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UNDER
THE SECURITIES ACT OF 1933
Post-Effective Amendment No.__
(Check appropriate box or boxes)
Los Angeles, California 90067-6022
(Area Code and Telephone Number)
Vice President and Deputy General Counsel
SunAmerica Asset Management Corp.
2919 Allen Parkway
Houston, Texas 77019
General Counsel
SunAmerica Life Companies
1 SunAmerica Center, Century City
Los Angeles, California 90067-6022
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, New York 10019-6099
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The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
Focus TechNet Portfolio
Los Angeles, California 90067-6022
(800-445-7862)
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• | A Notice of a Special Meeting of Shareholders, which summarizes the matter on which you are being asked to vote; and | ||
• | The Combined Prospectus/Proxy Statement, which provides detailed information on the Growth Portfolio, the specific proposal relating to your Portfolio being considered at the Special Meeting, and why the proposal is being made. |
• | By calling us toll-free at the telephone number listed on the enclosed voting instruction card; | ||
• | By Internet at the website address listed on the enclosed voting instruction card; or | ||
• | By returning the enclosed voting instruction card in the postage-paid envelope. |
Sincerely, | ||||||||
/s/ Peter A. Harbeck | ||||||||
Peter A. Harbeck President and CEO SunAmerica Asset Management Corp. | ||||||||
EX-99.11 | ||||||||
EX-99.12.I | ||||||||
EX-99.12.II | ||||||||
EX-99.14.I | ||||||||
EX-99.14.II | ||||||||
EX-99.17.I | ||||||||
EX-99.17.II |
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Q: | Why is a shareholder meeting being held? | |
A: | You are being asked to approve one or both of the following: (i) an agreement and plan of reorganization (a “Reorganization Agreement”) between Seasons Series Trust (the “Trust”), on behalf of the Focus Growth and Income Portfolio (the “Growth and Income Portfolio”), and the Trust, on behalf of its series, the Focus Growth Portfolio (the “Growth Portfolio”); and (ii) a Reorganization Agreement between the Trust, on behalf of the Focus TechNet Portfolio (the “TechNet Portfolio” and together with the Growth and Income Portfolio, the “Target Portfolios” and each, a “Target Portfolio”), and the Trust, on behalf of the Growth Portfolio (the “Growth Portfolio,” together with the Target Portfolios, the “Portfolios” and each, a “Portfolio”). The Growth Portfolio pursues an investment objective similar to that of the Growth and Income Portfolio and identical to that of the TechNet Portfolio. Each Portfolio also employs similar investment strategies to achieve its respective investment objective. If the proposed reorganization (“Reorganization”) relating to your Target Portfolio is approved and completed, an account at the Growth Portfolio will be set up in your name, you will become a shareholder of the Growth Portfolio, and your Target Portfolio will be terminated as a series of the Trust. Please refer to the Combined Prospectus/Proxy Statement for a detailed explanation of the proposed Reorganization relating to your Target Portfolio and for a more complete description of the Growth Portfolio. | |
Although you are not directly a shareholder of a Portfolio, as the owner of a variable annuity contract (a “Variable Contract,” the owners of which are referred to as “Contract Owners”) issued by the separate accounts of SunAmerica Annuity and Life Assurance Company and/or First SunAmerica Life Insurance Company (the “Life Companies”), you have the right to instruct the Life Companies how to vote Portfolio shares that are attributable to your Variable Contract. For convenience we refer to Contract Owners as “shareholders.” | ||
Upon approval and completion of the applicable Reorganization, shares of your Target Portfolio will be exchanged for shares of the Growth Portfolio based on a specified exchange ratio determined by the respective net asset values of the Portfolios’ shares. Your Variable Contract” will be credited with shares of the Growth Portfolio whose aggregate value at the time of issuance will equal the aggregate value of the Target Portfolio held under your Variable Contract on that date. After such date each Target Portfolio will be terminated as a series of the Trust. Please refer to the Combined Prospectus/Proxy Statement for a detailed explanation of the proposed Reorganization and for a more complete description of the Growth Portfolio. | ||
Q: | How does the Board of Trustees suggest that I vote? | |
A: | After careful consideration, the Board of Trustees of the Trust (the “Board of Trustees”) has determined that each proposed Reorganization is in the best interests of the relevant Target Portfolio and that the Target Portfolio’s existing shareholders will not be diluted as a result of the Reorganization and, therefore, recommends that you cast your vote “For” the proposed Reorganization. The Board of Trustees has determined that shareholders of each Target Portfolio may benefit from the following: |
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Q: | How will the Reorganizations affect me? | |
A: | If shareholders of a Target Portfolio approve the proposed Reorganization, all of the assets and substantially all of the liabilities of the Target Portfolio will be combined with those of the Growth Portfolio. Shares of the Target Portfolio will be exchanged for shares of the Growth Portfolio based on a specified exchange ratio determined by the respective net asset values of the Portfolio’ shares. Your Variable Contract value immediately before the Reorganization will be the same as your Variable Contract value immediately following completion of the Reorganization; however, you will no longer own shares of a Target Portfolio but will own shares of the Growth Portfolio. After the completion of the Reorganization, you will own a smaller percentage of the Growth Portfolio than you did of the Target Portfolio because the Growth Portfolio is significantly larger than each of the Target Portfolios. | |
Q: | In the Reorganization, will I receive the same class of shares of the Growth Portfolio as the shares of the Target Portfolio that I now hold? | |
A: | Yes. You will receive the same class of shares of the Growth Portfolio as the shares you own of your Target Portfolio. | |
Q: | Will I own the same number of shares of the Growth Portfolio as I currently own of my Target Portfolio? | |
A: | No. You will receive shares of the Growth Portfolio with the same aggregate net asset value as the shares of the Target Portfolio you own prior to the Reorganization relating to your Portfolio. However, the number of shares you receive will depend on the relative net asset value of the shares of the relevant Target Portfolio and the Growth Portfolio on the closing date. Thus, on the closing date, if the net asset value of a share of the Growth Portfolio is lower than the net asset value of the corresponding share class of the relevant Target Portfolio, you will receive a greater number of shares of the Growth Portfolio in the applicable Reorganization than you held in the Target Portfolio before the Reorganization. On the other hand, if the net asset value of a share of the Growth Portfolio is higher than the net asset value of the corresponding share class of the relevant Target Portfolio, you will receive fewer shares of the Growth Portfolio in the applicable Reorganization than you held in the Target Portfolio before the Reorganization. The aggregate net asset value of your Growth Portfolio shares immediately after the applicable Reorganization will be the same as the aggregate net asset value of your Target Portfolio shares immediately prior to the Reorganization. The number of shares in which a Contract Owner is entitled to provide voting instructions will be determined by dividing his or her Variable Contract value allocated to the Target Portfolio on the record date by the share value of such Target Portfolio on the record date. | |
Q: | Will my privileges as a shareholder change after the Reorganization? | |
A: | Your rights as a shareholder will not change in any way as a result of the Reorganization relating to your Target Portfolio, but you will be a shareholder of the Growth Portfolio, which is a separate series of the Trust. The shareholder services available to you after the applicable Reorganization will be identical. | |
Q: | Who will advise the Growth Portfolio once the Reorganizations are completed? | |
A: | As you know, each Target Portfolio is advised by SunAmerica Asset Management Corp. (“SunAmerica”). The Growth Portfolio is also advised by SunAmerica and will continue to be advised by SunAmerica once the Reorganizations are completed. Each Portfolio also has multiple managers (the “Managers”), each of which is allocated a portion of the Portfolio. In addition to serving as the investment adviser to each Portfolio and |
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supervising activities of the other Managers, SunAmerica manages a portion of each Portfolio. Each of Janus Capital Management LLC (“Janus”) and Marsico Capital Management, LLC (“Marsico”) are subadvisers (the “Subadvisers”) of the Growth Portfolio and manage a portion of the Portfolio. It is anticipated that each of Janus and Marsico will continue to serve as Subadvisers to the Growth Portfolio following the completion of the Reorganization, and SunAmerica will continue to manage a portion of the Growth Portfolio. | ||
Q: | How will the Reorganizations affect Portfolio expenses? | |
A: | Following the Reorganizations, the Growth Portfolio’s projected total annual operating expenses are expected to be below those of each Target Portfolio with respect to each class of shares. | |
Q: | What will I have to do to open an account in the Growth Portfolio? What happens to my account if the Reorganization is approved? | |
A: | If the Reorganization relating to your Target Portfolio is approved, your shares automatically will be converted into shares of the Growth Portfolio on the date of the completion of the applicable Reorganization. You will receive written confirmation that this change has taken place. You will receive the same class of shares of the Growth Portfolio as you currently hold of your Target Portfolio. The aggregate net asset value of the shares you receive in the Reorganization relating to your Target Portfolio will be equal to the aggregate net asset value of the shares you own immediately prior to the Reorganization. | |
Q: | I have received other proxy statements from other funds in the SunAmerica complex. Is this a duplicate proxy statement? | |
A: | This is not a duplicate proxy statement. You are being asked to vote separately for each fund in which you own shares. The proposals included here were not included in any other proxy statement. | |
Q: | What happens if the Reorganization is not approved? | |
A: | If a Reorganization is not approved by shareholders of the relevant Target Portfolio the Reorganization will not occur, and the Board of Trustees will consider alternatives. | |
Q: | What happens if shareholders of one Target Portfolio approve their Reorganization, while shareholders of the other Target Portfolio do not? | |
A: | Each Reorganization is a separate transaction and is not dependent on the approval of the other Reorganization. Thus, if shareholders of one Target Portfolio approve the Reorganization relating to their Portfolio, their Portfolio will be reorganized, even if shareholders of the other Target Portfolio do not approve the Reorganization relating to their Portfolio. | |
Q: | Will the Reorganization create a taxable event for me? | |
A: | No, you will not recognize gain or loss for federal income tax purposes as a result of the Reorganization. | |
Q: | Who will pay for the Reorganization? | |
A: | SunAmerica or its affiliates will pay the expenses incurred in connection with the preparation of the Combined Prospectus/Proxy Statement, including all direct and indirect expenses and out-of-pocket costs other than any transaction costs relating to the sale of each Target Portfolio’s portfolio securities prior to or after the closing of the Reorganization relating to such Portfolio. Please refer to “Information About the Reorganizations — Expenses of the Reorganizations” for additional information about the expenses associated with each Reorganization. |
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Q: | How do I vote my shares? | |
A: | You can provide voting instructions for shares beneficially held through your Variable Contract by mail, telephone or internet. To vote by mail, please mark your vote on the enclosed voting instruction card and sign, date and return the card in the postage-paid envelope provided. To vote by telephone, please have the voting instruction card in hand and call the telephone number or go to the website address listed on the enclosed form and follow the instructions. | |
Q: | Why are multiple proxy cards or voting instruction cards enclosed? | |
A: | If you are a shareholder of more than one Target Portfolio, you will receive a voting instruction card for each Portfolio. | |
Q: | When will the Reorganization occur? | |
A: | If approved by shareholders, each Reorganization is expected to occur during the fourth quarter of 2010. A Reorganization will not take place if the Reorganization is not approved by the relevant Target Portfolio’s shareholders. | |
Q: | How does the Board of Trustees recommend that I vote? | |
A: | The Board recommends that shareholders vote “FOR” the Proposal. | |
Q: | Whom do I contact if I have questions? | |
A: | You may call the SunAmerica Annuity Service Center Monday through Friday from 5:00 a.m. Pacific Standard Time and 5:00 p.m. Pacific Standard Time at 1-800-445-7862. |
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Focus Growth and Income Portfolio
Focus TechNet Portfolio
1 SunAmerica Center
Los Angeles, California 90067-6022
(800-445-7862)
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By Order of the Board of Trustees, | ||||||
/s/ Nori L. Gabert | ||||||
Nori L. Gabert Secretary |
August [___], 2010
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Focus Growth and Income Portfolio
Focus TechNet Portfolio
Focus Growth Portfolio
Los Angeles, California 90067-6022
(800-445-7862)
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• | the Statement of Additional Information dated August [ ], 2010 (the “Reorganization SAI”), relating to this Combined Prospectus/Proxy Statement; | ||
• | the Prospectus of the Trust (the “Trust Prospectus”) dated July 28, 2010, which includes each Portfolio; | ||
• | the Statement of Additional Information of the Trust (the “Trust SAI”) dated July 28, 2010, which includes each Portfolio; and | ||
• | the Annual Report to Shareholders of the Trust for the fiscal year ended March 31, 2010 (the “Trust Annual Report”), which includes each Portfolio. |
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Focus Growth and Income Portfolio | Focus Growth Portfolio | |
and | c/o Seasons Series Trust | |
Focus TechNet Portfolio | 1 SunAmerica Center | |
c/o Seasons Series Trust | Los Angeles, California 90067-6022 | |
1 SunAmerica Center | (800-445-7862) | |
Los Angeles, California 90067-6022 | ||
(800-445-7862) |
In Person: | At the SEC’s Public Reference Room at 100 F Street, N.E., Washington, DC 20549. | |||
By Phone: | 1-202-551-8090 | |||
By Mail: | Public Reference Section Office of Consumer Affairs and Information Services Securities and Exchange Commission 100 F Street, N.E. Washington, DC 20549 (duplicating fee required) | |||
By E-mail: | publicinfo@sec.gov (duplicating fee required) | |||
By Internet: | www.sec.gov |
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• | the transfer of all the assets of the relevant Target Portfolio to the Growth Portfolio in exchange for the assumption by the Growth Portfolio of substantially all of the liabilities of the relevant Target Portfolio and Class 2 and Class 3 shares of the Growth Portfolio having an aggregate net asset value equal to the value of the assets of the relevant Target Portfolio acquired by the Growth Portfolio reduced by the amount of such assumed liabilities; | ||
• | the distribution of such Class 2 and Class 3 shares of the Growth Portfolio to the relevant Target Portfolio’s shareholders; and | ||
• | the termination of the relevant Target Portfolio as a series of the Trust. |
• | The fact that the investment objectives of the Growth and Income Portfolio and the Growth Portfolio are similar, and the investment objectives of the TechNet Portfolio and the Growth Portfolio are identical. The fact that the relevant Target Portfolio and the Growth Portfolio have similar investment programs and certain strategies of the relevant Target Portfolio and Growth Portfolio are compatible, while others are different. The Board of Trustees considered the principal differences in investment strategy between the Growth Portfolio and each relevant Target Portfolio. See “Summary—Investment Objectives and Principal Investment Strategies.” |
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• | The possibility that the Combined Fund may achieve certain operating efficiencies and economies of scale from its larger net asset size. | ||
• | The expectation that the Combined Fund will have total annual operating expenses below those of each Target Portfolio. | ||
• | The personnel of SunAmerica and the Subadvisers who will manage the Combined Fund. The Trustees considered that SunAmerica will continue to serve as the investment adviser of the Combined Fund after the Reorganizations, and the Subadvisers of the Growth Portfolio will continue to serve as subadvisers of the Combined Fund after the Reorganizations. See “Comparison of the Portfolios—Management of the Portfolios.” | ||
• | The relative performance histories of each Portfolio over different time periods compared with each other and to the relative benchmarks applicable to each Portfolio. | ||
• | The relative size of each of the Target Portfolios and the Growth Portfolio and the fact that the Trust’s Managed Allocation Portfolios (“MAPs”), each known as a fund-of-funds, are currently investing in the Growth Portfolio but not in either Target Portfolio. The Board of Trustees considered that while the Growth Portfolio will indirectly receive new assets as one of the underlying variable investment options available to each MAP, the Target Portfolios will not. | ||
• | The fact that it is currently anticipated that there will be no gain or loss recognized by shareholders for federal income tax purposes as a result of a Reorganization, as each Reorganization is expected to be a tax-free transaction. | ||
• | The fact that the aggregate net asset value of the shares that shareholders of the relevant Target Portfolio will receive in the Reorganization will equal the aggregate net asset value of the shares that shareholders of the relevant Target Portfolio own immediately prior to the Reorganization, and that shareholders of the relevant Target Portfolio will not be diluted as a result of the Reorganization. | ||
• | The fact that SunAmerica or its affiliates will pay the expenses incurred in connection with the preparation of this Combined Prospectus/Proxy Statement, including all direct and indirect expenses and out-of-pocket costs other than any transaction costs relating to the sale of each Target Portfolio’s portfolio securities prior to or after the applicable Reorganization as described in the relevant Reorganization Agreement. |
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Focus Growth Portfolio | Focus TechNet Portfolio | Focus Growth and Income Portfolio | ||||||||||
▪ | Active trading of equity securities selected on the basis of growth criteria, without regard to market capitalization. | ▪ | Active trading of equity securities of companies that demonstrate the potential for long-term growth of capital and that the Managers believe will benefit significantly from technological advances or improvements, without regard to market capitalization. | ▪ | Active trading of equity securities selected to achieve a blend of growth companies, value companies and companies that the Managers believe have elements of growth and value, issued by large-cap companies including those that may offer the potential for a reasonable level of current income. | |||||||
▪ | Under normal circumstances, at least 80% of net assets will be invested in such securities. | |||||||||||
▪ | Each Manager emphasizes a growth orientation. | ▪ | Each Manager emphasizes a growth orientation and emphasizes companies that benefit from technology | ▪ | Each Manager may emphasize either a growth orientation or a value orientation at any particular time. | |||||||
▪ | Equity securities of companies of any market capitalization, including | ▪ | Equity securities (at least 80% of net assets will be invested in technology companies) of any market capitalization, including | ▪ | Equity securities of large-cap companies, including | |||||||
– common stocks – preferred stocks – convertible securities – warrants – rights | – common stocks – preferred stocks – convertible securities – warrants – rights | – common stocks – preferred stocks – convertible securities – warrants – rights | ||||||||||
▪ | The Portfolio may invest in large-cap companies as part of its principal investment strategies. | ▪ | Investing in small and mid-cap companies is not a principal investment of the Portfolio, but can be a significant investment of the Portfolio. | ▪ | Investing in mid-cap companies is not a principal investment of the Portfolio, but can be a significant investment of the Portfolio. | |||||||
▪ | The Portfolio may invest in foreign securities. | ▪ | The Portfolio may invest in foreign securities. | ▪ | The Portfolio may invest in foreign securities. | |||||||
▪ | The Portfolio may invest in junk bonds (up to 20% of its net assets). | ▪ | The Portfolio may invest in junk bonds (up to 20% of its net assets). | ▪ | The Portfolio may invest in junk bonds (up to 20% of its net assets). |
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(as of March 31, 2010 (unaudited))
Actual | ||||||||||||
Growth and | Pro Forma | |||||||||||
Income | Growth | Combined | ||||||||||
Portfolio(1) | Portfolio(1)(2) | Fund*(1)(2) | ||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||
Management Fee | 1.00 | % | 1.00 | % | 1.00 | % | ||||||
Service (12b-1) Fees | 0.15 | % | 0.15 | % | 0.15 | % | ||||||
Other Expenses | 0.28 | % | 0.18 | % | 0.13 | % | ||||||
Total Annual Fund Operating Expenses | 1.43 | % | 1.33 | % | 1.28 | % | ||||||
Actual | ||||||||||||
Growth and | Pro Forma | |||||||||||
Income | Growth | Combined | ||||||||||
Portfolio(1) | Portfolio(1)(2) | Fund*(1)(2) | ||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||
Management Fee | 1.00 | % | 1.00 | % | 1.00 | % | ||||||
Service (12b-1) Fees | 0.25 | % | 0.25 | % | 0.25 | % | ||||||
Other Expenses | 0.28 | % | 0.18 | % | 0.13 | % | ||||||
Total Annual Fund Operating Expenses | 1.53 | % | 1.43 | % | 1.38 | % | ||||||
* | Pro Forma Combined Fund assumes the Reorganization of only the Growth and Income Portfolio into the Growth Portfolio. | |
(1) | Through expense offset arrangements resulting from broker commission recapture, a portion of each Portfolio’s other expenses have been reduced. For the year ended March 31, 2010, broker commission recapture amounts received by the Portfolios were used to offset the Portfolio’s other expenses. “Other Expenses” do not take into account these expense reductions and are therefore higher than the other expenses of the Portfolio. Had the expense reductions been taken into account, “Total Annual Fund Operating Expenses” for Class 2 and Class 3 would have been as follows: |
Portfolio | Class 2 | Class 3 | ||||||
Growth and Income Portfolio | 1.42 | % | 1.52 | % | ||||
Growth Portfolio | 1.32 | % | 1.42 | % | ||||
Pro Forma Combined Fund | 1.27 | % | 1.37 | % |
(2) | “Other Expenses” include “acquired fund fees and expenses” (i.e., fees and expenses incurred indirectly by these portfolios as a result of investments in shares of one or more “acquired funds”, as defined in the registration form applicable to the Growth Portfolio, which generally include investments in other mutual funds, hedge funds, private equity funds, and other pooled investment vehicles), which fees and expenses were less than 0.01%. |
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(as of March 31, 2010 (unaudited))
Actual | ||||||||||||
Pro Forma | ||||||||||||
TechNet | Growth | Combined | ||||||||||
Portfolio(1)(2)(3) | Portfolio(2)(4) | Fund*(2)(4) | ||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||
Management Fee | 1.20 | % | 1.00 | % | 1.00 | % | ||||||
Service (12b-1) Fees | 0.15 | % | 0.15 | % | 0.15 | % | ||||||
Other Expenses | 0.35 | % | 0.18 | % | 0.14 | % | ||||||
Total Annual Fund Operating Expenses | 1.70 | % | 1.33 | % | 1.29 | % | ||||||
Actual | ||||||||||||
Pro Forma | ||||||||||||
TechNet | Growth | Combined | ||||||||||
Portfolio(1)(2)(3) | Portfolio(2)(4) | Fund*(2)(4) | ||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||
Management Fee | 1.20 | % | 1.00 | % | 1.00 | % | ||||||
Service (12b-1) Fees | 0.25 | % | 0.25 | % | 0.25 | % | ||||||
Other Expenses | 0.35 | % | 0.18 | % | 0.14 | % | ||||||
Total Annual Fund Operating Expenses | 1.80 | % | 1.43 | % | 1.39 | % | ||||||
* | Pro Forma Combined Fund assumes the Reorganization of only the TechNet Portfolio into the Growth Portfolio. | |
(1) | SunAmerica is voluntarily waiving fees and/or reimbursing expenses so that the total net expense ratios for the TechNet Portfolio classes do not exceed 1.65% and 1.75% for Class 2 and Class 3, respectively. These waivers and reimbursements will continue indefinitely until the completion of the Reorganization, but may be terminated at any time. Because of the waiver of fees and/or reimbursing of expenses is voluntary it is not reflected as a reduction of the “Total Annual Portfolio Operation Expenses” listed above. The voluntary waivers and/or reimbursements are subject to recoupment by SunAmerica from the Portfolio within the following two years, provided that the Portfolio is able to effect such payment to SunAmerica and maintain the voluntary expense limitations. | |
(2) | Through expense offset arrangements resulting from broker commission recapture, a portion of each Portfolio’s other expenses have been reduced. For the year ended March 31, 2010, broker commission recapture amounts received by the Portfolios were used to offset the Portfolio’s other expenses. “Other Expenses” do not take into account these expense reductions and are therefore higher than the other expenses of the Portfolio. Had the expense reductions been taken into account, “Total Annual Fund Operating Expenses” for Class 2 and Class 3 would have been as follows: |
Portfolio | Class 2 | Class 3 | ||||||
TechNet Portfolio | 1.69 | % | 1.79 | % | ||||
Growth Portfolio | 1.32 | % | 1.42 | % | ||||
Pro Forma Combined Fund | 1.28 | % | 1.38 | % |
(3) | SunAmerica is voluntarily waiving on an annual basis 0.15% of the Management Fees. Because the waiver is voluntary, it is not reflected as a reduction of the “Total Annual Portfolio Operating Expenses” listed above. In addition, this additional waived amount will not be taken into account when determining the ability of SunAmerica to recoup any previously waived or reimbursed expenses. | |
(4) | “Other Expenses” include “acquired fund fees and expenses” (i.e., fees and expenses incurred indirectly by these portfolios as a result of investments in shares of one or more “acquired funds”, as defined in the registration form applicable to the Growth Portfolio, which generally include investments in other mutual funds, hedge funds, private equity funds, and other pooled investment vehicles), which fees and expenses were less than 0.01%. |
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and the Growth Portfolio and the Pro Forma Combined Fund*
(as of March 31, 2010 (unaudited))
Actual | ||||||||||||||||
Growth and | Pro Forma | |||||||||||||||
Income | TechNet | Growth | Combined | |||||||||||||
Portfolio(1) | Portfolio(1)(2) (3) | Portfolio(1)(4) | Fund*(1)(4) | |||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||
Management Fee | 1.00 | % | 1.20 | % | 1.00 | % | 1.00 | % | ||||||||
Service (12b-1) Fees | 0.15 | % | 0.15 | % | 0.15 | % | 0.15 | % | ||||||||
Other Expenses | 0.28 | % | 0.35 | % | 0.18 | % | 0.12 | % | ||||||||
Total Annual Fund Operating Expenses | 1.43 | % | 1.70 | % | 1.33 | % | 1.27 | % | ||||||||
Actual | ||||||||||||||||
Growth and | Pro Forma | |||||||||||||||
Income | TechNet | Growth | Combined | |||||||||||||
Portfolio(1) | Portfolio(1)(2)(3) | Portfolio(1)(4) | Fund*(1)(4) | |||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||
Management Fee | 1.00 | % | 1.20 | % | 1.00 | % | 1.00 | % | ||||||||
Service (12b-1) Fees | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||
Other Expenses | 0.28 | % | 0.35 | % | 0.18 | % | 0.12 | % | ||||||||
Total Annual Fund Operating Expenses | 1.53 | % | 1.80 | % | 1.43 | % | 1.37 | % | ||||||||
* | Pro Forma Combined Fund assumes the Reorganization of each of the Growth and Income Portfolio and the TechNet Portfolio into the Growth Portfolio. | |
(1) | Through expense offset arrangements resulting from broker commission recapture, a portion of each Portfolio’s other expenses have been reduced. For the year ended March 31, 2010, broker commission recapture amounts received by the Portfolios were used to offset the Portfolio’s other expenses. “Other Expenses” do not take into account these expense reductions and are therefore higher than the other expenses of the Portfolio. Had the expense reductions been taken into account, “Total Annual Fund Operating Expenses” for Class 2 and Class 3 would have been as follows: |
Portfolio | Class 2 | Class 3 | ||||||
Growth and Income Portfolio | 1.42 | % | 1.52 | % | ||||
TechNet Portfolio | 1.69 | % | 1.79 | % | ||||
Growth Portfolio | 1.32 | % | 1.42 | % | ||||
Pro Forma Combined Fund | 1.26 | % | 1.36 | % |
(2) | SunAmerica is voluntarily waiving fees and/or reimbursing expenses so that the total net expense ratios for the TechNet Portfolio classes do not exceed 1.65% and 1.75% for Class 2 and Class 3, respectively. These waivers and reimbursements will continue indefinitely until the completion of the Reorganization, but may be terminated at any time. Because of the waiver of fees and/or reimbursing of expenses is voluntary, it is not reflected as a reduction of the “Total Annual Portfolio Operating Expenses” listed above. The voluntary waivers and/or reimbursements are subject to recoupment by SunAmerica from the Portfolio within the following two years, provided that the Portfolio is able to effect such payment to SunAmerica and maintain the voluntary expense limitations. | |
(3) | SunAmerica is voluntarily waiving on an annual basis 0.15% of the Management Fees. Because the waiver is voluntary, it is not reflected as a reduction of the “Total Annual Portfolio Operating Expenses” listed above. In addition, this additional waived amount will not be taken into account when determining the ability of SunAmerica to recoup any previously waived or reimbursed expenses. | |
(4) | “Other Expenses” include “acquired fund fees and expenses” (i.e., fees and expenses incurred indirectly by these portfolios as a result of investments in shares of one or more “acquired funds”, as defined in the registration form applicable to the Growth Portfolio, which generally include investments in other mutual funds, hedge funds, private equity funds, and other pooled investment vehicles), which fees and expenses were less than 0.01%. |
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1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
Class 2 | ||||||||||||||||
Growth and Income Portfolio | $ | 146 | $ | 452 | $ | 782 | $ | 1,713 | ||||||||
Growth Portfolio | $ | 135 | $ | 421 | $ | 729 | $ | 1,601 | ||||||||
Pro Forma Combined Fund | $ | 130 | $ | 406 | $ | 702 | $ | 1,545 | ||||||||
Class 3 | ||||||||||||||||
Growth and Income Portfolio | $ | 156 | $ | 483 | $ | 834 | $ | 1,824 | ||||||||
Growth Portfolio | $ | 146 | $ | 452 | $ | 782 | $ | 1,713 | ||||||||
Pro Forma Combined Fund | $ | 141 | $ | 437 | $ | 755 | $ | 1,657 |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
Class 2 | ||||||||||||||||
TechNet Portfolio | $ | 173 | $ | 536 | $ | 923 | $ | 2,009 | ||||||||
Growth Portfolio | $ | 135 | $ | 421 | $ | 729 | $ | 1,601 | ||||||||
Pro Forma Combined Fund | $ | 131 | $ | 409 | $ | 708 | $ | 1,556 | ||||||||
Class 3 | ||||||||||||||||
TechNet Portfolio | $ | 183 | $ | 566 | $ | 975 | $ | 2,116 | ||||||||
Growth Portfolio | $ | 146 | $ | 452 | $ | 782 | $ | 1,713 | ||||||||
Pro Forma Combined Fund | $ | 142 | $ | 440 | $ | 761 | $ | 1,669 |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
Class 2 | ||||||||||||||||
Growth and Income Portfolio | $ | 146 | $ | 452 | $ | 782 | $ | 1,713 | ||||||||
TechNet Portfolio | $ | 173 | $ | 536 | $ | 923 | $ | 2,009 | ||||||||
Growth Portfolio | $ | 135 | $ | 421 | $ | 729 | $ | 1,601 | ||||||||
Pro Forma Combined Fund | $ | 129 | $ | 403 | $ | 697 | $ | 1,534 | ||||||||
Class 3 | ||||||||||||||||
Growth and Income Portfolio | $ | 156 | $ | 483 | $ | 834 | $ | 1,824 | ||||||||
TechNet Portfolio | $ | 183 | $ | 566 | $ | 975 | $ | 2,116 | ||||||||
Growth Portfolio | $ | 146 | $ | 452 | $ | 782 | $ | 1,713 | ||||||||
Pro Forma Combined Fund | $ | 139 | $ | 434 | $ | 750 | $ | 1,646 |
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Growth and Income Portfolio | Growth Portfolio | |||||||
Principal Risks | § | Securities Selection Risk | § | Securities Selection Risk | ||||
§ | Equity Securities Risk | § | Equity Securities Risk | |||||
§ | Market Risk | § | Market Risk | |||||
§ | Non-Diversification Risk | § | Non-Diversification Risk | |||||
§ | Growth Stocks Risk | § | Growth Stocks Risk | |||||
§ | Active Trading Risk | § | Active Trading Risk | |||||
§ | Value Investing Risk | § | N/A | |||||
§ | Large-Capitalization Companies Risk | § | Large-Capitalization Companies Risk (non-principal risk) |
TechNet Portfolio | Growth Portfolio | |||||||
Principal Risks | § | Securities Selection Risk | § | Securities Selection Risk | ||||
§ | Equity Securities Risk | § | Equity Securities Risk | |||||
§ | Market Risk | § | Market Risk | |||||
§ | Non-Diversification Risk | § | Non-Diversification Risk | |||||
§ | Growth Stocks Risk | § | Growth Stocks Risk | |||||
§ | Technology Sector Risk | § | N/A | |||||
§ | Active Trading Risk | § | Active Trading Risk | |||||
§ | Foreign Investment Risk | § | Foreign Investment Risk (non-principal risk) | |||||
§ | Convertible Securities Risk | § | Convertible Securities Risk (non-principal risk) |
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Growth and Income Portfolio | Growth Portfolio | |||||||
Principal Risks | § | Securities Selection Risk | § | Securities Selection Risk | ||||
§ | Equity Securities Risk | § | Equity Securities Risk | |||||
§ | Market Risk | § | Market Risk | |||||
§ | Non-Diversification Risk | § | Non-Diversification Risk | |||||
§ | Growth Stocks Risk | § | Growth Stocks Risk | |||||
§ | Active Trading Risk | § | Active Trading Risk | |||||
§ | Value Investing Risk | § | N/A | |||||
§ | Large-Capitalization Companies Risk | § | Large-Capitalization Companies Risk (non-principal risk) |
TechNet Portfolio | Growth Portfolio | |||||||
Principal Risks | § | Securities Selection Risk | § | Securities Selection Risk | ||||
§ | Equity Securities Risk | § | Equity Securities Risk | |||||
§ | Market Risk | § | Market Risk | |||||
§ | Non-Diversification Risk | § | Non-Diversification Risk | |||||
§ | Growth Stocks Risk | § | Growth Stocks Risk | |||||
§ | Technology Sector Risk | § | N/A | |||||
§ | Active Trading Risk | § | Active Trading Risk | |||||
§ | Foreign Investment Risk | § | Foreign Investment Risk (non-principal risk) | |||||
§ | Convertible Securities Risk | § | Convertible Securities Risk (non-principal risk) |
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Class 2 Shares of the Growth and Income Portfolio
Since | Since | |||||||||||||||
Inception | Inception | |||||||||||||||
1 | 5 | Class 2 | Class 3 | |||||||||||||
Year | Years | (12/29/00) | (11/11/02) | |||||||||||||
Class 2 Shares | 27.26 | % | -0.58 | % | -0.55 | % | N/A | |||||||||
Class 3 Shares | 27.23 | % | -0.68 | % | N/A | 4.36 | % | |||||||||
S&P 500® Index1 | 26.46 | % | 0.42 | % | 0.00 | % | 5.20 | % |
1 | The S&P 500® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. |
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Class 2 Shares of the TechNet Portfolio
Since | Since | |||||||||||||||
Inception | Inception | |||||||||||||||
1 | 5 | Class 2 | Class 3 | |||||||||||||
Year | Years | (12/29/00) | (11/11/02) | |||||||||||||
Class 2 Shares | 54.77 | % | 1.75 | % | -5.16 | % | N/A | |||||||||
Class 3 Shares | 54.97 | % | 1.65 | % | N/A | 11.41 | % | |||||||||
Nasdaq-100® Index1 | 54.63 | % | 3.33 | % | -2.17 | % | 9.43 | % |
1 | The NASDAQ-100® Index includes 100 of the largest domestic and international non-financial securities listed on the NASDAQ Stock Market based on market capitalization. |
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Class 2 Shares of the Growth Portfolio
Since | Since | Since | ||||||||||||||||||
Inception | Inception | Inception | ||||||||||||||||||
1 | 5 | Class 1 | Class 2 | Class 3 | ||||||||||||||||
Year | Years | (7/5/00) | (10/16/00) | (11/11/02) | ||||||||||||||||
Class 2 Shares | 38.41 | % | 1.16 | % | N/A | -0.62 | % | N/A | ||||||||||||
Class 3 Shares | 38.32 | % | 1.07 | % | N/A | N/A | 5.53 | % | ||||||||||||
S&P 500® Index | 26.46 | % | 0.42 | % | -0.95 | % | -0.41 | % | 5.20 | % | ||||||||||
Russell 3000® Growth Index1 | 37.01 | % | 1.58 | % | -4.14 | % | -3.24 | % | 6.15 | % |
1 | The Russell 3000® Growth Index measures the performance of those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The stocks in the index are also members of the Russell 3000® Growth or the Russell 2000 Growth indexes. |
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Portfolio | Managers | |||
Growth and Income Portfolio | • | SunAmerica | ||
• | Marsico Capital Management, LLC (“Marsico”) | |||
• | Thornburg Investment Management, Inc. (“Thornburg”) | |||
TechNet Portfolio | • | SunAmerica | ||
• | BAMCO, Inc. (“BAMCO”) | |||
• | RCM Capital Management LLC (“RCM”) |
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Portfolio | Managers | |||
Growth Portfolio | • | SunAmerica | ||
• | Janus Capital Management LLC (“Janus”) | |||
• | Marsico |
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Average daily net assets of the | ||||||||||
Portfolio | Fund | Advisory Fee Rate | ||||||||
Growth and Income Portfolio | First $250 million | 1.00 | % | |||||||
Next $250 million | 0.95 | % | ||||||||
Over $500 million | 0.90 | % | ||||||||
TechNet Portfolio | First $250 million | 1.20 | % | |||||||
Next $250 million | 1.10 | % | ||||||||
Over $500 million | 1.00 | % | ||||||||
Growth Portfolio | First $250 million | 1.00 | % | |||||||
Next $250 million | 0.95 | % | ||||||||
Over $500 million | 0.90 | % |
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• | the approval of the Reorganization by the Target Portfolio’s shareholders; | ||
• | the absence of any rule, regulation, order, injunction or proceeding preventing or seeking to prevent the consummation of the transactions contemplated by the Reorganization Agreement; | ||
• | the receipt of all necessary approvals, consents, registrations and exemptions under federal, state and local laws; | ||
• | the truth in all material respects as of the Closing Date of the representations and warranties of the Portfolios and performance and compliance in all material respects with the Portfolios’ agreements, obligations and covenants required by the Reorganization Agreement; | ||
• | the effectiveness under applicable law of the registration statement of the Trust of which this Combined Prospectus/Proxy Statement forms a part and the absence of any stop orders under the Securities Act of 1933 pertaining thereto; | ||
• | the declaration of a dividend by the Target Portfolio to distribute all of its undistributed net investment income and net capital gains; and | ||
• | the receipt of opinions of counsel relating to, among other things, the tax-free nature of the Reorganization. |
• | The investment objectives of the Growth and Income Portfolio and the Growth Portfolio are similar, and the investment objectives of the TechNet Portfolio and the Growth Portfolio are identical, and certain investment strategies and techniques are compatible; however, certain investment strategies and techniques are different. See “Summary—Investment Objectives and Principal Investment Strategies.” |
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• | The possibility that the Combined Fund may achieve certain operating efficiencies from its larger net asset size. |
• | The expectation that the Combined Fund will have projected total annual operating expenses below those of each Target Portfolio, even after taking into account applicable voluntary fee waivers and expense reimbursement arrangements of the Target Portfolios. |
• | The personnel of SunAmerica and the Subadvisers who will manage the Combined Fund. The Trustees considered that SunAmerica will continue to serve as the investment adviser and manage a portion of the Combined Fund after the Reorganizations and that Janus and Marsico will continue to serve as Subadvisers to the Combined Fund after the closing of the Reorganizations. |
• | The relative performance histories of each of the Target Portfolios and the Growth Portfolio. |
• | The relative size of each of the Target Portfolios and the Growth Portfolio. |
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• | The fact that there will be no gain or loss recognized by Life Company Holders for federal income tax purposes as a result of a Reorganization, as each Reorganization is expected to be a tax-free transaction. |
• | That the shareholders of the Portfolios will not be diluted as a result of the Reorganizations. |
• | The costs associated with each Reorganization will be borne solely by SunAmerica or its affiliates and will not be borne by shareholders (except that shareholders will pay any brokerage or trading expenses of securities sold prior to and immediately following the applicable Reorganization). |
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• | No gain or loss will be recognized by the Target Portfolio or by the Growth Portfolio upon the transfer of substantially all of the assets of the Target Portfolio to the Growth Portfolio solely in exchange for the shares of the Growth Portfolio and the assumption by the Growth Portfolio of certain liabilities of the Target Portfolio except for (A) any gain or loss that may be recognized on “Section 1256 contracts” as defined in Section 1256(b) of the Code as a result of the closing of the tax year of the Target Portfolio, (B) any gain that may be recognized on the transfer of stock in a “passive foreign investment company” as defined in Section 1297(a) of the Code, and (C) any other gain or loss that may be required to be recognized as a result of the closing of the tax year of the Target Portfolio; or upon the distribution of the shares of the Growth Portfolio by the Target Portfolio to its Life Company Holders in the subsequent termination of the Target Portfolio. | ||
• | No gain or loss will be recognized by a Life Company Holders of the Target Portfolio who exchanges all of his, her or its shares of the Target Portfolio solely for the shares of the Growth Portfolio pursuant to the Reorganization. | ||
• | The tax basis of the shares of the Growth Portfolio received by a Life Company Holder of the Target Portfolio pursuant to the Reorganization (including any fractional share) will be the same as the tax basis of the shares of the Target Portfolio surrendered in exchange therefor. | ||
• | The holding period of the shares of the Growth Portfolio received by a Life Company Holder of the Target Portfolio pursuant to the Reorganization (including any fractional share) will include the holding period of the shares of the Target Portfolio surrendered in exchange therefor. | ||
• | The Growth Portfolio’s tax basis in assets of the Target Portfolio received by the Growth Portfolio pursuant to the Reorganization will, in each instance, equal the tax basis of such assets in the hands of the Target Portfolio immediately prior to the Reorganization increased by the amount of gain (or decreased by the amount of loss), if any, recognized by the Target Portfolio upon the transfer, and the Growth Portfolio’s holding period for such assets will, in each instance, include the period during which the assets were held by the Target Portfolio except for any assets which may be marked to market for federal income taxes on the termination of the Target Portfolio’s taxable year or on which gain was recognized upon the transfer to the Growth Portfolio. |
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Class 1 | Class 2 | Class 3 | Total | |||||||||||||
Net Assets: | N/A | $ | 20,066,098 | $ | 19,476,294 | $ | 39,542,392 | |||||||||
Shares Outstanding: | N/A | 3,092,000 | 3,009,874 | 6,101,874 | ||||||||||||
Net Assets Per Share: | N/A | $ | 6.49 | $ | 6.47 |
Class 1 | Class 2 | Class 3 | Total | |||||||||||||
Net Assets: | N/A | $ | 14,365,519 | $ | 17,062,748 | $ | 31,428,267 | |||||||||
Shares Outstanding: | N/A | 2,719,312 | 3,257,095 | 5,976,407 | ||||||||||||
Net Assets Per Share: | N/A | $ | 5.28 | $ | 5.24 |
Class 1 | Class 2 | Class 3 | Total | |||||||||||||
Net Assets: | $ | 2,156,185 | $ | 31,688,571 | $ | 41,987,779 | $ | 75,832,535 | ||||||||
Shares Outstanding: | 261,544 | 3,902,898 | 5,213,465 | 9,377,907 | ||||||||||||
Net Assets Per Share: | $ | 8.24 | $ | 8.12 | $ | 8.05 |
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Growth Portfolio)
Class 1 | Class 2 | Class 3 | Total | |||||||||||||
Net Assets(1): | $ | — | $ | (2,862 | ) | $ | (2,778 | ) | $ | (5,640 | ) | |||||
Shares Outstanding(2): | — | (621,158 | ) | (590,804 | ) | (1,211,962 | ) | |||||||||
Net Assets Per Share: | $ | — | $ | — | $ | — |
Pro Forma Combined Fund
Class 1 | Class 2 | Class 3 | Total | |||||||||||||
Net Assets: | $ | 2,156,185 | $ | 51,751,807 | $ | 61,461,295 | $ | 115,369,287 | ||||||||
Shares Outstanding: | 261,544 | 6,373,740 | 7,632,535 | 14,267,819 | ||||||||||||
Net Assets Per Share: | $ | 8.24 | $ | 8.12 | $ | 8.05 |
Class 1 | Class 2 | Class 3 | Total | |||||||||||||
Net Assets: | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares Outstanding(2): | — | (950,160 | ) | (1,137,499 | ) | (2,087,659 | ) | |||||||||
Net Assets Per Share: | $ | — | $ | — | $ | — |
Pro Forma Combined Fund
Class 1 | Class 2 | Class 3 | Total | |||||||||||||
Net Assets: | $ | 2,156,185 | $ | 46,054,090 | $ | 59,050,527 | $ | 107,260,802 | ||||||||
Shares Outstanding: | 261,544 | 5,672,050 | 7,333,061 | 13,266,655 | ||||||||||||
Net Assets Per Share: | $ | 8.24 | $ | 8.12 | $ | 8.05 |
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Portfolio into the Growth Portfolio)
Class 1 | Class 2 | Class 3 | Total | |||||||||||||
Net Assets(1): | $ | — | $ | (2,862 | ) | $ | (2,778 | ) | $ | (5,640 | ) | |||||
Shares Outstanding(2): | — | (1,571,318 | ) | (1,728,302 | ) | (3,299,620 | ) | |||||||||
Net Assets Per Share: | $ | — | $ | — | $ | — |
Pro Forma Combined Fund
Class 1 | Class 2 | Class 3 | Total | |||||||||||||
Net Assets: | $ | 2,156,185 | $ | 66,117,326 | $ | 78,524,043 | $ | 146,797,554 | ||||||||
Shares Outstanding: | 261,544 | 8,142,892 | 9,752,132 | 18,156,568 | ||||||||||||
Net Assets Per Share: | $ | 8.24 | $ | 8.12 | $ | 8.05 |
(1) | To adjust for the remaining balances of any prepaid expenses of the Growth and Income Portfolio to be expensed prior to the applicable Reorganization. | |
(2) | To adjust for a tax-free exchange of Growth and Income Portfolio shares and TechNet Portfolio shares for shares of the Growth Portfolio. |
Class; Type of | % of Combined Fund | |||||||||||||||
Name & Address | Ownership | % of Class | % of Portfolio | Post-Closing | ||||||||||||
Growth and Income Portfolio | ||||||||||||||||
[ ] | ||||||||||||||||
TechNet Portfolio | ||||||||||||||||
[ ] |
Class; Type of | % of Combined Fund | |||||||||||||||
Name & Address | Ownership | % of Class | % of Portfolio | Post-Closing | ||||||||||||
[ ] |
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Share Class | Number of Shares | |||
Class 2 | 2,902,872.83 | |||
Class 3 | 2,946,137.16 |
Share Class | Number of Shares | |||
Class 2 | 2,463,442.13 | |||
Class 3 | 3,096,722.83 |
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1. | Invest more than 25% of the Portfolio’s total assets in the securities of issuers in the same industry, except that the Focus TechNet Portfolio may invest over 25% of its total assets in the securities of issuers in the technology industry. Obligations of the U.S. government, its agencies and instrumentalities are not subject to this 25% limitation on industry concentration. The gas, electric, water and telephone businesses will be considered separate industries. The Focus TechNet Portfolio invests primarily in the securities of issuers in the technology sector and therefore is not subject to the 25% limitation on industry concentration with respect to any industry within the technology sector. | ||
2. | Invest in real estate (including limited partnership interests but excluding securities of companies, such as real estate investment trusts, that deal in real estate or interests therein); provided that a Portfolio may hold or sell real estate acquired as a result of the ownership of securities. | ||
3. | Purchase or sell commodities or commodity contracts, except to the extent that each Portfolio may do so in accordance with applicable law and the Portfolio’s Prospectuses and Statement of Additional Information, as they may be amended from time to time, and without registering as a commodity pool operator under the Commodity Exchange Act. Any Portfolio may engage in transactions in put and call options on securities, indices and currencies, spread transactions, forward and futures contracts on securities, indices and currencies, put and call options on such futures contracts, forward commitment transactions, forward foreign currency exchange contracts, interest rate, mortgage and currency swaps and interest rate floors and caps and may purchase Hybrid Instruments. | ||
4. | Make loans to others except for (a) the purchase of debt securities; (b) entering into repurchase agreements; (c) the lending of its portfolio securities; and (d) as otherwise permitted by exemptive order of the SEC. | ||
5. | Borrow money, except that (i) each Portfolio may borrow in amounts up to 33 1/3% of its total assets for temporary or emergency purposes, (ii) the Focus Growth Portfolio, Focus TechNet Portfolio and Focus Growth and Income Portfolio may borrow for investment purposes to the maximum extent permissible under the 1940 Act (i.e., presently 50% of net assets), and (iii) a Portfolio may obtain such short-term credit as may be necessary for the clearance of purchases and sales of portfolio securities. This policy shall not prohibit a Portfolio’s engaging in reverse repurchase agreements, dollar rolls and similar investment strategies described in the Prospectuses and SAI, as they may be amended from time to time. | ||
6. | Issue senior securities as defined in the 1940 Act, except that each Portfolio may enter into repurchase agreements, reverse repurchase agreements and dollar rolls, lend its portfolio securities and borrow money, as described above, and engage in similar investment strategies described in the Prospectuses and SAI, as they may be amended from time to time. | ||
7. | Engage in underwriting of securities issued by others, except to the extent that the Portfolio may be deemed to be an underwriter in connection with the disposition of portfolio securities of the Portfolio. | ||
The following additional restrictions are not fundamental policies and may be changed by the Trustees without a vote of shareholders. Each Portfolio may not: | |||
8. | Purchase securities on margin. | ||
9. | Pledge, mortgage or hypothecate its assets, except to the extent necessary to secure permitted borrowings and, to the extent related to the segregation of assets in connection with the writing of covered put and call options and the purchase of securities or currencies on a forward commitment or delayed-delivery basis and collateral and initial or variation margin arrangements with respect to forward contracts, options, |
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futures contracts and options on futures contracts. In addition, a Portfolio may pledge assets in reverse repurchase agreements, dollar rolls and similar investment strategies described in the Prospectuses and SAI, as they may be amended from time to time. | |||
10. | Sell securities short, including short sales “against the box” (i.e., where a Portfolio contemporaneously owns, or has the right to acquire at no additional cost, securities identical or substantially similar to those sold short) if as a result more than 25% of its net assets would be subject to such short sales. | ||
11. | Purchase or sell securities of other investment companies except (i) to the extent permitted by applicable law; and (ii) that Janus may invest uninvested cash balances of their respective component of each Portfolio in money market mutual funds that it manages to the extent permitted by applicable law. Further, without prohibiting them from acquiring the securities of registered investment companies to the extent otherwise permissible under applicable law, with respect to each Portfolio, the Portfolio may not acquire any securities of registered open-end investment companies or registered unit investment trusts in reliance on subparagraphs (F) or (G) of Section 12(d)(1) of the 1940 Act. | ||
12. | Enter into any repurchase agreement maturing in more than seven days or investing in any other illiquid security if, as a result, more than 15% of a Portfolio’s net assets would be so invested. Restricted securities eligible for resale pursuant to Rule 144A under the Securities Act that have a readily available market, and commercial paper exempted from registration under the Securities Act pursuant to Section 4(2) of that Act that may be offered and sold to “qualified institutional buyers” as defined in Rule 144A, which the Manager has determined to be liquid pursuant to guidelines established by the Trustees, will not be considered illiquid for purposes of this 15% limitation on illiquid securities. |
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THE ASSUMPTION OF THE TARGET FUND’S LIABILITIES AND LIQUIDATION OF THE TARGET FUND
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FUND AND THE TARGET FUND
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SEASONS SERIES TRUST, on behalf of its series, Portfolio | ||||
By: | ||||
Name: | ||||
Title: | ||||
SEASONS SERIES TRUST, on behalf of its series, FOCUS GROWTH PORTFOLIO | ||||
By: | ||||
Name: | ||||
Title: | ||||
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Focus Growth and Income Portfolio
Focus TechNet Portfolio
Focus Growth Portfolio
2 | ||||
2 | ||||
Pro Forma Combined Fund Portfolio of Investments as of March 31, 2010 (unaudited) | 3 | |||
Pro Forma Combined Fund Condensed Statement of Assets and Liabilities as of March 31, 2010 (unaudited) | 6 | |||
Pro Forma Combined Fund Condensed Statement of Operations for the twelve months ended March 31, 2010 (unaudited) | 7 | |||
Notes to Pro Forma Combined Financial Statements (Unaudited)* | 8 |
* | The accompanying notes are an integral part of the pro forma financial statements and schedules. |
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THE GROWTH AND INCOME PORTFOLIO, THE TECHNET PORTFOLIO
AND THE GROWTH PORTFOLIO
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Shares | Value (Note 2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Focus | Focus Growth | Focus | Pro Forma | Maturity | Focus | Focus Growth | Focus | Pro Forma | Focus | Focus Growth | Focus | Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||
TechNet | and Income | Growth | Combined | Security Description | Coupon | Date | TechNet | and Income | Growth | Combined | TechNet | and Income | Growth | Combined | ||||||||||||||||||||||||||||||||||||||||||
COMMON STOCK | 95.7 | % | 96.4 | % | 92.8 | % | 94.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Aerospace/Defense | 0.0 | % | 2.9 | % | 1.6 | % | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 20,000 | — | 20,000 | Raytheon Co. * | $ | — | $ | 1,142,400 | $ | — | $ | 1,142,400 | ||||||||||||||||||||||||||||||||||||||||||||
— | — | 52,800 | 52,800 | Spirit Aerosystems Holdings, Inc., Class A + | — | — | 1,234,464 | 1,234,464 | ||||||||||||||||||||||||||||||||||||||||||||||||
Aerospace/Defense-Equipment | 0.0 | % | 2.8 | % | 0.0 | % | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 15,000 | — | 15,000 | United Technologies Corp. * | — | 1,104,150 | — | 1,104,150 | ||||||||||||||||||||||||||||||||||||||||||||||||
Auto/Truck Parts & Equipment-Original | 0.0 | % | 0.0 | % | 2.4 | % | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | — | 22,600 | 22,600 | Lear Corp. + | — | — | 1,793,310 | 1,793,310 | ||||||||||||||||||||||||||||||||||||||||||||||||
Applications Software | 8.1 | % | 3.0 | % | 0.0 | % | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
33,500 | 40,000 | — | 73,500 | Microsoft Corp. * | 980,545 | 1,170,800 | — | 2,151,345 | ||||||||||||||||||||||||||||||||||||||||||||||||
20,820 | — | — | 20,820 | Salesforce.com, Inc. +* | 1,550,049 | — | — | 1,550,049 | ||||||||||||||||||||||||||||||||||||||||||||||||
Banks-Super Regional | 0.0 | % | 3.8 | % | 0.0 | % | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 57,800 | — | 57,800 | US Bancorp * | — | 1,495,864 | — | 1,495,864 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cellular Telecom | 4.0 | % | 0.0 | % | 0.0 | % | 0.9 | % | — | |||||||||||||||||||||||||||||||||||||||||||||||
30,150 | — | — | 30,150 | NII Holdings, Inc. +* | 1,256,049 | — | — | 1,256,049 | ||||||||||||||||||||||||||||||||||||||||||||||||
Chemicals-Diversified | 0.0 | % | 4.0 | % | 3.7 | % | 3.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 53,855 | 95,998 | 149,853 | The Dow Chemical Co. | — | 1,592,492 | 2,838,661 | 4,431,153 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Services-Finance | 0.0 | % | 3.4 | % | 3.2 | % | 2.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 14,962 | 26,669 | 41,631 | Visa, Inc., Class A | — | 1,361,991 | 2,427,679 | 3,789,670 | ||||||||||||||||||||||||||||||||||||||||||||||||
Computers | 6.8 | % | 8.5 | % | 17.9 | % | 13.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
4,750 | 7,622 | 42,578 | 54,950 | Apple, Inc. + | 1,115,917 | 1,790,637 | 10,002,850 | 12,909,404 | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 104,100 | — | 104,100 | Dell, Inc. +* | — | 1,562,541 | — | 1,562,541 | ||||||||||||||||||||||||||||||||||||||||||||||||
19,400 | — | 67,900 | 87,300 | Hewlett-Packard Co. | 1,031,110 | — | 3,608,885 | 4,639,995 | ||||||||||||||||||||||||||||||||||||||||||||||||
Computer Services | 3.4 | % | 0.0 | % | 0.0 | % | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
20,835 | — | — | 20,835 | Cognizant Technology Solutions Corp., Class A +* | 1,062,168 | — | — | 1,062,168 | ||||||||||||||||||||||||||||||||||||||||||||||||
Computers-Integrated Systems | 4.4 | % | 0.0 | % | 0.0 | % | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
48,345 | — | — | 48,345 | Riverbed Technology, Inc. +* | 1,372,998 | — | — | 1,372,998 | ||||||||||||||||||||||||||||||||||||||||||||||||
Computers-Memory Devices | 2.9 | % | 0.0 | % | 0.0 | % | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
50,000 | — | — | 50,000 | EMC Corp. +* | 902,000 | — | — | 902,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consulting Services | 2.8 | % | 0.0 | % | 0.0 | % | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
40,000 | — | — | 40,000 | Gartner, Inc. +* | 889,600 | — | — | 889,600 | ||||||||||||||||||||||||||||||||||||||||||||||||
Diversified Banking Institutions | 0.0 | % | 7.0 | % | 5.8 | % | 4.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 30,000 | 73,746 | 103,746 | Bank of America Corp. | — | 535,500 | 1,316,366 | 1,851,866 | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 29,994 | 34,529 | 64,523 | JP Morgan Chase & Co. | — | 1,342,231 | 1,545,173 | 2,887,404 | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 5,293 | 9,143 | 14,436 | The Goldman Sachs Group, Inc. | — | 903,145 | 1,560,070 | 2,463,215 | ||||||||||||||||||||||||||||||||||||||||||||||||
Diversified Manufacturing Operations | 0.0 | % | 3.3 | % | 0.0 | % | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 66,200 | — | 66,200 | Trinity Industries, Inc. * | — | 1,321,352 | — | 1,321,352 | ||||||||||||||||||||||||||||||||||||||||||||||||
Diversified Minerals | 0.0 | % | 4.3 | % | 4.0 | % | 3.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 24,900 | 44,200 | 69,100 | BHP Billiton PLC ADR | — | 1,703,907 | 3,024,606 | 4,728,513 | ||||||||||||||||||||||||||||||||||||||||||||||||
E-Commerce/Products | 4.7 | % | 3.6 | % | 3.3 | % | 3.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
10,795 | 10,425 | 18,565 | 39,785 | Amazon.com, Inc. + | 1,465,205 | 1,414,985 | 2,519,827 | 5,400,017 | ||||||||||||||||||||||||||||||||||||||||||||||||
E-Commerce/Services | 2.0 | % | 3.9 | % | 3.7 | % | 3.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
23,845 | — | — | 23,845 | eBay, Inc. +* | 642,623 | — | — | 642,623 | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 6,021 | 10,941 | 16,962 | priceline.com, Inc. + | — | 1,535,355 | 2,789,955 | 4,325,310 | ||||||||||||||||||||||||||||||||||||||||||||||||
Electronic Components-Semiconductors | 6.8 | % | 0.0 | % | 2.8 | % | 2.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
52,800 | — | 104,700 | 157,500 | Avago Technologies, Ltd. + | 1,085,568 | — | 2,152,632 | 3,238,200 | ||||||||||||||||||||||||||||||||||||||||||||||||
32,000 | — | — | 32,000 | Broadcom Corp., Class A * | 1,061,760 | — | — | 1,061,760 | ||||||||||||||||||||||||||||||||||||||||||||||||
Electronic Forms | 3.1 | % | 0.0 | % | 0.0 | % | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
27,700 | — | — | 27,700 | Adobe Systems, Inc. +* | 979,749 | — | — | 979,749 | ||||||||||||||||||||||||||||||||||||||||||||||||
Enterprise Software/Service | 3.1 | % | 0.0 | % | 0.0 | % | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
38,100 | — | — | 38,100 | Oracle Corp. * | 978,789 | — | — | 978,789 | ||||||||||||||||||||||||||||||||||||||||||||||||
Entertainment Software | 3.2 | % | 0.0 | % | 0.0 | % | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
83,200 | — | — | 83,200 | Activision Blizzard, Inc. * | 1,003,392 | — | — | 1,003,392 | ||||||||||||||||||||||||||||||||||||||||||||||||
Finance-Credit Card | 0.0 | % | 3.0 | % | 0.0 | % | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 80,000 | — | 80,000 | Discover Financial Services * | — | 1,192,000 | — | 1,192,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Finance-Investment Banker/Broker | 1.9 | % | 0.0 | % | 0.0 | % | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
32,400 | — | — | 32,400 | The Charles Schwab Corp. * | 605,556 | — | — | 605,556 | ||||||||||||||||||||||||||||||||||||||||||||||||
Finance-Other Services | 0.0 | % | 0.0 | % | 2.2 | % | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | — | 5,215 | 5,215 | CME Group, Inc. | — | — | 1,648,514 | 1,648,514 | ||||||||||||||||||||||||||||||||||||||||||||||||
Insurance Brokers | 0.0 | % | 2.7 | % | 0.0 | % | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 34,300 | — | 34,300 | Willis Group Holdings PLC * | — | 1,073,247 | — | 1,073,247 |
B-3
Table of Contents
Shares | Value (Note 2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Focus | Focus Growth | Focus | Pro Forma | Maturity | Focus | Focus Growth | Focus | Pro Forma | Focus | Focus Growth | Focus | Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||
TechNet | and Income | Growth | Combined | Security Description | Coupon | Date | TechNet | and Income | Growth | Combined | TechNet | and Income | Growth | Combined | ||||||||||||||||||||||||||||||||||||||||||
Insurance-Multi-line | 0.0 | % | 6.7 | % | 0.0 | % | 1.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 52,600 | — | 52,600 | Hartford Financial Services Group, Inc. * | — | 1,494,892 | — | 1,494,892 | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 117,000 | — | 117,000 | ING Groep NV ADR +* | — | 1,165,320 | — | 1,165,320 | ||||||||||||||||||||||||||||||||||||||||||||||||
Internet Content-Information/News | 6.3 | % | 0.0 | % | 0.0 | % | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
1,435 | — | — | 1,435 | Baidu, Inc. ADR +* | 856,695 | — | — | 856,695 | ||||||||||||||||||||||||||||||||||||||||||||||||
24,200 | — | — | 24,200 | WebMD Health Corp., Class A +* | 1,122,396 | — | — | 1,122,396 | ||||||||||||||||||||||||||||||||||||||||||||||||
Internet Infrastructure Software | 6.8 | % | 0.0 | % | 0.0 | % | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
35,265 | — | — | 35,265 | Akamai Technologies, Inc. +* | 1,107,673 | — | — | 1,107,673 | ||||||||||||||||||||||||||||||||||||||||||||||||
16,635 | — | — | 16,635 | F5 Networks, Inc. +* | 1,023,219 | — | — | 1,023,219 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment Companies | 0.0 | % | 3.8 | % | 0.0 | % | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 183,000 | — | 183,000 | KKR Financial Holdings, LLC * | — | 1,502,430 | — | 1,502,430 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment Management/Advisor Services | 0.0 | % | 0.0 | % | 2.3 | % | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | — | 81,300 | 81,300 | Invesco, Ltd. | — | — | 1,781,283 | 1,781,283 | ||||||||||||||||||||||||||||||||||||||||||||||||
Medical-Biomedical/Gene | 0.0 | % | 0.0 | % | 8.1 | % | 4.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | — | 63,303 | 63,303 | Celgene Corp. + | — | — | 3,922,254 | 3,922,254 | ||||||||||||||||||||||||||||||||||||||||||||||||
— | — | 48,555 | 48,555 | Gilead Sciences, Inc. + | — | — | 2,208,281 | 2,208,281 | ||||||||||||||||||||||||||||||||||||||||||||||||
Medical-Generic Drugs | 0.0 | % | 0.0 | % | 2.0 | % | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | — | 65,500 | 65,500 | Mylan, Inc. + | — | — | 1,487,505 | 1,487,505 | ||||||||||||||||||||||||||||||||||||||||||||||||
Medical Information Systems | 1.8 | % | 3.5 | % | 0.0 | % | 1.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
15,610 | — | — | 15,610 | athenahealth, Inc. +* | 570,702 | — | — | 570,702 | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 68,900 | — | 68,900 | Eclipsys Corp. +* | — | 1,369,732 | — | 1,369,732 | ||||||||||||||||||||||||||||||||||||||||||||||||
Medical Products | 0.0 | % | 3.3 | % | 0.0 | % | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 20,000 | — | 20,000 | Johnson & Johnson * | — | 1,304,000 | — | 1,304,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Multimedia | 0.0 | % | 0.0 | % | 4.7 | % | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | — | 106,515 | 106,515 | News Corp., Class A | — | — | 1,534,881 | 1,534,881 | ||||||||||||||||||||||||||||||||||||||||||||||||
— | — | 58,200 | 58,200 | The Walt Disney Co. | — | — | 2,031,762 | 2,031,762 | ||||||||||||||||||||||||||||||||||||||||||||||||
Networking Products | 2.8 | % | 0.0 | % | 0.0 | % | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
34,300 | — | — | 34,300 | Cisco Systems, Inc. +* | 892,829 | — | — | 892,829 | ||||||||||||||||||||||||||||||||||||||||||||||||
Oil & Gas Drilling | 0.0 | % | 8.9 | % | 3.4 | % | 4.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 29,300 | — | 29,300 | Helmerich & Payne, Inc. * | — | 1,115,744 | — | 1,115,744 | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 68,300 | — | 68,300 | Patterson-UTI Energy, Inc. * | — | 954,151 | — | 954,151 | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 16,716 | 29,674 | 46,390 | Transocean, Ltd. + | — | 1,443,928 | 2,563,240 | 4,007,168 | ||||||||||||||||||||||||||||||||||||||||||||||||
Oil Companies-Integrated | 0.0 | % | 5.8 | % | 0.0 | % | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 30,000 | — | 30,000 | Chevron Corp. * | — | 2,274,900 | — | 2,274,900 | ||||||||||||||||||||||||||||||||||||||||||||||||
Retail-Discount | 0.0 | % | 2.8 | % | 0.0 | % | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 20,000 | — | 20,000 | Wal-Mart Stores, Inc. * | — | 1,112,000 | — | 1,112,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Retail-Drug Store | 0.0 | % | 0.0 | % | 5.1 | % | 2.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | — | 105,735 | 105,735 | CVS Caremark Corp. | — | — | 3,865,672 | 3,865,672 | ||||||||||||||||||||||||||||||||||||||||||||||||
Retail-Restaurants | 0.0 | % | 2.8 | % | 8.1 | % | 4.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | — | 37,245 | 37,245 | Chipotle Mexican Grill, Inc., Class A + | — | — | 4,196,394 | 4,196,394 | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 16,376 | 29,094 | 45,470 | McDonald’s Corp. | — | 1,092,607 | 1,941,152 | 3,033,759 | ||||||||||||||||||||||||||||||||||||||||||||||||
Software Tools | 2.8 | % | 0.0 | % | 0.0 | % | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
16,445 | — | — | 16,445 | VMware, Inc. Class A +* | 876,519 | — | — | 876,519 | ||||||||||||||||||||||||||||||||||||||||||||||||
Telephone-Integrated | 0.0 | % | 2.6 | % | 0.0 | % | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | 40,000 | — | 40,000 | AT&T, Inc. * | — | 1,033,600 | — | 1,033,600 | ||||||||||||||||||||||||||||||||||||||||||||||||
Web Hosting/Design | 3.3 | % | 0.0 | % | 0.0 | % | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
10,735 | — | — | 10,735 | Equinix, Inc. +* | 1,044,945 | — | — | 1,044,945 | ||||||||||||||||||||||||||||||||||||||||||||||||
Web Portals/ISP | 5.9 | % | 0.0 | % | 5.8 | % | 4.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
3,275 | — | 7,705 | 10,980 | Google, Inc., Class A + | 1,856,958 | — | 4,368,812 | 6,225,770 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wireless Equipment | 8.8 | % | 0.0 | % | 2.7 | % | 3.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | — | 13,170 | 13,170 | Crown Castle International Corp. + | — | — | 503,489 | 503,489 | ||||||||||||||||||||||||||||||||||||||||||||||||
38,900 | — | 35,900 | 74,800 | QUALCOMM, Inc. | 1,633,411 | — | 1,507,441 | 3,140,852 | ||||||||||||||||||||||||||||||||||||||||||||||||
31,000 | — | — | 31,000 | SBA Communications Corp., Class A +* | 1,118,170 | — | — | 1,118,170 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Common Stock | 95.7 | % | 96.4 | % | 92.8 | % | 94.4 | % | 30,086,595 | 38,105,901 | 70,375,158 | 138,567,654 | ||||||||||||||||||||||||||||||||||||||||||||
EXCHANGE TRADED FUNDS | 0.0 | % | 0.0 | % | 3.2 | % | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | — | 24,500 | 24,500 | iShares Russell 1000 Growth Index Fund | — | — | 1,272,775 | 1,272,775 | ||||||||||||||||||||||||||||||||||||||||||||||||
— | — | 16,300 | 16,300 | iShares Russell 2000 Growth Index Fund | — | — | 1,193,812 | 1,193,812 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Exchange Traded Funds | 0.0 | % | 0.0 | % | 3.2 | % | 1.7 | % | — | — | 2,466,587 | 2,466,587 | ||||||||||||||||||||||||||||||||||||||||||||
Total Long-Term Investment Securities | 95.7 | % | 96.4 | % | 96.0 | % | 96.1 | % | 30,086,595 | 38,105,901 | 72,841,745 | 141,034,241 | ||||||||||||||||||||||||||||||||||||||||||||
Principal Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHORT-TERM INVESTMENT SECURITIES | 0.6 | % | 1.1 | % | 1.2 | % | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Time Deposits | 0.6 | % | 1.1 | % | 0.0 | % | 0.4 | % |
B-4
Table of Contents
Value (Note 2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Focus | Focus Growth | Focus | Pro Forma | Maturity | Focus | Focus Growth | Focus | Pro Forma | Focus | Focus Growth | Focus | Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||
TechNet | and Income | Growth | Combined | Security Description | Coupon | Date | TechNet | and Income | Growth | Combined | TechNet | and Income | Growth | Combined | ||||||||||||||||||||||||||||||||||||||||||
$ | 171,000 | $ | 443,000 | $ | — | $ | 614,000 | Euro Time Deposit with State Street Bank & Trust Co. | 0.01 | % | 04/01/10 | 171,000 | 443,000 | — | 614,000 | |||||||||||||||||||||||||||||||||||||||||
U.S. Government Agencies | 0.0 | % | 0.0 | % | 1.2 | % | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
— | — | 900,000 | 900,000 | Federal Home Loan Bank Discount Notes | 0.01 | % | 04/01/10 | — | — | 900,000 | 900,000 | |||||||||||||||||||||||||||||||||||||||||||||
Total Short-Term Investment Securities | 0.6 | % | 1.1 | % | 1.2 | % | 1.0 | % | 171,000 | 443,000 | 900,000 | 1,514,000 | ||||||||||||||||||||||||||||||||||||||||||||
REPURCHASE AGREEMENTS | 3.5 | % | 0.5 | % | 2.9 | % | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
774,000 | — | — | 774,000 | Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 03/31/10, to be repurchased 04/01/10 in the amount of $774,000 and collateralized by $775,000 of Federal Home Loan Bank Bonds, bearing interest at 4.38% due 09/17/10 and having an approximate value of $790,888. | 0.00 | % | 04/01/10 | 774,000 | — | — | 774,000 | |||||||||||||||||||||||||||||||||||||||||||||
— | — | 863,000 | 863,000 | Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 03/31/10, to be repurchased 04/01/10 in the amount of $863,000 and collateralized by $865,000 of Federal Home Loan Bank Bonds, bearing interest at 4.38% due 09/17/10 and having an approximate value of $882,733. | — | — | 863,000 | 863,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
334,000 | 207,000 | 1,308,000 | 1,849,000 | State Street Bank & Trust Co., Joint Repurchase Agreement (2) | 0.00 | % | 04/01/10 | 334,000 | 207,000 | 1,308,000 | 1,849,000 | |||||||||||||||||||||||||||||||||||||||||||||
Total Repurchase Agreements | 3.5 | % | 0.5 | % | 2.9 | % | 2.4 | % | 1,108,000 | 207,000 | 2,171,000 | 3,486,000 | ||||||||||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS (cost: $23,560,181; $32,560,789; $57,078,337) | 99.8 | % | 98.0 | % | 100.1 | % | 99.5 | % | 31,365,595 | 38,755,901 | 75,912,745 | 146,034,241 | ||||||||||||||||||||||||||||||||||||||||||||
Other assets less liabilities (1) | 0.2 | % | 2.0 | % | — | 0.5 | % | 62,672 | 786,491 | — | 763,313 | |||||||||||||||||||||||||||||||||||||||||||||
Liabilities in excess of other assets | — | — | (0.1 | )% | — | — | — | (80,210 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||
NET ASSETS | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | $ | 31,428,267 | $ | 39,542,392 | $ | 75,832,535 | $ | 146,797,554 | ||||||||||||||||||||||||||||||||||||||||
+ | Non-income producing security | |
(1) | Includes adjustment for the remaining balances of any prepaid expenses of the Focus TechNet Portfolio and the Focus Growth & Income Portfolio to be expensed prior to the reorganization. | |
(2) | As of March 31, 2010, Focus TechNet, Focus Growth and Income and Focus Growth held an undivided interest in the joint repurchase agreement with State Street Bank & Trust Co. of 0.14%, 0.08% and 0.53%, respectively. As of such date, the repurchase agreement in the joint account and collateral therefore were as follows: State Street Bank & Trust Co., dated March 31, 2010, bearing interest at a rate of 0.00% per annum, with a principal amount of $246,749,000, a repurchase price of $246,749,000, and a maturity date of April 1, 2010. The repurchase agreement is collateralized by the following: $248,535,000 of U.S. Treasury Bills, bearing interest at 0.10% due 05/06/10 and $3,175,000 of U.S. Treasury Bills, bearing interest at 0.17% due 06/03/10 and having an approximate aggregate value of $251,684,195. | |
ADR – | American Depository Receipt | |
As of March 31, 2010, all of the securities held by the Focus TechNet Portfolio and Focus Growth and Income Portfolio would comply with the compliance guidelines and/or investment restrictions of the Focus Growth Portfolio, except as noted below with respect to the limits on the number of portfolio holdings. Securities of the Focus TechNet Portfolio, Focus Growth and Income Portfolio and Focus Growth Portfolio may be disposed of in connection with the transaction(s) as a result of differing management styles, the rebalancing of portfolio holdings, or for other reasons, at the discretion of the respective portfolio managers of the portfolios. | ||
* | Based on the portfolio holdings of the Focus TechNet Portfolio, Focus Growth and Income Portfolio and Focus Growth Portfolio as of March 31, 2010, these securities represent securities that are anticipated to be sold as a result of the limits on the number of securities that the Focus Growth Portfolio is able to hold pursuant to its focused strategy. | |
The following is a summary of the inputs used to value the Pro Forma Combined Portfolio’s net assets as of March 31, 2010 (see Note 2): |
Level 3 — | ||||||||||||||||
Level 1 — | Level 2 — Other | Significant | ||||||||||||||
Unadjusted | Observable | Unobservable | ||||||||||||||
Quoted Prices | Prices | Prices | Total | |||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock | ||||||||||||||||
Computers | $ | 19,111,940 | $ | — | $ | — | $ | 19,111,940 | ||||||||
Other Industries’ | 119,455,714 | — | — | 119,455,714 | ||||||||||||
Exchange Traded Funds | 2,466,587 | — | — | 2,466,587 | ||||||||||||
Short-term Investment Securities: | ||||||||||||||||
Time Deposit | — | 614,000 | — | 614,000 | ||||||||||||
U.S. Government Agency | — | 900,000 | — | 900,000 | ||||||||||||
Repurchase Agreements | — | 3,486,000 | — | 3,486,000 | ||||||||||||
Total | $ | 141,034,241 | $ | 5,000,000 | $ | — | $ | 146,034,241 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Pro Forma Combined Portfolio of Investments. |
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ASSETS AND LIABILITIES AS OF MARCH 31, 2010 (UNAUDITED)
Focus | Focus Growth | Focus | Pro Forma | Pro Forma | ||||||||||||||||
TechNet | and Income | Growth | Adjustments | Combined | ||||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments at value (unaffiliated)* | $ | 30,257,595 | $ | 38,548,901 | $ | 73,741,745 | $ | — | $ | 142,548,241 | ||||||||||
Repurchase agreements (cost approximates value) | 1,108,000 | 207,000 | 2,171,000 | — | 3,486,000 | |||||||||||||||
Total investments | 31,365,595 | 38,755,901 | 75,912,745 | — | 146,034,241 | |||||||||||||||
Cash | 1,763 | 42,818 | 50,634 | — | 95,215 | |||||||||||||||
Receivable for: | ||||||||||||||||||||
Fund shares sold | 140,750 | 62,617 | 158,532 | — | 361,899 | |||||||||||||||
Dividends and interest | 14,032 | 35,166 | 27,820 | — | 77,018 | |||||||||||||||
Investments sold | — | 1,288,337 | — | — | 1,288,337 | |||||||||||||||
Prepaid expenses and other assets | 5,585 | 5,640 | 5,851 | (11,225) | A | 5,851 | ||||||||||||||
Due from investment adviser for expense reimbursement | — | — | — | 3,543 | C | 3,543 | ||||||||||||||
Total assets | 31,527,725 | 40,190,479 | 76,155,582 | (7,682 | ) | 147,866,104 | ||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Payable for: | ||||||||||||||||||||
Fund shares redeemed | 20,007 | 116,861 | 87,151 | — | 224,019 | |||||||||||||||
Investments purchased | — | 449,417 | 112,577 | — | 561,994 | |||||||||||||||
Investment advisory and management fees | 31,375 | 33,149 | 61,840 | — | 126,364 | |||||||||||||||
Service Fees — Class 2 | 1,803 | 2,526 | 3,982 | — | 8,311 | |||||||||||||||
Service Fees — Class 3 | 3,532 | 4,078 | 8,370 | — | 15,980 | |||||||||||||||
Trustees’ fees and expenses | 121 | 164 | 330 | — | 615 | |||||||||||||||
Other accrued expenses | 40,578 | 41,892 | 48,797 | — | 131,267 | |||||||||||||||
Due to investment adviser from expense recoupment | 2,042 | — | — | (2,042) | C | — | ||||||||||||||
Total liabilities | 99,458 | 648,087 | 323,047 | (2,042 | ) | 1,068,550 | ||||||||||||||
Net Assets | $ | 31,428,267 | $ | 39,542,392 | $ | 75,832,535 | $ | (5,640 | ) | $ | 146,797,554 | |||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||
Capital paid-in | $ | 28,691,896 | $ | 53,559,000 | $ | 67,521,122 | — | 149,772,018 | ||||||||||||
Accumulated undistributed net investment income (loss) | — | 341,349 | — | (5,640) | A | 335,709 | ||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, foreign exchange transactions | (5,069,043 | ) | (20,553,069 | ) | (10,522,995 | ) | — | (36,145,107 | ) | |||||||||||
Unrealized appreciation (depreciation) on investments | 7,805,414 | 6,195,112 | 18,834,408 | — | 32,834,934 | |||||||||||||||
Net Assets | $ | 31,428,267 | $ | 39,542,392 | $ | 75,832,535 | $ | (5,640 | ) | $ | 146,797,554 | |||||||||
Class 1 (unlimited shares authorized): | ||||||||||||||||||||
Net assets | $ | — | $ | — | $ | 2,156,185 | $ | 2,156,185 | ||||||||||||
Shares of beneficial interest issued and outstanding | — | — | 261,544 | 261,544 | ||||||||||||||||
Net asset value, offering and redemption price per share | $ | — | $ | — | $ | 8.24 | $ | 8.24 | ||||||||||||
Class 2 (unlimited shares authorized): | ||||||||||||||||||||
Net assets | $ | 14,365,519 | $ | 20,066,098 | $ | 31,688,571 | $ | (2,862) | A | $ | 66,117,326 | |||||||||
Shares of beneficial interest issued and outstanding | 2,719,312 | 3,092,000 | 3,902,898 | (1,571,318) | B | 8,142,892 | ||||||||||||||
Net asset value, offering and redemption price per share | $ | 5.28 | $ | 6.49 | $ | 8.12 | $ | 8.12 | ||||||||||||
Class 3 (unlimited shares authorized): | ||||||||||||||||||||
Net assets | $ | 17,062,748 | $ | 19,476,294 | $ | 41,987,779 | $ | (2,778) | A | $ | 78,524,043 | |||||||||
Shares of beneficial interest issued and outstanding | 3,257,095 | 3,009,874 | 5,213,465 | (1,728,302) | B | 9,752,132 | ||||||||||||||
Net asset value, offering and redemption price per share | $ | 5.24 | $ | 6.47 | $ | 8.05 | $ | 8.05 | ||||||||||||
*Cost | ||||||||||||||||||||
Investment securities (unaffiliated) | $ | 22,452,181 | $ | 32,353,789 | $ | 54,907,337 | $ | — | $ | 109,713,307 | ||||||||||
(A) | To adjust for the remaining balances of any prepaid expenses of the Focus TechNet Portfolio and the Focus Growth and Income Portfolio to be expensed prior to the reorganization. | |
(B) | To adjust for a tax free exchange of Focus TechNet Portfolio and Focus Growth and Income Portfolio shares for shares of Focus Growth Portfolio. | |
(C) | To reflect the reimbursement by the Adviser of the Focus TechNet Portfolio’s remaining balances of any prepaid expenses that will be expensed prior to the reorganization. |
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FOR THE TWELVE MONTH PERIOD ENDED MARCH 31, 2010 (UNAUDITED)
Focus | Focus Growth | Focus | Pro Forma | Pro Forma | ||||||||||||||||
TechNet | and Income | Growth | Adjustments | Combined | ||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Dividends (unaffiliated) | $ | 81,215 | $ | 672,396 | $ | 595,688 | — | $ | 1,349,299 | |||||||||||
Interest (unaffiliated) | 140 | 218,075 | 758 | — | 218,973 | |||||||||||||||
Total investment income* | 81,355 | 890,471 | 596,446 | — | 1,568,272 | |||||||||||||||
EXPENSES: | ||||||||||||||||||||
Investment advisory and management fees | 331,846 | 374,624 | 697,264 | (55,308) | D | 1,348,426 | ||||||||||||||
Service Fees: | ||||||||||||||||||||
Class 2 | 20,318 | 29,081 | 46,794 | — | 96,193 | |||||||||||||||
Class 3 | 35,272 | 45,188 | 90,967 | — | 171,427 | |||||||||||||||
Custodian and accounting fees | 45,352 | 50,750 | 66,294 | (83,196) | E | 79,200 | ||||||||||||||
Reports to shareholders | 4,760 | 6,041 | 11,794 | (2,595) | E | 20,000 | ||||||||||||||
Audit and tax fees | 28,539 | 28,506 | 28,451 | (57,045) | E | 28,451 | ||||||||||||||
Legal fees | 5,315 | 5,417 | 5,910 | (8,642) | E | 8,000 | ||||||||||||||
Trustees’ fees and expenses | 1,777 | 2,289 | 4,431 | — | 8,497 | |||||||||||||||
Interest expense | 162 | 57 | 25 | (219) | E | 25 | ||||||||||||||
Other expenses | 10,447 | 11,368 | 11,483 | (21,298) | E | 12,000 | ||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments, custody credits and fees paid indirectly | 483,788 | 553,321 | 963,413 | (228,303 | ) | 1,772,219 | ||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser | (54,872 | ) | — | — | 54,872 | F | — | |||||||||||||
Custody credits earned on cash balances | (1 | ) | (4 | ) | (17 | ) | — | (22 | ) | |||||||||||
Fees paid indirectly | (2,814 | ) | (4,200 | ) | (5,202 | ) | — | (12,216 | ) | |||||||||||
Net expenses | 426,101 | 549,117 | 958,194 | (173,431 | ) | 1,759,981 | ||||||||||||||
Net investment income (loss) | (344,746 | ) | 341,354 | (361,748 | ) | 173,431 | (191,709 | ) | ||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated) | 1,475,668 | 789,933 | 4,278,228 | — | 6,543,829 | |||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (920 | ) | — | — | — | (920 | ) | |||||||||||||
Net realized gain (loss) on investments and foreign currencies | 1,474,748 | 789,933 | 4,278,228 | — | 6,542,909 | |||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated). | 10,217,038 | 13,629,610 | 23,978,613 | — | 47,825,261 | |||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 10,217,038 | 13,629,610 | 23,978,613 | — | 47,825,261 | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 11,691,786 | 14,419,543 | 28,256,841 | — | 54,368,170 | |||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 11,347,040 | $ | 14,760,897 | $ | 27,895,093 | $ | 173,431 | $ | 54,176,461 | ||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | — | $ | 146 | $ | 1,629 | $ | — | $ | 1,775 | ||||||||||
(D) | Reflects adjustments to expenses based on surviving fund’s management fee of 1.00% and combined net assets. | |
(E) | Reflects adjustments to expenses based on surviving fund’s fee schedules and combined net assets and duplicate services or fees. | |
(F) | Reflects adjustments to expenses waived/reimbursed by investment advisor based on pro forma expenses. |
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B-8
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Class 1 | Class 2 | Class 3 | ||||||||||
Shares of Focus Growth Portfolio | 261,544 | 3,902,898 | 5,213,465 | |||||||||
Additional Shares to be issued to Focus Growth Portfolio | — | 4,239,994 | 4,538,667 | |||||||||
Pro Forma Shares outstanding | 261,544 | 8,142,892 | 9,752,132 |
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C-1
Table of Contents
(a) | (i) | Declaration of Trust. Incorporated herein by reference to the Registrant’s Registration Statement on Form N-1A (File No. 333-08653) filed on July 22, 1996. |
(ii) | Establishment and Designation of Shares effective February 25, 1997. Incorporated herein by reference to Post-Effective Amendment No. 19 to the Registrant’s Registration Statement on Form N-1A (File No. 333-08653) filed on July 14, 2004. | |
(iii) | Establishment and Designation of Shares effective October 20, 1998. Incorporated herein by reference to Post-Effective Amendment No. 19 to the Registrant’s Registration Statement on Form N-1A (File No. 333-08653) filed on July 14, 2004. | |
(iv) | Establishment and Designation of Shares effective July 1, 2000. Incorporated herein by reference to Post-Effective Amendment No. 19 to the Registrant’s Registration Statement on Form N-1A (File No. 333-08653) filed on July 14, 2004. | |
(v) | Establishment and Designation of Shares of Beneficial Interest effective October 16, 2000. Incorporated herein by reference to Post-Effective Amendment No. 19 to the Registrant’s Registration Statement on Form N-1A (File No. 333-08653) filed on July 14, 2004. | |
(vi) | Establishment and Designation of Shares of Beneficial Interest effective December 29, 2000. Incorporated herein by reference to Post-Effective Amendment No. 19 to the Registrant’s Registration Statement on |
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Table of Contents
Form N-1A (File No. 333-08653) filed on July 14, 2004. | ||
(vii) | Establishment and Designation of Shares of Beneficial Interest effective September 24, 2001. Incorporated herein by reference to Post-Effective Amendment No. 19 to the Registrant’s Registration Statement on Form N-1A (File No. 333-08653) filed on July 14, 2004. | |
(viii) | Establishment and Designation of Classes effective November 11, 2002. Incorporated herein by reference to Post-Effective Amendment No. 18 to the Registrant’s Registration Statement on Form N-1A (File No. 333-08653) filed on July 14, 2003. | |
(ix) | Establishment and Designation of Shares of Beneficial Interest dated November 1, 2004. Incorporated herein by reference to Post-Effective Amendment No. 20 to the Registrant’s Registration Statement on Form N-1A (File No. 333-08653) filed on November 4, 2004. | |
(x) | Establishment and Designation of Shares dated January 11, 2005. Incorporated herein by reference to Post-Effective Amendment No. 21 to the Registrant’s Registration Statement on Form N-1A (File No. 333-08653) filed on January 14, 2005. | |
(xi) | Amended and Restated Establishment and Designation of Series and Classes of Shares dated May 26, 2005. Incorporated by reference to Post-Effective Amendment No. 22 to the Registrant’s Registration Statement on Form N-1A (File No. 33-08653) filed on July 15, 2005. | |
(xii) | Amended and Restated Establishment and Designation of Shares of Beneficial Interest dated December 9, 2009. Incorporated by reference to Post-Effective Amendment No. 27 to the Registrant’s Registration Statement of Form N-1A (File No. 33-08653) filed on May 11, 2010. | |
(b) | (i) | Amended and Restated By-Laws dated June 15, 2004. Incorporated herein by reference to Post-Effective Amendment No. 19 to the Registrant’s Registration Statement on Form N-1A (File No. 333-08653) filed on July 14, 2004. |
(ii) | Amendment to By-Laws dated September 8, 2005. Incorporated by reference to Post-Effective Amendment No. 23 to the Registrant’s Registration Statement on Form N-1A (File No. 33-08653) filed on July 13, 2006. | |
(iii) | Amendment 2 to By-Lays dated January 21, 2010. Incorporated by reference to Post-Effective Amendment No. 27 to the Registrant’s Registration Statement on Form N-1A (File No. 33-08653) filed on May 11, 2010. | |
(3) | None. | |
(4) | Form of Agreement and Plan of Reorganization (included as Appendix B to the Combined Prospectus/Proxy Statement included in this Registration Statement). | |
(5) | None | |
(6) | (i) | Investment Advisory and Management Agreement between Seasons Series Trust and SunAmerica Asset Management Corp. (“SAAMCo”) dated January 19, 2010. Incorporated by reference to Post-Effective Amendment No. 27 to the Registrant’s Registration Statement of Form N-1A (File No. 33-08653) filed on May 11, 2010. |
(iii) | Subadvisory Agreement between SAAMCo and BAMCO, Inc. dated September 15, 2003. Incorporated herein by reference to Post-Effective Amendment No. 19 to the Registrant’s Registration Statement on Form N-1A (File No. 333-08653) filed on July 14, 2004. | |
(iv) | Amendment No. 1 to Subadvisory Agreement between SAAMCo and BAMCO, Inc. dated January 19, 2007. Incorporated by reference to Post-Effective Amendment No. 24 to the Registrant’s Registration Statement of Form N-1A (File No. 33-08653) filed on July 11, 2007. |
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Table of Contents
(v) | Amendment No. 2 to Subadvisory Agreement between SAAMCo and BAMCO, Inc. dated October 2, 2007. Incorporated by reference to Post-Effective Amendment No. 25 to the Registrant’s Registration Statement of Form N-1A (File No. 33-08653) filed on July 16, 2008. | |
(xix) | Subadvisory Agreement between SAAMCo and Janus Capital Management LLC dated April 3, 2002. Incorporated herein by reference to Post-Effective Amendment No. 18 to the Registrant’s Registration Statement on Form N-1A (File No. 333-08653) filed on July 14, 2003. | |
(xx) | Amendment to Subadvisory Agreement between SAAMCo and Janus Capital Management LLC dated December 2, 2002. Incorporated by reference to Post-Effective Amendment No. 25 to the Registrant’s Registration Statement of Form N-1A (File No. 33-08653) filed on July 16, 2008. | |
(xxi) | Amendment No. 2 to Subadvisory Agreement between SAAMCo and Janus Capital Management LLC dated February 14, 2005. Incorporated by reference to Post-Effective Amendment No. 22 to the Registrant’s Registration Statement on Form N-1A (File No. 33-08653) filed on July 15, 2005. | |
(xxii) | Amendment No. 3 to Subadvisory Agreement between SAAMCo and Janus Capital Management LLC dated October 2, 2007. Incorporated by reference to Post-Effective Amendment No. 25 to the Registrant’s Registration Statement of Form N-1A (File No. 33-08653) filed on July 16, 2008. | |
(xxiii) | Amendment No. 4 to Subadvisory Agreement between SAAMCo and Janus Capital Management LLC dated July 20, 2009. Incorporated by reference to Post-Effective Amendment No. 26 to the Registrant’s Registration Statement of Form N-1A (File No. 33-08653) filed on July 20, 2009. | |
(xxiv) | Amendment No. 5 to Subadvisory Agreement between SAAMCo and Janus Capital Management LLC dated October 1, 2009. Incorporated by reference to Post-Effective Amendment No. 27 to the Registrant’s Registration Statement of Form N-1A (File No. 33-08653) filed on May 11, 2010. | |
(xxxii) | Subadvisory Agreement between SAAMCo and Marsico Capital Management, LLC dated December 14, 2008. Incorporated by reference to Post-Effective Amendment No. 25 to the Registrant’s Registration Statement of Form N-1A (File No. 33-08653) filed on July 16, 2008. | |
(xxxviii) | Subadvisory Agreement between SAAMCo and RCM Capital Management, LLC (formerly Dresdner RCM Global Investors LLC) dated August 21, 2001. Incorporated herein by reference to Post-Effective Amendment No. 15 to the Registrant’s Registration Statement on Form N-1A (File No. 333-08653) filed on September 24, 2001. | |
(xxxil) | Amendment No. 1 to Subadvisory Agreement between SAAMCo and RCM Capital Management, LLC dated January 19, 2007. Incorporated by reference to Post-Effective Amendment No. 24 to the Registrant’s Registration Statement of Form N-1A (File No. 33-08653) filed on July 11, 2007. | |
(xl) | Amendment No. 2 to Subadvisory Agreement between SAAMCo and RCM Capital Management, LLC dated October 2, 2007. Incorporated by reference to Post-Effective Amendment No. 25 to the Registrant’s Registration Statement of Form N-1A (File No. 33-08653) filed on July 16, 2008. | |
(xlvii) | Subadvisory Agreement between SAAMCo and Thornburg Investment Management, Inc. dated July 29, 2002. Incorporated herein by reference to Post-Effective Amendment No. 19 to the Registrant’s Registration Statement on Form N-1A (File No. 333-08653) filed on July 14, 2004. | |
(xlviii) | Amendment No. 1 to Subadvisory Agreement between SAAMCo and Thornburg Investment Management, Inc. dated January 19, 2007. Incorporated by reference to Post-Effective Amendment No. 24 to the Registrant’s Registration Statement of Form N-1A (File No. 33-08653) filed on July 11, 2007. |
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Table of Contents
(xlix) | Amendment No. 2 to Subadvisory Agreement between SAAMCo and Thornburg Investment Management, Inc. dated October 2, 2007. Incorporated by reference to Post-Effective Amendment No. 25 to the Registrant’s Registration Statement of Form N-1A (File No. 33-08653) filed on July 16, 2008. | |
(7) | (i) | Fund Participation Agreement between Registrant and Anchor National Life Insurance Company, on behalf of itself and Variable Annuity Account Five. Incorporated herein by reference to Pre-Effective Amendment No. 2 to the Registrant’s Registration Statement on Form N-1A (File No. 333-08653) filed on April 1, 1997. |
(ii) | Form of Addendum to Fund Participation Agreement for Class 2 Shares dated May 29, 2008. Incorporated by reference to Post-Effective Amendment No. 25 to the Registrant’s Registration Statement of Form N-1A (File No. 33-08653) filed on July 16, 2008. | |
(iii) | Form of Addendum to Fund Participation Agreement for Class 3 Shares dated May 29, 2008. Incorporated by reference to Post-Effective Amendment No. 25 to the Registrant’s Registration Statement of Form N-1A (File No. 33-08653) filed on July 16, 2008. | |
(8) | None | |
(9) | (i) | Master Custodian Agreement effective as of January 18, 2006. Incorporated by reference to Post-Effective Amendment No. 23 to the Registrant’s Registration Statement on Form N-1A (File No. 33-08653) filed on July 13, 2006. |
(ii) | Amendment to Master Custodian Agreement effective as of January 18, 2006. Incorporated by reference to Post-Effective Amendment No. 23 to the Registrant’s Registration Statement on Form N-1A (File No. 33-08653) filed on July 13, 2006. | |
(10) | (i) | Plan of Distribution Pursuant to Rule 12b-1 (Class 2 Shares) by the Registrant on behalf of its separately designated series dated October 2, 2007. Incorporated by reference to Post-Effective Amendment No. 25 to the Registrant’s Registration Statement of Form N-1A (File No. 33-08653) filed on July 16, 2008. |
(ii) | Plan of Distribution Pursuant to Rule 12b-1 (Class 3 Shares) by the Registration on behalf of its separately designated series dated October 2, 2007. Incorporated by reference to Post-Effective Amendment No. 25 to the Registrant’s Registration Statement of Form N-1A (File No. 33-08653) filed on July 16, 2008. | |
(11) | Opinion and consent of Bingham McCutchen LLP, counsel for the Registrant is filed herewith. | |
12 | (i) | Form of tax opinion and consent of Willkie Farr & Gallagher LLP, tax counsel for the Registrant with respect to the reorganization of the Focus Growth and Income Portfolio, a series of the Registrant, into the Focus Growth Portfolio, a series of the Registrant, is filed herewith. |
(b) | Form of tax opinion and consent of Willkie Farr & Gallagher LLP, tax counsel for the Registrant with respect to the reorganization of the Focus TechNet Portfolio, a series of the Registrant, into the Focus Growth Portfolio, a series of the Registrant, is filed herewith. | |
(13) | (i) | Indemnification Agreement between SAAMCo and Garrett F. Bouton dated March 2, 2007. Incorporated by reference to Post-Effective Amendment No. 24 to the Registrant’s Registration Statement of Form N-1A (File No. 33-08653) filed on July 11, 2007. |
(ii) | Indemnification Agreement between SAAMCo and Carl D. Covitz dated September 8, 2005. Incorporated by reference to Post-Effective Amendment No. 23 to the Registrant’s Registration Statement on Form N-1A (File No. 33-08653) filed on July 13, 2006. | |
(iii) | Indemnification Agreement between SAAMCo and Jane Jelenko dated September 7, 2006. Incorporated by reference to Post-Effective Amendment No. 24 to the Registrant’s Registration Statement of Form N-1A (File No. 33-08653) filed on July 11, 2007. | |
(iv) | Indemnification Agreement between SAAMCo and Gilbert T. Ray dated September 8, 2005. Incorporated by reference to Post-Effective Amendment No. 23 to the Registrant’s Registration Statement on Form N-1A (File No. 33-08653) filed on July 13, 2006. | |
(v) | Indemnification Agreement between SAAMCo and Allan L. Sher dated September 8, 2005. Incorporated by reference to Post-Effective Amendment No. 23 to the Registrant’s Registration Statement on Form N-1A (File No. 33-08653) filed on July 13, 2006. |
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(vi) | Indemnification Agreement between SAAMCo and Bruce G. Willison dated September 8, 2005. Incorporated by reference to Post-Effective Amendment No. 23 to the Registrant’s Registration Statement on Form N-1A (File No. 33-08653) filed on July 13, 2006. | |
(14) | (i) | Consent of PricewaterhouseCoopers LLP, independent registered public accounting firm for the Registrant is filed herewith. |
(ii) | Consent of Willkie Farr & Gallagher LLP is filed herewith. | |
(15) | None. | |
(16) | Power of Attorney is included on signature page. | |
(17) | (i) | Form of Proxy Card is filed herewith. |
(17) | (ii) | Form of Voting Instruction Card filed herewith. |
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SEASONS SERIES TRUST | ||||
By: | /s/ John T. Genoy | |||
John T. Genoy | ||||
President (Principal Executive Officer) | ||||
/s/ John T. Genoy | President (Principal Executive Officer) | July 9, 2010 | ||
John T. Genoy | ||||
/s/ Donna M. Handel | Treasurer (Principal Financial and | July 9, 2010 | ||
Donna M. Handel | Accounting Officer) | |||
/s/ Bruce G. Willison | Trustee and Chairman | July 9, 2010 | ||
Bruce G. Willison | ||||
/s/ Garrett F. Bouton | Trustee | July 9, 2010 | ||
Garrett F. Bouton | ||||
/s/ Carl D. Covitz | Trustee | July 9, 2010 | ||
Carl D. Covitz | ||||
/s/ Jana W. Greer | Trustee | July 9, 2010 | ||
Jana W. Greer | ||||
/s/ Jane Jelenko | Trustee | July 9, 2010 | ||
Jane Jelenko | ||||
/s/ Gilbert T. Ray | Trustee | July 9, 2010 | ||
Gilbert T. Ray | ||||
/s/ Allan L. Sher | Trustee | July 9, 2010 | ||
Allan L. Sher |
Table of Contents
Ex. Number | Description | |
11 | Opinion and consent of Bingham McCutchen LLP, counsel for the Registrant. | |
12 (i) | Form of tax opinion and consent of Willkie Farr & Gallagher LLP, tax counsel for the Registrant with respect to the reorganization of the Focus Growth and Income Portfolio, a series of the Registrant, into the Focus Growth Portfolio, a series of the Registrant. | |
12 (ii) | Form of tax opinion and consent of Willkie Farr & Gallagher LLP, tax counsel for the Registrant with respect to the reorganization of the Focus TechNet Portfolio, a series of the Registrant, into the Focus Growth Portfolio, a series of the Registrant. | |
14 (i) | Consent of PricewaterhouseCoopers LLP. | |
14 (ii) | Consent of Willkie Farr & Gallagher LLP. | |
17 (i) | Form of Proxy Card. | |
17 (ii) | Form of Voting Instruction Card. |