-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FMKh20YqS4Pmu6VuW8jn8lfipJCATwTZloEEAQU5oQEuV181J7UI2j7RI8G7HSOJ tziqlUuaAtoGslobIhVZ5g== 0001193125-09-126790.txt : 20090608 0001193125-09-126790.hdr.sgml : 20090608 20090608125937 ACCESSION NUMBER: 0001193125-09-126790 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20090331 FILED AS OF DATE: 20090608 DATE AS OF CHANGE: 20090608 EFFECTIVENESS DATE: 20090608 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUNAMERICA EQUITY FUNDS CENTRAL INDEX KEY: 0000799084 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04801 FILM NUMBER: 09879064 BUSINESS ADDRESS: STREET 1: HARBORSIDE FINANCIAL CENTER STREET 2: 3200 PLAZA 5 CITY: JERSEY CITY STATE: NJ ZIP: 07311 BUSINESS PHONE: 800-858-8850 MAIL ADDRESS: STREET 1: HARBORSIDE FINANCIAL CENTER STREET 2: 3200 PLAZA 5 CITY: JERSEY CITY STATE: NJ ZIP: 07311 FORMER COMPANY: FORMER CONFORMED NAME: SUNAMERICA EQUITY PORTFOLIOS DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: INTEGRATED EQUITY PORTFOLIOS DATE OF NAME CHANGE: 19900306 0000799084 S000007622 Blue Chip Growth C000020786 Class A C000020787 Class B C000020788 Class C C000020789 Class I 0000799084 S000007623 Growth Opportunities C000020790 Class A C000020791 Class B C000020792 Class C C000020793 Class I 0000799084 S000007624 New Century C000020794 Class A C000020795 Class B C000020796 Class C 0000799084 S000007625 Balanced Assets C000020797 Class A C000020798 Class B C000020799 Class C C000020800 Class I 0000799084 S000007626 Growth & Income C000020801 Class A C000020802 Class B C000020803 Class C C000020804 Class I 0000799084 S000007627 Disciplined Growth Fund C000020805 Class A C000020806 Class B C000020807 Class C 0000799084 S000007629 International Equity C000020811 Class A C000020812 Class B C000020813 Class C C000020814 Class I 0000799084 S000007630 SunAmerica Value Fund C000020815 Class A C000020816 Class B C000020817 Class C C000020818 Class Z C000020819 Class I 0000799084 S000012533 SunAmerica International Small-Cap Fund C000034072 Class A C000034073 Class B C000034074 Class C N-CSRS 1 dncsrs.txt SUNAMERICA EQUITY FUNDS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-04801 --------------------------------------------- SunAmerica Equity Funds - -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) Harborside Financial Center, 3200 Plaza 5 Jersey City, NJ 07311 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) John T. Genoy Senior Vice President SunAmerica Asset Management Corp. Harborside Financial Center, 3200 Plaza 5 Jersey City, NJ 07311 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (201) 324-6414 ----------------------------- Date of fiscal year end: September 30 -------------------------- Date of reporting period: March 31, 2009 ------------------------- Item 1. Reports to Stockholders [PHOTO] SEMI-ANNUAL REPORT 2009 SUNAMERICA Equity Funds [LOGO] March 31, 2009 SEMI-ANNUAL REPORT SUNAMERICA EQUITY FUNDS SunAmerica Blue Chip Growth Fund (SVLAX) SunAmerica Growth Opportunities Fund (SGWAX) SunAmerica New Century Fund (SEGAX) SunAmerica Growth and Income Fund (SEIAX) SunAmerica Balanced Assets Fund (SBAAX) SunAmerica International Equity Fund (SIEAX) SunAmerica Value Fund (SSVAX) SunAmerica Disciplined Growth Fund (TXMAX) SunAmerica International Small-Cap Fund (SAESX) Table of Contents SHAREHOLDER LETTER.................. 2 EXPENSE EXAMPLE..................... 3 STATEMENT OF ASSETS AND LIABILITIES. 6 STATEMENT OF OPERATIONS............. 10 STATEMENT OF CHANGES IN NET ASSETS.. 12 FINANCIAL HIGHLIGHTS................ 15 PORTFOLIO OF INVESTMENTS............ 24 NOTES TO FINANCIAL STATEMENTS....... 64
Shareholder Letter Dear Shareholder, The six month period ended March 31, 2009 was one of the most challenging in the history of the equity markets. The period began in the wake of Lehman Brothers bankruptcy and government intervention to support other financial institutions. Credit markets were frozen, credit spreads widened and even money market funds were challenged. As the semi-annual period progressed, Gross Domestic Product (GDP), a measure of a country's economic output or growth, contracted, unemployment rose, consumer confidence sank and the equity markets declined. The policy response to this historic economic situation has been strong and multifaceted. The U.S. Government has responded by launching a variety of programs designed to support financial institutions, restart consumer credit and remove toxic assets from banks' balance sheets. In addition, the U.S., other developed nations and emerging countries have launched significant stimulus programs designed to stimulate domestic economic demand. With short-term interest rates effectively at zero, the Federal Reserve embarked on a program of buying government bonds to create new money in the economy. While the economic trends remained negative at the end of the semi-annual period, there are signs that the rate of decline was stabilizing. The jury is still out regarding future economic growth as the battle between deflation and inflation is waged. Investors continue to search for evidence that credit markets are functioning, banks are lending and the economy is growing. While the equity markets had a strong rally in March, the S&P 500 Index returned -30.54% over the six month period. In addition, while the crisis was born in the U.S., its ramifications were global as exhibited by the MSCI EAFE's - -31.11% return over the semi-annual period. The decline was indiscriminate attacking all equity asset classes and styles. In the face of these challenging markets, your portfolio managers worked diligently against headwinds presented by the markets and the economy to build portfolios that can potentially benefit from tailwinds, which low interest rates and fiscal stimulus eventually should provide. We urge you to meet with your financial adviser and review your portfolio regularly. We also encourage you to visit our website, www.sunamericafunds.com, for additional information. We thank you for your investment in our funds. Sincerely, The SunAmerica Equity Funds Investment Professionals John Massey Sarah Kallok Robin Thorn Steve Neimeth Soraya Benitez Chantal Brennan Jay Rushin Karen Forte Brendan Voege Ben Barrett Andrew Sheridan Mike Beaulieu Sandra Salas Jay Merchant Alison Larkin Kara Murphy
- -------- Past performance is no guarantee of future results. 2 SunAmerica Equity Funds EXPENSE EXAMPLE -- March 31, 2009 -- (unaudited) Disclosure of Portfolio Expenses in Shareholder Reports As a shareholder of a Fund (each, a "Fund" and collectively, the "Funds") in the SunAmerica Equity Funds (the "Trust"), you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges, redemption fees (applicable to Class A shares of SunAmerica International Equity Fund and SunAmerica International Small-Cap Fund only) and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. The Example set forth below is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at October 1, 2008 and held until March 31, 2009. Actual Expenses The "Actual" section of the table provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled "Expenses Paid During the Six Months Ended March 31, 2009" to estimate the expenses you paid on your account during this period. For shareholder accounts in classes other than Class I and Class Z, the "Expenses Paid During the Six Months Ended March 31, 2009" column does not include small account fees that may be charged if your account balance is below $500 ($250 for retirement plan accounts). In addition, the "Expenses Paid During the Six Months Ended March 31, 2009" column does not include administrative fees that may apply to qualified retirement plan accounts. See the Funds' prospectus and/or your retirement plan documents for full description of these fees. Had these fees been included, the "Expenses Paid During the Six Months Ended March 31, 2009" column would have been higher and the "Ending Account Value" would have been lower. Hypothetical Example for Comparison Purposes The "Hypothetical" section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. For shareholder accounts in classes other than Class I and Class Z the "Expenses Paid During the Six Months Ended March 31, 2009" column does not include small account fees that may be charged if your account balance is below $500 ($250 for retirement plan accounts). In addition, the "Expenses Paid During the Six Months Ended March 31, 2009" column does not include administrative fees that may apply to qualified retirement plan accounts. See the Funds' prospectus and/or your retirement plan document for full description of these fees. Had these fees been included, the "Expenses Paid During the Six Months Ended March 31, 2009" column would have been higher and the "Ending Account Value" would have been lower. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, including sales charges on purchase payments, contingent deferred sales charges, redemption fees (applicable to Class A shares of SunAmerica International Equity Fund and SunAmerica International Small-Cap Fund only); small account fees and administrative fees, if applicable to your account. Please refer to the Fund's prospectus and/or qualified retirement plan document for more information. Therefore, the "Hypothetical" example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs and other fees were included, your costs would have been higher. 3 SunAmerica Equity Funds EXPENSE EXAMPLE -- March 31, 2009 -- (unaudited) (continued)
Actual Hypothetical ------------------------------------------- ------------------------------------------- Ending Account Ending Account Value using Value Using Expenses Paid a Hypothetical Expenses Paid Expense Beginning Actual During the Six Beginning 5% Assumed During the Six Ratio Account Value Return at Months Ended Account Value Return at Months Ended as of at October 1, March 31, March 31, at October 1, March 31, March 31, March 31, Fund 2008 2009 2009 2008 2009 2009 2009* - ---- ------------- -------------- -------------- ------------- -------------- -------------- --------- Blue Chip Growth Fund#@ Class A..................... $1,000.00 $743.80 $ 8.09 $1,000.00 $1,015.66 $ 9.35 1.86% Class B..................... $1,000.00 $740.23 $11.84 $1,000.00 $1,011.32 $13.69 2.73% Class C..................... $1,000.00 $739.37 $12.40 $1,000.00 $1,010.67 $14.34 2.86% Class I..................... $1,000.00 $745.38 $ 5.79 $1,000.00 $1,018.30 $ 6.69 1.33% Growth Opportunities Fund#@ Class A..................... $1,000.00 $791.73 $ 9.51 $1,000.00 $1,014.31 $10.70 2.13% Class B..................... $1,000.00 $788.39 $13.29 $1,000.00 $1,010.07 $14.93 2.98% Class C..................... $1,000.00 $787.82 $13.55 $1,000.00 $1,009.77 $15.23 3.04% Class I..................... $1,000.00 $794.66 $ 5.86 $1,000.00 $1,018.40 $ 6.59 1.31% New Century Fund#@ Class A..................... $1,000.00 $704.93 $ 7.99 $1,000.00 $1,015.56 $ 9.45 1.88% Class B..................... $1,000.00 $700.75 $12.34 $1,000.00 $1,010.42 $14.59 2.91% Class C..................... $1,000.00 $703.53 $ 9.00 $1,000.00 $1,014.36 $10.65 2.12% Growth and Income Fund#@ Class A..................... $1,000.00 $679.25 $ 7.37 $1,000.00 $1,016.16 $ 8.85 1.76% Class B..................... $1,000.00 $676.21 $10.70 $1,000.00 $1,012.17 $12.84 2.56% Class C..................... $1,000.00 $676.55 $10.28 $1,000.00 $1,012.67 $12.34 2.46% Class I..................... $1,000.00 $680.35 $ 5.53 $1,000.00 $1,018.35 $ 6.64 1.32% Balanced Assets Fund#@ Class A..................... $1,000.00 $800.63 $ 7.81 $1,000.00 $1,016.26 $ 8.75 1.74% Class B..................... $1,000.00 $798.04 $11.30 $1,000.00 $1,012.37 $12.64 2.52% Class C..................... $1,000.00 $797.90 $11.03 $1,000.00 $1,012.67 $12.34 2.46% Class I..................... $1,000.00 $802.34 $ 5.98 $1,000.00 $1,018.30 $ 6.69 1.33% International Equity Fund#@ Class A..................... $1,000.00 $643.94 $ 7.79 $1,000.00 $1,015.46 $ 9.55 1.90% Class B..................... $1,000.00 $641.71 $10.44 $1,000.00 $1,012.22 $12.79 2.55% Class C..................... $1,000.00 $641.96 $10.44 $1,000.00 $1,012.22 $12.79 2.55% Class I..................... $1,000.00 $644.14 $ 7.38 $1,000.00 $1,015.96 $ 9.05 1.80% Value Fund#@ Class A..................... $1,000.00 $670.61 $ 6.79 $1,000.00 $1,016.80 $ 8.20 1.63% Class B..................... $1,000.00 $668.65 $ 9.49 $1,000.00 $1,013.56 $11.45 2.28% Class C..................... $1,000.00 $668.65 $ 9.49 $1,000.00 $1,013.56 $11.45 2.28% Class I..................... $1,000.00 $670.94 $ 6.37 $1,000.00 $1,017.30 $ 7.70 1.53% Class Z..................... $1,000.00 $672.06 $ 4.42 $1,000.00 $1,019.65 $ 5.34 1.06% Disciplined Growth Fund#@ Class A..................... $1,000.00 $738.03 $ 6.28 $1,000.00 $1,017.70 $ 7.29 1.45% Class B..................... $1,000.00 $735.24 $ 9.09 $1,000.00 $1,014.46 $10.55 2.10% Class C..................... $1,000.00 $735.49 $ 9.09 $1,000.00 $1,014.46 $10.55 2.10% International Small-Cap Fund# Class A..................... $1,000.00 $677.60 $ 7.95 $1,000.00 $1,015.46 $ 9.55 1.90% Class B..................... $1,000.00 $676.00 $10.66 $1,000.00 $1,012.22 $12.79 2.55% Class C..................... $1,000.00 $676.00 $10.66 $1,000.00 $1,012.22 $12.79 2.55%
- -------- * Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 182 days divided by 365 days. These ratios do not reflect transaction costs, including sales charges on purchase payments, contingent deferred sales charges, redemption fees (SunAmerica International Equity Fund and SunAmerica International Small-Cap Fund only), small account fees and administrative fees, if applicable to your account. Please refer to your Prospectus and/or qualified retirement plan document for more information. # During the stated period, the investment advisor either waived a portion of or all of the fees and assumed a portion of or all expenses for the Funds or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. As a result, if these fees and expenses had not been waived or assumed, the "Actual/Hypothetical Ending Account Value" would have been lower and the "Actual/Hypothetical Expenses Paid During the Six Months Ended March 31, 2009" and the "Expense Ratios" would have been higher. If these fees and expenses had not been recouped, the "Actual/Hypothetical Ending Account Value" would have been higher and the "Actual/Hypothetical Expenses Paid During the Six Months Ended March 31, 2009" and "Expense Ratios" would have been lower. @ Through expense offset arrangements resulting from broker commission recapture, a portion of the Fund's expenses have been reduced. Had the expense reductions been applied, the Expense Example would have been as follows: 4 SunAmerica Equity Funds EXPENSE EXAMPLE -- March 31, 2009 -- (unaudited) (continued)
Actual Hypothetical ------------------------------------------- ------------------------------------------- Ending Account Ending Account Value using Value Using Expenses Paid a Hypothetical Expenses Paid Expense Beginning Actual During the Six Beginning 5% Assumed During the Six Ratio Account Value Return at Months Ended Account Value Return at Months Ended as of at October 1, March 31, March 31, at October 1, March 31, March 31, March 31, Fund 2008 2009 2009 2008 2009 2009 2009* - ---- ------------- -------------- -------------- ------------- -------------- -------------- --------- Blue Chip Growth Fund# Class A.................. $1,000.00 $743.80 $ 8.09 $1,000.00 $1,015.66 $ 9.35 1.86% Class B.................. $1,000.00 $740.23 $11.84 $1,000.00 $1,011.32 $13.69 2.73% Class C.................. $1,000.00 $739.37 $12.40 $1,000.00 $1,010.67 $14.34 2.86% Class I.................. $1,000.00 $745.38 $ 5.79 $1,000.00 $1,018.30 $ 6.69 1.33% Growth Opportunities Fund# Class A.................. $1,000.00 $791.73 $ 9.34 $1,000.00 $1,014.51 $10.50 2.09% Class B.................. $1,000.00 $788.39 $13.11 $1,000.00 $1,010.27 $14.74 2.94% Class C.................. $1,000.00 $787.82 $13.33 $1,000.00 $1,010.02 $14.98 2.99% Class I.................. $1,000.00 $794.66 $ 5.68 $1,000.00 $1,018.60 $ 6.39 1.27% New Century Fund# Class A.................. $1,000.00 $704.93 $ 7.82 $1,000.00 $1,015.76 $ 9.25 1.84% Class B.................. $1,000.00 $700.75 $12.17 $1,000.00 $1,010.62 $14.39 2.87% Class C.................. $1,000.00 $703.53 $ 8.83 $1,000.00 $1,014.56 $10.45 2.08% Growth and Income Fund# Class A.................. $1,000.00 $679.25 $ 7.37 $1,000.00 $1,016.16 $ 8.85 1.76% Class B.................. $1,000.00 $676.21 $10.70 $1,000.00 $1,012.17 $12.84 2.56% Class C.................. $1,000.00 $676.55 $10.28 $1,000.00 $1,012.67 $12.34 2.46% Class I.................. $1,000.00 $680.35 $ 5.53 $1,000.00 $1,018.35 $ 6.64 1.32% Balanced Assets Fund# Class A.................. $1,000.00 $800.63 $ 7.81 $1,000.00 $1,016.26 $ 8.75 1.74% Class B.................. $1,000.00 $798.04 $11.30 $1,000.00 $1,012.37 $12.64 2.52% Class C.................. $1,000.00 $797.90 $11.03 $1,000.00 $1,012.67 $12.34 2.46% Class I.................. $1,000.00 $802.34 $ 5.98 $1,000.00 $1,018.30 $ 6.69 1.33% International Equity Fund# Class A.................. $1,000.00 $643.94 $ 7.79 $1,000.00 $1,015.46 $ 9.55 1.90% Class B.................. $1,000.00 $641.71 $10.44 $1,000.00 $1,012.22 $12.79 2.55% Class C.................. $1,000.00 $641.96 $10.44 $1,000.00 $1,012.22 $12.79 2.55% Class I.................. $1,000.00 $644.14 $ 7.38 $1,000.00 $1,015.96 $ 9.05 1.80% Value Fund# Class A.................. $1,000.00 $670.61 $ 6.75 $1,000.00 $1,016.85 $ 8.15 1.62% Class B.................. $1,000.00 $668.65 $ 9.44 $1,000.00 $1,013.61 $11.40 2.27% Class C.................. $1,000.00 $668.65 $ 9.44 $1,000.00 $1,013.61 $11.40 2.27% Class I.................. $1,000.00 $670.94 $ 6.33 $1,000.00 $1,017.35 $ 7.64 1.52% Class Z.................. $1,000.00 $672.06 $ 4.38 $1,000.00 $1,019.70 $ 5.29 1.05% Disciplined Growth Fund# Class A.................. $1,000.00 $738.03 $ 5.94 $1,000.00 $1,018.10 $ 6.89 1.37% Class B.................. $1,000.00 $735.24 $ 8.74 $1,000.00 $1,014.86 $10.15 2.02% Class C.................. $1,000.00 $735.49 $ 8.74 $1,000.00 $1,014.86 $10.15 2.02%
5 SunAmerica Equity Funds STATEMENT OF ASSETS AND LIABILITIES -- March 31, 2009 -- (unaudited)
Blue Chip Growth New Growth Opportunities Century Fund Fund Fund ------------ ------------- ------------- ASSETS: Long-term investment securities, at market value (unaffiliated)*........... $ 32,006,198 $ 16,345,125 $ 27,661,037 Short-term investment securities, at market value (unaffiliated)*.......... -- -- -- Repurchase agreements (cost approximates market value)..................... 1,600,000 6,023,000 600,000 ------------ ------------- ------------- Total investments........................................................ 33,606,198 22,368,125 28,261,037 ------------ ------------- ------------- Cash....................................................................... 836 492 149,805 Foreign cash*.............................................................. -- -- -- Receivable for: Fund shares sold......................................................... 457,517 1,841 600 Dividends and interest................................................... 31,657 5,715 38,249 Investments sold......................................................... 229,671 869,376 2,384,734 Prepaid expenses and other assets.......................................... 2,137 17,294 51,276 Due from investment adviser for expense reimbursements/fee waivers......... 6,591 9,953 18,204 ------------ ------------- ------------- Total assets............................................................... 34,334,607 23,272,796 30,903,905 ------------ ------------- ------------- LIABILITIES: Payable for: Fund shares redeemed..................................................... 26,374 9,249 41,717 Investments purchased.................................................... 42,251 1,136,152 1,321,039 Investment advisory and management fees.................................. 20,490 13,055 18,021 Distribution and service maintenance fees................................ 13,021 9,443 10,429 Transfer agent fees and expenses......................................... 17,493 14,712 20,120 Trustees' fees and expenses.............................................. 5,137 4,397 9,287 Other accrued expenses................................................... 59,275 73,033 80,783 ------------ ------------- ------------- Total liabilities.......................................................... 184,041 1,260,041 1,501,396 ------------ ------------- ------------- Net Assets................................................................. $ 34,150,566 $ 22,012,755 $ 29,402,509 ============ ============= ============= NET ASSETS REPRESENTED BY: Shares of beneficial interest, $.01 par value.............................. $ 31,689 $ 22,643 $ 34,420 Paid-in capital............................................................ 102,604,829 234,674,031 177,773,972 ------------ ------------- ------------- 102,636,518 234,696,674 177,808,392 Accumulated undistributed net investment income (loss)..................... (123,037) (244,167) (135,548) Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, securities sold short, and foreign exchange transactions.............................................................. (60,056,555) (212,680,069) (148,190,524) Unrealized appreciation (depreciation) on investments...................... (8,306,360) 240,317 (79,811) Unrealized foreign exchange gain (loss) on other assets and liabilities.... -- -- -- ------------ ------------- ------------- Net Assets................................................................. $ 34,150,566 $ 22,012,755 $ 29,402,509 ============ ============= ============= *Cost Long-term investment securities (unaffiliated)........................... $ 40,312,558 $ 16,104,808 $ 27,740,848 ============ ============= ============= Short-term investment securities (unaffiliated).......................... $ -- $ -- $ -- ============ ============= ============= Foreign cash............................................................. $ -- $ -- $ -- ============ ============= =============
Growth and Balanced Income Assets Fund Fund ------------ ------------ ASSETS: Long-term investment securities, at market value (unaffiliated)*........... $ 41,418,070 $ 72,812,446 Short-term investment securities, at market value (unaffiliated)*.......... -- 29,370 Repurchase agreements (cost approximates market value)..................... 707,000 2,643,000 ------------ ------------ Total investments........................................................ 42,125,070 75,484,816 ------------ ------------ Cash....................................................................... 210 3,407 Foreign cash*.............................................................. -- -- Receivable for: Fund shares sold......................................................... 1,897 3,558 Dividends and interest................................................... 89,675 502,968 Investments sold......................................................... 1,970,306 2,023,363 Prepaid expenses and other assets.......................................... 2,408 8,522 Due from investment adviser for expense reimbursements/fee waivers......... 5,123 6,375 ------------ ------------ Total assets............................................................... 44,194,689 78,033,009 ------------ ------------ LIABILITIES: Payable for: Fund shares redeemed..................................................... 45,342 85,253 Investments purchased.................................................... 582,595 305,572 Investment advisory and management fees.................................. 26,317 48,176 Distribution and service maintenance fees................................ 19,626 29,390 Transfer agent fees and expenses......................................... 21,608 30,518 Trustees' fees and expenses.............................................. 5,940 13,690 Other accrued expenses................................................... 59,733 91,287 ------------ ------------ Total liabilities.......................................................... 761,161 603,886 ------------ ------------ Net Assets................................................................. $ 43,433,528 $ 77,429,123 ============ ============ NET ASSETS REPRESENTED BY: Shares of beneficial interest, $.01 par value.............................. $ 53,956 $ 75,819 Paid-in capital............................................................ 114,422,010 181,875,161 ------------ ------------ 114,475,966 181,950,980 Accumulated undistributed net investment income (loss)..................... 294,919 (61,916) Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, securities sold short, and foreign exchange transactions.............................................................. (62,984,201) (90,965,979) Unrealized appreciation (depreciation) on investments...................... (8,353,156) (13,493,962) Unrealized foreign exchange gain (loss) on other assets and liabilities.... -- -- ------------ ------------ Net Assets................................................................. $ 43,433,528 $ 77,429,123 ============ ============ *Cost Long-term investment securities (unaffiliated)........................... $ 49,771,226 $ 86,306,408 ============ ============ Short-term investment securities (unaffiliated).......................... $ -- $ 29,370 ============ ============ Foreign cash............................................................. $ -- $ -- ============ ============
See Notes to Financial Statements 6 SunAmerica Equity Funds STATEMENT OF ASSETS AND LIABILITIES -- March 31, 2009 -- (unaudited) (continued)
Blue Chip Growth New Growth Opportunities Century Fund Fund Fund ----------- ------------- ----------- Class A (unlimited shares authorized): Net assets......................................................................... $27,270,037 $15,567,097 $25,674,959 Shares of beneficial interest issued and outstanding............................... 2,459,948 1,534,148 2,946,007 Net asset value and redemption price per share..................................... $ 11.09 $ 10.15 $ 8.72 Maximum sales charge (5.75% of offering price)..................................... 0.68 0.62 0.53 ----------- ----------- ----------- Maximum offering price to public................................................... $ 11.77 $ 10.77 $ 9.25 =========== =========== =========== Class B (unlimited shares authorized): Net assets......................................................................... $ 4,643,270 $ 3,786,010 $ 2,173,124 Shares of beneficial interest issued and outstanding............................... 480,786 428,801 290,735 Net asset value, offering and redemption price per share (excluding any applicable contingent deferred sales charge)................................................. $ 9.66 $ 8.83 $ 7.47 =========== =========== =========== Class C (unlimited shares authorized): Net assets......................................................................... $ 1,876,857 $ 2,612,319 $ 1,554,426 Shares of beneficial interest issued and outstanding............................... 196,289 296,826 205,215 Net asset value, offering and redemption price per share (excluding any applicable contingent deferred sales charge)................................................. $ 9.56 $ 8.80 $ 7.57 =========== =========== =========== Class I (unlimited shares authorized): Net assets......................................................................... $ 360,402 $ 47,329 $ -- Shares of beneficial interest issued and outstanding............................... 31,887 4,546 -- Net asset value, offering and redemption price per share........................... $ 11.30 $ 10.41 $ -- =========== =========== =========== Class Z (unlimited shares authorized): Net assets......................................................................... $ -- $ -- $ -- Shares of beneficial interest issued and outstanding............................... -- -- -- Net asset value, offering and redemption price per share........................... $ -- $ -- $ -- =========== =========== ===========
Growth and Balanced Income Assets Fund Fund ----------- ----------- Class A (unlimited shares authorized): Net assets......................................................................... $29,507,483 $64,249,262 Shares of beneficial interest issued and outstanding............................... 3,591,171 6,290,641 Net asset value and redemption price per share..................................... $ 8.22 $ 10.21 Maximum sales charge (5.75% of offering price)..................................... 0.50 0.62 ----------- ----------- Maximum offering price to public................................................... $ 8.72 $ 10.83 =========== =========== Class B (unlimited shares authorized): Net assets......................................................................... $ 4,829,874 $ 6,016,680 Shares of beneficial interest issued and outstanding............................... 624,751 589,975 Net asset value, offering and redemption price per share (excluding any applicable contingent deferred sales charge)................................................. $ 7.73 $ 10.20 =========== =========== Class C (unlimited shares authorized): Net assets......................................................................... $ 8,942,998 $ 6,766,093 Shares of beneficial interest issued and outstanding............................... 1,161,115 662,441 Net asset value, offering and redemption price per share (excluding any applicable contingent deferred sales charge)................................................. $ 7.70 $ 10.21 =========== =========== Class I (unlimited shares authorized): Net assets......................................................................... $ 153,173 $ 397,088 Shares of beneficial interest issued and outstanding............................... 18,571 38,857 Net asset value, offering and redemption price per share........................... $ 8.25 $ 10.22 =========== =========== Class Z (unlimited shares authorized): Net assets......................................................................... $ -- $ -- Shares of beneficial interest issued and outstanding............................... -- -- Net asset value, offering and redemption price per share........................... $ -- $ -- =========== ===========
See Notes to Financial Statements 7 SunAmerica Equity Funds STATEMENT OF ASSETS AND LIABILITIES -- March 31, 2009 -- (unaudited) (continued)
International Equity Fund ------------- ASSETS: Long-term investment securities, at market value (unaffiliated)*......................................... $118,759,598 Short-term investment securities, at market value (unaffiliated)*........................................ -- Repurchase agreements (cost approximates market value)................................................... 2,876,000 ------------ Total investments...................................................................................... 121,635,598 ------------ Cash..................................................................................................... 540 Foreign cash*............................................................................................ 1,132,448 Receivable for: Fund shares sold....................................................................................... 44,133 Dividends and interest................................................................................. 893,059 Investments sold....................................................................................... 2,151,003 Prepaid expenses and other assets........................................................................ 2,246 Due from investment adviser for expense reimbursements/fee waivers....................................... 1,649 ------------ Total assets............................................................................................. 125,860,676 ------------ LIABILITIES: Payable for: Fund shares redeemed................................................................................... 66,962 Investments purchased.................................................................................. 2,291,361 Investment advisory and management fees................................................................ 101,487 Distribution and service maintenance fees.............................................................. 51,397 Transfer agent fees and expenses....................................................................... 35,976 Trustees' fees and expenses............................................................................ 5,235 Other accrued expenses................................................................................. 140,029 ------------ Total liabilities........................................................................................ 2,692,447 ------------ Net Assets............................................................................................... $123,168,229 ============ NET ASSETS REPRESENTED BY: Shares of beneficial interest, $.01 par value............................................................ $ 161,070 Paid-in capital.......................................................................................... 210,149,723 ------------ 210,310,793 Accumulated undistributed net investment income (loss)................................................... (921,334) Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, securities sold short, and foreign exchange transactions................................................ (78,054,854) Unrealized appreciation (depreciation) on investments.................................................... (8,147,350) Unrealized foreign exchange gain (loss) on other assets and liabilities.................................. (19,026) ------------ Net Assets............................................................................................... $123,168,229 ============ *Cost Long-term investment securities (unaffiliated)......................................................... $126,906,948 ============ Short-term investment securities (unaffiliated)........................................................ $ -- ============ Foreign cash........................................................................................... $ 1,137,549 ============
Value Fund ------------ ASSETS: Long-term investment securities, at market value (unaffiliated)*......................................... $ 73,934,153 Short-term investment securities, at market value (unaffiliated)*........................................ -- Repurchase agreements (cost approximates market value)................................................... 2,362,000 ------------ Total investments...................................................................................... 76,296,153 ------------ Cash..................................................................................................... 664 Foreign cash*............................................................................................ -- Receivable for: Fund shares sold....................................................................................... 2,388 Dividends and interest................................................................................. 249,527 Investments sold....................................................................................... 4,090,980 Prepaid expenses and other assets........................................................................ 11,196 Due from investment adviser for expense reimbursements/fee waivers....................................... 22,350 ------------ Total assets............................................................................................. 80,673,258 ------------ LIABILITIES: Payable for: Fund shares redeemed................................................................................... 848,789 Investments purchased.................................................................................. -- Investment advisory and management fees................................................................ 64,950 Distribution and service maintenance fees.............................................................. 28,622 Transfer agent fees and expenses....................................................................... 33,261 Trustees' fees and expenses............................................................................ 5,809 Other accrued expenses................................................................................. 68,916 ------------ Total liabilities........................................................................................ 1,050,347 ------------ Net Assets............................................................................................... $ 79,622,911 ============ NET ASSETS REPRESENTED BY: Shares of beneficial interest, $.01 par value............................................................ $ 96,022 Paid-in capital.......................................................................................... 154,165,914 ------------ 154,261,936 Accumulated undistributed net investment income (loss)................................................... 307,818 Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, securities sold short, and foreign exchange transactions................................................ (56,749,471) Unrealized appreciation (depreciation) on investments.................................................... (18,197,372) Unrealized foreign exchange gain (loss) on other assets and liabilities.................................. -- ------------ Net Assets............................................................................................... $ 79,622,911 ============ *Cost Long-term investment securities (unaffiliated)......................................................... $ 92,131,525 ============ Short-term investment securities (unaffiliated)........................................................ $ -- ============ Foreign cash........................................................................................... $ -- ============
Disciplined Growth Fund ------------ ASSETS: Long-term investment securities, at market value (unaffiliated)*......................................... $ 22,094,937 Short-term investment securities, at market value (unaffiliated)*........................................ -- Repurchase agreements (cost approximates market value)................................................... 248,000 ------------ Total investments...................................................................................... 22,342,937 ------------ Cash..................................................................................................... 983 Foreign cash*............................................................................................ 50,460 Receivable for: Fund shares sold....................................................................................... 5,183 Dividends and interest................................................................................. 29,201 Investments sold....................................................................................... 237,500 Prepaid expenses and other assets........................................................................ 36,106 Due from investment adviser for expense reimbursements/fee waivers....................................... 15,305 ------------ Total assets............................................................................................. 22,717,675 ------------ LIABILITIES: Payable for: Fund shares redeemed................................................................................... 71,125 Investments purchased.................................................................................. -- Investment advisory and management fees................................................................ 15,835 Distribution and service maintenance fees.............................................................. 12,078 Transfer agent fees and expenses....................................................................... 8,131 Trustees' fees and expenses............................................................................ 2,211 Other accrued expenses................................................................................. 37,985 ------------ Total liabilities........................................................................................ 147,365 ------------ Net Assets............................................................................................... $ 22,570,310 ============ NET ASSETS REPRESENTED BY: Shares of beneficial interest, $.01 par value............................................................ $ 28,360 Paid-in capital.......................................................................................... 68,461,084 ------------ 68,489,444 Accumulated undistributed net investment income (loss)................................................... (7,519) Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, securities sold short, and foreign exchange transactions................................................ (44,367,511) Unrealized appreciation (depreciation) on investments.................................................... (1,541,319) Unrealized foreign exchange gain (loss) on other assets and liabilities.................................. (2,785) ------------ Net Assets............................................................................................... $ 22,570,310 ============ *Cost Long-term investment securities (unaffiliated)......................................................... $ 23,636,256 ============ Short-term investment securities (unaffiliated)........................................................ $ -- ============ Foreign cash........................................................................................... $ 53,266 ============
International Small-Cap Fund ------------- ASSETS: Long-term investment securities, at market value (unaffiliated)*......................................... $ 46,602,107 Short-term investment securities, at market value (unaffiliated)*........................................ 2,934,000 Repurchase agreements (cost approximates market value)................................................... -- ------------ Total investments...................................................................................... 49,536,107 ------------ Cash..................................................................................................... 656 Foreign cash*............................................................................................ 180,255 Receivable for: Fund shares sold....................................................................................... 1,149 Dividends and interest................................................................................. 207,335 Investments sold....................................................................................... 357,655 Prepaid expenses and other assets........................................................................ 125 Due from investment adviser for expense reimbursements/fee waivers....................................... 18,228 ------------ Total assets............................................................................................. 50,301,510 ------------ LIABILITIES: Payable for: Fund shares redeemed................................................................................... 1,758 Investments purchased.................................................................................. 420,748 Investment advisory and management fees................................................................ 47,774 Distribution and service maintenance fees.............................................................. 15,271 Transfer agent fees and expenses....................................................................... 9,639 Trustees' fees and expenses............................................................................ -- Other accrued expenses................................................................................. 61,728 ------------ Total liabilities........................................................................................ 556,918 ------------ Net Assets............................................................................................... $ 49,744,592 ============ NET ASSETS REPRESENTED BY: Shares of beneficial interest, $.01 par value............................................................ $ 88,028 Paid-in capital.......................................................................................... 68,940,900 ------------ 69,028,928 Accumulated undistributed net investment income (loss)................................................... (11,244) Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, securities sold short, and foreign exchange transactions................................................ (13,841,318) Unrealized appreciation (depreciation) on investments.................................................... (5,429,164) Unrealized foreign exchange gain (loss) on other assets and liabilities.................................. (2,610) ------------ Net Assets............................................................................................... $ 49,744,592 ============ *Cost Long-term investment securities (unaffiliated)......................................................... $ 52,031,271 ============ Short-term investment securities (unaffiliated)........................................................ $ 2,934,000 ============ Foreign cash........................................................................................... $ 179,945 ============
See Notes to Financial Statements 8 SunAmerica Equity Funds STATEMENT OF ASSETS AND LIABILITIES -- March 31, 2009 -- (unaudited) (continued)
International Equity Value Fund Fund ------------- ----------- Class A (unlimited shares authorized): Net assets............................................................................................. $90,175,718 $42,776,016 Shares of beneficial interest issued and outstanding................................................... 11,575,982 5,127,978 Net asset value and redemption price per share......................................................... $ 7.79 $ 8.34 Maximum sales charge (5.75% of offering price)......................................................... 0.48 0.51 ----------- ----------- Maximum offering price to public....................................................................... $ 8.27 $ 8.85 =========== =========== Class B (unlimited shares authorized): Net assets............................................................................................. $10,451,179 $11,543,658 Shares of beneficial interest issued and outstanding................................................... 1,445,076 1,472,755 Net asset value, offering and redemption price per share (excluding any applicable contingent deferred sales charge)......................................................................................... $ 7.23 $ 7.84 =========== =========== Class C (unlimited shares authorized): Net assets............................................................................................. $19,342,591 $ 8,284,899 Shares of beneficial interest issued and outstanding................................................... 2,678,208 1,057,373 Net asset value, offering and redemption price per share (excluding any applicable contingent deferred sales charge)......................................................................................... $ 7.22 $ 7.84 =========== =========== Class I (unlimited shares authorized): Net assets............................................................................................. $ 3,198,741 $ 14,080 Shares of beneficial interest issued and outstanding................................................... 407,768 1,692 Net asset value, offering and redemption price per share............................................... $ 7.84 $ 8.32 =========== =========== Class Z (unlimited shares authorized): Net assets............................................................................................. $ -- $17,004,258 Shares of beneficial interest issued and outstanding................................................... -- 1,942,413 Net asset value, offering and redemption price per share............................................... $ -- $ 8.75 =========== ===========
Disciplined International Growth Small-Cap Fund Fund ----------- ------------- Class A (unlimited shares authorized): Net assets............................................................................................. $12,276,891 $48,478,438 Shares of beneficial interest issued and outstanding................................................... 1,503,497 8,574,657 Net asset value and redemption price per share......................................................... $ 8.17 $ 5.65 Maximum sales charge (5.75% of offering price)......................................................... 0.50 0.34 ----------- ----------- Maximum offering price to public....................................................................... $ 8.67 $ 5.99 =========== =========== Class B (unlimited shares authorized): Net assets............................................................................................. $ 1,721,413 $ 261,695 Shares of beneficial interest issued and outstanding................................................... 223,044 47,133 Net asset value, offering and redemption price per share (excluding any applicable contingent deferred sales charge)......................................................................................... $ 7.72 $ 5.55 =========== =========== Class C (unlimited shares authorized): Net assets............................................................................................. $ 8,572,006 $ 1,004,459 Shares of beneficial interest issued and outstanding................................................... 1,109,413 180,960 Net asset value, offering and redemption price per share (excluding any applicable contingent deferred sales charge)......................................................................................... $ 7.73 $ 5.55 =========== =========== Class I (unlimited shares authorized): Net assets............................................................................................. $ -- $ -- Shares of beneficial interest issued and outstanding................................................... -- -- Net asset value, offering and redemption price per share............................................... $ -- $ -- =========== =========== Class Z (unlimited shares authorized): Net assets............................................................................................. $ -- $ -- Shares of beneficial interest issued and outstanding................................................... -- -- Net asset value, offering and redemption price per share............................................... $ -- $ -- =========== ===========
See Notes to Financial Statements 9 SunAmerica Equity Funds STATEMENT OF OPERATIONS -- For the period ended March 31, 2009 -- (unaudited)
Blue Chip Growth New Growth Opportunities Century Fund Fund Fund ------------ ------------- ------------ INVESTMENT INCOME: Dividends (unaffiliated)........................................................ $ 269,032 $ 57,736 $ 235,387 Interest (unaffiliated)......................................................... 231 1,456 2,960 ------------ ----------- ------------ Total investment income*....................................................... 269,263 59,192 238,347 ------------ ----------- ------------ EXPENSES: Investment advisory and management fees......................................... 134,217 88,933 126,929 Distribution and service maintenance fees Class A........................................................................ 49,031 28,672 51,507 Class B........................................................................ 26,297 22,808 13,355 Class C........................................................................ 10,644 13,576 8,720 Service fees Class I............................................................ 481 68 -- Transfer agent fees and expenses Class A........................................................................ 46,696 31,807 51,567 Class B........................................................................ 10,959 11,224 6,015 Class C........................................................................ 4,201 6,086 3,647 Class I........................................................................ 781 152 -- Registration fees Class A........................................................................ 7,653 7,156 8,530 Class B........................................................................ 5,149 5,322 4,920 Class C........................................................................ 4,764 4,700 4,816 Class I........................................................................ 5,748 4,693 -- Class Z........................................................................ -- -- -- Custodian and accounting fees................................................... 19,826 26,980 17,361 Reports to shareholders......................................................... 15,175 16,744 30,301 Audit and tax fees.............................................................. 18,322 18,322 18,310 Legal fees...................................................................... 7,428 6,918 7,915 Trustees' fees and expenses..................................................... 2,907 1,957 3,315 Interest expense................................................................ -- 256 -- Other expenses.................................................................. 8,568 7,972 8,512 ------------ ----------- ------------ Total expenses before fee waivers, expense reimbursements, expense recoupments, custody credits and fees paid indirectly......................... 378,847 304,346 365,720 Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 4)...................................................................... (14,066) (20,229) (31,968) Custody credits earned on cash balances........................................ (1) (58) (19) Fees paid indirectly (Note 5).................................................. (221) (5,229) (7,275) ------------ ----------- ------------ Net expenses................................................................... 364,559 278,830 326,458 ------------ ----------- ------------ Net investment income (loss).................................................... (95,296) (219,638) (88,111) ------------ ----------- ------------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: Net realized gain (loss) on investments (unaffiliated)............................ (6,621,392) (8,330,100) (15,396,477) Net realized foreign exchange gain (loss) on other assets and liabilities......... -- -- -- Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 4)............................................................ -- -- -- ------------ ----------- ------------ Net realized gain (loss) on investments and foreign currencies.................... (6,621,392) (8,330,100) (15,396,477) ------------ ----------- ------------ Change in unrealized appreciation (depreciation) on investments (unaffiliated).... (6,068,390) 1,829,162 1,484,808 Change in unrealized foreign exchange gain (loss) on other assets and liabilities. -- -- -- ------------ ----------- ------------ Net unrealized gain (loss) on investments and foreign currencies.................. (6,068,390) 1,829,162 1,484,808 ------------ ----------- ------------ Net realized and unrealized gain (loss) on investments and foreign currencies..... (12,689,782) (6,500,938) (13,911,669) ------------ ----------- ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................... $(12,785,078) $(6,720,576) $(13,999,780) ============ =========== ============ - -------- *Net of foreign withholding taxes on interest and dividends of.................... $ 1,361 $ -- $ 1,308 ============ =========== ============
Growth and Balanced Income Assets Fund Fund ------------ ------------ INVESTMENT INCOME: Dividends (unaffiliated)........................................................ $ 834,510 $ 678,360 Interest (unaffiliated)......................................................... 228 1,184,063 ------------ ------------ Total investment income*....................................................... 834,738 1,862,423 ------------ ------------ EXPENSES: Investment advisory and management fees......................................... 188,354 323,556 Distribution and service maintenance fees Class A........................................................................ 58,613 124,859 Class B........................................................................ 31,611 34,943 Class C........................................................................ 51,184 37,571 Service fees Class I............................................................ 219 538 Transfer agent fees and expenses Class A........................................................................ 52,791 111,854 Class B........................................................................ 12,422 12,594 Class C........................................................................ 16,002 10,973 Class I........................................................................ 136 597 Registration fees Class A........................................................................ 7,558 8,900 Class B........................................................................ 5,131 5,104 Class C........................................................................ 5,504 5,038 Class I........................................................................ 4,577 4,571 Class Z........................................................................ -- -- Custodian and accounting fees................................................... 20,522 59,287 Reports to shareholders......................................................... 19,481 27,517 Audit and tax fees.............................................................. 18,334 19,796 Legal fees...................................................................... 8,069 8,183 Trustees' fees and expenses..................................................... 4,202 6,535 Interest expense................................................................ -- 45 Other expenses.................................................................. 8,376 12,014 ------------ ------------ Total expenses before fee waivers, expense reimbursements, expense recoupments, custody credits and fees paid indirectly......................... 513,086 814,475 Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 4)...................................................................... (10,785) (11,838) Custody credits earned on cash balances........................................ -- (1) Fees paid indirectly (Note 5).................................................. (702) (1,492) ------------ ------------ Net expenses................................................................... 501,599 801,144 ------------ ------------ Net investment income (loss).................................................... 333,139 1,061,279 ------------ ------------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: Net realized gain (loss) on investments (unaffiliated)............................ (22,497,009) (16,624,085) Net realized foreign exchange gain (loss) on other assets and liabilities......... -- -- Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 4)............................................................ -- -- ------------ ------------ Net realized gain (loss) on investments and foreign currencies.................... (22,497,009) (16,624,085) ------------ ------------ Change in unrealized appreciation (depreciation) on investments (unaffiliated).... (939,591) (6,329,734) Change in unrealized foreign exchange gain (loss) on other assets and liabilities. -- -- ------------ ------------ Net unrealized gain (loss) on investments and foreign currencies.................. (939,591) (6,329,734) ------------ ------------ Net realized and unrealized gain (loss) on investments and foreign currencies..... (23,436,600) (22,953,819) ------------ ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................... $(23,103,461) $(21,892,540) ============ ============ - -------- *Net of foreign withholding taxes on interest and dividends of.................... $ 950 $ 578 ============ ============
See Notes to Financial Statements 10 SunAmerica Equity Funds STATEMENT OF OPERATIONS -- For the period ended March 31, 2009 -- (unaudited) (continued)
International Equity Fund ------------- INVESTMENT INCOME: Dividends (unaffiliated)............................................................................ $ 1,131,009 Interest (unaffiliated)............................................................................. 259 ------------ Total investment income*........................................................................... 1,131,268 ------------ EXPENSES: Investment advisory and management fees............................................................. 427,261 Distribution and service maintenance fees Class A............................................................................................ 103,723 Class B............................................................................................ 42,098 Class C............................................................................................ 71,480 Service fees Class I................................................................................ 4,333 Transfer agent fees and expenses Class A............................................................................................ 81,484 Class B............................................................................................ 17,567 Class C............................................................................................ 24,316 Class I............................................................................................ 4,452 Registration fees Class A............................................................................................ 8,088 Class B............................................................................................ 5,096 Class C............................................................................................ 5,090 Class I............................................................................................ 5,208 Class Z............................................................................................ -- Custodian and accounting fees....................................................................... 67,382 Reports to shareholders............................................................................. 16,724 Audit and tax fees.................................................................................. 22,502 Legal fees.......................................................................................... 7,680 Trustees' fees and expenses......................................................................... 4,592 Interest expense.................................................................................... 106 Other expenses...................................................................................... 10,594 ------------ Total expenses before fee waivers, expense reimbursements, expense recoupments, custody credits and fees paid indirectly.................................................................. 929,776 Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 4).................. (45,870) Custody credits earned on cash balances............................................................ (18) Fees paid indirectly (Note 5)...................................................................... (626) ------------ Net expenses....................................................................................... 883,262 ------------ Net investment income (loss)........................................................................ 248,006 ------------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: Net realized gain (loss) on investments (unaffiliated)................................................ (72,714,473) Net realized foreign exchange gain (loss) on other assets and liabilities............................. (66,328) Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 4). -- ------------ Net realized gain (loss) on investments and foreign currencies........................................ (72,780,801) ------------ Change in unrealized appreciation (depreciation) on investments (unaffiliated)........................ 34,363,287 Change in unrealized foreign exchange gain (loss) on other assets and liabilities..................... (1,866) ------------ Net unrealized gain (loss) on investments and foreign currencies...................................... 34,361,421 ------------ Net realized and unrealized gain (loss) on investments and foreign currencies......................... (38,419,380) ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS....................................... $(38,171,374) ============ - -------- *Net of foreign withholding taxes on interest and dividends of........................................ $ 108,707 ============
Value Fund ------------ INVESTMENT INCOME: Dividends (unaffiliated)............................................................................ $ 1,875,147 Interest (unaffiliated)............................................................................. 512 ------------ Total investment income*........................................................................... 1,875,659 ------------ EXPENSES: Investment advisory and management fees............................................................. 489,529 Distribution and service maintenance fees Class A............................................................................................ 94,402 Class B............................................................................................ 73,223 Class C............................................................................................ 50,024 Service fees Class I................................................................................ 22 Transfer agent fees and expenses Class A............................................................................................ 75,675 Class B............................................................................................ 22,976 Class C............................................................................................ 14,381 Class I............................................................................................ 20 Registration fees Class A............................................................................................ 8,491 Class B............................................................................................ 5,632 Class C............................................................................................ 5,102 Class I............................................................................................ 7,230 Class Z............................................................................................ 3,091 Custodian and accounting fees....................................................................... 27,884 Reports to shareholders............................................................................. 22,220 Audit and tax fees.................................................................................. 18,340 Legal fees.......................................................................................... 8,236 Trustees' fees and expenses......................................................................... 7,541 Interest expense.................................................................................... -- Other expenses...................................................................................... 9,414 ------------ Total expenses before fee waivers, expense reimbursements, expense recoupments, custody credits and fees paid indirectly.................................................................. 943,433 Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 4).................. (120,391) Custody credits earned on cash balances............................................................ -- Fees paid indirectly (Note 5)...................................................................... (6,903) ------------ Net expenses....................................................................................... 816,139 ------------ Net investment income (loss)........................................................................ 1,059,520 ------------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: Net realized gain (loss) on investments (unaffiliated)................................................ (37,404,135) Net realized foreign exchange gain (loss) on other assets and liabilities............................. -- Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 4). -- ------------ Net realized gain (loss) on investments and foreign currencies........................................ (37,404,135) ------------ Change in unrealized appreciation (depreciation) on investments (unaffiliated)........................ (9,042,208) Change in unrealized foreign exchange gain (loss) on other assets and liabilities..................... -- ------------ Net unrealized gain (loss) on investments and foreign currencies...................................... (9,042,208) ------------ Net realized and unrealized gain (loss) on investments and foreign currencies......................... (46,446,343) ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS....................................... $(45,386,823) ============ - -------- *Net of foreign withholding taxes on interest and dividends of........................................ $ 1,200 ============
Disciplined Growth Fund ------------ INVESTMENT INCOME: Dividends (unaffiliated)............................................................................ $ 225,024 Interest (unaffiliated)............................................................................. 899 ------------ Total investment income*........................................................................... 225,923 ------------ EXPENSES: Investment advisory and management fees............................................................. 112,701 Distribution and service maintenance fees Class A............................................................................................ 23,851 Class B............................................................................................ 12,035 Class C............................................................................................ 52,411 Service fees Class I................................................................................ -- Transfer agent fees and expenses Class A............................................................................................ 18,218 Class B............................................................................................ 4,154 Class C............................................................................................ 14,030 Class I............................................................................................ -- Registration fees Class A............................................................................................ 7,700 Class B............................................................................................ 4,852 Class C............................................................................................ 6,331 Class I............................................................................................ -- Class Z............................................................................................ -- Custodian and accounting fees....................................................................... 20,822 Reports to shareholders............................................................................. 5,752 Audit and tax fees.................................................................................. 18,370 Legal fees.......................................................................................... 6,680 Trustees' fees and expenses......................................................................... 2,497 Interest expense.................................................................................... 16 Other expenses...................................................................................... 7,968 ------------ Total expenses before fee waivers, expense reimbursements, expense recoupments, custody credits and fees paid indirectly.................................................................. 318,388 Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 4).................. (84,240) Custody credits earned on cash balances............................................................ (3) Fees paid indirectly (Note 5)...................................................................... (10,707) ------------ Net expenses....................................................................................... 223,438 ------------ Net investment income (loss)........................................................................ 2,485 ------------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: Net realized gain (loss) on investments (unaffiliated)................................................ (10,553,687) Net realized foreign exchange gain (loss) on other assets and liabilities............................. -- Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 4). -- ------------ Net realized gain (loss) on investments and foreign currencies........................................ (10,553,687) ------------ Change in unrealized appreciation (depreciation) on investments (unaffiliated)........................ 284,896 Change in unrealized foreign exchange gain (loss) on other assets and liabilities..................... (3,701) ------------ Net unrealized gain (loss) on investments and foreign currencies...................................... 281,195 ------------ Net realized and unrealized gain (loss) on investments and foreign currencies......................... (10,272,492) ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS....................................... $(10,270,007) ============ - -------- *Net of foreign withholding taxes on interest and dividends of........................................ $ 638 ============
International Small-Cap Fund ------------- INVESTMENT INCOME: Dividends (unaffiliated)............................................................................ $ 452,079 Interest (unaffiliated)............................................................................. 2,043 ----------- Total investment income*........................................................................... 454,122 ----------- EXPENSES: Investment advisory and management fees............................................................. 269,555 Distribution and service maintenance fees Class A............................................................................................ 78,901 Class B............................................................................................ 1,952 Class C............................................................................................ 7,012 Service fees Class I................................................................................ -- Transfer agent fees and expenses Class A............................................................................................ 52,183 Class B............................................................................................ 1,421 Class C............................................................................................ 2,888 Class I............................................................................................ -- Registration fees Class A............................................................................................ 6,108 Class B............................................................................................ 5,693 Class C............................................................................................ 5,786 Class I............................................................................................ -- Class Z............................................................................................ -- Custodian and accounting fees....................................................................... 77,111 Reports to shareholders............................................................................. 1,730 Audit and tax fees.................................................................................. 23,194 Legal fees.......................................................................................... 6,692 Trustees' fees and expenses......................................................................... 2,637 Interest expense.................................................................................... 69 Other expenses...................................................................................... 7,537 ----------- Total expenses before fee waivers, expense reimbursements, expense recoupments, custody credits and fees paid indirectly.................................................................. 550,469 Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 4).................. (99,235) Custody credits earned on cash balances............................................................ (56) Fees paid indirectly (Note 5)...................................................................... -- ----------- Net expenses....................................................................................... 451,178 ----------- Net investment income (loss)........................................................................ 2,944 ----------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: Net realized gain (loss) on investments (unaffiliated)................................................ (9,400,503) Net realized foreign exchange gain (loss) on other assets and liabilities............................. 32,527 Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 4). 4,099 ----------- Net realized gain (loss) on investments and foreign currencies........................................ (9,363,877) ----------- Change in unrealized appreciation (depreciation) on investments (unaffiliated)........................ 91,662 Change in unrealized foreign exchange gain (loss) on other assets and liabilities..................... 5,163 ----------- Net unrealized gain (loss) on investments and foreign currencies...................................... 96,825 ----------- Net realized and unrealized gain (loss) on investments and foreign currencies......................... (9,267,052) ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS....................................... $(9,264,108) =========== - -------- *Net of foreign withholding taxes on interest and dividends of........................................ $ 25,250 ===========
See Notes to Financial Statements 11 SunAmerica Equity Funds STATEMENT OF CHANGES IN NET ASSETS
Blue Chip Growth Fund Growth Opportunities Fund -------------------------- -------------------------- For the For the six months six months ended For the year ended For the year March 31, ended March 31, ended 2009 September 30, 2009 September 30, (unaudited) 2008 (unaudited) 2008 ------------ ------------- ------------ ------------- INCREASE (DECREASE) IN NET ASSETS Operations: Net investment income (loss).................................. $ (95,296) $ (527,166) $ (219,638) $ (451,258) Net realized gain (loss) on investments and foreign currencies................................................... (6,621,392) 308,653 (8,330,100) (16,211,550) Net unrealized gain (loss) on investments and foreign currencies................................................... (6,068,390) (13,548,306) 1,829,162 (2,017,924) ------------ ------------ ------------ ------------ Net increase (decrease) in net assets resulting from operations. (12,785,078) (13,766,819) (6,720,576) (18,680,732) ------------ ------------ ------------ ------------ Distributions to shareholders from: Net investment income (Class A)............................... -- -- -- -- Net investment income (Class B)............................... -- -- -- -- Net investment income (Class C)............................... -- -- -- -- Net investment income (Class I)............................... -- -- -- -- Net investment income (Class Z)............................... -- -- -- -- Net realized gain on securities (Class A)..................... -- -- -- -- Net realized gain on securities (Class B)..................... -- -- -- -- Net realized gain on securities (Class C)..................... -- -- -- -- Net realized gain on securities (Class I)..................... -- -- -- -- Net realized gain on securities (Class Z)..................... -- -- -- -- Return of capital (Class A)................................... -- -- -- -- Return of capital (Class B)................................... -- -- -- -- Return of capital (Class C)................................... -- -- -- -- Return of capital (Class I)................................... -- -- -- -- Return of capital (Class Z)................................... -- -- -- -- ------------ ------------ ------------ ------------ Total distributions to shareholders............................. -- -- -- -- ------------ ------------ ------------ ------------ Net increase (decrease) in net assets resulting from capital share transactions (Note 8).................................... (2,978,508) (7,226,436) (3,435,759) (12,400,973) ------------ ------------ ------------ ------------ Total increase (decrease) in net assets......................... (15,763,586) (20,993,255) (10,156,335) (31,081,705) NET ASSETS: Beginning of period............................................. 49,914,152 70,907,407 32,169,090 63,250,795 ------------ ------------ ------------ ------------ End of period+.................................................. $ 34,150,566 $ 49,914,152 $ 22,012,755 $ 32,169,090 ============ ============ ============ ============ - -------- +Includes accumulated undistributed net investment income (loss)......................................................... $ (123,037) $ (27,741) $ (244,167) $ (24,529) ============ ============ ============ ============
New Century Fund -------------------------- For the six months ended For the year March 31, ended 2009 September 30, (unaudited) 2008 ------------ ------------- INCREASE (DECREASE) IN NET ASSETS Operations: Net investment income (loss).................................. $ (88,111) $ (595,876) Net realized gain (loss) on investments and foreign currencies................................................... (15,396,477) (38,250,023) Net unrealized gain (loss) on investments and foreign currencies................................................... 1,484,808 (2,122,695) ------------ ------------ Net increase (decrease) in net assets resulting from operations. (13,999,780) (40,968,594) ------------ ------------ Distributions to shareholders from: Net investment income (Class A)............................... -- -- Net investment income (Class B)............................... -- -- Net investment income (Class C)............................... -- -- Net investment income (Class I)............................... Net investment income (Class Z)............................... -- -- Net realized gain on securities (Class A)..................... -- -- Net realized gain on securities (Class B)..................... -- -- Net realized gain on securities (Class C)..................... -- -- Net realized gain on securities (Class I)..................... -- -- Net realized gain on securities (Class Z)..................... -- -- Return of capital (Class A)................................... -- -- Return of capital (Class B)................................... -- -- Return of capital (Class C)................................... -- -- Return of capital (Class I)................................... -- -- Return of capital (Class Z)................................... -- -- ------------ ------------ Total distributions to shareholders............................. -- -- ------------ ------------ Net increase (decrease) in net assets resulting from capital share transactions (Note 8).................................... (4,412,421) (16,250,879) ------------ ------------ Total increase (decrease) in net assets......................... (18,412,201) (57,219,473) NET ASSETS: Beginning of period............................................. 47,814,710 105,034,183 ------------ ------------ End of period+.................................................. $ 29,402,509 $ 47,814,710 ============ ============ - -------- +Includes accumulated undistributed net investment income (loss)......................................................... $ (135,548) $ (47,437) ============ ============
See Notes to Financial Statements 12 SunAmerica Equity Funds STATEMENT OF CHANGES IN NET ASSETS -- (continued)
Growth and Income Fund Balanced Assets Fund -------------------------- -------------------------- For the For the six months six months ended For the year ended For the year March 31, ended March 31, ended 2009 September 30, 2009 September 30, (unaudited) 2008 (unaudited) 2008 ------------ ------------- ------------ ------------- INCREASE (DECREASE) IN NET ASSETS Operations: Net investment income (loss)............................... $ 333,139 $ 687,508 $ 1,061,279 $ 2,138,408 Net realized gain (loss) on investments and foreign currencies................................................ (22,497,009) (6,333,715) (16,624,085) (5,243,552) Net unrealized gain (loss) on investments and foreign currencies................................................ (939,591) (17,055,222) (6,329,734) (20,166,764) ------------ ------------ ------------ ------------ Net increase (decrease) in net assets resulting from operations................................................ (23,103,461) (22,701,429) (21,892,540) (23,271,908) ------------ ------------ ------------ ------------ Distributions to shareholders from: Net investment income (Class A)............................ (575,896) (240,971) (1,168,769) (1,944,922) Net investment income (Class B)............................ (27,943) -- (89,224) (127,852) Net investment income (Class C)............................ (79,919) -- (98,894) (126,190) Net investment income (Class I)............................ (3,747) (1,451) (7,865) (12,607) Net investment income (Class Z)............................ -- -- -- -- Net realized gain on securities (Class A).................. -- -- -- -- Net realized gain on securities (Class B).................. -- -- -- -- Net realized gain on securities (Class C).................. -- -- -- -- Net realized gain on securities (Class I).................. -- -- -- -- Net realized gain on securities (Class Z).................. -- -- -- -- Return of capital (Class A)................................ -- -- -- -- Return of capital (Class B)................................ -- -- -- -- Return of capital (Class C)................................ -- -- -- -- Return of capital (Class I)................................ -- -- -- -- Return of capital (Class Z)................................ -- -- -- -- ------------ ------------ ------------ ------------ Total distributions to shareholders.......................... (687,505) (242,422) (1,364,752) (2,211,571) ------------ ------------ ------------ ------------ Net increase (decrease) in net assets resulting from capital share transactions (Note 8)................................. (5,601,548) (14,928,379) (9,980,390) (17,362,771) ------------ ------------ ------------ ------------ Total increase (decrease) in net assets...................... (29,392,514) (37,872,230) (33,237,682) (42,846,250) NET ASSETS: Beginning of period.......................................... 72,826,042 110,698,272 110,666,805 153,513,055 ------------ ------------ ------------ ------------ End of period+............................................... $ 43,433,528 $ 72,826,042 $ 77,429,123 $110,666,805 ============ ============ ============ ============ - -------- +Includes accumulated undistributed net investment income (loss)...................................................... $ 294,919 $ 649,285 $ (61,916) $ 241,557 ============ ============ ============ ============
International Equity Fund -------------------------- For the six months ended For the year March 31, ended 2009 September 30, (unaudited) 2008 ------------ ------------- INCREASE (DECREASE) IN NET ASSETS Operations: Net investment income (loss)............................... $ 248,006 $ 842,037 Net realized gain (loss) on investments and foreign currencies................................................ (72,780,801) (1,416,225) Net unrealized gain (loss) on investments and foreign currencies................................................ 34,361,421 (37,537,424) ------------ ------------ Net increase (decrease) in net assets resulting from operations................................................ (38,171,374) (38,111,612) ------------ ------------ Distributions to shareholders from: Net investment income (Class A)............................ (807,105) -- Net investment income (Class B)............................ (89,507) -- Net investment income (Class C)............................ (130,346) -- Net investment income (Class I)............................ (111,265) -- Net investment income (Class Z)............................ -- -- Net realized gain on securities (Class A).................. -- (6,405,167) Net realized gain on securities (Class B).................. -- (1,777,695) Net realized gain on securities (Class C).................. -- (2,438,019) Net realized gain on securities (Class I).................. -- (706,303) Net realized gain on securities (Class Z).................. -- -- Return of capital (Class A)................................ -- -- Return of capital (Class B)................................ -- -- Return of capital (Class C)................................ -- -- Return of capital (Class I)................................ -- -- Return of capital (Class Z)................................ -- -- ------------ ------------ Total distributions to shareholders.......................... (1,138,223) (11,327,184) ------------ ------------ Net increase (decrease) in net assets resulting from capital share transactions (Note 8)................................. 87,630,308 (6,309,775) ------------ ------------ Total increase (decrease) in net assets...................... 48,320,711 (55,748,571) NET ASSETS: Beginning of period.......................................... 74,847,518 130,596,089 ------------ ------------ End of period+............................................... $123,168,229 $ 74,847,518 ============ ============ - -------- +Includes accumulated undistributed net investment income (loss)...................................................... $ (921,334) $ (31,117) ============ ============
See Notes to Financial Statements 13 SunAmerica Equity Funds STATEMENT OF CHANGES IN NET ASSETS -- (continued)
Value Fund Disciplined Growth Fund -------------------------- -------------------------- For the For the six months six months ended For the year ended For the year March 31, ended March 31, ended 2009 September 30, 2009 September 30, (unaudited) 2008 (unaudited) 2008 ------------ ------------- ------------ ------------- INCREASE (DECREASE) IN NET ASSETS Operations: Net investment income (loss).................................. $ 1,059,520 $ 2,112,685 $ 2,485 $ (366,302) Net realized gain (loss) on investments and foreign currencies................................................... (37,404,135) (15,674,539) (10,553,687) (15,011,506) Net unrealized gain (loss) on investments and foreign currencies................................................... (9,042,208) (30,590,663) 281,195 (10,521,074) ------------ ------------ ------------ ------------ Net increase (decrease) in net assets resulting from operations. (45,386,823) (44,152,517) (10,270,007) (25,898,882) ------------ ------------ ------------ ------------ Distributions to shareholders from: Net investment income (Class A)............................... (1,308,678) (1,348,358) -- -- Net investment income (Class B)............................... (236,161) (210,886) -- -- Net investment income (Class C)............................... (158,369) (136,301) -- -- Net investment income (Class I)............................... (478) (425) -- -- Net investment income (Class Z)............................... (588,253) (468,654) -- -- Net realized gain on securities (Class A)..................... -- (17,163,009) -- -- Net realized gain on securities (Class B)..................... -- (5,445,543) -- -- Net realized gain on securities (Class C)..................... -- (3,519,589) -- -- Net realized gain on securities (Class I)..................... -- (4,981) -- -- Net realized gain on securities (Class Z)..................... -- (4,579,895) -- -- Return of capital (Class A)................................... -- -- -- -- Return of capital (Class B)................................... -- -- -- -- Return of capital (Class C)................................... -- -- -- -- Return of capital (Class I)................................... -- -- -- -- Return of capital (Class Z)................................... -- -- -- -- ------------ ------------ ------------ ------------ Total distributions to shareholders............................. (2,291,939) (32,877,641) -- -- ------------ ------------ ------------ ------------ Net increase (decrease) in net assets resulting from capital share transactions (Note 8).................................... (11,950,868) (10,609,320) (7,348,178) 5,710,433 ------------ ------------ ------------ ------------ Total increase (decrease) in net assets......................... (59,629,630) (87,639,478) (17,618,185) (20,188,449) NET ASSETS: Beginning of period............................................. 139,252,541 226,892,019 40,188,495 60,376,944 ------------ ------------ ------------ ------------ End of period+.................................................. $ 79,622,911 $139,252,541 $ 22,570,310 $ 40,188,495 ============ ============ ============ ============ - -------- +Includes accumulated undistributed net investment income (loss)......................................................... $ 307,818 $ 1,540,237 $ (7,519) $ (10,004) ============ ============ ============ ============
International Small-Cap Fund --------------------------- For the six months ended For the year March 31, ended 2009 September 30, (unaudited) 2008 ----------- ------------- INCREASE (DECREASE) IN NET ASSETS Operations: Net investment income (loss).................................. $ 2,944 $ (48,475) Net realized gain (loss) on investments and foreign currencies................................................... (9,363,877) (4,003,933) Net unrealized gain (loss) on investments and foreign currencies................................................... 96,825 (10,020,667) ----------- ------------ Net increase (decrease) in net assets resulting from operations. (9,264,108) (14,073,075) ----------- ------------ Distributions to shareholders from: Net investment income (Class A)............................... (11,219) -- Net investment income (Class B)............................... -- -- Net investment income (Class C)............................... -- -- Net investment income (Class I)............................... -- -- Net investment income (Class Z)............................... -- -- Net realized gain on securities (Class A)..................... -- (273,789) Net realized gain on securities (Class B)..................... -- (11,114) Net realized gain on securities (Class C)..................... -- (49,279) Net realized gain on securities (Class I)..................... -- -- Net realized gain on securities (Class Z)..................... -- -- Return of capital (Class A)................................... -- (32,125) Return of capital (Class B)................................... -- (1,304) Return of capital (Class C)................................... -- (5,782) Return of capital (Class I)................................... -- -- Return of capital (Class Z)................................... -- -- ----------- ------------ Total distributions to shareholders............................. (11,219) (373,393) ----------- ------------ Net increase (decrease) in net assets resulting from capital share transactions (Note 8).................................... 39,358,348 (3,274,935) ----------- ------------ Total increase (decrease) in net assets......................... 30,083,021 (17,721,403) NET ASSETS: Beginning of period............................................. 19,661,571 37,382,974 ----------- ------------ End of period+.................................................. $49,744,592 $ 19,661,571 =========== ============ - -------- +Includes accumulated undistributed net investment income (loss)......................................................... $ (11,211) $ (2,969) =========== ============
See Notes to Financial Statements 14 SunAmerica Equity Funds FINANCIAL HIGHLIGHTS
BLUE CHIP GROWTH FUND --------------------- Net gain (loss) on Net investments Distri- Net Net Asset Net (both Dividends butions Asset Assets Ratio of Value investment realized Total from from net from Total Value end of expenses beginning income and investment investment capital distri- end of Total period to average Period Ended of period (loss)(1) unrealized) operations income gains butions period Return(2) (000's) net assets - ------------ --------- ---------- ----------- ---------- ---------- ------- ------- ------ --------- ------- ---------- Class A - - 09/30/04 $13.12 $(0.08) $ 1.05 $ 0.97 $-- $-- $-- $14.09 7.39% $62,316 1.60% 09/30/05 14.09 (0.01) 1.13 1.12 -- -- -- 15.21 7.95 56,755 1.59 09/30/06 15.21 (0.07) 0.55 0.48 -- -- -- 15.69 3.16 49,539 1.55(3)(4) 09/30/07 15.69 (0.07) 3.12 3.05 -- -- -- 18.74 19.44 51,961 1.60(3)(4) 09/30/08 18.74 (0.11) (3.72) (3.83) -- -- -- 14.91 (20.44)(5) 38,927 1.64(4) 03/31/09(6) 14.91 (0.02) (3.80) (3.82) -- -- -- 11.09 (25.62) 27,270 1.86(3)(4)(7) Class B - - 09/30/04 $11.90 $(0.16) $ 0.96 $ 0.80 $-- $-- $-- $12.70 6.72% $27,946 2.26% 09/30/05 12.70 (0.11) 1.02 0.91 -- -- -- 13.61 7.17 22,558 2.32 09/30/06 13.61 (0.17) 0.50 0.33 -- -- -- 13.94 2.42 17,479 2.29(3)(4) 09/30/07 13.94 (0.17) 2.75 2.58 -- -- -- 16.52 18.51 14,314 2.36(3)(4) 09/30/08 16.52 (0.22) (3.25) (3.47) -- -- -- 13.05 (21.00)(5) 7,525 2.38(4) 03/31/09(6) 13.05 (0.06) (3.33) (3.39) -- -- -- 9.66 (25.98) 4,643 2.73(3)(4)(7) Class C+ - - 09/30/04 $11.87 $(0.18) $ 0.96 $ 0.78 $-- $-- $-- $12.65 6.57% $ 6,458 2.37% 09/30/05 12.65 (0.13) 1.01 0.88 -- -- -- 13.53 6.96 5,278 2.49 09/30/06 13.53 (0.17) 0.50 0.33 -- -- -- 13.86 2.44 4,528 2.30(3)(4) 09/30/07 13.86 (0.20) 2.73 2.53 -- -- -- 16.39 18.25 3,959 2.55(3)(4) 09/30/08 16.39 (0.23) (3.23) (3.46) -- -- -- 12.93 (21.11)(5) 2,939 2.51(4) 03/31/09(6) 12.93 (0.07) (3.30) (3.37) -- -- -- 9.56 (26.06) 1,877 2.86(3)(4)(7) Class I - - 09/30/04 $13.16 $(0.04) $ 1.05 $ 1.01 $-- $-- $-- $14.17 7.67% $ 2,164 1.33%(3) 09/30/05 14.17 0.03 1.14 1.17 -- -- -- 15.34 8.26 1,454 1.33(3) 09/30/06 15.34 (0.04) 0.57 0.53 -- -- -- 15.87 3.45 642 1.28(3)(4) 09/30/07 15.87 (0.02) 3.16 3.14 -- -- -- 19.01 19.79 673 1.32(3)(4) 09/30/08 19.01 (0.06) (3.79) (3.85) -- -- -- 15.16 (20.25)(5) 524 1.33(3)(4) 03/31/09(6) 15.16 0.01 (3.87) (3.86) -- -- -- 11.30 (25.46) 360 1.33(3)(4)(7)
Ratio of net investment income (loss) to average Portfolio net assets Turnover - ------------- --------- (0.59)% 145% (0.09) 120 (0.45)(3)(4) 154 (0.40)(3)(4) 72 (0.66)(4) 49 (0.35)(3)(4)(7) 37 (1.25)% 145% (0.80) 120 (1.20)(3)(4) 154 (1.14)(3)(4) 72 (1.41)(4) 49 (1.23)(3)(4)(7) 37 (1.37)% 145% (0.98) 120 (1.21)(3)(4) 154 (1.35)(3)(4) 72 (1.54)(4) 49 (1.37)(3)(4)(7) 37 (0.26)%(3) 145% 0.22(3) 120 (0.22)(3)(4) 154 (0.11)(3)(4) 72 (0.36)(3)(4) 49 0.17(3)(4)(7) 37
- -------- (1)Calculated based upon average shares outstanding. (2)Total return is not annualized and does not reflect sales load. Total return does include expense reimbursements and expense reductions. (3)Net of the following expense reimbursements/fee waivers (based on average net assets) (See Note 4):
09/30/04 09/30/05 09/30/06 09/30/07 09/30/08 03/31/09(6)(7) -------- -------- -------- -------- -------- -------------- Blue Chip Growth Class A................ -- % -- % 0.05% 0.01% -- % 0.04% Blue Chip Growth Class B................ -- -- 0.05 0.02 -- 0.03 Blue Chip Growth Class C+............... -- -- 0.05 0.02 -- 0.13 Blue Chip Growth Class I................ 0.13 0.49 1.15 1.92 1.36 3.47
(4)Includes expense reimbursements, but excludes expense reductions. If the expense reductions had been applied the ratio of expenses to average net assets would have been lower and the ratio of net investment income to average net assets would have been higher by:
09/30/06 09/30/07 09/30/08 03/31/09(6)(7) -------- -------- -------- -------------- Blue Chip Growth Class A................ 0.01% 0.01% 0.01% 0.00% Blue Chip Growth Class B................ 0.01 0.01 0.01 0.00 Blue Chip Growth Class C+............... 0.01 0.01 0.01 0.00 Blue Chip Growth Class I................ 0.01 0.01 0.01 0.00
(5)The Fund's performance was increased by less than 0.01% from gains on disposal of investments in violation of investment restrictions. (6)Unaudited (7)Annualized + Effective February 23, 2004, Class II shares were redesignated to Class C shares. See Notes to Financial Statements 15 SunAmerica Equity Funds FINANCIAL HIGHLIGHTS -- (continued)
GROWTH OPPORTUNITIES FUND ------------------------- Net gain (loss) on Net investments Distri- Net Net Asset Net (both Dividends butions Asset Assets Ratio of Value investment realized Total from from net from Total Value end of expenses beginning income and investment investment capital distri- end of Total period to average Period Ended of period (loss)(1) unrealized) operations income gains butions period Return(2) (000's) net assets - ------------ --------- ---------- ----------- ---------- ---------- ------- ------- ------ --------- ------- ---------- Class A - - 09/30/04 $13.74 $(0.16) $ 0.07 $(0.09) $-- $-- $-- $13.65 (0.66)%(3) $49,918 1.58% 09/30/05 13.65 (0.17) 2.79 2.62 -- -- -- 16.27 19.19 44,641 1.65 09/30/06 16.27 (0.12) 0.89 0.77 -- -- -- 17.04 4.73 37,382 1.59(4)(5) 09/30/07 17.04 (0.14) 2.41 2.27 -- -- -- 19.31 13.32 39,646 1.62(4)(5) 09/30/08 19.31 (0.12) (6.37) (6.49) -- -- -- 12.82 (33.61) 21,705 1.82(4)(5) 03/31/09(6) 12.82 (0.08) (2.59) (2.67) -- -- -- 10.15 (20.83) 15,567 2.13(4)(5)(7) Class B - - 09/30/04 $12.44 $(0.24) $ 0.07 $(0.17) $-- $-- $-- $12.27 (1.37)%(3) $31,429 2.27% 09/30/05 12.27 (0.25) 2.50 2.25 -- -- -- 14.52 18.34 27,673 2.32 09/30/06 14.52 (0.21) 0.79 0.58 -- -- -- 15.10 3.99 21,500 2.30(4)(5) 09/30/07 15.10 (0.25) 2.15 1.90 -- -- -- 17.00 12.58 15,229 2.31(4)(5) 09/30/08 17.00 (0.21) (5.59) (5.80) -- -- -- 11.20 (34.12) 6,405 2.53(4)(5) 03/31/09(6) 11.20 (0.11) (2.26) (2.37) -- -- -- 8.83 (21.16) 3,786 2.98(4)(5)(7) Class C+ - - 09/30/04 $12.43 $(0.24) $ 0.06 $(0.18) $-- $-- $-- $12.25 (1.45)%(3) $14,599 2.29% 09/30/05 12.25 (0.26) 2.51 2.25 -- -- -- 14.50 18.37 12,089 2.39 09/30/06 14.50 (0.21) 0.79 0.58 -- -- -- 15.08 4.00 9,281 2.28(4)(5) 09/30/07 15.08 (0.26) 2.14 1.88 -- -- -- 16.96 12.47 8,230 2.38(4)(5) 09/30/08 16.96 (0.22) (5.57) (5.79) -- -- -- 11.17 (34.14) 3,977 2.62(4)(5) 03/31/09(6) 11.17 (0.11) (2.26) (2.37) -- -- -- 8.80 (21.22) 2,612 3.04(4)(5)(7) Class I - - 09/30/04 $13.80 $(0.13) $ 0.08 $(0.05) $-- $-- $-- $13.75 (0.36)%(3) $ 3,493 1.33%(4) 09/30/05 13.75 (0.13) 2.82 2.69 -- -- -- 16.44 19.56 1,759 1.33(4) 09/30/06 16.44 (0.06) 0.88 0.82 -- -- -- 17.26 4.99 422 1.28(4)(5) 09/30/07 17.26 (0.06) 2.42 2.36 -- -- -- 19.62 13.67 145 1.32(4)(5) 09/30/08 19.62 (0.04) (6.48) (6.52) -- -- -- 13.10 (33.23) 82 1.33(4)(5) 03/31/09(6) 13.10 (0.04) (2.65) (2.69) -- -- -- 10.41 (20.53) 47 1.31(4)(5)(7)
Ratio of net investment income (loss) to average Portfolio net assets Turnover - ------------- --------- (1.09)% 170% (1.15) 86 (0.76)(4)(5) 278 (0.79)(4)(5) 321 (0.93)(4)(5) 510 (1.63)(4)(5)(7) 602 (1.78)% 170% (1.82) 86 (1.46)(4)(5) 278 (1.48)(4)(5) 321 (1.64)(4)(5) 510 (2.49)(4)(5)(7) 602 (1.80)% 170% (1.89) 86 (1.44)(4)(5) 278 (1.56)(4)(5) 321 (1.73)(4)(5) 510 (2.54)(4)(5)(7) 602 (0.85)%(4) 170% (0.85)(4) 86 (0.35)(4)(5) 278 (0.34)(4)(5) 321 (0.44)(4)(5) 510 (0.81)(4)(5)(7) 602
- -------- (1)Calculated based upon average shares outstanding. (2)Total return is not annualized and does not reflect sales load. Total return does include expense reimbursements and expense reductions. (3)The Fund's total return increased from a gain realized on the disposal of investments in violation of investment restrictions on Class A 0.07%, Class B 0.10%, Class C 0.10% and Class I 0.08%. (4)Net of the following expense reimbursements/fee waivers (based on average net assets) (See Note 4):
09/30/04 09/30/05 09/30/06 09/30/07 09/30/08 03/31/09(6)(7) -------- -------- -------- -------- -------- -------------- Growth Opportunities Class A............ -- % -- % 0.05% 0.00% 0.00% 0.11% Growth Opportunities Class B............ -- -- 0.05 0.01 0.00 0.16 Growth Opportunities Class C+........... -- -- 0.05 0.01 0.00 0.18 Growth Opportunities Class I............ 0.18 0.49 1.59 5.77 8.62 18.10
(5)Includes expense reimbursements, but excludes expense reductions. If the expense reductions had been applied the ratio of expenses to average net assets would have been lower and the ratio of net investment income to average net assets would have been higher by:
09/30/06 09/30/07 09/30/08 03/31/09(6)(7) -------- -------- -------- -------------- Growth Opportunities Class A............ 0.04% 0.05% 0.19% 0.04% Growth Opportunities Class B............ 0.04 0.05 0.19 0.04 Growth Opportunities Class C+........... 0.04 0.05 0.19 0.04 Growth Opportunities Class I............ 0.03 0.05 0.19 0.04
(6)Unaudited (7)Annualized + Effective February 23, 2004, Class II shares were redesignated to Class C shares. See Notes to Financial Statements 16 SunAmerica Equity Funds FINANCIAL HIGHLIGHTS -- (continued)
NEW CENTURY FUND ---------------- Net gain (loss) on Net investments Distri- Net Net Asset Net (both Dividends butions Asset Assets Ratio of Value investment realized Total from from net from Total Value end of expenses beginning income and investment investment capital distri- end of Total period to average Period Ended of period (loss)(1) unrealized) operations income gains butions period Return(2) (000's) net assets - ------------ --------- ---------- ----------- ---------- ---------- ------- ------- ------ --------- ------- ---------- Class A - - 09/30/04 $13.44 $(0.17) $ 1.50 $ 1.33 $-- $-- $-- $14.77 9.90% $80,872 1.57% 09/30/05 14.77 (0.15) 3.38 3.23 -- -- -- 18.00 21.87 87,314 1.58 09/30/06 18.00 (0.07) 0.67 0.60 -- -- -- 18.60 3.33 75,682 1.55(4) 09/30/07 18.60 (0.04) 3.53 3.49 -- -- -- 22.09 18.76 88,535 1.55(4) 09/30/08 22.09 (0.12) (9.60) (9.72) -- -- -- 12.37 (44.00) 41,425 1.62(3)(4) 03/31/09(6) 12.37 (0.02) (3.63) (3.65) -- -- -- 8.72 (29.51) 25,675 1.88(3)(4)(7) Class B - - 09/30/04 $12.03 $(0.25) $ 1.35 $ 1.10 $-- $-- $-- $13.13 9.14% $11,415 2.29% 09/30/05 13.13 (0.25) 3.00 2.75 -- -- -- 15.88 20.94 10,344 2.32 09/30/06 15.88 (0.19) 0.60 0.41 -- -- -- 16.29 2.58 7,528 2.29(4) 09/30/07 16.29 (0.18) 3.09 2.91 -- -- -- 19.20 17.86 10,701 2.31(4) 09/30/08 19.20 (0.24) (8.30) (8.54) -- -- -- 10.66 (44.48) 3,907 2.45(3)(4) 03/31/09(6) 10.66 (0.06) (3.13) (3.19) -- -- -- 7.47 (29.92) 2,173 2.91(3)(4)(7) Class C+ - - 09/30/04 $12.02 $(0.22) $ 1.34 $ 1.12 $-- $-- $-- $13.14 9.32% $ 2,180 2.10%(3) 09/30/05 13.14 (0.22) 3.02 2.80 -- -- -- 15.94 21.31 1,964 2.14(3) 09/30/06 15.94 (0.16) 0.59 0.43 -- -- -- 16.37 2.70 1,756 2.14(3)(4) 09/30/07 16.37 (0.16) 3.11 2.95 -- -- -- 19.32 18.02 5,798 2.14(3)(4) 09/30/08 19.32 (0.19) (8.37) (8.56) -- -- -- 10.76 (44.31) 2,483 2.14(3)(4)(5) 03/31/09(6) 10.76 (0.03) (3.16) (3.19) -- -- -- 7.57 (29.65) 1,554 2.12(3)(4)(7)
Ratio of net investment income (loss) to average Portfolio net assets Turnover - ------------- --------- (1.20)% 110% (0.89) 80 (0.39)(4) 235 (0.20)(4) 315 (0.80)(3)(4) 659 (0.47)(3)(4)(7) 464 (1.91)% 110% (1.64) 80 (1.14)(4) 235 (1.00)(4) 315 (1.61)(3)(4) 659 (1.51)(3)(4)(7) 464 (1.73)%(3) 110% (1.45)(3) 80 (0.98)(3)(4) 235 (0.88)(3)(4) 315 (1.31)(3)(4)(5) 659 (0.71)(3)(4)(7) 464
- -------- (1)Calculated based upon average shares outstanding. (2)Total return is not annualized and does not reflect sales load. Total return does include expense reimbursements and expense reductions. (3)Net of the following expense reimbursements (based on average net assets) (See Note 4):
09/30/04 09/30/05 09/30/06 09/30/07 09/30/08 03/31/09(6)(7) -------- -------- -------- -------- -------- -------------- New Century Class A..................... -- % -- % -- % -- % 0.00% 0.14% New Century Class B..................... -- -- -- -- 0.00 0.17 New Century Class C+.................... 0.48 0.66 0.44 0.35 0.40 1.11
(4)Includes expense reimbursements, but excludes expense reductions. If the expense reductions had been applied the ratio of expenses to average net assets would have been lower and the ratio of net investment income to average net assets would have been higher by:
09/30/06 09/30/07 09/30/08 03/31/09(6)(7) -------- -------- -------- -------------- New Century Class A..................... 0.01% 0.02% 0.14% 0.04% New Century Class B..................... 0.01 0.02 0.14 0.04 New Century Class C+.................... 0.01 0.03 0.14 0.04
(5)Net of custody credits of 0.01%. (6)Unaudited (7)Annualized + Effective February 23, 2004, Class II shares were redesignated to Class C shares. See Notes to Financial Statements 17 SunAmerica Equity Funds FINANCIAL HIGHLIGHTS -- (continued)
GROWTH AND INCOME FUND ---------------------- Net gain (loss) on Net investments Distri- Net Net Asset Net (both Dividends butions Asset Assets Ratio of Value investment realized Total from from net from Total Value end of expenses beginning income and investment investment capital distri- end of Total period to average Period Ended of period (loss)(1) unrealized) operations income gains butions period Return(2) (000's) net assets - ------------ --------- ---------- ----------- ---------- ---------- ------- ------- ------ --------- ------- ---------- Class A - - 09/30/04 $10.19 $ 0.00 $ 1.19 $ 1.19 $ -- $-- $ -- $11.38 11.68% $69,069 1.50% 09/30/05 11.38 0.10 1.03 1.13 (0.11) -- (0.11) 12.40 9.89 65,666 1.55 09/30/06 12.40 0.04 1.01 1.05 (0.02) -- (0.02) 13.43 8.47 61,872 1.54(3)(4) 09/30/07 13.43 0.07 2.38 2.45 -- -- -- 15.88 18.24 66,963 1.52(3)(4) 09/30/08 15.88 0.14 (3.65) (3.51) (0.06) -- (0.06) 12.31 (22.19) 48,022 1.58(4) 03/31/09(5) 12.31 0.07 (4.01) (3.94) (0.15) -- (0.15) 8.22 (32.08) 29,507 1.76(3)(4)(6) Class B - - 09/30/04 $ 9.69 $(0.07) $ 1.13 $ 1.06 $ -- $-- $ -- $10.75 10.94% $54,199 2.17% 09/30/05 10.75 0.02 0.97 0.99 -- -- -- 11.74 9.21 41,120 2.20 09/30/06 11.74 (0.05) 0.96 0.91 -- -- -- 12.65 7.75 27,100 2.22(3)(4) 09/30/07 12.65 (0.03) 2.23 2.20 -- -- -- 14.85 17.39 19,562 2.21(3)(4) 09/30/08 14.85 0.04 (3.41) (3.37) -- -- -- 11.48 (22.69) 9,729 2.29(4) 03/31/09(5) 11.48 0.03 (3.74) (3.71) (0.04) -- (0.04) 7.73 (32.38) 4,830 2.56(3)(4)(6) Class C+ - - 09/30/04 $ 9.67 $(0.07) $ 1.13 $ 1.06 $ -- $-- $ -- $10.73 10.96% $43,993 2.14% 09/30/05 10.73 0.02 0.97 0.99 -- -- -- 11.72 9.23 37,448 2.18 09/30/06 11.72 (0.04) 0.95 0.91 -- -- -- 12.63 7.76 26,821 2.19(3)(4) 09/30/07 12.63 (0.02) 2.23 2.21 -- -- -- 14.84 17.50 23,851 2.19(3)(4) 09/30/08 14.84 0.04 (3.41) (3.37) -- -- -- 11.47 (22.71) 14,816 2.25(4) 03/31/09(5) 11.47 0.04 (3.75) (3.71) (0.06) -- (0.06) 7.70 (32.34) 8,943 2.46(3)(4)(6) Class I - - 09/30/04 $10.21 $ 0.02 $ 1.18 $ 1.20 $ -- $-- $ -- $11.41 11.75% $ 769 1.32%(3) 09/30/05 11.41 0.12 1.04 1.16 (0.14) -- (0.14) 12.43 10.18 758 1.31(3) 09/30/06 12.43 0.07 1.01 1.08 (0.04) -- (0.04) 13.47 8.69 288 1.32(3)(4) 09/30/07 13.47 0.11 2.38 2.49 -- -- -- 15.96 18.49 323 1.31(3)(4) 09/30/08 15.96 0.18 (3.68) (3.50) (0.07) -- (0.07) 12.39 (22.02) 259 1.32(3)(4) 03/31/09(5) 12.39 0.09 (4.04) (3.95) (0.19) -- (0.19) 8.25 (31.97) 153 1.32(3)(4)(6)
Ratio of net investment income (loss) to average Portfolio net assets Turnover - ------------- --------- 0.01% 139% 0.78 79 0.31(3)(4) 152 0.49(3)(4) 164 0.96(4) 251 1.57(3)(4)(6) 98 (0.67)% 139% 0.16 79 (0.39)(3)(4) 152 (0.21)(3)(4) 164 0.26(4) 251 0.77(3)(4)(6) 98 (0.64)% 139% 0.17 79 (0.36)(3)(4) 152 (0.18)(3)(4) 164 0.29(4) 251 0.86(3)(4)(6) 98 0.19%(3) 139% 1.00(3) 79 0.48(3)(4) 152 0.70(3)(4) 164 1.22(3)(4) 251 2.01(3)(4)(6) 98
- -------- (1)Calculated based upon average shares outstanding. (2)Total return is not annualized and does not reflect sales load. Total return does include expense reimbursements and expense reductions. (3)Net of the following expense reimbursements/fee waivers (based on average net assets) (See Note 4):
09/30/04 09/30/05 09/30/06 09/30/07 09/30/08 03/31/09(5)(6) -------- -------- -------- -------- -------- -------------- Growth and Income Class A............... -- % -- % 0.00% 0.01% -- % 0.02% Growth and Income Class B............... -- -- 0.00 0.01 -- 0.06 Growth and Income Class C+.............. -- -- 0.00 0.01 -- 0.03 Growth and Income Class I............... 0.14 0.96 2.23 3.72 3.36 5.36
(4)Includes expense reimbursements, but excludes expense reductions. If the expense reductions had been applied the ratio of expenses to average net assets would have been lower and the ratio of net investment income to average net assets would have been higher by:
09/30/06 09/30/07 09/30/08 03/31/09(5)(6) -------- -------- -------- -------------- Growth and Income Class A............... 0.01% 0.02% 0.03% 0.00% Growth and Income Class B............... 0.01 0.02 0.04 0.00 Growth and Income Class C+.............. 0.01 0.02 0.04 0.00 Growth and Income Class I............... 0.01 0.02 0.03 0.00
(5)Unaudited (6)Annualized + Effective February 23, 2004, Class II shares were redesignated to Class C shares. See Notes to Financial Statements 18 SunAmerica Equity Funds FINANCIAL HIGHLIGHTS -- (continued)
BALANCED ASSETS FUND -------------------- Net gain (loss) on Net investments Distri- Net Net Asset Net (both Dividends butions Asset Assets Ratio of Value investment realized Total from from net from Total Value end of expenses beginning income and investment investment capital distri- end of Total period to average Period Ended of period (loss)(1) unrealized) operations income gains butions period Return(2) (000's) net assets - ------------ --------- ---------- ----------- ---------- ---------- ------- ------- ------ --------- -------- ---------- Class A - - 09/30/04 $12.45 $0.12 $ 0.78 $ 0.90 $(0.16) $-- $(0.16) $13.19 7.27% $160,269 1.50% 09/30/05 13.19 0.21 0.56 0.77 (0.24) -- (0.24) 13.72 5.84 142,573 1.62 09/30/06 13.72 0.22 0.58 0.80 (0.25) -- (0.25) 14.27 5.90 127,313 1.52(3)(4) 09/30/07 14.27 0.25 1.52 1.77 (0.24) -- (0.24) 15.80 12.50 124,257 1.55(3)(4) 09/30/08 15.80 0.25 (2.82) (2.57) (0.26) -- (0.26) 12.97 (16.37)(5) 91,316 1.59(3)(4) 03/31/09(7) 12.97 0.14 (2.72) (2.58) (0.18) -- (0.18) 10.21 (19.94) 64,249 1.74(3)(4)(8) Class B - - 09/30/04 $12.41 $0.03 $ 0.77 $ 0.80 $(0.07) $-- $(0.07) $13.14 6.45% $ 38,687 2.18% 09/30/05 13.14 0.13 0.55 0.68 (0.15) -- (0.15) 13.67 5.16 30,002 2.27 09/30/06 13.67 0.13 0.58 0.71 (0.15) -- (0.15) 14.23 5.23 20,464 2.20(3)(4) 09/30/07 14.23 0.14 1.52 1.66 (0.12) -- (0.12) 15.77 11.70 14,714 2.28(3)(4) 09/30/08 15.77 0.15 (2.81) (2.66) (0.16) -- (0.16) 12.95 (16.95)(5) 9,252 2.31(3)(4) 03/31/09(7) 12.95 0.10 (2.71) (2.61) (0.14) -- (0.14) 10.20 (20.20) 6,017 2.52(3)(4)(8) Class C+ - - 09/30/04 $12.42 $0.03 $ 0.78 $ 0.81 $(0.07) $-- $(0.07) $13.16 6.53% $ 22,781 2.18% 09/30/05 13.16 0.13 0.55 0.68 (0.15) -- (0.15) 13.69 5.15 19,298 2.26 09/30/06 13.69 0.13 0.58 0.71 (0.15) -- (0.15) 14.25 5.22 15,164 2.18(3)(4) 09/30/07 14.25 0.15 1.52 1.67 (0.12) -- (0.12) 15.80 11.75 13,891 2.26(3)(4) 09/30/08 15.80 0.15 (2.82) (2.67) (0.16) -- (0.16) 12.97 (16.98)(5) 9,552 2.28(3)(4) 03/31/09(7) 12.97 0.10 (2.72) (2.62) (0.14) -- (0.14) 10.21 (20.21) 6,766 2.46(3)(4)(8) Class I - - 09/30/04 $12.46 $0.16 $ 0.77 $ 0.93 $(0.18) $-- $(0.18) $13.21 7.44% $ 679 1.29%(3) 09/30/05 13.21 0.25 0.55 0.80 (0.28) -- (0.28) 13.73 6.10 746 1.32(3) 09/30/06 13.73 0.26 0.59 0.85 (0.29) -- (0.29) 14.29 6.24 754 1.28(3)(4) 09/30/07 14.29 0.29 1.53 1.82 (0.29) -- (0.29) 15.82 12.81 652 1.31(3)(4) 09/30/08 15.82 0.29 (2.83) (2.54) (0.30) -- (0.30) 12.98 (16.19)(5) 546 1.31(3)(4) 03/31/09(7) 12.98 0.16 (2.72) (2.56) (0.20) -- (0.20) 10.22 (19.77) 397 1.33(3)(4)(8)
Ratio of net investment income (loss) to average Portfolio net assets Turnover - ------------- --------- 0.89% 182%(6) 1.56 160(6) 1.59(3)(4) 156(6) 1.66(3)(4) 133(6) 1.71(3)(4) 122 2.58(3)(4)(8) 64 0.20% 182%(6) 0.91 160(6) 0.91(3)(4) 156(6) 0.93(3)(4) 133(6) 0.99(3)(4) 122 1.79(3)(4)(8) 64 0.21% 182%(6) 0.92 160(6) 0.93(3)(4) 156(6) 0.95(3)(4) 133(6) 1.02(3)(4) 122 1.86(3)(4)(8) 64 1.10%(3) 182%(6) 1.84(3) 160(6) 1.84(3)(4) 156(6) 1.90(3)(4) 133(6) 1.99(3)(4) 122 2.99(3)(4)(8) 64
- -------- (1)Calculated based upon average shares outstanding. (2)Total return is not annualized and does not reflect sales load. Total return does include expense reimbursements and expense reductions. (3)Net of the following expense reimbursements/fee waivers (based on average net assets) (See Note 4):
09/30/04 09/30/05 09/30/06 09/30/07 09/30/08 03/31/09(7)(8) -------- -------- -------- -------- -------- -------------- Balanced Assets Class A................. -- % -- % 0.05% 0.02% 0.02% 0.01% Balanced Assets Class B................. -- -- 0.05 0.02 0.02 0.05 Balanced Assets Class C+................ -- -- 0.05 0.02 0.02 0.03 Balanced Assets Class I................. 0.24 1.47 1.38 1.71 1.65 2.38
(4)Includes expense reimbursements, but excludes expense reductions. If the expense reductions had been applied the ratio of expenses to average net assets would have been lower and the ratio of net investment income to average net assets would have been higher by:
09/30/06 09/30/07 09/30/08 03/31/09(7)(8) -------- -------- -------- -------------- Balanced Assets Class A................. 0.00% 0.01% 0.01% 0.00% Balanced Assets Class B................. 0.00 0.01 0.01 0.00 Balanced Assets Class C+................ 0.00 0.01 0.01 0.00 Balanced Assets Class I................. 0.00 0.01 0.01 0.00
(5)The Fund's performance was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. (6)Portfolio turnover includes "to be announced" ("TBA") transactions. Previously, portfolio turnover was calculated prior to including TBA transactions and was as follows:
09/30/04 09/30/05 09/30/06 09/30/07 -------- -------- -------- -------- 181% 160% 154% 123%
(7)Unaudited (8)Annualized + Effective February 23, 2004, Class II shares were redesignated to Class C shares. See Notes to Financial Statements 19 SunAmerica Equity Funds FINANCIAL HIGHLIGHTS -- (continued)
INTERNATIONAL EQUITY FUND ------------------------- Net gain (loss) on Net investments Distri- Net Net Asset Net (both Dividends butions Asset Assets Ratio of Value investment realized Total from from net from Total Value end of expenses beginning income and investment investment capital distri- end of Total period to average Period Ended of period (loss)(1) unrealized) operations income gains butions period Return(2) (000's) net assets - ------------ --------- ---------- ----------- ---------- ---------- ------- ------- ------ --------- ------- ---------- Class A - - 09/30/04 $ 8.73 $ 0.01 $ 1.46 $ 1.47 $ 0.00 $ -- $ 0.00 $10.20 16.88% $32,221 1.90%(3) 09/30/05 10.20 0.02 2.82 2.84 -- -- -- 13.04 27.84 43,527 1.90(3) 09/30/06 13.04 (0.01) 2.81 2.80 -- -- -- 15.84 21.47 62,190 1.90(3) 09/30/07 15.84 0.02 3.94 3.96 -- -- -- 19.80 25.00 75,408 1.90(3) 09/30/08 19.80 0.17 (5.85) (5.68) -- (1.68) (1.68) 12.44 (31.34) 46,384 1.90(4) 03/31/09(5) 12.44 0.03 (4.43) (4.40) (0.25) -- (0.25) 7.79 (35.61) 90,176 1.90(3)(4)(6) Class B - - 09/30/04 $ 8.34 $(0.06) $ 1.41 $ 1.35 $ -- $ -- $ -- $ 9.69 16.19% $20,673 2.55%(3) 09/30/05 9.69 (0.06) 2.68 2.62 -- -- -- 12.31 27.04 19,546 2.55(3) 09/30/06 12.31 (0.11) 2.65 2.54 -- -- -- 14.85 20.63 21,240 2.55(3) 09/30/07 14.85 (0.10) 3.69 3.59 -- -- -- 18.44 24.18 20,509 2.55(3) 09/30/08 18.44 0.04 (5.36) (5.32) -- (1.68) (1.68) 11.44 (31.72) 9,279 2.55(3)(4) 03/31/09(5) 11.44 (0.00) (4.09) (4.09) (0.12) -- (0.12) 7.23 (35.83) 10,451 2.55(3)(4)(6) Class C+ - - 09/30/04 $ 8.33 $(0.06) $ 1.41 $ 1.35 $ -- $ -- $ -- $ 9.68 16.21% $15,798 2.55%(3) 09/30/05 9.68 (0.06) 2.67 2.61 -- -- -- 12.29 26.96 16,892 2.55(3) 09/30/06 12.29 (0.11) 2.66 2.55 -- -- -- 14.84 20.75 21,646 2.55(3) 09/30/07 14.84 (0.09) 3.67 3.58 -- -- -- 18.42 24.12 26,683 2.55(3) 09/30/08 18.42 0.05 (5.37) (5.32) -- (1.68) (1.68) 11.42 (31.77) 14,221 2.55(3)(4) 03/31/09(5) 11.42 0.00 (4.08) (4.08) (0.12) -- (0.12) 7.22 (35.80) 19,343 2.55(3)(4)(6) Class I - - 09/30/04 $ 8.77 $(0.04) $ 1.53 $ 1.49 $(0.01) $ -- $(0.01) $10.25 16.96% $ 4,233 1.80%(3) 09/30/05 10.25 0.05 2.82 2.87 -- -- -- 13.12 28.00 7,065 1.80(3) 09/30/06 13.12 0.00 2.84 2.84 -- -- -- 15.96 21.65 9,482 1.80(3) 09/30/07 15.96 0.04 3.96 4.00 -- -- -- 19.96 25.06 7,997 1.80(3) 09/30/08 19.96 0.17 (5.89) (5.72) -- (1.68) (1.68) 12.56 (31.29) 4,964 1.80(3)(4) 03/31/09(5) 12.56 0.02 (4.46) (4.44) (0.28) -- (0.28) 7.84 (35.59) 3,199 1.80(3)(4)(6)
Ratio of net investment income (loss) to average Portfolio net assets Turnover - ------------- --------- 0.06%(3) 202% 0.17(3) 126 (0.09)(3) 152 0.13(3) 132 0.98(4) 199 0.82(3)(4)(6) 251 (0.62)%(3) 202% (0.51)(3) 126 (0.80)(3) 152 (0.59)(3) 132 0.25(3)(4) 199 (0.11)(3)(4)(6) 251 (0.60)%(3) 202% (0.49)(3) 126 (0.76)(3) 152 (0.52)(3) 132 0.31(3)(4) 199 0.02(3)(4)(6) 251 (0.34)%(3) 202% 0.43(3) 126 (0.01)(3) 152 0.24(3) 132 1.01(3)(4) 199 0.49(3)(4)(6) 251
- -------- (1)Calculated based upon average shares outstanding. (2)Total return is not annualized and does not reflect sales load. Total return does include expense reimbursements and expense reductions. (3)Net of the following expense reimbursements (recoupments) (based on average net assets) (See Note 4):
09/30/04 09/30/05 09/30/06 09/30/07 09/30/08 03/31/09(5)(6) -------- -------- -------- -------- -------- -------------- International Equity Class A............ 0.10% 0.09% (0.04)% (0.05)% -- % 0.04% International Equity Class B............ 0.11 0.17 0.02 0.04 0.06 0.32 International Equity Class C+........... 0.06 0.14 (0.01) (0.00) 0.01 0.18 International Equity Class I............ 0.12 0.14 0.00 0.04 0.09 0.41
(4)Includes expense reimbursements, but excludes expense reductions. If the expense reductions had been applied the ratio of expenses to average net assets would have been lower and the ratio of net investment income to average net assets would have been higher by:
09/30/08 03/31/09(5)(6) -------- -------------- International Equity Class A....... 0.00% 0.00% International Equity Class B....... 0.00 0.00 International Equity Class C+...... 0.00 0.00 International Equity Class I....... 0.00 0.00
(5)Unaudited (6)Annualized + Effective February 23, 2004, Class II shares were redesignated to Class C shares. See Notes to Financial Statements 20 SunAmerica Equity Funds FINANCIAL HIGHLIGHTS -- (continued)
VALUE FUND ---------- Net gain (loss) on Net investments Distri- Net Net Asset Net (both Dividends butions Asset Assets Value investment realized Total from from net from Total Value end of beginning income and investment investment capital distri- end of Total period Period Ended of period (loss)(1) unrealized) operations income gains butions period Return(2) (000's) - ------------------- --------- ---------- ----------- ---------- ---------- ------- ------- ------ --------- -------- Class A - - 10/31/03 $14.63 $0.29 $ 2.05 $ 2.34 $(0.18) $(0.46) $(0.64) $16.33 16.59% $ 60,701 11/1/03-09/30/04(6) 16.33 0.32 1.86 2.18 (0.37) (0.45) (0.82) 17.69 13.79 91,769 09/30/05 17.69 0.17 2.22 2.39 (0.29) (1.78) (2.07) 18.01 14.06 130,754 09/30/06 18.01 0.15 1.89 2.04 (0.13) (1.17) (1.30) 18.75 12.02 121,729 09/30/07 18.75 0.18 2.59 2.77 (0.16) (2.04) (2.20) 19.32 15.80 126,788 09/30/08 19.32 0.19 (3.86) (3.67) (0.21) (2.70) (2.91) 12.74 (21.70) 77,903 03/31/09(7) 12.74 0.11 (4.28) (4.17) (0.23) -- (0.23) 8.34 (32.94) 42,776 Class B - - 10/31/03 $14.06 $0.19 $ 1.98 $ 2.17 $(0.08) $(0.46) $(0.54) $15.69 15.94% $ 83,935 11/1/03-09/30/04(6) 15.69 0.24 1.75 1.99 (0.27) (0.45) (0.72) 16.96 13.09 68,492 09/30/05 16.96 0.07 2.11 2.18 (0.18) (1.78) (1.96) 17.18 13.34 57,704 09/30/06 17.18 0.04 1.80 1.84 (0.03) (1.17) (1.20) 17.82 11.29 47,100 09/30/07 17.82 0.05 2.46 2.51 (0.05) (2.04) (2.09) 18.24 15.07 39,355 09/30/08 18.24 0.09 (3.62) (3.53) (0.10) (2.70) (2.80) 11.91 (22.16) 21,304 03/31/09(7) 11.91 0.07 (4.00) (3.93) (0.14) -- (0.14) 7.84 (33.14) 11,544 Class C+ - - 10/31/03 $14.06 $0.18 $ 1.99 $ 2.17 $(0.08) $(0.46) $(0.54) $15.69 15.94% $ 23,208 11/1/03-09/30/04(6) 15.69 0.22 1.77 1.99 (0.27) (0.45) (0.72) 16.96 13.09 30,985 09/30/05 16.96 0.06 2.12 2.18 (0.18) (1.78) (1.96) 17.18 13.34 41,095 09/30/06 17.18 0.04 1.80 1.84 (0.03) (1.17) (1.20) 17.82 11.30 33,849 09/30/07 17.82 0.06 2.45 2.51 (0.05) (2.04) (2.09) 18.24 15.07 26,071 09/30/08 18.24 0.09 (3.62) (3.53) (0.10) (2.70) (2.80) 11.91 (22.16) 14,194 03/31/09(7) 11.91 0.07 (4.00) (3.93) (0.14) -- (0.14) 7.84 (33.14) 8,285 Class I - - 10/31/03 $14.63 $0.30 $ 2.05 $ 2.35 $(0.19) $(0.46) $(0.65) $16.33 16.72% $ 6,629 11/1/03-09/30/04(6) 16.33 0.37 1.83 2.20 (0.40) (0.45) (0.85) 17.68 13.91 4,746 09/30/05 17.68 0.20 2.20 2.40 (0.30) (1.78) (2.08) 18.00 14.12 3,106 09/30/06 18.00 0.16 1.91 2.07 (0.15) (1.17) (1.32) 18.75 12.20 174 09/30/07 18.75 0.21 2.57 2.78 (0.18) (2.04) (2.22) 19.31 15.89 34 09/30/08 19.31 0.20 (3.85) (3.65) (0.23) (2.70) (2.93) 12.73 (21.62) 25 03/31/09(7) 12.73 0.11 (4.27) (4.16) (0.25) -- (0.25) 8.32 (32.91) 14 Class Z - - 10/31/03 $14.97 $0.36 $ 2.13 $ 2.49 $(0.25) $(0.46) $(0.71) $16.75 17.36% $ 4,532 11/1/03-09/30/04(6) 16.75 0.41 1.92 2.33 (0.45) (0.45) (0.90) 18.18 14.37 7,370 09/30/05 18.18 0.27 2.30 2.57 (0.39) (1.78) (2.17) 18.58 14.77 17,307 09/30/06 18.58 0.26 1.95 2.21 (0.19) (1.17) (1.36) 19.43 12.64 22,853 09/30/07 19.43 0.29 2.70 2.99 (0.22) (2.04) (2.26) 20.16 16.48 34,644 09/30/08 20.16 0.29 (4.05) (3.76) (0.28) (2.70) (2.98) 13.42 (21.28) 25,827 03/31/09(7) 13.42 0.14 (4.51) (4.37) (0.30) -- (0.30) 8.75 (32.79) 17,004
Ratio of net Ratio of investment expenses income (loss) to average to average Portfolio net assets(4) net assets(4) Turnover - ------------- ------------- --------- 1.78%(5) 1.94%(5) 138% 1.73(3) 2.12(3) 204 1.63 1.00 82 1.63(5) 0.88(5) 140 1.63(5) 0.97(5) 143 1.63(5) 1.23(5) 207 1.63(3)(5) 2.21(3)(5) 99 2.41%(5) 1.32%(5) 138% 2.40(3) 1.58(3) 204 2.28 0.38 82 2.28(5) 0.23(5) 140 2.28(5) 0.31(5) 143 2.28(5) 0.58(5) 207 2.28(3)(5) 1.55(3)(5) 99 2.43%(5) 1.28%(5) 138% 2.41(3) 1.48(3) 204 2.28 0.36 82 2.28(5) 0.23(5) 140 2.28(5) 0.32(5) 143 2.28(5) 0.58(5) 207 2.28(3)(5) 1.54(3)(5) 99 1.68%(5) 2.02%(5) 138% 1.67(3) 2.31(3) 204 1.53 1.11 82 1.53(5) 0.90(5) 140 1.53(5) 1.05(5) 143 1.53(5) 1.33(5) 207 1.53(3)(5) 2.30(3)(5) 99 1.21%(5) 2.33%(5) 138% 1.19(3) 2.58(3) 204 1.06 1.54 82 1.06(5) 1.45(5) 140 1.06(5) 1.54(5) 143 1.06(5) 1.81(5) 207 1.06(3)(5) 2.75(3)(5) 99
- -------- (1)Calculated based upon average shares outstanding. (2)Total return is not annualized and does not reflect sales load. Total return does include expense reimbursements and expense reductions. (3)Annualized (4)Net of the following expense reimbursements (recoupments) (based on average net assets) (See Note 4):
10/31/03 09/30/04(3) 09/30/05 09/30/06 09/30/07 09/30/08 03/31/09(3)(7) -------- ----------- -------- -------- -------- -------- -------------- Value Class A........................... (0.01)% 0.04% 0.08% 0.08% 0.07% 0.11% 0.22% Value Class B........................... (0.01) 0.02 0.14 0.10 0.11 0.14 0.30 Value Class C+.......................... 0.02 0.06 0.08 0.08 0.09 0.14 0.30 Value Class I........................... -- 0.10 0.25 0.30 21.30 16.95 80.90 Value Class Z........................... 1.00 0.16 0.10 0.07 0.07 0.10 0.16
(5)Includes expense reimbursements, but excludes expense reductions. If the expense reductions had been applied the ratio of expenses to average net assets would have been lower and the ratio of net investment income to average net assets would have been higher by:
10/31/03 09/30/06 09/30/07 09/30/08 03/31/09(3)(7) -------- -------- -------- -------- -------------- Value Class A........................... 0.01% 0.01% 0.01% 0.03% 0.01% Value Class B........................... 0.01 0.01 0.01 0.03 0.01 Value Class C+.......................... 0.01 0.01 0.01 0.03 0.01 Value Class I........................... 0.01 0.01 0.01 0.03 0.01 Value Class Z........................... 0.00 0.01 0.01 0.03 0.01
(6)The Fund changed its fiscal year end from October 31 to September 30. (7)Unaudited + Effective February 23, 2004, Class II shares were redesignated to Class C shares. See Notes to Financial Statements 21 SunAmerica Equity Funds FINANCIAL HIGHLIGHTS -- (continued)
DISCIPLINED GROWTH FUND ----------------------- Net Gain (loss) on Net investments Distri- Net Net Asset Net (both Dividends butions Asset Assets Value investment realized Total from from net from Total Value end of beginning income and investment investment capital distri- end of Total period Period Ended of period (loss)(1) unrealized) operations income gains butions period Return(2) (000's) - -------------------- --------- ---------- ----------- ---------- ---------- ------- ------- ------ --------- ------- Class A - - 10/31/03 $ 9.00 $ 0.03 $ 1.46 $ 1.49 $ -- $-- $ -- $10.49 16.56% $14,877 11/01/03-09/30/04(3) 10.49 0.03 0.75 0.78 -- -- -- 11.27 7.44 13,562 09/30/05 11.27 0.09 0.53 0.62 (0.06) -- (0.06) 11.83 5.51 11,251 09/30/06 11.83 (0.01) 1.34 1.33 (0.06) -- (0.06) 13.10 11.25 22,554 09/30/07 13.10 (0.04) 4.38 4.34 -- -- -- 17.44 33.13(7) 25,774 09/30/08 17.44 (0.04) (6.33) (6.37) -- -- -- 11.07 (36.53) 19,949 03/31/09(9) 11.07 0.01 (2.91) (2.90) -- -- -- 8.17 (26.20) 12,277 Class B - - 10/31/03 $ 8.79 $(0.03) $ 1.41 $ 1.38 $ -- $-- $ -- $10.17 15.70% $22,694 11/01/03-09/30/04(3) 10.17 (0.04) 0.73 0.69 -- -- -- 10.86 6.78 19,669 09/30/05 10.86 0.01 0.52 0.53 -- -- -- 11.39 4.88 15,117 09/30/06 11.39 (0.10) 1.29 1.19 0.00 -- 0.00 12.58 10.46 9,299 09/30/07 12.58 (0.13) 4.20 4.07 -- -- -- 16.65 32.35(7) 5,676 09/30/08 16.65 (0.13) (6.02) (6.15) -- -- -- 10.50 (36.94) 3,820 03/31/09(9) 10.50 (0.01) (2.77) (2.78) -- -- -- 7.72 (26.48) 1,721 Class C+ - - 10/31/03 $ 8.80 $(0.03) $ 1.42 $ 1.39 $ -- $-- $ -- $10.19 15.80% $23,036 11/01/03-09/30/04(3) 10.19 (0.04) 0.73 0.69 -- -- -- 10.88 6.77 18,295 09/30/05 10.88 0.01 0.51 0.52 -- -- -- 11.40 4.78 13,983 09/30/06 11.40 (0.09) 1.29 1.20 0.00 -- 0.00 12.60 10.54 26,927 09/30/07 12.60 (0.13) 4.19 4.06 -- -- -- 16.66 32.22(7) 28,927 09/30/08 16.66 (0.13) (6.02) (6.15) -- -- -- 10.51 (36.91) 16,419 03/31/09(9) 10.51 (0.01) (2.77) (2.78) -- -- -- 7.73 (26.45) 8,572
Ratio of net Ratio of investment expenses income (loss) to average to average Portfolio net assets(5) net assets(5) Turnover - ------------- ------------- --------- 1.45% 0.35% 13% 1.45(4) 0.25(4) 20 1.45 0.74 32 1.45(6) (0.02)(6) 999 1.45(6) (0.13)(6) 446 1.45(6)(8) (0.30)(6)(8) 706 1.45(4)(6) 0.26(4)(6) 421 2.10% (0.30)% 13% 2.10(4) (0.40)(4) 20 2.10 0.09 32 2.10(6) (0.77)(6) 999 2.10(6) (0.75)(6) 446 2.10(6)(8) (0.98)(6)(8) 706 2.10(4)(6) (0.41)(4)(6) 421 2.10% (0.30)% 13% 2.10(4) (0.40)(4) 20 2.10 0.09 32 2.10(6) (0.68)(6) 999 2.10(6) (0.78)(6) 446 2.10(6)(8) (0.95)(6)(8) 706 2.10(4)(6) (0.40)(4)(6) 421
- -------- (1)Calculated based upon average shares outstanding. (2)Total return is not annualized and does not reflect sales load. Total return does include expense reimbursements and expense reductions. (3)The Fund changed its fiscal year end from October 31 to September 30. (4)Annualized (5)Net of the following expense reimbursements (based on average net assets) (See Note 4):
10/31/03 09/30/04(4) 09/30/05 09/30/06 09/30/07 09/30/08 03/31/09(4)(9) -------- ----------- -------- -------- -------- -------- -------------- Disciplined Growth Class A.............. 0.26% 0.24% 0.38% 0.31% 0.34% 0.25% 0.60% Disciplined Growth Class B.............. 0.23 0.25 0.35 0.37 0.45 0.39 0.96 Disciplined Growth Class C+............. 0.23 0.24 0.33 0.30 0.30 0.24 0.60
(6)Includes expense reimbursements, but excludes expense reductions. If the expense reductions had been applied the ratio of expenses to average net assets would have been lower and the ratio of net investment income to average net assets would have been higher by:
09/30/06 09/30/07 09/30/08 03/31/09(4)(9) -------- -------- -------- -------------- Disciplined Growth Class A.............. 0.04% 0.11% 0.07% 0.08% Disciplined Growth Class B.............. 0.02 0.14 0.07 0.08 Disciplined Growth Class C+............. 0.03 0.12 0.07 0.08
(7)Total Return for each class was increased by 0.38%, 0.40% and 0.40% for Class A, Class B and Class C, respectively, from a reimbursement by an affiliate. (8)Net of custody credits of 0.01%. (9)Unaudited + Effective February 23, 2004, Class II shares were redesignated to Class C shares. See Notes to Financial Statements 22 SunAmerica Equity Funds FINANCIAL HIGHLIGHTS -- (continued)
INTERNATIONAL SMALL-CAP FUND ---------------------------- Net gain (loss) on Net investments Distri- Net Asset Net (both Dividends butions Asset Value investment realized Total from from net from Distributions Total Value beginning income and investment investment capital from return distri- end of Total Period Ended of period (loss)(1) unrealized) operations income gains of capital butions period Return(2) - -------------------- --------- ---------- ----------- ---------- ---------- ------- ------------- ------- ------ --------- Class A 05/02/06-09/30/06(3) $12.50 $ 0.00 $(1.45) $(1.45) $ -- $ -- $ -- $ -- $11.05 (11.60)% 09/30/07 11.05 (0.04) 2.99 2.95 -- -- -- -- 14.00 26.70 09/30/08 14.00 (0.00) (5.52) (5.52) -- (0.13) (0.01) (0.14) 8.34 (39.79) 03/31/09(6) 8.34 0.00 (2.69) (2.69) (0.00) -- -- (0.00) 5.65 (32.24)(7) Class B 05/02/06-09/30/06(3) $12.50 $(0.04) $(1.44) $(1.48) $ -- $ -- $ -- $ -- $11.02 (11.84)% 09/30/07 11.02 (0.11) 2.97 2.86 -- -- -- -- 13.88 25.95 09/30/08 13.88 (0.08) (5.45) (5.53) -- (0.13) (0.01) (0.14) 8.21 (40.21) 03/31/09(6) 8.21 (0.02) (2.64) (2.66) -- -- -- -- 5.55 (32.40)(7) Class C 05/02/06-09/30/06(3) $12.50 $(0.04) $(1.44) $(1.48) $ -- $ -- $ -- $ -- $11.02 (11.84)% 09/30/07 11.02 (0.12) 2.98 2.86 -- -- -- -- 13.88 25.95 09/30/08 13.88 (0.09) (5.44) (5.53) -- (0.13) (0.01) (0.14) 8.21 (40.20) 03/31/09(6) 8.21 (0.02) (2.64) (2.66) -- -- -- -- 5.55 (32.40)(7)
Ratio Net of net Assets Ratio of investment end of expenses income (loss) period to average to average Portfolio (000's) net assets(5) net assets(5) Turnover - ------- ------------- ------------- --------- $21,557 1.90%(4) 0.08%(4) 55% 30,845 1.90 (0.30) 70 16,830 1.90 (0.04) 93 48,478 1.90(4) 0.04(4) 46 $ 583 2.55%(4) (0.93)%(4) 55% 1,181 2.55 (0.89) 70 633 2.55 (0.68) 93 262 2.55(4) (0.72)(4) 46 $ 3,363 2.55%(4) (1.07)%(4) 55% 5,357 2.55 (0.94) 70 2,199 2.55 (0.78) 93 1,004 2.55(4) (0.75)(4) 46
- -------- (1)Calculated based upon average shares outstanding. (2)Total return is not annualized and does not reflect sales load. Total return does include expense reimbursements and expense reductions. (3)Commencement of operations. (4)Annualized (5)Net of the following expense reimbursements (based on average net assets) (See Note 4):
09/30/06(4) 09/30/07 09/30/08 03/31/09(4)(6) ----------- -------- -------- -------------- International Small-Cap Class A......... 1.27% 0.45% 0.54% 0.36% International Small-Cap Class B......... 12.63 2.10 1.53 3.89 International Small-Cap Class C......... 2.88 0.77 0.77 1.47
(6)Unaudited (7)The Fund's performance was increased by less than 0.01% from gains on disposal of investments in violation of investment restrictions (See Note 4). See Notes to Financial Statements 23 SunAmerica Blue Chip Growth Fund PORTFOLIO PROFILE -- March 31, 2009 -- (unaudited) Industry Allocation* Computers.............................. 6.1% Medical-Biomedical/Gene................ 5.6 Repurchase Agreement................... 4.7 Web Portals/ISP........................ 4.2 Beverages-Non-alcoholic................ 4.1 Medical Products....................... 3.8 Electronic Components-Semiconductors... 3.5 Retail-Drug Store...................... 3.2 Oil Companies-Exploration & Production. 3.1 Wireless Equipment..................... 2.8 Instruments-Scientific................. 2.6 Agricultural Chemicals................. 2.5 Retail-Discount........................ 2.3 Medical-Generic Drugs.................. 2.3 Networking Products.................... 2.2 Diversified Banking Institutions....... 2.2 Electric Products-Misc................. 2.1 Applications Software.................. 2.0 Enterprise Software/Service............ 2.0 Commercial Services-Finance............ 1.9 Aerospace/Defense...................... 1.9 Oil Companies-Integrated............... 1.8 Cosmetics & Toiletries................. 1.7 Medical Instruments.................... 1.4 Retail-Office Supplies................. 1.4 Investment Management/Advisor Services. 1.3 Diversified Manufacturing Operations... 1.3 Data Processing/Management............. 1.3 Medical-Drugs.......................... 1.2 Finance-Investment Banker/Broker....... 1.2 Medical-HMO............................ 1.2 Aerospace/Defense-Equipment............ 1.1 Retail-Restaurants..................... 1.1 Transport-Rail......................... 1.0 Electronics-Military................... 1.0 Banks-Fiduciary........................ 1.0 Medical Labs & Testing Services........ 1.0 Telephone-Integrated................... 1.0 X-Ray Equipment........................ 1.0 Oil-Field Services..................... 1.0 Apparel Manufacturers.................. 0.9 Oil & Gas Drilling..................... 0.9 Sector Fund - Financial Services....... 0.9 Retail-Apparel/Shoe.................... 0.8 Retail-Regional Department Stores...... 0.7 Telecom Equipment-Fiber Optics......... 0.7 Internet Security...................... 0.6 Metal-Diversified...................... 0.6 Electronic Forms....................... 0.6 Retail-Consumer Electronics............ 0.6 Semiconductor Equipment................ 0.5 Medical-Wholesale Drug Distribution.... 0.5 Multimedia............................. 0.5 E-Commerce/Services.................... 0.5 Electronic Measurement Instruments..... 0.4 Entertainment Software................. 0.4 Cable/Satellite TV..................... 0.2 ---- 98.4% ====
- -------- *Calculated as a percentage of net assets 24 SunAmerica Blue Chip Growth Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited)
Market Value Security Description Shares (Note 3) --------------------------------------------------------------- COMMON STOCK -- 92.8% Aerospace/Defense -- 1.9% Lockheed Martin Corp....................... 3,950 $ 272,669 Raytheon Co................................ 9,700 377,718 ---------- 650,387 ---------- Aerospace/Defense-Equipment -- 1.1% United Technologies Corp................... 9,000 386,820 ---------- Agricultural Chemicals -- 2.5% Monsanto Co................................ 10,193 847,038 ---------- Apparel Manufacturers -- 0.9% Coach, Inc.+............................... 19,400 323,980 ---------- Applications Software -- 2.0% Microsoft Corp............................. 37,600 690,712 ---------- Banks-Fiduciary -- 1.0% The Bank of New York Mellon Corp........... 12,200 344,650 ---------- Beverages-Non-alcoholic -- 4.1% PepsiCo, Inc............................... 27,492 1,415,288 ---------- Cable/Satellite TV -- 0.2% Time Warner Cable, Inc..................... 2,175 53,940 ---------- Commercial Services-Finance -- 1.9% Visa, Inc., Class A........................ 11,850 658,860 ---------- Computers -- 6.1% Apple, Inc.+............................... 6,750 709,560 Hewlett-Packard Co......................... 18,000 577,080 International Business Machines Corp....... 5,400 523,206 Research In Motion, Ltd.+.................. 6,150 264,880 ---------- 2,074,726 ---------- Cosmetics & Toiletries -- 1.7% Colgate-Palmolive Co....................... 5,200 306,696 Procter & Gamble Co........................ 5,900 277,831 ---------- 584,527 ---------- Data Processing/Management -- 1.3% Fiserv, Inc.+.............................. 11,800 430,228 ---------- Diversified Banking Institutions -- 2.2% JPMorgan Chase & Co........................ 12,100 321,618 The Goldman Sachs Group, Inc............... 4,000 424,080 ---------- 745,698 ---------- Diversified Manufacturing Operations -- 1.3% Danaher Corp............................... 6,900 374,118 Dover Corp................................. 2,900 76,502 ---------- 450,620 ---------- E-Commerce/Services -- 0.5% eBay, Inc.+................................ 13,000 163,280 ---------- Electric Products-Misc. -- 2.1% AMETEK, Inc................................ 14,104 441,032 Emerson Electric Co........................ 9,100 260,078 ---------- 701,110 ---------- Electronic Components-Semiconductors -- 3.5% Broadcom Corp., Class A+................... 10,700 213,786 Intel Corp................................. 51,204 770,620
Market Value Security Description Shares (Note 3) ----------------------------------------------------------------- Electronic Components-Semiconductors (continued) Texas Instruments, Inc....................... 12,100 $ 199,771 ---------- 1,184,177 ---------- Electronic Forms -- 0.6% Adobe Systems, Inc.+......................... 9,223 197,280 ---------- Electronic Measurement Instruments -- 0.4% Agilent Technologies, Inc.+.................. 9,300 142,941 ---------- Electronics-Military -- 1.0% L-3 Communications Holdings, Inc............. 5,100 345,780 ---------- Enterprise Software/Service -- 2.0% Oracle Corp.+................................ 37,100 670,397 ---------- Entertainment Software -- 0.4% Electronic Arts, Inc.+....................... 6,634 120,672 ---------- Finance-Investment Banker/Broker -- 1.2% The Charles Schwab Corp...................... 26,700 413,850 ---------- Instruments-Scientific -- 2.6% Thermo Fisher Scientific, Inc.+.............. 24,783 884,010 ---------- Internet Security -- 0.6% McAfee, Inc.+................................ 6,400 214,400 ---------- Investment Management/Advisor Services -- 1.3% Invesco, Ltd................................. 33,300 461,538 ---------- Medical Instruments -- 1.4% Medtronic, Inc............................... 16,600 489,202 ---------- Medical Labs & Testing Services -- 1.0% Laboratory Corp. of America Holdings+........ 5,700 333,393 ---------- Medical Products -- 3.8% Baxter International, Inc.................... 6,900 353,418 Johnson & Johnson............................ 12,000 631,200 Zimmer Holdings, Inc.+....................... 8,850 323,025 ---------- 1,307,643 ---------- Medical-Biomedical/Gene -- 5.6% Amgen, Inc.+................................. 3,200 158,464 Celgene Corp.+............................... 8,300 368,520 Genzyme Corp.+............................... 8,800 522,632 Gilead Sciences, Inc.+....................... 18,800 870,816 ---------- 1,920,432 ---------- Medical-Drugs -- 1.2% Abbott Laboratories.......................... 8,900 424,530 ---------- Medical-Generic Drugs -- 2.3% Mylan, Inc.+................................. 35,200 472,032 Teva Pharmaceutical Industries, Ltd. ADR..... 6,714 302,466 ---------- 774,498 ---------- Medical-HMO -- 1.2% UnitedHealth Group, Inc...................... 19,200 401,856 ---------- Medical-Wholesale Drug Distribution -- 0.5% Cardinal Health, Inc......................... 5,400 169,992 ---------- Metal-Diversified -- 0.6% Freeport-McMoRan Copper & Gold, Inc.......... 5,600 213,416 ----------
25 SunAmerica Blue Chip Growth Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market Value Security Description Shares (Note 3) ------------------------------------------------------------- COMMON STOCK (continued) Multimedia -- 0.5% Time Warner, Inc........................ 8,566 $ 165,324 ----------- Networking Products -- 2.2% Cisco Systems, Inc.+.................... 45,000 754,650 ----------- Oil & Gas Drilling -- 0.9% Transocean, Ltd.+....................... 5,492 323,149 ----------- Oil Companies-Exploration & Production -- 3.1% Apache Corp............................. 1,500 96,135 Devon Energy Corp....................... 2,600 116,194 Occidental Petroleum Corp............... 4,400 244,860 Ultra Petroleum Corp.+.................. 4,400 157,916 XTO Energy, Inc......................... 14,400 440,928 ----------- 1,056,033 ----------- Oil Companies-Integrated -- 1.8% Exxon Mobil Corp........................ 9,100 619,710 ----------- Oil-Field Services -- 1.0% Schlumberger, Ltd....................... 8,000 324,960 ----------- Retail-Apparel/Shoe -- 0.8% American Eagle Outfitters, Inc.......... 22,500 275,400 ----------- Retail-Consumer Electronics -- 0.6% Best Buy Co., Inc....................... 5,000 189,800 ----------- Retail-Discount -- 2.3% Target Corp............................. 5,700 196,023 Wal-Mart Stores, Inc.................... 11,600 604,360 ----------- 800,383 ----------- Retail-Drug Store -- 3.2% CVS Caremark Corp....................... 39,702 1,091,408 ----------- Retail-Office Supplies -- 1.4% Staples, Inc............................ 25,700 465,427 ----------- Retail-Regional Department Stores -- 0.7% Kohl's Corp.+........................... 5,500 232,760 ----------- Retail-Restaurants -- 1.1% McDonald's Corp......................... 6,600 360,162 ----------- Semiconductor Equipment -- 0.5% ASML Holding NV......................... 10,400 182,104 ----------- Telecom Equipment-Fiber Optics -- 0.7% Corning, Inc............................ 17,300 229,571 ----------- Telephone-Integrated -- 1.0% AT&T, Inc............................... 13,200 332,640 ----------- Transport-Rail -- 1.0% Union Pacific Corp...................... 8,600 353,546 ----------- Web Portals/ISP -- 4.2% Google, Inc., Class A+.................. 4,150 1,444,449 ----------- Wireless Equipment -- 2.8% QUALCOMM, Inc........................... 24,750 963,023 ----------- X-Ray Equipment -- 1.0% Hologic, Inc.+.......................... 25,000 327,250 ----------- Total Common Stock (cost $39,981,975)..................... 31,683,620 -----------
Shares/ Market Principal Value Security Description Amount (Note 3) --------------------------------------------------------------- EXCHANGE-TRADED FUNDS -- 0.9% Sector Fund-Financial Services -- 0.9% Financial Select Sector SPDR Fund (cost $330,583)..................... 36,615 $ 322,578 ----------- Total Long-Term Investment Securities (cost $40,312,558).................. 32,006,198 ----------- REPURCHASE AGREEMENT -- 4.7% State Street Bank & Trust Co. Joint Repurchase Agreement(1) (cost $1,600,000)................... $1,600,000 1,600,000 ----------- TOTAL INVESTMENTS (cost $41,912,558)(2)............... 98.4% 33,606,198 Other assets less liabilities.......... 1.6 544,368 ---------- ----------- NET ASSETS 100.0% $34,150,566 ========== ===========
- -------- + Non-income producing security (1) See Note 3 for details of Joint Repurchase Agreement. (2) See Note 7 for cost of investments on a tax basis. ADR --American Depository Receipt See Notes to Financial Statements 26 SunAmerica Growth Opportunities Fund PORTFOLIO PROFILE -- March 31, 2009 -- (unaudited) Industry Allocation* Repurchase Agreements........................ 27.4% Commercial Services-Finance.................. 12.9 Medical-Outpatient/Home Medical.............. 3.7 Medical-Generic Drugs........................ 3.6 Physical Therapy/Rehabilitation Centers...... 3.2 Data Processing/Management................... 3.0 Telecommunication Equipment.................. 2.7 Food-Misc.................................... 2.6 Hazardous Waste Disposal..................... 2.5 Medical Labs & Testing Services.............. 2.2 Oil Companies-Exploration & Production....... 2.1 Food-Confectionery........................... 2.0 Telecom Services............................. 2.0 Consulting Services.......................... 1.9 Semiconductor Components-Integrated Circuits. 1.8 Dialysis Centers............................. 1.7 Medical Instruments.......................... 1.7 Food-Wholesale/Distribution.................. 1.6 Aerospace/Defense-Equipment.................. 1.6 Transport-Services........................... 1.6 Brewery...................................... 1.4 Physicians Practice Management............... 1.4 E-Commerce/Services.......................... 1.4 Enterprise Software/Service.................. 1.4 Metal Processors & Fabrication............... 1.2 Apparel Manufacturers........................ 1.2 Computer Services............................ 1.1 Commercial Services.......................... 1.1 Medical-Biomedical/Gene...................... 1.0 Instruments-Scientific....................... 1.0 Lasers-System/Components..................... 0.9 Private Corrections.......................... 0.9 Consumer Products-Misc....................... 0.8 Medical-Nursing Homes........................ 0.8 Computers-Integrated Systems................. 0.8 Computer Aided Design........................ 0.7 Human Resources.............................. 0.6 Insurance-Multi-line......................... 0.5 Semiconductor Equipment...................... 0.5 Beverages-Wine/Spirits....................... 0.5 Footwear & Related Apparel................... 0.4 Banks-Commercial............................. 0.2 ----- 101.6% =====
- -------- *Calculated as a percentage of net assets 27 SunAmerica Growth Opportunities Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited)
Market Value Security Description Shares (Note 3) ---------------------------------------------------------- COMMON STOCK -- 74.2% Aerospace/Defense-Equipment -- 1.6% Orbital Sciences Corp.+............... 29,600 $ 351,944 ---------- Apparel Manufacturers -- 1.2% Coach, Inc.+.......................... 11,900 198,730 Polo Ralph Lauren Corp................ 1,400 59,150 ---------- 257,880 ---------- Banks-Commercial -- 0.2% SVB Financial Group+.................. 2,700 54,027 ---------- Beverages-Wine/Spirits -- 0.5% Central European Distribution Corp.+.. 10,100 108,676 ---------- Brewery -- 1.4% Molson Coors Brewing Co., Class B..... 9,200 315,376 ---------- Commercial Services -- 1.1% Team, Inc.+........................... 20,000 234,400 ---------- Commercial Services-Finance -- 12.9% Equifax, Inc.......................... 33,900 828,855 Global Payments, Inc.................. 23,184 774,577 Jackson Hewitt Tax Service, Inc....... 21,900 114,318 The Western Union Co.................. 62,400 784,368 TNS, Inc.+............................ 42,400 346,832 ---------- 2,848,950 ---------- Computer Aided Design -- 0.7% Parametric Technology Corp.+.......... 16,000 159,680 ---------- Computer Services -- 1.1% CACI International, Inc., Class A+.... 6,700 244,483 ---------- Computers-Integrated Systems -- 0.8% Diebold, Inc.......................... 7,900 168,665 ---------- Consulting Services -- 1.9% CRA International, Inc.+.............. 18,200 343,616 Huron Consulting Group, Inc.+......... 1,800 76,374 ---------- 419,990 ---------- Consumer Products-Misc. -- 0.8% Tupperware Brands Corp................ 10,400 176,696 ---------- Data Processing/Management -- 3.0% Fiserv, Inc.+......................... 18,300 667,218 ---------- Dialysis Centers -- 1.7% DaVita, Inc.+......................... 8,700 382,365 ---------- E-Commerce/Services -- 1.4% IAC/InterActive Corp.+................ 20,700 315,261 ---------- Enterprise Software/Service -- 1.4% Lawson Software, Inc.+................ 23,800 101,150 ManTech International Corp., Class A+. 4,751 199,067 ---------- 300,217 ---------- Food-Confectionery -- 2.0% The J.M. Smucker Co................... 12,000 447,240 ---------- Food-Misc. -- 2.6% Hain Celestial Group, Inc.+........... 40,700 579,568 ----------
Market Value Security Description Shares (Note 3) ------------------------------------------------------------- Food-Wholesale/Distribution -- 1.6% Spartan Stores, Inc........................ 23,500 $362,135 -------- Footwear & Related Apparel -- 0.4% Deckers Outdoor Corp.+..................... 1,500 79,560 -------- Hazardous Waste Disposal -- 2.5% Stericycle, Inc.+.......................... 11,550 551,282 -------- Human Resources -- 0.6% Emergency Medical Services Corp., Class A+. 4,000 125,560 -------- Instruments-Scientific -- 1.0% FEI Co.+................................... 14,300 220,649 -------- Insurance-Multi-line -- 0.5% HCC Insurance Holdings, Inc................ 4,700 118,393 -------- Lasers-System/Components -- 0.9% Coherent, Inc.+............................ 11,300 194,925 -------- Medical Instruments -- 1.7% CONMED Corp.+.............................. 25,600 368,896 -------- Medical Labs & Testing Services -- 2.2% Laboratory Corp. of America Holdings+...... 8,200 479,618 -------- Medical-Biomedical/Gene -- 1.0% Emergent Biosolutions, Inc.+............... 16,700 225,617 -------- Medical-Generic Drugs -- 3.6% Perrigo Co................................. 31,800 789,594 -------- Medical-Nursing Homes -- 0.8% Sun Healthcare Group, Inc.+................ 20,800 175,552 -------- Medical-Outpatient/Home Medical -- 3.7% Air Methods Corp.+......................... 21,033 355,668 Amsurg Corp.+.............................. 20,000 317,000 Lincare Holdings, Inc.+.................... 6,300 137,340 -------- 810,008 -------- Metal Processors & Fabrication -- 1.2% RBC Bearings, Inc.+........................ 17,900 273,512 -------- Oil Companies-Exploration & Production -- 2.1% Comstock Resources, Inc.+.................. 2,600 77,480 McMoRan Exploration Co.+................... 23,100 108,570 W&T Offshore, Inc.......................... 43,000 264,450 -------- 450,500 -------- Physical Therapy/Rehabilitation Centers -- 3.2% Psychiatric Solutions, Inc.+............... 45,000 707,850 -------- Physicians Practice Management -- 1.4% MEDNAX, Inc.+.............................. 10,700 315,329 -------- Private Corrections -- 0.9% The Geo Group, Inc.+....................... 14,100 186,825 -------- Semiconductor Components-Integrated Circuits -- 1.8% Emulex Corp.+.............................. 50,400 253,512 Integrated Device Technology, Inc.+........ 30,400 138,320 -------- 391,832 -------- Semiconductor Equipment -- 0.5% Verigy, Ltd.+.............................. 13,500 111,375 --------
28 SunAmerica Growth Opportunities Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Shares/ Market Principal Value Security Description Amount (Note 3) --------------------------------------------------------------- COMMON STOCK (continued) Telecom Services -- 2.0% Amdocs, Ltd.+....................... 23,200 $ 429,664 ----------- Telecommunication Equipment -- 2.7% ADC Telecommunications, Inc.+....... 23,700 104,043 Comtech Telecommunications Corp.+... 19,696 487,870 ----------- 591,913 ----------- Transport-Services -- 1.6% Hub Group, Inc., Class A+........... 20,700 351,900 ----------- Total Long-Term Investment Securities (cost $16,104,808)................. 16,345,125 ----------- REPURCHASE AGREEMENTS -- 27.4% State Street Bank & Trust Co. Joint Repurchase Agreement(1)...... $5,000,000 5,000,000 UBS Securities, LLC Joint Repurchase Agreement(1)...... 1,023,000 1,023,000 ----------- Total Repurchase Agreements (cost $6,023,000).................. 6,023,000 ----------- TOTAL INVESTMENTS (cost $22,127,808)(2).............. 101.6% 22,368,125 Liabilities in excess of other assets. (1.6) (355,370) ---------- ----------- NET ASSETS 100.0% $22,012,755 ========== ===========
- -------- + Non-income producing security (1)See Note 3 for details of Joint Repurchase Agreements. (2)See Note 7 for cost of investment on a tax basis. See Notes to Financial Statements 29 SunAmerica New Century Fund PORTFOLIO PROFILE -- March 31, 2009 -- (unaudited) Industry Allocation* Schools...................................... 3.9% Oil Companies-Exploration & Production....... 3.0 Diversified Manufacturing Operations......... 3.0 Applications Software........................ 2.8 Apparel Manufacturers........................ 2.8 Food-Misc.................................... 2.7 Semiconductor Components-Integrated Circuits. 2.7 Finance-Investment Banker/Broker............. 2.5 Medical-Generic Drugs........................ 2.5 Oil Companies-Integrated..................... 2.3 Soap & Cleaning Preparation.................. 2.2 Research & Development....................... 2.1 Repurchase Agreement......................... 2.0 Semiconductor Equipment...................... 1.8 Retail-Apparel/Shoe.......................... 1.7 Footwear & Related Apparel................... 1.6 Medical Labs & Testing Services.............. 1.6 Commercial Services-Finance.................. 1.6 Electric Products-Misc....................... 1.6 Athletic Footwear............................ 1.6 Beverages-Non-alcoholic...................... 1.5 Pharmacy Services............................ 1.5 Retail-Restaurants........................... 1.5 Gold Mining.................................. 1.5 Chemicals-Diversified........................ 1.5 E-Commerce/Services.......................... 1.5 Medical-Biomedical/Gene...................... 1.5 Retail-Major Department Stores............... 1.5 Transport-Truck.............................. 1.5 Agricultural Chemicals....................... 1.5 Wireless Equipment........................... 1.5 Machinery-Construction & Mining.............. 1.5 Oil & Gas Drilling........................... 1.4 Therapeutics................................. 1.4 Electric-Integrated.......................... 1.4 Insurance-Multi-line......................... 1.4 Medical-Drugs................................ 1.4 Casino Services.............................. 1.4 Internet Security............................ 1.3 Enterprise Software/Service.................. 1.3 Data Processing/Management................... 1.3 Medical Instruments.......................... 1.3 Sector Fund - Financial Services............. 1.2 Aerospace/Defense-Equipment.................. 1.2 Telecom Services............................. 1.2 Telephone-Integrated......................... 1.1 Networking Products.......................... 1.1 Electronic Measurement Instruments........... 1.0 Food-Wholesale/Distribution.................. 1.0 Transport-Rail............................... 1.0 Investment Management/Advisor Services....... 1.0 Metal Processors & Fabrication............... 1.0 Transport-Services........................... 1.0 Instruments-Scientific....................... 1.0 Steel-Producers.............................. 1.0 Hazardous Waste Disposal..................... 0.9 Electronic Components-Semiconductors......... 0.9 Banks-Commercial............................. 0.8 Diversified Banking Institutions............. 0.8 Hotels/Motels................................ 0.7
Vitamins & Nutrition Products. 0.3% Human Resources............... 0.3 ---- 96.1% ====
- -------- *Calculated as a percentage of net assets 30 SunAmerica New Century Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited)
Market Value Security Description Shares (Note 3) ------------------------------------------------------------- COMMON STOCK -- 92.9% Aerospace/Defense-Equipment -- 1.2% Argon ST, Inc.+............................ 18,500 $350,945 -------- Agricultural Chemicals -- 1.5% Potash Corp. of Saskatchewan............... 5,400 436,374 -------- Apparel Manufacturers -- 2.8% Coach, Inc.+............................... 25,900 432,530 True Religion Apparel, Inc.+............... 32,300 381,463 -------- 813,993 -------- Applications Software -- 2.8% Citrix Systems, Inc.+...................... 14,900 337,336 Intuit, Inc.+.............................. 17,900 483,300 -------- 820,636 -------- Athletic Footwear -- 1.6% NIKE, Inc., Class B........................ 9,800 459,522 -------- Banks-Commercial -- 0.8% First Horizon National Corp................ 20,880 224,251 -------- Beverages-Non-alcoholic -- 1.5% Coca-Cola Enterprises, Inc................. 34,600 456,374 -------- Casino Services -- 1.4% International Game Technology.............. 43,800 403,836 -------- Chemicals-Diversified -- 1.5% E.I. du Pont de Nemours & Co............... 20,100 448,833 -------- Commercial Services-Finance -- 1.6% H&R Block, Inc............................. 25,500 463,845 -------- Data Processing/Management -- 1.3% Fiserv, Inc.+.............................. 10,200 371,892 -------- Diversified Banking Institutions -- 0.8% Morgan Stanley............................. 9,800 223,146 -------- Diversified Manufacturing Operations -- 3.0% ITT Corp................................... 11,100 427,017 Pentair, Inc............................... 20,700 448,569 -------- 875,586 -------- E-Commerce/Services -- 1.5% IAC/InterActive Corp.+..................... 29,300 446,239 -------- Electric Products-Misc. -- 1.6% AMETEK, Inc................................ 14,700 459,669 -------- Electric-Integrated -- 1.4% FPL Group, Inc............................. 8,200 415,986 -------- Electronic Components-Semiconductors -- 0.9% Intersil Corp., Class A.................... 23,800 273,700 -------- Electronic Measurement Instruments -- 1.0% Agilent Technologies, Inc.+................ 20,000 307,400 -------- Enterprise Software/Service -- 1.3% ManTech International Corp., Class A+...... 9,000 377,100 -------- Finance-Investment Banker/Broker -- 2.5% TD Ameritrade Holding Corp.+............... 35,900 495,779 The Charles Schwab Corp.................... 16,100 249,550 -------- 745,329 --------
Market Value Security Description Shares (Note 3) -------------------------------------------------------- Food-Misc. -- 2.7% American Italian Pasta Co., Class A+.. 10,508 $365,784 Cal-Maine Foods, Inc.................. 12,572 281,487 Hain Celestial Group, Inc.+........... 10,400 148,096 -------- 795,367 -------- Food-Wholesale/Distribution -- 1.0% Spartan Stores, Inc................... 19,500 300,495 -------- Footwear & Related Apparel -- 1.6% Steven Madden, Ltd.+.................. 25,700 482,646 -------- Gold Mining -- 1.5% Barrick Gold Corp..................... 13,900 450,638 -------- Hazardous Waste Disposal -- 0.9% Stericycle, Inc.+..................... 5,800 276,834 -------- Hotel/Motels -- 0.7% Marriott International, Inc., Class A. 13,200 215,952 -------- Human Resources -- 0.3% MPS Group, Inc.+...................... 14,300 85,085 -------- Instruments-Scientific -- 1.0% FEI Co.+.............................. 18,400 283,912 -------- Insurance-Multi-line -- 1.4% MetLife, Inc.......................... 18,200 414,414 -------- Internet Security -- 1.3% Symantec Corp.+....................... 25,300 377,982 -------- Investment Management/Advisor Services -- 1.0% T. Rowe Price Group, Inc.............. 10,200 294,372 -------- Machinery-Construction & Mining -- 1.5% Bucyrus International, Inc............ 19,500 296,010 Joy Global, Inc....................... 6,300 134,190 -------- 430,200 -------- Medical Instruments -- 1.3% St. Jude Medical, Inc.+............... 10,200 370,566 -------- Medical Labs & Testing Services -- 1.6% Quest Diagnostics, Inc................ 9,800 465,304 -------- Medical-Biomedical/Gene -- 1.5% Genzyme Corp.+........................ 7,500 445,425 -------- Medical-Drugs -- 1.4% Cephalon, Inc.+....................... 6,000 408,600 -------- Medical-Generic Drugs -- 2.5% Mylan, Inc.+.......................... 22,100 296,361 Perrigo Co............................ 17,800 441,974 -------- 738,335 -------- Metal Processors & Fabrication -- 1.0% Precision Castparts Corp.............. 4,900 293,510 -------- Networking Products -- 1.1% Juniper Networks, Inc.+............... 20,600 310,236 -------- Oil & Gas Drilling -- 1.4% Transocean, Ltd.+..................... 7,200 423,648 --------
31 SunAmerica New Century Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market Value Security Description Shares (Note 3) --------------------------------------------------------------- COMMON STOCK (continued) Oil Companies-Exploration & Production -- 3.0% Comstock Resources, Inc.+................. 8,800 $ 262,240 Range Resources Corp...................... 7,000 288,120 Southwestern Energy Co.+.................. 11,600 344,404 ---------- 894,764 ---------- Oil Companies-Integrated -- 2.3% Hess Corp................................. 5,900 319,780 Murphy Oil Corp........................... 8,300 371,591 ---------- 691,371 ---------- Pharmacy Services -- 1.5% Express Scripts, Inc.+.................... 9,800 452,466 ---------- Research & Development -- 2.1% Pharmaceutical Product Development, Inc... 25,600 607,232 ---------- Retail-Apparel/Shoe -- 1.7% The Gap, Inc.............................. 38,400 498,816 ---------- Retail-Major Department Stores -- 1.5% TJX Companies, Inc........................ 17,200 441,008 ---------- Retail-Restaurants -- 1.5% Yum! Brands, Inc.......................... 16,400 450,672 ---------- Schools -- 3.9% Apollo Group, Inc., Class A+.............. 6,500 509,145 Capella Education Co.+.................... 8,200 434,600 DeVry, Inc................................ 4,300 207,174 ---------- 1,150,919 ---------- Semiconductor Components-Integrated Circuits -- 2.7% Marvell Technology Group, Ltd.+........... 50,700 464,412 Maxim Integrated Products, Inc............ 24,000 317,040 ---------- 781,452 ---------- Semiconductor Equipment -- 1.8% ASML Holding NV........................... 30,100 527,051 ---------- Soap & Cleaning Preparation -- 2.2% Church & Dwight Co., Inc.................. 12,200 637,206 ---------- Steel-Producers -- 1.0% Steel Dynamics, Inc....................... 32,200 283,682 ---------- Telecom Services -- 1.2% Amdocs, Ltd.+............................. 18,900 350,028 ---------- Telephone-Integrated -- 1.1% Windstream Corp........................... 40,900 329,654 ---------- Therapeutics -- 1.4% BioMarin Pharmaceutical, Inc.+............ 34,200 422,370 ---------- Transport-Rail -- 1.0% Union Pacific Corp........................ 7,200 295,992 ---------- Transport-Services -- 1.0% C.H. Robinson Worldwide, Inc.............. 6,400 291,904 ---------- Transport-Truck -- 1.5% Landstar System, Inc...................... 13,132 439,528 ---------- Vitamins & Nutrition Products -- 0.3% NBTY, Inc.+............................... 6,300 88,704 ----------
Shares/ Market Principal Value Security Description Amount (Note 3) ------------------------------------------------------------- Wireless Equipment -- 1.5% American Tower Corp., Class A+....... 14,200 $ 432,106 ----------- Total Common Stock (cost $27,377,456).................. 27,305,102 ----------- EXCHANGE-TRADED FUNDS -- 1.2% Sector Fund-Financial Services -- 1.2% SPDR KBW Regional Banking ETF (cost $363,392)..................... 18,519 355,935 ----------- Total Long-Term Investment Securities (cost $27,740,848).................. 27,661,037 ----------- REPURCHASE AGREEMENT -- 2.0% State Street Bank & Trust Co. Joint Repurchase Agreement(1) (cost $600,000)..................... $600,000 600,000 ----------- TOTAL INVESTMENTS (cost $28,340,848)(2)............... 96.1% 28,261,037 Other assets less liabilities.......... 3.9 1,141,472 -------- ----------- NET ASSETS 100.0% $29,402,509 ======== ===========
- -------- + Non-income producing security (1) See Note 3 for details of Joint Repurchase Agreement. (2) See Note 7 for cost of investments on a tax basis. ETF --Exchange-Traded Fund See Notes to Financial Statements 32 SunAmerica Growth and Income Fund PORTFOLIO PROFILE -- March 31, 2009 -- (unaudited) Industry Allocation* Oil Companies-Integrated............... 14.0% Medical-Drugs.......................... 6.8 Electric-Integrated.................... 4.6 Diversified Banking Institutions....... 4.3 Telephone-Integrated................... 4.2 Computers.............................. 3.5 Beverages-Non-alcoholic................ 3.4 Medical Products....................... 3.2 Multimedia............................. 3.1 Aerospace/Defense-Equipment............ 3.0 Diversified Manufacturing Operations... 2.9 Food-Misc.............................. 2.8 E-Commerce/Services.................... 2.6 Applications Software.................. 2.2 Cosmetics & Toiletries................. 2.0 Wireless Equipment..................... 1.8 Enterprise Software/Service............ 1.8 Retail-Discount........................ 1.8 Retail-Apparel/Shoe.................... 1.8 Electronic Components-Semiconductors... 1.8 Networking Products.................... 1.7 Medical-HMO............................ 1.6 Repurchase Agreement................... 1.6 Apparel Manufacturers.................. 1.5 Retail-Drug Store...................... 1.5 Transport-Rail......................... 1.4 Non-Hazardous Waste Disposal........... 1.4 Electronics-Military................... 1.4 Pharmacy Services...................... 1.4 Medical-Generic Drugs.................. 1.3 Industrial Gases....................... 1.3 Web Portals/ISP........................ 1.3 Finance-Investment Banker/Broker....... 1.3 Banks-Commercial....................... 1.2 Investment Management/Advisor Services. 1.2 Medical-Biomedical/Gene................ 1.1 Banks-Fiduciary........................ 1.1 Gold Mining............................ 1.1 Banks-Super Regional................... 1.0 ---- 97.0% ====
- -------- *Calculated as a percentage of net assets 33 SunAmerica Growth and Income Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited)
Market Value Security Description Shares (Note 3) --------------------------------------------------------------- COMMON STOCK -- 95.4% Aerospace/Defense-Equipment -- 3.0% Goodrich Corp.............................. 17,587 $ 666,372 United Technologies Corp................... 15,200 653,296 ---------- 1,319,668 ---------- Apparel Manufacturers -- 1.5% Coach, Inc.+............................... 40,000 668,000 ---------- Applications Software -- 2.2% Microsoft Corp............................. 52,900 971,773 ---------- Banks-Commercial -- 1.2% First Horizon National Corp................ 49,280 529,267 ---------- Banks-Fiduciary -- 1.1% State Street Corp.......................... 16,000 492,480 ---------- Banks-Super Regional -- 1.0% Wells Fargo & Co........................... 30,000 427,200 ---------- Beverages-Non-alcoholic -- 3.4% PepsiCo, Inc............................... 14,700 756,756 The Coca-Cola Co........................... 16,100 707,595 ---------- 1,464,351 ---------- Computers -- 3.5% Hewlett-Packard Co......................... 17,200 551,432 International Business Machines Corp....... 10,000 968,900 ---------- 1,520,332 ---------- Cosmetics & Toiletries -- 2.0% Procter & Gamble Co........................ 18,400 866,456 ---------- Diversified Banking Institutions -- 4.3% Bank of America Corp....................... 79,200 540,144 Citigroup, Inc............................. 90,000 227,700 JPMorgan Chase & Co........................ 23,500 624,630 Morgan Stanley............................. 21,000 478,170 ---------- 1,870,644 ---------- Diversified Manufacturing Operations -- 2.9% General Electric Co........................ 60,500 611,655 Honeywell International, Inc............... 22,500 626,850 ---------- 1,238,505 ---------- E-Commerce/Services -- 2.6% eBay, Inc.+................................ 35,000 439,600 IAC/InterActive Corp.+..................... 45,000 685,350 ---------- 1,124,950 ---------- Electric-Integrated -- 4.6% FPL Group, Inc............................. 15,600 791,388 PG&E Corp.................................. 15,100 577,122 Xcel Energy, Inc........................... 33,500 624,105 ---------- 1,992,615 ---------- Electronic Components-Semiconductors -- 1.8% Intel Corp................................. 51,000 767,550 ---------- Electronics-Military -- 1.4% L-3 Communications Holdings, Inc........... 9,000 610,200 ---------- Enterprise Software/Service -- 1.8% Oracle Corp.+.............................. 43,900 793,273 ----------
Market Value Security Description Shares (Note 3) ----------------------------------------------------------------- Finance-Investment Banker/Broker -- 1.3% The Charles Schwab Corp...................... 35,000 $ 542,500 ---------- Food-Misc. -- 2.8% H.J. Heinz Co................................ 17,000 562,020 Kraft Foods, Inc., Class A................... 29,000 646,410 ---------- 1,208,430 ---------- Gold Mining -- 1.1% Barrick Gold Corp............................ 15,000 486,300 ---------- Industrial Gases -- 1.3% Air Products & Chemicals, Inc................ 10,000 562,500 ---------- Investment Management/Advisor Services -- 1.2% Invesco, Ltd................................. 37,300 516,978 ---------- Medical Products -- 3.2% Johnson & Johnson............................ 16,100 846,860 Zimmer Holdings, Inc.+....................... 15,000 547,500 ---------- 1,394,360 ---------- Medical-Biomedical/Gene -- 1.1% Amgen, Inc.+................................. 10,000 495,200 ---------- Medical-Drugs -- 6.8% Abbott Laboratories.......................... 14,500 691,650 Eli Lilly & Co............................... 14,600 487,786 Merck & Co., Inc............................. 23,200 620,600 Pfizer, Inc.................................. 47,050 640,821 Wyeth........................................ 11,600 499,264 ---------- 2,940,121 ---------- Medical-Generic Drugs -- 1.3% Teva Pharmaceutical Industries, Ltd. ADR..... 12,500 563,125 ---------- Medical-HMO -- 1.6% UnitedHealth Group, Inc...................... 34,000 711,620 ---------- Multimedia -- 3.1% Liberty Media Corp.-Entertainment, Series A+. 33,000 658,350 The Walt Disney Co........................... 38,300 695,528 ---------- 1,353,878 ---------- Networking Products -- 1.7% Cisco Systems, Inc.+......................... 42,500 712,725 ---------- Non-Hazardous Waste Disposal -- 1.4% Waste Management, Inc........................ 24,000 614,400 ---------- Oil Companies-Integrated -- 14.0% Chevron Corp................................. 21,800 1,465,832 ConocoPhillips............................... 43,000 1,683,880 Exxon Mobil Corp............................. 22,000 1,498,200 Marathon Oil Corp............................ 53,800 1,414,402 ---------- 6,062,314 ---------- Pharmacy Services -- 1.4% Express Scripts, Inc.+....................... 13,000 600,210 ---------- Retail-Apparel/Shoe -- 1.8% The Gap, Inc................................. 60,000 779,400 ---------- Retail-Discount -- 1.8% Wal-Mart Stores, Inc......................... 15,000 781,500 ----------
34 SunAmerica Growth and Income Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Shares/ Market Principal Value Security Description Amount (Note 3) ------------------------------------------------------------ COMMON STOCK (continued) Retail-Drug Store -- 1.5% CVS Caremark Corp................... 23,600 $ 648,764 ----------- Telephone-Integrated -- 4.2% AT&T, Inc........................... 38,000 957,600 Verizon Communications, Inc......... 28,400 857,680 ----------- 1,815,280 ----------- Transport-Rail -- 1.4% Union Pacific Corp.................. 15,000 616,650 ----------- Web Portals/ISP -- 1.3% Google, Inc., Class A+.............. 1,600 556,896 ----------- Wireless Equipment -- 1.8% QUALCOMM, Inc....................... 20,500 797,655 ----------- Total Long-Term Investment Securities (cost $49,771,226)................. 41,418,070 ----------- REPURCHASE AGREEMENT -- 1.6% State Street Bank & Trust Co. Joint Repurchase Agreement (1) (cost $707,000).................... $707,000 707,000 ----------- TOTAL INVESTMENTS (cost $50,478,226)(2).............. 97.0% 42,125,070 Other assets less liabilities......... 3.0 1,308,458 -------- ----------- NET ASSETS 100.0% $43,433,528 ======== ===========
- -------- + Non-income producing security (1) See Note 3 for details of Joint Repurchase Agreement. (2) See Note 7 for cost of investment on a tax basis. ADR --American Depository Receipt See Notes to Financial Statements 35 SunAmerica Balanced Assets Fund PORTFOLIO PROFILE -- March 31, 2009 -- (unaudited) Industry Allocation* Federal Home Loan Mtg. Corp............ 10.1% Federal National Mtg. Assoc............ 5.3 Oil Companies-Integrated............... 5.1 United States Treasury Notes........... 4.5 Diversified Banking Institutions....... 3.8 Electric-Integrated.................... 3.7 Repurchase Agreements.................. 3.4 Telephone-Integrated................... 3.2 Diversified Financial Services......... 3.2 Medical-Drugs.......................... 2.6 Medical Products....................... 2.1 Medical-Biomedical/Gene................ 2.0 Beverages-Non-alcoholic................ 2.0 Computers.............................. 1.8 Diversified Manufacturing Operations... 1.7 Government National Mtg. Assoc......... 1.6 Retail-Drug Store...................... 1.4 Oil Companies-Exploration & Production. 1.3 Cosmetics & Toiletries................. 1.3 Web Portals/ISP........................ 1.3 Applications Software.................. 1.3 Aerospace/Defense-Equipment............ 1.2 Retail-Discount........................ 1.2 Electronic Components-Semiconductors... 1.1 Food-Misc.............................. 1.1 United States Treasury Bonds........... 1.0 Transport-Rail......................... 0.9 Special Purpose Entities............... 0.9 Medical-HMO............................ 0.9 Multimedia............................. 0.9 Wireless Equipment..................... 0.9 Banks-Fiduciary........................ 0.9 Agricultural Chemicals................. 0.8 Instruments-Scientific................. 0.8 Electronics-Military................... 0.8 Banks-Commercial....................... 0.7 Banks-Super Regional................... 0.7 Apparel Manufacturers.................. 0.7 Networking Products.................... 0.7 Retail-Apparel/Shoe.................... 0.7 Aerospace/Defense...................... 0.7 Medical-Generic Drugs.................. 0.7 Electric Products-Misc................. 0.6 Enterprise Software/Service............ 0.6 Cable/Satellite TV..................... 0.6 Insurance-Multi-line................... 0.6 Commercial Services-Finance............ 0.6 Finance-Investment Banker/Broker....... 0.6 E-Commerce/Services.................... 0.6 Insurance-Property/Casualty............ 0.5 Medical Labs & Testing Services........ 0.5 Investment Management/Advisor Services. 0.5 Medical Instruments.................... 0.4 Oil Refining & Marketing............... 0.4 Retail-Restaurants..................... 0.4 Retail-Office Supplies................. 0.4 Data Processing/Management............. 0.4 Insurance-Life/Health.................. 0.3 Pipelines.............................. 0.3 Oil-Field Services..................... 0.3
Transport-Air Freight............... 0.3% Medical-Hospitals................... 0.3 Gold Mining......................... 0.3 Industrial Gases.................... 0.3 X-Ray Equipment..................... 0.3 Electric-Generation................. 0.3 Sector Fund -- Financial Services... 0.3 Oil & Gas Drilling.................. 0.3 Office Automation & Equipment....... 0.3 Telecom Services.................... 0.3 Steel-Producers..................... 0.3 Retail-Regional Department Stores... 0.2 Cellular Telecom.................... 0.2 Telecom Equipment-Fiber Optics...... 0.2 Savings & Loans/Thrifts............. 0.2 Metal-Copper........................ 0.2 Internet Security................... 0.2 Electronic Forms.................... 0.2 Retail-Consumer Electronics......... 0.2 Semiconductor Equipment............. 0.2 Medical-Wholesale Drug Distribution. 0.2 Banks-Money Center.................. 0.1 Brewery............................. 0.1 Electronic Measurement Instruments.. 0.1 Metal Processors & Fabrication...... 0.1 Finance-Mortgage Loan/Banker........ 0.1 Food-Retail......................... 0.1 Independent Power Producers......... 0.1 Entertainment Software.............. 0.1 Transport-Services.................. 0.1 Airlines............................ 0.1 Schools............................. 0.1 Machinery-Construction & Mining..... 0.1 Insurance Brokers................... 0.1 Insurance-Reinsurance............... 0.1 Finance-Auto Loans.................. 0.1 Satellite Telecom................... 0.1 Real Estate Investment Trusts....... 0.1 Diversified Operations.............. 0.1 Transport-Marine.................... 0.1 Physicians Practice Management...... 0.1 Finance-Commercial.................. 0.1 Non-Hazardous Waste Disposal........ 0.1 Containers-Metal/Glass.............. 0.1 Metal-Aluminum...................... 0.1 Food-Wholesale/Distribution......... 0.1 Cruise Lines........................ 0.1 ---- 97.5% ====
- -------- *Calculated as a percentage of net assets 36 SunAmerica Balanced Assets Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited)
Market Value Security Description Shares (Note 3) --------------------------------------------------------------- COMMON STOCK -- 52.3% Aerospace/Defense -- 0.6% Lockheed Martin Corp....................... 2,700 $ 186,381 Raytheon Co................................ 6,700 260,898 ---------- 447,279 ---------- Aerospace/Defense-Equipment -- 1.1% Goodrich Corp.............................. 8,276 313,578 United Technologies Corp................... 13,100 563,038 ---------- 876,616 ---------- Agricultural Chemicals -- 0.7% Monsanto Co................................ 6,987 580,620 ---------- Apparel Manufacturers -- 0.7% Coach, Inc.+............................... 33,400 557,780 ---------- Applications Software -- 1.3% Microsoft Corp............................. 53,178 976,880 ---------- Banks-Fiduciary -- 0.8% The Bank of New York Mellon Corp........... 22,200 627,150 ---------- Banks-Super Regional -- 0.4% Wells Fargo & Co........................... 20,400 290,496 ---------- Beverages-Non-alcoholic -- 1.7% PepsiCo, Inc............................... 18,734 964,426 The Coca-Cola Co........................... 7,500 329,625 ---------- 1,294,051 ---------- Cable/Satellite TV -- 0.0% Time Warner Cable, Inc..................... 1,506 37,349 ---------- Commercial Services-Finance -- 0.6% Visa, Inc., Class A........................ 8,050 447,580 ---------- Computers -- 1.8% Apple, Inc.+............................... 4,600 483,552 Hewlett-Packard Co......................... 12,200 391,132 International Business Machines Corp....... 3,800 368,182 Research In Motion, Ltd.+.................. 4,200 180,894 ---------- 1,423,760 ---------- Cosmetics & Toiletries -- 1.2% Colgate-Palmolive Co....................... 3,600 212,328 Procter & Gamble Co........................ 15,100 711,059 ---------- 923,387 ---------- Data Processing/Management -- 0.4% Fiserv, Inc.+.............................. 8,000 291,680 ---------- Diversified Banking Institutions -- 2.5% Bank of America Corp....................... 64,988 443,218 Citigroup, Inc............................. 50,088 126,723 JPMorgan Chase & Co........................ 31,500 837,270 Morgan Stanley............................. 11,000 250,470 The Goldman Sachs Group, Inc............... 2,600 275,652 ---------- 1,933,333 ---------- Diversified Manufacturing Operations -- 1.6% Danaher Corp............................... 4,700 254,834 Dover Corp................................. 1,990 52,496 General Electric Co........................ 58,568 592,123
Market Value Security Description Shares (Note 3) ------------------------------------------------------------------- Diversified Manufacturing Operations (continued) Honeywell International, Inc................... 11,200 $ 312,032 ---------- 1,211,485 ---------- E-Commerce/Services -- 0.5% eBay, Inc.+.................................... 34,000 427,040 ---------- Electric Products-Misc. -- 0.6% AMETEK, Inc.................................... 9,634 301,255 Emerson Electric Co............................ 6,000 171,480 ---------- 472,735 ---------- Electric-Integrated -- 2.1% FPL Group, Inc................................. 8,700 441,351 PG&E Corp...................................... 9,700 370,734 Southern Co.................................... 12,000 367,440 Xcel Energy, Inc............................... 24,100 448,983 ---------- 1,628,508 ---------- Electronic Components-Semiconductors -- 1.0% Broadcom Corp., Class A+....................... 7,300 145,854 Intel Corp..................................... 35,200 529,760 Texas Instruments, Inc......................... 8,200 135,382 ---------- 810,996 ---------- Electronic Forms -- 0.2% Adobe Systems, Inc.+........................... 6,234 133,345 ---------- Electronic Measurement Instruments -- 0.1% Agilent Technologies, Inc.+.................... 6,400 98,368 ---------- Electronics-Military -- 0.7% L-3 Communications Holdings, Inc............... 8,500 576,300 ---------- Enterprise Software/Service -- 0.6% Oracle Corp.+.................................. 25,200 455,364 ---------- Entertainment Software -- 0.1% Electronic Arts, Inc.+......................... 4,592 83,528 ---------- Finance-Investment Banker/Broker -- 0.4% The Charles Schwab Corp........................ 18,300 283,650 ---------- Food-Misc. -- 0.9% H.J. Heinz Co.................................. 12,000 396,720 Kraft Foods, Inc., Class A..................... 14,000 312,060 ---------- 708,780 ---------- Gold Mining -- 0.3% Barrick Gold Corp.............................. 7,000 226,940 ---------- Independent Power Producers -- 0.0% Mirant Corp.+.................................. 186 2,120 ---------- Industrial Gases -- 0.3% Air Products & Chemicals, Inc.................. 4,000 225,000 ---------- Instruments-Scientific -- 0.8% Thermo Fisher Scientific, Inc.+................ 16,937 604,143 ---------- Insurance-Multi-line -- 0.4% Allstate Corp.................................. 17,000 325,550 ---------- Insurance-Property/Casualty -- 0.5% Chubb Corp..................................... 8,300 351,256 ----------
37 SunAmerica Balanced Assets Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market Value Security Description Shares (Note 3) ----------------------------------------------------------------- COMMON STOCK (continued) Internet Security -- 0.2% McAfee, Inc.+................................ 4,200 $ 140,700 ---------- Investment Management/Advisor Services -- 0.4% Invesco, Ltd................................. 22,800 316,008 ---------- Medical Instruments -- 0.4% Medtronic, Inc............................... 11,400 335,958 ---------- Medical Labs & Testing Services -- 0.3% Laboratory Corp. of America Holdings+........ 4,000 233,960 ---------- Medical Products -- 2.0% Baxter International, Inc.................... 4,800 245,856 Johnson & Johnson............................ 16,300 857,380 Zimmer Holdings, Inc.+....................... 12,950 472,675 ---------- 1,575,911 ---------- Medical-Biomedical/Gene -- 2.0% Amgen, Inc.+................................. 6,200 307,024 Celgene Corp.+............................... 5,800 257,520 Genzyme Corp.+............................... 6,100 362,279 Gilead Sciences, Inc.+....................... 12,900 597,528 ---------- 1,524,351 ---------- Medical-Drugs -- 2.1% Abbott Laboratories.......................... 6,000 286,200 Eli Lilly & Co............................... 5,800 193,778 Merck & Co., Inc............................. 10,800 288,900 Pfizer, Inc.................................. 36,714 500,045 Wyeth........................................ 9,200 395,968 ---------- 1,664,891 ---------- Medical-Generic Drugs -- 0.7% Mylan, Inc.+................................. 24,000 321,840 Teva Pharmaceutical Industries, Ltd. ADR..... 4,647 209,347 ---------- 531,187 ---------- Medical-HMO -- 0.8% UnitedHealth Group, Inc...................... 29,100 609,063 ---------- Medical-Wholesale Drug Distribution -- 0.1% Cardinal Health, Inc......................... 3,700 116,476 ---------- Metal-Copper -- 0.2% Freeport-McMoRan Copper & Gold, Inc.......... 3,700 141,007 ---------- Multimedia -- 0.6% The Walt Disney Co........................... 18,400 334,144 Time Warner, Inc............................. 5,900 113,870 ---------- 448,014 ---------- Networking Products -- 0.7% Cisco Systems, Inc.+......................... 30,700 514,839 ---------- Oil & Gas Drilling -- 0.3% Transocean, Ltd.+............................ 3,683 216,708 ---------- Oil Companies-Exploration & Production -- 0.9% Apache Corp.................................. 1,050 67,295 Devon Energy Corp............................ 1,650 73,738 Occidental Petroleum Corp.................... 2,900 161,385 Ultra Petroleum Corp.+....................... 2,900 104,081
Market Value Security Description Shares (Note 3) ---------------------------------------------------------------------- Oil Companies-Exploration & Production (continued) XTO Energy, Inc.................................. 9,900 $ 303,138 ----------- 709,637 ----------- Oil Companies-Integrated -- 4.8% Chevron Corp..................................... 14,328 963,415 ConocoPhillips................................... 23,000 900,680 Exxon Mobil Corp................................. 19,300 1,314,330 Marathon Oil Corp................................ 21,400 562,606 ----------- 3,741,031 ----------- Oil Refining & Marketing -- 0.2% Valero Energy Corp............................... 10,000 179,000 ----------- Oil-Field Services -- 0.3% Schlumberger, Ltd................................ 5,500 223,410 ----------- Retail-Apparel/Shoe -- 0.7% American Eagle Outfitters, Inc................... 15,600 190,944 The Gap, Inc..................................... 27,000 350,730 ----------- 541,674 ----------- Retail-Consumer Electronics -- 0.2% Best Buy Co., Inc................................ 3,400 129,064 ----------- Retail-Discount -- 1.2% Target Corp...................................... 3,800 130,682 Wal-Mart Stores, Inc............................. 14,800 771,080 ----------- 901,762 ----------- Retail-Drug Store -- 1.4% CVS Caremark Corp................................ 38,561 1,060,042 ----------- Retail-Office Supplies -- 0.4% Staples, Inc..................................... 17,800 322,358 ----------- Retail-Regional Department Stores -- 0.2% Kohl's Corp.+.................................... 3,900 165,048 ----------- Retail-Restaurants -- 0.3% McDonald's Corp.................................. 4,600 251,022 ----------- Semiconductor Equipment -- 0.2% ASML Holding NV.................................. 7,100 124,321 ----------- Telecom Equipment-Fiber Optics -- 0.2% Corning, Inc..................................... 11,700 155,259 ----------- Telephone-Integrated -- 2.4% AT&T, Inc........................................ 42,135 1,061,802 Verizon Communications, Inc...................... 26,100 788,220 ----------- 1,850,022 ----------- Transport-Rail -- 0.7% Union Pacific Corp............................... 12,800 526,208 ----------- Web Portals/ISP -- 1.3% Google, Inc., Class A+........................... 2,900 1,009,374 ----------- Wireless Equipment -- 0.9% QUALCOMM, Inc.................................... 17,050 663,415 ----------- X-Ray Equipment -- 0.3% Hologic, Inc.+................................... 17,100 223,839 ----------- Total Common Stock (cost $50,321,764).............................. 40,478,628 -----------
38 SunAmerica Balanced Assets Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Shares/ Market Principal Value Security Description Amount (Note 3) ---------------------------------------------------------------------- EXCHANGE-TRADED FUNDS -- 0.3% Sector Fund - Financial Services -- 0.3% Financial Select Sector SPDR Fund (cost $222,924).................................. 24,679 $217,422 -------- PREFERRED STOCK -- 0.5% Banks-Money Center -- 0.1% Santander Finance Preferred SA 4.00%(1)........... 8,400 69,300 -------- Banks-Super Regional -- 0.1% Wachovia Capital Trust IX 6.38%................... 3,100 43,369 -------- Diversified Financial Services -- 0.2% General Electric Capital Corp. 8.00%(2)........... 7,510 145,619 -------- Finance-Mortgage Loan/Banker -- 0.0% Federal Home Loan Mtg. Corp. 8.38%(1)............. 1,300 598 -------- Special Purpose Entity -- 0.1% Structured Repackaged Asset-Backed Trust Securities 3.00%(1).............................. 9,200 112,700 -------- Total Preferred Stock (cost $713,439).................................. 371,586 -------- ASSET BACKED SECURITIES -- 2.7% Diversified Financial Services -- 2.7% Banc of America Commercial Mtg., Inc. Series 2006-6, Class AM 5.39% due 10/10/45(4)............................ $ 80,000 36,489 Bear Stearns Commercial Mtg. Securities, Inc. Series 2007-PW15, Class A2 5.21% due 02/11/44(4)............................ 165,000 132,829 Chase Mtg. Finance Corp., Series 2007-A2, Class 1A1 4.93% due 07/25/37(3)(5)......................... 210,713 192,131 Citigroup Commercial Mtg. Trust Series 2008-C7, Class AM 6.10% due 12/01/49(3)(4)......................... 12,000 5,436 Commercial Mtg. Asset Trust Series 1999-C1, Class D 7.35% due 01/17/32(3)(4)......................... 15,000 13,663 Commercial Mtg. Pass Through Certs. Series 2004-LB2A, Class A3 4.22% due 03/10/39(4)............................ 605,270 557,383 GE Capital Commercial Mtg. Corp. Series 2004-C2, Class A4 4.89% due 03/10/40(4)............................ 55,000 45,268 GMAC Commercial Mtg. Securities, Inc. Series 2003-C2, Class A2 5.49% due 05/10/40(3)(4)......................... 3,000 2,896 JP Morgan Chase Commercial Mtg. Securities Corp. Series 2006-LDP9, Class AM 5.37% due 05/15/47(4)............................ 334,000 135,777 JP Morgan Chase Commercial Mtg. Securities Corp. Series 2008-C2, Class AM 6.80% due 02/12/51(3)(4)......................... 271,000 65,040 LB Commercial Conduit Mtg. Trust Series 1998-C1, Class E 7.00% due 02/18/30(4)............................ 14,000 13,902 Ocwen Advance Receivables Backed Notes Series 2006-1A 5.34% due 11/24/15*(9)........................... 350,000 210,000
Market Principal Value Security Description Amount (Note 3) ---------------------------------------------------------------- Diversified Financial Services (continued) Providian Master Note Trust Series 2006-C1A, Class C1 1.11% due 03/16/15*(1)................... $550,000 $ 236,500 Swift Master Auto Receivables Trust Series 2007-2, Class A 1.21% due 10/15/12(1).................... 439,937 312,360 Wells Fargo Mtg. Backed Securities Trust Series 2006-AR12, Class 2A1 6.10% due 09/25/36(3)(5)................. 180,243 113,140 ---------- Total Asset Backed Securities (cost $3,266,074)........................ 2,072,814 ---------- CORPORATE BONDS & NOTES -- 13.3% Aerospace/Defense -- 0.1% Boeing Co. Senior Notes 6.88% due 03/15/39....................... 83,000 83,047 Hawker Beechcraft Acquisition Co. LLC Company Guar. Notes 9.75% due 04/01/17....................... 19,000 3,230 ---------- 86,277 ---------- Aerospace/Defense-Equipment -- 0.0% Goodrich Corp. Senior Notes 6.13% due 03/01/19....................... 30,000 29,099 ---------- Agricultural Chemicals -- 0.1% Monsanto Co. Senior Notes 5.50% due 08/15/25....................... 27,000 25,335 Terra Capital, Inc. Company Guar. Notes 7.00% due 02/01/17....................... 25,000 23,000 ---------- 48,335 ---------- Airlines -- 0.1% American Airlines, Inc. Pass Through Certs. Series 2001-1, Class A-2 6.82% due 05/23/11....................... 70,000 49,000 American Airlines, Inc. Pass Through Certs. Series 2001-2, Class A-2 7.86% due 04/01/13....................... 4,000 3,240 Northwest Airlines, Inc. Pass Through Certs. Series 2002-1, Class G2 6.26% due 11/20/21....................... 39,943 26,762 ---------- 79,002 ---------- Banks-Commercial -- 0.5% CoBank ACB Sub. Notes 7.88% due 04/16/18*...................... 16,000 15,615 Independence Community Bank Corp. Sub. Notes 3.35% due 06/20/09(6).................... 64,000 48,185
39 SunAmerica Balanced Assets Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market Principal Value Security Description Amount (Note 3) ------------------------------------------------------- CORPORATE BONDS & NOTES (continued) Banks-Commercial (continued) KeyBank NA Sub. Notes 5.45% due 03/03/16............... $ 54,000 $ 45,318 KeyBank NA Sub. Notes 7.41% due 10/15/27............... 16,000 14,583 SouthTrust Bank Sub. Notes 4.75% due 03/01/13............... 99,000 89,411 SouthTrust Corp. Sub. Notes 5.80% due 06/15/14............... 55,000 48,150 Sovereign Bank Sub. Notes 8.75% due 05/30/18............... 21,000 16,905 Swiss Bank Corp. NY Sub. Notes 7.75% due 09/01/26............... 61,000 49,588 Union Bank of California NA Sub. Notes 5.95% due 05/11/16............... 120,000 86,018 -------- 413,773 -------- Banks-Fiduciary -- 0.0% State Street Capital Trust IV Company Guar. Notes 2.32% due 06/15/37(1)............ 80,000 31,389 -------- Banks-Money Center -- 0.1% Chase Capital III Company Guar. Notes 1.81% due 03/01/27............... 114,000 45,265 -------- Banks-Super Regional -- 0.3% Capital One Financial Corp. Sub. Notes 6.15% due 09/01/16............... 65,000 41,145 JPMorgan Chase Bank NA Sub. Notes 6.00% due 10/01/17............... 121,000 113,423 PNC Preferred Funding Trust I Jr. Sub. Notes 6.11% due 03/15/12*(6)........... 45,000 12,457 Wachovia Corp. Sub. Notes 4.88% due 02/15/14............... 12,000 10,076 Wells Fargo & Co. Senior Notes 5.25% due 10/23/12............... 57,000 55,388 -------- 232,489 -------- Beverages-Non-alcoholic -- 0.3% Bottling Group LLC Senior Notes 5.13% due 01/15/19............... 59,000 59,380 Coca-Cola Enterprises, Inc. Senior Notes 4.25% due 03/01/15............... 70,000 70,561
Market Principal Value Security Description Amount (Note 3) ------------------------------------------------------------------ Beverages-Non-alcoholic (continued) PepsiCo, Inc. Senior Notes 3.75% due 03/01/14........................... $ 62,000 $ 62,888 The Coca-Cola Co. Senior Notes 4.88% due 03/15/19........................... 60,000 60,634 -------- 253,463 -------- Brewery -- 0.1% Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 8.20% due 01/15/39*.......................... 70,000 68,686 -------- Broadcast Services/Program -- 0.0% Nexstar Broadcasting, Inc. Company Guar. Notes 7.00% due 01/15/14........................... 7,000 3,045 Nexstar Broadcasting, Inc. Company Guar. Notes 7.00% due 01/15/14*(9)(17)................... 20,812 5,411 -------- 8,456 -------- Cable/Satellite TV -- 0.5% CCH I LLC/CCH I Capital Corp. Senior Sec Notes 11.00% due 10/01/15+(7)(10).................. 5,000 500 CCH II LLC/CCH II Capital Corp. Senior Notes 10.25% due 09/15/10+(7)(10).................. 7,000 6,300 CCH II LLC/CCH II Capital Corp. Company Guar. Notes 10.25% due 10/01/13*+(7)(10)................. 2,000 1,740 CCO Holdings LLC Senior Notes 8.75% due 11/15/13+(7)(10)................... 8,000 6,680 Charter Communications Operating LLC/Charter Communications Operating Capital Sec. Notes 8.38% due 04/30/14*.......................... 79,000 69,520 Comcast Corp. Company Guar. Notes 5.85% due 11/15/15........................... 114,000 109,372 COX Communications, Inc. Senior Bonds 6.95% due 06/01/38*.......................... 23,000 18,573 COX Communications, Inc. Bonds 8.38% due 03/01/39*.......................... 40,000 37,530 COX Communications, Inc. Senior Notes 9.38% due 01/15/19*.......................... 80,000 85,708 Time Warner Cable, Inc. Company Guar. Notes 5.40% due 07/02/12........................... 35,000 33,808 Time Warner Cable, Inc. Company Guar. Notes 8.25% due 04/01/19........................... 42,000 43,160 -------- 412,891 --------
40 SunAmerica Balanced Assets Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market Principal Value Security Description Amount (Note 3) ------------------------------------------------------------ CORPORATE BONDS & NOTES (continued) Casino Hotels -- 0.0% Turning Stone Resort Casino Enterprise Senior Notes 9.13% due 09/15/14*.................... $34,000 $ 20,740 -------- Casino Services -- 0.0% Indianapolis Downs LLC & Capital Corp. Senior Sec. Notes 11.00% due 11/01/12*................... 30,000 16,050 Snoqualmie Entertainment Authority Senior Sec. Notes 9.13% due 02/01/15*.................... 45,000 11,700 -------- 27,750 -------- Cellular Telecom -- 0.2% Centennial Communications Corp. Senior Notes 7.19% due 01/01/13(1).................. 50,000 50,000 Nextel Communications, Inc. Company Guar. Notes 5.95% due 03/15/14..................... 50,000 27,750 Verizon Wireless Capital LLC Senior Notes 5.55% due 02/01/14*.................... 81,000 81,068 -------- 158,818 -------- Chemicals-Diversified -- 0.0% E.I. du Pont de Nemours & Co. Senior Notes 4.75% due 03/15/15..................... 35,000 34,495 -------- Chemicals-Specialty -- 0.0% Huntsman International LLC Company Guar. Notes 7.88% due 11/15/14..................... 34,000 13,940 Momentive Performance Materials, Inc. Company Guar. Notes 11.50% due 12/01/16.................... 55,000 10,312 -------- 24,252 -------- Computer Services -- 0.0% Compucom Systems, Inc. Senior Sub. Notes 12.50% due 10/01/15*................... 30,000 17,400 -------- Containers-Paper/Plastic -- 0.0% Jefferson Smurfit Corp. Senior Notes 8.25% due 10/01/12(7)(10).............. 25,000 3,125 -------- Cosmetics & Toiletries -- 0.1% Procter & Gamble Co. Senior Notes 4.60% due 01/15/14..................... 43,000 45,507 Procter & Gamble Co. Notes 4.70% due 02/15/19..................... 60,000 60,521 -------- 106,028 --------
Market Principal Value Security Description Amount (Note 3) ------------------------------------------------------------ Decision Support Software -- 0.0% Vangent, Inc. Company Guar. Notes 9.63% due 02/15/15.................... $ 25,000 $ 16,250 -------- Direct Marketing -- 0.0% Affinity Group, Inc. Company Guar. Notes 9.00% due 02/15/12.................... 45,000 24,975 -------- Distribution/Wholesale -- 0.0% KAR Holdings, Inc. Company Guar. Notes 5.17% due 05/01/14(1)................. 16,000 7,520 KAR Holdings, Inc. Company Guar. Notes 8.75% due 05/01/14.................... 9,000 4,770 -------- 12,290 -------- Diversified Banking Institutions -- 1.3% Bank of America Corp. Senior Notes 5.13% due 11/15/14.................... 44,000 37,591 Bank of America Corp. Sub. Notes 5.75% due 08/15/16.................... 88,000 57,733 Bank of America Corp. Sub. Notes 7.25% due 10/15/25.................... 15,000 9,360 Citigroup, Inc. Senior Notes 1.34% due 05/18/11.................... 70,000 56,525 Citigroup, Inc. Senior Notes 5.30% due 10/17/12.................... 42,000 37,019 Citigroup, Inc. Senior Notes 5.50% due 04/11/13.................... 76,000 66,771 Citigroup, Inc. Sub. Notes 5.50% due 02/15/17.................... 96,000 60,306 Citigroup, Inc. Senior Notes 5.85% due 07/02/13.................... 52,000 46,544 Citigroup, Inc. Sub. Notes 6.13% due 08/25/36.................... 50,000 26,868 GMAC LLC Company Guar. Notes 6.88% due 09/15/11*................... 51,000 36,242 JP Morgan Chase & Co. Sub. Notes 4.89% due 09/01/15(6)................. 56,000 45,550 JP Morgan Chase & Co. Sub. Notes 5.13% due 09/15/14.................... 41,000 36,272 JP Morgan Chase & Co. Senior Notes 5.38% due 01/15/14.................... 120,000 117,846
41 SunAmerica Balanced Assets Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market Principal Value Security Description Amount (Note 3) ------------------------------------------------------------------------ CORPORATE BONDS & NOTES (continued) Diversified Banking Institutions (continued) Morgan Stanley Sub. Notes 4.75% due 04/01/14................................. $ 35,000 $ 28,615 Morgan Stanley Senior Notes 5.45% due 01/09/17................................. 42,000 36,750 Morgan Stanley Senior Notes 6.00% due 04/28/15................................. 80,000 75,529 The Goldman Sachs Group, Inc. Senior Notes 5.13% due 01/15/15................................. 78,000 70,288 The Goldman Sachs Group, Inc. Senior Notes 5.30% due 02/14/12................................. 37,000 35,702 The Goldman Sachs Group, Inc. Senior Notes 5.95% due 01/18/18................................. 60,000 54,470 The Goldman Sachs Group, Inc. Senior Notes 6.13% due 02/15/33................................. 30,000 24,985 The Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/37................................. 46,000 31,112 -------- 992,078 -------- Diversified Financial Services -- 0.3% American Express Travel Related Services Co., Inc. Senior Notes 5.25% due 11/21/11*................................ 86,000 77,625 General Electric Capital Corp. Senior Notes 5.65% due 06/09/14................................. 80,000 75,709 General Electric Capital Corp. Senior Notes 5.88% due 01/14/38................................. 63,000 45,000 General Electric Capital Corp. Senior Notes 6.88% due 01/10/39................................. 36,000 29,361 -------- 227,695 -------- Diversified Manufacturing Operations -- 0.1% General Electric Co. Senior Notes 5.25% due 12/06/17................................. 77,000 71,211 Ingersoll-Rand Global Holding Co., Ltd. Company Guar. Notes 9.50% due 04/15/14................................. 21,000 20,998 -------- 92,209 -------- Electric-Generation -- 0.3% Bruce Mansfield Unit 1 Pass Through Certs. 6.85% due 06/01/34................................. 110,000 85,582 The AES Corp. Senior Notes 8.00% due 10/15/17................................. 60,000 51,450
Market Principal Value Security Description Amount (Note 3) ------------------------------------------------------------- Electric-Generation (continued) The AES Corp. Senior Notes 8.88% due 02/15/11...................... $ 85,000 $ 83,725 -------- 220,757 -------- Electric-Integrated -- 1.3% Appalachian Power Co. Senior Notes 7.95% due 01/15/20...................... 30,000 30,789 Arizona Public Service Co. Senior Notes 8.75% due 03/01/19...................... 35,000 35,142 CenterPoint Energy Houston Electric LLC General Refunding Mtg. 7.00% due 03/01/14...................... 58,000 60,486 Central Illinois Light Co. Senior Sec. Notes 8.88% due 12/15/13...................... 35,000 36,760 Dominion Resources, Inc. Jr. Sub Notes 6.30% due 09/30/11(6)................... 109,000 61,585 Entergy Arkansas, Inc. 1st Mtg. Bonds 5.40% due 08/01/13...................... 29,000 28,411 Entergy Gulf States Louisiana LLC 1st Mtg. Bonds 6.00% due 05/01/18...................... 57,000 52,556 Mackinaw Power LLC Senior Sec. Notes 6.30% due 10/31/23*..................... 100,639 88,087 Mirant Americas Generation LLC Senior Notes 8.30% due 05/01/11...................... 30,000 29,100 Mirant Mid-Atlantic LLC Pass Through Certs. Series B 9.13% due 06/30/17...................... 40,254 37,889 Nevada Power Co. General Refunding Mtg. 7.13% due 03/15/19...................... 70,000 68,724 Peco Energy Co. 1st Mtg. Bonds 5.00% due 10/01/14...................... 60,000 59,920 PSEG Power LLC Company Guar. Notes 5.00% due 04/01/14...................... 67,000 63,377 PSEG Power LLC Company Guar. Notes 7.75% due 04/15/11...................... 65,000 68,020 Sierra Pacific Power Co. General Refunding Mtg. 5.45% due 09/01/13...................... 33,000 32,207 Sierra Pacific Power Co. General Refunding Mtg. 6.75% due 07/01/37...................... 90,000 75,972 South Carolina Electric & Gas Co. 1st Mtg. Bonds 6.05% due 01/15/38...................... 40,000 39,619
42 SunAmerica Balanced Assets Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market Principal Value Security Description Amount (Note 3) -------------------------------------------------------------------- CORPORATE BONDS & NOTES (continued) Electric-Integrated (continued) Southern California Edison Co. 1st Mtg. Bonds 6.05% due 03/15/39........................... $ 80,000 $ 79,777 Southern Energy, Inc. Notes 7.90% due 07/15/09+(9)(11)(12)............... 150,000 0 Texas Competitive Electric Holdings Co., LLC Series A Company Guar. Notes 10.25% due 11/01/15.......................... 35,000 17,500 Texas Competitive Electric Holdings Co., LLC Series B Company Guar. Notes 10.25% due 11/01/15.......................... 25,000 12,500 Union Electric Co. Senior Sec. Notes 6.70% due 02/01/19........................... 33,000 31,433 ---------- 1,009,854 ---------- Electronic Components-Semiconductors -- 0.1% National Semiconductor Corp. Senior Notes 6.60% due 06/15/17........................... 100,000 65,854 Spansion LLC Senior Sec. Notes 5.33% due 06/01/13+*(1)(7)(10)............... 60,000 13,500 ---------- 79,354 ---------- Electronics-Military -- 0.0% L-3 Communications Corp. Company Guar. Notes 6.38% due 10/15/15........................... 20,000 18,850 ---------- Finance-Auto Loans -- 0.1% Ford Motor Credit Co. LLC Senior Notes 7.38% due 02/01/11........................... 50,000 37,785 ---------- Finance-Commercial -- 0.1% Textron Financial Corp. Senior Notes 5.40% due 04/28/13........................... 80,000 48,873 ---------- Finance-Credit Card -- 0.1% FIA Card Services NA Sub. Notes 7.13% due 11/15/12*.......................... 41,000 37,607 ---------- Finance-Investment Banker/Broker -- 0.2% Lehman Brothers Holdings Capital Trust VII Company Guar. Notes 5.86% due 05/31/12+(7)(10)................... 27,000 3 Lehman Brothers Holdings, Inc. Senior Notes 5.50% due 04/04/16+(7)(10)................... 26,000 3,315 Lehman Brothers Holdings, Inc. Sub. Notes 6.75% due 12/28/17+(7)(10)................... 30,000 3 Lehman Brothers Holdings, Inc. Sub. Notes 7.50% due 05/11/38+(7)(10)................... 38,000 4
Market Principal Value Security Description Amount (Note 3) ---------------------------------------------------------------- Finance-Investment Banker/Broker (continued) Lehman Brothers Holdings, Inc. Senior Notes 8.80% due 03/01/15+(7)(10)................ $31,000 $ 3,952 Merrill Lynch & Co., Inc. Senior Notes 5.45% due 07/15/14........................ 35,000 26,518 Merrill Lynch & Co., Inc. Sub. Notes 5.70% due 05/02/17........................ 34,000 20,132 Merrill Lynch & Co., Inc. Sub. Notes 6.22% due 09/15/26........................ 40,000 19,745 Schwab Capital Trust I Company Guar. Notes 7.50% due 11/15/37(6)..................... 19,000 11,976 The Bear Stearns Cos., Inc. Senior Notes 5.70% due 11/15/14........................ 70,000 66,530 -------- 152,178 -------- Finance-Mortgage Loan/Banker -- 0.1% Countrywide Financial Corp. Company Guar. Notes 5.80% due 06/07/12........................ 62,000 53,843 Countrywide Home Loans, Inc. Company Guar. Notes 4.00% due 03/22/11........................ 40,000 35,596 -------- 89,439 -------- Food-Misc. -- 0.2% General Mills, Inc. Senior Notes 5.65% due 02/15/19........................ 39,000 39,704 Kraft Foods, Inc. Senior Notes 6.75% due 02/19/14........................ 56,000 60,543 Kraft Foods, Inc. Senior Notes 6.88% due 01/26/39........................ 68,000 66,766 -------- 167,013 -------- Food-Wholesale/Distribution -- 0.1% Sysco Corp. Bonds 6.63% due 03/17/39........................ 40,000 40,024 -------- Gambling (Non-Hotel) -- 0.0% Downstream Development Authority Senior Sec. Notes 12.00% due 10/15/15*...................... 25,000 6,500 -------- Health Care Cost Containment -- 0.1% McKesson Corp. Senior Notes 6.50% due 02/15/14........................ 35,000 36,202 -------- Home Furnishings -- 0.0% Simmons Co. Senior Disc. Notes 10.00% due 12/15/14(2).................... 1,000 10 --------
43 SunAmerica Balanced Assets Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market Principal Value Security Description Amount (Note 3) ------------------------------------------------------------------ CORPORATE BONDS & NOTES (continued) Independent Power Producers -- 0.1% NRG Energy, Inc. Company Guar. Notes 7.38% due 02/01/16.......................... $ 90,000 $ 83,700 -------- Insurance Brokers -- 0.1% Marsh & McLennan Cos., Inc. Senior Notes 5.15% due 09/15/10.......................... 60,000 58,501 USI Holdings Corp. Senior Sub. Notes 9.75% due 05/15/15*......................... 25,000 11,250 -------- 69,751 -------- Insurance-Life/Health -- 0.3% Americo Life, Inc. Notes 7.88% due 05/01/13*......................... 134,000 87,100 Lincoln National Corp. Senior Notes 5.65% due 08/27/12.......................... 58,000 26,178 Monumental Global Funding II Senior Sec. Notes 5.65% due 07/14/11*......................... 66,000 63,742 Pricoa Global Funding I Notes 5.30% due 09/27/13*......................... 110,000 88,082 -------- 265,102 -------- Insurance-Multi-line -- 0.0% Hartford Financial Services Group, Inc. Senior Notes 6.00% due 01/15/19.......................... 44,000 24,912 -------- Insurance-Mutual -- 0.0% Liberty Mutual Group, Inc. Company Guar. Bonds 10.75% due 06/15/38*(6)..................... 45,000 22,050 -------- Insurance-Property/Casualty -- 0.1% ACE INA Holdings, Inc. Company Guar. Notes 5.60% due 05/15/15.......................... 64,000 59,666 W.R. Berkley Corp. Senior Notes 6.25% due 02/15/37.......................... 3,000 2,016 -------- 61,682 -------- Insurance-Reinsurance -- 0.1% PartnerRe Finance A LLC Company Guar. Notes 6.88% due 06/01/18.......................... 76,000 67,282 -------- Investment Management/Advisor Services -- 0.1% Ameriprise Financial, Inc. Senior Notes 5.35% due 11/15/10.......................... 51,000 47,373 -------- Machinery-Construction & Mining -- 0.1% Caterpillar, Inc. Senior Notes 7.90% due 12/15/18.......................... 70,000 72,427 --------
Market Principal Value Security Description Amount (Note 3) ----------------------------------------------------------- Medical Labs & Testing Services -- 0.2% Roche Holdings, Inc. Company Guar. Notes 5.00% due 03/01/14*.................. $ 72,000 $ 73,694 Roche Holdings, Inc. Company Guar. Notes 6.00% due 03/01/19*.................. 72,000 74,107 -------- 147,801 -------- Medical Products -- 0.1% Biomet, Inc. Company Guar. Notes 10.00% due 10/15/17.................. 5,000 4,950 Biomet, Inc. Company Guar. Notes 10.38% due 10/15/17(16).............. 36,000 30,420 -------- 35,370 -------- Medical-Biomedical/Gene -- 0.1% Amgen, Inc. Senior Notes 6.40% due 02/01/39................... 45,000 43,259 -------- Medical-Drugs -- 0.3% Pfizer, Inc. Senior Notes 4.45% due 03/15/12................... 24,000 24,652 Pfizer, Inc. Senior Notes 7.20% due 03/15/39................... 80,000 85,793 Wyeth Bonds 5.50% due 02/01/14................... 126,000 132,352 -------- 242,797 -------- Medical-HMO -- 0.1% Humana, Inc. Senior Bonds 8.15% due 06/15/38................... 35,000 25,809 UnitedHealth Group, Inc. Senior Notes 5.25% due 03/15/11................... 35,000 35,300 WellPoint, Inc. Senior Notes 5.00% due 01/15/11................... 21,000 21,060 -------- 82,169 -------- Medical-Hospitals -- 0.3% Community Health Systems, Inc. Company Guar. Notes 8.88% due 07/15/15................... 55,000 51,975 HCA, Inc. Senior Notes 6.25% due 02/15/13................... 55,000 41,250 HCA, Inc. Senior Sec. Notes 9.13% due 11/15/14................... 25,000 23,500 HCA, Inc. Senior Sec. Notes 9.25% due 11/15/16................... 140,000 127,400 -------- 244,125 --------
44 SunAmerica Balanced Assets Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market Principal Value Security Description Amount (Note 3) ------------------------------------------------------------------ CORPORATE BONDS & NOTES (continued) Metal Processors & Fabrication -- 0.1% Timken Co. Notes 5.75% due 02/15/10.......................... $ 96,000 $ 95,903 -------- Metal-Aluminum -- 0.1% Alcoa, Inc. Senior Notes 6.50% due 06/15/18.......................... 65,000 43,768 -------- Mining -- 0.0% Noranda Aluminum Acquisition Corp. Company Guar. Notes 6.60% due 11/15/14(1)(16)................... 25,000 7,750 -------- Multimedia -- 0.3% News America, Inc. Company Guar. Bonds 7.30% due 04/30/28.......................... 80,000 66,653 Time Warner Entertainment Co. LP Senior Notes 8.38% due 07/15/33.......................... 99,000 93,656 Viacom, Inc. Senior Notes 6.25% due 04/30/16.......................... 90,000 79,015 -------- 239,324 -------- Networking Products -- 0.0% Cisco Systems, Inc. Notes 5.90% due 02/15/39.......................... 33,000 30,321 -------- Non-Hazardous Waste Disposal -- 0.1% Waste Management, Inc. Company Guar. Notes 6.38% due 11/15/12.......................... 29,000 29,202 Waste Management, Inc. Company Guar. Notes 7.38% due 03/11/19.......................... 15,000 15,299 -------- 44,501 -------- Office Automation & Equipment -- 0.3% Pitney Bowes, Inc. Senior Notes 5.25% due 01/15/37.......................... 194,000 188,415 Xerox Corp. Senior Notes 6.35% due 05/15/18.......................... 35,000 26,075 -------- 214,490 -------- Oil Companies-Exploration & Production -- 0.4% Chesapeake Energy Corp. Company Guar. Notes 7.50% due 09/15/13.......................... 175,000 160,125 Hilcorp Energy I LP Senior Notes 7.75% due 11/01/15*......................... 30,000 21,900 Kerr-McGee Corp. Company Guar. Notes 6.95% due 07/01/24.......................... 56,000 42,910
Market Principal Value Security Description Amount (Note 3) ---------------------------------------------------------------------- Oil Companies-Exploration & Production (continued) Sabine Pass LNG LP Senior Sec. Notes 7.50% due 11/30/16.............................. $ 75,000 $ 50,250 -------- 275,185 -------- Oil Companies-Integrated -- 0.1% Hess Corp. Senior Notes 7.13% due 03/15/33.............................. 35,000 30,044 Hess Corp. Senior Notes 7.88% due 10/01/29.............................. 80,000 72,402 -------- 102,446 -------- Oil Refining & Marketing -- 0.2% The Premcor Refining Group, Inc. Company Guar. Notes 6.75% due 05/01/14.............................. 121,000 114,779 Valero Energy Corp. Senior Notes 9.38% due 03/15/19.............................. 35,000 36,133 -------- 150,912 -------- Oil-Field Services -- 0.0% Weatherford International, Ltd. Company Guar. Notes 6.50% due 08/01/36.............................. 40,000 28,159 -------- Paper & Related Products -- 0.1% Georgia-Pacific LLC Company Guar. Notes 7.00% due 01/15/15*............................. 30,000 28,050 Georgia-Pacific LLC Company Guar. Notes 7.13% due 01/15/17*............................. 10,000 9,250 -------- 37,300 -------- Physicians Practice Management -- 0.1% US Oncology, Inc. Company Guar. Notes 10.75% due 08/15/14............................. 55,000 50,600 -------- Pipelines -- 0.3% Copano Energy LLC Company Guar. Notes 8.13% due 03/01/16.............................. 95,000 80,275 DCP Midstream LLC Senior Notes 9.75% due 03/15/19*............................. 30,000 29,742 Dynegy-Roseton Danskammer Pass Through Certs., Series B 7.67% due 11/08/16.............................. 45,000 34,087 ONEOK, Inc. Senior Notes 6.00% due 06/15/35.............................. 40,000 27,341 Williams Cos., Inc. Senior Notes 7.88% due 09/01/21.............................. 90,000 83,250 -------- 254,695 --------
45 SunAmerica Balanced Assets Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market Principal Value Security Description Amount (Note 3) -------------------------------------------------------------- CORPORATE BONDS & NOTES (continued) Publishing-Periodicals -- 0.0% Dex Media West LLC/Dex Media Finance Co. Senior Notes 8.50% due 08/15/10....................... $ 2,000 $ 1,000 R.H. Donnelley, Inc. Company Guar. Bonds 11.75% due 05/15/15*..................... 1,000 130 The Reader's Digest Association, Inc. Company Guar. Notes 9.00% due 02/15/17....................... 25,000 1,750 -------- 2,880 -------- Real Estate Investment Trusts -- 0.1% PPF Funding, Inc. Bonds 5.35% due 04/15/12*...................... 60,000 42,584 Simon Property Group LP Senior Notes 10.35% due 04/01/19...................... 18,000 17,494 -------- 60,078 -------- Recycling -- 0.0% Aleris International, Inc. Company Guar. Notes 9.00% due 12/15/14+(7)(10)(16)........... 45,000 32 -------- Rental Auto/Equipment -- 0.0% United Rentals North America, Inc. Company Guar. Notes 7.75% due 11/15/13....................... 40,000 21,800 -------- Research & Development -- 0.0% Alion Science and Technology Corp. Company Guar. Notes 10.25% due 02/01/15...................... 55,000 8,250 -------- Retail-Restaurants -- 0.1% McDonald's Corp. Senior Notes 5.70% due 02/01/39....................... 42,000 40,707 NPC International, Inc. Company Guar. Notes 9.50% due 05/01/14....................... 45,000 35,100 -------- 75,807 -------- Savings & Loans/Thrifts -- 0.2% Western Financial Bank Sub. Notes 9.63% due 05/15/12....................... 150,000 149,760 -------- Schools -- 0.1% Johns Hopkins University Notes 5.25% due 07/01/19....................... 30,000 29,696 Princeton University Senior Notes 5.70% due 03/01/39....................... 49,000 48,944 -------- 78,640 --------
Market Principal Value Security Description Amount (Note 3) --------------------------------------------------------------- Special Purpose Entities -- 0.2% BankBoston Capital Trust III Company Guar. Notes 2.07% due 06/15/27(1)..................... $ 53,000 $ 26,512 Chukchansi Economic Development Authority Senior Notes 8.00% due 11/15/13*....................... 45,000 9,788 Principal Life Global Funding I Senior Sec. Notes 5.25% due 01/15/13*....................... 100,000 93,038 The Goldman Sachs Capital III Company Guar. Notes 2.03% due 09/01/12(1)(8).................. 121,000 38,115 -------- 167,453 -------- Steel-Producers -- 0.3% ArcelorMittal USA Company Guar. Notes 6.50% due 04/15/14........................ 130,000 102,153 Reliance Steel & Aluminum Co. Company Guar. Notes 6.85% due 11/15/36........................ 60,000 36,608 Ryerson, Inc. Senior. Sec. Notes 8.55% due 11/01/14*(1).................... 50,000 25,875 United States Steel Corp. Senior Notes 7.00% due 02/01/18........................ 45,000 30,709 -------- 195,345 -------- Telecom Services -- 0.3% Bellsouth Telecommunications, Inc. Debentures 7.00% due 12/01/95........................ 174,000 137,308 Fairpoint Communications, Inc. Senior Notes 13.13% due 04/01/18....................... 15,000 2,850 Fairpoint Communications, Inc. Senior Notes 13.13% due 04/01/18*...................... 13,000 2,470 Qwest Corp. Senior Notes 7.50% due 10/01/14........................ 65,000 59,150 -------- 201,778 -------- Telephone-Integrated -- 0.6% AT&T Corp. Company Guar. Notes 7.30% due 11/15/11........................ 63,000 67,694 AT&T, Inc. Senior Notes 5.63% due 06/15/16........................ 35,000 35,077 AT&T, Inc. Senior Notes 6.30% due 01/15/38........................ 70,000 61,468 Cincinnati Bell, Inc. Company Guar. Notes 7.00% due 02/15/15........................ 14,000 12,880
46 SunAmerica Balanced Assets Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market Principal Value Security Description Amount (Note 3) --------------------------------------------------------- CORPORATE BONDS & NOTES (continued) Telephone-Integrated (continued) Pacific Bell Telephone Co. Company Guar. Notes 7.13% due 03/15/26................. $ 80,000 $ 77,366 Sprint Capital Corp. Company Guar. Notes 8.38% due 03/15/12................. 35,000 31,500 Sprint Capital Corp. Company Guar. Notes 8.75% due 03/15/32................. 65,000 43,550 Verizon Communications, Inc. Senior Notes 6.35% due 04/01/19................. 28,000 27,662 Verizon Pennsylvania, Inc. Senior Bonds 8.35% due 12/15/30................. 35,000 34,240 Verizon Virginia, Inc. Senior Debentures 4.63% due 03/15/13................. 35,000 33,951 -------- 425,388 -------- Television -- 0.0% Allbritton Communications Co. Senior Sub. Notes 7.75% due 12/15/12................. 7,000 2,590 Paxson Communications Corp. Senior Sec. Notes 7.34% due 01/15/13*(16)(18)(19).... 59,604 536 Young Broadcasting, Inc. Company Guar. Notes 10.00% due 03/01/11+(7)(10)........ 25,000 3 -------- 3,129 -------- Tools-Hand Held -- 0.0% Black & Decker Corp. Notes 8.95% due 04/15/14................. 35,000 34,582 -------- Transport-Air Freight -- 0.3% Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class B 7.63% due 01/02/15................. 366,911 245,830 -------- Transport-Equipment & Leasing -- 0.0% GATX Corp. Pass Through Certs. 9.00% due 11/15/13................. 16,000 16,843 -------- Transport-Rail -- 0.1% CSX Corp. Senior Notes 6.25% due 04/01/15................. 40,000 36,362 CSX Corp. Senior Notes 6.25% due 03/15/18................. 27,000 23,260 -------- 59,622 --------
Market Principal Value Security Description Amount (Note 3) --------------------------------------------------------------------- Transport-Services -- 0.1% PHI, Inc. Company Guar. Notes 7.13% due 04/15/13........................... $ 75,000 $ 46,219 United Parcel Service, Inc. Senior Notes 3.88% due 04/01/14........................... 20,000 20,049 United Parcel Service, Inc. Senior Notes 5.13% due 04/01/19........................... 13,000 13,085 ----------- 79,353 ----------- Total Corporate Bonds & Notes (cost $12,176,406)........................... 10,323,400 ----------- FOREIGN CORPORATE BONDS & NOTES -- 2.5% Banks-Commercial -- 0.2% Banco Continental de Panama SA Notes 6.63% due 12/01/10*.......................... 35,000 35,000 Barclays Bank PLC Jr. Sub. Notes 5.93% due 12/31/16*(6)....................... 80,000 26,833 Caisse Nationale des Caisses d'Epargne et de Prevoyance Senior Notes 3.06% due 12/30/09(1)(8)..................... 109,000 66,490 Credit Agricole SA Jr. Sub. Notes 6.64% due 05/31/17*(6)....................... 71,000 21,326 Lloyds Banking Group PLC Jr. Sub. Notes 5.92% due 10/01/15*.......................... 40,000 7,200 ----------- 156,849 ----------- Brewery -- 0.0% SABMiller PLC Notes 6.50% due 07/15/18*.......................... 41,000 38,184 ----------- Containers-Metal/Glass -- 0.1% Rexam PLC Senior Notes 6.75% due 06/01/13*.......................... 51,000 44,310 ----------- Cruise Lines -- 0.1% Royal Caribbean Cruises, Ltd. Senior Notes 7.00% due 06/15/13........................... 70,000 39,287 ----------- Diversified Manufacturing Operations -- 0.0% Bombardier, Inc. Senior Notes 8.00% due 11/15/14*.......................... 25,000 18,313 ----------- Diversified Minerals -- 0.0% BHP Billiton Finance USA, Ltd. Company Guar. Notes 5.50% due 04/01/14........................... 35,000 35,241 -----------
47 SunAmerica Balanced Assets Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market Principal Value Security Description Amount (Note 3) --------------------------------------------------------------- FOREIGN CORPORATE BONDS & NOTES (continued) Diversified Operations -- 0.1% EnCana Holdings Finance Corp. Company Guar. Notes 5.80% due 05/01/14....................... $ 59,000 $ 58,037 -------- Electric-Integrated -- 0.3% Electricite de France Notes 6.50% due 01/26/19*...................... 56,000 57,688 Electricite de France Notes 6.95% due 01/26/39*...................... 70,000 69,381 Empresa Nacional de Electricidad SA Bonds 7.33% due 02/01/37....................... 84,000 79,028 -------- 206,097 -------- Food-Retail -- 0.1% Delhaize Group Senior Notes 6.50% due 06/15/17....................... 90,000 86,999 -------- Insurance-Multi-line -- 0.1% Aegon NV Senior Notes 2.57% due 07/15/14(1)(8)................. 156,000 37,596 XL Capital Finance PLC Company Guar. Notes 6.50% due 01/15/12....................... 32,000 23,289 XL Capital, Ltd. Senior Notes 5.25% due 09/15/14....................... 56,000 36,693 -------- 97,578 -------- Investment Companies -- 0.0% Xstrata Finance Canada, Ltd. Company Guar. Notes 6.90% due 11/15/37*...................... 40,000 23,924 -------- Medical Products -- 0.0% Angiotech Pharmaceuticals, Inc. Company Guar. Notes 5.01% due 12/01/13(1).................... 15,000 9,750 Angiotech Pharmaceuticals, Inc. Company Guar. Notes 7.75% due 04/01/14....................... 55,000 15,675 -------- 25,425 -------- Medical-Drugs -- 0.1% Elan Finance PLC Company Guar. Notes 7.75% due 11/15/11....................... 40,000 33,600 Novartis Securities Investment, Ltd. Company Guar. Notes 5.13% due 02/10/19....................... 65,000 65,996 -------- 99,596 --------
Market Principal Value Security Description Amount (Note 3) ------------------------------------------------------------------ Oil Companies-Exploration & Production -- 0.1% Nexen, Inc. Senior Notes 5.88% due 03/10/35.......................... $ 36,000 $ 23,818 OPTI Canada, Inc. Senior Sec. Notes 7.88% due 12/15/14.......................... 50,000 21,875 -------- 45,693 -------- Oil Companies-Integrated -- 0.1% Shell International Finance BV Company Guar. Notes 4.00% due 03/21/14.......................... 35,000 35,491 Shell International Finance BV Company Guar. Notes 6.38% due 12/15/38.......................... 42,000 44,227 Suncor Energy, Inc. Senior Notes 6.85% due 06/01/39.......................... 17,000 12,848 -------- 92,566 -------- Printing-Commercial -- 0.0% Quebecor World Capital Corp. Company Guar. Notes 8.75% due 03/15/16*+(7)(15)................. 30,000 1,050 -------- Satellite Telecom -- 0.1% Intelsat Intermediate Holding Co., Ltd. Senior Notes 9.50% due 02/01/15*(2)...................... 20,000 16,600 Intelsat Subsidiary Holding Co., Ltd. Senior Notes 8.50% due 01/15/13*......................... 50,000 47,125 -------- 63,725 -------- Special Purpose Entities -- 0.5% Aries Vermoegensverwaltungs GmbH Sec. Notes 9.60% due 10/25/14.......................... 250,000 311,835 Hybrid Capital Funding I LP Notes 8.00% due 06/30/11(8)....................... 286,000 34,306 SMFG Preferred Capital, Ltd. Sub. Notes 6.08% due 01/25/17*(6)...................... 121,000 74,036 -------- 420,177 -------- Telephone-Integrated -- 0.3% Deutsche Telekom International Finance BV Company Guar. Bonds 6.75% due 08/20/18.......................... 35,000 35,151 Telecom Italia Capital SA Company Guar. Notes 4.95% due 09/30/14.......................... 60,000 51,806 Telecom Italia Capital SA Company Guar. Bonds 6.20% due 07/18/11.......................... 115,000 112,930 -------- 199,887 --------
48 SunAmerica Balanced Assets Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market Principal Value Security Description Amount (Note 3) ----------------------------------------------------------------- FOREIGN CORPORATE BONDS & NOTES (continued) Transport-Marine -- 0.1% DP World, Ltd. Bonds 6.85% due 07/02/37*...................... $121,000 $ 57,892 ---------- Transport-Rail -- 0.2% Canadian National Railway Co. Senior Notes 6.38% due 10/15/11....................... 130,000 138,795 ---------- Total Foreign Corporate Bonds & Notes (cost $2,751,310)........................ 1,949,625 ---------- U.S. GOVERNMENT AGENCIES -- 17.0% Federal Home Loan Mtg. Corp. -- 10.1% 4.50% due 01/01/39....................... 182,848 186,870 5.00% due 05/01/34....................... 720,093 744,994 5.00% due 06/01/34....................... 686,581 710,323 5.00% due 07/01/35....................... 91,587 94,696 5.00% due 10/01/35....................... 466,836 482,687 5.00% due 11/01/35....................... 326,777 337,872 5.00% due 11/01/36....................... 30,106 31,096 5.00% due 03/01/38....................... 202,294 208,867 5.50% due 07/01/34....................... 416,462 433,466 5.50% due 09/01/37....................... 206,805 214,818 5.50% due 01/01/38....................... 495,748 514,983 5.50% due 07/01/38....................... 480,367 498,978 5.80% due 01/01/37(1).................... 351,548 365,262 5.95% due 10/01/36(1).................... 471,818 491,212 6.00% due 12/01/33....................... 75,300 79,128 6.00% due 10/01/37....................... 294,013 307,717 6.50% due 03/01/36....................... 217,922 230,014 6.50% due 05/01/36....................... 6,816 7,194 6.50% due 11/01/37....................... 120,864 127,564 7.00% due 04/01/32....................... 114,387 122,903 REMIC Series 3102, Class PG 5.00% due 11/15/28....................... 304,000 315,955 Series 3317, Class PD 5.00% due 09/15/31....................... 390,000 407,256 Series 3116, Class PD 5.00% due 10/15/34....................... 615,000 642,044 Series 3349, Class HB 5.50% due 06/15/31....................... 232,000 242,659 ---------- 7,798,558 ---------- Federal National Mtg. Assoc. -- 5.3% 4.50% due 01/01/39....................... 153,624 157,175 5.00% due 03/15/16....................... 47,000 52,159 5.00% due 08/01/18....................... 137,653 143,859 5.00% due 07/01/37....................... 116,187 120,020 5.50% due 11/01/22....................... 229,715 239,769 5.50% due 12/01/33....................... 764,498 796,810 5.50% due 02/01/36(1).................... 248,324 256,413 5.50% due 11/01/36....................... 224,193 232,968 5.50% due 08/01/38....................... 8,210 8,530 6.00% due 12/01/33....................... 70,744 74,273
Market Principal Value Security Description Amount (Note 3) --------------------------------------------------------------- Federal National Mtg. Assoc. (continued) 6.00% due 11/01/36.................... $505,440 $ 525,919 6.00% due 07/01/38.................... 645,611 675,062 6.50% due 09/01/32.................... 218,040 231,427 6.50% due 07/01/36.................... 93,814 98,944 6.50% due 10/01/37.................... 92,343 97,386 REMIC Series 2005-12, Class BE 5.00% due 11/25/30.................... 385,000 400,287 ----------- 4,111,001 ----------- Government National Mtg. Assoc. -- 1.6% 5.50% due 05/15/33.................... 379,606 396,789 5.50% due 12/15/33.................... 277,459 290,019 6.00% due 09/15/38.................... 445,683 466,274 7.50% due 01/15/32.................... 96,323 103,633 ----------- 1,256,715 ----------- Total U.S. Government Agencies (cost $12,666,352).................... 13,166,274 ----------- U.S. GOVERNMENT TREASURIES -- 5.5% U.S. Treasury Bonds -- 1.0% 4.38% due 02/15/38.................... 495,000 562,289 4.50% due 05/15/38.................... 38,000 44,365 5.25% due 11/15/28.................... 107,000 131,610 8.13% due 08/15/19.................... 33,000 47,850 ----------- 786,114 ----------- U. S. Treasury Notes -- 4.5% 2.00% due 11/30/13.................... 558,000 569,509 2.75% due 02/28/13.................... 45,000 47,419 2.75% due 02/15/19.................... 105,000 105,607 2.88% due 01/31/13.................... 446,000 471,784 3.38% due 07/31/13.................... 102,000 110,351 3.50% due 02/15/18.................... 97,000 104,093 3.63% due 06/15/10.................... 800,000 829,500 3.75% due 11/15/18.................... 102,000 111,188 3.88% due 05/15/18.................... 31,000 34,197 4.00% due 08/15/18.................... 206,000 228,918 4.25% due 08/15/15.................... 24,000 27,345 4.25% due 11/15/17.................... 150,000 170,156 4.50% due 11/15/15.................... 200,000 231,938 4.88% due 06/30/09.................... 400,000 404,578 ----------- 3,446,583 ----------- Total U.S. Government Treasuries (cost $4,188,139)..................... 4,232,697 ----------- Total Long-Term Investment Securities (cost $86,306,408).................... 72,812,446 ----------- SHORT-TERM INVESTMENT SECURITIES -- 0.0% Finance-Auto Loans -- 0.0% Ford Motor Credit Co. LLC Senior Notes 5.54% due 04/15/09 (cost $29,370)........................ 30,000 29,370 -----------
49 SunAmerica Balanced Assets Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market Principal Value Security Description Amount (Note 3) ------------------------------------------------------------------------- REPURCHASE AGREEMENTS -- 3.4% Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 03/31/09, to be repurchased 04/01/09 in the amount of $1,246,000 and collateraized by $1,215,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 4.38% due 09/17/10 and having an approximate value of $1,272,834..................................... $1,246,000 $ 1,246,000 State Street Bank & Trust Co. Joint Repurchase Agreement(13)................. 1,397,000 1,397,000 ----------- Total Repurchase Agreements (cost $2,643,000).............................. 2,643,000 ----------- TOTAL INVESTMENTS (cost $88,978,778)(14)......................... 97.5% 75,484,816 Other assets less liabilities..................... 2.5 1,944,307 ---------- ----------- NET ASSETS 100.0% $77,429,123 ========== ===========
- -------- + Non-income producing security * Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At March 31, 2009, the aggregate value of these securities was $2,390,509 representing 3.1% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. (1) Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of March 31, 2009. (2) "Step-up" security where the rate increases ("steps-up") at a predetermined rate. Rate shown reflects the increased rate. (3) Variable Rate Security -- the rate reflected is as of March 31, 2009, maturity date reflects the stated maturity date. (4) Commercial Mortgage Backed Security (5) Collateralized Mortgage Obligation (6) Variable Rate Security -- the rate reflected is as of March 31, 2009, maturity date reflects next reset date. (7) Bond in default (8) Perpetual maturity -- maturity date reflects the next call date. (9) Fair valued security; see Note 3 (10) Company has filed Chapter 11 bankruptcy protection (11) Illiquid security. At March 31, 2009, the aggregate value of these securities was $0 representing 0.0% of net assets. (12) To the extent permitted by the Prospectus, the Balanced Assets Fund may invest in restricted securities. The Fund has no right to demand registration of these securities. The securities are valued pursuant to Note 3. Restricted securities held by a fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of March 31, 2009, the Balanced Assets Fund held the following restricted securities:
Market Value % of Acquisition Principal Acquisition Market Per Par Net Name Date Amount Cost Value Amount Assets ---- ----------- --------- ----------- ------ ------- ------ Southern Energy 7.90% due 7/15/2009...... 1/10/2006 $150,000 $0 $0 $0 0.00%
(13) See Note 3 for details on Joint Repurchase Agreement. (14) See Note 7 for cost of investments on a tax basis. (15) Company has filed bankruptcy in country of issuance. (16) Income may be received in cash or additional shares at the discretion of the issuer. (17) PIK ("Payment-in-Kind") security. Bond or preferred stock that pays interest/dividends in the form of additional bonds or preferred stocks. (18) Subsequent to March 31, 2009, the company has filed Chapter 11 bankruptcy protection. (19) Bond is in default of interest subsequent to March 31, 2009. ADR --American Depository Receipt REMIC --Real Estate Mortgage Investment Conduit See Notes to Financial Statements 50 SunAmerica International Equity Fund PORTFOLIO PROFILE -- March 31, 2009 -- (unaudited) Industry Allocation* Oil Companies-Integrated............... 8.4% Banks-Commercial....................... 8.2 Medical-Drugs.......................... 5.0 Diversified Banking Institutions....... 3.9 Telephone-Integrated................... 3.6 Machinery-General Industrial........... 3.5 Diversified Minerals................... 3.3 Oil Companies-Exploration & Production. 3.3 Repurchase Agreement................... 2.3 Electronic Components-Misc............. 2.3 Auto-Cars/Light Trucks................. 2.1 Consulting Services.................... 2.0 Cellular Telecom....................... 2.0 Food-Retail............................ 2.0 Multimedia............................. 1.9 Food-Misc.............................. 1.8 Rubber-Tires........................... 1.8 Medical-Biomedical/Gene................ 1.8 Insurance-Reinsurance.................. 1.7 Gas-Distribution....................... 1.7 Building Products-Cement............... 1.7 Gas-Transportation..................... 1.6 Finance-Other Services................. 1.6 Medical Products....................... 1.6 Beverages-Wine/Spirits................. 1.6 Tobacco................................ 1.5 Import/Export.......................... 1.5 Chemicals-Diversified.................. 1.4 Electronic Components-Semiconductors... 1.2 Agricultural Chemicals................. 1.2 Cruise Lines........................... 1.2 Cable/Satellite TV..................... 1.1 Gold Mining............................ 1.1 Medical-Generic Drugs.................. 1.1 Coal................................... 1.0 Shipbuilding........................... 0.9 Index Fund............................. 0.9 Metal-Diversified...................... 0.9 Wireless Equipment..................... 0.8 Telecom Services....................... 0.8 Audio/Video Products................... 0.8 Brewery................................ 0.7 Non-Ferrous Metals..................... 0.7 Oil Refining & Marketing............... 0.7 Broadcast Services/Program............. 0.7 Electric-Integrated.................... 0.6 Transport-Marine....................... 0.6 Patient Monitoring Equipment........... 0.6 Web Portals/ISP........................ 0.6 Machinery-Construction & Mining........ 0.6 Enterprise Software/Service............ 0.5 Auto/Truck Parts & Equipment-Original.. 0.5 Finance-Investment Banker/Broker....... 0.5 Steel-Specialty........................ 0.5 Insurance-Property/Casualty............ 0.4 Office Automation & Equipment.......... 0.4 Machinery-Material Handling............ 0.4 Batteries/Battery Systems.............. 0.4 Retail-Misc./Diversified............... 0.4 Circuit Boards......................... 0.3 Cosmetics & Toiletries................. 0.2 Toys................................... 0.2 Real Estate Management/Services........ 0.2 ---- 98.8% ====
Country Allocation* United Kingdom......................... 19.3% Japan.................................. 16.7 France................................. 8.2 Canada................................. 6.6 Germany................................ 6.5 Australia.............................. 4.2 Switzerland............................ 4.0 United States.......................... 3.3 Italy.................................. 3.2 Spain.................................. 3.1 Brazil................................. 3.0 China.................................. 2.5 Hong Kong.............................. 2.0 South Korea............................ 1.8 Israel................................. 1.8 Singapore.............................. 1.7 Ireland................................ 1.7 Netherlands............................ 1.7 Taiwan................................. 1.5 Mexico................................. 1.4 Portugal............................... 1.0 South Africa........................... 1.0 Philippines............................ 0.9 Russia................................. 0.9 Finland................................ 0.8 ---- 98.8% ====
- -------- *Calculated as a percentage of net assets 51 SunAmerica International Equity Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited)
Market Value Security Description Shares (Note 3)(1) -------------------------------------------------------------------- COMMON STOCK -- 94.0% Australia -- 4.2% BHP Billiton, Ltd........................... 136,800 $ 3,049,107 CSL, Ltd.................................... 95,700 2,165,383 ----------- 5,214,490 ----------- Brazil -- 1.5% Petroleo Brasileiro SA ADR.................. 59,810 1,822,411 ----------- Canada -- 6.6% Bank of Nova Scotia......................... 69,350 1,708,998 Barrick Gold Corp........................... 40,300 1,304,444 EnCana Corp................................. 51,700 2,115,895 Shaw Communications, Inc., Class B.......... 92,000 1,402,475 Toronto-Dominion Bank....................... 47,730 1,645,261 ----------- 8,177,073 ----------- China -- 2.5% Bank of China, Ltd.......................... 4,661,400 1,552,206 Mindray Medical International, Ltd. ADR..... 37,042 685,647 Shanghai Electric Group Co., Ltd............ 2,962,000 852,545 ----------- 3,090,398 ----------- Finland -- 0.8% Nokia OYJ................................... 87,578 1,025,296 ----------- France -- 8.2% Alstom SA................................... 43,213 2,237,201 Compagnie Generale des Etablissements Michelin, Class B.......................... 44,731 1,656,162 Pernod Ricard SA............................ 35,332 1,974,810 Total SA.................................... 85,917 4,261,128 ----------- 10,129,301 ----------- Germany -- 6.5% Deutsche Bank AG............................ 64,504 2,623,714 Deutsche Boerse AG.......................... 32,900 1,987,669 MAN AG...................................... 29,184 1,273,082 Muenchener Rueckversicherungs AG............ 17,348 2,118,925 ----------- 8,003,390 ----------- Hong Kong -- 2.0% Hengan International Group Co., Ltd......... 214,840 863,564 Hong Kong & China Gas Co., Ltd.............. 990,150 1,566,480 Peace Mark Holdings, Ltd.(2)................ 800,000 0 Peregrine Investments Holdings, Ltd.+(2)(3). 91,000 0 ----------- 2,430,044 ----------- Ireland -- 1.7% CRH PLC..................................... 96,240 2,090,750 ----------- Israel -- 1.8% Israel Chemicals, Ltd....................... 110,700 909,449 Teva Pharmaceutical Industries, Ltd. ADR.... 28,551 1,286,222 ----------- 2,195,671 ----------- Italy -- 3.2% ENI SpA..................................... 101,017 1,944,926 Snam Rete Gas SpA........................... 372,871 2,001,483 ----------- 3,946,409 -----------
Market Value Security Description Shares (Note 3)(1) ----------------------------------------------------------------- Japan -- 16.7% Aioi Insurance Co., Ltd.................... 141,000 $ 545,233 Bridgestone Corp........................... 38,100 550,203 Daiwa Securities Group, Inc................ 145,000 641,802 Fuji Heavy Industries, Ltd................. 226,000 752,038 GS Yuasa Corp.............................. 95,000 471,903 Hitachi Metals, Ltd........................ 77,000 549,387 Honda Motor Co., Ltd....................... 33,700 806,328 Ibiden Co., Ltd............................ 17,300 423,585 Japan Steel Works, Ltd..................... 52,000 489,767 Komatsu, Ltd............................... 60,400 669,983 Mitsubishi Corp............................ 36,300 482,985 Mitsubishi Estate Co., Ltd................. 20,000 228,300 Mitsubishi Materials Corp.................. 326,000 879,038 Mitsubishi UFJ Financial Group, Inc........ 246,000 1,208,516 Mitsui & Co., Ltd.......................... 130,000 1,323,474 Mitsui O.S.K. Lines, Ltd................... 148,000 734,323 Murata Manufacturing Co., Ltd.............. 10,400 402,085 Nidec Corp................................. 12,200 553,369 Nintendo Co., Ltd.......................... 1,000 293,335 Nippon Mining Holdings, Inc................ 109,000 439,797 Nippon Telegraph and Telephone Corp........ 32,600 1,238,190 Panasonic Corp............................. 40,700 447,262 Pigeon Corp................................ 12,000 298,355 Ricoh Co., Ltd............................. 41,000 493,431 Seven & I Holdings Co., Ltd................ 20,200 445,990 Seven Bank, Ltd............................ 137 365,375 Shin-Etsu Chemical Co., Ltd................ 17,400 854,018 Showa Shell Sekiyu K.K..................... 46,200 425,109 Sony Corp.................................. 26,100 535,162 Tokyo Electric Power Co., Inc.............. 30,600 763,859 Tokyo Gas Co., Ltd......................... 153,000 534,350 Toyota Motor Corp.......................... 30,700 984,635 Tsumura & Co............................... 21,700 560,193 Unicharm Petcare Corp...................... 9,500 240,929 ----------- 20,632,309 ----------- Mexico -- 1.4% Fomento Economico Mexicano SAB de CV ADR... 35,400 892,434 Grupo Televisa SA ADR...................... 62,200 848,408 ----------- 1,740,842 ----------- Netherlands -- 1.7% Koninklijke KPN NV......................... 154,212 2,062,322 ----------- Philippines -- 0.9% Philippine Long Distance Telephone Co. ADR. 26,020 1,148,263 ----------- Portugal -- 1.0% Galp Energia, SGPS, S.A.................... 106,410 1,270,277 ----------- Russia -- 0.9% OAO Rosneft Co. GDR........................ 254,400 1,091,376 ----------- Singapore -- 1.7% SembCorp Marine, Ltd....................... 940,000 1,120,107 StarHub, Ltd............................... 773,600 1,007,240 ----------- 2,127,347 ----------- South Africa -- 1.0% Exxaro Resources, Ltd...................... 162,200 1,189,381 -----------
52 SunAmerica International Equity Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market Value Security Description Shares (Note 3)(1) ------------------------------------------------------------------ COMMON STOCK (continued) South Korea -- 1.8% Hyundai Mobis............................ 11,000 $ 642,950 LG Dacom Corp............................ 53,300 675,121 Samsung Electronics Co., Ltd............. 2,170 896,234 ------------ 2,214,305 ------------ Spain -- 3.1% Banco Santander SA....................... 431,706 2,968,265 Grifols SA............................... 56,913 820,939 ------------ 3,789,204 ------------ Switzerland -- 4.0% Nestle SA................................ 59,257 2,005,819 Roche Holding AG......................... 9,897 1,358,803 Syngenta AG.............................. 7,501 1,507,976 ------------ 4,872,598 ------------ Taiwan -- 1.5% Hon Hai Precision Industry Co., Ltd. GDR. 410,600 1,827,170 ------------ United Kingdom -- 19.3% ARM Holdings PLC......................... 429,324 630,775 Autonomy Corp. PLC+...................... 34,961 655,054 BHP Billiton PLC......................... 53,571 1,060,657 British American Tobacco PLC............. 80,691 1,868,408 Carnival PLC............................. 64,031 1,450,612 GlaxoSmithKline PLC...................... 152,469 2,374,034 HSBC Holdings PLC........................ 162,600 920,480 Pearson PLC.............................. 236,309 2,372,617 Rio Tinto PLC............................ 32,177 1,077,429 Serco Group PLC.......................... 466,852 2,449,520 Shire PLC................................ 80,200 978,324 Smith & Nephew PLC....................... 180,002 1,112,688 Tesco PLC................................ 502,897 2,406,852 Tullow Oil PLC........................... 167,612 1,926,702 Vodafone Group PLC....................... 1,397,263 2,441,023 ------------ 23,725,175 ------------ United States -- 0.0% SoftBrands, Inc.+........................ 40 11 ------------ Total Common Stock (cost $123,317,383)..................... 115,815,813 ------------ PREFERRED STOCK -- 1.5% Brazil -- 1.5% Banco Bradesco SA (cost $2,509,987)....................... 185,700 1,849,195 ------------ EXCHANGE-TRADED FUNDS -- 0.9% United States -- 0.9% iShares MSCI Canada Index Fund (cost $1,079,578)....................... 66,500 1,094,590 ------------ Total Long-Term Investment Securities (cost $126,906,948)..................... 118,759,598 ------------
Market Principal Value Security Description Amount (Note 3)(1) ------------------------------------------------------------------------ REPURCHASE AGREEMENT -- 2.4% Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 03/31/09, to be repurchased 04/01/09 in the amount of $2,876,001 and collateraized by Federal Home Loan Bank Notes, bearing interest at 4.38% due 09/17/10 and having an approximate value of $2,938,518 (cost $2,876,000)............................. $2,876,000 $ 2,876,000 ------------ TOTAL INVESTMENTS -- (cost $129,782,948)(4)...................... 98.8% 121,635,598 Other assets less liabilities.................. 1.2 1,532,631 ---------- ------------ NET ASSETS -- 100.0% $123,168,229 ========== ============
- -------- + Non-income producing security (1) A substantial number of the Fund's holdings were valued using the fair value procedures at March 31, 2009. At March 31, 2009, the aggregate value of these securities was $98,036,798 representing 79.6% of net assets. See Note 3 regarding fair value pricing procedures for foreign equity securities. (2) Fair valued security; see Note 3 (3) Illiquid security. At March 31, 2009, the aggregate value of these securities was $0 representing 0.0% of net assets. (4) See Note 7 for cost of investments on a tax basis. ADR --American Depository Receipt GDR --Global Depository Receipt See Notes to Financial Statements 53 SunAmerica Value Fund PORTFOLIO PROFILE -- March 31, 2009 -- (unaudited) Industry Allocation* Oil Companies-Integrated............. 16.5% Electric-Integrated.................. 8.1 Telephone-Integrated................. 7.5 Medical-Drugs........................ 7.1 Diversified Banking Institutions..... 7.0 Diversified Manufacturing Operations. 4.5 Medical Products..................... 4.1 Food-Misc............................ 3.4 Aerospace/Defense-Equipment.......... 3.2 Repurchase Agreement................. 3.0 Cosmetics & Toiletries............... 2.6 Applications Software................ 2.3 Banks-Fiduciary...................... 1.9 Retail-Discount...................... 1.8 Retail-Apparel/Shoe.................. 1.8 Insurance-Property/Casualty.......... 1.8 Medical-HMO.......................... 1.7 Apparel Manufacturers................ 1.7 Multimedia........................... 1.6 Beverages-Non-alcoholic.............. 1.6 Insurance-Multi-line................. 1.6 Retail-Drug Store.................... 1.5 Transport-Rail....................... 1.5 Banks-Super Regional................. 1.4 Electronics-Military................. 1.3 Gold Mining.......................... 1.2 E-Commerce/Services.................. 1.2 Industrial Gases..................... 1.1 Medical-Biomedical/Gene.............. 0.9 Oil Refining & Marketing............. 0.9 ---- 95.8% ====
- -------- *Calculated as a percentage of net assets 54 SunAmerica Value Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited)
Market Value Security Description Shares (Note 3) ---------------------------------------------------------------- COMMON STOCK -- 92.8% Aerospace/Defense-Equipment -- 3.2% Goodrich Corp.............................. 34,829 $1,319,671 United Technologies Corp................... 27,700 1,190,546 ---------- 2,510,217 ---------- Apparel Manufacturers -- 1.7% Coach, Inc.+............................... 79,000 1,319,300 ---------- Applications Software -- 2.3% Microsoft Corp............................. 99,000 1,818,630 ---------- Banks-Fiduciary -- 1.9% The Bank of New York Mellon Corp........... 55,000 1,553,750 ---------- Banks-Super Regional -- 1.4% Wells Fargo & Co........................... 76,100 1,083,664 ---------- Beverages-Non-alcoholic -- 1.6% The Coca-Cola Co........................... 29,000 1,274,550 ---------- Cosmetics & Toiletries -- 2.6% Procter & Gamble Co........................ 44,300 2,086,087 ---------- Diversified Banking Institutions -- 7.0% Bank of America Corp....................... 244,300 1,666,126 Citigroup, Inc............................. 210,000 531,300 JPMorgan Chase & Co........................ 93,000 2,471,940 Morgan Stanley............................. 41,000 933,570 ---------- 5,602,936 ---------- Diversified Manufacturing Operations -- 4.5% General Electric Co........................ 235,000 2,375,850 Honeywell International, Inc............... 43,900 1,223,054 ---------- 3,598,904 ---------- E-Commerce/Services -- 1.2% eBay, Inc.+................................ 75,000 942,000 ---------- Electric-Integrated -- 8.1% FPL Group, Inc............................. 34,500 1,750,185 PG&E Corp.................................. 37,800 1,444,716 Southern Co................................ 50,000 1,531,000 Xcel Energy, Inc........................... 94,200 1,754,946 ---------- 6,480,847 ---------- Electronics-Military -- 1.3% L-3 Communications Holdings, Inc........... 15,000 1,017,000 ---------- Food-Misc. -- 3.4% H.J. Heinz Co.............................. 45,000 1,487,700 Kraft Foods, Inc., Class A................. 54,000 1,203,660 ---------- 2,691,360 ---------- Gold Mining -- 1.2% Barrick Gold Corp.......................... 30,000 972,600 ---------- Industrial Gases -- 1.1% Air Products & Chemicals, Inc.............. 16,000 900,000 ---------- Insurance-Multi-line -- 1.6% Allstate Corp.............................. 66,000 1,263,900 ---------- Insurance-Property/Casualty -- 1.8% Chubb Corp................................. 33,000 1,396,560 ----------
Shares/ Market Principal Value Security Description Amount (Note 3) -------------------------------------------------------------- Medical Products -- 4.1% Johnson & Johnson................... 44,400 $ 2,335,440 Zimmer Holdings, Inc.+.............. 25,000 912,500 ----------- 3,247,940 ----------- Medical-Biomedical/Gene -- 0.9% Amgen, Inc.+........................ 15,000 742,800 ----------- Medical-Drugs -- 7.1% Eli Lilly & Co...................... 26,700 892,047 Merck & Co., Inc.................... 43,500 1,163,625 Pfizer, Inc......................... 145,100 1,976,262 Wyeth............................... 38,000 1,635,520 ----------- 5,667,454 ----------- Medical-HMO -- 1.7% UnitedHealth Group, Inc............. 64,000 1,339,520 ----------- Multimedia -- 1.6% The Walt Disney Co.................. 71,400 1,296,624 ----------- Oil Companies-Integrated -- 16.5% Chevron Corp........................ 55,700 3,745,268 ConocoPhillips...................... 90,000 3,524,400 Exxon Mobil Corp.................... 52,000 3,541,200 Marathon Oil Corp................... 88,400 2,324,036 ----------- 13,134,904 ----------- Oil Refining & Marketing -- 0.9% Valero Energy Corp.................. 40,000 716,000 ----------- Retail-Apparel/Shoe -- 1.8% The Gap, Inc........................ 108,000 1,402,920 ----------- Retail-Discount -- 1.8% Wal-Mart Stores, Inc................ 28,000 1,458,800 ----------- Retail-Drug Store -- 1.5% CVS Caremark Corp................... 44,400 1,220,556 ----------- Telephone-Integrated -- 7.5% AT&T, Inc........................... 125,050 3,151,260 Verizon Communications, Inc......... 94,400 2,850,880 ----------- 6,002,140 ----------- Transport-Rail -- 1.5% Union Pacific Corp.................. 29,000 1,192,190 ----------- Total Long-Term Investment Securities (cost $92,131,525)(2).............. 73,934,153 ----------- REPURCHASE AGREEMENT -- 3.0% State Street Bank & Trust Co. Joint Repurchase Agreement(1) (cost $2,362,000).................. $2,362,000 2,362,000 ----------- TOTAL INVESTMENTS -- (cost $94,493,525)(2).............. 95.8% 76,296,153 Other assets less liabilities......... 4.2 3,326,758 ---------- ----------- NET ASSETS -- 100.0% $79,622,911 ========== ===========
- -------- + Non-income producing security. (1)See Note 3 for details of Joint Repurchase Agreement. (2)See Note 7 for cost of investments on a tax basis. See Notes to Financial Statements 55 SunAmerica Disciplined Growth Fund PORTFOLIO PROFILE -- March 31, 2009 -- (unaudited) Industry Allocation* Computers.................................. 10.4% Medical-Drugs.............................. 5.6 Enterprise Software/Service................ 5.4 Beverages-Non-alcoholic.................... 4.4 Aerospace/Defense.......................... 4.2 Applications Software...................... 4.1 Networking Products........................ 3.5 Tobacco.................................... 3.3 Medical Products........................... 3.1 Cosmetics & Toiletries..................... 3.1 Oil Companies-Integrated................... 2.9 Medical-Biomedical/Gene.................... 2.8 Oil-Field Services......................... 2.5 Web Portals/ISP............................ 2.3 Retail-Restaurants......................... 2.3 Commercial Services-Finance................ 2.1 Oil Companies-Exploration & Production..... 2.0 Apparel Manufacturers...................... 1.8 Retail-Discount............................ 1.8 Diversified Manufacturing Operations....... 1.7 Agricultural Chemicals..................... 1.5 Oil Field Machinery & Equipment............ 1.5 Consulting Services........................ 1.4 Computer Services.......................... 1.4 Electronics-Military....................... 1.4 Coatings/Paint............................. 1.3 Aerospace/Defense-Equipment................ 1.2 Retail-Drug Store.......................... 1.1 Retail-Computer Equipment.................. 1.1 Repurchase Agreement....................... 1.1 Electric Products-Misc..................... 1.1 Engineering/R&D Services................... 1.1 Retail-Office Supplies..................... 1.0 Diversified Operations/Commercial Services. 1.0 Beverages-Wine/Spirits..................... 1.0 Oil & Gas Drilling......................... 1.0 Wireless Equipment......................... 0.9 Transport-Services......................... 0.9 Telecommunication Equipment................ 0.9 Cable/Satellite TV......................... 0.9 Pharmacy Services.......................... 0.8 Medical Instruments........................ 0.8 Machinery-Construction & Mining............ 0.8 Insurance-Life/Health...................... 0.5 Medical-HMO................................ 0.5 Casino Services............................ 0.5 Retail-Consumer Electronics................ 0.4 Cellular Telecom........................... 0.3 Investment Management/Advisor Services..... 0.3 Software Tools............................. 0.3 Commercial Services........................ 0.3 Advertising Agencies....................... 0.3 Metal-Copper............................... 0.3 Instruments-Controls....................... 0.2 Metal-Iron................................. 0.2 Steel-Producers............................ 0.2 Energy-Alternate Sources................... 0.1 Building-Heavy Construction................ 0.1 ---- 99.0% ====
- -------- *Calculated as a percentage of net assets 56 SunAmerica Disciplined Growth Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited)
Market Value Security Description Shares (Note 3) ---------------------------------------------------------- COMMON STOCK -- 97.9% Advertising Agencies -- 0.3% Omnicom Group, Inc.................... 2,600 $ 60,840 ---------- Aerospace/Defense -- 4.2% Boeing Co............................. 6,000 213,480 Lockheed Martin Corp.................. 4,100 283,023 Northrop Grumman Corp................. 4,900 213,836 Raytheon Co........................... 6,300 245,322 ---------- 955,661 ---------- Aerospace/Defense-Equipment -- 1.2% Alliant Techsystems, Inc.+............ 500 33,490 United Technologies Corp.............. 5,300 227,794 ---------- 261,284 ---------- Agricultural Chemicals -- 1.5% Monsanto Co........................... 4,200 349,020 ---------- Apparel Manufacturers -- 1.8% Coach, Inc.+.......................... 11,300 188,710 Polo Ralph Lauren Corp................ 5,300 223,925 ---------- 412,635 ---------- Applications Software -- 4.1% Microsoft Corp........................ 49,800 914,826 ---------- Beverages-Non-alcoholic -- 4.4% PepsiCo, Inc.......................... 8,700 447,876 The Coca-Cola Co...................... 12,600 553,770 ---------- 1,001,646 ---------- Beverages-Wine/Spirits -- 1.0% Brown-Forman Corp., Class B........... 5,600 217,448 ---------- Building-Heavy Construction -- 0.1% Perini Corp.+......................... 2,100 25,830 ---------- Cable/Satellite TV -- 0.9% Comcast Corp., Class A................ 14,400 196,416 ---------- Casino Services -- 0.5% Scientific Games Corp., Class A+...... 8,893 107,694 ---------- Cellular Telecom -- 0.3% Syniverse Holdings, Inc.+............. 5,000 78,800 ---------- Coatings/Paint -- 1.3% The Sherwin-Williams Co............... 5,500 285,835 ---------- Commercial Services -- 0.3% Steiner Leisure, Ltd.+................ 2,600 63,466 ---------- Commercial Services-Finance -- 2.1% Automatic Data Processing, Inc........ 5,400 189,864 Global Payments, Inc.................. 8,800 294,008 ---------- 483,872 ---------- Computer Services -- 1.4% Accenture, Ltd., Class A.............. 11,500 316,135 ---------- Computers -- 10.4% Apple, Inc.+.......................... 5,800 609,696 Dell, Inc.+........................... 25,600 242,688 Hewlett-Packard Co.................... 19,600 628,376 International Business Machines Corp.. 8,900 862,321 ---------- 2,343,081 ----------
Market Value Security Description Shares (Note 3) --------------------------------------------------------------------- Consulting Services -- 1.4% SAIC, Inc.+...................................... 17,100 $ 319,257 ---------- Cosmetics & Toiletries -- 3.1% Colgate-Palmolive Co............................. 5,000 294,900 Procter & Gamble Co.............................. 8,600 404,974 ---------- 699,874 ---------- Diversified Manufacturing Operations -- 1.7% 3M Co............................................ 4,000 198,880 Honeywell International, Inc..................... 6,800 189,448 ---------- 388,328 ---------- Diversified Operations/Commercial Services -- 1.0% Chemed Corp...................................... 5,900 229,510 ---------- Electric Products-Misc. -- 1.1% Emerson Electric Co.............................. 8,400 240,072 ---------- Electronics-Military -- 1.4% L-3 Communications Holdings, Inc................. 4,500 305,100 ---------- Energy-Alternate Sources -- 0.1% First Solar, Inc.+............................... 200 26,540 ---------- Engineering/R&D Services -- 1.1% EMCOR Group, Inc.+............................... 2,500 42,925 Fluor Corp....................................... 4,300 148,565 Foster Wheeler AG+............................... 2,700 47,169 ---------- 238,659 ---------- Enterprise Software/Service -- 5.4% BMC Software, Inc.+.............................. 9,400 310,200 CA, Inc.......................................... 14,800 260,628 Oracle Corp.+.................................... 36,000 650,520 ---------- 1,221,348 ---------- Instruments-Controls -- 0.2% Mettler-Toledo International, Inc.+.............. 1,000 51,330 ---------- Insurance-Life/Health -- 0.5% AFLAC, Inc....................................... 5,700 110,352 ---------- Investment Management/Advisor Services -- 0.3% Federated Investors, Inc., Class B............... 3,300 73,458 ---------- Machinery-Construction & Mining -- 0.8% Caterpillar, Inc................................. 6,400 178,944 ---------- Medical Instruments -- 0.8% Medtronic, Inc................................... 6,200 182,714 ---------- Medical Products -- 3.1% Baxter International, Inc........................ 1,400 71,708 Johnson & Johnson................................ 8,700 457,620 Varian Medical Systems, Inc.+.................... 5,900 179,596 ---------- 708,924 ---------- Medical-Biomedical/Gene -- 2.8% Biogen Idec, Inc.+............................... 5,300 277,826 Gilead Sciences, Inc.+........................... 7,800 361,296 ---------- 639,122 ----------
57 SunAmerica Disciplined Growth Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market Value Security Description Shares (Note 3) --------------------------------------------------------- COMMON STOCK (continued) Medical-Drugs -- 5.6% Abbott Laboratories.................. 8,900 $ 424,530 Bristol-Myers Squibb Co.............. 15,900 348,528 Eli Lilly & Co....................... 1,500 50,115 Endo Pharmaceuticals Holdings, Inc.+. 2,900 51,272 Merck & Co., Inc..................... 3,400 90,950 Schering-Plough Corp................. 12,200 287,310 ---------- 1,252,705 ---------- Medical-HMO -- 0.5% UnitedHealth Group, Inc.............. 5,200 108,836 ---------- Metal-Copper -- 0.3% Southern Copper Corp................. 3,400 59,228 ---------- Metal-Iron -- 0.2% Cliffs Natural Resources, Inc........ 2,300 41,768 ---------- Networking Products -- 3.5% Cisco Systems, Inc.+................. 34,500 578,565 Juniper Networks, Inc.+.............. 14,000 210,840 ---------- 789,405 ---------- Oil & Gas Drilling -- 1.0% Noble Corp........................... 8,900 214,401 ---------- Oil Companies-Exploration & Production -- 2.0% Occidental Petroleum Corp............ 8,100 450,765 ---------- Oil Companies-Integrated -- 2.9% Exxon Mobil Corp..................... 8,200 558,420 Hess Corp............................ 1,600 86,720 ---------- 645,140 ---------- Oil Field Machinery & Equipment -- 1.5% Cameron International Corp.+......... 4,300 94,299 National-Oilwell Varco, Inc.+........ 8,700 249,777 ---------- 344,076 ---------- Oil-Field Services -- 2.5% Baker Hughes, Inc.................... 2,400 68,520 Halliburton Co....................... 13,700 211,939 Schlumberger, Ltd.................... 7,200 292,464 ---------- 572,923 ---------- Pharmacy Services -- 0.8% Express Scripts, Inc.+............... 4,100 189,297 ---------- Retail-Computer Equipment -- 1.1% GameStop Corp., Class A+............. 8,900 249,378 ---------- Retail-Consumer Electronics -- 0.4% Best Buy Co., Inc.................... 2,200 83,512 ---------- Retail-Discount -- 1.8% Wal-Mart Stores, Inc................. 7,800 406,380 ---------- Retail-Drug Store -- 1.1% CVS Caremark Corp.................... 9,200 252,908 ---------- Retail-Office Supplies -- 1.0% Staples, Inc......................... 12,800 231,808 ----------
Shares/ Market Principal Value Security Description Amount (Note 3) ------------------------------------------------------------ Retail-Restaurants -- 2.3% McDonald's Corp..................... 5,600 $ 305,592 Yum! Brands, Inc.................... 7,800 214,344 ----------- 519,936 ----------- Software Tools -- 0.3% VMware, Inc. Class A+............... 2,800 66,136 ----------- Steel-Producers -- 0.2% United States Steel Corp............ 1,800 38,034 ----------- Telecommunication Equipment -- 0.9% Harris Corp......................... 6,800 196,792 ----------- Tobacco -- 3.3% Altria Group, Inc................... 21,900 350,838 Lorillard, Inc...................... 6,500 401,310 ----------- 752,148 ----------- Transport-Services -- 0.9% C.H. Robinson Worldwide, Inc........ 4,500 205,245 ----------- Web Portals/ISP -- 2.3% Google, Inc., Class A+.............. 1,500 522,090 ----------- Wireless Equipment -- 0.9% QUALCOMM, Inc....................... 5,500 214,005 ----------- Total Long-Term Investment Securities (cost $23,636,256)................. 22,094,937 ----------- REPURCHASE AGREEMENT -- 1.1% State Street Bank & Trust Co. Joint Repurchase Agreement(1) (cost $248,000).................... $248,000 248,000 ----------- TOTAL INVESTMENTS -- (cost $23,884,256)(2).............. 99.0% 22,342,937 Other assets less liabilities......... 1.0 227,373 -------- ----------- NET ASSETS -- 100.0% $22,570,310 ======== ===========
- -------- + Non-income producing security (1)See Note 3 for details of Joint Repurchase Agreement. (2)See Note 7 for cost of investments on a tax basis. See Notes to Financial Statements 58 SunAmerica International Small-Cap Fund PORTFOLIO PROFILE -- March 31, 2009 -- (unaudited) Industry Allocation* Index Fund-Small Cap.................. 8.8% Time Deposit.......................... 5.9 Food-Misc............................. 3.3 Medical-Drugs......................... 2.8 Electric Products-Misc................ 2.3 Finance-Other Services................ 2.2 Insurance-Property/Casualty........... 2.2 Energy-Alternate Sources.............. 2.1 Enterprise Software/Service........... 1.9 Security Services..................... 1.9 Cosmetics & Toiletries................ 1.7 Electronic Components-Misc............ 1.6 Medical Instruments................... 1.6 Retail-Misc./Diversified.............. 1.6 Banks-Commercial...................... 1.5 Electronic Components-Semiconductors.. 1.5 Transport-Rail........................ 1.5 Printing-Commercial................... 1.5 Containers-Paper/Plastic.............. 1.5 Retail-Bookstores..................... 1.4 Shipbuilding.......................... 1.4 Retail-Apparel/Shoe................... 1.3 Water................................. 1.2 E-Commerce/Services................... 1.2 Chemicals-Diversified................. 1.2 Commercial Services................... 1.1 Diagnostic Kits....................... 1.1 Casino Services....................... 1.0 Internet Content-Information/News..... 1.0 Building-Maintance & Services......... 1.0 Computers-Integrated Systems.......... 1.0 Research & Development................ 1.0 Machinery-Electrical.................. 0.9 Real Estate Operations & Development.. 0.9 Direct Marketing...................... 0.9 Advanced Materials.................... 0.9 Electronics-Military.................. 0.9 Transport-Services.................... 0.9 Retail-Petroleum Products............. 0.9 Auto/Truck Parts & Equipment-Original. 0.9 Electronic Measurement Instruments.... 0.8 Computers-Periphery Equipment......... 0.8 Medical Products...................... 0.8 Veterinary Products................... 0.8 Internet Content-Entertainment........ 0.8 Leisure Products...................... 0.8 Coatings/Paint........................ 0.8 Building-Residential/Commercial....... 0.7 Miscellaneous Manufacturing........... 0.7 Power Converter/Supply Equipment...... 0.7 Medical Labs & Testing Services....... 0.7 Transactional Software................ 0.7 Agricultural Operations............... 0.7 Gambling (Non-Hotel).................. 0.7 Finance-Credit Card................... 0.7 Internet Infrastructure Software...... 0.7 Machinery-General Industrial.......... 0.7 Electronic Connectors................. 0.7 Diversified Financial Services........ 0.7 Metal Processors & Fabrication........ 0.7
Medical-Wholesale Drug Distribution...... 0.6 Applications Software.................... 0.6 Medical-Generic Drugs.................... 0.6 Beverages-Wine/Spirits................... 0.6 Telephone-Integrated..................... 0.6 Soap & Cleaning Preparation.............. 0.5 Real Estate Management/Services.......... 0.5 Consulting Services...................... 0.5 Retail-Music Store....................... 0.5 Machinery-Construction & Mining.......... 0.5 Medical Imaging Systems.................. 0.5 Communications Software.................. 0.5 Retail-Restaurants....................... 0.5 Medical-Hospitals........................ 0.5 Transport-Marine......................... 0.4 Auto/Truck Parts & Equipment-Replacement. 0.4 Medical-Nursing Homes.................... 0.4 E-Services/Consulting.................... 0.4 Insurance-Reinsurance.................... 0.4 Auto-Cars/Light Trucks................... 0.4 Audio/Video Products..................... 0.3 Retail-Discount.......................... 0.3 Paper & Related Products................. 0.3 Athletic Footwear........................ 0.3 Human Resources.......................... 0.3 Medical Information Systems.............. 0.2 Appliances............................... 0.2 Chemicals-Specialty...................... 0.2 Educational Software..................... 0.2 Computers................................ 0.2 Water Treatment Systems.................. 0.2 Food-Dairy Products...................... 0.2 Medical-Biomedical/Gene.................. 0.2 Food-Retail.............................. 0.2 Diversified Manufacturing Operations..... 0.2 Machine Tools & Related Products......... 0.2 Batteries/Battery Systems................ 0.2 Engines-Internal Combustion.............. 0.2 Cellular Telecom......................... 0.1 Food-Catering............................ 0.1 Motion Pictures & Services............... 0.1 Coal..................................... 0.1 Web Portals/ISP.......................... 0.1 Bicycle Manufacturing.................... 0.1 Diversified Operations................... 0.1 Lottery Services......................... 0.1 Building-Heavy Construction.............. 0.1 Fisheries................................ 0.1 Building & Construction-Misc............. 0.1 Electric-Generation...................... 0.1 Building & Construction Products-Misc.... 0.1 Retail-Regional Department Stores........ 0.1 ---- 99.6% ====
- -------- *Calculated as a percentage of net assets 59 SunAmerica International Small-Cap Fund PORTFOLIO PROFILE -- March 31, 2009 -- (unaudited) (continued) Country Allocation* Japan.......... 30.0% United Kingdom. 19.0 United States.. 12.1 France......... 7.0 Germany........ 5.9 Spain.......... 3.4 Sweden......... 3.2 South Korea.... 2.8 Italy.......... 2.6 Hong Kong...... 2.4 China.......... 2.2 Denmark........ 1.5 Switzerland.... 1.3 Ireland........ 1.1 Austria........ 0.9 Taiwan......... 0.9 Bermuda........ 0.8 Greece......... 0.6 Australia...... 0.5 Singapore...... 0.4 Indonesia...... 0.4 Malaysia....... 0.3 Netherlands.... 0.3 ---- 99.6% ====
- -------- *Calculated as a percentage of net assets 60 SunAmerica International Small-Cap Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited)
Market Value Security Description Shares (Note 3)(1) ------------------------------------------------------------------- COMMON STOCK -- 84.9% Australia -- 0.5% Domino's Pizza Enterprises, Ltd.............. 13,332 $ 27,827 Felix Resources, Ltd......................... 11,316 69,049 Nufarm, Ltd.................................. 9,017 71,400 Reject Shop, Ltd............................. 4,224 30,839 Tassal Group, Ltd............................ 36,863 45,794 ---------- 244,909 ---------- Austria -- 0.9% Oesterreichische Post AG..................... 15,219 452,150 ---------- Bermuda -- 0.8% Lancashire Holdings, Ltd..................... 53,958 371,540 ---------- China -- 2.2% AAC Acoustic Technologies Holdings, Inc.+.... 126,000 59,326 AsiaInfo Holdings, Inc.+..................... 19,900 335,315 Beijing Jingkelong Supermarket Chain Group Co., Ltd.................................... 295,000 106,088 China National Materials Co., Ltd., Class H+. 294,000 154,033 China Yurun Food Group, Ltd.................. 117,000 149,159 Epure International, Ltd..................... 423,000 82,149 Li Ning Co., Ltd............................. 79,000 130,503 Weichai Power Co., Ltd....................... 46,000 99,853 ---------- 1,116,426 ---------- Denmark -- 1.5% East Asiatic Co., Ltd. A/S................... 8,178 231,870 Genmab A/S+.................................. 2,934 111,281 NeuroSearch A/S+............................. 4,409 54,692 SimCorp A/S.................................. 3,364 360,716 ---------- 758,559 ---------- France -- 4.9% Faiveley SA.................................. 4,985 364,414 Guerbet SA................................... 1,611 235,566 Meetic+...................................... 16,030 327,357 Orpea+....................................... 4,893 193,066 Rubis SA..................................... 7,773 450,981 Sechilienne SA............................... 14,841 470,633 Virbac SA.................................... 5,656 400,121 ---------- 2,442,138 ---------- Germany -- 5.9% CTS Eventim AG............................... 13,340 388,635 Fielmann AG.................................. 12,534 772,582 Freenet AG+.................................. 45,600 283,938 Rational AG.................................. 1,511 120,509 Rhoen-Klinikum AG............................ 12,206 227,064 Software AG.................................. 6,740 481,179 Vossloh AG................................... 6,364 676,320 ---------- 2,950,227 ---------- Greece -- 0.6% Sarantis SA.................................. 77,735 271,462 ---------- Hong Kong -- 2.4% Agile Property Holdings, Ltd................. 222,000 126,161 China Everbright International, Ltd.......... 926,000 184,819 China Mengniu Dairy Co., Ltd................. 81,000 114,053
Market Value Security Description Shares (Note 3)(1) ---------------------------------------------------------------- Hong Kong (continued) China State Construction International Hldgs, Ltd............................. 164,000 $ 28,319 Dah Sing Banking Group, Ltd............. 118,400 65,241 Denway Motors, Ltd...................... 468,000 181,201 FU JI Food & Catering Services.......... 162,000 71,500 Huabao International Holdings, Ltd...... 145,000 119,940 Hysan Development Co., Ltd.............. 30,000 51,104 Pacific Basin Shipping, Ltd............. 139,000 63,982 Peace Mark Holdings, Ltd.(2)(3)......... 8,000 0 Techtronic Industries Co., Ltd.......... 185,500 85,959 Xinyi Glass Holding Co., Ltd............ 232,000 102,703 ---------- 1,194,982 ---------- Indonesia -- 0.4% PT Indofood Sukses Makmur Tbk........... 1,202,500 97,908 PT United Tractors Tbk.................. 144,666 84,631 ---------- 182,539 ---------- Ireland -- 0.6% Origin Enterprises PLC+................. 132,647 290,787 ---------- Italy -- 2.6% Ansaldo STS SpA......................... 46,914 745,628 DiaSorin SpA............................ 24,007 536,171 ---------- 1,281,799 ---------- Japan -- 30.0% Acrodea, Inc.+.......................... 58 47,349 Ain Pharmaciez, Inc..................... 22,000 364,108 Alpha Systems, Inc...................... 13,600 234,057 Axell Corp.............................. 226 760,342 Benefit One Inc......................... 265 164,522 Chugoku Marine Paints, Ltd.............. 64,000 385,059 CMIC Co., Ltd........................... 360 87,892 Credit Saison Co., Ltd.................. 34,100 336,021 Dai-ichi Seiko Co., Ltd................. 18,900 286,409 Daihatsu Diesel Manufacturing Co., Ltd.. 13,000 75,786 Daiseki Co., Ltd........................ 13,900 236,491 Dena Co., Ltd........................... 119 388,043 Disco Corp.............................. 11,400 282,351 Don Quijote Co., Ltd.................... 8,800 113,359 en-japan, Inc........................... 291 204,286 EPS Co., Ltd............................ 112 426,048 Foster Electric Co., Ltd................ 26,700 152,748 FP Corp................................. 18,800 736,040 Funai Electric Co., Ltd................. 15,800 466,415 Hisamitsu Pharmaceutical Co., Inc....... 4,600 142,079 Intage, Inc............................. 20,100 251,070 Iriso Electronics Co., Ltd.............. 8,300 40,571 Kakaku.com, Inc......................... 102 309,066 Koito Manufacturing Co., Ltd............ 59,000 427,041 Kokusai Co., Ltd........................ 17,000 52,012 MACROMILL, Inc.......................... 208 191,961 Mani, Inc............................... 8,400 402,300 Mars Engineering Corp................... 18,200 521,582 Moshi Moshi Hotline, Inc................ 26,000 461,021 Nichi-iko Pharmaceutical Co., Ltd....... 15,700 440,348 Nichii Gakkan Co........................ 9,600 77,028
61 SunAmerica International Small-Cap Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Market Value Security Description Shares (Note 3)(1) ---------------------------------------------------------- COMMON STOCK (continued) Japan (continued) Nishimatsuya Chain Co., Ltd......... 87,800 $ 622,159 Nomura Real Estate Holdings, Inc.... 16,900 258,333 Oenon Holdings, Inc................. 160,000 289,264 OPTEX Co., Ltd...................... 21,300 179,197 Osaka Securities Exchange Co., Ltd.. 93 298,063 Otsuka Corp......................... 13,100 486,177 OUTSOURCING, Inc.................... 435 62,689 Proto Corp.+........................ 9,500 192,159 Roland DG Corp...................... 28,600 347,122 Shima Seiki Manufacturing, Ltd...... 2,400 47,721 Shimano, Inc........................ 2,200 67,013 Sintokogio, Ltd..................... 46,900 283,089 Software Service, Inc............... 16,500 121,296 Sysmex Corp......................... 7,900 251,850 Taiko Pharmaceutical Co., Ltd....... 3,800 98,469 The Hiroshima Bank, Ltd............. 38,000 144,685 Toho Pharmaceutical Co., Ltd........ 32,900 316,046 Token Corp.......................... 15,300 368,608 Toridoll.corp....................... 47 201,271 Union Tool Co....................... 8,600 182,073 Village Vanguard Co., Ltd........... 146 379,138 VSN, Inc............................ 18,200 128,306 Works Applications Co., Ltd......... 534 260,230 Yamaguchi Financial Group, Inc...... 22,000 207,108 Zappallas, Inc...................... 30 70,659 ----------- 14,926,130 ----------- Malaysia -- 0.3% Berjaya Sports Toto Bhd............. 49,600 62,520 IJM Corp. Bhd....................... 57,400 65,855 Sarawak Energy Bhd.................. 72,400 33,959 ----------- 162,334 ----------- Netherlands -- 0.3% Smit Internationale NV.............. 2,653 151,418 ----------- Singapore -- 0.4% Golden Agri-Resources, Ltd.......... 292,240 53,471 Hyflux, Ltd......................... 30,000 32,586 Yanlord Land Group.................. 135,000 99,537 ----------- 185,594 ----------- South Korea -- 2.8% Bukwang Pharmaceutical Co., Ltd..... 9,190 139,878 Cheil Industries, Inc............... 3,590 98,390 CJ Internet Corp.................... 5,940 69,971 Digitech Systems Co., Ltd.+......... 3,317 58,212 Hansol Paper Co., Ltd.+............. 20,770 140,608 Hyundai DSF Co., Ltd................ 5,560 27,364 Korean Reinsurance Co............... 23,580 181,298 LG Dacom Corp....................... 5,380 68,145 LG Household & Health Care, Ltd..... 909 99,669 SODIFF Advanced Materials Co., Ltd.. 4,201 206,390 Taewoong Co., Ltd................... 4,115 253,209 Taeyoung Engineering & Construction. 13,800 46,740 ----------- 1,389,874 -----------
Market Value Security Description Shares (Note 3)(1) --------------------------------------------------------------- Spain -- 3.4% Ebro Puleva SA........................... 39,569 $ 465,349 Prosegur Cia de Seguridad SA............. 20,835 561,761 Viscofan SA.............................. 34,866 677,165 ----------- 1,704,275 ----------- Sweden -- 3.2% Betsson AB............................... 30,759 341,981 Elekta AB, Series B...................... 53,150 534,299 Intrum Justitia AB....................... 48,335 316,923 Loomis AB, Series B+..................... 51,223 395,005 ----------- 1,588,208 ----------- Switzerland -- 1.3% Acino Holding AG......................... 2,241 301,275 Banque Cantonale Vaudoise................ 1,052 349,713 ----------- 650,988 ----------- Taiwan -- 0.9% Far EasTone Telecommunications Co., Ltd.. 70,000 71,988 InnoLux Display Corp..................... 58,000 56,902 L&K Engineering Co., Ltd................. 58,000 40,631 Shin Zu Shing Co., Ltd................... 20,000 69,845 Simplo Technology Co., Ltd............... 31,000 85,476 Wistron Corp............................. 107,000 115,907 ----------- 440,749 ----------- Thailand -- 0.0% Tata Steel Thailand PCL (2).............. 140,300 3,284 ----------- United Kingdom -- 19.0% Amlin PLC................................ 90,510 445,714 Catlin Group, Ltd........................ 60,294 269,986 Chemring Group PLC....................... 18,389 498,787 Chloride Group PLC....................... 204,806 364,135 Connaught PLC............................ 65,521 284,543 Croda International PLC.................. 68,352 517,039 De La Rue PLC............................ 53,463 744,604 eaga PLC................................. 276,421 578,831 Halma PLC................................ 156,132 369,784 HMV Group PLC............................ 132,026 245,099 IG Group Holdings PLC.................... 190,177 478,345 McBride PLC.............................. 160,730 265,083 Mears Group PLC.......................... 69,249 216,229 Micro Focus International PLC............ 112,675 487,704 Northumbrian Water Group PLC............. 194,426 608,062 PayPoint PLC............................. 62,006 323,818 PV Crystalox Solar PLC................... 206,943 251,711 PZ Cussons PLC........................... 201,726 451,720 QinetiQ PLC.............................. 250,336 474,295 RM PLC................................... 52,469 116,314 Ultra Electronics Holdings PLC........... 29,118 455,320 VT Group PLC............................. 101,399 687,188 WH Smith PLC............................. 66,353 337,215 ----------- 9,471,526 ----------- Total Common Stock (cost $47,155,781)...................... 42,231,898 -----------
62 SunAmerica International Small-Cap Fund PORTFOLIO OF INVESTMENTS -- March 31, 2009 -- (unaudited) (continued)
Shares/ Market Principal Value Security Description Amount (Note 3)(1) --------------------------------------------------------------------- EXCHANGE-TRADED FUNDS -- 8.8% France -- 2.1% Lyxor ETF MSCI EMU Small Cap................ 8,865 $ 1,060,966 ----------- Ireland -- 0.5% iShares MSCI AC Far East ex-Japan SmallCap.. 20,482 264,627 ----------- United States -- 6.2% iShares MSCI Japan Small Cap Index Fund..... 23,800 769,930 SPDR S&P International Small-Cap ETF........ 141,530 2,274,387 ----------- 3,044,317 ----------- Total Exchange-Traded Funds (cost $4,875,490).......................... 4,369,910 ----------- WARRANTS -- 0.0% Malaysia -- 0.0% IJM Land Bhd Expires 09/13/2011 (strike price $1.35)+ (cost $0).................................. 5,740 299 ----------- Total Long-Term Investment Securities (cost $52,031,271)......................... 46,602,107 ----------- SHORT-TERM INVESTMENT SECURITIES -- 5.9% Time Deposit -- 5.9% Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 04/01/09 (cost $2,934,000).......................... $2,934,000 2,934,000 ----------- TOTAL INVESTMENTS -- (cost $54,965,271)(4)...................... 99.6% 49,536,107 Other assets less liabilities................. 0.4 208,485 ---------- ----------- NET ASSETS -- 100.0% $49,744,592 ========== ===========
- -------- + Non-income producing security (1) A substantial number of the Fund's holdings were valued using the fair value procedures at March 31, 2009. At March 31, 2009, the aggregate value of these securities was $41,504,043 representing 83.4% of net assets. See Note 3 regarding fair value pricing procedures for foreign equity securities. (2) Fair valued security. See Note 3 (3) Illiquid security. At March 31, 2009, the aggregate value of these securities was $0 representing 0.0% of net assets. (4) See Note 7 for cost of investment on a tax basis. ETF --Exchange-Traded Fund. See Notes to Financial Statements 63 SunAmerica Equity Funds NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited) Note 1. Organization SunAmerica Equity Funds is registered under the Investment Company Act of 1940, as amended, (the "1940 Act") as an open-end management investment company and was organized as a Massachusetts business trust (the "Trust" or "Equity Funds") on June 16, 1986. It currently consists of nine different funds (each, a "Fund" and collectively, the "Funds"). Each Fund is a separate series of the Trust with a distinct objective and/or strategy. Each Fund is advised and/or managed by SunAmerica Asset Management Corp. (the "Adviser" or "SunAmerica")*, an indirect wholly-owned subsidiary of American International Group, Inc. ("AIG"). An investor may invest in one or more of the following Funds: SunAmerica Blue Chip Growth Fund ("Blue Chip Growth Fund"), SunAmerica Growth Opportunities Fund ("Growth Opportunities Fund"), SunAmerica New Century Fund ("New Century Fund"), SunAmerica Growth and Income Fund ("Growth and Income Fund"), SunAmerica Balanced Assets Fund ("Balanced Assets Fund"), SunAmerica International Equity Fund ("International Equity Fund"), SunAmerica Value Fund ("Value Fund"), SunAmerica Disciplined Growth Fund ("Disciplined Growth Fund") and SunAmerica International Small-Cap Fund ("International Small-Cap Fund"). The Funds are considered to be separate entities for financial and tax reporting purposes. The investment objective and principal investment techniques for each of the Funds are as follows: Blue Chip Growth Fund seeks capital appreciation by active trading of equity securities of Blue Chip companies that demonstrate the potential for capital appreciation. At least 80% of the Fund's net assets plus any borrowing for investment purposes will be invested in Blue Chip companies. Growth Opportunities Fund seeks capital appreciation by active trading of equity securities that demonstrate the potential for capital appreciation, issued generally by small-cap companies. New Century Fund seeks capital appreciation by active trading of equity securities that demonstrate the potential for capital appreciation, without regard to market capitalization. Growth and Income Fund seeks capital appreciation and current income by active trading of equity securities issued by companies of any size, that pay dividends, demonstrate the potential for capital appreciation and/or are believed to be undervalued in the market. Balanced Assets Fund seeks capital appreciation and conservation of principal by active trading partly in equity securities that demonstrate the potential for capital appreciation issued by companies with market capitalization of over $1.5 billion and partly in investment-grade fixed income securities. International Equity Fund seeks capital appreciation by active trading of equity securities and other securities with equity characteristics of non-U.S. issuers located in a number of different countries other than the U.S. and selected without regard to market capitalization. At least 80% of the Fund's net assets plus, any borrowing for investment purposes, will be invested in equity securities. Value Fund seeks long-term growth of capital by active trading of equity securities selected on the basis of value criteria, issued by companies of any market capitalization, that offer the potential for long-term growth of capital. Disciplined Growth Fund seeks capital appreciation by active trading of equity securities that demonstrate the potential for capital appreciation, without regard to market capitalization. International Small-Cap Fund seeks long-term capital appreciation by active trading of equity and equity-related securities of non-U.S. small-cap companies throughout the world, including emerging market countries. Under normal circumstances, at least 80% of the Fund's net assets, plus any borrowings for investment purposes, will be invested in such securities. The Blue Chip Growth Fund, Growth Opportunities Fund, New Century Fund, Growth and Income Fund, Balanced Assets Fund, Disciplined Growth Fund and International Small-Cap Fund are organized as "diversified" funds within the meaning of the 1940 Act. The International Equity Fund and Value Fund are organized as "non-diversified" funds. - -------- * Effective April 1, 2009, AIG SunAmerica Asset Management Corp. changed its name to SunAmerica Asset Management Corp. 64 SunAmerica Equity Funds NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited) (continued) Each Fund offers multiple classes of shares. The classes within each Fund are presented in the Statement of Assets and Liabilities. The cost structure for each class is as follows: Class A shares are offered at net asset value per share plus an initial sales charge. Additionally, purchases of Class A shares in amounts $1,000,000 or more will be purchased at net asset value but will be subject to a contingent deferred sales charge on redemptions made within two years of purchase. With respect to Class A shares of the International Equity Fund and International Small-Cap Fund, a redemption fee of 2% will be assessed on the proceeds of any redemption of shares that were purchased within ninety (90) calendar days prior to the date of such redemption. An exchange fee of 2% will be assessed on the amount of any exchange of Class A shares of the International Equity Fund and International Small-Cap Fund that were purchased within ninety (90) calendar days prior to the date of such exchange. Class B shares are offered without an initial sales charge, although a declining contingent sales charge may be imposed on redemptions made within six years of purchase. Class B shares of each Fund convert automatically to Class A shares approximately eight years after purchase of such Class B shares and at such time will be subject to the lower distribution fee applicable to Class A shares. Class C shares are offered at net asset value per share without an initial sales charge, although may be subject to a contingent deferred sales charge on redemptions made within 12 months of purchase. Certain Class C shares of particular Funds issued in connection with particular reorganizations or mergers will convert automatically to Class A shares approximately ten years after purchase and at such time will be subject to the lower distribution fee applicable to Class A shares. Class I and Class Z shares are offered at net asset value per share. These classes are offered exclusively to certain institutions and to participants in certain employee benefit plans and other programs. Each class of shares bears the same voting, dividend, liquidation and other rights and conditions, except as may otherwise be provided in the Trust's registration statement. Class A, Class B and Class C shares each make distribution and account maintenance fee payments under the distribution plans pursuant to Rule 12b-1 under the 1940 Act, except that Class B and Class C shares are subject to higher distribution fee rates. Class I shares and Class Z shares have not adopted 12b-1 plans and make no payments thereunder, however, Class I shares pay a service fee to the Funds' distributor for providing administrative and shareholder services. Indemnifications: Under the Trust's organizational documents, its officers and trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. In addition, in the normal course of business the Trust enters into contracts that contain the obligation to indemnify others. The Trust's maximum exposure under these arrangements is unknown. Currently, however, the Trust expects the risk of loss to be remote. Note 2. Fund Merger Pursuant to a plan of reorganization, all the assets and liabilities of Focused International Equity Portfolio were transferred in a tax-free exchange to the International Equity Fund, in exchange for shares of International Equity Fund. The details of the reorganization, which was consummated on January 12, 2009, are set forth below. Class A, Class B, and Class C shares of Focused International Equity Portfolio were exchanged tax-free for Class A, Class B, and Class C shares of International Equity Fund at an exchange ratio of 1.10 to 1, 1.14 to 1 and 1.13 to 1, respectively. Net assets and unrealized appreciation (depreciation) as of the merger date were as follows: Net assets of the Focused International Equity Portfolio prior to merger....................................... $107,741,476 Net assets of the International Equity Fund prior to merger.................................................... $ 47,409,480 ------------ Aggregate net assets of the International Equity Fund following acquisition.................................... $155,150,957 ------------ Shares of the International Equity Fund issued in connection with the acquisition of the Focused International Equity Portfolio.............................................................................................. 12,477,732 Unrealized appreciation (depreciation) in the Focused International Equity Portfolio........................... $(28,289,972)
65 SunAmerica Equity Funds NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited) (continued) Note 3. Significant Accounting Policies The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates. The following is a summary of the significant accounting policies followed by the Trust in the preparation of their financial statements: Security Valuations: Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price ("NOCP"). Generally, the NOCP will be the last sale price unless the reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price. As of the close of regular trading on the New York Stock Exchange ("NYSE"), securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security's price is available from more than one exchange, a portfolio uses the exchange that is the primary market for the security. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price a Fund's shares, and the Fund may determine that certain closing prices are unreliable. This determination will be based on review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If a Fund determines that closing prices do not reflect the fair value of the securities, the Fund will adjust the previous closing prices in accordance with pricing procedures approved by the Board of Trustees (the "Board") to reflect what it believes to be the fair value of the securities as of the close of regular trading on the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but a Fund is open. For foreign equity securities, the Funds use an outside pricing service to provide it with closing market prices and information used for adjusting those prices. Non-convertible bonds and debentures, other long-term debt securities, and short term debt securities with maturities in excess of 60 days, are valued at bid prices obtained for the day of valuation from a bond pricing service, when such prices are available. If a vendor quote is unavailable the securities may be priced at the mean of two independent quotes obtained from brokers. Short-term securities with 60 days or less to maturity are amortized to maturity based on their cost to the Fund if acquired within 60 days of maturity or, if already held by the Fund on the 60th day, are amortized to maturity based on the value determined on the 61st day. Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Securities for which market quotations are not readily available or if a development/significant event occurs that may significantly impact the value of the security, then these securities are valued, as determined pursuant to procedures adopted in good faith by the Board. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds. In September 2006, the Financial Accounting Standards Board ("FASB") issued Statement on Financial Accounting Standards No. 157, " Fair Value Measurements " ("FAS 157"). This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in the three broad levels listed below: Level 1 -- Unadjusted quoted prices in active markets for identical securities Level 2 -- Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, quoted prices in inactive markets, etc.) Level 3 -- Significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments) 66 SunAmerica Equity Funds NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited) (continued) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds' net assets as of March 31, 2009:
Blue Chip Growth Fund Growth Opportunities Fund ------------------------------ ------------------------------ Investments in Other Financial Investments in Other Financial Valuation Inputs Securities Instruments* Securities Instruments* - ---------------- -------------- --------------- -------------- --------------- Level 1 -- Unadjusted Quoted Prices............ $32,006,198 $-- $16,345,125 $-- Level 2 -- Other Significant Observable Inputs. 1,600,000 -- 6,023,000 -- Level 3 -- Significant Unobservable Inputs..... -- -- -- -- ----------- --- ----------- --- Total.......................................... $33,606,198 $-- $22,368,125 $-- =========== === =========== === Growth and Income Fund Balanced Assets Fund ------------------------------ ------------------------------ Investments in Other Financial Investments in Other Financial Valuation Inputs Securities Instruments* Securities Instruments* - ---------------- -------------- --------------- -------------- --------------- Level 1 -- Unadjusted Quoted Prices............ $41,418,070 $-- $45,300,333 $-- Level 2 -- Other Significant Observable Inputs. 707,000 -- 29,720,002 -- Level 3 -- Significant Unobservable Inputs..... -- -- 464,481 -- ----------- --- ----------- --- Total.......................................... $42,125,070 $-- $75,484,816 $-- =========== === =========== === Value Fund Disciplined Growth Fund ------------------------------ ------------------------------ Investments in Other Financial Investments in Other Financial Valuation Inputs Securities Instruments* Securities Instruments* - ---------------- -------------- --------------- -------------- --------------- Level 1 -- Unadjusted Quoted Prices............ $73,934,153 $-- $22,094,937 $-- Level 2 -- Other Significant Observable Inputs. 2,362,000 -- 248,000 -- Level 3 -- Significant Unobservable Inputs..... -- -- -- -- ----------- --- ----------- --- Total.......................................... $76,296,153 $-- $22,342,937 $-- =========== === =========== ===
New Century Fund ------------------------------ Investments in Other Financial Valuation Inputs Securities Instruments* - ---------------- -------------- --------------- Level 1 -- Unadjusted Quoted Prices............ $ 27,661,037 $-- Level 2 -- Other Significant Observable Inputs. 600,000 -- Level 3 -- Significant Unobservable Inputs..... -- -- ------------ --- Total.......................................... $ 28,261,037 $-- ============ === International Equity Fund ------------------------------ Investments in Other Financial Valuation Inputs Securities Instruments* - ---------------- -------------- --------------- Level 1 -- Unadjusted Quoted Prices............ $ 20,722,800 $-- Level 2 -- Other Significant Observable Inputs. 100,917,798 -- Level 3 -- Significant Unobservable Inputs..... 0 -- ------------ --- Total.......................................... $121,635,598 $-- ============ === International Small-Cap Fund ------------------------------ Investments in Other Financial Valuation Inputs Securities Instruments* - ---------------- -------------- --------------- Level 1 -- Unadjusted Quoted Prices............ $ 5,094,781 $-- Level 2 -- Other Significant Observable Inputs. 44,441,326 -- Level 3 -- Significant Unobservable Inputs..... 0 -- ------------ --- Total.......................................... $ 49,536,107 $-- ============ ===
- -------- * Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future, forward, written option and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
Balanced Assets Fund International Equity Fund ------------------------------ ------------------------------ Investments in Other Financial Investments in Other Financial Securities Instruments* Securities Instruments* -------------- --------------- -------------- --------------- Balance as of 9/30/2008.......................... $ 0 $-- $ 154,511 $-- Accrued discounts/premiums....................... -- -- -- -- Realized gain (loss)............................. -- -- -- -- Change in unrealized appreciation (depreciation). (195,196) -- (154,511) -- Net purchases (sales)............................ 20,105 -- -- -- Transfers in and/or out of Level 3............... 639,572 -- -- -- --------- --- --------- --- Balance as of 03/31/2009......................... $ 464,481 $-- $ 0 $-- ========= === ========= ===
International Small-Cap Fund ------------------------------ Investments in Other Financial Securities Instruments* -------------- --------------- Balance as of 9/30/2008.......................... $ 11,586 $-- Accrued discounts/premiums....................... -- -- Realized gain (loss)............................. (40,140) -- Change in unrealized appreciation (depreciation). 28,699 -- Net purchases (sales)............................ (145) -- Transfers in and/or out of Level 3............... -- -- -------- --- Balance as of 03/31/2009......................... $ 0 $-- ======== ===
- -------- * Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future, forward, written option and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. Repurchase Agreements: The Funds, along with other affiliated registered investment companies, pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC"), may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. For repurchase agreements and joint repurchase agreements, the Funds' custodian takes possession of the collateral pledged for investments in repurchase agreements ("repo" or collectively "repos"). The underlying collateral is valued daily on a mark to market basis to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, a Fund has the right to 67 SunAmerica Equity Funds NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited) (continued) liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited. As of March 31, 2009, the following Funds held an undivided interest in a joint repurchase agreement with State Street Bank & Trust Co.:
Percentage Principal Fund Interest Amount - ---- ---------- ---------- Blue Chip Growth..... 0.75% $1,600,000 Growth Opportunities. 2.36 5,000,000 New Century.......... 0.28 600,000 Growth and Income.... 0.33 707,000 Balanced Assets...... 0.66 1,397,000 Value................ 1.11 2,362,000 Disciplined Growth... 0.12 248,000
As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows: State Street Bank & Trust Co., dated March 31, 2009, bearing interest at a rate of 0.01% per annum, with a principal amount of $212,131,000, a repurchase price of $212,131,059, and a maturity date of April 1, 2009. The repurchase agreement is collateralized by the following:
Maturity Principal Type of Collateral Interest Rate Date Amount Market Value - ------------------ ------------- -------- ------------ ------------ U.S. Treasury Bills. 0.17% 07/16/09 $170,267,765 $173,673,120 U.S. Treasury Bills. 0.27 08/13/09 41,863,235 42,702,255
As of March 31, 2009, the following Funds held an undivided interest in a joint repurchase agreement with UBS Securities, LLC.:
Percentage Principal Fund Interest Amount - ---- ---------- ---------- Growth Opportunities. 0.41% $1,023,000
As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows: UBS Securities, LLC, dated March 31, 2009, bearing interest at a rate of 0.10% per annum, with a principal amount of $250,000,000, a repurchase price of $250,000,694, and a maturity date of April 1, 2009. The repurchase agreement is collateralized by the following:
Maturity Principal Type of Collateral Interest Rate Date Amount Market Value - ------------------ ------------- -------- ------------ ------------ U.S. Treasury Inflation Index Notes. 3.00% 07/15/12 $250,000,000 $255,000,032
Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders: Security transactions are recorded on a trade date basis. Realized gains and losses on sales of investments are calculated on the identified cost basis. Interest income is accrued daily except when collection is not expected. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Funds which earn foreign income and capital gains may be subject to foreign withholding taxes and capital gains taxes at various rates. Under applicable foreign law, a withholding of tax may be imposed on interest, dividends, and capital gains at various rates. For financial statements purposes, the Funds amortize all premiums and accrete all discounts on fixed income securities. 68 SunAmerica Equity Funds NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited) (continued) Net investment income, other than class-specific expenses, and realized and unrealized gains and losses, are allocated daily to each class of shares based upon the relative net asset value of outstanding shares of each class of shares at the beginning of the day (after adjusting for the current capital shares activity of the respective class). Expenses common to all Funds, not directly related to individual Funds, are allocated among the Funds based upon their relative net asset value or other appropriate methods. In all other respects, expenses are charged to each Fund as incurred on a specific identification basis. Interest earned on cash balances held at the custodian are shown as custody credits on the Statement of Operations. Dividends from net investment income, if any, are paid annually, except for the Balanced Assets Fund and Growth and Income Fund, which pay quarterly. Capital gain distributions, if any, are paid at least annually. The Balanced Assets Fund and Growth and Income Fund reserve the right to declare and pay dividends less frequently than disclosed above, provided that net realized capital gains and net investment income, if any, are paid annually. The Funds record dividends and distributions to their shareholders on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined and presented in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts at fiscal year end based on their federal tax-basis treatment; temporary differences do not require reclassification. Net investment income (loss), net realized gain (loss) and net assets are not affected by these reclassifications. Each Fund intends to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of its taxable income, including any net realized gain on investments to its shareholders. Therefore, no federal tax provisions are required. Each Fund is considered a separate entity for tax purposes. The Funds file U.S. federal and certain state income tax returns. With few exceptions, the Funds are no longer subject to U.S. federal and state tax examination by tax authorities for tax years ending before 2004. Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at the end of the period. Similarly, the Funds do not isolate the effect of changes in foreign exchange rates from the changes in the market prices of portfolio securities sold during the period. Realized foreign exchange gains and losses on other assets and liabilities and change in unrealized foreign exchange gains and losses on other assets and liabilities include foreign exchange gains and losses from currency gains or losses between the trade and settlement dates of securities transactions, the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent amounts actually received or paid and changes in the unrealized foreign exchange gains and losses relating to other assets and liabilities arising as a result of changes in the exchange rate. Forward Foreign Currency Contracts: Certain funds may enter into forward foreign currency contracts ("forward contracts") to attempt to protect securities and related receivables and payables against changes in future foreign exchange rates or to enhance return. A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily using the forward rate and the change in market value is recorded by the Fund as unrealized gain or loss. On settlement date, the Fund records realized foreign exchange gains or losses when the contract is closed equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward contracts involve elements of risk in excess of the amounts reflected in the Statement of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward contract. Futures Contracts: A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Fund will be required to segregate an initial margin payment of cash 69 SunAmerica Equity Funds NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited) (continued) or other liquid securities with the Futures Commission Merchant ("the broker"). The Funds' activities in futures contracts are used primarily for hedging purposes and from time to time for income enhancement. Futures contracts are conducted through regulated exchanges that minimize counter-party credit risks. A Funds' participation in the futures markets involves certain risks, including imperfect correlation between movements in the price of futures contracts and movements in the price of the securities hedged or used for cover. Pursuant to a contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as "variation margin" and are recorded by the Funds as unrealized appreciation or depreciation. Futures contracts involve elements of risk in excess of the amount reflected in the Statement of Assets and Liabilities. When a contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Options Contracts: An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. The premium paid by a Fund for the purchase of a call or a put option is included in the Fund's Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current market value of the option. When a Fund writes a call or a put option, an amount equal to the premium received by the Fund is included in the Fund's Statement of Assets and Liabilities as a liability and is subsequently marked to market to reflect the current market value of the option written. If an option which the Fund has written either expires on its stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such options is extinguished. If a call option which the Fund has written is exercised, the Fund realizes a capital gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the premium originally received. If a put option which the Fund has written is exercised, the amount of the premium originally received reduces the cost of the security which the Fund purchased upon exercise of the option. There were no transactions in call and put options written during the six months ended March 31, 2009. Mortgage-Backed Dollar Rolls: The Balanced Assets Fund may enter into dollar rolls using "to be announced" ("TBA") mortgage-backed securities ("TBA Rolls"). The Fund's policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. Dollar roll transactions involve the risk that the market value of the securities held by the Fund may decline below the price of the securities that the Fund has sold but is obligated to repurchase under the agreement. In the event that the buyer of securities in a dollar roll transaction files bankruptcy or becomes insolvent, the Fund's use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund's obligation to repurchase the securities. The return earned by the Fund with the proceeds of the dollar roll transaction may not exceed transaction costs. Short Sales: All funds may engage in "short sales against the box". A short sale is against the box to the extent that the Fund contemporaneously owns, or has the right to obtain without payment, securities identical to those sold short. In addition, the Disciplined Growth Fund, Value Fund, International Equity Fund and International Small-Cap Fund may sell a security it does not own in anticipation of a decline in the market value of that security ("short sales"). To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund then is obligated to replace the security borrowed by purchasing it at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to pay to the lender any dividends or interest that accrues during the period of the loan. To borrow the security, the Fund may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. Until the Fund replaces a borrowed security, the Fund will maintain daily a segregated account, containing cash or liquid securities, at such a level that (i) the amount deposited in the account plus the amount deposited with the broker as collateral will equal the current value of the security sold short and (ii) the amount deposited in the segregated account plus the amount deposited with the broker as collateral will not be less than the market value of the security at the time it was sold short. Liabilities for securities sold short are reported at market value in the financial statements. Such liabilities are subject to off balance sheet risk to the extent of any future increases in market value of the securities sold short. The ultimate liability for securities sold short could exceed the liabilities recorded in the Statement of Assets and Liabilities. The Fund bears the risk of potential inability of the broker to meet their obligation to perform. 70 SunAmerica Equity Funds NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited) (continued) New Accounting Pronouncements: In March 2008, FASB issued FASB Statement No. 161, "Disclosures about Derivative Instruments and Hedging Activities". The standard is intended to improve financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to enable investors to better understand their effects on an entity's financial position and financial performance. It is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. Management is currently in the process of determining the impact of the standard on the Trust's disclosures in the financial statements. Note 4. Investment Advisory and Management Agreement, Distribution Agreement and Service Agreement The Trust, on behalf of each Fund, has an Investment Advisory and Management Agreement (the "Agreement") with SunAmerica. Under the Agreement, SunAmerica provides continuous supervision of a Fund's portfolio and administers its corporate affairs, subject to general review by the Trustees. In connection therewith, SunAmerica furnishes the Funds with office facilities, maintains certain of the Funds' books and records, and pays the salaries and expenses of all personnel, including officers of the Funds who are employees of SunAmerica and its affiliates. The Funds pay SunAmerica a monthly investment advisory and management fee calculated daily at the following annual percentages of each Fund's average daily net assets:
Management Assets Fees ---------------------------- ---------- Blue Chip Growth Fund........ $0 - $350 million 0.75% (greater than) $350 million 0.70 (greater than) $700 million 0.65 Growth Opportunities Fund+... $0 - $350 million 0.75 (greater than) $350 million 0.70 (greater than) $700 million 0.65 New Century Fund+............ $0 - $350 million 0.75 (greater than) $350 million 0.70 (greater than) $700 million 0.65 Growth and Income Fund....... $0 - $350 million 0.75 (greater than) $350 million 0.70 (greater than) $700 million 0.65 Balanced Assets Fund......... $0 - $350 million 0.75 (greater than) $350 million 0.70 (greater than) $700 million 0.65 International Equity Fund.... (greater than) $0 1.00 Value Fund................... $0 - $750 million 1.00 (greater than) $750 million 0.95 (greater than) $1.5 billion 0.90 Disciplined Growth Fund...... (greater than) $0 0.85 International Small-Cap Fund. (greater than) $0 1.15
- -------- + Effective September 1, 2008, SunAmerica agreed to a voluntary waiver of 0.02% of the investment advisory fees for the Growth Opportunities Fund and the New Century Fund. The voluntary waiver may be terminated at any time at the option of SunAmerica. For the six months ended March 31, 2009, the amount of investment advisory fees waived were $2,372 and $3,385 respectively. These amounts are reflected in the Statement of Operations. 71 SunAmerica Equity Funds NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited) (continued) For the six months ended March 31, 2009, SunAmerica earned fees in the amounts stated in the Statement of Operations. The International Equity Fund and International Small-Cap Fund are subadvised by AIG Global Investment Corp. ("AIGGIC") pursuant to a subadvisory agreement with SunAmerica. AIGGIC is an indirect wholly-owned subsidiary of AIG and an affiliate of SunAmerica. AIGGIC receives an annual fee of 0.47% of average daily net assets for the International Equity Fund and 0.60% of average daily net assets for the International Small-Cap Fund, which is paid by SunAmerica. For the six months ended March 31, 2009, AIGGIC waived 0.05% of the fee paid by SunAmerica for the International Small-Cap Fund. SunAmerica has contractually agreed to waive fees or reimburse expenses to the extent necessary to cap the Funds' annual fund operating expenses at the following percentages of each Fund's average net assets. Annual Fund operating expenses shall not include extraordinary expenses, as determined under generally accepted accounting principals, or acquired fund fees and expenses. The contractual expense waivers and fee reimbursements will continue indefinitely subject to termination by the Trustees, including a majority of the trustees who are not deemed to be "interested persons" of the Trust, as defined by Section 2(a)(19) of the 1940 Act ("Disinterested Trustees").
Fund Percentage - ---- ---------- Blue Chip Growth Class I........ 1.33% Growth Opportunities Class I.... 1.33 Growth and Income Class I....... 1.32 Balanced Assets Class I......... 1.33 International Equity Class A.... 1.90 International Equity Class B.... 2.55 International Equity Class C.... 2.55 International Equity Class I.... 1.80 Value Class A................... 1.63 Value Class B................... 2.28 Value Class C................... 2.28 Value Class I................... 1.53 Value Class Z................... 1.06 Disciplined Growth Class A...... 1.45 Disciplined Growth Class B...... 2.10 Disciplined Growth Class C...... 2.10 International Small-Cap Class A. 1.90 International Small-Cap Class B. 2.55 International Small-Cap Class C. 2.55
Further, SunAmerica is voluntarily waiving fees and/or reimbursing expenses, if necessary, so that the total net expense ratio for the following classes do not exceed the amounts set forth below. The voluntary fee waivers and/or expense reimbursements may be terminated at any time at the option of SunAmerica.
Fund Percentage - ---- ---------- Blue Chip Growth Class A*....... 1.80% Blue Chip Growth Class B*....... 2.45 Blue Chip Growth Class C*....... 2.45 Growth Opportunities Class A*... 1.80 Growth Opportunities Class B*... 2.45 Growth Opportunities Class C*... 2.45 New Century Class A*............ 1.80 New Century Class B*............ 2.45 New Century Class C............. 2.14 Growth and Income Fund Class A*. 1.80 Growth and Income Fund Class B*. 2.45 Growth and Income Fund Class C*. 2.45 Balanced Assets Fund Class A*... 1.80 Balanced Assets Fund Class B*... 2.45 Balanced Assets Fund Class C*... 2.45
- -------- * Effective February 18, 2009. 72 SunAmerica Equity Funds NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited) (continued) For the International Equity Fund, Value Fund, Disciplined Growth Fund, and International Small-Cap Fund, any voluntary or contractual waivers and/or reimbursements made by SunAmerica are subject to recoupment from the Funds within the following two years of making such waivers or reimbursements, provided that the Funds are able to effect such payment to SunAmerica and remain in compliance with the foregoing expense limitations. For the six months ending March 31, 2009, pursuant to the contractual and voluntary expense limitations in the above tables SunAmerica has waived or reimbursed expenses as follows: Blue Chip Growth Class A........ $ 5,130 Blue Chip Growth Class B........ 867 Blue Chip Growth Class C........ 1,397 Blue Chip Growth Class I........ 6,672 Growth Opportunities Class A.... 7,674 Growth Opportunities Class B.... 3,136 Growth Opportunities Class C.... 2,109 Growth Opportunities Class I.... 4,938 New Century Fund Class A........ 17,126 New Century Fund Class B........ 1,973 New Century Fund Class C........ 9,484 Growth and Income Class A....... 2,765 Growth and Income Class B....... 1,902 Growth and Income Class C....... 1,409 Growth and Income Class I....... 4,709 Balanced Assets Class A......... 4,003 Balanced Assets Class B......... 1,665 Balanced Assets Class C......... 1,045 Balanced Assets Class I......... 5,125 International Equity Class A.... 28,087 International Equity Class B.... 13,637 International Equity Class C.... 13,322 International Equity Class I.... 7,082 Value Fund Class A.............. 60,186 Value Fund Class B.............. 22,090 Value Fund Class C.............. 15,053 Value Fund Class I.............. 7,242 Value Fund Class Z.............. 15,820 Disciplined Growth Class A...... 40,983 Disciplined Growth Class B...... 11,582 Disciplined Growth Class C...... 31,675 International Small-Cap Class A. 81,314 International Small-Cap Class B. 7,596 International Small-Cap Class C. 10,325
For the six months ended March 31, 2009, the amounts recouped by the Adviser are as follows: International Equity Class A. $15,553 International Equity Class B. -- International Equity Class C. 705 International Equity Class I. --
73 SunAmerica Equity Funds NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited) (continued) At March 31, 2009, expenses previously waived and/or reimbursed by SunAmerica during the prior two years that remain subject to recoupment are as follows:
Class Other Specific Expenses Expenses Reimbursed Reimbursed ---------- ---------- International Equity Class A......... $ -- $ 12,534 International Equity Class B......... -- 30,337 International Equity Class C......... -- 18,829 International Equity Class I......... -- 17,484 Value Fund Class A................... 124,188 112,367 Value Fund Class B................... 37,588 53,061 Value Fund Class C................... 25,431 34,489 Value Fund Class I................... 1,020 18,574 Value Fund Class Z................... 36,728 21,973 Disciplined Growth Class A........... 21,976 140,679 Disciplined Growth Class B........... 5,026 46,814 Disciplined Growth Class C........... 20,451 129,250 International Small-Cap Fund Class A. 127,166 151,550 International Small-Cap Fund Class B. 3,895 27,796 International Small-Cap Fund Class C. 15,950 39,070
The Trust, on behalf of each Fund, has entered into a Distribution Agreement with SunAmerica Capital Services, Inc. ("SACS" or the "Distributor")+, an affiliate of the Adviser. Each Fund has adopted a Distribution Plan on behalf of each class of shares (other than Class I and Class Z shares) (each a "Plan" and collectively, the "Plans") in accordance with the provisions of Rule 12b-1 under the 1940 Act, hereinafter referred to as the "Class A Plan," "Class B Plan" and "Class C Plan." In adopting the Plans, the Trustees determined that there was a reasonable likelihood that each such Plan would benefit the Fund and the shareholders of the respective class. The sales charge and distribution fees of a particular class will not be used to subsidize the sale of shares of any other class. Under the Class A Plan, Class B Plan and Class C Plan, the Distributor receives a distribution fee from a Fund at an annual rate of 0.10%, 0.75% and 0.75%, respectively, of the average daily net assets of the Fund's Class A, Class B and Class C shares to compensate the Distributor and certain securities firms for providing sales and promotional activities for distributing that class of shares. The distribution costs for which the Distributor may be compensated include fees paid to broker-dealers that have sold Fund shares, commissions and other expenses such as those incurred for sales literature, prospectus printing and distribution and compensation to wholesalers. It is possible that in any given year the amount paid to the Distributor under each Class' Plan may exceed the Distributor's distribution costs as described above. The Plans provide that the Class A, Class B and Class C shares of each Fund will pay the Distributor an account maintenance fee up to an annual rate of 0.25% of the aggregate average daily net assets of such class of shares for payments to compensate the Distributor and certain securities firms for account maintenance activities. Accordingly, for the six months ended March 31, 2009, SACS received fees (see Statement of Operations) based upon the aforementioned rates. In addition, SACS is paid a fee of 0.25% of average daily net assets of Class I shares in connection with providing administrative and shareholder services to Class I shareholders. For the six months ended March 31, 2009, SACS earned fees (see Statement of Operations) based upon the aforementioned rates. - -------- + Effective November 12, 2008, AIG SunAmerica Capital Services, Inc. changed its name to SunAmerica Capital Services, Inc. 74 SunAmerica Equity Funds NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited) (continued) SACS receives sales charges on each Fund's Class A shares, portions of which are reallocated to affiliated broker-dealers and non-affiliated broker-dealers. SACS also receives the proceeds of contingent deferred sales charges paid by investors in connection with certain redemptions of each Fund's Class A, Class B and Class C shares. SACS has advised the Funds that for the six months ended March 31, 2009, the proceeds received from sales (and paid out to affiliated and non-affiliated broker-dealers) and redemptions are as follows:
Class A Class B Class C --------------------------------------------- ---------- ---------- Contingent Contingent Contingent Affiliated Deferred Deferred Deferred Sales Broker- Non-affiliated Sales Sales Sales Fund Charges dealers Broker-dealers Charges Charges Charges - ---- -------- ---------- -------------- ---------- ---------- ---------- Blue Chip Growth........ $ 19,778 $ 4,073 $ 13,977 $-- $ 3,937 $ 25 Growth Opportunities.... 110,596 3,589 105,769 -- 5,058 105 New Century............. 44,533 5,786 37,008 4 1,700 74 Growth and Income....... 14,674 6,580 5,841 -- 6,763 666 Balanced Assets......... 36,602 29,161 1,105 -- 7,455 122 International Equity.... 13,398 5,736 6,286 -- 9,618 547 Value................... 14,042 5,460 4,842 79 11,315 181 Disciplined Growth...... 5,375 1,392 3,480 -- 5,668 1,612 International Small-Cap. 4,273 706 3,368 -- 2,257 86
The Trust has entered into a Service Agreement with SunAmerica Fund Services, Inc. ("SAFS")*, an affiliate of the Adviser. Under the Service Agreement, SAFS performs certain shareholder account functions by assisting the Funds' transfer agent in connection with the services that it offers to the shareholders of the Funds. Pursuant to the Service Agreement, the Funds (except for Class Z shares of the Funds) pay a fee to SAFS for services rendered based upon an annual rate of 0.22% of average daily net assets. No portion of this fee is paid or reimbursed by the Class Z shares, however, Class Z shares pay all direct transfer agency fees and out-of-pocket expenses relating to Class Z shares. For the six months ended March 31, 2009, the Funds incurred the following expenses which are included in transfer agent fees payable in the Statement of Asset and Liabilities and in transfer agent fees and expenses in the Statement of Operations to compensate SAFS pursuant to the terms of the Service Agreement.
Expense Payable At March 31, 2009 ------------------------------- ------------------------------- Fund Class A Class B Class C Class I Class A Class B Class C Class I - ---- ------- ------- ------- ------- ------- ------- ------- ------- Blue Chip Growth........ $30,820 $ 5,785 $ 2,342 $ 423 $ 4,763 $ 842 $ 339 $ 64 Growth Opportunities.... 18,023 5,018 2,987 60 2,685 686 449 9 New Century............. 32,376 2,938 1,918 -- 4,602 404 279 -- Growth and Income....... 36,842 6,954 11,261 193 5,203 903 1,587 27 Balanced Assets......... 78,483 7,687 8,266 474 11,709 1,109 1,240 74 International Equity.... 65,198 9,262 15,726 3,813 16,300 1,921 3,539 564 Value................... 59,338 16,109 11,005 20 7,716 2,106 1,489 3 Disciplined Growth...... 14,992 2,648 11,530 -- 2,218 336 1,545 -- International Small-Cap. 49,595 429 1,542 -- 8,892 54 194 --
At March 31, 2009, the following affiliates owned a percentage of the outstanding shares of the following funds; Focused Multi-Asset Strategy Portfolio, Focused Balanced Strategy Portfolio and Focused Equity Strategy Portfolio owned 30.3%, 7.9% and 7.6% of the SunAmerica International Equity Fund, respectively; Focused Multi-Asset Strategy Portfolio and American Home Assurance Company owned 75.5% and 18.4% of SunAmerica International Small-Cap Fund, respectively; and SunAmerica, Inc. owned 20.2% of SunAmerica Value Fund. On November 7, 2008, the International Small Cap Fund purchased an additional 280,000 shares of SPDR S&P International Small Cap ETF resulting in the Fund's position in the security to exceed 5% of assets. The Fund is subject to a limitation which prohibits the Fund from investing more than 5% of assets in a single investment company. On November 14, 2008, the Fund sold 130,970 shares of SPDR S&P International Small Cap ETF reducing the Fund's position in the security to less than 5% of assets. The sale resulted in a gain of $4,099 to the Fund. On March 4, 2009, AIG, the ultimate parent of SunAmerica, SACS, SAFS, and AIGGIC, issued and sold to the AIG Credit Facility Trust, a trust established for the sole benefit of the United States Treasury (the "Trust"), 100,000 shares of AIG's Series C Perpetual, Convertible, Participating Preferred Stock (the "Stock") for an aggregate purchase price of $500,000, with an - -------- * Effective March 17, 2009, AIG SunAmerica Fund Services, Inc. changed its name to SunAmerica Fund Services, Inc. 75 SunAmerica Equity Funds NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited) (continued) understanding that additional and independently sufficient consideration was also furnished to AIG by the Federal Reserve Bank of New York (the "FRBNY") in the form of its lending commitment (the "Credit Facility") under the Credit Agreement, dated as of September 22, 2008, between AIG and the FRBNY. The Stock has preferential liquidation rights over AIG common stock, and, to the extent permitted by law, votes with AIG's common stock on all matters submitted to AIG's shareholders. The Trust has approximately 79.9% of the aggregate voting power of AIG's common stock and is entitled to approximately 79.9% of all dividends paid on AIG's common stock, in each case treating the Stock as if converted. The Stock will remain outstanding even if the Credit Facility is repaid in full or otherwise terminates. Note 5. Expense Reductions Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of the Funds set forth below have been reduced. For the six months ended March 31, 2009, the amount of expense reductions received by each Fund, used to offset the Fund's non-affiliated expenses were as follows:
Total Expense Fund Reductions - ---- ------------- Blue Chip Growth..... $ 221 Growth Opportunities. 5,229 New Century.......... 7,275 Growth and Income.... 702 Balanced Assets...... 1,492 International Equity. 626 Value................ 6,903 Disciplined Growth... 10,707
Note 6. Purchases and Sales of Investment Securities The cost of purchases and proceeds from sales and maturities of long-term investments during the six months ended March 31, 2009, were as follows:
Blue Chip Growth New Growth and Balanced Growth Opportunities Century Income Assets Fund Fund Fund Fund Fund ----------- ------------- ------------ ----------- ----------- Purchases (excluding U.S. government securities)............ $13,082,823 $118,276,859 $148,102,916 $49,633,464 $50,817,806 Sales and maturities (excluding U.S. government securities). 14,938,513 119,672,977 142,560,115 53,527,301 60,079,607 Purchases of U.S. government securities..................... -- -- -- -- 3,480,831 Sales and maturities of U.S. government securities.......... -- -- -- -- 3,540,657
International Disciplined International Equity Value Growth Small-Cap Fund Fund Fund Fund ------------- ------------ ------------ ------------- Purchases (excluding U.S. government securities)............ $219,362,360 $ 96,870,297 $109,828,481 $55,229,329 Sales and maturities (excluding U.S. government securities). 211,418,194 108,565,635 111,629,193 18,268,962 Purchases of U.S. government securities..................... -- -- -- -- Sales and maturities of U.S. government securities.......... -- -- -- --
Note 7. Federal Income Taxes The amounts of aggregate unrealized gain (loss) and the cost of investment securities for federal income tax purposes, including short-term securities and repurchase agreements, were as follows at March 31, 2009:
Blue Chip Growth New Growth and Balanced Growth Opportunities Century Income Assets Fund Fund Fund Fund Fund ----------- ------------- ----------- ------------ ------------ Cost (tax basis)........................... $42,471,167 $23,299,704 $29,752,253 $ 52,080,223 $ 90,817,352 =========== =========== =========== ============ ============ Appreciation............................... 830,147 761,093 1,403,912 810,361 1,545,792 Depreciation............................... (9,695,116) (1,692,672) (2,895,128) (10,765,514) (16,878,328) ----------- ----------- ----------- ------------ ------------ Net unrealized appreciation (depreciation). $(8,864,969) $ (931,579) $(1,491,216) $ (9,955,153) $(15,332,536) =========== =========== =========== ============ ============
76 SunAmerica Equity Funds NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited) (continued)
International Disciplined International Equity Value Growth Small-Cap Fund Fund Fund Fund ------------- ------------ ----------- ------------- Cost (tax basis)........................... $130,485,342 $100,295,270 $25,613,188 $55,071,539 ============ ============ =========== =========== Appreciation............................... 4,334,205 1,328,777 739,091 2,427,672 Depreciation............................... (13,183,949) (25,327,894) (4,009,342) (7,963,104) ------------ ------------ ----------- ----------- Net unrealized appreciation (depreciation). $ (8,849,744) $(23,999,117) $(3,270,251) $(5,535,432) ============ ============ =========== ===========
The following details the tax basis of distributions as well as the components of distributable earnings. The tax character of distributions paid may differ from the character of distributions shown on the Statement of Changes in Net Assets due to short-term capital gains being treated as ordinary income for tax purposes. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities due to temporary book/tax differences primarily arising from wash sales, post October losses and derivative transactions.
For the year ended September 30, 2008 --------------------------------------------------------------------------- Distributable Earnings Tax Distributions ---------------------------------------- --------------------------------- Long-term Gains/Capital Unrealized Long-Term Ordinary Loss Appreciation Ordinary Capital Return of Fund Income Carryover (Depreciation)* Income Gains Capital - ---- ---------- ------------- --------------- ----------- ----------- --------- Blue Chip Growth........ $ -- $ (52,435,231) $ (2,796,579) $ -- $ -- $ -- Growth Opportunities.... -- (186,645,011) (2,760,741) -- -- -- New Century............. -- (92,245,942) (2,976,024) -- -- -- Growth and Income....... 687,448 (31,657,902) (9,015,562) 242,422 -- -- Balanced Assets......... 368,475 (66,959,266) (9,033,932) 2,211,571 -- -- International Equity.... -- -- (14,940,219) 1,052,826 10,274,358 -- Value................... 1,575,013 -- (14,956,909) 19,180,606 13,697,035 -- Disciplined Growth...... -- (15,651,807) (3,554,231) -- -- -- International Small-Cap. -- -- (5,634,308) 86,582 247,600 39,211
- -------- * Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency For Federal income tax purposes, the Funds indicated below have capital loss carryforwards, which expire in the year indicated, as of September 30, 2008, which are available to offset future capital gains, if any:
Capital Loss Carryforward -------------------------------------------------------- Fund 2009 2010 2011 2012 2013 - ---- ----------- ------------ ----------- ---------- -------- Blue Chip Growth........ $ -- $ 10,374,287 $42,060,944 $ -- $ -- Growth Opportunities*... 151,316 121,180,893 65,312,802 -- -- New Century*............ 17,583,650 38,311,136 36,351,156 -- -- Growth and Income....... -- -- 25,935,512 5,722,390 -- Balanced Assets......... -- 7,399,151 55,685,563 3,874,552 -- International Equity.... -- -- -- -- -- Value................... -- -- -- -- -- Disciplined Growth...... -- 10,618,952 4,260,050 594,906 177,899 International Small-Cap. -- -- -- -- --
- -------- * The capital loss carryforwards include realized capital losses from the acquisition of other funds. These losses may be subject to annual limitation imposed by the Internal Revenue Code. Therefore, it is possible that not all of these capital losses will be available for use. 77 SunAmerica Equity Funds NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited) (continued) Note 8. Capital Share Transactions Transactions in capital shares of each class of each fund were as follows:
Blue Chip Growth Fund ------------------------------------------------------------------------------------------ Class A Class B -------------------------------------------- -------------------------------------------- For the For the six months ended For the six months ended For the March 31, 2009 year ended March 31, 2009 year ended (unaudited) September 30, 2008 (unaudited) September 30, 2008 --------------------- --------------------- --------------------- --------------------- Shares Amount Shares Amount Shares Amount Shares Amount -------- ----------- -------- ----------- -------- ----------- -------- ----------- Shares sold (1)(2)(3)(4). 171,433 $ 1,896,581 289,921 $ 5,070,645 37,060 $ 363,395 54,301 $ 830,023 Reinvested dividends..... -- -- -- -- -- -- -- -- Shares redeemed (1)(2)... (322,289) (3,605,001) (451,336) (7,730,963) (132,987) (1,289,759) (343,906) (5,217,068) -------- ----------- -------- ----------- -------- ----------- -------- ----------- Net increase (decrease).. (150,856) $(1,708,420) (161,415) $(2,660,318) (95,927) $ (926,364) (289,605) $(4,387,045) ======== =========== ======== =========== ======== =========== ======== =========== Blue Chip Growth Fund ------------------------------------------------------------------------------------------ Class C Class I -------------------------------------------- -------------------------------------------- For the For the six months ended For the six months ended For the March 31, 2009 year ended March 31, 2009 year ended (unaudited) September 30, 2008 (unaudited) September 30, 2008 --------------------- --------------------- --------------------- --------------------- Shares Amount Shares Amount Shares Amount Shares Amount -------- ----------- -------- ----------- -------- ----------- -------- ----------- Shares sold.............. 28,544 $ 269,342 68,319 $ 1,087,552 2,132 $ 25,100 14,650 $ 270,801 Reinvested dividends..... -- -- -- -- -- -- -- -- Shares redeemed (3)(4)... (59,599) (583,771) (82,476) (1,252,219) (4,780) (54,395) (15,507) (285,207) -------- ----------- -------- ----------- -------- ----------- -------- ----------- Net increase (decrease).. (31,055) $ (314,429) (14,157) $ (164,667) (2,648) $ (29,295) (857) $ (14,406) ======== =========== ======== =========== ======== =========== ======== =========== Growth Opportunities Fund ------------------------------------------------------------------------------------------ Class A Class B -------------------------------------------- -------------------------------------------- For the For the six months ended For the six months ended For the March 31, 2009 year ended March 31, 2009 year ended (unaudited) September 30, 2008 (unaudited) September 30, 2008 --------------------- --------------------- --------------------- --------------------- Shares Amount Shares Amount Shares Amount Shares Amount -------- ----------- -------- ----------- -------- ----------- -------- ----------- Shares sold (5)(6)(7)(8). 133,769 $ 1,352,484 253,312 $ 4,189,533 21,978 $ 195,135 39,899 $ 553,585 Reinvested dividends..... -- -- -- -- -- -- -- -- Shares redeemed (5)(6)... (292,981) (2,935,645) (613,549) (9,921,188) (164,902) (1,453,988) (364,166) (5,248,108) -------- ----------- -------- ----------- -------- ----------- -------- ----------- Net increase (decrease).. (159,212) $(1,583,161) (360,237) $(5,731,655) (142,924) $(1,258,853) (324,267) $(4,694,523) ======== =========== ======== =========== ======== =========== ======== ===========
- -------- (1)For the six months ended March 31, 2009, includes automatic conversion of 78,132 shares of Class B shares in the amount of $744,975 to 68,173 shares of Class A shares in the amount of $744,975. (2)For the year ended September 30, 2008, includes automatic conversion of 213,034 shares of Class B shares in the amount of $3,232,933 to 186,968 shares of Class A shares in the amount of $3,232,933. (3)For the six months ended March 31, 2009, includes automatic conversion of 3,523 shares of Class C shares in the amount of $32,940 to 3,040 shares of Class A shares in the amount of $32,940. (4)For the year ended September 30, 2008, includes automatic conversion of 5,104 shares of Class C shares in the amount of $78,117 to 4,448 shares of Class A shares in the amount of $78,117. (5)For the six months ended March 31, 2009, includes automatic conversion of 105,989 shares of Class B shares in the amount of $923,085 to 92,313 shares of Class A shares in the amount of $923,085. (6)For the year ended September 30, 2008, includes automatic conversion of 146,917 shares of Class B shares in the amount of $2,166,396 to 128,971 shares of Class A shares in the amount of $2,166,396. (7)For the six months ended March 31, 2009, includes automatic conversion of 1,350 shares of Class C shares in the amount of $11,882 to 1,173 shares of Class A shares in the amount of $11,882. (8)For the year ended September 30, 2008, includes automatic conversion of 9,445 shares of Class C shares in the amount of $129,260 to 8,257 shares of Class A shares in the amount of $129,260. 78 SunAmerica Equity Funds NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited) (continued)
Growth Opportunities Fund ---------------------------------------------------------------------------------------- Class C Class I --------------------------------------------- ----------------------------------------- For the For the six months ended For the six months ended For the March 31, 2009 year ended March 31, 2009 year ended (unaudited) September 30, 2008 (unaudited) September 30, 2008 --------------------- ---------------------- ------------------ --------------------- Shares Amount Shares Amount Shares Amount Shares Amount -------- ----------- -------- ------------ ------- --------- -------- ----------- Shares sold............. 13,498 $ 115,497 59,452 $ 756,646 256 $ 2,752 1,876 $ 30,513 Reinvested dividends.... -- -- -- -- -- -- -- -- Shares redeemed (1)(2).. (72,790) (691,246) (188,701) (2,713,246) (1,990) (20,748) (3,002) (48,708) -------- ----------- -------- ------------ ------- --------- -------- ----------- Net increase (decrease). (59,292) $ (575,749) (129,249) $ (1,956,600) (1,734) $ (17,996) (1,126) $ (18,195) ======== =========== ======== ============ ======= ========= ======== =========== New Century Fund ---------------------------------------------------------------------------------------- Class A Class B --------------------------------------------- ----------------------------------------- For the For the six months ended For the six months ended For the March 31, 2009 year ended March 31, 2009 year ended (unaudited) September 30, 2008 (unaudited) September 30, 2008 --------------------- ---------------------- ------------------ --------------------- Shares Amount Shares Amount Shares Amount Shares Amount -------- ----------- -------- ------------ ------- --------- -------- ----------- Shares sold (3)(4)...... 101,776 $ 926,137 177,557 $ 3,209,325 13,352 $ 106,974 28,304 $ 451,311 Reinvested dividends.... -- -- -- -- -- -- -- -- Shares redeemed (3)(4).. (504,792) (4,535,445) (836,501) (15,340,030) (89,009) (703,689) (219,367) (3,484,631) -------- ----------- -------- ------------ ------- --------- -------- ----------- Net increase (decrease). (403,016) $(3,609,308) (658,944) $(12,130,705) (75,657) $(596,715) (191,063) $(3,033,320) ======== =========== ======== ============ ======= ========= ======== =========== New Century Fund --------------------------------------------- Class C --------------------------------------------- For the six months ended For the March 31, 2009 year ended (unaudited) September 30, 2008 --------------------- ---------------------- Shares Amount Shares Amount -------- ----------- -------- ------------ Shares sold............. 9,211 $ 76,178 33,282 $ 569,190 Reinvested dividends.... -- -- -- -- Shares redeemed......... (34,677) (282,576) (102,735) (1,656,044) -------- ----------- -------- ------------ Net increase (decrease). (25,466) $ (206,398) (69,453) $ (1,086,854) ======== =========== ======== ============
- -------- (1)For the six months ended March 31, 2009, includes automatic conversion of 1,350 shares of Class C shares in the amount of $11,882 to 1,173 shares of Class A shares in the amount of $11,882. (2)For the year ended September 30, 2008, includes automatic conversion of 9,445 shares of Class C shares in the amount of $129,260 to 8,257 shares of Class A shares in the amount of $129,260. (3)For the six months ended March 31, 2009, includes automatic conversion of 48,321 shares of Class B shares in the amount of $366,591 to 41,488 shares of Class A shares in the amount of $366,591. (4)For the year ended September 30, 2008, includes automatic conversion of 77,721 shares of Class B shares in the amount of $1,225,115 to 67,258 shares of Class A shares in the amount of $1,225,115. 79 SunAmerica Equity Funds NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited) (continued)
Growth and Income Fund ------------------------------------------------------------------------------------------------ Class A Class B -------------------------------------------------- -------------------------------------------- For the For the six months ended For the six months ended For the March 31, 2009 year ended March 31, 2009 year ended (unaudited) September 30, 2008 (unaudited) September 30, 2008 ------------------------ ------------------------ --------------------- --------------------- Shares Amount Shares Amount Shares Amount Shares Amount ---------- ------------ ---------- ------------ -------- ----------- -------- ----------- Shares sold (1)(2)(3)(4). 307,198 $ 2,724,902 630,796 $ 9,133,076 48,942 $ 410,300 89,678 $ 1,199,212 Reinvested dividends..... 58,742 519,275 14,377 220,109 3,047 25,411 -- -- Shares redeemed (1)(2)... (677,356) (5,919,995) (958,387) (13,836,029) (275,068) (2,267,114) (558,857) (7,455,853) ---------- ------------ ---------- ------------ -------- ----------- -------- ----------- Net increase (decrease).. (311,416) $ (2,675,818) (313,214) $ (4,482,844) (223,079) $(1,831,403) (469,179) $(6,256,641) ========== ============ ========== ============ ======== =========== ======== =========== Growth and Income Fund ------------------------------------------------------------------------------------------------ Class C Class I -------------------------------------------------- -------------------------------------------- For the For the six months ended For the six months ended For the March 31, 2009 year ended March 31, 2009 year ended (unaudited) September 30, 2008 (unaudited) September 30, 2008 ------------------------ ------------------------ --------------------- --------------------- Shares Amount Shares Amount Shares Amount Shares Amount ---------- ------------ ---------- ------------ -------- ----------- -------- ----------- Shares sold.............. 30,611 $ 255,824 71,480 $ 957,187 1,076 $ 9,418 5,275 $ 76,070 Reinvested dividends..... 8,781 72,884 -- -- 423 3,747 95 1,451 Shares redeemed (3)(4)... (170,304) (1,401,996) (386,530) (5,155,170) (3,844) (34,204) (4,673) (68,432) ---------- ------------ ---------- ------------ -------- ----------- -------- ----------- Net increase (decrease).. (130,912) $ (1,073,288) (315,050) $ (4,197,983) (2,345) $ (21,039) 697 $ 9,089 ========== ============ ========== ============ ======== =========== ======== =========== Balanced Assets Fund ------------------------------------------------------------------------------------------------ Class A Class B -------------------------------------------------- -------------------------------------------- For the For the six months ended For the six months ended For the March 31, 2009 year ended March 31, 2009 year ended (unaudited) September 30, 2008 (unaudited) September 30, 2008 ------------------------ ------------------------ --------------------- --------------------- Shares Amount Shares Amount Shares Amount Shares Amount ---------- ------------ ---------- ------------ -------- ----------- -------- ----------- Shares sold (5)(6)(7)(8). 201,979 $ 2,146,948 492,914 $ 7,199,045 40,101 $ 428,120 95,382 $ 1,386,363 Reinvested dividends..... 104,779 1,098,234 128,624 1,834,569 8,051 84,329 8,240 117,639 Shares redeemed (5)(6)... (1,056,253) (11,119,619) (1,444,312) (21,111,948) (172,514) (1,817,234) (322,360) (4,705,433) ---------- ------------ ---------- ------------ -------- ----------- -------- ----------- Net increase (decrease).. (749,495) $ (7,874,437) (822,774) $(12,078,334) (124,362) $(1,304,785) (218,738) $(3,201,431) ========== ============ ========== ============ ======== =========== ======== =========== Balanced Assets Fund ------------------------------------------------------------------------------------------------ Class C Class I -------------------------------------------------- -------------------------------------------- For the For the six months ended For the six months ended For the March 31, 2009 year ended March 31, 2009 year ended (unaudited) September 30, 2008 (unaudited) September 30, 2008 ------------------------ ------------------------ --------------------- --------------------- Shares Amount Shares Amount Shares Amount Shares Amount ---------- ------------ ---------- ------------ -------- ----------- -------- ----------- Shares sold.............. 24,512 $ 269,515 42,482 $ 629,344 735 $ 8,355 1,809 $ 26,801 Reinvested dividends..... 8,345 87,494 7,970 114,014 750 7,865 887 12,606 Shares redeemed (7)(8)... (106,746) (1,124,415) (193,356) (2,838,735) (4,717) (49,982) (1,818) (27,036) ---------- ------------ ---------- ------------ -------- ----------- -------- ----------- Net increase (decrease).. (73,889) $ (767,406) (142,904) $ (2,095,377) (3,232) $ (33,762) 878 $ 12,371 ========== ============ ========== ============ ======== =========== ======== ===========
- -------- (1)For the six months ended March 31, 2009, includes automatic conversion of 131,895 shares of Class B shares in the amount of $1,061,576 to 124,019 shares of Class A shares in the amount of $1,061,576. (2)For the year ended September 30, 2008, includes automatic conversion of 256,031 shares of Class B shares in the amount of $3,426,719 to 239,301 shares of Class A shares in the amount of $3,426,719. (3)For the six months ended March 31, 2009, includes automatic conversion of 29,566 shares of Class C shares in the amount of $236,129 to 27,641 shares of Class A shares in the amount of $236,129. (4)For the year ended September 30, 2008, includes automatic conversion of 79,802 shares of Class C shares in the amount of $1,070,754 to 74,653 shares of Class A shares in the amount of $1,070,754. (5)For the six months ended March 31, 2009, includes automatic conversion of 61,249 shares of Class B shares in the amount of $638,190 to 61,098 shares of Class A shares in the amount of $638,190. (6)For the year ended September 30, 2008, includes automatic conversion of 110,956 shares of Class B shares in the amount of $1,639,736 to 110,614 shares of Class A shares in the amount of $1,639,736. (7)For the six months ended March 31, 2009, includes automatic conversion of 5,006 shares of Class C shares in the amount of $52,416 to 5,001 shares of Class A shares in the amount of $52,416. (8)For the year ended September 30, 2008, includes automatic conversion of 6,528 shares of Class C shares in the amount of $94,078 to 6,522 shares of Class A shares in the amount of $94,078. 80 SunAmerica Equity Funds NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited) (continued)
International Equity Fund ------------------------------------------------------------------------------------------------- Class A Class B -------------------------------------------------- --------------------------------------------- For the For the six months ended For the six months ended For the March 31, 2009 year ended March 31, 2009 year ended (unaudited) September 30, 2008 (unaudited) September 30, 2008 ------------------------ ------------------------ --------------------- ---------------------- Shares Amount Shares Amount Shares Amount Shares Amount ---------- ------------ ---------- ------------ -------- ----------- -------- ------------ Shares sold (1)(2)(3)(4)..... 230,287 $ 1,933,041 873,082 $ 15,209,058 47,518 $ 368,846 180,778 $ 2,906,684 Shares issued in merger +.... 9,552,075 84,069,949 -- -- 928,841 7,600,518 -- -- Reinvested dividends......... 88,435 769,388 337,952 6,106,795 10,395 84,199 101,318 1,689,981 Shares redeemed (1)(2)(5)(6). (2,024,508) (16,515,952) (1,289,845) (21,458,586) (353,071) (2,731,780) (582,664) (8,831,689) ---------- ------------ ---------- ------------ -------- ----------- -------- ------------ Net increase (decrease)...... 7,846,289 $ 70,256,426 (78,811) $ (142,733) 633,683 $ 5,321,783 (300,568) $ (4,235,024) ========== ============ ========== ============ ======== =========== ======== ============ International Equity Fund ------------------------------------------------------------------------------------------------- Class C Class I -------------------------------------------------- --------------------------------------------- For the For the six months ended For the six months ended For the March 31, 2009 year ended March 31, 2009 year ended (unaudited) September 30, 2008 (unaudited) September 30, 2008 ------------------------ ------------------------ --------------------- ---------------------- Shares Amount Shares Amount Shares Amount Shares Amount ---------- ------------ ---------- ------------ -------- ----------- -------- ------------ Shares sold.................. 126,162 $ 1,017,860 339,109 $ 5,508,728 63,981 $ 547,356 115,757 $ 2,027,150 Shares issued in merger +.... 1,966,816 16,071,009 -- -- -- -- -- -- Reinvested dividends......... 14,687 118,818 130,196 2,170,365 12,701 111,265 38,744 706,298 Shares redeemed (3)(4)(5)(6). (674,924) (5,258,195) (672,025) (9,700,348) (64,089) (556,014) (159,912) (2,644,211) ---------- ------------ ---------- ------------ -------- ----------- -------- ------------ Net increase (decrease)...... 1,432,741 $ 11,949,492 (202,720) $ (2,021,255) 12,593 $ 102,607 (5,411) $ 89,237 ========== ============ ========== ============ ======== =========== ======== ============ Value Fund ------------------------------------------------------------------------------------------------- Class A Class B -------------------------------------------------- --------------------------------------------- For the For the six months ended For the six months ended For the March 31, 2009 year ended March 31, 2009 year ended (unaudited) September 30, 2008 (unaudited) September 30, 2008 ------------------------ ------------------------ --------------------- ---------------------- Shares Amount Shares Amount Shares Amount Shares Amount ---------- ------------ ---------- ------------ -------- ----------- -------- ------------ Shares sold (7)(8)(9)(10).... 542,154 $ 5,061,489 647,141 $ 9,924,293 74,777 $ 671,047 146,756 $ 2,188,231 Reinvested dividends......... 125,403 1,175,028 1,063,818 16,563,642 24,162 213,106 351,095 5,133,009 Shares redeemed (7)(8)....... (1,652,907) (14,778,311) (2,160,593) (32,186,863) (414,668) (3,528,791) (866,926) (12,306,794) ---------- ------------ ---------- ------------ -------- ----------- -------- ------------ Net increase (decrease)...... (985,350) $ (8,541,794) (449,634) $ (5,698,928) (315,729) $(2,644,638) (369,075) $ (4,985,554) ========== ============ ========== ============ ======== =========== ======== ============
- -------- (1)For the six months ended March 31, 2009, includes automatic conversion of 95,264 shares of Class B shares in the amount of $720,882 to 88,334 shares of Class A shares in the amount of $720,882. (2)For the year ended September 30, 2008, includes automatic conversion of 201,566 shares of Class B shares in the amount of $3,107,494 to 185,992 shares of Class A shares in the amount of $3,107,494. (3)For the six months ended March 31, 2009, includes automatic conversion of 5,007 shares of Class C shares in the amount of $39,870 to 4,631 shares of Class A shares in the amount of $39,870. (4)For the year ended September 30, 2008, includes automatic conversion of 16,006 shares of Class C shares in the amount of $250,119 to 14,757 shares of Class A shares in the amount of $250,119. (5)For the six months ended March 31, 2009, net of redemption fees of $1,945, $327, $514, and $166 for Class A, Class B, Class C and Class I shares, respectively. (6)For the year ended September 30, 2008, net of redemption fees of $10,729, $2,743, $3,748, and $1,179 for Class A, Class B, Class C and Class I shares, respectively. (7)For the six months ended March 31, 2009, includes automatic conversion of 165,305 shares of Class B shares in the amount of $1,358,246 to 155,362 shares of Class A shares in the amount of $1,358,246. (8)For the year ended September 30, 2008, includes automatic conversion of 204,341 shares of Class B shares in the amount of $3,088,508 to 192,052 shares of Class A shares in the amount of $3,088,508. (9)For the six months ended March 31, 2009, includes automatic conversion of 7,459 shares of Class C shares in the amount of $62,419 to 7,001 shares of Class A shares in the amount of $62,419. (10)For the year ended September 30, 2008, includes automatic conversion of 5,802 shares of Class C shares in the amount of $80,487 to 5,438 shares of Class A shares in the amount of $80,487. + See Note 2. 81 SunAmerica Equity Funds NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited) (continued)
Value Fund -------------------------------------------------------------------------------------------- Class C Class I ---------------------------------------------- -------------------------------------------- For the For the six months ended For the six months ended For the March 31, 2009 year ended March 31, 2009 year ended (unaudited) September 30, 2008 (unaudited) September 30, 2008 --------------------- ----------------------- --------------------- --------------------- Shares Amount Shares Amount Shares Amount Shares Amount -------- ----------- --------- ------------ -------- ----------- -------- ----------- Shares sold............. 111,000 $ 1,003,468 126,100 $ 1,696,181 -- $ -- 86 $ 1,562 Reinvested dividends.... 14,733 129,943 203,721 2,978,405 51 478 348 5,401 Shares redeemed (1)(2).. (260,462) (2,228,394) (567,231) (8,063,054) (285) (2,243) (265) (3,842) -------- ----------- --------- ------------ -------- ----------- -------- ----------- Net increase (decrease). (134,729) $(1,094,983) (237,410) $ (3,388,468) (234) $ (1,765) 169 $ 3,121 ======== =========== ========= ============ ======== =========== ======== =========== Value Fund ---------------------------------------------- Class Z ---------------------------------------------- For the six months ended For the March 31, 2009 year ended (unaudited) September 30, 2008 --------------------- ----------------------- Shares Amount Shares Amount -------- ----------- --------- ------------ Shares sold............. 298,828 $ 2,921,547 357,717 $ 5,554,158 Reinvested dividends.... 59,903 588,253 309,158 5,048,549 Shares redeemed......... (340,498) (3,177,488) (461,438) (7,142,198) -------- ----------- --------- ------------ Net increase (decrease). 18,233 $ 332,312 205,437 $ 3,460,509 ======== =========== ========= ============ Disciplined Growth Fund -------------------------------------------------------------------------------------------- Class A Class B ---------------------------------------------- -------------------------------------------- For the For the six months ended For the six months ended For the March 31, 2009 year ended March 31, 2009 year ended (unaudited) September 30, 2008 (unaudited) September 30, 2008 --------------------- ----------------------- --------------------- --------------------- Shares Amount Shares Amount Shares Amount Shares Amount -------- ----------- --------- ------------ -------- ----------- -------- ----------- Shares sold (3)(4)...... 202,314 $ 1,752,852 1,241,974 $ 20,161,048 4,242 $ 33,404 124,724 $ 1,851,127 Reinvested dividends.... -- -- -- -- -- -- -- -- Shares redeemed (3)(4).. (500,116) (4,295,463) (918,848) (13,537,356) (144,875) (1,171,489) (102,038) (1,489,966) -------- ----------- --------- ------------ -------- ----------- -------- ----------- Net increase (decrease). (297,802) $(2,542,611) 323,126 $ 6,623,692 (140,633) $(1,138,085) 22,686 $ 361,161 ======== =========== ========= ============ ======== =========== ======== =========== Disciplined Growth Fund ---------------------------------------------- Class C ---------------------------------------------- For the six months ended For the March 31, 2009 year ended (unaudited) September 30, 2008 --------------------- ----------------------- Shares Amount Shares Amount -------- ----------- --------- ------------ Shares sold............. 23,040 $ 204,628 672,443 $ 10,787,226 Reinvested dividends.... -- -- -- -- Shares redeemed......... (475,275) (3,872,110) (847,217) (12,061,646) -------- ----------- --------- ------------ Net increase (decrease). (452,235) $(3,667,482) (174,774) $ (1,274,420) ======== =========== ========= ============
- -------- (1)For the six months ended March 31, 2009, includes automatic conversion of 7,459 shares of Class C shares in the amount of $62,419 to 7,001 shares of Class A shares in the amount of $62,419. (2)For the year ended September 30, 2008, includes automatic conversion of 5,802 shares of Class C shares in the amount of $80,487 to 5,438 shares of Class A shares in the amount of $80,487. (3)For the six months ended March 31, 2009, includes automatic conversion of 66,272 shares of Class B shares in the amount of $518,243 to 62,899 shares of Class A shares in the amount of $518,243. (4)For the year ended September 30, 2008, includes automatic conversion of 27,497 shares of Class B shares in the amount of $437,155 to 26,202 shares of Class A shares in the amount of $437,155. 82 SunAmerica Equity Funds NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited) (continued)
International Small-Cap Fund ------------------------------------------------------------------------------------- Class A Class B --------------------------------------------- -------------------------------------- For the For the six months ended For the six months ended For the March 31, 2009 year ended March 31, 2009 year ended (unaudited) September 30, 2008 (unaudited) September 30, 2008 ---------------------- --------------------- ------------------ ------------------ Shares Amount Shares Amount Shares Amount Shares Amount --------- ----------- -------- ----------- ------- --------- ------- --------- Shares sold (1)(2)........... 6,887,613 $42,000,531 90,461 $ 1,142,820 4,288 $ 25,082 26,818 $ 324,786 Reinvested dividends......... 1,826 11,121 21,169 275,413 -- -- 949 12,228 Shares redeemed (1)(2)(3)(4). (333,062) (1,977,607) (296,407) (3,416,464) (34,218) (202,477) (35,785) (405,992) --------- ----------- -------- ----------- ------- --------- ------- --------- Net increase (decrease)...... 6,556,377 $40,034,045 (184,777) $(1,998,231) (29,930) $(177,395) (8,018) $ (68,978) ========= =========== ======== =========== ======= ========= ======= ========= International Small-Cap Fund --------------------------------------------- Class C --------------------------------------------- For the six months ended For the March 31, 2009 year ended (unaudited) September 30, 2008 ---------------------- --------------------- Shares Amount Shares Amount --------- ----------- -------- ----------- Shares sold.................. 64,126 $ 392,031 50,457 $ 605,472 Reinvested dividends......... -- -- 4,084 52,562 Shares redeemed (3)(4)....... (150,977) (890,333) (172,747) (1,865,760) --------- ----------- -------- ----------- Net increase (decrease)...... (86,851) $ (498,302) (118,206) $(1,207,726) ========= =========== ======== ===========
- -------- (1)For the six months ended March 31, 2009, includes automatic conversion of 779 shares of Class B shares in the amount of $4,583 to 766 shares of Class A shares in the amount of $4,583. (2)For the year ended September 30, 2008, includes automatic conversion of 3,459 shares of Class B shares in the amount of $40,920 to 3,421 shares of Class A shares in the amount of $40,920. (3)For the six months ended March 31, 2009, net of redemption fees of $1,831, $12, and $42 for Class A, Class B, and Class C shares, respectively. (4)For the year ended September 30, 2008, net of redemption fees of $1,750, $71, and $290 for Class A, Class B, and Class C shares, respectively. 83 SunAmerica Equity Funds NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited) (continued) Note 9. Line of Credit The SunAmerica Family of Mutual Funds has established a $75 million committed and $50 million uncommitted line of credit with State Street Bank and Trust Company, the Funds' custodian. Interest is currently payable at the Federal Funds Rate plus 50 basis points on the committed line and State Street Bank and Trust Company's discretionary bid rate on the uncommitted line of credit. There is also a commitment fee of 10 basis points per annum on the daily unused portion of the committed line of credit which is included in other expenses on the Statement of Operations. Borrowings under the line of credit will commence when the respective Fund's cash shortfall exceeds $100,000. For the six months ended March 31, 2009, the following Funds had borrowings:
Days Interest Average Weighted Portfolio Outstanding Charges Debt Average Growth Opportunities.. 19 $256 $467,982 0.97% Balanced Assets....... 4 45 285,642 1.08 International Equity.. 8 106 404,739 1.28 Disciplined Growth.... 4 16 187,910 0.79 International Small-Cap............ 8 69 230,158 1.47
At March 31, 2009, there were no borrowings outstanding. Note 10. Interfund Lending Agreement Pursuant to exemptive relief granted by the SEC, the Funds are permitted to participate in an interfund lending program among investment companies advised by SunAmerica or an affiliate. The interfund lending program allows the participating Funds to borrow money from and loan money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Funds receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction. For the six months ended March 31, 2009, none of the Funds participated in this program. Note 11. Trustees Retirement Plan The Trustees of the Trust have adopted the SunAmerica Disinterested Trustees' and Directors' Retirement Plan (the "Retirement Plan") effective January 1, 1993, as amended, for the unaffiliated Trustees. The Retirement Plan provides generally that an unaffiliated Trustee may become a participant ("Participant") in the Retirement Plan if he or she has at least 10 years of consecutive service as a Disinterested Trustee of any of the adopting SunAmerica mutual funds (the "Adopting Funds") or has attained the age of 60 while a Trustee and completed five (5) consecutive years of service as a Trustee of any Adopting Fund (an "Eligible Trustee"). Pursuant to the Retirement Plan, an Eligible Trustee may receive benefits upon (i) his or her death or disability while a Trustee or (ii) the termination of his or her tenure as a Trustee, other than removal for cause from each of the Adopting Funds with respect to which he or she is an Eligible Trustee. As of each of the first 10 birthdays after becoming a Participant and on which he or she is both a Trustee and Participant, each Eligible Trustee will be credited with an amount equal to 50% of his or her regular fees (excluding committee fees) for services as a Disinterested Trustee of each Adopting Fund for the calendar year in which such birthday occurs. In addition, an amount equal to 8.50% of any amounts credited under the preceding statement during prior years is added to each Eligible Trustee's account. The rights of any Participant to benefits under the Retirement Plan shall be an unsecured claim against the assets of the Adopting Funds. An Eligible Trustee may receive any benefits payable under the Retirement Plan, at his or her election, either in one lump sum or in up to 15 annual installments. Any undistributed amounts shall continue to accrue interest at 8.50%. Effective December 3, 2008, the Retirement Plan was amended to, among other things, (1) freeze the Retirement Plan as to future accruals for active Participants as of December 31, 2008, (2) prohibit Disinterested Directors from first becoming participants in the Retirement Plan after December 31, 2008 and (3) permit active Participants to elect to receive a distribution of their entire Retirement Plan account balance in 2009. The freeze on future accruals does not apply to Participants that have commenced receiving benefits under the Retirement Plan on or before December 31, 2008. 84 SunAmerica Equity Funds NOTES TO FINANCIAL STATEMENTS -- March 31, 2009 -- (unaudited) (continued) The following amounts for the Retirement Plan Liabilities are included in the Trustee fees and expenses payable line on the Statement of Assets and Liabilities and the amounts for the Retirement Plan Expenses are included in the Trustees' fees and expenses line on the Statement of Operations.
Retirement Plan Retirement Plan Retirement Plan Liability Expense Payments --------------- --------------- --------------- Fund As of March 31, 2009 - ---- ----------------------------------------------- Blue Chip Growth............... $ 4,881 $ 590 $23,400 Growth Opportunities........... 3,893 401 20,493 New Century.................... 8,466 692 39,576 Growth and Income.............. 5,661 799 33,199 Balanced Assets................ 13,545 1,402 62,077 International Equity........... 5,009 851 15,604 Value.......................... 4,858 1,449 31,365 Disciplined Growth............. 1,682 451 10,454 International Small-Cap Equity. -- 664 1,522
Note 12. Investment Concentration Some of the Funds may invest internationally, including in "emerging market" countries. These securities may be denominated in currencies other than U.S. dollars. While investing internationally may reduce your risk by increasing the diversification of your investment, the value of your investment may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility. In addition, foreign securities may not be as liquid as domestic securities. These risks are primary risks of the International Equity Fund and International Small-Cap Fund. At March 31, 2009, the International Equity Fund had approximately 19% and 17% of its net assets invested in equity securities of companies domiciled in the United Kingdom and Japan, respectively, and the International Small-Cap Fund had approximately 30% and 19% of its net assets invested in equity securities of companies domiciled in Japan and the United Kingdom, respectively. The Balanced Assets Fund invests in U.S. Government sponsored securities. No assurance can be given that the U.S. Government will provide support to such U.S. Government sponsored agencies or instrumentalities in the future since it is not required to do so by law. As a result of the Fund's concentration in such investments, it may be subject to risks associated with U.S. Government securities. At March 31, 2009, the Fund had approximately 17%, of its net assets invested in such securities. 85 [LOGO] Harborside Financial Center 3200 Plaza 5 Jersey City, NJ 07311-4992 Trustees Shareholder Servicing This report is submitted Samuel M. Eisenstat Agent solely for the general Peter A. Harbeck SunAmerica Fund information of Dr. Judith L. Craven Services, Inc. shareholders of the William F. Devin Harborside Financial Funds. Distribution of Stephen J. Gutman Center this report to persons Jeffrey S. Burum 3200 Plaza 5 other than shareholders William J. Shea Jersey City, NJ of the Funds is 07311-4992 authorized only in Officers con-nection with a John T. Genoy, President Custodian and Transfer currently effective and Chief Executive Agent pro-spectus, setting Officer State Street Bank and forth details of the Donna M. Handel, Trust Company Funds, which must precede Treasurer P.O. Box 5607 or accom-pany this report. Timothy P. Pettee, Vice Boston, MA 02110 President DELIVERY OF SHAREHOLDER James Nichols, Vice VOTING PROXIES ON TRUST DOCUMENTS President PORTFOLIO SECURITIES The Funds have adopted a Cynthia A. Skrehot, Vice A description of the policy that allows them President and Chief policies and procedures to send only one copy of Compliance Officer that the Trust uses to a Fund's prospectus, Gregory N. Bressler, determine how to vote proxy material, annual Chief Legal Officer proxies relating to report and semi-annual and Secretary securities held in a report (the "shareholder Gregory R. Kingston, Fund's portfolio which is documents") to Vice President and available in the Trust's shareholders with Assistant Treasurer Statement of Additional multiple accounts Kathleen Fuentes, Information, may be residing at the same Assistant Secretary obtained without charge "household." This John E. McLean, upon request, by calling practice is called Assistant Secretary (800) 858-8850. This householding and reduces Nori L. Gabert, Vice in-formation is also Fund expenses, which President and available from the EDGAR benefits you and other Assistant Secretary database on the U.S. shareholders. Unless the Matthew Hackethal, Securities and Ex-change Funds receive Anti-Money Laundering Commission's website at instructions to the Compliance Officer http://www.sec.gov. con-trary, you will only John E. Smith Jr., receive one copy of the Assistant Treasurer PROXY VOTING RECORD ON shareholder documents. SUNAMERICA EQUITY FUNDS The Funds will continue Investment Adviser Information regarding how to household the SunAmerica Asset SunAmerica Equity Funds share-holder documents Management Corp. voted proxies relating to indefinitely, until we Harborside Financial securities held in are instructed otherwise. Center SunAmerica Equity Funds If you do not wish to 3200 Plaza 5 during the most recent participate in Jersey City, NJ twelve month period ended householding, please 07311-4992 June 30 is available, contact Shareholder once filed with the U.S. Services at (800) Distributor Securities and Exchange 858-8850 ext. 6010 or SunAmerica Capital Commission, without send a written request Services, Inc. charge, upon request, by with your name, the name Harborside Financial calling (800) 858-8850 or of your fund(s) and your Center on the U.S. Securities account number(s) to 3200 Plaza 5 and Exchange Commission's SunAmerica Mutual Funds Jersey City, NJ website at c/o BFDS, P.O. Box 07311-4992 http://www.sec.gov. 219186, Kansas City MO, 64121-9186. We will DISCLOSURE OF QUARTERLY resume individual PORTFOLIO HOLDINGS mailings for your account The Trust is required to within thirty (30) days file its complete of receipt of your schedule of portfolio request. holdings with the U.S. Securities and Exchange The accompanying report Commission for its first has not been audited by and third fiscal quarters independent accountants on Form N-Q. The Trust's and accordingly no Forms N-Q are available opinion has been on the U.S. Securities expressed thereon. and Exchange Commission's website at http://www.sec.gov. You can also review and obtain copies of the Forms N-Q at the U.S. Securities and Exchange Com-mission's Public Reference Room in Wash-ington, DC (information on the operation of Public Reference Room may be obtained by calling 1-800-SEC-0330).
86 [GRAPHIC] Go Paperless!! Did you know that you have the option to receive your shareholder reports online? By choosing this convenient service, you will no longer receive paper copies of Fund documents such as annual reports, semi-annual reports, prospectuses and proxy statements in the mail. Instead, you are provided with quick and easy access to this information via the Internet. Why Choose Electronic Delivery? It's Quick -- Fund documents will be received faster than via traditional mail. It's Convenient -- Elimination of bulky documents from personal files. It's Cost Effective -- Reduction of your Fund's printing and mailing costs. To sign up for electronic delivery, follow these simple steps: 1 Go to www.sunamericafunds.com 2 Under the "Shareholder Services" section, click on the "Go Paperless" link. 3 Fill out the appropriate information including the email address to which you would like your information sent. 4 Click "Submit" -- It's that easy!
The email address you provide will be kept strictly confidential. Once your enrollment has been processed, you will begin receiving email notifications when anything you receive electronically is available online. You can return to www.sunamericafunds.com at any time to change your email address, edit your preferences or to cancel this service if you choose to resume physical delivery of your Fund documents. Please note - this option is only available to accounts opened through the Funds. For information on receiving this report online, see inside back cover. Funds distributed by SunAmerica Capital Services, Inc. Investors should carefully consider a Fund's investment objectives, risks, charges and expenses before investing. The prospectus, containing this and other important information, can be obtained from your financial adviser, the SunAmerica Sales Desk at 800-858-8850, ext. 6003, or at www.sunamericafunds.com. Read the prospectus carefully before investing. www.sunamericafunds.com EQSAN - 3/09 [LOGO] AIG Sun America Mutual Funds Item 2. Code of Ethics Not applicable. Item 3. Audit Committee Financial Expert. Not applicable. Item 4. Principal Accountant Fees and Services. Not applicable. Item 5. Audit Committee of Listed Registrants. Not applicable. Item 6. Investments. Included in Item 1 to the Form. Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable. Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable. Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not applicable. Item 10. Submission of Matters to a Vote of Security Holders. There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 299.407) (as required by 22(b)(15)) of Schedule 14A (17 CFR 240.14a- 101), or this Item 10. Item 11. Controls and Procedures. (a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant's management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270. 30a-3(c))). Based on that evaluation, the registrant's management, including the President and Treasurer, concluded that the registrant's disclosure controls and procedures are effective. (b) There was no change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the registrant's last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal contro1 over financial reporting. Item 12. Exhibits. (a) (1) Not applicable. (2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT. (3) Not applicable. (b) Certification pursuant to Rule 30a-2(b)under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. SunAmerica Equity Funds By: /s/ John T. Genoy ------------------ John T. Genoy President Date: June 8, 2009 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ John T. Genoy ------------------ John T. Genoy President Date: June 8, 2009 By: /s/ Donna M. Handel ------------------- Donna M. Handel Treasurer Date: June 8, 2009 EX-99.CERT 2 dex99cert.txt CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT Exhibit 99. CERT CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT I, John T. Genoy, certify that: 1. I have reviewed this report on Form N-CSR of SunAmerica Equity Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: May 19, 2009 /s/ John T. Genoy ------------------ John T. Genoy President CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT I, Donna M. Handel, certify that: 1. I have reviewed this report on Form N-CSR of SunAmerica Equity Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: May 19, 2009 /s/ Donna M. Handel ------------------- Donna M. Handel Treasurer EX-99.906CERT 3 dex99906cert.txt CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT Exhibit 99.906.CERT CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT John T. Genoy, President, and Donna M. Handel, Treasurer of SunAmerica Equity Funds (the "registrant"), each certify to the best of his or her knowledge that: 1. The attached Form N-CSR report of the registrant fully complies with the requirements of Sections 13(a) and 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in such N-CSR report fairly represents, in all material respects, the financial conditions and results of operations of the registrant as of, and for, the periods presented in the report. Dated: May 19, 2009 /s/ John T. Genoy -------------- John T. Genoy President /s/ Donna M. Handel --------------- Donna M. Handel Treasurer -----END PRIVACY-ENHANCED MESSAGE-----