N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21482

SunAmerica Specialty Series

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

John T. Genoy

Senior Vice President

SunAmerica Asset Management, LLC

Harborside 5,

185 Hudson Street,

Jersey City, NJ 07311

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 2020

Item 1. Reports to Stockholders

  2020 ANNUAL REPORT

SunAmerica Specialty Series

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from a Fund electronically by calling 800-858-8850 or contacting your financial intermediary directly.

You may elect to receive all future reports in paper free of charge. If your account is held directly at the Fund, you can inform the Fund that you wish to receive paper copies of reports by calling 800-858-8850. If your account is held through a financial intermediary, please contact the financial intermediary to make this election. Your election to receive paper will apply to all AIG Funds in which you are invested and may apply to all funds held with your financial intermediary.

Table of Contents

A MESSAGE FROM THE PRESIDENT	2
EXPENSE EXAMPLE	5
STATEMENT OF ASSETS AND LIABILITIES	7
STATEMENT OF OPERATIONS	9
STATEMENT OF CHANGES IN NET ASSETS	11
FINANCIAL HIGHLIGHTS	13
PORTFOLIO OF INVESTMENTS	19
NOTES TO FINANCIAL STATEMENTS	64
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	89
STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM	90
APPROVAL OF THE INVESTMENT ADVISORY AND MANAGEMENT AGREEMENTS AND SUBADVISORY AGREEMENTS	91
TRUSTEE AND OFFICER INFORMATION	97
SHAREHOLDER TAX INFORMATION	99
COMPARISONS: FUNDS vs. INDICES	100

A Message from the President — (unaudited)

Dear Shareholders:

All of us at AIG and SunAmerica Asset Management, along with our Fund subadvisers hope this annual report finds you and yours safe and well during these challenging times.

As the COVID-19 pandemic continues to evolve, know that we remain focused on serving our Fund shareholders. As such, we are pleased to present this annual update for SunAmerica Specialty Series (the “Specialty Series”), including AIG Commodity Strategy Fund, AIG ESG Dividend Fund, AIG Focused Alpha Large-Cap Fund, AIG Focused Growth Fund, AIG Income Explorer Fund and AIG Small-Cap Fund (the “Funds”), covering the 12-month period ended October 31, 2020.

Overall, global bonds and global equities advanced, while commodities generated negative returns. Virtually all asset classes saw volatility surge during the annual period.

Global equities rose as the annual period began in November 2019. In our view, waning recession fears and forecasts for improving global economic growth in 2020 helped bolster investor sentiment, while geopolitics and trade disputes, especially between the U.S. and China, persisted as major drivers of market volatility. In December 2019, the U.S. Administration announced that a “Phase One” trade deal with China had been agreed to in principle, providing significant relief to global markets. U.S. equities were further supported by accommodative U.S. Federal Reserve (“Fed”) policy. The Fed had lowered interest rates by 25 basis points^† in October 2019, its third interest rate cut of the calendar year, but then left rates unchanged for the remainder of the fourth quarter.

Most global equity markets continued to advance as 2020 began, with U.S. equities achieving record highs in February. However, as COVID-19 spread rapidly across the globe, it caused unprecedented disruption to financial markets and economies and soured trade deal optimism between the U.S. and China. Thus, global equities ended the first quarter of 2020 significantly lower. Exacerbating matters was the plunging of the price of oil to its lowest level since 2002, as the world’s largest oil producers failed to agree on reducing output as demand collapsed. Most central banks and governments took extraordinary measures in an effort to limit financial market stress, mitigate the economic fallout and cushion household and business income. The U.S. Fed cut the targeted federal funds rate to near zero and increased the scope of its asset purchase program. Many other developed market central banks also added accommodation, while several emerging market central banks embarked on quantitative easing for the first time. On the fiscal front, the U.S. government enacted a $2 trillion relief bill, unleashing a massive stimulus plan to stem economic damage. For the quarter, U.S. equities, as represented by the S&P 500 Index^*, suffered its fastest-ever decline into a bear market but surged to its best weekly gain in 11 years at the end of the March 2020 on Fed and U.S. government emergency stimulus action. Still, the late surge was not enough to pull the U.S. equity market out of significant losses for the quarter.

Then, in yet another sharp reversal, global equities saw their best quarterly return since December 1999 in the second quarter of 2020 and continued to rise during the third quarter of 2020. Markets were fueled by optimism around successful early-stage trials for a potential COVID-19 vaccine, ongoing fiscal and monetary stimulus and signs global economic activity was improving. As new COVID-19 cases declined in most countries, governments shifted their focus toward gradually lifting lockdown restrictions, even as new cases rose significantly in some areas of the U.S. and as India and much of Latin America struggled to bring the coronavirus under control. Also, oil prices rebounded as the global economy appeared to begin to recover. In the second calendar quarter, U.S. equities rallied to their largest quarterly gain since the fourth quarter of 1998, even as the National Bureau of Economic Research declared in June that a U.S. economic recession had officially begun in February 2020. U.S. equities extended their strong rally in the third calendar quarter, buoyed by better than consensus expected corporate earnings. Still, volatility remained high, as the U.S. grappled with political uncertainty ahead of the November presidential election and the lack of additional fiscal stimulus.

The roller coaster continued, as global equity markets, including the U.S. equity market, then fell in October 2020. Corporate earnings results for many companies that reported in October came in above consensus expectations. However, expectations had been

2

A Message from the President — (unaudited) (continued)

heightened by reports the U.S. economy had grown robustly in the third calendar quarter as businesses resumed activity postponed or restricted by COVID-19. Also, political uncertainty surrounding U.S. elections and spikes in COVID-19 positivity, hospitalization and mortality rates in the U.S. and around the world proved sources of volatility.

The broad global fixed income market posted a positive return for the annual period overall. Despite accommodative central bank policies, government bond yields increased across most markets in the last months of 2019, as global activity indicators stabilized and trade negotiations seemed to progress. Government bond yields in several developed markets, including the U.S., then fell to record lows in the first quarter of 2020, as the COVID-19 pandemic sparked fears of a global economic recession and major central banks engaged in an aggressive easing cycle. Most global government bond yields remained largely range-bound near record lows across most developed markets in the second quarter of 2020, supported by extremely accommodative central bank purchase programs. In the last four months of the annual period, yield curves steepened, led by increases in yields on longer-term maturities in several developed markets, while most other government bond yields generally drifted lower. The Fed extended its emergency liquidity provisions through the end of 2020 and unveiled a new inflation policy framework that will allow inflation to modestly exceed 2% without a hawkish^†† policy response. This low-for-longer and inflation tolerance policy stance by the Fed prompted the sell-off in longer-dated securities, while strong demand for government bonds as a perceived “safe haven” kept short-to-intermediate-term yields low. In October, the 10-year U.S. Treasury yield rose, which seemed to reflect rising hopes of economic stimulus, and credit sectors and securitized sectors outperformed duration-equivalent government bonds. Most non-government bond sectors underperformed the broad fixed income market for the annual period overall, but still posted positive absolute returns. The primary exceptions were investment grade corporate bonds and Treasury inflation protected securities, which performed especially strongly during the annual period.

Commodities were challenged during the annual period overall. At the end of 2019, commodities gained across all four sectors. However, in the first quarter of 2020, commodities faced severe headwinds, led down by the energy sector, as oil prices fell sharply after an OPEC+^††† agreement to curtail production disintegrated. Only precious metals gained, supported by an increase in gold prices, as investors flocked to what were perceived as “safe haven” assets. In the second and third quarters of 2020, commodities broadly advanced. Energy prices rose, supported by an improving global demand outlook as economies gradually began to reopen. Industrial metals rose as mine closures caused supply disruptions. Precious metals lifted despite the gradual reopening of economies, with gold prices closing above $1,800 per ounce for the first time in more than eight years, as low interest rates and a resurgence of COVID-19 cases increased demand. Commodities ended the month of October lower, with energy once again the weakest performing sector, as it was for the annual period overall. Agriculture and livestock also declined for the annual period as whole, while precious metals and industrial metals rose.

During the annual period overall, developed market equities, as measured by the 4.36% return of the MSCI World Index^*, underperformed emerging market equities, as measured by the 8.25% return of the MSCI Emerging Markets Index^*. Among the developed markets, U.S. equities, as measured by the 9.71% return of the S&P 500 Index^*, significantly outperformed non-U.S. equities, as measured by the -6.86% return of the MSCI EAFE Index^*. Within the U.S. equity market, large-cap stocks performed best, followed at some distance by mid-cap stocks. Small-cap stocks posted a modest negative return during the annual period. Growth stocks significantly outpaced valued stocks across the capitalization spectrum. U.S. bonds, as presented by the Bloomberg Barclays U.S. Aggregate Bond Index^*, and global bonds, as represented by the Bloomberg Barclays Global Aggregate Bond Index^*, posted returns of 6.19% and 5.63%, respectively, for the annual period overall. The Bloomberg Barclays U.S. Treasury Index^*, returned 6.95%, while international government bonds, as represented by the FTSE Non-U.S. WGBI (USD, hedged)^*, returned 3.06%. Commodities, as represented by the Bloomberg Commodity Index^*, returned -8.75% for the same annual period.

On the following pages, you will find the financial statements and portfolio information for each of the Specialty Series Funds for the annual period ended October 31, 2020. You will also find a comprehensive review of the portfolios’ performance and management strategies over the same annual period.

Thank you for being a part of the Specialty Series Funds. We value your ongoing confidence in us and look forward to serving your investment needs in the future. As always, if you have any questions regarding your investments, please contact your financial professional or get in touch with us directly at 800-858-8850 or via our website at www.aig.com/funds.

3

A Message from the President — (unaudited) (continued)

Sincerely,

Sharon French

President & CEO

SunAmerica Asset Management, LLC

Past performance is no guarantee of future results. Diversification and asset allocation do not guarantee a profit nor protect against a loss.

* The MSCI World Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of 23 developed markets. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of 26 emerging markets. The S&P 500 Index is an unmanaged, weighted index of 500 large company stocks that is widely recognized as representative of the performance of the U.S. stock market. The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of 21 developed markets, excluding the U.S. and Canada. The Bloomberg Barclays U.S. Aggregate Bond Index represented securities that are U.S. domestic, taxable and dollar denominated. The index covers components for government and corporate securities, mortgage pass-through securities and asset-backed securities. The Bloomberg Barclays Global Aggregate Bond Index provides a broad-based measure of the global investment-grade fixed income markets. The Bloomberg Barclays U.S. Treasury Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury. The FTSE WGBI (World Government Bond Index) (USD, hedged) is a market capitalization-weighted bond index consisting of the government bond markets of more than 20 countries, including all fixed-rate bonds with a remaining maturity of one year or longer and with amounts outstanding of at least the equivalent of US$50 billion. The Bloomberg Commodity Index is a broadly diversified index made up of 23 exchange-traded futures on physical commodities weighted to account for economic significance and market liquidity. Indices are not managed and an investor cannot invest directly into an index.

† A basis point is 1/100^th of a percentage point.

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

††† OPEC+ is composed of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries, most notably Russia.

The AIG Commodity Strategy Fund is not a complete investment program and should not be an investor’s sole investment because its performance is linked to the performance of highly volatile commodities. Investors should consider buying shares of the AIG Commodity Strategy Fund only as part of an overall portfolio strategy that includes other asset classes, such as fixed income and equity investments. Investors in the AIG Commodity Strategy Fund should be willing to assume greater risks of potentially significant short-term share price fluctuation because of the AIG Commodity Strategy Fund’s investments in commodity-linked derivative instruments.

The risks associated with the use of futures contracts by the AIG Commodity Strategy Fund include the risk that: (i) changes in the price of a futures contract may not always track the changes in market value of the underlying reference assets; (ii) trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in futures contracts; and (iii) if the Fund has insufficient cash to meet margin requirements, the Fund may need to sell other investments, including at disadvantageous times. Forwards are not exchange-traded and therefore no clearing house or exchange stands ready to meet the obligations of the contracts. Thus, the Fund faces the risk that its counterparties may not perform their obligations. Investments that provide exposure to foreign markets involve special risks, such as currency fluctuations, differing financial reporting and regulatory standards, and economic and political instability. These risks are highlighted when the issuer is in an emerging market. Fixed income securities and currency and fixed income futures are subject to changes in their value when prevailing interest rates change. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from futures instruments that are tied to foreign instruments or currencies. The Fund also has exposure to the commodities markets, which may subject it to greater volatility than investments in traditional securities. The AIG Commodity Strategy Fund expects to invest a significant portion of its assets in repurchase agreements collateralized by the U.S. government and its agencies and may also invest in other high quality, short-term securities (“money market instruments”). The primary purpose of the repurchase agreements and other money market instruments held by the Fund will be to serve as collateral for the futures instruments. The Fund’s investments in repurchase agreements involve certain risks involving the default or insolvency of the seller and counterparty risk (i.e., the risk that the counterparty will not perform its obligations). The Fund’s returns are expected to be derived principally from changes in the value of the assets underlying the futures instruments held by the Fund. Active trading of the Fund’s portfolio may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Fund and which will affect the Fund’s performance. Active trading may also result in increased tax liability for Fund shareholders. Investors should note that the ability of the subadviser to successfully implement the Fund’s strategies, including the proprietary investment processes used by the subadviser, will influence the performance of the Fund significantly.

Focused funds are less diversified than typical mutual funds; therefore, the performance of each holding in a focused fund has a greater impact upon the overall portfolio, which increases risk. Stocks of small-cap and mid-cap companies are generally more volatile than and not as readily marketable as those of larger companies and may have fewer resources and a greater risk of business failure than do large companies.

4

SunAmerica Specialty Series

EXPENSE EXAMPLE — October 31, 2020 — (unaudited)

Disclosure of Fund Expenses in Shareholder Reports

As a shareholder of a Fund (each a “Fund” and collectively, the “Funds”) in the SunAmerica Specialty Series (the “Trust”), you may incur two types of costs: (1) transaction costs, including applicable sales charges (loads) on purchase payments and contingent deferred sales charges and (2) ongoing costs, including management fees; distribution and account maintenance fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at May 1, 2020 and held until October 31, 2020.

Actual Expenses

The “Actual” section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Expenses Paid During the Six Months Ended October 31, 2020” to estimate the expenses you paid on your account during this period. For shareholder accounts in classes other than Class W, the “Expenses Paid During the Six Months Ended October 31, 2020” column and the “Annualized Expense Ratio” column do not include small account fees that may be charged if your account balance is below $500 ($250 for retirement plan accounts). In addition, the “Expenses Paid During the Six Months Ended October 31, 2020” column and the “Annualized Expense Ratio” column do not include administrative or other fees that may apply to qualified retirement plan accounts and accounts held through financial institutions. See the Funds’ prospectuses, your retirement plan document and/or materials from your financial advisers for a full description of these fees. Had these fees been included, the “Expenses Paid During the Six Months Ended October 31, 2020” column would have been higher and the “Ending Account Value” column would have been lower.

Hypothetical Example for Comparison Purposes

The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an annual rate of return of 5% before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. For shareholder accounts in classes other than Class W, the “Expenses Paid During the Six Months Ended October 31, 2020” column and the “Annualized Expense Ratio” column do not include small account fees that may be charged if your account balance is below $500 ($250 for retirement plan accounts). In addition, the “Expenses Paid During the Six Months Ended October 31, 2020” column and the “Annualized Expense Ratio” column do not include administrative or other fees that may apply to qualified retirement plan accounts and accounts held through financial institutions. See the Funds’ prospectuses, your retirement plan document and/or materials from your financial advisers for a full description of these fees. Had these fees been included, the “Expenses Paid During the Six Months Ended October 31, 2020” column would have been higher and the “Ending Account Value” column would have been lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, including sales charges on purchase payments, contingent deferred sales charges; small account fees and administrative fees, if applicable, to your account. Please refer to the Funds’ prospectus, your retirement plan document and/or materials from your financial adviser, for more information. Therefore, the “Hypothetical” example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs and other fees were included, your costs would have been higher.

5

SunAmerica Specialty Series

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

	Actual						Hypothetical
	Beginning Account Value at May 1, 2020		Ending Account Value Using Actual Return at October 31, 2020		Expenses Paid During the Six Months Ended October 31, 2020*		Beginning Account Value at May 1, 2020		Ending Account Value Using a Hypothetical 5% Annual Return at October 31, 2020		Expenses Paid During the Six Months Ended October 31, 2020*		Annualized Expense Ratio*
AIG Commodity Strategy Fund@
Class A#	$	1,000.00	$	1,161.74	$	9.35	$	1,000.00	$	1,016.49	$	8.72		1.72	%
Class C#	$	1,000.00	$	1,157.02	$	12.85	$	1,000.00	$	1,013.22	$	11.99		2.37	%
Class W#	$	1,000.00	$	1,161.48	$	8.26	$	1,000.00	$	1,017.50	$	7.71		1.52	%
AIG ESG Dividend Fund
Class A#	$	1,000.00	$	1,121.35	$	6.03	$	1,000.00	$	1,019.46	$	5.74		1.13	%
Class C#	$	1,000.00	$	1,116.94	$	9.47	$	1,000.00	$	1,016.19	$	9.02		1.78	%
Class W#	$	1,000.00	$	1,122.43	$	4.96	$	1,000.00	$	1,020.46	$	4.72		0.93	%
AIG Focused Alpha Large-Cap Fund
Class A	$	1,000.00	$	1,125.05	$	8.76	$	1,000.00	$	1,016.89	$	8.31		1.64	%
Class C	$	1,000.00	$	1,121.21	$	12.37	$	1,000.00	$	1,013.47	$	11.74		2.32	%
Class W#	$	1,000.00	$	1,126.06	$	8.02	$	1,000.00	$	1,017.60	$	7.61		1.50	%
AIG Focused Growth Fund
Class A#	$	1,000.00	$	1,297.91	$	6.53	$	1,000.00	$	1,019.46	$	5.74		1.13	%
Class C#	$	1,000.00	$	1,294.20	$	10.26	$	1,000.00	$	1,016.19	$	9.02		1.78	%
Class W#	$	1,000.00	$	1,299.71	$	5.38	$	1,000.00	$	1,020.46	$	4.72		0.93	%
AIG Income Explorer Fund
Class A#	$	1,000.00	$	1,022.73	$	5.03	$	1,000.00	$	1,020.16	$	5.03		0.99	%
Class C#	$	1,000.00	$	1,020.28	$	8.33	$	1,000.00	$	1,016.89	$	8.31		1.64	%
Class W#	$	1,000.00	$	1,023.73	$	4.02	$	1,000.00	$	1,021.17	$	4.01		0.79	%
AIG Small-Cap Fund
Class A#	$	1,000.00	$	1,136.64	$	6.71	$	1,000.00	$	1,018.85	$	6.34		1.25	%
Class C#	$	1,000.00	$	1,133.60	$	10.19	$	1,000.00	$	1,015.58	$	9.63		1.90	%
Class W#	$	1,000.00	$	1,138.42	$	5.64	$	1,000.00	$	1,019.86	$	5.33		1.05	%

* Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184 days then divided by 366 days (to reflect the one-half year period).

These ratios do not reflect transaction costs, including sales charges on purchase payments, contingent deferred sales charges, small account fees and administrative fees, if applicable to your account. Please refer to your Prospectus, your retirement plan document and/or materials from your financial adviser, for more information.

# During the stated period, the investment adviser either waived a portion of or all of the fees and assumed a portion of or all expenses for the Funds or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. As a result, if these fees and expenses had not been waived or assumed, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Six Months Ended October 31, 2020” and the “Annualized Expense Ratio” would have been higher. If these fees and expenses had not been recouped, the “Actual/Hypothetical Ending Account Value” would have been higher and the “Actual/Hypothetical Expenses Paid During the Six Months Ended October 31, 2020” and the “Annualized Expense Ratio” would have been lower.

@ Consolidated (see Note 2 to Notes to Financial Statements)

6

SunAmerica Specialty Series

STATEMENT OF ASSETS AND LIABILITIES — October 31, 2020

	AIG Commodity Strategy Fund#		AIG ESG Dividend Fund		AIG Focused Alpha Large-Cap Fund		AIG Focused Growth Fund		AIG Income Explorer Fund		AIG Small-Cap Fund
ASSETS:
Investments at value (unaffiliated)*	$	17,361,360	$	35,887,746	$	626,753,992	$	585,337,059	$	34,703,081	$	34,324,913
Repurchase agreements (cost approximates value)		6,045,000		505,000		—		—		164,000		750,000
Cash		3,643		857		7,075,480		44,134,398		—		116,167
Foreign cash*		—		—		—		—		12,791		—
Receivable for:
Shares of beneficial interest sold		221		57,961		251,224		269,087		6,175		8,283
Dividends and interest		906		68,217		1,084,925		—		112,730		4,574
Investments sold		—		—		—		—		561,672		884
Investments sold on an extended settlement basis		—		—		—		—		12,649		18,453
Receipts on swap contracts		117,984		—		—		—		—		—
Prepaid expenses and other assets		6,065		1,959		28,853		48,094		6,053		6,347
Cash collateral for futures contracts		1,793,344		—		—		—		—		20
Due from investment adviser for expense reimbursements/fee waivers		45,693		34,402		9,032		215,706		44,939		69,792
Variation margin on futures contracts		97,406		—		—		—		—		—
Total assets		25,471,622		36,556,142		635,203,506		630,004,344		35,624,090		35,299,433
LIABILITIES:
Payable for:
Shares of beneficial interest redeemed		5,172		32,979		293,911		376,303		81,937		13,880
Investments purchased		—		—		—		—		—		1,722
Investment advisory and management fees		21,539		23,894		566,968		562,762		31,305		31,314
Distribution and account maintenance fees		7,690		10,724		207,427		219,175		11,975		11,537
Transfer agent fees and expenses		7,842		8,488		170,614		178,647		8,794		10,725
Trustees’ fees and expenses		—		31		630		567		41		39
Other accrued expenses		151,929		84,929		162,464		151,906		82,579		141,379
Call and put options written, at value@		17,160		—		—		—		—		—
Variation margin on futures contracts		63,654		—		—		—		—		11,880
Due to custodian		—		—		—		—		39,825		—
Total liabilities		274,986		161,045		1,402,014		1,489,360		256,456		222,476
NET ASSETS	$	25,196,636	$	36,395,097	$	633,801,492	$	628,514,984	$	35,367,634	$	35,076,957

# Consolidated (see Note 2)

See Notes to Financial Statements

7

SunAmerica Specialty Series

STATEMENT OF ASSETS AND LIABILITIES — October 31, 2020 — (continued)

	AIG Commodity Strategy Fund#			AIG ESG Dividend Fund		AIG Focused Alpha Large-Cap Fund		AIG Focused Growth Fund		AIG Income Explorer Fund			AIG Small-Cap Fund
NET ASSETS REPRESENTED BY:
Paid-in capital	$	120,606,570		$	36,286,966	$	459,818,070	$	353,905,434	$	41,205,318		$	34,980,738
Total accumulated earnings (loss)		(95,409,934	)		108,131		173,983,422		274,609,550		(5,837,684	)		96,219
Net assets	$	25,196,636		$	36,395,097	$	633,801,492	$	628,514,984	$	35,367,634		$	35,076,957
*Cost
Investments (unaffiliated)	$	17,461,515		$	34,942,283	$	512,105,527	$	373,048,883	$	38,434,977		$	32,987,246
Foreign cash	$	—		$	—	$	—	$	—	$	12,744		$	—
@Premiums received on options written	$	14,988		$	—	$	—	$	—	$	—		$	—
Class A (unlimited shares authorized):
Net assets	$	24,308,673		$	27,061,296	$	574,027,999	$	539,061,163	$	30,766,411		$	31,578,633
Shares of beneficial interest issued and outstanding		4,130,505			1,915,229		20,066,865		17,378,074		2,276,900			2,085,899
Net asset value and redemption price per share (excluding any applicable contingent deferred sales charge)	$	5.89		$	14.13	$	28.61	$	31.02	$	13.51		$	15.14
Maximum sales charge (5.75% of offering price)		0.36			0.86		1.75		1.89		0.82			0.92
Maximum offering price to public	$	6.25		$	14.99	$	30.36	$	32.91	$	14.33		$	16.06
Class C (unlimited shares authorized):
Net assets	$	248,911		$	1,529,639	$	21,652,719	$	48,422,626	$	2,402,342		$	1,571,447
Shares of beneficial interest issued and outstanding		44,486			108,087		824,157		1,709,455		178,015			109,601
Net asset value, offering and redemption price per share (excluding any applicable contingent deferred sales charge)	$	5.60		$	14.15	$	26.27	$	28.33	$	13.50		$	14.34
Class W (unlimited shares authorized):
Net assets	$	639,052		$	7,804,162	$	38,120,774	$	41,031,195	$	2,198,881		$	1,926,877
Shares of beneficial interest issued and outstanding		107,034			552,384		1,305,267		1,289,224		162,899			125,295
Net asset value, offering and redemption price per share	$	5.97		$	14.13	$	29.21	$	31.83	$	13.50		$	15.38

# Consolidated (see Note 2)

See Notes to Financial Statements

8

SunAmerica Specialty Series

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

	AIG Commodity Strategy Fund#			AIG ESG Dividend Fund			AIG Focused Alpha Large-Cap Fund			AIG Focused Growth Fund			AIG Income Explorer Fund			AIG Small-Cap Fund
INVESTMENT INCOME:
Dividends (unaffiliated)	$	—		$	1,020,901		$	9,992,057		$	3,243,695		$	1,776,579		$	327,597
Interest (unaffiliated)		204,459			389			—			—			62,520			550
Total investment income*		204,459			1,021,290			9,992,057			3,243,695			1,839,099			328,147
EXPENSES:
Investment advisory and management fees		309,943			231,635			6,236,245			5,676,772			396,953			381,010
Distribution and account maintenance fees:
Class A		83,314			79,804			1,893,264			1,630,975			114,529			114,070
Class C		6,480			8,834			302,079			497,117			29,512			18,762
Service fees:
Class W		1,480			9,688			41,496			61,495			5,340			4,529
Transfer agent fees and expenses:
Class A		59,995			52,738			1,362,636			1,198,168			76,670			81,369
Class C		2,860			3,751			81,297			119,943			7,965			6,647
Class W		3,205			15,579			63,789			92,292			9,037			7,845
Registration fees:
Class A		23,170			20,674			37,347			34,700			24,331			22,367
Class C		13,177			12,815			14,606			15,527			14,662			12,970
Class W		13,248			16,204			15,835			16,665			16,742			13,517
Custodian and accounting fees		117,334			15,042			47,467			40,163			9,789			67,680
Reports to shareholders		17,734			13,703			127,729			106,697			37,449			19,119
Audit and tax fees		79,981			56,157			48,797			48,761			65,454			44,371
Legal fees		36,192			28,056			94,610			86,031			92,286			31,306
Trustees’ fees and expenses		2,109			2,310			48,777			43,468			3,229			21,508
Interest expense		—			—			889			8,055			141			905
Other expenses		68,740			50,111			3,644			(21,543	)		57,516			84,019
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		838,962			617,101			10,420,507			9,655,286			961,605			931,994
Fees waived and expenses (reimbursed)/recouped by investment advisor (see Note 4)		(392,753	)		(272,947	)		3,047			(2,998,175	)		(448,610	)		(448,573	)
Fees paid indirectly (see Note 9)		—			—			(7,583	)		(18,617	)		—			—
Net expenses		446,209			344,154			10,415,971			6,638,494			512,995			483,421
Net investment income (loss)	$	(241,750	)	$	677,136		$	(423,914	)	$	(3,394,799	)	$	1,326,104		$	(155,274	)

# Consolidated (see Note 2)

See Notes to Financial Statements

9

SunAmerica Specialty Series

STATEMENT OF OPERATIONS — For the year ended October 31, 2020 — (continued)

	AIG Commodity Strategy Fund#			AIG ESG Dividend Fund			AIG Focused Alpha Large-Cap Fund		AIG Focused Growth Fund		AIG Income Explorer Fund			AIG Small-Cap Fund
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)	$	1,052		$	(695,146	)	$	60,065,832	$	66,022,233	$	(1,470,059	)	$	(1,015,640	)
Futures contracts		(1,813,153	)		—			—		—		—			258,039
Forward contracts		—			—			—		—		(8,469	)		—
Swap contracts		(958,890	)		—			—		—		—			—
Written options contracts		16,348			—			—		—		—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		7			—			—		—		1,772			—
Net realized gain (loss) on investments and foreign currencies		(2,754,636	)		(695,146	)		60,065,832		66,022,233		(1,476,756	)		(757,601	)
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		41,902			335,008			7,503,289		107,196,355		(4,286,058	)		(1,166,635	)
Futures contracts		418,398			—			—		—		—			(17,836	)
Forward contracts		—			—			—		—		10,197			—
Swap contracts		(48,409	)		—			—		—		—			—
Written options contracts		2,419			—			—		—		—			—
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		—			—			—		—		(2,711	)		—
Net unrealized gain (loss) on investments and foreign currencies		414,310			335,008			7,503,289		107,196,355		(4,278,572	)		(1,184,471	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(2,340,326	)		(360,138	)		67,569,121		173,218,588		(5,755,328	)		(1,942,072	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(2,582,076	)	$	316,998		$	67,145,207	$	169,823,789	$	(4,429,224	)	$	(2,097,346	)
*   Net of foreign withholding taxes on interest and dividends of	$	—		$	—		$	305,164	$	—	$	38,385		$	247

# Consolidated (see Note 2)

See Notes to Financial Statements

10

SunAmerica Specialty Series

STATEMENT OF CHANGES IN NET ASSETS

	AIG Commodity Strategy Fund#						AIG ESG Dividend Fund						AIG Focused Alpha Large-Cap Fund
	For the year ended October 31, 2020			For the year ended October 31, 2019			For the year ended October 31, 2020			For the year ended October 31, 2019			For the year ended October 31, 2020			For the year ended October 31, 2019
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	(241,750	)	$	174,932		$	677,136		$	651,401		$	(423,914	)	$	(237,713	)
Net realized gain (loss) on investments and foreign currencies		(2,754,636	)		(3,598,811	)		(695,146	)		(127,868	)		60,065,832			66,021,600
Net unrealized gain (loss) on investments and foreign currencies		414,310			1,674,627			335,008			943,313			7,503,289			(6,772,830	)
Net increase (decrease) in net assets resulting from operations		(2,582,076	)		(1,749,252	)		316,998			1,466,846			67,145,207			59,011,057
Distributions to shareholders from:
Distributable earnings (Class A)		(200,116	)		(22,154	)		(531,166	)		(2,167,817	)		(58,678,098	)		(95,234,176	)
Distributable earnings (Class C)		—			—			(20,732	)		(41,456	)		(3,831,158	)		(6,231,964	)
Distributable earnings (Class W)		(15,522	)		(3,578	)		(165,823	)		(366,322	)		(2,242,153	)		(3,202,795	)
Return of Capital (Class A)		—			—			—			—			—			—
Return of Capital (Class C)		—			—			—			—			—			—
Return of Capital (Class W)		—			—			—			—			—			—
Total distributions to shareholders		(215,638	)		(25,732	)		(717,721	)		(2,575,595	)		(64,751,409	)		(104,668,935	)
Net increase (decrease) in net assets resulting from capital share transactions (see Note 7)		(4,613,564	)		(1,999,689	)		5,822,274			6,227,356			3,641,371			45,531,906
Total increase (decrease) in net assets		(7,411,278	)		(3,774,673	)		5,421,551			5,118,607			6,035,169			(125,972	)
NET ASSETS:
Beginning of period		32,607,914			36,382,587			30,973,546			25,854,939			627,766,323			627,892,295
End of period	$	25,196,636		$	32,607,914		$	36,395,097		$	30,973,546		$	633,801,492		$	627,766,323

# Consolidated (see Note 2)

See Notes to Financial Statements

11

SunAmerica Specialty Series

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	AIG Focused Growth Fund						AIG Income Explorer Fund						AIG Small-Cap Fund
	For the year ended October 31, 2020			For the year ended October 31, 2019			For the year ended October 31, 2020			For the year ended October 31, 2019			For the year ended October 31, 2020			For the year ended October 31, 2019
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	(3,394,799	)	$	(3,182,880	)	$	1,326,104		$	2,105,919		$	(155,274	)	$	(243,327	)
Net realized gain (loss) on investments and foreign currencies		66,022,233			54,586,958			(1,476,756	)		(478,481	)		(757,601	)		306,855
Net unrealized gain (loss) on investments and foreign currencies		107,196,355			(29,287,154	)		(4,278,572	)		4,026,041			(1,184,471	)		(3,267,805	)
Net increase (decrease) in net assets resulting from operations		169,823,789			22,116,924			(4,429,224	)		5,653,479			(2,097,346	)		(3,204,277	)
Distributions to shareholders from:
Distributable earnings (Class A)		(44,655,419	)		(94,208,878	)		(1,114,943	)		(2,180,601	)		(850,619	)		(4,719,487	)
Distributable earnings (Class C)		(5,435,185	)		(13,637,145	)		(80,194	)		(197,819	)		(60,201	)		(299,248	)
Distributable earnings (Class W)		(4,641,014	)		(14,308,470	)		(120,883	)		(336,621	)		(131,949	)		(1,238,362	)
Return of Capital (Class A)		—			—			(67,487	)		—			—			—
Return of Capital (Class C)		—			—			(4,854	)		—			—			—
Return of Capital (Class W)		—			—			(7,317	)		—			—			—
Total distributions to shareholders		(54,731,618	)		(122,154,493	)		(1,395,678	)		(2,715,041	)		(1,042,769	)		(6,257,097	)
Net increase (decrease) in net assets resulting from capital share transactions (see Note 7)		(31,987,680	)		7,266,843			(2,280,078	)		(14,458,759	)		(7,320,675	)		(15,377,156	)
Total increase (decrease) in net assets		83,104,491			(92,770,726	)		(8,104,980	)		(11,520,321	)		(10,460,790	)		(24,838,530	)
NET ASSETS:
Beginning of period		545,410,493			638,181,219			43,472,614			54,992,935			45,537,747			70,376,277
End of period	$	628,514,984		$	545,410,493		$	35,367,634		$	43,472,614		$	35,076,957		$	45,537,747

See Notes to Financial Statements

12

SunAmerica Specialty Series

FINANCIAL HIGHLIGHTS

Period Ended	Net Asset Value beginning of period		Net investment income(1)			Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains		Total Distri- butions			Net Asset Value end of period		Total Return(2)			Net Assets end of period (000’s)		Ratio of expenses to average net assets(3)			Ratio of net investment income to average net assets(3)			Portfolio Turnover
AIG COMMODITY STRATEGY FUND#
Class A
10/31/16	$	7.40	$	(0.10	)	$	(0.22	)	$	(0.32	)	$	—		$	—	$	—		$	7.08		(4.32	)%	$	35,228		1.72	%		(1.40	)%		50	%
10/31/17		7.08		(0.07	)		0.12			0.05			—			—		—			7.13		0.71			35,015		1.73			(0.98	)		49
10/31/18		7.13		(0.01	)		(0.26	)		(0.27	)		(0.01	)		—		(0.01	)		6.85		(3.75	)		32,602		1.72			(0.14	)		1
10/31/19		6.85		0.04			(0.37	)		(0.33	)		(0.00	)		—		(0.00	)		6.52		(4.75	)		29,938		1.72			0.54			62
10/31/20		6.52		(0.06	)		(0.52	)		(0.58	)		(0.05	)		—		(0.05	)		5.89		(8.98	)		24,309		1.72			(0.94	)		1
Class C
10/31/16	$	7.20	$	(0.14	)	$	(0.22	)	$	(0.36	)	$	—		$	—	$	—		$	6.84		(5.00	)%	$	3,478		2.37	%		(2.06	)%		50	%
10/31/17		6.84		(0.11	)		0.12			0.01			—			—		—			6.85		0.15			2,755		2.38			(1.65	)		49
10/31/18		6.85		(0.06	)		(0.25	)		(0.31	)		—			—		—			6.54		(4.53	)		1,908		2.37			(0.83	)		1
10/31/19		6.54		(0.01	)		(0.34	)		(0.35	)		—			—		—			6.19		(5.35	)		1,051		2.37			(0.09	)		62
10/31/20		6.19		(0.09	)		(0.50	)		(0.59	)		—			—		—			5.60		(9.53	)		249		2.37			(1.45	)		1
Class W
10/31/16	$	7.47	$	(0.09	)	$	(0.21	)	$	(0.30	)	$	—		$	—	$	—		$	7.17		(4.02	)%	$	1,958		1.52	%		(1.21	)%		50	%
10/31/17		7.17		(0.06	)		0.12			0.06			—			—		—			7.23		0.84			1,651		1.53			(0.79	)		49
10/31/18		7.23		0.01			(0.27	)		(0.26	)		(0.03	)		—		(0.03	)		6.94		(3.64	)		1,873		1.52			0.08			1
10/31/19		6.94		0.05			(0.36	)		(0.31	)		(0.02	)		—		(0.02	)		6.61		(4.52	)		1,618		1.52			0.73			62
10/31/20		6.61		(0.03	)		(0.55	)		(0.58	)		(0.06	)		—		(0.06	)		5.97		(8.79	)		639		1.52			(0.52	)		1

# Consolidated (see Note 2)

(1) Calculated based upon average shares outstanding.

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

(3) Net of following expense reimbursements, waivers and (recoupments), if applicable (based on average net assets):

	10/31/16			10/31/17			10/31/18			10/31/19			10/31/20
Commodity Strategy Fund Class A		0.85	%		0.92	%		0.83	%		1.08	%		1.42	%
Commodity Strategy Fund Class C		1.21			1.25			1.45			1.96			3.51
Commodity Strategy Fund Class W		1.48			1.52			1.49			1.93			2.69

See Notes to Financial Statements

13

SunAmerica Specialty Series

FINANCIAL HIGHLIGHTS — (continued)

Period Ended	Net Asset Value beginning of period		Net investment income(1)		Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total Distri- butions			Net Asset Value end of period		Total Return(2)			Net Assets end of period (000’s)		Ratio of expenses to average net assets(3)			Ratio of net investment income to average net assets(3)			Portfolio Turnover
AIG ESG DIVIDEND FUND
Class A
12/16/16@-
10/31/17	$	15.00	$	0.25	$	0.56		$	0.81		$	—		$	—		$	—		$	15.81		5.40	%	$	24,913		1.25	%(4)		1.92	%(4)		18	%
10/31/18		15.81		0.30		0.37			0.67			(0.51	)		(0.09	)		(0.60	)		15.88		4.26	(5)		22,973		1.25			1.84			57
10/31/19		15.88		0.33		0.28			0.61			(0.29	)		(1.24	)		(1.53	)		14.96		4.35			20,874		1.14			2.22			51
10/31/20		14.96		0.30		(0.81	)		(0.51	)		(0.32	)		—			(0.32	)		14.13		(3.23	)		27,061		1.13			2.19			70
Class C
12/16/16@-
10/31/17	$	15.00	$	0.16	$	0.56		$	0.72		$	—		$	—		$	—		$	15.72		4.80	%	$	365		1.90	%(4)		1.22	%(4)		18	%
10/31/18		15.72		0.19		0.38			0.57			(0.34	)		(0.09	)		(0.43	)		15.86		3.59	(5)		384		1.90			1.18			57
10/31/19		15.86		0.21		0.31			0.52			(0.20	)		(1.24	)		(1.44	)		14.94		3.71			1,019		1.78			1.51			51
10/31/20		14.94		0.21		(0.76	)		(0.55	)		(0.24	)		—			(0.24	)		14.15		(3.58	)		1,530		1.78			1.53			70
Class W
12/16/16@-
10/31/17	$	15.00	$	0.28	$	0.56		$	0.84		$	—		$	—		$	—		$	15.84		5.60	%	$	352		1.05	%(4)		2.06	%(4)		18	%
10/31/18		15.84		0.31		0.40			0.71			(0.57	)		(0.09	)		(0.66	)		15.89		4.48	(5)		2,498		1.05			1.99			57
10/31/19		15.89		0.34		0.30			0.64			(0.32	)		(1.24	)		(1.56	)		14.97		4.57			9,080		0.93			2.46			51
10/31/20		14.97		0.33		(0.82	)		(0.49	)		(0.35	)		—			(0.35	)		14.13		(3.11	)		7,804		0.93			2.34			70

@ Commencement of operations.

(1) Calculated based upon average shares outstanding.

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

(3) Net of following expense reimbursements, waivers and (recoupments), if applicable (based on average net assets):

	10/31/17(4)			10/31/18			10/31/19			10/31/20
ESG Dividend Fund Class A		1.25	%		0.75	%		0.81	%		0.82	%
ESG Dividend Fund Class C		4.56			2.88			1.87			1.56
ESG Dividend Fund Class W		5.15			1.41			0.93			0.99

(4) Annualized

(5) The Fund’s performance figure was increased by 0.66% from a reimbursement of losses resulting from an investment restriction violation.

See Notes to Financial Statements

14

SunAmerica Specialty Series

FINANCIAL HIGHLIGHTS — (continued)

Period Ended	Net Asset Value beginning of period		Net investment income (loss)(1)			Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Dividends from net investment income		Distributions from net realized gains			Total Distri- butions			Net Asset Value end of period		Total Return(2)			Net Assets end of period (000's)		Ratio of expenses to average net assets(3)			Ratio of net investment income (loss) to average net assets(3)			Portfolio Turnover
AIG FOCUSED ALPHA LARGE-CAP  FUND
Class A
10/31/16	$	26.56	$	(0.11	)	$	(0.14	)	$	(0.25	)	$	—	$	(2.61	)	$	(2.61	)	$	23.70		(0.91	)%	$	413,090		1.67	%		(0.47	)%		38	%
10/31/17		23.70		(0.07	)		8.28			8.21			—		—			—			31.91		34.64			505,796		1.65			(0.26	)		68
10/31/18		31.91		(0.06	)		2.30			2.24			—		(2.73	)		(2.73	)		31.42		7.46			572,092		1.64			(0.20	)		65
10/31/19		31.42		(0.00	)		2.42			2.42			—		(5.28	)		(5.28	)		28.56		9.96			570,081		1.64			(0.01	)		94
10/31/20		28.56		(0.01	)		3.03			3.02			—		(2.97	)		(2.97	)		28.61		11.67			574,028		1.64			(0.04	)		75
Class C
10/31/16	$	25.89	$	(0.26	)	$	(0.14	)	$	(0.40	)	$	—	$	(2.61	)	$	(2.61	)	$	22.88		(1.58	)%	$	106,319		2.32	%		(1.12	)%		38	%
10/31/17		22.88		(0.24	)		7.97			7.73			—		—			—			30.61		33.78			118,151		2.30			(0.91	)		68
10/31/18		30.61		(0.26	)		2.21			1.95			—		(2.73	)		(2.73	)		29.83		6.78			35,561		2.30			(0.81	)		65
10/31/19		29.83		(0.17	)		2.25			2.08			—		(5.28	)		(5.28	)		26.63		9.24			34,632		2.30			(0.67	)		94
10/31/20		26.63		(0.19	)		2.80			2.61			—		(2.97	)		(2.97	)		26.27		10.90			21,653		2.31			(0.72	)		75
Class W
10/31/16	$	26.77	$	(0.08	)	$	(0.15	)	$	(0.23	)	$	—	$	(2.61	)	$	(2.61	)	$	23.93		(0.82	)%	$	8,368		1.52%(4)			(0.31	)%(4)		38	%
10/31/17		23.93		(0.05	)		8.39			8.34			—		—			—			32.27		34.85			15,342		1.52(4)			(0.18	)(4)		68
10/31/18		32.27		(0.03	)		2.34			2.31			—		(2.73	)		(2.73	)		31.85		7.60			20,240		1.52(4)			(0.09	)(4)		65
10/31/19		31.85		0.03			2.46			2.49			—		(5.28	)		(5.28	)		29.06		10.07			23,054		1.52(4)			0.11	(4)		94
10/31/20		29.06		0.02			3.10			3.12			—		(2.97	)		(2.97	)		29.21		11.82			38,121		1.51	(4)		0.06	(4)		75

(1) Calculated based upon average shares outstanding.

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

(3) Excludes expense reductions. If expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

	10/31/16			10/31/17			10/31/18			10/31/19			10/31/20
Focused Alpha Large-Cap Fund Class A		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Focused Alpha Large-Cap Fund Class C		0.00			0.00			0.00			0.00			0.00
Focused Alpha Large-Cap Fund Class W		0.00			0.00			0.00			0.00			0.00

(4) Net of following expense reimbursements, waivers and (recoupments), if applicable (based on average net assets):

	10/31/16			10/31/17			10/31/18			10/31/19			10/31/20
Focused Alpha Large-Cap Fund Class A		—	%		—	%		—	%		—	%		—	%
Focused Alpha Large-Cap Fund Class C		—			—			—			—			—
Focused Alpha Large-Cap Fund Class W		0.08			0.01			(0.00	)		(0.01	)		(0.01	)

See Notes to Financial Statements

15

SunAmerica Specialty Series

FINANCIAL HIGHLIGHTS — (continued)

Period Ended	Net Asset Value beginning of period		Net investment income (loss)(1)			Net gain (loss) on investments (both realized and unrealized)		Total from investment operations		Dividends from net investment income		Distributions from net realized gains			Total Distri- butions			Net Asset Value end of period		Total Return(2)			Net Assets end of period (000's)		Ratio of expenses to average net assets(3)			Ratio of net investment income (loss) to average net assets(3)			Portfolio Turnover
AIG FOCUSED GROWTH FUND
Class A
10/31/16	$	26.85	$	(0.25	)	$	0.43	$	0.18	$	—	$	(3.27	)	$	(3.27	)	$	23.76		0.75	%	$	369,683		1.68	%		(1.07	)%		29	%
10/31/17		23.76		(0.25	)		8.52		8.27		—		(0.39	)		(0.39	)		31.64		35.38			456,940		1.66			(0.93	)		66
10/31/18		31.64		(0.33	)		1.93		1.60		—		(2.61	)		(2.61	)		30.63		5.41			493,051		1.65			(1.03	)		94
10/31/19		30.63		(0.13	)		0.94		0.81		—		(5.96	)		(5.96	)		25.48		3.95			445,683		1.16	(4)		(0.50	)(4)		92
10/31/20		25.48		(0.15	)		8.28		8.13		—		(2.59	)		(2.59	)		31.02		35.20			539,061		1.13	(4)		(0.56	)(4)		53
Class C
10/31/16	$	26.15	$	(0.39	)	$	0.41	$	0.02	$	—	$	(3.27	)	$	(3.27	)	$	22.90		0.09	%	$	81,943		2.33	%		(1.72	)%		29	%
10/31/17		22.90		(0.41	)		8.17		7.76		—		(0.39	)		(0.39	)		30.27		34.47			90,491		2.32			(1.59	)		66
10/31/18		30.27		(0.52	)		1.86		1.34		—		(2.61	)		(2.61	)		29.00		4.74			68,173		2.31			(1.70	)		94
10/31/19		29.00		(0.28	)		0.86		0.58		—		(5.96	)		(5.96	)		23.62		3.25			52,219		1.81	(4)		(1.15	)(4)		92
10/31/20		23.62		(0.30	)		7.60		7.30		—		(2.59	)		(2.59	)		28.33		34.37			48,423		1.78	(4)		(1.20	)(4)		53
Class W
10/31/16	$	27.05	$	(0.21	)	$	0.43	$	0.22	$	—	$	(3.27	)	$	(3.27	)	$	24.00		0.91	%	$	30,065		1.51	%		(0.86	)%		29	%
10/31/17		24.00		(0.20	)		8.62		8.42		—		(0.39	)		(0.39	)		32.03		35.65			45,470		1.48			(0.75	)		66
10/31/18		32.03		(0.27	)		1.96		1.69		—		(2.61	)		(2.61	)		31.11		5.64			76,957		1.45			(0.83	)		94
10/31/19		31.11		(0.08	)		0.96		0.88		—		(5.96	)		(5.96	)		26.03		4.14			47,508		0.97	(4)		(0.30	)(4)		92
10/31/20		26.03		(0.09	)		8.48		8.39		—		(2.59	)		(2.59	)		31.83		35.48			41,031		0.93	(4)		(0.33	)(4)		53

(1) Calculated based upon average shares outstanding.

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

(3) Excludes expense reductions. If expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

	10/31/16			10/31/17			10/31/18			10/31/19			10/31/20
Focused Growth Fund Class A		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Focused Growth Fund Class C		0.00			0.00			0.00			0.00			0.00
Focused Growth Fund Class W		0.00			0.00			0.00			0.00			0.00

(4) Net of following expense reimbursements, waivers and (recoupments), if applicable (based on average net assets):

	10/31/19			10/31/20
Focused Growth Fund Class A		0.51	%		0.53	%
Focused Growth Fund Class C		0.52			0.54
Focused Growth Fund Class W		0.51			0.54

See Notes to Financial Statements

16

SunAmerica Specialty Series

FINANCIAL HIGHLIGHTS — (continued)

Period Ended	Net Asset Value beginning of period		Net investment income(1)		Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Return of Capital			Distributions from net realized gains			Total Distri- butions			Net Asset Value end of period		Total Return(2)			Net Assets end of period (000’s)		Ratio of expenses to average net assets(3)			Ratio of net investment income to average net assets(3)			Portfolio Turnover
AIG INCOME EXPLORER FUND
Class A
10/31/16	$	13.92	$	0.62	$	0.60		$	1.22		$	(0.64	)	$	—		$	—		$	(0.64	)	$	14.50		9.10	%	$	22,195		1.72	%		4.42	%		54	%
10/31/17		14.50		0.65		1.23			1.88			(0.57	)		—			—			(0.57	)		15.81		13.21	(4)		31,625		1.72			4.30			49
10/31/18		15.81		0.57		(1.08	)		(0.51	)		(0.68	)		—			(0.01	)		(0.69	)		14.61		(3.42	)		44,413		1.72			3.77			51
10/31/19		14.61		0.67		1.16			1.83			(0.70	)		—			(0.15	)		(0.85	)		15.59		13.02			35,512		1.72			4.45			31
10/31/20		15.59		0.49		(2.06	)		(1.57	)		(0.48	)		(0.03	)		—			(0.51	)		13.51		(10.14	)		30,766		1.25			3.39			138
Class C
10/31/16	$	13.90	$	0.52	$	0.61		$	1.13		$	(0.55	)	$	—		$	—		$	(0.55	)	$	14.48		8.42	%	$	3,307		2.37	%		3.75	%		54	%
10/31/17		14.48		0.55		1.22			1.77			(0.47	)		—			—			(0.47	)		15.78		12.43	(4)		4,954		2.37			3.65			49
10/31/18		15.78		0.50		(1.11	)		(0.61	)		(0.58	)		—			(0.01	)		(0.59	)		14.58		(4.07	)		4,360		2.37			3.17			51
10/31/19		14.58		0.57		1.17			1.74			(0.61	)		—			(0.15	)		(0.76	)		15.56		12.31			3,595		2.37			3.82			31
10/31/20		15.56		0.39		(2.03	)		(1.64	)		(0.40	)		(0.02	)		—			(0.42	)		13.50		(10.59	)		2,402		1.93			2.68			138
Class W
10/31/16	$	13.91	$	0.63	$	0.63		$	1.26		$	(0.67	)	$	—		$	—		$	(0.67	)	$	14.50		9.38	%	$	505		1.52	%		4.65	%		54	%
10/31/17		14.50		0.54		1.37			1.91			(0.60	)		—			—			(0.60	)		15.81		13.44	(4)		7,927		1.52			3.95			49
10/31/18		15.81		0.61		(1.09	)		(0.48	)		(0.71	)		—			(0.01	)		(0.72	)		14.61		(3.24	)		6,220		1.52			3.94			51
10/31/19		14.61		0.72		1.14			1.86			(0.73	)		—			(0.15	)		(0.88	)		15.59		13.24			4,366		1.52			4.73			31
10/31/20		15.59		0.51		(2.06	)		(1.55	)		(0.51	)		(0.03	)		—			(0.54	)		13.50		(10.03	)		2,199		1.12			3.43			138

(1) Calculated based upon average shares outstanding.

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

(3) Net of following expense reimbursements, waivers and (recoupments), if applicable (based on average net assets):

	10/31/16			10/31/17			10/31/18			10/31/19			10/31/20
Income Explorer Fund Class A		0.52	%		0.40	%		0.26	%		0.41	%		1.07	%
Income Explorer Fund Class C		0.97			0.56			0.52			0.73			1.49
Income Explorer Fund Class W		4.00			0.71			0.46			0.59			1.42

(4) The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

17

SunAmerica Specialty Series

FINANCIAL HIGHLIGHTS — (continued)

Period Ended	Net Asset Value beginning of period		Net investment income(1)			Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Dividends from net investment income		Distributions from net realized gains			Total Distri- butions			Net Asset Value end of period		Total Return(2)			Net Assets end of period (000’s)		Ratio of expenses to average net assets(3)			Ratio of net investment income to average net assets(3)			Portfolio Turnover
AIG SMALL-CAP FUND
Class A
10/31/16	$	16.42	$	(0.10	)	$	0.75		$	0.65		$	—	$	(1.32	)	$	(1.32	)	$	15.75		4.61	%	$	42,739		1.72	%		(0.66	)%		67	%
10/31/17		15.75		(0.14	)		5.22			5.08			—		(0.52	)		(0.52	)		20.31		32.76			48,384		1.72			(0.79	)		65
10/31/18		20.31		(0.19	)		0.92			0.73			—		(2.00	)		(2.00	)		19.04		4.05			50,471		1.73			(0.97	)		63
10/31/19		19.04		(0.07	)		(0.75	)		(0.82	)		—		(1.80	)		(1.80	)		16.42		(4.07	)		37,069		1.28			(0.43	)		63
10/31/20		16.42		(0.06	)		(0.84	)		(0.90	)		—		(0.38	)		(0.38	)		15.14		(5.68	)		31,579		1.25			(0.40	)		68
Class C
10/31/16	$	16.24	$	(0.19	)	$	0.72		$	0.53		$	—	$	(1.32	)	$	(1.32	)	$	15.45		3.87	%	$	811		2.37	%		(1.33	)%		67	%
10/31/17		15.45		(0.26	)		5.11			4.85			—		(0.52	)		(0.52	)		19.78		31.89			1,944		2.37			(1.48	)		65
10/31/18		19.78		(0.31	)		0.89			0.58			—		(2.00	)		(2.00	)		18.36		3.34			3,099		2.38			(1.64	)		63
10/31/19		18.36		(0.17	)		(0.72	)		(0.89	)		—		(1.80	)		(1.80	)		15.67		(4.66	)		2,551		1.92			(1.08	)		63
10/31/20		15.67		(0.15	)		(0.80	)		(0.95	)		—		(0.38	)		(0.38	)		14.34		(6.29	)		1,571		1.90			(1.02	)		68
Class W
10/31/16	$	16.48	$	(0.07	)	$	0.75		$	0.68		$	—	$	(1.32	)	$	(1.32	)	$	15.84		4.79	%	$	341		1.52	%		(0.47	)%		67	%
10/31/17		15.84		(0.12	)		5.26			5.14			—		(0.52	)		(0.52	)		20.46		32.96			8,230		1.52			(0.70	)		65
10/31/18		20.46		(0.16	)		0.94			0.78			—		(2.00	)		(2.00	)		19.24		4.29			16,806		1.53			(0.81	)		63
10/31/19		19.24		(0.04	)		(0.76	)		(0.80	)		—		(1.80	)		(1.80	)		16.64		(3.90	)		5,918		1.11			(0.23	)		63
10/31/20		16.64		(0.01	)		(0.87	)		(0.88	)		—		(0.38	)		(0.38	)		15.38		(5.48	)		1,927		1.05			(0.05	)		68

(1) Calculated based upon average shares outstanding.

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

(3) Net of following expense reimbursements, waivers and (recoupments), if applicable (based on average net assets):

	10/31/16			10/31/17			10/31/18			10/31/19			10/31/20
Small Cap Fund Class A		0.26	%		0.29	%		0.22	%		0.82	%		1.12	%
Small Cap Fund Class C		2.27			0.96			0.75			1.16			1.67
Small Cap Fund Class W		5.01			0.50			0.36			1.01			1.45

See Notes to Financial Statements

18

SunAmerica Specialty Series — AIG Commodity Strategy Fund

PORTFOLIO PROFILE — October 31, 2020@ — (unaudited)

Industry Allocation*

U.S. Government Treasuries	50.8	%
Repurchase Agreements	24.0
Federal Home Loan Bank	9.8
United States Treasury Notes	3.4
Federal Farm Credit Bank	3.2
Investment Companies	1.6
Options Purchased	0.1
	92.9	%

* Calculated as a percentage of net assets

Credit Quality†**

Aaa 100.0 % 

@ Consolidated (See Note 2)

† Source: Moody’s

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

19

SunAmerica Specialty Series — AIG Commodity Strategy Fund

PORTFOLIO OF INVESTMENTS — October 31, 2020@

Security Description	Shares/ Principal Amount		Value (Note 3)
U.S. GOVERNMENT AGENCIES — 6.5%
Federal Farm Credit Bank FRS — 3.2%
0.16% (1 ML + 0.01%) due 12/11/2020	$	250,000	$	250,003
0.18% (SOFR + 0.10%) due 05/07/2021		50,000		50,017
0.19% (1 ML + 0.05%) due 03/01/2021		200,000		200,038
0.22% (1 ML + 0.08%) due 02/01/2021		300,000		300,067
				800,125
Federal Home Loan Bank FRS — 3.3%
0.10% (3 ML - 0.14%) due 12/18/2020		125,000		125,006
0.10% (3 ML - 0.14%) due 01/04/2021		125,000		124,998
0.11% (SOFR + 0.03%) due 11/06/2020		180,000		180,000
0.13% (SOFR + 0.05%) due 01/22/2021		175,000		175,012
0.13% (SOFR + 0.05%) due 01/28/2021		190,000		190,013
0.13% (3 ML - 0.12%) due 11/03/2020		50,000		50,000
				845,029
Total U.S. Government Agencies
(cost $1,645,019)				1,645,154
U.S. GOVERNMENT TREASURIES — 3.4%
United States Treasury Notes FRS — 3.4%
0.22% (3 UTBMM + 0.12%) due 01/31/2021		600,000		600,137
0.24% (3 UTBMM + 0.14%) due 04/30/2021		250,000		250,168
Total U.S. Government Treasuries
(cost $849,951)				850,305
COMMON STOCKS — 1.6%
Investment Companies — 1.6%
Uranium Participation Corp.†(1) (cost $473,576)		130,425		391,579
OPTIONS-PURCHASED†(1)(3) — 0.1%
Exchange Traded Call Options		11		29,415
Exchange Traded Put Options		2		3,750
Total Options-Purchased
(cost $52,334)				33,165
Total Long-Term Investment Securities
(cost $3,020,880)				2,920,203
SHORT-TERM INVESTMENT SECURITIES — 57.3%
Federal Home Loan Bank FRS — 6.5%
0.06% (3 ML - 0.17%) due 01/08/2021		350,000		349,984
0.09% (3 ML - 0.20%) due 11/16/2020		600,000		599,995
0.11% (1 ML - 0.04%) due 12/17/2020		700,000		700,025
				1,650,004
U.S. Government Treasuries — 50.8%
United States Cash Management Bills
0.09% due 01/12/2021	$	398,000	$	397,933
0.10% due 03/02/2021		400,000		399,867
0.11% due 01/05/2021		38,800		38,794
0.12%-0.14% due 12/29/2020		400,000		399,943
0.12% due 01/19/2021		600,000		599,890
0.12% due 03/23/2021		400,000		399,851
United States Treasury Bills
0.08% due 12/10/2020		400,000		399,962
0.09% due 11/24/2020		400,000		399,980
0.09%-0.17% due 12/01/2020		600,000		599,960
0.09%-0.17% due 01/28/2021		575,000		574,868
0.10%-0.11% due 11/27/2020		518,400		518,370
0.10%-0.18% due 12/24/2020		500,000		499,937
0.10%-0.13% due 01/21/2021		652,000		651,875
0.10% due 02/25/2021		400,000		399,871
0.11% due 11/17/2020		219,500		219,493
0.11%-0.16% due 12/08/2020		800,000		799,930
0.11%-0.15% due 12/15/2020		480,000		479,951
0.11% due 12/17/2020		400,000		399,956
0.11% due 01/07/2021		361,200		361,144
0.11% due 01/14/2021		500,000		499,915
0.11%-0.12% due 02/18/2021		700,000		699,797
0.11% due 03/25/2021		400,000		399,849
0.11% due 04/29/2021		599,700		599,381
0.12%-0.15% due 11/19/2020		575,000		574,978
0.12% due 03/18/2021		400,000		399,856
0.12% due 04/15/2021		200,000		199,911
0.13% due 11/05/2020		177,600		177,599
0.15% due 11/12/2020		375,000		374,993
0.17% due 11/03/2020		323,300		323,299
				12,791,153
Total Short-Term Investment Securities
(cost $14,440,635)				14,441,157
REPURCHASE AGREEMENTS — 24.0%
Bank of America Securities LLC Joint Repurchase Agreement(2)		690,000		690,000
Bank of America Securities LLC Joint Repurchase Agreement(1)(2)		500,000		500,000
Barclays Capital, Inc. Joint Repurchase Agreement(2)		600,000		600,000
Barclays Capital, Inc. Joint Repurchase Agreement(1)(2)		435,000		435,000
BNP Paribas SA Joint Repurchase Agreement(2)		600,000		600,000
BNP Paribas SA Joint Repurchase Agreement(1)(2)		435,000		435,000
Deutsche Bank AG Joint Repurchase Agreement(2)		785,000		785,000
Deutsche Bank AG Joint Repurchase Agreement(1)(2)		570,000		570,000
RBS Securities, Inc. Joint Repurchase Agreement(2)		825,000		825,000

20

SunAmerica Specialty Series — AIG Commodity Strategy Fund

PORTFOLIO OF INVESTMENTS — October 31, 2020@ — (continued)

Security Description	Principal Amount			Value (Note 3)
REPURCHASE AGREEMENTS (continued)
RBS Securities, Inc. Joint Repurchase Agreement(1)(2)	$	605,000		$	605,000
Total Repurchase Agreements
(cost $6,045,000)					6,045,000
TOTAL INVESTMENTS
(cost $23,506,515)(4)		92.9	%		23,406,360
Other assets less liabilities		7.1			1,790,276
NET ASSETS		100.0	%	$	25,196,636

@ Consolidated (see Note 2)

† Non-income producing security

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

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

(3) Options — Purchased

Exchange Traded Call Options(a)
Issue	Expiration Month		Strike Price		Number of Contracts		Notional Amount*		Premiums Paid		Value at October 31, 2020		Unrealized Appreciation (Depreciation)
Coffee		December 2020	$	120		5	$	3	$	12,206	$	225	$	(11,981	)
Natural Gas		March 2021		3		6		281		25,140		29,190		4,050
									$	37,346	$	29,415	$	(7,931	)

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

Exchange Traded Put Options(a)
Issue	Expiration Month	Strike Price		Number of Contracts		Notional Amount*		Premiums Paid		Value at October 31, 2020		Unrealized Appreciation (Depreciation)
Copper	December 2020	$	6,375		2	$	38	$	14,988	$	3,750	$	(11,238	)

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

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

FRS — Floating Rate Security

The rates on FRS are the current interest rates as of October 31, 2020 and unless otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML — 1 Month USD LIBOR

3ML — 3 Month USD LIBOR

SOFR — Secured Overnight Financing Rate

3 UTBMM — US Treasury 3 Month Bill Money Market Yield

Exchange Traded Written Call Options(a)
Issue	Expiration Month		Strike Price		Number of Contracts		Notional Amount*		Premiums Paid		Value at October 31, 2020		Unrealized Appreciation (Depreciation)
Natural Gas		March 2021	$	4		6	$	166	$	16,050	$	17,160	$	(1,110	)

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

21

SunAmerica Specialty Series — AIG Commodity Strategy Fund

PORTFOLIO OF INVESTMENTS — October 31, 2020@ — (continued)

Futures Contracts(a)
Number of Contracts	Type	Description	Expiration Month		Notional Basis**		Notional Value**		Unrealized Appreciation
11	Long	Aluminum Futures		December 2020	$	423,815	$	509,575	$	85,760
6	Short	Brent Crude Futures		December 2022		273,280		261,600		11,680
7	Short	Brent Crude Futures		December 2023		341,750		316,260		25,490
16	Long	Brent Crude Futures		April 2021		621,710		628,480		6,770
11	Long	Copper Futures		December 2020		1,466,867		1,846,556		379,689
15	Long	Corn Futures		December 2020		275,212		298,875		23,663
4	Long	Cotton Futures		December 2020		118,800		137,840		19,040
15	Long	Gold Futures		December 2020		2,770,930		2,819,850		48,920
9	Long	Lean Hogs Futures		December 2020		227,810		236,070		8,260
4	Short	Lean Hogs Futures		June 2021		130,760		125,040		5,720
48	Long	Natural Gas Futures		January 2021		1,609,110		1,665,120		56,010
5	Long	Natural Gas Futures		December 2020		153,670		167,700		14,030
9	Long	Nickel Futures		December 2020		685,263		817,614		132,351
23	Long	Soybean Futures		January 2021		1,206,338		1,214,688		8,350
12	Long	Soybean Meal Futures		December 2020		355,220		454,320		99,100
30	Long	Soybean Oil Futures		December 2020		517,266		604,980		87,714
35	Long	Sugar Futures		March 2021		508,693		562,912		54,219
6	Long	Wheat Futures		December 2020		165,212		179,550		14,338
16	Long	Wheat Futures		December 2020		360,112		433,000		72,888
7	Long	WTI Crude Futures		March 2021		257,320		259,000		1,680
9	Long	Zinc Futures		December 2020		451,273		566,438		115,165
									$	1,270,837
									Unrealized (Depreciation)
10	Short	Aluminum Futures		December 2020	$	442,617	$	463,250	$	(20,633	)
17	Long	Brent Crude Oil Futures		January 2021		727,570		644,980		(82,590	)
10	Long	Coffee Futures		March 2021		413,063		400,688		(12,375	)
2	Long	Copper Futures		March 2021		338,000		336,200		(1,800	)
4	Short	Copper Futures		December 2020		636,352		671,475		(35,123	)
4	Long	Corn Futures		July 2021		82,213		81,450		(763	)
8	Long	Gasoline Futures		December 2020		366,589		346,819		(19,770	)
12	Long	Live Cattle Futures		December 2020		528,260		519,840		(8,420	)
8	Long	Low Sulfur Gasoline Futures		January 2021		263,475		248,600		(14,875	)
4	Long	NY Harbor ULSD Futures		December 2020		188,622		182,431		(6,191	)
5	Long	Platinum Futures		January 2021		228,485		212,100		(16,385	)
9	Long	Silver Futures		December 2020		1,231,005		1,064,070		(166,935	)
12	Long	Soybean Meal Futures		March 2021		435,701		432,240		(3,461	)
9	Long	WTI Crude Futures		December 2020		342,650		322,110		(20,540	)
1	Long	Wheat Futures		July 2021		30,375		29,625		(750	)
5	Short	Zinc Futures		December 2020		287,343		314,687		(27,344	)
									$	(437,955	)
Net Unrealized Appreciation (Depreciation)									$	832,882

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

ULSD — Ultra Low Sulfur Diesel Futures

Over the Counter Total Return Swap Contracts(a)
Swap Counterparty	Notional Amount (000’s)		Maturity Date		Payments Received (Paid) by the Portfolio/Frequency	Total Return Received or Paid by Portfolio/Frequency	Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
JPMorgan		261		11/30/2020	(0.090)%/Monthly	Bloomberg Commodity Index/Monthly	$	—	$	—
JPMorgan		55		02/26/2021	(0.090)%/Monthly	Bloomberg Commodity Index/Monthly		—		—
JPMorgan		8,022		03/31/2021	(0.090)%/Monthly	Bloomberg Commodity Index/Monthly		—		—
JPMorgan		109		04/30/2021	(0.090)%/Monthly	Bloomberg Commodity Index/Monthly		—		—
							$	—	$	—

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

22

SunAmerica Specialty Series — AIG Commodity Strategy Fund

PORTFOLIO OF INVESTMENTS — October 31, 2020@ — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of October 31, 2020 (see Note 3):

	Level 1 — Unadjusted Quoted Prices		Level 2 — Other Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
U.S. Government Agencies	$	—	$	1,645,154	$	—	$	1,645,154
U.S. Government Treasuries		—		850,305		—		850,305
Common Stocks		391,579		—		—		391,579
Options — Purchased		33,165		—		—		33,165
Short-Term Investment Securities		—		14,441,157		—		14,441,157
Repurchase Agreements		—		6,045,000		—		6,045,000
Total Investments at Value	$	424,744	$	22,981,616	$	—	$	23,406,360
Other Financial Instruments:†
Futures Contracts	$	1,270,837	$	—	$	—	$	1,270,837
LIABILITIES:
Other Financial Instruments:†
Exchange Traded Written Call Options	$	1,110	$	—	$	—	$	1,110
Futures Contracts		437,955		—		—		437,955
	$	439,065	$	—	$	—	$	439,065

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

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

@ Consolidated (see Note 2)

See Notes to Financial Statements

23

SunAmerica Specialty Series — AIG ESG Dividend Fund

PORTFOLIO PROFILE — October 31, 2020 — (unaudited)

Industry Allocation*

Food-Misc./Diversified	7.7	%
Investment Management/Advisor Services	6.5
Cosmetics & Toiletries	5.5
Human Resources	5.1
Medical-Biomedical/Gene	4.8
Beverages-Non-alcoholic	4.5
Retail-Restaurants	3.7
Computers	3.7
Auto-Heavy Duty Trucks	3.5
Retail-Consumer Electronics	3.3
Transport-Services	3.1
Distribution/Wholesale	3.1
Machinery-Construction & Mining	3.1
Electronic Components-Semiconductors	3.0
Apparel Manufacturers	3.0
Retail-Building Products	2.9
Home Decoration Products	2.9
Commercial Services-Finance	2.9
Diversified Manufacturing Operations	2.8
Data Processing/Management	2.8
Containers-Paper/Plastic	2.4
Consumer Products-Misc.	2.4
Insurance-Property/Casualty	2.2
Real Estate Investment Trusts	2.1
Toys	2.1
Networking Products	2.0
Finance-Credit Card	1.8
Oil-Field Services	1.7
Advertising Agencies	1.6
Repurchase Agreements	1.4
Oil Companies-Exploration & Production	1.2
Office Automation & Equipment	1.2
	100.0	%

* Calculated as a percentage of net assets

24

SunAmerica Specialty Series — AIG ESG Dividend Fund

PORTFOLIO OF INVESTMENTS — October 31, 2020

Security Description	Shares			Value (Note 3)
COMMON STOCKS — 98.6%
Advertising Agencies — 1.6%
Omnicom Group, Inc.		12,302		$	580,654
Apparel Manufacturers — 3.0%
Hanesbrands, Inc.		68,076			1,093,981
Auto-Heavy Duty Trucks — 3.5%
Cummins, Inc.		5,738			1,261,729
Beverages-Non-alcoholic — 4.5%
Coca-Cola Co.		15,830			760,790
PepsiCo, Inc.		6,552			873,316
					1,634,106
Commercial Services-Finance — 2.9%
Automatic Data Processing, Inc.		6,727			1,062,597
Computers — 3.7%
Hewlett Packard Enterprise Co.		65,236			563,639
HP, Inc.		43,084			773,789
					1,337,428
Consumer Products-Misc. — 2.4%
Kimberly-Clark Corp.		6,488			860,244
Containers-Paper/Plastic — 2.4%
Amcor PLC		84,757			884,016
Cosmetics & Toiletries — 5.5%
Colgate-Palmolive Co.		12,386			977,132
Procter & Gamble Co.		7,462			1,023,040
					2,000,172
Data Processing/Management — 2.8%
Paychex, Inc.		12,199			1,003,368
Distribution/Wholesale — 3.1%
Fastenal Co.		26,027			1,125,147
Diversified Manufacturing Operations — 2.8%
Illinois Tool Works, Inc.		5,198			1,018,184
Electronic Components-Semiconductors — 3.0%
Texas Instruments, Inc.		7,589			1,097,293
Finance-Credit Card — 1.8%
Western Union Co.		34,333			667,434
Food-Misc./Diversified — 7.7%
Campbell Soup Co.		19,106			891,677
General Mills, Inc.		17,725			1,047,902
Kellogg Co.		13,499			848,952
					2,788,531
Home Decoration Products — 2.9%
Newell Brands, Inc.		60,291			1,064,739
Human Resources — 5.1%
ManpowerGroup, Inc.		12,354			838,466
Robert Half International, Inc.		19,962			1,011,874
					1,850,340
Insurance-Property/Casualty — 2.2%
First American Financial Corp.		18,051			804,894
Investment Management/Advisor Services — 6.5%
Franklin Resources, Inc.		36,545			685,219
Invesco, Ltd.		53,089			695,997
T. Rowe Price Group, Inc.		7,744			980,855
					2,362,071
Security Description	Shares/ Principal Amount			Value (Note 3)
Machinery-Construction & Mining — 3.1%
Caterpillar, Inc.		7,129		$	1,119,609
Medical-Biomedical/Gene — 4.8%
Amgen, Inc.		4,294			931,540
Gilead Sciences, Inc.		14,007			814,507
					1,746,047
Networking Products — 2.0%
Cisco Systems, Inc.		20,009			718,323
Office Automation & Equipment — 1.2%
Xerox Holdings Corp.		25,510			443,364
Oil Companies-Exploration & Production — 1.2%
ConocoPhillips		15,635			447,474
Oil-Field Services — 1.7%
Baker Hughes Co.		42,886			633,426
Real Estate Investment Trusts — 2.1%
Iron Mountain, Inc.		29,286			763,193
Retail-Building Products — 2.9%
Home Depot, Inc.		4,011			1,069,774
Retail-Consumer Electronics — 3.3%
Best Buy Co., Inc.		10,847			1,209,983
Retail-Restaurants — 3.7%
Dunkin’ Brands Group, Inc.		13,464			1,342,495
Toys — 2.1%
Hasbro, Inc.		9,099			752,669
Transport-Services — 3.1%
C.H. Robinson Worldwide, Inc.		12,942			1,144,461
Total Long-Term Investment Securities
(cost $34,942,283)					35,887,746
REPURCHASE AGREEMENTS — 1.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 10/30/2020, to be repurchased 11/02/2020 in the amount of $505,000 and collateralized by $516,900 of United States Treasury Notes, bearing interest at 0.25% due 06/30/2025 and having an approximate value of $515,148 (cost $505,000)	$	505,000			505,000
TOTAL INVESTMENTS
(cost $35,447,283)(1)		100.0	%		36,392,746
Other assets less liabilities		0.0			2,351
NET ASSETS		100.0	%	$	36,395,097

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

25

SunAmerica Specialty Series — AIG ESG Dividend Fund

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

The following is a summary of the inputs used to value the Fund’s net assets as of October 31, 2020 (see Note 3):

	Level 1 — Unadjusted Quoted Prices		Level 2 — Other Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	35,887,746	$	—	$	—	$	35,887,746
Repurchase Agreements		—		505,000		—		505,000
Total Investments at Value	$	35,887,746	$	505,000	$	—	$	36,392,746

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

See Notes to Financial Statements

26

SunAmerica Specialty Series — AIG Focused Alpha Large-Cap Fund

PORTFOLIO PROFILE — October 31, 2020 — (unaudited)

Industry Allocation*

Applications Software	11.7	%
Commercial Services-Finance	11.5
Internet Content-Entertainment	6.5
E-Commerce/Products	5.8
Electronic Forms	5.7
Auto-Cars/Light Trucks	5.5
Retail-Discount	5.5
Cosmetics & Toiletries	5.3
Medical-HMO	4.8
Diagnostic Equipment	4.8
Insurance-Property/Casualty	4.7
Finance-Credit Card	4.6
Beverages-Non-alcoholic	4.5
Medical-Drugs	4.5
Aerospace/Defense	4.4
Real Estate Investment Trusts	4.3
Oil Refining & Marketing	2.4
Banks-Super Regional	2.0
Registered Investment Companies	0.4
	98.9	%

* Calculated as a percentage of net assets

27

SunAmerica Specialty Series — AIG Focused Alpha Large-Cap Fund

PORTFOLIO OF INVESTMENTS — October 31, 2020

Security Description	Shares			Value (Note 3)
COMMON STOCKS — 98.5%
Aerospace/Defense — 4.4%
BAE Systems PLC ADR		1,344,451		$	28,072,137
Applications Software — 11.7%
Microsoft Corp.		163,189			33,040,877
ServiceNow, Inc.†		82,713			41,155,507
					74,196,384
Auto-Cars/Light Trucks — 5.5%
General Motors Co.		1,011,819			34,938,110
Banks-Super Regional — 2.0%
Wells Fargo & Co.		597,518			12,816,761
Beverages-Non-alcoholic — 4.5%
Coca-Cola Co.		600,548			28,862,337
Commercial Services-Finance — 11.5%
PayPal Holdings, Inc.†		224,638			41,811,871
S&P Global, Inc.		96,743			31,221,868
					73,033,739
Cosmetics & Toiletries — 5.3%
Unilever NV		589,366			33,334,541
Diagnostic Equipment — 4.8%
Danaher Corp.		133,369			30,613,520
E-Commerce/Products — 5.8%
Amazon.com, Inc.†		12,013			36,473,270
Electronic Forms — 5.7%
Adobe, Inc.†		80,589			36,031,342
Finance-Credit Card — 4.6%
Visa, Inc., Class A		159,293			28,945,131
Insurance-Property/Casualty — 4.7%
Berkshire Hathaway, Inc., Class B†		147,078			29,695,048
Internet Content-Entertainment — 6.5%
Facebook, Inc., Class A†		156,307		$	41,125,935
Medical-Drugs — 4.5%
Sanofi ADR		633,978			28,719,204
Medical-HMO — 4.8%
Anthem, Inc.		112,556			30,705,277
Oil Refining & Marketing — 2.4%
Marathon Petroleum Corp.		508,222			14,992,549
Real Estate Investment Trusts — 4.3%
Crown Castle International Corp.		173,495			27,099,919
Retail-Discount — 5.5%
Dollar Tree, Inc.†		384,372			34,716,479
Total Long-Term Investment Securities
(cost $509,722,989)					624,371,683
SHORT-TERM INVESTMENT SECURITIES — 0.4%
Registered Investment Companies — 0.4%
State Street Institutional Liquid Reserves Fund, Premier Class  0.09%(1) (cost $2,382,538)		2,381,833			2,382,309
TOTAL INVESTMENTS
(cost $512,105,527)(2)		98.9	%		626,753,992
Other assets less liabilities		1.1			7,047,500
NET ASSETS		100.0	%	$	633,801,492

† Non-income producing security

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

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

ADR — American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of October 31, 2020 (see Note 3):

	Level 1 — Unadjusted Quoted Prices		Level 2 — Other Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	624,371,683	$	—	$	—	$	624,371,683
Short-Term Investment Securities		2,382,309		—		—		2,382,309
Total Investments at Value	$	626,753,992	$	—	$	—	$	626,753,992

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

See Notes to Financial Statements

28

SunAmerica Specialty Series — AIG Focused Growth Fund

PORTFOLIO PROFILE — October 31, 2020 — (unaudited)

Industry Allocation*

Applications Software	12.8	%
Commercial Services-Finance	12.2
Auto-Cars/Light Trucks	9.4
Internet Content-Entertainment	7.2
E-Commerce/Products	6.7
Electronic Forms	6.1
Real Estate Investment Trusts	5.9
Finance-Credit Card	5.9
Diagnostic Equipment	5.9
Resorts/Theme Parks	3.5
Hotels/Motels	2.7
Diagnostic Kits	2.3
Multimedia	1.9
Commercial Services	1.6
Racetracks	1.5
Insurance-Property/Casualty	1.5
E-Commerce/Services	1.3
Finance-Investment Banker/Broker	1.3
Enterprise Software/Service	1.1
Satellite Telecom	0.7
Professional Sports	0.6
Veterinary Diagnostics	0.4
Medical-Outpatient/Home Medical	0.3
Consulting Services	0.3
	93.1	%

* Calculated as a percentage of net assets

29

SunAmerica Specialty Series — AIG Focused Growth Fund

PORTFOLIO OF INVESTMENTS — October 31, 2020

Security Description	Shares			Value (Note 3)
COMMON STOCKS — 93.1%
Applications Software — 12.8%
Microsoft Corp.		200,198		$	40,534,089
ServiceNow, Inc.†		80,493			40,050,902
					80,584,991
Auto-Cars/Light Trucks — 9.4%
Tesla, Inc.†		152,500			59,176,100
Commercial Services — 1.6%
CoStar Group, Inc.†		12,000			9,883,320
Commercial Services-Finance — 12.2%
PayPal Holdings, Inc.†		216,488			40,294,911
S&P Global, Inc.		112,185			36,205,465
					76,500,376
Consulting Services — 0.3%
Gartner, Inc.†		18,000			2,161,800
Diagnostic Equipment — 5.9%
Danaher Corp.		160,514			36,844,384
Diagnostic Kits — 2.3%
IDEXX Laboratories, Inc.†		33,500			14,231,470
E-Commerce/Products — 6.7%
Amazon.com, Inc.†		13,935			42,308,750
E-Commerce/Services — 1.3%
Zillow Group, Inc., Class A†		92,825			8,292,057
Electronic Forms — 6.1%
Adobe, Inc.†		85,766			38,345,979
Enterprise Software/Service — 1.1%
Guidewire Software, Inc.†		70,000			6,727,700
Finance-Credit Card — 5.9%
Visa, Inc., Class A		202,938			36,875,864
Finance-Investment Banker/Broker — 1.3%
Charles Schwab Corp.		201,000			8,263,110
Hotels/Motels — 2.7%
Hyatt Hotels Corp., Class A		309,000			17,038,260
Insurance-Property/Casualty — 1.5%
Arch Capital Group, Ltd.†		217,000		$	6,555,570
Kinsale Capital Group, Inc.		15,000			2,812,050
					9,367,620
Internet Content-Entertainment — 7.2%
Facebook, Inc., Class A†		173,162			45,560,654
Medical-Outpatient/Home Medical — 0.3%
American Well Corp†		87,364			2,254,865
Multimedia — 1.9%
FactSet Research Systems, Inc.		40,000			12,260,000
Professional Sports — 0.6%
Manchester United PLC, Class A		260,000			3,551,600
Racetracks — 1.5%
Penn National Gaming, Inc.†		175,000			9,446,500
Real Estate Investment Trusts — 5.9%
American Homes 4 Rent, Class A		100,000			2,827,000
Crown Castle International Corp.		202,609			31,647,526
Gaming and Leisure Properties, Inc.		67,625			2,458,168
					36,932,694
Resorts/Theme Parks — 3.5%
Marriott Vacations Worldwide Corp.		33,850			3,269,910
Vail Resorts, Inc.		81,000			18,795,240
					22,065,150
Satellite Telecom — 0.7%
Iridium Communications, Inc.†		166,500			4,397,265
Veterinary Diagnostics — 0.4%
Neogen Corp.†		32,500			2,266,550
TOTAL INVESTMENTS
(cost $373,048,883)(1)		93.1	%		585,337,059
Other assets less liabilities		6.9			43,177,925
NET ASSETS		100.0	%	$	628,514,984

† Non-income producing security

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

The following is a summary of the inputs used to value the Fund’s net assets as of October 31, 2020 (see Note 3):

	Level 1 — Unadjusted Quoted Prices		Level 2 — Other Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	585,337,059	$	—	$	—	$	585,337,059

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

See Notes to Financial Statements

30

SunAmerica Specialty Series — AIG Income Explorer Fund

PORTFOLIO PROFILE — October 31, 2020 — (unaudited)

Industry Allocation*

Real Estate Investment Trusts	21.1	%
Insurance-Multi-line	5.0
Banks-Commercial	4.5
Banks-Super Regional	4.4
Diversified Banking Institutions	4.2
Tobacco	3.8
Medical-Drugs	3.6
Insurance-Reinsurance	3.2
Telephone-Integrated	2.9
Banks-Fiduciary	2.4
Investment Management/Advisor Services	2.3
Insurance-Life/Health	2.2
Oil Companies-Integrated	2.2
Food-Misc./Diversified	2.2
Pipelines	1.9
Closed-End Funds	1.6
Insurance-Property/Casualty	1.6
Metal-Diversified	1.5
Computers	1.5
Chemicals-Diversified	1.5
Private Equity	1.4
Advertising Agencies	1.4
Semiconductor Equipment	1.2
Apparel Manufacturers	1.1
Home Decoration Products	1.0
Oil-Field Services	1.0
Capacitors	0.9
Cosmetics & Toiletries	0.9
Building Products-Cement	0.9
Containers-Paper/Plastic	0.9
Medical-Wholesale Drug Distribution	0.9
Diversified Manufacturing Operations	0.9
Computer Services	0.8
Electric-Integrated	0.8
Electric-Generation	0.8
Diversified Minerals	0.8
Computers-Memory Devices	0.8
Real Estate Operations & Development	0.8
Finance-Investment Banker/Broker	0.8
Networking Products	0.8
Metal-Iron	0.8
Human Resources	0.8
Investment Companies	0.7
Gas-Distribution	0.7
Oil Companies-Exploration & Production	0.6
Electric-Transmission	0.6
Cellular Telecom	0.6
Repurchase Agreements	0.5
Savings & Loans/Thrifts	0.4
Aerospace/Defense	0.4
	98.6	%

* Calculated as a percentage of net assets

31

SunAmerica Specialty Series — AIG Income Explorer Fund

PORTFOLIO OF INVESTMENTS — October 31, 2020

Security Description	Shares		Value (Note 3)
COMMON STOCKS — 58.5%
Advertising Agencies — 1.4%
Interpublic Group of Cos., Inc.		15,655	$	283,199
Omnicom Group, Inc.		4,383		206,877
				490,076
Aerospace/Defense — 0.4%
Raytheon Technologies Corp.		2,469		134,116
Apparel Manufacturers — 1.1%
Hanesbrands, Inc.		24,115		387,528
Building Products-Cement — 0.9%
Anhui Conch Cement Co., Ltd.		53,000		331,702
Capacitors — 0.9%
Walsin Technology Corp.†		59,000		338,052
Cellular Telecom — 0.6%
SoftBank Corp.		17,400		202,009
Chemicals-Diversified — 1.5%
LyondellBasell Industries NV, Class A		3,825		261,821
Mitsubishi Chemical Holdings Corp.		47,600		268,187
				530,008
Computer Services — 0.8%
International Business Machines Corp.		2,671		298,244
Computers — 1.5%
Hewlett Packard Enterprise Co.		25,106		216,916
HP, Inc.		17,465		313,671
				530,587
Computers-Memory Devices — 0.8%
Seagate Technology PLC		6,068		290,172
Containers-Paper/Plastic — 0.9%
WestRock Co.		8,762		329,013
Cosmetics & Toiletries — 0.9%
Unilever NV		5,905		333,537
Diversified Manufacturing Operations — 0.9%
3M Co.		1,901		304,084
Diversified Minerals — 0.8%
BHP Group PLC		15,111		293,273
Food-Misc./Diversified — 2.2%
General Mills, Inc.		7,242		428,147
Kraft Heinz Co.		11,290		345,361
				773,508
Home Decoration Products — 1.0%
Newell Brands, Inc.		19,466		343,770
Human Resources — 0.8%
Adecco Group AG		5,645		276,627
Investment Management/Advisor Services — 1.5%
Franklin Resources, Inc.		13,693		256,744
Invesco, Ltd.		20,019		262,449
				519,193
Medical-Drugs — 3.6%
AbbVie, Inc.		4,007		340,996
Bayer AG		3,234		151,988
GlaxoSmithKline PLC		12,301		205,232
Medical-Drugs (continued)
Pfizer, Inc.		9,155	$	324,819
Takeda Pharmaceutical Co., Ltd.		8,600		266,146
				1,289,181
Medical-Wholesale Drug Distribution — 0.9%
Cardinal Health, Inc.		6,673		305,557
Metal-Diversified — 1.5%
MMC Norilsk Nickel PJSC ADR		11,380		271,413
Rio Tinto, Ltd.		4,103		267,563
				538,976
Metal-Iron — 0.8%
Fortescue Metals Group, Ltd.		22,768		279,160
Networking Products — 0.8%
Cisco Systems, Inc.		7,794		279,805
Oil Companies-Exploration & Production — 0.6%
CNOOC, Ltd.		237,000		216,515
Oil Companies-Integrated — 2.2%
China Petroleum & Chemical Corp.		622,000		243,247
Eni SpA		23,616		166,200
Lukoil PJSC ADR		3,615		184,783
TOTAL SE		5,932		179,638
				773,868
Oil-Field Services — 1.0%
Baker Hughes Co.		22,911		338,395
Real Estate Investment Trusts — 19.5%
Agree Realty Corp.		2,022		125,506
Alexandria Real Estate Equities, Inc.		883		133,792
American Campus Communities, Inc.		3,014		112,904
American Homes 4 Rent, Class A		5,401		152,686
American Tower Corp.		646		148,354
Apartment Investment & Management Co., Class A		2,718		86,704
Apple Hospitality REIT, Inc.		8,691		86,041
Armada Hoffler Properties, Inc.		7,420		66,854
Camden Property Trust		1,314		121,203
CareTrust REIT, Inc.		6,790		116,109
Clipper Realty, Inc.		13,784		77,466
Columbia Property Trust, Inc.		6,857		72,547
CoreSite Realty Corp.		1,236		147,529
Crown Castle International Corp.		1,038		162,136
CubeSmart		4,590		155,739
CyrusOne, Inc.		2,259		160,502
DiamondRock Hospitality Co.		12,739		62,931
Digital Realty Trust, Inc.		1,211		174,747
Douglas Emmett, Inc.		3,248		76,653
Duke Realty Corp.		4,053		153,974
Easterly Government Properties, Inc.		6,094		127,365
Empire State Realty Trust, Inc., Class A		10,090		54,284
EPR Properties		2,028		48,348
Equinix, Inc.		251		183,541
Equity LifeStyle Properties, Inc.		1,980		117,196
Equity Residential		1,709		80,289
Extra Space Storage, Inc.		1,354		156,996
First Industrial Realty Trust, Inc.		3,387		134,836
Four Corners Property Trust, Inc.		5,074		128,575

32

SunAmerica Specialty Series — AIG Income Explorer Fund

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

Security Description	Shares		Value (Note 3)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Gaming and Leisure Properties, Inc.		3,434	$	124,826
GEO Group, Inc.		8,974		79,510
Healthcare Trust of America, Inc., Class A		4,781		116,178
Host Hotels & Resorts, Inc.		7,686		80,549
Hudson Pacific Properties, Inc.		3,891		74,941
Invitation Homes, Inc.		4,771		130,057
Iron Mountain, Inc.		4,343		113,179
Kimco Realty Corp.		6,823		70,004
Lamar Advertising Co., Class A		1,609		99,694
Mid-America Apartment Communities, Inc.		1,065		124,211
Monmouth Real Estate Investment Corp.		9,355		129,567
National Health Investors, Inc.		1,766		98,984
National Retail Properties, Inc.		2,684		85,915
Omega Healthcare Investors, Inc.		3,382		97,435
Outfront Media, Inc.		5,403		70,833
Physicians Realty Trust		7,557		127,411
Prologis, Inc.		1,574		156,141
QTS Realty Trust, Inc., Class A		2,684		165,093
Realty Income Corp.		1,905		110,223
Rexford Industrial Realty, Inc.		3,049		141,657
SBA Communications Corp.		586		170,157
Simon Property Group, Inc.		961		60,360
STAG Industrial, Inc.		4,523		140,756
STORE Capital Corp.		3,731		95,887
Sun Communities, Inc.		906		124,693
Sunstone Hotel Investors, Inc.		9,776		72,538
Terreno Realty Corp.		2,568		144,527
UDR, Inc.		3,010		94,032
Uniti Group, Inc.		18,553		163,637
Ventas, Inc.		2,502		98,754
Welltower, Inc.		1,769		95,119
				6,882,675
Real Estate Operations & Development — 0.8%
Country Garden Holdings Co., Ltd.		234,000		288,756
Semiconductor Equipment — 1.2%
Globalwafers Co., Ltd.		30,000		436,401
Telephone-Integrated — 2.9%
AT&T, Inc.		9,287		250,935
CenturyLink, Inc.		26,389		227,473
Telefonica SA		54,988		179,784
Verizon Communications, Inc.		6,214		354,136
				1,012,328
Tobacco — 3.8%
Altria Group, Inc.		7,082		255,519
British American Tobacco PLC		8,472		269,171
Imperial Brands PLC		14,890		236,206
Japan Tobacco, Inc.		15,500		293,118
Philip Morris International, Inc.		4,155		295,088
				1,349,102
Total Common Stocks
(cost $24,305,590)				20,696,218
PREFERRED SECURITIES — 39.6%
Banks-Commercial — 4.5%
First Citizens BancShares, Inc. Series A 5.38%		11,105	$	297,947
First Republic Bank Series J 4.70%		11,260		293,211
First Republic Bank Series I 5.50%		9,500		257,925
Merchants Bancorp Series B 6.00%		8,000		202,160
Synovus Financial Corp. Series E 5.88%		10,600		273,162
Truist Financial Corp. Series O 5.25%		9,800		264,110
				1,588,515
Banks-Fiduciary — 2.4%
Northern Trust Corp. Series E 4.70%		11,000		291,280
State Street Corp. Series D 5.90%		10,000		275,000
State Street Corp. Series G 5.35%		10,000		283,600
				849,880
Banks-Super Regional — 4.4%
PNC Financial Services Group, Inc. Series P 6.13%		7,500		200,325
US Bancorp FRS (3ML+0.60%) Series B 3.50%		12,000		272,880
US Bancorp Series K 5.50%		10,300		278,203
US Bancorp Series F 6.50%		6,000		160,020
Wells Fargo & Co. Series Z 4.75%		9,000		224,820
Wells Fargo & Co. Series R 6.63%		10,414		291,488
Wells Fargo & Co. Series Q 5.85%		5,500		142,395
				1,570,131

33

SunAmerica Specialty Series — AIG Income Explorer Fund

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

Security Description	Shares		Value (Note 3)
PREFERRED SECURITIES (continued)
Closed-End Funds — 1.6%
Gabelli Equity Trust, Inc. Series K 5.00%		10,949	$	292,458
Highland Income Fund Series A 5.38%		11,200		283,136
				575,594
Diversified Banking Institutions — 4.2%
Bank of America Corp. FRS (3 ML+0.50%) Series 5 4.00%		7,700		189,497
Bank of America Corp. Series KK 5.38%		9,000		238,230
HSBC Holdings PLC Series A 6.20%		7,000		180,530
JPMorgan Chase & Co. Series DD 5.75%		7,500		203,175
JPMorgan Chase & Co. Series EE 6.00%		7,497		205,043
JPMorgan Chase & Co. Series GG 4.75%		7,000		185,780
Morgan Stanley Series K 5.85%		10,000		281,800
				1,484,055
Electric-Generation — 0.8%
Brookfield Renewable Partners LP Series 17 5.25%		11,375		295,295
Electric-Integrated — 0.8%
Duke Energy Corp. Series A 5.75%		10,472		295,310
Electric-Transmission — 0.6%
Brookfield Infrastructure Partners LP Series 13 5.13%		8,100		208,413
Finance-Investment Banker/Broker — 0.8%
Charles Schwab Corp. Series D 5.95%		11,000		284,900
Gas-Distribution — 0.7%
Spire, Inc. Series A 5.90%		8,500		232,560
Insurance-Life/Health — 2.2%
American Equity Investment Life Holding Co. Series A 5.95%		6,000	$	149,400
Athene Holding, Ltd. Series A 6.35%		10,000		267,800
Athene Holding, Ltd. Series C 6.38%		6,000		161,400
Brighthouse Financial, Inc. Series B 6.75%		7,500		204,900
				783,500
Insurance-Multi-line — 5.0%
Aegon NV FRS (3 ML+0.86%) Series 1 4.00%		9,800		243,628
Allstate Corp. 5.10%		11,000		286,000
Allstate Corp. Series I 4.75%		10,300		273,053
Hartford Financial Services Group, Inc. 7.88%		6,000		164,760
Hartford Financial Services Group, Inc. Series G 6.00%		10,300		282,941
MetLife, Inc. Series E 5.63%		6,000		161,880
MetLife, Inc. Series F 4.75%		7,000		183,820
Voya Financial, Inc. Series B 5.35%		5,500		156,145
				1,752,227
Insurance-Property/Casualty — 1.6%
Arch Capital Group, Ltd. Series E 5.25%		11,000		280,390
Arch Capital Group, Ltd. Series F 5.45%		11,000		287,100
				567,490
Insurance-Reinsurance — 3.2%
Axis Capital Holdings, Ltd. Series E 5.50%		11,200		285,376
PartnerRe, Ltd. Series I 5.88%		10,800		277,884
Reinsurance Group of America, Inc. 6.20%		10,903		287,621

34

SunAmerica Specialty Series — AIG Income Explorer Fund

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

Security Description	Shares			Value (Note 3)
PREFERRED SECURITIES (continued)
Insurance-Reinsurance (continued)
RenaissanceRe Holdings, Ltd. Series F 5.75%		10,000		$	269,500
					1,120,381
Investment Companies — 0.7%
Oaktree Capital Group LLC Series B 6.55%		8,800			235,752
Investment Management/Advisor Services — 0.8%
Ares Management Corp. Series A 7.00%		11,000			286,220
Pipelines — 1.9%
Energy Transfer Operating LP Series D 7.63%		6,940			130,056
Energy Transfer Operating LP Series E 7.60%		8,130			158,128
Energy Transfer Partners LP Series C 7.38%		9,000			164,610
NGL Energy Partners LP Series B 9.00%		20,000			210,000
					662,794
Private Equity — 1.4%
Apollo Global Management, Inc. Series B 6.38%		8,500			225,165
KKR & Co, Inc. Series A 6.75%		10,400			271,232
					496,397
Real Estate Investment Trusts — 1.6%
Public Storage Series L 4.63%		10,972			289,770
Two Harbors Investment Corp. Series C 7.25%		14,246			272,099
					561,869
Security Description	Shares/ Principal Amount			Value (Note 3)
Savings & Loans/Thrifts — 0.4%
New York Community Bancorp, Inc. Series A 6.38%		6,000		$	155,580
Total Preferred Securities
(cost $14,129,387)					14,006,863
Total Long-Term Investment Securities
(cost $38,434,977)					34,703,081
REPURCHASE AGREEMENTS — 0.5%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 10/30/2020, to be repurchased 11/02/2020 in the amount of $164,000 and collateralized by $167,900 of United States Treasury Notes, bearing interest at 0.25% due 06/30/2025 and having an approximate value of $167,331 (cost $164,000)	$	164,000			164,000
TOTAL INVESTMENTS
(cost $38,598,977)(1)		98.6	%		34,867,081
Other assets less liabilities		1.4			500,553
NET ASSETS		100.0	%	$	35,367,634

† Non-income producing security

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

ADR — American Depositary Receipt

FRS — Floating Rate Security

The rates shown on FRS are the current interest rates at October 31, 2020 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

3 ML — 3 Month USD LIBOR

35

SunAmerica Specialty Series — AIG Income Explorer Fund

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

The following is a summary of the inputs used to value the Fund’s net assets as of October 31, 2020 (see Note 3):

	Level 1 — Unadjusted Quoted Prices		Level 2 — Other Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	14,517,510	$	6,178,708	**	$	—	$	20,696,218
Preferred Securities		14,006,863		—			—		14,006,863
Repurchase Agreements		—		164,000			—		164,000
Total Investments at Value	$	28,524,373	$	6,342,708		$	—	$	34,867,081

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

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 3).

See Notes to Financial Statements

36

SunAmerica Specialty Series — AIG Small-Cap Fund

PORTFOLIO PROFILE — October 31, 2020 — (unaudited)

Industry Allocation*

Medical-Biomedical/Gene	6.7	%
Banks-Commercial	5.0
Real Estate Investment Trusts	3.8
Medical Products	2.8
Medical-Outpatient/Home Medical	2.2
Medical-Drugs	2.2
Repurchase Agreements	2.1
Computer Software	2.0
Enterprise Software/Service	1.8
Auto/Truck Parts & Equipment-Original	1.6
E-Commerce/Services	1.6
Electronic Measurement Instruments	1.6
Electronic Components-Misc.	1.5
Building & Construction Products-Misc.	1.5
Finance-Investment Banker/Broker	1.5
Medical Labs & Testing Services	1.5
Insurance-Property/Casualty	1.4
Food-Misc./Diversified	1.3
Retail-Restaurants	1.3
Diagnostic Kits	1.3
Recreational Vehicles	1.1
Finance-Consumer Loans	1.1
Tobacco	1.1
Human Resources	1.1
Building-Residential/Commercial	1.1
Investment Management/Advisor Services	1.0
Transport-Air Freight	1.0
Diagnostic Equipment	1.0
Energy-Alternate Sources	1.0
Building-Heavy Construction	0.9
Food-Wholesale/Distribution	0.8
Semiconductor Equipment	0.8
Water	0.8
E-Services/Consulting	0.8
Medical-Wholesale Drug Distribution	0.8
Medical Laser Systems	0.8
Telecom Services	0.8
Medical Information Systems	0.7
Transport-Marine	0.7
Auto/Truck Parts & Equipment-Replacement	0.7
Commercial Services	0.7
Disposable Medical Products	0.7
Retail-Building Products	0.7
Gambling (Non-Hotel)	0.7
Retail-Pet Food & Supplies	0.7
Transport-Services	0.7
Electronic Components-Semiconductors	0.7
Transport-Truck	0.7
Firearms & Ammunition	0.7
E-Commerce/Products	0.7
Computer Services	0.6
Entertainment Software	0.6
Water Treatment Systems	0.6
Leisure Products	0.6
E-Marketing/Info	0.6
Electric-Integrated	0.6
Industrial Automated/Robotic	0.6
Retail-Sporting Goods	0.6
Industrial Audio & Video Products	0.6
Protection/Safety	0.6
Networking Products	0.6

Telecommunication Equipment	0.5	%
Drug Delivery Systems	0.5
Physical Therapy/Rehabilitation Centers	0.5
MRI/Medical Diagnostic Imaging	0.5
Therapeutics	0.5
Distribution/Wholesale	0.5
Audio/Video Products	0.5
Chemicals-Specialty	0.5
Savings & Loans/Thrifts	0.5
U.S. Government Treasuries	0.4
Gas-Distribution	0.4
Hazardous Waste Disposal	0.4
Cosmetics & Toiletries	0.4
Lighting Products & Systems	0.4
Building & Construction-Misc.	0.4
Exchange-Traded Funds	0.4
Internet Content-Entertainment	0.3
Computer Data Security	0.3
Racetracks	0.3
Machinery-General Industrial	0.3
Retail-Automobile	0.3
Metal Processors & Fabrication	0.3
Computers-Periphery Equipment	0.3
Apparel Manufacturers	0.3
Applications Software	0.3
Oil Companies-Exploration & Production	0.3
Consumer Products-Misc.	0.2
Commercial Services-Finance	0.2
Casino Services	0.2
Real Estate Management/Services	0.2
Chemicals-Diversified	0.2
Engineering/R&D Services	0.2
Aerospace/Defense-Equipment	0.2
Insurance-Life/Health	0.2
Footwear & Related Apparel	0.2
Retail-Apparel/Shoe	0.2
Electric-Generation	0.2
Retail-Home Furnishings	0.2
Retail-Discount	0.2
Medical Instruments	0.2
Building-Mobile Home/Manufactured Housing	0.2
Schools	0.2
Pastoral & Agricultural	0.2
Diversified Manufacturing Operations	0.2
Machinery-Pumps	0.2
Consulting Services	0.2
Oil-Field Services	0.2
Building Products-Doors & Windows	0.2
Web Hosting/Design	0.2
Insurance-Reinsurance	0.2
Athletic Equipment	0.1
Steel-Producers	0.1
Metal-Aluminum	0.1
Medical-Hospitals	0.1
Computers-Integrated Systems	0.1
Environmental Consulting & Engineering	0.1
Rental Auto/Equipment	0.1
Rubber/Plastic Products	0.1
Financial Guarantee Insurance	0.1
Airlines	0.1
Office Furnishings-Original	0.1

37

SunAmerica Specialty Series — AIG Small-Cap Fund

PORTFOLIO PROFILE — October 31, 2020 — (unaudited) (continued)

Industry Allocation* (continued)

Semiconductor Components-Integrated Circuits	0.1	%
Oil Refining & Marketing	0.1
Electronic Security Devices	0.1
Resorts/Theme Parks	0.1
Insurance Brokers	0.1
Beverages-Non-alcoholic	0.1
Miscellaneous Manufacturing	0.1
Real Estate Operations & Development	0.1
Health Care Cost Containment	0.1
Lasers-System/Components	0.1
Electric Products-Misc.	0.1
Data Processing/Management	0.1
Finance-Mortgage Loan/Banker	0.1
Wireless Equipment	0.1
Aerospace/Defense	0.1
Veterinary Diagnostics	0.1
Building Products-Wood	0.1
Machinery-Electrical	0.1
Paper & Related Products	0.1
Steel Pipe & Tube	0.1
Building Products-Air & Heating	0.1
Precious Metals	0.1
Auto-Heavy Duty Trucks	0.1
Satellite Telecom	0.1
Medical-Nursing Homes	0.1
Retail-Misc./Diversified	0.1
Rubber-Tires	0.1
Non-Hazardous Waste Disposal	0.1
Finance-Leasing Companies	0.1
Machinery-Construction & Mining	0.1
Transport-Equipment & Leasing	0.1
Communications Software	0.1
Optical Supplies	0.1
Instruments-Controls	0.1
Metal-Iron	0.1
Retail-Vision Service Center	0.1
Finance-Commercial	0.1
Independent Power Producers	0.1
Home Furnishings	0.1
Machine Tools & Related Products	0.1
Telephone-Integrated	0.1
Internet Content-Information/News	0.1
Batteries/Battery Systems	0.1
Building-Maintenance & Services	0.1
Publishing-Newspapers	0.1
Banks-Super Regional	0.1
Containers-Metal/Glass	0.1
Internet Connectivity Services	0.1
Television	0.1
Medical-HMO	0.1
Wire & Cable Products	0.1
Casino Hotels	0.1
Printing-Commercial	0.1
Gold Mining	0.1
Golf	0.1
Poultry	0.1
Agricultural Operations	0.1
Internet Security	0.1
Retail-Bedding	0.1
Linen Supply & Related Items	0.1
Software Tools	0.1

Appliances	0.1	%
Patient Monitoring Equipment	0.1
Machinery-Farming	0.1
Insurance-Multi-line	0.1
Retail-Regional Department Stores	0.1
Cable/Satellite TV	0.1
Identification Systems	0.1
Security Services	0.1
Filtration/Separation Products	0.1
Retail-Pawn Shops	0.1
Dental Supplies & Equipment	0.1
Hotels/Motels	0.1
Quarrying	0.1
	100.0%

* Calculated as a percentage of net assets

38

SunAmerica Specialty Series — AIG Small-Cap Fund

PORTFOLIO OF INVESTMENTS — October 31, 2020

Security Description	Shares		Value (Note 3)
COMMON STOCKS — 97.1%
Advanced Materials — 0.0%
Haynes International, Inc.		103	$	1,670
Lydall, Inc.†		141		2,790
Materion Corp.		167		8,549
				13,009
Advertising Sales — 0.0%
Boston Omaha Corp., Class A†		108		1,726
Advertising Services — 0.0%
Fluent, Inc.†		345		880
National CineMedia, Inc.		513		1,018
				1,898
Aerospace/Defense — 0.1%
AeroVironment, Inc.†		179		13,668
Kratos Defense & Security Solutions, Inc.†		1,001		18,909
National Presto Industries, Inc.		42		3,490
Park Aerospace Corp.		162		1,716
				37,783
Aerospace/Defense-Equipment — 0.2%
AAR Corp.		276		5,371
Aerojet Rocketdyne Holdings, Inc.†		605		19,614
Astronics Corp.†		193		1,235
Barnes Group, Inc.		387		14,203
Ducommun, Inc.†		89		2,928
Kaman Corp.		228		9,042
Moog, Inc., Class A		245		15,286
Triumph Group, Inc.		425		2,805
				70,484
Agricultural Chemicals — 0.0%
Intrepid Potash, Inc.†		79		788
Marrone Bio Innovations, Inc.†		555		611
				1,399
Agricultural Operations — 0.1%
Alico, Inc.		43		1,242
Andersons, Inc.		257		5,574
Cadiz, Inc.†		164		1,566
Fresh Del Monte Produce, Inc.		256		5,512
Limoneira Co.		134		1,853
Tejon Ranch Co.†		173		2,372
Vital Farms, Inc.†		85		2,938
				21,057
Airlines — 0.1%
Allegiant Travel Co.		108		14,554
Hawaiian Holdings, Inc.		375		5,194
Mesa Air Group, Inc.†		243		768
SkyWest, Inc.		407		11,815
Spirit Airlines, Inc.†		735		12,914
				45,245
Apparel Manufacturers — 0.3%
Deckers Outdoor Corp.†		231		58,528
Kontoor Brands, Inc.		425		13,983
Lakeland Industries, Inc.†		63		1,359
Oxford Industries, Inc.		135		5,558
Superior Group of Cos., Inc.		89		1,924
Apparel Manufacturers (continued)
Urban Outfitters, Inc.†		569	$	12,711
				94,063
Appliances — 0.1%
Hamilton Beach Brands Holding Co., Class A		56		1,235
iRobot Corp.†		228		18,144
				19,379
Applications Software — 0.3%
Agilysys, Inc.†		150		4,062
Appfolio, Inc., Class A†		135		19,287
Brightcove, Inc.†		325		4,111
Cerence, Inc.†		303		16,538
Digi International, Inc.†		236		3,476
Ebix, Inc.		217		3,919
GTY Technology Holdings, Inc.†		365		1,062
IBEX, Ltd.†		40		604
Immersion Corp.†		141		869
Model N, Inc.†		281		9,900
Park City Group, Inc.†		102		443
PDF Solutions, Inc.†		238		4,460
Phreesia, Inc.†		236		8,725
Sprout Social, Inc., Class A†		225		9,833
				87,289
Athletic Equipment — 0.1%
Clarus Corp.		193		2,994
Nautilus, Inc.†		244		5,292
Vista Outdoor, Inc.†		481		9,509
YETI Holdings, Inc.†		660		32,657
				50,452
Audio/Video Products — 0.5%
Daktronics, Inc.		301		1,174
Sonos, Inc.†		665		9,709
Universal Electronics, Inc.†		4,116		152,539
VOXX International Corp.†		163		1,847
				165,269
Auto Repair Centers — 0.0%
Monro, Inc.		272		11,440
Auto-Heavy Duty Trucks — 0.1%
Blue Bird Corp.†		127		1,466
Navistar International Corp.†		412		17,761
REV Group, Inc.		226		1,774
Workhorse Group, Inc.†		777		11,950
				32,951
Auto-Truck Trailers — 0.0%
Wabash National Corp.		436		6,217
Auto/Truck Parts & Equipment-Original — 1.6%
Adient PLC†		725		15,385
American Axle & Manufacturing Holdings, Inc.†		927		6,229
Cooper-Standard Holdings, Inc.†		138		2,165
Dana, Inc.		1,193		16,690
Dorman Products, Inc.†		220		19,639
Fox Factory Holding Corp.†		341		28,671
Gentherm, Inc.†		4,768		220,711
Meritor, Inc.†		572		13,923

39

SunAmerica Specialty Series — AIG Small-Cap Fund

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

Security Description	Shares		Value (Note 3)
COMMON STOCKS (continued)
Auto/Truck Parts & Equipment-Original (continued)
Methode Electronics, Inc.		303	$	9,323
Miller Industries, Inc.		92		2,755
Modine Manufacturing Co.†		408		2,611
Shyft Group, Inc.		10,478		202,330
Telenav, Inc.†		273		1,111
Tenneco, Inc., Class A†		421		3,629
Visteon Corp.†		229		20,530
				565,702
Auto/Truck Parts & Equipment-Replacement — 0.7%
Douglas Dynamics, Inc.		186		6,344
Motorcar Parts of America, Inc.†		155		2,283
Standard Motor Products, Inc.		5,397		247,183
XPEL, Inc.†		138		3,420
				259,230
B2B/E-Commerce — 0.0%
ePlus, Inc.†		110		7,426
Banks-Commercial — 5.0%
1st Constitution Bancorp		75		978
1st Source Corp.		135		4,521
ACNB Corp.		70		1,461
Alerus Financial Corp.		122		2,624
Allegiance Bancshares, Inc.		156		4,415
Altabancorp		131		2,852
Amalgamated Bank, Class A		112		1,243
American National Bankshares, Inc.		88		2,006
Ameris Bancorp		547		16,027
Ames National Corp.		72		1,390
Arrow Financial Corp.		109		2,983
Atlantic Capital Bancshares, Inc.†		172		2,387
Atlantic Union Bankshares Corp.		643		16,261
Auburn National Bancorporation, Inc.		19		706
BancFirst Corp.		155		6,890
Bancorp, Inc.†		425		4,080
BancorpSouth Bank		817		19,126
Bank First Corp.		52		3,329
Bank of Commerce Holdings		131		1,049
Bank of Marin Bancorp		109		3,285
Bank of N.T. Butterfield & Son, Ltd.		419		11,087
Bank of Princeton		47		924
Bank7 Corp.		23		209
BankUnited, Inc.		757		19,114
Bankwell Financial Group, Inc.		55		907
Banner Corp.		287		10,582
Bar Harbor Bankshares		123		2,512
Baycom Corp.†		94		1,043
BCB Bancorp, Inc.		119		1,082
Bogota Financial Corp.†		48		379
Bridge Bancorp, Inc.		138		2,697
Bridgewater Bancshares, Inc.†		182		2,022
Bryn Mawr Bank Corp.		162		4,351
Business First Bancshares, Inc.		159		2,641
Byline Bancorp, Inc.		200		2,628
C&F Financial Corp.		29		903
Cadence BanCorp		1,017		11,411
California Bancorp, Inc.†		62		846
Cambridge Bancorp		52		3,229
Banks-Commercial (continued)
Camden National Corp.		122	$	3,900
Capital Bancorp, Inc.†		66		694
Capital City Bank Group, Inc.		111		2,365
Capstar Financial Holdings, Inc.		132		1,371
Carter Bank & Trust		187		1,300
Cathay General Bancorp		626		14,730
CB Financial Services, Inc.		41		804
CBTX, Inc.		146		2,759
Central Pacific Financial Corp.		226		3,112
Central Valley Community Bancorp		87		1,122
Century Bancorp, Inc., Class A		23		1,646
Chemung Financial Corp.		30		1,022
ChoiceOne Financial Services, Inc.		60		1,726
CIT Group, Inc.		814		23,972
Citizens & Northern Corp.		110		1,863
Citizens Holding Co.		39		846
City Holding Co.		130		7,856
Civista Bancshares, Inc.		130		1,854
CNB Financial Corp.		122		2,213
Coastal Financial Corp.†		75		1,114
Codorus Valley Bancorp, Inc.		77		1,036
Colony Bankcorp, Inc.		64		802
Columbia Banking System, Inc.		592		16,819
Community Bank System, Inc.		436		25,284
Community Financial Corp.		43		940
Community Trust Bancorp, Inc.		128		4,073
ConnectOne Bancorp, Inc.		306		4,722
County Bancorp, Inc.		40		740
CrossFirst Bankshares, Inc.†		395		3,298
Customers Bancorp, Inc.†		237		3,275
CVB Financial Corp.		1,066		18,655
Eagle Bancorp, Inc.		264		7,899
Enterprise Bancorp, Inc.		74		1,673
Enterprise Financial Services Corp.		198		5,764
Equity Bancshares, Inc., Class A†		120		2,206
Esquire Financial Holdings, Inc.†		56		873
Evans Bancorp, Inc.		39		890
Farmers & Merchants Bancorp, Inc.		83		1,665
Farmers National Banc Corp.		214		2,493
FB Financial Corp.		256		7,552
Fidelity D&D Bancorp, Inc.		32		1,525
Financial Institutions, Inc.		131		2,323
First BanCorp		1,775		11,520
First Bancorp		237		5,709
First Bancorp, Inc.		83		1,920
First Bancshares, Inc.		170		4,053
First Bank		132		989
First Busey Corp.		416		7,484
First Business Financial Services, Inc.		67		1,149
First Choice Bancorp		85		1,197
First Commonwealth Financial Corp.		804		6,930
First Community Bankshares, Inc.		143		2,714
First Community Corp.		59		838
First Financial Bancorp		800		11,440
First Financial Bankshares, Inc.		1,064		31,718
First Financial Corp.		111		3,854
First Foundation, Inc.		325		4,833
First Guaranty Bancshares, Inc.		30		436
First Internet Bancorp		78		1,679

40

SunAmerica Specialty Series — AIG Small-Cap Fund

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

Security Description	Shares		Value (Note 3)
COMMON STOCKS (continued)
Banks-Commercial (continued)
First Interstate BancSystem, Inc., Class A		346	$	12,214
First Merchants Corp.		445		11,619
First Mid Bancshares, Inc.		120		3,331
First Midwest Bancorp, Inc.		940		11,797
First Northwest Bancorp		72		846
First of Long Island Corp.		188		2,901
First United Corp.		55		656
Flagstar Bancorp, Inc.		352		10,331
FNCB Bancorp, Inc.		141		775
Franklin Financial Services Corp.		34		748
Fulton Financial Corp.		1,309		14,386
FVCBankcorp, Inc.†		97		1,197
German American Bancorp, Inc.		203		6,124
Glacier Bancorp, Inc.		790		28,282
Great Southern Bancorp, Inc.		91		3,726
Great Western Bancorp, Inc.		456		5,923
Guaranty Bancshares, Inc.		58		1,676
Hancock Whitney Corp.		711		16,261
Hanmi Financial Corp.		252		2,265
HarborOne Bancorp, Inc.		436		4,098
Hawthorn Bancshares, Inc.		48		910
HBT Financial, Inc.		81		1,000
Heartland Financial USA, Inc.		286		9,421
Heritage Commerce Corp.		479		3,473
Heritage Financial Corp.		297		6,225
Hilltop Holdings, Inc.		594		13,549
Home BancShares, Inc.		1,261		20,933
HomeStreet, Inc.		183		5,686
Hope Bancorp, Inc.		968		7,812
Horizon Bancorp, Inc.		353		4,377
Howard Bancorp, Inc.†		109		1,104
Independent Bank Corp.		174		2,605
Independent Bank Corp.		271		15,526
International Bancshares Corp.		440		12,179
Investar Holding Corp.		84		1,171
Kearny Financial Corp.		660		5,544
Lakeland Bancorp, Inc.		402		4,474
Lakeland Financial Corp.		204		10,431
Landmark Bancorp, Inc.		32		750
LCNB Corp.		100		1,376
Level One Bancorp, Inc.		42		661
Limestone Bancorp, Inc.†		43		456
Live Oak Bancshares, Inc.		231		8,612
Luther Burbank Corp.		151		1,424
Macatawa Bank Corp.		216		1,553
Mackinac Financial Corp.		74		735
MainStreet Bancshares, Inc.†		58		865
Mercantile Bank Corp.		130		2,842
Merchants Bancorp		72		1,554
Meridian Corp.		44		774
Meta Financial Group, Inc.		9,559		280,461
Metrocity Bankshares, Inc.		143		1,998
Metropolitan Bank Holding Corp.†		58		1,737
Mid Penn Bancorp, Inc.		57		1,114
Middlefield Banc Corp.		49		935
Midland States Bancorp, Inc.		177		2,637
MidWestOne Financial Group, Inc.		121		2,438
MVB Financial Corp.		81		1,292
Banks-Commercial (continued)
National Bankshares, Inc.		53	$	1,441
NBT Bancorp, Inc.		351		9,610
Nicolet Bankshares, Inc.†		77		4,751
Northeast Bank		63		1,209
Northrim BanCorp, Inc.		52		1,485
Norwood Financial Corp.		48		1,098
Oak Valley Bancorp		56		777
OFG Bancorp		417		6,001
Ohio Valley Banc Corp.		35		749
Old National Bancorp		1,352		18,901
Old Second Bancorp, Inc.		237		2,026
OP Bancorp		101		649
Origin Bancorp, Inc.		181		4,049
Orrstown Financial Services, Inc.		90		1,258
Park National Corp.		118		10,815
Partners Bancorp		81		407
PCB Bancorp		103		968
PCSB Financial Corp.		122		1,643
Peapack-Gladstone Financial Corp.		151		2,549
Penns Woods Bancorp, Inc.		56		1,157
Peoples Bancorp of North Carolina, Inc.		37		640
Peoples Bancorp, Inc.		152		3,435
Peoples Financial Services Corp.		58		2,079
Pioneer Bancorp, Inc.†		96		908
Plumas Bancorp		38		765
Preferred Bank		114		3,857
Premier Financial Bancorp, Inc.		108		1,350
Premier Financial Corp.		305		5,487
Provident Bancorp, Inc.		71		612
QCR Holdings, Inc.		122		3,786
RBB Bancorp		137		1,749
Red River Bancshares, Inc.		41		1,862
Reliant Bancorp, Inc.		124		2,089
Renasant Corp.		449		12,801
Republic Bancorp, Inc., Class A		80		2,666
Republic First Bancorp, Inc.†		375		836
Richmond Mutual BanCorp, Inc.		101		1,106
S&T Bancorp, Inc.		319		6,313
Salisbury Bancorp, Inc.		21		711
Sandy Spring Bancorp, Inc.		380		9,633
SB Financial Group, Inc.		59		905
Seacoast Banking Corp. of Florida†		426		9,150
Select Bancorp, Inc.†		129		961
ServisFirst Bancshares, Inc.		402		14,834
Shore Bancshares, Inc.		102		1,104
Sierra Bancorp		115		2,282
Silvergate Capital Corp., Class A†		12,732		284,688
Simmons First National Corp., Class A		893		15,172
SmartFinancial, Inc.		116		1,733
South Plains Financial, Inc.		87		1,275
South State Corp.		577		35,428
Southern First Bancshares, Inc.†		60		1,610
Southern National Bancorp of Virginia, Inc.		163		1,575
Southside Bancshares, Inc.		261		7,037
Spirit of Texas Bancshares, Inc.		108		1,373
Standard AVB Financial Corp.		32		1,050
Sterling Bancorp, Inc.		135		477
Stock Yards Bancorp, Inc.		169		6,459

41

SunAmerica Specialty Series — AIG Small-Cap Fund

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

Security Description	Shares		Value (Note 3)
COMMON STOCKS (continued)
Banks-Commercial (continued)
Summit Financial Group, Inc.		94	$	1,693
Texas Capital Bancshares, Inc.†		417		18,765
Tompkins Financial Corp.		118		6,607
Towne Bank		552		10,035
TriCo Bancshares		218		6,307
TriState Capital Holdings, Inc.†		227		2,858
Triumph Bancorp, Inc.†		187		7,878
TrustCo Bank Corp.		781		4,292
Trustmark Corp.		520		12,163
UMB Financial Corp.		360		21,913
United Bankshares, Inc.		1,021		26,781
United Community Banks, Inc.		644		13,485
United Security Bancshares		111		690
Unity Bancorp, Inc.		64		897
Univest Financial Corp.		237		3,759
Valley National Bancorp		3,286		25,105
Veritex Holdings, Inc.		391		7,714
Washington Trust Bancorp, Inc.		141		4,762
WesBanco, Inc.		538		13,068
West BanCorp, Inc.		132		2,190
Westamerica BanCorp		215		11,260
Western New England Bancorp, Inc.		188		1,083
				1,769,855
Banks-Fiduciary — 0.0%
Parke Bancorp, Inc.		87		1,047
Banks-Mortgage — 0.0%
Walker & Dunlop, Inc.		233		14,651
Banks-Super Regional — 0.1%
Independent Bank Group, Inc.		305		15,732
National Bank Holdings Corp., Class A		243		7,326
				23,058
Batteries/Battery Systems — 0.1%
EnerSys		351		25,132
Beverages-Non-alcoholic — 0.1%
Celsius Holdings, Inc.†		283		5,691
Coca-Cola Consolidated, Inc.		39		8,929
National Beverage Corp.†		97		7,594
NewAge, Inc.†		781		1,827
Primo Water Corp.		1,288		16,139
				40,180
Beverages-Wine/Spirits — 0.0%
MGP Ingredients, Inc.		106		4,454
Broadcast Services/Program — 0.0%
Hemisphere Media Group, Inc.†		135		1,056
MSG Networks, Inc., Class A†		328		2,932
				3,988
Building & Construction Products-Misc. — 1.5%
American Woodmark Corp.†		140		11,565
Builders FirstSource, Inc.†		954		28,906
Caesarstone, Ltd.		183		1,766
Forterra, Inc.†		16,667		217,504
Gibraltar Industries, Inc.†		269		15,454
Louisiana-Pacific Corp.		930		26,580
Building & Construction Products-Misc. (continued)
Patrick Industries, Inc.		3,289	$	183,362
Simpson Manufacturing Co., Inc.		359		31,851
Summit Materials, Inc., Class A†		945		16,717
				533,705
Building & Construction-Misc. — 0.4%
Comfort Systems USA, Inc.		296		13,557
EMCOR Group, Inc.		448		30,549
IES Holdings, Inc.†		67		2,139
MYR Group, Inc.†		134		5,728
NV5 Global, Inc.†		90		5,047
TopBuild Corp.†		273		41,826
WillScot Mobile Mini Holdings Corp.†		1,322		24,563
				123,409
Building Products-Air & Heating — 0.1%
AAON, Inc.		339		19,801
SPX Corp.†		355		15,048
				34,849
Building Products-Cement — 0.0%
Concrete Pumping Holdings, Inc.†		221		714
US Concrete, Inc.†		132		4,483
				5,197
Building Products-Doors & Windows — 0.2%
Apogee Enterprises, Inc.		212		5,065
Cornerstone Building Brands, Inc.†		361		2,769
Griffon Corp.		355		7,611
JELD-WEN Holding, Inc.†		560		11,777
Masonite International Corp.†		201		17,688
PGT Innovations, Inc.†		470		7,792
				52,702
Building Products-Light Fixtures — 0.0%
LSI Industries, Inc.		211		1,443
Research Frontiers, Inc.†		219		567
				2,010
Building Products-Wood — 0.1%
Boise Cascade Co.		322		12,358
UFP Industries, Inc.		493		24,606
				36,964
Building-Heavy Construction — 0.9%
Aegion Corp.†		250		3,527
Arcosa, Inc.		400		18,468
Construction Partners, Inc., Class A†		217		4,422
Dycom Industries, Inc.†		253		16,430
Granite Construction, Inc.		386		7,454
Great Lakes Dredge & Dock Corp.†		20,596		212,757
MasTec, Inc.†		467		23,182
Primoris Services Corp.		396		7,472
Sterling Construction Co., Inc.†		228		3,352
Tutor Perini Corp.†		336		4,539
				301,603
Building-Maintenance & Services — 0.1%
ABM Industries, Inc.		553		19,200
BrightView Holdings, Inc.†		337		4,122
				23,322

42

SunAmerica Specialty Series — AIG Small-Cap Fund

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

Security Description	Shares		Value (Note 3)
COMMON STOCKS (continued)
Building-Mobile Home/Manufactured Housing — 0.2%
Cavco Industries, Inc.†		76	$	13,083
LCI Industries		203		22,261
Skyline Champion Corp.†		434		11,132
Winnebago Industries, Inc.		257		12,066
				58,542
Building-Residential/Commercial — 1.1%
Beazer Homes USA, Inc.†		235		2,862
Century Communities, Inc.†		5,283		205,192
Forestar Group, Inc.†		137		2,280
Green Brick Partners, Inc.†		196		3,506
Installed Building Products, Inc.†		188		17,021
KB Home		727		23,446
LGI Homes, Inc.†		184		19,666
M/I Homes, Inc.†		230		9,412
MDC Holdings, Inc.		419		18,235
Meritage Homes Corp.†		307		26,737
Taylor Morrison Home Corp.†		1,041		22,485
TRI Pointe Group, Inc.†		1,069		17,564
				368,406
Cable/Satellite TV — 0.1%
Liberty Latin America, Ltd., Class A†		381		3,734
Liberty Latin America, Ltd., Class C†		1,279		12,432
WideOpenWest, Inc.†		431		2,150
				18,316
Casino Hotels — 0.1%
Boyd Gaming Corp.		670		21,253
Century Casinos, Inc.†		223		1,050
				22,303
Casino Services — 0.2%
Accel Entertainment, Inc.†		366		3,514
Caesars Entertainment, Inc.†		1,368		61,314
Everi Holdings, Inc.†		677		5,829
Scientific Games Corp.†		471		15,015
				85,672
Cellular Telecom — 0.0%
Cambium Networks Corp.†		46		1,060
Chemicals-Diversified — 0.2%
Aceto Chemicals, Inc.†(1)		1		0
AdvanSix, Inc.†		226		3,440
Codexis, Inc.†		442		5,883
Innospec, Inc.		202		13,360
Koppers Holdings, Inc.†		170		3,813
Orion Engineered Carbons SA		497		7,291
Quaker Chemical Corp.		110		20,987
Stepan Co.		178		20,726
				75,500
Chemicals-Fibers — 0.0%
Rayonier Advanced Materials, Inc.†		511		1,753
Chemicals-Other — 0.0%
American Vanguard Corp.		238		3,075
Chemicals-Specialty — 0.5%
AgroFresh Solutions, Inc.†		253		521
Chemicals-Specialty (continued)
Amyris, Inc.†		879		2,198
Balchem Corp.		265		26,487
Ferro Corp.†		675		8,680
GCP Applied Technologies, Inc.†		403		8,789
H.B. Fuller Co.		424		19,186
Hawkins, Inc.		80		3,737
Ingevity Corp.†		342		18,769
Kraton Corp.†		257		7,273
Minerals Technologies, Inc.		281		15,368
Oil-Dri Corp. of America		42		1,435
PQ Group Holdings, Inc.†		316		3,653
Rogers Corp.†		154		18,668
Sensient Technologies Corp.		350		22,900
Tronox Holdings PLC, Class A		738		7,210
				164,874
Circuit Boards — 0.0%
TTM Technologies, Inc.†		824		9,781
Coal — 0.0%
Arch Resources, Inc., Class A		125		3,819
CONSOL Energy, Inc.†		214		811
NACCO Industries, Inc., Class A		31		604
Peabody Energy Corp.		517		667
SunCoke Energy, Inc.		685		2,391
Warrior Met Coal, Inc.		424		6,360
				14,652
Coatings/Paint — 0.0%
Kronos Worldwide, Inc.		184		2,451
Coffee — 0.0%
Farmer Brothers Co.†		132		458
Commercial Services — 0.7%
Collectors Universe, Inc.		75		4,120
Emerald Holding, Inc.		202		529
HMS Holdings Corp.†		726		19,326
LiveRamp Holdings, Inc.†		529		34,962
Medifast, Inc.		93		13,065
National Research Corp.		111		5,750
PFSweb, Inc.†		25,788		159,886
Progyny, Inc.†		220		5,361
ServiceSource International, Inc.†		716		995
SP Plus Corp.†		190		3,502
Team, Inc.†		247		1,324
WW International, Inc.†		389		8,231
				257,051
Commercial Services-Finance — 0.2%
Cardtronics PLC, Class A†		297		5,290
Cass Information Systems, Inc.		117		4,589
CBIZ, Inc.†		420		9,521
EVERTEC, Inc.		496		16,507
Evo Payments, Inc., Class A†		336		7,079
Franchise Group, Inc.		180		4,126
Green Dot Corp., Class A†		420		22,394
GreenSky, Inc., Class A†		512		2,422
MoneyGram International, Inc.†		511		2,632
Priority Technology Holdings, Inc.†		63		182
Repay Holdings Corp.†		491		11,062
				85,804

43

SunAmerica Specialty Series — AIG Small-Cap Fund

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

Security Description	Shares		Value (Note 3)
COMMON STOCKS (continued)
Communications Software — 0.1%
8x8, Inc.†		852	$	14,723
Avaya Holdings Corp.†		682		11,730
SeaChange International, Inc.†		249		187
Smith Micro Software, Inc.†		282		1,162
				27,802
Computer Aided Design — 0.0%
Altair Engineering, Inc., Class A†		350		15,060
Computer Data Security — 0.3%
OneSpan, Inc.†		275		6,031
Ping Identity Holding Corp.†		302		8,362
Qualys, Inc.†		281		24,686
Rapid7, Inc.†		415		25,701
SecureWorks Corp., Class A†		74		770
Tenable Holdings, Inc.†		575		19,613
Varonis Systems, Inc.†		257		29,701
				114,864
Computer Services — 0.6%
Conduent, Inc.†		1,360		4,740
ExlService Holdings, Inc.†		277		20,980
Insight Enterprises, Inc.†		286		15,258
Mastech Digital, Inc.†		4,916		77,083
MAXIMUS, Inc.		504		34,060
PAE, Inc.†		487		3,857
Parsons Corp.†		186		5,863
Perspecta, Inc.		1,148		20,584
Rimini Street, Inc.†		185		586
StarTek, Inc.†		144		756
Sykes Enterprises, Inc.†		319		10,923
TTEC Holdings, Inc.		150		8,217
Unisys Corp.†		510		6,701
Virtusa Corp.†		240		12,072
				221,680
Computer Software — 2.0%
Avid Technology, Inc.†		30,664		285,789
Bandwidth, Inc., Class A†		158		25,336
Box, Inc., Class A†		1,144		17,732
Cloudera, Inc.†		1,689		16,417
Cornerstone OnDemand, Inc.†		500		18,995
Envestnet, Inc.†		438		33,612
J2 Global, Inc.†		373		25,319
Red Violet, Inc.†		56		1,165
Simulations Plus, Inc.		116		7,519
Upland Software, Inc.†		5,303		221,241
Veritone, Inc.†		193		1,810
Verra Mobility Corp.†		1,103		10,600
Xperi Holding Corp.		885		10,974
Yext, Inc.†		834		13,828
Zuora, Inc., Class A†		828		7,965
				698,302
Computers-Integrated Systems — 0.1%
Cubic Corp.		259		15,310
Diebold Nixdorf, Inc.†		579		3,607
MTS Systems Corp.		159		3,861
NetScout Systems, Inc.†		573		11,758
Computers-Integrated Systems (continued)
PAR Technology Corp.†		133		4,917
Super Micro Computer, Inc.†		370		8,406
				47,859
Computers-Memory Devices — 0.0%
Quantum Corp.†		241		1,007
Computers-Other — 0.0%
3D Systems Corp.†		973		5,536
ExOne Co.†		95		955
PlayAGS, Inc.†		219		591
				7,082
Computers-Periphery Equipment — 0.3%
iCAD, Inc.†		9,552		93,228
Mitek Systems, Inc.†		330		4,108
				97,336
Computers-Voice Recognition — 0.0%
Vocera Communications, Inc.†		265		8,687
Consulting Services — 0.2%
Acacia Research Corp.†		392		1,235
CRA International, Inc.		62		2,539
Forrester Research, Inc.†		90		3,325
Franklin Covey Co.†		103		1,743
GP Strategies Corp.†		108		1,042
Hackett Group, Inc.		206		2,662
Huron Consulting Group, Inc.†		187		7,080
ICF International, Inc.		150		9,808
Information Services Group, Inc.†		296		607
Kelly Services, Inc., Class A		277		4,814
R1 RCM, Inc.†		881		15,787
Vectrus, Inc.†		94		3,715
				54,357
Consumer Products-Misc. — 0.2%
Central Garden & Pet Co.†		80		3,117
Central Garden & Pet Co., Class A†		326		11,537
Helen of Troy, Ltd.†		209		39,626
Quanex Building Products Corp.		271		4,932
WD-40 Co.		112		27,259
				86,471
Containers-Metal/Glass — 0.1%
Greif, Inc., Class A		212		8,605
Greif, Inc., Class B		49		2,119
O-I Glass, Inc.		1,292		12,184
				22,908
Containers-Paper/Plastic — 0.0%
Matthews International Corp., Class A		251		5,479
TriMas Corp.†		357		8,686
UFP Technologies, Inc.†		57		2,113
				16,278
Cosmetics & Toiletries — 0.4%
e.l.f. Beauty, Inc.†		5,403		109,519
Edgewell Personal Care Co.†		449		11,773
Inter Parfums, Inc.		147		6,036

44

SunAmerica Specialty Series — AIG Small-Cap Fund

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

Security Description	Shares		Value (Note 3)
COMMON STOCKS (continued)
Cosmetics & Toiletries (continued)
Revlon, Inc., Class A†		57	$	233
				127,561
Cruise Lines — 0.0%
Lindblad Expeditions Holdings, Inc.†		212		1,764
Data Processing/Management — 0.1%
Bottomline Technologies DE, Inc.†		357		14,180
CommVault Systems, Inc.†		345		13,658
CSG Systems International, Inc.		270		10,228
				38,066
Dental Supplies & Equipment — 0.1%
Patterson Cos., Inc.		699		17,388
Diagnostic Equipment — 1.0%
Accelerate Diagnostics, Inc.†		256		2,412
BioTelemetry, Inc.†		3,944		167,936
GenMark Diagnostics, Inc.†		574		7,014
Nymox Pharmaceutical Corp.†		345		662
Quanterix Corp.†		4,769		174,593
Quotient, Ltd.†		475		2,242
				354,859
Diagnostic Kits — 1.3%
Aspira Women’s Health, Inc.†		654		2,465
Chembio Diagnostics, Inc.†		21,166		100,327
Co-Diagnostics, Inc.†		219		2,937
Meridian Bioscience, Inc.†		17,109		293,419
Natera, Inc.†		584		39,280
OraSure Technologies, Inc.†		586		8,755
				447,183
Dialysis Centers — 0.0%
American Renal Associates Holdings, Inc.†		118		1,356
Direct Marketing — 0.0%
Quotient Technology, Inc.†		708		6,301
Disposable Medical Products — 0.7%
BioLife Solutions, Inc.†		7,328		210,387
CONMED Corp.		224		17,465
Merit Medical Systems, Inc.†		447		22,372
Utah Medical Products, Inc.		28		2,324
				252,548
Distribution/Wholesale — 0.5%
A-Mark Precious Metals, Inc.		40		1,243
Avient Corp.		754		23,427
Core-Mark Holding Co., Inc.		368		10,065
EVI Industries, Inc.†		40		1,168
Fossil Group, Inc.†		387		2,210
G-III Apparel Group, Ltd.†		363		4,893
H&E Equipment Services, Inc.		264		5,555
KAR Auction Services, Inc.		1,065		15,506
Resideo Technologies, Inc.†		1,022		10,302
ScanSource, Inc.†		209		4,201
SiteOne Landscape Supply, Inc.†		362		43,255
Systemax, Inc.		102		2,900
Titan Machinery, Inc.†		157		2,354
Triton International, Ltd.		499		18,403
Distribution/Wholesale (continued)
Veritiv Corp.†		106		1,526
VSE Corp.		73		2,114
WESCO International, Inc.†		405		16,702
				165,824
Diversified Manufacturing Operations — 0.2%
Chase Corp.		61		5,805
Enerpac Tool Group Corp.		447		7,970
EnPro Industries, Inc.		171		10,092
Fabrinet†		303		18,186
Federal Signal Corp.		493		14,139
NL Industries, Inc.		69		286
				56,478
Diversified Minerals — 0.0%
Caledonia Mining Corp. PLC		92		1,502
Livent Corp.†		1,210		13,008
United States Lime & Minerals, Inc.		17		1,576
				16,086
Diversified Operations — 0.0%
Professional Holding Corp., Class A†		94		1,281
Diversified Operations/Commercial Services — 0.0%
Viad Corp.		166		3,320
Drug Delivery Systems — 0.5%
Antares Pharma, Inc.†		1,355		3,699
BioDelivery Sciences International, Inc.†		49,621		156,802
Heron Therapeutics, Inc.†		723		11,792
Revance Therapeutics, Inc.†		519		13,432
				185,725
E-Commerce/Products — 0.7%
1-800-Flowers.com, Inc., Class A†		205		4,065
CarParts.com, Inc.†		174		2,208
Lands’ End, Inc.†		96		1,541
Liquidity Services, Inc.†		229		1,953
Overstock.com, Inc.†		3,622		203,194
RealReal, Inc.†		514		6,471
Stitch Fix, Inc., Class A†		464		15,976
				235,408
E-Commerce/Services — 1.6%
Cargurus, Inc.†		712		14,190
Cars.com, Inc.†		556		4,109
ChannelAdvisor Corp.†		17,767		287,825
Eventbrite, Inc., Class A†		524		4,836
EverQuote, Inc., Class A†		116		3,885
Groupon, Inc.†		192		3,723
Shutterstock, Inc.		180		11,781
Stamps.com, Inc.†		140		31,254
TrueCar, Inc.†		874		3,811
Upwork, Inc.†		10,589		195,367
				560,781
E-Marketing/Info — 0.6%
comScore, Inc.†		489		976
Magnite, Inc.†		873		7,883
QuinStreet, Inc.†		13,020		208,385
				217,244

45

SunAmerica Specialty Series — AIG Small-Cap Fund

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

Security Description	Shares		Value (Note 3)
COMMON STOCKS (continued)
E-Services/Consulting — 0.8%
Perficient, Inc.†		6,990	$	273,728
Electric Products-Misc. — 0.1%
Graham Corp.		80		1,056
nLight, Inc.†		287		6,096
Novanta, Inc.†		282		30,659
Ultralife Corp.†		75		387
				38,198
Electric-Distribution — 0.0%
Genie Energy, Ltd., Class B		109		904
Spark Energy, Inc., Class A		99		903
Unitil Corp.		122		4,215
				6,022
Electric-Generation — 0.2%
Atlantic Power Corp.†		717		1,427
Brookfield Renewable Corp., Class A		564		37,658
Ormat Technologies, Inc.		330		23,387
				62,472
Electric-Integrated — 0.6%
ALLETE, Inc.		430		22,179
Ameresco, Inc., Class A†		201		7,716
Avista Corp.		555		18,437
Black Hills Corp.		519		29,407
Evoqua Water Technologies Corp.†		753		17,266
MGE Energy, Inc.		301		19,571
NorthWestern Corp.		419		21,843
Otter Tail Corp.		334		12,809
PNM Resources, Inc.		655		32,750
Portland General Electric Co.		742		29,161
				211,139
Electronic Components-Misc. — 1.5%
Advanced Energy Industries, Inc.†		313		21,118
Applied Optoelectronics, Inc.†		178		1,563
Atkore International Group, Inc.†		390		8,069
Bel Fuse, Inc., Class B		83		972
Benchmark Electronics, Inc.		301		6,270
Comtech Telecommunications Corp.		200		2,880
IntriCon Corp.†		70		875
Kimball Electronics, Inc.†		198		2,400
Knowles Corp.†		19,163		273,073
NVE Corp.		39		1,799
OSI Systems, Inc.†		140		10,802
Plexus Corp.†		237		16,481
Sanmina Corp.†		554		13,540
SMART Global Holdings, Inc.†		117		3,087
SMTC Corp.†		44,299		154,603
Transcat, Inc.†		57		1,762
Vishay Intertechnology, Inc.		1,096		17,777
Vishay Precision Group, Inc.†		102		2,437
				539,508
Electronic Components-Semiconductors — 0.7%
Alpha & Omega Semiconductor, Ltd.†		169		2,680
Ambarella, Inc.†		273		14,925
Amkor Technology, Inc.†		823		9,753
Electronic Components-Semiconductors (continued)
Atomera, Inc.†		132		1,076
AXT, Inc.†		322		1,916
CEVA, Inc.†		179		7,217
CTS Corp.		263		7,269
Diodes, Inc.†		349		20,183
DSP Group, Inc.†		183		2,410
GSI Technology, Inc.†		136		831
Impinj, Inc.†		139		3,546
Intellicheck, Inc.†		148		1,071
Lattice Semiconductor Corp.†		1,109		38,704
MACOM Technology Solutions Holdings, Inc.†		388		14,162
Photronics, Inc.†		521		5,080
Pixelworks, Inc.†		322		715
Rambus, Inc.†		935		12,894
Semtech Corp.†		532		29,201
Silicon Laboratories, Inc.†		357		36,578
SiTime Corp.†		75		6,262
Synaptics, Inc.†		281		21,544
				238,017
Electronic Measurement Instruments — 1.6%
Badger Meter, Inc.		240		17,602
CyberOptics Corp.†		59		1,359
FARO Technologies, Inc.†		146		8,795
Fitbit, Inc., Class A†		2,006		14,122
Itron, Inc.†		331		22,492
Luna Innovations, Inc.†		36,969		233,274
Mesa Laboratories, Inc.		968		253,045
Stoneridge, Inc.†		214		4,886
				555,575
Electronic Security Devices — 0.1%
Alarm.com Holdings, Inc.†		392		22,865
API Group Corp.†*		1,155		16,620
Napco Security Technologies, Inc.†		96		2,316
Wrap Technologies, Inc.†		94		486
				42,287
Energy-Alternate Sources — 1.0%
Clean Energy Fuels Corp.†		1,072		2,658
FuelCell Energy, Inc.†		1,755		3,510
FutureFuel Corp.		213		2,533
Green Plains, Inc.†		282		4,258
Maxeon Solar Technologies, Ltd.†		79		1,280
Plug Power, Inc.†		2,811		39,354
Renewable Energy Group, Inc.†		315		17,766
REX American Resources Corp.†		46		3,344
Sunnova Energy International, Inc.†		438		10,538
SunPower Corp.†		631		10,090
Sunrun, Inc.†		1,203		62,580
TPI Composites, Inc.†		5,939		196,700
				354,611
Engineering/R&D Services — 0.2%
Exponent, Inc.		423		29,437
Fluor Corp.		1,162		13,189
Iteris, Inc.†		332		1,252
KBR, Inc.		1,174		26,168
Mistras Group, Inc.†		149		554
				70,600

46

SunAmerica Specialty Series — AIG Small-Cap Fund

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

Security Description	Shares		Value (Note 3)
COMMON STOCKS (continued)
Enterprise Software/Service — 1.8%
ACI Worldwide, Inc.†		944	$	27,536
Akerna Corp.†		74		176
American Software, Inc., Class A		16,800		246,624
Appian Corp.†		293		18,547
Asure Software, Inc.†		111		785
Benefitfocus, Inc.†		239		2,455
Blackbaud, Inc.		408		20,131
Blackline, Inc.†		414		40,440
Cardlytics, Inc.†		216		15,945
Daily Journal Corp.†		9		2,441
Domo, Inc., Class B†		210		6,672
Donnelley Financial Solutions, Inc.†		248		3,132
eGain Corp.†		172		2,726
Evolent Health, Inc., Class A†		623		6,193
Intelligent Systems Corp.†		62		2,351
LivePerson, Inc.†		509		27,211
ManTech International Corp., Class A		224		14,533
MicroStrategy, Inc., Class A†		64		10,692
MobileIron, Inc.†		804		5,660
Omnicell, Inc.†		350		30,292
Progress Software Corp.		370		13,457
PROS Holdings, Inc.†		324		9,127
QAD, Inc., Class A		95		3,975
SailPoint Technologies Holding, Inc.†		726		30,136
Sapiens International Corp. NV		211		5,724
SPS Commerce, Inc.†		290		24,821
SVMK, Inc.†		999		20,909
Verint Systems, Inc.†		528		25,619
Workiva, Inc.†		322		17,810
				636,120
Entertainment Software — 0.6%
Glu Mobile, Inc.†		30,792		220,471
Environmental Consulting & Engineering — 0.1%
Montrose Environmental Group Inc†		90		2,433
Tetra Tech, Inc.		444		44,804
				47,237
Filtration/Separation Products — 0.1%
ESCO Technologies, Inc.		211		17,659
Finance-Commercial — 0.1%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		598		25,026
Marlin Business Services Corp.		69		504
MMA Capital Holdings, Inc.†		39		978
NewStar Financial, Inc. CVR†(1)		360		194
				26,702
Finance-Consumer Loans — 1.1%
Curo Group Holdings Corp.		151		1,131
Encore Capital Group, Inc.†		5,696		181,873
Enova International, Inc.†		285		4,375
EZCORP, Inc., Class A†		395		1,762
International Money Express, Inc.†		11,286		156,988
LendingClub Corp.†		582		2,718
Navient Corp.		1,578		12,640
Nelnet, Inc., Class A		142		8,668
Finance-Consumer Loans (continued)
Paysign, Inc.†		254		1,209
PRA Group, Inc.†		372		12,696
Regional Management Corp.†		71		1,443
World Acceptance Corp.†		39		3,275
				388,778
Finance-Credit Card — 0.0%
Atlanticus Holdings Corp.†		42		481
I3 Verticals, Inc., Class A†		122		2,517
				2,998
Finance-Investment Banker/Broker — 1.5%
Amerant Bancorp, Inc.†		187		1,883
Arlington Asset Investment Corp., Class A		286		704
Cowen, Inc., Class A		10,340		221,896
Diamond Hill Investment Group, Inc.		26		3,560
Greenhill & Co., Inc.		117		1,513
Houlihan Lokey, Inc.		422		26,459
Moelis & Co., Class A		436		16,219
Oppenheimer Holdings, Inc., Class A		77		1,930
Piper Sandler Cos.		144		12,017
PJT Partners, Inc., Class A		3,542		239,652
Siebert Financial Corp.†		94		338
StoneX Group, Inc.†		135		7,152
				533,323
Finance-Leasing Companies — 0.1%
Aaron’s Holdings Co., Inc.		556		29,057
Finance-Mortgage Loan/Banker — 0.1%
Federal Agricultural Mtg. Corp., Class C		75		4,844
Mr. Cooper Group, Inc.†		631		13,302
Oportun Financial Corp.†		160		2,128
PennyMac Financial Services, Inc.		350		17,787
				38,061
Finance-Other Services — 0.0%
BGC Partners, Inc., Class A		2,513		7,413
SWK Holdings Corp.†		29		419
				7,832
Financial Guarantee Insurance — 0.1%
MBIA, Inc.†		438		2,501
NMI Holdings, Inc., Class A†		678		14,570
Radian Group, Inc.		1,579		28,343
				45,414
Firearms & Ammunition — 0.7%
American Outdoor Brands, Inc.†		112		1,695
Smith & Wesson Brands, Inc.		450		7,465
Sturm Ruger & Co., Inc.		3,393		226,856
				236,016
Food-Baking — 0.0%
Hostess Brands, Inc.†		1,009		12,754
Food-Canned — 0.0%
Landec Corp.†		214		2,056
Seneca Foods Corp., Class A†		54		1,990
				4,046

47

SunAmerica Specialty Series — AIG Small-Cap Fund

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

Security Description	Shares		Value (Note 3)
COMMON STOCKS (continued)
Food-Catering — 0.0%
Healthcare Services Group, Inc.		616	$	14,094
Food-Confectionery — 0.0%
Tootsie Roll Industries, Inc.		133		3,974
Food-Meat Products — 0.0%
Nathan’s Famous, Inc.		23		1,167
Food-Misc./Diversified — 1.3%
B&G Foods, Inc.		526		13,971
BellRing Brands, Inc., Class A†		10,155		185,735
Bridgford Foods Corp.†		14		255
Cal-Maine Foods, Inc.†		258		9,894
J&J Snack Foods Corp.		123		16,675
John B. Sanfilippo & Son, Inc.		2,677		194,778
Lancaster Colony Corp.		156		25,918
Simply Good Foods Co.†		702		13,198
				460,424
Food-Retail — 0.0%
Ingles Markets, Inc., Class A		118		4,232
Natural Grocers by Vitamin Cottage, Inc.		75		798
Village Super Market, Inc., Class A		71		1,608
Weis Markets, Inc.		79		3,587
				10,225
Food-Wholesale/Distribution — 0.8%
Calavo Growers, Inc.		3,489		234,217
Chefs’ Warehouse, Inc.†		249		3,366
HF Foods Group, Inc.†		293		1,931
Performance Food Group Co.†		1,080		36,299
SpartanNash Co.		293		5,394
United Natural Foods, Inc.†		450		6,556
				287,763
Footwear & Related Apparel — 0.2%
Crocs, Inc.†		551		28,834
Rocky Brands, Inc.		57		1,533
Steven Madden, Ltd.		679		16,303
Weyco Group, Inc.		50		792
Wolverine World Wide, Inc.		658		17,549
				65,011
Funeral Services & Related Items — 0.0%
Carriage Services, Inc.		136		3,510
Gambling (Non-Hotel) — 0.7%
Golden Entertainment, Inc.†		138		1,775
International Game Technology PLC		820		6,732
Monarch Casino & Resort, Inc.†		5,186		225,021
Red Rock Resorts, Inc., Class A		543		10,382
Twin River Worldwide Holdings, Inc.		148		3,592
				247,502
Gas-Distribution — 0.4%
Chesapeake Utilities Corp.		133		12,929
New Jersey Resources Corp.		786		22,935
Northwest Natural Holding Co.		251		11,154
ONE Gas, Inc.		432		29,825
RGC Resources, Inc.		63		1,499
South Jersey Industries, Inc.		832		16,033
Gas-Distribution (continued)
Southwest Gas Holdings, Inc.		462		30,363
Spire, Inc.		414		23,201
				147,939
Gas-Transportation — 0.0%
Brookfield Infrastructure Corp., Class A		268		14,598
Gold Mining — 0.1%
Gold Resource Corp.		539		1,477
Novagold Resources, Inc.†		1,960		20,305
				21,782
Golf — 0.1%
Acushnet Holdings Corp.		282		9,625
Callaway Golf Co.		770		11,927
				21,552
Hazardous Waste Disposal — 0.4%
Heritage-Crystal Clean, Inc.†		125		2,060
Sharps Compliance Corp.†		20,565		122,568
US Ecology, Inc.		260		7,935
				132,563
Health Care Cost Containment — 0.1%
CorVel Corp.†		73		6,659
HealthEquity, Inc.†		621		31,975
				38,634
Healthcare Safety Devices — 0.0%
Alpha Pro Tech, Ltd.†		101		1,433
Retractable Technologies, Inc.†		109		800
				2,233
Home Furnishings — 0.1%
Casper Sleep, Inc.†		209		1,386
Ethan Allen Interiors, Inc.		187		3,001
Hooker Furniture Corp.		96		2,640
Purple Innovation, Inc.†		183		5,192
Sleep Number Corp.†		223		14,129
				26,348
Hotels/Motels — 0.1%
Bluegreen Vacations Corp.		43		209
Bluegreen Vacations Holding Corp.		103		840
Hilton Grand Vacations, Inc.†		702		14,461
Marcus Corp.		185		1,356
Target Hospitality Corp.†		244		212
				17,078
Housewares — 0.0%
Lifetime Brands, Inc.		100		1,005
Tupperware Brands Corp.†		404		12,815
				13,820
Human Resources — 1.1%
AMN Healthcare Services, Inc.†		385		25,133
ASGN, Inc.†		420		28,006
Barrett Business Services, Inc.		63		3,733
BG Staffing, Inc.		76		606
Cross Country Healthcare, Inc.†		295		2,316
Heidrick & Struggles International, Inc.		158		3,610

48

SunAmerica Specialty Series — AIG Small-Cap Fund

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

Security Description	Shares		Value (Note 3)
COMMON STOCKS (continued)
Human Resources (continued)
Insperity, Inc.		299	$	22,897
Kforce, Inc.		6,802		236,029
Korn Ferry		462		13,948
Resources Connection, Inc.		252		2,707
TriNet Group, Inc.†		340		23,433
TrueBlue, Inc.†		295		4,578
Willdan Group, Inc.†		85		2,224
				369,220
Identification Systems — 0.1%
Brady Corp., Class A		389		14,673
Digimarc Corp.†		99		3,137
				17,810
Independent Power Producers — 0.1%
Clearway Energy, Inc., Class A		288		7,548
Clearway Energy, Inc., Class C		668		18,811
				26,359
Industrial Audio & Video Products — 0.6%
Akoustis Technologies, Inc.†		256		2,122
GoPro, Inc., Class A†		1,066		6,332
Turtle Beach Corp.†		10,532		189,787
				198,241
Industrial Automated/Robotic — 0.6%
Ichor Holdings, Ltd.†		8,850		205,851
Instruments-Controls — 0.1%
Allied Motion Technologies, Inc.		60		2,267
Watts Water Technologies, Inc., Class A		226		25,034
				27,301
Instruments-Scientific — 0.0%
Fluidigm Corp.†		582		3,341
Insurance Brokers — 0.1%
BRP Group, Inc., Class A†		278		7,089
Crawford & Co., Class A		134		858
eHealth, Inc.†		210		14,093
Goosehead Insurance, Inc., Class A		106		12,989
Selectquote, Inc.†		262		4,512
Trean Insurance Group, Inc.†		99		1,074
				40,615
Insurance-Life/Health — 0.2%
American Equity Investment Life Holding Co.		748		18,565
CNO Financial Group, Inc.		1,166		20,697
FBL Financial Group, Inc., Class A		79		3,926
GWG Holdings, Inc.†		26		195
Independence Holding Co.		38		1,437
National Western Life Group, Inc., Class A		21		3,562
Security National Financial Corp., Class A†		79		521
Trupanion, Inc.†		245		17,527
				66,430
Insurance-Multi-line — 0.1%
Citizens, Inc.†		409		2,360
Genworth Financial, Inc., Class A†		4,160		16,349
Vericity, Inc.		15		158
				18,867
Insurance-Property/Casualty — 1.4%
Ambac Financial Group, Inc.†		374	$	4,593
AMERISAFE, Inc.		158		9,319
Donegal Group, Inc., Class A		90		1,306
Employers Holdings, Inc.		237		7,586
Enstar Group, Ltd.†		99		17,015
FedNat Holding Co.		102		523
HCI Group, Inc.		50		2,349
Heritage Insurance Holdings, Inc.		207		1,954
Horace Mann Educators Corp.		342		11,597
Investors Title Co.		11		1,469
James River Group Holdings, Ltd.		5,915		276,408
Kinsale Capital Group, Inc.		174		32,620
National General Holdings Corp.		562		19,091
NI Holdings, Inc.†		75		1,253
Palomar Holdings, Inc.†		167		14,891
ProAssurance Corp.		442		6,820
ProSight Global, Inc.†		77		911
Protective Insurance Corp., Class B		74		973
RLI Corp.		326		28,264
Safety Insurance Group, Inc.		119		8,330
Selective Insurance Group, Inc.		488		25,405
State Auto Financial Corp.		145		1,789
Stewart Information Services Corp.		217		9,199
Tiptree, Inc.		202		984
United Fire Group, Inc.		173		3,554
United Insurance Holdings Corp.		168		738
Universal Insurance Holdings, Inc.		228		2,843
Watford Holdings, Ltd.†		141		5,076
				496,860
Insurance-Reinsurance — 0.2%
Argo Group International Holdings, Ltd.		268		9,562
Essent Group, Ltd.		909		36,224
Greenlight Capital Re, Ltd., Class A†		229		1,546
Third Point Reinsurance, Ltd.†		664		5,166
				52,498
Internet Application Software — 0.0%
Tucows, Inc., Class A†		77		5,682
VirnetX Holding Corp.		522		2,892
				8,574
Internet Connectivity Services — 0.1%
Boingo Wireless, Inc.†		361		3,372
Cogent Communications Holdings, Inc.		350		19,530
				22,902
Internet Content-Entertainment — 0.3%
Limelight Networks, Inc.†		34,143		120,525
Internet Content-Information/News — 0.1%
DHI Group, Inc.†		401		678
HealthStream, Inc.†		213		3,898
LiveXLive Media, Inc.†		379		762
TechTarget, Inc.†		192		8,409
Yelp, Inc.†		587		11,546
				25,293
Internet Gambling — 0.0%
GAN, Ltd.†		61		867

49

SunAmerica Specialty Series — AIG Small-Cap Fund

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

Security Description	Shares		Value (Note 3)
COMMON STOCKS (continued)
Internet Security — 0.1%
Mimecast, Ltd.†		471	$	17,997
Zix Corp.†		451		2,765
				20,762
Investment Companies — 0.0%
BBX Capital, Inc.†		103		355
Grid Dynamics Holdings, Inc.†		179		1,396
PDL Community Bancorp†		62		564
Rafael Holdings, Inc., Class B†		76		1,247
				3,562
Investment Management/Advisor Services — 1.0%
Altisource Portfolio Solutions SA†		38		423
Artisan Partners Asset Management, Inc., Class A		453		18,147
AssetMark Financial Holdings, Inc.†		135		2,855
Associated Capital Group, Inc., Class A		15		481
B. Riley Financial, Inc.		156		4,093
Blucora, Inc.†		397		3,950
Boston Private Financial Holdings, Inc.		676		4,178
BrightSphere Investment Group, Inc.		506		6,983
Cohen & Steers, Inc.		202		11,375
Columbia Financial, Inc.†		406		4,949
Federated Hermes, Inc.		796		19,024
First Western Financial, Inc.†		52		738
Focus Financial Partners, Inc., Class A†		259		9,456
GAMCO Investors, Inc., Class A		45		553
Hamilton Lane, Inc., Class A		248		17,286
Pzena Investment Management, Inc., Class A		140		727
Sculptor Capital Management, Inc.		152		1,648
Silvercrest Asset Management Group, Inc., Class A		17,226		194,482
Stifel Financial Corp.		550		32,153
Virtus Investment Partners, Inc.		61		9,733
Waddell & Reed Financial, Inc., Class A		531		8,151
Westwood Holdings Group, Inc.		64		618
WisdomTree Investments, Inc.		1,148		4,179
				356,182
Lasers-System/Components — 0.1%
II-VI, Inc.†		831		37,786
LENSAR, Inc.†		69		673
				38,459
Leisure Products — 0.6%
Escalade, Inc.		85		1,582
Johnson Outdoors, Inc., Class A		2,472		215,880
				217,462
Lighting Products & Systems — 0.4%
Orion Energy Systems ,Inc.†		19,540		125,447
Linen Supply & Related Items — 0.1%
UniFirst Corp.		124		20,312
Machine Tools & Related Products — 0.1%
Hurco Cos., Inc.		51		1,522
Kennametal, Inc.		685		21,235
Luxfer Holdings PLC		238		2,956
				25,713
Machinery-Construction & Mining — 0.1%
Astec Industries, Inc.		185	$	9,398
Hyster-Yale Materials Handling, Inc.		82		3,477
Manitowoc Co, Inc.†		280		2,108
Terex Corp.		555		13,703
				28,686
Machinery-Electrical — 0.1%
Argan, Inc.		122		5,025
Bloom Energy Corp., Class A†		731		9,240
Franklin Electric Co., Inc.		380		22,697
				36,962
Machinery-Farming — 0.1%
Alamo Group, Inc.		82		9,867
Lindsay Corp.		89		9,372
				19,239
Machinery-General Industrial — 0.3%
Albany International Corp., Class A		254		12,939
Altra Industrial Motion Corp.		532		22,748
Applied Industrial Technologies, Inc.		319		19,475
Chart Industries, Inc.†		298		25,166
DXP Enterprises, Inc.†		135		2,111
Gencor Industries, Inc.†		75		867
Intevac, Inc.†		191		1,009
Kadant, Inc.		94		10,821
Ranpak Holdings Corp.†		239		2,039
Tennant Co.		151		9,003
Welbilt, Inc.†		1,075		6,536
				112,714
Machinery-Material Handling — 0.0%
Columbus McKinnon Corp.		191		6,473
Machinery-Print Trade — 0.0%
Eastman Kodak Co.†		127		879
Machinery-Pumps — 0.2%
Cactus, Inc., Class A		392		6,664
CIRCOR International, Inc.†		165		4,604
CSW Industrials, Inc.		113		9,665
Gorman-Rupp Co.		145		4,502
Mueller Water Products, Inc., Class A		1,293		13,395
NN, Inc.†		346		1,855
SPX FLOW, Inc.†		351		14,865
				55,550
Medical Imaging Systems — 0.0%
Lantheus Holdings, Inc.†		547		5,940
Medical Information Systems — 0.7%
1Life Healthcare, Inc.†		648		18,280
Allscripts Healthcare Solutions, Inc.†		1,334		13,447
Computer Programs & Systems, Inc.		106		2,956
Health Catalyst, Inc.†		277		9,551
Inovalon Holdings, Inc., Class A†		608		11,546
MTBC, Inc.†		23,174		177,745
NantHealth, Inc.†		222		446
NextGen Healthcare, Inc.†		460		6,256
Ontrak, Inc.†		66		4,042
Schrodinger, Inc.†		241		11,756

50

SunAmerica Specialty Series — AIG Small-Cap Fund

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

Security Description	Shares		Value (Note 3)
COMMON STOCKS (continued)
Medical Information Systems (continued)
Tabula Rasa HealthCare, Inc.†		169	$	5,837
				261,862
Medical Instruments — 0.2%
AngioDynamics, Inc.†		302		3,123
Apyx Medical Corp.†		276		1,662
Cantel Medical Corp.		313		14,974
Milestone Scientific, Inc.†		348		536
Misonix Opco, Inc.†		99		1,125
Natus Medical, Inc.†		277		5,044
NuVasive, Inc.†		424		18,838
Silk Road Medical, Inc.†		222		13,453
Stereotaxis, Inc.†		364		1,150
				59,905
Medical Labs & Testing Services — 1.5%
Avalon GloboCare Corp.†		163		183
Cellular Biomedicine Group, Inc.†		102		1,837
Dyadic International, Inc.†		159		1,135
Fulgent Genetics, Inc.†		3,829		124,557
Invitae Corp.†		952		37,328
Liquidia Technologies, Inc.†		223		1,030
MEDNAX, Inc.†		615		7,841
Medpace Holdings, Inc.†		225		24,961
OPKO Health, Inc.†		3,280		11,546
Personalis, Inc.†		6,571		162,501
Progenity, Inc.†		29		145
SI-BONE, Inc.†		209		4,383
Vapotherm, Inc.†		162		4,852
Viemed Healthcare, Inc.†		17,969		143,932
				526,231
Medical Laser Systems — 0.8%
Cutera, Inc.†		14,071		266,364
Medical Products — 2.8%
Accuray, Inc.†		738		2,148
Acutus Medical, Inc.†		81		1,852
Alphatec Holdings, Inc.†		372		3,177
AtriCure, Inc.†		361		12,476
Atrion Corp.		12		7,214
Avanos Medical, Inc.†		393		13,892
AxoGen, Inc.†		300		3,783
Axonics Modulation Technologies, Inc.†		249		11,676
Bellerophon Therapeutics, Inc.†		37		312
BioSig Technologies, Inc.†		198		626
Cardiovascular Systems, Inc.†		319		11,372
Castle Biosciences, Inc.†		4,007		186,045
Cerus Corp.†		1,354		7,108
CryoLife, Inc.†		304		5,095
CytoSorbents Corp.†		339		2,593
Electromed, Inc.†		11,177		92,881
FONAR Corp.†		52		1,021
Glaukos Corp.†		352		19,684
Hanger, Inc.†		305		5,328
Inari Medical, Inc.†		63		4,171
InfuSystem Holdings, Inc.†		119		1,466
Inogen, Inc.†		152		4,440
Inspire Medical Systems, Inc.†		216		25,797
Medical Products (continued)
Integer Holdings Corp.†		270		15,781
Intersect ENT, Inc.†		268		4,154
Invacare Corp.		278		2,255
iRadimed Corp.†		49		1,110
iRhythm Technologies, Inc.†		226		47,788
LeMaitre Vascular, Inc.		137		4,450
LivaNova PLC†		403		20,287
Luminex Corp.		5,791		127,634
NanoString Technologies, Inc.†		312		11,435
Nemaura Medical, Inc.†		61		217
Nevro Corp.†		277		41,331
Orthofix Medical, Inc.†		154		4,814
OrthoPediatrics Corp.†		108		4,817
PAVmed, Inc.†		301		539
Pulse Biosciences, Inc.†		113		1,368
Repro-Med Systems, Inc.†		222		1,225
SeaSpine Holdings Corp.†		218		2,782
Shockwave Medical, Inc.†		235		16,055
Sientra, Inc.†		383		1,616
Soleno Therapeutics, Inc.†		491		854
Soliton, Inc.†		57		408
Surgalign Holdings, Inc.†		482		839
Surmodics, Inc.†		109		4,006
Tactile Systems Technology, Inc.†		151		5,524
Venus Concept, Inc.†		158		333
Wright Medical Group NV†		1,061		32,456
Zynex, Inc.†		15,245		195,288
				973,523
Medical-Biomedical/Gene — 6.7%
Abeona Therapeutics, Inc.†		498		533
ADMA Biologics, Inc.†		496		987
Adverum Biotechnologies, Inc.†		716		7,812
Affimed NV†		671		2,120
Agenus, Inc.†		28,365		104,667
Akero Therapeutics, Inc.†		112		2,974
Akouos, Inc.†		120		2,329
Albireo Pharma, Inc.†		110		3,472
Alder Biopharmaceuticals, Inc. CVR†(1)		708		623
Allakos, Inc.†		201		19,121
Allogene Therapeutics, Inc.†		445		15,094
ALX Oncology Holdings, Inc.†		79		3,121
AMAG Pharmaceuticals, Inc.†		254		3,485
Amicus Therapeutics, Inc.†		2,096		37,372
AnaptysBio, Inc.†		177		5,214
Anavex Life Sciences Corp.†		433		2,555
ANI Pharmaceuticals, Inc.†		78		1,988
Annexon, Inc.†		122		2,539
Apellis Pharmaceuticals, Inc.†		495		15,790
Applied Genetic Technologies Corp.†		201		1,037
Applied Molecular Transport, Inc.†		102		2,998
Applied Therapeutics, Inc.†		112		1,822
Aprea Therapeutics, Inc.†		59		1,287
Aptinyx, Inc.†		209		612
Aravive, Inc.†		100		463
Arbutus Biopharma Corp.†		25,796		72,745
Arcturus Therapeutics Holdings, Inc.†		132		7,139
Arcus Biosciences, Inc.†		348		7,586
Arcutis Biotherapeutics, Inc.†		149		2,655

51

SunAmerica Specialty Series — AIG Small-Cap Fund

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

Security Description	Shares		Value (Note 3)
COMMON STOCKS (continued)
Medical-Biomedical/Gene (continued)
Ardelyx, Inc.†		602	$	3,076
Arena Pharmaceuticals, Inc.†		479		41,060
Arrowhead Pharmaceuticals, Inc.†		828		47,444
Assembly Biosciences, Inc.†		253		3,729
Atara Biotherapeutics, Inc.†		597		7,707
Athersys, Inc.†		1,430		2,502
Atreca, Inc., Class A†		232		3,100
AVEO Pharmaceuticals, Inc.†		180		977
Avid Bioservices, Inc.†		465		3,371
Avidity Biosciences, Inc.†		138		3,413
Avrobio, Inc.†		258		3,684
Beam Therapeutics, Inc.†		291		9,943
BioCryst Pharmaceuticals, Inc.†		1,456		5,562
Biohaven Pharmaceutical Holding Co., Ltd.†		397		30,752
Black Diamond Therapeutics, Inc.†		149		4,695
Blueprint Medicines Corp.†		456		46,640
BrainStorm Cell Therapeutics, Inc.†		235		2,357
Bridgebio Pharma, Inc.†		600		23,028
Cabaletta Bio, Inc.†		106		1,226
Calithera Biosciences, Inc.†		542		1,919
Cara Therapeutics, Inc.†		339		4,495
CASI Pharmaceuticals, Inc.†		545		1,281
Catabasis Pharmaceuticals, Inc.†		159		213
CEL-SCI Corp.†		278		3,344
Centogene NV†		70		852
Cerecor, Inc.†		299		616
Champions Oncology, Inc.†		20,599		180,859
Checkmate Pharmaceuticals, Inc.†		42		483
ChemoCentryx, Inc.†		409		19,632
Chinook Therapeutics, Inc.†		109		1,346
ChromaDex Corp.†		336		1,515
Cohbar, Inc.†		214		196
Constellation Pharmaceuticals, Inc.†		253		4,964
ContraFect Corp.†		202		1,141
Cortexyme, Inc.†		130		6,223
Crinetics Pharmaceuticals, Inc.†		223		2,694
Cue Biopharma, Inc.†		237		2,640
Cymabay Therapeutics, Inc.†		571		4,751
CytomX Therapeutics, Inc.†		372		2,463
Deciphera Pharmaceuticals, Inc.†		308		17,886
Denali Therapeutics, Inc.†		518		22,160
DermTech, Inc.†		67		855
Dicerna Pharmaceuticals, Inc.†		536		11,251
Dynavax Technologies Corp.†		876		3,267
Editas Medicine, Inc.†		518		16,027
Eiger BioPharmaceuticals, Inc.†		227		2,016
Emergent BioSolutions, Inc.†		368		33,109
Enochian Biosciences, Inc.†		114		348
Enzo Biochem, Inc.†		366		666
Epizyme, Inc.†		735		9,085
Esperion Therapeutics, Inc.†		213		6,384
Evelo Biosciences, Inc.†		165		655
Evolus, Inc.†		180		545
Exagen, Inc.†		39		556
Exicure, Inc.†		489		733
Fate Therapeutics, Inc.†		591		26,240
FibroGen, Inc.†		695		26,674
Five Prime Therapeutics, Inc.†		221		1,008
Medical-Biomedical/Gene (continued)
Forma Therapeutics Holdings, Inc.†		133		5,735
Frequency Therapeutics, Inc.†		207		4,529
Galera Therapeutics, Inc.†		72		590
Generation Bio Co.†		101		2,610
Genprex, Inc.†		235		764
Geron Corp.†		2,369		4,122
GlycoMimetics, Inc.†		306		857
Gossamer Bio, Inc.†		467		3,876
Halozyme Therapeutics, Inc.†		1,120		31,360
Harvard Bioscience, Inc.†		316		1,068
Homology Medicines, Inc.†		280		2,960
iBio, Inc.†		476		828
IGM Biosciences, Inc.†		59		3,115
ImmunoGen, Inc.†		1,417		7,992
Immunovant, Inc.†		288		12,563
Innoviva, Inc.†		523		5,654
Inovio Pharmaceuticals, Inc.†		1,293		12,736
Inozyme Pharma Inc†		67		1,539
Insmed, Inc.†		835		27,505
Intercept Pharmaceuticals, Inc.†		214		5,947
iTeos Therapeutics, Inc.†		88		2,004
IVERIC bio, Inc.†		662		3,919
Kaleido Biosciences, Inc.†		96		587
Karuna Therapeutics, Inc.†		130		10,555
Karyopharm Therapeutics, Inc.†		578		8,566
Keros Therapeutics, Inc.†		57		3,169
Kezar Life Sciences, Inc.†		258		1,321
Kindred Biosciences, Inc.†		307		1,071
Kiniksa Pharmaceuticals, Ltd., Class A†		220		3,445
Kodiak Sciences, Inc.†		238		21,613
Krystal Biotech, Inc.†		111		4,772
Lexicon Pharmaceuticals, Inc.†		340		377
Ligand Pharmaceuticals, Inc.†		119		9,812
LogicBio Therapeutics, Inc.†		101		558
Lyra Therapeutics, Inc.†		34		364
MacroGenics, Inc.†		435		8,443
Magenta Therapeutics, Inc.†		171		1,079
Marker Therapeutics, Inc.†		243		330
MEI Pharma, Inc.†		852		2,215
MeiraGTx Holdings PLC†		169		2,160
Mersana Therapeutics, Inc.†		439		7,911
Mirati Therapeutics, Inc.†		309		67,096
Molecular Templates, Inc.†		218		1,927
Mustang Bio, Inc.†		236		629
Myriad Genetics, Inc.†		587		7,296
NantKwest, Inc.†		260		1,953
NeoGenomics, Inc.†		854		33,502
NextCure, Inc.†		136		1,314
NGM Biopharmaceuticals, Inc.†		197		3,416
Nkarta, Inc.†		134		3,847
Novavax, Inc.†		508		41,001
Nurix Therapeutics, Inc.†		92		2,327
Omeros Corp.†		487		4,938
Oncocyte Corp.†		519		768
Oncternal Therapeutics, Inc. CVR†(1)		7		14
Organogenesis Holdings, Inc.†		167		610
Orgenesis, Inc.†		149		675
Osmotica Pharmaceuticals PLC†		107		549
Ovid therapeutics, Inc.†		353		1,804

52

SunAmerica Specialty Series — AIG Small-Cap Fund

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

Security Description	Shares		Value (Note 3)
COMMON STOCKS (continued)
Medical-Biomedical/Gene (continued)
Oyster Point Pharma, Inc.†		50	$	991
Pacific Biosciences of California, Inc.†		1,376		18,039
Pandion Therapeutics, Inc.†		62		732
PDL BioPharma, Inc.†		918		1,974
Phathom Pharmaceuticals, Inc.†		89		3,503
Pieris Pharmaceuticals, Inc.†		409		1,027
Pliant Therapeutics, Inc.†		86		1,859
Poseida Therapeutics, Inc.†		111		1,278
Precigen, Inc.†		546		2,342
Precision BioSciences, Inc.†		383		2,417
Prevail Therapeutics, Inc.†		118		1,155
Protara Therapeutics, Inc.†		17		305
Prothena Corp. PLC†		254		2,771
Provention Bio, Inc.†		392		4,649
PTC Therapeutics, Inc.†		510		26,617
Puma Biotechnology, Inc.†		8,869		74,234
Radius Health, Inc.†		375		5,029
RAPT Therapeutics, Inc.†		90		2,587
REGENXBIO, Inc.†		281		8,082
Relay Therapeutics, Inc.†		265		9,789
Replimune Group, Inc.†		172		7,191
Retrophin, Inc.†		403		8,157
REVOLUTION Medicines, Inc.†		318		9,600
Rigel Pharmaceuticals, Inc.†		1,401		3,474
Rocket Pharmaceuticals, Inc.†		281		7,851
Rubius Therapeutics, Inc.†		296		1,252
Sangamo Therapeutics, Inc.†		949		9,813
Satsuma Pharmaceuticals, Inc.†		76		271
Savara, Inc.†		397		413
Scholar Rock Holding Corp.†		187		7,274
Selecta Biosciences, Inc.†		559		1,655
Solid Biosciences, Inc.†		204		667
Sorrento Therapeutics, Inc.†		17,135		118,917
SpringWorks Therapeutics, Inc.†		175		10,148
Stoke Therapeutics, Inc.†		101		3,877
Strongbridge Biopharma PLC†		293		571
Sutro Biopharma, Inc.†		214		2,752
Syndax Pharmaceuticals, Inc.†		222		3,865
TCR2 Therapeutics, Inc.†		209		4,111
Tela Bio, Inc.†		57		864
Theravance Biopharma, Inc.†		379		7,167
Tobira Therapeutics, Inc. CVR†(1)		104		0
Translate Bio, Inc.†		562		7,210
TransMedics Group, Inc.†		8,361		100,165
Turning Point Therapeutics, Inc.†		299		27,565
Twist Bioscience Corp.†		270		20,693
Tyme Technologies, Inc.†		558		484
Ultragenyx Pharmaceutical, Inc.†		474		47,637
UNITY Biotechnology, Inc.†		287		1,111
Vaxart, Inc.†		432		2,125
VBI Vaccines, Inc.†		1,416		3,328
Veracyte, Inc.†		472		16,360
Verastem, Inc.†		1,407		1,688
Vericel Corp.†		15,196		281,582
Veru, Inc.†		438		1,104
Viela Bio, Inc.†		178		5,680
Viking Therapeutics, Inc.†		541		3,046
Vir Biotechnology, Inc.†		442		13,896
Medical-Biomedical/Gene (continued)
VolitionRX, Ltd.†		225		668
VYNE Therapeutics, Inc.†		1,197		1,915
WaVe Life Sciences, Ltd.†		202		1,428
X4 Pharmaceuticals, Inc.†		133		763
XBiotech, Inc.†		118		2,019
Xencor, Inc.†		457		17,540
XOMA Corp.†		50		1,240
Y-mAbs Therapeutics, Inc.†		247		10,557
Zentalis Pharmaceuticals, Inc.†		95		3,761
ZIOPHARM Oncology, Inc.†		1,758		3,674
				2,356,294
Medical-Drugs — 2.2%
89bio, Inc.†		54		1,251
AcelRx Pharmaceuticals, Inc.†		660		1,129
Aduro Biotech Holding, Inc. CVR†(1)		109		0
Aeglea BioTherapeutics, Inc.†		346		2,657
Aerie Pharmaceuticals, Inc.†		302		3,204
Agile Therapeutics, Inc.†		560		1,523
Alector, Inc.†		382		3,595
Allovir, Inc.†		148		3,912
Amphastar Pharmaceuticals, Inc.†		300		5,877
Aquestive Therapeutics, Inc.†		164		794
Athenex, Inc.†		511		5,825
Avenue Therapeutics, Inc.†		55		173
Axcella Health, Inc.†		124		526
Aytu BioScience, Inc.†		189		180
Beyond Air, Inc.†		115		603
Beyondspring, Inc.†		121		1,784
BioSpecifics Technologies Corp.†		51		4,493
Bioxcel Therapeutics, Inc.†		97		4,432
Cassava Sciences, Inc.†		191		1,568
Catalyst Biosciences, Inc.†		182		997
Catalyst Pharmaceuticals, Inc.†		800		2,376
Checkpoint Therapeutics, Inc.†		372		815
Chiasma, Inc.†		413		1,549
Chimerix, Inc.†		399		1,065
Cidara Therapeutics, Inc.†		290		757
Clovis Oncology, Inc.†		684		3,372
Coherus Biosciences, Inc.†		14,167		236,164
Collegium Pharmaceutical, Inc.†		283		5,046
Concert Pharmaceuticals, Inc.†		236		2,435
Corbus Pharmaceuticals Holdings, Inc.†		616		579
Corcept Therapeutics, Inc.†		792		13,290
Cyclerion Therapeutics, Inc.†		183		428
Cytokinetics, Inc.†		547		8,407
Durect Corp.†		1,670		3,014
Eagle Pharmaceuticals, Inc.†		90		4,187
Eloxx Pharmaceuticals, Inc.†		220		557
Enanta Pharmaceuticals, Inc.†		157		6,850
Eton Pharmaceuticals, Inc.†		122		889
Fortress Biotech, Inc.†		518		1,140
Fulcrum Therapeutics, Inc.†		118		1,163
Galectin Therapeutics, Inc.†		307		780
Gritstone Oncology, Inc.†		248		677
Harpoon Therapeutics, Inc.†		87		1,259
Harrow Health, Inc.†		185		881
Hookipa Pharma, Inc.†		102		959
Ideaya Biosciences, Inc.†		131		1,594

53

SunAmerica Specialty Series — AIG Small-Cap Fund

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

Security Description	Shares		Value (Note 3)
COMMON STOCKS (continued)
Medical-Drugs — (continued)
IMARA, Inc.†		41	$	648
Immunic, Inc.†		46		729
Intellia Therapeutics, Inc.†		4,234		101,362
Intra-Cellular Therapies, Inc.†		539		13,297
Ironwood Pharmaceuticals, Inc.†		1,316		13,002
Jounce Therapeutics, Inc.†		142		1,181
Kadmon Holdings, Inc.†		1,422		4,835
Kala Pharmaceuticals, Inc.†		326		2,152
KalVista Pharmaceuticals, Inc.†		112		1,927
Kura Oncology, Inc.†		437		13,656
Lannett Co., Inc.†		262		1,685
Madrigal Pharmaceuticals, Inc.†		72		9,162
Marinus Pharmaceuticals, Inc.†		206		2,686
MediciNova, Inc.†		347		1,940
Minerva Neurosciences, Inc.†		282		905
Mirum Pharmaceuticals, Inc.†		43		677
Morphic Holding, Inc.†		113		3,041
MyoKardia, Inc.†		418		93,435
Neoleukin Therapeutics, Inc.†		266		2,790
Neubase Therapeutics, Inc.†		138		1,081
NeuroBo Pharmaceuticals, Inc.†		35		176
Ocular Therapeutix, Inc.†		499		4,740
Odonate Therapeutics, Inc.†		108		1,556
Optinose, Inc.†		288		922
ORIC Pharmaceuticals, Inc.†		72		1,548
Pacira BioSciences, Inc.†		346		18,096
Paratek Pharmaceuticals, Inc.†		360		1,717
Passage Bio, Inc.†		112		1,883
PhaseBio Pharmaceuticals, Inc.†		126		344
Phibro Animal Health Corp., Class A		168		2,762
Prestige Consumer Healthcare, Inc.†		415		13,707
Progenics Pharmaceuticals, Inc. CVR†(1)		722		0
Protagonist Therapeutics, Inc.†		250		4,737
Relmada Therapeutics, Inc.†		119		3,681
Rhythm Pharmaceuticals, Inc.†		277		5,864
Rockwell Medical, Inc.†		575		490
scPharmaceuticals, Inc.†		58		500
Seres Therapeutics, Inc.†		438		12,216
SIGA Technologies, Inc.†		430		2,748
Spectrum Pharmaceuticals, Inc.†		1,189		4,078
Spero Therapeutics, Inc.†		122		1,599
Supernus Pharmaceuticals, Inc.†		402		7,381
Syros Pharmaceuticals, Inc.†		342		2,281
TG Therapeutics, Inc.†		916		23,147
TherapeuticsMD, Inc.†		1,948		2,377
Tricida, Inc.†		233		1,312
UroGen Pharma, Ltd.†		160		3,603
Vanda Pharmaceuticals, Inc.†		443		4,736
Vaxcyte, Inc.†		150		5,605
Verrica Pharmaceuticals, Inc.†		103		763
Voyager Therapeutics, Inc.†		213		2,264
vTv Therapeutics, Inc., Class A†		86		146
Xeris Pharmaceuticals, Inc.†		379		1,793
Zogenix, Inc.†		458		9,765
				763,484
Medical-Generic Drugs — 0.0%
Amneal Pharmaceuticals, Inc.†		818		3,403
Medical-Generic Drugs (continued)
Arvinas, Inc.†		241		5,039
Endo International PLC†		1,868		8,537
				16,979
Medical-HMO — 0.1%
Magellan Health, Inc.†		196		14,165
Tivity Health, Inc.†		357		4,909
Triple-S Management Corp., Class B†		187		3,463
				22,537
Medical-Hospitals — 0.1%
Community Health Systems, Inc.†		703		4,387
Select Medical Holdings Corp.†		896		18,798
Surgery Partners, Inc.†		186		4,059
Tenet Healthcare Corp.†		862		21,153
				48,397
Medical-Nursing Homes — 0.1%
Ensign Group, Inc.		422		24,830
National HealthCare Corp.		103		6,520
				31,350
Medical-Outpatient/Home Medical — 2.2%
Addus HomeCare Corp.†		2,968		289,588
Joint Corp.†		10,913		204,510
LHC Group, Inc.†		250		54,137
Pennant Group, Inc.†		5,153		214,674
Providence Service Corp.†		100		11,755
				774,664
Medical-Wholesale Drug Distribution — 0.8%
AdaptHealth Corp.†		206		5,624
Covetrus, Inc.†		809		19,974
Eidos Therapeutics, Inc.†		90		6,383
Evofem Biosciences, Inc.†		632		1,498
Owens & Minor, Inc.		520		13,062
PetIQ, Inc.†		7,788		222,425
				268,966
Metal Processors & Fabrication — 0.3%
AZZ, Inc.		215		7,222
Helios Technologies, Inc.		256		10,711
Lawson Products, Inc.†		36		1,484
LB Foster Co., Class A†		83		1,125
Mayville Engineering Co., Inc.†		61		544
Mueller Industries, Inc.		461		13,337
Park-Ohio Holdings Corp.		72		1,421
RBC Bearings, Inc.†		203		24,167
Rexnord Corp.		1,006		32,272
Standex International Corp.		101		6,271
Tredegar Corp.		216		3,149
				101,703
Metal Products-Distribution — 0.0%
Olympic Steel, Inc.		75		856
Ryerson Holding Corp.†		132		1,039
Worthington Industries, Inc.		301		14,812
				16,707
Metal Products-Fasteners — 0.0%
Eastern Co.		44		901

54

SunAmerica Specialty Series — AIG Small-Cap Fund

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

Security Description	Shares		Value (Note 3)
COMMON STOCKS (continued)
Metal-Aluminum — 0.1%
Alcoa Corp.†		1,545	$	19,961
Arconic Corp.†		821		17,849
Century Aluminum Co.†		416		2,737
Kaiser Aluminum Corp.		130		8,181
				48,728
Metal-Diversified — 0.0%
Ferroglobe Representation & Warranty Trust†(1)		777		0
Metal-Iron — 0.1%
Cleveland-Cliffs, Inc.		3,257		26,968
Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc.		611		17,872
John Bean Technologies Corp.		258		21,664
				39,536
Motion Pictures & Services — 0.0%
Eros STX Global Corp.†		1,246		2,393
IMAX Corp.†		408		4,704
				7,097
MRI/Medical Diagnostic Imaging — 0.5%
RadNet, Inc.†		12,318		178,734
Multimedia — 0.0%
E.W. Scripps Co., Class A		462		4,195
Entravision Communications Corp., Class A		485		887
Media General, Inc. CVR†(1)		1,299		0
				5,082
Networking Products — 0.6%
A10 Networks, Inc.†		502		3,384
Calix, Inc.†		434		10,160
Extreme Networks, Inc.†		977		3,967
Infinera Corp.†		1,313		8,219
Inseego Corp.†		562		4,889
NeoPhotonics Corp.†		23,284		158,564
NETGEAR, Inc.†		244		7,520
				196,703
Night Clubs — 0.0%
RCI Hospitality Holdings, Inc.		70		1,498
Non-Ferrous Metals — 0.0%
Energy Fuels, Inc.†		1,027		1,551
Uranium Energy Corp.†		1,498		1,292
				2,843
Non-Hazardous Waste Disposal — 0.1%
Casella Waste Systems, Inc., Class A†		380		20,516
Covanta Holding Corp.		978		8,880
				29,396
Office Automation & Equipment — 0.0%
Pitney Bowes, Inc.		1,429		7,588
Office Furnishings-Original — 0.1%
CompX International, Inc.		14		177
Herman Miller, Inc.		486		14,808
HNI Corp.		352		11,458
Interface, Inc.		481		2,948
Office Furnishings-Original (continued)
Kimball International, Inc., Class B		297		3,059
Knoll, Inc.		413		4,733
Steelcase, Inc., Class A		711		7,423
				44,606
Office Supplies & Forms — 0.0%
ACCO Brands Corp.		762		4,016
Oil & Gas Drilling — 0.0%
Nabors Industries, Ltd.		58		1,648
Patterson-UTI Energy, Inc.		1,510		3,866
ProPetro Holding Corp.†		661		2,611
Transocean, Ltd.†		4,822		3,233
				11,358
Oil Companies-Exploration & Production — 0.3%
Antero Resources Corp.†		2,002		6,807
Berry Corp.		558		1,462
Bonanza Creek Energy, Inc.†		155		2,745
Brigham Minerals, Inc., Class A		304		2,681
CNX Resources Corp.†		1,834		17,790
Comstock Resources, Inc.†		201		1,067
Contango Oil & Gas Co.†		755		944
Earthstone Energy, Inc., Class A†		192		516
Evolution Petroleum Corp.		233		515
Falcon Minerals Corp.		315		580
Goodrich Petroleum Corp.†		76		728
Gulfport Energy Corp.†		1,326		339
Kosmos Energy, Ltd.		3,324		3,305
Magnolia Oil & Gas Corp., Class A†		1,022		4,436
Matador Resources Co.†		910		6,434
Montage Resources Corp.†		177		876
Ovintiv, Inc.		2,159		19,863
PDC Energy, Inc.†		823		9,810
Penn Virginia Corp.†		112		860
PrimeEnergy Resources Corp.†		4		206
Range Resources Corp.		1,766		11,620
SM Energy Co.		941		1,515
Southwestern Energy Co.†		4,942		13,195
Talos Energy, Inc.†		102		671
Tellurian, Inc.†		1,353		1,299
W&T Offshore, Inc.†		777		1,088
Whiting Petroleum Corp.†		10		146
				111,498
Oil Field Machinery & Equipment — 0.0%
Dril-Quip, Inc.†		288		7,459
Exterran Corp.†		215		910
Thermon Group Holdings, Inc.†		270		2,724
US Silica Holdings, Inc.		608		1,654
				12,747
Oil Refining & Marketing — 0.1%
Adams Resources & Energy, Inc.		18		343
CVR Energy, Inc.		244		2,687
Delek US Holdings, Inc.		515		5,181
Murphy USA, Inc.†		227		27,760
Par Pacific Holdings, Inc.†		330		2,125
PBF Energy, Inc., Class A		796		3,717

55

SunAmerica Specialty Series — AIG Small-Cap Fund

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

Security Description	Shares		Value (Note 3)
COMMON STOCKS (continued)
Oil Refining & Marketing (continued)
Trecora Resources†		199	$	1,178
				42,991
Oil-Field Services — 0.2%
Archrock, Inc.		1,070		6,345
ChampionX Corp.†		1,532		13,374
DMC Global, Inc.		120		4,268
Frank’s International NV†		1,278		2,237
Helix Energy Solutions Group, Inc.†		1,176		2,917
Liberty Oilfield Services, Inc., Class A		535		3,574
Matrix Service Co.†		214		1,626
MRC Global, Inc.†		648		2,761
National Energy Services Reunited Corp.†		170		1,258
Newpark Resources, Inc.†		733		524
NexTier Oilfield Solutions, Inc.†		1,334		2,521
NOW, Inc.†		903		3,675
Oceaneering International, Inc.†		818		3,338
Oil States International, Inc.†		496		1,235
RPC, Inc.†		474		1,128
Select Energy Services, Inc., Class A†		486		1,468
Solaris Oilfield Infrastructure, Inc., Class A		238		1,411
				53,660
Optical Supplies — 0.1%
STAAR Surgical Co.†		378		27,405
Paper & Related Products — 0.1%
Clearwater Paper Corp.†		133		4,941
Domtar Corp.		453		10,818
Neenah, Inc.		138		5,193
P.H. Glatfelter Co.		361		5,151
Schweitzer-Mauduit International, Inc.		256		8,499
Verso Corp., Class A		258		2,007
				36,609
Pastoral & Agricultural — 0.2%
Darling Ingredients, Inc.†		1,327		57,061
Patient Monitoring Equipment — 0.1%
CareDx, Inc.†		395		19,375
Pharmacy Services — 0.0%
Option Care Health, Inc.†		362		4,825
Physical Therapy/Rehabilitation Centers — 0.5%
U.S. Physical Therapy, Inc.		2,262		179,444
Physicians Practice Management — 0.0%
Accolade, Inc.†		96		3,362
Apollo Medical Holdings, Inc.†		163		2,813
				6,175
Pipelines — 0.0%
NextDecade Corp.†		173		419
Pollution Control — 0.0%
Advanced Emissions Solutions, Inc.		131		583
CECO Environmental Corp.†		255		1,805
				2,388
Poultry — 0.1%
Sanderson Farms, Inc.		166		21,243
Power Converter/Supply Equipment — 0.0%
Powell Industries, Inc.		74	$	1,749
Vicor Corp.†		159		12,402
				14,151
Precious Metals — 0.1%
Coeur Mining, Inc.†		1,997		14,119
Hecla Mining Co.		4,303		19,708
				33,827
Printing-Commercial — 0.1%
Cimpress PLC†		147		10,790
Deluxe Corp.		344		7,375
Ennis, Inc.		211		3,216
Quad/Graphics, Inc.		274		622
				22,003
Professional Sports — 0.0%
Liberty Media Corp.-Liberty Braves, Series A†		83		1,718
Liberty Media Corp.-Liberty Braves, Series C†		299		6,121
				7,839
Protection/Safety — 0.6%
Genasys, Inc.†		31,035		186,831
ShotSpotter, Inc.†		66		1,934
Vivint Smart Home, Inc.†		601		9,346
				198,111
Publishing-Books — 0.0%
Gannett Co, Inc.		1,084		1,247
Houghton Mifflin Harcourt Co.†		870		2,271
Scholastic Corp.		240		4,742
				8,260
Publishing-Newspapers — 0.1%
TEGNA, Inc.		1,809		21,762
Tribune Publishing Co.		129		1,479
				23,241
Publishing-Periodicals — 0.0%
Meredith Corp.		327		3,597
Value Line, Inc.		8		218
				3,815
Quarrying — 0.1%
Compass Minerals International, Inc.		282		17,027
Racetracks — 0.3%
Churchill Downs, Inc.		313		46,684
Penn National Gaming, Inc.†		1,254		67,691
				114,375
Radio — 0.0%
Entercom Communications Corp., Class A		967		1,450
iHeartMedia, Inc., Class A† Class A		494		4,061
Saga Communications, Inc., Class A		31		528
				6,039
Real Estate Investment Trusts — 3.8%
Acadia Realty Trust		699		6,522
Agree Realty Corp.		439		27,249
Alexander & Baldwin, Inc.		594		7,633

56

SunAmerica Specialty Series — AIG Small-Cap Fund

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

Security Description	Shares		Value (Note 3)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Alexander’s, Inc.		18	$	4,377
Alpine Income Property Trust, Inc.		55		767
American Assets Trust, Inc.		415		8,686
American Finance Trust, Inc.		900		5,188
Anworth Mtg. Asset Corp.		808		1,325
Apollo Commercial Real Estate Finance, Inc.		1,223		10,640
Arbor Realty Trust, Inc.		869		10,272
Ares Commercial Real Estate Corp.		254		2,365
Armada Hoffler Properties, Inc.		474		4,271
ARMOUR Residential REIT, Inc.		528		5,037
Blackstone Mtg. Trust, Inc., Class A		1,136		24,651
Bluerock Residential Growth REIT, Inc.		203		1,758
Broadmark Realty Capital, Inc.		1,061		10,578
BRT Apartments Corp.		87		1,083
Capstead Mtg. Corp.		786		4,016
CareTrust REIT, Inc.		788		13,475
CatchMark Timber Trust, Inc., Class A		402		3,493
Chatham Lodging Trust		382		2,808
Cherry Hill Mtg. Investment Corp.		125		1,145
Chimera Investment Corp.		1,583		13,218
CIM Commercial Trust Corp.		93		744
City Office REIT, Inc.		353		2,231
Clipper Realty, Inc.		123		691
Colony Capital, Inc.		3,960		14,098
Colony Credit Real Estate, Inc.		693		3,631
Columbia Property Trust, Inc.		944		9,988
Community Healthcare Trust, Inc.		178		8,241
CoreCivic, Inc.		986		6,320
CorEnergy Infrastructure Trust, Inc.		113		529
CorePoint Lodging, Inc.		324		1,549
DiamondRock Hospitality Co.		1,647		8,136
Diversified Healthcare Trust		1,956		5,663
Dynex Capital, Inc.		183		2,998
Easterly Government Properties, Inc.		660		13,794
EastGroup Properties, Inc.		319		42,452
Ellington Financial, Inc.		340		4,162
Ellington Residential Mortgage REIT		74		787
Essential Properties Realty Trust, Inc.		762		12,588
Farmland Partners, Inc.		215		1,385
Four Corners Property Trust, Inc.		580		14,697
Franklin Street Properties Corp.		857		3,599
Front Yard Residential Corp.		413		5,530
GEO Group, Inc.		971		8,603
Getty Realty Corp.		282		7,411
Gladstone Commercial Corp.		277		4,501
Gladstone Land Corp.		161		2,233
Global Medical REIT, Inc.		348		4,326
Global Net Lease, Inc.		743		10,573
Granite Point Mtg. Trust, Inc.		450		3,033
Great Ajax Corp.		171		1,313
Healthcare Realty Trust, Inc.		1,114		30,969
Hersha Hospitality Trust		281		1,377
Independence Realty Trust, Inc.		782		9,501
Industrial Logistics Properties Trust		535		10,261
Innovative Industrial Properties, Inc.		175		20,410
Invesco Mtg. Capital, Inc.		1,506		4,066
Investors Real Estate Trust		106		7,145
iStar, Inc.		601		7,092
Real Estate Investment Trusts (continued)
Jernigan Capital, Inc.		184		3,181
Kite Realty Group Trust		685		7,097
KKR Real Estate Finance Trust, Inc.		236		3,944
Ladder Capital Corp.		872		6,540
Lexington Realty Trust		2,256		22,402
LTC Properties, Inc.		321		10,596
Macerich Co.		1,236		8,603
Mack-Cali Realty Corp.		716		7,869
MFA Financial, Inc.		3,742		10,552
Monmouth Real Estate Investment Corp.		783		10,845
National Health Investors, Inc.		355		19,898
National Storage Affiliates Trust		516		17,487
NETSTREIT Corp.†		99		1,736
New Senior Investment Group, Inc.		676		2,643
New York Mtg. Trust, Inc.		3,124		7,935
NexPoint Residential Trust, Inc.		6,247		276,867
Office Properties Income Trust		394		7,254
One Liberty Properties, Inc.		132		2,037
Orchid Island Capital, Inc.		549		2,849
Pebblebrook Hotel Trust		1,073		12,855
PennyMac Mtg. Investment Trust		818		12,245
Physicians Realty Trust		1,721		29,016
Piedmont Office Realty Trust, Inc., Class A		1,041		11,888
Plymouth Industrial REIT, Inc.		131		1,665
PotlatchDeltic Corp.		540		22,437
Preferred Apartment Communities, Inc., Class A		392		2,117
PS Business Parks, Inc.		166		18,929
QTS Realty Trust, Inc., Class A		505		31,063
Ready Capital Corp.		345		3,878
Redwood Trust, Inc.		948		8,058
Retail Opportunity Investments Corp.		954		9,282
Retail Properties of America, Inc., Class A		1,769		9,270
Retail Value, Inc.		135		1,687
RLJ Lodging Trust		1,354		11,076
RPT Realty		665		3,252
Ryman Hospitality Properties, Inc.		416		16,578
Sabra Health Care REIT, Inc.		1,694		22,293
Safehold, Inc.		143		9,841
Saul Centers, Inc.		98		2,425
Seritage Growth Properties, Class A†		281		3,577
Service Properties Trust		1,352		9,748
SITE Centers Corp.		1,263		8,601
STAG Industrial, Inc.		1,236		38,464
Summit Hotel Properties, Inc.		853		4,504
Sunstone Hotel Investors, Inc.		1,773		13,156
Tanger Factory Outlet Centers, Inc.		747		4,624
Terreno Realty Corp.		550		30,954
TPG RE Finance Trust, Inc.		495		3,871
Two Harbors Investment Corp.		2,259		11,431
UMH Properties, Inc.		302		4,116
Uniti Group, Inc.		1,594		14,059
Universal Health Realty Income Trust		106		5,668
Urban Edge Properties		957		8,996
Urstadt Biddle Properties, Inc., Class A		245		2,330
Washington Real Estate Investment Trust		680		11,886
Western Asset Mtg. Capital Corp.		491		953
Whitestone REIT		329		1,961
Xenia Hotels & Resorts, Inc.		934		7,696
				1,323,969

57

SunAmerica Specialty Series — AIG Small-Cap Fund

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

Security Description	Shares		Value (Note 3)
COMMON STOCKS (continued)
Real Estate Management/Services — 0.2%
Cushman & Wakefield PLC†		911	$	10,677
eXp World Holdings, Inc.†		201		8,520
Fathom Holdings, Inc.†		39		732
Marcus & Millichap, Inc.†		192		5,996
Maui Land & Pineapple Co., Inc.†		56		565
Newmark Group, Inc., Class A		1,178		5,578
RE/MAX Holdings, Inc., Class A		147		4,754
Realogy Holdings Corp.†		945		10,546
Redfin Corp.†		799		33,374
RMR Group, Inc., Class A		125		3,333
				84,075
Real Estate Operations & Development — 0.1%
American Realty Investors, Inc.†		9		73
CTO Realty Growth, Inc.		38		1,677
FRP Holdings, Inc.†		54		2,185
Griffin Industrial Realty, Inc.		21		1,114
Kennedy-Wilson Holdings, Inc.		1,008		13,285
Legacy Housing Corp.†		68		926
McGrath RentCorp		199		11,359
St. Joe Co.†		271		7,328
Stratus Properties, Inc.†		49		1,047
Transcontinental Realty Investors, Inc.†		11		242
				39,236
Recreational Centers — 0.0%
OneSpaWorld Holdings, Ltd.		373		2,316
Recreational Vehicles — 1.1%
Camping World Holdings, Inc., Class A		271		7,165
Malibu Boats, Inc., Class A†		3,899		198,186
Marine Products Corp.		59		936
MasterCraft Boat Holdings, Inc.†		153		3,155
OneWater Marine, Inc., Class A†		10,083		187,846
				397,288
Recycling — 0.0%
Harsco Corp.†		645		8,320
Rental Auto/Equipment — 0.1%
Alta Equipment Group, Inc.†		140		1,067
Avis Budget Group, Inc.†		434		14,613
CAI International, Inc.		135		3,557
Herc Holdings, Inc.†		201		8,916
Nesco Holdings, Inc.†		109		452
Rent-A-Center, Inc.		400		12,360
Textainer Group Holdings, Ltd.†		426		6,160
				47,125
Resorts/Theme Parks — 0.1%
Marriott Vacations Worldwide Corp.		334		32,265
SeaWorld Entertainment, Inc.†		419		9,226
				41,491
Retail-Apparel/Shoe — 0.2%
Abercrombie & Fitch Co., Class A		514		7,309
American Eagle Outfitters, Inc.		1,244		17,055
Boot Barn Holdings, Inc.†		235		7,525
Buckle, Inc.		239		5,726
Caleres, Inc.		305		2,342
Retail-Apparel/Shoe (continued)
Cato Corp., Class A		175		1,071
Chico’s FAS, Inc.		980		1,049
Children’s Place, Inc.		117		2,957
Designer Brands, Inc., Class A		508		2,200
Duluth Holdings, Inc., Class B†		91		1,396
Express, Inc.†		524		320
Genesco, Inc.†		117		2,073
Guess?, Inc.		348		4,099
Shoe Carnival, Inc.		77		2,386
Tilly’s, Inc., Class A		183		1,124
Vera Bradley, Inc.†		169		1,071
Winmark Corp.		25		4,235
				63,938
Retail-Appliances — 0.0%
Conn’s, Inc.†		144		1,349
Retail-Arts & Crafts — 0.0%
Michaels Cos., Inc.†		614		4,980
Retail-Automobile — 0.3%
America’s Car-Mart, Inc.†		52		4,499
Asbury Automotive Group, Inc.†		159		16,374
Group 1 Automotive, Inc.		144		15,275
Lithia Motors, Inc., Class A		210		48,210
Rush Enterprises, Inc., Class A		337		12,078
Rush Enterprises, Inc., Class B		55		1,730
Sonic Automotive, Inc., Class A		197		7,104
				105,270
Retail-Bedding — 0.1%
Bed Bath & Beyond, Inc.		1,046		20,711
Retail-Building Products — 0.7%
Aspen Aerogels, Inc.†		169		1,910
At Home Group, Inc.†		442		7,200
Beacon Roofing Supply, Inc.†		450		13,815
BMC Stock Holdings, Inc.†		554		21,933
Foundation Building Materials, Inc.†		13,570		197,579
GMS, Inc.†		343		7,752
				250,189
Retail-Computer Equipment — 0.0%
PC Connection, Inc.		91		4,145
Retail-Discount — 0.2%
Big Lots, Inc.		324		15,422
BJ’s Wholesale Club Holdings, Inc.†		1,129		43,230
Citi Trends, Inc.		82		2,141
				60,793
Retail-Drug Store — 0.0%
OptimizeRx Corp.†		120		2,376
Rite Aid Corp.†		451		4,122
				6,498
Retail-Floor Coverings — 0.0%
Lumber Liquidators Holdings, Inc.†		235		5,198
Retail-Gardening Products — 0.0%
GrowGeneration Corp.†		295		4,926

58

SunAmerica Specialty Series — AIG Small-Cap Fund

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

Security Description	Shares		Value (Note 3)
COMMON STOCKS (continued)
Retail-Hair Salons — 0.0%
Regis Corp.†		194	$	1,075
Retail-Home Furnishings — 0.2%
Haverty Furniture Cos., Inc.		139		3,478
La-Z-Boy, Inc.		367		12,562
Lovesac Co.†		81		2,085
RH†		128		42,910
				61,035
Retail-Jewelry — 0.0%
Envela Corp.†		64		259
Movado Group, Inc.		130		1,418
Signet Jewelers, Ltd.		430		9,580
				11,257
Retail-Leisure Products — 0.0%
MarineMax, Inc.†		170		5,097
Retail-Misc./Diversified — 0.1%
Container Store Group, Inc.†		161		1,533
Gaia, Inc.†		100		1,014
GameStop Corp., Class A†		472		4,942
Hudson, Ltd., Class A†		327		2,498
PriceSmart, Inc.		188		12,972
Sally Beauty Holdings, Inc.†		930		7,784
				30,743
Retail-Office Supplies — 0.0%
ODP Corp.		431		8,404
Retail-Pawn Shops — 0.1%
FirstCash, Inc.		335		17,433
Retail-Pet Food & Supplies — 0.7%
Freshpet, Inc.†		319		36,526
PetMed Express, Inc.		7,087		209,633
				246,159
Retail-Petroleum Products — 0.0%
World Fuel Services Corp.		515		10,841
Retail-Regional Department Stores — 0.1%
Dillard’s, Inc., Class A		62		2,773
Macy’s, Inc.		2,575		15,991
				18,764
Retail-Restaurants — 1.3%
Biglari Holdings, Inc., Class A†		1		437
Biglari Holdings, Inc., Class B†		8		670
BJ’s Restaurants, Inc.		182		5,134
Bloomin’ Brands, Inc.		722		10,094
Brinker International, Inc.		370		16,110
Cannae Holdings, Inc.†		711		26,293
Carrols Restaurant Group, Inc.†		291		1,702
Cheesecake Factory, Inc.		350		10,402
Chuy’s Holdings, Inc.†		162		3,400
Cracker Barrel Old Country Store, Inc.		196		22,309
Dave & Buster’s Entertainment, Inc.		364		6,246
Del Taco Restaurants, Inc.†		27,697		205,373
Denny’s Corp.†		512		4,588
Dine Brands Global, Inc.		128		6,586
El Pollo Loco Holdings, Inc.†		151		2,132
Retail-Restaurants (continued)
Fiesta Restaurant Group, Inc.†		148		1,279
Jack in the Box, Inc.		187		14,971
Kura Sushi USA, Inc., Class A†		28		360
Noodles & Co.†		258		1,667
Papa John’s International, Inc.		270		20,682
Red Robin Gourmet Burgers, Inc.†		128		1,541
Ruth’s Hospitality Group, Inc.		267		2,985
Shake Shack, Inc., Class A†		289		19,513
Texas Roadhouse, Inc.		542		37,956
Waitr Holdings, Inc.†		690		1,759
Wingstop, Inc.		244		28,385
				452,574
Retail-Sporting Goods — 0.6%
Hibbett Sports, Inc.†		136		5,142
Sportsman’s Warehouse Holdings, Inc.†		14,985		195,105
Zumiez, Inc.†		173		4,844
				205,091
Retail-Vision Service Center — 0.1%
National Vision Holdings, Inc.†		663		26,739
Retirement/Aged Care — 0.0%
Brookdale Senior Living, Inc.†		1,514		4,451
Five Star Senior Living, Inc.†		156		713
				5,164
Rubber-Tires — 0.1%
Cooper Tire & Rubber Co.		416		14,306
Goodyear Tire & Rubber Co.		1,906		15,782
				30,088
Rubber/Plastic Products — 0.1%
Myers Industries, Inc.		296		4,245
Proto Labs, Inc.†		220		25,978
Raven Industries, Inc.		294		6,444
Trinseo SA		316		10,055
				46,722
Satellite Telecom — 0.1%
Gogo, Inc.†		455		3,658
Iridium Communications, Inc.†		970		25,618
KVH Industries, Inc.†		138		1,199
Loral Space & Communications, Inc.		106		1,846
				32,321
Savings & Loans/Thrifts — 0.5%
Axos Financial, Inc.†		477		13,003
Banc of California, Inc.		368		4,416
BankFinancial Corp.		109		801
Berkshire Hills Bancorp, Inc.		369		4,808
Brookline Bancorp, Inc.		639		6,122
Capitol Federal Financial, Inc.		1,094		12,559
Community Bankers Trust Corp.		180		983
Dime Community Bancshares, Inc.		236		2,985
Eagle Bancorp Montana, Inc.		52		1,001
ESSA Bancorp, Inc.		75		953
First Capital, Inc.		27		1,628
First Savings Financial Group, Inc.		15		811
Flushing Financial Corp.		222		2,839
FS Bancorp, Inc.		31		1,436

59

SunAmerica Specialty Series — AIG Small-Cap Fund

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

Security Description	Shares		Value (Note 3)
COMMON STOCKS (continued)
Savings & Loans/Thrifts (continued)
Greene County Bancorp, Inc.		25	$	564
Hingham Institution for Savings		12		2,424
Home Bancorp, Inc.		63		1,590
HomeTrust Bancshares, Inc.		129		2,060
Investors Bancorp, Inc.		1,902		16,091
Meridian Bancorp, Inc.		386		4,806
Northfield Bancorp, Inc.		393		3,993
Northwest Bancshares, Inc.		967		10,318
OceanFirst Financial Corp.		489		7,320
Oconee Federal Financial Corp.		9		203
Pacific Premier Bancorp, Inc.		659		16,804
Provident Financial Holdings, Inc.		49		620
Provident Financial Services, Inc.		592		8,033
Prudential Bancorp, Inc.		66		765
Riverview Bancorp, Inc.		174		816
Southern Missouri Bancorp, Inc.		63		1,605
Territorial Bancorp, Inc.		65		1,379
Timberland Bancorp, Inc.		61		1,162
Washington Federal, Inc.		623		13,264
Waterstone Financial, Inc.		185		3,123
WSFS Financial Corp.		414		13,120
				164,405
Schools — 0.2%
Adtalem Global Education, Inc.†		429		10,056
American Public Education, Inc.†		119		3,364
Aspen Group, Inc.†		156		1,463
K12, Inc.†		329		7,853
Laureate Education, Inc., Class A†		887		11,531
Perdoceo Education Corp.†		571		6,447
Strategic Education, Inc.		199		16,529
Universal Technical Institute, Inc.†		238		1,092
				58,335
Security Services — 0.1%
Brink’s Co.		414		17,732
Semiconductor Components-Integrated Circuits — 0.1%
MaxLinear, Inc.†		557		14,727
Power Integrations, Inc.		486		29,262
				43,989
Semiconductor Equipment — 0.8%
Axcelis Technologies, Inc.†		274		6,047
Brooks Automation, Inc.		599		27,973
CMC Materials, Inc.		239		33,984
Cohu, Inc.		339		7,367
FormFactor, Inc.†		637		18,059
Onto Innovation, Inc.†		391		12,539
Ultra Clean Holdings, Inc.†		8,108		172,619
Veeco Instruments, Inc.†		401		5,105
				283,693
Software Tools — 0.1%
Digital Turbine, Inc.†		679		19,460
Steel Pipe & Tube — 0.1%
Advanced Drainage Systems, Inc.		458		29,051
Northwest Pipe Co.†		79		2,117
Steel Pipe & Tube (continued)
Omega Flex, Inc.		24	$	3,593
TimkenSteel Corp.†		371		1,436
				36,197
Steel-Producers — 0.1%
Carpenter Technology Corp.		392		6,852
Commercial Metals Co.		981		20,258
Schnitzer Steel Industries, Inc., Class A		213		4,473
United States Steel Corp.		1,807		17,455
				49,038
Steel-Specialty — 0.0%
Allegheny Technologies, Inc.†		1,046		9,634
Superconductor Product & Systems — 0.0%
American Superconductor Corp.†		185		2,573
SupraNational Banks — 0.0%
Banco Latinoamericano de Comercio Exterior SA, Class E		255		3,261
Telecom Equipment-Fiber Optics — 0.0%
Clearfield, Inc.†		92		1,926
Telecom Services — 0.8%
ATN International, Inc.		92		4,112
Consolidated Communications Holdings, Inc.†		600		2,802
GTT Communications, Inc.†		263		970
HC2 Holdings, Inc.†		312		671
Ooma, Inc.†		16,037		226,282
ORBCOMM, Inc.†		610		2,623
Rackspace Technology, Inc.†		279		4,394
Spok Holdings, Inc.		146		1,326
Vonage Holdings Corp.†		1,910		20,208
				263,388
Telecommunication Equipment — 0.5%
Acacia Communications, Inc.†		321		21,744
ADTRAN, Inc.		394		4,212
DZS, Inc.†		99		1,128
Harmonic, Inc.†		783		4,651
PC-Tel, Inc.		25,429		129,688
Plantronics, Inc.		282		5,505
Preformed Line Products Co.		25		1,376
Viavi Solutions, Inc.†		1,884		23,267
				191,571
Telephone-Integrated — 0.1%
Alaska Communications Systems Group, Inc.		428		818
Cincinnati Bell, Inc.†		413		6,216
IDT Corp., Class B†		125		1,191
Shenandoah Telecommunications Co.		397		17,317
				25,542
Television — 0.1%
AMC Networks, Inc., Class A†		319		6,779
Gray Television, Inc.†		716		9,079
Sinclair Broadcast Group, Inc., Class A		364		6,763
				22,621

60

SunAmerica Specialty Series — AIG Small-Cap Fund

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

Security Description	Shares		Value (Note 3)
COMMON STOCKS (continued)
Textile-Apparel — 0.0%
Unifi, Inc.†		113	$	1,694
Theaters — 0.0%
AMC Entertainment Holdings, Inc., Class A		429		1,013
Cinemark Holdings, Inc.		881		7,215
				8,228
Therapeutics — 0.5%
Akebia Therapeutics, Inc.†		1,181		2,622
Anika Therapeutics, Inc.†		115		3,751
Axsome Therapeutics, Inc.†		228		15,119
CorMedix, Inc.†		254		1,283
Fennec Pharmaceuticals, Inc.†		18,288		138,257
Flexion Therapeutics, Inc.†		361		4,328
G1 Therapeutics, Inc.†		281		3,088
La Jolla Pharmaceutical Co.†		149		507
MannKind Corp.†		1,816		3,650
Recro Pharma, Inc.†		160		254
				172,859
Tobacco — 1.1%
Greenlane Holdings, Inc., Class A†		85		207
Turning Point Brands, Inc.		9,426		353,192
Universal Corp.		200		7,970
Vector Group, Ltd.		1,152		10,587
				371,956
Toys — 0.0%
Funko, Inc., Class A†		201		1,274
Traffic Management Sys — 0.0%
Arlo Technologies, Inc.†		646		2,881
Transactional Software — 0.0%
Synchronoss Technologies, Inc.†		338		936
Transport-Air Freight — 1.0%
Air Transport Services Group, Inc.†		12,216		342,537
Atlas Air Worldwide Holdings, Inc.†		212		12,542
				355,079
Transport-Equipment & Leasing — 0.1%
GATX Corp.		287		19,596
General Finance Corp.†		87		570
Greenbrier Cos., Inc.		266		7,177
Willis Lease Finance Corp.†		24		509
				27,852
Transport-Marine — 0.7%
Ardmore Shipping Corp.		277		776
Costamare, Inc.		409		2,327
DHT Holdings, Inc.		919		4,420
Diamond S Shipping, Inc.†		226		1,279
Dorian LPG, Ltd.†		26,190		214,758
Eagle Bulk Shipping, Inc.†		52		716
Frontline, Ltd.		973		5,264
Genco Shipping & Trading, Ltd.		141		911
Golar LNG, Ltd.†		751		5,670
International Seaways, Inc.		198		2,681
Nordic American Tankers, Ltd.		1,189		3,460
Overseas Shipholding Group, Inc., Class A†		544		1,039
Transport-Marine (continued)
Pangaea Logistics Solutions, Ltd.		87		232
Safe Bulkers, Inc.†		428		379
Scorpio Bulkers, Inc.		74		813
Scorpio Tankers, Inc.		422		3,722
SEACOR Holdings, Inc.†		158		4,840
SFL Corp., Ltd.		796		5,182
Tidewater, Inc.†		333		1,951
				260,420
Transport-Services — 0.7%
Bristow Group, Inc.†		54		1,122
CryoPort, Inc.†		281		11,279
Daseke, Inc.†		376		2,470
Echo Global Logistics, Inc.†		216		5,826
Forward Air Corp.		229		14,420
Hub Group, Inc., Class A†		270		13,535
Matson, Inc.		353		18,339
Radiant Logistics, Inc.†		323		1,660
Universal Logistics Holdings, Inc.		8,692		171,493
				240,144
Transport-Truck — 0.7%
ArcBest Corp.		208		6,348
Covenant Logistics Group, Inc.†		96		1,322
Heartland Express, Inc.		402		7,361
Marten Transport, Ltd.		488		7,488
P.A.M. Transportation Services, Inc.†		15		594
Saia, Inc.†		217		32,042
US Xpress Enterprises, Inc., Class A†		183		1,320
USA Truck, Inc.†		18,855		161,587
Werner Enterprises, Inc.		502		19,086
				237,148
Travel Services — 0.0%
Liberty TripAdvisor Holdings, Inc., Class A†		599		1,066
Venture Capital — 0.0%
Safeguard Scientifics, Inc.		161		937
Veterinary Diagnostics — 0.1%
Heska Corp.†		57		6,688
Neogen Corp.†		435		30,337
				37,025
Vitamins & Nutrition Products — 0.0%
Calyxt, Inc.†		85		273
LifeVantage Corp.†		113		1,248
Nature’s Sunshine Products, Inc.†		73		761
USANA Health Sciences, Inc.†		95		7,187
				9,469
Water — 0.8%
American States Water Co.		304		22,706
Artesian Resources Corp., Class A		66		2,325
California Water Service Group		408		18,185
Consolidated Water Co., Ltd.		119		1,197
Global Water Resources, Inc.		105		1,113
Middlesex Water Co.		141		9,044
PICO Holdings, Inc.†		139		1,150
SJW Group		218		13,230

61

SunAmerica Specialty Series — AIG Small-Cap Fund

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

Security Description	Shares			Value (Note 3)
COMMON STOCKS (continued)
Water (continued)
York Water Co.		4,977		$	210,278
					279,228
Water Treatment Systems — 0.6%
Energy Recovery, Inc.†		331			3,207
Pure Cycle Corp.†		24,645			216,876
					220,083
Web Hosting/Design — 0.2%
Endurance International Group Holdings, Inc.†		545			3,167
NIC, Inc.		543			12,174
Q2 Holdings, Inc.†		409			37,317
					52,658
Wire & Cable Products — 0.1%
Belden, Inc.		364			11,241
Encore Wire Corp.		168			7,763
Insteel Industries, Inc.		153			3,329
					22,333
Wireless Equipment — 0.1%
Anterix, Inc.†		90			2,873
CalAmp Corp.†		276			1,954
Casa Systems, Inc.†		261			1,088
InterDigital, Inc.		254			14,219
Maxar Technologies, Inc.		504			12,988
Powerfleet, Inc.†		235			1,422
Resonant, Inc.†		413			946
Ribbon Communications, Inc.†		562			2,422
					37,912
X-Ray Equipment — 0.0%
Varex Imaging Corp.†		315			4,221
ViewRay, Inc.†		919			2,729
					6,950
Total Common Stocks
(cost $32,738,223)					34,052,816
EXCHANGE-TRADED FUNDS — 0.4%
iShares Russell 2000 ETF (cost $98,038)		780			119,410
RIGHTS† — 0.0%
Silver Mining — 0.0%
Pan American Silver Corp. CVR† Expires 02/22/2029		3,628			2,612
Telecom Services — 0.0%
HC2 Holdings, Inc. Expires 11/20/2020 (Strike price $2.27)		312			0
(cost $1,129)					2,612
WARRANTS† — 0.0%
Oil Companies-Exploration & Production — 0.0%
Whiting Petroleum Corp., Series A		39		$	111
Whiting Petroleum Corp., Series B		19			57
(cost $0)					168
Total Long-Term Investment Securities
(cost $32,837,390)					34,175,006
SHORT-TERM INVESTMENT SECURITIES — 0.4%
U.S. Government Treasuries — 0.4%
United States Treasury Bills 0.15% due 06/17/2021(2)	$	100,000			99,935
0.17% due 05/20/2021(2)		50,000			49,972
Total Short-Term Investment Securities
(cost $149,856)					149,907
REPURCHASE AGREEMENTS — 2.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 10/30/2020, to be repurchased 11/02/2020 in the amount of $750,000 and collateralized by $767,700 of United States Treasury Notes, bearing interest at 0.25% due 06/30/2025 and having an approximate value of $765,097 (cost $750,000)		750,000			750,000
TOTAL INVESTMENTS
(cost $33,737,246)(3)		100.0	%		35,074,913
Other assets less liabilities		0.0			2,044
NET ASSETS		100.0	%	$	35,076,957

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At October 31, 2020, the aggregate value of these securities was $16,620 representing 0.0% of net assets.

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

(2) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

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

CVR — Contingent Value Rights

ETF — Exchange Traded Fund

Futures Contracts
Number of Contracts	Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
11	Long	E-Mini Russell 2000 Index		December 2020	$	842,618	$	845,240	$	2,622

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

62

SunAmerica Specialty Series — AIG Small-Cap Fund

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

The following is a summary of the inputs used to value the Fund’s net assets as of October 31, 2020 (see Note 3):

	Level 1 — Unadjusted Quoted Prices		Level 2 — Other Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Chemicals-Diversified	$	75,500	$	—	$	0	$	75,500
Finance-Commercial		26,508		—		194		26,702
Medical-Biomedical/Gene		2,355,657		—		637		2,356,294
Medical-Drugs		763,484		—		0		763,484
Metal-Diversified		—		—		0		0
Multimedia		5,082		—		0		5,082
Other Industries		30,825,754		—		—		30,825,754
Exchange-Traded Funds		119,410		—		—		119,410
Rights		2,612		0		—		2,612
Warrants		168		—		—		168
Short-Term Investments Securities		—		149,907		—		149,907
Repurchase Agreements		—		750,000		—		750,000
Total Investments at Value	$	34,174,175	$	899,907	$	831	$	35,074,913
Other Financial Instruments:†
Futures Contracts	$	2,622	$	—	$	—	$	2,622

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

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

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

See Notes to Financial Statements

63

SunAmerica Specialty Series

NOTES TO FINANCIAL STATEMENTS — October 31, 2020

Note 1. Organization

SunAmerica Specialty Series (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and is organized as a Delaware Statutory Trust. The Trust consists of six different investment funds (each a “Fund” and collectively, the “Funds”) as of October 31, 2020. Each Fund is managed by SunAmerica Asset Management, LLC (the “Adviser” or “SunAmerica”). An investor may invest in one or more of the following Funds: AIG Commodity Strategy Fund (the “Commodity Strategy Fund”), AIG ESG Dividend Fund (the “ESG Dividend Fund”), AIG Focused Alpha Large-Cap Fund (the “Focused Alpha Large-Cap Fund”), AIG Focused Growth Fund (the “Focused Growth Fund”), AIG Income Explorer Fund (the “Income Explorer Fund”) and AIG Small-Cap Fund (“the Small-Cap Fund”).

The Funds are considered to be separate entities for financial and tax reporting purposes. The investment objective and principal investment techniques for each Fund are as follows:

The Commodity Strategy Fund seeks to provide long-term total return through a strategy that is designed to provide diversified exposure to the commodities markets. The Fund seeks to achieve its investment goal by investing its assets in a combination of commodity-linked derivative instruments and fixed income securities.

The ESG Dividend Fund seeks to provide total return including capital appreciation and current income, employing a “buy and hold” strategy with up to forty dividend yielding equity securities selected annually from the Russell 1000^® Index that meet the Fund’s ESG standards.

The Focused Alpha Large-Cap Fund seeks to provide growth of capital through active trading of equity securities to achieve a blend of growth companies, value companies and companies that have elements of growth and value, issued by large-cap companies. Under normal market conditions, the Fund will invest at least 80% of its net assets, plus any borrowing for investment purposes, in large-cap companies.

The Focused Growth Fund seeks to provide growth of capital through active trading of equity securities of large, small and mid-cap companies.

The Income Explorer Fund seeks to provide high current income with a secondary objective of capital appreciation primarily by strategically allocating its assets among a preferred securities enhanced index strategy, real estate investment trust (“REIT”) strategy and global dividend equity strategy. Through this combination of investments, the Fund expects to gain exposure to a broad range of income-producing investments, including both fixed income and equity securities.

The Small-Cap Fund seeks to provide long-term growth of capital by strategically allocating its assets between a small-cap index strategy and a micro-cap growth strategy.

Each Fund, except for the Focused Alpha Large-Cap Fund and Focused Growth Fund, is a “diversified” Fund within the meaning of the 1940 Act.

Each Fund offers multiple classes of shares of beneficial interest. The classes within each Fund are presented in the Statement of Assets and Liabilities. The cost structure for each class is as follows:

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

Class C shares are offered at net asset value and may be subject to a contingent deferred sales charge on redemptions made within 12 months of purchase. Effective September 30, 2020, Class C shares convert automatically to Class A shares approximately eight years after purchase and at such time will be subject to the lower distribution fee applicable to Class A shares.

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

64

SunAmerica Specialty Series

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

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

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

Note 2. Basis for consolidation for the SunAmerica Commodity Strategy Cayman Fund Ltd.

The AIG Commodity Strategy Cayman Fund Ltd. (the “Commodity Strategy Subsidiary”), a Cayman Islands exempted company, was incorporated on October 20, 2008, and is a wholly-owned subsidiary of the Commodity Strategy Fund. The Commodity Strategy Subsidiary commenced operations on May 22, 2009 and was organized as a wholly-owned subsidiary of the Commodity Strategy Fund in order to effect certain investments on behalf of the Commodity Strategy Fund consistent with the investment objectives and policies in the Commodity Strategy Fund’s prospectus and statement of additional information. With respect to its investments, the Commodity Strategy Subsidiary will generally be subject to the same fundamental, non-fundamental and certain other investment restrictions as the Commodity Strategy Fund; however, the Commodity Strategy Subsidiary (unlike the Commodity Strategy Fund) may invest without limitation in commodity-linked swap agreements and other commodity-linked derivative instruments that may otherwise be limited if purchased by the Commodity Strategy Fund due to federal tax requirements relating to qualifying income. The Commodity Strategy Fund and Commodity Strategy Subsidiary may test for compliance with certain investment restrictions on a consolidated basis, except that with respect to its investment in certain securities that may involve leverage, the Commodity Strategy Subsidiary will comply with asset segregation or “earmarking” requirements to the same extent as the Commodity Strategy Fund. The Commodity Strategy Fund may invest up to 25% of its assets in the Commodity Strategy Subsidiary. As of October 31, 2020, net assets of the Commodity Strategy Fund were $25,196,636, of which approximately $4,844,082, or approximately 19.2%, represented the Commodity Strategy Fund’s ownership of all issued shares and voting rights of the Commodity Strategy Subsidiary.

Note 3. Significant Accounting Policies

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be significant. The Funds are considered investment companies under GAAP and follow the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements:

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

65

SunAmerica Specialty Series

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

reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tiers are as follows:

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

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices

on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board of Trustees (the “Board”) , etc.)

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

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

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

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

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

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

Bonds, debentures and other debt securities are valued at evaluated bid prices obtained for the day of valuation from a Board-approved pricing service and are generally categorized as Level 2. The pricing services may use valuation models or matrix pricing which considers information with respect to comparable bond and note transactions, quotations from bond dealers, or by reference to other securities that are considered comparable in such characteristics as rating, interest rate, maturity date, option

66

SunAmerica Specialty Series

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

adjusted spread models, prepayments projections, interest rate spreads, and yield curves to determine current value. If a price is unavailable from a Board-approved pricing service, the securities may be priced at the mean of two independent quotes obtained from brokers.

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

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

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

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

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

Derivative Instruments:

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

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

The primary risk to a Fund of entering into futures contracts is market risk. Market risk is the risk that there will be an unfavorable change in the interest rate, value or currency rate of the underlying security or securities. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin. There may also be trading restrictions or limitations imposed by

67

SunAmerica Specialty Series

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

an exchange, and government regulations may restrict trading in futures contracts. While a Fund will generally only purchase exchange-traded futures, due to market conditions, there may not always be a liquid secondary market for a futures contract and, as a result, the Fund may be unable to close out its futures contracts at a time which is advantageous. In addition, if a Fund has insufficient cash to meet margin requirements, the Fund may need to sell other investments, including at disadvantageous times. There is generally minimal counterparty credit risk to a Fund since exchange-traded futures contracts are centrally cleared.

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

Forward Foreign Currency Contracts: During the period, the Income Explorer Fund used forward contracts to attempt to protect securities against changes in future foreign exchange rates.

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

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

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

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

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

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

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

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

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

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

Total return swaps give a Fund the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset in a total return swap declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

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

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

Risks of Entering into Swap Agreements: Risks to a Fund of entering into credit default swaps, total return swaps and interest rate swaps, include credit risk, market risk, counterparty risk, liquidity risk and documentation risk. By entering into swap agreements, a Fund may be exposed to risk of potential loss due to unfavorable changes in interest rates, the price of the underlying security or index, or the underlying referenced asset’s perceived or actual credit, that the counterparty may default on its obligation to perform or the possibility that there is no liquid market for these agreements. There is also the risk that the parties may disagree as to the

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

meaning of contractual terms in the swap agreement. In addition, to the extent that a subadviser does not accurately analyze and predict the underlying economic factors influencing the value of the swap, a Fund may suffer a loss, which may be in excess of the amount reflected on the statement of assets and liabilities.

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

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

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

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	Futures Contracts(1)(8)		Swap Contracts(2)		Options Purchased(3)		Foreign Forward Exchange Contracts(4)		Futures Contracts(1)(8)		Swap Contracts(5)		Options Written(6)		Foreign Forward Exchange Contracts(7)
	Equity Contracts
Fund	Asset Derivatives								Liability Derivatives
Small-Cap	$	—	$	—	$	—	$	—	$	11,880	$	—	$	—	$	—
	Commodity Contracts
	Asset Derivatives								Liability Derivatives
Commodity Strategy#	$	97,406	$	—	$	33,165	$	—	$	63,654	$	—	$	17,160	$	—
	Foreign Exchange Contracts
	Asset Derivatives								Liability Derivatives
Income Explorer	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Statement of Assets and Liabilities Location:

(1) Variation margin on futures contracts

(2) Unrealized appreciation on swap contracts

(3) Investments at value (unaffiliated)

(4) Unrealized appreciation on forward foreign currency contracts

(5) Unrealized depreciation on swap contracts

(6) Call and put options written, at value

(7) Unrealized depreciation on forward foreign currency contracts

(8) The variation margin on futures contracts is included in the cumulative appreciation (depreciation) as reported on each Fund's Portfolio of Investments in the following amounts:

Fund	Cumulative Appreciation (Depreciation)
Commodity Strategy#		$832,882
Small-Cap		2,622

# Consolidated (see Note 2)

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

	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations
	Futures Contracts(1)			Swap Contracts(2)			Written Options(3)		Purchased Options(4)			Foreign Forward Exchange Contracts(5)
Fund	Equity Contracts
Small-Cap	$	258,039		$	—		$	—	$	—		$	—
	Commodity Contracts
Commodity Strategy#	$	(1,813,153	)	$	(958,890	)	$	16,348	$	17,873		$	—
	Foreign Exchange Contracts
Income Explorer .	$	—		$	—		$	—	$	—		$	(8,469	)
	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
	Futures Contracts(6)			Swap Contracts(7)			Written Options(8)		Purchased Options(9)			Foreign Forward Exchange Contracts(10)
Fund	Equity Contracts
Small-Cap	$	(17,836	)	$	—		$	—	$	—		$	—
	Commodity Contracts
Commodity Strategy#	$	418,398		$	(48,409	)	$	2,419	$	(5,059	)	$	—
	Foreign Exchange Contracts
Income Explorer .	$	—		$	—		$	—	$	—		$	10,197

Statement of Operations Location:

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

(2) Net realized gain (loss) on swap contracts

(3) Net realized gain (loss) on written options contracts

(4) Net realized gain (loss) on investments

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

(6) Change in unrealized appreciation (depreciation) on futures contracts

(7) Change in unrealized appreciation (depreciation) on swap contracts

(8) Change in unrealized appreciation (depreciation) on written options contracts

(9) Change in unrealized appreciation (depreciation) on investments

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

# Consolidated (see Note 2)

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

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

	Average Amount Outstanding During the Period
Fund	Futures Contracts(2)		Foreign Exchange Contracts(2)		Purchased Call Options Contracts(1)		Purchased Put Options Contracts(1)		Total Return Swap Contracts(1)		Written Call Options Contracts(1)		Written Put Options Contracts(1)
Commodity Strategy#	$	20,519,336	$	—	$	9,036	$	4,229	$	8,885,518	$	4,408	$	975
Income Explorer		—		109,596		—		—		—		—		—
Small-Cap		715,957		—		—		—		—		—		—

(1) Amounts represent values in US dollars.

(2) Amounts represent notional amounts in US dollars.

# Consolidated (see Note 2)

The following tables set forth the Funds’ derivative assets and liabilities by counterparty, net of amount available for offset under Master Agreements and net of related collateral pledged/(received) as of October 31, 2020. The repurchase agreements held by the Funds as of October 31, 2020 are subject to Master Agreements but are not included in the following tables. See the Portfolio of Investments and Notes to the Financial Statements for more information about the Funds’ holdings in repurchase agreements.

AIG Commodity Strategy Fund#

Derivative Assets(1)

Derivative Liabilities(1)

Counterparty

Forward Foreign Currency Contracts

OTC Swaps

Options Purchased

Total

Forward Foreign Currency Contracts

OTC Swaps

Options Written

Total

Net Derivative Assets (Liabilities)

Collateral Pledged/ (Received)(2)

Net Amount(3)

JPMorgan

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

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

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

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

# Consolidated (see Note 2)

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

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

Fund	Percentage Ownership			Principal Amount
Commodity Strategy		0.92	%	$	690,000
Commodity Strategy Subsidiary		0.67			500,000

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

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

Bank of America Securities LLC, dated October 30, 2020, bearing interest at a rate of 0.06% per annum, with a principal amount of $75,000,000, a repurchase price of $75,000,375, and a maturity date of November 2, 2020. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Notes		0.25	%		06/15/2023	$	76,310,000	$	76,519,051

As of October 31, 2020, the following Funds held an undivided interest in the joint repurchase agreement with Barclays Capital, Inc.:

Fund	Percentage Ownership			Principal Amount
Commodity Strategy		0.92	%	$	600,000
Commodity Strategy Subsidiary		0.67			435,000

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

Barclays Capital, Inc., dated October 30, 2020, bearing interest at a rate of 0.07% per annum, with a principal amount of $65,000,000, a repurchase price of $65,000,379, and a maturity date of November 2, 2020. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Bonds		1.13	%		05/15/2040	$	68,705,000	$	66,150,733

As of October 31, 2020, the following Funds held an undivided interest in the joint repurchase agreement with BNP Paribas SA:

Fund	Percentage Ownership			Principal Amount
Commodity Strategy		0.92	%	$	600,000
Commodity Strategy Subsidiary		0.67			435,000

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

BNP Paribas SA, dated October 30, 2020, bearing interest at a rate of 0.06% per annum, with a principal amount of $65,000,000, a repurchase price of $65,000,325, and a maturity date of November 2, 2020. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Bonds		2.38	%		11/15/2049	$	55,398,700	$	66,017,976

As of October 31, 2020, the following Funds held an undivided interest in the joint repurchase agreement with Deutsche Bank AG:

Fund	Percentage Ownership			Principal Amount
Commodity Strategy		0.92	%	$	785,000
Commodity Strategy Subsidiary		0.67			570,000

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

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

Deutsche Bank AG, dated October 30, 2020, bearing interest at a rate of 0.06% per annum, with a principal amount of $85,000,000, a repurchase price of $85,000,425 and a maturity date of November 2, 2020. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Notes		2.00	%		10/31/2022	$	82,866,000	$	86,756,817

As of October 31, 2020, the following Funds held an undivided interest in the joint repurchase agreement with RBS Securities, Inc.:

Fund	Percentage Ownership			Principal Amount
Commodity Strategy		0.93	%	$	825,000
Commodity Strategy Subsidiary		0.68			605,000

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

RBS Securities, Inc., dated October 30, 2020, bearing interest at a rate of 0.06% per annum, with a principal amount of $88,500,000, a repurchase price of $88,500,443, and a maturity date of November 2, 2020. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Value
U.S. Treasury Notes		0.50	%		08/31/2027	$	90,760,000	$	90,255,038

Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders: Securities transactions are recorded on a trade date basis. Realized gains and losses on sales of investments are calculated on the identified cost basis.

Interest income is accrued daily from settlement date except when collection is not expected. For financial statement purposes, the Funds amortize all premiums and accrete all discounts on fixed income securities. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities, which are recorded as soon as the Trust is informed after the ex-dividend date.

Securities purchased or sold on a when-issued or forward commitment basis outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

Distributions received from Real Estate Investment Trusts (“REIT”) investments are recharacterized based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The amount recharacterized as ordinary income is recorded as dividend income and the amount recharacterized as capital gain is recorded as realized gain in the Statement of Operations. The amount recharacterized as return of capital is recorded as a reduction to the cost of investments in the Statement of Assets and Liabilities. These recharacterizations are reflected in the accompanying financial statements.

Expenses common to all Funds are allocated among the Funds based on relative net assets or other appropriate methods. In all other respects, expenses are charged to each Fund as incurred on a specific identification basis.

Income, expenses other than class specific expenses, and realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative value of outstanding shares of each class of shares at the beginning of the day (after adjusting for the current capital share activity of the respective class).

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Dividends from net investment income, if any, are normally paid monthly for the Income Explorer Fund and quarterly for the ESG Dividend Fund. All other Funds pay annually. Each of the Funds reserves the right to declare and pay dividends less frequently than disclosed above, provided that the net realized capital gains and the net investment income, if any, are paid at least annually. The Funds record dividends and distributions to their shareholders on the ex-dividend date.

The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts at fiscal year end based on their federal tax-basis treatment; temporary differences do not require reclassification. Net assets are not affected by these reclassifications.

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

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

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

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

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

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

In advance of 2021, regulators and market participants are expected to work together to identify or develop successor Reference Rates. Additionally, prior to 2021, it is expected that market participants will focus on the transition mechanisms by which the Reference Rates in existing contracts or instruments may be amended, whether through market wide protocols, fallback contractual provisions, bespoke negotiations or amendments or otherwise. Nonetheless, the termination of certain Reference

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Rates presents risks to a Fund. At this time, it is not possible to completely identify or predict the effect of any such changes, any establishment of alternative Reference Rates or any other reforms to Reference Rates that may be enacted in the UK or elsewhere. The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of Reference Rates could have an adverse impact on the market for or value of any securities or payments linked to those Reference Rates and other financial obligations held by a Fund or on its overall financial condition or results of operations. In addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect a Fund’s performance and/or NAV.

New Accounting Pronouncements: In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13 “Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement”. The ASU eliminates, modifies, and adds disclosure requirements for fair value measurements and is for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The ASU allows for early adoption of either the entire standard or only the provisions that eliminate or modify the requirements. Management has elected to early adopt the provisions that eliminate disclosure requirements and is still evaluating the impact of applying the rest of the ASU.

Effective November 1, 2019, the Funds are subject to ASU 2017-08, “Premium Amortization on Purchased Callable Debt Securities”, which requires the premiums on certain purchased debt securities with non-contingent call features to be amortized to the earliest call date. The amortization period for callable debt securities purchased at a discount is not impacted. Adoption of the ASU had no material impact on the Funds.

Note 4. Investment Advisory and Management Agreements, Distribution and Service Agreements

The Trust, on behalf of each Fund, has entered into Investment Advisory and Management Agreements (the “Agreements”) with SunAmerica. Under the Agreements, SunAmerica provides continuous supervision of each Fund’s portfolio and administrative affairs, subject to general review by the Board. In connection therewith, SunAmerica furnishes the Funds with office facilities, maintains certain of the Funds’ books and records, pays the salaries and expenses of all personnel, including officers of the Funds who are employees of SunAmerica and its affiliates and oversees the performance of services provided to the Funds by third parties. Pursuant to the Agreements, the Funds pay SunAmerica a management fee at an annual rate based on average daily net assets, which is computed daily and payable monthly, as follows:

Fund	Percentage
Commodity Strategy		1.00	%
ESG Dividend		0.75
Focused Alpha Large-Cap		1.00
Focused Growth		1.00
Income Explorer		1.00
Small-Cap		1.00

The Commodity Strategy Subsidiary has entered into a separate contract with SunAmerica whereby SunAmerica provides investment advisory and other services to the Commodity Strategy Subsidiary. In consideration of these services, the Commodity Strategy Subsidiary pays SunAmerica a management fee at the annual rate of 1.00% of average daily net assets of the Commodity Strategy Subsidiary. SunAmerica has contractually agreed to waive the management fee it receives from the Commodity Strategy Fund in an amount equal to the management fee paid by the Commodity Strategy Subsidiary to SunAmerica (the “Commodity Strategy Subsidiary management fee waiver”). This waiver may not be terminated by SunAmerica, and will remain in effect for as long as SunAmerica’s contract with the Commodity Strategy Subsidiary is in place. For the year ended October 31, 2020, the amount of advisory fees waived was $52,075.

Pursuant to the Subadvisory Agreement between SunAmerica and Wellington Management Company LLP (“Wellington”) (the “Commodity Strategy Subadvisory Agreement”), SunAmerica has delegated portfolio management responsibilities of the Commodity Strategy Fund to Wellington. Pursuant to a Subadvisory Agreement between SunAmerica and Wellington with respect to the Commodity Strategy Subsidiary, SunAmerica has delegated portfolio management responsibilities of the Commodity Strategy Subsidiary to Wellington. Payments to Wellington for its services are made by SunAmerica, not by the Fund.

Pursuant to the Subadvisory Agreement between SunAmerica and Marsico Capital Management, LLC (“Marsico”) and the Subadvisory Agreement between SunAmerica and Blackrock Investment Management, LLC (“Blackrock”), SunAmerica has

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delegated portfolio management responsibilities of the Focused Alpha Large-Cap Fund to Marsico and Blackrock. Each Subadviser is paid by SunAmerica and not the Fund.

Pursuant to the Subadvisory Agreement between SunAmerica and Marsico, and the Subadvisory Agreement between SunAmerica and BAMCO, Inc. (“BAMCO”), SunAmerica has delegated portfolio management responsibilities of the Focused Growth Fund to Marsico and BAMCO. Each subadviser is paid by SunAmerica and not the Fund.

Prior to December 17, 2019 (the “Effective Date”), SunAmerica delegated a portion of portfolio management responsibilities of the Income Explorer Fund to Cohen & Steers Capital Management, Inc. (“Cohen & Steers”). Cohen and Steers was paid by SunAmerica and not by the Fund. As of the Effective Date, Cohen & Steers no longer serves as subadviser to the Fund, and SunAmerica assumed day-to-day management responsibilities.

Pursuant to the Subadvisory Agreement between SunAmerica and Cadence Capital Management, LLC (“Cadence”), SunAmerica has delegated a portion of portfolio management responsibilities of the Small-Cap Fund to Cadence. Cadence is paid by SunAmerica and not by the Fund.

Pursuant to an Advisory Fee Wavier Agreement with the Focused Growth Fund and the Small-Cap Fund, SunAmerica is contractually obligated to waive its advisory fee so that the advisory fee equals 0.90% and 0.85%, respectively, of average daily net assets of each of the Funds. For the year ended October 31, 2020, the amount of advisory fees waived for the Focused Growth Fund and Small-Cap Fund was $567,677 and $57,152, respectively. Effective March 31, 2020, pursuant to an Advisory Fee Wavier Agreement with the Income Explorer Fund, SunAmerica is contractually obligated to waive its advisory fee so that the advisory fee equals 0.75% of average daily net assets of the Fund. For the year ended October 31, 2020, the amount of advisory fees waived for the Income Explorer Fund was $55,225.

SunAmerica has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to cap the Funds’ annual Fund operating expense at the following percentages of each Class’s average daily net assets. For the purposes of waived fee and/or reimbursed expense calculations, annual Fund operating expenses shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence, such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of a Fund’s business. The contractual expense fee waivers and expense reimbursements will continue in effect indefinitely, unless terminated by the Trustees, including a majority of the Disinterested Trustees.

Fund	Percentage
Commodity Strategy Class A#		1.72	%
Commodity Strategy Class C#		2.37
Commodity Strategy Class W#		1.52
ESG Dividend Class A		1.13
ESG Dividend Class C		1.78
ESG Dividend Class W		0.93
Focused Alpha Large-Cap Class A		1.72
Focused Alpha Large-Cap Class C		2.37
Focused Alpha Large-Cap Class W		1.52
Focused Growth Class A		1.13
Focused Growth Class C		1.78
Focused Growth Class W		0.93
Income Explorer Class A(1)		0.99
Income Explorer Class C(1)		1.64
Income Explorer Class W(1)		0.79
Small-Cap Class A		1.25
Small-Cap Class C		1.90
Small-Cap Class W		1.05

# Consolidated (see Note 2)

(1) Effective March 31, 2020, the expense limitation for Class A, C and W changed from 1.55%, 2.20%, and 1.35% to 0.99%, 1.64% and 0.79%, respectively. Prior to December 17, 2019, the expense limitation for Class A, C and W was 1.72%, 2.37% and 1.52%, respectively.

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Any contractual waivers and/or reimbursements made by SunAmerica with respect to a Fund, with the exception of the Advisory Fee and Subsidiary management fee waivers, are subject to recoupment from the Funds within two years after the occurrence of any such waivers and/or reimbursements, provided that the Funds are able to effect such payment to SunAmerica and remain in compliance with the expense limitations in effect at the time the waivers and/or reimbursements were made.

For the year ended October 31, 2020, pursuant to the contractual expense limitations referred above, SunAmerica has waived or reimbursed expenses as follows:

Fund	Other Expenses Reimbursed
Commodity Strategy	$	228,791
ESG Dividend		156,255
Focused Alpha Large-Cap		—
Focused Growth		989,710
Income Explorer		246,672
Small-Cap		250,729

Fund	Class Specific Expenses Reimbursed
Commodity Strategy Class A	$	80,132
Commodity Strategy Class C		15,762
Commodity Strategy Class W		15,993
ESG Dividend Class A		61,639
ESG Dividend Class C		13,099
ESG Dividend Class W		31,427
Focused Alpha Large-Cap Class A		—
Focused Alpha Large-Cap Class C		—
Focused Alpha Large-Cap Class W		1,936
Focused Growth Class A		1,198,786
Focused Growth Class C		133,639
Focused Growth Class W		108,363
Income Explorer Class A		99,442
Income Explorer Class C		22,456
Income Explorer Class W		24,815
Small-Cap Class A		102,456
Small-Cap Class C		17,787
Small-Cap Class W		20,449

For the year ended October 31, 2020, the amounts recouped by SunAmerica are as follows:

Fund	Class Specific Expenses Recouped
Commodity Strategy Class A	$	—
Commodity Strategy Class C		—
Commodity Strategy Class W		—
ESG Dividend Class A		—
ESG Dividend Class C		—
ESG Dividend Class W		—
Focused Alpha Large-Cap Class A		—
Focused Alpha Large-Cap Class C		—
Focused Alpha Large-Cap Class W		4,983
Focused Growth Class A		—
Focused Growth Class C		—
Focused Growth Class W		—
Income Explorer Class A		—

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

Fund	Class Specific Expenses Recouped
Income Explorer Class C	$	—
Income Explorer Class W		—
Small-Cap Class A		—
Small-Cap Class C		—
Small-Cap Class W		—

At October 31, 2020, expenses previously waived and/or reimbursed by SunAmerica that are subject to recoupment and expire during the time periods indicated are as follows:

	Other Expenses Reimbursed
Fund	October 31, 2021		October 31, 2022
Commodity Strategy	$	194,012	$	228,791
ESG Dividend		144,525		156,255
Focused Alpha Large-Cap		—		—
Focused Growth		1,010,634		989,710
Income Explorer		67,581		246,672
Small-Cap		213,197		250,729

	Class Specific Expenses Reimbursed
Fund	October 31, 2021		October 31, 2022
Commodity Strategy Class A	$	91,964	$	80,132
Commodity Strategy Class C		17,581		15,762
Commodity Strategy Class W		17,219		15,993
ESG Dividend Class A		66,884		61,639
ESG Dividend Class C		12,051		13,099
ESG Dividend Class W		28,425		31,427
Focused Alpha Large-Cap Class A		—		—
Focused Alpha Large-Cap Class C		—		—
Focused Alpha Large-Cap Class W		—		1,218
Focused Growth Class A		1,143,417		1,198,786
Focused Growth Class C		152,360		133,639
Focused Growth Class W		151,927		108,363
Income Explorer Class A		98,793		99,442
Income Explorer Class C		22,451		22,456
Income Explorer Class W		26,877		24,815
Small-Cap Class A		124,303		102,456
Small-Cap Class C		20,445		17,787
Small-Cap Class W		35,892		20,449

The Trust, on behalf of each Fund, has a Distribution Agreement with AIG Capital Services, Inc. (“ACS” or the “Distributor”), an affiliate of the Adviser. Each Fund has adopted a Distribution Plan on behalf of its Class A shares and Class C shares (each a “Plan” and collectively, the “Plans”) in accordance with the provisions of Rule 12b-1 under the 1940 Act, hereinafter referred to as the “Class A Plan” and the “Class C Plan.” In adopting the Plans, the Trustees determined that there was a reasonable likelihood that each such Plan would benefit the Fund and the shareholders of the respective class. The sales charge and distribution fees of a particular class will not be used to subsidize the sale of shares of any other class.

Under the Class A Plan and Class C Plan, the Distributor receives payments from a Fund at an annual rate of 0.10% and 0.75%, respectively, of average daily net assets of such Fund’s Class to compensate the Distributor and certain securities firms for providing sales and promotional activities for distributing that class of shares. The distribution costs for which the Distributor may be compensated include fees paid to broker-dealers that have sold Fund shares, commissions and other expenses such as those incurred for sales literature, prospectus printing and distribution and compensation to wholesalers. It is possible that in any given year, the amount paid to the Distributor under each Plan may exceed the Distributor’s distribution costs as described above. During the year ended October 31, 2020, ACS waived fees in the amount of $10,527 for the Class A shares of AIG ESG

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Fund. The Plans further provide that the Class A and Class C shares of each Fund shall pay the Distributor an account maintenance fee up to an annual rate of 0.25% of the average daily net assets of such class of shares for payments to broker-dealers for providing account maintenance activities. The Distributor does not receive or retain any distribution and/or a account maintenance fees for any shares when the shareholder does not have a broker of record. For the year ended October 31, 2020, ACS received fees based upon the aforementioned rates (see Statement of Operations).

The Trust, on behalf of each fund, has entered into an Administrative and Shareholder Services Agreement with ACS, pursuant to which ACS is paid an annual fee of 0.15% of average daily net assets of Class W shares as compensation for providing administrative and shareholder services to Class W shareholders. For year ended October 31, 2020, ACS earned fees based upon the aforementioned rates (see Statement of Operations).

ACS receives sales charges on each Fund’s Class A shares, portions of which are reallocated to affiliated broker-dealers and nonaffiliated broker-dealers. ACS also receives the proceeds of contingent deferred sales charges paid by investors in connection with certain redemptions of each Fund’s Class A and Class C shares. ACS has advised the Funds that for the year ended October 31, 2020, the proceeds received from sales (and paid out to affiliated and non-affiliated broker-dealers) and redemptions are as follows:

	Class A								Class C
Fund	Sales Charges		Affiliated Broker-dealers		Non-affiliated Broker-dealers		Contingent Deferred Sales Charges		Contingent Deferred Sales Charges
Commodity Strategy	$	1,996	$	740	$	965	$	—	$	51
ESG Dividend		29,667		16,376		9,202		—		—
Focused Alpha Large-Cap		285,129		74,355		168,512		—		1,441
Focused Growth		432,252		132,578		235,424		6,227		2,330
Income Explorer		34,992		10,890		18,247		—		772
Small-Cap		38,504		22,723		9,823		—		41

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

Fund	Expenses		Payable at October 31, 2020
Commodity Strategy Class A	$	53,135	$	4,558
Commodity Strategy Class C		1,426		78
Commodity Strategy Class W		2,171		123
ESG Dividend Class A		51,006		5,263
ESG Dividend Class C		2,731		300
ESG Dividend Class W		14,210		1,446
Focused Alpha Large-Cap Class A		1,240,731		112,064
Focused Alpha Large-Cap Class C		70,382		5,307
Focused Alpha Large-Cap Class W		60,861		7,362
Focused Growth Class A		1,048,917		105,602
Focused Growth Class C		109,780		10,032
Focused Growth Class W		90,192		8,174
Income Explorer Class A		73,005		5,980
Income Explorer Class C		6,493		477
Income Explorer Class W		7,832		430
Small-Cap Class A		72,715		6,199
Small-Cap Class C		4,465		312
Small-Cap Class W		6,643		379

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

At October 31, 2020, SunAmerica Series, Inc. AIG Active Allocation Fund and AIG Multi-Asset Allocation Fund (“Strategy Funds”), affiliates of the Adviser owned 5% or more of the outstanding shares of the following Funds:

	Holder
Fund	Active Allocation Fund			Multi-Asset Allocation Fund
Commodity Strategy		3.40	%		76.82	%
ESG Dividend		13.67			52.75
Income Explorer		11.82			53.00
Small-Cap		9.31			55.20

The Strategy Portfolios do not invest in the underlying funds for the purpose of exercising management or control; however, investments by these Portfolios within the set limits across their asset allocations may represent a significant portion of net assets of the underlying funds.

Note 5. Purchases and Sales of Investment Securities

The cost of purchases and proceeds from sales and maturities of long-term investments during the year ended October 31, 2020 were as follows:

Fund	Purchases of portfolio securities (excluding  U.S. government securities)		Sales of portfolio securities (excluding U.S. government securities)		Purchases of U.S. government securities		Sales of U.S. government securities
Commodity Strategy	$	16,393	$	132,265	$	—	$	1,000,009
ESG Dividend		27,939,686		21,245,639		—		—
Focused Alpha Large-Cap		462,258,356		525,882,230		—		—
Focused Growth		294,542,297		423,873,979		—		—
Income Explorer		53,591,302		55,486,960		—		—
Small-Cap		25,288,880		33,285,718		—		—

Note 6. Federal Income Taxes

The following details the tax basis distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily due to taxable income from wholly owned foreign subsidiary, amortization of organizational costs, investments in passive foreign investment companies, investments in real estate investment trusts, investments in partnerships, wash sales and derivative transactions.

	Distributable Earnings								Tax Distributions
	For the year ended October 31, 2020
Fund	Ordinary Income		Long-term Gains/ Capital Loss Carryover			Unrealized Appreciation (Depreciation)*			Ordinary Income		Long-Term Capital Gains		Return of Capital
AIG Commodity Strategy#	$	—	$	(83,764,755	)	$	(16,687,895	)	$	215,638	$	—	$	—
AIG ESG Dividend		35,350		(694,349	)		768,621			717,721		—		—
AIG Focused Alpha Large-Cap		—		59,430,931			114,614,617			89,198		64,662,211		—
AIG Focused Growth		—		65,948,971			212,023,703			—		54,731,618		—
AIG Income Explorer		—		(2,054,470	)		(3,703,550	)		1,316,020		—		79,658
AIG Small-Cap		—		(865,558	)		1,039,878			26		1,042,743		—

* Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

# Consolidated (see Note 2)

	Tax Distributions
	For the year ended October 31, 2019
Fund	Ordinary Income		Long-Term Capital Gains
AIG Commodity Strategy	$	25,732	$	—
AIG ESG Dividend		924,735		1,650,859
AIG Focused Alpha Large-Cap		—		104,688,935
AIG Focused Growth		—		122,154,493
AIG Income Explorer		2,279,752		435,289
AIG Small-Cap		260,473		5,996,624

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

As of October 31, 2020, for Federal income tax purposes, the Funds indicated below have capital loss carryforwards, which are available to offset future capital gains, if any:

	Unlimited
Fund	ST		LT
Commodity Strategy#	$	51,864,246	$	31,900,509
ESG Dividend		—		694,349
Focused Alpha Large-Cap		—		—
Focused Growth		—		—
Income Explorer		1,697,959		356,511
Small-Cap		865,558		—

The Funds indicated below utilized capital loss carryforwards which offset net realized taxable gains, in the period ended October 31, 2020.

Fund	Capital Loss Carryforward Utilized
AIG Commodity Strategy	$	4,704
AIG ESG Dividend		—
AIG Focused Alpha Large-Cap		—
AIG Focused Growth		—
AIG Income Explorer		—
AIG Small-Cap		—

Under the current tax law, late year ordinary losses may be deferred and treated as occurring on the first day of the following year. For the fiscal year ended October 31, 2020 the Funds elected to defer late year ordinary losses as follows:

Fund	Deferred Late Year Ordinary Loss		Deferred Post- October Short-Term Capital  Loss		Deferred Post- October Long-Term Capital  Loss
AIG Commodity Strategy	$	122,487	$	—	$	—
AIG ESG Dividend		—		—		—
AIG Focused Alpha Large-Cap		62,129		—		—
AIG Focused Growth		3,363,125		—		—
AIG Income Explorer		—		—		—
AIG Small-Cap		78,098		—		—

For the period ended October 31, 2020, the reclassifications arising from book/tax differences resulted in increases (decreases) that were due to deconsolidation adjustments of the wholly owned foreign subsidiaries, derivative transactions, net investment losses, treatment of foreign currency, capital loss carryforwards acquired as a result of mergers, and equalization debits to the components of net assets as follows:

Fund	Accumulated Undistributed Net Investment Income (Loss)		Accumulated Undistributed Net Realized Gain (Loss)			Capital Paid-in
AIG Commodity Strategy	$	119,304	$	2,759,340		$	(2,878,644	)
AIG ESG Dividend		—		—			—
AIG Focused Alpha Large-Cap		361,785		10,980			(372,765	)
AIG Focused Growth		3,014,823		(7,504	)		(3,007,319	)
AIG Income Explorer		30,179		17,715			(47,894	)
AIG Small-Cap		51,180		(21,272	)		(29,908	)

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

Fund	Aggregate Unrealized Gain@		Aggregate Unrealized Loss@			Net Unrealized Gain/ (Loss)@			Cost of Investments
Commodity Strategy#	$	2,318,500	$	(19,738,012	)	$	(17,419,512	)	$	42,700,210
ESG Dividend		3,966,595		(3,197,974	)		768,621			35,624,125
Focused Alpha Large-Cap		134,873,318		(20,258,701	)		114,614,617			512,139,375
Focused Growth		213,593,411		(1,569,708	)		212,023,703			373,313,356
Income Explorer		227,849		(3,932,343	)		(3,704,494	)		38,571,542
Small-Cap		5,904,403		(4,864,525	)		1,039,878			34,035,035

# Consolidated (see Note 2)

@ Unrealized appreciation (depreciation) includes amounts for derivatives.

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

Note 7. Capital Share Transactions

Transactions in capital shares of each class of each Fund were as follows:

	Commodity Strategy Fund#
	Class A						Class A						Class C						Class C
	For the year ended October 31, 2020						For the year ended October 31, 2019						For the year ended October 31, 2020						For the year ended October 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		782,846		$	4,419,016			744,193		$	4,923,330			5,337		$	28,819			11,429		$	72,103
Reinvested shares		30,664			197,170			3,240			21,807			—			—			—			—
Shares redeemed		(1,311,078	)		(7,909,509	)		(925,463	)		(6,056,798	)		(93,211	)		(536,279	)		(125,105	)		(783,222	)
Net increase (decrease) in shares outstanding before automatic conversion		(497,568	)		(3,293,323	)		(178,030	)		(1,111,661	)		(87,874	)		(507,460	)		(113,676	)		(711,119	)
Shares issued/(reacquired) upon automatic conversion		35,587			213,610			7,901			51,136			(37,363	)		(213,610	)		(8,303	)		(51,136	)
Net increase (decrease)		(461,981	)	$	(3,079,713	)		(170,129	)	$	(1,059,525	)		(125,237	)	$	(721,070	)		(121,979	)	$	(763,255	)
	Commodity Strategy Fund#
	Class W						Class W
	For the year ended October 31, 2020						For the year ended October 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		53,202		$	342,792			127,061		$	850,819
Reinvested shares		2,254			14,673			478			3,253
Shares redeemed		(193,132	)		(1,170,246	)		(152,650	)		(1,030,981	)
Net increase (decrease)		(137,676	)	$	(812,781	)		(25,111	)	$	(176,909	)

# Consolidated (see Note 2)

	ESG Dividend Fund
	Class A						Class A						Class C						Class C
	For the year ended October 31, 2020						For the year ended October 31, 2019						For the year ended October 31, 2020						For the year ended October 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		715,337		$	9,304,685			212,418		$	2,936,076			73,004		$	966,574			44,290		$	601,260
Reinvested shares		39,147			522,423			149,957			2,162,528			1,539			20,527			2,866			41,372
Shares redeemed		(234,240	)		(3,333,920	)		(413,727	)		(6,051,867	)		(34,685	)		(466,124	)		(3,122	)		(45,215	)
Net increase (decrease)		520,244		$	6,493,188			(51,352	)	$	(953,263	)		39,858		$	520,977			44,034		$	597,417
	ESG Dividend Fund
	Class W						Class W
	For the year ended October 31, 2020						For the year ended October 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		295,030		$	4,127,530			516,899		$	7,556,893
Reinvested shares		11,967			162,440			25,200			365,215
Shares redeemed		(361,109	)		(5,481,861	)		(92,826	)		(1,338,906	)
Net increase (decrease)		(54,112	)	$	(1,191,891	)		449,273		$	6,583,202

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

	Focused Alpha Large-Cap Fund
	Class A						Class A						Class C						Class C
	For the year ended October 31, 2020						For the year ended October 31, 2019						For the year ended October 31, 2020						For the year ended October 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		767,566		$	20,909,471			788,384		$	21,185,928			439,000		$	11,493,874			298,457		$	7,277,088
Reinvested shares		2,166,932			56,145,211			3,597,827			90,593,272			152,188			3,643,371			243,728			5,754,416
Shares redeemed		(3,083,382	)		(83,270,436	)		(2,673,521	)		(73,772,251	)		(788,429	)		(20,482,952	)		(391,153	)		(9,890,641	)
Net increase (decrease) in shares outstanding before automatic conversion		(148,884	)		(6,215,754	)		1,712,690			38,006,949			(197,241	)		(5,345,707	)		151,032			3,140,863
Shares issued/(reacquired) upon automatic conversion		256,484			7,625,274			39,916			1,127,361			(279,082	)		(7,625,274	)		(42,633	)		(1,127,361	)
Net increase (decrease)		107,600		$	1,409,520			1,752,606		$	39,134,310			(476,323	)	$	(12,970,981	)		108,399		$	2,013,502
	Focused Alpha Large-Cap Fund
	Class W						Class W
	For the year ended October 31, 2020						For the year ended October 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		910,896		$	25,666,076			318,807		$	9,137,453
Reinvested shares		78,680			2,078,729			117,540			3,007,853
Shares redeemed		(477,490	)		(12,541,973	)		(278,699	)		(7,761,212	)
Net increase (decrease)		512,086		$	15,202,832			157,648		$	4,384,094
	Focused Growth Fund
	Class A						Class A						Class C						Class C
	For the year ended October 31, 2020						For the year ended October 31, 2019						For the year ended October 31, 2020						For the year ended October 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,264,914		$	34,384,961			1,222,201		$	30,798,053			311,696		$	7,566,217			318,215		$	7,362,172
Reinvested shares		1,797,829			42,177,071			3,675,722			87,813,005			237,846			5,125,588			572,895			12,764,097
Shares redeemed		(3,266,776	)		(84,914,895	)		(3,546,402	)		(90,930,305	)		(953,603	)		(23,161,363	)		(981,090	)		(22,907,904	)
Net increase (decrease) in shares outstanding before automatic conversion		(204,033	)		(8,352,863	)		1,351,521			27,680,753			(404,061	)		(10,469,558	)		(89,980	)		(2,781,635	)
Shares issued/(reacquired) upon automatic conversion		88,651			2,751,928			46,641			1,276,839			(96,970	)		(2,751,928	)		(50,118	)		(1,276,839	)
Net increase (decrease)		(115,382	)	$	(5,600,935	)		1,398,162		$	28,957,592			(501,031	)	$	(13,221,486	)		(140,098	)	$	(4,058,474	)

85

SunAmerica Specialty Series

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

	Focused Growth Fund
	Class W						Class W
	For the year ended October 31, 2020						For the year ended October 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		584,747		$	16,286,467			997,214		$	25,912,229
Reinvested shares		176,418			4,239,325			558,388			13,607,909
Shares redeemed		(1,297,263	)		(33,691,051	)		(2,203,896	)		(57,152,413	)
Net increase (decrease)		(536,098	)	$	(13,165,259	)		(648,294	)	$	(17,632,275	)
	Income Explorer Fund
	Class A						Class A						Class C						Class C
	For the year ended October 31, 2020						For the year ended October 31, 2019						For the year ended October 31, 2020						For the year ended October 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		377,709		$	5,445,670			135,064		$	2,031,486			12,486		$	186,001			12,751		$	191,162
Reinvested shares		83,108			1,165,778			147,350			2,168,866			5,628			79,049			12,393			181,811
Shares redeemed		(466,089	)		(6,832,247	)		(1,045,118	)		(15,474,668	)		(66,469	)		(974,327	)		(92,783	)		(1,356,710	)
Net increase (decrease) in shares outstanding before automatic conversion		(5,272	)		(220,799	)		(762,704	)		(11,274,316	)		(48,355	)		(709,277	)		(67,639	)		(983,737	)
Shares issued/(reacquired) upon automatic conversion		4,624			70,964			313			4,655			(4,634	)		(70,964	)		(314	)		(4,655	)
Net increase (decrease)		(648	)	$	(149,835	)		(762,391	)	$	(11,269,661	)		(52,989	)	$	(780,241	)		(67,953	)	$	(988,392	)
	Income Explorer Fund
	Class W						Class W
	For the year ended October 31, 2020						For the year ended October 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		215,949		$	3,322,256			190,641		$	2,861,249
Reinvested shares		8,268			117,041			22,280			327,940
Shares redeemed		(341,294	)		(4,789,299	)		(358,698	)		(5,389,895	)
Net increase (decrease)		(117,077	)	$	(1,350,002	)		(145,777	)	$	(2,200,706	)
	Small-Cap Fund
	Class A						Class A						Class C						Class C
	For the year ended October 31, 2020						For the year ended October 31, 2019						For the year ended October 31, 2020						For the year ended October 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		293,038		$	3,889,280			240,834		$	3,983,989			14,113		$	206,692			113,637		$	1,668,816
Reinvested shares		50,781			848,038			293,816			4,703,992			3,755			59,748			19,319			296,934
Shares redeemed		(516,505	)		(7,819,021	)		(928,129	)		(15,253,977	)		(70,157	)		(980,838	)		(138,723	)		(2,191,269	)
Net increase (decrease) in shares outstanding before automatic conversion		(172,686	)		(3,081,703	)		(393,479	)		(6,565,996	)		(52,289	)		(714,398	)		(5,767	)		(225,519	)
Shares issued/(reacquired) upon automatic conversion		860			13,909			203			3,424			(906	)		(13,909	)		(211	)		(3,424	)
Net increase (decrease)		(171,826	)	$	(3,067,794	)		(393,276	)	$	(6,562,572	)		(53,195	)	$	(728,307	)		(5,978	)	$	(228,943	)

86

SunAmerica Specialty Series

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

	Small-Cap Fund
	Class W						Class W
	For the year ended October 31, 2020						For the year ended October 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		27,171		$	394,662			243,488		$	4,044,751
Reinvested shares		7,682			130,124			73,950			1,198,001
Shares redeemed		(265,169	)		(4,049,360	)		(835,445	)		(13,828,393	)
Net increase (decrease)		(230,316	)	$	(3,524,574	)		(518,007	)	$	(8,585,641	)

Note 8. Line of Credit

The Trust, along with certain other funds managed by the Adviser and exclusive of the Commodity Strategy Fund, has access to a $75 million committed unsecured line of credit and a $50 million uncommitted unsecured line of credit. The Commodity Strategy Fund has access to a $10 million committed secured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company (“State Street”), the Trust’s custodian. Prior to September 4, 2020, interest was payable on the committed line of credit at the higher of the Federal Funds Rate (but not less than zero) plus 125 basis points or the One-Month London Interbank Offered Rate (but not less than zero) plus 125 basis points and State Street’s discretionary bid rate on the uncommitted line of credit. The Trust, on behalf of each of the Funds, has paid State Street for its own account, such Fund’s ratable portion of an upfront fee in an amount equal to $25,000 in the aggregate for the uncommitted line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There was also a commitment fee of 25 basis points per annum on the daily unused portion of the committed line of credit. Effective September 4, 2020, interest on each of the committed and uncommitted lines of credit is payable at a variable rate per annum equal to the Applicable Rate plus one and one quarter of one percent (1.25%). The Applicable Rate per annum shall be equal to the higher of (a) the Federal Funds Effective Rate on such date and (b) the Overnight Bank Funding Rate on such date, plus, in each case, 10 basis points. Notwithstanding anything to the contrary, if the Federal Funds Effective Rate or the Overnight Bank Funding Rate shall be less than zero, then the Federal Funds Effective Rate or the Overnight Bank Funding Rate, shall be deemed to be zero for the purposes of determining the rate. The Trust, on behalf of each of the Funds, has paid State Street for its own account, such Fund’s ratable portion of an upfront fee in an amount equal to $40,000 in the aggregate for the uncommitted line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There is also a commitment fee of 30 basis points per annum on the daily unused portion of the committed line of credit.

Borrowings under the line of credit will commence when the respective Fund’s cash shortfall exceeds $100,000. For the year ended October 31, 2020, the following Funds had borrowings:

Fund	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
Focused Alpha Large-Cap		28	$	889	$	428,571		2.38	%
Focused Growth		156		8,055		736,859		3.02
Income Explorer		20		141		178,750		1.42
Small Cap		48		905		246,875		2.65

At October 31, 2020, none of the Funds had outstanding borrowings.

Note 9. Expense Reductions

Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of certain Funds have been reduced. For the year ended October 31, 2020, the amount of expense reductions received by each Fund used to offset non-affiliated expenses are reflected as Fees paid indirectly in the Statement of Operations.

87

SunAmerica Specialty Series

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

Note 10. Interfund Lending Agreement

Pursuant to the exemptive relief granted by the SEC, the Funds are permitted to participate in an interfund lending program among investment companies advised by SunAmerica or an affiliate. The interfund lending program allows the participating Funds to borrow money from and lend money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Funds receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction.

For the year ended October 31, 2020, none of the Funds participated in this program.

Note 11. Investment Concentration

Each Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so, and if the issuer defaults, a fund holding securities of such issuer might not be able to recover its investment from the U.S. Government. As a result of the Commodity Strategy Funds’ concentration in such investments, these funds may be subject to risks associated with U.S. Government agencies or instrumentalities.

The Commodity Strategy Fund’s exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

Note 12. Security Transactions with Affiliated Portfolios

The Funds are permitted to transfer securities by purchasing from and/or selling to other affiliated funds under certain conditions approved by the Board of Trustees. The affiliated funds involved in such transactions must have a common investment adviser or investment advisers which are affiliated persons of each other, common Trustees, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transactions. For the year ended October 31, 2020, none of the Funds engaged in security transactions with affiliated Funds.

Note 13. Other Matters

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus may last for an extended period of time including through the issue date of these financial statements and has resulted in substantial market volatility and may result in a significant economic downturn.

Note 14. Subsequent Event

At a meeting held on October 15, 2020, the Board approved certain changes to the Small Cap Fund’s name and investment strategies and techniques. These changes became effective on December 15, 2020, (the “Effective Date”). As of the Effective Date, the Fund’s name changed to “AIG Small-Cap Quality Fund.” Also as of the Effective Date, the Fund seeks to achieve its investment objective by following a “buy and hold” strategy that seeks to identify and invest in approximately 75-100 small-cap equity securities on the basis of a number of quality-related measures or factors. Additionally, SunAmerica assumed the day-to-day management of the Fund and Cadence no longer serves as subadviser to the Fund.

88

SunAmerica Specialty Series

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of SunAmerica Specialty Series and Shareholders of each of the six funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the funds listed in the table below (constituting SunAmerica Specialty Series, hereafter collectively referred to as the “Funds”) as of the date listed in the table below and for the periods listed in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of the date listed in the table below, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for each of the periods listed in the table below in conformity with accounting principles generally accepted in the United States of America.

SunAmerica Specialty Series

AIG Commodity Strategy Fund(1)

AIG ESG Dividend Fund(2)

AIG Focused Alpha Large-Cap Fund(3)

AIG Focused Growth Fund(3)

AIG Income Explorer Fund(3)

AIG Small-Cap Fund(3)

(1) The consolidated statement of assets and liabilities, including the consolidated portfolio of investments, as of October 31, 2020, the related consolidated statement of operations for the year then ended, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2020

(2) The statement of assets and liabilities, including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended and the statement of changes in net assets, including the related notes, for each of the two years in the period ended October 31, 2020 and the financial highlights for each of the periods indicated therein

(3) The statements of assets and liabilities, including the portfolios of investments, as of October 31, 2020, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2020

Basis for Opinions

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

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

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

/s/ PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2020

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

89

SunAmerica Specialty Series

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM — (unaudited)

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program. SunAmerica Asset Management, LLC (the “Adviser” or “SunAmerica”), the investment adviser to the Trust, has been designated by the Board to administer the Funds’ liquidity risk management program (the “Program”). The Adviser has appointed a Liquidity Risk Management Committee (the “Committee”) comprised of certain officers as well as certain personnel of the Adviser. The Committee is subject to the oversight of the Adviser. The Adviser and the Committee are referred to collectively herein as the “Program Administrator.” The Program is designed to assess, manage and periodically review each Fund’s liquidity risk, based on factors specific to the circumstances of each Fund. “Liquidity risk” means the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund. During the period, the Program Administrator provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation.

During the period covered by the liquidity Program report to the Board, the Program supported each Fund’s ability to honor redemption requests timely and the Adviser’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions. The Program Administrator reported that it has reviewed the Program and believes that the Program is reasonably designed to assess and manage the liquidity risk of each Fund, that the Program has been effectively implemented to monitor and respond to liquidity developments (where necessary) and is operating effectively, and that the Program addresses potential liquidity risks in connection with the management of the Funds. Furthermore, the Program Administrator reported that each Fund operated as a “Primarily Highly Liquid Fund” during the review period, and therefore, did not have to comply with the Highly Liquid Investment Minimum requirements. Finally, the Program Administrator reported that each Fund had no breaches of the limit on illiquid investments, and therefore, no Board notification or regulatory filings were required.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

90

SunAmerica Specialty Series

APPROVAL OF THE INVESTMENT ADVISORY AND MANAGEMENT AGREEMENTS AND SUBADVISORY AGREEMENTS — October 31, 2020 — (unaudited)

The Board of Trustees (the “Board,” the members of which are referred to as “Trustees”) of SunAmerica Specialty Series (the “Trust”), including the Trustees who are not “interested persons,” as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), of the Trust or its separate series (each, a “Fund,” and collectively, the “Funds”), SunAmerica Asset Management, LLC (“SunAmerica”), Wellington Management Company LLP (“Wellington”), BAMCO, Inc. (“BAMCO”), Marsico Capital Management LLC (“Marsico”), BlackRock Investment Management LLC (“BlackRock”), Cadence Capital Management, LLC (“Cadence” and together with Wellington, BAMCO, Marsico, BlackRock and Cohen and Steers, the “Subadvisers”), approved the continuation of the Investment Advisory and Management Agreements between the Trust, on behalf of each of the Funds and SunAmerica (the “Advisory Agreements”), each for a one-year period ending June 30, 2021 at a meeting held on June 2-3, 2020 (the “Meeting”).¹ The Trust currently consists of the following six separate Funds: AIG Commodity Strategy Fund (the “Commodity Strategy Fund”), the AIG Focused Growth Fund (the “Focused Growth Fund”), the AIG Focused Alpha Large-Cap Fund (the “Alpha Large-Cap Fund”), the AIG Income Explorer Fund (the “Income Explorer Fund”), the AIG Small-Cap Fund (the “Small-Cap Fund”), and the AIG ESG Dividend Fund (the “ESG Dividend Fund”).

At the Meeting, the Board, including the Independent Trustees, also approved the continuation of the Subadvisory Agreement between SunAmerica and Wellington with respect to the Commodity Strategy Fund, the Subadvisory Agreement between SunAmerica and Marsico with respect to each of the Focused Growth Fund and Alpha Large-Cap Fund, the Subadvisory Agreement between SunAmerica and BAMCO with respect to the Focused Growth Fund, the Subadvisory Agreement between SunAmerica and BlackRock with respect to the Alpha Large-Cap Fund, and the Subadvisory Agreement between SunAmerica and Cadence with respect to the Small-Cap Fund each for a one-year period ending June 30, 2021 (the “Subadvisory Agreements,” and together with the Advisory Agreements, the “Agreements”).

In accordance with Section 15(c) of the 1940 Act, the Board requested, and SunAmerica and the Subadvisers provided, materials relating to the Board’s consideration of whether to approve the continuation of the Advisory Agreements and Subadvisory Agreements. These materials included, among other things: (a) a summary of the services provided to the Funds by SunAmerica and its affiliates, and by the Subadvisers; (b) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third-party provider of mutual fund data, on fees and expenses of the Funds, and the investment performance of the Funds as compared with a peer group of funds, along with fee and performance data with respect to the Funds and any other mutual funds or other accounts advised or subadvised by SunAmerica or the Subadvisers with similar investment objectives and/or strategies, as applicable; (c) information on the profitability of SunAmerica and its affiliates, and a discussion relating to indirect benefits; (d) information relating to economies of scale; (e) information about SunAmerica’s general compliance policies and procedures and the services it provides in connection with its oversight of subadvisers; (f) information on SunAmerica’s and the Subadvisers’ risk management processes; (g) information regarding brokerage and soft dollar practices; and (h) information about the key personnel of SunAmerica and its affiliates, and the Subadvisers, who are involved in the investment management, administration, compliance and risk management activities with respect to the Funds, as well as current and projected staffing levels and compensation practices.

In determining whether to approve the continuation of the Advisory Agreements and Subadvisory Agreements, the Board, including the Independent Trustees, considered at the Meeting, and from time to time, as appropriate, factors that it deemed relevant, including the following information:

Nature, Extent and Quality of Services Provided by SunAmerica and the Subadvisers. The Board, including the Independent Trustees, considered the nature, extent and quality of services provided by SunAmerica. The Board noted that the services include acting as investment manager and adviser to the Funds, managing the daily business affairs of the Funds, and obtaining and evaluating economic, statistical and financial information to formulate and implement investment policies. Additionally, the Board observed that SunAmerica provides office space, bookkeeping, accounting, legal, and compliance, clerical and administrative services and has authorized its officers and employees, if elected, to serve as officers or trustees of the Trust without compensation. The Board also noted that SunAmerica is responsible for monitoring and reviewing the activities of affiliated and unaffiliated third-party service providers, including the Subadvisers. In addition to the quality of the advisory services provided by SunAmerica, the Board

¹  On March 25, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued an exemptive order (the “Order”) pursuant to Sections 6(c) and 38(a) of the 1940 Act, that temporarily exempts registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Order are ratified at the next in-person meeting. The Board determined that reliance on the Order was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the June meeting was held telephonically in reliance on the Order.

91

SunAmerica Specialty Series

APPROVAL OF THE INVESTMENT ADVISORY AND MANAGEMENT AGREEMENTS AND SUBADVISORY AGREEMENTS — October 31, 2020 — (unaudited) (continued)

considered the quality of the administrative and other services provided by SunAmerica to the Funds pursuant to the Advisory Agreements. The Board further considered the significant risks assumed by SunAmerica in connection with the services provided to the Funds including entrepreneurial risk in sponsoring new funds and ongoing risks such as operational, reputational, liquidity, litigation, regulatory and compliance risks with respect to all Funds.

In connection with the services provided by SunAmerica, the Board analyzed the structure and duties of SunAmerica’s fund administration, accounting, operations, legal and compliance departments and concluded that they were adequate to meet the needs of the Funds. The Board also reviewed the personnel responsible for providing advisory services to the Funds and other key personnel of SunAmerica, in addition to current and projected staffing levels and compensation practices. The Board concluded, based on its experience and interaction with SunAmerica, that: (i) SunAmerica would continue to be able to retain quality investment and other personnel; (ii) SunAmerica has exhibited a high level of diligence and attention to detail in carrying out its advisory and other responsibilities under the Advisory Agreements; (iii) SunAmerica has been responsive to requests of the Board; and (iv) SunAmerica has kept the Board apprised of developments relating to the Funds and the industry in general. The Board concluded that the nature and extent of services provided under the Advisory Agreements were reasonable and appropriate in relation to the management fee and that the quality of services continues to be high.

The Board also considered SunAmerica’s reputation and relationship with the Funds and considered the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of types of mutual funds and shareholder services. The Board considered SunAmerica’s experience in providing management and investment advisory and administrative services to advisory clients and noted that as of March 31, 2020, SunAmerica managed, advised and/or administered approximately $71.8 billion in assets. In addition, the Board considered SunAmerica’s code of ethics and its commitment to compliance generally and with respect to its management and administration of the Funds. The Board also considered SunAmerica’s risk management processes. The Board also considered the performance of certain portions of the business continuity plan which have been invoked in response to the COVID-19 pandemic. The Board further observed that SunAmerica has developed internal procedures for monitoring compliance with the investment objectives, policies and restrictions of the Funds as set forth in the Funds’ prospectuses. The Board also reviewed SunAmerica’s compliance and regulatory history and noted that there were no material legal, regulatory or compliance issues that would potentially impact SunAmerica in effectively serving as the investment adviser to the Funds.

The Board also considered the nature, extent and quality of services provided by each Subadviser to the applicable Funds. The Board observed that the Subadvisers are responsible for providing day-to-day investment management services, including investment research, advice and supervision, and determining which securities will be purchased or sold by the Fund that each Subadviser manages, subject to the oversight and review of SunAmerica. The Board reviewed each Subadviser’s history, structure, size, visibility and resources, which are needed to attract and retain highly qualified investment professionals. The Board reviewed the personnel who are responsible for providing subadvisory services to the Funds and other key personnel of the Subadvisers, in addition to current and projected staffing levels and compensation practices, and concluded, based on its experience with each Subadviser, that each Subadviser: (i) has been able to retain high quality portfolio managers and other investment personnel; (ii) has exhibited a high level of diligence and attention to detail in carrying out its responsibilities under the applicable Subadvisory Agreement; and (iii) has been responsive to requests of the Board and of SunAmerica. In addition, the Board considered each Subadviser’s code of ethics and risk management processes. The Board further observed that each Subadviser has developed internal policies and procedures for monitoring compliance with the investment objectives, policies and restrictions of the Funds as set forth in the Funds’ prospectuses. The Board also reviewed each Subadviser’s compliance and regulatory history and noted that there were no material legal, regulatory or compliance issues that would potentially impact the Subadvisers in effectively serving as subadvisers to the Funds. The Board concluded that the nature and extent of services provided by the Subadvisers under the Subadvisory Agreements were reasonable and appropriate in relation to the subadvisory fees and that the quality of services continues to be high.

Investment Performance. The Board, including the Independent Trustees, also considered the investment performance of SunAmerica and the Subadvisers with respect to the Funds. In connection with its review, the Board received and reviewed information regarding the investment performance of the Funds as compared to each Fund’s peer universe (“Peer Universe”) and/or peer group (“Peer Group”) as independently determined by Broadridge and to an appropriate index or combination of indices. The Board was provided with a description of the methodology used by Broadridge to select the funds in the Peer Groups and Peer Universes.

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The Board noted that performance information was for the periods ended March 31, 2020. The Board also noted that it regularly reviews the performance of the Funds throughout the year. The Board further noted that, while it monitors performance of the Funds closely, it generally attaches more importance to performance over relatively long periods of time, typically three to five years. The Board noted that while it found the data provided by Broadridge generally useful, it recognized its limitations, including in particular that the data may vary depending on the end date selected and that the results of performance comparisons may vary depending on the selection of the peer group.

Commodity Strategy Fund. The Board considered that the Fund’s performance was above the medians of its Peer Group and Peer Universe for the one-year period and below the medians of its Peer Group and Peer Universe for the three-year period. The Board also considered that the Fund outperformed its Broadridge Index for the one-year period and underperformed its Broadridge Index for the three-year period. The Board noted management’s discussion of the Fund’s performance and the fact that Wellington had begun managing the Fund as of September 2015 under the Fund’s new name and investment strategies. The Board concluded that the Fund’s performance was being appropriately monitored.

ESG Dividend Fund. The Board considered that the Fund’s performance was equal to the median of its Peer Group for the one-year period and below the median of its Peer Group for the three-year period. The Board also noted that the Fund’s performance was above the median of its Peer Universe for the one-year period and below the median of its Peer Universe for the three-year period. The Board further noted that the Fund outperformed its Broadridge Index for the one- and three-year periods. The Board noted management’s discussion of the Fund’s performance and concluded that the Fund’s performance was satisfactory.

Focused Growth Fund. The Board considered that the Fund’s performance was below the medians of its Peer Group and Peer Universe for the one-, three- and five-year periods. The Board also noted that the Fund underperformed its Broadridge Index for the one-, three- and five-year periods. The Board took into account management’s discussion of the reasons for the Fund’s recent underperformance and concluded that the Fund’s performance was being appropriately monitored.

Alpha Large-Cap Fund. The Board considered that the Fund’s performance was below the medians of its Peer Group and Peer Universe for the one-year period and above the medians of its Peer Group and Peer Universe for the three- and five-year periods. The Board further noted that the Fund underperformed its Broadridge Index for the one-year period and outperformed its Broadridge Index for the three- and five-year periods. The Board noted management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s performance, and concluded that the Fund’s performance was being appropriately monitored.

Income Explorer Fund. The Board noted that the Fund’s performance was below the medians of its Peer Group and Peer Universe for the one-, three- and five-year periods. The Board further noted that the Fund underperformed its Broadridge Index for the one-, three- and five-year periods. The Board noted management’s discussion of the Fund’s performance, including the Fund’s recent subadviser and investment strategy changes, and concluded that the Fund’s performance was being appropriately monitored.

Small-Cap Fund. The Board noted that the Fund’s performance was below the medians of its Peer Group and Peer Universe for the one-year period and was above the medians of its Peer Group and Peer Universe for the three- and five-year periods. The Board further noted that the Fund underperformed its Broadridge Index for the one- and three-year periods and outperformed its Broadridge Index for the five-year period. The Board noted management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s performance, and concluded that the Fund’s performance was being appropriately monitored.

Consideration of the Management Fees and Subadvisory Fees and the Cost of the Services and Profits to be Realized by SunAmerica and the Subadvisers and their Affiliates from the Relationship with the Funds. The Board, including the Independent Trustees, received and reviewed information regarding the fees paid by the Funds to SunAmerica pursuant to the Advisory Agreements and the fees paid by SunAmerica to the Subadvisers pursuant to the Subadvisory Agreements. The Board examined this information in order to determine the reasonableness of the fees in light of the nature and quality of services to be provided and any potential additional benefits to be received by SunAmerica, the Subadvisers or their affiliates in connection with providing such services to the Funds.

To assist in analyzing the reasonableness of the management fee for each of the Funds, the Board received reports independently prepared by Broadridge. The reports showed comparative fee information for each Fund’s Peer Group and/or Peer Universe as determined by Broadridge, including rankings within each category. In considering the reasonableness of the management fee to be

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paid by each Fund to SunAmerica, the Board reviewed a number of expense comparisons, including: (i) contractual and actual management fees; and (ii) actual total operating expenses. In considering each Fund’s total operating expenses, the Board analyzed the level of fee waivers and expense reimbursements and the net expense caps contractually agreed upon by SunAmerica with respect to the Funds, as applicable. The Board further considered that, unlike the funds in the Peer Group and Peer Universe, the fee waivers and/or reimbursements being made by SunAmerica with respect to the Funds are only reflected in the total expenses category of the Broadridge reports, rather than also being reflected as specific management fee waivers in the actual management fees category of the Broadridge reports. As a result, the Board took into account that the actual management fees presented by Broadridge for the funds in the applicable Peer Groups and Peer Universes may appear lower on a relative basis. The Board also considered the various expense components of the Funds and compared each Fund’s net expense ratio (taking into account the contractual fee caps) to those of other funds within its Peer Group and/or Peer Universe as a guide to help assess the reasonableness of the management fee for the Funds. The Board acknowledged that it was difficult to make precise comparisons with other funds in the Peer Groups and Peer Universes since the exact nature of services provided under the various fund agreements is often not apparent. The Board noted, however, that the comparative fee information provided by Broadridge as a whole was useful in assessing whether SunAmerica was providing services at a cost that was competitive with other, similar funds.

The Board also considered the management fees received by SunAmerica with respect to other mutual funds and accounts with similar investment strategies to the Funds, to the extent applicable. The Board noted, however, that the mutual funds identified as similar to the Funds are sold only in the variable annuity market and, accordingly, are in different Broadridge classifications, with a peer groups consisting of funds underlying variable insurance products.

The Board also received and reviewed information regarding the fees paid by SunAmerica to the Subadvisers pursuant to the Subadvisory Agreements. To assist in analyzing the reasonableness of the subadvisory fees, the Board received a report prepared independently by Broadridge. The report showed comparative fee information of each Fund’s Peer Group and/or Peer Universe that the Trustees used as a guide to help assess the reasonableness of the subadvisory fees. The Trustees noted that Peer Group and/or Peer Universe information as a whole was useful in assessing whether the Subadvisers were providing services at a cost that was competitive with other similar funds. The Trustees also considered that the subadvisory fees are paid by SunAmerica out of its management fees and not by the Funds, and that subadvisory fees may vary widely within a Peer Group for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board further considered the amount of subadvisory fees paid by SunAmerica and the amount of the management fees which it retained and determined that these amounts were reasonable in light of the services performed by SunAmerica and the Subadvisers, respectively.

The Board also considered fees received by the Subadvisers with respect to other mutual funds and accounts with similar investment strategies to the Funds for which they serve as adviser or subadviser, as applicable. The Board noted in particular that Wellington provided its standard institutional fee schedules used for accounts with similar strategies, and Wellington highlighted certain differences between institutional accounts and the Commodity Strategy Fund, including that these accounts are subject to different investment limitations and restrictions and do not experience daily cash flows in a manner similar to the Fund. The Board then noted that the subadvisory fees paid by SunAmerica to the Subadvisers were reasonable as compared to fees the applicable Subadvisers receive for other comparable accounts for which they serve as adviser or subadviser.

Commodity Strategy Fund. The Board considered that the Fund’s actual management fees were above the medians of its Peer Group and Peer Universe. The Board also considered that the Fund’s total expenses were above the medians of its Peer Group and Peer Universe. The Board noted management’s discussion regarding the Fund’s expenses.

ESG Dividend Fund. The Board considered that the Fund’s actual management fees were above the medians of its Peer Group and Peer Universe. The Board also considered that the Fund’s total expenses were below the median of its Peer Group and above the median of its Peer Universe. The Board noted management’s discussion regarding the Fund’s expenses.

Focused Growth Fund. The Board considered that the Fund’s actual management fees were below the median of its Peer Group and above the median of its Peer Universe. The Board also considered that the Fund’s total expenses were below the medians of its Peer Group and Peer Universe. The Board noted management’s discussion regarding the Fund’s expenses. The Board also took into account previous actions to reduce Fund expenses through fee waivers.

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Alpha Large-Cap Fund. The Board considered that the Fund’s actual management fees were above the medians of its Peer Group and Peer Universe. The Board also considered that the Fund’s total expenses were above the medians of its Peer Group and Peer Universe. The Board noted management’s discussion regarding the Fund’s expenses.

Income Explorer Fund. The Board considered that the Fund’s actual management fees were above the median of its Peer Group and below the median of its Peer Universe. The Board also considered that the Fund’s total expenses were below the medians of its Peer Group and Peer Universe. The Board noted management’s discussion regarding the Fund’s expenses. The Board also took into account recent actions to reduce Fund expenses through fee waivers.

Small-Cap Fund. The Board considered that the Fund’s actual management fees were above the medians of its Peer Group and Peer Universe. The Board also considered that the Fund’s total expenses were below the medians of its Peer Group and Peer Universe. The Board noted management’s discussion regarding the Fund’s expenses. The Board also took into account previous actions to reduce Fund expenses through fee waivers.

Profitability. The Board also considered SunAmerica’s profitability and the benefits SunAmerica and its affiliates received from their relationship with the Funds. The Board received and reviewed financial statements relating to SunAmerica’s financial condition and profitability with respect to the services it provided the Funds and considered how profit margins could affect SunAmerica’s ability to attract and retain high quality investment professionals and other key personnel. The Board was also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by SunAmerica and its affiliates that provide services to the Funds on a Fund by Fund basis, as well as an Investment Management Profitability Analysis prepared by an independent information service, Broadridge. In particular, the Board considered the contractual fee waivers and/or expense reimbursements agreed to by SunAmerica.

The Board considered the profitability of SunAmerica under the Advisory Agreements, including the amount of management fees it retained after payment to the Subadvisers, and considered the profitability of SunAmerica’s affiliates under the Rule 12b-1 Plans, Service Agreements and Administrative and Shareholder Services Agreement. Additionally, the Board considered whether SunAmerica, the Subadvisers and their affiliates received any indirect benefits from the relationship with the Funds. Specifically, the Board observed that AIG Federal Savings Bank, an affiliate of SunAmerica serves as custodian with respect to certain shareholder retirement accounts that are administered by SunAmerica and receives a fee payable by the qualifying shareholders. The Board further considered whether there were any collateral or “fall-out” benefits that SunAmerica and its affiliates may derive as a result of their relationship with the Funds. The Board noted that SunAmerica believes that any such benefits are de minimis and do not impact the reasonableness of the management fees.

The Board also reviewed financial statements and/or other information from the Subadvisers and their affiliates and considered whether the Subadvisers had the financial resources necessary to attract and retain high quality investment management personnel and to provide a high quality of services.

The Board concluded that SunAmerica and the Subadvisers had the financial resources necessary to perform their obligations under the Agreements and to continue to provide the Funds with the high quality services that they had provided in the past. The Board also concluded that the management fee and subadvisory fees were reasonable in light of the factors discussed above.

Economies of Scale. The Board, including the Independent Trustees, considered whether the shareholders would benefit from economies of scale and whether there was potential for future realization of economies with respect to the Funds. The Board considered that as a result of being part of the AIG fund complex, the Funds share common resources and may share certain expenses, and if the size of the complex increases, each Fund could incur lower expenses than they otherwise would achieve as stand-alone entities. The Board further noted that SunAmerica has agreed to contractually cap the total annual operating expenses of each class of the Funds, at certain levels. The Board observed that those expense caps benefited shareholders by limiting total fees even in the absence of breakpoints. The Board concluded that the Funds’ management fee structure was reasonable and that it would continue to review fees in connection with the renewal of the Advisory Agreements, including whether the implementation of breakpoints would be appropriate in the future due to an increase in asset size or otherwise.

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The Board noted that the Subadvisory Agreements with respect to certain of the Funds included breakpoints, but did not review specific information regarding whether there have been economies of scale with respect to the Subadvisers’ management of the Funds because it regards that information as less relevant at the subadviser level since SunAmerica, and not the Funds, is responsible for paying the subadvisory fees. Rather, the Board considered information regarding economies of scale in the context of the renewal of the Advisory Agreements and concluded that the management fee structure, including the amount of management fees retained by SunAmerica, was reasonable in light of the factors discussed above.

Other Factors. In consideration of the Agreements, the Board also received information regarding SunAmerica’s and the Subadvisers’ brokerage and soft dollar practices. The Board considered that SunAmerica and the Subadvisers are responsible for decisions to buy and sell securities for the applicable Funds, selection of broker-dealers and negotiation of commission rates. The Board noted that it receives reports from SunAmerica and from an independent third party that include information on brokerage commissions and execution throughout the year. The Board also considered the benefits SunAmerica and the Subadvisers derive from their soft dollar arrangements, including arrangements under which brokers provide brokerage and/or research services to SunAmerica and/or the Subadvisers in return for allocating brokerage.

Conclusion. After a full and complete discussion, the Board approved the Agreements, each for a one-year period ending June 30, 2021. Based upon their evaluation of all these factors in their totality, the Board, including the Independent Trustees, was satisfied that the terms of the Agreements, were fair and reasonable and in the best interests of the Funds and the Funds’ shareholders. In arriving at a decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and each Independent Trustee may have attributed different weights to different factors. The Independent Trustees were also assisted by the advice of independent legal counsel in making this determination.

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TRUSTEE AND OFFICER INFORMATION — October 31, 2020 — (unaudited)

The following table contains basic information regarding the Trustees and Officers that oversee operations of the Funds and other investment companies within the Fund complex.

Name, and Age	Position(s) Held With Trust	Length of Time Served(1)	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee(2)	Other Director(s) Held by Trustee During Past 5 Years(3)
Disinterested Trustees
Dr. Judith L. Craven Age: 75	Trustee	2004 to present	Retired.	82	Director A.G. Belo Corp. (media company) (1992 to 2014); Director, Sysco Corp. (food marketing and distribution company) (1996 to 2017); Director, Luby’s, Inc. (1998 to 2019).
Richard W. Grant Age: 75	Trustee Chairman of the Board	2011 to present	Retired.	23	None
Stephen J. Gutman Age: 77	Trustee	2001 to present	Vice President and Associate Broker, Corcoran Group (real estate) (2002 to present); President, SJG Marketing Inc. (2009 to present).	23	None
Eileen A. Kamerick Age: 62	Director	2018 to present	National Association of Corporate Directors Board Leadership Fellow and financial expert; Adjunct Professor of Law, University of Chicago, Washington University in St. Louis and University of Iowa law schools (2007 to Present); formerly, Senior Advisor to the Chief Executive Officer and Executive Vice President and Chief Financial Officer of ConnectWise, Inc. (software and services company) (2015 to 2016); Chief Financial Officer, Press Ganey Associates (healthcare informatics company) (2012 to 2014).	23	Hochschild Mining plc (precious metals company) (2016 to Present); Associated Banc-Corp (financial services company) (2007 to Present); Legg Mason Closed End Funds (registered investment companies) (2013 to Present); Westell Technologies, Inc. (technology company) (2003 to 2016).
INTERESTED TRUSTEE
Peter A. Harbeck(4) Age: 66	Trustee	2001 to present	Retired June 2019, formerly President (1995-2019), CEO (1997-2019) and Director (1992-2019), SunAmerica; Director, AIG Capital Services, Inc. (“ACS”) (1993-2019); Chairman, President and CEO, Advisor Group, Inc. (2004-2016).	72	None

(1) Trustees serve until their successors are duly elected and qualified.

(2) The “Fund Complex” means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment services or have a common investment adviser or an investment adviser that is an affiliated person of the Adviser. The “Fund Complex” includes the Trust (6 funds), SunAmerica Money Market Funds Inc. (1 fund), SunAmerica Equity Funds (2 funds), SunAmerica Income Funds (3 funds), SunAmerica Series, Inc. (6 portfolios), Anchor Series Trust (4 portfolios), SunAmerica Senior Floating Rate Fund, Inc. (1 fund), SunAmerica Series Trust (60 portfolios), VALIC Company I (44 portfolios), VALIC Company II (15 funds), Seasons Series Trust (19 portfolios).

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

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

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

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Name, and Age	Position(s) Held With Trust	Length of Time Served(4)	Principal Occupation(s) During Past 5 Years
OFFICERS
John T. Genoy Age: 52	President	2007-present	Chief Financial Officer, SunAmerica (2002 to present); Senior Vice President, SunAmerica (2003 to present); Chief Operating Officer, SunAmerica (2006 to present).
Sharon French Age: 55	Executive Vice President	2019-present	President and CEO of SunAmerica (since 2019); Vice President of AIG (since 2019); Executive Vice President and Head of Beta Solutions, Oppenheimer Funds (2016-2019); President, F-Squared Capital, LLC (financial services) (2013-2015).
Gregory N. Bressler Age: 54	Secretary	2005-present	Senior Vice President and General Counsel, SunAmerica (2005 to present).
Kathleen Fuentes Age: 51	Chief Legal Officer and Assistant Secretary	2013-present	Vice President and Deputy General Counsel, SunAmerica (2006 to present)
James Nichols Age: 54	Vice President	2006-present	Director, President and CEO, ACS (2006 to present); Senior Vice President, SunAmerica (2002 to present).
Gregory R. Kingston Age: 54	Treasurer	2014-present	Vice President, SunAmerica (2001 to present); Head of Mutual Fund Administration, SunAmerica (2014 to present).
Shawn Parry Age: 48	Vice President and Assistant Treasurer	2014-present	Vice President (2014 to present); Assistant Vice President, SunAmerica (2005 to 2014)
Donna McManus Age: 59	Vice President and Assistant Treasurer	2014-present	Vice President, SunAmerica, (2014 to present), Managing Director, BNY Mellon (2009-2014).
Timothy Pettee Age: 62	Vice President	2018-present	Chief Investment Officer, SunAmerica (2018 to Present); Lead Portfolio Manager-Rules Based Funds (2013 to Present); Chief Investment Officer (2003 to 2013).
Christopher C. Joe Age: 51	Chief Compliance Officer	2017 to Present	Chief Compliance Officer, AIG Funds, Anchor Series Trust, Seasons Series Trust, SunAmerica Series Trust, VALIC Company I and VALIC Company II (2017-Present); Chief Compliance Officer, VALIC Retirement Services Company (2017-Present); Chief Compliance Officer, Invesco PowerShares (2012-2017); Chief Compliance Officer, Invesco Investment Advisers, LLC (2010-2013); U.S. Compliance Director, Invesco Ltd. (2006-2014); Deputy Chief Compliance Officer, Invesco Advisers, LLC (2014-2015).
Matthew J. Hackethal Age: 48	Anti-Money Laundering (“AML”) Compliance Officer	2006-present	Acting Chief Compliance Officer, AIG Funds, Anchor Series Trust, Seasons Series Trust, SunAmerica Series Trust, VALIC Company I and VALIC Company II (2016 to 2017); Chief Compliance Officer, SunAmerica (2006 to Present); Chief Compliance Officer, The Variable Annuity Life Insurance Company (2016 to 2017); AML Compliance Officer, AIG Funds, Anchor Series Trust, Seasons Series Trust, SunAmerica Series Trust, VALIC Company I and VALIC Company II (2006 to Present); and Vice President, SunAmerica (2011 to Present).

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SHAREHOLDER TAX INFORMATION — October 31, 2020 — (unaudited)

Certain tax information regarding SunAmerica Specialty Series is required to be provided to shareholders based upon each Fund’s income and distributions for the taxable period ended October 31, 2020. The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year end December 31, 2020. The information necessary to complete your income tax returns will be included with your Form 1099-DIV to be received under separate cover in early 2021.

During the year ended October 31, 2020, the Funds paid the following long-term capital gains along with the percentage of ordinary

income dividends that qualified for the dividends received deductions for corporations.

Fund	Net Long- Term Capital Gains		Qualifying % for the Dividends Received Deduction
AIG Commodity Strategy	$	—		—	%
AIG ESG Dividend		—		100.00
AIG Focused Alpha Large-Cap		64,662,211		100.00
AIG Focused Growth		54,731,618		—
AIG Income Explorer		—		59.15
AIG Small-Cap		1,042,743		—

For the year ended October 31, 2020, certain dividends paid by the following Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Of the distributions paid during the fiscal year, the following represents the maximum amount that may be considered qualified dividend income:

Fund	Amount
AIG Commodity Strategy	$	215,638
AIG ESG Dividend		717,721
AIG Focused Alpha Large-Cap		89,198
AIG Focused Growth		—
AIG Income Explorer		1,316,020
AIG Small-Cap		26

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COMPARISONS: FUNDS vs. INDICES — (unaudited)

As required by the Securities and Exchange Commission, the graphs on the following pages compare the performance of a $10,000 investment in the SunAmerica Specialty Series’ Funds to a similar investment in an index or indices. Please note that “inception,” as used herein, reflects the date on which a specific class of shares commenced operations. It is important to note that the SunAmerica Specialty Series’ Funds are professionally managed mutual funds, while the indices are not available for investment and are unmanaged. The comparison is shown for illustrative purposes only. The graphs present the performance of the largest class of that particular Fund. The performance of the other classes will vary based upon the difference in sales charges and fees assessed to shareholders of that class.

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COMPARISONS: FUNDS vs. INDICES — (unaudited) (continued)

AIG Commodity Strategy Fund

For the annual period ended October 31, 2020, Class A shares of the AIG Commodity Strategy Fund returned -8.98% (before maximum sales charge), modestly underperforming the Fund’s benchmark, the Bloomberg Commodity Index^*, which returned -8.75% for the same period. To compare, the S&P 500 Index, a broad-based equity market index, returned 9.71% for the same period.^*

The Fund seeks to provide long-term total return through a strategy designed to provide diversified exposure to the commodities markets by investing its assets in a combination of commodity-linked derivative instruments and fixed income securities. A portion of the Fund’s assets are managed pursuant to an index strategy designed to track, before fees and expenses, the performance of the Bloomberg Commodity Index (the “Index”), and a portion of the Fund’s assets are managed pursuant to an active strategy designed to outperform the Index. The Fund does not invest directly in commodities.

Three key factors affected the commodities market during the annual period – oil market fundamentals, COVID-19’s effect on the precious metals sector, and recovering industrial and agricultural demand from China. First, the oil market suffered the worst surplus in its history in April 2020 as global demand collapsed due to the immobilization of many around the world, while two of the world’s largest producers – Saudi Arabia and Russia – engaged in a price war to boost supply. Satisfied with the intended consequences of a price war, Saudi Arabia, Russia and a group of 22 oil producing countries coordinated the largest supply reduction on record. Natural gas production also came under pressure as associated gas production declines, on the back of slowing oil output, tightened U.S. natural gas markets heading into 2021. Second, precious metals was the best performing sector in the Bloomberg Commodity Index during the annual period, benefiting from accommodative central bank policy and ongoing concerns around COVID-19 case surges. Concerns around the development and distribution of an effective vaccine also provided a tailwind for precious metals, as investors searched for what were perceived as “safe haven” assets. Third, as the first area hit by COVID-19, China has been one of the first economies to show signs of recovery. Indicators of economic activity in China pointed to higher infrastructure and property-related construction, lending broad support to the industrial metals sector. Auto demand and production also rebounded. Additionally, we saw indication of meaningful boosts to Chinese demand for U.S. beans, a key part of the “Phase One” trade deal between the U.S. and China.

Amid this backdrop, commodity contract selection detracted from the Fund’s relative results during the annual period. Contract selection in Brent crude oil was the largest detractor, driven by positioning along the futures curves. This was partially offset by curve positioning in natural gas, live cattle and lean hogs, which contributed positively.

Sector selection and security selection overall contributed positively to the Fund’s relative results. More specifically, having a modest underweight to the energy sector benefited the Fund’s performance, as it was the worst performing sector in the Bloomberg Commodity Index during the annual period. Within the energy sector, underweights to natural gas and crude oil and an overweight to gasoline helped most. An overweight to precious metals also buoyed the Fund’s relative results. The Fund maintained a sizable allocation to gold but was largely neutral relative to the Bloomberg Commodity Index given our view on valuations. In contrast, the Fund prudently held an overweight to silver on the back of recovering industrial demand from China. We also held a long Fund position in platinum, as the metal benefited from temporary mining shutdowns across South Africa and remained one of the most undervalued commodities, in our view. A Fund overweight to industrial metals added value as well, especially our emphasis on copper and nickel. Both metals benefited from longer-term tailwinds, such as demand for electric vehicles, but also saw a near-term boost to prices amid ongoing supply disruptions. In particular, Indonesia’s ban on nickel exports threatened to take supply off the market amid recovering Chinese demand for stainless steel. An underweight to agriculture and livestock as a whole detracted. An overweight to lean hogs and an underweight to wheat hampered results within the sector most, but an overweight to soybean meal contributed positively.

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COMPARISONS: FUNDS vs. INDICES — (unaudited) (continued)

Past performance is no guarantee of future results. Diversification does not guarantee a profit or protect against a loss.

* The Bloomberg Commodity Index is a broadly diversified commodity price index made up of 23 exchange-traded futures on physical commodities weighted to account for economic significance and market liquidity. The S&P 500 Index is an unmanaged, weighted index of 500 large company stocks that is widely recognized as representative of the performance of the U.S. stock market. Indices are not managed and an investor cannot invest directly in an index.

The Fund is actively managed and its holdings are subject to change. Accordingly, securities listed may or may not be a part of current portfolio construction.

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COMPARISONS: FUNDS vs. INDICES — (unaudited) (continued)

Since inception, $10,000 invested in AIG Commodity Strategy Fund Class A shares would be valued at $5,747. The same amount invested in securities mirroring the performance of the Bloomberg Commodity Index and the S&P 500 Index would be valued at $5,184 and $33,988, respectively.

AIG Commodity Strategy Fund#	Class A				Class C				Class W
	Average Annual Return		Cumulative Return†		Average Annual Return		Cumulative Return†		Average Annual Return		Cumulative Return†
1 Year Return		-14.25%		-8.98%		-10.44%		-9.53%		-8.79%		-8.79%
5 Year Return		-5.39%		-19.60%		-4.90%		-22.22%		-4.08%		-18.78%
10 Year Return		-5.39%		-39.03%		-5.43%		-42.77%		-4.62%		-37.67%
Since Inception*		-4.09%		-35.69%		-4.23%		-40.42%		-3.41%		-34.00%

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

* Inception Date - Class A: 11/04/08; Class C: 11/04/08; Class W: 11/04/08

# For the purposes of the graph, it has been assumed that the maximum sales charge of 5.75% of offering price was deducted from the initial $10,000 investment in the Fund. For purposes of the table, it has been assumed that the maximum sales charge with respect to the Class A shares was deducted from the initial investment in the Fund and that the CDSC with respect to the Class C shares has been deducted as applicable.

For the 12 month period ended October 31, 2020, the AIG Commodity Strategy Fund Class A returned -14.25%, compared to -8.75% for the Bloomberg Commodity Index and 9.71% for the S&P 500 Index. (The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.)

Performance data quoted represents past performance and is no guarantee of future results. Maximum Sales Charge: Class A: 5.75%, Class C: 1.00% CDSC. The Fund’s daily net asset values are not guaranteed and shares are not insured by the FDIC, the Federal Reserve Board or any other agency. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be higher or lower than the original cost. Current performance may be higher or lower than that shown. Performance as of the most recent month end is available at www.aig.com/funds.

†† The Bloomberg Commodity Index is a broadly diversified commodity price index made up of 23 exchange-traded futures on physical commodities weighted to account for economic significance and market liquidity.

@ The S&P 500 Index is an unmanaged, weighted index of 500 large company stocks that is widely recognized as representative of the performance of the U.S. stock market.

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

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AIG ESG Dividend Fund

For the annual period ended October 31, 2020, Class A shares of the AIG ESG Dividend Fund returned -3.23% (before maximum sales charge). While posting disappointing absolute returns, the Fund outperformed the Fund’s benchmark, the Russell 1000^® Value Index^* (the “Index”), which returned -7.57% for the same period.

The Fund’s principal investment strategies are value and Environmental, Social and Governance (“ESG”) investing, wherein the Fund employs a “buy and hold” strategy with up to 40 dividend-yielding equity securities selected annually from the Russell 1000^® Index^* that meet the Fund’s ESG standards. At least 80% of the Fund’s net assets, plus any borrowings for investment purposes, will be invested in dividend-yielding equity securities of companies that meet the Fund’s ESG standards. The value-oriented philosophy to which the Fund subscribes is that of investing in securities believed to be undervalued in the market. The selection criteria are usually calculated to identify stocks of companies with solid financial strength that have attractive valuations and that may have generally been overlooked by the market. ESG investing involves investing in companies that satisfy certain ESG standards. For example, companies must not generate significant revenues from certain types of business that include weapons, alcohol, tobacco, gambling and nuclear energy. Companies must not have a poor track record in how it interacts with its employees, its customers, the environment and the society in which it does business. The Fund expects to invest primarily in large-cap common stocks, although the Fund may invest in companies of any size.

During the annual period, the Fund outperformed the Index on a relative basis primarily because of effective stock selection in the Industrials, Consumer Staples, Energy and Real Estate sectors. Having overweight allocations to Industrials and Consumer Staples, which each outperformed the Index during the annual period, and having underweight exposure to Financials, Energy and Real Estate, each of which underperformed the Index during the annual period, further bolstered the Fund’s relative results. These positive contributors were only partially offset by the detracting effects of weak security selection in the Communication Services, Financials, Materials and Health Care sectors. While having an overweight exposure to Information Technology proved beneficial, as it outpaced the Index during the annual period, it was more than offset by stock selection in the sector, which detracted. Having underweight exposure to Materials and Health Care also hurt, as each of these sectors significantly outperformed the Index during the annual period.

The primary individual positive contributors to the Fund’s relative results during the annual period included consumer electronics and appliances retailer Best Buy Co., Inc., consumer products manufacturer The Clorox Company, quick service restaurant franchiser Dunkin’ Brands Group, Inc., engine and electric power generation systems manufacturer Cummins Inc. and multi-modal transportations services and logistics solutions provider C.H. Robinson Worldwide, Inc. Conversely, individual stocks that detracted most from the Fund’s relative results during the annual period included department store retailer Macy’s Inc., technology hardware and services company Xerox Holdings Corp., information technology solutions provider Hewlett Packard Enterprise Co., apparel and accessories retailer The Gap, Inc. and fashion retailer Nordstrom, Inc.

Past performance is no guarantee of future results.

* The Russell 1000 Value Index is a market-capitalization weighted index of those firms in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Index is a comprehensive large-cap index measuring the performance of the largest 1,000 U.S. incorporated companies. Indices are not managed and an investor cannot invest directly into an index. Indices are not managed and an investor cannot invest directly into an index.

The Fund employs a Disciplined Strategy and will not deviate from its strategy (except to the extent necessary to comply with federal tax laws or other applicable laws). If the Fund is committed to a strategy that is unsuccessful, the Fund will not meet its investment goal. Because the Fund will not use certain techniques available to other mutual funds to reduce stock market exposure, the Fund may be more susceptible to general market declines than other mutual funds. ESG screening limits the availability of investment opportunities for the Fund. If the Fund changes its ESG standards or a company stops meeting the Fund’s ESG standards, the Fund may sell the affected investments even if this means the Fund loses money. The performance of the Fund may be subject to greater fluctuation since its strategy involves holding a limited number of securities. This type of strategy may increase the Fund’s risk since the performance of a particular stock may have a larger impact, positively or negatively, on the Fund’s performance.

The Fund’s holdings are subject to change. Accordingly, securities listed may or may not be a part of current portfolio construction.

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Since inception, $10,000 invested in AIG ESG Dividend Fund Class A shares would be valued at $10,455. The same amount invested in securities mirroring the performance of the Russell 1000^® Value Index would be valued at $11,425.

AIG ESG Dividend Fund#

Class A

Class C

Class W

Average Annual Return

Cumulative Return†

Average Annual Return

Cumulative Return†

Average Annual Return

Cumulative Return†

1 Year Return

-8.78%

-3.23%

-4.53%

-3.58%

-3.11%

-3.11%

5 Year Return

N/A

N/A

N/A

N/A

N/A

N/A

10 Year Return

N/A

N/A

N/A

N/A

N/A

N/A

Since Inception*

1.15%

10.96%

2.14%

8.56%

2.92%

11.79%

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

* Inception Date - Class A: 12/16/16; Class C: 12/16/16; Class W: 12/16/16

# For the purposes of the graph, it has been assumed that the maximum sales charge of 5.75% of offering price was deducted from the initial $10,000 investment in the Fund. For purposes of the table, it has been assumed that the maximum sales charge with respect to the Class A shares was deducted from the initial investment in the Fund and that the CDSC with respect to the Class C shares has been deducted as applicable.

For the 12 month period ended October 31, 2020, the AIG ESG Dividend Fund Class A returned -8.78%, compared to -7.57% for the Russell 1000 Value Index. (The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.)

Performance data quoted represents past performance and is no guarantee of future results. Maximum Sales Charge: Class A: 5.75%, Class C: 1.00% CDSC. The Fund’s daily net asset values are not guaranteed and shares are not insured by the FDIC, the Federal Reserve Board or any other agency. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be higher or lower than the original cost. Current performance may be higher or lower than that shown. Performance as of the most recent month end is available at www.aig.com/funds.

†† The Russell 1000 Value Index is a market-capitalization weighted index of those firms in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values.

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

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AIG Focused Alpha Large-Cap Fund

For the annual period ended October 31, 2020, Class A shares of the AIG Focused Alpha Large-Cap Fund returned 11.67% (before maximum sales charge). The Fund outperformed its benchmark, the Russell 1000^® Index^*, which returned 10.87% for the same period.

The AIG Focused Alpha Large-Cap Fund brings together Marsico Capital Management LLC (“Marsico”) and BlackRock Investment Management (“BlackRock”), well-known equity managers who each contribute stock picks to the Fund’s portfolio. Marsico emphasizes large-cap growth investing, while BlackRock favors a large-cap value investment style. The Fund managers’ combined stock picks, blending different investment styles, are designed to offer the potential for attractive returns over the long term.

Below, Marisco discusses its portion of the Fund’s performance during the annual period. Marsico manages the large-cap growth portion of the Fund’s portfolio.

Our portion of the Fund outperformed the Russell 1000^® Index during the annual period due primarily to an emphasis on investments in U.S. large-capitalization growth equities, which significantly outperformed U.S. large-capitalization value equities during the annual period. Individual stock selection was also a major contributor to relative results. Our portion of the Fund was helped most by stock selection in the Financials, Consumer Discretionary and Real Estate sectors.

Among the top individual contributors to our portion of the fund’s results was a position in Amazon.com, Inc., boosted by two of its highest margin businesses, Amazon Web Services and advertising, which continued to outpace its legacy businesses, which are primarily in the retail space. Shares of Danaher Corp. also rose robustly during the annual period due to the resumption of business operations in the research markets, as laboratory personnel returned to work in the third quarter of 2020. In addition, Danaher Corp.’s diagnostic business segment benefited as a result of increased testing for COVID-19. Further, the company expanded its bioprocessing platform, which was critical for the ongoing research and development of therapeutics and vaccines for COVID-19. PayPal Holdings, Inc., a constituent of the Information Technology sector, was also a top positive contributor to our portion of the Fund’s relative results during the annual period. Even as the pandemic took its toll on economic activity in general, e-commerce spending surged ahead of its pre-COVID levels with both existing e-commerce shoppers and new customers using e-commerce transaction platforms amid the stay-at-home conditions that dominated. PayPal Holdings, Inc., which provides a dominant checkout feature for e-commerce transactions was a beneficiary of this trend, and its shares, in turn, surged. We maintained the Fund’s positions in each of these holdings at the end of the annual period.

Such positive contributors were partially offset by weak stock selection in the Industrials sector. Within the sector, a major detractor from our portion of the Fund’s results was Uber Technologies, Inc. Its shares slid significantly during the annual period, as the spread of COVID-19 led to the global population reducing activities outside of their homes. Because the company is highly reliant on consumer demand for transportation to work, the airport or other commerce activities to drive revenue, its business was understandably under pressure, especially given the ongoing uncertainty as to when the world might return to normal activities. Also within the Industrials sector, The Boeing Company detracted, with its shares declining as the COVID-19 pandemic led to a dramatic decrease in commercial airline travel demand. While airlines were generally in good financial health prior to the pandemic outbreak, the unprecedented drop in travel demand resulted in corresponding declines in airline revenues. In the absence of revenue, many believed airlines would delay or cancel the delivery of new aircraft, which, in turn, hurt The Boeing Company’s revenues. At the same time, aircraft production has consumed The Boeing Company’s cash, thereby threatening both its financial balance sheet and its liquidity. We sold our portion of the Fund’s positions in both Uber Technologies, Inc. and The Boeing Company by the end of the annual period.

Sector allocation overall is not a consideration in our portfolio construction but rather a residual of our stock selection process. Nevertheless, sector allocation contributed positively to our portion of the Fund’s relative results during the annual period. Our

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portion of the Fund’s overweight to Information Technology, which was the strongest sector in the Russell 1000^® Index during the annual period, contributed positively. Having no exposure to Energy, which was the worst performing sector in the Russell 1000^® Index during the annual period, added value as well. These positive contributors were partially offset by the detracting effect of having an overweight allocation to Real Estate, which underperformed the Russell 1000^® Index during the annual period, and of having an underweight exposure to Health Care, which outperformed the Russell 1000^® Index during the annual period.

Below, BlackRock discusses its portion of the Fund’s performance during the annual period. BlackRock manages the large-cap value portion of the Fund’s portfolio.

Our portion of the Fund underperformed the Russell 1000^® Index during the annual period, but outperformed the Russell 1000^® Value Index^*, the benchmark used for the large-cap value portion of the Fund’s portfolio, due primarily to sector allocation. Relative to the Russell 1000^® Value Index, having overweight exposure to Consumer Discretionary, Materials and Health Care, which each outperformed the Russell 1000^® Value Index during the annual period, contributed positively. Having an underweight to Financials and no exposure to Real Estate, which each underperformed the Russell 1000^® Value Index during the annual period, also proved beneficial. Conversely, having an underweight allocation to Consumer Staples and no exposure to Utilities, which each outpaced the Russell 1000^® Value Index during the annual period, detracted from our portion of the Fund’s relative results.

Stock selection overall detracted from our portion of the Fund’s results relative to the Russell 1000^® Value Index. Stock selection in Industrials, Financials and Health Care detracted most from our portion of the Fund’s results. A position in British multinational defense and aerospace company BAE Systems PLC ADR, which is not a component of the Russell 1000^® Value Index but which underperformed the Russell 1000^® Value Index during the annual period, accounted for the majority of relative underperformance in Industrials. Exposure to money center banks Wells Fargo & Co., JPMorgan Chase & Co., and Citigroup Inc. detracted most from relative results in Financials. In Health Care, a lack of exposure to medical products manufacturer Danaher Corp. and pharmaceuticals and health care products manufacturer Abbott Laboratories hampered relative performance. Security selection in Materials also detracted from relative returns during the annual period, albeit more modestly. Partially offsetting these detractors was effective stock selection in Energy, Communication Services and Consumer Discretionary, which contributed positively. In Energy, an overweight position in ConocoPhillips and avoidance of Exxon Mobil Corp. and Chevron Corp., each an U.S. integrated oil and gas operator, boosted relative results most. In Communication Services, a position in Facebook Inc., Class A within the interactive media & services industry, proved most advantageous. A position in auto manufacturer General Motors Co. helped most in the Consumer Discretionary sector. Stock selection in Consumer Staples added value as well during the annual period.

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Past performance is no guarantee of future results.

* The Russell 1000^® Index offers investors access to the extensive large-cap segment of the U.S. equity universe representing approximately 92% of the U.S. market. The Russell 1000^® is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected. The Russell 1000^® includes the largest 1,000 securities in the Russell 3000^®. Indices are not managed and an investor cannot invest directly into an index. The Russell 1000^® Value Index is a market-capitalization weighted index of those firms in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values.

Because focused mutual funds are less diversified than typical mutual funds, the performance of each holding in a focused fund has a greater impact upon the overall portfolio, which increases risk.

The Fund is actively managed and its holdings are subject to change. Accordingly, securities listed may or may not be part of current portfolio construction.

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Over the past ten years, $10,000 invested in the AIG Focused Alpha Large-Cap Fund Class A shares would be valued at $32,827. The same amount invested in securities mirroring the performance of the Russell 1000® Index would be valued at $34,084.

AIG Focused Alpha Large-Cap Fund#	Class A				Class C				Class W
	Average Annual Return		Cumulative Return†		Average Annual Return		Cumulative Return†		Average Annual Return		Cumulative Return†
1 Year Return		5.25%		11.67%		9.91%		10.90%		11.82%		11.82%
5 Year Return		10.65%		75.98%		11.24%		70.33%		12.11%		77.07%
10 Year Return		12.62%		248.37%		N/A		N/A		N/A		N/A
Since Inception*		9.39%		302.20%		13.11%		194.78%		14.01%		215.98%

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

* Inception Date - Class A: 12/27/05; Class C: 01/24/12; Class W: 01/24/12

# For the purpose of the graph, it has been assumed that the maximum sales charge of 5.75% of offering price was deducted from the initial $10,000 investment in the Fund. For purposes of the table, it has been assumed that the maximum sales charge with respect to the Class A shares was deducted from the initial investment in the Fund and the CDSC with respect to the Class C shares has been deducted as applicable.

For the 12 month period ended October 31, 2020, the AIG Focused Alpha Large-Cap Class A returned 5.25%, compared to 10.87% for the Russell 1000^® Index. (The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of the Fund Shares.)

The Fund acquired the assets and assumed the liabilities of the SunAmerica Focused Alpha Large-Cap Fund, Inc. (the “Predecessor Fund”), a closed-end investment company also advised by SunAmerica, in a reorganization that occurred on January 23, 2012 (the “Reorganization”). Prior to the Reorganization, the Fund had no operating history and the performance information in the graph and the table reflects the performance of the Predecessor Fund through the Reorganization. The Predecessor Fund may have performed differently if it were an open-end fund since closed-end funds are generally not subject to the cash flow fluctuations of an open-end fund. The performance figures above for the period prior to the Reorganization were calculated using the actual operating expenses of the Predecessor Fund, which were lower than those of the Fund. If the Fund’s higher operating expenses were applied to the performance for the period prior to the Reorganization, the performance would have been lower.

Performance data quoted represents past performance and is no guarantee of future results. Maximum sales charge: Class A: 5.75%, Class C: 1.00% CDSC. The Fund’s daily net asset values are not guaranteed and shares are not insured by the FDIC, the Federal Reserve Board or any other agency. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be higher or lower than the original cost. Current performance may be higher or lower than that shown. Performance as of the most recent month end is available at www.aig.com/funds.

@ The Russell 1000^® Index offers investors access to the extensive large-cap segment of the U.S. equity universe representing approximately 92% of the U.S. market. The Russell 1000^® is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstructed annually to ensure new and growing equities are reflected. The Russell 1000^® includes the largest 1,000 securities in the Russell 3000^® Index. Indices are not managed and an investor cannot invest directly into an index.

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AIG Focused Growth Fund

For the annual period ended October 31, 2020, Class A shares of the AIG Focused Growth Fund returned 35.20% (before maximum sales charge). The Fund outperformed its benchmark, the Russell 3000^® Growth Index^*, which returned 28.20% for the same period.

The AIG Focused Growth Fund brings together Marsico Capital Management LLC (“Marsico”) and BAMCO Inc. (“BAMCO”), well-known equity managers who each contribute stock picks to the Fund’s portfolio. Marsico emphasizes large-cap growth investing, while BAMCO focuses on small/mid-cap growth opportunities. The Fund managers’ combined stock picks, blending different investment styles, are designed to offer the potential for attractive returns over the long term.

Below, Marisco discusses its portion of the Fund’s performance during the annual period. Marsico manages the large-cap growth portion of the Fund’s portfolio.

Our portion of the Fund outperformed the Russell 3000^® Growth Index during the annual period due primarily to stock selection. Our portion of the Fund was helped most by stock selection in the Consumer Discretionary and Health Care sectors. Within Consumer Discretionary, the Fund’s position in Amazon.com, Inc. contributed most positively, boosted by two of its highest margin businesses, Amazon Web Services and advertising, which continued to outpace its legacy businesses, which are primarily in the retail space. In Health Care, shares of Danaher Corp. rose robustly during the annual period due to the resumption of business operations in the research markets, as laboratory personnel returned to work in the third quarter of 2020. In addition, Danaher Corp.’s diagnostic business segment benefited as a result of increased testing for COVID-19. Further, the company expanded its bioprocessing platform, which was critical for the ongoing research and development of therapeutics and vaccines for COVID-19. At the end of the annual period, we maintained our conviction in both of these holdings.

PayPal Holdings, Inc., a constituent of the Information Technology sector, was also a top positive contributor to our portion of the Fund’s relative results during the annual period. Even as the pandemic took its toll on economic activity in general, e-commerce spending surged ahead of its pre-COVID levels with both existing e-commerce shoppers and new customers using e-commerce transaction platforms amid the stay-at-home conditions that dominated. PayPal Holdings, Inc., which provides a dominant checkout feature for e-commerce transactions, was a beneficiary of this trend, and its shares, in turn, surged. We maintained the Fund’s position in PayPal Holdings, Inc. at the end of the annual period.

Such positive contributors were partially offset by weak stock selection in the Industrials sector. Within the sector, a major detractor from our portion of the Fund’s results was Uber Technologies, Inc. Its shares slid significantly during the annual period, as the spread of COVID-19 led to the global population reducing activities outside of their homes. Because the company is highly reliant on consumer demand for transportation to work, the airport or other commerce activities to drive revenue, its business was understandably under pressure, especially given the ongoing uncertainty as to when the world might return to normal activities. Also within the Industrials sector, The Boeing Company detracted, with its shares declining as the COVID-19 pandemic led to a dramatic decrease in commercial airline travel demand. While airlines were generally in good financial health prior to the pandemic outbreak, the unprecedented drop in travel demand resulted in corresponding declines in airline revenues. In the absence of revenue, many believed airlines would delay or cancel the delivery of new aircraft, which, in turn, hurt The Boeing Company’s revenues. At the same time, aircraft production has consumed The Boeing Company’s cash, thereby threatening both its financial balance sheet and its liquidity. We sold our portion of the Fund’s positions in both Uber Technologies, Inc. and The Boeing Company by the end of the annual period.

Sector allocation overall is not a consideration in our portfolio construction but rather a residual of our stock selection process. Nevertheless, sector allocation contributed positively, albeit modestly, to our portion of the Fund’s relative results during the annual period. Our portion of the Fund’s overweight to Information Technology, which was the second-strongest sector in the Russell 3000^®

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Growth Index during the annual period, and its underweight allocations to Industrials and Health Care, which each underperformed the Russell 3000^® Growth Index during the annual period, contributed positively. Having no exposure to the weakly performing Consumer Staples sector added value as well. These positive contributors were partially offset by the detracting effect of having overweight allocations to Real Estate and Financials, which each underperformed the Russell 3000^® Growth Index during the annual period. Having a position in cash, though modest, during an annual period when the Russell 3000^® Growth Index rallied, also dampened relative results.

Below, BAMCO discusses its portion of the Fund’s performance during the annual period. BAMCO manages the small/mid-cap portion of the Fund’s portfolio.

Our portion of the Fund significantly outperformed the Russell 3000^® Growth Index due primarily to effective stock selection and, to a lesser extent, to sector allocation. Stock selection helped most in the Consumer Discretionary, Industrials, Health Care and Communication Services sectors. Favorable stock selection in Consumer Discretionary was led by triple-digit share price gains from electric vehicle manufacturer Tesla, Inc. and regional casino operator Penn National Gaming, Inc. Shares of Tesla, Inc. appreciated after the company consistently reported strong quarterly results, including profitability that beat analysts’ forecasts and solid growth in existing and new programs across different geographies and vehicles. Also, the company presented a grand vision around its battery activity aimed at expanding its competitive advantage and market opportunity. Investors also appeared to be impressed by significant growth in production from Tesla Inc.’s new factory in Shanghai. Penn National Gaming, Inc.’s stock price gained after the company completed an equity and convertible offering deal to enhance its liquidity profile. The company saw a quick rebound in revenues at re-opened properties, and its margins improved as revenue continued to build while keeping costs low by delaying its ramp-up of labor and marketing to pre-COVID-19 levels. The early September 2020 launch of its Barstool Sportsbook app also lifted its stock price. Our portion of the Fund’s only holding in the Industrials sector, real estate information and marketing services company CoStar Group, Inc., added value. Its shares rose, as net new sales re-accelerated more quickly than investors forecasted. Demand for the company’s digital marketplace business grew as traditionally offline activities increasingly shifted online during the pandemic. Strength in Health Care came from veterinary diagnostics leader IDEXX Laboratories, Inc. and telehealth company American Well Corp, while share price gains from real estate and rental marketplace Zillow Group, Inc., Class A bolstered performance in Communication Services.

These positive contributors were partially offset by challenging stock selection in Information Technology and Financials. Weakness in Information Technology was due to share price losses from personal and casualty insurance software vendor Guidewire Software, Inc. and syndicated research provider Gartner, Inc. Guidewire Software, Inc.’s shares declined as the company’s shift to the cloud caused short-term financial headwinds and slowed the cadence of new license sales. Additionally, a sudden Chief Financial Officer transition pressured the stock. Gartner Inc.’s share price fell due to concerns about how the pandemic would reduce growth in the company’s research business and meaningfully impact its destination events business. Adverse stock selection in Financials was driven by specialty insurer Arch Capital Group, Ltd. and brokerage firm The Charles Schwab Corp. The former’s shares declined due to economic-related headwinds in the mortgage business, while the latter’s stock price fell due to investor concerns around uncertain near-term earnings.

Sector allocation contributed positively, driven primarily by a meaningful overweight exposure to the strongly performing Consumer Discretionary sector via sizable positions in Tesla, Inc., Hyatt Hotels Corp., Class A and Vail Resorts, Inc. Underweight exposure to the Industrials and Health Care sectors and lack of exposure to Consumer Staples, each of which underperformed the Russell 3000^® Growth Index during the annual period, also added value. Only partially offsetting these positive contributors was the detracting effect of having an underweight exposure to Information Technology, which outperformed the Russell 3000^® Growth Index during the annual period, driven higher by sharp gains from sector heavyweights Apple, Inc. and Microsoft Corp. Having an overweight allocation to the poorly performing Financials sector also hampered relative results. All that said, at BAMCO, we construct our portion of the Fund from the bottom up, one stock at a time. Each stock is included in the portfolio if it meets our rigorous investment

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criteria. To help manage risk, we are aware of our sector and security weights, but we do not include a holding to achieve a target sector allocation or to approximate an index. Exposure to any given sector is purely a result of our stock selection process.

Finally, style biases within our portion of the Fund added value during the annual period. In particular, an emphasis on the strongly performing residual volatility, liquidity and beta factors contributed positively to relative results.

Past performance is no guarantee of future results.

* The Russell 3000^® Growth Index measures the performance of those Russell 3000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000^® Index consists of the 3,000 largest U.S. companies based on total market capitalization. Indices are not managed and an investor cannot invest directly into an index.

Because focused mutual funds are less diversified than typical mutual funds, the performance of each holding in a focused fund has a greater impact upon the overall portfolio, which increases risk. Stocks of small-cap and mid-cap companies are generally more volatile than and not as readily marketable as those of larger companies and may have less resources and a greater risk of business failure than do large companies.

The Fund is actively managed and its holdings are subject to change. Accordingly, securities listed may or may not be part of current portfolio construction.

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Over the past ten years, $10,000 invested in the AIG Focused Growth Fund Class A shares would be valued at $36,361. The same amount invested in securities mirroring the performance of the Russell 3000^® Growth Index would be valued at $44,110.

AIG Focused Growth#	Class A				Class C				Class W
	Average Annual Return		Cumulative Return†		Average Annual Return		Cumulative Return†		Average Annual Return		Cumulative Return†
1 Year Return		27.45%		35.20%		33.37%		34.37%		35.48%		35.48%
5 Year Return		13.75%		102.06%		14.36%		95.57%		15.33%		104.03%
10 Year Return		13.78%		285.84%		N/A		N/A		N/A		N/A
Since Inception*		10.80%		407.35%		14.09%		217.91%		15.05%		242.21%

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

* Inception Date - Class A: 07/28/05; Class C: 01/24/12; Class W: 01/24/12

# For the purpose of the graph, it has been assumed that the maximum sales charge of 5.75% of offering price was deducted from the initial $10,000 investment in the Fund. For purposes of the table, it has been assumed that the maximum sales charge with respect to the Class A shares was deducted from the initial investment in the Fund and the CDSC with respect to the Class C shares has been deducted as applicable.

For the 12 month period ended October 31, 2020, the AIG Focused Growth Class A returned 27.45%, compared to 28.20% for the Russell 3000^® Growth Index. (The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of the Fund Shares.)

The Fund acquired the assets and assumed the liabilities of the SunAmerica Focused Alpha Growth Fund, Inc. (the “Predecessor Fund”), a closed-end investment company also advised by SunAmerica, in a reorganization that occurred on January 23, 2012 (the “Reorganization”). Prior to the Reorganization, the Fund had no operating history and the performance information in the graph and the table reflects the performance of the Predecessor Fund through the Reorganization. The Predecessor Fund may have performed differently if it were an open-end fund since closed-end funds are generally not subject to the cash flow fluctuations of an open-end fund. The performance figures above for the period prior to the Reorganization were calculated using the actual operating expenses of the Predecessor Fund, which were lower than those of the Fund. If the Fund’s higher operating expenses were applied to the performance for the period prior to the Reorganization, the performance would have been lower.

Performance data quoted represents past performance and is no guarantee of future results. Maximum sales charge: Class A: 5.75%, Class C: 1.00% CDSC. The Fund’s daily net asset values are not guaranteed and shares are not insured by the FDIC, the Federal Reserve Board or any other agency. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be higher or lower than the original cost. Current performance may be higher or lower than that shown. Performance as of the most recent month end is available at www.aig.com/funds.

@ The Russell 3000^® Growth Index measures the performance of those Russell 3000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000^® Index consists of the 3,000 largest U.S. companies based on total market capitalization. Indices are not managed and an investor cannot invest directly into an index.

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AIG Income Explorer Fund

Effective December 17, 2019, certain changes were made to the AIG Income Explorer Fund’s investment strategy and techniques, as well as to the portfolio management. Prior to this date, the Fund was invested in closed end funds, global equity securities and preferred securities. Effective the same date, Cohen & Steers Capital Management, Inc. (“Cohen & Steers”) no longer managed the closed-end funds and preferred securities sleeves of the Fund, and these two sleeves were replaced by real estate investment trust (REIT) and preferred securities sleeves managed by SunAmerica Asset Management Corp. (“SunAmerica”). SunAmerica, the Fund’s investment adviser, is also responsible for determining the allocation among the different sleeves of the Fund and for managing the global dividend equity strategy. The Fund’s investment objective did not change, but its benchmark index did change. For a detailed description of the Fund’s strategy, techniques and management, as well as expenses, please see the Fund’s Prospectus.

For the annual period ended October 31, 2020, Class A shares of the AIG Income Explorer Fund returned -10.14% (before maximum sales charge). The Fund underperformed its new benchmark, a blended benchmark comprised 45% of the MSCI ACWI Value Index^*, 35% of the S&P Preferred Stock Index and 20% of the FTSE NAREIT All Equity REITs Index^*. The new blended benchmark returned -7.82% for the same period. The components of the new blended benchmark, the MSCI ACWI Value Index^*, the S&P Preferred Stock Index and the FTSE NAREIT All Equity REITs Index, returned -12.21%, 3.02% and -16.01%, respectively, for the same annual period. The Fund’s former blended benchmark, comprised 60% of the MSCI World Index (Net)^** and 40% of the Bloomberg Barclays U.S. Aggregate Bond Index,^** returned 5.72% for the same period. The components of the former blended benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, a broad-based fixed income market index, returned 6.19%, and the MSCI World Index (Net), a broad-based global equity market index, returned 4.36%, for the same annual period.

The Fund seeks to achieve its investment objective of high current income and, secondarily, capital appreciation by combining three distinct income producing investment strategies – global dividend equities, preferred securities and real estate investment trusts (REITs) – into a single fund that seeks a high level of monthly income. By exploring asset classes that are less correlated with traditional bond markets, the Fund may provide more diversified income opportunities than fixed income investments alone. This multi-asset class approach is designed to help deliver attractive yield and risk-adjusted returns, conveniently in one portfolio.

Below, SunAmerica discusses its portion of the Fund’s performance during the annual period. SunAmerica manages the global dividend equity strategy sleeve of the Fund.

During the period from November 1, 2019 through December 16, 2019, our portion of the Fund outperformed the MSCI World Index, the benchmark then utilized for the global dividend equity strategy sleeve. Individual stock selection overall contributed most positively, while country allocation also boosted results, albeit more modestly. Sector allocation as a whole detracted.

From a sector perspective, effective stock selection in the Consumer Staples, Consumer Discretionary and Real Estate sectors contributed most positively. Positioning in the Materials sector and having no exposure to Utilities, which was the second-weakest sector in the MSCI World Index during the period from November 1, 2019 through December 16, 2019, also proved beneficial. Only partially offsetting these positive contributors was both weak stock selection and allocation positioning in the Energy, Information Technology and Health Care sectors, which detracted. Having no exposure to the Financials sector, which outperformed the MSCI World Index during this same time period, also dampened relative results.

Regionally, our portion of the Fund benefited most from positioning and stock selection in the U.K. Having exposure to Taiwan and Russia, which are not constituents of the MSCI World Index but which outperformed the MSCI World Index from November 1, 2019 through December 16, 2019, also added value. Effective stock selection in Switzerland further boosted our portion of the Fund’s relative results. Conversely, positioning decisions in France and Italy hindered results as did having an underweight exposure to and weak stock selection in the U.S. Having an overweight allocation to Hong Kong, which lagged the MSCI World Index during the same time period, also detracted from relative results.

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Among individual holdings, positions in U.K. residential housing developers and builders Persimmon PLC and Barratt Developments PLC, Taiwanese semiconductor company Yageo Corp., U.K. tobacco company British American Tobacco PLC and Russian metals and mining company MMC Norilsk Nickel PJSC ADR were among the top positive contributors to our portion of the Fund’s relative performance during the period from November 1, 2019 through December 16, 2019. Notable laggards during this same time frame included Taiwanese industrial products manufacturer Catcher Technology Co., Ltd., French telecommunications services provider Orange SA, French automobile manufacturers Renault SA and Peugeot SA and Italian automobile manufacturer Fiat Chrysler Automobiles N.V.

During the period from December 17, 2019 through October 31, 2020, our portion of the Fund underperformed the MSCI ACWI Value, the benchmark utilized for the global dividend equity strategy sleeve beginning December 17, 2019. Individual stock selection overall detracted most, while country allocation as a whole also detracted, albeit only modestly. Sector allocation overall contributed positively.

From a sector perspective, stock selection proved most challenging in the Industrials, Communication Services and Consumer Staples sectors. Allocation positioning in the Consumer Discretionary, Industrials and Health Care sectors also dampened relative results. Only partially offsetting these detractors was effective stock selection in the Energy, Financials and Real Estate sectors, which contributed positively. Having an underweight to Financials, which underperformed the MSCI ACWI Value during the period from December 17, 2019 through October 31, 2020, and having an overweight to Materials, which outperformed the MSCI ACWI Value during this same time period, also proved beneficial.

Regionally, our portion of the Fund was hurt most by positioning and stock selection in the U.S., France, Germany and Italy. Conversely, positioning and stock selection in Australia, Taiwan and the Netherlands boosted relative results most.

Among individual holdings, positions in U.S. department store operator Kohl’s Corp., U.S. cruise ships owner and operator Carnival Corp., U.S. apparel and accessories retailer The Gap, Inc., French automobile manufacturer Renault SA and Italian automobile manufacturer Fiat Chrysler Automobiles N.V. were among the top detractors from our portion of the Fund’s relative performance during the period from December 17, 2019 through October 31, 2020. Notable positive contributors during this same time frame included Australian iron ore producer Fortescue Metals Group Ltd., U.S. energy and engineering and construction services provider Halliburton Co., U.S. oilfield products and services provider Baker Hughes Co., U.S. chemical company DuPont de Nemours, Inc. and U.S. consumer foods manufacturer General Mills, Inc.

Below, Cohen & Steers discusses its portions of the Fund’s performance during the period from November 1, 2019 through December 16, 2019. Cohen & Steers managed the closed-end fund and preferred securities sleeves of the Fund, respectively, during this time period.

Closed-End Fund Sleeve: During the period from November 1, 2019 through December 16, 2019, our portion of the Fund outperformed the Morningstar All Taxable Fixed Income Index,^† the benchmark then utilized for the Closed-End Fund sleeve. This allocation to fixed income strategy closed-end funds helped relative performance. Conversely, an out-of-benchmark position in utilities closed-end funds and an overweight in preferred securities closed-end funds detracted from relative performance.

Security selection contributed most positively to our portion of the Fund’s relative return in the U.S. multi-sector bond closed-end funds category. On the other hand, security selection in the preferred securities closed-end funds category hindered relative performance.

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Preferred Securities Sleeve: Relative to a blended index – 50% BofA Merrill Lynch Capital Securities Index and 50% BofA Merrill Lynch Fixed Rate Preferred Securities Index^†† – which tracks various aspects of the preferred securities market, our portion of the Fund’s overweight to the utilities segment of the market and its underweight to the banking segment of the market slightly detracted. Security selection in the pipelines segment of the market also hampered relative results. Partially offsetting these detractors was effective security selection in the banking segment of the market, which contributed positively.

Below, SunAmerica discusses the performance of the REIT and preferred securities sleeves of the Fund, respectively, during the period from December 17, 2019 through October 31, 2020. SunAmerica managed the REIT and preferred securities sleeves of the Fund, respectively, during this time period.

REIT Sleeve: The REIT portion of the Fund underperformed the FTSE NAREIT All Equity REITs Index^* during the December 17, 2019 through October 31, 2020 time period. The principal investment technique of the REIT sleeve is to employ a “buy and hold” strategy with approximately 60 equity REITs selected annually from the FTSE NAREIT All Equity REITs Index^*. We select securities from the FTSE NAREIT All Equity REITs Index^* on the basis of a number of factors, including profitability, volatility and size. While the security selection process will take place on an annual basis, we may, from time to time, substitute certain securities for those selected for the REIT sleeve or reduce the position size of a portfolio security in between the annual rebalancings under certain limited circumstances. These circumstances will generally include where the value of a security held by the REIT sleeve becomes a disproportionately large percentage of the REIT sleeve’s holdings in the discretion of the portfolio managers. The REIT sleeve will be evaluated and adjusted at the discretion of the portfolio managers on an annual period.

Relative results were hurt most by having an underweight to infrastructure REITs, which outperformed the FTSE NAREIT All Equity REITs Index^* during the period we established and managed the REIT sleeve. Having overweights to the specialty REITs and lodging/resorts REITs sub-sectors, which each underperformed the FTSE NAREIT All Equity REITs Index^* during this same time frame, also detracted. Stock selection within the specialty REITs sub-sector dampened relative results as well. Partially offsetting these detractors was effective stock selection within the retail, health care and residential REITs sub-sectors, which contributed positively.

Among individual holdings, notable laggards included Empire State Realty Trust, Inc. Class A, which primarily focuses on office and retail properties in Manhattan and the greater New York metropolitan area; Clipper Realty, Inc., which primarily acquires and manages multi-family residential and commercial properties in the New York metropolitan area; EPR Properties, which acquires and develops properties leased to movie theatre and entertainment-related business operators, generally under long-term triple-net leases; Simon Property Group, Inc., which owns, develops and manages retail real estate properties, including regional malls and outlet centers; and Armada Hoffler Properties, Inc., which develops, builds, owns and manages office, retail and residential properties in the mid-Atlantic region of the U.S. Positions in several data center REITs were among the top positive contributors to our portion of the Fund’s relative performance during the period from December 17, 2019 through October 31, 2020. These data center REITs included Equinix, Inc., QTS Realty Trust, Inc. Class A, and CyrusOne, Inc. Positions in Prologis, Inc., which is an owner, operator and developer of industrial real estate and distribution facilities, and Uniti Group Inc., which provides wireless infrastructure solutions for the communications industry, were also top positive contributors to the REIT sleeve’s performance during this time period.

Preferred Securities Sleeve: The Preferred Securities portion of the Fund outperformed the S&P Preferred Stock Index^* during the December 17, 2019 through October 31, 2020 time period. The principal investment technique of the preferred securities sleeve is to employ an enhanced index management strategy, which seeks to modestly outperform the S&P Preferred Stock Index^* over time, while maintaining similar risk characteristics to the S&P Preferred Stock Index^*. The preferred securities sleeve invests in a diversified portfolio of preferred securities issued by U.S. and foreign companies, which may include traditional preferred securities, hybrid preferred securities and floating rate preferred securities. The preferred securities sleeve may invest in both investment grade

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and below investment grade securities but anticipates investing predominantly in investment grade securities. We expect the preferred securities sleeve to invest a substantial portion of its assets in the Financials sector, which is comprised of the banking, brokerage and insurance industries. We select securities from the S&P Preferred Stock Index^* by applying certain constraints, such as credit quality and position size limits, and by employing a statistical technique known as optimization. Because the preferred securities sleeve uses an enhanced index strategy, not all of the securities in the S&P Preferred Stock Index^* are included in the preferred securities sleeve, and the preferred securities sleeve’s holdings may be underweight or overweight particular securities, sectors or industries within the S&P Preferred Stock Index^*. The preferred securities sleeve may engage in active trading of its portfolio securities.

During the December 17, 2019 through October 31, 2020 time period, the weighting of the preferred securities sleeve roughly mirrored that of the S&P Preferred Stock Index^*, with the highest percentage of holdings in the Financials sector. The preferred securities sleeve was overweight relative to the S&P Preferred Stock Index^* in the Financials, Consumer Discretionary, Energy, Industrials and Utilities sectors. The Industrials and Utilities sectors outperformed the S&P Preferred Stock Index^* most during this time frame and had the second and third highest contribution to return in the preferred securities sleeve. Financials had the most significant contribution to return in the preferred securities sleeve and also outperformed the S&P Preferred Stock Index^* during the same time period. Conversely, positioning in the Consumer Discretionary, Consumer Staples and Information Technology sectors detracted from relative results during this time frame. This was due mainly to the preferred securities sleeve not owning select holdings in each sector that performed strongly and aided S&P Preferred Stock Index^* performance.

On a macro level, the preferred securities sleeve was buoyed by the volatility surrounding the COVID-19 pandemic and its effect on the stock and bond markets. The erosion of the economy due to COVID-19 whipsawed U.S. Treasury bond levels to multi-years lows, and the U.S. Federal Reserve stepped in to lower interest rates to near zero in an effort to mitigate the adverse effects of the pandemic on the economy. While performance fluctuated throughout the time period, the low interest rate and low bond rate environment helped support the performance of preferred securities overall, as preferred securities tend to perform better when rates are low.

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Past performance is no guarantee of future results. Diversification does not guarantee a profit or protect against a loss.

Preferred securities are subject to bond market volatility risk, credit risk and interest rate fluctuation risk. In addition, preferred securities are subordinated to other securities in the issuer’s capital structure and are subject to the risk that the issuer will fail to make dividends or other distributions because other claims on the issuer’s assets take priority. Preferred securities may be less liquid than many other types of securities and may be subject to the risk of being redeemed prior to their scheduled date. Real estate securities are subject to the risk that property values may fall due to increasing vacancies or declining rents. The price of real estate securities also may decline because of the failure of borrowers to pay their loans and poor management. Many real estate companies utilize leverage, which increases investment risk and could adversely affect a company’s operations and market value in periods of rising interest rates, as well as risks normally associated with debt financing. Income and real estate values also may be adversely affected by such factors as applicable laws, interest rate levels and the availability of financing. The Global Dividend Stocks and REIT sleeves each employ a disciplined strategy and will not deviate from their strategy (except to the extent necessary to comply with federal tax laws or other applicable laws). If either sleeve is committed to a strategy that is unsuccessful, the Fund may not meet its overall investment goal. Because the Global Dividend Stocks sleeve generally will not use certain hedging techniques available to the Preferred and REIT sleeves to reduce stock market exposure, this portion of the Fund may be more susceptible to general market declines than the other sleeves. International investing involves special risks, such as currency fluctuations and economic and political instability, greater market volatility and limited liquidity. Stocks of small-cap and mid-cap companies are generally more volatile than and not as readily marketable as those of larger companies, and may have fewer resources and a greater risk of business failure than do large companies.

* The MSCI ACWI Value Index captures large- and mid-cap securities exhibiting overall value style characteristics across 23 Developed Markets countries and 26 Emerging Markets countries. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. The S&P Preferred Stock Index is comprised of U.S. exchange-traded preferred stocks that meet minimum price, liquidity, trading volume, maturity and other requirements determined by S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc. The FTSE NAREIT All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of all tax-qualified U.S. equity REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property. Please note that an investor cannot invest directly in an index.

** The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. It consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The Bloomberg Barclays U.S. Aggregate Bond Index represents securities that are U.S. domestic, taxable and dollar denominated. The index covers components for government and corporate securities, mortgage pass-through securities and asset-backed securities.

† The Morningstar All Taxable Fixed Income Index was the benchmark used for the Closed-End Fund sleeve of the Fund prior to December 17, 2019. It is an index that tracks the weighted average of the market price of closed-end funds that invest in taxable fixed-income securities.

†† The BofA Merrill Lynch Capital Securities Index is a sub-set of the BofA Merrill Lynch U.S. Corporate Index including all fixed-to-floating rate, perpetual callable and callable securities. The BofA Merrill Lynch U.S. Corporate Index tracks the performance of U.S. dollar-denominated investment-grade corporate debt publicly issued in the U.S. domestic market. Qualifying securities must be rated investment-grade (based on an average of Moody’s, S&P and Fitch) and must have an investment-grade-rated country of risk (based on an average of Moody’s, S&P and Fitch foreign-currency long-term sovereign debt ratings). The BofA Merrill Lynch Fixed Rate Preferred Securities Index tracks the performance of fixed-rate U.S. dollar-denominated preferred securities issued in the U.S. domestic market. Qualifying securities must be rated investment-grade (based on an average of Moody’s, S&P and Fitch) and must have an investment-grade-rated country of risk (based on an average of Moody’s, S&P and Fitch foreign-currency long-term sovereign debt ratings).

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

The Fund is actively managed and its holdings are subject to change. Accordingly, securities listed may or may not be a part of current portfolio construction.

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Since inception, $10,000 invested in AIG Income Explorer Fund Class A shares would be valued at $12,298. The same amount invested in securities mirroring the performance of the Blended Benchmark (New) (MSCI ACWI Value Index (Net) (45%), S&P U.S. Preferred Stock Index (35%) and FTSE NAREIT All Equity REITs Index (20%)), MSCI ACWI Index (Net), Blended Benchmark (Old) (MSCI World Index (Net) (60%), and Bloomberg Barclays U.S. Aggregate Bond Index (40%)), and the MSCI World Index (Net) would be valued at $14,518, $17,738 $16,263, and $18,237, respectively.

AIG Income Explorer Fund#	Class A				Class C				Class W
	Average Annual Return		Cumulative Return†		Average Annual Return		Cumulative Return†		Average Annual Return		Cumulative Return†
1 Year Return		-15.30%		-10.14%		-11.45%		-10.59%		-10.03%		-10.03%
5 Year Return		2.69%		21.15%		3.27%		17.44%		4.11%		22.34%
10 Year Return		N/A		N/A		N/A		N/A		N/A		N/A
Since Inception*		2.86%		30.53%		3.05%		24.62%		3.89%		32.33%

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

* Inception Date - Class A: 07/02/13; Class C: 07/02/13; Class I: 07/02/13

# For the purposes of the graph, it has been assumed that the maximum sales charge of 5.75% of offering price was deducted from the initial $10,000 investment in the Fund. For purposes of the table, it has been assumed that the maximum sales charge with respect to the Class A shares was deducted from the initial investment in the Fund and that the CDSC with respect to the Class C shares has been deducted as applicable.

For the 12 month period ended October 31, 2020, the AIG Income Explorer Fund Class A returned -15.30%, compared to -7.82% for the Blended Benchmark (MSCI ACWI Value Index (Net) (45%), S&P U.S. Preferred Stock Index (35%) and FTSE NAREIT All Equity REITs Index (20%)), 4.89% for the MSCI ACWI Index (Net). (The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.)

Performance data quoted represents past performance and is no guarantee of future results. Maximum Sales Charge: Class A: 5.75%, Class C: 1.00% CDSC. The Fund’s daily net asset values are not guaranteed and shares are not insured by the FDIC, the Federal Reserve Board or any other agency. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be higher or lower than the original cost. Current performance may be higher or lower than that shown. Performance as of the most recent month end is available at www.aig.com/funds.

(1) The MSCI World Index (Net) is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets consisting of 23 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Israel, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

(2) The Bloomberg Barclays U.S. Aggregate Bond Index represents securities that are U.S. domestic, taxable and dollar denominated. The index covers components for government and corporate securities, mortgage pass-through securities and asset-backed securities.

(3) The MSCI ACWI Value captures large- and mid-cap securities exhibiting overall value style characteristics across 23 Developed Markets countries and 26 Emerging Markets countries. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.

(4) The S&P Preferred Stock Index is comprised of U.S. exchange-traded preferred stocks that meet minimum price, liquidity, trading volume, maturity and other requirements determined by S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc.

(5) The FTSE NAREIT All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of all tax-qualified U.S. equity REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property.

(6) The MSCI ACWI Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index is comprised of 23 developed and 26 emerging market country indices. The developed market country indices included are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain,

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Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices included are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

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

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AIG Small-Cap Fund

For the annual period ended October 31, 2020, Class A shares of the AIG Small-Cap Fund returned -5.68% (before maximum sales charge). The Fund underperformed its benchmark, the Russell 2000^® Index^*, which returned -0.14% for the same period.

The Fund seeks to achieve its investment objective of long-term growth of capital primarily by strategically allocating its assets between a small-cap index strategy and an actively-managed micro-cap growth strategy. The small-cap index strategy provides broad exposure to small-cap stocks by tracking the Russell 2000^® Index, and the micro-cap strategy is actively managed to enhance alpha potential relative to the Russell Microcap^® Index^**.

SunAmerica Asset Management, LLC (“SunAmerica”) is the Fund’s investment adviser, managing the overall asset allocations and the index strategy. Cadence Capital Management, LLC (“Cadence”) is the portfolio manager of the micro-cap growth strategy. The Fund will generally allocate approximately 40-60% of its assets to each strategy.

Below, SunAmerica discusses its portion of the Fund’s performance during the annual period. SunAmerica manages the small-cap index sleeve of the Fund.

Our portion of the Fund lagged the return of the Russell 2000^® Index during the annual period. U.S. small-cap stocks underperformed the mid-cap and large-cap segments of the U.S. equity market during the annual period, as measured by the Russell indices. Within the small-cap universe, as within all market capitalization segments, growth stocks significantly outperformed value stocks during the annual period, and there was great dispersion among the performance of the sectors of the Russell 2000^® Index. Health Care and Consumer Staples were the best relative performers in terms of total return, each sector posting a robust double-digit gain. Consumer Discretionary and Information Technology also were strong performers. Conversely, Energy was by far the weakest sector in the Russell 2000^® Index during the annual period, followed by Real Estate, Utilities and Financials, each posting a double-digit negative return during the annual period.

Among individual holdings, notable laggards included Invesco Mortgage Capital, Inc. and Blackstone Mortgage Trust, Inc., Class A, each of the Real Estate industry of the Financials sector; Brink’s Co. of the Commercial Services & Supplies industry of the Industrials sector; Radian Group, Inc. of the Insurance industry of the Financials sector; and ALLETE, Inc. of the Utilities industry of the Utilities sector. The top positive contributors to the Russell 2000^® Index and to our portion of the Fund’s relative performance during the annual period included Teladoc Health, Inc. and Quidel Corp., each of the Health Care Equipment & Services industry of the Health Care sector; MyoKardia, Inc. and Immunomedics, Inc., each of the Pharmaceuticals and Biotechnology industry of the Health Care sector; and Chegg, Inc. of the Commercial Services & Supplies industry of the Industrials sector.

Each sector and stock in the Russell 2000^® Index was represented in our portion of the Fund with approximately the same weighting as in the Index and therefore had a similar effect.

Below, Cadence discusses its portion of the Fund’s performance during the annual period. Cadence manages the micro-cap sleeve of the Fund.

Our portion of the Fund underperformed the return of the Russell 2000^® Index during the annual period, driven by the poor performance of valuation, one of the underpinnings of our strategy’s conservative growth investment approach. Our portion of the Fund also underperformed the Russell Microcap^® Index, which returned 3.15% during the annual period. Growth stocks outperformed value stocks by a historic margin across the capitalization spectrum during the annual period. Also, weak stock selection in Health Care, Industrials, Information Technology and Consumer Discretionary detracted significantly from relative results, more than offsetting the positive contribution made by underweighting several poorly performing sectors, including Financials, Real Estate and Energy.

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More specifically, relative to the Russell 2000^® Index, stock selection in Health Care was the largest detractor from our portion of the Fund’s results during the annual period. The Health Care Equipment and Services industry, long an area of attractive returns for the portfolio, experienced significantly diverse stock-by-stock performance. An orthopedic operator with a strong market position saw its shares fall due to a decline in patient visits amidst the COVID-19 pandemic. A radiology outpatient services business suffered similarly. These detractors were only partially offset by several holdings that experienced double-digit and triple-digit gains during the annual period. Winners ranged from a testing company benefiting from COVID-19 protocols to a health care information technology company executing a merger and acquisition strategy successfully. Stock selection within the Pharmaceuticals and Biotechnology industry also disappointed. A pain drug stock was hurt by a decline in elective procedures, despite being a beneficiary of the shift away from more addictive opioids. Also, not owning several biotechnology stocks that enjoyed significant gains during the annual period, many due to speculation over a role in the cure of COVID-19, hurt. However, our portion of the Fund did not invest in these stocks because many were larger than our sleeve’s micro-cap size target, and most did not have earnings.

On the positive side, our portion of the Fund was underweight Financials, one of the worst performing sectors in the Russell 2000^® Index during the annual period. Within the sector, our portion of the Fund also benefited from strong stock selection in the Banks and Thrifts industry. The decline in interest rates during the annual period weighed on banks’ net interest margins, and credit concerns also loomed over bank stock performance due to the consequences of the pandemic. However, several of the bank stocks held by our portion of the Fund experienced robust share price gains.

An underweight to Real Estate also buoyed our portion of the Fund’s relative results. Real estate was one of the weakest sectors in the Russell 2000^® Index during the annual period, as investors feared rising vacancies and rent defaults would depress future earnings. Stock selection within the sector also proved effective. For example, the portfolio held an apartment real estate investment trust (REIT) with properties in the Sun Belt markets, which experienced above-average occupancy and rent collection rates. While the REIT’s shares declined, they still substantially outperformed the Real Estate sector within the Russell 2000^® Index and were cushioned by an attractive dividend yield.

In short, the underperformance of valuation and the strong performance of loss-making companies, or those businesses yet to make a profit, were headwinds to our portion of the Fund’s investment approach. Further, small-cap stocks have significantly trailed large-cap stocks in recent years, but we believe a re-opening of global economies with progress in combatting COVID-19 should broaden economic activity and lead inflows into the undervalued small-cap segment of the equity markets. The realization of such a scenario would benefit the micro-cap segment of the equity markets as well, in our view.

122

SunAmerica Specialty Series

COMPARISONS: FUNDS vs. INDICES — (unaudited) (continued)

Past performance is no guarantee of future results. Diversification does not guarantee a profit or protect against a loss.

* The Russell 2000^® Index measures the performance of approximately 2,000 small-cap companies in the Russell 3000^® Index, which is made up of 3,000 of the biggest U.S. stocks. The Russell 2000^® Index serves as a benchmark for small-cap stocks in the United States. The weighted average market capitalization for companies in the Russell 2000^® Index is about US$1.3 billion.

** The Russell Microcap^® Index is a capitalization weighted index of 2,000 small-cap and micro-cap stocks that captures the smallest 1,000 companies in the Russell 2000^® Index, plus 1,000 smaller U.S.-based listed stocks. The Russell Microcap^® Index is recalculated annually to prevent growing stocks from distorting index performance, and to include new entrants. The Russell Microcap^® Index represents just 3% of the overall U.S. equity market by capitalization.

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

A portion of the Fund is actively managed and its holdings are subject to change. Accordingly, securities listed may or may not be a part of current portfolio construction.

123

SunAmerica Specialty Series

COMPARISONS: FUNDS vs. INDICES — (unaudited) (continued)

Since inception, $10,000 invested in AIG Small-Cap Fund Class A shares would be valued at $13,487. The same amount invested in securities mirroring the performance of the Russell^® 2000 Index would be valued at $15,442.

AIG Small-Cap Fund#	Class A				Class C				Class W
	Average Annual Return		Cumulative Return†		Average Annual Return		Cumulative Return†		Average Annual Return		Cumulative Return†
1 Year Return		-11.10%		-5.68%		-7.20%		-6.29%		-5.48%		-5.48%
5 Year Return		4.27%		30.76%		4.81%		26.49%		5.71%		31.98%
10 Year Return		N/A		N/A		N/A		N/A		N/A		N/A
Since Inception*		4.54%		43.14%		4.78%		36.95%		5.67%		45.00%

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

* Inception Date - Class A: 02/06/14; Class C: 02/06/14; Class W: 02/06/14

# For the purposes of the graph, it has been assumed that the maximum sales charge of 5.75% of offering price was deducted from the initial $10,000 investment in the Fund. For purposes of the table, it has been assumed that the maximum sales charge with respect to the Class A shares was deducted from the initial investment in the Fund and that the CDSC with respect to the Class C shares has been deducted as applicable.

For the 12 month period ended October 31, 2020, the AIG Small-Cap Fund Class A returned -11.10%, compared to -0.14% for the Russell^® 2000 Index. (The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.)

Performance data quoted represents past performance and is no guarantee of future results. Maximum Sales Charge: Class A: 5.75%, Class C: 1.00% CDSC. The Fund’s daily net asset values are not guaranteed and shares are not insured by the FDIC, the Federal Reserve Board or any other agency. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be higher or lower than the original cost. Current performance may be higher or lower than that shown. Performance as of the most recent month end is available at www.aig.com/funds.

@ The Russell 2000^® Index measures the performance of approximately 2,000 small-cap companies in the Russell 3000^® Index, which is made up of 3,000 of the biggest U.S. stocks. The Russell 2000^® Index serves as a benchmark for small-cap stocks in the United States. The weighted average market capitalization for companies in the Russell 2000^® Index is about US$1.3 billion. Indices are not managed and an investor cannot invest directly into an index.

124

Harborside 5

185 Hudson Street, Suite 3300

Jersey City, NJ 07311

Directors/Trustees Richard W. Grant Peter A. Harbeck Dr. Judith L. Craven Stephen J. Gutman Eileen A. Kamerick Officers John T. Genoy, President and Chief Executive Officer Sharon French, Executive Vice President Timothy Pettee, Vice President James Nichols, Vice President Gregory N. Bressler, Secretary Gregory R. Kingston, Treasurer Shawn Parry, Vice President and Assistant Treasurer Donna McManus, Vice President and Assistant Treasurer Kathleen Fuentes, Chief Legal Officer and Assistant Secretary Christopher C. Joe, Chief Compliance Officer Matthew J. Hackethal, Anti-Money Laundering Compliance Officer Investment Adviser SunAmerica Asset Management, LLC Harborside 5 185 Hudson Street, Suite 3300 Jersey City, NJ 07311 Distributor AIG Capital Services, Inc. Harborside 5 185 Hudson Street, Suite 3300 Jersey City, NJ 07311 Shareholder Servicing Agent AIG Fund Services, Inc. Harborside 5 185 Hudson Street, Suite 3300 Jersey City, NJ 07311 Custodian State Street Bank and Trust Company One Lincoln Street Boston, MA 02111 Transfer Agent DST Asset Manager Solutions, Inc. 303 W 11th Street Kansas City, MO 64105 VOTING PROXIES ON FUND PORTFOLIO SECURITIES A description of the policies and procedures that the Trust uses to determine how to vote proxies related to securities held in a Fund’s portfolio, which is available in the Trust’s Statement of Additional Information, may be obtained without charge upon request, by calling (800) 858-8850. The information is also available from the EDGAR database on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov. PROXY VOTING RECORD ON FUND PORTFOLIO SECURITIES Information regarding how the Trust voted proxies related to securities held in the Funds during the most recent twelve month period ended June 30 is available, once filed with the U.S. Securities and Exchange Commission, without charge, upon request, by calling (800) 858-8850 or on the U.S. Securities and Exchange Commission website at http://www.sec.gov. DISCLOSURE OF QUARTERLY PORTFOLIO HOLDINGS The Trust is required to file its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Forms N-PORT are available on the U.S. Securities and Exchange Commission website at http://www.sec.gov. DELIVERY OF SHAREHOLDER DOCUMENTS The Funds have adopted a policy that allows them to send only one copy of a Fund’s prospectus, proxy material, annual report and semi-annual report (the “shareholder documents”) to shareholders with multiple accounts residing at the same “household.” This practice is called householding and reduces Fund expenses, which benefits you and other shareholders. Unless the Funds receive instructions to the contrary, you will only receive one copy of the shareholder documents. The Funds will continue to household the shareholder documents indefinitely, until we are instructed otherwise. If you do not wish to participate in householding please contact Shareholder Services at (800) 858-8850 ext. 6010 or send a written request with your name, the name of your fund(s) and your account number(s) to AIG Funds, P.O. Box 219186, Kansas City MO, 64121-9186. We will resume individual mailings for your account within thirty (30) days of receipt of your request. This report is submitted solely for the general information of shareholders of the Funds. Distribution of this report to persons other than shareholders of the Funds is authorized only in connection with a currently effective prospectus, setting forth details of the Funds, which must precede or accompany this report.

Go Paperless!!

Did you know that you have the option to

receive your shareholder reports online?

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

Why Choose Electronic Delivery?

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

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

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

To sign up for electronic delivery, follow

these simple steps:

1	Go to www.aig.com/funds
2	Click on the link to “Go Paperless!!”

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

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

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

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

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

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

HWANN - 10/20

Item 2. Code of Ethics

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

	2019		2020
(a) Audit Fees	$	257,467	$	260,042
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	0	$	0

Audit Fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings.

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

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

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

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

(f) Not applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provide ongoing services to the registrant for 2019 and 2020 were $0 and $0, respectively.

(h) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Included in Item 1 to the Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

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

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

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

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

(3) Not applicable.

(4) Not applicable.

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

SIGNATURES

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

SunAmerica Specialty Series
By:	/s/ John T. Genoy
	John T. Genoy President

Date: January 7, 2021

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

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

Date: January 7, 2021

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

Date: January 7, 2021

EX-99.CODE ETH

Exhibit 99.406.Code of Ethics

ANCHOR SERIES TRUST

SUNAMERICA EQUITY FUNDS

SUNAMERICA INCOME FUNDS

SUNAMERICA MONEY MARKET FUNDS, INC.

SUNAMERICA SENIOR FLOATING RATE FUND, INC.

SUNAMERICA SERIES, INC.

SUNAMERICA SPECIALTY SERIES

(collectively, the “Funds”)

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE

AND PRINCIPAL ACCOUNTING OFFICERS

I. Introduction

The Boards of Directors/Trustees of the Funds (the “Boards”) have adopted this Code of Ethics (this “Code”) pursuant to Section 406 of the Sarbanes-Oxley Act applicable to the Funds’ Principal Executive Officer and Principal Accounting Officer (the “Covered Officers” each of whom is set forth in Exhibit A) for the purpose of deterring wrongdoing and promoting:

• Honest and ethical conduct, including the ethical handling of conflicts of interest between personal and professional relationships;

• Full, fair, accurate, timely and understandable disclosure;

• Compliance with applicable laws and governmental rules and regulations;

• The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• Accountability for adherence to the Code.

Each Covered Officer must comply with applicable law. Each Covered Officer also has a responsibility to conduct himself or herself in an honest and ethical manner and to adhere to a high standard of business ethics. Each Covered Officer has leadership responsibilities that include promoting a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns. Each Covered Officer should also be sensitive to situations that may give rise to conflicts of interest.

II. Honest and Ethical Conduct

a. Honesty, Diligence and Professional Responsibility

Covered Officers are expected to observe both the form and the spirit of the ethical principles contained in this Code. In particular, Covered Officers must perform their duties and responsibilities for the Funds:

• with honesty, diligence, and a commitment to professional and ethical responsibility;

• carefully, thoroughly and in a timely manner; and

• in conformity with applicable professional and technical standards.

b. Ethical Handling of Actual and Apparent Conflicts of Interest

A “conflict of interest” occurs when a Covered Officer’s private interest improperly interferes with the interests of, or his or her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her immediate family, receives improper personal benefits as a result of his or her position with the Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the “Investment Company Act”) and the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as “affiliated persons” of the Funds. The compliance programs and procedures of the Funds and the Funds’ investment adviser, SunAmerica Asset Management, LLC. (“SAAMCo”), are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between, the Funds and SAAMCo, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for SAAMCo, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Funds and SAAMCo. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and SAAMCo and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

2

In addition, it is recognized by the Boards that the Covered Officers may also be officers or employees of other investment companies advised by SAAMCo.

In particular, each Covered Officer must:

• Not use his or her personal influence or personal relationships to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

• Not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Funds; and

• Report at least annually to the Funds’ Ethics Committee any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest.

There are certain potential conflict of interest situations that should be discussed with the Ethics Committee if material. Examples of these include:

• Service as a director on the board of any company;

• The receipt of any non-nominal gifts;

• The receipt of any entertainment from any company with which the Funds have current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

• Any ownership interest in, or any consulting or employment relationship with, any of the Funds’ service providers, other than SAAMCo, the Funds’ principal underwriter or any affiliated person thereof;

• A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

c. Conduct in the Preparation of Financial Statements

Covered Officers must not knowingly make any misrepresentations regarding the Funds’ financial statements or any facts used in the preparation of the Funds’ financial statements. This section is intended to prohibit:

• making, or permitting or directing another to make, materially false or misleading entries in the Funds’ financial statements or records;

3

• failing to correct the Funds’ financial statements or records that are materially false or misleading; and

• signing, or permitting or directing another to sign, a document containing materially false or misleading financial information.

d. Obligations to the Independent Auditor of the Funds

In dealing with the Funds’ independent auditor, Covered Officers must be candid and not knowingly misrepresent facts or knowingly fail to disclose material facts, and must respond to specific inquiries and requests by the Funds’ independent auditor.

Covered Officers must not take any action, or direct any person to take any action, to fraudulently influence, coerce, manipulate or mislead the Funds’ independent auditor in the performance of an audit of the Funds’ financial statements for the purpose of rendering such financial statements materially misleading.

III. Disclosure and Compliance

• Each Covered Officer will familiarize himself or herself with the disclosure requirements generally applicable to the Funds;

• Each Covered Officer will not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the Boards and auditors, or to governmental regulators and self-regulatory organizations;

• Each Covered Officer will, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds and SAAMCo with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents that the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

• It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting and Accountability

Each Covered Officer must:

• Upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Boards that he or she has received, read and understands the Code;

• Annually thereafter affirm to the Boards that he or she has complied with the requirements of the Code;

4

• Not retaliate against any other Covered Officer or affiliated person of the Funds for reports of potential violations of this Code that are made in good faith; and

• Notify the Ethics Committee promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Ethics Committee is responsible for applying this Code to specific situations in which questions are presented to it and has the authority to interpret this Code in any particular situation. The Ethics Committee will also consider waivers sought by the Covered Officers.

The Funds will act according to the following procedures in investigating and enforcing this Code:

• The Ethics Committee will take all appropriate action to investigate any potential violations reported to it;

• If, after such investigation, the Ethics Committee believes that no violation has occurred, the Ethics Committee is not required to take any further action;

• If the Ethics Committee determines that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of SAAMCo or its board; or a recommendation to dismiss the Covered Officer;

• The Ethics Committee will be responsible for granting waivers, as appropriate;

• The Ethics Committee will inform the Boards of violations or waivers of this Code; and

• Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V. Other Policies and Procedures

This Code shall be the sole Code of Ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to investment companies thereunder. Insofar as other policies or procedures of the Funds, SAAMCo, the Funds’ principal underwriter or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Code of Ethics of the Funds, SAAMCo and the Funds’ principal underwriter, under Rule 17j-1 of the Investment Company Act, and SAAMCo’s more detailed policies and procedures set forth in the SAAMCo Compliance Procedures Manual are separate requirements applying to Covered Officers and others, and are not part of this Code.

5

VI. Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Boards.

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Funds, the Ethics Committee, SAAMCo and the Boards and their independent counsel.

VIII. Internal Use

The Code is intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance or legal conclusion.

Date: September 17, 2019

6

Exhibit A

John Genoy, Principal Executive Officer

Gregory R. Kingston, Principal Accounting Officer

7

EX-99.CERT

Exhibit 99.CERT

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT

I, John T. Genoy, certify that:

1. I have reviewed this report on Form N-CSR of SunAmerica Specialty Series;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the most recent fiscal half year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 6, 2021

/s/ John T. Genoy

John T. Genoy

President

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT

I, Gregory R. Kingston, certify that:

1. I have reviewed this report on Form N-CSR of SunAmerica Specialty Series;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the most recent fiscal half year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 6, 2021

/s/ Gregory R. Kingston

Gregory R. Kingston

Treasurer

EX-99.906 CERT

Exhibit 99.906.CERT

CERTIFICATIONS PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT

John T. Genoy, President, and Gregory R. Kingston, Treasurer of SunAmerica Specialty Series (the “registrant”), each certify to the best of his knowledge that:

1. The attached Form N-CSR report of the registrant fully complies with the requirements of Sections 13(a) and 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in such N-CSR report fairly represents, in all material respects, the financial conditions and results of operations of the Registrant as of, and for, the periods presented in the report.

Dated: January 6, 2021

/s/ John T. Genoy

John T. Genoy

President

/s/ Gregory R. Kingston

Gregory R. Kingston

Treasurer