Form N-CSRS



        June 30, 2019                                         SEMI-ANNUAL REPORT

        Shareholders' Letter -- (unaudited)

Dear Shareholders:

We are pleased to present this semi-annual report for the AIG Senior Floating
Rate Fund, Inc. (the "Fund") for the six-month period ended June 30, 2019.

Overall, fixed income markets generated solid positive returns during the
semi-annual period. In most markets, sovereign yields declined amid concerns
about deteriorating global economic growth and more dovish central bank policy
rhetoric and actual pivots by both the U.S. Federal Reserve (the "Fed") and the
European Central Bank (ECB). The Fed left interest rates unchanged but set the
stage for potential interest rate cuts later in 2019, indicating potential
risks from trade policy and manufacturing. Inflation showed no signs of a
meaningful acceleration, even as wage growth edged higher and oil prices
recovered. The ECB signaled the possibility of a new round of quantitative
easing alongside rate cuts later this year. Indeed, across most developed and
emerging markets countries, central banks either eased monetary policy or
signaled an intention to do so, supporting markets. Sentiment soured at times
due to ongoing tensions between the U.S. and its trading partners, but
corporate bond spreads tightened, benefiting from falling government bond
yields and as investors grew more optimistic that trade would improve. The U.S.
dollar ended mixed as dovish monetary policy developments balanced concerns of
a global economic growth slowdown.

Amid this backdrop, floating rate loans, as represented by the S&P/LSTA
Leveraged Loan Index,/*/ returned 5.74% during the semi-annual period ended
June 30, 2019, modestly lagging the broad U.S. fixed income market, which
returned 6.11% for the same period as represented by the Bloomberg Barclays
U.S. Aggregate Bond Index./*/

During the semi-annual period, higher quality loans outperformed during the
first quarter of 2019, but lower quality loans performed better during the
second calendar quarter. Bank loan deal quality remained weak, but the sector's
overall credit fundamentals remained stable -- including elevated interest
coverage and stable leverage -- and bank loan valuations appeared attractive,
in our view. Technicals, or supply/demand factors, were rather balanced. Bank
loan mutual funds experienced outflows of $20.0 billion/**/ during the
semi-annual period. However, gross U.S. collateralized loan obligation volume,
one of the main sources of demand for bank loans, countered these outflows,
totaling $50.4 billion for the six-month period.+ The trailing 12-month loan
default rate, examined by principal amount, was 2.50% at the end of the
semi-annual period, as compared to 1.63% at the end of 2018 and 1.84% at the
end of 2017, but still historically benign.++

On the following pages, you will find financial statements and portfolio
information for the Fund for the semi-annual period ended June 30, 2019.

2



        June 30, 2019                                         SEMI-ANNUAL REPORT

        Shareholders' Letter -- (unaudited) (continued)


As always, we remain diligent in the management of your assets. We value your
ongoing confidence in us and look forward to serving your investment needs in
the future.

Sincerely,


THE AIG SENIOR FLOATING RATE FUND PORTFOLIO MANAGER
Jeffrey W. Heuer
Wellington Management Company LLP




--------
Past performance is no guarantee of future results.

*  The S&P/LSTA Leveraged Loan Index (LLI) reflects the market-weighted
   performance of U.S. dollar-denominated institutional leveraged loans. The
   LLI is the only domestic leveraged loan index that utilizes real-time market
   weightings, spreads and interest payments. The Bloomberg Barclays U.S.
   Aggregate Bond Index represents securities that are U.S. domestic, taxable
   and dollar denominated. The index covers components for government and
   corporate securities, mortgage pass-through securities and asset-backed
   securities. Indices are not managed and an investor cannot invest directly
   into an index.

** Source: Lipper, Inc.

+  Source: S&P Leveraged Commentary & Data.

++ Source: Moody's.

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

                                                                          3




        SunAmerica Senior Floating Rate Fund, Inc.
        EXPENSE EXAMPLE -- June 30, 2019 -- (unaudited)

Disclosure of Portfolio Expenses in Shareholder Reports

As a shareholder of the AIG Senior Floating Rate Fund (the "Fund"), you may
incur two types of costs: (1) transaction costs, including sales charges on
purchase payments and contingent deferred sales charges and (2) ongoing costs,
including management fees, distribution and account maintenance fees, and other
Fund expenses. The example set forth below is intended to help you understand
your ongoing costs (in dollars) of investing in the Fund and to compare these
costs with the ongoing costs of investing in other mutual funds. The Example is
based on an investment of $1,000 invested at January 1, 2019 and held until
June 30, 2019.

Actual Expenses

The "Actual" section of the table provides information about actual account
values and actual expenses. You may use the information in these columns,
together with the amount you invested, to estimate the expenses that you paid
over the period. Simply divide your account value by $1,000 (for example, an
$8,600 account value divided by $1,000 = 8.6), then multiply the result by the
number in the column under the heading entitled "Expenses Paid During the Six
Months Ended June 30, 2019" to estimate the expenses you paid on your account
during this period. The "Expenses Paid During the Six Months Ended June 30,
2019" 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 June 30, 2019" column and the "Annualized Expense Ratio" column do
not include administrative or other fees that may apply to qualified retirement
plan accounts and accounts held through financial institutions. See the Fund's
prospectus, your retirement plan documents and/or materials from your financial
adviser, for a full description of these fees. Had these fees been included,
the "Expenses Paid During the Six Months Ended June 30, 2019" column would have
been higher and the "Ending Account Value" column would have been lower.

Hypothetical Example for Comparison Purposes

The "Hypothetical" section of the table provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio and an annual rate of return of 5% before expenses, which is not the
Fund's actual return. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you paid for the
period. You may use this information to compare the ongoing costs of investing
in this Fund and other funds. To do so, compare this 5% hypothetical example
with the 5% hypothetical examples that appear in the shareholder reports of
other funds. The "Expenses Paid During the Six Months Ended June 30, 2019"
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 June 30, 2019" column and the "Annualized Expense Ratio" column do
not include administrative or other fees that may apply to qualified retirement
plan accounts and accounts held through financial institutions. See the Fund's
prospectus, your retirement plan document and/or materials from your financial
adviser for full description of these fees. Had these fees been included, the
"Expenses Paid During the Six Months Ended June 30, 2019" column would have
been higher and the "Ending Account Value" column would have been lower.

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

4




        SunAmerica Senior Floating Rate Fund, Inc.
        EXPENSE EXAMPLE -- June 30, 2019 -- (unaudited) (continued)


                                  Actual                                           Hypothetical
             ------------------------------------------------- -----------------------------------------------------
                                   Ending                                          Ending Account
                                Account Value  Expenses Paid                         Value Using     Expenses Paid
                 Beginning      Using Actual     During the        Beginning      a Hypothetical 5%    During the    Annualized
               Account Value      Return at   Six Months Ended   Account Value    Annual Return at  Six Months Ended  Expense
             at January 1, 2019 June 30, 2019  June 30, 2019*  at January 1, 2019  June 30, 2019*    June 30, 2019*    Ratio*
             ------------------ ------------- ---------------- ------------------ ----------------- ---------------- ----------
AIG Senior Floating Rate Fund#
   Class A..     $1,000.00        $1,051.58        $5.24           $1,000.00          $1,019.69          $5.16          1.03%
   Class C..     $1,000.00        $1,049.64        $7.27           $1,000.00          $1,017.70          $7.15          1.43%
   Class W..     $1,000.00        $1,052.29        $4.22           $1,000.00          $1,020.68          $4.16          0.83%
--------
*  Expenses are equal to the Fund's annualized expense ratio multiplied by the
   average account value over the period, multiplied by 181 days then divided
   by 365 days (to reflect the one-half year period). These ratios do not
   reflect transaction costs, including sales charges on purchase payments,
   contingent deferred sales charges, small account fees and administrative
   fees, if applicable to your account. Please refer to your Prospectus, your
   qualified retirement plan document and/or materials from your financial
   advisor for more information.
#  During the stated period, the investment adviser either waived a portion of
   or all of the fees and assumed a portion of or all expenses for the Fund. As
   a result, if these fees and expenses had not been waived or assumed, the
   "Actual/Hypothetical Ending Account Value" would have been lower and the
   "Actual/Hypothetical Expenses Paid During the Six Months Ended June 30,
   2019" and the "Annualized Expense Ratio" would have been higher.

                                                                          5




        SunAmerica Senior Floating Rate Fund, Inc.
        STATEMENT OF ASSETS AND LIABILITIES -- June 30, 2019 -- (unaudited)

                                                                         AIG
                                                                       Senior
                                                                    Floating Rate
                                                                        Fund
                                                                    -------------
ASSETS:
Investments at value (unaffiliated)*............................... $235,561,350
Repurchase agreements (cost approximates value)....................    4,000,000
Foreign cash*......................................................      765,506
Due from broker....................................................          860
Receivable for:
  Fund shares sold.................................................      249,322
  Dividends and interest...........................................    1,610,110
  Investments sold.................................................    1,573,939
  Investments sold on an extended settlement basis.................    5,148,475
Prepaid expenses and other assets..................................        9,054
Due from investment adviser for expense reimbursements/fee waivers.      332,916
Unrealized appreciation on forward foreign currency contracts......       30,087
                                                                    ------------
  Total assets.....................................................  249,281,619
                                                                    ------------
LIABILITIES:
Payable for:
  Fund shares redeemed.............................................      334,787
  Investments purchased............................................       27,823
  Investments purchased on an extended settlement basis............    8,912,192
  Investment advisory and management fees..........................      168,684
  Distribution and service maintenance fees........................       92,882
  Administration fees..............................................       39,690
  Transfer agent fees and expenses.................................       48,360
  Directors' fees and expenses.....................................          959
  Other accrued expenses...........................................      262,969
Dividends payable..................................................       94,713
Commitments (Note 10)..............................................       83,606
Due to custodian...................................................        6,379
                                                                    ------------
  Total liabilities................................................   10,073,044
                                                                    ------------
   Net Assets...................................................... $239,208,575
                                                                    ============
NET ASSETS REPRESENTED BY:
Common stock, $0.01 par value...................................... $    301,787
Additional paid-in capital.........................................  272,188,444
                                                                    ------------
                                                                     272,490,231
Total accumulated earnings (loss)..................................  (33,281,656)
                                                                    ------------
   Net Assets...................................................... $239,208,575
                                                                    ============
Class A:
Net assets......................................................... $111,838,663
Shares outstanding.................................................   14,111,144
Net asset value and redemption price per share..................... $       7.93
Maximum sales charge (3.75% of offering price).....................         0.31
                                                                    ------------
Maximum offering price to public................................... $       8.24
                                                                    ============
Class C:
Net assets......................................................... $ 89,243,006
Shares outstanding.................................................   11,268,156
Net asset value, offering and redemption price per share
 (excluding any applicable contingent deferred sales charges)...... $       7.92
                                                                    ============
Class W:
Net assets......................................................... $ 38,126,906
Shares outstanding.................................................    4,799,378
Net asset value, offering and redemption price per share........... $       7.94
                                                                    ============
*Cost
  Investments securities (unaffiliated)............................ $243,300,540
                                                                    ============
  Foreign cash..................................................... $    765,809
                                                                    ============

See Notes to Financial Statements

6

SunAmerica Senior Floating Rate Fund, Inc.
STATEMENT OF OPERATIONS -- For the six months ended June 30, 2019 --
(unaudited)

AIG
Senior
Floating
Rate Fund
-----------
INVESTMENT INCOME:
Interest (unaffiliated)........................................................... $ 6,903,687
Dividends (unaffiliated).......................................................... 54,105
Facility and other fee income (Note 2)............................................ 156,008
-----------
Total investment income........................................................ 7,113,800
-----------
EXPENSES:
Investment advisory and management fees........................................... 1,033,575
Administrative fees............................................................... 243,194
Distribution and account maintenance fees:
Class A......................................................................... 197,827
Class C......................................................................... 344,853
Service fees:
Class W......................................................................... 27,995
Transfer agent fees and expenses:
Class A......................................................................... 132,554
Class C......................................................................... 106,439
Class W......................................................................... 41,432
Registration fees:
Class A......................................................................... 10,227
Class C......................................................................... 8,906
Class W......................................................................... 17,357
Accounting service fees........................................................... 8,518
Custodian and accounting fees..................................................... 39,215
Reports to shareholders........................................................... 25,794
Audit and tax fees................................................................ 68,901
Legal fees........................................................................ 17,351
Directors' fees and expenses...................................................... 40,601
Other expenses.................................................................... 15,499
-----------
Total expenses before fee waivers and expense reimbursements................... 2,380,238
Fees waived and expenses reimbursed by investment adviser (Note 5)............. (984,580)
-----------
Net expenses................................................................... 1,395,658
-----------
Net investment income (loss)...................................................... 5,718,142
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)...................................................... (1,201,707)
Forward contracts............................................................... 252,248
Net realized foreign exchange gain (loss) on other assets and liabilities......... (6,006)
-----------
Net realized gain (loss) on investments and foreign currencies.................... (955,465)
-----------
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)...................................................... 7,377,054
Forward contracts............................................................... (4,391)
Change in unrealized foreign exchange gain (loss) on other assets and liabilities. (4,046)
-----------
Net unrealized gain (loss) on investments and foreign currencies.................. 7,368,617
-----------
Net realized and unrealized gain (loss) on investments and foreign currencies..... 6,413,152
-----------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS....................... $12,131,294
===========

See Notes to Financial Statements.




        SunAmerica Senior Floating Rate Fund, Inc.
        STATEMENT OF CHANGES IN NET ASSETS

                                                                                                      AIG
                                                                                                Senior Floating
                                                                                                   Rate Fund
                                                                                          --------------------------
                                                                                             For the
                                                                                           six months
                                                                                              ended     For the year
                                                                                            June 30,       ended
                                                                                              2019      December 31,
                                                                                           (unaudited)      2018
                                                                                          ------------  ------------
INCREASE (DECREASE) IN NET ASSETS:
Operations:
  Net investment income (loss)........................................................... $  5,718,142  $  9,627,494
  Net realized gain (loss) on investments and foreign currencies.........................     (955,465)   (1,228,237)
  Net unrealized gain (loss) on investments and foreign currencies.......................    7,368,617    (9,973,023)
                                                                                          ------------  ------------
Net increase (decrease) in net assets resulting from operations..........................   12,131,294    (1,573,766)
                                                                                          ------------  ------------

Distributions to shareholders from:
  Distributable earnings (Class A).......................................................   (2,549,649)   (4,860,861)
  Distributable earnings (Class C).......................................................   (1,880,209)   (4,268,732)
  Distributable earnings (Class W).......................................................     (877,142)   (1,010,466)
                                                                                          ------------  ------------
Total distributions to shareholders......................................................   (5,307,000)  (10,140,059)
                                                                                          ------------  ------------
Net increase (decrease) in net assets resulting from capital share transactions (Note 3).   (5,137,402)       197,672
                                                                                          ------------  ------------
Total increase (decrease) in net assets..................................................     1,686,892  (11,516,153)
NET ASSETS:
Beginning of period......................................................................  237,521,683   249,037,836
                                                                                          ------------  ------------
End of period............................................................................ $239,208,575  $237,521,683
                                                                                          ============  ============

See Notes to Financial Statements

8




        SunAmerica Senior Floating Rate Fund, Inc.
        FINANCIAL HIGHLIGHTS

                                                            AIG Senior Floating Rate Fund
-
                                   Net gain
                                   (loss) on
                Net               investments                        Dividends           Net               Net     Ratio of
               Asset                 (both               Dividends   from net           Asset            Assets,   expenses
              Value,      Net      realized   Total from  from net   realized    Total  Value,           end of   to average
   Period    beginning investment     and     investment investment  gains on   Distri- end of   Total   period      net
   Ended     of period income(1)  unrealized) operations   income   investments butions period Return(2) (000's)  assets(3)
------------ --------- ---------- ----------- ---------- ---------- ----------- ------- ------ --------- -------- ----------
                                                                       Class A
-
12/31/14       $8.34     $0.31      $(0.29)     $ 0.02     $(0.31)      $--     $(0.31) $8.05     0.20%  $150,966    1.45%
12/31/15        8.05      0.33       (0.44)      (0.11)     (0.33)       --      (0.33)  7.61    (1.42)   114,375    1.45
12/31/16        7.61      0.31        0.44        0.75      (0.30)       --      (0.30)  8.06    10.08    131,640    1.45
12/31/17        8.06      0.30        0.03        0.33      (0.30)       --      (0.30)  8.09     4.14     93,346    1.45
12/31/18        8.09      0.33       (0.36)      (0.03)     (0.35)       --      (0.35)  7.71    (0.41)   113,869    1.22
06/30/19(5)     7.71      0.19        0.21        0.40      (0.18)       --      (0.18)  7.93     5.16    111,839    1.03(4)
                                                                       Class C
-
12/31/14       $8.34     $0.29      $(0.30)     $(0.01)    $(0.28)      $--     $(0.28) $8.05    (0.10)% $217,174    1.75%
12/31/15        8.05      0.31       (0.45)      (0.14)     (0.31)       --      (0.31)  7.60    (1.85)   172,236    1.75
12/31/16        7.60      0.29        0.44        0.73      (0.28)       --      (0.28)  8.05     9.76    155,688    1.75
12/31/17        8.05      0.28        0.03        0.31      (0.27)       --      (0.27)  8.09     3.96    135,902    1.75
12/31/18        8.09      0.31       (0.38)      (0.07)     (0.32)       --      (0.32)  7.70    (0.90)    95,038    1.61
06/30/19(5)     7.70      0.18        0.20        0.38      (0.16)       --      (0.16)  7.92     4.96     89,243    1.43(4)
                                                                       Class W
-
04/20/17 @ -
12/31/17       $8.11     $0.25      $(0.03)     $ 0.22     $(0.22)      $--     $(0.22) $8.11     2.69%  $ 19,790    1.25%(4)
12/31/18        8.11      0.35       (0.37)      (0.02)     (0.37)       --      (0.37)  7.72    (0.34)    28,615    1.02
06/30/19(5)     7.72      0.19        0.21        0.40      (0.18)       --      (0.18)  7.94     5.23     38,127    0.83(4)



  Ratio of
     net
 investment
  income to
   average    Portfolio
net assets(3) Turnover
------------- ---------


    3.73%        65%
    4.14         48
    3.95         60
    3.69         68
    4.21         44
    4.82(4)      13


    3.44%        65%
    3.84         48
    3.68         60
    3.38         68
    3.77         44
    4.42(4)      13



    3.72%(4)     68%
    4.43         44
    5.05(4)      13

--------
(1)Calculated based upon average shares outstanding.
(2)Total return is not annualized and does not reflect sales load but does
   include expense reimbursements.
(3)Net of the following expense waivers and/or reimbursements, if applicable
   (based on average daily net assets) (see Note 5):
                     12/31/14 12/31/15 12/31/16 12/31/17  12/31/18 06/30/19(4)(5)
                     -------- -------- -------- --------  -------- --------------
Class A.............   0.32%    0.34%    0.33%    0.38%     0.64%       0.80%
Class C.............   0.41     0.44     0.42     0.48      0.65        0.80
Class W.............     --       --       --     0.50(4)   0.69        0.87
(4)Annualized
(5)Unaudited
@  Inception date of class.

See Notes to Financial Statements

                                                                          9




        AIG Senior Floating Rate Fund
        PORTFOLIO PROFILE -- June 30, 2019 -- (unaudited)

      Industry Allocation*
      Hotels, Restaurants & Leisure...............................   6.9%
      Software....................................................   6.5
      Commercial Services & Supplies..............................   6.1
      Media.......................................................   6.0
      IT Services.................................................   5.4
      Containers & Packaging......................................   5.3
      Health Care Providers & Services............................   5.2
      Oil, Gas & Consumable Fuels.................................   4.3
      Machinery...................................................   4.3
      Insurance...................................................   4.0
      Chemicals...................................................   3.5
      Diversified Telecommunication Services......................   2.5
      Diversified Financial Services..............................   2.5
      Specialty Retail............................................   2.2
      Trading Companies & Distributors............................   2.0
      Pharmaceuticals.............................................   2.0
      Food Products...............................................   1.9
      Registered Investment Companies.............................   1.7
      Repurchase Agreements.......................................   1.7
      Entertainment...............................................   1.6
      Capital Markets.............................................   1.5
      Construction & Engineering..................................   1.4
      Auto Components.............................................   1.4
      Professional Services.......................................   1.3
      Building Products...........................................   1.3
      Consumer Finance............................................   1.3
      Health Care Equipment & Supplies............................   1.2
      Wireless Telecommunication Services.........................   1.2
      Personal Products...........................................   1.1
      Electronic Equipment, Instruments & Components..............   0.9
      Metals & Mining.............................................   0.9
      Road & Rail.................................................   0.9
      Semiconductors & Semiconductor Equipment....................   0.8
      Construction Materials......................................   0.8
      Real Estate Investment Trusts...............................   0.8
      Textiles, Apparel & Luxury Goods............................   0.8
      Household Products..........................................   0.7
      Industrial Conglomerates....................................   0.7
      Aerospace & Defense.........................................   0.6
      Internet & Direct Marketing Retail..........................   0.6
      Leisure Products............................................   0.6
      Life Sciences Tools & Services..............................   0.5
      Diversified Consumer Services...............................   0.4
      Transportation Infrastructure...............................   0.4
      Energy Equipment & Services.................................   0.4
      Food & Staples Retailing....................................   0.4
      Banks.......................................................   0.3
      Interactive Media & Services................................   0.3
      Household Durables..........................................   0.3
      Communications Equipment....................................   0.2
      Paper & Forest Products.....................................   0.2
      Multiline Retail............................................   0.2
      Electric Utilities..........................................   0.2
                                                                   -----
                                                                   100.2%
                                                                   =====
      Credit Quality+#
      Baa3........................................................   1.3%
      Baa2........................................................   0.3
      Ba3.........................................................  17.7
      Ba2.........................................................  15.2
      Ba1.........................................................   3.6
      B3..........................................................   8.3
      B2..........................................................  25.7
      B1..........................................................  22.0
      Caa3........................................................   0.2
      Caa2........................................................   3.7
      Caa1........................................................   1.6
      Ca..........................................................   0.2
      Not Rated@..................................................   0.2
                                                                   -----
                                                                   100.0%
                                                                   =====
--------
*  Calculated as a percentage of net assets.
@  Represents debt issues that either have no rating, or the rating is
   unavailable from the data source.
+  Source: Moody's
#  Calculated as a percentage of total debt issues, excluding short-term
   securities.

10




        AIG Senior Floating Rate Fund
        PORTFOLIO OF INVESTMENTS -- June 30, 2019 -- (unaudited)

                                                                Ratings/(1)/
                                                                ------------
                                                                              Interest    Reference     Maturity    Principal
              Industry Description                     Type     Moody's S&P     Rate        Rate       Date/(2)/    Amount**
--------------------------------------------------------------------------------------------------------------------------------
LOANS(3)(4) -- 89.8%
Aerospace & Defense -- 0.6%
  TransDigm Group, Inc............................ BTL-F          Ba3    B+    4.83%      3 ML+2.50%   06/09/2023   $ 1,123,977
  TransDigm Group, Inc............................ BTL-E          Ba3    B+     4.83      3 ML+2.50%   05/30/2025       449,313



Auto Components -- 1.2%
  Adient US LLC................................... BTL-B          Ba2   BB-  6.82-6.89    3 ML+4.25%   05/06/2024       575,000
  Panther BF Aggregator 2 LP(13).................. BTL-B          Ba3    B+     3.75      1 ME+3.75%   04/30/2026 EUR   945,000
  Panther BF Aggregator 2 LP...................... BTL-B          Ba3    B+     5.90      1 ML+3.50%   04/30/2026     1,165,000



Building Products -- 1.3%
  NCI Building Systems, Inc....................... BTL-B          B2     B+     6.35      3 ML+3.75%   04/12/2025     1,258,379
  TAMKO Building Products, Inc.................... BTL-B          B2    BB-     5.58      3 ML+3.25%   04/23/2026       320,833
  TAMKO Building Products, Inc.................... BTL-B          B2    BB-     5.65      1 ML+3.25%   04/23/2026        64,167
  Wilsonart LLC................................... BTL-D          B2     B+     5.58      3 ML+3.25%   12/19/2023     1,502,167



Capital Markets -- 1.5%
  Aretec Group, Inc............................... 1st Lien       B2     B      6.65      1 ML+4.25%   10/01/2025       841,149
  NFP Corp........................................ BTL-B          B2     B      5.40      1 ML+3.00%   01/08/2024       837,241
  Russell Investments U.S. Institutional Holdco,
   Inc............................................ BTL-B          Ba2   BB-     5.65      1 ML+3.25%   06/01/2023       854,979
  UFC Holdings LLC................................ BTL            B2     B+     5.66      1 ML+3.25%   04/29/2026       230,000
  Victory Capital Holdings, Inc................... BTL-B          Ba3   BB-     TBD                    07/01/2026       920,000



Chemicals -- 3.5%
  Allnex (Lux) & Cy SCA........................... BTL-B2         B2     B      5.77      3 ML+3.25%   09/13/2023       330,363
  Allnex USA, Inc................................. BTL-B3         B2     B      5.77      3 ML+3.25%   09/13/2023       248,903
  CTC AcquiCo GmbH(13)............................ BTL-B1         B2     B      2.50      3 ME+2.50%   03/07/2025 EUR   388,094
  H.B. Fuller Company............................. BTL-B          Ba2   BB+     4.38      1 ML+2.00%   10/20/2024       912,356
  Hexion, Inc..................................... BTL            Ba3   BB-     TBD                    06/25/2026       545,000
  LTI Holdings, Inc............................... 1st Lien       B2     B-     5.90      1 ML+3.50%   09/06/2025       610,387
  Messer Industries GmbH.......................... BTL-B1         B1    BB-     4.83      3 ML+2.50%   03/01/2026       812,962
  Messer Industries GmbH(13)...................... BTL-B2         B1    BB-     2.75      3 ME+2.75%   03/01/2026 EUR   220,000
  Minerals Technologies, Inc...................... BTL-B1         Ba2   BB+  4.65-4.68    1 ML+2.25%   02/14/2024       716,239
  Minerals Technologies, Inc...................... BTL-B1         Ba2   BB+     4.60      3 ML+2.25%   02/14/2024       150,549
  Momentive Performance Materials, Inc............ BTL-B          B1    BB-     5.59      3 ML+3.25%   05/15/2024       655,000
  Platform Specialty Products Corp................ BTL            Ba2    BB     4.65      1 ML+2.25%   01/30/2026       442,775
  Starfruit Finco BV(13).......................... BTL-B          B1     B+     3.75      6 ME+3.75%   10/01/2025 EUR   165,000
  Starfruit Finco BV.............................. BTL-B          B1     B+     5.67      1 ML+3.25%   10/01/2025       413,963
  Tronox Finance LLC.............................. BTL-B          Ba3   BB-     5.33      3 ML+3.00%   09/23/2024       334,438
  Tronox Finance LLC.............................. BTL-B          Ba3   BB-     5.40      1 ML+3.00%   09/23/2024       523,085
  U.S. Coating Acquisition, Inc................... BTL-B2         Ba1   BBB-    4.08      3 ML+1.75%   06/01/2024       454,250
  WR Grace & Co................................... BTL-B1         Ba1   BBB-    4.08      3 ML+1.75%   04/03/2025       184,657
  WR Grace & Co................................... BTL-B2         Ba1   BBB-    4.08      3 ML+1.75%   04/03/2025       316,555



Commercial Services & Supplies -- 5.3%
  ADS Waste Holdings, Inc......................... BTL-B3         Ba3   BB+     4.64      1 WL+2.25%   11/10/2023       973,736
  Allied Universal Holdco LLC..................... BTL-B          B3     NR     TBD                    07/10/2026       844,424
  Allied Universal Holdco LLC(6).................. Delayed Draw   B3     NR     TBD                    07/10/2026        83,606
  APX Group, Inc.................................. BTL-B          B2     B-     7.33      3 ML+5.00%   04/01/2024       641,768
  APX Group, Inc.................................. BTL-B          B2     B-     9.50    USFRBPLR+4.00% 04/01/2024           739
  Blitz F18-675 GmbH(13).......................... BTL-B2         B1     B+     3.75      3 ME+3.75%   07/31/2025 EUR 1,355,000
  Brickman Group, Ltd............................. BTL-B          B1    BB-     4.94      1 ML+2.50%   08/15/2025     1,240,973
  Clean Harbors, Inc.............................. BTL-B          Ba1   BBB-    4.15      1 ML+1.75%   06/28/2024       541,920
  Grizzly Acquisition, Inc........................ BTL-B          Ba3   BB+     5.85      3 ML+3.25%   10/01/2025       977,612
  IAA Spinco, Inc................................. BTL-B          Ba2    BB     TBD                    06/28/2026       200,000


                                                     Value
              Industry Description                  (Note 2)
-------------------------------------------------------------
LOANS(3)(4) -- 89.8%
Aerospace & Defense -- 0.6%
  TransDigm Group, Inc............................ $1,102,551
  TransDigm Group, Inc............................    438,802
                                                   ----------
                                                    1,541,353
                                                   ----------
Auto Components -- 1.2%
  Adient US LLC...................................    560,146
  Panther BF Aggregator 2 LP(13)..................  1,074,336
  Panther BF Aggregator 2 LP......................  1,153,641
                                                   ----------
                                                    2,788,123
                                                   ----------
Building Products -- 1.3%
  NCI Building Systems, Inc.......................  1,223,774
  TAMKO Building Products, Inc....................    319,630
  TAMKO Building Products, Inc....................     63,926
  Wilsonart LLC...................................  1,464,988
                                                   ----------
                                                    3,072,318
                                                   ----------
Capital Markets -- 1.5%
  Aretec Group, Inc...............................    822,924
  NFP Corp........................................    812,274
  Russell Investments U.S. Institutional Holdco,
   Inc............................................    846,251
  UFC Holdings LLC................................    229,589
  Victory Capital Holdings, Inc...................    921,150
                                                   ----------
                                                    3,632,188
                                                   ----------
Chemicals -- 3.5%
  Allnex (Lux) & Cy SCA...........................    323,136
  Allnex USA, Inc.................................    243,458
  CTC AcquiCo GmbH(13)............................    433,138
  H.B. Fuller Company.............................    895,882
  Hexion, Inc.....................................    544,319
  LTI Holdings, Inc...............................    575,672
  Messer Industries GmbH..........................    800,514
  Messer Industries GmbH(13)......................    249,693
  Minerals Technologies, Inc......................    714,448
  Minerals Technologies, Inc......................    150,173
  Momentive Performance Materials, Inc............    648,450
  Platform Specialty Products Corp................    441,115
  Starfruit Finco BV(13)..........................    188,208
  Starfruit Finco BV..............................    406,804
  Tronox Finance LLC..............................    330,676
  Tronox Finance LLC..............................    517,200
  U.S. Coating Acquisition, Inc...................    448,572
  WR Grace & Co...................................    183,965
  WR Grace & Co...................................    315,368
                                                   ----------
                                                    8,410,791
                                                   ----------
Commercial Services & Supplies -- 5.3%
  ADS Waste Holdings, Inc.........................    971,843
  Allied Universal Holdco LLC.....................    841,961
  Allied Universal Holdco LLC(6)..................     83,363
  APX Group, Inc..................................    612,086
  APX Group, Inc..................................        705
  Blitz F18-675 GmbH(13)..........................  1,550,401
  Brickman Group, Ltd.............................  1,237,870
  Clean Harbors, Inc..............................    541,514
  Grizzly Acquisition, Inc........................    975,692
  IAA Spinco, Inc.................................    200,500

                                                                          11




        AIG Senior Floating Rate Fund
        PORTFOLIO OF INVESTMENTS -- June 30, 2019 -- (unaudited) (continued)

                                                         Ratings/(1)/
                                                         ------------
                                                                       Interest  Reference   Maturity    Principal     Value
             Industry Description                 Type   Moody's S&P     Rate      Rate     Date/(2)/    Amount**     (Note 2)
--------------------------------------------------------------------------------------------------------------------------------
Commercial Services & Supplies (continued)
  KAR Auction Services, Inc.................... BTL-B5    Ba2     BB    4.88%    3 ML+2.50% 03/09/2023   $   113,278 $   112,960
  PSAV Holdings LLC............................ 1st Lien   B2     B-     5.58    3 ML+3.25% 03/01/2025        52,039      50,543
  PSAV Holdings LLC............................ 1st Lien   B2     B-  5.66-5.69  1 ML+3.25% 03/01/2025     1,698,063   1,649,244
  PSAV Holdings LLC............................ 2nd Lien  Caa2   CCC     9.83    3 ML+7.25% 09/01/2025       870,000     826,500
  Quad Graphics, Inc........................... BTL-B     Ba2    BB-     7.41    1 ML+5.00% 01/31/2026       680,719     677,315
  USAGM Holdco LLC............................. BTL        B2     B-     6.65    1 ML+4.25% 07/28/2022       835,800     833,971
  Verisure Holding AB(13)...................... BTL-B      B1     B      3.50    3 ME+3.50% 10/21/2022 EUR 1,290,000   1,467,675
                                                                                                                     -----------
                                                                                                                      12,634,143
                                                                                                                     -----------
Communications Equipment -- 0.2%
  Lumentum Holdings............................ 1st Lien  Ba2     BB     4.90    1 ML+2.50% 12/10/2025       577,100     573,493
                                                                                                                     -----------
Construction & Engineering -- 1.2%
  Brand Energy & Infrastructure Services, Inc.. 1st Lien   B3     B-  6.58-6.84  3 ML+4.25% 06/21/2024       856,493     829,299
  Brand Energy & Infrastructure Services, Inc.. 1st Lien   B3     B-     6.73    2 ML+4.25% 06/21/2024       752,054     728,177
  Gopher Sub, Inc.............................. 2nd Lien  Caa2   CCC     9.15    1 ML+6.75% 02/02/2026       190,000     182,400
  Hamilton Holdco, LLC......................... BTL-B     Ba1    BB+     4.33    3 ML+2.00% 07/02/2025       623,700     619,022
  Verra Mobility Corporation................... BTL-B      B2     B+     6.15    1 ML+3.75% 02/28/2025       459,684     460,402
                                                                                                                     -----------
                                                                                                                       2,819,300
                                                                                                                     -----------
Construction Materials -- 0.8%
  Quikrete Holdings, Inc....................... 1st Lien   B1    BB-     5.15    1 ML+2.75% 11/15/2023     1,153,846   1,132,572
  Summit Materials LLC......................... BTL-B     Ba2    BBB-    4.40    1 ML+2.00% 11/21/2024       896,350     890,524
                                                                                                                     -----------
                                                                                                                       2,023,096
                                                                                                                     -----------
Consumer Finance -- 0.9%
  Capital Automotive LP........................ 2nd Lien   B3    CCC+    8.41    1 ML+6.00% 03/24/2025       447,501     447,501
  GreenSky Holdings, Inc....................... BTL-B      B1     B+     5.69    1 ML+3.25% 03/31/2025     1,728,125   1,719,483
                                                                                                                     -----------
                                                                                                                       2,166,984
                                                                                                                     -----------
Containers & Packaging -- 4.5%
  Berlin Packaging LLC......................... BTL-B      B3     B-     5.33    3 ML+3.00% 11/07/2025        13,039      12,648
  Berlin Packaging LLC......................... BTL-B      B3     B-  5.41-5.44  1 ML+3.00% 11/07/2025       611,343     593,003
  Berry Plastics Holding Corp.................. BTL-Q     Ba2    BBB-    4.41    1 ML+2.00% 10/01/2022     2,228,913   2,211,982
  Berry Plastics Holding Corp.................. BTL-U     Ba2    BBB-    TBD                07/01/2026     1,230,000   1,221,335
  Berry Plastics Holding Corp.................. BTL-V     Ba2    BBB-    TBD                07/01/2026 EUR   645,000     734,652
  Crown Americas LLC(13)....................... BTL-B     Baa2   BBB-    2.38    1 ME+2.38% 04/03/2025 EUR   386,115     441,978
  Crown Americas LLC........................... BTL-B     Baa2   BBB-    4.40    1 ML+2.00% 04/03/2025       279,048     280,129
  Flex Acquisition Co., Inc.................... 1st Lien   B2     B      5.44    1 ML+3.00% 12/29/2023     1,505,800   1,427,821
  Flex Acquisition Co., Inc.................... BTL        B2     B      5.69    3 ML+3.25% 06/29/2025       491,938     466,199
  ProAmpac PG Borrower LLC..................... 1st Lien   B3     B      5.88    1 ML+3.50% 11/18/2023       322,437     308,599
  ProAmpac PG Borrower LLC..................... 1st Lien   B3     B   6.02-6.08  3 ML+3.50% 11/18/2023       559,821     535,795
  ProAmpac PG Borrower LLC..................... 2nd Lien  Caa2   CCC+   11.02    3 ML+8.50% 11/18/2024       385,000     364,306
  Reynolds Group Holdings, Inc................. BTL        B1     B+     5.15    1 ML+2.75% 02/05/2023     2,067,778   2,050,626
                                                                                                                     -----------
                                                                                                                      10,649,073
                                                                                                                     -----------
Diversified Consumer Services -- 0.4%
  Belron Finance US LLC........................ BTL-B     Ba3     BB     5.04    3 ML+2.50% 11/13/2025       597,000     596,254
  Weight Watchers International, Inc........... BTL-B     Ba2    BB-     7.35    3 ML+4.75% 11/29/2024       486,430     477,107
                                                                                                                     -----------
                                                                                                                       1,073,361
                                                                                                                     -----------
Diversified Financial Services -- 2.5%
  EVO Payments International LLC............... 1st Lien   B2     B      5.66    1 ML+3.25% 12/22/2023     1,789,482   1,782,771
  Financial & Risk US Holdings, Inc.(13)....... BTL-B      B2     B      4.00    6 ME+4.00% 10/01/2025 EUR    99,500     112,859
  Financial & Risk US Holdings, Inc............ BTL-B      B2     B      6.15    1 ML+3.75% 10/01/2025       567,150     549,528
  Millennium Trust Company, LLC................ BTL-B      B2     B      7.40    1 ML+5.00% 02/26/2026       423,937     419,168
  NAB Holdings LLC............................. BTL        B2     B      5.33    3 ML+3.00% 07/01/2024       736,922     726,482
  Nets Holding AS(13).......................... BTL-B      B1     B      3.25    3 ME+3.25% 02/06/2025 EUR   798,159     899,520
  Trans Union LLC.............................. BTL-A2    Ba2    BB+     4.40    1 ML+2.00% 06/19/2025       732,600     730,463

12




        AIG Senior Floating Rate Fund
        PORTFOLIO OF INVESTMENTS -- June 30, 2019 -- (unaudited) (continued)

                                                       Ratings/(1)/
                                                       ------------
                                                                    Interest Reference   Maturity   Principal     Value
         Industry Description                Type      Moody's S&P    Rate     Rate     Date/(2)/   Amount**     (Note 2)
--------------------------------------------------------------------------------------------------------------------------
Diversified Financial Services (continued)
  Vantiv LLC........................... BTL-B4          Ba2    BBB-  4.13%   1 WL+1.75% 08/09/2024   $  281,837 $  281,548
  Vantiv LLC........................... BTL-B4          Ba2    BBB-   4.15   1 ML+1.75% 08/09/2024      532,232    531,688
                                                                                                                ----------
                                                                                                                 6,034,027
                                                                                                                ----------
Diversified Telecommunication Services -- 2.5%
  Altice France SA..................... BTL-B12          B2     B     6.08   1 ML+3.69% 01/31/2026    1,236,651  1,198,005
  Centurylink Escrow LLC............... BTL-B           Ba3    BBB-   5.15   1 ML+2.75% 01/31/2025      746,212    727,790
  MTN Infrastructure TopCo, Inc........ BTL-B            B2     B     5.40   1 ML+3.00% 11/15/2024    1,675,309  1,662,744
  Telenet Bidco NV..................... BTL-AN          Ba3    BB-    4.64   1 ML+2.25% 08/15/2026    1,020,000  1,008,313
  Zacapa SARL.......................... BTL              B2     B-    7.33   3 ML+5.00% 07/02/2025      530,988    532,647
  Zayo Group LLC....................... BTL             Ba2     BB    4.65   1 ML+2.25% 01/19/2024      906,388    905,595
                                                                                                                ----------
                                                                                                                 6,035,094
                                                                                                                ----------
Electric Utilities -- 0.2%
  Pike Corp............................ BTL-B            B2     B     5.91   1 ML+3.50% 03/23/2025      438,567    438,704
                                                                                                                ----------
Entertainment -- 1.6%
  Crown Finance US, Inc.(13)........... BTL              B1    BB-    2.38   1 ME+2.38% 02/28/2025 EUR  414,750    469,746
  Crown Finance US, Inc................ BTL              B1    BB-    4.65   1 ML+2.25% 02/28/2025      842,639    827,998
  Delta 2 (Lux) SARL................... BTL-B            B2     B+    4.90   1 ML+2.50% 02/01/2024    2,000,951  1,949,260
  NAI Entertainment Holdings LLC....... BTL-B            B1     BB    4.91   1 ML+2.50% 05/08/2025      476,400    475,209
                                                                                                                ----------
                                                                                                                 3,722,213
                                                                                                                ----------
Electronic Equipment, Instruments & Components -- 0.9%
  Avantor, Inc......................... 1st Lien        Ba2     B+    5.40   1 ML+3.00% 11/21/2024      190,644    190,763
  Immucor, Inc......................... BTL-B3           B2     B-    7.33   3 ML+5.00% 06/15/2021      976,497    972,530
  Lifescan Global Corporation.......... BTL-B            B2     B+    8.66   3 ML+6.00% 10/01/2024      723,750    689,975
  Resideo Funding, Inc................. BTL-B           Ba2    BBB-   4.33   3 ML+2.00% 10/24/2025      303,475    302,969
                                                                                                                ----------
                                                                                                                 2,156,237
                                                                                                                ----------
Energy Equipment & Services -- 0.4%
  Paragon Offshore, Ltd.(5)+........... Escrow Holding   NR     NR    6.00              07/18/2021        4,516          0
  Philadelphia Energy Solutions LLC(7). BTL-C            Ca     B-   10.09   3 ML+0.50% 12/31/2022      766,433    351,026
  Seadrill Partners Finco LLC.......... BTL-B           Caa2   CCC+   8.33   3 ML+6.00% 02/21/2021      882,261    628,611
                                                                                                                ----------
                                                                                                                   979,637
                                                                                                                ----------
Food & Staples Retailing -- 0.4%
  U.S. Foods, Inc...................... BTL-B           Ba3    BBB-   4.40   1 ML+2.00% 06/27/2023      979,957    972,783
                                                                                                                ----------
Food Products -- 1.8%
  CHG PPC Parent LLC(13)............... BTL-B            B2     B     4.00   1 ME+4.00% 03/30/2025 EUR  195,000    223,536
  CHG PPC Parent LLC................... BTL-B            B2     B     5.15   1 ML+2.75% 03/31/2025      425,700    421,709
  Hearthside Food Solutions LLC........ BTL-B            B2     B     6.09   1 ML+3.69% 05/23/2025      495,000    481,852
  Hostess Brands LLC................... BTL-B            B1    BB-    4.60   2 ML+2.25% 08/03/2022      159,282    158,088
  Hostess Brands LLC................... BTL-B            B1    BB-    4.65   1 ML+2.25% 08/03/2022      477,845    474,261
  Hostess Brands LLC................... BTL-B            B1    BB-    4.83   3 ML+2.25% 08/03/2022      922,012    915,097
  Pinnacle Operating Corp.(12)......... BTL             Caa2    NR    9.65   1 ML+5.50% 11/15/2021      764,432    596,257
  Post Holdings, Inc................... BTL             Ba1     BB    4.40   1 ML+2.00% 05/24/2024    1,036,570  1,030,831
                                                                                                                ----------
                                                                                                                 4,301,631
                                                                                                                ----------
Health Care Equipment & Supplies -- 1.2%
  Agiliti Health, Inc.................. BTL-B            B1     B     5.50   1 ML+3.00% 01/04/2026      465,000    464,419
  Kinetic Concepts, Inc................ BTL-B            B1     B+    5.58   3 ML+3.25% 02/02/2024      825,300    825,300
  Ortho Clinical Diagnostics SA........ BTL-B            B1     B-    5.68   1 ML+3.25% 06/30/2025      449,152    431,373
  Sotera Health Holdings, LLC.......... BTL-B            B1     B     5.40   1 ML+3.00% 05/15/2022    1,091,291  1,076,741
                                                                                                                ----------
                                                                                                                 2,797,833
                                                                                                                ----------
Health Care Providers & Services -- 5.2%
  Air Medical Group Holdings, Inc...... BTL-B1           B1     B     5.64   1 ML+3.25% 04/28/2022      245,467    230,432
  Catalent Pharma Solutions, Inc....... BTL-B2          Ba3     BB    4.65   1 ML+2.25% 05/18/2026      583,537    583,051
  Change Healthcare Holdings, Inc...... BTL-B            B1     B+    5.15   1 ML+2.75% 03/01/2024    1,190,737  1,180,153

                                                                          13




        AIG Senior Floating Rate Fund
        PORTFOLIO OF INVESTMENTS -- June 30, 2019 -- (unaudited) (continued)

                                                      Ratings/(1)/
                                                      ------------
                                                                   Interest Reference   Maturity   Principal     Value
           Industry Description                Type   Moody's S&P    Rate     Rate     Date/(2)/   Amount**     (Note 2)
--------------------------------------------------------------------------------------------------------------------------
Health Care Providers & Services (continued)
  Dental Corp. Perfect Smile ULC............ 1st Lien   B2     B-   6.15%   1 ML+3.75% 06/06/2025   $  704,416 $   695,611
  DuPage Medical Group, Ltd................. 1st Lien   B1     B     5.15   1 ML+2.75% 08/15/2024      912,432     889,622
  DuPage Medical Group, Ltd................. 2nd Lien  Caa1   CCC+   9.43   3 ML+7.00% 08/15/2025      623,968     608,369
  Envision Healthcare Corp.................. 1st Lien   B1     B+    6.15   1 ML+3.75% 10/10/2025      658,184     569,603
  Gentiva Health Services, Inc.............. BTL-B      B1     B     6.19   1 ML+3.75% 07/02/2025    1,000,322   1,000,323
  Gentiva Health Services, Inc.............. BTL-B2    Caa1   CCC+   9.40   1 ML+7.00% 07/02/2026      145,000     146,450
  Healogics, Inc............................ 1st Lien   B3    CCC+   6.73   3 ML+4.25% 07/01/2021      962,693     774,968
  MPH Acquisition Holdings LLC.............. BTL-B      B1     B+    5.08   3 ML+2.75% 06/07/2023    1,761,068   1,681,085
  NVA Holdings, Inc......................... BTL-B3     B2     B     5.15   1 ML+2.75% 02/02/2025      703,706     702,533
  NVA Holdings, Inc......................... BTL-B4     B2     B     5.94   1 ML+3.50% 02/02/2025      640,000     638,400
  One Call Corporation...................... BTL-B1     B3    CCC    7.64   1 ML+5.25% 11/25/2022      265,905     213,389
  Pharmaceutical Product Development, Inc... BTL-B     Ba3     B     4.90   1 ML+2.50% 08/18/2022    1,039,560   1,033,063
  Sound Inpatient Physicians................ 1st Lien  Ba3     B     5.15   1 ML+2.75% 06/27/2025      569,998     568,929
  Sound Inpatient Physicians................ 2nd Lien   B3    CCC+   9.15   1 ML+6.75% 06/26/2026      205,000     203,719
  Surgery Center Holdings, Inc.............. 1st Lien   B1     B-    5.66   1 ML+3.25% 09/02/2024      793,443     764,350
                                                                                                               -----------
                                                                                                                12,484,050
                                                                                                               -----------
Hotels, Restaurants & Leisure -- 6.7%
  8th Avenue Food & Provisions, Inc......... 1st Lien   B2     B     6.17   1 ML+3.75% 10/01/2025      422,875     422,170
  8th Avenue Food & Provisions, Inc......... 2nd Lien  Caa1   CCC+  10.17   1 ML+7.75% 10/01/2026      270,000     268,650
  Aramark Services, Inc..................... BTL-B1    Ba1    BBB-   4.08   3 ML+1.75% 03/11/2025      596,904     594,541
  Boyd Gaming Corp.......................... BTL-B3    Ba3     BB    4.62   1 WL+2.25% 09/15/2023      893,039     887,792
  Caesars Entertainment Operating Co., Inc.. BTL-B      B1     BB    4.40   1 ML+2.00% 10/06/2024    1,913,331   1,899,460
  Caesars Resort Collection LLC............. BTL-B     Ba3     BB    5.15   1 ML+2.75% 12/22/2024    2,903,275   2,846,766
  Carrols Restaurant Group, Inc............. BTL-B      B2     B     5.66   1 ML+3.25% 04/30/2026      640,000     634,133
  CityCenter Holdings LLC................... BTL-B      B1    BB-    4.65   1 ML+2.25% 04/18/2024    1,483,422   1,477,594
  Eldorado Resorts LLC...................... BTL-B     Ba1     BB    4.69   3 ML+2.25% 04/17/2024    1,135,638   1,131,379
  Four Seasons Holdings, Inc................ 1st Lien  Ba3    BB+    4.40   1 ML+2.00% 11/30/2023      604,500     603,083
  Golden Entertainment, Inc................. 1st Lien   B1     B+    5.41   1 ML+3.00% 10/21/2024    1,905,875   1,896,346
  Hilton Worldwide Finance LLC.............. BTL-B2    Baa3   BBB-   4.15   1 ML+1.75% 06/22/2026      591,190     591,190
  IRB Holding Corp.......................... BTL-B      B2     B     5.64   1 ML+3.25% 02/05/2025      382,098     377,401
  Penn National Gaming, Inc................. BTL-B     Ba2     BB    4.65   1 ML+2.25% 10/15/2025      701,475     698,318
  Scientific Games International, Inc....... BTL-B5    Ba3     B+    5.15   1 ML+2.75% 08/14/2024      111,902     110,144
  Scientific Games International, Inc....... BTL-B5    Ba3     B+    5.23   2 ML+2.75% 08/14/2024      464,724     457,421
  Station Casinos, Inc...................... BTL-B     Ba3    BB-    4.91   1 ML+2.50% 06/08/2023      684,501     680,437
  Wynn Resorts, Ltd......................... BTL-B     Ba3     BB    4.69   1 ML+2.25% 10/30/2024      433,913     429,845
                                                                                                               -----------
                                                                                                                16,006,670
                                                                                                               -----------
Household Durables -- 0.3%
  Installed Building Products, Inc.......... BTL-B2     B1     BB    4.90   1 ML+2.50% 04/15/2025      677,938     664,944
                                                                                                               -----------
Household Products -- 0.7%
  Diamond (BC) BV(13)....................... BTL        B1     B-    3.25   3 ME+3.25% 09/06/2024 EUR  206,850     215,216
  Diamond (BC) BV........................... BTL        B1     B-    5.58   3 ML+3.00% 09/06/2024      901,275     790,869
  Energizer Holdings, Inc................... BTL-B     Ba1    BB+    4.75   1 ML+2.25% 01/02/2026      304,237     302,906
  Prestige Brands, Inc...................... BTL-B4    Ba3     BB    4.40   1 ML+2.00% 01/26/2024      249,725     248,164
                                                                                                               -----------
                                                                                                                 1,557,155
                                                                                                               -----------
Industrial Conglomerates -- 0.3%
  Ameriforge Group, Inc..................... BTL        NR     NR    9.33   3 ML+7.00% 06/08/2022      105,915     104,856
  UTEX Industries, Inc...................... 1st Lien   B3    CCC+   6.40   1 ML+4.00% 05/22/2021      677,769     630,326
                                                                                                               -----------
                                                                                                                   735,182
                                                                                                               -----------
Insurance -- 3.8%
  Asurion LLC............................... BTL-B4    Ba3     B+    5.40   1 ML+3.00% 08/04/2022      845,278     842,953
  Asurion LLC............................... BTL-B6    Ba3     B+    5.40   1 ML+3.00% 11/03/2023      840,177     838,076
  Asurion LLC............................... 2nd Lien   B3     B-    8.90   1 ML+6.50% 08/04/2025    1,480,000   1,499,117
  Asurion LLC............................... BTL-B7    Ba3     B+    5.40   1 ML+3.00% 11/03/2024    1,009,800   1,007,276
  Compass Investments, Inc.................. BTL-B      B2     B     5.33   3 ML+3.00% 05/16/2024    1,833,576   1,785,903
  Genworth Financial, Inc................... BTL       Ba3     B+    6.99   2 ML+4.50% 03/07/2023      366,300     369,047

14




        AIG Senior Floating Rate Fund
        PORTFOLIO OF INVESTMENTS -- June 30, 2019 -- (unaudited) (continued)

                                                  Ratings/(1)/
                                                  ------------
                                                                Interest    Reference     Maturity    Principal     Value
         Industry Description              Type   Moody's S&P     Rate        Rate       Date/(2)/    Amount**     (Note 2)
-----------------------------------------------------------------------------------------------------------------------------
Insurance (continued)
  Hub International, Ltd................ BTL-B      B2     B     5.59%      3 ML+3.00%   04/25/2025   $   975,150 $   950,010
  Sedgwick Claims Management Services,
   Inc.................................. BTL-B      B2     B      5.65      1 ML+3.25%   12/31/2025     1,721,350   1,696,390
                                                                                                                  -----------
                                                                                                                    8,988,772
                                                                                                                  -----------
Interactive Media & Services -- 0.3%
  Go Daddy Operating Co. LLC............ BTL-B1    Ba1    BB-     4.40      1 ML+2.00%   02/15/2024       738,686     738,686
                                                                                                                  -----------
Internet & Direct Marketing Retail -- 0.6%
  Acosta, Inc........................... BTL       Caa2   CCC     5.65      1 ML+3.25%   09/26/2021       797,886     288,569
  Rodan & Fields, LLC................... BTL-B      B2    BB-     6.39      1 ML+4.00%   06/16/2025       559,350     503,415
  Shutterfly, Inc....................... BTL-B2    Ba3    BB-     4.91      1 ML+2.50%   08/17/2024       561,618     561,150
                                                                                                                  -----------
                                                                                                                    1,353,134
                                                                                                                  -----------
IT Services -- 5.4%
  Blackhawk Network Holdings, Inc....... 1st Lien   B1     B      5.40      1 ML+3.00%   06/15/2025     1,841,176   1,825,066
  Carbonite, Inc........................ BTL-B      B1     B      6.15      1 ML+3.75%   03/26/2026       450,000     450,375
  CCC Information Services, Inc......... 1st Lien   B2     B      5.16      1 ML+2.75%   04/26/2024       646,800     637,745
  EVERTEC Group LLC..................... BTL-B      B2     B+     5.90      1 ML+3.50%   11/27/2024     1,218,875   1,221,922
  First Data Corp....................... BTL       Ba2     BB     4.40      1 ML+2.00%   04/26/2024     2,681,026   2,678,044
  First Data Corp....................... BTL       Ba2     BB     4.40      1 ML+2.00%   07/08/2022       843,713     842,790
  Global Payments, Inc.................. BTL-B3    Ba2    BBB-    4.15      1 ML+1.75%   04/21/2023       941,546     940,033
  Tempo Acquisition LLC................. BTL-B      B1     B      5.40      1 ML+3.00%   05/01/2024       997,021     992,036
  Web.com Group, Inc.................... 1st Lien   B2     B+     6.16      1 ML+3.75%   10/10/2025       463,425     457,632
  Web.com Group, Inc.................... BTL-B2    Caa2   CCC+   10.16      1 ML+7.75%   10/11/2026       633,015     620,882
  WEX, Inc.............................. BTL-B3    Ba3    BB-     4.65      1 ML+2.25%   05/15/2026     1,576,655   1,570,085
  Xerox Business Services LLC........... BTL-B     Ba3    BBB-    4.90      1 ML+2.50%   12/07/2023       787,930     769,019
                                                                                                                  -----------
                                                                                                                   13,005,629
                                                                                                                  -----------
Leisure Products -- 0.6%
  Hayward Industries, Inc............... 1st Lien   B3     B      5.90      1 ML+3.50%   08/05/2024       398,905     390,304
  SRAM LLC.............................. BTL-B      B1     B+  5.10-5.23    2 ML+2.75%   03/15/2024       904,149     901,889
  SRAM LLC.............................. BTL-B      B1     B+     7.25    USFRBPLR+1.75% 03/15/2024        32,027      31,947
                                                                                                                  -----------
                                                                                                                    1,324,140
                                                                                                                  -----------
Life Sciences Tools & Services -- 0.5%
  PAREXEL International Corp............ BTL-B      B2     B-     5.15      1 ML+2.75%   09/27/2024       611,818     585,242
  Syneos Health, Inc.................... BTL-B     Ba3     BB     4.40      1 ML+2.00%   08/01/2024       678,948     675,694
                                                                                                                  -----------
                                                                                                                    1,260,936
                                                                                                                  -----------
Machinery -- 4.3%
  Altra Industrial Motion Corp.......... BTL-B     Ba2    BB-     4.40      1 ML+2.00%   10/01/2025       961,978     943,339
  Brookfield WEC Holdings, Inc.......... 1st Lien   B2     B      5.90      1 ML+3.50%   08/01/2025       955,200     954,006
  CIRCOR International, Inc............. 1st Lien   B1     B+     5.91      1 ML+3.50%   12/11/2024       957,297     955,701
  Columbus McKinnon Corp................ BTL-B     Ba2    BB-     4.83      3 ML+2.50%   01/31/2024       820,364     818,313
  Gardner Denver, Inc.(13).............. BTL-B     Ba3    BB+     3.00      1 ME+3.00%   07/30/2024 EUR 1,032,607   1,176,233
  Gardner Denver, Inc................... BTL-B     Ba3    BB+     5.15      1 ML+2.75%   07/30/2024       944,905     945,656
  Manitowoc Foodservice, Inc............ BTL-B      B1    BB-     4.90      1 ML+2.50%   10/23/2025       120,000     118,200
  Navistar International Corp........... BTL-B     Ba2    BB-     5.91      1 ML+3.50%   11/06/2024       923,312     921,004
  NN, Inc............................... BTL        B3     B      5.65      1 ML+3.25%   04/02/2021     1,184,027   1,160,347
  Pro Mach Group, Inc................... BTL-B      B2     B-     5.14      1 ML+2.75%   03/07/2025       541,130     519,823
  Utility One Source LP................. BTL-B      B2     B      7.83      3 ML+5.50%   04/18/2023       711,986     713,766
  WireCo WorldGroup, Inc................ 1st Lien   B3     B+     7.40      1 ML+5.00%   09/30/2023       607,813     606,863
  Zodiac Pool Solutions LLC............. BTL       Ba3     BB     4.65      1 ML+2.25%   07/02/2025       435,600     431,607
                                                                                                                  -----------
                                                                                                                   10,264,858
                                                                                                                  -----------
Media -- 6.0%
  Advantage Sales & Marketing LLC....... 1st Lien   B2     B-     5.58      3 ML+3.25%   07/23/2021       682,322     620,231
  Advantage Sales & Marketing LLC....... 2nd Lien  Caa2   CCC     8.83      3 ML+6.50%   07/25/2022     1,000,000     786,250
  Altice Financing SA................... 1st Lien   B2     B+     5.14      1 ML+2.75%   01/31/2026       500,650     476,243
  Charter Communications Operating
   LLC.................................. BTL-B     Ba1    BBB-    4.33      3 ML+2.00%   04/30/2025       653,971     652,789

                                                                          15




        AIG Senior Floating Rate Fund
        PORTFOLIO OF INVESTMENTS -- June 30, 2019 -- (unaudited) (continued)

                                                         Ratings/(1)/
                                                         ------------
                                                                      Interest  Reference   Maturity   Principal     Value
            Industry Description                  Type   Moody's S&P    Rate      Rate     Date/(2)/   Amount**     (Note 2)
------------------------------------------------------------------------------------------------------------------------------
Media (continued)
  CSC Holdings, Inc............................ BTL-B     Ba3     BB   4.64%   1 ML+2.25%  07/17/2025   $  500,413 $   491,811
  CSC Holdings, Inc............................ BTL-B     Ba3     BB    4.89   1 ML+2.50%  01/25/2026      693,000     684,164
  E.W. Scripps Co.............................. BTL-B     Ba3     BB    5.15   1 ML+2.75%  05/01/2026      638,400     636,538
  Gray Television, Inc......................... BTL-C     Ba2     BB    4.93   1 ML+2.50%  01/02/2026    1,736,275   1,732,245
  Houghton Mifflin Harcourt Publishing
   Company..................................... BTL-B     Caa2    B     5.40   1 ML+3.00%  05/31/2021    1,018,277     958,453
  ION Media Networks, Inc...................... BTL-B3     B1    BB-    5.16   1 ML+2.75%  12/18/2020    2,251,045   2,247,292
  NEP Group, Inc............................... 1st Lien   B1     B+    5.65   1 ML+3.25%  10/20/2025      199,000     198,627
  NEP Group, Inc............................... 2nd Lien  Caa1   CCC+   9.40   1 ML+7.00%  10/19/2026      595,000     586,075
  Nexstar Broadcasting, Inc.................... BTL-B4    Ba3     BB    TBD                06/19/2026    1,345,000   1,339,956
  Unitymedia Hessen GmbH & Co. KG.............. BTL-B     Ba3    BB-    4.64   1 ML+2.25%  09/30/2025      750,000     747,469
  Univision Communications, Inc................ BTL-C5     B2     B     5.15   1 ML+2.75%  03/15/2024      727,380     691,921
  UPC Financing Partnership.................... BTL-AR    Ba3     BB    4.89   1 ML+2.50%  01/15/2026      416,456     415,789
  Virgin Media Bristol LLC..................... BTL-K     Ba3    BB-    4.89   1 ML+2.50%  01/15/2026      500,000     497,986
  Ziggo Secured Finance Partnership............ BTL-E      B1     B+    4.89   1 ML+2.50%  04/15/2025      500,000     489,514
                                                                                                                   -----------
                                                                                                                    14,253,353
                                                                                                                   -----------
Metals & Mining -- 0.6%
  American Rock Salt Co. LLC................... 1st Lien   B3     B     6.15   1 ML+3.75%  03/21/2025    1,434,485   1,432,692
                                                                                                                   -----------
Multiline Retail -- 0.2%
  Neiman Marcus Group Ltd. LLC................. BTL       Caa2   CCC+   8.47   3 ML+6.00%  10/25/2023      529,701     453,557
                                                                                                                   -----------
Oil, Gas & Consumable Fuels -- 3.3%
  Ascent Resources Marcellus LLC............... 1st Lien   NR     NR    8.91   1 ML+6.50%  03/30/2023      260,833     247,792
  BCP Renaissance Parent LLC................... BTL-B      B1     B+    6.08   3 ML+3.50%  10/31/2024      994,950     990,330
  Blackstone CQP Holdco LP..................... BTL-B      B1     B+    TBD                09/30/2024      885,000     886,106
  California Resources Corp.................... 1st Lien   B2     B     7.15   1 ML+4.75%  12/31/2022      395,000     375,908
  California Resources Corp.................... 2nd Lien  Caa1    B    12.78   1 ML+10.38% 12/31/2021      500,000     506,875
  Foresight Energy LLC......................... 1st Lien   B2     B-    8.27   3 ML+5.75%  03/28/2022    1,234,656     988,959
  Medallion Midland Acquisition LLC............ 1st Lien   B2     B+    5.65   1 ML+3.25%  10/30/2024      707,267     686,270
  Oryx Midstream Services LLC.................. BTL-B      B2     B     6.40   1 ML+4.00%  05/22/2026      820,000     816,924
  Power Buyer LLC.............................. 1st Lien   B3     B-    5.58   3 ML+3.25%  03/06/2025    1,007,203     946,771
  Power Buyer LLC.............................. 2nd Lien  Caa2   CCC    9.58   3 ML+7.25%  03/06/2026      585,000     561,600
  Traverse Midstream Partners LLC.............. BTL-B      B2     B+    6.59   3 ML+4.00%  09/27/2024      843,625     832,025
                                                                                                                   -----------
                                                                                                                     7,839,560
                                                                                                                   -----------
Personal Products -- 1.0%
  Coty, Inc.(13)............................... BTL-B     Ba3     BB    2.50   1 ME+2.50%  04/07/2025 EUR  816,750     899,472
  Coty, Inc.................................... BTL-B     Ba3     BB    4.67   1 ML+2.25%  04/07/2025      565,324     550,720
  Revlon Consumer Products Corp................ BTL-B      B3    CCC+   6.02   3 ML+3.50%  09/07/2023    1,069,750     892,795
                                                                                                                   -----------
                                                                                                                     2,342,987
                                                                                                                   -----------
Pharmaceuticals -- 1.3%
  Endo Luxembourg Finance Co. I SARL........... BTL-B     Ba3     B+    6.65   1 ML+4.25%  04/29/2024      641,314     600,030
  Valeant Pharmaceuticals International, Inc... BTL-B     Ba2    BB-    5.16   1 ML+2.75%  11/27/2025    1,476,562   1,467,334
  Valeant Pharmaceuticals International, Inc... BTL-B     Ba2    BB-    5.41   1 ML+3.00%  06/02/2025    1,163,536   1,162,497
                                                                                                                   -----------
                                                                                                                     3,229,861
                                                                                                                   -----------
Professional Services -- 1.3%
  AlixPartners LLP............................. BTL-B      B2     B+    5.15   1 ML+2.75%  04/04/2024    1,676,412   1,670,724
  AlixPartners LLP(13)......................... BTL-B      B2     NR    3.25   1 ME+3.25%  04/04/2024 EUR  250,000     284,097
  Dun & Bradstreet Corporation................. BTL        B2     B-    7.40   1 ML+5.00%  02/08/2026      845,000     845,000
  Team Health Holdings, Inc.................... 1st Lien   B2     B     5.15   1 ML+2.75%  02/06/2024      488,125     427,110
                                                                                                                   -----------
                                                                                                                     3,226,931
                                                                                                                   -----------
Real Estate Investment Trusts -- 0.8%
  MGM Growth Properties Operating Partnership
   LP.......................................... BTL-B     Ba3    BB+    4.40   1 ML+2.00%  03/21/2025      521,877     518,429
  VICI Properties 1 LLC........................ BTL       Ba3    BBB-   4.40   1 ML+2.00%  12/20/2024    1,453,864   1,436,297
                                                                                                                   -----------
                                                                                                                     1,954,726
                                                                                                                   -----------

16




        AIG Senior Floating Rate Fund
        PORTFOLIO OF INVESTMENTS -- June 30, 2019 -- (unaudited) (continued)

                                                       Ratings/(1)/
                                                       ------------
                                                                    Interest  Reference   Maturity    Principal     Value
           Industry Description                 Type   Moody's S&P    Rate      Rate     Date/(2)/    Amount**     (Note 2)
-----------------------------------------------------------------------------------------------------------------------------
Road & Rail -- 0.9%
  Fly Funding II SARL........................ BTL-B     Ba2    BB+    4.56%   3 ML+2.00% 02/09/2023   $ 1,099,098 $ 1,093,603
  Savage Enterprises LLC..................... BTL-B      B1     B+    6.92    1 ML+4.50% 08/01/2025       986,129     987,054
                                                                                                                  -----------
                                                                                                                    2,080,657
                                                                                                                  -----------
Semiconductors & Semiconductor Equipment -- 0.8%
  Cabot Microelectronics Corp................ BTL-B     Ba2    BB+    4.69    1 ML+2.25% 11/14/2025       473,079     472,488
  Entegris, Inc.............................. BTL-B     Baa3   BBB-   4.40    1 ML+2.00% 11/01/2025       995,000     994,378
  Microchip Technology, Inc.................. BTL-B     Baa3   BB+    4.41    1 ML+2.00% 05/29/2025       563,394     559,873
                                                                                                                  -----------
                                                                                                                    2,026,739
                                                                                                                  -----------
Software -- 5.7%
  Almonde, Inc............................... 1st Lien   B2     B-    6.10    3 ML+3.50% 06/13/2024     1,171,601   1,140,428
  Almonde, Inc............................... 2nd Lien  Caa2   CCC    9.65    1 ML+7.25% 06/13/2025       230,000     227,585
  Ascend Learning LLC........................ BTL-B     Ba3     B     5.40    1 ML+3.00% 07/12/2024       500,211     491,145
  Ceridian HCM Holding, Inc.................. BTL-B      B2     B     5.40    1 ML+3.00% 04/30/2025     1,082,038   1,083,039
  Compuware Corp............................. BTL-B      B2     B     5.90    1 ML+3.50% 08/23/2025       194,025     193,863
  Epicore Software Co........................ 1st Lien   B2     B-    5.66    1 ML+3.25% 06/01/2022     1,099,360   1,090,886
  Hyland Software, Inc....................... 1st Lien   B1     B-    5.65    1 ML+3.25% 07/01/2024       972,254     966,663
  Hyland Software, Inc....................... 2nd Lien  Caa1   CCC    9.40    1 ML+7.00% 07/07/2025       535,000     536,338
  IQVIA, Inc................................. BTL-B     Ba1    BBB-   2.50    3 ME+2.00% 06/11/2025 EUR 1,173,150   1,334,990
  Infor US, Inc.............................. BTL-B6    Ba3     B     5.08    3 ML+2.75% 02/01/2022       679,172     676,201
  MA FinanceCo. LLC.......................... BTL-B3     B1    BB-    4.90    1 ML+2.50% 06/21/2024       123,320     120,700
  McAfee LLC................................. BTL-B1     B2     B     6.08    1 ML+3.75% 09/30/2024       184,535     184,131
  Quest Software US Holdings, Inc............ 1st Lien   B2     B+    6.83    3 ML+4.25% 05/16/2025       834,550     820,989
  RP Crown Parent LLC........................ BTL-B      B1     B     5.15    1 ML+2.75% 10/12/2023       867,750     861,965
  Seattle Spinco, Inc........................ BTL-B3     B1    BB-    4.90    1 ML+2.50% 06/21/2024       832,815     815,117
  SS&C Technologies, Inc..................... BTL-B3    Ba2    BB+    4.65    1 ML+2.25% 04/16/2025       592,919     590,202
  SS&C Technologies, Inc..................... BTL-B4    Ba2    BB+    4.65    1 ML+2.25% 04/16/2025       406,618     404,755
  SS&C Technologies, Inc..................... BTL-B5    Ba2    BB+    4.65    1 ML+2.25% 04/16/2025     1,369,517   1,363,431
  Ultimate Software Group, Inc............... BTL-B      B2     B     6.08    3 ML+3.75% 05/04/2026       680,000     680,680
                                                                                                                  -----------
                                                                                                                   13,583,108
                                                                                                                  -----------
Specialty Retail -- 2.1%
  At Home Holding III, Inc................... BTL        B2     B+    6.08    3 ML+3.50% 06/03/2022       674,973     600,726
  Bass Pro Group LLC......................... BTL-B      B1     B+    7.40    1 ML+5.00% 09/25/2024     1,490,548   1,421,145
  Foundation Building Materials Holding Co.
   LLC....................................... BTL-B      B2    BB-    5.40    1 ML+3.00% 08/13/2025       497,500     493,458
  J. Crew Group, Inc......................... BTL-B     Caa2   CCC-   5.40    1 ML+3.00% 03/05/2021       388,913     331,062
  J. Crew Group, Inc......................... BTL-B     Caa2   CCC- 5.33-5.58 3 ML+3.00% 03/05/2021       325,665     277,222
  PetSmart, Inc.............................. BTL-B2     B3     B     6.67    1 ML+4.25% 03/11/2022       878,647     851,409
  Staples, Inc............................... BTL-B      B1     B+    7.60    3 ML+5.00% 04/16/2026     1,109,126   1,062,334
                                                                                                                  -----------
                                                                                                                    5,037,356
                                                                                                                  -----------
Textiles, Apparel & Luxury Goods -- 0.8%
  ASP Unifrax Holdings, Inc.................. BTL-B1     B3     B-    6.08    1 ML+3.75% 12/12/2025     1,496,578   1,447,939
  ASP Unifrax Holdings, Inc.................. BTL-B2    Caa2   CCC+   10.93   3 ML+8.50% 12/14/2026       375,000     360,000
                                                                                                                  -----------
                                                                                                                    1,807,939
                                                                                                                  -----------
Trading Companies & Distributors -- 1.8%
  ABC Supply Co., Inc........................ BTL-B      B1    BB+    4.40    1 ML+2.00% 10/31/2023       987,738     972,614
  Beacon Roofing Supply, Inc................. BTL-B      B1    BB+    4.66    1 ML+2.25% 01/02/2025       444,375     438,618
  HD Supply, Inc............................. BTL-B5    Ba2    BBB-   4.15    1 ML+1.75% 10/17/2023     1,068,403   1,066,686
  HD Supply Waterworks, Ltd.................. BTL-B      B2     B+    5.52    3 ML+3.00% 08/01/2024       445,200     443,716
  Sage Borrowco LLC.......................... BTL-B      B2     B      TBD               06/22/2026       580,000     580,363
  Univar, Inc................................ BTL-B     Ba3    BB+    4.90    1 ML+2.50% 07/01/2024       355,305     354,506
  Univar USA, Inc............................ BTL-B3    Ba3    BB+    4.65    1 ML+2.25% 07/01/2024       470,139     468,506
                                                                                                                  -----------
                                                                                                                    4,325,009
                                                                                                                  -----------

                                                                          17




        AIG Senior Floating Rate Fund
        PORTFOLIO OF INVESTMENTS -- June 30, 2019 -- (unaudited) (continued)

                                                             Ratings/(1)/
                                                             ------------
                                                                          Interest Reference   Maturity  Principal     Value
         Industry Description                   Type         Moody's S&P    Rate     Rate     Date/(2)/  Amount**     (Note 2)
--------------------------------------------------------------------------------------------------------------------------------
Transportation Infrastructure -- 0.4%
 DAE Aviation Holdings, Inc............. BTL-B1                B2     NR   6.33%   3 ML+4.00% 04/06/2026 $  684,579 $    686,932
 Dynasty Acquisition Co., Inc........... BTL-B2                B2     NR    6.33   3 ML+4.00% 04/06/2026    368,053      369,318
                                                                                                                    ------------
                                                                                                                       1,056,250
                                                                                                                    ------------
Wireless Telecommunication Services -- 1.2%
 Sprint Communications, Inc............. BTL-B                Ba2    BB-    4.94   1 ML+2.50% 02/02/2024  2,203,096    2,167,296
 Sprint Communications, Inc............. BTL-B                Ba2    BB-    5.44   1 ML+3.00% 02/02/2024    611,925      605,550
                                                                                                                    ------------
                                                                                                                       2,772,846
                                                                                                                    ------------
 Total Loans (cost $219,599,847)........                                                                             214,630,109
                                                                                                                    ------------
U.S. CORPORATE BONDS & NOTES -- 4.0%
Commercial Services & Supplies -- 0.5%
 IAA Spinco, Inc.*...................... Senior Notes          B2     B     5.50              06/15/2027    360,000      374,400
 Allied Universal Holdco LLC*........... Senior Sec. Notes     B3     B-    6.63              07/15/2026    750,000      761,250
                                                                                                                    ------------
                                                                                                                       1,135,650
                                                                                                                    ------------
Construction & Engineering -- 0.3%
 Brand Energy & Infrastructure
   Services, Inc.*...................... Senior Notes         Caa2   CCC    8.50              07/15/2025    700,000      634,375
                                                                                                                    ------------
Consumer Finance -- 0.3%
 Navient Corp........................... Senior Notes         Ba3     B+    6.50              06/15/2022    300,000      318,672
 Springleaf Finance Corp................ Company Guar. Notes  Ba3    BB-    6.13              05/15/2022    500,000      536,250
                                                                                                                    ------------
                                                                                                                         854,922
                                                                                                                    ------------
Containers & Packaging -- 0.5%
 Reynolds Group Issuer, Inc. FRS*....... Senior Sec. Notes     B1     B+    6.10   3 ML+3.50% 07/15/2021  1,245,000    1,245,000
                                                                                                                    ------------
Food Products -- 0.1%
 Darling Ingredients, Inc.*............. Senior Notes         Ba3    BB+    5.25              04/15/2027    130,000      135,850
                                                                                                                    ------------
Insurance -- 0.3%
 Acrisure LLC / Acrisure Finance, Inc.*. Senior Sec. Notes     B2     B     8.13              02/15/2024    670,000      691,775
                                                                                                                    ------------
Multi Utilities -- 0.0%
 Texas Competitive Electric Holdings
   Co. LLC*............................. Escrow Notes          NR     NR    6.25              10/01/2020  4,174,956       16,700
                                                                                                                    ------------
Oil, Gas & Consumable Fuels -- 0.8%
 Chesapeake Energy Corp................. Company Guar. Notes   B2     B+    7.00              10/01/2024    500,000      448,750
 Foresight Energy/Finance*.............. Sec. Notes           Caa2   CCC-  11.50              04/01/2023    715,000      400,400
 Jagged Peak Energy LLC................. Company Guar. Notes   B3     B+    5.88              05/01/2026    500,000      492,500
 Vine Oil & Gas LP / Vine Oil & Gas
   Finance Corp.*....................... Company Guar. Notes  Caa1    B-    8.75              04/15/2023  1,000,000      650,000
                                                                                                                    ------------
                                                                                                                       1,991,650
                                                                                                                    ------------
Personal Products -- 0.1%
 Revlon Consumer Products Corp.......... Company Guar. Notes  Caa3   CCC    6.25              08/01/2024    505,000      345,925
                                                                                                                    ------------
Software -- 0.8%
 SS&C Technologies, Inc.*............... Company Guar. Notes   B2     B+    5.50              09/30/2027  1,780,000    1,846,750
                                                                                                                    ------------
Specialty Retail -- 0.1%
 PetSmart, Inc.*........................ Senior Sec. Notes     B3     B     5.88              06/01/2025    250,000      242,500
                                                                                                                    ------------
Trading Companies & Distributors -- 0.2%
 Beacon Roofing Supply, Inc.*........... Company Guar. Notes   B3     B+    4.88              11/01/2025    500,000      495,000
                                                                                                                    ------------
 Total U.S. Corporate Bonds &
   Notes (cost $10,377,046).............                                                                               9,636,097
                                                                                                                    ------------
FOREIGN CORPORATE BONDS & NOTES -- 2.1%
Auto Components -- 0.2%
 Panther BF Aggregator 2 LP*............ Company Guar. Notes   B3     B     8.50              05/15/2027    560,000      576,800
                                                                                                                    ------------
Commercial Services & Supplies -- 0.3%
 Avolon Holdings Funding Ltd.*.......... Company Guar. Notes  Baa3   BBB-   3.63              05/01/2022    750,000      760,200
                                                                                                                    ------------

18




        AIG Senior Floating Rate Fund
        PORTFOLIO OF INVESTMENTS -- June 30, 2019 -- (unaudited) (continued)

                                                              Ratings/(1)/
                                                              ------------
                                                                                                           Principal
                                                                           Interest Reference   Maturity   Amount**/
         Industry Description                    Type         Moody's S&P    Rate     Rate     Date/(2)/    Shares
-----------------------------------------------------------------------------------------------------------------------
Containers & Packaging -- 0.3%
  Ardagh Packaging Finance PLC*.......... Company Guar. Notes   B3     B     7.25%             05/15/2024   $  685,000

Hotels, Restaurants & Leisure -- 0.2%
  LHMC Finco Sarl FRS*(13)............... Senior Sec. Notes     B2     B+    5.75   3 ME+5.75% 12/20/2023 EUR  320,000

Metals & Mining -- 0.3%
  Costellium NV*......................... Company Guar. Notes   B2     B     6.63              03/01/2025      655,000

Paper & Forest Products -- 0.2%
  Norbord, Inc.*......................... Senior Sec. Notes    Ba1    BB+    5.75              07/15/2027      485,000

Pharmaceuticals -- 0.6%
  Endo, Ltd./Endo Finance LLC*........... Company Guar. Notes  Caa1   CCC+   6.00              07/15/2023      560,000
  Valeant Pharmaceuticals*............... Senior Sec. Notes    Ba2    BB-    7.00              03/15/2024      630,000
  Valeant Pharmaceuticals*............... Company Guar. Notes   B3     B-    9.00              12/15/2025      385,000



  Total Foreign Corporate Bonds & Notes
   (cost $5,071,215).....................

COMMON STOCKS -- 0.6%
Energy Equipment & Services -- 0.0%
  Paragon Offshore, Litigation Trust,
   Class A+(8)...........................                                                                        1,242
  Paragon Offshore, Litigation Trust,
   Class B+(8)...........................                                                                          621



Industrial Conglomerates -- 0.4%
  AFG Holdings, Inc.+(8).................                                                                       14,309

Oil, Gas & Consumable Fuels -- 0.2%
  Ascent Resources Marcellus LLC,
   Class A+(5)(8)........................                                                                      187,384
  Philadelphia Energy Solutions LLC,
   Class A+(8)...........................                                                                       35,161
  TE Holdcorp LLC, Class A+(5)(8)........                                                                       44,278



  Total Common Stocks (cost $3,313,313)..

PREFERRED SECURITIES/CAPITAL SECURITIES -- 0.3%
Banks -- 0.3%
  Banco Bilbao Vizcaya Argentaria SA(9)
   (cost $800,000).......................                      Ba2     NR    6.13              11/16/2027      800,000

WARRANTS -- 0.0%
Oil, Gas & Consumable Fuels -- 0.0%
  Ascent Resources Marcellus LLC+(5)(8)
   Expires 03/30/2023
   (strike price $6.15)
   (cost $4,625).........................                                                                       48,515

  Total Long-Term Investment Securities
   (cost $239,166,046)...................

SHORT-TERM INVESTMENT SECURITIES -- 1.7%
Registered Investment Companies -- 1.7%
  State Street Institutional Liquid
   Reserves Fund,
   Administration Class 2.20%(10)
   (cost $4,134,494).....................                                                                    4,133,876




                                             Value
         Industry Description               (Note 2)
------------------------------------------------------
Containers & Packaging -- 0.3%
  Ardagh Packaging Finance PLC*.......... $    721,819
                                          ------------
Hotels, Restaurants & Leisure -- 0.2%
  LHMC Finco Sarl FRS*(13)...............      369,021
                                          ------------
Metals & Mining -- 0.3%
  Costellium NV*.........................      681,200
                                          ------------
Paper & Forest Products -- 0.2%
  Norbord, Inc.*.........................      488,031
                                          ------------
Pharmaceuticals -- 0.6%
  Endo, Ltd./Endo Finance LLC*...........      403,200
  Valeant Pharmaceuticals*...............      669,438
  Valeant Pharmaceuticals*...............      430,160
                                          ------------
                                             1,502,798
                                          ------------
  Total Foreign Corporate Bonds & Notes
   (cost $5,071,215).....................    5,099,869
                                          ------------
COMMON STOCKS -- 0.6%
Energy Equipment & Services -- 0.0%
  Paragon Offshore, Litigation Trust,
   Class A+(8)...........................          435
  Paragon Offshore, Litigation Trust,
   Class B+(8)...........................       17,078
                                          ------------
                                                17,513
                                          ------------
Industrial Conglomerates -- 0.4%
  AFG Holdings, Inc.+(8).................      786,995
                                          ------------
Oil, Gas & Consumable Fuels -- 0.2%
  Ascent Resources Marcellus LLC,
   Class A+(5)(8)........................      492,820
  Philadelphia Energy Solutions LLC,
   Class A+(8)...........................        8,789
  TE Holdcorp LLC, Class A+(5)(8)........            0
                                          ------------
                                               501,609
                                          ------------
  Total Common Stocks (cost $3,313,313)..    1,306,117
                                          ------------
PREFERRED SECURITIES/CAPITAL SECURITIES -- 0.3%
Banks -- 0.3%
  Banco Bilbao Vizcaya Argentaria SA(9)
   (cost $800,000).......................      753,000
                                          ------------
WARRANTS -- 0.0%
Oil, Gas & Consumable Fuels -- 0.0%
  Ascent Resources Marcellus LLC+(5)(8)
   Expires 03/30/2023
   (strike price $6.15)
   (cost $4,625).........................        1,455
                                          ------------
  Total Long-Term Investment Securities
   (cost $239,166,046)...................  231,426,647
                                          ------------
SHORT-TERM INVESTMENT SECURITIES -- 1.7%
Registered Investment Companies -- 1.7%
  State Street Institutional Liquid
   Reserves Fund,
   Administration Class 2.20%(10)
   (cost $4,134,494).....................    4,134,703
                                          ------------

                                                                          19




        AIG Senior Floating Rate Fund
        PORTFOLIO OF INVESTMENTS -- June 30, 2019 -- (unaudited) (continued)


                                                                       Principal       Value
        Industry Description                                           Amount**       (Note 2)
    ---------------------------------------------------------------------------------------------
    REPURCHASE AGREEMENTS -- 1.7%
      Bank of America Securities LLC Joint Repurchase Agreement(11)  $    820,000   $    820,000
      Barclays Capital, Inc. Joint Repurchase Agreement(11).......        685,000        685,000
      BNP Paribas SA Joint Repurchase Agreement(11)...............        820,000        820,000
      Deutsche Bank AG Joint Repurchase Agreement(11).............        755,000        755,000
      RBS Securities, Inc. Joint Repurchase Agreement(11).........        920,000        920,000
                                                                                    ------------
      Total Repurchase Agreements
       (cost $4,000,000)..........................................                     4,000,000
                                                                                    ------------
    TOTAL INVESTMENTS
      (cost $247,300,540)(14).....................................          100.2%   239,561,350
    Liabilities in excess of other assets...........................         (0.2)%     (352,775)
                                                                     ------------   ------------
    NET ASSETS......................................................        100.0%  $239,208,575
                                                                     ============   ============
--------
BTL Bank Term Loan
EUR Euro Currency
NR  Security is not rated.
FRS--Floating Rate Security
    The rates shown on FRS are the current interest rates as of June 30, 2019
    and unless noted otherwise, the dates shown are the original maturity dates.
TBD--Senior loan purchased on a when-issued or delayed-delivery basis. Certain
    details associated with this purchase are not known prior to the settlement
    date of the transaction. In addition, senior loans typically trade without
    accrued interest and therefore a coupon rate is not available prior to the
    settlement.
+   Non-income producing security
*   Securities exempt from registration under Rule 144A of the Securities Act
    of 1933. These securities may be sold in transactions exempt from
    registration, normally to qualified institutional buyers. The Fund has no
    rights to demand registration of these securities. At June 30, 2019, the
    aggregate value of these securities was $12,593,869, representing 5.3% of
    net assets.
**  Denominated in United States Dollars unless otherwise noted.
(1) Bank loans rated below Baa by Moody's Investor Service, Inc. or BBB by
    Standard & Poor's Group are considered below investment grade. Ratings
    provided are as of June 30, 2019.
(2) Based on the stated maturity, the weighted average to maturity of the loans
    held in the portfolio is approximately 68 months. Loans in the Fund's
    portfolio are generally subject to mandatory and/or optional prepayment.
    Because of these mandatory prepayment conditions and because there may be
    significant economic incentives for a Borrower to prepay, prepayments may
    occur. As a result, the actual remaining maturity may be substantially less
    than the stated maturities shown.
(3) The Fund invests in senior loans which generally pay interest at rates
    which are periodically re-determined by reference to a base lending rate
    plus a premium. These base lending rates are generally either the lending
    rate offered by one or more major European banks, such as the London
    Inter-Bank Offer Rate ("LIBOR") or the prime rate offered by one or more
    major United States banks, or the certificate of deposit rate. Senior loans
    are generally considered to be restrictive in that the Fund is ordinarily
    contractually obligated to receive approval from the Agent Bank and/or
    borrower prior to the disposition of a senior loan.
(4) All loans in the portfolio were purchased through assignment agreements
    unless otherwise indicated.
(5) Security classified as Level 3 (see Note 2).
(6) All or a portion of this holding is subject to unfunded loan commitments
    (see Note 10).
(7) "Payment-in-Kind" (PIK) security -- Income may be paid in additional
    securities or cash at the discretion of the issuer. The security is
    currently paying interest in cash at 3.10%. The security is also currently
    paying interest in the form of additional loans at 6.99%.
(8) Denotes a restricted security that: (a) cannot be offered for public sale
    without first being registered, or being able to take advantage of an
    exemption from registration, under the Securities Act of 1933, as amended
    (the "1933 Act"); (b) is subject to a contractual restriction on public
    sales; or (c) is otherwise subject to a restriction on sales by operation
    of applicable law. Restricted securities are valued pursuant to Note 2.
    Certain restricted securities held by the Fund may not be sold except in
    exempt transactions or in a public offering registered under the 1933 Act.
    The Fund has no right to demand registration of these securities. The risk
    of investing in certain restricted securities is greater than the risk of
    investing in the securities of widely held, publicly traded companies. To
    the extent applicable, lack

20

AIG Senior Floating Rate Fund
PORTFOLIO OF INVESTMENTS -- June 30, 2019 -- (unaudited) (continued)

of a secondary market and resale restrictions may result in the inability
of a Fund to sell a security at a fair price and may substantially delay
the sale of the security. In addition, certain restricted securities may
exhibit greater price volatility than securities for which secondary
markets exist. As of June 30, 2019, the Fund held the following restricted
securities:

Acquisition Acquisition Value Per % of Net
Description Date Shares Cost Value Share Assets
----------- ----------- ------- ----------- ---------- --------- --------
Common Stocks
-------------
AFG Holdings, Inc............ 01/22/2013 14,309 $ 911,111 $ 786,995 $55.00 0.33%
Ascent Resources Marcellus
LLC, Class A............... 03/30/2018 187,384 567,151 492,820 2.63 0.21
Paragon Offshore Litigation
Trust, Class A............. 07/11/2014 1,242 704 435 0.35 0.00
Paragon Offshore Litigation
Trust, Class B............. 10/21/2014 621 10,557 17,078 27.50 0.01
Philadelphia Energy
Solutions LLC, Class A..... 04/04/2018 35,161 185,574 8,789 0.25 0.00
TE Holdcorp LLC, Class A..... 11/21/2013 44,278 1,638,216 0 0.00 0.00
Warrants
--------
Ascent Resources Marcellus
LLC........................ 03/30/2018 48,515 4,625 1,455 0.03 0.00
---------- ----
$1,307,572 0.55%
========== ====

(9) Perpetual maturity -- maturity date reflects the next call date.
(10)The rate shown is the 7-day yield as of June 30, 2019.
(11)See Note 2 for details of the Joint Repurchase Agreement.
(12)"Payment-in-Kind" (PIK) security -- Income may be paid in additional
securities or cash at the discretion of the issuer. The security is
currently paying interest in cash at 7.90%. The security is also currently
paying interest in the form of additional loans at 1.75%.
(13)The referenced Index is less than 0.00% at the period end. The loan has an
interest rate floor whereby the floating rate used in the coupon rate
calculation cannot be less than zero.
(14)See Note 6 for cost of investments on a tax basis.

Index Legend

1 ME--1 Month Euribor
1 ML--1 Month USD LIBOR
1 WL--1 Week USD LIBOR
2 ML--2 Month USD LIBOR
3 ME--3 Month Euribor
3 ML--3 Month USD LIBOR
6 ME--6 Month Euribor
USFRBPLR--US Federal Reserve Bank Prime Loan Rate

Forward Foreign Currency Contracts
------------------------------------------------------------------------------------------------------
Contract to In Exchange Delivery Unrealized Unrealized
Counterparty Deliver For Date Appreciation Depreciation
------------------------------------------------------------------------------------------------------
Goldman Sachs International........ EUR 10,707,745 USD 12,235,130 07/31/2019 $30,087 $--
======= ===
--------
EUR--EuroCurrency
USD--UnitedStates Dollar

The following is a summary of the inputs used to value the Fund's net assets as
of June 30, 2019 (see Note 2):

Level 1 -- Unadjusted Level 2 -- Other Level 3 -- Significant
Quoted Prices Observable Inputs Unobservable Inputs Total
--------------------- ----------------- ---------------------- ------------
ASSETS:
Investments at Value:*
Loans:
Energy Equipment & Services.. $-- $ 979,637 $ 0 $ 979,637
Other Industries............. -- 213,650,472 -- 213,650,472
U.S. Corporate Bonds & Notes.. -- 9,636,097 -- 9,636,097
Foreign Corporate Bonds &
Notes........................ -- 5,099,869 -- 5,099,869




        SunAmerica Senior Floating Rate Fund, Inc.
        NOTES TO FINANCIAL STATEMENTS -- June 30, 2019 -- (unaudited)

Note 1. Organization of the Fund

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

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

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

   Class C shares-- Offered at net asset value without an initial sales charge
                    and may be subject to a CDSC on redemptions made within 12
                    months of purchase. Effective March 1, 2018, Class C shares
                    will convert automatically to Class A shares approximately
                    ten years after purchase and at such time will be subject
                    to the lower distribution fee applicable to Class A shares.

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

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

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

Note 2. Significant Accounting Policies

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

                                                                          23




        SunAmerica Senior Floating Rate Fund, Inc.
        NOTES TO FINANCIAL STATEMENTS -- June 30, 2019 -- (unaudited)
        (continued)

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

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

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

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

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

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

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

   The summary of the Fund's assets and liabilities classified in the fair
   value hierarchy as of June 30, 2019, is reported on a schedule at the end of
   the Portfolio of Investments.

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

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

24




        SunAmerica Senior Floating Rate Fund, Inc.
        NOTES TO FINANCIAL STATEMENTS -- June 30, 2019 -- (unaudited)
        (continued)

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

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

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

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

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

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

   Derivative Instruments:

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

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

                                                                          25




        SunAmerica Senior Floating Rate Fund, Inc.
        NOTES TO FINANCIAL STATEMENTS -- June 30, 2019 -- (unaudited)
        (continued)

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

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

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

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

   The following tables represent the value of derivatives held as of June 30,
   2019, by their primary underlying risk exposure and respective location on
   the Statement of Assets and Liabilities and the effect of derivatives on the
   Statement of Operations for the six months ended June 30, 2019. 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 June 30, 2019, please refer to the schedule at the end of the Fund's
   Portfolio of Investments.

26




        SunAmerica Senior Floating Rate Fund, Inc.
        NOTES TO FINANCIAL STATEMENTS -- June 30, 2019 -- (unaudited)
        (continued)


               Asset Derivatives            Liability Derivatives
           -------------------------- -   --------------------------
                Forward Foreign                Forward Foreign
             Currency Contracts(1)          Currency Contracts(2)
           --------------------------     --------------------------
           Foreign Exchange Contracts     Foreign Exchange Contracts
           --------------------------     --------------------------
                    $30,087                          $ --
                    =======                          ===

       Statement of Assets and Liabilities Location:
          (1)  Unrealized appreciation on forward foreign currency contracts
          (2)  Unrealized depreciation on forward foreign currency contracts

 Realized Gain (Loss) on       Change in Unrealized Appreciation (Depreciation)
Derivatives Recognized in                on Derivatives Recognized in
 Statement of Operations                   Statement of Operations
-------------------------- -   ------------------------------------------------
     Forward Foreign                           Forward Foreign
  Currency Contracts(1)                     Currency Contracts(2)
--------------------------     ------------------------------------------------
Foreign Exchange Contracts                Foreign Exchange Contracts
--------------------------     ------------------------------------------------
         $252,248                                  $(4,391)
         ========                                  ========

       Statement of Operations Location:
          (1)  Net realized gain (loss) on forward contracts
          (2)  Change in unrealized appreciation (depreciation) on forward
          contracts

   The following table represents the average monthly balances of derivatives
   held during the six months ended June 30, 2019.

                  Average Amount Outstanding During the Period
                  --------------------------------------------
                         Foreign Exchange Contracts(1)
                  --------------------------------------------
                                  $11,811,212
                                  ===========
          --------
          (1)  Amounts represent notional amounts in US dollars.

   The following table sets forth the Fund's derivative assets and liabilities
   by counterparty, net of amounts available for offset under Master Agreements
   and net of the related collateral pledged/(received) as of June 30, 2019.
   The repurchase agreements held by the Fund as of June 30, 2019, are also
   subject to Master Agreements but are not included in the following tables.
   See the Portfolio of Investments and the Notes to the Financial Statements
   for more information about the Fund's holdings in repurchase agreements.

                                    Derivative Assets(1) Derivative Liabilities(1)
                                    -------------------- -------------------------
                                     Forward              Forward                       Net
                                     Foreign              Foreign                   Derivative    Collateral
                                    Currency             Currency                     Assets       Pledged/
Counterparty                        Contracts    Total   Contracts      Total      (Liabilities) (Received)(2) Net Amount(3)
------------                        ---------   -------  ---------      -----      ------------- ------------- -------------
Goldman Sachs International........  $30,087    $30,087    $ --         $ --          $30,087        $ --         $30,087
                                     =======    =======    ====         ====          =======        ====         =======
       -
       (1)Gross amounts of recognized assets and liabilities not offset in the
          Statement of Assets and Liabilities.
       (2)For each respective counterparty, collateral pledged or (received) is
          limited to an amount not to exceed 100% of the derivative
          asset/liability in the table above.
       (3)Net amount represents the net amount due (to)/from counterparty in
          the event of a default based on the contractual set-off rights under
          the agreement.

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

                                                                          27




        SunAmerica Senior Floating Rate Fund, Inc.
        NOTES TO FINANCIAL STATEMENTS -- June 30, 2019 -- (unaudited)
        (continued)

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

   As of June 30, 2019, the Fund held an undivided interest in a joint
   repurchase agreement with Bank of America Securities LLC:

                                                Percentage Principal
                                                Ownership   Amount
                                                ---------- ---------
            Senior Floating Rate Fund..........    2.73%   $820,000

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

   Bank of America Securities LLC, dated June 28, 2019, bearing interest at a
   rate of 2.47% per annum, with a principal amount of $30,000,000, a
   repurchase price of $30,006,175, and a maturity date of July 1, 2019. The
   repurchase agreement is collateralized by the following:

                                    Interest                Principal
Type of Collateral                    Rate   Maturity Date   Amount       Value
------------------                  -------- ------------- ----------- -----------
U.S. Treasury Bonds................   3.00%   02/15/2047   $27,907,000 $30,930,208

   As of June 30, 2019, the Fund held an undivided interest in a joint
   repurchase agreement with Barclays Capital, Inc.:

                                                Percentage Principal
                                                Ownership   Amount
                                                ---------- ---------
            Senior Floating Rate Fund..........    2.74%   $685,000

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

   Barclays Capital, Inc., dated June 28, 2019, bearing interest at a rate of
   2.50% per annum, with a principal amount of $25,000,000, a repurchase price
   of $25,005,208, and a maturity date of July 1, 2019. The repurchase
   agreement is collateralized by the following:

                                    Interest                Principal
Type of Collateral                    Rate   Maturity Date   Amount       Value
------------------                  -------- ------------- ----------- -----------
U.S. Treasury Bonds................   3.38%   05/15/2044   $21,889,000 $25,534,613

   As of June 30, 2019, the Fund held an undivided interest in a joint
   repurchase agreement with BNP Paribas SA:

                                                Percentage Principal
                                                Ownership   Amount
                                                ---------- ---------
            Senior Floating Rate Fund..........    2.73%   $820,000

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

   BNP Paribas SA, dated June 28, 2019, bearing interest at a rate of 2.48% per
   annum, with a principal amount of $30,000,000, a repurchase price of
   $30,006,200, and a maturity date of July 1, 2019. The repurchase agreement
   is collateralized by the following:

                                    Interest                Principal
Type of Collateral                    Rate   Maturity Date   Amount       Value
------------------                  -------- ------------- ----------- -----------
U.S. Treasury Notes................   2.13%   11/30/2024   $30,110,800 $30,660,322

28




        SunAmerica Senior Floating Rate Fund, Inc.
        NOTES TO FINANCIAL STATEMENTS -- June 30, 2019 -- (unaudited)
        (continued)


   As of June 30, 2019, the Fund held an undivided interest in a joint
   repurchase agreement with Deutsche Bank AG:

                                                Percentage Principal
                                                Ownership   Amount
                                                ---------- ---------
            Senior Floating Rate Fund..........    2.74%   $755,000

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

   Deutsche Bank AG, dated June 28, 2019, bearing interest at a rate of 2.49%
   per annum, with a principal amount of $27,570,000, a repurchase price of
   $27,575,721, and a maturity date of July 1, 2019. The repurchase agreement
   is collateralized by the following:

                                    Interest                Principal
Type of Collateral                    Rate   Maturity Date   Amount       Value
------------------                  -------- ------------- ----------- -----------
U.S. Treasury Notes................   2.63%   07/15/2021   $27,654,000 $28,459,097

   As of June 30, 2019, the Fund held an undivided interest in a joint
   repurchase agreement with RBS Securities, Inc.:

                                                Percentage Principal
                                                Ownership   Amount
                                                ---------- ---------
            Senior Floating Rate Fund..........    2.79%   $920,000

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

   RBS Securities, Inc., dated June 28, 2019, bearing interest at a rate of
   2.48% per annum, with a principal amount of $33,000,000, a repurchase price
   of $33,006,820, and a maturity date of July 1, 2019. The repurchase
   agreement is collateralized by the following:

                                    Interest                Principal
Type of Collateral                    Rate   Maturity Date   Amount       Value
------------------                  -------- ------------- ----------- -----------
U.S. Treasury Notes................   2.88%   10/31/2023   $32,035,000 $33,680,548

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

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

   Securities Transactions, Investment Income, Expenses, Dividends and
   Distributions to Shareholders: Security transactions are recorded on a trade
   date basis. Realized gains and losses on sales of investments are calculated
   on the identified cost basis. Interest income is accrued daily from
   settlement date except when collection is

                                                                          29




        SunAmerica Senior Floating Rate Fund, Inc.
        NOTES TO FINANCIAL STATEMENTS -- June 30, 2019 -- (unaudited)
        (continued)

   not expected. Dividend income is recorded on the ex-dividend date. For
   financial statement purposes, the Fund amortizes all premiums and accretes
   all discounts. Facility fees are accreted over the life of the loan. Fees in
   the amount of $89,046 were recognized for the six months ended June 30,
   2019. Other income, including amendment fees, commitment fees, letter of
   credit fees, etc., which were $66,962 for the six months ended June 30,
   2019, are recorded as income when received or contractually due to the Fund.

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

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

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

   The Fund recognizes the tax benefits of uncertain tax positions only when
   the position is more likely than not to be sustained, assuming examination
   by tax authorities. Management has analyzed the Fund's tax positions and
   concluded that no liability for unrecognized tax benefits should be recorded
   related to uncertain tax positions taken on returns filed for open tax years
   2015-2017 or expected to be taken in the Fund's 2018 tax return. The Fund is
   not aware of any tax provisions for which it is reasonably possible that the
   total amounts of unrecognized tax benefits will change materially in the
   next twelve months. The Fund files U.S. federal and certain state income tax
   returns. With few exceptions, the Fund is no longer subject to U.S. federal
   and state tax examinations by tax authorities for tax returns ending before
   2015.

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

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

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

30




        SunAmerica Senior Floating Rate Fund, Inc.
        NOTES TO FINANCIAL STATEMENTS -- June 30, 2019 -- (unaudited)
        (continued)


   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 effective 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 January 1, 2019, the Fund is 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 will not be impacted.
   Adoption of the ASU had no material impact on the Fund.

Note 3. Capital Share Transactions

                                                                                   For the                   For the
                                                                               six months ended            year ended
                                                                                June 30, 2019           December 31, 2018
                                                                           -----------------------  ------------------------
                                                                             Shares       Amount      Shares       Amount
Class A                                                                    ----------  -----------  ----------  ------------
Shares sold...............................................................  1,497,404  $11,919,872   5,481,742   $44,300,731
Reinvested dividends......................................................    272,978    2,169,523     509,372     4,096,024
Shares redeemed........................................................... (2,554,727) (20,291,164) (4,147,475)  (33,471,507)
                                                                           ----------  -----------  ----------  ------------
Net increase (decrease) in shares outstanding before automatic conversion.   (784,345)  (6,201,769)  1,843,639    14,925,248
Shares issued/(reacquired) upon automatic conversion......................    117,853      928,998   1,400,892    11,357,027
                                                                           ----------  -----------  ----------  ------------
   Net increase (decrease)................................................   (666,492) $(5,272,771)  3,244,531   $26,282,275
                                                                           ==========  ===========  ==========  ============

                                                                                   For the                   For the
                                                                               six months ended            year ended
                                                                                June 30, 2019           December 31, 2018
                                                                           -----------------------  ------------------------
                                                                             Shares       Amount      Shares       Amount
Class C                                                                    ----------  -----------  ----------  ------------
Shares sold...............................................................    747,985   $5,938,289   2,003,292   $15,909,264
Reinvested dividends......................................................    193,300    1,535,657     427,597     3,440,328
Shares redeemed........................................................... (1,897,277) (15,042,925) (5,490,815)  (44,322,304)
                                                                           ----------  -----------  ----------  ------------
Net increase (decrease) in shares outstanding before automatic conversion.   (955,992)  (7,568,979) (3,059,926)  (24,972,712)
Shares issued/(reacquired) upon automatic conversion......................   (117,933)    (928,998) (1,402,611)  (11,357,027)
                                                                           ----------  -----------  ----------  ------------
   Net increase (decrease)................................................ (1,073,925) $(8,497,977) (4,462,537) $(36,329,739)
                                                                           ==========  ===========  ==========  ============

                                                                                   For the                   For the
                                                                               six months ended            year ended
                                                                                June 30, 2019           December 31, 2018
                                                                           -----------------------  ------------------------
                                                                             Shares       Amount      Shares       Amount
Class W                                                                    ----------  -----------  ----------  ------------
Shares sold...............................................................  3,307,383  $26,309,179   3,006,055   $24,317,429
Reinvested dividends......................................................    109,578      873,017     110,289       885,761
Shares redeemed........................................................... (2,324,196) (18,548,850) (1,851,429)  (14,958,054)
                                                                           ----------  -----------  ----------  ------------
   Net increase (decrease)................................................  1,092,765   $8,633,346   1,264,915   $10,245,136
                                                                           ==========  ===========  ==========  ============

Note 4. Purchases and Sales of Securities

   During the six months ended June 30, 2019, the Fund's cost of purchases and
   proceeds from sale of long-term investments, including loan principal
   paydowns, were $31,638,087 and $34,274,847, respectively.

Note 5. Investment Advisory Agreement and Other Transactions with Affiliates

   The Fund has entered into an Investment Advisory and Management Agreement
   (the "Advisory Agreement") with SunAmerica. Pursuant to the Advisory
   Agreement, SunAmerica provides continuous supervision of the Fund and
   administers its corporate affairs, subject to the general review and
   oversight of the Board. In connection therewith,

                                                                          31




        SunAmerica Senior Floating Rate Fund, Inc.
        NOTES TO FINANCIAL STATEMENTS -- June 30, 2019 -- (unaudited)
        (continued)

   SunAmerica furnishes the Fund with office facilities, maintains certain of
   the Fund's books and records and pays the salaries and expenses of all
   personnel, including officers of the Fund who are employees of SunAmerica
   and its affiliates. SunAmerica also selects, contracts with and compensates
   the subadviser to manage the Fund's assets. The Fund will pay SunAmerica a
   monthly management fee at the following annual rates, based on the average
   daily net assets of the Fund: 0.85% on the first $1 billion; 0.80% on the
   next $1 billion; and 0.75% in excess of $2 billion.

   Pursuant to an Advisory Fee Waiver Agreement, SunAmerica is contractually
   obligated to waive its advisory fee with respect to the Fund so that the
   advisory fee payable by the Fund to SunAmerica equals 0.63% on the first
   $2 billion of average daily net assets and 0.58% above $2 billion of average
   daily net assets. For the six months ended June 30, 2019, SunAmerica waived
   $267,513 of investment advisory fees.

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

   Pursuant to the Administrative Services Agreement (the "Administrative
   Agreement"), SunAmerica acts as the Fund's administrator and is responsible
   for providing and supervising the performance by others, of administrative
   services in connection with the operations of the Fund, subject to
   supervision by the Fund's Board. For its services, SunAmerica receives an
   annual fee equal to 0.20% of average daily net assets of the Fund. For the
   six months ended June 30, 2019, SunAmerica earned fees as reflected in the
   Statement of Operations based upon the aforementioned rate.

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

   Under the Class A Plan and Class C Plan, the Distributor receives payments
   from the Fund at an annual rate of 0.10% and 0.50%, respectively, of the
   average daily net assets of the Fund's Class A and Class C shares to
   compensate the Distributor and certain securities firms for providing sales
   and promotional activities for distributing that class of shares. The
   distribution costs for which the Distributor may be compensated include fees
   paid to broker-dealers that have sold Fund shares, commissions and other
   expenses such as those incurred for sales literature, prospectus printing
   and distribution and compensation to wholesalers. It is possible that in any
   given year, the amount paid to the Distributor under each Class' Plan may
   exceed the Distributor's distribution costs as described above. The Plans
   provide that the Class A and Class C shares of the Fund will pay the
   Distributor an account maintenance fee up to an annual rate of 0.25% of the
   aggregate average daily net assets of such class of shares for payments to
   compensate the Distributor and certain securities firms for account
   maintenance activities. The Distributor does not receive or retain any
   distribution and/or account maintenance fees for any shares when the
   shareholder does not have a broker of record. For the six months ended
   June 30, 2019, ACS received fees (see Statement of Operations) based upon
   the aforementioned rates.

   The Fund has entered into an Administrative and Shareholder Services
   Agreement with ACS, pursuant to which ACS is paid an annual fee of 0.15% of
   average daily net assets of Class W shares as compensation for providing
   additional shareholder services to Class W shareholders. For the six months
   ended June 30, 2019, ACS earned fees as reflected in the Statement of
   Operations based on the aforementioned rate.

   For the six months ended June 30, 2019, ACS received sales charges on
   Class A shares of $85,525, of which $39,644 was reallowed to affiliated
   broker-dealers and $30,631 to non-affiliated broker-dealers. In addition,
   ACS receives the proceeds of contingent deferred sales charges paid by
   investors in connection with certain redemptions of Class A and Class C
   shares. For the six months ended June 30, 2019, ACS received contingent
   deferred sales charges of $3,549.

32




        SunAmerica Senior Floating Rate Fund, Inc.
        NOTES TO FINANCIAL STATEMENTS -- June 30, 2019 -- (unaudited)
        (continued)


   The Fund has entered into a Service Agreement with AIG Fund Services, Inc.
   ("AFS") an affiliate of the Adviser. Under the Service Agreement, AFS
   performs certain shareholder account functions by assisting the Fund's
   transfer agent in connection with the services that it offers to the
   shareholders of the Fund. The Service Agreement, which permits the Fund to
   compensate AFS for services rendered based upon an annual rate of 0.22% of
   average daily net assets, is approved annually by the Board. For the
   six months ended June 30, 2019, the Fund incurred the following expenses,
   which are included in the transfer agent fees and expenses payable in the
   Statement of Assets and Liabilities and in transfer agent fees and expenses
   in the Statement of Operations to compensate AFS pursuant to the terms of
   the Service Agreement.

                                                         Payable at
                                               Expense  June 30, 2019
           -                                   -------- -------------
           Class A............................ $125,293    $20,450
           Class C............................  101,161     16,324
           Class W............................   41,060      6,884

   Effective March 8, 2019, SunAmerica has contractually agreed to waive fees
   and/or reimburse expenses to the extent necessary to cap the Fund's annual
   operating expenses at 1.02% for Class A, 1.42% for Class C and 0.82% for
   Class W of average daily net assets. Prior to March 8, 2019, SunAmerica
   contractually agreed to waive fees and/or reimburse expenses to the extent
   necessary to cap the Fund's annual operating expenses at 1.04% for Class A,
   1.44% for Class C and 0.84% for Class W of average daily net assets. For
   purposes of waived fees and/or reimbursed expense calculations, annual Fund
   operating expenses shall not include extraordinary expenses, (i.e., expenses
   that are unusual in nature and infrequent in occurrence, such as
   litigation), or acquired fund fees and expenses, brokerage commissions and
   other transactional expenses relating to the purchase and sale of portfolio
   securities, interest, taxes and governmental fees and other expenses not
   incurred in the ordinary course of the Fund's business. The expense
   reimbursements and fee waivers will continue indefinitely, unless terminated
   by the Board, including a majority of the Disinterested Directors. For the
   six months ended June 30, 2019, SunAmerica waived fees and/or reimbursed
   expenses as follows: Class A $328,819, Class C $266,528 and Class W $121,720.

Note 6. Federal Income Taxes

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

              Distributable Earnings                Tax Distributions
      ----------------------------------------    -------------------------------------
       For the year ended December 31, 2018       For the year ended December 31, 2018
      ----------------------------------------    -------------------------------------
                Long-term Gains/   Unrealized                          Long-term
      Ordinary    Capital and     Appreciation/    Ordinary            Capital
      Income     Other Losses     (Depreciation)    Income              Gains
      --------  ----------------  --------------      ------------     ---------
       $ --      $(24,525,023)    $(15,136,235)   $10,140,060            $ --

   Capital Loss Carryforwards: At December 31, 2018 for Federal income tax
   purposes, the Fund has $24,525,023 of unlimited long-term capital losses.

   Under the current law, capital losses realized after October 31 and
   specified ordinary losses may be deferred and treated as occurring on the
   first day of the following year. For the year ended December 31, 2018, the
   fund deferred $48,712 of late year ordinary losses, $152,773 of post-October
   short-term capital losses and $69,182 of post-October long-term capital
   losses.

   For the year ended December 31, 2018, reclassifications were made to
   increase accumulated net realized gain (loss) by $293,176 and undistributed
   net investment income by $293,176. The reclassifications arising from
   book/tax differences were due primarily to the reclassification of foreign
   currency gains and losses.

                                                                          33




        SunAmerica Senior Floating Rate Fund, Inc.
        NOTES TO FINANCIAL STATEMENTS -- June 30, 2019 -- (unaudited)
        (continued)


   At June 30, 2019, the amounts of aggregate unrealized gain (loss) and the
   cost of investment securities for federal tax purposes, including short-term
   securities, repurchase agreements and derivatives, were as follows:

   Cost (tax basis)............................................ $247,310,795
                                                                ============
   Gross unrealized appreciation...............................      712,479
   Gross unrealized depreciation...............................   (8,466,315)
                                                                ------------
   Net unrealized depreciation................................. $ (7,753,836)
                                                                ============

Note 7. Line of Credit

   The Fund, along with certain other funds managed by the Adviser has access
   to a $75 million committed unsecured line of credit and a $50 million
   uncommitted unsecured line of credit. The committed and uncommitted lines of
   credit are renewable on an annual basis with State Street Bank and Trust
   Company ("State Street"), the Fund's custodian. Interest is currently
   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.
   There is also a commitment fee of 25 basis points per annum on the daily
   unused portion of the committed line of credit and a one-time closing fee of
   $25,000 on the uncommitted line of credit. Borrowings under the line of
   credit will commence when the respective Fund's cash shortfall exceeds
   $100,000.

   For the six months ended June 30, 2019, the Fund did not utilize the line of
   credit.

Note 8. Interfund Lending

   Pursuant to the exemptive relief granted by the SEC, the Fund is permitted
   to participate in an interfund lending program among investment companies
   advised by SunAmerica or an affiliate. The interfund lending program allows
   the participating funds to borrow money from and lend money to each other
   for temporary or emergency purposes. An interfund loan will be made under
   this facility only if the participating funds receive a more favorable
   interest rate than would otherwise be available from a typical bank for a
   comparable transaction. For the six months ended June 30, 2019, the Fund did
   not participate in this program.

Note 9. Investment Concentration

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

Note 10. Unfunded Loan Commitments

   At June 30, 2019, the Fund had the following unfunded loan commitments which
   could be extended at the option of the Borrower:

                                                  Maturity    Principal
Borrower                                Type        Date       Amount    Value
--------                            ------------ ----------   --------- -------
Allied Universal Holdco LLC........ Delayed Draw 07/10/2026    $83,606  $83,363

34




        SunAmerica Senior Floating Rate Fund, Inc.
        APPROVAL OF THE INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT AND
        SUBADVISORY AGREEMENT -- June 30, 2019 -- (unaudited)

The Board of Directors (the "Board" the members of which are referred to as
"Directors") of AIG Senior Floating Rate Fund, Inc. (the "Fund"), including the
Directors 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 Directors"), of the Fund, SunAmerica Asset Management, LLC
("SunAmerica") or Wellington Management Company LLP ("Wellington"), approved
the continuation of the Investment Advisory and Management Agreement between
the Fund and SunAmerica (the "Advisory Agreement") for a one-year period ending
June 30, 2020 at an in-person meeting held on June 4-5, 2019 (the "Meeting").
At the Meeting, the Board, including the Independent Directors, also approved
the continuation of the Subadvisory Agreement between SunAmerica and Wellington
with respect to the Fund for a one-year period ending June 30, 2020 (the
"Subadvisory Agreement," and together with the Advisory Agreement, the
"Agreements").

In accordance with Section 15(c) of the 1940 Act, the Board requested, and
SunAmerica and Wellington provided materials relating to the Board's
consideration of whether to approve the continuation of the Agreements. These
materials included: (a) a summary of the services provided to the Fund by
SunAmerica and its affiliates, and by Wellington; (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 Fund, and the investment performance of the Fund as compared with a peer
group of funds, along with fee and performance data with respect to the Fund
and any other mutual funds or accounts advised or subadvised by SunAmerica or
Wellington 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 about SunAmerica's and Wellington's risk
management processes; (g) information regarding brokerage and soft dollar
practices; and (h) information about the key personnel of SunAmerica and its
affiliates, and Wellington, that are involved in the investment management,
administration, compliance and risk management activities with respect to the
Fund, as well as current and projected staffing levels and compensation
practices.

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

Nature, Extent and Quality of Services Provided by SunAmerica and Wellington

The Board, including the Independent Directors, 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 Fund, managing
the daily business affairs of the Fund, and obtaining and evaluating economic,
statistical and financial information to formulate and implement the Fund's
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 directors of the Fund 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 Wellington. In addition to the quality of the advisory
services provided by SunAmerica, the Board considered the quality of the
administrative and other services provided by SunAmerica to the Fund pursuant
to the Advisory Agreement. The Board also considered the significant risks
assumed by SunAmerica in connection with the services provided to the Fund
including investment, operational, enterprise, litigation, regulatory and
compliance risks with respect to the Fund. Additionally, the Board observed
that SunAmerica performs or supervises the performance by others of other
administrative services in connection with the operation of the Fund pursuant
to the Administrative Services Agreement between SunAmerica and the Fund (the
"Administrative Services Agreement").

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 Fund. The Board also reviewed the personnel
responsible for providing advisory services to the Fund 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

                                                                          35




        SunAmerica Senior Floating Rate Fund, Inc.
        APPROVAL OF THE INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT AND
        SUBADVISORY AGREEMENT -- June 30, 2019 -- (unaudited) (continued)

diligence and attention to detail in carrying out its advisory and other
responsibilities under the Advisory Agreement; (iii) SunAmerica has been
responsive to requests of the Board; and (iv) SunAmerica has kept the Board
apprised of developments relating to the Fund and the industry in general. The
Board concluded that the nature and extent of services provided under the
Advisory Agreement were reasonable and appropriate in relation to the
management fees and that the quality of services continues to be high. The
Board also noted the high quality of services under the Administrative Services
Agreement.

The Board also considered SunAmerica's reputation and relationship with the
Fund 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, 2019, SunAmerica managed, advised and/or
administered approximately $85.8 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 Fund.
The Board also considered SunAmerica's risk management processes. The Board
further observed that SunAmerica has developed internal procedures for
monitoring compliance with the investment objectives, policies and restrictions
of the Fund as set forth in the Fund's prospectus. 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 Fund.

The Board also considered the nature, extent and quality of services provided
by Wellington. The Board observed that Wellington is 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, or portion thereof, that Wellington manages, subject to the
oversight and review of SunAmerica. The Board reviewed Wellington's history,
structure, size, visibility and resources, which are needed to attract and
retain highly qualified investment professionals. The Board reviewed the
personnel that are responsible for providing subadvisory services to the Fund,
and other key personnel of Wellington, in addition to current and projected
staffing levels and compensation practices, and concluded, based on its
experience with Wellington, that Wellington: (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 Subadvisory Agreement; and (iii) has been responsive
to requests of the Board and of SunAmerica. In addition, the Board considered
Wellington's code of ethics and risk management process. The Board further
observed that Wellington has developed internal policies and procedures for
monitoring compliance with the investment objectives, policies and restrictions
of the Fund as set forth in the Fund's prospectus. The Board also reviewed
Wellington's compliance and regulatory history and noted that there were no
material legal, regulatory or compliance issues that would potentially impact
Wellington from effectively serving as a subadviser to the Fund. The Board
concluded that the nature and extent of services provided by Wellington under
the Subadvisory Agreement 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 Directors, also considered the investment
performance of SunAmerica and Wellington with respect to the Fund. In
connection with its review, the Board received and reviewed information
regarding the investment performance of the Fund as compared to the Fund's peer
group ("Peer Group") and peer universe ("Peer Universe") as independently
determined by Broadridge and to an appropriate index or combination of indices,
including the Fund's benchmarks. The Board was provided with a description of
the methodology used by Broadridge to select the funds in the Peer Group and
Peer Universe.

The Board noted that performance information was for the periods ended
March 31, 2019. The Board also noted that it regularly reviews the performance
of the Fund throughout the year. The Board further noted that, while it
monitors performance of the Fund closely, it generally attaches more importance
to performance over relatively long periods of time, typically three to five
years.

36




        SunAmerica Senior Floating Rate Fund, Inc.
        APPROVAL OF THE INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT AND
        SUBADVISORY AGREEMENT -- June 30, 2019 -- (unaudited) (continued)


The Board considered that the Fund's performance was above the medians of its
Peer Group and Peer Universe for the one-, three- and five-year periods. The
Board further noted that the Fund outperformed its Broadridge Index for the
three-year period and underperformed its Broadridge Index for the one- and
five-year periods. The Board noted management's discussion of the Fund's
performance and concluded that the Portfolio's overall performance was
satisfactory.

Consideration of the Management Fees and the Cost of the Services and Profits
to be Realized by SunAmerica, Wellington and their Affiliates from the
Relationship with the Fund

The Board, including the Independent Directors, received and reviewed
information regarding the fees paid by the Fund to SunAmerica pursuant to the
Advisory Agreement and the fees paid by SunAmerica to Wellington pursuant to
the Subadvisory Agreement. 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, Wellington or their affiliates in connection with providing such
services to the Fund.

To assist in analyzing the reasonableness of the management fees for the Fund,
the Board received reports independently prepared by Broadridge. The reports
showed comparative fee information for the Fund's Peer Group and Peer Universe
as determined by Broadridge, including rankings within each category. In
considering the reasonableness of the management fees to be paid by the 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 the 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. 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 Peer Group and Peer Universe may appear lower on a
relative basis. The Board also considered the various expense components of the
Fund and compared the Fund's net expense ratio to those of other funds within
its Peer Group and Peer Universe as a guide to help assess the reasonableness
of the management fee for the Fund. The Board acknowledged that it was
difficult to make precise comparisons with other funds in the Peer Group and
Peer Universe 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 further considered services and management fees received by
SunAmerica with respect to other mutual funds with similar investment
strategies to the Fund. The Board then noted the management fee paid by the
Fund was reasonable as compared to the fees SunAmerica was receiving from other
mutual funds for which it serves as adviser.

The Board also received and reviewed information regarding the fees paid by
SunAmerica to Wellington pursuant to the Subadvisory Agreement. To assist in
analyzing the reasonableness of the subadvisory fee, the Board received a
report independently prepared by Broadridge. The report showed comparative fee
information of the Fund's Peer Group and/or Peer Universe that the Directors
used as a guide to help assess the reasonableness of the subadvisory fee. The
Directors noted that the Peer Group/Universe information as a whole was useful
in assessing whether Wellington was providing services at a cost that was
competitive with other, similar funds. The Directors also considered that the
subadvisory fee is paid by SunAmerica out of its management fees and not by the
Fund, 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 fee paid out 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 Wellington,
respectively.

The Board also considered fees received by Wellington with respect to other
mutual funds and accounts with similar investment strategies to the Fund for
which Wellington serves as adviser or subadviser, to the extent applicable. The
Board noted in particular that the similar accounts identified by Wellington
were institutional separate accounts, and

                                                                          37




        SunAmerica Senior Floating Rate Fund, Inc.
        APPROVAL OF THE INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT AND
        SUBADVISORY AGREEMENT -- June 30, 2019 -- (unaudited) (continued)

Wellington highlighted certain differences between these separate accounts and
the Fund, including that these separate 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 fee
paid by SunAmerica to Wellington was reasonable as compared to fees Wellington
receives for other comparable accounts for which they serve as adviser or
subadviser.

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 that the Fund's advisory fee
contains breakpoints and further noted management's discussions regarding the
Fund's expenses. The Board also took into account recent actions to reduce Fund
expenses through management fee waivers and expense limitations.

Profitability

The Board also considered SunAmerica's profitability and the benefits
SunAmerica and its affiliates received from their relationship with the Fund.
The Board received and reviewed financial statements relating to SunAmerica's
financial condition and profitability with respect to the services it provided
the Fund 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 Fund, 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
Agreement, including the amount of management fees retained after payment to
Wellington, as well as the profitability of SunAmerica under the Administrative
Services Agreement, and considered the profitability of SunAmerica's affiliates
under the Rule 12b-1 Plans, Service Agreement and Administrative and
Shareholder Services Agreement. Additionally, the Board considered whether
SunAmerica, Wellington and their affiliates received any indirect benefits from
the relationship with the Fund. 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 Fund. 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
Wellington and considered whether Wellington 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 Wellington had the financial resources
necessary to perform its obligations under the Agreements and to continue to
provide the Fund with the high quality services that they had provided in the
past. The Board further concluded that the management fees were reasonable in
light of the factors discussed above.

Economies of Scale

The Board, including the Independent Directors, considered whether the
shareholders would benefit from economies of scale and whether there was
potential for future realization of economies with respect to the Fund. The
Board considered that as a result of being part of the AIG fund complex, the
Fund shares common resources and may share certain expenses, and if the size of
the complex increases, the Fund could incur lower expenses than it otherwise
would achieve as a stand-alone entity. The Board also took into account that
the Fund had a management fee arrangement that included breakpoints that will
adjust the fee downward as the size of the Fund increases, thereby allowing the
shareholders to potentially participate in any economies of scale. The Board
further noted that SunAmerica has agreed to contractually cap the total annual
operating expenses of the Fund 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 Fund's

38




        SunAmerica Senior Floating Rate Fund, Inc.
        APPROVAL OF THE INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT AND
        SUBADVISORY AGREEMENT -- June 30, 2019 -- (unaudited) (continued)

management fee structure was reasonable and that it would continue to review
fees in connection with the renewal of the Advisory Agreement, including
whether the implementation of additional breakpoints would be appropriate in
the future due to an increase in asset size or otherwise.

The Board noted that the Subadvisory Agreement included breakpoints, but did
not review specific information regarding whether there have been economies of
scale with respect to Wellington's management of the Fund because it regards
that information as less relevant at the subadviser level. Rather, the Board
considered information regarding economies of scale in the context of the
renewal of the Advisory Agreement and concluded that the management fee
structure, including the amount of management fee retained by SunAmerica, was
reasonable in light of the factors described above.

Other Factors

In consideration of the Agreements, the Board also received information
regarding SunAmerica's and Wellington's brokerage and soft dollar practices.
The Board considered that Wellington is responsible for decisions to buy and
sell securities for the Fund, selection of broker-dealers and negotiation of
commission rates, as applicable. The Board also considered that the Fund
invests primarily in senior secured floating rate loans and, therefore, the
Fund generally does not incur significant brokerage commissions.

Conclusion

After a full and complete discussion, the Board approved the Agreements, each
for a one-year period ending June 30, 2020. Based upon its evaluation of all
these factors in their totality, the Board, including the Independent
Directors, was satisfied that the terms of the Agreements were fair and
reasonable and in the best interests of the Fund and the Fund's 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 Director may have
attributed different weights to different factors. The Independent Directors
were also assisted by the advice of independent legal counsel in making this
determination.

                                                                          39





[LOGO]
AIG Funds
Harborside 5
185 Hudson Street, Suite 3300
Jersey City, NJ 07311

Directors                  VOTING PROXIES ON FUND     DISCLOSURE OF QUARTERLY
 Dr. Judith L. Craven      PORTFOLIO SECURITIES       PORTFOLIO HOLDINGS
 William F. Devin          A description of the       The Fund is required to
 Richard W. Grant          policies and proce-dures   file its complete
 Stephen J. Gutman         that the Fund uses to      schedule of portfolio
 Peter A. Harbeck          determine how to vote      holdings for its first
 Eileen A. Kamerick        proxies related to         and third fiscal quarters
Officers                   securities held in the     with the U.S. Securities
 John T. Genoy, President  Fund's portfolio, which    and Exchange Commission
   and Chief Executive     is available in the        on Form N-PORT. The
   Officer                 Fund's Statement of        Fund's Form N-PORT is
 James Nichols, Vice       Additional Information     available on the U.S.
   President               may be ob-tained without   Securities and Exchange
 Timothy Pettee, Vice      charge upon request, by    Commission's website at
   President               calling (800) 858-8850.    http://www.sec.gov.
 Christopher C. Joe,       This in-formation is also  PROXY VOTING RECORD ON
   Chief Compliance        available from the EDGAR   FUND PORTFOLIO SECURITIES
   Officer                 database on the U.S.       Information regarding how
 Gregory N. Bressler,      Secu-rities and Exchange   the Fund voted proxies
   Secretary               Commission's website at    relating to securities
 Gregory R. Kingston,      http://www.sec.gov.        held in the Fund's
   Treasurer               DELIVERY OF SHAREHOLDER    portfolio during the most
 Kathleen Fuentes, Chief   DOCUMENTS                  recent twelve month
   Legal Officer and       The Fund has adopted a     period ended June 30 is
   Assistant Secretary     policy that allows it to   available, once filed
 Matthew J. Hackethal,     send only one copy of the  with the U.S. Securities
   Anti-Money Laundering   Fund's prospectus, proxy   and Exchange Commis-sion,
   Compliance Officer      material, annual report    without charge, upon
 Donna McManus, Vice       and semi-annual report     request, by calling
   President and           (the "shareholder          (800) 858-8850 or on the
   Assistant Treasurer     documents") to             U.S. Securities and
 Shawn Parry, Vice         shareholders with          Exchange Commission's
   President and           multiple accounts          website at
   Assistant Treasurer     residing at the same       http://www.sec.gov.
Investment Adviser         "household." This          This report is submitted
 SunAmerica Asset          practice is called         solely for the general
   Management, LLC         householding and reduces   information of
 Harborside 5              Fund expenses, which       shareholders of the Fund.
 185 Hudson Street, Suite  benefits you and other     Distribution of this
   3300                    shareholders. Unless the   report to persons other
 Jersey City, NJ 07311     Fund receives              than shareholders of the
Distributor                instructions to the        Fund is authorized only
 AIG Capital Services,     con-trary, you will only   in connection with a
   Inc.                    receive one copy of the    currently effective
 Harborside 5              shareholder documents.     prospectus, setting forth
 185 Hudson Street, Suite  The Fund will continue to  details of the Fund,
   3300                    household the              which must precede or
 Jersey City, NJ 07311     share-holder documents     accompany this report.
Shareholder Servicing      indefinitely, until we     The accompanying report
Agent                      are instructed otherwise.  has not been audited by
 AIG Fund Services, Inc.   If you do not wish to      independent accountants
 Harborside 5              participate in             and accordingly no
 185 Hudson Street, Suite  house-holding, please      opinion has been
   3300                    contact Shareholder        expressed thereon.
 Jersey City, NJ 07311     Services at (800)
Transfer Agent             858-8850 ext. 6010 or
 DST Asset Manager         send a written request
   Solutions, Inc.         with your name, the name
 303 W 11th Street         of your fund(s) and your
 Kansas City, MO 64105     account number(s) to AIG
Custodian                  Funds, P.O. Box 219186,
 State Street Bank and     Kansas City MO,
   Trust Company           64121-9186. We will
 One Lincoln St.           resume individual
 Boston, MA 02111          mailings for your account
                           within thirty (30) days
                           of receipt of your
                           request.



Item 5. Audit Committee of Listed Registrants.

     Not  applicable.

Item 6. Investments.

     Included in Item 1 to the Form.

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

     Not  applicable.

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

     Not  applicable.

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

     Not  applicable.

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

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

Item 11. Controls and Procedures.

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

     (b)  There was no change in the registrant's internal control over
          financial reporting (as defined in Rule 30a-3(d) under the Investment
          Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the
          most recent fiscal-half year that has materially affected, or is
          reasonably likely to materially affect, the registrant's internal
          contro1 over financial reporting.


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

         Not applicable.

Item 13. Exhibits.

     (a)  (1) Not applicable.

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

          (3) Not applicable.

          (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.