AIG Income Explorer Fund Q412.31.19

Performance AnalysisAverage Annual Returns (as of 12/31/19)

Gross operating expenses, Class A: 2.13%. Net operating expenses, Class A: 1.55%, after contractual waiver of feesand/or reimbursement of expenses. Waivers and/or reimbursements may be subject to recoupment within two years.Pursuant to an Expense Limitation Agreement, the Fund’s contractual fee waiver and expense reimbursement willcontinue in effect indefinitely, unless terminated by the Board of Trustees, including a majority of the IndependentTrustees. The net expense ratio includes the contractual expense cap (which is 1.55%, for Class A shares) and othermanagement fee waivers, as more fully described in the Fund’s prospectus, including estimated restatement ofAcquired Fund Fees and Expenses based on the Fund’s current investment strategies. Performance data quotedrepresents past performance and is not a guarantee of future results. Assumes reinvestment of all distributions at netasset value. Class A maximum sales charge: 5.75%. The Fund’s daily net asset value is not guaranteed and shares arenot insured by the FDIC, the Federal Reserve Board or any other agency. The investment return and principal value ofan investment will fluctuate so that an investor’s shares, when redeemed, may be higher or lower than the originalcost. Current performance may be higher or lower than that shown. Performance as of the most recent month end isavailable at aig.com/funds.

CLASS SYMBOL NUMBER CUSIPA IEAAX 557 86704E875C IEACX 558 86704E867W IEAWX 559 86704E859

At Net Asset Value 1-Year 3-Year 5-Year Since InceptionClass A 22.64% 8.34% 6.38% 6.45%

With Maximum Sales Charge

Class A 15.61% 6.23% 5.13% 5.48%Income Explorer Blended Benchmark 21.35% 8.49% 6.64% 7.69%

Calendar Year Returns (as of 12/31/19)

Calendar Year Returns listed above are at net asset value and assume reinvestment of all distributions at net asset value.

The Income Explorer Blended Benchmark is comprised of 45% MSCI ACWI Value, 35% S&P Preferred Stock Index and 20% FTSENAREIT All Equity REITs Index. The MSCI ACWI Value captures large- and mid-cap securities exhibiting overall value style characteristicsacross 23 Developed Markets countries and 26 Emerging Markets countries. The value investment style characteristics for indexconstruction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. The S&PPreferred Stock Index is comprised of U.S. exchange-traded preferred stocks that meet minimum price, liquidity, trading volume,maturity and other requirements determined by S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc. The FTSE NAREIT AllEquity REITs Index is a free-float adjusted, market capitalization-weighted index of all tax-qualified U.S. equity REITs with more than 50%of total assets in qualifying real estate assets other than mortgages secured by real property. Please note that an investor cannot investdirectly in an index.

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Class A N/A N/A N/A N/A N/A 4.35% -4.68% 12.41% 14.91% -9.76% 22.64%

IncomeExplorerBlendedBenchmark

N/A N/A N/A N/A 14.46% 5.43% -0.07% 5.71% 14.52% -5.07% 21.35%

Growth of $10,000

$10,000 initial investment in Class A from Fund inception through 12/31/19, with all income dividends and capital gains reinvested.Includes maximum sales charge. This chart is hypothetical and is for illustrative purposes only.

$14,150

7/13 12/14 12/15 12/16 12/17 12/18 12/19

0

3,000

6,000

9,000

12,000

$15,000

Fund ObjectiveSeeks high current income with asecondary objective of capitalappreciation.

Fund Highlights Combines three distinct income-•producing investmentstrategies—global dividendequities, preferred securities andreal estate investement trusts (REITs)—into a single fund that seeks ahigh level of monthly income. By exploring asset classes that are•less correlated with traditional bondmarkets, the Fund may providemore diversified incomeopportunities than fixed incomeinvestments alone. This multi-asset class approach is•designed to help deliver attractiveyield and risk-adjusted returns,conveniently in one portfolio.

Fund StatisticsInception Date: 7/2/2013Total Net Assets: $44.74 millionNumber of Holdings: 172Dividend Frequency: Monthly

Yields (as of 12/31/19)

30-Day SEC Yield: 2.44%1 (Class A)30-Day SEC Yield: 2.09%2 (Class A)

1 Includes fees waived and expensesreimbursed.

2 Excludes fees waived and expensesreimbursed.

AIG Income Explorer Fund Q412.31.19

S5320FS1.21 (12/19)

Portfolio Management

Timothy PetteeLead Portfolio Manager

Andrew SheridanCo-Portfolio Manager (l)

Timothy CampionCo-Portfolio Manager (r)

Jane Bayar AlgieriCo-Portfolio Manager (l)

Elizabeth MauroCo-Portfolio Manager (r)

About SunAmerica AssetManagementSunAmerica Asset Managementmanages and/or administers $87.9billion as of December 31, 2019across a family of mutual fundsspanning many investment disciplinesas well as a significant portion of theunderlying separate account assets ofvariable annuities issued throughaffiliated insurance companies.

Top Portfolio Holdings(% of net assets as of 12/31/19)

Walsin Technology Corp. 1.10% Cisco Systems, Inc. 0.89%CNOOC, Ltd. 0.94% Gap, Inc. 0.89%Carnival Corp. 0.93% Newell Brands, Inc. 0.89%Anhui Conch Cement Co., Ltd. 0.92% Eni SpA 0.88%Equinor ASA 0.91% Imperial Brands PLC 0.88%Tapestry, Inc. 0.91% Kohl’s Corp. 0.88%Country Garden Holdings Co., Ltd. 0.90% AT&T, Inc. 0.87%Volvo AB, Class B 0.90% British American Tobacco PLC 0.87%WestRock Co. 0.90% Kraft Heinz Co. 0.87%China Petroleum & Chemical Corp. 0.89% Nielsen Holdings PLC 0.87% Total 18.09%

Holdings and weightings as of December 31, 2019 are subject to change after that date. The Fund is actively managed and its holdingsand composition will differ over time. This list does not constitute investment advice nor an offer to purchase or sell any particular security.

Top Sector Weightings(% of net assets as of 12/31/19)

Real Estate Investment Trusts 21.76%Tobacco 4.26%Banks-Commercial 4.10%Oil Companies-Integrated 3.53%Diversified Banking Institutions 3.35%Telephone-Integrated 3.33%Auto-Cars/Light Trucks 3.18%Investment Management/Advisor Services 3.02%Banks-Super Regional 2.96%Chemicals-Diversified 2.56%Total 52.05%

Portfolio Composition(% of net assets as of 12/31/19)

Common Stocks 63.46%Preferred Securities 32.30%Preferred Securities/Capital Securities 0.33%Convertible Preferred Securities 0.24%

Past performance is not indicative of future results.Effective December 17, 2019, certain changes were made to the AIG Income Explorer Fund’s investment strategy and techniques, as wellas to the portfolio management. Prior to this date, the Fund was invested in closed end funds, global equity securities and preferredsecurities. For a detailed description of the Fund’s strategy, techniques and management, as well as expenses, please see the Fund’sProspectus.Preferred securities are subject to bond market volatility risk, credit risk and interest rate fluctuation risk. In addition, preferred securitiesare subordinated to other securities in the issuer’s capital structure and are subject to the risk that the issuer will fail to make dividends orother distributions because other claims on the issuer’s assets take priority. Preferred securities may be less liquid than many other typesof securities and may be subject to the risk of being redeemed prior to their scheduled date. The Fund may invest in high-yield securitiesand 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.Real estate securities are subject to the risk that property values may fall due to increasing vacancies or declining rents. The price of realestate securities also may decline because of the failure of borrowers to pay their loans and poor management. Many real estate companiesutilize leverage, which increases investment risk and could adversely affect a company’s operations and market value in periods of risinginterest rates, as well as risks normally associated with debt financing. Income and real estate values also may be adversely affected bysuch factors as applicable laws, interest rate levels and the availability of financing.The Global Dividend Stocks and REIT sleeves each employ a disciplined strategy and will not deviate from their strategy (except to theextent necessary to comply with federal tax laws or other applicable laws). If either sleeve is committed to a strategy that is unsuccessful,the Fund may not meet its overall investment goal. Because the Global Dividend Stocks sleeve generally will not use certain hedgingtechniques available to the Preferred and REIT sleeves to reduce stock market exposure, this portion of the Fund may be more susceptibleto general market declines than the other sleeves. International investing involves special risks, such as currency fluctuations andeconomic and political instability, greater market volatility and limited liquidity.Stocks of small-cap and mid-cap companies are generally more volatile than and not as readily marketable as those of larger companies,and may have fewer resources and a greater risk of business failure than do large companies.

Investors should carefully consider a Fund’s investment objectives, risks, charges and expenses before investing. Theprospectus, containing this and other important information, can be obtained from your financial advisor, the AIGFunds Sales Desk at 800-858-8850, ext. 6003, or at aig.com/funds. Read the prospectus carefully before investing.AIG Funds are advised by SunAmerica Asset Management, LLC (SAAMCo) and distributed by AIG Capital Services, Inc.(ACS), Member FINRA. Harborside 5, 185 Hudson Street, Suite 3300, Jersey City, NJ 07311, 800-858-8850. SAAMCo and ACS aremembers of American International Group, Inc. (AIG).Not FDIC or NCUA/NCUSIF Insured.May Lose Value. No Bank or Credit Union Guarantee.Not a Deposit. Not Insured by any Federal Government Agency.

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