Gross operating expenses: Class A: 2.65%; Class C: 3.63%; Class W: 3.05%. Net operating expenses, Class A: 1.73%; Class C: 2.38%; Class W: 1.53%. The net expense ratio includes the contractual expense cap (which is 1.72%, 2.37% and 1.52% for Class A, C and W shares, respectively) and other management fee waivers, as more fully described in the Fund’s prospectus, and it also reflects any acquired fund fees expenses (“AFFEs”). AFFEs are not subject to the contractual expense cap, which is why the net expense ratio may exceed the contractual expense cap of 1.72%, 2.37% and 1.52%, respectively. Pursuant to an Expense Limitation Agreement, the Fund’s contractual fee waiver and expense reimbursement will continue in effect indefinitely, unless terminated by the Board of Trustees, including a majority of the Independent Trustees.

Effective September 21, 2015, the name of the SunAmerica Alternative Strategies Fund was changed to the SunAmerica Commodity Strategy Fund and certain corresponding changes were made to the Fund’s investment strategy and techniques.

Performance data quoted represents past performance and is not a guarantee of future results. The data assumes reinvestment of all distributions at net asset value. Maximum sales charge (Class A): 5.75%. 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. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be higher or lower than the original cost. Current performance may be higher or lower than that shown.

The Bloomberg Commodity Index is a broadly diversified commodity price index that tracks the performance of 20 commodities.