Notes on Fund Information

Mutual funds are subject to risk including stock market and interest rate risk. Certain funds are subject to additional and heightened risk as detailed in the fund’s prospectus including risks associated with specific asset classes, concentration of portfolio holdings, investments in international companies, commodities, futures, currencies and/or the use of hedge fund strategies.

Diversification and asset allocation do not guarantee a profit, nor do they insure against market loss.

Dollar cost averaging does not guarantee profits or prevent losses in a declining market. This strategy requires regular investment regardless of fluctuating prices. Potential investors should consider their financial ability to continue purchases through periods of low price levels.

Neither SunAmerica, its affiliates, nor their licensed sales professionals provide tax advice. Clients should consult with their tax professional for advice concerning their particular situation.
PineBridge Investments, Wellington Management, Pelagos Capital,

Baron Capital, BlackRock Asset Management, Marsico Capital Management, Cadence Capital Management, Cohen & Steers and Newfleet Asset Management are independent and unaffiliated investment sub-advisers to SunAmerica.

SunAmerica Mutual Funds is a member of the American International Group, Inc. (AIG) family of financial services companies.

Notes on the Focused Dividend Strategy Portfolio, International Dividend Strategy Fund, and the Select Dividend Growth Portfolio

The Funds employ a Disciplined Strategy and will not deviate from this strategy (except to the extent necessary to comply with federal tax laws or other applicable laws). If the Funds are committed to a strategy that is unsuccessful, the Funds will not meet their investment goals. Because the Funds will not use certain techniques available to other mutual funds to reduce stock market exposure, they may be more susceptible to general market declines than other mutual funds.

Notes on the Global Trends Fund

Futures and forward contracts are contractual agreements that involve the right to receive, or obligation to deliver, assets or money depending on the performance of one or more underlying assets, currencies or a market or economic index. The risks associated with the Fund’s use of futures contracts include the risk that: (i) changes in the price of a futures contract may not always track the changes in market value of the underlying reference asset; (ii) trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in futures contracts; and (iii) if the Fund has insufficient cash to meet margin requirements, the Fund may need to sell other investments, including at disadvantageous times. Forwards are not exchange-traded and therefore no clearinghouse or exchange stands ready to meet the obligations of the contracts. Thus, the Fund faces the risk that its counterparties may not perform their obligations. Forward contracts are also not regulated by the Commodity Futures Trading Commission ("CFTC") and therefore the Fund will not receive any benefit of CFTC regulation when trading forwards. The Fund’s investment in futures may provide leveraged exposure which may cause the Fund to lose more than the amount it invested in those instruments.

The Fund also has exposure to the commodities markets, which may subject the Fund to greater volatility than investments in traditional securities. The value of commodity futures instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or events affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

Investments that provide exposure to foreign markets involve special risks, such as currency fluctuations, differing financial reporting and regulatory standards, and economic and political instability. These risks are highlighted when the issuer is in an emerging market. Fixed income securities and currency and fixed income futures are subject to changes in their value when prevailing interest rates change. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from futures instruments that are tied to foreign instruments or currencies. Emerging market exposure generally has a higher level of currency risk. Credit risk (i.e., the risk that an issuer might not pay interest when due or repay principal at maturity of the obligation) could affect the value of the investments in the Fund’s portfolio exposed to fixed income securities. The Fund’s investments in repurchase agreements involve certain risks involving the default or insolvency of the seller and counterparty risk (i.e., the risk that the counterparty will not perform its obligations).

Active trading of the Fund’s portfolio may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Fund and which will affect the Fund’s performance. Active trading may also result in increased tax liability for Fund shareholders. Investors should note that the ability of the sub-adviser to successfully implement the Fund’s strategies, including the proprietary investment process used by the sub-adviser, will influence the performance of the Fund significantly.

Notes on the Japan Fund

Under normal circumstances, at least 80% of the Fund’s net assets, plus any borrowings for investment purposes, will be invested in Japanese companies. Because the Fund concentrates its investments in Japan, the Fund’s performance is expected to be closely tied to social, political and economic conditions of that country. As a result, the Fund is likely to be more volatile than more geographically diverse international funds. The Japanese economy faces a number of long-term problems, including massive government debt, the aging and shrinking of the population, an unstable financial sector and low domestic consumption. Japan has experienced natural disasters of varying degrees of severity, and the risks of such phenomena, and damage resulting therefrom, continue to exist. Japan has a growing economic relationship with China and other Southeast Asian countries, and thus Japan’s economy may also be affected by economic, political or social instability in those countries (whether resulting from local or global events).

Notes on the Flexible Credit Fund

Effective October 1, 2014, the name of the SunAmerica High Yield Bond Fund was changed to the SunAmerica Flexible Credit Fund and certain corresponding changes were made to the Fund’s investment strategy and techniques. Prior to this date, the Fund was managed as a high-yield bond fund.

Longer term and lower coupon bonds tend to be more sensitive to interest rate changes. Investments in loans and other floating-rate securities reduce interest rate risk. While interest rates on loans adjust periodically, these rates may not correlate to prevailing interest rates during the periods between rate adjustments. The Fund may be subject to a greater risk of rising interest rates than in past years due to the current period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

Notes on the Income Explorer Fund

Preferred securities are subject to bond market volatility risk, credit risk and interest rate fluctuation risk. In addition, preferred securities are subordinated to other securities in the issuer’s capital structure and are subject to the risk that the issuer will fail to make dividends or other distributions because other claims on the issuer’s assets take priority. Preferred securities may be less liquid than many other types of securities and may be subject to the risk of being redeemed prior to their scheduled date. The Fund may invest in high-yield securities and senior loan securities, which are considered speculative. High yield securities carry a high risk of default or may already be in default. The market price of such securities may fluctuate more than higher-quality securities and may decline significantly.

The Fund’s investments in closed-end funds generally reflect the risks of the underlying securities they hold. The Fund will indirectly bear its proportionate share of the management and other expenses that are charged by the closed-end funds, in addition to the expenses paid by the Fund. Shares of closed-end funds are subject to other risks related to their structure, including the possibility that shares may trade at a discount from their net asset value and the use of leverage in their capital structure. The presence of leverage in the closed-end fund structure introduces both increased volatility of net asset value, and the potential for greater variability in the dividends paid by the closed-end funds.

A portion of the distributions received by the Fund from preferred securities issued by real estate investment trusts and from closed-end funds may consist of return of capital return and/or capital gains, and the character of these distributions cannot be determined until after the end of the year.

The Global Dividend Stocks sleeve employs a disciplined strategy and will not deviate from this strategy (except to the extent necessary to comply with federal tax laws or other applicable laws). If the Global Dividend Stocks sleeve is committed to a strategy that is unsuccessful, the Fund will not meet its investment goal. Because the Global Dividend Stocks sleeve generally will not use certain hedging techniques available to the Preferred Securities and Closed-End Fund sleeves to reduce stock market exposure, this portion of the Fund may be more susceptible to general market declines than the other sleeves. International investing involves special risks, such as currency fluctuations, economic and political instability, greater market volatility and limited liquidity. These risks can be greater in the case of emerging country securities. Securities of small- and medium-sized companies are usually more volatile and entail greater risks than securities of large companies.