Delivering return potential when traditional markets struggle

SunAmerica Alternative Strategies Fund Class A – SUNAX Class C – SUNCX Class W – SUNWX

For financial professional use only. See reverse side for additional information.

The SunAmerica Alternative Strategies Fund, with its unique combination of managed futures, commodities and hedge fund strategies, ranked in the top 2% of its Lipper category for the 1-year period ending September 30, 2011.

Note: Lipper rankings are based on cumulative total returns and do not take into account sales charges. If those charges were included, the return would be lower. Rankings are for Class A shares only; other classes may have different performance characteristics. Results in the chart represent cumulative price return only from 12/31/10 – 9/30/2011. See reverse side for more information on the peer group and index used. Correlation is a statistical measure of how two securities move in relation to each other. This measure ranges from -1 to +1, where -1 indicates perfect negative correlation and +1 indicates perfect positive correlation.

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. Performance as of the most recent month end is available at www.sunamericafunds.com.

SUNAX GAINED OVER 12% YTD, EVEN AS THE S&P 500 DECLINED NEARLY -9%!RETURNS AS OF SEPTEMBER 30, 2011

Consider adding the uncorrelated return and diversification potential of the SunAmerica Alternative Strategies Fund to your clients’ portfolios today!

Contact your SunAmerica wholesaler or our Sales Desk at 800-232-1230 for details.

SUNAX as of September 30, 2011 1 Year

Lipper Ranking Top 2% (3 out of 175)

SunAmerica Alternative Strategies Fund Return 17.66%

Peer Returns (Lipper Flexible Portfolio Category) 0.31%

Correlation to the S&P 500 -0.42

SUNAX Average Annual Returns (Class A) as of September 30, 2011 1 Year Since Inception

(11/4/2008)

At Net Asset Value 17.66% 6.94%

With Maximum Sales Charge 10.87% 4.78%

12%

6%

0%

-6%

-12%-12

-9

-6

-3

0

3

6

9

12

15

1/1/11 1/31/11 2/28/11 3/31/11 4/29/11 5/31/11 6/30/11 7/29/11 8/31/11 9/30/11

During recent volatility, the Fund has shown significantly negative correlation to equities.

■ SunAmerica Alternative Strategies Fund (SUNAX) ■ S&P 500

SunAmerica Alternative Strategies Fund

S5103FL3.1 (10/11)

www.sunamericafunds.com

Class A SUNAX

Class C SUNCX

Class W SUNWX

Notes on Returns: The S&P 500 is a broad-based, market-cap weighted index of 500 U.S. stocks. The Lipper Flexible Portfolio Category covers funds that allocate investments across a broad spectrum of asset classes, including alternatives. Index returns do not include any management fees, transaction costs or expenses. The indices are unmanaged and are not available for direct investment.Notes on Risk:The commodity and hedge fund-linked derivative instruments in which the Fund invests have substantial risks, including risk of loss of a significant portion of their principal value. Commodity and hedge fund-linked derivative instruments may be more volatile and less liquid than the underlying instruments and their value will be affected by the performance of the commodity markets or underlying hedge funds, as well as overall market movements and other factors. Commodity and hedge fund exposure may also subject the Fund to greater volatility than investing in traditional securities. The value of commodity-linked derivative instruments may be affected by commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The hedge funds comprising a hedge fund index invest in and may actively trade securities and other financial instruments using a variety of strategies and investment techniques that may involve significant risks. Managed futures involve going long or short in futures contracts and futures-related instruments. If the Fund’s investment advisor uses a future or other derivative instrument at the wrong time or judges market conditions incorrectly, use of such instruments may result in a significant loss to the Fund. The Fund could also experience losses if the prices of its futures or other derivative instruments were not properly correlated with other investments. Managed futures instruments and some other derivatives the Fund buys involve a degree of leverage. The Fund’s use of certain economically leveraged futures and other derivatives can result in a loss substantially greater than the amount invested in the futures or other derivatives. Certain futures and other derivatives have the potential for unlimited loss, regardless of the size of the initial investment. When the Fund uses futures and other derivatives for leverage, a shareholder’s investment in the Fund will tend to be more volatile, resulting in larger gains or losses in response to the fluctuating prices of the Fund’s investments.The Fund is not a complete investment program and should not be an investor’s sole investment. Investors should consider buying shares of the Fund only as part of an overall portfolio strategy that includes other asset classes, such as fixed income and equity investments. Investors in the Fund should be willing to assume greater risks of potentially significant short-term price fluctuations because of the Fund’s investments in commodity-linked and hedge fund-linked instruments and in managed futures.

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 the SunAmerica Sales Desk at 800-858-8850, ext. 6003, or at www.sunamericafunds.com. Read the prospectus carefully before investing. Funds distributed by SunAmerica Capital Services, Inc.

For financial professional use only.