Sunamerica Income Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04708

SunAmerica Income Funds

(Exact name of registrant as specified in charter)

Harborside 5,

185 Hudson Street, Suite 3300,

Jersey City, NJ 07311

(Address of principal executive offices) (Zip code)

John T. Genoy

Senior Vice President

SunAmerica Asset Management, LLC

Harborside 5,

185 Hudson Street, Suite 3300,

Jersey City, NJ 07311

(Name and address of agent for service)

Registrant’s telephone number, including area code: (201) 324-6414

Date of fiscal year end: March 31

Date of reporting period: September 30, 2020

Item 1.    Reports to Stockholders

SEMI-ANNUAL REPORT 2020

SUNAMERICA

Income Funds

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from a Fund electronically by calling 800-858-8850 or contacting your financial intermediary directly.

You may elect to receive all future reports in paper free of charge. If your account is held directly at the Fund, you can inform the Fund that you wish to receive paper copies of reports by calling 800-858-8850. If your account is held through a financial intermediary, please contact the financial intermediary to make this election. Your election to receive paper will apply to all AIG Funds in which you are invested and may apply to all funds held with your financial intermediary.

aig.com/funds

Table of Contents

SHAREHOLDER LETTER	2
EXPENSE EXAMPLE	4
STATEMENTS OF ASSETS AND LIABILITIES	6
STATEMENTS OF OPERATIONS	8
STATEMENTS OF CHANGES IN NET ASSETS	9
FINANCIAL HIGHLIGHTS	10
PORTFOLIO OF INVESTMENTS	13
NOTES TO FINANCIAL STATEMENTS	75
STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM	92
APPROVAL OF ADVISORY AGREEMENTS	93

Shareholder Letter — (unaudited)

Dear Shareholders,

All of us at AIG and SunAmerica Asset Management, along with our Fund subadvisers, hope this semi-annual report finds you and yours safe and well during these challenging times.

As the COVID-19 pandemic continues to evolve, know that we remain focused on serving our Fund shareholders. As such, we are pleased to present this semi-annual update for the SunAmerica Income Funds (the “Income Funds”) for the six-month period ended September 30, 2020. From a broad perspective, it was a period wherein fixed income market performance was positive, primarily driven by economic growth expectations, central bank monetary policy and geopolitical events, including the persistence of COVID-19. For the semi-annual period overall, the Bloomberg Barclays U.S. Aggregate Bond Index^*, a broad measure of the U.S. fixed income market, returned 3.53%.

In the second quarter of 2020, when the semi-annual period began, global fixed income sectors generated positive returns. Political tensions were a focal point, with U.S.-China disputes reigniting, a wave of racial justice protests engulfing the U.S., and Brexit^** uncertainty increasing. Global government bond yields were largely range-bound near record lows across most developed markets, supported by extremely accommodative central bank purchase programs and amplified policy responses to the pandemic and its impact on the economy and the financial markets. For example, the U.S. Federal Reserve (the “Fed”) announced a trillion-dollar lending program, which includes high yield bonds. The European Central Bank (“ECB”) announced more generous terms for its targeted longer-term refinancing operations. The Bank of England (“BOE”) announced an extension of the U.K. government’s overdraft facility and increased its bond purchases. All that said, global government bond yield curves, or maturity spectrums, steepened^†, as short-term yields declined in the U.S. and the U.K. In fact, U.K. government bond yields dipped into negative territory after the BOE indicated negative rates could form part of a range of actions it might take should downside risks materialize. Most non-government bond sectors outperformed U.S. Treasuries and other sovereign bonds during the second calendar quarter. Fixed income credit sectors - both investment grade and high yield - performed especially strongly, as countries began to gradually emerge from lockdowns, vaccine developments progressed and asset purchases by the Fed commenced through its credit facilities. Emerging markets debt was also a particularly strong sector during the quarter, as emerging market central banks rapidly cut policy rates, with some banks also initiating unconventional policies, including forms of quantitative easing.

Global government bond yields ended the third quarter of 2020 mixed. Yield curves steepened, led by increases in yields on longer-term maturities, in the U.S., Canada and the U.K., while most other government bond yields generally drifted lower. (Remember, there is an inverse relationship between bond prices and yield movements, so that bond prices rise when yields decrease and vice versa.) The Fed extended its emergency liquidity provisions through the end of 2020 and unveiled a new inflation policy framework that will allow inflation to modestly exceed 2% without a hawkish^†† policy response. This low-for-longer and inflation tolerance policy stance by the Fed prompted the sell-off in longer-dated securities, while strong demand for U.S. Treasuries as a “safe haven” kept short-to intermediate-term yields low. The U.K.’s yield curve steepened, reflecting the backdrop of Brexit risks, disappointing economic data and rapidly rising estimates of British government borrowing needs. In contrast, Australian and Italian yields were among the major decliners. Among non-government bond sectors, performance was mixed. Credit sectors performed well, supported by expansionary fiscal policies, purchase programs by the Fed and the ECB, and strong demand, even as corporate issuance set records for the calendar year. Emerging markets debt also posted relatively strong returns. Some securitized sectors, including mortgage-backed securities, were comparatively weaker.

For the semi-annual period overall, the U.S. Treasury yield curve steepened modestly. The yield on the two-year U.S. Treasury declined approximately 10 basis points^††† to end the semi-annual period at 0.13%. The yield on the bellwether 10-year U.S. Treasury fell approximately one basis point to end the semi-annual period at 0.69%, and the yield on the 30-year U.S. Treasury increased approximately 11 basis points to end the semi-annual period at 1.46%. Most non-government bond sectors posted positive returns that

2

outperformed U.S. Treasuries and other government bonds during the semi-annual period. Corporate bonds, led by lower-rated credits, performed especially well. Emerging markets debt, in U.S. dollar terms, also rallied. Treasury inflation protected securities were also strong, buoyed by Fed purchases. Mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities outperformed U.S. Treasuries during the semi-annual period as a whole but far more modestly so.

Amid these conditions, each of the Income Funds posted solid positive absolute gains during the semi-annual period ended September 30, 2020, and both AIG Flexible Credit Fund and AIG Strategic Bond Fund significantly outperformed their respective benchmark for the same time period. On the following pages, you will find financial statements and portfolio information for each of the Income Funds during the semi-annual period ended September 30, 2020.

We thank you for being a part of AIG Funds. We value your continued confidence in us and look forward to serving your investment needs in the future. As always, if you have any questions regarding your investments, please contact your financial professional or get in touch with us directly at 800-858-8850 or via our website, www.aig.com/funds.

Sincerely,

The SunAmerica Income Funds Investment Professionals

Tim Pettee	Robert Vanden Assem	David L. Albrycht
Timothy Campion	Dana Burns	Frank Ossino
Elizabeth Mauro	Anders Faergemann	Eric Hess
	John Yovanovic	William Eastwood

Past performance is no guarantee of future results.

* The Bloomberg Barclays U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable and dollar denominated. The index covers the U.S. investment-grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities. Indices are not managed and an investor cannot invest directly in an index.

** Brexit refers to the U.K.’s path out of the European Union.

† A steepening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities widens.

†† Hawkish policy tends to suggest higher interest rates; opposite of dovish.

††† A basis point is 1/100th of a percentage point.

3

SunAmerica Income Funds

EXPENSE EXAMPLE — September 30, 2020 — (unaudited)

Disclosure of Portfolio Expenses in Shareholder Reports

As a shareholder of a fund (each, a “Fund” and collectively the “Funds”) in the SunAmerica Income Funds (the “Trust”), you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges and (2) ongoing costs, including management fees, distribution and service fees and other Fund expenses. The example set forth below is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at April 1, 2020 and held until September 30, 2020.

Actual Expenses

The “Actual” section of the table provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Expenses Paid During the Six Months Ended September 30, 2020” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended September 30, 2020” column and the “Annualized Expense Ratio” column do not include small account fees that may be charged if your account balance is below $500 ($250 for retirement plan accounts). In addition, the “Expenses Paid During the Six Months Ended September 30, 2020” column and the “Annualized Expense Ratio” column do not include administrative fees that may apply to qualified retirement plan accounts. See the Funds’ prospectuses, your retirement plan document and/or materials from your financial adviser for a full description of these fees. Had these fees been included, the “Expenses Paid During the Six Months Ended September 30, 2020” column would have been higher and the “Ending Account Value” column would have been lower.

Hypothetical Example for Comparison Purposes

The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months Ended September 30, 2020” column and the “Annualized Expense Ratio” column do not include small account fees that may be charged if your account balance is below $500 ($250 for retirement plan accounts). In addition, the “Expenses Paid During the Six Months Ended September 30, 2020” column and the “Annualized Expense Ratio” column do not include administrative fees that may apply to qualified retirement plan accounts and accounts held through financial institutions. See the Funds’ prospectuses, your retirement plan document and/or materials from your financial adviser for a full description of these fees. Had these fees been included, the “Expenses Paid During the Six Months Ended September 30, 2020” column would have been higher and the “Ending Account Value” column would have been lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, including sales charges on purchase payments, contingent deferred sales charges, small account fees and administrative fees, if applicable to your account. Please refer to the Funds’ prospectus, your retirement plan document and/or material from your financial adviser, for more information. Therefore, the “Hypothetical” example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs and other fees were included, your costs would have been higher.

4

SunAmerica Income Funds

EXPENSE EXAMPLE — September 30, 2020 — (unaudited) (continued)

	Actual						Hypothetical
Fund	Beginning Account Value at April 1, 2020		Ending Account Value using Actual Return at September 30, 2020		Expenses Paid During the Six Months Ended September 30, 2020		Beginning Account Value at April 1, 2020		Ending Account Value using a Hypothetical 5% Annual Return at September 30, 2020		Expenses Paid During the Six Months Ended September 30, 2020		Annualized Expense Ratio*
AIG U.S. Government Securities#
Class A	$	1,000.00	$	1,001.02	$	4.97	$	1,000.00	$	1,020.10	$	5.01		0.99	%
Class C	$	1,000.00	$	997.76	$	8.21	$	1,000.00	$	1,016.85	$	8.29		1.64	%
AIG Strategic Bond#
Class A	$	1,000.00	$	1,107.60	$	5.86	$	1,000.00	$	1,019.50	$	5.62		1.11	%
Class B	$	1,000.00	$	1,103.61	$	9.70	$	1,000.00	$	1,015.84	$	9.30		1.84	%
Class C	$	1,000.00	$	1,103.47	$	9.54	$	1,000.00	$	1,015.99	$	9.15		1.81	%
Class W	$	1,000.00	$	1,105.55	$	4.75	$	1,000.00	$	1,020.56	$	4.56		0.90	%
AIG Flexible Credit#
Class A	$	1,000.00	$	1,159.02	$	5.95	$	1,000.00	$	1,019.55	$	5.57		1.10	%
Class C	$	1,000.00	$	1,158.49	$	9.47	$	1,000.00	$	1,016.29	$	8.85		1.75	%
Class W	$	1,000.00	$	1,163.90	$	4.83	$	1,000.00	$	1,020.61	$	4.51		0.89	%

* Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days then divided by 365 days (to reflect the one-half year period). These ratios do not reflect transaction costs, including sales charges on purchase payments, contingent deferred sales charges, small account fees and administrative fees, if applicable to your account. Please refer to your Prospectus, your retirement plan documents and/or materials from your financial adviser for more information.

# During the stated period, the investment advisor either waived a portion of or all of the fees and assumed a portion of or all expenses for the Funds. As a result, if these fees and expenses had not been waived or assumed, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Six Months Ended September 30, 2020” and the “Annualized Expense Ratio” would have been higher.

5

SunAmerica Income Funds

STATEMENTS OF ASSETS AND LIABILITIES — September 30, 2020 — (unaudited)

	AIG U.S. Government Securities Fund			AIG Strategic Bond Fund			AIG Flexible Credit Fund
ASSETS:
Investments at value (unaffiliated)*	$	135,555,179		$	353,541,281		$	251,907,621
Repurchase agreements (cost approximates value)		1,030,000			—			—
Cash		552			155,505			165,809
Foreign cash*		—			371,964			—
Receivable for:
Shares of beneficial interest sold		35,795			2,347,043			250,476
Dividends and interest		530,214			3,628,094			2,945,770
Investments sold		—			1,980,003			1,597,046
Investments sold on an extended settlement basis		—			56,047			1,823,398
Prepaid expenses and other assets		7,851			9,773			9,573
Due from investment adviser for expense reimbursements/fee waivers		65,936			77,821			84,305
Unrealized appreciation on forward foreign currency contracts		—			26,495			—
Total assets		137,225,527			362,194,026			258,783,998
LIABILITIES:
Payable for:
Shares of beneficial interest redeemed		36,526			623,831			423,071
Investments purchased		—			4,027,774			392,257
Investments purchased on an extended settlement basis		—			5,774,304			8,892,596
Investment advisory and management fees		73,241			187,313			154,554
Distribution and service maintenance fees		45,846			114,772			76,985
Transfer agent fees and expenses		37,307			79,513			55,255
Trustees’ fees and expenses		4			159			1,696
Other accrued expenses		74,155			193,443			157,833
Distributions Payable		—			35,352			178,823
Commitments (Note 10)		—			127,680			—
Unrealized depreciation on forward foreign currency contracts		—			280,732			—
Total liabilities		267,079			11,444,873			10,333,070
Net assets	$	136,958,448		$	350,749,153		$	248,450,928
NET ASSETS REPRESENTED BY:
Shares of beneficial interest, $0.01	$	140,308		$	1,023,354		$	776,689
Paid-in capital		143,432,776			375,852,772			286,091,627
Total accumulated earnings (loss)		(6,614,636	)		(26,126,973	)		(38,417,388	)
Net assets	$	136,958,448		$	350,749,153		$	248,450,928
*Cost
Investments (unaffiliated)	$	123,263,210		$	350,284,758		$	265,276,963
Foreign cash	$	—		$	373,773		$	—

See Notes to Financial Statements

6

SunAmerica Income Funds

STATEMENTS OF ASSETS AND LIABILITIES — September 30, 2020 — (unaudited) (continued)

	AIG U.S. Government Securities Fund		AIG Strategic Bond Fund		AIG Flexible Credit Fund
Class A (unlimited shares authorized):
Net assets	$	125,188,958	$	161,992,205	$	85,824,540
Shares of beneficial interest issued and outstanding		12,824,154		47,239,151		26,877,614
Net asset value and redemption price per share (excluding any applicable contingent deferred sales charge)	$	9.76	$	3.43	$	3.19
Maximum sales charge (3.75% of offering price)	$	0.38	$	0.13	$	0.12
Maximum offering price to public	$	10.14	$	3.56	$	3.31
Class B (unlimited shares authorized):
Net assets	$	—	$	15,094,901	$	—
Shares of beneficial interest issued and outstanding		—		4,404,943		—
Net asset value, offering and redemption price per share (excluding any applicable contingent deferred sales charge)	$	—	$	3.43	$	—
Class C (unlimited shares authorized):
Net assets	$	11,769,490	$	47,918,730	$	44,138,097
Shares of beneficial interest issued and outstanding		1,206,695		13,928,556		13,738,461
Net asset value, offering and redemption price per share (excluding any applicable contingent deferred sales charge)	$	9.75	$	3.44	$	3.21
Class W (unlimited shares authorized):
Net assets	$	—	$	125,743,317	$	118,488,291
Shares of beneficial interest issued and outstanding		—		36,762,711		37,052,816
Net asset value, offering and redemption price per share	$	—	$	3.42	$	3.20

See Notes to Financial Statements

7

SunAmerica Income Funds

STATEMENTS OF OPERATIONS — For the Six Months Ended September 30, 2020 — (unaudited)

	AIG U.S.  Government Securities Fund			AIG  Strategic Bond Fund			AIG  Flexible Credit Fund
INVESTMENT INCOME:
Dividends (unaffiliated)	$	—		$	3,055		$	—
Interest (unaffiliated)		1,208,599			6,728,352			7,538,091
Total investment income*		1,208,599			6,731,407			7,538,091
EXPENSES:
Investment advisory and management fees		450,373			1,036,828			970,996
Distribution and Service maintenance fees:
Class A		205,166			270,325			142,855
Class B		—			73,742			—
Class C		64,022			249,798			235,742
Service fee — Class W		—			73,916			98,303
Transfer agent fees:
Class A		155,305			188,415			101,410
Class B		—			18,561			—
Class C		16,911			61,008			55,473
Class W		—			109,376			146,854
Registration fees:
Class A		19,066			17,255			15,049
Class B		—			6,408			—
Class C		12,454			17,171			8,513
Class W		—			12,678			24,631
Custodian and accounting fees		12,410			58,126			33,723
Reports to shareholders		15,564			32,256			31,750
Audit and tax fees		29,841			40,268			39,480
Legal fees		23,171			24,720			26,648
Trustees’ fees and expenses		5,998			13,483			14,316
Interest expense		191			91			13,757
Other expenses		16,428			19,420			18,315
Total expenses before fee waivers, expense reimbursements and expense recoupments		1,026,900			2,323,845			1,977,815
Net (fees waived and expenses reimbursed)/recouped by investment advisor (Note 3)		(299,321	)		(430,696	)		(526,676	)
Net expenses		727,579			1,893,149			1,451,139
Net investment income (loss)		481,020			4,838,258			6,086,952
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)		634,157			4,222,093			(3,135,023	)
Forward contracts		—			(535,571	)		—
Net realized foreign exchange gain (loss) on other assets and liabilities		—			13,738			—
Net realized gain (loss) on investments and foreign currencies		634,157			3,700,260			(3,135,023	)
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(980,000	)		22,249,517			36,515,869
Forward contracts		—			(445,096	)		—
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		—			4,845			—
Net unrealized gain (loss) on investments and foreign currencies		(980,000	)		21,809,266			36,515,869
Net realized and unrealized gain (loss) on investments and foreign currencies		(345,843	)		25,509,526			33,380,846
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		135,177			30,347,784			39,467,798
*   Net of foreign withholding taxes on interest and dividends of	$	—		$	196		$	—

See Notes to Financial Statements

8

SunAmerica Income Funds

STATEMENTS OF CHANGES IN NET ASSETS

	AIG U.S. Government Securities Fund						AIG Strategic Bond Fund						AIG Flexible Credit Fund
	For the six months ended September 30, 2020 (unaudited)			For the year ended March 31, 2020			For the six months ended September 30, 2020 (unaudited)			For the year ended March 31, 2020			For the six months ended September 30, 2020 (unaudited)			For the year ended March 31, 2020
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	481,020		$	1,739,735		$	4,838,258		$	9,321,061		$	6,086,952		$	17,039,311
Net realized gain (loss) on investments and foreign currencies		634,157			1,926,705			3,700,260			2,219,656			(3,135,023	)		(10,508,043	)
Net unrealized gain (loss) on investments and foreign currencies		(980,000	)		9,530,897			21,809,266			(16,562,110	)		36,515,869			(39,945,114	)
Net increase (decrease) in net assets resulting from operations		135,177			13,197,337			30,347,784			(5,021,393	)		39,467,798			(33,413,846	)
Distributions to shareholders from:
Distributable earnings (Class A)		(896,825	)		(2,097,203	)		(2,665,881	)		(5,590,623	)		(2,034,756	)		(5,350,478	)
Distributable earnings (Class B)		—			—			(199,152	)		(449,803	)		—			—
Distributable earnings (Class C)		(49,639	)		(75,838	)		(681,512	)		(1,472,631	)		(1,002,413	)		(2,528,440	)
Distributable earnings (Class W)		—			—			(1,792,133	)		(3,163,220	)		(3,351,026	)		(9,579,290	)
Total distributions to shareholders		(946,464	)		(2,173,041	)		(5,338,678	)		(10,676,277	)		(6,388,195	)		(17,458,208	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(651,564	)		(6,229,168	)		28,965,242			37,021,203			(39,382,583	)		(6,163,477	)
Total increase (decrease) in net assets		(1,462,851	)		4,795,128			53,974,348			21,323,533			(6,302,980	)		(57,035,531	)
NET ASSETS:
Beginning of period		138,421,299			133,626,171			296,774,805			275,451,272			254,753,908			311,789,439
End of period	$	136,958,448		$	138,421,299		$	350,749,153		$	296,774,805		$	248,450,928		$	254,753,908

See Notes to Financial Statements

9

SunAmerica Income Funds

FINANCIAL HIGHLIGHTS

AIG U.S. GOVERNMENT SECURITIES FUND
Period Ended		Net Asset Value, beginning of period		Net investment income(1)		Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains on investments		Total Distri- butions			Net Asset Value, end of period		Total Return(2)			Net Assets, end of period (000’s)		Ratio of expenses to average net assets(3)			Ratio of net investment income to average net assets(3)			Portfolio Turnover
Class A
	03/31/16	$	9.73	$	0.08	$	(0.05	)	$	0.03		$	(0.17	)	$	—	$	(0.17	)	$	9.59		0.33	%	$	156,468		0.99	%		0.81	%		36	%
	03/31/17		9.59		0.09		(0.37	)		(0.28	)		(0.16	)		—		(0.16	)		9.15		(2.93	)		148,382		0.99			0.91			95
	03/31/18		9.15		0.09		(0.13	)		(0.04	)		(0.16	)		—		(0.16	)		8.95		(0.46	)		138,599		0.99			1.03			29
	03/31/19		8.95		0.13		0.11			0.24			(0.15	)		—		(0.15	)		9.04		2.71			126,119		0.99			1.49			18
	03/31/20		9.04		0.12		0.82			0.94			(0.16	)		—		(0.16	)		9.82		10.45			126,770		0.99			1.34			40
	09/30/20#		9.82		0.04		(0.03	)		0.01			(0.07	)		—		(0.07	)		9.76		0.10			125,189		0.99	(4)		0.75	(4)		11
Class C
	03/31/16	$	9.72	$	0.01	$	(0.03	)	$	(0.02	)	$	(0.11	)	$	—	$	(0.11	)	$	9.59		(0.22	)%	$	31,665		1.64	%		0.16	%		36	%
	03/31/17		9.59		0.02		(0.37	)		(0.35	)		(0.10	)		—		(0.10	)		9.14		(3.66	)		19,592		1.64			0.26			95
	03/31/18		9.14		0.04		(0.13	)		(0.09	)		(0.10	)		—		(0.10	)		8.95		(1.00	)		7,637		1.64			0.38			29
	03/31/19		8.95		0.08		0.10			0.18			(0.09	)		—		(0.09	)		9.04		2.05			7,507		1.64			0.84			18
	03/31/20		9.04		0.06		0.81			0.87			(0.10	)		—		(0.10	)		9.81		9.64			11,652		1.64			0.69			40
	09/30/20#		9.81		0.01		(0.03	)		(0.02	)		(0.04	)		—		(0.04	)		9.75		(0.22	)		11,769		1.64	(4)		0.11	(4)		11

# Unaudited

(1) Calculated based upon average shares outstanding.

(2) Total return is not annualized and does not reflect sales load, but does include expense reimbursements.

(3) Net of the following expense reimbursements, if applicable (based on average net assets):

	03/31/16			03/31/17			03/31/18			03/31/19			03/31/20			09/30/20#(4)
AIG U.S. Government Securities Fund Class A		0.37	%		0.35	%		0.37	%		0.37	%		0.40	%		0.41	%
AIG U.S. Government Securities Fund Class C		0.39			0.40			0.46			0.59			0.67			0.62

(4) Annualized

See Notes to Financial Statements

10

SunAmerica Income Funds

FINANCIAL HIGHLIGHTS — (continued)

AIG STRATEGIC BOND FUND
Period Ended		Net Asset Value, beginning of period		Net investment income(1)		Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains on investments		Total Distri- butions			Net Asset Value, end of period		Total Return(2)			Net Assets, end of period (000’s)		Ratio of expenses to average net assets			Ratio of net investment income to average net  assets			Portfolio Turnover
Class A
	03/31/16	$	3.49	$	0.12	$	(0.20	)	$	(0.08	)	$	(0.14	)	$	—	$	(0.14	)	$	3.27		(2.32	)%	$	175,386		1.34	%		3.54	%		108	%
	03/31/17		3.27		0.10		0.14			0.24			(0.11	)		—		(0.11	)		3.40		7.38			163,163		1.32			3.00			109
	03/31/18		3.40		0.11		(0.03	)		0.08			(0.10	)		—		(0.10	)		3.38		2.41			196,712		1.33			3.15			149
	03/31/19		3.38		0.13		(0.04	)		0.09			(0.16	)		—		(0.16	)		3.31		2.86			153,979		1.14	(3)		3.89	(3)		123
	03/31/20		3.31		0.11		(0.15	)		(0.04	)		(0.12	)		—		(0.12	)		3.15		(1.37	)		143,815		1.10	(3)		3.14	(3)		85
	09/30/20#		3.15		0.05		0.29			0.34			(0.06	)		—		(0.06	)		3.43		10.76			161,992		1.11	(3)(4)		3.11	(3)(4)		64
Class B
	03/31/16	$	3.49	$	0.10	$	(0.20	)	$	(0.10	)	$	(0.12	)	$	—	$	(0.12	)	$	3.27		(2.97	)%	$	31,038		2.01	%		2.87	%		108	%
	03/31/17		3.27		0.08		0.14			0.22			(0.09	)		—		(0.09	)		3.40		6.66			29,762		1.99			2.33			109
	03/31/18		3.40		0.09		(0.04	)		0.05			(0.08	)		—		(0.08	)		3.37		1.41			21,875		2.02			2.46			149
	03/31/19		3.37		0.11		(0.03	)		0.08			(0.14	)		—		(0.14	)		3.31		2.43			16,015		1.86	(3)		3.17	(3)		123
	03/31/20		3.31		0.08		(0.15	)		(0.07	)		(0.09	)		—		(0.09	)		3.15		(2.12	)		13,423		1.84	(3)		2.42	(3)		85
	09/30/20#		3.15		0.04		0.29			0.33			(0.05	)		—		(0.05	)		3.43		10.36			15,095		1.84	(3)(4)		2.38	(3)(4)		64
Class C
	03/31/16	$	3.50	$	0.10	$	(0.19	)	$	(0.09	)	$	(0.12	)	$	—	$	(0.12	)	$	3.29		(2.63	)%	$	151,197		1.98	%		2.90	%		108	%
	03/31/17		3.29		0.08		0.13			0.21			(0.09	)		—		(0.09	)		3.41		6.35			128,332		1.97			2.35			109
	03/31/18		3.41		0.09		(0.03	)		0.06			(0.08	)		—		(0.08	)		3.39		1.75			71,103		1.98			2.50			149
	03/31/19		3.39		0.11		(0.04	)		0.07			(0.14	)		—		(0.14	)		3.32		2.18			52,782		1.81	(3)		3.22	(3)		123
	03/31/20		3.32		0.08		(0.14	)		(0.06	)		(0.10	)		—		(0.10	)		3.16		(2.04	)		49,730		1.78	(3)		2.47	(3)		85
	09/30/20#		3.16		0.04		0.29			0.33			(0.05	)		—		(0.05	)		3.44		10.35			47,919		1.81	(3)(4)		2.42	(3)(4)		64
Class W
	03/31/16	$	3.49	$	0.12	$	(0.20	)	$	(0.08	)	$	(0.14	)	$	—	$	(0.14	)	$	3.27		(2.14	)%	$	30,065		1.15	%		3.71	%		108	%
	03/31/17		3.27		0.11		0.13			0.24			(0.12	)		—		(0.12	)		3.39		7.26			40,412		1.14			3.20			109
	03/31/18		3.39		0.11		(0.02	)		0.09			(0.11	)		—		(0.11	)		3.37		2.65			70,239		1.14			3.34			149
	03/31/19		3.37		0.14		(0.03	)		0.11			(0.17	)		—		(0.17	)		3.31		3.38			52,676		0.94	(3)		4.06	(3)		123
	03/31/20		3.31		0.11		(0.14	)		(0.03	)		(0.13	)		—		(0.13	)		3.15		(1.16	)		89,806		0.91	(3)		3.28	(3)		85
	09/30/20#		3.15		0.05		0.28			0.33			(0.06	)		—		(0.06	)		3.42		10.56			125,743		0.90	(3)(4)		3.32	(3)(4)		64

# Unaudited

(1) Calculated based upon average shares outstanding.

(2) Total return is not annualized and does not reflect sales load, but does include expense reimbursements.

(3) Net of the following expense reimbursements and waivers, if applicable (based on average net assets):

	03/31/16			03/31/17			03/31/18			03/31/19			03/31/20			09/30/20#(4)
AIG Strategic Bond Fund Class A		—	%		—	%		—	%		0.23	%		0.27	%		0.27	%
AIG Strategic Bond Fund Class B		—			—			—			0.23			0.27			0.27
AIG Strategic Bond Fund Class C		—			—			—			0.23			0.27			0.27
AIG Strategic Bond Fund Class W		—			—			—			0.23			0.27			0.27

(4) Annualized

See Notes to Financial Statements

11

SunAmerica Income Funds

FINANCIAL HIGHLIGHTS — (continued)

AIG FLEXIBLE CREDIT FUND
Period Ended	Net Asset Value, beginning of period		Net investment income(1)		Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains on investment		Total Distri- butions			Net Asset Value, end of period		Total Return(2)			Net Assets, end of period (000’s)		Ratio of expenses to average net assets			Ratio of net investment income to average net assets			Portfolio Turnover
Class A
03/31/16	$	3.46	$	0.13	$	(0.16	)	$	(0.03	)	$	(0.14	)	$	—	$	(0.14	)	$	3.29		(0.93	)%	$	125,775		1.45	%(3)		3.92	%(3)		52	%
03/31/17		3.29		0.14		0.16			0.30			(0.15	)		—		(0.15	)		3.44		9.11			144,880		1.43			4.21			69
03/31/18		3.44		0.16		(0.04	)		0.12			(0.16	)		—		(0.16	)		3.40		3.54			133,268		1.33	(3)		4.60	(3)		63
03/31/19		3.40		0.18		(0.09	)		0.09			(0.18	)		—		(0.18	)		3.31		2.75			119,903		1.06	(3)		5.29	(3)		57
03/31/20		3.31		0.17		(0.49	)		(0.32	)		(0.17	)		—		(0.17	)		2.82		(10.16	)		75,556		1.04	(3)		5.12	(3)		67
09/30/20#		2.82		0.07		0.38			0.45			(0.08	)		—		(0.08	)		3.19		15.90			85,825		1.10	(3)(4)		4.66	(3)(4)		35
Class C
03/31/16	$	3.48	$	0.11	$	(0.16	)	$	(0.05	)	$	(0.12	)	$	—	$	(0.12	)	$	3.31		(1.54	)%	$	61,891		2.10	%(3)		3.27	%(3)		52	%
03/31/17		3.31		0.12		0.15			0.27			(0.12	)		—		(0.12	)		3.46		8.38			74,241		2.07			3.57			69
03/31/18		3.46		0.14		(0.04	)		0.10			(0.14	)		—		(0.14	)		3.42		2.88			58,994		1.99	(3)		3.94	(3)		63
03/31/19		3.42		0.16		(0.09	)		0.07			(0.16	)		—		(0.16	)		3.33		2.09			55,505		1.72	(3)		4.63	(3)		57
03/31/20		3.33		0.15		(0.50	)		(0.35	)		(0.15	)		—		(0.15	)		2.83		(11.02	)		46,393		1.71	(3)		4.43	(3)		67
09/30/20#		2.83		0.06		0.39			0.45			(0.07	)		—		(0.07	)		3.21		15.85			44,138		1.75	(3)(4)		4.02	(3)(4)		35
Class W
03/31/16	$	3.47	$	0.13	$	(0.17	)	$	(0.04	)	$	(0.14	)	$	—	$	(0.14	)	$	3.29		(1.02	)%	$	90,441		1.25	%(3)		4.11	%(3)		52	%
03/31/17		3.29		0.15		0.15			0.30			(0.15	)		—		(0.15	)		3.44		9.34			157,377		1.21			4.44			69
03/31/18		3.44		0.17		(0.04	)		0.13			(0.17	)		—		(0.17	)		3.40		3.76			131,163		1.12	(3)		4.79	(3)		63
03/31/19		3.40		0.18		(0.07	)		0.11			(0.19	)		—		(0.19	)		3.32		3.26			136,382		0.85	(3)		5.50	(3)		57
03/31/20		3.32		0.17		(0.49	)		(0.32	)		(0.18	)		—		(0.18	)		2.82		(10.28	)		132,805		0.83	(3)		5.28	(3)		67
09/30/20#		2.82		0.08		0.38			0.46			(0.08	)		—		(0.08	)		3.20		16.39			118,488		0.89	(3)(4)		4.88	(3)(4)		35

# Unaudited

(1) Calculated based upon average shares outstanding.

(2) Total return is not annualized and does not reflect sales load, but does include expense reimbursements.

(3) Net of the following expense reimbursements and waivers, if applicable (based on average net assets):

	03/31/16			03/31/17			03/31/18			03/31/19			03/31/20			09/30/20#(4)
AIG Flexible Credit Fund Class A		0.03	%		—	%		0.11	%		0.39	%		0.40	%		0.40	%
AIG Flexible Credit Fund Class C		0.02			—			0.11			0.39			0.40			0.40
AIG Flexible Credit Fund Class W		0.04			—			0.11			0.39			0.40			0.40

(4) Annualized

See Notes to Financial Statements

12

AIG U.S. Government Securities Fund

PORTFOLIO PROFILE — September 30, 2020 — (unaudited)

Industry Allocation*

United States Treasury Notes	55.0	%
United States Treasury Bonds	23.6
Government National Mtg. Assoc.	14.1
Federal Home Loan Mtg. Corp.	4.9
Federal National Mtg. Assoc.	1.4
Repurchase Agreements	0.7
	99.7	%

Credit Quality†#

Aaa	99.3	%
Not Rated@	0.7
	100.00	%

* Calculated as a percentage of net assets

† Source: Moody’s

# Calculated as a percentage of total debt issues, excluding short-term securities.

@ Represents debt issues that either have no rating, or the rating is unavailable from the data source.

13

AIG U.S. Government Securities Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES — 20.4%
Federal Home Loan Mtg. Corp. — 4.9%
3.50% due 08/01/2030	$	1,573,618	$	1,674,185
3.50% due 12/01/2044		2,917,989		3,150,129
4.00% due 04/01/2034		840,604		916,381
Federal Home Loan Mtg. Corp. REMIC Series 3747, Class WA 3.50% due 10/15/2030(1)		928,144		1,005,755
				6,746,450
Federal National Mtg. Assoc. — 1.4%
2.50% due 11/01/2027		1,771,000		1,865,588
Government National Mtg. Assoc. — 14.1%
3.50% due 03/15/2042		178,140		188,238
3.50% due 06/15/2042		920,744		969,143
3.50% due 07/15/2042		185,418		195,097
3.50% due 02/20/2045		484,735		518,684
4.00% due 03/15/2039		100,854		108,380
4.00% due 06/15/2039		231,472		248,607
4.00% due 12/15/2039		150,324		161,792
4.00% due 08/15/2040		100,025		107,128
4.00% due 11/15/2040		229,624		249,656
4.00% due 09/15/2041		571,657		617,962
4.00% due 10/15/2041		23,571		24,902
4.00% due 11/15/2041		183,619		195,463
4.00% due 12/15/2041		252,499		268,686
4.00% due 01/15/2042		910,691		989,036
4.00% due 02/15/2042		234,786		255,617
4.00% due 03/15/2042		96,986		104,197
4.50% due 09/15/2033		173,511		191,490
4.50% due 04/15/2039		36,587		40,641
4.50% due 05/15/2039		61,969		68,406
4.50% due 06/15/2039		691,096		768,387
4.50% due 07/15/2039		203,961		225,892
4.50% due 09/15/2039		101,805		113,065
4.50% due 11/15/2039		85,341		94,986
4.50% due 12/15/2039		170,147		187,849
4.50% due 02/15/2040		442,761		489,171
4.50% due 03/15/2040		141,585		156,502
4.50% due 04/15/2040		78,769		86,959
4.50% due 07/15/2040		132,110		145,273
4.50% due 03/15/2041		698,512		777,703
4.50% due 04/15/2041		167,011		183,861
4.50% due 06/15/2041		112,515		123,081
4.50% due 08/15/2041		130,893		143,193
4.50% due 04/20/2044		386,253		429,164
5.00% due 08/15/2033		183,498		207,628
5.00% due 10/15/2033		358,077		406,450
5.00% due 05/15/2035		70,851		77,710
5.00% due 08/15/2035		191,465		217,656
5.00% due 05/15/2036		51,418		58,858
5.00% due 09/15/2036		78,012		89,300
5.00% due 01/15/2037		123,159		140,774
5.00% due 03/15/2037		29,281		32,781
5.00% due 04/15/2037		157,076		176,105
5.00% due 04/15/2038		191,221		218,653
5.00% due 05/15/2038		109,419		122,961
5.00% due 08/15/2038		319,725		366,020
5.00% due 02/15/2039		51,067		57,639
Government National Mtg. Assoc. (continued)
5.00% due 03/15/2039	$	30,820	$	33,726
5.00% due 04/15/2039		65,767		75,381
5.00% due 07/20/2039		529,929		605,011
5.00% due 08/15/2039		173,405		197,258
5.00% due 09/20/2039		1,704,935		1,944,811
5.00% due 10/15/2039		310,314		349,605
5.00% due 11/15/2039		261,234		294,779
5.00% due 12/15/2039		232,773		260,664
5.00% due 04/15/2040		263,924		301,771
5.00% due 05/15/2040		408,352		460,561
5.00% due 07/20/2045		193,244		220,811
5.50% due 06/15/2033		288,306		335,578
5.50% due 07/15/2033		55,913		65,005
5.50% due 10/15/2033		88,958		104,219
5.50% due 01/15/2034		316,449		364,362
5.50% due 02/15/2034		180,811		202,583
5.50% due 04/20/2035		268,011		317,899
5.50% due 09/15/2035		247,949		284,928
5.50% due 10/15/2035		114,448		134,099
5.50% due 02/15/2038		69,658		80,023
5.50% due 04/15/2038		40,435		46,193
5.50% due 09/15/2039		27,928		31,730
5.50% due 03/15/2040		172		201
6.00% due 04/15/2028		78,610		89,654
6.00% due 08/15/2033		140,834		167,881
6.00% due 12/15/2033		55,425		62,853
6.00% due 09/20/2038		573,329		659,289
6.50% due 10/15/2031		14,422		15,937
				19,307,558
Total U.S. Government Agencies
(cost $26,949,226)				27,919,596
U.S. GOVERNMENT TREASURIES — 78.6%
United States Treasury Bonds — 23.6%
2.00% due 02/15/2050		800,000		907,625
2.25% due 08/15/2049		300,000		357,809
2.50% due 02/15/2045		1,000,000		1,233,438
2.75% due 11/15/2042		2,000,000		2,565,703
3.13% due 11/15/2041		1,500,000		2,030,332
3.13% due 02/15/2042		1,100,000		1,492,691
3.38% due 11/15/2048		1,000,000		1,458,750
3.50% due 02/15/2039		2,000,000		2,811,172
4.25% due 11/15/2040		3,300,000		5,131,242
4.50% due 02/15/2036		1,500,000		2,271,914
2.75% due 08/15/2042		1,100,000		1,412,082
3.00% due 05/15/2042		2,000,000		2,663,594
3.00% due 02/15/2049		1,000,000		1,370,508
4.75% due 02/15/2041		4,000,000		6,607,656
				32,314,516
United States Treasury Notes — 55.0%
0.13% due 04/30/2022		1,000,000		1,000,039
0.13% due 05/31/2022		1,000,000		999,922
0.13% due 06/30/2022		1,000,000		1,000,000
0.13% due 05/15/2023		1,000,000		999,453
0.25% due 04/15/2023		1,000,000		1,002,695
0.25% due 06/15/2023		600,000		601,594
0.25% due 05/31/2025		300,000		300,035

14

AIG U.S. Government Securities Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount			Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes (continued)
0.38% due 03/31/2022	$	800,000		$	802,906
0.50% due 03/15/2023		1,000,000			1,008,672
0.50% due 03/31/2025		800,000			809,281
0.50% due 04/30/2027		400,000			401,937
0.50% due 05/31/2027		1,000,000			1,004,297
0.63% due 05/15/2030		1,000,000			997,031
0.63% due 08/15/2030		1,000,000			995,000
1.25% due 10/31/2021		800,000			809,687
1.25% due 07/31/2023		1,000,000			1,030,977
1.25% due 08/31/2024		500,000			520,293
1.50% due 08/31/2021		1,000,000			1,012,500
1.50% due 09/30/2021		1,100,000			1,114,953
1.50% due 10/31/2021		1,000,000			1,014,766
1.50% due 01/31/2022		1,175,000			1,196,389
1.50% due 08/15/2022		1,000,000			1,025,781
1.50% due 09/15/2022		500,000			513,418
1.50% due 01/15/2023		800,000			824,812
1.50% due 02/28/2023		2,000,000			2,065,703
1.50% due 09/30/2024		800,000			841,094
1.50% due 08/15/2026		2,000,000			2,132,500
1.50% due 02/15/2030		400,000			431,750
1.63% due 08/15/2022		1,000,000			1,028,086
1.63% due 11/15/2022		1,000,000			1,031,562
1.63% due 05/15/2026		1,000,000			1,071,602
1.63% due 08/15/2029		500,000			544,531
1.75% due 10/31/2020		200,000			200,269
1.75% due 05/15/2022		1,875,000			1,924,219
1.75% due 05/15/2023		1,000,000			1,041,992
1.75% due 11/15/2029		1,000,000			1,101,523
1.88% due 03/31/2022		2,500,000			2,565,332
2.00% due 08/31/2021		2,000,000			2,034,141
2.00% due 11/15/2021		1,000,000			1,020,937
2.00% due 02/15/2022		1,000,000			1,025,742
2.00% due 11/30/2022		1,000,000			1,040,352
2.00% due 02/15/2023		1,000,000			1,043,789
2.00% due 05/31/2024		1,000,000			1,065,977
2.00% due 02/15/2025		5,000,000			5,383,008
2.00% due 08/15/2025		3,000,000			3,251,133
2.00% due 11/15/2026		2,700,000			2,964,199
2.13% due 12/31/2022		1,000,000			1,044,687
United States Treasury Notes (continued)
2.13% due 03/31/2024	$	2,000,000		$	2,135,469
2.25% due 11/15/2024		1,000,000			1,083,047
2.25% due 11/15/2025		1,000,000			1,099,375
2.25% due 08/15/2027		900,000			1,009,652
2.25% due 11/15/2027		2,000,000			2,249,375
2.38% due 08/15/2024		1,000,000			1,083,789
2.50% due 08/15/2023		1,000,000			1,067,266
2.50% due 05/15/2024		1,000,000			1,083,281
2.63% due 11/15/2020		200,000			200,615
2.63% due 02/28/2023		3,000,000			3,179,766
2.75% due 11/15/2023		2,500,000			2,700,977
2.75% due 02/15/2024		1,000,000			1,086,758
2.88% due 10/31/2020		500,000			501,131
					75,321,067
Total U.S. Government Treasuries
(cost $96,313,984)					107,635,583
Total Long-Term Investment Securities
(cost $123,263,210)					135,555,179
REPURCHASE AGREEMENTS — 0.7%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 09/30/2020, to be repurchased 10/01/2020 in the amount of $1,030,000 and collateralized by $845,000 of United States Treasury Bonds, bearing interest at 2.38% due 11/15/2049 and having an approximate value of $1,050,639 (cost $1,030,000)		1,030,000			1,030,000
TOTAL INVESTMENTS
(cost $124,293,210)(2)		99.7	%		136,585,179
Other assets less liabilities		0.3			373,269
NET ASSETS		100.0	%	$	136,958,448

(1) Collateralized Mortgage Obligation

(2) See Note 5 for cost of investments on a tax basis.

REMIC — Real Estate Mortgage Investment Conduit

The following is a summary of the inputs used to value the Fund’s net assets as of September 30, 2020 (see Note 2):

	Level 1 — Unadjusted Quoted Prices		Level 2 — Other Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
U.S. Government Agencies	$	—	$	27,919,596	$	—	$	27,919,596
U.S. Government Treasuries		—		107,635,583		—		107,635,583
Repurchase Agreements		—		1,030,000		—		1,030,000
Total Investments at Value	$	—	$	136,585,179	$	—	$	136,585,179

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Financial Statements

15

AIG Strategic Bond Fund

PORTFOLIO PROFILE — September 30, 2020 — (unaudited)

Industry Allocation*

Sovereign	15.5	%
Federal National Mtg. Assoc.	7.7
Registered Investment Companies	7.1
Federal Home Loan Mtg. Corp.	4.6
Diversified Banking Institutions	2.7
Real Estate Investment Trusts	2.7
Pipelines	2.7
Government National Mtg. Assoc.	2.1
Diversified Financial Services	2.0
Oil Companies-Exploration & Production	1.9
Banks-Commercial	1.8
Cable/Satellite TV	1.4
Oil Companies-Integrated	1.4
Auto-Cars/Light Trucks	1.3
Electric-Integrated	1.2
Telephone-Integrated	1.2
Uniform Mtg. Backed Securities	1.2
Cellular Telecom	1.1
Medical-Hospitals	1.0
Satellite Telecom	0.9
Electric-Generation	0.9
Finance-Consumer Loans	0.8
Medical-Drugs	0.7
Containers-Paper/Plastic	0.7
Food-Misc./Diversified	0.7
Electric-Distribution	0.7
Airlines	0.7
Enterprise Software/Service	0.7
Distribution/Wholesale	0.7
Chemicals-Diversified	0.7
Television	0.7
Computer Services	0.6
United States Treasury Notes	0.6
Retail-Restaurants	0.6
Insurance-Life/Health	0.6
Metal-Copper	0.6
Oil-Field Services	0.5
Batteries/Battery Systems	0.5
Containers-Metal/Glass	0.5
Protection/Safety	0.5
Food-Retail	0.4
Security Services	0.4
Commercial Services	0.4
Computers	0.4
Independent Power Producers	0.4
Paper & Related Products	0.4
Metal-Iron	0.4
Retail-Petroleum Products	0.4
Agricultural Chemicals	0.4
Multimedia	0.4
Hotels/Motels	0.4
Diversified Minerals	0.4
Resorts/Theme Parks	0.4
Electronic Parts Distribution	0.4
Casino Hotels	0.4
Auto/Truck Parts & Equipment-Original	0.4
Telecom Services	0.4
Medical-Generic Drugs	0.4
Cosmetics & Toiletries	0.4
Broadcast Services/Program	0.3
Chemicals-Specialty	0.3
Cruise Lines	0.3	%
Federal Home Loan Bank	0.3
Finance-Leasing Companies	0.3
Aerospace/Defense-Equipment	0.3
Real Estate Management/Services	0.3
Investment Companies	0.3
Internet Content-Entertainment	0.3
Food-Wholesale/Distribution	0.3
E-Commerce/Services	0.3
Finance-Mortgage Loan/Banker	0.3
Brewery	0.3
Human Resources	0.3
Auction Houses/Art Dealers	0.3
Steel-Producers	0.3
Investment Management/Advisor Services	0.3
Finance-Auto Loans	0.3
Applications Software	0.3
Insurance-Property/Casualty	0.3
Banks-Super Regional	0.2
Building Products-Doors & Windows	0.2
Motion Pictures & Services	0.2
Rental Auto/Equipment	0.2
Transport-Air Freight	0.2
Finance-Credit Card	0.2
Real Estate Operations & Development	0.2
Computer Software	0.2
Electronic Components-Semiconductors	0.2
SupraNational Banks	0.2
Medical-Biomedical/Gene	0.2
Casino Services	0.2
Computers-Integrated Systems	0.2
Commercial Services-Finance	0.2
Building & Construction Products-Misc.	0.2
Vitamins & Nutrition Products	0.2
Non-Hazardous Waste Disposal	0.2
Theaters	0.2
Coal	0.2
Food-Meat Products	0.2
Oil Refining & Marketing	0.2
Metal-Aluminum	0.2
Recycling	0.2
Direct Marketing	0.2
Finance-Investment Banker/Broker	0.2
Machinery-Farming	0.2
Pharmacy Services	0.2
Transport-Services	0.2
Medical Labs & Testing Services	0.2
Industrial Gases	0.2
Savings & Loans/Thrifts	0.2
Auto-Heavy Duty Trucks	0.2
Building Products-Wood	0.2
Banks-Money Center	0.2
Aerospace/Defense	0.2
Metal-Diversified	0.2
Building-Residential/Commercial	0.1
Transport-Rail	0.1
Diagnostic Equipment	0.1
Research & Development	0.1
Gas-Distribution	0.1
Building Products-Air & Heating	0.1
Consumer Products-Misc.	0.1

16

AIG Strategic Bond Fund

PORTFOLIO PROFILE — September 30, 2020 — (unaudited) (continued)

Industry Allocation* (continued)
Data Processing/Management	0.1	%
Building & Construction-Misc.	0.1
Retail-Pawn Shops	0.1
Electric Products-Misc.	0.1
Advertising Sales	0.1
Internet Telephone	0.1
Trucking/Leasing	0.1
Poultry	0.1
Food-Dairy Products	0.1
Insurance Brokers	0.1
Internet Connectivity Services	0.1
Retail-Appliances	0.1
Energy-Alternate Sources	0.1
Airport Development/Maintenance	0.1
Medical Products	0.1
Warehousing & Harbor Transportation Services	0.1
Semiconductor Components-Integrated Circuits	0.1
Diversified Manufacturing Operations	0.1
Insurance-Multi-line	0.1
Retail-Apparel/Shoe	0.1
Machinery-Pumps	0.1
Machinery-Construction & Mining	0.1
Banks-Special Purpose	0.1
Telecom Equipment-Fiber Optics	0.1
Petrochemicals	0.1
Tools-Hand Held	0.1
Web Portals/ISP	0.1
Electronic Measurement Instruments	0.1
Oil Field Machinery & Equipment	0.1
Transport-Equipment & Leasing	0.1
Medical-HMO	0.1
Retail-Auto Parts	0.1
Medical Information Systems	0.1
Auto Repair Centers	0.1
Financial Guarantee Insurance	0.1
Chemicals-Other	0.1
Finance-Commercial	0.1
Gold Mining	0.1
Retail-Sporting Goods	0.1
Retail-Regional Department Stores	0.1
Physical Therapy/Rehabilitation Centers	0.1
Advertising Agencies	0.1
Transport-Truck	0.1
Metal Processors & Fabrication	0.1
Computer Graphics	0.1
Internet Financial Services	0.1
Machinery-General Industrial	0.1
Publishing-Periodicals	0.1
	100.8%

Credit Quality†#

Aaa	18.4	%
Aa	2.7
A	6.2
Baa	18.0
Ba	18.1
B	23.3
Caa	5.3
Not Rated@	8.0
	100.0%

* Calculated as a percentage of net assets

† Source: Moody’s

# Calculated as a percentage of total debt issues, excluding short-term securities.

@ Represents debt issues that either have no rating, or the rating is unavailable from the data source.

17

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited)

Security Description	Principal Amount(18)		Value (Note 2)
ASSET BACKED SECURITIES — 1.7%
Diversified Financial Services — 1.7%
AmeriCredit Automobile Receivables Trust Series 2019-1, Class A3 2.97% due 11/20/2023	$	200,000	$	203,877
BA Credit Card Trust Series 2019-A1, Class A1 1.74% due 01/15/2025		200,000		205,766
BA Credit Card Trust Series 2018-A2, Class A2 3.00% due 09/15/2023		209,000		212,118
BANK Series 2019-BN16, Class A2 3.93% due 02/15/2052(1)		239,000		257,169
Benchmark Mtg. Trust Series 2019-B9, Class AAB 3.93% due 03/15/2052(1)		300,000		346,871
BX Commercial Mtg. Trust FRS Series 2019-IMC, Class A 1.15% (1 ML+1.00%) due 04/15/2034*(1)		400,000		385,122
Capital One Prime Auto Receivables Trust Series 2019-2, Class A3 1.92% due 05/15/2024		100,000		102,179
CarMax Auto Owner Trust Series 2020-3, Class D 2.53% due 01/15/2027		100,000		102,038
CarMax Auto Owner Trust Series 2019-2, Class A3 2.68% due 03/15/2024		65,000		66,795
CarMax Auto Owner Trust Series 2018-4, Class A3 3.36% due 09/15/2023		200,000		205,063
Chase Mtg. Finance Corp. VRS Series 2016-SH2, Class M2 3.75% due 12/25/2045*(2)(3)		210,640		217,244
Citibank Credit Card Issuance Trust Series 2018-A1, Class A1 2.49% due 01/20/2023		100,000		100,682
COMM Mtg. Trust VRS Series 2016-787S, Class B 3.96% due 02/10/2036*(1)(2)		132,000		138,987
GM Financial Consumer Automobile Receivables Trust Series 2019-3, Class A3 2.18% due 04/16/2024		50,000		51,103
Honda Auto Receivables Owner Trust Series 2020-3, Class A4 0.46% due 04/19/2027		160,000		159,965
Honda Auto Receivables Owner Trust Series 2020-2, Class A4 1.09% due 10/15/2026		100,000		101,889
Honda Auto Receivables Owner Trust Series 2019-1, Class A3 2.83% due 03/20/2023		70,000		71,539
ILPT Trust Series 2019-SURF, Class A 4.15% due 02/11/2041*(1)		590,000		672,782
Jackson Park Trust Series 2019-LIC, Class A 2.77% due 10/14/2039*(1)		500,000		533,890
Diversified Financial Services (continued)
JP Morgan Mtg. Trust VRS Series 2017-6, Class A6 3.00% due 12/25/2048*(2)(3)		277,230		278,255
JP Morgan Mtg. Trust VRS Series 2018-1, Class A5 3.50% due 06/25/2048*(2)(3)		259,551		261,134
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A 2.20% due 09/13/2031*(1)		185,000		184,473
MTRO Commercial Mtg. Trust FRS Series 2019-TECH, Class A 1.05% (1 ML+0.90%) due 12/15/2033*(1)		350,000		348,683
One Bryant Park Trust Series 2019-OBP, Class A 2.52% due 09/15/2054*(1)		390,000		414,984
Shellpoint Co-Originator Trust VRS Series 2017-2, Class A1 3.50% due 10/25/2047*(2)(3)		89,364		91,715
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A 2.56% due 11/25/2031*		100,000		106,717
Toyota Auto Receivables Owner Trust Series 2018-C, Class A4 3.13% due 02/15/2024		125,000		130,046
Total Asset Backed Securities
(cost $5,725,791)				5,951,086
U.S. CORPORATE BONDS & NOTES — 37.8%
Advertising Agencies — 0.1%
Omnicom Group, Inc. Senior Notes 2.45% due 04/30/2030		126,000		129,605
Omnicom Group, Inc. Senior Notes 4.20% due 06/01/2030		27,000		31,602
				161,207
Advertising Sales — 0.1%
National CineMedia LLC Senior Sec. Notes 5.88% due 04/15/2028*		527,000		440,045
Aerospace/Defense — 0.1%
BAE Systems Holdings, Inc. Company Guar. Notes 3.85% due 12/15/2025*		177,000		199,798
Aerospace/Defense-Equipment — 0.3%
Moog, Inc. Company Guar. Notes 4.25% due 12/15/2027*		415,000		424,358
Spirit AeroSystems, Inc. Sec. Notes 7.50% due 04/15/2025*		607,000		615,340
				1,039,698
Airlines — 0.5%
American Airlines, Inc. Senior Sec. Notes 11.75% due 07/15/2025*		830,000		800,950

18

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Airlines (continued)
Delta Air Lines, Inc. Senior Sec. Notes 7.00% due 05/01/2025*	$	723,000	$	793,872
				1,594,822
Applications Software — 0.2%
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		570,000		605,750
Auction Houses/Art Dealers — 0.3%
Sotheby’s Senior Sec. Notes 7.38% due 10/15/2027*		871,000		871,000
Auto-Cars/Light Trucks — 1.1%
Daimler Finance North America LLC Company Guar. Notes 2.00% due 07/06/2021*		228,000		230,374
Ford Motor Co. Senior Notes 4.75% due 01/15/2043		629,000		569,512
Ford Motor Co. Senior Notes 6.63% due 10/01/2028		865,000		932,038
Ford Motor Co. Senior Notes 7.45% due 07/16/2031		96,000		110,760
Ford Motor Credit Co LLC Senior Notes 3.25% due 09/15/2025		EUR  272,000		310,351
Ford Motor Credit Co. LLC Senior Notes 5.13% due 06/16/2025		200,000		206,250
General Motors Co. Senior Notes 6.80% due 10/01/2027		97,000		118,140
General Motors Financial Co., Inc. Senior Notes 0.20% due 09/02/2022		EUR  585,000		679,005
General Motors Financial Co., Inc. Senior Notes 2.75% due 06/20/2025		126,000		128,913
Hyundai Capital America Senior Notes 3.40% due 06/20/2024*		84,000		89,008
Tesla, Inc. Company Guar. Notes 5.30% due 08/15/2025*		344,000		356,040
				3,730,391
Auto-Heavy Duty Trucks — 0.2%
Allison Transmission, Inc. Senior Notes 5.00% due 10/01/2024*		361,000		364,631
Cummins, Inc. Senior Notes 0.75% due 09/01/2025		88,000		88,268
Auto-Heavy Duty Trucks (continued)
PACCAR Financial Corp. Senior Notes 0.80% due 06/08/2023	$	81,000	$	81,573
				534,472
Auto/Truck Parts & Equipment-Original — 0.2%
BorgWarner, Inc. Senior Notes 2.65% due 07/01/2027		102,000		107,643
Dana, Inc. Senior Notes 5.38% due 11/15/2027		379,000		388,475
Lear Corp. Senior Notes 5.25% due 05/15/2049		77,000		83,520
				579,638
Banks-Commercial — 0.5%
BankUnited, Inc. Senior Notes 4.88% due 11/17/2025		418,000		474,517
BankUnited, Inc. Sub. Notes 5.13% due 06/11/2030		236,000		259,502
Citizens Financial Group, Inc. Senior Notes 2.50% due 02/06/2030		29,000		30,748
Citizens Financial Group, Inc. Sub. Notes 2.64% due 09/30/2032*		71,000		70,799
Citizens Financial Group, Inc. Senior Notes 3.25% due 04/30/2030		44,000		48,569
First Horizon Bank Sub. Notes 5.75% due 05/01/2030		250,000		282,424
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037		209,000		310,778
Santander Holdings USA, Inc. Senior Notes 3.24% due 10/05/2026		65,000		69,555
Zions Bancorp NA Sub. Notes 3.25% due 10/29/2029		250,000		249,167
				1,796,059
Banks-Super Regional — 0.2%
Wells Fargo & Co. Senior Notes 2.39% due 06/02/2028		29,000		30,255
Wells Fargo & Co. Senior Notes 3.07% due 04/30/2041		212,000		221,773
Wells Fargo & Co. Sub. Notes 4.30% due 07/22/2027		64,000		73,329

19

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks-Super Regional (continued)
Wells Fargo & Co. Sub. Notes 4.65% due 11/04/2044	$	188,000	$	229,418
Wells Fargo & Co. Senior Notes 5.01% due 04/04/2051		207,000		283,310
				838,085
Batteries/Battery Systems — 0.5%
Energizer Holdings, Inc. Company Guar. Notes 4.38% due 03/31/2029*		495,000		499,950
Energizer Holdings, Inc. Company Guar. Notes 6.38% due 07/15/2026*		535,000		575,232
EnerSys Company Guar. Notes 5.00% due 04/30/2023*		780,000		805,350
				1,880,532
Beverages-Non-alcoholic — 0.0%
Coca-Cola Co. Senior Notes 2.50% due 03/15/2051		124,000		123,877
Brewery — 0.2%
Anheuser-Busch Cos. LLC/Anheuser- Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046		174,000		214,547
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		276,000		329,115
				543,662
Broadcast Services/Program — 0.3%
Discovery Communications LLC Company Guar. Notes 5.30% due 05/15/2049		120,000		146,645
Univision Communications, Inc. Senior Sec. Notes 5.13% due 02/15/2025*		67,000		63,482
Univision Communications, Inc. Senior Sec. Notes 6.63% due 06/01/2027*		1,004,000		980,155
				1,190,282
Building & Construction Products-Misc. — 0.2%
Owens Corning Senior Notes 4.30% due 07/15/2047		165,000		181,372
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*		415,000		409,603
Standard Industries, Inc. Senior Notes 5.00% due 02/15/2027*		135,000		140,400
				731,375
Building Products-Air & Heating — 0.1%
Carrier Global Corp. Senior Notes 2.72% due 02/15/2030*		65,000		67,992
Carrier Global Corp. Senior Notes 3.38% due 04/05/2040*		174,000		182,304
Carrier Global Corp. Senior Notes 3.58% due 04/05/2050*		75,000		79,675
				329,971
Building Products-Cement — 0.0%
Martin Marietta Materials, Inc. Senior Notes 3.50% due 12/15/2027		128,000		143,877
Building Products-Doors & Windows — 0.2%
Griffon Corp. Company Guar. Notes 5.75% due 03/01/2028		730,000		761,996
Building Products-Wood — 0.2%
Boise Cascade Co. Company Guar. Notes 4.88% due 07/01/2030*		365,000		392,375
Masco Corp. Senior Notes 2.00% due 10/01/2030		132,000		132,050
				524,425
Building-Residential/Commercial — 0.0%
Toll Brothers Finance Corp. Company Guar. Notes 4.35% due 02/15/2028		135,000		146,475
Cable/Satellite TV — 1.1%
Block Communications, Inc. Company Guar. Notes 4.88% due 03/01/2028*		697,000		710,940
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.00% due 02/01/2028*		203,000		213,150
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.38% due 05/01/2025*		300,000		308,625
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.38% due 06/01/2029*		565,000		612,319
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.70% due 04/01/2051		32,000		31,625
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.80% due 03/01/2050		89,000		101,205
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 04/01/2038		23,000		28,152

20

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035	$	63,000	$	86,398
Comcast Corp. Company Guar. Notes 2.45% due 08/15/2052		109,000		102,181
Comcast Corp. Company Guar. Notes 3.30% due 02/01/2027		124,000		139,902
Comcast Corp. Company Guar. Notes 3.75% due 04/01/2040		53,000		61,983
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038		51,000		60,518
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		96,000		122,702
CSC Holdings LLC Senior Notes 5.25% due 06/01/2024		425,000		455,813
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*		689,000		725,241
Time Warner Cable LLC Senior Sec. Notes 6.55% due 05/01/2037		136,000		180,807
				3,941,561
Casino Hotels — 0.2%
Boyd Gaming Corp. Company Guar. Notes 4.75% due 12/01/2027		271,000		265,919
Boyd Gaming Corp. Company Guar. Notes 6.38% due 04/01/2026		355,000		369,622
				635,541
Casino Services — 0.2%
Caesars Entertainment, Inc. Senior Sec. Notes 6.25% due 07/01/2025*		630,000		658,504
Cellular Telecom — 0.6%
Sprint Corp. Company Guar. Notes 7.88% due 09/15/2023		1,615,000		1,855,231
T-Mobile USA, Inc. Senior Sec. Notes 3.00% due 02/15/2041*		22,000		21,769
T-Mobile USA, Inc. Senior Sec. Notes 3.88% due 04/15/2030*		187,000		212,174
				2,089,174
Chemicals-Diversified — 0.3%
Olin Corp. Senior Notes 9.50% due 06/01/2025*		443,000		516,361
Westlake Chemical Corp. Senior Notes 1.63% due 07/17/2029	EUR	160,000		184,331
Westlake Chemical Corp. Senior Notes 3.38% due 06/15/2030		174,000		186,620
				887,312
Chemicals-Specialty — 0.2%
Ecolab, Inc. Senior Notes 2.38% due 08/10/2022		141,000		146,114
Huntsman International LLC Senior Notes 4.50% due 05/01/2029		148,000		166,480
Minerals Technologies, Inc. Company Guar. Notes 5.00% due 07/01/2028*		495,000		512,221
				824,815
Coal — 0.2%
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. Company Guar. Notes 7.50% due 06/15/2025*		745,000		672,005
Commercial Services — 0.3%
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.00% due 04/15/2022*		435,000		436,088
Nielsen Finance LLC/Nielsen Finance Co Company Guar. Notes 5.63% due 10/01/2028*		161,000		166,522
Nielsen Finance LLC/Nielsen Finance Co Company Guar. Notes 5.88% due 10/01/2030*		255,000		263,925
Quanta Services, Inc. Senior Notes 2.90% due 10/01/2030		125,000		127,576
				994,111
Commercial Services-Finance — 0.1%
MPH Acquisition Holdings LLC Company Guar. Notes 7.13% due 06/01/2024*		224,000		230,127
S&P Global, Inc. Company Guar. Bonds 2.30% due 08/15/2060		36,000		32,613
				262,740
Computer Services — 0.6%
Banff Merger Sub, Inc. Senior Notes 9.75% due 09/01/2026*		755,000		798,110

21

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Computer Services (continued)
Leidos, Inc. Company Guar. Notes 3.63% due 05/15/2025*	$	75,000	$	83,186
Leidos, Inc. Company Guar. Notes 4.38% due 05/15/2030*		108,000		126,571
Presidio Holdings, Inc. Company Guar. Notes 8.25% due 02/01/2028*		580,000		607,550
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. Senior Sec. Notes 5.75% due 06/01/2025*		109,000		114,178
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. Senior Notes 6.75% due 06/01/2025*		450,000		459,274
				2,188,869
Computers — 0.4%
Apple, Inc. Senior Notes 2.05% due 09/11/2026		104,000		111,196
Dell International LLC/EMC Corp. Company Guar. Notes 7.13% due 06/15/2024*		506,000		526,336
Dell International LLC/EMC Corp. Senior Sec. Notes 8.10% due 07/15/2036*		145,000		190,681
Hewlett Packard Enterprise Co. Senior Notes 1.75% due 04/01/2026		305,000		307,245
Hewlett Packard Enterprise Co. Senior Notes 4.65% due 10/01/2024		115,000		130,042
Hewlett Packard Enterprise Co. Senior Notes 6.20% due 10/15/2035		130,000		162,714
				1,428,214
Computers-Integrated Systems — 0.2%
Diebold Nixdorf, Inc. Company Guar. Notes 8.50% due 04/15/2024		420,000		382,410
Diebold Nixdorf, Inc. Senior Sec. Notes 9.38% due 07/15/2025*		279,000		294,345
				676,755
Consumer Products-Misc. — 0.1%
Central Garden & Pet Co. Company Guar. Notes 5.13% due 02/01/2028		375,000		393,750
Containers-Metal/Glass — 0.1%
Silgan Holdings, Inc. Senior Notes 4.75% due 03/15/2025		501,000		509,767
Containers-Paper/Plastic — 0.1%
Sealed Air Corp. Company Guar. Notes 5.13% due 12/01/2024*		241,000		261,033
Sonoco Products Co Senior Notes 3.13% due 05/01/2030		166,000		179,935
				440,968
Cosmetics & Toiletries — 0.3%
Coty, Inc. Company Guar. Notes 6.50% due 04/15/2026*		1,146,000		899,610
Data Processing/Management — 0.1%
Fiserv, Inc. Senior Notes 1.63% due 07/01/2030	EUR	275,000		343,806
Diagnostic Equipment — 0.1%
Danaher Corp. Senior Notes 2.10% due 09/30/2026	EUR	140,000		180,823
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA Senior Notes 7.25% due 02/01/2028*		273,000		283,920
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA Senior Notes 7.38% due 06/01/2025*		44,000		44,660
				509,403
Direct Marketing — 0.1%
Terrier Media Buyer, Inc. Company Guar. Notes 8.88% due 12/15/2027*		405,000		408,037
Distribution/Wholesale — 0.6%
H&E Equipment Services, Inc. Company Guar. Notes 5.63% due 09/01/2025		717,000		747,472
KAR Auction Services, Inc. Company Guar. Notes 5.13% due 06/01/2025*		563,000		562,989
Performance Food Group, Inc. Company Guar. Notes 5.50% due 10/15/2027*		588,000		605,640
				1,916,101
Diversified Banking Institutions — 1.2%
Bank of America Corp. Senior Notes 0.75% due 07/26/2023	EUR	225,000		268,931
Bank of America Corp. Senior Notes 1.90% due 07/23/2031		121,000		120,275
Bank of America Corp. Senior Notes 2.46% due 10/22/2025		239,000		251,984
Bank of America Corp. Senior Notes 4.08% due 03/20/2051		60,000		74,300

22

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027	$	327,000	$	374,650
Citigroup, Inc. Senior Notes 2.75% due 01/24/2024	GBP	100,000		136,376
Citigroup, Inc. Senior Notes 3.67% due 07/24/2028		62,000		69,695
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		179,000		207,567
Citigroup, Inc. Sub. Notes 4.75% due 05/18/2046		98,000		122,988
Citigroup, Inc. Sub. Notes 5.88% due 02/22/2033		130,000		170,831
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033		148,000		199,373
Goldman Sachs Group, Inc. Senior Notes 0.88% due 01/21/2030	EUR	165,000		196,120
Goldman Sachs Group, Inc. Senior Notes 3.50% due 11/16/2026		265,000		293,147
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		269,000		390,838
JPMorgan Chase & Co. Senior Notes 0.65% due 09/16/2024		176,000		176,067
JPMorgan Chase & Co. Senior Notes 2.01% due 03/13/2026		391,000		404,823
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		44,000		47,208
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2051		51,000		54,729
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		191,000		214,839
Morgan Stanley Senior Notes 3.62% due 04/01/2031		59,000		67,790
Morgan Stanley Senior Notes 3.63% due 01/20/2027		312,000		353,577
Morgan Stanley Sub. Notes 5.00% due 11/24/2025		26,000		30,546
				4,226,654
Diversified Manufacturing Operations — 0.1%
General Electric Co. Senior Notes 1.88% due 05/28/2027	EUR	200,000		238,384
General Electric Co. Senior Notes 4.35% due 05/01/2050		46,000		46,902
Illinois Tool Works, Inc. Senior Notes 3.50% due 03/01/2024		95,000		104,086
				389,372
E-Commerce/Products — 0.0%
Amazon.com, Inc. Senior Notes 4.80% due 12/05/2034		67,000		92,369
E-Commerce/Services — 0.3%
GrubHub Holdings, Inc. Company Guar. Notes 5.50% due 07/01/2027*		849,000		880,837
Electric Products-Misc. — 0.1%
Emerson Electric Co. Senior Notes 0.88% due 10/15/2026		118,000		117,206
WESCO Distribution, Inc. Company Guar. Notes 7.13% due 06/15/2025*		209,000		227,664
WESCO Distribution, Inc. Company Guar. Notes 7.25% due 06/15/2028*		97,000		106,280
				451,150
Electric-Distribution — 0.2%
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 1.35% due 03/15/2031		143,000		142,390
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.85% due 01/27/2025		115,000		125,279
NextEra Energy Operating Partners LP Company Guar. Notes 4.25% due 07/15/2024*		425,000		443,148
NSTAR Electric Co. Senior Notes 3.95% due 04/01/2030		106,000		128,221
				839,038
Electric-Generation — 0.4%
Emera US Finance LP Company Guar. Notes 4.75% due 06/15/2046		120,000		144,630
Liberty Utilities Finance GP Company Guar. Notes 2.05% due 09/15/2030*		77,000		75,910
Pattern Energy Operations LP/Pattern Energy Operations, Inc. Company Guar. Notes 4.50% due 08/15/2028*		500,000		518,750

23

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Generation (continued)
Vistra Operations Co. LLC Company Guar. Notes 5.00% due 07/31/2027*	$	539,000	$	564,872
				1,304,162
Electric-Integrated — 1.0%
AEP Texas, Inc. Senior Notes 4.15% due 05/01/2049		46,000		55,241
Appalachian Power Co. Senior Notes 3.70% due 05/01/2050		115,000		130,606
Avangrid, Inc. Senior Notes 3.20% due 04/15/2025		285,000		313,418
Consolidated Edison Co. of New York, Inc. Senior Notes 3.95% due 04/01/2050		26,000		31,701
Dominion Energy South Carolina, Inc. 1st Mtg. Bonds 5.10% due 06/01/2065		192,000		286,154
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		199,000		253,083
DTE Electric Co. General Refunding Mtg. 3.95% due 03/01/2049		212,000		267,498
Entergy Texas, Inc. 1st Mtg. Bonds 4.50% due 03/30/2039		216,000		269,161
Exelon Corp. Senior Notes 4.70% due 04/15/2050		85,000		108,105
Exelon Generation Co. LLC Senior Notes 3.25% due 06/01/2025		3,000		3,280
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		256,000		358,928
Interstate Power & Light Co. Senior Notes 3.50% due 09/30/2049		87,000		95,304
Kentucky Utilities Co. 1st Mtg. Bonds 3.30% due 06/01/2050		47,000		51,630
Pacific Gas & Electric Co. 1st Mtg. Notes 3.95% due 12/01/2047		100,000		92,683
Pacific Gas & Electric Co. 1st Mtg. Notes 4.30% due 03/15/2045		48,000		47,098
Public Service Co. of Colorado 1st Mtg. Bonds 2.70% due 01/15/2051		219,000		222,595
Public Service Co. of Colorado 1st Mtg. Notes 3.70% due 06/15/2028		177,000		206,564
Electric-Integrated (continued)
Public Service Co. of Colorado 1st Mtg. Bonds 4.10% due 06/15/2048		123,000		158,078
Southern California Edison Co. 1st Mtg. Bonds 3.65% due 02/01/2050		10,000		10,333
Talen Energy Supply LLC Senior Sec. Notes 6.63% due 01/15/2028*		289,000		279,969
Talen Energy Supply LLC Senior Sec. Notes 7.25% due 05/15/2027*		425,000		423,563
				3,664,992
Electronic Components-Semiconductors — 0.2%
Broadcom, Inc. Company Guar. Notes 4.15% due 11/15/2030		86,000		96,608
Broadcom, Inc. Company Guar. Notes 5.00% due 04/15/2030		54,000		63,698
NVIDIA Corp. Senior Notes 3.70% due 04/01/2060		106,000		126,372
ON Semiconductor Corp. Company Guar. Notes 3.88% due 09/01/2028*		410,000		415,771
				702,449
Electronic Measurement Instruments — 0.1%
Trimble, Inc. Senior Notes 4.75% due 12/01/2024		10,000		11,078
Trimble, Inc. Senior Notes 4.90% due 06/15/2028		211,000		248,991
				260,069
Electronic Parts Distribution — 0.3%
Arrow Electronics, Inc. Senior Notes 4.00% due 04/01/2025		61,000		66,324
Ingram Micro, Inc. Senior Notes 5.45% due 12/15/2024		860,000		919,863
				986,187
Enterprise Software/Service — 0.3%
Donnelley Financial Solutions, Inc. Company Guar. Notes 8.25% due 10/15/2024		604,000		632,690
Oracle Corp. Senior Notes 2.95% due 11/15/2024		236,000		255,959
				888,649

24

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Entertainment Software — 0.0%
Activision Blizzard, Inc. Senior Notes 2.50% due 09/15/2050	$	98,000	$	91,321
Finance-Auto Loans — 0.3%
Credit Acceptance Corp. Company Guar. Notes 5.13% due 12/31/2024*		80,000		79,442
Credit Acceptance Corp. Company Guar. Notes 6.63% due 03/15/2026		757,000		781,603
				861,045
Finance-Commercial — 0.1%
GE Capital Funding LLC Company Guar. Notes 4.40% due 05/15/2030*		200,000		214,782
Finance-Consumer Loans — 0.7%
Enova International, Inc. Company Guar. Notes 8.50% due 09/01/2024*		786,000		734,910
Enova International, Inc. Company Guar. Notes 8.50% due 09/15/2025*		72,000		68,040
Navient Corp. Senior Notes 5.00% due 03/15/2027		250,000		234,757
Springleaf Finance Corp. Company Guar. Notes 5.38% due 11/15/2029		482,000		501,280
Springleaf Finance Corp. Company Guar. Notes 6.88% due 03/15/2025		425,000		471,612
Synchrony Financial Senior Notes 4.50% due 07/23/2025		496,000		547,532
				2,558,131
Finance-Credit Card — 0.2%
Alliance Data Systems Corp. Company Guar. Notes 4.75% due 12/15/2024*		533,000		499,581
American Express Co. Senior Notes 3.40% due 02/22/2024		57,000		61,970
American Express Co. Senior Notes 4.20% due 11/06/2025		78,000		90,339
Visa, Inc. Senior Notes 0.75% due 08/15/2027		48,000		47,637
				699,527
Finance-Investment Banker/Broker — 0.2%
LPL Holdings, Inc. Company Guar. Notes 4.63% due 11/15/2027*		105,000		106,050
Finance-Investment Banker/Broker (continued)
LPL Holdings, Inc. Company Guar. Notes 5.75% due 09/15/2025*		406,000		420,691
				526,741
Finance-Mortgage Loan/Banker — 0.3%
Genworth Mtg. Holdings, Inc. Senior Notes 6.50% due 08/15/2025*		408,000		426,238
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. Company Guar. Notes 3.63% due 03/01/2029*		409,000		405,421
Quicken Loans, Inc. Company Guar. Notes 5.25% due 01/15/2028*		143,000		150,673
				982,332
Financial Guarantee Insurance — 0.1%
NMI Holdings, Inc. Senior Sec. Notes 7.38% due 06/01/2025*		212,000		226,575
Food-Confectionery — 0.0%
Mondelez International, Inc. Senior Notes 1.88% due 10/15/2032		67,000		66,843
Food-Meat Products — 0.1%
Smithfield Foods, Inc. Company Guar. Notes 4.25% due 02/01/2027*		81,000		88,506
Smithfield Foods, Inc. Senior Notes 5.20% due 04/01/2029*		77,000		90,077
				178,583
Food-Misc./Diversified — 0.6%
Conagra Brands, Inc. Senior Notes 7.00% due 10/01/2028		105,000		140,607
Dole Food Co., Inc. Senior Sec. Notes 7.25% due 06/15/2025*		705,000		701,475
Kraft Heinz Foods Co. Company Guar. Notes 4.88% due 10/01/2049*		382,000		403,131
Lamb Weston Holdings, Inc. Company Guar. Notes 4.63% due 11/01/2024*		670,000		698,475
Mars, Inc. Senior Notes 2.38% due 07/16/2040*		73,000		73,003
Nestle Holdings, Inc. Company Guar. Notes 3.50% due 09/24/2025*		152,000		171,930
				2,188,621

25

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Food-Retail — 0.3%
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 4.63% due 01/15/2027*	$	532,000	$	544,337
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 5.75% due 03/15/2025		313,000		322,875
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 5.88% due 02/15/2028*		308,000		328,790
				1,196,002
Food-Wholesale/Distribution — 0.3%
Sysco Corp. Company Guar. Notes 2.40% due 02/15/2030		119,000		119,409
Sysco Corp. Company Guar. Notes 5.95% due 04/01/2030		86,000		108,999
Sysco Corp. Company Guar. Bonds 6.60% due 04/01/2040		114,000		154,188
Sysco Corp. Company Guar. Notes 6.60% due 04/01/2050		47,000		65,976
US Foods, Inc. Senior Sec. Notes 6.25% due 04/15/2025*		518,000		548,432
				997,004
Gas-Distribution — 0.0%
NiSource, Inc. Senior Notes 5.65% due 02/01/2045		68,000		93,813
Hotels/Motels — 0.4%
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. Company Guar. Notes 6.13% due 12/01/2024		505,000		522,675
Wyndham Destinations, Inc. Senior Sec. Notes 6.63% due 07/31/2026*		180,000		188,570
Wyndham Worldwide Corp. Senior Sec. Notes 6.00% due 04/01/2027		596,000		611,272
				1,322,517
Human Resources — 0.2%
Korn Ferry International Company Guar. Notes 4.63% due 12/15/2027*		727,000		734,270
Independent Power Producers — 0.3%
Clearway Energy Operating LLC Company Guar. Notes 4.75% due 03/15/2028*		585,000		604,012
Independent Power Producers (continued)
NRG Yield Operating LLC Company Guar. Notes 5.00% due 09/15/2026		375,000		385,313
				989,325
Industrial Gases — 0.1%
Air Products and Chemicals, Inc. Senior Notes 0.80% due 05/05/2032	EUR	200,000		239,889
Instruments-Controls — 0.0%
Honeywell International, Inc. Senior Notes 0.48% due 08/19/2022		88,000		88,145
Insurance Brokers — 0.0%
Willis North America, Inc. Company Guar. Notes 3.88% due 09/15/2049		91,000		104,586
Willis North America, Inc. Company Guar. Notes 5.05% due 09/15/2048		33,000		44,426
				149,012
Insurance-Life/Health — 0.4%
Athene Global Funding Senior Sec. Notes 1.88% due 06/23/2023	EUR	560,000		680,296
Brighthouse Financial, Inc. Senior Notes 4.70% due 06/22/2047		98,000		94,315
Brighthouse Financial, Inc. Senior Notes 5.63% due 05/15/2030		131,000		152,558
Pacific LifeCorp Senior Notes 3.35% due 09/15/2050*		57,000		57,587
Prudential Financial, Inc. Senior Notes 1.50% due 03/10/2026		267,000		278,142
Unum Group Senior Notes 4.50% due 03/15/2025		47,000		52,207
				1,315,105
Insurance-Property/Casualty — 0.0%
Chubb INA Holdings, Inc. Company Guar. Notes 1.38% due 09/15/2030		76,000		75,165
Internet Connectivity Services — 0.1%
Cogent Communications Group, Inc. Senior Sec. Notes 5.38% due 03/01/2022*		407,000		415,140
Internet Content-Entertainment — 0.3%
Netflix, Inc. Senior Notes 3.63% due 06/15/2025*		1,025,000		1,070,741

26

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Internet Telephone — 0.1%
Cablevision Lightpath LLC Senior Sec. Notes 3.88% due 09/15/2027*	$	430,000	$	430,000
Investment Management/Advisor Services — 0.2%
AG Issuer LLC Senior Sec. Notes 6.25% due 03/01/2028*		668,000		664,660
Ameriprise Financial, Inc. Senior Notes 3.00% due 03/22/2022		114,000		118,293
				782,953
Machinery-Construction & Mining — 0.1%
Caterpillar Financial Services Corp. Senior Notes 0.65% due 07/07/2023		186,000		186,886
Caterpillar Financial Services Corp. Senior Notes 1.10% due 09/14/2027		140,000		140,138
				327,024
Machinery-Electrical — 0.0%
ABB Finance USA, Inc. Company Guar. Notes 3.38% due 04/03/2023		133,000		142,325
Machinery-Farming — 0.1%
CNH Industrial Capital LLC Company Guar. Notes 1.88% due 01/15/2026		118,000		117,839
CNH Industrial Capital LLC Company Guar. Notes 4.20% due 01/15/2024		207,000		222,407
John Deere Capital Corp. Senior Notes 3.65% due 10/12/2023		75,000		82,412
				422,658
Machinery-Pumps — 0.1%
Xylem, Inc. Senior Notes 1.95% due 01/30/2028		241,000		251,111
Medical Labs & Testing Services — 0.1%
Catalent Pharma Solutions, Inc. Company Guar. Notes 5.00% due 07/15/2027*		216,000		224,640
Medical Products — 0.1%
Stryker Corp. Senior Notes 1.00% due 12/03/2031	EUR	340,000		404,432
Medical-Biomedical/Gene — 0.2%
Amgen, Inc. Senior Notes 3.15% due 02/21/2040		460,000		489,373
Biogen, Inc. Senior Bonds 3.15% due 05/01/2050		67,000		66,117
Medical-Biomedical/Gene (continued)
Regeneron Pharmaceuticals, Inc. Senior Notes 1.75% due 09/15/2030	$	139,000	$	136,051
Regeneron Pharmaceuticals, Inc. Senior Bonds 2.80% due 09/15/2050		78,000		73,512
				765,053
Medical-Drugs — 0.2%
AbbVie, Inc. Senior Notes 4.05% due 11/21/2039*		114,000		131,095
AbbVie, Inc. Senior Notes 4.25% due 11/21/2049*		135,000		160,269
AbbVie, Inc. Senior Notes 4.88% due 02/15/2021*		68,000		68,378
Bristol-Myers Squibb Co. Senior Notes 3.63% due 05/15/2024		133,000		146,562
Bristol-Myers Squibb Co. Senior Notes 4.55% due 02/20/2048		8,000		10,819
Bristol-Myers Squibb Co. Senior Notes 4.63% due 05/15/2044		77,000		103,165
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.38% due 05/15/2023		86,000		92,592
Upjohn, Inc. Company Guar. Notes 4.00% due 06/22/2050*		79,000		84,316
				797,196
Medical-Generic Drugs — 0.2%
Mylan, Inc. Company Guar. Notes 4.55% due 04/15/2028		110,000		128,140
Par Pharmaceutical, Inc. Senior Sec. Notes 7.50% due 04/01/2027*		456,000		477,742
				605,882
Medical-HMO — 0.1%
Humana, Inc. Senior Notes 4.88% due 04/01/2030		10,000		12,498
UnitedHealth Group, Inc. Senior Notes 1.25% due 01/15/2026		145,000		148,863
UnitedHealth Group, Inc. Senior Notes 3.13% due 05/15/2060		70,000		75,127
				236,488
Medical-Hospitals — 1.0%
Acadia Healthcare Co, Inc. Senior Notes 5.00% due 04/15/2029*		120,000		121,650

27

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Hospitals (continued)
Acadia Healthcare Co., Inc. Company Guar. Notes 5.50% due 07/01/2028*	$	548,000	$	563,625
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025		687,000		752,265
LifePoint Health, Inc. Senior Sec. Notes 4.38% due 02/15/2027*		604,000		604,755
Tenet Healthcare Corp. Senior Sec. Notes 4.63% due 07/15/2024		700,000		703,500
Tenet Healthcare Corp. Company Guar. Notes 6.13% due 10/01/2028*		739,000		718,677
				3,464,472
Medical-Wholesale Drug Distribution — 0.0%
Cardinal Health, Inc. Senior Notes 4.60% due 03/15/2043		132,000		144,711
Metal-Copper — 0.4%
Freeport-McMoRan, Inc. Company Guar. Notes 4.13% due 03/01/2028		380,000		384,750
Freeport-McMoRan, Inc. Company Guar. Notes 4.25% due 03/01/2030		343,000		351,575
Freeport-McMoRan, Inc. Company Guar. Notes 4.38% due 08/01/2028		251,000		259,523
Freeport-McMoRan, Inc. Company Guar. Notes 4.63% due 08/01/2030		251,000		263,914
				1,259,762
Metal-Iron — 0.2%
Cleveland-Cliffs, Inc. Company Guar. Notes 5.75% due 03/01/2025		392,000		363,580
Cleveland-Cliffs, Inc. Senior Sec. Notes 6.75% due 03/15/2026*		376,000		382,580
				746,160
Multimedia — 0.3%
E.W. Scripps Co. Company Guar. Notes 5.13% due 05/15/2025*		897,000		876,818
Walt Disney Co. Company Guar. Bonds 2.75% due 09/01/2049		166,000		161,868
				1,038,686
Non-Hazardous Waste Disposal — 0.2%
Covanta Holding Corp. Company Guar. Notes 5.00% due 09/01/2030		591,000		596,496
Non-Profit Charity — 0.0%
Ford Foundation Notes 2.82% due 06/01/2070		95,000		99,120
Oil Companies-Exploration & Production — 1.3%
Apache Corp. Senior Notes 4.38% due 10/15/2028		450,000		411,750
Apache Corp. Senior Notes 4.63% due 11/15/2025		68,000		64,812
Apache Corp. Senior Notes 4.88% due 11/15/2027		119,000		112,455
Callon Petroleum Co. Company Guar. Notes 6.13% due 10/01/2024		162,000		46,170
Callon Petroleum Co. Company Guar. Notes 6.38% due 07/01/2026		560,000		137,200
Endeavor Energy Resources LP/EER Finance, Inc. Senior Notes 5.75% due 01/30/2028*		325,000		326,625
EOG Resources, Inc. Senior Notes 4.38% due 04/15/2030		69,000		81,302
EOG Resources, Inc. Senior Bonds 4.95% due 04/15/2050		77,000		94,612
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 5.00% due 12/01/2024*		1,188,000		1,078,110
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037		110,000		113,262
Marathon Oil Corp. Senior Notes 6.80% due 03/15/2032		89,000		95,405
Noble Energy, Inc. Senior Notes 4.20% due 10/15/2049		70,000		84,119
Noble Energy, Inc. Senior Notes 5.25% due 11/15/2043		126,000		167,049
Occidental Petroleum Corp. Senior Notes 5.88% due 09/01/2025		382,000		350,088
Occidental Petroleum Corp. Senior Notes 6.38% due 09/01/2028		589,000		545,237
Occidental Petroleum Corp. Senior Notes 7.50% due 05/01/2031		48,000		45,600
Pioneer Natural Resources Co. Senior Notes 1.90% due 08/15/2030		110,000		103,171

28

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production (continued)
Southwestern Energy Co. Company Guar. Notes 7.50% due 04/01/2026	$	360,000	$	351,900
Southwestern Energy Co. Company Guar. Notes 8.38% due 09/15/2028		223,000		219,122
				4,427,989
Oil Companies-Integrated — 0.3%
BP Capital Markets America, Inc. Company Guar. Notes 2.77% due 11/10/2050		186,000		171,640
BP Capital Markets America, Inc. Company Guar. Notes 3.54% due 04/06/2027		319,000		357,079
Chevron Corp. Senior Notes 1.55% due 05/11/2025		223,000		231,084
Chevron USA, Inc. Company Guar. Notes 1.02% due 08/12/2027		81,000		81,056
Exxon Mobil Corp. Senior Notes 1.41% due 06/26/2039	EUR	275,000		317,788
				1,158,647
Oil Field Machinery & Equipment — 0.0%
Hi-Crush Partners LP Company Guar. Notes 9.50% due 08/01/2026*†(4)(13)		683,000		33,296
Oil Refining & Marketing — 0.2%
PBF Holding Co. LLC/PBF Finance Corp. Company Guar. Notes 6.00% due 02/15/2028*		678,000		454,972
Phillips 66 Company Guar. Notes 2.15% due 12/15/2030		114,000		110,864
Valero Energy Corp. Senior Notes 2.15% due 09/15/2027		86,000		85,653
				651,489
Oil-Field Services — 0.5%
Apergy Corp. Company Guar. Notes 6.38% due 05/01/2026		224,000		213,962
Archrock Partners LP/Archrock Partners Finance Corp. Company Guar. Notes 6.88% due 04/01/2027*		616,000		590,054
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc. Senior Notes 4.49% due 05/01/2030		45,000		51,133
Halliburton Co. Senior Notes 2.92% due 03/01/2030		120,000		118,245
Oil-Field Services (continued)
Nine Energy Service, Inc. Company Guar. Notes 8.75% due 11/01/2023*		684,000		205,200
Schlumberger Holdings Corp. Senior Notes 4.00% due 12/21/2025*		118,000		132,120
USA Compression Partners LP/USA Compression Finance Corp. Company Guar. Notes 6.88% due 04/01/2026		592,000		586,820
				1,897,534
Paper & Related Products — 0.3%
Clearwater Paper Corp. Company Guar. Notes 4.75% due 08/15/2028*		583,000		584,458
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		265,000		307,569
Georgia-Pacific LLC Senior Notes 2.30% due 04/30/2030*		124,000		131,574
Georgia-Pacific LLC Senior Notes 3.73% due 07/15/2023*		125,000		134,579
				1,158,180
Petrochemicals — 0.0%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP Senior Notes 3.30% due 05/01/2023*		75,000		79,580
Pharmacy Services — 0.1%
CVS Health Corp. Senior Notes 2.70% due 08/21/2040		49,000		46,701
CVS Health Corp Senior Notes 4.25% due 04/01/2050		57,000		66,997
CVS Health Corp. Senior Notes 4.78% due 03/25/2038		196,000		238,804
CVS Health Corp. Senior Notes 5.05% due 03/25/2048		10,000		12,764
				365,266
Physical Therapy/Rehabilitation Centers — 0.1%
Encompass Health Corp. Company Guar. Notes 4.63% due 04/01/2031		178,000		178,000
Pipelines — 2.5%
Buckeye Partners LP Senior Notes 4.13% due 03/01/2025*		248,000		235,600
Buckeye Partners LP Senior Notes 4.50% due 03/01/2028*		563,000		542,591

29

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 3.70% due 11/15/2029*	$	117,000	$	121,608
Cheniere Energy Partners LP Company Guar. Notes 4.50% due 10/01/2029		392,000		402,102
Cheniere Energy Partners LP Senior Sec. Notes 5.25% due 10/01/2025		308,000		315,084
Cheniere Energy, Inc. Senior Sec. Notes 4.63% due 10/15/2028*		432,000		443,340
Colonial Enterprises, Inc. Company Guar. Notes 3.25% due 05/15/2030*		51,000		57,052
DCP Midstream Operating LP Company Guar. Notes 5.60% due 04/01/2044		165,000		150,356
DCP Midstream Operating LP Company Guar. Notes 5.63% due 07/15/2027		294,000		300,762
DCP Midstream Operating LP Company Guar. Notes 6.75% due 09/15/2037*		130,000		124,800
Enable Midstream Partners LP Senior Notes 4.95% due 05/15/2028		82,000		80,059
Energy Transfer Operating LP Company Guar. Notes 4.90% due 03/15/2035		172,000		169,310
Energy Transfer Operating LP Company Guar. Notes 5.50% due 06/01/2027		2,000		2,202
Energy Transfer Operating LP Company Guar. Notes 6.13% due 12/15/2045		88,000		88,334
EnLink Midstream Partners LP Senior Notes 5.05% due 04/01/2045		21,000		13,335
Enterprise Products Operating LLC Company Guar. Notes 3.20% due 02/15/2052		128,000		118,284
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048		90,000		95,552
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 5.63% due 06/15/2024		848,000		722,776
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 6.00% due 05/15/2023		200,000		181,500
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 6.50% due 10/01/2025		250,000		216,250
Gray Oak Pipeline LLC Senior Notes 2.00% due 09/15/2023*		176,000		176,971

Security Description	Principal Amount(18)		Value (Note 2)
Pipelines (continued)
Gray Oak Pipeline LLC Senior Notes 3.45% due 10/15/2027*	$	104,000	$	106,261
Harvest Midstream I LP Senior Notes 7.50% due 09/01/2028*		681,000		677,595
Holly Energy Partners LP/Holly Energy Finance Corp. Company Guar. Notes 5.00% due 02/01/2028*		815,000		794,625
Kinder Morgan, Inc. Company Guar. Notes 1.50% due 03/16/2022	EUR	175,000		208,182
Kinder Morgan, Inc. Company Guar. Notes 3.25% due 08/01/2050		124,000		111,667
MPLX LP Senior Notes 2.65% due 08/15/2030		89,000		86,870
NuStar Logistics LP Company Guar. Notes 5.75% due 10/01/2025		252,000		260,266
NuStar Logistics LP Company Guar. Notes 6.38% due 10/01/2030		379,000		393,212
ONEOK Partners LP Company Guar. Notes 6.65% due 10/01/2036		67,000		75,410
ONEOK, Inc. Company Guar. Notes 3.10% due 03/15/2030		118,000		113,510
ONEOK, Inc. Company Guar. Notes 7.15% due 01/15/2051		46,000		54,660
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 4.30% due 01/31/2043		49,000		41,524
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.50% due 05/15/2030*		81,000		91,243
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 4.88% due 02/01/2031*		609,000		589,771
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 5.00% due 01/15/2028		44,000		42,900
Transcontinental Gas Pipe Line Co. LLC Senior Notes 3.25% due 05/15/2030*		91,000		98,359
Williams Cos., Inc. Senior Notes 5.75% due 06/24/2044		242,000		285,065
				8,588,988

30

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Poultry — 0.1%
Pilgrim’s Pride Corp. Company Guar. Notes 5.88% due 09/30/2027*	$	406,000	$	419,195
Protection/Safety — 0.5%
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 3.38% due 08/31/2027*		480,000		460,438
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 5.25% due 04/15/2024*		513,000		537,367
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 5.75% due 04/15/2026*		230,000		245,957
Prime Security Services Borrower LLC/Prime Finance, Inc. Sec. Notes 6.25% due 01/15/2028*		470,000		475,875
				1,719,637
Real Estate Investment Trusts — 2.3%
Alexandria Real Estate Equities, Inc. Company Guar. Notes 1.88% due 02/01/2033		52,000		50,926
American Tower Corp. Senior Notes 3.10% due 06/15/2050		108,000		106,816
Brixmor Operating Partnership LP Senior Notes 4.05% due 07/01/2030		142,000		151,882
Columbia Property Trust Operating Partnership LP Company Guar. Notes 4.15% due 04/01/2025		124,000		129,843
CTR Partnership LP/CareTrust Capital Corp. Company Guar. Notes 5.25% due 06/01/2025		575,000		589,375
Digital Euro Finco LLC Company Guar. Notes 1.13% due 04/09/2028	EUR	300,000		359,979
ESH Hospitality, Inc. Company Guar. Notes 4.63% due 10/01/2027*		340,000		333,632
ESH Hospitality, Inc. Company Guar. Notes 5.25% due 05/01/2025*		270,000		272,700
Essex Portfolio LP Company Guar. Notes 2.65% due 09/01/2050		104,000		97,596
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.38% due 04/15/2026		265,000		293,700
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 3.75% due 09/15/2030*		170,000		170,425
Real Estate Investment Trusts (continued)
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 5.25% due 07/15/2024*		522,000		543,961
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 6.00% due 04/15/2025*		296,000		315,329
Host Hotels & Resorts LP Senior Notes 3.50% due 09/15/2030		96,000		91,892
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. Company Guar. Notes 4.25% due 02/01/2027*		534,000		461,910
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. Company Guar. Notes 5.75% due 02/01/2027		515,000		554,912
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 5.00% due 10/15/2027		576,000		600,595
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer Senior Sec. Notes 5.88% due 10/01/2028*		625,000		623,437
Piedmont Operating Partnership LP Company Guar. Notes 3.15% due 08/15/2030		136,000		133,229
Prologis LP Senior Notes 1.25% due 10/15/2030		67,000		65,516
Prologis LP Senior Bonds 2.13% due 10/15/2050		49,000		44,122
Prologis LP Senior Notes 3.00% due 04/15/2050		109,000		117,048
Sabra Health Care LP Company Guar. Notes 5.13% due 08/15/2026		820,000		886,692
Sabra Health Care LP/Sabra Capital Corp. Company Guar. Notes 4.80% due 06/01/2024		69,000		72,503
Simon Property Group LP Senior Notes 3.25% due 09/13/2049		100,000		91,712
Starwood Property Trust, Inc. Senior Notes 4.75% due 03/15/2025		790,000		756,425
Welltower, Inc. Senior Notes 2.75% due 01/15/2031		90,000		92,742
				8,008,899
Real Estate Management/Services — 0.3%
Cushman & Wakefield US Borrower LLC Senior Sec. Notes 6.75% due 05/15/2028*		511,000		530,495

31

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Management/Services (continued)
Newmark Group, Inc. Senior Notes 6.13% due 11/15/2023	$	493,000	$	512,682
				1,043,177
Recycling — 0.2%
Harsco Corp. Company Guar. Notes 5.75% due 07/31/2027*		638,000		645,975
Rental Auto/Equipment — 0.2%
Ahern Rentals, Inc. Sec. Notes 7.38% due 05/15/2023*		725,000		384,250
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. Company Guar. Notes 5.75% due 07/15/2027*		508,000		457,307
				841,557
Research & Development — 0.1%
Jaguar Holding Co. II/PPD Development LP Company Guar. Notes 4.63% due 06/15/2025*		92,000		94,760
Jaguar Holding Co. II/PPD Development LP Company Guar. Notes 5.00% due 06/15/2028*		375,000		391,406
				486,166
Resorts/Theme Parks — 0.3%
SeaWorld Parks & Entertainment, Inc. Senior Sec. Notes 8.75% due 05/01/2025*		415,000		438,862
Six Flags Entertainment Corp. Company Guar. Notes 5.50% due 04/15/2027*		540,000		512,082
Six Flags Theme Parks, Inc. Senior Sec. Notes 7.00% due 07/01/2025*		48,000		51,060
				1,002,004
Retail-Apparel/Shoe — 0.1%
L Brands, Inc. Company Guar. Notes 6.63% due 10/01/2030*		225,000		228,937
Ross Stores, Inc. Senior Notes 5.45% due 04/15/2050		117,000		153,346
				382,283
Retail-Appliances — 0.1%
Conn’s, Inc. Company Guar. Notes 7.25% due 07/15/2022		464,000		413,178
Retail-Auto Parts — 0.1%
Advance Auto Parts, Inc. Company Guar. Notes 1.75% due 10/01/2027		88,000		87,739
Retail-Auto Parts (continued)
Advance Auto Parts, Inc. Company Guar. Notes 3.90% due 04/15/2030		128,000		144,231
				231,970
Retail-Automobile — 0.0%
AutoNation, Inc. Senior Notes 4.75% due 06/01/2030		45,000		53,020
Retail-Drug Store — 0.0%
Walgreens Boots Alliance, Inc. Senior Notes 4.10% due 04/15/2050		86,000		85,932
Retail-Major Department Stores — 0.0%
TJX Cos, Inc. Senior Notes 3.75% due 04/15/2027		121,000		138,718
Retail-Pawn Shops — 0.1%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		452,000		460,475
Retail-Petroleum Products — 0.2%
Murphy Oil USA, Inc. Company Guar. Notes 4.75% due 09/15/2029		569,000		605,985
Retail-Regional Department Stores — 0.1%
Kohl’s Corp. Senior Notes 5.55% due 07/17/2045		132,000		121,387
Kohl’s Corp. Senior Notes 9.50% due 05/15/2025		53,000		62,671
				184,058
Retail-Restaurants — 0.5%
Brinker International, Inc. Company Guar. Notes 5.00% due 10/01/2024*		700,000		712,985
Darden Restaurants, Inc. Senior Notes 4.55% due 02/15/2048		104,000		103,411
Golden Nugget, Inc. Senior Notes 6.75% due 10/15/2024*		875,000		730,625
McDonald’s Corp. Senior Notes 3.63% due 09/01/2049		69,000		77,477
McDonald’s Corp. Senior Notes 4.20% due 04/01/2050		66,000		80,329
				1,704,827
Satellite Telecom — 0.3%
Hughes Satellite Systems Corp. Company Guar. Notes 6.63% due 08/01/2026		901,000		975,062

32

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Savings & Loans/Thrifts — 0.2%
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021	$	357,000	$	385,098
New York Community Bancorp, Inc. Sub. Notes 5.90% due 11/06/2028		159,000		161,965
				547,063
Security Services — 0.2%
Brink’s Co. Company Guar. Notes 4.63% due 10/15/2027*		711,000		709,898
Brink’s Co. Company Guar. Notes 5.50% due 07/15/2025*		68,000		70,890
				780,788
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc. Company Guar. Notes 4.20% due 05/01/2030*		91,000		104,449
Software Tools — 0.0%
VMware, Inc. Senior Notes 4.70% due 05/15/2030		126,000		149,418
Steel-Producers — 0.2%
Commercial Metals Co. Senior Notes 5.75% due 04/15/2026		475,000		494,000
Reliance Steel & Aluminum Co. Senior Notes 2.15% due 08/15/2030		51,000		49,901
Steel Dynamics, Inc. Senior Notes 3.25% due 01/15/2031		40,000		42,800
Steel Dynamics, Inc. Senior Notes 3.45% due 04/15/2030		126,000		138,921
				725,622
Telecom Equipment-Fiber Optics — 0.1%
Corning, Inc. Senior Notes 5.45% due 11/15/2079		243,000		309,261
Telephone-Integrated — 1.0%
AT&T, Inc. Senior Notes 1.65% due 02/01/2028		37,000		37,070
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		634,000		748,529
AT&T, Inc. Senior Notes 4.75% due 05/15/2046		54,000		63,437
AT&T, Inc. Senior Notes 4.85% due 07/15/2045		40,000		47,725
Telephone-Integrated (continued)
AT&T, Inc. Senior Notes 4.90% due 08/15/2037		65,000		78,546
CenturyLink, Inc. Senior Notes 5.13% due 12/15/2026*		484,000		497,257
CenturyLink, Inc. Senior Notes 7.50% due 04/01/2024		525,000		587,790
Verizon Communications, Inc. Senior Notes 1.50% due 09/18/2030		212,000		211,290
Verizon Communications, Inc. Senior Notes 2.50% due 04/08/2031	GBP	100,000		142,018
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		69,000		85,111
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		135,000		168,301
Verizon Communications, Inc. Senior Notes 5.25% due 03/16/2037		115,000		159,259
Zayo Group Holdings, Inc. Senior Notes 6.13% due 03/01/2028*		646,000		666,801
				3,493,134
Television — 0.4%
Belo Corp. Company Guar. Notes 7.25% due 09/15/2027		373,000		412,165
Belo Corp. Company Guar. Notes 7.75% due 06/01/2027		416,000		472,160
Viacom, Inc. Senior Notes 4.38% due 03/15/2043		476,000		505,999
				1,390,324
Tools-Hand Held — 0.0%
Stanley Black & Decker, Inc. Senior Notes 3.40% due 03/01/2026		76,000		85,178
Transport-Air Freight — 0.2%
Cargo Aircraft Management, Inc. Company Guar. Notes 4.75% due 02/01/2028*		833,000		841,205
Transport-Equipment & Leasing — 0.1%
GATX Corp. Senior Notes 4.00% due 06/30/2030		78,000		89,851
GATX Corp. Senior Notes 4.35% due 02/15/2024		150,000		163,899
				253,750

33

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Transport-Marine — 0.0%
Kirby Corp. Senior Notes 4.20% due 03/01/2028	$	129,000	$	133,660
Transport-Rail — 0.0%
Kansas City Southern Company Guar. Notes 2.88% due 11/15/2029		96,000		101,763
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048		51,000		56,703
				158,466
Transport-Services — 0.1%
FedEx Corp. Pass Through Trust Senior Sec. Notes Series 2020-1, Class AA 1.88% due 08/20/2035		156,000		158,285
United Parcel Service, Inc. Senior Notes 3.90% due 04/01/2025		91,000		103,679
				261,964
Trucking/Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.35% due 11/01/2029*		29,000		30,830
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.40% due 11/15/2026*		278,000		304,237
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 4.20% due 04/01/2027*		84,000		94,185
				429,252
Vitamins & Nutrition Products — 0.1%
HLF Financing SARL LLC/Herbalife International, Inc. Company Guar. Notes 7.25% due 08/15/2026*		496,000		509,639
Water — 0.0%
American Water Capital Corp. Senior Bonds 3.45% due 05/01/2050		54,000		60,546
Essential Utilities, Inc. Senior Bonds 3.35% due 04/15/2050		80,000		85,514
				146,060
Web Portals/ISP — 0.1%
Alphabet, Inc. Senior Notes 1.10% due 08/15/2030		144,000		143,363
Web Portals/ISP (continued)
Alphabet, Inc. Senior Notes 2.05% due 08/15/2050		136,000		127,295
				270,658
Total U.S. Corporate Bonds & Notes
(cost $129,503,438)				132,685,184
FOREIGN CORPORATE BONDS & NOTES — 15.0%
Aerospace/Defense — 0.1%
BAE Systems PLC Senior Notes 3.40% due 04/15/2030*		206,000		230,228
Agricultural Chemicals — 0.4%
Consolidated Energy Finance SA Senior Notes 6.88% due 06/15/2025*		519,000		472,290
Nutrien, Ltd. Senior Notes 3.95% due 05/13/2050		104,000		118,907
OCI NV Senior Sec. Notes 5.25% due 11/01/2024*		668,000		689,175
Yara International ASA Senior Notes 3.15% due 06/04/2030*		53,000		56,715
				1,337,087
Airlines — 0.1%
Delta Air Lines/Skymiles Senior Sec. Notes 4.50% due 10/20/2025*		177,930		182,708
Delta Air Lines/Skymiles Senior Sec. Notes 4.75% due 10/20/2028*		132,000		137,053
				319,761
Airport Development/Maintenance — 0.1%
Mexico City Airport Trust Senior Sec. Notes 4.25% due 10/31/2026		460,000		407,100
Auto-Cars/Light Trucks — 0.1%
Nissan Motor Co, Ltd. Senior Notes 2.65% due 03/17/2026*	EUR	150,000		177,506
RCI Banque SA Senior Notes 1.88% due 11/08/2022	GBP	80,000		102,872
				280,378
Auto/Truck Parts & Equipment-Original — 0.1%
Delphi Jersey Holdings PLC Company Guar. Notes 5.00% due 10/01/2025*		367,000		419,298
Banks-Commercial — 1.3%
Banco de Credito del Peru Sub. Notes 3.13% due 07/01/2030*		300,000		300,939

34

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks-Commercial (continued)
Banco de Credito e Inversiones SA Senior Notes 3.50% due 10/12/2027	$	490,000	$	533,429
Canadian Imperial Bank of Commerce Senior Notes 2.25% due 01/28/2025		213,000		224,649
Cooperatieve Rabobank UA Senior Notes 1.00% due 09/24/2026*		261,000		259,973
Danske Bank A/S Senior Notes 0.50% due 08/27/2025	EUR	225,000		262,641
Danske Bank A/S Sub. Notes 1.38% due 02/12/2030	EUR	245,000		284,587
Danske Bank A/S Senior Notes 2.25% due 01/14/2028	GBP	100,000		130,917
Danske Bank A/S Senior Notes 3.88% due 09/12/2023*		200,000		215,332
Grupo Aval, Ltd. Company Guar. Notes 4.38% due 02/04/2030*		900,000		869,130
ING Groep NV Senior Notes 1.40% due 07/01/2026*		249,000		251,839
Philippine National Bank Senior Notes 3.28% due 09/27/2024		600,000		624,968
Skandinaviska Enskilda Banken AB Sub. Notes 2.50% due 05/28/2026	EUR	200,000		237,569
Standard Chartered PLC Senior Notes 0.90% due 07/02/2027	EUR	200,000		233,529
				4,429,502
Banks-Special Purpose — 0.1%
Industrial Bank of Korea Senior Notes 1.04% due 06/22/2025*		312,000		314,119
Beverages-Non-alcoholic — 0.0%
Coca-Cola Femsa SAB de CV Company Guar. Notes 1.85% due 09/01/2032		152,000		152,334
Brewery — 0.1%
Anheuser-Busch InBev SA/NV Company Guar. Notes 3.70% due 04/02/2040	EUR	125,000		187,104
Heineken NV Senior Notes 2.25% due 03/30/2030	EUR	175,000		237,360
				424,464
Building Products-Air & Heating — 0.0%
Johnson Controls International PLC/Tyco Fire & Security Finance SCA Senior Notes 1.75% due 09/15/2030		33,000		33,209
Building-Residential/Commercial — 0.1%
Mattamy Group Corp. Senior Notes 4.63% due 03/01/2030*		215,000		217,709
Mattamy Group Corp. Senior Notes 5.25% due 12/15/2027*		339,000		348,323
				566,032
Cable/Satellite TV — 0.2%
Altice Financing SA Senior Sec. Notes 5.00% due 01/15/2028*		661,000		641,996
Cellular Telecom — 0.4%
Colombia Telecomunicaciones SA ESP Senior Notes 4.95% due 07/17/2030*		210,000		218,400
Numericable-SFR SA Senior Sec. Notes 7.38% due 05/01/2026*		800,000		838,320
Vodafone Group PLC Senior Notes 4.88% due 06/19/2049		68,000		84,428
Vodafone Group PLC Senior Notes 5.25% due 05/30/2048		98,000		126,696
				1,267,844
Chemicals-Diversified — 0.3%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030*		202,000		188,618
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030		200,000		186,750
CNAC HK Finbridge Co., Ltd. Company Guar. Notes 3.38% due 06/19/2024		220,000		228,569
CNAC HK Finbridge Co., Ltd. Company Guar. Notes 4.13% due 07/19/2027		200,000		215,591
Petkim Petrokimya Holding AS Senior Notes 5.88% due 01/26/2023*		270,000		267,952
				1,087,480
Chemicals-Other — 0.1%
MEGlobal Canada ULC Company Guar. Notes 5.00% due 05/18/2025*		200,000		215,543
Chemicals-Specialty — 0.0%
Albemarle Wodgina Pty, Ltd. Company Guar. Notes 3.45% due 11/15/2029		63,000		63,932

35

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)			Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Commercial Services — 0.1%
Nielsen Co. Luxembourg SARL Company Guar. Notes 5.00% due 02/01/2025*	$	432,000		$	440,100
Computer Software — 0.1%
Camelot Finance SA Senior Sec. Notes 4.50% due 11/01/2026*		415,000			423,300
Containers-Metal/Glass — 0.3%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Company Guar. Notes 5.25% due 08/15/2027*		450,000			458,550
Trivium Packaging Finance BV Company Guar. Notes 8.50% due 08/15/2027*		650,000			700,846
					1,159,396
Containers-Paper/Plastic — 0.5%
Cascades, Inc./Cascades USA, Inc. Company Guar. Notes 5.38% due 01/15/2028*		559,000			587,649
Intertape Polymer Group, Inc. Company Guar. Notes 7.00% due 10/15/2026*		674,000			707,700
Klabin Austria GmbH Company Guar. Notes 7.00% due 04/03/2049*		354,000			400,905
					1,696,254
Cruise Lines — 0.3%
Silversea Cruise Finance, Ltd. Senior Sec. Notes 7.25% due 02/01/2025*		500,000			506,250
Viking Cruises, Ltd. Senior Sec. Notes 13.00% due 05/15/2025*		64,000			74,080
VOC Escrow, Ltd. Senior Sec. Notes 5.00% due 02/15/2028*		615,000			544,503
					1,124,833
Diagnostic Equipment — 0.0%
DH Europe Finance II SARL Company Guar. Notes 3.25% due 11/15/2039		137,000			153,242
Diversified Banking Institutions — 1.4%
Banco Santander SA Senior Notes 1.38% due 01/05/2026		EUR  300,000			364,868
Banco Santander SA Senior Notes 2.71% due 06/27/2024		200,000			211,604
Barclays PLC Senior Notes 3.00% due 05/08/2026		GBP  100,000			135,638
BNP Paribas SA Sub. Notes 2.88% due 03/20/2026		EUR  450,000			533,220
Diversified Banking Institutions (continued)
BNP Paribas SA Senior Notes 3.05% due 01/13/2031*		444,000			476,174
BNP Paribas SA Senior Notes 3.38% due 01/23/2026		GBP  200,000			283,498
Deutsche Bank AG NY Senior Notes 2.22% due 09/18/2024		150,000			151,042
HSBC Holdings PLC Senior Notes 0.88% due 09/06/2024		EUR  150,000			179,039
HSBC Holdings PLC Senior Notes 3.00% due 07/22/2028		GBP  120,000			165,390
HSBC Holdings PLC Senior Notes 4.29% due 09/12/2026		200,000			223,298
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.19% due 02/25/2025		207,000			216,803
Mizuho Financial Group, Inc. Senior Notes 2.56% due 09/13/2025		474,000	��		498,179
Natwest Group PLC Sub. Notes 3.03% due 11/28/2035		400,000			384,232
NatWest Markets PLC Senior Notes 2.38% due 05/21/2023*		200,000			205,914
NatWest Markets PLC Senior Notes 2.75% due 04/02/2025		EUR  150,000			190,931
Royal Bank of Scotland Group PLC Senior Notes 2.36% due 05/22/2024		222,000			227,762
UBS AG Sub. Notes 4.75% due 02/12/2026		EUR  250,000			296,410
UniCredit SpA Sub. Bonds 5.46% due 06/30/2035*		298,000			303,587
					5,047,589
Diversified Financial Services — 0.3%
Fairstone Financial, Inc. Senior Notes 7.88% due 07/15/2024*		582,000			596,550
GE Capital International Funding Co. ULC Company Guar. Notes 4.42% due 11/15/2035		484,000			510,890
					1,107,440
Diversified Minerals — 0.4%
Anglo American Capital PLC Company Guar. Notes 5.38% due 04/01/2025*		400,000			459,802

36

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Minerals (continued)
FMG Resources August 2006 Pty, Ltd. Company Guar. Notes 4.50% due 09/15/2027*	$	636,000	$	678,936
Teck Resources, Ltd. Senior Notes 3.90% due 07/15/2030*		82,000		85,799
Teck Resources, Ltd. Senior Notes 6.25% due 07/15/2041		52,000		60,113
				1,284,650
Electric-Distribution — 0.3%
Energuate Trust Company Guar. Notes 5.88% due 05/03/2027		600,000		620,813
Infraestructura Energetica Nova SAB de CV Senior Notes 4.75% due 01/15/2051*		250,000		234,312
OmGrid Funding, Ltd. Company Guar. Notes 5.20% due 05/16/2027		200,000		182,550
				1,037,675
Electric-Generation — 0.5%
Electricite de France SA Senior Notes 6.25% due 05/30/2028	GBP	100,000		172,396
LLPL Capital Pte, Ltd. Senior Sec. Notes 6.88% due 02/04/2039		375,600		432,470
Minejesa Capital BV Senior Sec. Notes 5.63% due 08/10/2037		600,000		617,316
Mong Duong Finance Holdings BV Senior Sec. Notes 5.13% due 05/07/2029		300,000		305,756
SPIC Luxembourg Latin America Renewable Energy Investment Co. SARL Company Guar. Notes 4.65% due 10/30/2023		200,000		216,157
				1,744,095
Electric-Integrated — 0.1%
Empresas Publicas de Medellin ESP Senior Notes 4.38% due 02/15/2031*		320,000		321,603
Electric-Transmission — 0.0%
RTE Reseau de Transport d’Electricite SADIR Senior Notes 1.13% due 07/08/2040	EUR	100,000		122,829
Energy-Alternate Sources — 0.1%
ReNew Power Synthetic Senior Sec. Notes 6.67% due 03/12/2024		200,000		206,500
Energy-Alternate Sources (continued)
ReNew Power, Ltd. Senior Sec. Notes 6.45% due 09/27/2022		200,000		203,290
				409,790
Finance-Consumer Loans — 0.1%
goeasy, Ltd. Company Guar. Notes 5.38% due 12/01/2024*		533,000		539,663
Finance-Leasing Companies — 0.3%
Avolon Holdings Funding, Ltd. Company Guar. Notes 5.13% due 10/01/2023*		614,000		612,516
BOC Aviation, Ltd. Senior Notes 2.63% due 09/17/2030*		580,000		575,199
				1,187,715
Food-Meat Products — 0.1%
BRF SA Senior Notes 4.88% due 01/24/2030*		200,000		205,248
JBS USA LUX SA/JBS USA Finance, Inc. Company Guar. Notes 5.88% due 07/15/2024*		279,000		284,608
				489,856
Food-Retail — 0.1%
Auchan Holding SA Senior Notes 2.63% due 01/30/2024	EUR	200,000		244,312
Tesco Corp.orate Treasury Services PLC Company Guar. Notes 0.88% due 05/29/2026	EUR	135,000		160,993
				405,305
Gas-Distribution — 0.0%
Centrica PLC Senior Notes 4.38% due 03/13/2029	GBP	100,000		154,510
Gold Mining — 0.1%
AngloGold Ashanti Holdings PLC Company Guar. Notes 3.75% due 10/01/2030		208,000		213,371
Independent Power Producers — 0.1%
Termocandelaria Power, Ltd. Company Guar. Notes 7.88% due 01/30/2029		400,000		429,004
Industrial Gases — 0.1%
Yingde Gases Investment, Ltd. Company Guar. Notes 6.25% due 01/19/2023		300,000		309,358
Insurance-Life/Health — 0.1%
Athene Holding, Ltd. Senior Notes 6.15% due 04/03/2030		82,000		97,377

37

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Insurance-Life/Health (continued)
Manulife Financial Corp. Sub. Notes 4.06% due 02/24/2032	$	122,000	$	132,167
				229,544
Insurance-Property/Casualty — 0.1%
Enstar Group, Ltd. Senior Notes 4.95% due 06/01/2029		205,000		229,714
Investment Companies — 0.3%
Huarong Finance 2019 Co., Ltd. Company Guar. Notes 3.75% due 05/29/2024		230,000		240,396
Huarong Finance II Co., Ltd. Company Guar. Notes 4.63% due 06/03/2026		400,000		436,382
MDGH — GMTN BV Company Guar. Notes 3.70% due 11/07/2049		400,000		447,159
				1,123,937
Machinery-Farming — 0.1%
CNH Industrial Finance Europe SA Company Guar. Notes 1.75% due 03/25/2027	EUR	150,000		178,559
Medical-Drugs — 0.4%
AstraZeneca PLC Senior Notes 2.13% due 08/06/2050		48,000		43,492
Endo Dac/Endo Finance LLC/Endo Finco, Inc. Senior Sec. Notes 5.88% due 10/15/2024*		400,000		399,600
Endo Dac/Endo Finance LLC/Endo Finco, Inc. Company Guar. Notes 6.00% due 06/30/2028*		621,000		456,435
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 3.20% due 09/23/2026		235,000		261,302
Takeda Pharmaceutical Co., Ltd. Senior Bonds 3.18% due 07/09/2050		204,000		207,234
Upjohn Finance BV Company Guar. Notes 1.91% due 06/23/2032	EUR	100,000		121,964
				1,490,027
Medical-Generic Drugs — 0.1%
Allergan Funding SCS Company Guar. Notes 1.50% due 11/15/2023	EUR	160,000		192,528
Metal-Aluminum — 0.1%
Indonesia Asahan Aluminium Persero PT Senior Notes 6.53% due 11/15/2028		200,000		243,506

Security Description	Principal Amount(18)		Value (Note 2)
Metal-Copper — 0.2%
First Quantum Minerals, Ltd. Company Guar. Notes 6.50% due 03/01/2024*	$	200,000	$	191,750
First Quantum Minerals, Ltd. Company Guar. Notes 7.25% due 04/01/2023*		482,000		481,398
				673,148
Metal-Diversified — 0.1%
Glencore Finance Europe, Ltd. Company Guar. Notes 1.50% due 10/15/2026	EUR	150,000		180,321
Metal-Iron — 0.2%
Mineral Resources, Ltd. Senior Notes 8.13% due 05/01/2027*		600,000		651,126
Motion Pictures & Services — 0.2%
Banijay Entertainment SASU Senior Sec. Notes 5.38% due 03/01/2025*		847,000		852,294
Multimedia — 0.1%
Globo Comunicacao e Participacoes SA Senior Notes 4.88% due 01/22/2030*		200,000		196,250
Oil Companies-Exploration & Production — 0.6%
Canadian Natural Resources, Ltd. Senior Notes 2.95% due 07/15/2030		88,000		88,652
CNOOC Finance, Ltd. Company Guar. Notes 2.88% due 09/30/2029		440,000		468,839
MEG Energy Corp. Sec. Notes 6.50% due 01/15/2025*		663,000		650,350
MEG Energy Corp. Company Guar. Notes 7.13% due 02/01/2027*		400,000		358,732
Saka Energi Indonesia PT Senior Notes 4.45% due 05/05/2024		425,000		382,500
Tullow Oil PLC Company Guar. Notes 6.25% due 04/15/2022		200,000		103,000
Wintershall Dea Finance B.V. Company Guar. Notes 1.33% due 09/25/2028	EUR	200,000		219,511
				2,271,584
Oil Companies-Integrated — 1.0%
BP Capital Markets PLC Company Guar. Notes 2.27% due 07/03/2026	GBP	200,000		278,963
Cenovus Energy, Inc. Senior Notes 4.25% due 04/15/2027		689,000		622,911

38

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil Companies-Integrated (continued)
Ecopetrol SA Senior Notes 5.88% due 05/28/2045	$	135,000	$	147,150
Ecopetrol SA Senior Notes 6.88% due 04/29/2030		300,000		359,250
Equinor ASA Company Guar. Notes 1.75% due 01/22/2026		66,000		68,469
Equinor ASA Company Guar. Bonds 3.25% due 11/18/2049		79,000		83,772
Pertamina Persero PT Senior Notes 6.50% due 05/27/2041		200,000		254,978
Petro-Canada Senior Notes 5.95% due 05/15/2035		49,000		60,583
Petroleos Mexicanos Company Guar. Notes 6.38% due 01/23/2045		350,000		268,275
Petroleos Mexicanos Company Guar. Notes 6.49% due 01/23/2027		350,000		328,125
Petroleos Mexicanos Company Guar. Notes 6.63% due 06/15/2035		550,000		456,745
Petroleos Mexicanos Company Guar. Notes 6.75% due 09/21/2047		300,000		232,860
Shell International Finance BV Company Guar. Notes 1.50% due 04/07/2028	EUR	140,000		179,233
Total Capital International SA Company Guar. Notes 3.46% due 07/12/2049		63,000		68,815
				3,410,129
Paper & Related Products — 0.1%
Suzano Austria GmbH Company Guar. Notes 3.75% due 01/15/2031		255,000		255,625
Petrochemicals — 0.1%
Equate Petrochemical BV Company Guar. Notes 4.25% due 11/03/2026		200,000		209,750
Real Estate Investment Trusts — 0.2%
Hammerson PLC Senior Notes 2.00% due 07/01/2022	EUR	175,000		191,391
Trust Fibro Uno Senior Notes 6.39% due 01/15/2050		400,000		399,000
				590,391
Real Estate Operations & Development — 0.2%
Aroundtown SA Senior Notes 1.45% due 07/09/2028		EUR  200,000		237,810
Aroundtown SA Senior Notes 3.25% due 07/18/2027		GBP  100,000		136,795
Logicor Financing SARL Company Guar. Notes 0.75% due 07/15/2024		EUR  375,000		439,864
				814,469
Retail-Petroleum Products — 0.2%
eG Global Finance PLC Senior Sec. Notes 6.75% due 02/07/2025*		633,000		648,034
Satellite Telecom — 0.5%
Connect Finco SARL/Connect US Finco LLC Senior Sec. Notes 6.75% due 10/01/2026*		739,000		741,328
Telesat Canada/Telesat LLC Senior Sec. Notes 4.88% due 06/01/2027*		214,000		214,867
Telesat Canada/Telesat LLC Company Guar. Notes 6.50% due 10/15/2027*		823,000		828,925
				1,785,120
Security Services — 0.2%
GW B-CR Security Corp. Senior Notes 9.50% due 11/01/2027*		693,000		727,650
Semiconductor Components-Integrated Circuits — 0.1%
TSMC Global, Ltd. Company Guar. Notes 0.75% due 09/28/2025*		200,000		198,220
TSMC Global, Ltd. Company Guar. Notes 1.38% due 09/28/2030*		200,000		196,001
				394,221
Steel-Producers — 0.1%
Shandong Iron & Steel Xinheng International Co., Ltd. Company Guar. Notes 6.85% due 09/25/2022		200,000		201,986
SupraNational Banks — 0.2%
African Development Bank Senior Notes 0.75% due 04/03/2023		142,000		143,740
European Bank for Reconstruction & Development Senior Notes 1.50% due 02/13/2025		228,000		237,358
International Bank for Reconstruction & Development Senior Notes 3.13% due 11/20/2025		121,000		137,312

39

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
SupraNational Banks (continued)
International Finance Corp. Senior Notes 0.50% due 03/20/2023	$	256,000	$	257,307
				775,717
Telecom Services — 0.3%
Altice France Holding SA Company Guar. Notes 6.00% due 02/15/2028*		630,000		600,887
Optus Finance Pty, Ltd. Company Guar. Notes 1.00% due 06/20/2029		EUR  300,000		363,047
				963,934
Telephone-Integrated — 0.1%
Telecom Italia Capital SA Company Guar. Notes 7.72% due 06/04/2038		78,000		103,740
Telefonica Emisiones SA Company Guar. Notes 5.45% due 10/08/2029		GBP  100,000		169,763
				273,503
Transport-Rail — 0.0%
Canadian Pacific Railway Co. Senior Notes 6.13% due 09/15/2115		88,000		133,969
Transport-Services — 0.1%
Rumo Luxembourg SARL Company Guar. Notes 5.25% due 01/10/2028*		290,000		301,658
Vitamins & Nutrition Products — 0.1%
Herbalife Nutrition, Ltd./HLF Financing, Inc. Company Guar. Notes 7.88% due 09/01/2025*		190,000		204,013
Warehousing & Harbor Transportation Services — 0.1%
DP World PLC Senior Notes 4.70% due 09/30/2049		400,000		404,000
Total Foreign Corporate Bonds & Notes
(cost $51,701,935)				52,598,592
FOREIGN GOVERNMENT OBLIGATIONS — 15.5%
Sovereign — 15.5%
Arab Republic of Egypt Senior Notes 5.75% due 05/29/2024*		550,000		562,157
Arab Republic of Egypt Senior Notes 6.88% due 04/30/2040		270,000		250,968
Arab Republic of Egypt Senior Notes 7.05% due 01/15/2032*		370,000		352,425
Arab Republic of Egypt Senior Notes 7.60% due 03/01/2029		1,000,000		1,024,380
Sovereign (continued)
Arab Republic of Egypt Senior Notes 8.50% due 01/31/2047		350,000		338,122
Arab Republic of Egypt Senior Notes 8.88% due 05/29/2050*		550,000		544,258
Dominican Republic Senior Notes 5.88% due 01/30/2060*		400,000		378,004
Emirate of Abu Dhabi Senior Notes 2.50% due 04/16/2025*		460,000		488,042
Emirate of Abu Dhabi Senior Notes 3.13% due 10/11/2027		1,070,000		1,189,042
Emirate of Abu Dhabi Senior Notes 3.13% due 09/30/2049		600,000		642,000
Emirate of Abu Dhabi Senior Bonds 3.88% due 04/16/2050*		200,000		244,000
Federative Republic of Brazil Senior Notes 4.75% due 01/14/2050		700,000		684,250
Federative Republic of Brazil Senior Notes 5.00% due 01/27/2045		580,000		584,350
Government of Romania Senior Notes 3.00% due 02/14/2031*		750,000		769,590
Government of Romania Senior Notes 3.00% due 02/14/2031		770,000		790,112
Government of Romania Senior Notes 4.00% due 02/14/2051*		500,000		515,000
Government of Ukraine Senior Notes 7.25% due 03/15/2033*		200,000		183,760
Government of Ukraine Senior Notes 7.75% due 09/01/2022		400,000		409,500
Government of Ukraine Senior Notes 7.75% due 09/01/2023		550,000		558,591
Government of Ukraine Senior Notes 7.75% due 09/01/2024		250,000		250,625
Government of Ukraine Senior Notes 9.75% due 11/01/2028		800,000		864,000
Islamic Republic of Pakistan Senior Notes 6.88% due 12/05/2027		655,000		651,070
Islamic Republic of Pakistan Senior Notes 8.25% due 04/15/2024		500,000		529,468

40

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Kingdom of Bahrain Senior Notes 6.00% due 09/19/2044	$	200,000	$	183,909
Kingdom of Bahrain Senior Notes 7.38% due 05/14/2030*		340,000		372,083
Kingdom of Jordan Senior Notes 5.75% due 01/31/2027		550,000		550,006
Kingdom of Jordan Senior Notes 5.85% due 07/07/2030*		725,000		702,359
Kingdom of Jordan Senior Bonds 7.38% due 10/10/2047		470,000		466,121
Kingdom of Saudi Arabia Senior Notes 3.25% due 10/22/2030		400,000		434,392
Kingdom of Saudi Arabia Senior Notes 3.25% due 10/22/2030*		1,085,000		1,178,288
Kingdom of Saudi Arabia Senior Notes 3.63% due 03/04/2028		240,000		265,862
Kingdom of Saudi Arabia Senior Notes 4.50% due 04/22/2060		200,000		246,500
Kingdom of Saudi Arabia Senior Notes 4.50% due 04/22/2060*		300,000		372,000
Kingdom of Saudi Arabia Senior Notes 4.63% due 10/04/2047		300,000		366,690
Kingdom of Saudi Arabia Senior Notes 5.00% due 04/17/2049		280,000		362,012
Kingdom of Spain Bonds 5.75% due 07/30/2032		EUR  545,000		1,040,206
Oriental Republic of Uruguay Senior Notes 4.38% due 01/23/2031		187,500		222,893
Oriental Republic of Uruguay Senior Notes 4.98% due 04/20/2055		720,000		957,600
Republic of the Philippines Senior Notes 7.75% due 01/14/2031		360,000		547,246
Republic of Angola Senior Notes 9.13% due 11/26/2049		350,000		272,125
Republic of Angola Senior Notes 9.50% due 11/12/2025		350,000		303,639
Republic of Armenia Senior Notes 3.95% due 09/26/2029		210,000		203,217
Sovereign (continued)
Republic of Belarus Senior Notes 5.88% due 02/24/2026*		760,000		703,334
Republic of Belarus Senior Notes 6.38% due 02/24/2031*		550,000		512,904
Republic of Belarus Senior Notes 6.88% due 02/28/2023		750,000		725,715
Republic of Chile Senior Notes 2.45% due 01/31/2031		600,000		630,906
Republic of Chile Senior Notes 3.50% due 01/25/2050		300,000		342,000
Republic of Colombia Senior Notes 3.13% due 04/15/2031		535,000		548,915
Republic of Colombia Senior Notes 4.50% due 03/15/2029		500,000		561,570
Republic of Colombia Senior Notes 5.00% due 06/15/2045		230,000		267,950
Republic of Colombia Senior Notes 10.38% due 01/28/2033		320,000		501,203
Republic of Costa Rica Senior Notes 6.13% due 02/19/2031		1,400,000		1,316,000
Republic of El Salvador Senior Notes 6.38% due 01/18/2027		360,000		309,060
Republic of El Salvador Senior Notes 7.65% due 06/15/2035		600,000		515,400
Republic of El Salvador Senior Notes 8.63% due 02/28/2029		85,000		80,283
Republic of El Salvador Senior Notes 9.50% due 07/15/2052*		740,000		699,300
Republic of Georgia Notes 6.88% due 04/12/2021		200,000		203,278
Republic of Ghana Senior Notes 6.38% due 02/11/2027*		350,000		314,558
Republic of Ghana Senior Notes 8.63% due 06/16/2049		560,000		470,400
Republic of Ghana Senior Notes 8.75% due 03/11/2061*		253,000		213,056
Republic of Indonesia Senior Bonds 4.13% due 01/15/2025		300,000		334,796

41

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Republic of Indonesia Senior Notes 7.75% due 01/17/2038	$	500,000	$	772,419
Republic of Ireland Bonds 1.50% due 05/15/2050	EUR	230,000		347,942
Republic of Italy Senior Notes 2.20% due 06/01/2027	EUR	870,000		1,133,026
Republic of Italy Senior Notes 2.50% due 11/15/2025	EUR	380,000		495,386
Republic of Italy Senior Notes 4.00% due 10/17/2049		200,000		214,321
Republic of Italy Bonds 5.50% due 11/01/2022	EUR	700,000		917,109
Republic of Ivory Coast Senior Notes 5.75% due 12/31/2032		929,600		859,880
Republic of Ivory Coast Senior Notes 6.13% due 06/15/2033		900,000		840,726
Republic of Ivory Coast Senior Notes 6.38% due 03/03/2028		350,000		349,394
Republic of Kazakhstan Senior Notes 6.50% due 07/21/2045		350,000		542,675
Republic of Kenya Senior Notes 6.88% due 06/24/2024		1,100,000		1,117,798
Republic of Kenya Senior Notes 7.00% due 05/22/2027		670,000		656,935
Republic of Kenya Senior Notes 8.00% due 05/22/2032		200,000		197,061
Republic of Kenya Senior Notes 8.25% due 02/28/2048		250,000		239,500
Republic of Panama Senior Notes 3.87% due 07/23/2060		600,000		686,100
Republic of Panama Senior Notes 4.50% due 04/01/2056		200,000		250,500
Republic of Panama Senior Notes 6.70% due 01/26/2036		200,000		290,252
Republic of Panama Senior Notes 9.38% due 04/01/2029		200,000		307,252
Republic of Paraguay Senior Notes 4.95% due 04/28/2031*		450,000		518,175
Sovereign (continued)
Republic of South Africa Senior Notes 4.30% due 10/12/2028		350,000		326,004
Republic of South Africa Senior Notes 5.38% due 07/24/2044		500,000		423,030
Republic of Sri Lanka Senior Notes 5.75% due 04/18/2023		420,000		308,700
Republic of Sri Lanka Senior Notes 6.75% due 04/18/2028		400,000		270,000
Republic of Sri Lanka Senior Notes 7.55% due 03/28/2030		500,000		337,500
Republic of Sri Lanka Senior Notes 7.55% due 03/28/2030*		1,050,000		708,750
Republic of the Philippines Senior Notes 2.95% due 05/05/2045		405,000		428,275
Republic of the Philippines Senior Notes 3.75% due 01/14/2029		200,000		233,326
Republic of Turkey Senior Notes 5.13% due 02/17/2028		500,000		454,750
Republic of Turkey Senior Notes 5.75% due 05/11/2047		800,000		632,560
Republic of Turkey Senior Notes 6.63% due 02/17/2045		570,000		497,371
Republic of Turkey Senior Notes 7.63% due 04/26/2029		460,000		473,363
Russian Federation Senior Notes 4.38% due 03/21/2029		1,200,000		1,376,827
Russian Federation Senior Notes 5.25% due 06/23/2047		200,000		264,793
State of Qatar Senior Notes 3.40% due 04/16/2025*		330,000		361,673
State of Qatar Senior Notes 3.75% due 04/16/2030*		320,000		370,749
State of Qatar Senior Notes 4.40% due 04/16/2050		400,000		514,680
State of Qatar Senior Notes 4.40% due 04/16/2050*		335,000		431,044
State of Qatar Senior Notes 4.82% due 03/14/2049		1,140,000		1,534,953

42

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description		Principal Amount(18)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
State of Qatar Senior Notes 5.10% due 04/23/2048		$	400,000	$	555,672
Sultanate of Oman Senior Notes 5.38% due 03/08/2027			600,000		551,362
United Kingdom Gilt Treasury Bonds 1.50% due 07/22/2026		GBP	90,000		126,537
United Kingdom Gilt Treasury Bonds 4.50% due 09/07/2034		GBP	90,000		179,410
United Mexican States Senior Notes 4.50% due 01/31/2050			320,000		338,400
United Mexican States Senior Bonds 4.75% due 03/08/2044			220,000		239,910
United Mexican States Senior Notes 5.00% due 04/27/2051			450,000		504,000
Total Foreign Government Obligations
(cost $54,285,667)					54,281,580
U.S. GOVERNMENT AGENCIES — 15.9%
Federal Home Loan Bank — 0.3%
3.25% due 11/16/2028			1,000,000		1,200,317
Federal Home Loan Mtg. Corp. — 4.6%
2.50% due 01/01/2028			132,604		140,337
2.50% due 04/01/2028			39,739		42,030
2.50% due 03/01/2031			75,359		78,810
2.50% due 11/01/2032			549,670		589,032
3.00% due 07/01/2045			1,422,284		1,500,923
3.00% due 10/01/2045			478,527		504,153
3.50% due 03/01/2042			208,728		226,178
3.50% due 04/01/2042			220,253		238,560
3.50% due 09/01/2043			176,091		193,843
3.50% due 07/01/2045			1,985,073		2,146,895
3.50% due 03/01/2046			698,857		745,223
3.50% due 11/01/2047			955,908		1,012,389
3.50% due 01/01/2048			866,770		921,371
3.50% due 03/01/2048			2,757,062		2,987,275
3.50% due 04/01/2050			912,653		961,881
4.00% due 01/01/2046			207,221		227,993
4.00% due 07/01/2049			368,839		400,452
4.00% due 01/01/2050			422,521		450,338
4.50% due 03/01/2039			911,380		1,032,075
4.50% due 12/01/2039			4,718		5,296
4.50% due 07/01/2045			975,323		1,096,678
5.00% due 02/01/2034			13,301		15,315
5.00% due 05/01/2034			21,001		24,125
5.00% due 11/01/2043			139,828		160,874
5.50% due 05/01/2037			30,958		35,936
6.00% due 03/01/2040			25,748		30,412
6.50% due 02/01/2035			5,983		6,950
Federal Home Loan Mtg. Corp. FRS 2.36% (6 ML+1.49%) due 02/01/2037			4,915		5,090
3.47% (12 ML+1.88%) due 11/01/2037			49,277		52,152
Federal Home Loan Mtg. Corp. (continued)
Federal Home Loan Mtg. Corp. REMIC Series 4740, Class BA 3.00% due 09/15/2045(3)			164,424		169,366
Federal Home Loan Mtg. Corp. REMIC FRS Series 3572, Class JS 6.65% (6.80%-1 ML) due 09/15/2039(3)(5)(6)			201,879		33,575
					16,035,527
Federal National Mtg. Assoc. — 7.7%
2.50% due 12/01/2026			269,163		281,703
2.50% due 08/01/2031			1,285,474		1,345,390
2.50% due 02/01/2032			527,113		560,306
2.50% due 05/01/2050			390,478		414,327
2.50% due 06/01/2050	��		977,995		1,026,675
3.00% due 10/01/2027			129,640		136,276
3.00% due 03/01/2030			761,561		818,538
3.00% due 10/01/2030			112,790		118,320
3.00% due 02/01/2033			1,132,611		1,189,204
3.00% due 07/01/2034			649,357		680,901
3.00% due 11/01/2039			565,002		591,610
3.00% due 12/01/2042			79,476		85,794
3.00% due 04/01/2047			1,494,844		1,573,084
3.00% due 09/01/2048			1,498,945		1,572,841
3.00% due 11/01/2048			1,164,621		1,222,050
3.00% due 06/01/2049			679,044		726,157
3.00% due 03/01/2050			942,658		993,224
3.50% due 08/01/2026			43,467		46,035
3.50% due 08/01/2027			27,031		28,625
3.50% due 10/01/2028			18,964		20,548
3.50% due 02/01/2043			90,488		101,828
3.50% due 10/01/2045			192,547		210,815
3.50% due 11/01/2045			109,629		116,881
3.50% due 03/01/2046			1,502,058		1,596,204
3.50% due 07/01/2046			98,372		106,710
3.50% due 04/01/2048			1,064,211		1,143,644
4.00% due 11/01/2025			59,158		62,733
4.00% due 03/01/2039			813,005		871,820
4.00% due 02/01/2045			1,063,705		1,184,854
4.00% due 05/01/2047			322,882		346,291
4.00% due 07/01/2047			1,374,220		1,473,543
4.00% due 06/01/2048			571,864		617,289
4.00% due 09/01/2048			571,053		611,009
4.00% due 01/01/2049			946,872		1,009,829
4.00% due 03/01/2050			832,172		886,951
4.50% due 11/01/2022			2,091		2,190
4.50% due 06/01/2023			4,412		4,635
4.50% due 08/01/2045			1,200,028		1,374,406
4.50% due 10/01/2048			44,007		47,563
4.50% due 11/01/2048			892,313		967,697
4.50% due 03/01/2049			92,191		99,695
5.00% due 01/01/2023			2,384		2,510
5.00% due 03/01/2034			12,400		14,248
5.00% due 05/01/2035			6,548		7,512
5.00% due 05/01/2040			51,789		59,650
5.50% due 06/01/2038			15,952		18,513
6.00% due 02/01/2032			3,982		4,443
6.00% due 05/01/2034			1,068		1,264

43

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
6.00% due 10/01/2034	$	15,661	$	17,482
7.50% due 01/01/2030		799		811
8.00% due 11/01/2028		1,553		1,711
Federal National Mtg. Assoc. FRS 2.40% (6 ML+1.54%) due 09/01/2035		37,006		38,255
3.07% (12 ML+1.57%) due 05/01/2037		8,942		9,327
3.11% (1 Yr USTYCR+2.26%) due 11/01/2036		17,461		18,409
3.12% (1 Yr USTYCR+2.22%) due 10/01/2035		27,055		28,509
3.28% (12 ML+1.91%) due 08/01/2035		31,819		33,530
3.32% (12 ML+1.67%) due 07/01/2039		34,704		36,312
3.72% (12 ML+1.77%) due 05/01/2040		39,308		40,985
3.76% (12 ML+1.83%) due 10/01/2040		16,832		17,532
3.99% (12 ML+1.82%) due 10/01/2040		11,164		11,635
Federal National Mtg. Assoc. REMIC
Series 2018-27, Class EA 3.00% due 05/25/2048(3)		294,828		314,865
Series 2018-35, Class CD 3.00% due 05/25/2048(3)		292,191		306,436
				27,252,134
Government National Mtg. Assoc. — 2.1%
2.50% due 05/20/2050		590,900		621,183
2.50% due 06/20/2050		1,979,202		2,080,634
3.00% due 05/20/2046		1,397,725		1,478,524
3.00% due 05/20/2050		1,476,938		1,552,212
4.50% due 10/20/2045		954,566		1,060,218
4.50% due 04/20/2047		501,812		546,042
				7,338,813
Uniform Mtg. Backed Securities — 1.2%
2.00% due October 30 TBA		750,000		775,430
2.50% due October 30 TBA		1,200,000		1,258,734
3.00% due October 30 TBA		2,000,000		2,095,117
				4,129,281
Total U.S. Government Agencies
(cost $54,159,455)				55,956,072
U.S. GOVERNMENT TREASURIES — 0.6%
United States Treasury Notes — 0.6%
1.63% due 08/15/2029		1,000,000		1,089,062
2.00% due 05/31/2021		700,000		708,750
2.00% due 08/15/2025		100,000		108,371
2.50% due 01/31/2024		250,000		269,307
Total U.S. Government Treasuries
(cost $2,068,136)				2,175,490
LOANS(7)(8)(9) — 5.1%
Aerospace/Defense-Equipment — 0.0%
Spirit Aerosystems Inc. FRS BTL-B coupon TBD due 01/30/2025		29,391		29,318
WP CPP Holdings LLC FRS BTL-B1 4.50% (3 ML+3.50%) due 04/30/2025		123,099		107,250
				136,568
Airlines — 0.1%
Delta Air Lines, Inc. FRS BTL-B 5.75% (3 ML+4.75%) due 04/29/2023		116,371		116,054
SkyMiles IP, Ltd. FRS coupon TBD due 10/20/2027		24,890		25,077
WestJet Airlines, Ltd. FRS BTL-B coupon TBD due 12/11/2026		47,528		41,037
WestJet Airlines, Ltd. FRS BTL-B 4.00% (6 ML +3.00%) due 12/11/2026		132,006		113,979
				296,147
Apparel Manufacturers — 0.0%
Samsonite IP Holdings SARL FRS BTL-B2 4.65% (1 ML+4.50%) due 04/25/2025		97,972		95,400
Samsonite IP Holdings Sarl FRS BTL-B2 5.50% (1 ML+4.50%) due 04/25/2025		25,718		25,043
				120,443
Applications Software — 0.1%
Project Boost Purchaser LLC FRS BTL-B 3.65% (1 ML+3.50%) due 06/01/2026		166,015		161,139
VS Buyer LLC FRS BTL 3.40% (1 ML+3.25%) due 02/28/2027		87,065		85,215
				246,354
Athletic Equipment — 0.0%
Varsity Brands Holding Co., Inc. FRS 1st Lien 4.50% (1 ML+3.50%) due 12/15/2024		144,149		120,274
Auction Houses/Art Dealers — 0.0%
Sotheby’s FRS BTL-B 6.50% (1 ML+5.50%) due 01/15/2027		89,993		89,374

44

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
LOANS(7)(8)(9) (continued)
Auto Repair Centers — 0.1%
Mavis Tire Express Services Corp. FRS 1st Lien 3.47% (3 ML+3.25%) due 03/20/2025	$	139,639	$	132,075
Wand NewCo. 3, Inc. FRS BTL 3.15% (1 ML+3.00%) due 02/05/2026		28,887		27,840
Wand NewCo. 3, Inc. FRS BTL 4.07% (3 ML+3.00%) due 02/05/2026		72,613		69,981
				229,896
Auto/Truck Parts & Equipment-Original — 0.1%
TI Group Automotive Systems LLC FRS BTL-B 3.25% (1 ML+2.50%) due 06/30/2022		146,372		145,137
Broadcast Services/Program — 0.0%
NEP Group, Inc. FRS BTL 3.40% (1 ML +3.25%) due 10/20/2025		137,550		117,949
Building & Construction-Misc. — 0.0%
Verra Mobility Corp. FRS BTL 3.40% (1 ML+3.25%) due 02/28/2025		129,506		126,592
Building Products-Air & Heating — 0.0%
API Heat Transfer ThermaSys Corp. FRS 1st Lien 12.00% due 12/31/2023(10)(11)(16)		174,536		134,567
Building Products-Doors & Windows — 0.0%
CHI Doors Holdings Corp. FRS 1st Lien 4.25% (1 ML+3.25%) due 07/29/2022		136,387		135,023
Building-Heavy Construction — 0.0%
USIC Holdings, Inc. FRS BTL 4.25% (1 ML+3.25%) due 12/08/2023		105,674		104,088
Cable/Satellite TV — 0.1%
CSC Holdings LLC FRS BTL-B 2.40% (1 ML+2.25%) due 07/17/2025		204,670		197,609
CSC Holdings LLC FRS BTL-B5 2.65% (1 ML+2.50%) due 04/15/2027		151,310		146,430
Cable/Satellite TV (continued)
UPC Broadband Holding BV FRS BTL-B1 coupon TBD due 01/31/2029		50,884		49,142
UPC Broadband Holding BV FRS BTL-B2 coupon TBD due 01/31/2029		50,884		49,142
Virgin Media Bristol LLC FRS BTL-Q coupon TBD due 01/31/2029		66,000		64,821
				507,144
Casino Hotels — 0.2%
Caesars Resort Collection LLC FRS BTL-B 2.90% (1 ML +2.75%) due 12/23/2024		204,012		190,638
CityCenter Holdings LLC FRS BTL-B 3.00% (1 ML+2.25%) due 04/18/2024		138,495		132,713
Golden Nugget, Inc. FRS BTL-B 2.65% (1 ML+2.50%) due 10/04/2023		68,515		61,081
Golden Nugget, Inc. FRS BTL-B 3.25% (2 ML+2.50%) due 10/04/2023		58,129		51,822
Golden Nugget, Inc. FRS BTL 13.00% (3 ML+12.00%) due 10/04/2023		14,602		16,500
Station Casinos LLC FRS BTL-B 2.40% (1 ML+2.25%) due 02/08/2027		88,000		83,655
				536,409
Casino Services — 0.0%
Stars Group Holdings FRS BTL 3.72% (3 ML+3.50%) due 07/10/2025		86,428		86,365
Cellular Telecom — 0.1%
Altice France SA FRS BTL-B 3.84% (1 ML +3.69%) due 01/31/2026		37,613		36,109
Altice France SA FRS BTL-B13 4.15% (1 ML+4.00%) due 08/14/2026		171,938		166,350
T-Mobile USA, Inc. FRS BTL 3.15% (1 ML +3.00%) due 04/01/2027		71,853		71,763
				274,222

45

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
LOANS(7)(8)(9) (continued)
Chemicals-Diversified — 0.1%
Hexion, Inc. FRS BTL 3.80% (3 ML+3.50%) due 07/01/2026	$	139,237	$	136,800
Chemicals-Specialty — 0.1%
Diamond BC BV FRS BTL 3.26% (3 ML +3.00%) due 09/06/2024		138,187		128,946
PQ Corp. FRS BTL-B 4.00% (3 ML+3.00%) due 02/07/2027		66,632		66,283
Starfruit US HoldCo. LLC FRS BTL-B 3.15% (1 ML +3.00%) due 10/01/2025		184,443		177,987
				373,216
Commercial Services-Finance — 0.1%
Financial & Risk US Holdings, Inc. FRS BTL 3.40% (1 ML +3.25%) due 10/01/2025		135,253		133,836
MoneyGram International, Inc. FRS BTL 7.00% (3 ML+6.00%) due 06/30/2023		109,502		106,901
MPH Acquisition Holdings LLC FRS BTL-B 3.75% (3 ML+2.75%) due 06/07/2023		111,027		109,025
				349,762
Computer Data Security — 0.0%
McAfee LLC FRS BTL-B1 3.90% (1 ML+3.75%) due 09/30/2024		132,632		131,450
Computer Graphics — 0.1%
Corel, Inc. FRS BTL 5.26% (3 ML+5.00%) due 07/02/2026		144,904		140,557
Computer Services — 0.0%
Tempo Acquisition LLC FRS BTL-B 3.75% (1 ML +3.25%) due 11/02/2026		119,334		115,828
Computer Software — 0.1%
Camelot Finance SA FRS BTL-B 3.15% (1 ML+3.00%) due 10/30/2026		101,383		99,693
Cornerstone OnDemand, Inc. FRS 4.41% (1 ML+4.25%) due 04/22/2027		117,780		117,449
Computer Software (continued)
Rackspace Hosting, Inc. FRS 1st Lien 4.00% (3 ML+3.00%) due 11/03/2023		150,766		147,728
				364,870
Computers-Integrated Systems — 0.0%
Everi Payments, Inc. FRS BTL 11.50% (1 ML+10.50%) due 05/09/2024		60,958		61,873
Consulting Services — 0.0%
AlixPartners LLP FRS BTL 2.64% (1 ML +2.50%) due 04/04/2024		136,524		132,965
Consumer Products-Misc. — 0.0%
Reynolds Group Holdings, Inc. FRS BTL coupon TBD due 02/05/2026		104,112		102,420
Containers-Metal/Glass — 0.1%
Mauser Packaging Solutions Holding Co FRS BTL 3.52% (3 ML+3.25%) due 04/03/2024		188,110		177,216
Containers-Paper/Plastic — 0.1%
Charter NEX US, Inc. FRS 1st Lien 3.75% (1 ML+2.75%) due 05/16/2024		97,067		94,579
Graham Packaging Company, Inc. FRS BTL 4.50% (1 ML+3.75%) due 08/04/2027		121,700		120,901
Patriot Container Corp. FRS 1st Lein 4.50% (1 ML+3.50%) due 03/20/2025		108,247		105,541
Trident TPI Holdings, Inc. FRS BTL-B1 coupon TBD due 10/17/2024		22,250		21,791
Trident TPI Holdings, Inc. FRS BTL-B1 4.00% (3 ML+3.00%) due 10/17/2024		64,520		63,190
				406,002
Cosmetics & Toiletries — 0.1%
Sunshine Luxembourg VII SARL FRS BTL 5.32% (3 ML +4.25%) due 10/01/2026		140,215		139,239

46

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
LOANS(7)(8)(9) (continued)
Cruise Lines — 0.0%
Carnival Corp. FRS Term B 8.50% (1 ML+7.50%) due 06/30/2025	$	122,888	$	124,015
Data Processing/Management — 0.0%
CCC Information Services, Inc. FRS 1st Lien 4.00% (1 ML+3.00%) due 04/29/2024		136,530		135,393
Direct Marketing — 0.1%
Terrier Media Buyer, Inc. FRS BTL-B 4.40% (1 ML +4.25%) due 12/17/2026		215,451		209,687
Distribution/Wholesale — 0.1%
Fastlane Parent Co., Inc. FRS 1st Lien 4.65% (1 ML+4.50%) due 02/04/2026		105,659		101,433
Univar USA, Inc. FRS BTL-B3 2.40% (1 ML+2.25%) due 07/01/2024		122,290		120,456
				221,889
Diversified Operations — 0.0%
Travelport Finance Luxembourg SARL FRS Superpriority Term Loan coupon TBD due 02/28/2025		34,258		33,316
Travelport Finance Luxembourg SARL FRS Term Loan 5.22% (3 ML+5.00%) due 05/29/2026		199,907		124,442
Travelport Finance Luxembourg SARL FRS Stub Term Loan 8.00% (3 ML+7.00%) due 02/28/2025		34,258		32,867
				190,625
E-Commerce/Services — 0.0%
RentPath LLC FRS 2nd Lien 1.61% (3 ML+0.00%) due 12/17/2022†(4)(10)(11)(13)		1,062,906		106,291
Electric-Integrated — 0.0%
Talen Energy Supply LLC FRS BTL-B 3.90% (1 ML+3.75%) due 07/08/2026		83,000		81,444
Electronic Components-Misc. — 0.0%
AI Ladder Luxembourg Subco SARL FRS BTL 4.65% (1 ML+4.50%) due 07/09/2025		132,720		125,974
Electronic Components-Semiconductors — 0.0%
Bright Bidco BV FRS BTL-B 4.50% (6 ML+3.50%) due 06/30/2024		177,903		84,885
Electronic Parts Distribution — 0.1%
Tech Data Corp. FRS BTL 3.64% (1 ML+3.50%) due 06/30/2025		106,494		106,582
Tech Data Corp. FRS BTL 5.64% (1 ML+5.50%) due 06/30/2025		122,180		118,973
				225,555
Enterprise Software/Service — 0.4%
Applied Systems, Inc. FRS 1st Lein 4.25% (3 ML+3.25%) due 09/19/2024		132,645		131,816
Banff Merger Sub, Inc. FRS BTL 4.40% (1 ML+4.25%) due 10/02/2025		128,347		124,304
DCert Buyer, Inc. FRS BTL-B 4.15% (1 ML +4.00%) due 10/16/2026		105,068		103,545
Epicor Software Corp. FRS 5.25% (1 ML+4.25%) due 07/30/2027		105,000		104,370
Epicor Software Corp. FRS 8.75% (1 ML+7.75%) due 07/31/2028		13,411		13,691
Finastra USA, Inc. FRS BTL-B 4.50% (3 ML+3.50%) due 06/13/2024		39,954		37,307
Finastra USA, Inc. FRS BTL-B 4.50% (6 ML+3.50%) due 06/13/2024		102,342		95,562
Greeneden US Holdings II LLC FRS BTL 3.40% (1 ML+3.25%) due 12/01/2023		137,154		136,150
MYOB US Borrower LLC FRS BTL 4.15% (1 ML+4.00%) due 05/06/2026		102,802		100,104
Sophia LP FRS 1st Lien coupon TBD due 10/07/2027		161,570		160,409
Sophia LP FRS BTL-B 4.25% (1 ML+3.25%) due 09/30/2022		128,783		128,219

47

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
LOANS(7)(8)(9) (continued)
Enterprise Software/Service (continued)
Ultimate Software Group, Inc. FRS 1st Lien 3.90% (1 ML +3.75%) due 05/04/2026	$	102,477	$	101,532
Ultimate Software Group, Inc. FRS BTL-B 4.75% (3 ML +4.00%) due 05/04/2026		20,863		20,775
Ultimate Software Group, Inc. FRS 2nd Lien 7.50% (3 ML+6.75%) due 05/03/2027		35,449		36,113
				1,293,897
Finance-Credit Card — 0.0%
PI US MergerCo, Inc. FRS BTL 4.50% (3 ML+3.50%) due 01/03/2025		135,546		130,463
Finance-Investment Banker/Broker — 0.0%
Deerfield Dakota Holding LLC FRS BTL 4.75% (1 ML +3.75%) due 04/09/2027		68,895		68,407
Motion Finco SARL FRS BTL-B 3.47% (3 ML+3.25%) due 11/12/2026		61,220		52,649
Motion Finco SARL FRS BTL-B2 3.47% (3 ML+3.25%) due 11/12/2026		8,046		6,919
				127,975
Food-Misc./Diversified — 0.1%
Dole Food Co., Inc. FRS BTL-B coupon TBD due 04/06/2024		30,168		29,678
Dole Food Co., Inc. FRS BTL-B 3.75% (1 ML+2.75%) due 04/06/2024		51,281		50,448
Froneri US, Inc. FRS BTL 2.40% (1 ML +2.25%) due 01/31/2027		121,288		116,474
				196,600
Gambling (Non-Hotel) — 0.0%
Scientific Games International, Inc. FRS BTL-B5 2.90% (1 ML+2.75%) due 08/14/2024		27,750		26,116
Scientific Games International, Inc. FRS BTL-B5 3.61% (6 ML+2.75%) due 08/14/2024		113,435		106,757
				132,873
Human Resources — 0.1%
Creative Artists Agency LLC FRS BTL-B 3.90% (1 ML+3.75%) due 11/27/2026		105,419		101,413
Team Health Holdings, Inc. FRS 1st Lien 3.75% (1 ML+2.75%) due 02/06/2024		153,085		127,779
				229,192
		��
Insurance Brokers — 0.1%
Alliant Holdings Intermediate LLC FRS BTL-B1 2.90% (1 ML+2.75%) due 05/09/2025		137,538		133,240
HUB International, Ltd. FRS BTL-B 3.22% (3 ML +3.00%) due 04/25/2025		138,468		133,552
				266,792
Insurance-Property/Casualty — 0.2%
AmWINS Group, Inc. FRS BTL 3.75% (1 ML+2.75%) due 01/25/2024		122,681		121,488
Asurion LLC FRS BTL-B6 3.15% (1 ML+3.00%) due 11/03/2023		139,066		136,781
Asurion LLC FRS 2nd Lien coupon TBD due 08/04/2025		50,000		50,036
Asurion LLC FRS 2nd Lien 6.65% (1 ML +6.50%) due 08/04/2025		6,670		6,675
Sedgwick Claims Management Services, Inc. FRS BTL 3.40% (1 ML +3.25%) due 12/31/2025		183,105		176,434
				491,414
Internet Financial Services — 0.1%
ION Trading Finance, Ltd. FRS BTL 5.00% (3 ML+4.00%) due 11/21/2024		141,621		138,582
Investment Management/Advisor Services — 0.1%
Advisor Group Holdings, Inc. FRS BTL-B 5.15% (1 ML+5.00%) due 07/31/2026		144,905		139,870
Machinery-Electrical — 0.0%
Brookfield WEC Holdings, Inc. FRS BTL 3.75% (1 ML +3.00%) due 08/01/2025		101,198		98,523

48

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
LOANS(7)(8)(9) (continued)
Machinery-General Industrial — 0.1%
Vertical US Newco, Inc. FRS BTL-B 4.57% (3 ML+4.25%) due 07/30/2027	$	139,352	$	138,083
Machinery-Pumps — 0.0%
STS Operating, Inc. FRS BTL 5.25% (1 ML+4.25%) due 12/11/2024		136,364		128,966
Medical Information Systems — 0.1%
Navicure, Inc. FRS BTL-B coupon TBD due 10/22/2026		75,000		73,126
Navicure, Inc. FRS BTL-B 4.75% (1 ML+4.00%) due 10/22/2026		37,841		36,895
Athenahealth, Inc. FRS BTL-B 4.75% (3 ML+4.50%) due 02/11/2026		122,689		120,746
				230,767
Medical Labs & Testing Services — 0.1%
Envision Healthcare Corp. FRS 1st Lien 3.90% (1 ML +3.75%) due 10/10/2025		261,008		186,185
Jaguar Holding Co. II FRS BTL 3.50% (1 ML+2.50%) due 08/18/2022		140,151		139,546
				325,731
Medical-Drugs — 0.1%
Akorn, Inc. FRS BTL-B 15.50% (1 ML+14.50%) due 04/16/2021(12)		114,678		96,616
Alphabet Holding Co., Inc. FRS 1st Lien 3.65% (1 ML+3.50%) due 09/26/2024		144,511		140,284
Bausch Health Americas, Inc. FRS BTL 2.90% (1 ML +2.75%) due 11/27/2025		82,999		80,976
				317,876
Medical-Generic Drugs — 0.1%
Amneal Pharmaceuticals LLC FRS BTL-B 3.69% (1 ML+3.50%) due 05/04/2025		120,382		113,159
Endo Luxembourg Finance Co. I SARL FRS BTL-B 5.00% (3 ML +4.25%) due 04/29/2024		134,652		128,280
				241,439
Medical-Hospitals — 0.0%
RegionalCare Hospital Partners Holdings, Inc. FRS BTL-B 3.90% (1 ML+3.75%) due 11/16/2025		110,231		106,924
Metal Processors & Fabrication — 0.1%
Crosby US Acquisition Corp. FRS BTL-B 4.91% (1 ML+4.75) due 06/26/2026		103,787		98,425
SEI Holdings I Corp. FRS 1st Lien 5.00% (3 ML+4.00%) due 03/27/2021		45,393		42,897
				141,322
Miscellaneous Manufacturing — 0.0%
Excelitas Technologies Corp. FRS 2nd Lien 8.50% (3 ML+7.50%) due 12/01/2025		105,000		102,813
Multimedia — 0.0%
EW Scripps Co. FRS BTL-B2 2.65% (1 ML+2.50%) due 05/01/2026		102,580		99,791
Non-Hazardous Waste Disposal — 0.0%
GFL Environmental, Inc. FRS BTL 4.00% (1 ML+3.00%) due 05/30/2025		95,068		94,528
GFL Environmental, Inc. FRS BTL 4.00% (3 ML+3.00%) due 05/30/2025		17,011		16,915
				111,443
Oil Companies-Exploration & Production — 0.0%
Osum Production Corp. FRS BTL 8.50% (3 ML+7.50%) due 07/31/2022		115,716		102,408
Oil Field Machinery & Equipment — 0.1%
Hi-Crush, Inc. FRS DIP Delayed Draw 0.50% (3 ML+0.50%) due 01/14/2021(11)(17)		108,671		108,671
Hi-Crush, Inc. FRS DIP 12.00% (1 ML+11.00%) due 01/14/2021(11)		115,252		115,252
				223,923
Oil-Field Services — 0.0%
Apergy Corp. FRS BTL 6.00% (3 ML+5.00%) due 05/28/2027		121,840		121,002

49

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
LOANS(7)(8)(9) (continued)
Pharmacy Services — 0.1%
Change Healthcare Holdings LLC FRS BTL 3.50% (1 ML +2.50%) due 03/01/2024	$	2,656	$	2,600
Change Healthcare Holdings LLC FRS BTL 3.50% (3 ML +2.50%) due 03/01/2024		97,172		95,107
HC Group Holdings II, Inc. FRS BTL-B 4.65% (1 ML+4.50%) due 08/06/2026		139,718		138,204
				235,911
Pipelines — 0.2%
Blackstone CQP Holdco LP FRS BTL-B 3.73% (3 ML+3.50%) due 09/30/2024		192,756		188,419
Hercules Merger Sub LLC FRS BTL-B 2.90% (1 ML+2.75%) due 11/01/2026		188,766		185,049
Medallion Midland Acquisition LLC FRS BTL 4.25% (1 ML +3.25%) due 10/30/2024		145,904		136,906
				510,374
Protection/Safety — 0.0%
Prime Security Services Borrower, LLC FRS BTL-B1 4.25% (1 ML+3.25%) due 09/23/2026		41,955		41,513
Prime Security Services Borrower, LLC FRS BTL-B1 4.25% (3 ML+3.25%) due 09/23/2026		38,886		38,476
Prime Security Services Borrower, LLC FRS BTL-B1 4.25% (12 ML+3.25%) due 09/23/2026		38,886		38,477
				118,466
Publishing-Periodicals — 0.1%
Nielsen Finance LLC FRS BTL-B4 2.15% (1 ML+2.00%) due 10/04/2023		140,189		137,210
Quarrying — 0.0%
US Silica Co. FRS BTL-B 5.00% (1 ML+4.00%) due 05/01/2025		149,646		125,328
Real Estate Investment Trusts — 0.0%
Claros Mtg. Trust, Inc. FRS BTL-B 3.41% (1 ML+3.25%) due 08/09/2026		87,778		84,596
Real Estate Management/Services — 0.0%
Cushman & Wakefield FRS BTL 2.90% (1 ML+2.75%) due 08/21/2025		136,795		131,494
Research & Development — 0.0%
PAREXEL International Corp. FRS BTL 2.90% (1 ML +2.75%) due 09/27/2024		128,744		123,208
Resorts/Theme Parks — 0.1%
SeaWorld Parks & Entertainment, Inc. FRS BTL-B5 3.15% (1 ML+3.00%) due 03/31/2024		208,903		195,847
Retail-Petroleum Products — 0.0%
EG America LLC FRS BTL 4.22% (3 ML+4.00%) due 02/07/2025		135,824		132,060
Retail-Restaurants — 0.1%
IRB Holding Corp. FRS BTL-B 3.75% (3 ML +2.75%) due 02/05/2025		353		336
IRB Holding Corp. FRS BTL-B 3.75% (6 ML +2.75%) due 02/05/2025		137,179		130,749
Whatabrands LLC FRS BTL-B 2.91% (1 ML+2.75%) due 07/31/2026		125,684		122,594
Wok Holdings, Inc. FRS BTL 6.40% (1 ML+6.25%) due 03/01/2026		109,609		81,750
				335,429
Retail-Sporting Goods — 0.1%
Bass Pro Group LLC FRS BTL 5.75% (3 ML +5.00%) due 09/25/2024		210,641		208,614
Rubber/Plastic Products — 0.0%
Gates Global LLC FRS BTL-B2 3.75% (1 ML+2.75%) due 04/01/2024		103,664		101,872
Satellite Telecom — 0.1%
Connect Finco SARL FRS BTL-B 4.65% (1 ML+4.50%) due 12/11/2026		116,415		112,704
Intelsat Jackson Holdings SA FRS DIP 3.60% (3 ML+3.60%) due 07/13/2022(17)		19,009		19,278

50

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
LOANS(7)(8)(9) (continued)
Satellite Telecom (continued)
Intelsat Jackson Holdings SA FRS DIP 6.50% (3 ML+5.50%) due 07/13/2022	$	19,009	$	19,279
Intelsat Jackson Holdings SA FRS BTL-B3 8.00% (USFRBPLR+4.75%) due 11/27/2023(13)		184,000		184,414
Iridium Satellite LLC FRS BTL-B 4.75% (1 ML+3.75%) due 11/04/2026		118,901		118,633
				454,308
Telecom Services — 0.1%
Cablevision Lightpath LLC FRS BTL-B coupon TBD due 09/15/2027		15,030		14,905
West Corp. FRS BTL-B1 4.50% (1 ML+3.50%) due 10/10/2024		116,967		105,489
				120,394
Telecommunication Equipment — 0.0%
CommScope, Inc. FRS BTL-B 3.40% (1 ML+3.25%) due 04/06/2026		104,509		101,613
Telephone-Integrated — 0.1%
CenturyLink, Inc. FRS BTL-B 2.40% (1 ML +2.25%) due 03/15/2027		114,431		109,711
Level 3 Financing, Inc. FRS BTL-B 1.90% (1 ML+1.75%) due 03/01/2027		91,079		88,005
Zayo Group Holdings, Inc. FRS BTL 3.15% (1 ML+3.00%) due 03/09/2027		174,966		169,414
				367,130
Television — 0.1%
Ion Media Networks, Inc. FRS BTL-B1 3.15% (1 ML +3.00%) due 12/18/2024		139,468		138,806
Theaters — 0.2%
AMC Entertainment Holdings, Inc. FRS BTL-B 3.22% (3 ML+3.00%) due 04/22/2026		135,313		86,187
Cineworld, Ltd. FRS BTL 2.52% (6 ML+2.25%) due 02/28/2025		190,210		127,169
Theaters (continued)
William Morris Endeavor Entertainment LLC FRS BTL-B1 2.90% (1 ML+2.75%) due 05/18/2025		565,568		483,560
				696,916
Transactional Software — 0.0%
Solera LLC FRS BTL-B 2.94% (2 ML+2.75%) due 03/03/2023		123,034		120,134
Transport-Truck — 0.1%
Pods LLC FRS 1st Lien 3.75% (1 ML+2.75%) due 12/06/2024		147,358		144,104
Total Loans
(cost $19,426,950)				17,766,991
COMMON STOCKS — 0.2%
Building Products-Air & Heating — 0.0%
API Heat Transfer, Inc.†(10)(11)		171,230		13,356
Television — 0.2%
ION Media Networks, Inc.†(10)(11)		655		566,868
Total Common Stocks
(cost $56,513)				580,224
PREFERRED SECURITIES — 0.1%
Building Products-Air & Heating — 0.0%
API Heat Transfer, Inc. Class A†(10)(11)		36,495		2,569
Electric-Distribution — 0.1%
Entergy Louisiana LLC 4.70%		5,200		131,144
Sovereign Agency — 0.0%
Federal Home Loan Mtg. Corp. Series Z 8.38%†		5,875		52,287
Total Preferred Securities
(cost $257,205)				186,000
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.8%
Auto-Cars/Light Trucks — 0.1%
Volkswagen International Finance NV 3.38% due 06/27/2024(14)		EUR  100,000		118,037
Volkswagen International Finance NV 3.75% due 03/24/2021(14)		EUR  300,000		354,373
				472,410
Banks-Commercial — 0.0%
Barclays Bank PLC FRS 0.23% (3 ME+0.71%) due 12/15/2020(14)		EUR  100,000		98,457
Banks-Money Center — 0.2%
BBVA Bancomer SA 5.13% due 01/18/2033*		201,000		193,463

51

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount(18)		Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES (continued)
Banks-Money Center (continued)
National Westminster Bank PLC FRS 1.65% (3 ME + 2.15%) due 01/05/2021(14)	EUR	300,000	$	329,927
				523,390
Banks-Super Regional — 0.0%
Wells Fargo & Co. 5.95% due 12/01/2086	$	115,000		150,833
Building & Construction-Misc. — 0.1%
China Minmetals Corp. 3.75% due 11/13/2022(14)		335,000		340,685
Diversified Banking Institutions — 0.1%
HSBC Holdings PLC 6.00% due 09/29/2023(14)	EUR	200,000		246,832
JPMorgan Chase & Co. Series U 6.13% due 04/30/2024(14)		185,000		192,144
				438,976
Electric-Distribution — 0.1%
National Rural Utilities Cooperative Finance Corp. 4.75% due 04/30/2043		276,000		284,289
Electric-Integrated — 0.1%
CMS Energy Corp. 4.75% due 06/01/2050		87,000		92,238
Dominion Resources, Inc. 5.75% due 10/01/2054		84,000		89,040
Enel SpA 3.50% due 05/24/2080	EUR	200,000		248,260
				429,538
Food-Dairy Products — 0.1%
Land O’Lakes Capital Trust I 7.45% due 03/15/2028*		367,000		416,545
Gas-Distribution — 0.1%
Centrica PLC 3.00% due 04/10/2076	EUR	300,000		351,725
Insurance-Life/Health — 0.1%
Credit Agricole Assurances SA 4.75% due 09/27/2048	EUR	100,000		139,670
Prudential Financial, Inc. 5.70% due 09/15/2048		168,000		189,933
Voya Financial, Inc. 4.70% due 01/23/2048		112,000		112,105
				441,708
Insurance-Multi-line — 0.1%
Ageas Sub. Notes 3.25% due 07/02/2049	EUR	100,000		126,332
Allianz SE 4.75% due 10/24/2023(14)	EUR	200,000		259,002
				385,334
Metal-Aluminum — 0.1%
Chalco Hong Kong Investment Co., Ltd. 4.25% due 11/07/2021(14)		400,000		405,600
Metal-Diversified — 0.1%
Chinalco Capital Holdings, Ltd. 4.10% due 09/11/2024(14)		200,000		203,116
Oil Companies-Integrated — 0.1%
BP Capital Markets PLC 3.63% due 12/31/2099	EUR	160,000		193,092
BP Capital Markets PLC 4.88% due 03/22/2030(14)		140,000		149,800
				342,892
Pipelines — 0.0%
EnLink Midstream Partners LP 6.00% due 12/15/2022(14)		65,000		26,000
Enterprise Products Operating LLC 5.25% due 08/16/2077		56,000		53,326
				79,326
Real Estate Investment Trusts — 0.2%
Unibail-Rodamco-Westfield SE 2.13% due 07/25/2023(14)	EUR	500,000		523,276
Tools-Hand Held — 0.1%
Stanley Black & Decker, Inc. 4.00% due 03/15/2060		184,000		191,335
Transport-Rail — 0.1%
CRCC Chengan, Ltd. 3.97% due 06/27/2024(14)		400,000		408,186
Total Preferred Securities/Capital Securities
(cost $6,317,496)				6,487,621
ESCROWS AND LITIGATION TRUSTS — 0.0%
Hellas Telecommunications Luxembourg II SCA Sub. Notes 8.46% due 01/15/2015*†(11)(13)(15)		1,330,000		0
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00% †(11)		222,000		22
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017†(11)		280,000		28
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038†(11)		361,000		36
Venture Holdings Co. LLC Company Guar. Notes 11.00% due 06/01/2007†(11)(13)(15)		100,000		0
Waterford Gaming LLC/Waterford Gaming Financial Corp. Escrow Notes 8.63% due 09/15/2014*†(11)		459,551		3,309
Total Escrows and Litigation Trusts
(cost $1,913,126)				3,395
Total Long-Term Investment Securities
(cost $325,415,712)				328,672,235

52

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 7.1%
Registered Investment Companies — 7.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%(20)
(cost $24,869,046)		24,869,046		$	24,869,046
TOTAL INVESTMENTS
(cost $350,284,758)(19)		100.8	%		353,541,281
Liabilities in excess of other assets		(0.8	)		(2,792,128	)
NET ASSETS		100.0	%	$	350,749,153

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At September 30, 2020, the aggregate value of these securities was $106,708,691 representing 30.4% of net assets.

† Non-income producing security

(1) Commercial Mortgage Backed Security

(2) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(3) Collateralized Mortgage Obligation

(4) Security in default of interest.

(5) Interest Only

(6) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at September 30, 2020.

(7) Senior loans in the Fund are generally subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments may occur. As a result, the actual remaining maturity may be substantially less than the stated maturities shown.

(8) The Fund invests in senior loans which generally pay interest at rates which are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (“LIBOR”) or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. Senior loans are generally considered to be restrictive in that the Fund is ordinarily contractually obligated to receive approval from the Agent Bank and/or borrower prior to the disposition of a senior loan.

(9) All loans in the Fund were purchased through assignment agreements unless otherwise indicated.

(10) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of September 30, 2020, the Fund held the following restricted securities:

Description	Acquisition Date		Principal Amount/ Shares		Acquisition Cost		Value		Value per Principal amount/ Share		% of Net Assets
Loans
API Heat Transfer ThermaSys Corp. 12.00% due 12/31/2023		12/31/2018	$	158,974	$	158,974
		03/31/2020		5,202		5,202
		06/30/2020		5,167		5,167
		09/30/2020		5,193		5,193
				174,536		174,536	$	134,567	$	77.10		0.04	%
RentPath LLC 1.61% due 12/17/2022		05/14/2015		493,906		472,915
		06/09/2015		200,000		192,000
		01/18/2017		4,000		3,600
		06/21/2017		365,000		352,225
				1,062,906		1,020,740		106,291		10.00		0.03
Common Stocks
API Heat Transfer, Inc.		12/31/2018		171,230		56,506		13,356		0.08		0.00
ION Media Networks, Inc.		12/16/2016		655		7		566,868		865.45		0.16
Preferred Securities
API Heat Transfer, Inc. Class A		12/31/2018		36,495		36,495		2,569		0.07		0.00
							$	823,651				0.23	%

53

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

(11) Securities classified as Level 3 (See Note 2).

(12) PIK (“Payment in Kind”) security – Income may be paid in additional securities or cash at the discretion of the issuer. The security is current paying interest in cash at 14.75%. The security is also currently paying interest in the form of additional loans at 0.75%.

(13) Company has filed for bankruptcy protection.

(14) Perpetual maturity — maturity date reflects the next call date.

(15) Security in default of interest and principal at maturity.

(16) PIK (“Payment in Kind”) security — Income may be paid in additional securities or cash at the discretion of the issuer. The security is currently paying interest in the form of additional securities at the coupon rate listed.

(17) All or a portion of this holding is subject to unfunded loan commitments (See Note 10).

(18) Denominated in United States dollars unless otherwise indicated.

(19) See Note 5 for cost of investments on a tax basis.

(20) The rate shown is the 7-day yield as of September 30, 2020.

BTL — Bank Term Loan

DIP — Debtor in Possession

REMIC — Real Estate Mortgage Investment Conduit

TBA — Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal amount andmaturity date will be determined upon settlement date.

TBD — Senior loan purchased on a when issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to the settlement.

ULC — Unlimited Liability Corp.

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at September 30, 2020 and unless noted otherwise, the dates are the original maturity dates.

Currency Legend

EUR — Euro Currency

GBP — British Pound

Index Legend

3 ME — 3 Month Euribor

1 ML — 1 Month USD LIBOR

3 ML — 3 Month USD LIBOR

6 ML — 6 Month USD LIBOR

12 ML — 12 Month USD LIBOR

1 Yr USTYCR — 1 Year US Treasury Yield Curve Rate

USFRBPLR — US Federal Reserve Bank Prime Loan Rate

Forward Foreign Currency Contracts

Counterparty	Contract to Deliver			In Exchange For		Delivery Date		Unrealized Appreciation		Unrealized (Depreciation)
JPMorgan Chase Bank N.A.		EUR	11,543,200	USD	13,280,040		11/19/2020	$	—	$	(267,214	)
		EUR	4,000,000	USD	4,727,888		01/14/2021		26,495		—
		GBP	1,820,000	USD	2,339,740		11/19/2020		—		(9,253	)
		USD	356,349	EUR	300,000		11/19/2020		—		(4,265	)
Unrealized Appreciation (Depreciation)								$	26,495	$	(280,732	)

EUR — Euro Currency

GBP — British Pound

USD — United States Dollar

54

AIG Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of September 30, 2020 (see Note 2):

	Level 1 — Unadjusted Quoted Prices		Level 2 — Other Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities	$	—	$	5,951,086	$	—	$	5,951,086
U.S. Corporate Bonds & Notes		—		132,685,184		—		132,685,184
Foreign Corporate Bonds & Notes		—		52,598,592		—		52,598,592
Foreign Government Obligations		—		54,281,580		—		54,281,580
U.S. Government Agencies		—		55,956,072		—		55,956,072
U.S. Government Treasuries		—		2,175,490		—		2,175,490
Loans:
Buiding Products-Air & Heating		—		—		134,567		134,567
E-Commerce/Services		—		—		106,291		106,291
Oil Field Machinery & Equipment		—		—		223,923		223,923
Other Industries		—		17,302,210		—		17,302,210
Common Stocks:
Buiding Products-Air & Heating		—		—		13,356		13,356
Television		—		—		566,868		566,868
Preferred Securities:
Building Products-Air & Heating		—		—		2,569		2,569
Other Industries		183,431		—		—		183,431
Preferred Securities/Capital Securities		—		6,487,621		—		6,487,621
Escrows and Litigation Trusts		—		—		3,395		3,395
Short-Term Investment Securities		24,869,046		—		—		24,869,046
Total Investments at Value	$	25,052,477	$	327,437,835	$	1,050,969	$	353,541,281
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	26,495	$	—	$	26,495
LIABILITIES:
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	280,732	$	—	$	280,732

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

+ Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

At the beginning and end of the reporting period, Level 3 investments were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.

See Notes to Financial Statements

55

AIG Flexible Credit Fund

PORTFOLIO PROFILE — September 30, 2020 — (unaudited)

Industry Allocation*

Medical-Hospitals	4.3	%
Cable/Satellite TV	3.0
Auto/Truck Parts & Equipment-Original	2.8
Oil Companies-Exploration & Production	2.6
Telephone-Integrated	2.5
Containers-Paper/Plastic	2.4
Airlines	2.3
Pipelines	2.3
Broadcast Services/Program	2.2
Real Estate Investment Trusts	2.1
Registered Investment Companies	2.1
Aerospace/Defense-Equipment	2.0
Chemicals-Specialty	2.0
Machinery-Pumps	1.9
Enterprise Software/Service	1.9
Containers-Metal/Glass	1.8
Building-Residential/Commercial	1.7
Food-Misc./Diversified	1.7
Casino Hotels	1.6
Satellite Telecom	1.3
Medical-Drugs	1.2
Medical Labs & Testing Services	1.2
Chemicals-Diversified	1.1
Computer Services	1.1
E-Commerce/Services	1.0
Medical Information Systems	1.0
Auto-Cars/Light Trucks	1.0
Rubber/Plastic Products	1.0
Machinery-Electrical	1.0
Miscellaneous Manufacturing	0.9
Medical Products	0.9
Diagnostic Equipment	0.9
Finance-Consumer Loans	0.9
Casino Services	0.9
Building & Construction Products-Misc.	0.9
Cellular Telecom	0.8
Commercial Services	0.8
Theaters	0.8
Computers-Integrated Systems	0.8
Building Products-Cement	0.8
Investment Management/Advisor Services	0.8
Food-Dairy Products	0.8
Gambling (Non-Hotel)	0.7
Finance-Credit Card	0.7
Electric-Integrated	0.7
Aerospace/Defense	0.7
Transport-Equipment & Leasing	0.7
Food-Retail	0.7
Food-Catering	0.7
Non-Hazardous Waste Disposal	0.6
Food-Confectionery	0.6
E-Commerce/Products	0.6
Telecom Services	0.6
Diversified Minerals	0.6
Insurance-Property/Casualty	0.6
Building & Construction-Misc.	0.6
Data Processing/Management	0.6
Hotels/Motels	0.6
Medical-HMO	0.6
Insurance-Life/Health	0.6
Advertising Sales	0.5

Steel-Producers	0.5	%
Soap & Cleaning Preparation	0.5
Oil-Field Services	0.5
Distribution/Wholesale	0.5
Food-Baking	0.5
Security Services	0.5
Cosmetics & Toiletries	0.5
Auto-Heavy Duty Trucks	0.5
Retail-Automobile	0.5
Internet Connectivity Services	0.5
Applications Software	0.4
Consulting Services	0.4
Metal-Aluminum	0.4
Paper & Related Products	0.4
Wireless Equipment	0.4
Pharmacy Services	0.4
Professional Sports	0.4
Insurance-Multi-line	0.4
Food-Wholesale/Distribution	0.4
Medical-Outpatient/Home Medical	0.4
Building Products-Doors & Windows	0.4
Precious Metals	0.4
Retail-Arts & Crafts	0.4
Physical Therapy/Rehabilitation Centers	0.4
Machinery-General Industrial	0.4
Publishing-Books	0.4
Vitamins & Nutrition Products	0.4
Investment Companies	0.4
Pollution Control	0.4
Engineering/R&D Services	0.4
Banks-Commercial	0.4
Finance-Investment Banker/Broker	0.4
Oil & Gas Drilling	0.4
Oil Refining & Marketing	0.3
Transactional Software	0.3
Electric Products-Misc.	0.3
Human Resources	0.3
Electronic Components-Semiconductors	0.3
Dialysis Centers	0.3
Metal-Iron	0.3
Internet Content-Information/News	0.3
Athletic Equipment	0.3
Disposable Medical Products	0.3
Housewares	0.3
Electronics-Military	0.3
Consumer Products-Misc.	0.3
Retail-Sporting Goods	0.3
Apparel Manufacturers	0.3
Office Automation & Equipment	0.3
Coal	0.3
Diagnostic Kits	0.3
Petrochemicals	0.3
Telecommunication Equipment	0.3
Electric-Generation	0.3
Retail-Pawn Shops	0.3
Retail-Misc./Diversified	0.3
Energy-Alternate Sources	0.3
Medical-Generic Drugs	0.3
Finance-Leasing Companies	0.2
Television	0.2
Food-Flour & Grain	0.2

56

AIG Flexible Credit Fund

PORTFOLIO PROFILE — September 30, 2020 — (unaudited) (continued)

Industry Allocation* (continued)

Research & Development	0.2	%
Publishing-Periodicals	0.2
Retail-Mail Order	0.2
Retail-Vitamins & Nutrition Supplements	0.2
Financial Guarantee Insurance	0.2
Cruise Lines	0.1
Retail-Restaurants	0.1
Advertising Services	0.1
Agricultural Operations	0.1
Retail-Bedding	0.1
Veterinary Diagnostics	0.1
Retail-Major Department Stores	0.1
Radio	0.1
Insurance Brokers	0.1
Medical-Biomedical/Gene	0.1
	101.4	%

Credit Quality†#

Baa	3.5	%
Ba	21.4
B	48.3
Caa	17.3
Ca	0.5
Not Rated@	9.0
	100.0	%

* Calculated as a percentage of net assets

† Source: Moody’s

# Calculated as a percentage of total debt issues, excluding short-term securities.

@ Represents debt issues that either have no rating, or the rating is unavailable from the data source.

57

AIG Flexible Credit Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 48.3%
Advertising Sales — 0.3%
Outfront Media Capital LLC/Outfront Media Capital Corp. Company Guar. Notes 6.25% due 06/15/2025*	$	810,000	$	834,300
Aerospace/Defense — 0.7%
Boeing Co. Senior Notes 3.75% due 02/01/2050		980,000		896,859
Boeing Co. Senior Notes 5.93% due 05/01/2060		709,000		877,486
				1,774,345
Aerospace/Defense-Equipment — 2.0%
Howmet Aerospace, Inc. Senior Notes 6.88% due 05/01/2025		485,000		535,925
Signature Aviation US Holdings, Inc. Company Guar. Notes 4.00% due 03/01/2028*		1,700,000		1,581,000
Spirit AeroSystems, Inc. Company Guar. Notes 3.95% due 06/15/2023		435,000		386,063
Spirit AeroSystems, Inc. Senior Sec. Notes 5.50% due 01/15/2025*		745,000		748,725
TransDigm, Inc. Company Guar. Notes 5.50% due 11/15/2027		1,410,000		1,355,080
TransDigm, Inc. Senior Sec. Notes 6.25% due 03/15/2026*		430,000		449,047
				5,055,840
Airlines — 0.6%
American Airlines, Inc. Senior Sec. Notes 11.75% due 07/15/2025*		1,475,000		1,423,375
Apparel Manufacturers — 0.3%
Hanesbrands, Inc. Company Guar. Notes 5.38% due 05/15/2025*		725,000		764,875
Applications Software — 0.4%
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		1,030,000		1,094,602
Athletic Equipment — 0.3%
Vista Outdoor, Inc. Company Guar. Notes 5.88% due 10/01/2023		810,000		812,025
Auto-Cars/Light Trucks — 0.6%
Ford Motor Co. Senior Notes 9.00% due 04/22/2025		274,000		314,144
Auto-Cars/Light Trucks (continued)
Ford Motor Co. Senior Notes 9.63% due 04/22/2030	$	181,000	$	233,716
Ford Motor Credit Co. LLC Senior Notes 4.13% due 08/17/2027		660,000		641,850
Ford Motor Credit Co. LLC Senior Notes 5.13% due 06/16/2025		235,000		242,344
				1,432,054
Auto/Truck Parts & Equipment-Original — 0.7%
American Axle & Manufacturing, Inc. Company Guar. Notes 6.50% due 04/01/2027		900,000		870,750
Dana, Inc. Senior Notes 5.38% due 11/15/2027		943,000		966,575
				1,837,325
Banks-Commercial — 0.4%
Synovus Financial Corp. Sub. Notes 5.90% due 02/07/2029		865,000		890,950
Broadcast Services/Program — 0.9%
Clear Channel Worldwide Holdings, Inc. Senior Sec. Notes 5.13% due 08/15/2027*		440,000		422,510
Clear Channel Worldwide Holdings, Inc. Company Guar. Notes 9.25% due 02/15/2024		387,000		375,158
Diamond Sports Group LLC/Diamond Sports Finance Co. Company Guar. Notes 6.63% due 08/15/2027*		960,000		499,800
iHeartCommunications, Inc. Company Guar. Notes 8.38% due 05/01/2027		809,966		797,816
Univision Communications, Inc. Senior Sec. Notes 9.50% due 05/01/2025*		165,000		176,550
				2,271,834
Building & Construction Products-Misc. — 0.5%
Standard Industries, Inc. Senior Notes 4.38% due 07/15/2030*		1,130,000		1,158,549
Building & Construction-Misc. — 0.6%
Weekley Homes LLC/Weekley Finance Corp. Senior Notes 4.88% due 09/15/2028*		1,460,000		1,474,600
Building Products-Doors & Windows — 0.4%
Cornerstone Building Brands, Inc. Company Guar. Notes 6.13% due 01/15/2029*		990,000		1,002,761

58

AIG Flexible Credit Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Building-Residential/Commercial — 1.7%
M/I Homes, Inc. Company Guar. Notes 4.95% due 02/01/2028	$	1,700,000	$	1,751,000
PulteGroup, Inc. Company Guar. Notes 7.88% due 06/15/2032		645,000		886,875
TRI Pointe Group, Inc./TRI Pointe Homes, Inc. Company Guar. Notes 5.88% due 06/15/2024		1,475,000		1,593,000
				4,230,875
Cable/Satellite TV — 2.4%
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.75% due 03/01/2030*		950,000		1,005,813
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.13% due 05/01/2027*		825,000		868,082
CSC Holdings LLC Senior Notes 5.75% due 01/15/2030*		1,255,000		1,333,437
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023		975,000		994,500
DISH DBS Corp. Company Guar. Notes 7.75% due 07/01/2026		340,000		373,782
Radiate Holdco LLC/Radiate Finance, Inc. Senior Sec. Notes 4.50% due 09/15/2026*		295,000		294,938
Radiate Holdco LLC/Radiate Finance, Inc. Senior Notes 6.50% due 09/15/2028*		1,005,000		1,029,886
				5,900,438
Casino Hotels — 0.4%
Station Casinos LLC Company Guar. Notes 4.50% due 02/15/2028*		980,000		901,600
Casino Services — 0.3%
Caesars Entertainment, Inc. Senior Sec. Notes 6.25% due 07/01/2025*		390,000		407,646
Caesars Entertainment, Inc. Senior Notes 8.13% due 07/01/2027*		305,000		323,300
				730,946
Cellular Telecom — 0.6%
Sprint Corp. Company Guar. Notes 7.88% due 09/15/2023		1,320,000		1,516,350
Chemicals-Diversified — 0.4%
Olin Corp. Senior Notes 5.63% due 08/01/2029		1,010,000		992,315
Chemicals-Specialty — 0.6%
Kraton Polymers LLC/Kraton Polymers Capital Corp. Company Guar. Notes 7.00% due 04/15/2025*	$	801,000	$	817,020
Tronox, Inc. Senior Sec. Notes 6.50% due 05/01/2025*		665,000		693,262
				1,510,282
Coal — 0.3%
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp. Company Guar. Notes 7.50% due 05/01/2025*		985,000		699,350
Computer Services — 0.7%
Banff Merger Sub, Inc. Senior Notes 9.75% due 09/01/2026*		530,000		560,263
Science Applications International Corp. Company Guar. Notes 4.88% due 04/01/2028*		1,105,000		1,121,895
				1,682,158
Computers-Integrated Systems — 0.1%
NCR Corp. Company Guar. Notes 5.00% due 10/01/2028*		75,000		75,060
NCR Corp. Company Guar. Notes 5.25% due 10/01/2030*		75,000		75,000
				150,060
Consumer Products-Misc. — 0.3%
Prestige Brands, Inc. Company Guar. Notes 6.38% due 03/01/2024*		775,000		794,375
Containers-Metal/Glass — 0.5%
BWAY Holding Co. Senior Notes 7.25% due 04/15/2025*		1,256,000		1,182,210
Containers-Paper/Plastic — 0.5%
Trident Merger Sub, Inc. Company Guar. Notes 6.63% due 11/01/2025*		790,000		778,150
Trident TPI Holdings, Inc. Company Guar. Notes 9.25% due 08/01/2024*		490,000		520,159
				1,298,309
Data Processing/Management — 0.2%
Star Merger Sub, Inc. Company Guar. Notes 10.25% due 02/15/2027*		471,000		532,230
Diagnostic Equipment — 0.9%
Avantor Funding, Inc. Company Guar. Notes 4.63% due 07/15/2028*		190,000		197,125

59

AIG Flexible Credit Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diagnostic Equipment (continued)
Avantor, Inc. Senior Sec. Notes 6.00% due 10/01/2024*	$	1,155,000	$	1,206,975
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA Senior Notes 7.25% due 02/01/2028*		390,000		405,600
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA Senior Notes 7.38% due 06/01/2025*		420,000		426,300
				2,236,000
Dialysis Centers — 0.3%
DaVita, Inc. Company Guar. Notes 3.75% due 02/15/2031*		875,000		843,106
Distribution/Wholesale — 0.5%
KAR Auction Services, Inc. Company Guar. Notes 5.13% due 06/01/2025*		1,210,000		1,209,976
E-Commerce/Products — 0.3%
ANGI Group LLC Company Guar. Notes 3.88% due 08/15/2028*		820,000		811,800
E-Commerce/Services — 0.5%
TripAdvisor, Inc Company Guar. Notes 7.00% due 07/15/2025*		550,000		573,375
Uber Technologies, Inc. Company Guar. Notes 7.50% due 05/15/2025*		730,000		777,881
				1,351,256
Electric Products-Misc. — 0.3%
WESCO Distribution, Inc. Company Guar. Notes 7.25% due 06/15/2028*		780,000		854,627
Electric-Integrated — 0.6%
PG&E Corp. Senior Sec. Notes 5.25% due 07/01/2030		830,000		803,025
Talen Energy Supply LLC Senior Sec. Notes 6.63% due 01/15/2028*		750,000		726,562
				1,529,587
Electronic Components-Semiconductors — 0.3%
Microchip Technology, Inc. Company Guar. Notes 4.25% due 09/01/2025*		820,000		850,798
Energy-Alternate Sources — 0.3%
TerraForm Power Operating LLC Company Guar. Notes 5.00% due 01/31/2028*		590,000		645,858
Enterprise Software/Service — 0.4%
Open Text Holdings, Inc. Company Guar. Notes 4.13% due 02/15/2030*	$	840,000	$	863,890
Finance-Consumer Loans — 0.9%
Navient Corp. Senior Notes 5.88% due 10/25/2024		700,000		696,066
Springleaf Finance Corp. Company Guar. Notes 5.38% due 11/15/2029		135,000		140,400
Springleaf Finance Corp. Company Guar. Notes 6.88% due 03/15/2025		820,000		909,933
Springleaf Finance Corp. Company Guar. Notes 7.13% due 03/15/2026		390,000		435,708
				2,182,107
Financial Guarantee Insurance — 0.2%
NMI Holdings, Inc. Senior Sec. Notes 7.38% due 06/01/2025*		340,000		363,375
Food-Catering — 0.3%
Aramark Services, Inc. Company Guar. Notes 6.38% due 05/01/2025*		670,000		697,922
Food-Dairy Products — 0.5%
Chobani LLC/Chobani Finance Corp., Inc. Company Guar. Notes 7.50% due 04/15/2025*		1,095,000		1,131,978
Food-Misc./Diversified — 0.5%
Dole Food Co., Inc. Senior Sec. Notes 7.25% due 06/15/2025*		1,250,000		1,243,750
Food-Retail — 0.7%
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 4.63% due 01/15/2027*		1,700,000		1,739,423
Food-Wholesale/Distribution — 0.4%
Matterhorn Merger Sub LLC/Matterhorn Finance Sub, Inc. Senior Notes 8.50% due 06/01/2026*		1,045,000		1,020,913
Gambling (Non-Hotel) — 0.3%
Downstream Development Authority of the Quapaw Tribe of Oklahoma Senior Sec. Notes 10.50% due 02/15/2023*		485,000		446,200
Scientific Games International, Inc. Company Guar. Notes 8.25% due 03/15/2026*		380,000		396,754
				842,954

60

AIG Flexible Credit Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Hotels/Motels — 0.5%
Marriott Ownership Resorts, Inc. Company Guar. Notes 4.75% due 01/15/2028	$	1,210,000	$	1,137,400
Insurance-Multi-line — 0.4%
Acrisure LLC/Acrisure Finance, Inc. Senior Notes 7.00% due 11/15/2025*		710,000		697,486
Acrisure LLC/Acrisure Finance, Inc. Senior Sec. Notes 8.13% due 02/15/2024*		320,000		335,200
				1,032,686
Internet Connectivity Services — 0.4%
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. Senior Notes 10.75% due 06/01/2028*		795,000		866,550
Investment Companies — 0.4%
Icahn Enterprises LP/Icahn Enterprises Finance Corp. Company Guar. Notes 6.25% due 05/15/2026		880,000		917,400
Investment Management/Advisor Services — 0.8%
Citadel LP Senior Notes 4.88% due 01/15/2027*		1,735,000		1,857,240
Medical Information Systems — 0.3%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. Company Guar. Notes 5.75% due 03/01/2025*		690,000		699,867
Medical Labs & Testing Services — 0.5%
West Street Merger Sub, Inc. Senior Notes 6.38% due 09/01/2025*		1,230,000		1,254,342
Medical-Generic Drugs — 0.3%
Par Pharmaceutical, Inc. Senior Sec. Notes 7.50% due 04/01/2027*		603,000		631,751
Medical-Hospitals — 3.1%
Acadia Healthcare Co, Inc. Senior Notes 5.00% due 04/15/2029*		30,000		30,413
CHS/Community Health Systems, Inc. Senior Sec. Notes 6.63% due 02/15/2025*		805,000		778,837
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025		1,315,000		1,439,925
HCA, Inc. Company Guar. Notes 5.63% due 09/01/2028		465,000		531,937
LifePoint Health, Inc. Senior Sec. Notes 4.38% due 02/15/2027*		835,000		836,044
Medical-Hospitals (continued)
LifePoint Health, Inc. Senior Sec. Notes 6.75% due 04/15/2025*	$	10,000	$	10,525
Select Medical Corp. Company Guar. Notes 6.25% due 08/15/2026*		1,275,000		1,326,000
Surgery Center Holdings, Inc. Company Guar. Notes 6.75% due 07/01/2025*		420,000		417,900
Surgery Center Holdings, Inc. Company Guar. Notes 10.00% due 04/15/2027*		425,000		452,625
Tenet Healthcare Corp. Senior Sec. Notes 4.88% due 01/01/2026*		865,000		880,708
Tenet Healthcare Corp. Senior Sec. Notes 5.13% due 11/01/2027*		292,000		299,942
Tenet Healthcare Corp. Sec. Notes 6.25% due 02/01/2027*		345,000		356,112
Tenet Healthcare Corp. Senior Notes 8.13% due 04/01/2022		365,000		405,844
				7,766,812
Metal-Aluminum — 0.4%
Kaiser Aluminum Corp. Company Guar. Notes 6.50% due 05/01/2025*		240,000		247,390
Novelis Corp. Company Guar. Notes 4.75% due 01/30/2030*		860,000		844,709
				1,092,099
Metal-Iron — 0.3%
Cleveland-Cliffs, Inc. Senior Sec. Notes 6.75% due 03/15/2026*		310,000		315,425
Cleveland-Cliffs, Inc. Company Guar. Notes 7.00% due 03/15/2027*		585,000		500,175
				815,600
Miscellaneous Manufacturing — 0.5%
Hillenbrand, Inc. Company Guar. Notes 5.00% due 09/15/2026		1,215,000		1,318,275
Office Automation & Equipment — 0.3%
Xerox Holdings Corp. Company Guar. Notes 5.50% due 08/15/2028*		750,000		738,919
Oil & Gas Drilling — 0.3%
Patterson-UTI Energy, Inc. Senior Notes 5.15% due 11/15/2029		880,000		682,999

61

AIG Flexible Credit Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production — 1.5%
Apache Corp. Senior Notes 4.63% due 11/15/2025	$	770,000	$	733,906
Callon Petroleum Co. Company Guar. Notes 6.13% due 10/01/2024		451,345		128,633
Continental Resources, Inc. Company Guar. Notes 4.38% due 01/15/2028		835,000		723,319
CrownRock LP/CrownRock Finance, Inc. Senior Notes 5.63% due 10/15/2025*		1,015,000		956,638
Occidental Petroleum Corp. Senior Notes 2.70% due 08/15/2022		270,000		252,280
Occidental Petroleum Corp. Senior Notes 3.50% due 08/15/2029		525,000		402,255
Occidental Petroleum Corp. Senior Notes 5.88% due 09/01/2025		255,000		233,697
Occidental Petroleum Corp. Senior Notes 6.63% due 09/01/2030		385,000		355,163
				3,785,891
Oil-Field Services — 0.5%
CSI Compressco LP/CSI Compressco Finance, Inc. Company Guar. Notes 7.25% due 08/15/2022		1,145,000		807,225
USA Compression Partners LP/USA Compression Finance Corp. Company Guar. Notes 6.88% due 04/01/2026		440,000		436,150
				1,243,375
Paper & Related Products — 0.4%
Schweitzer-Mauduit International, Inc. Company Guar. Notes 6.88% due 10/01/2026*		1,020,000		1,076,100
Petrochemicals — 0.3%
TPC Group, Inc. Senior Sec. Notes 10.50% due 08/01/2024*		827,000		694,680
Physical Therapy/Rehabilitation Centers — 0.4%
Encompass Health Corp. Company Guar. Notes 4.50% due 02/01/2028		820,000		824,100
Encompass Health Corp. Company Guar. Notes 4.75% due 02/01/2030		135,000		136,963
				961,063
Pipelines — 1.9%
American Midstream Partners LP/American Midstream Finance Corp. Company Guar. Notes 9.50% due 12/15/2021*	$	525,000	$	521,062
Antero Midstream Partners LP/Antero Midstream Finance Corp. Company Guar. Notes 5.75% due 01/15/2028*		750,000		616,875
Cheniere Energy Partners LP Company Guar. Notes 4.50% due 10/01/2029		1,035,000		1,061,672
Cheniere Energy, Inc. Senior Sec. Notes 4.63% due 10/15/2028*		475,000		487,469
EQM Midstream Partners LP Senior Notes 6.00% due 07/01/2025*		220,000		226,875
EQM Midstream Partners LP Senior Notes 6.50% due 07/01/2027*		250,000		265,005
NuStar Logistics LP Company Guar. Notes 6.38% due 10/01/2030		280,000		290,500
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 4.88% due 02/01/2031*		310,000		300,212
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 5.88% due 04/15/2026		830,000		852,161
				4,621,831
Precious Metals — 0.4%
Hecla Mining Co. Company Guar. Notes 7.25% due 02/15/2028		910,000		986,440
Publishing-Books — 0.1%
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance Senior Notes 7.88% due 05/15/2024*		500,000		268,750
Real Estate Investment Trusts — 2.1%
ESH Hospitality, Inc. Company Guar. Notes 4.63% due 10/01/2027*		2,140,000		2,099,918
iStar, Inc. Senior Notes 4.25% due 08/01/2025		855,000		797,818
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. Company Guar. Notes 4.50% due 01/15/2028		580,000		590,875
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. Company Guar. Notes 5.75% due 02/01/2027		370,000		398,675

62

AIG Flexible Credit Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer Senior Sec. Notes 5.88% due 10/01/2028*	$	30,000	$	29,925
Service Properties Trust Company Guar. Notes 7.50% due 09/15/2025		505,000		536,663
Uniti Group, Inc./CSL Capital LLC Company Guar. Notes 7.13% due 12/15/2024*		880,000		851,070
				5,304,944
Research & Development — 0.2%
Jaguar Holding Co. II/PPD Development LP Company Guar. Notes 5.00% due 06/15/2028*		520,000		542,750
Retail-Automobile — 0.5%
Carvana Co. Company Guar. Notes 5.63% due 10/01/2025*		580,000		572,025
Carvana Co. Company Guar. Notes 5.88% due 10/01/2028*		580,000		572,750
				1,144,775
Retail-Mail Order — 0.2%
QVC, Inc. Senior Sec. Notes 4.75% due 02/15/2027		440,000		451,968
Retail-Pawn Shops — 0.3%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		645,000		657,094
Retail-Propane Distribution — 0.0%
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp. Senior Notes 8.63% due 06/15/2020†(1)		570,000		114,000
Retail-Restaurants — 0.1%
Golden Nugget, Inc. Company Guar. Notes 8.75% due 10/01/2025*		455,000		358,881
Security Services — 0.5%
Allied Universal Holdco LLC/Allied Universal Finance Corp. Senior Sec. Notes 6.63% due 07/15/2026*		1,120,000		1,192,800
Soap & Cleaning Preparation — 0.3%
Kronos Acquisition Holdings, Inc. Company Guar. Notes 9.00% due 08/15/2023*		720,000		729,900
Steel-Producers — 0.5%
United States Steel Corp. Senior Notes 6.25% due 03/15/2026		715,000		484,413
Steel-Producers (continued)
United States Steel Corp. Senior Sec. Notes 12.00% due 06/01/2025*	$	790,000	$	840,947
				1,325,360
Telephone-Integrated — 1.7%
Cincinnati Bell, Inc. Company Guar. Notes 7.00% due 07/15/2024*		1,075,000		1,106,594
Consolidated Communications, Inc. Company Guar. Notes 6.50% due 10/01/2022		965,000		964,469
Consolidated Communications, Inc. Senior Sec. Notes 6.50% due 10/01/2028*		915,000		933,300
Frontier Communications Corp. Sec. Notes 8.50% due 04/01/2026*(2)(8)		295,000		297,360
Level 3 Financing, Inc. Company Guar. Notes 3.63% due 01/15/2029*		815,000		804,813
Level 3 Financing, Inc. Company Guar. Notes 4.25% due 07/01/2028*		215,000		218,294
				4,324,830
Theaters — 0.6%
Live Nation Entertainment, Inc. Company Guar. Notes 4.75% due 10/15/2027*		310,000		290,334
Live Nation Entertainment, Inc. Company Guar. Notes 5.63% due 03/15/2026*		1,130,000		1,090,450
				1,380,784
Transactional Software — 0.3%
Black Knight InfoServ LLC Company Guar. Notes 3.63% due 09/01/2028*		850,000		859,031
Transport-Equipment & Leasing — 0.7%
Fortress Transportation & Infrastructure Investors LLC Senior Notes 6.50% due 10/01/2025*		980,000		962,850
Fortress Transportation & Infrastructure Investors LLC Senior Notes 6.75% due 03/15/2022*		670,000		659,950
Fortress Transportation & Infrastructure Investors LLC Senior Notes 9.75% due 08/01/2027*		110,000		117,769
				1,740,569
Wireless Equipment — 0.4%
ViaSat, Inc. Senior Notes 5.63% due 09/15/2025*		1,075,000		1,053,500
Total U.S. Corporate Bonds & Notes
(cost $120,142,964)				119,999,509

63

AIG Flexible Credit Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 7.1%
Airlines — 0.7%
Norwegian Air Shuttle ASA Pass-Through Trust Series 2016-1, Class A Pass-Through Certs. 4.88% due 11/10/2029*	$	2,093,301	$	1,852,687
Auto-Cars/Light Trucks — 0.4%
Nissan Motor Co., Ltd. Senior Notes 4.81% due 09/17/2030*		980,000		985,885
Auto/Truck Parts & Equipment-Original — 0.3%
Panther BF Aggregator 2 LP/Panther Finance Co., Inc. Company Guar. Notes 8.50% due 05/15/2027*		695,000		717,587
Cable/Satellite TV — 0.1%
Virgin Media Finance PLC Senior Notes 5.00% due 07/15/2030*		275,000		273,625
Casino Hotels — 0.2%
Wynn Macau, Ltd. Senior Notes 5.63% due 08/26/2028*		635,000		615,950
Casino Services — 0.3%
Gateway Casinos & Entertainment, Ltd. Sec. Notes 8.25% due 03/01/2024*		800,000		676,000
Chemicals-Specialty — 0.4%
Alpha 3 BV/Alpha US Bidco, Inc. Company Guar. Notes 6.25% due 02/01/2025*		950,000		963,062
Cruise Lines — 0.1%
Carnival Corp. Senior Sec. Notes 11.50% due 04/01/2023*		125,000		140,081
Royal Caribbean Cruises, Ltd. Company Guar. Notes 9.13% due 06/15/2023*		220,000		233,200
				373,281
Diversified Minerals — 0.4%
Teck Resources, Ltd. Senior Notes 6.13% due 10/01/2035		780,000		932,397
Finance-Leasing Companies — 0.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 6.50% due 07/15/2025		575,000		620,750
Gambling (Non-Hotel) — 0.1%
International Game Technology PLC Senior Sec. Notes 5.25% due 01/15/2029*		200,000		202,250
Machinery-Pumps — 0.3%
Titan Acquisition, Ltd./Titan Co-Borrower LLC Senior Notes 7.75% due 04/15/2026*	$	740,000	$	736,300
Medical-Biomedical/Gene — 0.1%
Concordia International Corp. Senior Sec. Notes 8.00% due 09/06/2024		142,000		139,160
Medical-Drugs — 1.2%
Bausch Health Cos., Inc. Senior Sec. Notes 5.75% due 08/15/2027*		585,000		620,831
Bausch Health Cos., Inc. Company Guar. Notes 7.00% due 01/15/2028*		745,000		789,700
Endo Dac/Endo Finance LLC/Endo Finco, Inc. Sec. Notes 9.50% due 07/31/2027*		70,000		73,150
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 3.15% due 10/01/2026		1,185,000		1,045,419
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 7.13% due 01/31/2025		380,000		399,000
				2,928,100
Miscellaneous Manufacturing — 0.4%
Bombardier, Inc. Senior Notes 7.50% due 12/01/2024*		675,000		518,059
Bombardier, Inc. Senior Notes 7.88% due 04/15/2027*		365,000		276,831
Bombardier, Inc. Senior Notes 8.75% due 12/01/2021*		280,000		283,617
				1,078,507
Oil & Gas Drilling — 0.1%
Transocean, Inc. Company Guar. Notes 11.50% due 01/30/2027*		398,000		163,260
Oil Companies-Exploration & Production — 0.7%
Geopark, Ltd. Company Guar. Notes 6.50% due 09/21/2024*		995,000		942,762
MEG Energy Corp. Company Guar. Notes 7.13% due 02/01/2027*		890,000		798,179
				1,740,941
Satellite Telecom — 0.7%
Telesat Canada/Telesat LLC Company Guar. Notes 6.50% due 10/15/2027*		1,620,000		1,631,664

64

AIG Flexible Credit Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Telecom Services — 0.4%
Altice France Holding SA Company Guar. Notes 6.00% due 02/15/2028*	$	1,000,000	$	953,790
Total Foreign Corporate Bonds & Notes
(cost $18,641,642)				17,585,196
LOANS(3)(4)(5) — 42.8%
Advertising Sales — 0.2%
Clear Channel Outdoor Holdings, Inc. FRS BTL 3.76% (3 ML+3.50%) due 08/21/2026		594,000		540,116
Advertising Services — 0.1%
Advantage Sales & Marketing, Inc. FRS 1st Lien 4.25% (1 ML+3.25%) due 07/23/2021		351,897		345,079
Aerospace/Defense-Equipment — 0.0%
Spirit Aerosystems, Inc. FRS BTL-B coupon TBD due 01/30/2025		65,000		64,838
Agricultural Operations — 0.1%
Asplundh Tree Expert LLC FRS BTL-B 2.65% (3 ML+2.50%) due 09/07/2027		335,000		334,372
Airlines — 1.0%
Mileage Plus Holdings LLC FRS BTL-B 6.25% (3 ML+5.25%) due 06/25/2027		1,615,000		1,640,487
WestJet Airlines, Ltd. FRS BTL-B 4.00% (6 ML+3.00%) due 12/11/2026		861,370		743,739
				2,384,226
Auto-Heavy Duty Trucks — 0.5%
Navistar, Inc. FRS BTL-B 3.66% (1 ML+3.50%) due 11/06/2024		1,159,066		1,147,475
Auto/Truck Parts & Equipment-Original — 1.8%
Accuride Corp. FRS BTL 6.25% (3 ML+5.25%) due 11/17/2023		1,151,635		886,759
Cooper-Standard Automotive, Inc. FRS BTL-B1 2.75% (1 ML+2.00%) due 11/02/2023		818,470		695,699
Cooper-Standard Automotive, Inc. FRS BTL-B1 coupon TBD due 11/02/2023		80,000		68,000
Auto/Truck Parts & Equipment-Original (continued)
DexKo Global, Inc. FRS BTL-B 4.50% (1 ML+3.50%) due 07/24/2024	$	686,263	$	669,107
Panther BF Aggregator 2 LP FRS BTL-B 3.65% (1 ML+3.50%) due 04/30/2026		900,900		877,251
Tenneco, Inc. FRS BTL-B 3.15% (1 ML+3.00%) due 10/01/2025		1,327,173		1,193,211
				4,390,027
Broadcast Services/Program — 1.3%
Diamond Sports Group LLC FRS BTL 3.40% (1 ML+3.25%) due 08/24/2026		990,000		762,300
iHeartCommunications, Inc. FRS BTL 3.15% (1 ML+3.00%) due 05/01/2026		1,527,766		1,446,794
Univision Communications, Inc. FRS 1st Lein 3.75% (1 ML+2.75%) due 03/15/2024		1,044,910		1,003,114
				3,212,208
Building & Construction Products-Misc. — 0.4%
AZEK Co. LLC FRS BTL 4.75% (3 ML+3.75%) due 05/05/2024		985,267		981,161
Building Products-Cement — 0.8%
Quikrete Holdings, Inc. FRS 1st Lein 2.65% (1 ML+2.50%) due 02/01/2027		1,003,552		978,777
Summit Materials LLC FRS BTL 2.14% (1 ML+2.00%) due 11/21/2024		941,096		929,626
				1,908,403
Building-Heavy Construction — 0.0%
Golden Nugget, Inc. FRS BTL 13.00% (3 ML+12.00%) due 10/04/2023		55,000		62,150
Cable/Satellite TV — 0.5%
Radiate Holdco LLC FRS BTL coupon TBD due 09/25/2026		238,761		234,247
UPC Broadband Holding BV FRS BTL-B1 coupon TBD due 01/31/2029		505,000		487,704

65

AIG Flexible Credit Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
LOANS(3)(4)(5) (continued)
Cable/Satellite TV (continued)
UPC Broadband Holdings BV FRS BTL-B2 coupon TBD due 01/31/2029	$	500,000	$	482,875
				1,204,826
Casino Hotels — 1.0%
Caesars Resort Collection LLC FRS BTL 4.65% (1 ML+4.50%) due 07/21/2025		546,667		528,119
Caesars Resort Collection LLC FRS BTL 4.77% (3 ML+4.50%) due 07/21/2025		273,333		264,059
CityCenter Holdings LLC FRS BTL-B 3.00% (1 ML+2.25%) due 04/18/2024		951,942		912,198
Golden Nugget, Inc. FRS BTL-B 3.25% (1 ML+2.50%) due 10/04/2023		398,306		355,090
Golden Nugget, Inc. FRS BTL-B 3.25% (2 ML+2.50%) due 10/04/2023		339,687		302,831
				2,362,297
Casino Services — 0.3%
Aristocrat Leisure, Ltd. FRS BTL-B 4.75% (3 ML+3.75%) due 10/19/2024		269,325		268,820
Gateway Casinos & Entertainment, Ltd. FRS BTL 4.50% (3 ML+3.50%) due 12/01/2023		543,014		483,961
				752,781
Cellular Telecom — 0.2%
Altice France SA FRS BTL-B13 4.15% (1 ML+4.00%) due 08/14/2026		638,625		617,870
Chemicals-Diversified — 0.7%
Ascend Performance Materials Operations LLC FRS BTL-B 6.25% (3 ML+5.25%) due 08/27/2026		410,850		409,138
Hexion, Inc. FRS BTL 3.80% (3 ML+3.50%) due 07/01/2026		628,539		617,539
Chemicals-Diversified (continued)
Innophos Holdings, Inc. FRS BTL-B 3.90% (1 ML+3.75%) due 02/07/2027	$	830,825	$	822,517
				1,849,194
Chemicals-Specialty — 1.0%
Diamond BC BV FRS BTL 3.15% (1 ML+3.00%) due 09/06/2024		1,675,604		1,563,548
Diamond BC BV FRS BTL 6.00% (3 ML+5.00%) due 09/06/2024		310,000		309,225
Zep, Inc. FRS BTL 5.00% (6 ML+4.00%) due 08/12/2024		742,050		692,889
				2,565,662
Commercial Services — 0.8%
CPI Acquisition, Inc. FRS 1st Lein 5.50% (3 ML+4.50%) due 08/17/2022		1,285,685		1,118,546
DynCorp International , Inc. FRS BTL-B 7.00% (1 ML+6.00%) due 08/18/2025		532,000		526,680
Spin Holdco, Inc. FRS BTL-B1 4.25% (3 ML+3.25%) due 11/14/2022		374,034		366,163
				2,011,389
Computer Services — 0.4%
Tempo Acquisition LLC FRS BTL-B 3.75% (1 ML+3.25%) due 11/02/2026		899,113		872,702
Computers-Integrated Systems — 0.7%
Everi Payments, Inc. FRS BTL-B 3.75% (1 ML+2.75%) due 05/09/2024		1,260,151		1,219,196
Everi Payments, Inc. FRS BTL 11.50% (1 ML+10.50%) due 05/09/2024		54,863		55,686
NCR Corp. FRS BTL 2.65% (1 ML+2.50%) due 08/28/2026		532,312		516,342
				1,791,224

66

AIG Flexible Credit Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
LOANS(3)(4)(5) (continued)
Consulting Services — 0.4%
AlixPartners LLP FRS BTL 2.64% (1 ML+2.50%) due 04/04/2024	$	1,123,650	$	1,094,355
Containers-Metal/Glass — 1.3%
Anchor Glass Container Corp. FRS 1st Lien 3.75% (1 ML+2.75%) due 12/07/2023		1,051,165		802,389
Anchor Glass Container Corp. FRS 2nd Lien 8.75% (1 ML+7.75%) due 12/07/2024		796,000		286,560
Berlin Packaging LLC FRS 1st Lein 3.16% (1 ML+3.00%) due 11/07/2025		974,172		940,990
Berlin Packaging LLC FRS 1st Lein 3.23% (3 ML+3.00%) due 11/07/2025		8,216		7,936
Mauser Packaging Solutions Holding Co FRS BTL 3.52% (3 ML+3.25%) due 04/03/2024		1,228,725		1,157,561
				3,195,436
Containers-Paper/Plastic — 1.9%
Fort Dearborn Holding Co., Inc. FRS 1st Lien 5.00% (1 ML+4.00%) due 10/19/2023		17,545		16,975
Fort Dearborn Holding Co., Inc. FRS 1st Lien 5.20% (3 ML+4.00%) due 10/19/2023		1,091,872		1,056,387
Graham Packaging Company, Inc. FRS BTL 4.50% (1 ML+3.75%) due 08/04/2027		180,000		178,819
Kloeckner Pentaplast of America, Inc. FRS BTL 5.25% (6 ML+4.25%) due 06/30/2022		1,313,977		1,266,345
Patriot Container Corp. FRS 1st Lein 4.50% (1 ML+3.50%) due 03/20/2025		831,864		811,067
Reynolds Group Holdings, Inc. FRS BTL 2.90% (1 ML+2.75%) due 02/05/2023		848,018		838,080
Trident TPI Holdings, Inc. FRS BTL-B1 4.00% (3 ML+3.00%) due 10/17/2024		608,483		595,933
				4,763,606
Cosmetics & Toiletries — 0.5%
Parfums Holding Co., Inc. FRS 1st Lien 4.26% (3 ML+4.00%) due 06/30/2024	$	1,184,688	$	1,158,773
Cruise Lines — 0.0%
Carnival Corp. FRS Term B 8.50% (1 ML+7.50%) due 06/30/2025		104,738		105,698
Data Processing/Management — 0.4%
Dun & Bradstreet Corp. FRS BTL 3.89% (1 ML+3.75%) due 02/06/2026		950,225		940,248
Diagnostic Kits — 0.3%
Ortho-Clinical Diagnostics SA FRS BTL 3.41% (1 ML+3.25%) due 06/30/2025		727,687		695,851
Disposable Medical Products — 0.3%
Sotera Health Holdings LLC FRS BTL 5.50% (3 ML+4.50%) due 12/11/2026		810,925		807,073
Diversified Manufacturing Operations — 0.0%
LEB Holdings USA, Inc. FRS BTL-B coupon TBD due 09/25/2027		125,000		123,906
Diversified Minerals — 0.2%
Covia Holdings Corp. FRS BTL 8.25% (USFRBPLR+5.00%) due 06/01/2025		788,209		575,392
E-Commerce/Products — 0.3%
Rodan & Fields LLC FRS BTL 4.15% (1 ML+4.00%) due 06/16/2025		1,124,125		761,595
E-Commerce/Services — 0.5%
Hoya Midco LLC FRS 1st Lein 4.50% (6 ML+3.50%) due 06/30/2024		654,206		558,528
Uber Technologies, Inc. FRS BTL-B1 coupon TBD due 07/13/2023		650,000		638,828
				1,197,356
Electric-Generation — 0.3%
APLP Holdings LP FRS BTL-B 3.50% (1 ML+2.50%) due 04/14/2025		661,314		659,385

67

AIG Flexible Credit Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
LOANS(3)(4)(5) (continued)
Electric-Integrated — 0.1%
PG&E Corp. FRS BTL-B 5.50% (3 ML+4.50%) due 06/23/2025	$	269,325	$	264,163
Electronics-Military — 0.3%
AI Convoy Luxembourg SARL FRS BTL-B 4.65% (6 ML+3.50%) due 01/17/2027		810,925		800,643
Engineering/R&D Services — 0.4%
TRC Cos., Inc. FRS BTL 6.00% (1 ML+5.00%) due 06/21/2024		915,750		891,712
Enterprise Software/Service — 1.5%
Aston US Finco LLC FRS BTL-B 4.40% (1 ML+4.25%) due 10/09/2026		462,675		453,421
Banff Merger Sub, Inc. FRS BTL 4.40% (1 ML+4.25%) due 10/02/2025		971,072		940,484
Epicor Software Corp. FRS 5.25% (1 ML+4.25%) due 07/30/2027		570,000		566,580
Hyland Software, Inc. FRS BTL coupon TBD due 07/01/2024		410,000		407,310
Sophia L.P. FRS 1st Lien coupon TBD due 10/07/2027		380,000		377,268
Ultimate Software Group, Inc. FRS BTL-B 4.75% (3 ML+4.00%) due 05/04/2026		845,000		841,435
Ultimate Software Group, Inc. FRS 2nd Lien 7.50% (3 ML+6.75%) due 05/03/2027		105,000		106,969
				3,693,467
Finance-Credit Card — 0.7%
Blackhawk Network Holdings, Inc. FRS 1st Lien 3.15% (1 ML+3.00%) due 06/15/2025		872,185		821,670
Pi US Mergerco, Inc. FRS BTL 4.50% (3 ML+3.50%) due 01/03/2025		1,041,875		1,002,805
				1,824,475
Finance-Investment Banker/Broker — 0.4%
Deerfield Dakota Holding LLC FRS BTL 4.75% (1 ML+3.75%) due 04/09/2027	$	882,788	$	876,535
Food-Baking — 0.5%
Hostess Brands LLC FRS BTL 3.00% (1 ML+2.25%) due 08/03/2025		332,335		326,173
Hostess Brands LLC FRS BTL 4.01%-4.03% (3 ML+2.25%) due 08/03/2025		892,380		875,833
				1,202,006
Food-Catering — 0.4%
TKC Holdings, Inc. FRS 1st Lein 4.75% (6 ML+3.75%) due 02/01/2023		983,750		921,774
Food-Confectionery — 0.6%
Shearer’s Foods LLC FRS BTL-B 5.25% (1 ML+4.25%) due 03/31/2022		1,241,467		1,241,467
Shearer’s Foods, LLC FRS BTL-B 4.75% (3 ML+4.00%) due 09/23/2027		86,907		86,386
Shearer’s Foods, LLC FRS BTL-B coupon TBD due 09/23/2027		250,000		248,500
				1,576,353
Food-Dairy Products — 0.3%
Chobani LLC FRS 1st Lein 4.50% (1 ML+3.50%) due 10/10/2023		708,223		699,591
Food-Flour & Grain — 0.2%
CHG PPC Parent LLC FRS BTL-B 2.90% (1 ML+2.75%) due 03/31/2025		587,094		563,610
Food-Misc./Diversified — 1.2%
Froneri US, Inc. FRS BTL 2.40% (1 ML+2.25%) due 01/31/2027		842,888		809,435
H-Food Holdings LLC FRS 1st Lien 3.83% (1 ML+3.69%) due 05/23/2025		957,950		928,762
Sigma Bidco BV FRS BTL-B2 3.37% (3 ML+3.00%) due 07/02/2025		1,205,731		1,172,574
				2,910,771

68

AIG Flexible Credit Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
LOANS(3)(4)(5) (continued)
Gambling (Non-Hotel) — 0.3%
Scientific Games International, Inc. FRS BTL-B5 2.93% (1 ML+2.75%) due 08/14/2024	$	179,180	$	168,631
Scientific Games International, Inc. FRS BTL-B5 3.06% (2 ML+2.75%) due 08/14/2024		732,445		689,322
				857,953
Hotels/Motels — 0.1%
Playa Resorts Holding BV FRS BTL 3.75% (1 ML+2.75%) due 04/29/2024		348,204		305,113
Housewares — 0.3%
Carlisle FoodService Products, Inc. FRS BTL 4.00% (6 ML+3.00%) due 03/20/2025		750,299		664,015
Libbey Glass, Inc. FRS BTL 5.50% (1 ML+5.50%) due 04/09/2021†(2)(7)(8)		863,568		138,890
				802,905
Human Resources — 0.3%
CHG Healthcare Services, Inc. FRS 1st Lien 4.00% (6 ML+3.00%) due 06/07/2023		870,391		854,434
Insurance Brokers — 0.1%
Ryan Specialty Group LLC FRS BTL 4.00% (1 ML+3.25%) due 09/01/2027		145,000		143,731
Insurance-Property/Casualty — 0.6%
Sedgwick Claims Management Services, Inc. FRS BTL 3.40% (1 ML+3.25%) due 12/31/2025		1,550,309		1,493,832
Internet Connectivity Services — 0.1%
Northwest Fiber LLC FRS BTL-B 5.66% (1 ML+5.50%) due 05/21/2027		209,475		208,951
Internet Content-Information/News — 0.3%
Pug LLC FRS BTL 3.65% (1 ML+3.50%) due 02/12/2027		926,843		814,077
Machinery-Electrical — 1.0%
Brookfield WEC Holdings, Inc. FRS BTL 3.75% (1 ML+3.00%) due 08/01/2025		1,598,216		1,555,977
Machinery-Electrical (continuted)
Vertiv Group Corp. FRS BTL-B 3.16% (1 ML+3.00%) due 03/02/2027	$	855,695	$	838,795
				2,394,772
Machinery-General Industrial — 0.4%
Zodiac Pool Solutions LLC FRS BTL-B 2.15% (1 ML+2.00%) due 07/02/2025		982,015		955,010
Machinery-Pumps — 1.6%
CIRCOR International, Inc. FRS BTL-B 4.25% (1 ML+3.25%) due 12/11/2024		880,000		859,650
NN, Inc. FRS BTL 5.90% (1 ML+5.75%) due 10/19/2022		485,900		477,518
NN, Inc. FRS BTL-B 6.50% (1 ML+5.75%) due 10/19/2022		695,679		683,679
Star US Bidco LLC FRS BTL-B 5.25% (1 ML+4.25%) due 03/17/2027		927,675		879,745
Titan Acquisition, Ltd. FRS BTL 3.22% (3 ML+3.00%) due 03/28/2025		1,108,847		1,045,088
				3,945,680
Medical Information Systems — 0.7%
Emerald TopCo, Inc. FRS BTL 3.76% (3 ML+3.50%) due 07/24/2026		524,700		504,587
Navicure, Inc. FRS BTL-B 4.15% (1 ML+4.00%) due 10/22/2026		597,000		583,194
Navicure, Inc. FRS BTL-B 4.75% (1 ML+4.00%) due 10/22/2026		130,000		126,750
Zelis Payments Buyer, Inc. FRS BTL 4.90% (1 ML+4.75%) due 09/30/2026		580,613		575,411
				1,789,942
Medical Labs & Testing Services — 0.7%
Envision Healthcare Corp. FRS 1st Lien 3.90% (1 ML+3.75%) due 10/10/2025		1,123,503		801,432

69

AIG Flexible Credit Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
LOANS(3)(4)(5) (continued)
Medical Labs & Testing Services (continued)
eResearchTechnology, Inc. FRS BTL 5.50% (1 ML+4.50%) due 02/04/2027	$	837,900	$	833,972
				1,635,404
Medical Products — 0.9%
ASP Navigate Acquisition Corp. FRS BTL coupon TBD due 09/24/2027		365,000		360,438
CPI Holdco LLC FRS BTL 4.40% (1 ML+4.25%) due 11/04/2026		422,875		419,703
Greatbatch, Ltd. FRS BTL-B 3.50% (1 ML+2.50%) due 10/27/2022		384,536		383,214
Viant Medical Holdings, Inc. FRS 1st Lien 3.90% (1 ML+3.75%) due 07/02/2025		1,220,365		1,123,498
				2,286,853
Medical-HMO — 0.6%
One Call Corp. FRS 1st Lein 6.25% (3 ML+5.25%) due 11/25/2022		1,616,005		1,401,884
Medical-Hospitals — 1.2%
Accelerated Health Systems LLC FRS BTL 3.65% (1 ML+3.50%) due 10/31/2025		869,513		843,427
AHP Health Partners, Inc. FRS BTL 5.50% (1 ML+4.50%) due 06/30/2025		971,392		969,571
RegionalCare Hospital Partners Holdings, Inc. FRS BTL-B 3.90% (1 ML+3.75%) due 11/16/2025		841,376		816,135
Surgery Center Holdings, Inc. FRS BTL 4.25% (1 ML+3.25%) due 09/03/2024		268,615		253,458
Surgery Center Holdings, Inc. FRS BTL-B 9.00% (1 ML+8.00%) due 09/03/2024		199,000		200,658
				3,083,249
Medical-Outpatient/Home Medical — 0.4%
Gentiva Health Services, Inc. FRS BTL 3.44% (1 ML+3.25%) due 07/02/2025	$	524,693	$	513,216
National Mentor Holdings, Inc. FRS 1st Lien 4.40% (1 ML+4.25%) due 03/09/2026		487,070		481,133
National Mentor Holdings, Inc. FRS BTL-C 4.40% (1 ML+4.25%) due 03/09/2026		22,233		21,962
				1,016,311
Non-Hazardous Waste Disposal — 0.6%
GFL Environmental, Inc. FRS BTL 4.00% (1 ML+3.00%) due 05/30/2025		761,313		756,987
GFL Environmental, Inc. FRS BTL 4.00% (3 ML+3.00%) due 05/30/2025		136,226		135,452
Tunnel Hill Partners LP FRS BTL-B 3.65% (1 ML+3.50%) due 02/06/2026		748,600		709,298
				1,601,737
Oil Companies-Exploration & Production — 0.2%
California Resources Corp. FRS BTL 5.75% (1 ML+4.75%) due 12/31/2022†(2)(6)(8)		650,000		234,000
Fieldwood Energy LLC FRS 1st Lien 6.25% (3 ML+5.25%) due 04/11/2022†(2)(8)		1,085,382		270,667
Gavilan Resources LLC FRS 2nd Lien 10.25% (USFRBPLR+5.00%) due 03/01/2024†(2)(6)(8)		470,000		1,175
				505,842
Oil Refining & Marketing — 0.3%
CITGO Holding, Inc. FRS BTL 8.00% (3 ML+7.00%) due 08/01/2023		262,350		245,297
CITGO Petroleum Corp. FRS BTL-B 6.00% (1 ML+5.00%) due 03/28/2024		658,561		623,163
				868,460
Pharmacy Services — 0.4%
Milano Acquisition Corp. FRS BTL-B coupon TBD due 10/01/2027		875,000		864,062

70

AIG Flexible Credit Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount		Value (Note 2)
LOANS(3)(4)(5) (continued)
Pharmacy Services (continued)
Packaging Coordinators Midco, Inc. FRS BTL coupon TBD due 09/25/2027	$	185,000	$	184,191
				1,048,253
Pipelines — 0.4%
Medallion Midland Acquisition LLC FRS BTL 4.25% (1 ML+3.25%) due 10/30/2024		706,919		663,326
Traverse Midstream Partners LLC FRS BTL 5.00% (1 ML+4.00%) due 09/27/2024		349,018		319,874
				983,200
Pollution Control — 0.4%
Filtration Group Corp. FRS BTL 3.15% (1 ML+3.00%) due 03/29/2025		931,580		912,366
Professional Sports — 0.4%
UFC Holdings LLC FRS BTL 4.25% (6 ML+3.25%) due 04/29/2026		1,051,103		1,036,125
Publishing-Books — 0.3%
McGraw-Hill Global Education Holdings LLC FRS BTL-B 5.00% (1 WL+4.00%) due 05/04/2022		812,762		681,196
Publishing-Periodicals — 0.2%
Meredith Corp. FRS BTL-B2 2.65% (1 ML+2.50%) due 01/31/2025		526,651		506,902
Retail-Arts & Crafts — 0.4%
Michaels Stores, Inc. FRS BTL 3.50% (1 ML+2.50%) due 01/30/2023		726,662		723,392
Michaels Stores, Inc. FRS BTL coupon TBD due 01/30/2023		255,000		253,853
				977,245
Retail-Bedding — 0.1%
Serta Simmons Bedding LLC FRS 1st Lien 4.50% (3 ML+3.50%) due 11/08/2023		945,700		315,121
Retail-Major Department Stores — 0.1%
Neiman Marcus Group, Ltd. LLC FRS BTL 8.25% (USFRBPLR+5.00%) due 10/25/2023†(2)(8)		1,189,009		180,334
Retail-Misc./Diversified — 0.3%
Leslie’s Poolmart, Inc. FRS BTL-B 3.65% (1 ML+3.50%) due 08/16/2023	$	667,313	$	653,728
Retail-Sporting Goods — 0.3%
Bass Pro Group LLC FRS BTL 5.75% (3 ML+5.00%) due 09/25/2024		784,897		777,343
Retail-Vitamins & Nutrition Supplements — 0.2%
Isagenix International LLC FRS BTL 6.75% (3 ML+5.75%) due 06/14/2025		843,170		427,206
Rubber/Plastic Products — 1.0%
Gates Global LLC FRS BTL-B2 3.75% (1 ML+2.75%) due 04/01/2024		1,217,424		1,196,372
U.S. Farathane LLC FRS BLT-B4 4.50% (3 ML+3.50%) due 12/23/2021		1,397,122		1,210,840
				2,407,212
Satellite Telecom — 0.6%
Intelsat Jackson Holdings SA FRS BTL-B3 8.00% (USFRBPLR+4.75%) due 11/27/2023(8)		840,000		841,890
Intelsat Jackson Holdings SA FRS BTL-B5 8.63% (1 ML+8.63%) due 01/02/2024(8)		541,000		545,058
				1,386,948
Soap & Cleaning Preparation — 0.2%
KIK Custom Products, Inc. FRS BTL 5.00% (3 ML+4.00%) due 05/15/2023		538,267		534,226
Telecom Services — 0.2%
West Corp. FRS BTL-B 5.00% (1 ML+4.00%) due 10/10/2024		671,980		609,582
Telecommunication Equipment — 0.3%
Plantronics, Inc. FRS BTL-B 2.65% (1 ML+2.50%) due 07/02/2025		630,172		590,628
Plantronics, Inc. FRS BTL-B 2.72% (3 ML+2.50%) due 07/02/2025		94,828		88,878
				679,506

71

AIG Flexible Credit Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

Security Description	Principal Amount/ Shares			Value (Note 2)
LOANS(3)(4)(5) (continued)
Telephone-Integrated — 0.8%
Consolidated Communications, Inc. FRS BTL-B coupon TBD due 10/02/2027	$	570,000		$	563,350
Consolidated Communications, Inc. FRS BTL-B 4.00% (1 ML+3.00%) due 10/04/2023		553,880			548,549
Zayo Group Holdings, Inc. FRS BTL 3.15% (1 ML+3.00%) due 03/09/2027		776,100			751,473
					1,863,372
Theaters — 0.2%
CDS U.S. Intermediate Holdings, Inc. FRS BTL-B 6.50% (3 ML+5.50%) due 07/08/2022†(2)(8)		1,211,688			581,611
Veterinary Diagnostics — 0.1%
PetVet Care Centers LLC FRS Delayed Draw 5.25% (1 ML+5.00%) due 02/14/2025		289,270			288,546
Vitamins & Nutrition Products — 0.4%
Milk Specialties Co. FRS BTL 5.00% (1 ML+4.00%) due 08/16/2023		959,318			926,541
Total Loans
(cost $116,334,978)					106,444,477
COMMON STOCKS — 0.4%
Advertising Sales — 0.0%
Clear Channel Outdoor Holdings, Inc.†		56,198			56,198
Oil Companies-Exploration & Production — 0.2%
Denbury, Inc.†		22,954			403,990
Radio — 0.0%
iHeartMedia, Inc., Class A†		2,196			17,832
iHeartMedia, Inc., Class B†(11)		29			235
					18,067
Retail-Regional Department Stores — 0.0%
MYT Holding LLC†(6)(11)		57,392			49,931
NMG Parent LLC†(6)(11)		203			13,163
					63,094
Television — 0.2%
ION Media Networks, Inc.†(6)(11)		660			571,195
Total Common Stocks
(cost $1,593,812)					1,112,544
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.6%
Insurance-Life/Health — 0.6%
Voya Financial, Inc. 5.65% due 05/15/2053 (cost $1,392,700)	$	1,325,000			1,361,438
WARRANTS — 0.1%
Radio — 0.1%
iHeartmedia, Inc. Expires 05/01/2039† (cost $357,621)		21,674		$	159,304
ESCROWS AND LITIGATION TRUSTS — 0.0%
Mesquite Energy, Inc. Senior Sec. Notes 7.25% due 07/15/2023†	$	405,000			2,025
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc. Escrow Notes 11.50% due 10/01/2020*†		1,667,835			2,502
Venture Holdings Co. LLC Company Guar. Notes 11.00% due 06/01/2007†(1)(6)(8)		550,000			0
Hellas Telecommunications Luxembourg II SCA Sub. Notes 6.26% due 01/15/2015*†(1)(6)(8)		1,025,000			0
Paragon Offshore Finance Co. FRS Escrow Loans 5.00% (USFRBPLR+1.75%) due 07/18/2021(6)†		1,745			0
Vistra Energy Corp. CVR†(11)		27,942			30,512
Total Escrows and Litigation Trusts
(cost $1,603,132)					35,039
Total Long-Term Investment Securities
(cost $260,066,849)					246,697,507
SHORT-TERM INVESTMENT SECURITIES — 2.1%
Registered Investment Companies — 2.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%(9) (cost $5,210,114)		5,210,114			5,210,114
TOTAL INVESTMENTS
(cost $265,276,963)(10)		101.4	%		251,907,621
Liabilities in excess of other assets		(1.4	)		(3,456,693	)
NET ASSETS		100.0	%	$	248,450,928

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At September 30, 2020, the aggregate value of these securities was $94,163,661 representing 37.9% of net assets.

† Non-income producing security

(1) Security in default of interest and principal at maturity.

(2) Security in default of interest.

(3) Senior loans in the Fund are generally subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments may occur. As a result, the actual remaining maturity may be substantially less than the stated maturities shown.

72

AIG Flexible Credit Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

(4) The Fund invests in senior loans which generally pay interest at rates which are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (“LIBOR”) or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. Senior loans are generally considered to be restrictive in that the Fund is ordinarily contractually obligated to receive approval from the Agent Bank and/or borrower prior to the disposition of a senior loan.

(5) All loans in the Fund were purchased through assignment agreements unless otherwise indicated.

(6) Securities classified as Level 3 (see Note 2).

(7) PIK (“Payment-in-Kind”) security — Income may be paid in additional securities or cash at the discretion of the issuer. The security is currently paying interest in the form of additional securities.

(8) Company has filed for bankruptcy protection.

(9) The rate shown is the 7-day yield as of September 30, 2020.

(10) See Note 5 for cost of investments on a tax basis.

(11) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist.

As of September 30, 2020, the Fund held the following restricted securities:

Description	Acquisition Date		Principal Amount/ Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Term Loans
Gavilan Resources LLC 10.25% due 03/01/2024		3/9/2007	$	470,000	$	465,300	$	1,175	$	0.25		0.00	%
Common Stocks
iHeartMedia, Inc., Class B		05/07/2019		29		522		235		8.10		0.00
MYT Holding LLC		11/20/2017		10,532		0
		02/14/2018		35,731		0
		09/17/2018		11,129		0
				57,392		0		49,931		0.87		0.02
NMG Parent LLC		11/20/2017		37		68,915
		02/14/2018		127		239,200
		09/17/2018		39		81,283
				203		389,398		13,163		64.84		0.01
ION Media Networks, Inc.		12/21/2016		660		7		571,195		865.45		0.23
Escrows and Litigation Trusts
Vistra Energy Corp. CVR		10/06/2016		27,942		0		30,512		1.09		0.01
							$	666,211				0.27	%

BTL — Bank Term Loan

CVR — Contingent Value Rights

TBD — Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to the settlement.

FRS — Floating Rate Security

The rates shown on FRS are the current interest rates at September 30, 2020 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML — 1 Month USD Libor

1 WL — 1 Week USD Libor

2 ML — 2 Month USD Libor

3 ML — 3 Month USD Libor

6 ML — 6 Month USD Libor

USFRBPLR — US Federal Reserve Bank Prime Loan Rate

73

AIG Flexible Credit Fund

PORTFOLIO OF INVESTMENTS — September 30, 2020 — (unaudited) (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of September 30, 2020 (see Note 2):

	Level 1 — Unadjusted Quoted Prices			Level 2 — Other Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
U.S. Corporate Bonds & Notes	$	—		$	119,999,509	$	—	$	119,999,509
Foreign Corporate Bonds & Notes		—			17,585,196		—		17,585,196
Loans:
Oil Companies-Exploration & Production		—			270,667		235,175		505,842
Other Industries		—			105,938,635		—		105,938,635
Common Stocks:
Radio		17,832			235		—		18,067
Retail-Regional Department Stores		—			—		63,094		63,094
Television		—			—		571,195		571,195
Other Industries		460,188			—		—		460,188
Preferred Securities/Capital Securities		—			1,361,438		—		1,361,438
Warrants		—	��		159,304		—		159,304
Escrows and Litigation Trusts		—			35,039		0		35,039
Short-Term Investment Securities		5,210,114			—		—		5,210,114
Total Investments at Value	$	5,688,134		$	245,350,023	$	869,464	$	251,907,621

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no material Level 3 transfers during the reporting period.

See Notes to Financial Statements

74

SunAmerica Income Funds

NOTES TO FINANCIAL STATEMENTS — September 30, 2020 — (unaudited)

Note 1. Organization

The SunAmerica Income Funds (the “Trust”) is a diversified open-end management investment company organized as a Massachusetts business trust. The Trust currently consists of three different series (each, a “Fund” and collectively, the “Funds”). Each Fund is a separate series of the Trust with distinct investment objectives and/or strategies. Each Fund is managed by SunAmerica Asset Management, LLC (the “Adviser” or “SunAmerica”), an indirect wholly-owned subsidiary of American International Group, Inc. (“AIG”). An investor may invest in one or more of the following Funds: AIG U.S. Government Securities Fund (“U.S. Government Securities Fund”), AIG Strategic Bond Fund (“Strategic Bond Fund”), and AIG Flexible Credit Fund (“Flexible Credit Fund”). The Funds are considered to be separate entities for financial and tax reporting purposes.

The investment goals and principal investment techniques for each of the Funds are as follows:

U.S. Government Securities Fund seeks high current income consistent with relative safety of capital by the active trading of U.S. Government securities, without regard to the maturities of such securities. Under normal market conditions, at least 80% of the Fund’s net assets plus any borrowing for investment purposes will be invested in such securities.

Strategic Bond Fund seeks a high level of total return by the active trading of a broad range of bonds, including both investment grade and non-investment grade U.S. and foreign bonds (which may include “junk bonds”), U.S. and foreign government and agency obligations, and mortgage-backed securities, without regard to the maturities of such securities. Under normal market conditions, at least 80% of the Fund’s net assets plus any borrowing for investment purposes will be invested in bonds.

Flexible Credit Fund seeks a high level of total return by the active trading in credit instruments. Under normal circumstances, at least 80% of the Fund’s net assets, plus any borrowings for investment purposes, will be invested in credit instruments and derivative instruments and exchange-traded funds (“ETFs”) that are linked to, or provide investment exposure to, credit instruments. The Fund considers a credit instrument to be any debt instrument or instrument with debt-like characteristics, including but not limited to, corporate and sovereign bonds, secured floating rate loans and other institutionally traded secured floating rate debt obligations (“Loans”), and securitized instruments, which are securities backed by pools of assets such as mortgages, loans, or other receivables. The credit instruments in which the Fund intends to primarily invest are U.S. and non-U.S. below investment grade, high yield bonds (commonly referred to as “junk bonds”) and Loans.

Each Fund offers multiple classes of shares. The classes within each Fund are presented in the Statements of Assets and Liabilities. The cost structure for each class is as follows:

Class A shares are offered at net asset value per share plus an initial sales charge. Additionally, purchases of Class A shares in amounts of $250,000 or more will be purchased at net asset value but will be subject to a contingent deferred sales charge on redemptions made within one year of purchase.

Class B shares are offered without an initial sales charge, although a declining contingent deferred sales charge may be imposed on redemptions made within six years of purchase. Class B shares convert automatically to Class A shares on the first business day of the month following the eighth anniversary of the issuance of such Class B shares and at such time will be subject to the lower distribution fee applicable to Class A shares.

Class C shares are offered at net asset value per share without an initial sales charge and may be subject to a contingent deferred sales charge on redemptions made within 12 months of purchase. Effective September 30, 2020, Class C shares will convert automatically to Class A shares approximately eight years after purchase and at such time will be subject to the lower distribution fee applicable to Class A shares.

Class W shares are offered at net asset value per share. The class is offered exclusively through advisory fee-based programs sponsored by certain financial intermediaries and other programs.

Each class of shares bears the same voting, dividend, liquidation and other rights and conditions except as may otherwise be provided in the Trust’s registration statement. Class A, Class B and Class C shares each makes distribution and account maintenance and service fee payments under the distribution plan pursuant to Rule 12b-1 under the Investment Company Act of

75

SunAmerica Income Funds

NOTES TO FINANCIAL STATEMENTS — September 30, 2020 — (unaudited) (continued)

1940, as amended (the “1940 Act”), with Class B and Class C shares being subject to higher distribution fee rates. Class W shares have not adopted 12b-1 Plans and make no payments thereunder, however, Class W shares pay a service fee to the Funds’ distributor for administrative and shareholder services.

Indemnifications: The Trust’s organizational documents provide current and former officers and trustees with a limited indemnification against liabilities arising out of the performance of their duties to the Trust. In addition, pursuant to Indemnification Agreements between the Trust and each of the current trustees who is not an “interested person,” as defined in Section 2(a)(19) of the 1940 Act, of the Trust (collectively, the “Disinterested Trustees”), the Trust provides the Disinterested Trustees with a limited indemnification against liabilities arising out of the performance of their duties to the Trust, whether such liabilities are asserted during or after their service as trustees. In addition, in the normal course of business, the Trust enters into contracts that contain the obligation to indemnify others. The Trust’s maximum exposure under these arrangements is unknown. Currently, however, the Trust expects the risk of loss to be remote.

Note 2. Significant Accounting Policies

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be significant. The Funds are considered investment companies under GAAP and follow the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements:

Security Valuation: In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Funds would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP establishes a three-tier hierarchy to provide more transparency around the inputs used to measure fair value and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tiers are as follows:

Level 1 — Unadjusted quoted prices in active markets for identical securities

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board of Trustees (“the Board”), etc.)

Level 3 — Significant unobservable inputs (includes inputs that reflect the Funds’ own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

76

SunAmerica Income Funds

NOTES TO FINANCIAL STATEMENTS — September 30, 2020 — (unaudited) (continued)

The summary of each Fund’s asset and liabilities classified in the fair value hierarchy as of September 30, 2020 is reported on a schedule at the end of each Fund’s Portfolio of Investments.

Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges on which the securities are principally traded and are generally categorized as Level 1. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.

As of the close of regular trading on the New York Stock Exchange (“NYSE”), securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security’s price is available from more than one exchange, the Funds use the exchange that is the primary market for the security. Such securities are generally categorized as Level 1. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price a Fund’s shares, and a Fund may determine that certain closing prices do not reflect the fair value of the security. This determination will be based on review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If a Fund determines that closing prices do not reflect the fair value of the securities, the Fund will adjust the previous closing prices in accordance with pricing procedures approved by the Board to reflect what it believes to be the fair value of the securities as of the close of regular trading on the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but a Fund is open. For foreign equity securities and foreign equity futures contracts, the Funds use an outside pricing service to provide it with closing market prices and information used for adjusting those prices and when so adjusted, such securities and futures are generally categorized as Level 2.

Bonds, debentures and other debt securities are valued at evaluated bid prices obtained for the day of valuation from a Board-approved pricing service, and are generally categorized as Level 2. The pricing service may use valuation models or matrix pricing which considers information with respect to comparable bond and note transactions, quotations from bond dealers, or by reference to other securities that are considered comparable in such characteristics as rating, interest rate, and maturity date, option adjusted spread models, prepayments projections, interest rate spreads, and yield curves to determine current value. If a price is unavailable from a Board-approved pricing service, the securities may be priced at the mean of two independent quotes obtained from brokers.

Senior floating rate loans (“Loans”) are valued at the average of available bids in the market for such Loans, as provided by a Board-approved loan pricing service, and are generally categorized as Level 2.

Investments in registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in registered investment companies are generally categorized as Level 1.

Forward foreign currency contracts (“forward contracts”) are valued at the 4:00 p.m. Eastern Time forward rate and are generally categorized as Level 2.

Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) which is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or over-the-counter market and are generally categorized as Level 1 or Level 2.

The Board is responsible for the share valuation process and has adopted policies and procedures (the “PRC Procedures”) for valuing the securities and other assets held by the Funds, including procedures for the fair valuation of securities and other assets for which market quotations are not readily available or are unreliable. The PRC Procedures provide for the establishment of a pricing review committee, which is responsible for, among other things, making certain determinations in connection with the

77

SunAmerica Income Funds

NOTES TO FINANCIAL STATEMENTS — September 30, 2020 — (unaudited) (continued)

Trust’s fair valuation procedures. Securities for which market quotations are not readily available or the values of which may be significantly impacted by the occurrence of developments or significant events are generally categorized as Level 3. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.

Derivative Instruments:

Forward Foreign Currency Contracts: During the period, the Strategic Bond Fund used forward contracts to attempt to protect securities and related receivables and payables against changes in future foreign exchange rates.

A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the cumulative change in market value is recorded by a Fund as unrealized appreciation or depreciation. On the settlement date, a Fund records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Risks to the Funds of entering into forward contracts include counterparty risk, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Fund’s loss will generally consist of the net amount of contractual payments that the Fund has not yet received though the Fund’s maximum exposure due to counterparty risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reported on the Statements of Assets and Liabilities. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. Currency transactions are also subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

Forward foreign currency contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund’s Portfolio of Investments.

Master Agreements: Certain Funds that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements (“Master Agreements”) with certain counterparties that govern certain instruments. Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by the Fund and applicable counterparty. Collateral requirements are generally determined based on a Fund’s net position with each counterparty. Master Agreements may also include certain provisions that require a Fund to post additional collateral upon the occurrence of certain events, such as when a Fund’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Fund may also occur upon a decline in the Fund’s net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Fund’s counterparties to elect early termination could cause a Fund to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a Fund’s financial statements. The Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Asset and Liabilities.

78

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NOTES TO FINANCIAL STATEMENTS — September 30, 2020 — (unaudited) (continued)

The following tables represent the value of derivatives held as of September 30, 2020, by their primary underlying risk exposure. The derivative contracts held during the period are not accounted for as hedging instruments under GAAP. For a detailed presentation of derivatives held as of September 30, 2020, please refer to the schedule at the end of each Fund’s Portfolio of Investments.

	Asset Derivatives		Liability Derivatives
	Foreign Forward Exchange Contracts		Foreign Forward Exchange Contracts
Fund	Foreign Exchange Contracts(1)		Foreign Exchange Contracts(2)
Strategic Bond	$	26,495	$	280,732

Statement of Assets and Liabilities Location:

(1) Unrealized appreciation on forward foreign currency contracts

(2) Unrealized depreciation on forward foreign currency contracts

	Realized Gain (Loss) on Derivatives Recognized in Statement  of Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
	Foreign Forward Exchange Contracts			Foreign Forward Exchange Contracts
Fund	Foreign Exchange Contracts(1)			Foreign Exchange Contracts(2)
Strategic Bond	$	(535,571	)	$	(445,096	)

Statement of Operations Location:

(1) Net realized gain (loss) on forward contracts

(2) Change in unrealized appreciation (depreciation) on forward contracts

The following table represents the average monthly balances of derivatives held during the six months ended September 30, 2020:

	Average Amount Outstanding During the Year
Fund	Foreign Exchange Contracts(1)
Strategic Bond	$	23,204,563

(1) Amounts represent notional amounts in US dollars.

The following tables set forth the Funds’ derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged/(received) as of September 30, 2020. The repurchase agreements held by the Funds as of September 30, 2020, are also subject to Master Agreements but are not included in the following tables. See the Portfolio of Investments of each Fund and the Notes to the Financial Statements for more information about the Funds’ holdings in repurchase agreements.

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NOTES TO FINANCIAL STATEMENTS — September 30, 2020 — (unaudited) (continued)

	Strategic Bond Fund
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
JPMorgan Chase Bank N.A	$	26,495	$	—	$	—	$	26,495	$	280,732	$	—	$	—	$	280,732	$	(254,237	)	$	—	$	(254,237	)

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

Mortgage-Backed Dollar Rolls: Certain Funds may enter into dollar rolls using “to be announced” (“TBA”) mortgage-backed securities (“TBA Rolls”). TBA Roll transactions involve the sale of mortgage or other asset backed securities with the commitment to purchase substantially similar securities on a specified future date. The Funds’ policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. TBA Roll transactions involve the risk that the market value of the securities held by a Fund may decline below the price of the securities that the Fund has sold but is obligated to repurchase under the agreement. In the event that the buyer of securities in a TBA Roll transaction files bankruptcy or becomes insolvent, a Fund’s use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities. Mortgage-Backed Dollar Rolls outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

When-Issued Securities and Forward Commitments: Certain Funds may purchase or sell when-issued securities (including TBA securities) that have been authorized, but not yet issued in the market. In addition, a Fund may purchase or sell securities on a forward commitment basis. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The Funds may engage in when-issued or forward commitment transactions in order to secure what is considered to be an advantageous price and yield at the time of entering into the obligation. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a when-issued or forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Securities purchased or sold on a when-issued or forward commitment basis outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

Loans: The Fund invests in senior loans which generally consist of direct debt obligations of companies (collectively, “Borrowers”), primarily U.S. companies and their affiliates, undertaken to finance the growth of the Borrower’s business internally and externally, or to finance a capital restructuring. Transactions in senior loans may settle on a delayed basis. Unsettled loans at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

Stripped Mortgage-Backed Securities: Stripped Mortgage-Backed Securities (“SMBS”) are multiple-class mortgage-backed securities. SMBS are often structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. SMBS have greater market volatility than other types of U.S. government securities in which a Fund invests. A common type of SMBS has one class receiving some of the interest and all or most of the principal (the “principal only” class) from the mortgage pool, while the other class will receive all or most of the interest (the “interest only” class). The yield to maturity on an interest only class is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments, including principal prepayments, on the underlying pool of mortgage assets, and a rapid rate of principal payment may have a material adverse effect on a Fund’s yield.

Inflation-Indexed Bonds: Certain Funds may purchase inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is adjusted periodically according to the rate of inflation. Two structures are common. The U.S. Treasury and certain other issuers use a structure that reflects inflation in the principal value of the bond. Other issuers pay out any inflation related accruals as part of a semiannual coupon. The value of inflation-indexed bonds is expected to change in

80

SunAmerica Income Funds

NOTES TO FINANCIAL STATEMENTS — September 30, 2020 — (unaudited) (continued)

response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates (i.e., stated interest rates) and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates (i.e., nominal interest rates minus inflation) might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in nominal interest rates, and short-term increases in inflation may lead to a decline in their value. Coupon payments received from inflation-indexed bonds are recorded in the Statements of Operations as interest income. In addition, any increase or decrease in the principal amount of an inflation-indexed bond will be recorded in the Statements of Operations as an increase or decrease to interest income, even though principal is not paid until maturity.

Repurchase Agreements: The Funds, along with other affiliated registered investment companies, pursuant to procedures adopted by the Board and applicable guidance from the Securities and Exchange Commission (“SEC”), may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repurchase agreements and joint repurchase agreements, the Trust’s custodian takes possession of the collateral pledged for investments in such repurchase agreements (“repo” or collectively “repos”). The underlying collateral is valued daily on a mark to market basis, plus accrued interest to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, a Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by a Fund may be delayed or limited.

Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders: Security transactions are recorded on a trade date basis. Interest income is accrued daily from settlement date except when collection is not expected. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities, which are recorded as soon as the Trust is informed after the ex-dividend date. Paydown gains and losses on mortgage and asset-backed securities are recorded as components of interest income on the Statements of Operations. For financial statement purposes, the Funds amortize all premiums and accrete all discounts on fixed income securities.

Realized gains and losses on the sale of investments are calculated on the identified cost basis. Funds which earn foreign income and capital gains may be subject to foreign withholding taxes and capital gains taxes at various rates. Under applicable foreign law, a withholding of tax may be imposed on interest, dividends, and capital gains from the sale of foreign securities at various rates.

Income and expenses, other than class specific expenses, are allocated daily to each class of shares based upon the relative value of dividend-eligible shares after adjusting for the current capital share activity of the respective class. Realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative value of outstanding shares after adjusting for the current capital share activity of the respective class.

Expenses common to all Funds are allocated among the Funds based upon relative net assets or other appropriate allocation methods. In all other respects, expenses are charged to each Fund as incurred on a specific identification basis.

Dividends from net investment income are accrued daily and paid monthly. Capital gain distributions, if any, are paid annually. The Funds record dividends and distributions to their shareholders on the ex-dividend date. The Funds reserve the right to declare and pay dividends less frequently than disclosed above, provided that the net realized capital gains and net investment income, if any, are paid at least annually.

The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts at fiscal year end based on their federal tax-basis treatment; temporary differences do not require reclassification. Net assets are not affected by these reclassifications.

81

SunAmerica Income Funds

NOTES TO FINANCIAL STATEMENTS — September 30, 2020 — (unaudited) (continued)

Each Fund is considered a separate entity for tax purposes and intends to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of its taxable income, including any net capital gains on investments, to its shareholders. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is required.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed each Fund’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. The Funds are not aware of any tax provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds file U.S. federal and certain state income tax returns. The Funds federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency contracts are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation.

The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at the end of the period. Similarly, the Funds do not isolate the effect of changes in foreign exchange rates from the changes in the market prices of portfolio securities sold during the period.

Realized foreign exchange gains and losses on other assets and liabilities and change in unrealized foreign exchange gains and losses on other assets and liabilities located in the Statements of Operations include realized foreign exchange gains and losses from currency gains or losses between the trade and the settlement dates of securities transactions, the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid and changes in the unrealized foreign exchange gains and losses relating to the other assets and liabilities arising as a result of changes in the exchange rates.

LIBOR Risk: A fund’s investments, payment obligations and financing terms may be based on floating rates, such as London Interbank Offer Rate (“LIBOR”), Euro Interbank Offered Rate and other similar types of reference rates (each, a “Reference Rate”). On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority (“FCA”), which regulates LIBOR, announced that the FCA will no longer persuade nor require banks to submit rates for the calculation of LIBOR and certain other Reference Rates after 2021. Such announcement indicates that the continuation of LIBOR and other Reference Rates on the current basis cannot and will not be guaranteed after 2021. This announcement and any additional regulatory or market changes may have an adverse impact on a fund or its investments.

In advance of 2021, regulators and market participants are expected to work together to identify or develop successor Reference Rates. Additionally, prior to 2021, it is expected that market participants will focus on the transition mechanisms by which the Reference Rates in existing contracts or instruments may be amended, whether through market wide protocols, fallback contractual provisions, bespoke negotiations or amendments or otherwise. Nonetheless, the termination of certain Reference Rates presents risks to a fund. At this time, it is not possible to completely identify or predict the effect of any such changes, any establishment of alternative Reference Rates or any other reforms to Reference Rates that may be enacted in the UK or elsewhere. The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of Reference Rates could have an adverse impact on the market for or value of any securities or payments linked to those Reference Rates and other financial obligations held by a fund or on its overall financial condition or results of operations. In addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect a fund’s performance and/or NAV.

New Accounting Pronouncements: In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13 “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement”. The ASU eliminates, modifies, and adds disclosure requirements for fair value measurements and is effective for fiscal years, and interim periods

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SunAmerica Income Funds

NOTES TO FINANCIAL STATEMENTS — September 30, 2020 — (unaudited) (continued)

within those fiscal years, beginning after December 15, 2019. Adoption of the ASU had no material impact on the Funds.

Effective April 1, 2019, the Funds are subject to ASU 2017-08, “Premium Amortization on Purchased Callable Debt Securities”, which requires the premiums on certain purchased debt securities with non-contingent call features to be amortized to the earliest call date. The amortization period for callable debt securities purchased at a discount will not be impacted. Adoption of the ASU had no material impact on the Funds.

Note 3. Investment Advisory and Management Agreement, Distribution Agreement and Service Agreement

The Trust, on behalf of each Fund, has an Investment Advisory and Management Agreement (the “Agreement”) with SunAmerica. Under the Agreement, SunAmerica provides continuous supervision of a Fund’s portfolio and administers its corporate affairs, subject to general review by the Trustees. In connection therewith, SunAmerica furnishes the Funds with office facilities, maintains certain of the Funds’ books and records, and pays the salaries and expenses of all personnel, including officers of the Funds, who are employees of SunAmerica and its affiliates.

The Funds pay SunAmerica a monthly investment advisory and management fee calculated daily at the following annual percentages of each Fund’s average daily net assets:

Fund	Assets	Management Fees
U.S. Government Securities	$0 - $200 million		0.650	%
	> $200 million		0.620
	> $400 million		0.550
Strategic Bond(1)	$0 - $350 million		0.650
	> $350 million		0.600
Flexible Credit(2)	$0 - $200 million		0.750
	> $200 million		0.720
	> $400 million		0.550

(1) The Advisor contractually agreed to waive its advisory fee with respect to the AIG Strategic Bond Fund through July 31, 2021, and from year to year thereafter provided such continuance is agreed to by the Advisor and approved by a majority of the Disinterested Trustees, so that the advisory fee payable by the Fund to the Advisor under the agreement equals 0.38% on the first $350 million and 0.33% above $350 million of average daily net assets.

(2) The Advisor contractually agreed to waive its advisory fee with respect to the AIG Flexible Credit Fund through July 31, 2021, and from year to year thereafter provided such continuance is agreed to by the Advisor and approved by a majority of the Disinterested Trustees, so that the advisory fee payable by the Fund to the Advisor under the agreement equals 0.34% of average daily net assets.

For the six months ended September 30, 2020 the amount of investment advisory fees waived for Strategic Bond Fund and Flexible Credit Fund were $430,696 and $526,676, respectively. These amounts are reflected in the Statement of Operations.

The organizations described below act as subadvisers to the Trust and certain of its Funds pursuant to Subadvisory Agreements with SAAMCo. Under the Subadvisory Agreements, the subadvisers manage the investment and reinvestment of the assets of the respective Funds for which they are responsible.

Each of the subadvisers is independent of SAAMCo and discharges its responsibilities subject to the policies of the Trust’s Trustees and the oversight and supervision of SAAMCo, which pays the subadvisers’ fees.

Subadviser	Fund
PineBridge Investments, LLC		Strategic Bond
Newfleet Asset Management, LLC		Flexible Credit

SunAmerica has contractually agreed to waive fees and/or reimburse expenses, to the extent necessary to cap the Funds’ annual fund operating expenses at the following percentages of each Fund’s average net assets. For the purposes of waived fees and/or reimbursed expense calculations, annual Fund operating expenses shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence, such as litigation), or acquired Fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other

83

SunAmerica Income Funds

NOTES TO FINANCIAL STATEMENTS — September 30, 2020 — (unaudited) (continued)

expenses not incurred in the ordinary course of a Fund’s business. The contractual fee waivers and expense reimbursements will continue indefinitely, subject to termination by the Trustees, including a majority of the Disinterested Trustees.

Fund	Percentage
U.S. Government Securities Class A		0.99	%
U.S. Government Securities Class C		1.64
Strategic Bond Class A		1.40
Strategic Bond Class B		2.05
Strategic Bond Class C		2.05
Strategic Bond Class W		1.20
Flexible Credit Class A		1.45
Flexible Credit Class C		2.10
Flexible Credit Class W		1.25

For the U.S. Government Securities Fund, any contractual waivers and/or reimbursements made by SunAmerica are subject to recoupment from the Fund within two years after the occurrence of the waivers and/or reimbursements, provided that the Fund is able to effect such payment to SunAmerica and remain in compliance with the expense limitations in effect at the time the waivers and/or reimbursements were made.

For the six months ended September 30, 2020, pursuant to the contractual expense limitations in the above tables SunAmerica

has waived and/or reimbursed expenses as follows:

Fund	Other Expenses Reimbursed
U.S. Government Securities	$	122,761
Fund	Class Specific Expenses
U.S. Government Securities Class A	$	147,416
U.S. Government Securities Class C		29,144

At September 30, 2020, expenses previously waived or reimbursed by SunAmerica that are subject to recoupment and expire

during the time period indicated are as follows:

	Other Expenses Reimbursed
Fund	March 31, 2021		March 31, 2022		September 30, 2022
U.S. Government Securities	$	83,969	$	213,542	$	122,761
	Class Specific Expenses Reimbursed
Fund	March 31, 2021		March 31, 2022		September 30, 2022
U.S. Government Securities Class A	$	147,259	$	295,607	$	147,416
U.S. Government Securities Class C		15,815		37,873		29,144

The Trust, on behalf of each Fund, has entered into a Distribution Agreement with AIG Capital Services, Inc. (“ACS” or “Distributor”), an affiliate of the Adviser. Each Fund has adopted a Distribution Plan on behalf of each Class (other than Class W shares of the Strategic Bond and Flexible Credit Funds), in accordance with the provisions of Rule 12b-1 under the 1940 Act (each, a “Plan,” and collectively, the “Plans”), hereinafter referred to as the “Class A Plan,” the “Class B Plan” and the “Class C Plan.” In adopting the Class A Plan, the Class B Plan and the Class C Plan, the Trustees determined that there was a reasonable likelihood that each such Plan would benefit the Trust and the shareholders of the respective class. The sales charge and distribution fees of a particular class will not be used to subsidize the sale of shares of any other class.

The Class A, Class B and Class C Plans provide that the Trust, on behalf of the respective classes, shall pay the Distributor a distribution fee at an annual rate of up to 0.10%, 0.75% and 0.75%, of average daily net assets of such Fund’s Class A, Class B and Class C shares, respectively, to compensate the Distributor and certain securities firms for providing sales and promotional activities for distributing that class of shares. The distribution costs for which the Distributor may be compensated include fees

84

SunAmerica Income Funds

NOTES TO FINANCIAL STATEMENTS — September 30, 2020 — (unaudited) (continued)

paid to broker-dealers that have sold Fund shares, commissions, and other expenses such as those incurred for sales literature, prospectus printing and distribution and compensation to wholesalers. It is possible that in any given year, the amount paid to the Distributor under the Class A Plan, Class B Plan or Class C Plan may exceed the Distributor’s distribution costs as described above. Except for Class W shares of the Strategic Bond and Flexible Credit Funds, the Plans also provide that each class of shares of the Trust will also pay the Distributor an account maintenance fee at the annual rate of up to 0.25% of the aggregate average daily net assets of such class of shares to compensate the Distributor and securities firms for account maintenance activities. The Distributor does not receive or retain any distribution and/or account maintenance fees for any shares when the shareholder does not have a broker of record. For the six months ended September 30, 2020, ACS received fees as reflected in the Statements of Operations based on the aforementioned rates.

The Trust, on behalf of the Strategic Bond and Flexible Credit Funds, has entered into an Administrative and Shareholder Services Agreement with ACS, pursuant to which ACS is paid an annual fee of 0.15% of average daily net assets of Class W shares as compensation for providing additional shareholder services to Class W shareholders. The Distributor does not receive or retain any distribution and/or account maintenance fees for any shares when the shareholder does not have a broker of record. For the six months ended September 30, 2020, ACS earned fees as reflected in the Statements of Operations based on the aforementioned rate.

ACS receives sales charges on each Fund’s Class A shares, portions of which are reallowed to affiliated broker-dealers and non-affiliated broker-dealers. ACS also receives the proceeds of contingent deferred sales charges paid by investors in connection with certain redemptions of Class A, Class B and Class C shares. ACS has advised the Funds that for the six months ended September 30, 2020, the proceeds received from Class A sales (and paid out to affiliated and non-affiliated broker-dealers) and Class A, Class B and Class C redemptions were as follows:

	Class A								Class B		Class C
Fund	Sales Charges		Affiliated Broker-dealers		Non-affiliated Broker-dealers		Contingent Deferred Sales Charges		Contingent Deferred Sales Charges		Contingent Deferred Sales Charges
U.S. Government Securities	$	19,145	$	5,212	$	10,770	$	—	$	—	$	2,181
Strategic Bond		90,779		29,040		47,634		—		42,125		4,373
Flexible Credit		81,586		2,101		65,348		—		—		2,212

The Trust has entered into a Service Agreement with AIG Fund Services, Inc. (“AFS”), an affiliate of the Adviser. Under the Service Agreement, AFS performs certain shareholder account functions by assisting the Funds’ transfer agent, DST Asset Manager Solutions, Inc. (“DST”) in connection with the services that it offers to the shareholders of the Funds. The Service Agreement permits the Funds to compensate AFS for services rendered, based upon an annual rate of 0.22% of average daily net assets, which is approved annually by the Trustees. For the six months ended September 30, 2020, the Funds incurred the following expenses which are included in transfer agent fees and expenses in the Statements of Operations to compensate AFS pursuant to the terms of the Service Agreement:

Fund	Expenses		Payable at September 30, 2020
U.S. Government Securities Class A	$	138,345	$	22,620
U.S. Government Securities Class C		14,089		2,169
Strategic Bond Class A		171,306		29,467
Strategic Bond Class B		16,233		2,858
Strategic Bond Class C		54,994		8,724
Strategic Bond Class W		108,410		22,365
Flexible Credit Class A		91,460		15,688
Flexible Credit Class C		51,864		8,166
Flexible Credit Class W		144,177		21,864

85

SunAmerica Income Funds

NOTES TO FINANCIAL STATEMENTS — September 30, 2020 — (unaudited) (continued)

At September 30, 2020, AIG Active Allocation Fund and AIG Multi-Asset Allocation Fund, each a series of SunAmerica Series, Inc., owned a percentage of the outstanding shares of the following Funds:

	Holder
Fund	AIG Active Allocation Fund			AIG Multi-Asset Allocation Fund
U.S. Government Securities		19.33	%		14.10	%
Strategic Bond		1.98			2.61
Flexible Credit		2.77			3.20

Note 4. Purchases and Sales of Investment Securities

The cost of purchases and proceeds from sales and maturities of long-term investments during the six months ended September 30, 2020 were as follows:

Fund	Purchases of Investment Securities (Excluding U.S. Government Securities)		Sales of Investment Securities (Excluding U.S. Government Securities)		Purchase of U.S. Government Securities		Sales of U.S. Government Securities
U.S. Government Securities	$	—	$	—	$	15,128,625	$	16,039,406
Strategic Bond		188,354,214		133,488,617		22,043,230		60,712,125
Flexible Credit		88,182,509		118,874,111		—		—

Note 5. Federal Income Taxes

The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statements of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, post October capital losses, late year ordinary losses, distributions payable, straddle loss deferrals, amortization of premium/discount and treatment of defaulted securities.

	Distributable Earnings For the year ended March 31, 2020								Tax Distributions For the year ended March 31,  2020
Fund	Ordinary Income		Long-term Gains/Capital Loss Carryover			Unrealized Appreciation (Depreciation)*			Ordinary Income		Long-Term Capital Gains
U.S. Government Securities	$	921,054	$	(19,742,337	)	$	13,055,374		$	2,173,041	$	—
Strategic Bond		486,947		(31,190,479	)		(19,920,501	)		10,676,277		—
Flexible Credit		1,218,253		(13,499,858	)		(50,548,105	)		17,458,208		—

* Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

As of March 31, 2020, for Federal income tax purposes, the Funds indicated below have capital loss carryforwards which are available to offset future capital gains, if any:

	Unlimited
Fund	ST		LT
U.S. Government Securities	$	13,850,838	$	5,891,499
Strategic Bond		6,042,111		25,148,368
Flexible Credit		554,788		12,945,070

86

SunAmerica Income Funds

NOTES TO FINANCIAL STATEMENTS — September 30, 2020 — (unaudited) (continued)

Under the current law, capital losses realized after October 31 and late year ordinary losses may be deferred and treated as occurring on the first day of the following year. For the fiscal year ended March 31, 2020, the Funds elected to defer late year ordinary losses and post October capital losses as follows:

Fund	Deferred Late Year Ordinary Loss		Deferred Post-October Short-Term Capital Loss (Gain)			Deferred Post-October Long-Term Capital Loss (Gain)
U.S. Government Securities	$	—	$	—		$	37,441
Strategic Bond		—		(339,443	)		851,487
Flexible Credit		—		927,533			7,483,900

At September 30, 2020, the amounts of aggregate unrealized gain (loss) and the cost of investment securities for federal tax purposes, including short-term securities and repurchase agreements, were as follows:

Fund	Aggregate Unrealized Gain		Aggregate Unrealized Loss			Unrealized Gain/(Loss) Net			Cost of Investments
U.S. Government Securities	$	12,411,936	$	(336,562	)	$	12,075,374		$	124,509,805
Strategic Bond		11,890,196		(10,004,332	)		1,885,864			351,208,158
Flexible Credit Bond		5,211,168		(19,243,404	)		(14,032,236	)		265,939,857

Note 6. Capital Share Transactions

Transactions in capital shares of each class of each Fund were as follows:

	U.S. Government Securities
	Class A
	For the six months ended September 30, 2020 (unaudited)						For the year ended March 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		1,326,497		$	13,024,532			2,586,535		$	24,100,485
Reinvested dividends		83,981			824,033			207,531			1,934,929
Shares redeemed		(1,510,532	)		(14,824,053	)		(3,842,653	)		(35,899,452	)
Net increase (decrease) in shares outstanding before automatic conversion		(100,054	)		(975,488	)		(1,048,587	)		(9,864,038	)
Shares issued/(reaquired) upon automatic conversion		13,467			132,282			15,094			139,280
Net increase (decrease)		(86,587	)	$	(843,206	)		(1,033,493	)	$	(9,724,758	)

87

SunAmerica Income Funds

NOTES TO FINANCIAL STATEMENTS — September 30, 2020 — (unaudited) (continued)

	U.S. Government Securities
	Class C
	For the six months ended September 30, 2020 (unaudited)						For the year ended March 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		383,833		$	3,765,130			917,819		$	8,709,707
Reinvested dividends		4,880			47,840			7,718			71,973
Shares redeemed		(356,150	)		(3,489,046	)		(553,203	)		(5,146,810	)
Net increase (decrease) in shares outstanding before automatic conversion		32,563			323,924			372,334			3,634,870
Shares issued/(reaquired) upon automatic conversion		(13,481	)		(132,282	)		(15,104	)		(139,280	)
Net increase (decrease)		19,082		$	191,642			357,230		$	3,495,590
	Strategic Bond
	Class A												Class B
	For the six months ended September 30, 2020 (unaudited)						For the year ended March 31, 2020						For the six months ended September 30, 2020 (unaudited)						For the year ended March 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		4,746,717		$	16,097,750			10,309,167		$	34,743,163			1,568,422		$	5,298,550			3,336,380		$	11,118,974
Reinvested dividends		693,739			2,349,929			1,493,539			5,029,334			51,995			176,095			113,560			381,983
Shares redeemed		(4,128,058	)		(13,867,605	)		(13,182,469	)		(43,973,643	)		(1,303,967	)		(4,413,867	)		(3,778,634	)		(12,555,019	)
Net increase (decrease) in shares outstanding before automatic conversion		1,312,398			4,580,074			(1,379,763	)		(4,201,146	)		316,450			1,060,778			(328,694	)		(1,054,062	)
Shares issued/(reaquired) upon automatic conversion		326,952			1,094,639			493,231			1,649,276			(171,007	)		(568,141	)		(250,694	)		(832,069	)
Net increase (decrease)		1,639,350		$	5,674,713			(886,532	)	$	(2,551,870	)		145,443		$	492,637			(579,388	)	$	(1,886,131	)
	Strategic Bond
	Class C												Class W
	For the six months ended September 30, 2020 (unaudited)						For the year ended March 31, 2020						For the six months ended September 30, 2020 (unaudited)						For the year ended March 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,305,066		$	7,829,912			5,669,612		$	19,212,709			18,771,576		$	63,675,019			32,817,775		$	109,353,277
Reinvested dividends		151,904			515,910			341,323			1,153,321			397,026			1,343,813			601,837			2,022,543
Shares redeemed		(4,086,001	)		(13,904,962	)		(5,938,367	)		(20,000,269	)		(10,955,335	)		(36,135,302	)		(20,806,887	)		(69,465,170	)
Net increase (decrease) in shares outstanding before automatic conversion		(1,629,031	)		(5,559,140	)		72,568			365,761			8,213,267			28,883,530			12,612,725			41,910,650
Shares issued/(reaquired) upon automatic conversion		(155,885	)		(526,498	)		(242,044	)		(817,207	)		—			—			—			—
Net increase (decrease)		(1,784,916	)	$	(6,085,638	)		(169,476	)	$	(451,446	)		8,213,267		$	28,883,530			12,612,725		$	41,910,650

88

SunAmerica Income Funds

NOTES TO FINANCIAL STATEMENTS — September 30, 2020 — (unaudited) (continued)

	Flexible Credit
	Class A
	For the six months ended September 30, 2020 (unaudited)						For the year ended March 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		2,077,098		$	6,396,848			7,500,006		$	24,765,601
Reinvested dividends		562,006			1,746,501			1,437,578			4,721,251
Shares redeemed		(2,762,211	)		(8,510,455	)		(18,575,282	)		(61,064,646	)
Net increase (decrease) in shares outstanding before automatic conversion		(123,107	)		(367,106	)		(9,637,698	)		(31,577,794	)
Shares issued/(reaquired) upon automatic conversion		171,354			528,270			248,642			804,010
Net increase (decrease)		48,247		$	161,164			(9,389,056	)	$	(30,773,784	)
	Flexible Credit
	Class C												Class W
	For the six months ended September 30, 2020 (unaudited)						For the year ended March 31, 2020						For the six months ended September 30, 2020 (unaudited)						For the year ended March 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		488,626		$	1,505,499			4,361,074		$	14,483,436			8,863,513		$	26,524,110			43,533,148		$	144,105,349
Reinvested dividends		227,401			709,998			539,719			1,779,382			607,293			1,883,542			1,595,488			5,232,529
Shares redeemed		(3,179,225	)		(9,928,281	)		(4,946,574	)		(16,081,944	)		(19,502,666	)		(59,710,345	)		(39,178,335	)		(124,104,435	)
Net increase (decrease) in shares outstanding before automatic conversion		(2,463,198	)		(7,712,784	)		(45,781	)		180,874			(10,031,860	)		(31,302,693	)		5,950,301			25,233,443
Shares issued/(reaquired) upon automatic conversion		(170,249	)		(528,270	)		(247,238	)		(804,010	)		—			—			—			—
Net increase (decrease)		(2,633,447	)	$	(8,241,054	)		(293,019	)	$	(623,136	)		(10,031,860	)	$	(31,302,693	)		5,950,301		$	25,233,443

Note 7. Line of Credit

The Trust, along with certain other funds managed by the Adviser, has access to a $75 million committed unsecured line of credit and a $50 million uncommitted unsecured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company (“State Street”), the Trust’s custodian. Prior to September 4, 2020, interest is payable on the committed line of credit at the higher of the Federal Funds Rate (but not less than zero) plus 125 basis points or the One-Month London Interbank Offered Rate (but not less than zero) plus 125 basis points and State Street’s discretionary bid rate on the uncommitted line of credit. The Trust, on behalf of each of the Funds, has paid State Street for its own account, such Fund’s ratable portion of an upfront fee in an amount equal to $25,000 in the aggregate for the uncommitted line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There is also a commitment fee of 25 basis points per annum on the daily unused portion of the committed line of credit. Effective September 4, 2020, interest on each of the committed and uncommitted lines of credit is payable at a variable rate per annum equal to the Applicable Rate plus one and one quarter of one percent (1.25%). The Applicable Rate per annum shall be equal to the higher of (a) the Federal Funds Effective Rate on such date and (b) the Overnight Bank Funding Rate on such date, plus, in each case, 10 basis points. Notwithstanding anything to the contrary, if the Federal Funds Effective Rate or the Overnight Bank Funding Rate shall be less than zero, then the Federal Funds Effective Rate or the Overnight Bank Funding Rate, shall be deemed to be zero for the purposes of determining the rate. The Trust, on behalf of each of the Funds, has paid State Street for its own account, such Fund’s ratable portion of an upfront fee in an amount equal to

89

SunAmerica Income Funds

NOTES TO FINANCIAL STATEMENTS — September 30, 2020 — (unaudited) (continued)

$40,000 in the aggregate for the uncommitted line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There is also a commitment fee of 30 basis points per annum on the daily unused portion of the committed line of credit.

Borrowings under the line of credit will commence when the respective Fund’s cash shortfall exceeds $100,000.

For the six months ended September 30, 2020, the following Funds had borrowings:

Fund	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
U.S. Government Securities		4	$	191	$	1,200,000		1.43	%
Strategic Bond		4		91		575,000		1.42
Flexible Credit		58		13,757		5,973,276		1.44

At September 30, 2020, there were no borrowings outstanding.

Note 8. Interfund Lending Agreement

Pursuant to the exemptive relief granted by the Securities and Exchange Commission, the Funds are permitted to participate in an interfund lending program among investment companies advised by SunAmerica or an affiliate. The interfund lending program allows the participating Funds to borrow money from and lend money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Funds receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction. For the six months ended September 30, 2020, none of the Funds participated in this program.

Note 9. Investment Concentration

The Flexible Credit Fund’s investment in high yield securities, whether rated or unrated, may be considered speculative and subject to greater market fluctuations and risk of loss of income and principal than lower-yielding, higher-rated, fixed-income securities. The risk of loss due to default by the issuer may be significantly greater for the holders of high yield securities, because such securities are generally unsecured and are often subordinated to other creditors of the issuer.

The Flexible Credit Fund and Strategic Bond Fund invest in participations and assignments, or act as a party to the primary lending syndicate of a variable rate senior loan interest to United States corporations, partnerships, and other entities. If the lead lender in a typical lending syndicate becomes insolvent, enters receivership or, if not FDIC insured, enters into bankruptcy, a Fund may incur certain costs and delays in receiving payment, or may suffer a loss of principal and/or interest. When a Fund purchases a participation of a senior loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation but not with the borrower directly. As such, a Fund is subject to the credit risk of the borrower, selling participant, lender or other persons positioned between the Funds and the borrower.

Each Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so, and if the issuer defaulted, a fund holding securities of such issuer might not be able to recover its investment from the U.S. Government. As a result of the U.S. Government Fund’s concentration in such investments, it may be subject to risks associated with U.S. Government agencies or instrumentalities.

90

SunAmerica Income Funds

NOTES TO FINANCIAL STATEMENTS — September 30, 2020 — (unaudited) (continued)

Note 10. Unfunded Loan Commitments

At September 30, 2020, AIG Strategic Bond Fund had the following unfunded loan commitments which could be extended at the option of the Borrower:

Borrower	Type		Maturity Date		Principal Amount		Value
Hi-Crush, Inc.		DIP Delayed Draw		01/14/2021	$	108,671	$	108,671
Intelsat Jackson Holdings S.A.		DIP		09/30/2020		19,009		19,278

Note 11. Other Matters

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus may last for an extended period of time including through the issue date of these financial statements and has resulted in substantial market volatility and may result in a significant economic downturn.

91

SunAmerica Income Funds

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM — (unaudited)

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program. SunAmerica Asset Management, LLC (the “Adviser” or “SunAmerica”), the investment adviser to the Trust, has been designated by the Board to administer the Funds’ liquidity risk management program (the “Program”). The Adviser has appointed a Liquidity Risk Management Committee (the “Committee”) comprised of certain officers as well as certain personnel of the Adviser. The Committee is subject to the oversight of the Adviser. The Adviser and the Committee are referred to collectively herein as the “Program Administrator.” The Program is designed to assess, manage and periodically review each Fund’s liquidity risk, based on factors specific to the circumstances of each Fund. “Liquidity risk” means the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund. During the period, the Program Administrator provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation.

During the period covered by the liquidity Program report to the Board, the Program supported each Fund’s ability to honor redemption requests timely and the Adviser’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions. The Program Administrator reported that it has reviewed the Program and believes that the Program is reasonably designed to assess and manage the liquidity risk of each Fund, that the Program has been effectively implemented to monitor and respond to liquidity developments (where necessary) and is operating effectively, and that the Program addresses potential liquidity risks in connection with the management of the Funds. Furthermore, the Program Administrator reported that each Fund, except for the AIG Flexible Credit Fund, operated as a “Primarily Highly Liquid Fund” during the review period, and therefore, did not have to comply with the Highly Liquid Investment Minimum (“HLIM”) requirements. The AIG Flexible Credit Fund, due to the nature of the Fund’s investment strategies and the related market, trading, and investment-specific factors such as holdings in bank loans, was required to comply with the HLIM requirements, which the Program Administrator determined to be 4% of net assets. Finally, the Program Administrator reported that each Fund had no breaches of the limit on illiquid investments, and the AIG Flexible Credit Fund had no breaches of its HLIM where the percentage of the Fund’s net assets invested in highly liquid investments is less than the Fund’s HLIM and therefore, no Board notification or regulatory filings were required.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

92

SunAmerica Income Funds

APPROVAL OF ADVISORY AGREEMENTS — September 30, 2020 — (unaudited)

Approval of the Investment Advisory and Management Agreement and Subadvisory Agreements

The Board of Trustees (the “Board” the members of which are referred to as “Trustees”) of SunAmerica Income Funds (the “Trust”), including the Trustees who are not “interested persons,” as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), of the Trust or its separate series (each, a “Fund,” and collectively, the “Funds”), SunAmerica Asset Management, LLC (“SunAmerica”), PineBridge Investments LLC (“PineBridge”) or Newfleet Asset Management, LLC (“Newfleet,” and together with PineBridge, the “Subadvisers”), approved the continuation of the Investment Advisory and Management Agreement between the Trust, on behalf of the Funds, and SunAmerica (the “Advisory Agreement”) for a one-year period ending June 30, 2021 at a meeting held on June 2-3, 2020 (the “Meeting”).¹ The Trust currently consists of the following three separate Funds: AIG Flexible Credit Fund (“Flexible Credit Fund”), AIG Strategic Bond Fund (“Strategic Bond Fund”) and AIG U.S. Government Securities Fund (“U.S. Government Securities Fund”).

At the Meeting, the Board, including the Independent Trustees, also approved the continuation of the Subadvisory Agreement between SunAmerica and PineBridge with respect to the Strategic Bond Fund and the Subadvisory Agreement between SunAmerica and Newfleet with respect to the Flexible Credit Fund (the “Subadvisory Agreements” and together with the Advisory Agreement, the “Agreements”), each for a one-year period ending June 30, 2021.

In accordance with Section 15(c) of the 1940 Act, the Board requested, and SunAmerica and the Subadvisers provided, materials relating to the Board’s consideration of whether to approve the continuation of the Agreements. These materials included, as applicable: (a) a summary of the services provided or to be provided, as applicable, by SunAmerica and its affiliates to the Funds and by the Subadvisers; (b) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third-party provider of mutual fund data, on fees and expenses of the Funds, and the investment performance of the Funds as compared with a peer group of funds, along with fee and performance data with respect to the Funds and any other mutual funds or other accounts advised or subadvised by SunAmerica or the Subadvisers with similar investment objectives and/or strategies, as applicable; (c) information on the profitability of SunAmerica and its affiliates, and a discussion relating to indirect benefits; (d) information relating to economies of scale; (e) information about SunAmerica’s general compliance policies and procedures and the services it provides in connection with its oversight of subadvisers; (f) information about SunAmerica’s and the Subadvisers’ risk management processes; (g) information regarding brokerage and soft dollar practices; and (h) information about the key personnel of SunAmerica and its affiliates, and the Subadvisers, who are involved in the investment management, administration, compliance and risk management activities with respect to the Funds, as well as current and projected staffing levels and compensation practices.

In determining whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, considered at the Meeting, and from time to time as appropriate, factors it deemed relevant, including the following information:

Nature, Extent and Quality of Services Provided by SunAmerica and the Subadvisers. The Board, including the Independent Trustees, considered the nature, extent and quality of services provided by SunAmerica. The Board noted that the services include acting as investment manager and adviser to the Funds, managing the daily business affairs of the Funds, and obtaining and evaluating economic, statistical and financial information to formulate and implement investment policies. Additionally, the Board observed that SunAmerica provides office space, bookkeeping, accounting, legal, and compliance, clerical and administrative services and has authorized its officers and employees, if elected, to serve as officers or trustees of the Trust without compensation. The Board also noted that SunAmerica is responsible for monitoring and reviewing the activities of affiliated and unaffiliated third-party service providers, including the Subadvisers. In addition to the quality of the advisory services provided by SunAmerica, the Board considered the quality of the administrative and other services provided by SunAmerica to the Funds pursuant to the Advisory Agreement. The Board further considered the significant risks assumed by SunAmerica in connection with the services provided to the Funds including entrepreneurial risk in sponsoring new funds and ongoing risks such as operational, reputational, liquidity, litigation, regulatory and compliance risks with respect to all Funds.

¹  On March 25, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued an exemptive order (the “Order”) pursuant to Sections 6(c) and 38(a) of the 1940 Act, that temporarily exempts registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Order are ratified at the next in-person meeting. The Board determined that reliance on the Order was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the June meeting was held telephonically in reliance on the Order.

93

SunAmerica Income Funds

APPROVAL OF ADVISORY AGREEMENTS — September 30, 2020 — (unaudited) (continued)

In connection with the services provided by SunAmerica, the Board analyzed the structure and duties of SunAmerica’s fund administration, accounting, operations, legal and compliance departments and concluded that they were adequate to meet the needs of the Funds. The Board also reviewed the personnel responsible for providing advisory services to the Funds and other key personnel of SunAmerica, in addition to current and projected staffing levels and compensation practices. The Board concluded, based on its experience and interaction with SunAmerica, that: (i) SunAmerica would continue to be able to retain quality investment and other personnel; (ii) SunAmerica has exhibited a high level of diligence and attention to detail in carrying out its advisory and other responsibilities under the Advisory Agreement; (iii) SunAmerica has been responsive to requests of the Board; and (iv) SunAmerica has kept the Board apprised of developments relating to the Funds and the industry in general. The Board concluded that the nature and extent of services provided under the Advisory Agreement were reasonable and appropriate in relation to the management fee and that the quality of services continues to be high.

The Board also considered SunAmerica’s reputation and long-standing relationship with the Funds and considered the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of types of mutual funds and shareholder services. The Board considered SunAmerica’s experience in providing management and investment advisory and administrative services to advisory clients and noted that as of March 31, 2020, SunAmerica managed, advised and/or administered approximately $71.8 billion in assets. In addition, the Board considered SunAmerica’s code of ethics and its commitment to compliance generally and with respect to its management and administration of the Funds. The Board also considered SunAmerica’s risk management processes. The Board also considered the performance of certain portions of the business continuity plan which have been invoked in response to the COVID-19 pandemic. The Board further observed that SunAmerica has developed internal procedures for monitoring compliance with the investment objectives, policies and restrictions of the Funds as set forth in the Funds’ prospectuses. The Board also reviewed SunAmerica’s compliance and regulatory history and noted that there were no material legal, regulatory or compliance issues that would potentially impact SunAmerica in effectively serving as the investment adviser to the Funds.

The Board also considered the nature, extent and quality of services provided by each Subadviser to the applicable Funds. The Board observed that the Subadvisers are responsible for providing day-to-day investment management services, including investment research, advice and supervision, and determining which securities will be purchased or sold by the Fund that each Subadviser manages, subject to the oversight and review of SunAmerica. The Board reviewed each Subadviser’s history, structure, size, visibility and resources, which are needed to attract and retain highly qualified investment professionals. The Board reviewed the personnel who are responsible for providing subadvisory services to the Funds, and other key personnel of each Subadviser, in addition to current and projected staffing levels and compensation practices, and concluded, based on its experience with the Subadvisers, that each Subadviser: (i) has been able to retain high quality portfolio managers and other investment personnel; (ii) has exhibited a high level of diligence and attention to detail in carrying out its responsibilities under the applicable Subadvisory Agreement; and (iii) has been responsive to requests of the Board and of SunAmerica. In addition, the Board considered each Subadviser’s code of ethics and risk management processes. The Board further observed that each Subadviser has developed internal policies and procedures for monitoring compliance with the investment objectives, policies and restrictions of the Funds as set forth in the Funds’ prospectuses. The Board also reviewed each Subadviser’s compliance and regulatory history and noted that there were no material legal, regulatory or compliance issues that would potentially impact the Subadvisers from effectively serving as Subadvisers to the Funds. The Board concluded that the nature and extent of services provided by each Subadviser under the respective Subadvisory Agreement were reasonable and appropriate in relation to the subadvisory fee and that the quality of services continues to be high.

Investment Performance. The Board, including the Independent Trustees, also considered the investment performance of SunAmerica and the Subadvisers with respect to the Funds, as applicable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Funds as compared to each Fund’s peer group (“Peer Group”) and/or peer universe (“Peer Universe”) as independently determined by Broadridge and to an appropriate index or combination of indices, including the Funds’ benchmarks. The Board was provided with a description of the methodology used by Broadridge to select the funds in each Peer Group and Peer Universe.

The Board noted that performance information was for the periods ended March 31, 2020. The Board also noted that it regularly reviews the performance of the Funds throughout the year. The Board further noted that, while it monitors performance of the Funds closely, it generally attaches more importance to performance over relatively long periods of time, typically three to five years. The Board noted that while it found the data provided by Broadridge generally useful, it recognized its limitations, including in particular that the data may vary depending on the end date selected and that the results of performance comparisons may vary depending on the selection of the peer group.

94

SunAmerica Income Funds

APPROVAL OF ADVISORY AGREEMENTS — September 30, 2020 — (unaudited) (continued)

Flexible Credit Fund. The Board considered that the Fund’s performance was below the median of its Peer Group for the one- and three-year periods and above the median of its Peer Group for the five-year period. The Board also considered that the Fund’s performance was below the median of its Peer Universe for the one-, three- and five-year periods. The Board further considered that the Fund underperformed its Broadridge Index for the one- and three-year periods and outperformed its Broadridge Index for the five-year period. The Board took into account management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s performance, and concluded that the Fund’s performance was being appropriately monitored.

Strategic Bond Fund. The Board considered that the Fund’s performance was above the median of its Peer Group for the one- and three-year periods and below the median of its Peer Group for the five-year period. The Board also noted that the Fund’s performance was above the median of its Peer Universe for the one-, three- and five-year periods. The Board further noted that the Fund outperformed its Broadridge Index for the one- and three-year periods and equaled its Broadridge Index for the five-year period. The Board noted management’s discussion of the Fund’s performance and concluded that the Fund’s overall performance was satisfactory.

U.S. Government Securities Fund. The Board considered that the Fund’s performance was above the median of its Peer Group for the one- and three-year periods and below the median of its Peer Group for the five-year period. The Board also considered that the Fund’s performance was above the median of its Peer Universe for the one-year period and below the median of its Peer Universe for the three- and five-year periods. The Board further considered that the Fund underperformed its Broadridge Index for the one-, three- and five-year periods. The Board noted management’s discussion of the Fund’s performance and concluded that the Fund’s overall performance was satisfactory.

Consideration of the Management Fees and Subadvisory Fee and the Cost of the Services and Profits to be Realized by SunAmerica, the Subadvisers and their Affiliates from the Relationship with the Funds. The Board, including the Independent Trustees, received and reviewed information regarding the fees paid by the Funds to SunAmerica pursuant to the Advisory Agreement and the fees to be paid by SunAmerica to the Subadvisers pursuant to the Subadvisory Agreements. The Board examined this information in order to determine the reasonableness of the fees in light of the nature and quality of services to be provided and any potential additional benefits to be received by SunAmerica, the Subadvisers or their affiliates in connection with providing such services to the Funds.

To assist in analyzing the reasonableness of the management fee for each of the Funds, the Board received reports independently prepared by Broadridge. The reports showed comparative fee information for each Fund’s Peer Group and/or Peer Universe as determined by Broadridge, including rankings within each category. In considering the reasonableness of the management fee to be paid by each Fund to SunAmerica, the Board reviewed a number of expense comparisons, including: (i) contractual and actual management fees; and (ii) actual total operating expenses. In considering each Fund’s total operating expenses, the Board analyzed the level of fee waivers and expense reimbursements and the net expense caps contractually agreed upon by SunAmerica with respect to each Fund. The Board further considered that, unlike the funds in each Peer Group and Peer Universe, the fee waivers and/or reimbursements being made by SunAmerica with respect to the Funds are only reflected in the total expenses category of the Broadridge reports, rather than also being reflected as specific management fee waivers in the actual management fee category of the Broadridge reports. As a result, the Board took into account that the actual management fees presented by Broadridge for the funds in each Peer Group and Peer Universe may appear lower on a relative basis. The Board also considered the various expense components of the Funds and compared each Fund’s net expense ratio (taking into account the contractual fee caps and waivers) to those of other funds within its Peer Group and/or Peer Universe as a guide to help assess the reasonableness of the management fee for the Funds. The Board acknowledged that it was difficult to make precise comparisons with other funds in the Peer Groups and Peer Universes since the exact nature of services provided under the various fund agreements is often not apparent. The Board noted, however, that the comparative fee information provided by Broadridge as a whole was useful in assessing whether SunAmerica was providing services at a cost that was competitive with other, similar funds.

The Board also considered the management fees received by SunAmerica with respect to other mutual funds and accounts with similar investment strategies to the Funds, to the extent applicable. The Board noted, however, that the mutual funds identified as similar to the Funds are sold only in the variable annuity market and, accordingly, are in different Broadridge classifications, with peer groups consisting of funds underlying variable insurance products. The Board then noted the management fees paid by the Funds were reasonable as compared to the fees SunAmerica was receiving from other mutual funds and accounts for which it serves as adviser or subadviser.

95

SunAmerica Income Funds

APPROVAL OF ADVISORY AGREEMENTS — September 30, 2020 — (unaudited) (continued)

The Board also received and reviewed information regarding the fees paid by SunAmerica to the Subadvisers pursuant to the Subadvisory Agreements. To assist in analyzing the reasonableness of the subadvisory fees, the Board received a report independently prepared by Broadridge. The report showed comparative fee information of the Funds’ Peer Groups and/or Peer Universes that the Board used as a guide to help assess the reasonableness of the subadvisory fees. The Board noted that Peer Group information as a whole was useful in assessing whether the Subadvisers were providing services at a cost that was competitive with other similar funds. The Board also considered that the subadvisory fees are paid by SunAmerica out of its management fee and not by the Funds, and that subadvisory fees may vary widely within a Peer Group for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board further considered the amount of subadvisory fees paid out by SunAmerica and the amount of the management fees which it retained and determined that these amounts were reasonable in light of the services performed by SunAmerica and the Subadvisers, respectively.

The Board also considered fees received by the Subadvisers with respect to other mutual funds and accounts with similar investment strategies to the Funds for which they serve as adviser or subadviser, to the extent applicable. The Board then noted that the subadvisory fee paid by SunAmerica to the Subadvisers were reasonable as compared to fees the Subadvisers receive for other mutual funds and accounts for which it serves as adviser or subadviser.

Flexible Credit Fund. The Board considered that the Fund’s actual management fees were below the medians of its Peer Group and Peer Universe. The Board also considered that the Fund’s total expenses were below the medians of its Peer Group and Peer Universe. The Board noted that the Fund’s advisory fee contains breakpoints and further noted management’s discussion regarding the Fund’s expenses. The Board also took into account previous actions to reduce Fund expenses through fee waivers.

Strategic Bond Fund. The Board considered that the Fund’s actual management fees were below the medians of its Peer Group and Peer Universe. The Board also considered that the Fund’s total expenses were above the medians of its Peer Group and Peer Universe. The Board noted that the Fund’s advisory fee contains breakpoints and further noted management’s discussion regarding the Fund’s expenses. The Board also took into account previous actions to reduce Fund expenses through fee waivers.

U.S. Government Securities Fund. The Board considered that the Fund’s actual management fees were above the medians of its Peer Group and Peer Universe. The Board also considered that the Fund’s total expenses were equal to the median of its Peer Group and above the median of its Peer Universe. The Board noted that the Fund’s advisory fee contains breakpoints and further noted management’s discussion regarding the Fund’s expenses.

Profitability. The Board also considered SunAmerica’s profitability and the benefits SunAmerica and its affiliates received from its relationship with the Funds. The Board received and reviewed financial statements relating to SunAmerica’s financial condition and profitability with respect to the services it provided the Funds and considered how profit margins could affect SunAmerica’s ability to attract and retain high quality investment professionals and other key personnel. The Board was also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by SunAmerica and its affiliates that provide services to the Funds on a Fund by Fund basis, as well as an Investment Management Profitability Analysis prepared by an independent information service, Broadridge. The Board also considered the contractual fee waivers and/or expense reimbursements agreed to by SunAmerica.

The Board considered the profitability of SunAmerica under the Advisory Agreement, including the amount of management fees it retained after payment to the Subadvisers, and considered the profitability of SunAmerica’s affiliates under the Rule 12b-1 Plans, Service Agreements, and Administrative and Shareholder Services Agreements. Additionally, the Board considered whether SunAmerica, the Subadvisers and their affiliates received any indirect benefits from the relationship with the Funds. Specifically, the Board observed that AIG Federal Savings Bank, an affiliate of SunAmerica serves as custodian with respect to certain shareholder retirement accounts that are administered by SunAmerica and receives a fee payable by the qualifying shareholders. The Board further considered whether there were any collateral or “fall-out” benefits that SunAmerica and its affiliates may derive as a result of their relationship with the Funds. The Board noted that SunAmerica believes that any such benefits are de minimis and do not impact the reasonableness of the management fees.

The Board also reviewed the Subadvisers’ financial statements and/or other information and considered whether the Subadvisers had the financial resources necessary to attract and retain high quality investment management personnel and to provide a high quality of services.

96

SunAmerica Income Funds

APPROVAL OF ADVISORY AGREEMENTS — September 30, 2020 — (unaudited) (continued)

The Board concluded that SunAmerica and the Subadvisers had the financial resources necessary to perform their obligations under the Agreements and to continue to provide the Funds with the high quality services that they had provided in the past. The Board also concluded that the management fee and subadvisory fee were reasonable in light of the factors discussed above.

Economies of Scale. The Board, including the Independent Trustees, considered whether the shareholders would benefit from economies of scale and whether there was potential for future realization of economies with respect to the Funds. The Board considered that as a result of being part of the AIG fund complex, the Funds share common resources and may share certain expenses, and if the size of the complex increases, each Fund could incur lower expenses than they otherwise would achieve as stand-alone entities. The Board also took into account that each of the Funds had management fee arrangements that included breakpoints that will adjust the fee downward as the size of the Fund increases, thereby allowing the shareholders to participate in any economies of scale. The Board further noted that SunAmerica has agreed to contractually cap the total annual operating expenses of each class of the Funds, at certain levels. The Board observed that those expense caps benefited shareholders by limiting total fees even in the absence of breakpoints. The Board concluded that the Funds’ management fee structure was reasonable and that it would continue to review fees in connection with the renewal of the Advisory Agreement, including whether the implementation of additional breakpoints would be appropriate in the future due to an increase in asset size or otherwise.

The Board noted that the Subadvisory Agreements included breakpoints, but did not review specific information regarding whether there have been economies of scale with respect to the Subadvisers’ management of the Funds because it regards that information as less relevant at the subadviser level since SunAmerica, and not the Funds, is responsible for paying the subadvisory fees. Rather, the Board considered information regarding economies of scale in the context of the renewal of the Advisory Agreement.

Other Factors. In consideration of the Agreements, the Board also received information regarding SunAmerica’s and the Subadvisers’ brokerage and soft dollar practices. The Board considered that SunAmerica and the Subadvisers are responsible for decisions to buy and sell securities for the applicable Funds, selection of broker-dealers and negotiation of commission rates. The Board noted that it receives reports from SunAmerica and from an independent third party which include information on brokerage commissions and execution throughout the year. The Board also considered the benefits SunAmerica and the Subadvisers derive from their soft dollar arrangements, including arrangements under which brokers provide brokerage and/or research services to SunAmerica and/or the Subadvisers in return for allocating brokerage; however, the Board noted that the securities in which the Funds invest are traded primarily in the over-the-counter market on a “net” basis with dealers acting as principal for their own accounts without a stated commission (although the price of the security usually includes a profit to the dealer) and, therefore, the Funds generally do not incur brokerage commissions. Accordingly, the Board observed that SunAmerica and the Subadvisers typically would not receive soft dollar benefits in return for allocating the Funds’ brokerage transactions. The Board further observed that when making purchases of new issues with fixed underwriting fees, SunAmerica or the Subadvisers may designate the use of broker-dealers who have agreed to provide certain statistical, research and other information.

Conclusion. After a full and complete discussion, the Board approved the Agreements, each for a one-year period ending June 30, 2021. Based upon their evaluation of all these factors in their totality, the Board, including the Independent Trustees, was satisfied that the terms of the Agreements were fair and reasonable and in the best interests of the Funds and the Funds’ shareholders. In arriving at a decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and each Independent Trustee may have attributed different weights to different factors. The Independent Trustees were also assisted by the advice of independent legal counsel in making this determination.

97

Harborside 5

185 Hudson Street, Suite 3300

Jersey City, NJ 07311

Trustees Richard W. Grant Peter A. Harbeck Dr. Judith L. Craven Stephen J. Gutman Eileen A. Kamerick   Officers John T. Genoy, President Sharon French, Executive Vice President James Nichols, Vice President Christopher C. Joe, Chief Compliance Officer Gregory N. Bressler, Secretary Kathleen Fuentes, Chief Legal Officer and Assistant Secretary Gregory R. Kingston, Treasurer Donna McManus, Vice President and Assistant Treasurer Shawn Parry, Vice President and Assistant Treasurer Matthew J. Hackethal, Anti-Money Laundering Compliance Officer   Investment Adviser SunAmerica Asset Management, LLC Harborside 5 185 Hudson Street, Suite 3300 Jersey City, NJ 07311   Distributor AIG Capital Services, Inc. Harborside 5 185 Hudson Street, Suite 3300 Jersey City, NJ 07311   Shareholder Servicing Agent AIG Fund Services, Inc. Harborside 5 185 Hudson Street, Suite 3300 Jersey City, NJ 07311   Custodian State Street Bank and Trust Company One Lincoln Street Boston, MA 02111   Transfer Agent DST Asset Manager Solutions, Inc. 303 W 11th Street Kansas City, MO 64105 VOTING PROXIES ON TRUST PORTFOLIO SECURITIES A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in a Fund’s portfolio, which is available in the Trust’s Statement of Additional Information, may be obtained without charge upon request, by calling (800) 858-8850. The information is also available from the EDGAR database on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.   DELIVERY OF SHAREHOLDER DOCUMENTS The Funds have adopted a policy that allows them to send only one copy of a Fund’s prospectus, proxy material, annual report and semi-annual report (the “shareholder documents”) to shareholders with multiple accounts residing at the same “household.” This practice is called householding and reduces Fund expenses, which benefits you and other shareholders. Unless the Funds receive instructions to the contrary, you will only receive one copy of the shareholder documents. The Funds will continue to household the shareholder documents indefinitely, until we are instructed otherwise. If you do not wish to participate in householding please contact Shareholder Services at (800) 858-8850 ext. 6010 or send a written request with your name, the name of your fund(s) and your account number(s) to AIG Funds, P.O. Box 219186, Kansas City MO, 64121-9186. We will resume individual mailings for your account within thirty (30) days of receipt of your request. DISCLOSURE OF QUARTERLY PORTFOLIO HOLDINGS The Trust is required to file its complete schedule of portfolio holdings quarterly with the U.S. Securities and Exchange Commission on Form N-PORT. The Trusts’ Forms N-PORT are available on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.   PROXY VOTING RECORD ON SUNAMERICA INCOME FUNDS Information regarding how the Funds voted proxies relating to securities held in the Funds during the most recent twelve month period ended June 30 is available, once filed with the U.S. Securities and Exchange Commission, without charge, upon request, by calling (800) 858-8850 or on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.   This report is submitted solely for the general information of shareholders of the Funds. Distribution of this report to persons other than shareholders of the Funds is authorized only in connection with a currently effective prospectus, setting forth details of the Funds, which must precede or accompany this report.   The accompanying report has not been audited by independent accountants and accordingly no opinion has been expressed thereon.

Go Paperless!!

Did you know that you have the option to

receive your shareholder reports online?

By choosing this convenient service, you will no longer receive paper copies of Fund documents such as annual reports, semi-annual reports, prospectuses and proxy statements in the mail. Instead, you are provided with quick and easy access to this information via the Internet.

Why Choose Electronic Delivery?

It’s Quick — Fund documents will be received faster than via traditional mail.

It’s Convenient — Elimination of bulky documents from personal files.

It’s Cost Effective — Reduction of your Fund’s printing and mailing costs.

To sign up for electronic delivery, follow

these simple steps:

1	Go to www.aig.com/funds
2	Click on the link to “Go Paperless!!”

The email address you provide will be kept strictly confidential. Once your enrollment has been processed, you will begin receiving email notifications when anything you receive electronically is available online.

You can return to www.aig.com/funds at any time to change your email address, edit your preferences or to cancel this service if you choose to resume physical delivery of your Fund documents.

Please note - this option is only available to accounts opened through the Funds.

For information on receiving this report online, see inside back cover.

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 are members of American International Group, Inc. (AIG).

This fund report must be preceded by or accompanied by a prospectus.

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 your financial adviser, the AIG Funds Sales Desk at 800-858-8850, ext. 6003, or at aig.com/funds. Read the prospectus carefully before investing.

aig.com/funds

INSAN - 9/19

Item 2.      Code of Ethics.

Not applicable.

Item 3.      Audit Committee Financial Expert.

Not applicable.

Item 4.      Principal Accountant Fees and Services.

Not applicable.

Item 5.      Audit Committee of Listed Registrants.

Not applicable.

Item 6.      Investments.

Included in Item 1 to the Form.

Item 7.      Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.      Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.      Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.    Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.

Item 11.    Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective.

(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the most recent fiscal half year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal contro1 over financial reporting.

Item 12.    Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.    Exhibits.

(a) (1) Not applicable.

(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(3) Not applicable.

(4) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SunAmerica Income Funds
By:	/s/ John T. Genoy
	John T. Genoy
	President

Date:    December 8, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John T. Genoy
	John T. Genoy
	President

Date:    December 8, 2020

By:	/s/ Gregory R. Kingston
	Gregory R. Kingston
	Treasurer

Date:    December 8, 2020