar to those contained in the Russell 2000 Value Index, the Portfolio&#8217;s benchmark index.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">Small-cap companies will generally include companies whose market capitalizations are equal to or less than the largest company in the Russell 2000 Index during the most recent 12-month period. As of the most recent annual reconstitution on June 25, 2012, the market capitalization range of companies in the Russell 2000 Index was $0.10 billion to $2.61 billion, which range will vary daily.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The principal investment strategies and principal investment techniques of the Portfolio may be changed without shareholder approval. You will receive at least sixty (60) days&#8217; notice of any change to the 80% investment policy set forth above.</font> </p> PRINCIPAL RISKS OF INVESTING IN THE PORTFOLIO <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">There can be no assurance that the Portfolio&#8217;s investment goals will be met or that the net return on an investment in the Portfolio will exceed what could have been obtained through other investment or savings vehicles. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. As with any mutual fund, there is no guarantee that the Portfolio will be able to achieve its investment goals. If the value of the assets of the Portfolio goes down, you could lose money.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The following is a summary description of the principal risks of investing in the Fund.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#3B6D4B"><b>Stock Market Volatility and Securities Selection.</b></font> <font style="font-family:Times New Roman" size="2">The Portfolio invests primarily in equity securities. As with any fund that invests in equity securities, the value of your investment in the Portfolio may fluctuate in response to stock market movements. You should be aware that the performance of &#8220;value&#8221; stocks may rise or decline under varying market conditions&#8212;for example, &#8220;growth&#8221; stocks may perform well under circumstances in which value stocks in general have fallen. When investing in value stocks which are believed to be undervalued in the market, there is a risk that the market may not recognize a security&#8217;s intrinsic value for a long period of time, or that a security judged to be undervalued may actually be appropriately priced. In addition, individual securities selected for the Portfolio may underperform the market generally.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#3B6D4B"><b>Non-Diversification.</b></font> <font style="font-family:Times New Roman" size="2">The Portfolio is non-diversified, which means it can invest a larger portion of its assets in the stock of a single company than can some other mutual funds. By investing in a smaller number of stocks, a Portfolio&#8217;s risk is increased because the effect of each stock on the Portfolio&#8217;s performance is greater.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#3B6D4B"><b>Small-market capitalization.</b></font> <font style="font-family:Times New Roman" size="2">The Portfolio invests in small-cap companies. Stocks of small-cap companies, and to a lesser extent, mid-cap companies, may be more volatile than, and not as readily marketable as, those of larger companies.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#3B6D4B"><b>Active Trading.</b></font> <font style="font-family:Times New Roman" size="2">As part of the Portfolio&#8217;s principal investment technique, the Portfolio may engage in active trading of its portfolio securities. Because the Portfolio may sell a security without regard to how long it has held the security, active trading may have tax consequences for certain shareholders, involving a possible increase in short-term capital gains or losses. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and which will affect the Portfolio&#8217;s performance. During periods of increased market volatility, active trading may be more pronounced.</font> </p> The Portfolio is non-diversified, which means it can invest a larger portion of its assets in the stock of a single company than can some other mutual funds. By investing in a smaller number of stocks, a Portfolio's risk is increased because the effect of each stock on the Portfolio's performance is greater. As with any mutual fund, there is no guarantee that the Portfolio will be able to achieve its investment goals. If the value of the assets of the Portfolio goes down, you could lose money Shares of the Portfolio are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. EXAMPLE: <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:</font> </p> 720 1025 1351 2273 639 1036 1460 2484 323 688 1180 2534 720 1025 1351 2273 239 736 1260 2484 223 688 1180 2534 ~ http://sunamerica.com/20130514/role/ScheduleExpenseExampleTransposed20019 column dei_LegalEntityAxis compact ck0001020861_S000007584Member row primary compact * ~ ~ http://sunamerica.com/20130514/role/ScheduleExpenseExampleNoRedemptionTransposed20020 column dei_LegalEntityAxis compact ck0001020861_S000007584Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: FEES AND EXPENSES OF THE PORTFOLIO <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"><b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the SunAmerica fund complex. More information about these and other discounts is available from your financial professional and in the &#8220;Shareholder Account Information-Sales Charge Reductions and Waivers&#8221; section on page 29 of the Portfolio&#8217;s Prospectus and in the &#8220;Additional Information Regarding Purchase of Shares&#8221; section on page B-58 of the Portfolio&#8217;s statement of additional information.</b></font> </p> 0.0575 0.0000 0.0000 0.0000 0.0400 0.0100 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.00 0.00 0.00 0.0075 0.0075 0.0075 0.0035 0.0100 0.0100 0.0041 0.0061 0.0045 0.0151 0.0236 0.0220 0.0151 0.0236 0.0220 ~ http://sunamerica.com/20130514/role/ScheduleShareholderFees20017 column dei_LegalEntityAxis compact ck0001020861_S000007584Member row primary compact * ~ ~ http://sunamerica.com/20130514/role/ScheduleAnnualFundOperatingExpenses20018 column dei_LegalEntityAxis compact ck0001020861_S000007584Member row primary compact * ~ You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the SunAmerica fund complex. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Purchases of Class A shares of $1 million or more will be subject to a contingent deferred sales charge (CDSC) on redemptions made within two years of purchase. The CDSC on Class B shares applies only if shares are redeemed within six years of their purchase. The CDSC on Class C shares applies only if shares are redeemed within twelve months of their purchase. See pages 28-30 of the Prospectus for more information about the CDSCs. Shareholder Fees (fees paid directly from your investment) Focused Dividend Strategy Portfolio FDSAX FDSBX FDSTX FDSWX INVESTMENT GOAL <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The investment goal of the Focused Dividend Strategy Portfolio (the &#8220;Portfolio&#8221;) is total return (including capital appreciation and current income).</font> </p> PERFORMANCE INFORMATION <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The following Risk/Return Bar Chart and Table illustrate the risks of investing in the Portfolio by showing changes in the Portfolio&#8217;s performance from calendar year to calendar year, and compares the Portfolio&#8217;s average annual returns to those of the S&amp;P 500 Index, a broad measure of market performance. Sales charges are not reflected in the Bar Chart. If these amounts were reflected, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Of course, past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. Performance information with respect to the Portfolio&#8217;s Class W shares is not provided as these shares commenced operations on June [&#160;&#160;&#160;&#160;], 2013. Updated information on the Portfolio&#8217;s performance can be obtained by visiting www.safunds.com or can be obtained by phone at 800-858-8850, ext. 6003.</font> </p> FOCUSED DIVIDEND STRATEGY PORTFOLIO (Class A) 0.1957 0.0930 0.0217 0.1379 0.0586 -0.3417 0.4783 0.1333 0.1209 0.1280 ~ http://sunamerica.com/20130514/role/ScheduleAnnualTotalReturnsBarChart20029 column dei_LegalEntityAxis compact ck0001020861_S000007578Member column rr_ProspectusShareClassAxis compact ck0001020861_C000020643Member row primary compact * ~ highest return for a quarter 0.3016 2009-06-30 lowest return for a quarter -0.2291 2008-12-31 <table align="center" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%;"> <tr> <td width="68%"> </td> <td valign="bottom" width="1%"> </td> <td width="31%"> </td> </tr> <tr> <td valign="top"> </td> <td valign="bottom"> <font style="font-size: xx-small;"></font> </td> <td valign="top"> <font style="font-family: Times New Roman; font-size: small;">During the 10-year period shown in the Bar Chart, the highest return for a quarter was 30.16% (quarter ended June 30, 2009) and the lowest return for a quarter was -22.91% (quarter ended December 31, 2008).</font> </td> </tr> </table> 0.0806 0.0586 0.0786 0.1112 0.0619 0.0772 0.0634 0.0561 0.0777 0.0556 0.0503 0.0670 0.0491 0.0470 0.0648 0.1600 0.0166 0.0710 ~ http://sunamerica.com/20130514/role/ScheduleAverageAnnualReturnsTransposed20030 column dei_LegalEntityAxis compact ck0001020861_S000007578Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The after-tax returns shown were calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. An investor&#8217;s actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown in the above table. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">After-tax returns are shown only for Class A. After-tax returns for other classes will vary.</font> </p> However, the table includes all applicable fees and sales charges. The after-tax returns shown were calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Performance information with respect to the Portfolio's Class W shares is not provided as these shares commenced operations on June [ ], 2013. The following Risk/Return Bar Chart and Table illustrate the risks of investing in the Portfolio by showing changes in the Portfolio's performance from calendar year to calendar year, and compares the Portfolio's average annual returns to those of the S&P 500 Index, a broad measure of market performance. Of course, past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. After-tax returns are shown only for Class A. After-tax returns for other classes will vary. Sales charges are not reflected in the Bar Chart. If these amounts were reflected, returns would be less than those shown. 800-858-8850, ext. 6003 www.safunds.com An investor's actual after-tax returns depend on the investor's tax situation and may differ from those shown in the above table. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns (as of the periods ended December 31, 2012) PORTFOLIO TURNOVER: <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 20% of the average value of its portfolio.</font> </p> 0.20 PRINCIPAL RISKS OF INVESTING IN THE PORTFOLIO <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">There can be no assurance that the Portfolio&#8217;s investment goals will be met or that the net return on an investment in the Portfolio will exceed what could have been obtained through other investment or savings vehicles. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. As with any mutual fund, there is no guarantee that the Portfolio will be able to achieve its investment goals. If the value of the assets of the Portfolio goes down, you could lose money.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The following is a summary description of the principal risks of investing in the Fund.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#3B6D4B"><b>Stock Market Volatility and Securities Selection.</b></font> <font style="font-family:Times New Roman" size="2">The Portfolio invests primarily in equity securities. As with any fund that invests in equity securities, the value of your investment in the Portfolio may fluctuate in response to stock market movements. You should be aware that the performance of &#8220;value&#8221; stocks may rise or decline under varying market conditions&#8212;for example, &#8220;growth&#8221; stocks may perform well under circumstances in which value stocks in general have fallen. When investing in value stocks which are believed to be undervalued in the market, there is a risk that the market may not recognize a security&#8217;s intrinsic value for a long period of time, or that a security judged to be undervalued may actually be appropriately priced. In addition, individual securities selected for the Portfolio may underperform the market generally.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#3B6D4B"><b>Disciplined Strategy.</b></font> <font style="font-family:Times New Roman" size="2">The Portfolio will not deviate from its strategy (except to the extent necessary to comply with federal tax laws or other applicable laws). If the Portfolio is committed to a strategy that is unsuccessful, the Portfolio will not meet its investment goal. Because the Portfolio generally will not use certain techniques available to other mutual funds to reduce stock market exposure (<i>e.g.</i>, derivatives), the Portfolio may be more susceptible to general market declines than other mutual funds.</font> </p> As with any mutual fund, there is no guarantee that the Portfolio will be able to achieve its investment goals. If the value of the assets of the Portfolio goes down, you could lose money Shares of the Portfolio are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. PRINCIPAL INVESTMENT STRATEGIES AND TECHNIQUES OF THE PORTFOLIO <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The Portfolio&#8217;s principal investment strategy is value. The value oriented philosophy to which the Portfolio subscribes is that of investing in securities believed to be undervalued in the market. The selection criteria is usually calculated to identify stocks of companies with solid financial strength that have attractive valuations (<i>e.g.</i>, as measured by low price earnings ratios) and that may have generally been overlooked by the market.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The principal investment technique of the Portfolio is to employ a &#8220;buy and hold&#8221; strategy with up to thirty high dividend yielding equity securities selected annually from the Dow Jones Industrial Average and broader market. At least 80% of the Portfolio&#8217;s net assets, plus any borrowing for investment purposes, will be invested in dividend yielding equity securities.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The Portfolio will select up to thirty high dividend yielding common stocks, which will be evaluated and adjusted at the discretion of the portfolio manager on an annual basis. The first ten stocks selected will represent the ten highest yielding stocks within the Dow Jones Industrial Average. The next twenty stocks will be selected from the Russell 1000 Index, although stocks in the financials and utilities sectors will generally be excluded from this twenty stock selection process. The selection criteria for these twenty stocks will generally include dividend yield as well as a combination of factors that relate to profitability and valuation. Selections for the Portfolio may include securities of foreign issuers, but such securities may not exceed 20% of the Portfolio at the time of the annual rebalancing. While the securities selection process will take place on an annual basis, the portfolio manager may, from time to time, substitute certain securities for those selected for the Portfolio or reduce the position size of a portfolio security in between the annual rebalancings, under certain limited circumstances. These circumstances will generally include where a security held by the Portfolio no longer meets the dividend yielding criteria or when the value of a security becomes a disproportionately large percentage of the Portfolio&#8217;s holdings, in the discretion of the portfolio manager.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The annual consideration of the stocks that meet the selection criteria will take place on or about the end of the Focused Dividend Strategy Portfolio&#8217;s fiscal year (October 31). Immediately after the Portfolio buys and sells stock in connection with the Portfolio&#8217;s annual rebalancing, it will hold approximately an equal value of each of the thirty stocks. In other words, the Focused Dividend Strategy Portfolio will invest about 1/30 of its assets in each of the stocks that make up its portfolio. Thereafter, when an investor purchases shares of the Portfolio, the Adviser will generally invest additional funds in the pre-selected stocks based on each stock&#8217;s respective percentage of the Portfolio&#8217;s assets at the time.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The Portfolio employs a strategy to hold stocks between its annual rebalancing, even if there are adverse developments concerning a particular stock, an industry, the economy or the stock market generally. Due to changes in the market value of the stocks held by the Portfolio, it is likely that the weighting of the stocks in its portfolio will fluctuate throughout the course of the year.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The principal investment strategies and principal investment techniques of the Portfolio may be changed without shareholder approval. You will receive at least sixty (60) days&#8217; notice of any change to the 80% investment policy set forth above.</font> </p> EXAMPLE: <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:</font> </p> 669 869 1086 1707 567 817 1092 1768 266 514 887 1933 81 252 439 978 669 869 1086 1707 167 517 892 1768 166 514 887 1933 81 252 439 978 ~ http://sunamerica.com/20130514/role/ScheduleExpenseExampleTransposed20027 column dei_LegalEntityAxis compact ck0001020861_S000007578Member row primary compact * ~ ~ http://sunamerica.com/20130514/role/ScheduleExpenseExampleNoRedemptionTransposed20028 column dei_LegalEntityAxis compact ck0001020861_S000007578Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: FEES AND EXPENSES OF THE PORTFOLIO <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"><b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the SunAmerica fund complex. More information about these and other discounts is available from your financial professional and in the &#8220;Shareholder Account Information-Sales Charge Reductions and Waivers&#8221; section on page 29 of the Portfolio&#8217;s Prospectus and in the &#8220;Additional Information Regarding Purchase of Shares&#8221; section on page B-58 of the Portfolio&#8217;s statement of additional information.</b></font> </p> 0.0575 0.0000 0.0000 0.0000 0.0000 0.0400 0.0100 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.00 0.00 0.00 0.00 0.0035 0.0035 0.0035 0.0035 0.0035 0.0100 0.0100 0.0028 0.0029 0.0028 0.0044 0.0098 0.0164 0.0163 0.0079 ~ http://sunamerica.com/20130514/role/ScheduleShareholderFees20025 column dei_LegalEntityAxis compact ck0001020861_S000007578Member row primary compact * ~ ~ http://sunamerica.com/20130514/role/ScheduleAnnualFundOperatingExpenses20026 column dei_LegalEntityAxis compact ck0001020861_S000007578Member row primary compact * ~ You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the SunAmerica fund complex. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Other expenses with respect to the Class W shares are based on estimated amounts for the current fiscal year since no Class W shares were issued as of the Portfolio's most recent fiscal year end. Purchases of Class A shares of $1 million or more will be subject to a contingent deferred sales charge (CDSC) on redemptions made within two years of purchase. The CDSC on Class B shares applies only if shares are redeemed within six years of their purchase. The CDSC on Class C shares applies only if shares are redeemed within twelve months of their purchase. See pages 28-30 of the Prospectus for more information about the CDSCs. 50000 Shareholder Fees (fees paid directly from your investment) SunAmerica Strategic Value Portfolio SFVAX SFDBX SFVTX INVESTMENT GOAL <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The investment goal of the SunAmerica Strategic Value Portfolio (the &#8220;Portfolio&#8221;) is long-term growth of capital.</font> </p> PERFORMANCE INFORMATION <p style="margin-top:0px;margin-bottom:0px;padding-bottom:0px;"> <font style="font-family:Times New Roman" size="2">The following Risk/Return Bar Chart and Table illustrate the risks of investing in the Portfolio by showing changes in the Portfolio&#8217;s performance from calendar year to calendar year, and compares the Portfolio&#8217;s average annual returns to those of the Russell 3000<font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&#174;</sup></font> Value Index, a broad measure of market performance. Sales charges are not reflected in the Bar Chart. If these amounts were reflected, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Of course, past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. Updated information on the Portfolio&#8217;s performance can be obtained by visiting www.safunds.com or can be obtained by phone at 800-858-8850, ext. 6003.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">Effective March 1, 2011, the name of the Portfolio was changed to the SunAmerica Strategic Value Portfolio and certain corresponding changes were made to the Fund&#8217;s principal investment strategies and techniques. In particular, prior to this date, the Portfolio was managed as a &#8220;focused&#8221; fund. Accordingly, the performance information prior to March 1, 2011 does not reflect the management of the Portfolio in accordance with its current investment strategy and techniques.</font> </p> SUNAMERICA STRATEGIC VALUE PORTFOLIO (Class A) 0.3540 0.1498 0.0336 0.2411 0.0717 -0.4981 0.4763 0.1201 -0.0258 0.1433 ~ http://sunamerica.com/20130514/role/ScheduleAnnualTotalReturnsBarChart20037 column dei_LegalEntityAxis compact ck0001020861_S000007588Member column rr_ProspectusShareClassAxis compact ck0001020861_C000020676Member row primary compact * ~ highest return for a quarter 0.2912 2009-06-30 lowest return for a quarter -0.3277 2008-12-31 <table align="center" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%;"> <tr> <td width="68%"> </td> <td valign="bottom" width="1%"> </td> <td width="31%"> </td> </tr> <tr> <td valign="top"> </td> <td valign="bottom"> <font style="font-size: xx-small;"></font> </td> <td valign="top"> <font style="font-family: Times New Roman; font-size: small;">During the 10-year period shown in the Bar Chart, the highest return for a quarter was 29.12% (quarter ended June 30, 2009) and the lowest return for a quarter was -32.77% (quarter ended December 31, 2008).</font> </td> </tr> </table> 0.0935 -0.0266 0.0651 0.1257 -0.0220 0.0637 0.0778 -0.0272 0.0643 0.0756 -0.0280 0.0579 0.0534 -0.0231 0.0562 0.1755 0.0083 0.0754 ~ http://sunamerica.com/20130514/role/ScheduleAverageAnnualReturnsTransposed20038 column dei_LegalEntityAxis compact ck0001020861_S000007588Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The after-tax returns shown were calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. An investor&#8217;s actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown in the above table. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">After-tax returns are shown only for Class A. After-tax returns for other classes will vary.</font> </p> However, the table includes all applicable fees and sales charges. The after-tax returns shown were calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. The following Risk/Return Bar Chart and Table illustrate the risks of investing in the Portfolio by showing changes in the Portfolio's performance from calendar year to calendar year, and compares the Portfolio's average annual returns to those of the Russell 3000 Value Index, a broad measure of market performance. Of course, past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. After-tax returns are shown only for Class A. After-tax returns for other classes will vary. Sales charges are not reflected in the Bar Chart. If these amounts were reflected, returns would be less than those shown. 800-858-8850, ext. 6003 www.safunds.com Average Annual Total Returns (as of the periods ended December 31, 2012) An investor's actual after-tax returns depend on the investor's tax situation and may differ from those shown in the above table. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. PORTFOLIO TURNOVER: <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 55% of the average value of its portfolio.</font> </p> 0.55 PRINCIPAL INVESTMENT STRATEGIES AND TECHNIQUES OF THE PORTFOLIO <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The Portfolio&#8217;s principal investment strategy is based on value. The value oriented philosophy to which the SunAmerica Strategic Value Portfolio subscribes is that of investing in securities believed to be undervalued in the market. The selection criteria is usually calculated to identify stocks of companies with solid financial strength that have attractive valuations (e.g., as measured by low price earnings ratios) and that may have generally been overlooked by the market.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The principal investment technique of the Portfolio is to employ a &#8220;buy and hold&#8221; strategy with equity securities selected annually from the Russell 3000 Value Index. The portfolio manager selects securities through extensive quantitative research, which includes the use of a multi-factor model that the portfolio manager employs to identify and rank companies within the Russell 3000 Value Index. Through this selection process, the portfolio manager will select approximately 100 securities from the Russell 3000 Value Index. The selection criteria for these securities will generally include a combination of factors that relate to profitability and valuation. The process also includes the use of a multi-factor model that is designed to control the portfolio&#8217;s volatility relative to the Russell 3000 Value Index. While the securities selection process will take place on an annual basis, the portfolio manager may in his discretion, substitute certain securities for those selected for the Portfolio or reduce the position size of a portfolio security in between the annual rebalancings, under certain limited circumstances. These circumstances will generally include where a security held by the Portfolio becomes a disproportionately large percentage of the Portfolio&#8217;s holdings or when the security substantially underperforms relative to the Russell 3000 Value Index.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The Portfolio will be evaluated and adjusted at the discretion of the portfolio manager on an annual basis. The annual consideration of the securities that meet the selection criteria will take place on or about March 1. The Portfolio employs a strategy to hold securities between its annual rebalancings, even if there are adverse developments concerning a particular security, an industry, the economy or the stock market generally.</font> </p> PRINCIPAL RISKS OF INVESTING IN THE PORTFOLIO <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">There can be no assurance that the Portfolio&#8217;s investment goals will be met or that the net return on an investment in the Portfolio will exceed what could have been obtained through other investment or savings vehicles. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. As with any mutual fund, there is no guarantee that the Portfolio will be able to achieve its investment goals. If the value of the assets of the Portfolio goes down, you could lose money.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The following is a summary description of the principal risks of investing in the Fund.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#3B6D4B"><b>Stock Market Volatility and Securities Selection.</b></font> <font style="font-family:Times New Roman" size="2">The Portfolio invests primarily in equity securities. As with any fund that invests in equity securities, the value of your investment in the Portfolio may fluctuate in response to stock market movements. You should be aware that the performance of &#8220;value&#8221; stocks may rise or decline under varying market conditions&#8212;for example, &#8220;growth&#8221; stocks may perform well under circumstances in which value stocks in general have fallen. When investing in value stocks which are believed to be undervalued in the market, there is a risk that the market may not recognize a security&#8217;s intrinsic value for a long period of time, or that a security judged to be undervalued may actually be appropriately priced. In addition, individual securities selected for the Portfolio may underperform the market generally.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#3B6D4B"><b>Disciplined Strategy.</b></font> <font style="font-family:Times New Roman" size="2">The Portfolio will not deviate from its strategy (except to the extent necessary to comply with federal tax laws or other applicable laws). If the Portfolio is committed to a strategy that is unsuccessful, the Portfolio will not meet its investment goal. Because the Portfolio generally will not use certain techniques available to other mutual funds to reduce stock market exposure (<i>e.g.</i>, derivatives), the Portfolio may be more susceptible to general market declines than other mutual funds.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#3B6D4B"><b>Small- and Mid-Market Capitalization.</b></font> <font style="font-family:Times New Roman" size="2">The Portfolio invests in securities without regard to capitalization. Stocks of small-cap companies, and to a lesser extent, mid-cap companies, may be more volatile than, and not as readily marketable as, those of larger companies.</font> </p> As with any mutual fund, there is no guarantee that the Portfolio will be able to achieve its investment goals. If the value of the assets of the Portfolio goes down, you could lose money Shares of the Portfolio are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. EXAMPLE: <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:</font> </p> 718 1019 1341 2252 640 1039 1465 2487 318 673 1154 2483 718 1019 1341 2252 240 739 1265 2487 218 673 1154 2483 ~ http://sunamerica.com/20130514/role/ScheduleExpenseExampleTransposed20035 column dei_LegalEntityAxis compact ck0001020861_S000007588Member row primary compact * ~ ~ http://sunamerica.com/20130514/role/ScheduleExpenseExampleNoRedemptionTransposed20036 column dei_LegalEntityAxis compact ck0001020861_S000007588Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: FEES AND EXPENSES OF THE PORTFOLIO <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"><b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the SunAmerica fund complex. More information about these and other discounts is available from your financial professional and in the &#8220;Shareholder Account Information-Sales Charge Reductions and Waivers&#8221; section on page 29 of the Portfolio&#8217;s Prospectus and in the &#8220;Additional Information Regarding Purchase of Shares&#8221; section on page B-58 of the Portfolio&#8217;s statement of additional information.</b></font> </p> 0.0575 0.0000 0.0000 0.0000 0.0400 0.0100 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.00 0.00 0.00 0.0075 0.0075 0.0075 0.0035 0.0100 0.0100 0.0039 0.0050 0.0040 0.0149 0.0225 0.0215 -0.0012 0.0149 0.0237 0.0215 ~ http://sunamerica.com/20130514/role/ScheduleShareholderFees20033 column dei_LegalEntityAxis compact ck0001020861_S000007588Member row primary compact * ~ ~ http://sunamerica.com/20130514/role/ScheduleAnnualFundOperatingExpenses20034 column dei_LegalEntityAxis compact ck0001020861_S000007588Member row primary compact * ~ You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the SunAmerica fund complex. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Purchases of Class A shares of $1 million or more will be subject to a contingent deferred sales charge (CDSC) on redemptions made within two years of purchase. The CDSC on Class B shares applies only if shares are redeemed within six years of their purchase. The CDSC on Class C shares applies only if shares are redeemed within twelve months of their purchase. See pages 28-30 of the Prospectus for more information about the CDSCs. 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