Filed under Rule 497(e)
Registration No. 033-06502

SunAmerica Income Funds

AIG U.S. Government Securities Fund

AIG Strategic Bond Fund

AIG Flexible Credit Fund

Class C Shares

(each, a “Fund” and collectively, the “Funds”)

Supplement dated December 21, 2017, to the Funds’ Prospectus and Statement of Additional Information (“SAI”), as supplemented and amended to date

Effective March 1, 2018, the following changes are made to the Funds’ Prospectus and SAI:

The fourth bullet in the section of the Prospectus entitled “Shareholder Account Information — Selecting a Share Class — Class C” is deleted in its entirety and replaced with the following:

 

•

Automatic conversion to Class A shares approximately ten years after purchase.

The section of the Prospectus entitled “Shareholder Account Information — Taxability of Transactions” is deleted in its entirety and replaced with the following:

Any time you sell or exchange shares, it is considered a taxable event for you. Depending generally on the purchase price and the sale price of the shares you sell or exchange, you may have a gain or a loss on the transaction. You are responsible for any tax liabilities generated by your transactions. If you hold Class C or Class B shares, you will not have a taxable event when they convert into Class A shares. An exchange of shares you currently hold in one class of a Fund for shares of another class of the same Fund will generally not constitute a taxable transaction for federal income tax purposes. You should talk to your tax adviser before making an exchange.

The fourth paragraph in the section of the SAI entitled “Exchange Privilege” is deleted in its entirety and replaced with the following:

A shareholder who acquires Class B or Class C shares through an exchange from another of AIGF will retain liability for any CDSC outstanding on the date of the exchange. In such event, the period for which the original shares were held prior to the exchange will be “tacked” with the holding period of the shares acquired in the exchange for purposes of determining what, if any, CDSC is applicable upon a redemption of any of such shares and the timing of conversion of Class C or Class B shares to Class A.

The fourth paragraph in the section of the SAI entitled “Description of Shares” is deleted in its entirety and replaced with the following:

Where applicable, each class has voting rights on matters that pertain to the Rule 12b-1 plan adopted with respect to such class, except that under certain circumstances, the holders of Class C shares or Class B shares may be entitled to vote on material changes to the Class A Rule 12b-1 plan. In addition, each class of shares will be exchangeable only into the same class of shares of any of the other Funds or other funds advised by SunAmerica. Further, Class B shares convert automatically to Class A shares on the first business day of the month eight years after the purchase of such Class B Shares, and Class C shares convert automatically to Class A shares on the 19^th day (or next business day following the 19^th) of the month ten years after the purchase of such Class C Shares. All shares of the Trust issued and outstanding and all shares offered by the Prospectus when issued are and will be fully paid and non-assessable. Shares have no preemptive or other subscription rights and are freely transferable on the books of the Trust. In addition, shares have no conversion rights, except as described above.

 

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

 

SUP2_S5118IF_7-17 SUP2_IFSAI_7-17

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