Help Enhance Your Core Portfolio

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Class A: SDIAX

Class B: SDIBX

Class C: NAICX

Class W: SDIWX

SunAmerica Strategic Bond Fund

Help Enhance Your Core Portfolio With a Flexible, Multi-Sector Approach

Help Enhance Your Core Portfolio With a Flexible, Multi-Sector Approach For Investors Seeking a High Level of Total Return Volatility and uncertainty in financial markets have left many bond investors embracing fresh approaches in their search for income and ways to help manage market risk. Traditional income strategies have typically helped anchor fixed income core portfolios. However, given potentially higher interest rates and market sensitivity, investors may need to rethink these strategies for their core holdings. Consider expanding your core portfolio to include a multi-sector solution that has the potential to take advantage of changing market conditions across the broader fixed income universe and has the flexibility to adapt to rapidly changing environments. The SunAmerica Strategic Bond Fund can help you navigate today’s market uncertainties and may enhance your core portfolio.

A Flexible Multi-Sector Fixed Income Solution

Low Interest Rate Sensitivity

Long-Term Results Through Multiple Market Cycles

A Flexible Multi-Sector Fixed Income Solution

Low Interest Rate Sensitivity

Long-Term Results Through Multiple Market Cycles

The geographic and sector diversification within multi-sector fixed income strategies may provide investors with higher yield and low interest rate sensitivity. However, moving away from typical, domestic benchmarkdriven core strategies can intimidate investors.

The ability to shift allocations has helped enable the Fund to perform well over multiple market cycles and manage the effects of rising interest rates. Relatively low exposure to government bonds has enabled the Fund to move independently, as demonstrated by its zero correlation to US Treasuries.1 This has helped shield investors from losses when rates have risen.

The SunAmerica Strategic Bond Fund is managed by PineBridge Investments, a global, multi-asset class investment manager with proven expertise in fixed income markets. The Fund combines strategic asset allocation and bottom-up security selection to provide total return potential throughout changing market conditions.

The SunAmerica Strategic Bond Fund adopts a measured approach to fixed income investing, with broad, yet transparent guidelines and a keen eye towards managing risk.

For example, consider what happened from 2004-2006, when the Fed Funds Rate increased by more than 4%. During this period, the Fund generated a cumulative return of 26.8%, or an average of 8.2% per year. Of course, past performance does not guarantee future results.

Active Allocation to Help Diversify Holdings and Enhance Returns Designed as a “core” fixed income holding, the Fund has the flexibility to shift its investment focus to potentially capitalize on the most attractive areas of the fixed income markets. Flexible investment guidelines within given ranges enable the portfolio management team to adapt to changing conditions. The Fund employs the same approach used to manage accounts for large pension funds and other sophisticated investors, leading to a management style where prudent risks are undertaken to help deliver commensurate rewards.

A Long History of Positive Returns

Domestic International

Credit Quality

U.S. High Yield • High Yield Bonds • Senior Floating Rate Bonds

Emerging Market Bonds • USD Sovereign • Local Currency Sovereign • Corporate Credit

Hypothetical Growth of $10,000 Annually Since Inception

The Fund Has Historically Generated Strong Returns in Rising Rate Environments

$40,000 40000

35000

7%

Jan. 2004 - Dec. 2006

Fed Funds Target Rate

6%

Flexible Investment Guidelines Lower

Supported by a dedicated team of more than 80 investment professionals with specialized skills in each of the asset classes and sectors they cover, the Fund has delivered a long history of positive returns despite varying market cycles. Since its inception in late 1993, the Fund has experienced only three down years, with average annual total returns of 6.23%. Past performance is not a guarantee of future results.

Higher

30,000 30000

SDIAX returned 26.8% as the Fed Funds Rate increased from 1% to 5.25%

5% 4% 3%

• Asset-Backed Securities • Mortgage-Backed Securities • Commercial Mortgage-Backed Securities • Corporate Credit

2003

2004

2005

2006

2007

2008

2009

2002

2003

2004

2005

2006

2007

2008

2009

Fed Funds Rate %*

1.25

1.00

2.25

4.25

5.25

4.25

0.25

0.25

Fund Annual Return %*

6.03

20.41

12.34

4.57

7.92

3.91

-15.63

27.54

*As of December 31 for each year provided. Fund annual returns for Class A. Past performance does not guarantee future results. The Fund returns shown are at NAV and do not take into consideration sales charges; if they had, returns would be lower. Fund Expense Ratio, Class A: 1.30%. Please note that this chart does not include the Fed rate increase on December 16, 2015 since it occurred too late in the year to impact annual class returns.

Non-USD Investment Grade Bonds

20,000 20000

15000

Only 3 Down Years in the Fund’s 23-Year History

10,000 10000

00 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

1%

U.S. Investment Grade Bonds

25000

5000

2%

0% 2002

$35,904

6.23% Average Annual Return Since Inception

$10,000 initial investment in Class A from Fund inception through December 31, 2015, with all income dividends and capital gains reinvested. Includes a maximum 4.75% sales charge. This chart is hypothetical and is for illustrative purposes only. Class A Average Annual Return as of 6/30/16

1-Year

3-Year

5-Year

10-Year

Since Inception (11/1/1993)

At Net Asset Value

2.41%

3.36%

3.72%

5.24%

6.32%

With Maximum Sales Charge

-2.44%

1.71%

2.73%

4.73%

6.09%

Barclays U.S. Aggregate Bond Index

6.00%

4.06%

3.76%

5.13%

5.57%

Performance data quoted represents past performance and is not a guarantee of future results. Assumes reinvestment of all distributions at net asset value. Class A maximum sales charge: 4.75%. Class A gross operating expenses: 1.30%. The Fund’s daily net asset value is not guaranteed and shares are not insured by the FDIC, the Federal Reserve Board or any other agency. Current performance may be higher or lower than that shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance as of the most recent month end is available at www.safunds.com

Diversification does not guarantee a profit or protection from loss.

1

Zephyr 10-year correlations as of 6/30/16. Correlation is measured on a scale from -1.0 to +1.0 in value. A correlation of 1.0 indicates a perfect positive relationship, while a correlation of -1.0 indicates a perfect negative relationship.

The Barclays U.S. Aggregate Bond Index represents securities that are U.S. domestic, taxable and dollar denominated. The index covers components for government and corporate securities, mortgage pass-though securities and asset-backed securities. Please note that indices are not managed and an investor cannot invest directly in an index.

Contact your financial advisor or visit www.safunds.com for more information.

SunAmerica Strategic Bond Fund Class A: SDIAX Class B: SDIBX Class C: NAICX Class W: SDIWX

About PineBridge Investments* PineBridge is global, multi-asset class investment manager with more than $80 billion in assets under management. The firm’s fixed income capabilities feature a nimble investment approach able to add alpha and source liquidity where larger managers may not. Other features include: • A broad fixed income platform managing more than $46 billion • More than 80 portfolio managers and analysts • Globally interconnected structure enables nimble communication and portfolio positioning • Experienced team managing assets for institutional and retail clients around the globe

*Data as of June 30, 2016 Important Information Interest rates and bond prices typically move inversely to each other; therefore, as with any bond fund, the value of an investment in this Fund may go up or down in response to changes in interest rates. High-yield bonds tend to have lower interest rate risk than higher-quality bonds of similar maturity but carry greater credit and default risk. Investing internationally involves special risks, such as currency fluctuations, and economic and political instability. Past performance is not indicative of future results. We are not soliciting or recommending any action based on this material. Certain information may be based on information received from sources PineBridge Investments considers reliable; PineBridge Investments does not represent that such information is accurate or complete. Any opinions, projections, forecasts and forward-looking statements presented herein are valid only as of the date of this document and are subject to change. There is no assurance that any stated targets or ranges will be met. This document is intended for distribution only to existing and prospective investors for whom it is suitable and does not constitute an offer of units. Its general circulation may be restricted by law in certain jurisdictions. Unless otherwise noted, all information is sourced from PineBridge Investments internal data. PineBridge Investments is a group of international companies acquired by Pacific Century Group from American International Group, Inc. in March 2010. PineBridge Investments companies provide investment advice and market asset management products and services to clients around the world. PineBridge Investments is a service mark proprietary to PineBridge Investments IP Holding Company Limited. PineBridge Investments is an independent and unaffiliated registered investment advisor and a subadvisor to certain SunAmerica Asset Management, LLC-advised mutual funds. Services and products are provided by one or more affiliates of PineBridge Investments; however certain incidental middle and back office services may be outsourced to third parties.

Investors should carefully consider a Fund’s investment objectives, risks, charges and expenses before investing. The prospectus, containing this and other important information, can be obtained from your financial advisor, the SunAmerica Sales Desk at 800-858-8850, ext. 6003, or at www.safunds.com. Read the prospectus carefully before investing. Funds distributed by AIG Capital Services, Inc., Member FINRA Harborside Financial Center, 3200 Plaza 5, Jersey City, NJ 07311-4992, 800-858-8850 www.safunds.com S5091BRO.13 (7/16)