0001104659-13-053817.txt : 20130710 0001104659-13-053817.hdr.sgml : 20130710 20130710161114 ACCESSION NUMBER: 0001104659-13-053817 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130710 DATE AS OF CHANGE: 20130710 EFFECTIVENESS DATE: 20130710 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SunAmerica Specialty Series CENTRAL INDEX KEY: 0001274768 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-111662 FILM NUMBER: 13962024 BUSINESS ADDRESS: STREET 1: HARBORSIDE FINANCIAL CENTER STREET 2: 3200 PLAZA FIVE CITY: JERSEY CITY STATE: NJ ZIP: 07311-4992 BUSINESS PHONE: 800-858-8850 MAIL ADDRESS: STREET 1: HARBORSIDE FINANCIAL CENTER STREET 2: 3200 PLAZA FIVE CITY: JERSEY CITY STATE: NJ ZIP: 07311-4992 FORMER COMPANY: FORMER CONFORMED NAME: AIG SERIES TRUST DATE OF NAME CHANGE: 20031230 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SunAmerica Specialty Series CENTRAL INDEX KEY: 0001274768 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21482 FILM NUMBER: 13962025 BUSINESS ADDRESS: STREET 1: HARBORSIDE FINANCIAL CENTER STREET 2: 3200 PLAZA FIVE CITY: JERSEY CITY STATE: NJ ZIP: 07311-4992 BUSINESS PHONE: 800-858-8850 MAIL ADDRESS: STREET 1: HARBORSIDE FINANCIAL CENTER STREET 2: 3200 PLAZA FIVE CITY: JERSEY CITY STATE: NJ ZIP: 07311-4992 FORMER COMPANY: FORMER CONFORMED NAME: AIG SERIES TRUST DATE OF NAME CHANGE: 20031230 0001274768 S000041257 SunAmerica Income Explorer Fund C000127915 Class A Shares C000127916 Class C Shares C000127917 Class W Shares 485BPOS 1 a13-7291_6485bpos.htm POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)

 

As filed with the Securities and Exchange Commission on July 10, 2013

 

Securities Act File No. 333-111662

Investment Company Act File No. 811-21482

 

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM N-1A

 


 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

 

x

 

 

 

PRE-EFFECTIVE AMENDMENT NO.

 

o

 

 

 

 

POST-EFFECTIVE AMENDMENT NO. 41

 

x

 

 

 

 

and/or

 

 

 

 

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

 

x

 

AMENDMENT NO. 41

(Check appropriate box or boxes)

 


 

SunAmerica Specialty Series

(Exact Name of Registrant as Specified in Charter)

 


 

Harborside Financial Center

3200 Plaza 5

Jersey City, NJ 07311-4992

(Address of Principal Executive Office) (Zip Code)

 

Registrant’s telephone number, including area code: (800) 858-8850

 

Gregory N. Bressler, Esq.

Senior Vice President and General Counsel

SunAmerica Asset Management Corp.

Harborside Financial Center

3200 Plaza 5

Jersey City, NJ 07311-4992

(Name and Address for Agent for Service)

 

With copies to:

Margery K. Neale, Esq.

Willkie Farr & Gallagher, LLP

787 Seventh Avenue

New York, NY 10019-6099

 


 

Approximate Date of Proposed Public Offering:  As soon as practical after this Registration Statement becomes effective.

 

It is proposed that this filing will become effective (check appropriate box)

x          immediately upon filing pursuant to paragraph (b)

o            on (date) pursuant to paragraph (b)

o            60 days after filing pursuant to paragraph (a)(1)

o            on (date) pursuant to paragraph (a)(1)

o            75 days after filing pursuant to paragraph (a)(2)

o            on (date) pursuant to paragraph (a)(2) of Rule 485.

 

If appropriate, check the following box:

o            This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485 (b) under the Securities Act of 1933 and that this amendment does not contain disclosures that would render it ineligible to become effective under Rule 485(b) and has duly caused this Post-Effective Amendment No. 41 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Jersey City, and the State of New Jersey, on the 10th day July, 2013.

 

 

 

 

SUNAMERICA SPECIALTY SERIES

 

 

 

(Registrant)

 

 

 

 

 

 

By:

John T. Genoy

 

 

 

John T. Genoy

 

Pursuant to the requirements of the Securities Act of 1933, the Post-Effective Amendment No. 41 to Registrant’s Registration Statement on Form N-1A has been signed by the following persons in the capacities and on the date indicated:

 

SIGNATURES

 

TITLES

 

DATE

 

 

 

 

 

John T. Genoy

 

President (Principal Executive Officer)

 

July 10, 2013

John T. Genoy

 

 

 

 

 

 

 

 

 

Donna M. Handel

 

 

 

 

Donna M. Handel

 

Treasurer (Principal Financial and Accounting Officer)

 

July 10, 2013

 

 

 

 

 

*

 

 

 

 

Peter A. Harbeck

 

Trustee

 

July 10, 2013

 

 

 

 

 

*

 

 

 

 

Richard W. Grant

 

Trustee

 

July 10, 2013

 

 

 

 

 

*

 

 

 

 

Stephen J. Gutman

 

Trustee

 

July 10, 2013

 

 

 

 

 

*

 

 

 

 

William F. Devin

 

Trustee

 

July 10, 2013

 

 

 

 

 

*

 

 

 

 

Dr. Judith L. Craven

 

Trustee

 

July 10, 2013

 

 

 

 

 

*

 

 

 

 

William J. Shea

 

Trustee

 

July 10, 2013

 

*By:

John E. McLean

 

 

 

John E. McLean

 

 

 

Attorney-in-Fact

 

 

 


*                 Pursuant to a power of attorney previously filed.

 



 

EXHIBIT INDEX

 

Index No.

 

Description of Exhibit

 

 

 

EX-101.INS

 

XBRL Instance Document

EX-101.SCH

 

XBRL Taxonomy Extension Schema Document

EX-101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF

 

XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB

 

XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase

 

EX-101.INS 2 ck0001274768-20130626.xml XBRL INSTANCE DOCUMENT 0001274768 2012-10-31 2012-10-31 0001274768 ck0001274768:S000041257Member 2012-10-31 2012-10-31 0001274768 ck0001274768:S000041257Member ck0001274768:C000127915Member 2012-10-31 2012-10-31 0001274768 ck0001274768:S000041257Member ck0001274768:C000127916Member 2012-10-31 2012-10-31 0001274768 ck0001274768:S000041257Member ck0001274768:C000127917Member 2012-10-31 2012-10-31 iso4217:USD xbrli:pure Purchases of Class A shares of $1 million or more will be subject to a contingent deferred sales charge (CDSC) on redemptions made within two years of purchase. The CDSC on Class C shares applies only if shares are redeemed within twelve months of their purchase. See page 9 of the Prospectus for more information about the CDSCs. Other Expenses and Acquired Fund Fees and Expenses are estimated for the current fiscal year because the Fund had not commenced operations as of the date of this Prospectus. Pursuant to an Expense Limitation Agreement, SunAmerica Asset Management Corporation ("SunAmerica" or the "Adviser") is contractually obligated to waive its fees and/or reimburse expenses to the extent that the Total Annual Fund Operating Expenses exceed 1.72% for Class A shares, 2.37% for Class C shares and 1.52% for Class W shares. This fee waiver and expense reimbursement will continue in effect indefinitely, unless terminated by the Board of Trustees, including a majority of the Independent Trustees. For purposes of the Expense Limitation Agreement, "Total Annual Fund Operating Expenses" shall not include extraordinary expenses, as determined under generally accepted accounting principles, or Acquired Fund Fees and Expenses. Any waivers and/or reimbursements made by SunAmerica are subject to recoupment from the Fund within two years after the occurrence of the waiver and/or reimbursement, provided that the Fund is able to effect such payment to SunAmerica and remain in compliance with the expense cap in effect at the time the waivers and/or reimbursements occurred. The Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement shown in the table above exceed the contractual expense limitations shown in footnote 3 because they include Acquired Fund Fees and Expenses, whereas the contractual expense limitations are based on operating expenses and do not include Acquired Fund Fees and Expenses. SunAmerica Specialty Series 485BPOS false 0001274768 2012-10-31 2013-06-26 2013-06-26 2013-06-26 SunAmerica Income Explorer Fund IEAAX IEACX IEAWX PERFORMANCE INFORMATION <p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund has not been in operation for a full calendar year. As a result, no performance information is available.</font> </p> The Fund has not been in operation for a full calendar year. As a result, no performance information is available. PRINCIPAL RISKS OF INVESTING IN THE FUND <p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">There can be no assurance that the Fund's investment objectives will be met or that the net return on an investment in the Fund will exceed what could have been obtained through other investment or savings vehicles. Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. As with any mutual fund, there is no guarantee that the Fund will be able to achieve its investment objectives. If the value of the assets of the Fund goes down, you could lose money.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The principal risks of the Fund, which include risks associated with the types of Closed-End Funds in which the Fund will generally invest, are:</font> </p> <br/><p style="margin: 0pt 0pt 4pt 0pt;"> <font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><strong>Preferred Securities Risk.</strong></font> <font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Preferred securities are subject to bond market volatility risk, credit risk and interest rate fluctuation risk. In addition, preferred securities are subordinated to other securities in the issuer's capital structure and are subject to the risk that the issuer will fail to make dividends or other distributions on the preferred securities when due because other claims on the issuer's assets take priority. Certain preferred securities are heavily dependent on the profitability of the issuer rather than on any legal claims <font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">to specific assets or cash flows. Preferred securities may be less liquid than many other types of securities or may be subject to the risk of being redeemed prior to their scheduled date.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Regulatory Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Regulatory changes affecting the issuers of certain preferred securities, including hybrid preferred securities issued by banks, may adversely affect their performance. The potential impact of these new regulations on preferred securities is unclear at this time. Such regulatory changes may increase issuers' incentives to call or redeem a security prior to a specified date. Furthermore, from time to time, preferred securities have been, and may in the future be, offered having features other than those described in this Prospectus.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Bond Market Volatility Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The bond markets as a whole could go up or down (sometimes dramatically). This could affect the value of the fixed income investments in the Fund's portfolio.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Interest Rate Fluctuation Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Interest rates and bond prices typically move inversely to each other. Thus, as interest rates rise, the prices of debt securities typically fall and as interest rates fall, the prices of such securities typically rise. Longer-term and lower coupon debt securities tend to be more sensitive to changes in interest rates.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Credit Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund invests in fixed income or preferred securities with various credit ratings. The creditworthiness of the issuer is always a factor in analyzing fixed income securities. An issuer with a lower credit rating will be more likely than a higher-rated issuer to default or otherwise become unable to honor its financial obligations.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund may invest in "high yield" (or "junk") securities and senior loan securities, which are considered speculative, and such securities are rated below investment grade (i.e., rated below Baa by Moody's or below BBB by Standard &amp; Poor's or determined to be of comparable quality by the Subadviser). High yield and senior loan securities carry a substantial risk of default or they may already be in default. The market price for such securities may fluctuate more than higher-quality securities and may decline significantly. In addition, it may be more difficult for the Fund or a Closed-End Fund to dispose of junk securities and senior loan securities or to determine their value. Junk securities and senior loan securities may contain redemption or call provisions that, if exercised during a period of declining interest rates, may force the Fund or a Closed-End Fund to replace the security with a lower yielding security, which would decrease the return of the Fund.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Financial Services Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Preferred Sleeve expects to invest a substantial portion of its investments in the financial services sector, including the banking, brokerage and insurance industries. As a result, events affecting issuers in the financial services sector may cause the Fund's share value to fluctuate. Economic downturns, credit losses and severe price competition can negatively affect this industry. The profitability of financial services companies is dependent on the availability and cost of capital and can fluctuate significantly when interest rates change. Financial services companies are also subject to extensive government regulation.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Closed-End Fund Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's investments in Closed-End Funds generally reflect the risks of the underlying securities they hold. The Fund will indirectly bear its proportionate share of the management and other expenses that are charged by the Closed-End Funds in addition to the expenses paid by the Fund. In addition, shares of Closed-End Funds are subject to a number of risks which are related directly to their structure. First, shares of Closed-End Funds frequently trade at a discount from their net asset value, which is a risk separate and distinct from the risk that the Fund's net asset value could decrease as a result of its investment activities. Second, many Closed-End Funds include leverage in their capital structure as a part of a strategy designed to enhance the level of income and capital appreciation to their shareholders. The presence of leverage in the Closed-End Fund structure introduces both increased volatility of net asset value, and the potential for greater variability in the dividends paid by the Closed-End Funds, as the cost of borrowings often changes up or down with the general level of interest rates.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Exchange-Traded Fund Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund may invest directly and through the Closed-End Funds in ETFs. Most ETFs are investment companies whose shares are purchased and sold on a securities exchange. An ETF represents a portfolio of securities designed to track a particular market segment or index. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective. The price of an ETF can fluctuate, and the Fund could lose money investing in an ETF. To the extent that the Fund invests in an ETF through a Closed-End Fund, the Fund will indirectly bear its proportionate share of the management and other expenses that are charged by the ETF in addition to its proportionate share of the management and other expenses that are charged by the Closed-End Fund. Moreover, to the extent that the Fund invests in an ETF directly, the Fund will indirectly bear its proportionate share of the management and other expenses that are charged by the ETF in addition to the expenses paid by the Fund.</font> </p> <br/><p style="margin: 0pt 0pt 4pt 0pt;"> <font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><strong>Leveraged ETF Risk.</strong></font> <font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">ETFs in which the Closed-End Funds invest may borrow money for investment purposes, a practice commonly referred to as "leveraging." An ETF may also seek to employ leverage through the use of derivatives, such as futures, options or swaps. The use of leverage by ETFs is limited by law and regulation. Nevertheless, the use of leverage by the ETFs may increase <font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">exposure to fluctuations in the prices of the leveraged ETF's assets, thereby making any change in the leveraged ETF's net asset value greater than without the use of leverage. Leverage could result in increased volatility of returns. Additionally, the interest and additional costs that the leveraged ETF pays to borrow money or engage in derivative transactions could reduce or eliminate the leveraged ETF's net investment profits. A leveraged ETF will also be expected to comply with asset coverage requirements which could force the leveraged ETF to sell certain portfolio holdings or reduce its derivatives positions at a time which may be disadvantageous to the leveraged ETF. The value of a leveraged ETF's shares will tend to increase or decrease more than the value of any increase or decrease in its underlying index due to the fact that the ETF's investment strategies involve consistently applied leverage. Such ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. This effect may be enhanced during the periods of increased market volatility.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Real Estate Securities Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund may invest directly and through the Closed-End Funds in real estate securities, including REITs. Real estate securities are subject to the risk that property values may fall due to increasing vacancies or declining rents. The price of real estate securities also may decline because of the failure of borrowers to pay their loans and poor management. Many real estate companies utilize leverage, which increases investment risk and could adversely affect a company's operations and market value in periods of rising interest rates, as well as risks normally associated with debt financing. Income and real estate values also may be adversely affected by such factors as applicable laws, interest rate levels and the availability of financing. To the extent that the Fund invests directly or indirectly in REITs, distributions to shareholders from such investments will generally not qualify for taxation as qualified dividend income eligible for taxation at the reduced rates applicable to net long-term capital gains.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Mortgage-Related Securities Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The risks associated with mortgage-related securities include: (1) credit risk associated with the performance of the underlying mortgage properties and of the borrowers owning these properties; (2) adverse changes in economic conditions and circumstances, which are more likely to have an adverse impact on mortgage-related securities secured by loans on certain types of commercial properties than on those secured by loans on residential properties; (3) prepayment risk, which can lead to significant fluctuations in value of the mortgage-related security; (4) loss of all or part of the premium, if any, paid; and (5) decline in the market value of the security, whether resulting from changes in interest rates or prepayments on the underlying mortgage collateral.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Senior Loans Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund may invest directly and through the Closed-End Funds in senior secured floating rate loans and other secured floating rate debt obligations. Borrowers under these loans are more likely to default on their payments of interest and principal owed to the Fund than issuers of investment grade bonds, and such defaults could reduce the Fund's net asset value and income distributions. Such loans are subject to greater credit risks, including the possibility of a default or bankruptcy of the borrower. An economic downturn generally leads to a higher non-payment rate, and a debt obligation may lose significant value before a default occurs. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan's value. No active trading market may exist for many loans, which may impair the ability of the Fund to realize full value in the event of the need to liquidate such assets. Adverse market conditions may impair the liquidity of some actively traded loans. In addition, loans may have contractual restrictions on resale, which can delay the sale and adversely impact the sales price.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Inflation-Indexed Securities Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund may invest in inflation-indexed securities directly and through the Closed-End Funds. The value of inflation-indexed securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If inflation is lower than expected during the period the Fund or a Closed-End Fund holds an inflation-indexed security, the Fund may earn less on the security than on a conventional bond. If real interest rates rise (i.e., if interest rates rise for reasons other than inflation), the value of inflation-indexed securities held by the Fund or a Closed-End Fund will decline. Inflation-indexed securities are tied to indexes that are calculated based on rates of inflation for prior periods. There can be no assurance that such indexes will accurately measure the actual rate of inflation in the prices of goods and services.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Master Limited Partnerships Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Certain Closed-End Funds may purchase securities issued by Master Limited Partnerships ("MLPs"). The risks of investing in MLPs are generally those inherent in investing in a partnership as opposed to a corporation. There may be less protections afforded investors in an MLP than investors in a corporation. Additional risks are those associated with the specific industries or sectors in which the partnership invests, including, in particular, the energy sector.</font> </p> <br/><p style="margin: 0pt 0pt 4pt 0pt;"> <font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><strong>Market Volatility and Securities Selection Risk.</strong></font> <font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund invests significantly in equity securities. As with any fund that invests in equity securities, the value of your investment in the Fund may fluctuate in response to stock market movements. You should be aware that the performance of "value" stocks may rise or decline under varying market conditions &#8212; for example, "value" stocks may perform well under circumstances in which "growth" stocks in general have fallen. When investing in value stocks that are believed to be undervalued in the market, there is a risk that the market may not recognize a security's intrinsic value for a long <font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">period of time, or that a security judged to be undervalued may actually be appropriately priced. In addition, individual securities selected for the Fund may underperform the market generally.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Disciplined Strategy Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Global Dividend Sleeve will not deviate from its strategy (except to the extent necessary to comply with federal tax laws or other applicable laws). If the Global Dividend Sleeve is committed to a strategy that is unsuccessful, the Fund will not meet its investment goal. Because the Global Dividend Sleeve generally will not use certain hedging techniques available to the Preferred and Closed-End Fund Sleeves to reduce stock market exposure, this portion of the Fund may be more susceptible to general market declines than other sleeves.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>International Investing Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund may invest without limit in foreign securities directly and through the Closed-End Funds. When investing internationally, the value of your investment may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility. In addition, foreign securities may not be as liquid as domestic securities and are subject to settlement practices and regulatory and financial reporting standards that differ from those in the U.S. Volatility in a single country or region in which the Fund or a Closed-End Fund invests a significant portion of its assets may affect performance.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Emerging Markets Securities Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Securities of companies in emerging markets may be more volatile and potentially less liquid than those of companies in more developed markets. Emerging market countries may have relatively unstable governments and may present the risk of nationalization of business, expropriation, confiscatory taxation or, in certain instances, reversion to closed market, centrally planned economies.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Small and Medium Sized Companies Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Securities of small and medium sized companies are usually more volatile and entail greater risks than securities of large companies.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Active Trading Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As part of the Fund's principal investment techniques, the Fund may engage in active trading of its portfolio securities. Because the Fund may sell a security without regard to how long it has held the security, active trading may have tax consequences for certain shareholders, involving a possible increase in short-term capital gains or losses. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Fund and which will affect the Fund's performance. During periods of increased market volatility, active trading may be more pronounced.</font> </p> As with any mutual fund, there is no guarantee that the Fund will be able to achieve its investment objectives. If the value of the assets of the Fund goes down, you could lose money. Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. PORTFOLIO TURNOVER: <p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. The Fund has not commenced operations as of the date of this Prospectus.</font> </p> INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The SunAmerica Income Explorer Fund (the "Fund") seeks high current income</font></p> <p style="margin:0pt 0pt 4pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">with a secondary objective of capital appreciation.</font> </p> EXAMPLE: <p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:</font> </p> 787 1229 390 889 205 634 787 1229 290 889 205 634 ~ http://sunamerica.com/20130626/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0001274768_S000041257Member row primary compact * ~ ~ http://sunamerica.com/20130626/role/ScheduleExpenseExampleNoRedemptionTransposed20004 column dei_LegalEntityAxis compact ck0001274768_S000041257Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: FEES AND EXPENSES OF THE FUND <p style="margin:2pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the SunAmerica fund complex. More information about these and other discounts is available from your financial professional and in the "Shareholder Account Information-Sales Charge Reductions and Waivers" section on page 10 of the Fund's Prospectus and in the "Additional Information Regarding Purchase of Shares" section on page 52 of the Fund's statement of additional information ("SAI").</b></font> </p> 0.0575 0.0000 0.0000 0.0000 0.0100 0.0000 0.0000 0.0000 0.0000 0.0100 0.0100 0.0100 0.0035 0.0100 0.0000 0.0040 0.0042 0.0061 0.0050 0.0050 0.0050 0.0225 0.0292 0.0211 -0.0003 -0.0005 -0.0009 0.0222 0.0287 0.0202 ~ http://sunamerica.com/20130626/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0001274768_S000041257Member row primary compact * ~ ~ http://sunamerica.com/20130626/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0001274768_S000041257Member row primary compact * ~ You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the SunAmerica fund complex. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Other Expenses and Acquired Fund Fees and Expenses are estimated for the current fiscal year because the Fund had not commenced operations as of the date of this Prospectus. Other Expenses and Acquired Fund Fees and Expenses are estimated for the current fiscal year because the Fund had not commenced operations as of the date of this Prospectus. Purchases of Class A shares of $1 million or more will be subject to a contingent deferred sales charge (CDSC) on redemptions made within two years of purchase. The CDSC on Class C shares applies only if shares are redeemed within twelve months of their purchase. See page 9 of the Prospectus for more information about the CDSCs. Shareholder Fees (fees paid directly from your investment) PRINCIPAL INVESTMENT STRATEGIES AND TECHNIQUES OF THE FUND <p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to achieve its investment objective primarily by strategically allocating its assets among a preferred securities strategy, closed-end fund strategy and global dividend equity strategy. Through this combination of investments, the Fund expects to gain exposure to a broad range of income-producing investments, including both fixed income and equity securities.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">SunAmerica, the Fund's investment adviser, is responsible for determining the allocation among the different portions (or "sleeves") of the Fund, each of which is managed by either SunAmerica or Cohen &amp; Steers Capital Management, Inc. ("Cohen &amp; Steers" or the "Subadviser"), the Fund's subadviser. Cohen &amp; Steers manages the preferred securities and closed-end fund portions of the Fund and SunAmerica manages the global dividend equity strategy.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">When allocating investments across the different sleeves, SunAmerica selects the allocation that it believes is best designed at any given time to provide exposure to high income-producing investments and as such, allocations to the different portions of the Fund may fluctuate depending on market conditions and other factors. The managers of the preferred and closed-end fund sleeves also have significant flexibility in selecting investments for the portion of the Fund that they manage, which allows the Fund to provide exposure to a variety of sectors and income-producing strategies within these sleeves. The manager of the global dividend equity sleeve employs a "buy and hold" strategy whereby the Fund invests in high dividend yielding equity securities that are selected from a broad-based global market index.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The principal investment strategies and principal investment techniques of the Fund may be changed without shareholder approval.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Preferred Securities Strategy ("Preferred Sleeve").</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The principal investment technique of the Preferred Sleeve is to invest in a diversified portfolio of preferred securities issued by U.S. and foreign companies, including traditional preferred securities, hybrid preferred securities and floating rate preferred securities. The Preferred Sleeve may invest in both investment grade and below investment grade securities.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Preferred Sleeve expects to invest a substantial portion of its assets in the financial services sector, which is comprised of the banking, brokerage and insurance industries. The Preferred Sleeve may also invest in other sectors or industries, including but not limited to real estate (including real estate investment trusts or "REITs"), energy, industrials, utilities, pipelines, health care and telecommunications. The Subadviser retains broad discretion to allocate the Preferred Sleeve's investments across various sectors and industries.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Closed-End Fund Strategy ("Closed-End Fund Sleeve").</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The principal investment technique of the Closed-End Fund Sleeve is to invest in the common stock of closed-end management investment companies ("Closed-End Funds") selected by Cohen &amp; Steers that invest significantly in fixed income securities, although the Closed-End Fund Sleeve may also invest in Closed-End Funds that invest in equity and other income-producing securities. The types of securities held by the Closed-End Funds may include, but are not limited to, convertible securities, emerging market debt securities, government securities, high yield securities, investment grade securities, mortgage securities, preferred securities, senior loan securities, municipal securities and common stocks, and the Closed-End Funds may seek to obtain exposure to income-producing securities through a variety of different investment strategies, such as global income strategies, limited duration strategies, multi-sector strategies and other income-oriented strategies. Shares of Closed-End Funds in which the Fund invests will be traded on a listed exchange or in the over-the-counter market. Cohen &amp; Steers employs a research-driven investment process for selecting Closed-End Funds that is intended to produce a portfolio focused on high current income that is allocated across multiple sectors, strategies and managers and that is consistent with the Fund's overall investment objectives.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Global Dividend Equity Strategy ("Global Dividend Sleeve").</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The principal investment technique of the Global Dividend Sleeve is to employ a "buy and hold" strategy with approximately 50 high dividend yielding equity securities selected annually from the Morgan Stanley Capital International All Country World Index ("MSCI ACWI Index"). It is expected that the Global Dividend Sleeve will invest primarily in common stocks, and to a lesser extent, preferred stocks, and may invest in companies of any size. It is anticipated that the Global Dividend Sleeve will invest in both U.S. and foreign (non-U.S.) securities, including securities of emerging markets, and that the Global Dividend Sleeve will be invested in a number of different countries.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Global Dividend Sleeve employs in part a value-oriented philosophy in conjunction with its selection of high dividend yielding equity securities. The selection criteria used by SunAmerica to identify high dividend yielding equity securities from the MSCI ACWI Index will generally include dividend yield as well as a combination of factors that relate to profitability and valuation. While the securities selection process will take place on an annual basis, the portfolio managers may, from time to time, substitute certain securities for those selected for the Global Dividend Sleeve or reduce the position size of a portfolio security in between the annual rebalancings under certain limited circumstances. These circumstances will generally include where a security held by the Global Dividend Sleeve no longer meets the dividend yield criteria or when the value of a security becomes a disproportionately large percentage of the Global Dividend Sleeve's holdings, in the discretion of the portfolio managers.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Global Dividend Sleeve will be evaluated and adjusted at the discretion of the portfolio managers on an annual basis. The annual consideration of the securities that meet the selection criteria will take place on or about July 1, with the first annual consideration following the initial selection to occur on or about July 1, 2014. Immediately after the Fund buys and sells securities in connection with the Global Dividend Sleeve's annual rebalancing, the sleeve will hold approximately an equal value of each of the 50 securities. Stated differently, the Fund will invest about 1/50th of the Global Dividend Sleeve's assets in each of the securities that make up its portfolio. Thereafter, when an investor purchases shares of the Fund, with respect to the amount allocated to the Global Dividend Sleeve, SunAmerica will generally invest additional funds in the pre-selected securities based on each security's respective percentage of the sleeve's assets at the time.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Global Dividend Sleeve employs a strategy to hold securities between its annual rebalancings, even if there are adverse developments concerning a particular security, an industry, the economy or the stock market generally. Due to changes in the market value of the securities held by the Global Dividend Sleeve, it is likely that the weighting of the stocks in its portfolio will fluctuate throughout the course of the year.</font> </p> EX-101.SCH 3 ck0001274768-20130626.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 000001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 020000 - Document - Risk/Return Summary {Unlabeled} - SunAmerica Income Explorer Fund link:presentationLink link:definitionLink link:calculationLink 020001 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020002 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020003 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020004 - Schedule - Expense Example No Redemption {Transposed} link:presentationLink link:definitionLink link:calculationLink 020005 - Disclosure - Risk/Return Detail Data {Elements} - SunAmerica Income Explorer Fund link:presentationLink link:definitionLink link:calculationLink EX-101.LAB 4 ck0001274768-20130626_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE DOCUMENT EX-101.DEF 5 ck0001274768-20130626_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.PRE 6 ck0001274768-20130626_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT EX-101.CAL 7 ck0001274768-20130626_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT XML 8 R8.xml IDEA: Risk/Return Detail Data 2.4.0.8040000 - Disclosure - Risk/Return Detail Data {Elements}truetruefalse1false falsefalsedefaulthttp://www.sec.gov/CIK0001274768duration2012-10-31T00:00:002012-10-31T00:00:001true 1rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2rr_ProspectusDaterr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse002013-06-26falsefalsetruexbrli:dateItemTypedateThe date of the prospectus.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 1 -Subsection a -Paragraph 3 false0falseRisk/Return Detail DataUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://xbrl.sec.gov/rr/role/RiskReturnDetailData12 XML 9 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. 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XML 11 R2.xml IDEA: Risk/Return Summary - SunAmerica Income Explorer Fund 2.4.0.8020000 - Document - Risk/Return Summary {Unlabeled} - SunAmerica Income Explorer Fundfalsefalsetrue1false falsefalseS000041257Memberhttp://www.sec.gov/CIK0001274768duration2012-10-31T00:00:002012-10-31T00:00:001false 0truefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalse00SunAmerica Income Explorer Fundfalsefalsefalse1false truefalseS000041257Memberhttp://www.sec.gov/CIK0001274768duration2012-10-31T00:00:002012-10-31T00:00:00falsefalseck0001274768_S000041257Memberdei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_S000041257Memberdei_LegalEntityAxisexplicitMembernanafalse02false 4rr_RiskReturnHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00SunAmerica Income Explorer Fundfalsefalsefalsexbrli:stringItemTypestringRisk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicatedReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 false03false 4rr_ObjectiveHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00INVESTMENT OBJECTIVEfalsefalsefalsexbrli:stringItemTypestringInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a false04false 4rr_ObjectivePrimaryTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The SunAmerica Income Explorer Fund (the "Fund") seeks high current income</font></p>falsefalsefalsenonnum:textBlockItemTypenaInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a false05false 4rr_ObjectiveSecondaryTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p style="margin:0pt 0pt 4pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">with a secondary objective of capital appreciation.</font> </p>falsefalsefalsenonnum:textBlockItemTypenaInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a false06false 4rr_ExpenseHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00FEES AND EXPENSES OF THE FUNDfalsefalsefalsexbrli:stringItemTypestringRisk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 1 -Subparagraph d false07false 4rr_ExpenseNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p style="margin:2pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the SunAmerica fund complex. More information about these and other discounts is available from your financial professional and in the "Shareholder Account Information-Sales Charge Reductions and Waivers" section on page 10 of the Fund's Prospectus and in the "Additional Information Regarding Purchase of Shares" section on page 52 of the Fund's statement of additional information ("SAI").</b></font> </p>falsefalsefalsenonnum:textBlockItemTypenaThis table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 1 -Subparagraph b false08false 4rr_ShareholderFeesCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Shareholder Fees (fees paid directly from your investment)falsefalsefalsexbrli:stringItemTypestringShareholder Fees (fees paid directly from your investment).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 false09false 4rr_ShareholderFeesTableTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00~ http://sunamerica.com/20130626/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0001274768_S000041257Member row primary compact * ~falsefalse~ http://sunamerica.com/20130626/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0001274768_S000041257Member row primary compact * ~falsehttp://sunamerica.com/20130626/role/ScheduleShareholderFees20001020001 - Schedule - Shareholder Feestruefalsefalse1falseColumnperiodPeriod*Columndei_LegalEntityAxisAxisck0001274768_S000041257MemberColumnrr_ProspectusShareClassAxisAxis*ColumnunitUnit*duration2012-10-31T00:00:002012-10-31T00:00:00falsefalseSunAmerica Income Explorer Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_S000041257Memberdei_LegalEntityAxisexplicitMemberfalsefalseClass A Sharesrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_C000127915Memberrr_ProspectusShareClassAxisexplicitMemberSunAmerica Income Explorer FundClass A SharespureStandardhttp://www.xbrl.org/2003/instancepurexbrli0Standard0 USDfalsefalseduration2012-10-31T00:00:002012-10-31T00:00:00$2falseColumnperiodPeriod*Columndei_LegalEntityAxisAxisck0001274768_S000041257MemberColumnrr_ProspectusShareClassAxisAxis*ColumnunitUnit*duration2012-10-31T00:00:002012-10-31T00:00:00falsefalseSunAmerica Income Explorer Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_S000041257Memberdei_LegalEntityAxisexplicitMemberfalsefalseClass C Sharesrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_C000127916Memberrr_ProspectusShareClassAxisexplicitMemberSunAmerica Income Explorer FundClass C SharespureStandardhttp://www.xbrl.org/2003/instancepurexbrli0Standard0 USDfalsefalseduration2012-10-31T00:00:002012-10-31T00:00:00$3falseColumnperiodPeriod*Columndei_LegalEntityAxisAxisck0001274768_S000041257MemberColumnrr_ProspectusShareClassAxisAxis*ColumnunitUnit*duration2012-10-31T00:00:002012-10-31T00:00:00falsefalseSunAmerica Income Explorer Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_S000041257Memberdei_LegalEntityAxisexplicitMemberfalsefalseClass W Sharesrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_C000127917Memberrr_ProspectusShareClassAxisexplicitMemberSunAmerica Income Explorer FundClass W SharespureStandardhttp://www.xbrl.org/2003/instancepurexbrli0Standard0 USDfalsefalseduration2012-10-31T00:00:002012-10-31T00:00:00$1falseRowprimaryElement*3false 4rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPricerr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabelrr:NonNegativePure4TypepureMaximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 1 false0 0rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPricerr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue0.05750.0575falsefalsefalse2truetruetrue0.00000.0000falsefalsefalse3truetruetrue0.00000.0000falsefalsefalserr:NonNegativePure4TypepureMaximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 1 false02falseRowprimaryElement*4false 4rr_MaximumDeferredSalesChargeOverOtherrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabelrr:NonNegativePure4TypepureMaximum Deferred Sales Charge (Load) (as a percentage of ____) "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 2 -Subparagraph a -Clause i false0 0rr_MaximumDeferredSalesChargeOverOtherrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel[1]1truetruetrue0.00000.0000falsefalsefalse2truetruetrue0.01000.0100falsefalsefalse3truetruetrue0.00000.0000falsefalsefalserr:NonNegativePure4TypepureMaximum Deferred Sales Charge (Load) (as a percentage of ____) "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 2 -Subparagraph a -Clause i false03falseRowprimaryElement*5false 4rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOtherrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabelrr:NonNegativePure4TypepureMaximum Sales Charge (Load) Imposed on Reinvested Dividends[and other Distributions] (as a percentage of ____)Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 3 false0 0rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOtherrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue0.00000.0000falsefalsefalse2truetruetrue0.00000.0000falsefalsefalse3truetruetrue0.00000.0000falsefalsefalserr:NonNegativePure4TypepureMaximum Sales Charge (Load) Imposed on Reinvested Dividends[and other Distributions] (as a percentage of ____)Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 3 false01Purchases of Class A shares of $1 million or more will be subject to a contingent deferred sales charge (CDSC) on redemptions made within two years of purchase. The CDSC on Class C shares applies only if shares are redeemed within twelve months of their purchase. See page 9 of the Prospectus for more information about the CDSCs.falseShareholder Fees SunAmerica Income Explorer FundUnKnownUnKnownUnKnownUnKnownfalsefalsefalseSheet336633017ColumnperiodPeriod*Columndei_LegalEntityAxisAxisck0001274768_S000041257MemberColumnrr_ProspectusShareClassAxisAxis*ColumnunitUnit*RowprimaryElement*falsenonnum:textBlockItemTypenaContains a command for the SEC Viewer for the role corresponding to ShareholderFeesData.No definition available.false010false 4rr_OperatingExpensesCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)falsefalsefalsexbrli:stringItemTypestringAnnual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 7 false011false 4rr_AnnualFundOperatingExpensesTableTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00~ http://sunamerica.com/20130626/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0001274768_S000041257Member row primary compact * ~falsefalse~ http://sunamerica.com/20130626/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0001274768_S000041257Member row primary compact * ~falsehttp://sunamerica.com/20130626/role/ScheduleAnnualFundOperatingExpenses20002020002 - Schedule - Annual Fund Operating Expensestruefalsefalse1falseColumnperiodPeriod*Columndei_LegalEntityAxisAxisck0001274768_S000041257MemberColumnrr_ProspectusShareClassAxisAxis*ColumnunitUnit*duration2012-10-31T00:00:002012-10-31T00:00:00falsefalseSunAmerica Income Explorer Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_S000041257Memberdei_LegalEntityAxisexplicitMemberfalsefalseClass A Sharesrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_C000127915Memberrr_ProspectusShareClassAxisexplicitMemberSunAmerica Income Explorer FundClass A SharespureStandardhttp://www.xbrl.org/2003/instancepurexbrli0Standard0 USDfalsefalseduration2012-10-31T00:00:002012-10-31T00:00:00$2falseColumnperiodPeriod*Columndei_LegalEntityAxisAxisck0001274768_S000041257MemberColumnrr_ProspectusShareClassAxisAxis*ColumnunitUnit*duration2012-10-31T00:00:002012-10-31T00:00:00falsefalseSunAmerica Income Explorer Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_S000041257Memberdei_LegalEntityAxisexplicitMemberfalsefalseClass C Sharesrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_C000127916Memberrr_ProspectusShareClassAxisexplicitMemberSunAmerica Income Explorer FundClass C SharespureStandardhttp://www.xbrl.org/2003/instancepurexbrli0Standard0 USDfalsefalseduration2012-10-31T00:00:002012-10-31T00:00:00$3falseColumnperiodPeriod*Columndei_LegalEntityAxisAxisck0001274768_S000041257MemberColumnrr_ProspectusShareClassAxisAxis*ColumnunitUnit*duration2012-10-31T00:00:002012-10-31T00:00:00falsefalseSunAmerica Income Explorer Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_S000041257Memberdei_LegalEntityAxisexplicitMemberfalsefalseClass W Sharesrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_C000127917Memberrr_ProspectusShareClassAxisexplicitMemberSunAmerica Income Explorer FundClass W SharespureStandardhttp://www.xbrl.org/2003/instancepurexbrli0Standard0 USDfalsefalseduration2012-10-31T00:00:002012-10-31T00:00:00$1falseRowprimaryElement*3false 4rr_ManagementFeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabelrr:NonNegativePure4TypepureManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph a false0 0rr_ManagementFeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue0.01000.0100falsefalsefalse2truetruetrue0.01000.0100falsefalsefalse3truetruetrue0.01000.0100falsefalsefalserr:NonNegativePure4TypepureManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph a false02falseRowprimaryElement*4false 4rr_DistributionAndService12b1FeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabelrr:NonNegativePure4TypepureDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 9 false0 0rr_DistributionAndService12b1FeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue0.00350.0035falsefalsefalse2truetruetrue0.01000.0100falsefalsefalse3truetruetrue0.00000.0000falsefalsefalserr:NonNegativePure4TypepureDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 9 false03falseRowprimaryElement*5false 4rr_OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabelrr:NonNegativePure4Typepure"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph c -Clause i false0 0rr_OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel[1]1truetruetrue0.00400.0040falsefalsefalse2truetruetrue0.00420.0042falsefalsefalse3truetruetrue0.00610.0061falsefalsefalserr:NonNegativePure4Typepure"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph c -Clause i false04falseRowprimaryElement*6false 4rr_AcquiredFundFeesAndExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabelrr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 false0 0rr_AcquiredFundFeesAndExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel[1]1truetruetrue0.00500.0050falsefalsefalse2truetruetrue0.00500.0050falsefalsefalse3truetruetrue0.00500.0050falsefalsefalserr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 false05falseRowprimaryElement*7false 4rr_ExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabelrr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph d false0 0rr_ExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue0.02250.0225falsefalsefalse2truetruetrue0.02920.0292falsefalsefalse3truetruetrue0.02110.0211falsefalsefalserr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph d false06falseRowprimaryElement*8false 4rr_FeeWaiverOrReimbursementOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsetruenegatedLabelrr:NonPositivePure4TypepureTotal Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 false0 0rr_FeeWaiverOrReimbursementOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsetruenegatedLabel[2][3]1truetruetrue0.00030.0003falsefalsefalse2truetruetrue0.00050.0005falsefalsefalse3truetruetrue0.00090.0009falsefalsefalserr:NonPositivePure4TypepureTotal Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 false07falseRowprimaryElement*9false 4rr_NetExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabelrr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 false0 0rr_NetExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel[2][3][4]1truetruetrue0.02220.0222falsefalsefalse2truetruetrue0.02870.0287falsefalsefalse3truetruetrue0.02020.0202falsefalsefalserr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 false01Other Expenses and Acquired Fund Fees and Expenses are estimated for the current fiscal year because the Fund had not commenced operations as of the date of this Prospectus.2Pursuant to an Expense Limitation Agreement, SunAmerica Asset Management Corporation ("SunAmerica" or the "Adviser") is contractually obligated to waive its fees and/or reimburse expenses to the extent that the Total Annual Fund Operating Expenses exceed 1.72% for Class A shares, 2.37% for Class C shares and 1.52% for Class W shares. This fee waiver and expense reimbursement will continue in effect indefinitely, unless terminated by the Board of Trustees, including a majority of the Independent Trustees. For purposes of the Expense Limitation Agreement, "Total Annual Fund Operating Expenses" shall not include extraordinary expenses, as determined under generally accepted accounting principles, or Acquired Fund Fees and Expenses.3Any waivers and/or reimbursements made by SunAmerica are subject to recoupment from the Fund within two years after the occurrence of the waiver and/or reimbursement, provided that the Fund is able to effect such payment to SunAmerica and remain in compliance with the expense cap in effect at the time the waivers and/or reimbursements occurred.4The Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement shown in the table above exceed the contractual expense limitations shown in footnote 3 because they include Acquired Fund Fees and Expenses, whereas the contractual expense limitations are based on operating expenses and do not include Acquired Fund Fees and Expenses.falseAnnual Fund Operating Expenses SunAmerica Income Explorer FundUnKnownUnKnownUnKnownUnKnownfalsefalsefalseSheet37141837029ColumnperiodPeriod*Columndei_LegalEntityAxisAxisck0001274768_S000041257MemberColumnrr_ProspectusShareClassAxisAxis*ColumnunitUnit*RowprimaryElement*falsenonnum:textBlockItemTypenaContains a command for the SEC Viewer for the role corresponding to OperatingExpensesData.No definition available.false012false 4rr_ExpenseExampleHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00EXAMPLE:falsefalsefalsexbrli:stringItemTypestringHeading for Expense Example.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 4 false013false 4rr_ExpenseExampleNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:</font> </p>falsefalsefalsenonnum:textBlockItemTypenaThe Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 1 false014false 4rr_ExpenseExampleWithRedemptionTableTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00~ http://sunamerica.com/20130626/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0001274768_S000041257Member row primary compact * ~falsefalse~ http://sunamerica.com/20130626/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0001274768_S000041257Member row primary compact * ~truehttp://sunamerica.com/20130626/role/ScheduleExpenseExampleTransposed20003020003 - Schedule - Expense Example {Transposed}truefalsefalse1falseColumnprimaryElement*3false 4rr_ExpenseExampleYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabelrr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 4 false2 USDfalsefalse$2falseColumnprimaryElement*4false 4rr_ExpenseExampleYear03rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabelrr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 2 false2 USDfalsefalse$1falseRowperiodPeriod*Rowdei_LegalEntityAxisAxisck0001274768_S000041257MemberRowrr_ProspectusShareClassAxisAxis*RowunitUnit*duration2012-10-31T00:00:002012-10-31T00:00:00falsefalseSunAmerica Income Explorer Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_S000041257Memberdei_LegalEntityAxisexplicitMemberfalsefalseClass A Sharesrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_C000127915Memberrr_ProspectusShareClassAxisexplicitMemberSunAmerica Income Explorer FundClass A SharesusdStandardhttp://www.xbrl.org/2003/iso4217USDiso42170 0truefalsefalsefalsefalsefalsefalsefalsefalse1truefalsetrue787787falsefalsefalse2truefalsetrue12291229falsefalsefalsenanafalse02falseRowperiodPeriod*Rowdei_LegalEntityAxisAxisck0001274768_S000041257MemberRowrr_ProspectusShareClassAxisAxis*RowunitUnit*duration2012-10-31T00:00:002012-10-31T00:00:00falsefalseSunAmerica Income Explorer Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_S000041257Memberdei_LegalEntityAxisexplicitMemberfalsefalseClass C Sharesrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_C000127916Memberrr_ProspectusShareClassAxisexplicitMemberSunAmerica Income Explorer FundClass C SharesusdStandardhttp://www.xbrl.org/2003/iso4217USDiso42170 0truefalsefalsefalsefalsefalsefalsefalsefalse1truefalsetrue390390falsefalsefalse2truefalsetrue889889falsefalsefalsenanafalse03falseRowperiodPeriod*Rowdei_LegalEntityAxisAxisck0001274768_S000041257MemberRowrr_ProspectusShareClassAxisAxis*RowunitUnit*duration2012-10-31T00:00:002012-10-31T00:00:00falsefalseSunAmerica Income Explorer Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_S000041257Memberdei_LegalEntityAxisexplicitMemberfalsefalseClass W Sharesrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_C000127917Memberrr_ProspectusShareClassAxisexplicitMemberSunAmerica Income Explorer FundClass W SharesusdStandardhttp://www.xbrl.org/2003/iso4217USDiso42170 0truefalsefalsefalsefalsefalsefalsefalsefalse1truefalsetrue205205falsefalsefalse2truefalsetrue634634falsefalsefalsenanafalse0falseExpense Example SunAmerica Income Explorer Fund (USD $)UnKnownUnKnownUnKnownUnKnownfalsefalsefalseSheet233423018ColumnprimaryElement*RowperiodPeriod*Rowdei_LegalEntityAxisAxisck0001274768_S000041257MemberRowrr_ProspectusShareClassAxisAxis*RowunitUnit*falsenonnum:textBlockItemTypenaContains a command for the SEC Viewer for the role corresponding to ExpenseExample.No definition available.false015false 4rr_ExpenseExampleNoRedemptionByYearCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00You would pay the following expenses if you did not redeem your shares:falsefalsefalsexbrli:stringItemTypestringYou would pay the following expenses if you did not redeem your shares. Include the second 1-, 3-, 5-, and 10-year periods and related narrative explanation only if a sales charge (load) or other fee is charged upon redemption.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 2 -Subparagraph 1 false016false 4rr_ExpenseExampleNoRedemptionTableTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00~ http://sunamerica.com/20130626/role/ScheduleExpenseExampleNoRedemptionTransposed20004 column dei_LegalEntityAxis compact ck0001274768_S000041257Member row primary compact * ~falsefalse~ http://sunamerica.com/20130626/role/ScheduleExpenseExampleNoRedemptionTransposed20004 column dei_LegalEntityAxis compact ck0001274768_S000041257Member row primary compact * ~truehttp://sunamerica.com/20130626/role/ScheduleExpenseExampleNoRedemptionTransposed20004020004 - Schedule - Expense Example No Redemption {Transposed}truefalsefalse1falseColumnprimaryElement*3false 4rr_ExpenseExampleNoRedemptionYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabelrr:NonNegativeMonetaryTypemonetaryYou would pay the following expenses if you did not redeem your shares. Include the second 1-, 3-, 5-, and 10-year periods and related narrative explanation only if a sales charge (load) or other fee is charged upon redemption.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 2 -Subparagraph 1 false2 USDfalsefalse$2falseColumnprimaryElement*4false 4rr_ExpenseExampleNoRedemptionYear03rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabelrr:NonNegativeMonetaryTypemonetaryYou would pay the following expenses if you did not redeem your shares. Include the second 1-, 3-, 5-, and 10-year periods and related narrative explanation only if a sales charge (load) or other fee is charged upon redemption.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 2 -Subparagraph 1 false2 USDfalsefalse$1falseRowperiodPeriod*Rowdei_LegalEntityAxisAxisck0001274768_S000041257MemberRowrr_ProspectusShareClassAxisAxis*RowunitUnit*duration2012-10-31T00:00:002012-10-31T00:00:00falsefalseSunAmerica Income Explorer Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_S000041257Memberdei_LegalEntityAxisexplicitMemberfalsefalseClass A Sharesrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_C000127915Memberrr_ProspectusShareClassAxisexplicitMemberSunAmerica Income Explorer FundClass A SharesusdStandardhttp://www.xbrl.org/2003/iso4217USDiso42170 0truefalsefalsefalsefalsefalsefalsefalsefalse1truefalsetrue787787falsefalsefalse2truefalsetrue12291229falsefalsefalsenanafalse02falseRowperiodPeriod*Rowdei_LegalEntityAxisAxisck0001274768_S000041257MemberRowrr_ProspectusShareClassAxisAxis*RowunitUnit*duration2012-10-31T00:00:002012-10-31T00:00:00falsefalseSunAmerica Income Explorer Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_S000041257Memberdei_LegalEntityAxisexplicitMemberfalsefalseClass C Sharesrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_C000127916Memberrr_ProspectusShareClassAxisexplicitMemberSunAmerica Income Explorer FundClass C SharesusdStandardhttp://www.xbrl.org/2003/iso4217USDiso42170 0truefalsefalsefalsefalsefalsefalsefalsefalse1truefalsetrue290290falsefalsefalse2truefalsetrue889889falsefalsefalsenanafalse03falseRowperiodPeriod*Rowdei_LegalEntityAxisAxisck0001274768_S000041257MemberRowrr_ProspectusShareClassAxisAxis*RowunitUnit*duration2012-10-31T00:00:002012-10-31T00:00:00falsefalseSunAmerica Income Explorer Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_S000041257Memberdei_LegalEntityAxisexplicitMemberfalsefalseClass W Sharesrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldick0001274768_C000127917Memberrr_ProspectusShareClassAxisexplicitMemberSunAmerica Income Explorer FundClass W SharesusdStandardhttp://www.xbrl.org/2003/iso4217USDiso42170 0truefalsefalsefalsefalsefalsefalsefalsefalse1truefalsetrue205205falsefalsefalse2truefalsetrue634634falsefalsefalsenanafalse0falseExpense Example No Redemption SunAmerica Income Explorer Fund (USD $)UnKnownUnKnownUnKnownUnKnownfalsefalsefalseSheet233423018ColumnprimaryElement*RowperiodPeriod*Rowdei_LegalEntityAxisAxisck0001274768_S000041257MemberRowrr_ProspectusShareClassAxisAxis*RowunitUnit*falsenonnum:textBlockItemTypenaContains a command for the SEC Viewer for the role corresponding to ExpenseExampleNoRedemption.No definition available.false017false 4rr_PortfolioTurnoverHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00PORTFOLIO TURNOVER:falsefalsefalsexbrli:stringItemTypestringDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 5 false018false 4rr_PortfolioTurnoverTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. The Fund has not commenced operations as of the date of this Prospectus.</font> </p>falsefalsefalsenonnum:textBlockItemTypenaDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 3 false019false 4rr_StrategyHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00PRINCIPAL INVESTMENT STRATEGIES AND TECHNIQUES OF THE FUNDfalsefalsefalsexbrli:stringItemTypestringPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection a false020false 4rr_StrategyNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund seeks to achieve its investment objective primarily by strategically allocating its assets among a preferred securities strategy, closed-end fund strategy and global dividend equity strategy. Through this combination of investments, the Fund expects to gain exposure to a broad range of income-producing investments, including both fixed income and equity securities.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">SunAmerica, the Fund's investment adviser, is responsible for determining the allocation among the different portions (or "sleeves") of the Fund, each of which is managed by either SunAmerica or Cohen &amp; Steers Capital Management, Inc. ("Cohen &amp; Steers" or the "Subadviser"), the Fund's subadviser. Cohen &amp; Steers manages the preferred securities and closed-end fund portions of the Fund and SunAmerica manages the global dividend equity strategy.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">When allocating investments across the different sleeves, SunAmerica selects the allocation that it believes is best designed at any given time to provide exposure to high income-producing investments and as such, allocations to the different portions of the Fund may fluctuate depending on market conditions and other factors. The managers of the preferred and closed-end fund sleeves also have significant flexibility in selecting investments for the portion of the Fund that they manage, which allows the Fund to provide exposure to a variety of sectors and income-producing strategies within these sleeves. The manager of the global dividend equity sleeve employs a "buy and hold" strategy whereby the Fund invests in high dividend yielding equity securities that are selected from a broad-based global market index.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The principal investment strategies and principal investment techniques of the Fund may be changed without shareholder approval.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Preferred Securities Strategy ("Preferred Sleeve").</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The principal investment technique of the Preferred Sleeve is to invest in a diversified portfolio of preferred securities issued by U.S. and foreign companies, including traditional preferred securities, hybrid preferred securities and floating rate preferred securities. The Preferred Sleeve may invest in both investment grade and below investment grade securities.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Preferred Sleeve expects to invest a substantial portion of its assets in the financial services sector, which is comprised of the banking, brokerage and insurance industries. The Preferred Sleeve may also invest in other sectors or industries, including but not limited to real estate (including real estate investment trusts or "REITs"), energy, industrials, utilities, pipelines, health care and telecommunications. The Subadviser retains broad discretion to allocate the Preferred Sleeve's investments across various sectors and industries.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Closed-End Fund Strategy ("Closed-End Fund Sleeve").</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The principal investment technique of the Closed-End Fund Sleeve is to invest in the common stock of closed-end management investment companies ("Closed-End Funds") selected by Cohen &amp; Steers that invest significantly in fixed income securities, although the Closed-End Fund Sleeve may also invest in Closed-End Funds that invest in equity and other income-producing securities. The types of securities held by the Closed-End Funds may include, but are not limited to, convertible securities, emerging market debt securities, government securities, high yield securities, investment grade securities, mortgage securities, preferred securities, senior loan securities, municipal securities and common stocks, and the Closed-End Funds may seek to obtain exposure to income-producing securities through a variety of different investment strategies, such as global income strategies, limited duration strategies, multi-sector strategies and other income-oriented strategies. Shares of Closed-End Funds in which the Fund invests will be traded on a listed exchange or in the over-the-counter market. Cohen &amp; Steers employs a research-driven investment process for selecting Closed-End Funds that is intended to produce a portfolio focused on high current income that is allocated across multiple sectors, strategies and managers and that is consistent with the Fund's overall investment objectives.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Global Dividend Equity Strategy ("Global Dividend Sleeve").</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The principal investment technique of the Global Dividend Sleeve is to employ a "buy and hold" strategy with approximately 50 high dividend yielding equity securities selected annually from the Morgan Stanley Capital International All Country World Index ("MSCI ACWI Index"). It is expected that the Global Dividend Sleeve will invest primarily in common stocks, and to a lesser extent, preferred stocks, and may invest in companies of any size. It is anticipated that the Global Dividend Sleeve will invest in both U.S. and foreign (non-U.S.) securities, including securities of emerging markets, and that the Global Dividend Sleeve will be invested in a number of different countries.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Global Dividend Sleeve employs in part a value-oriented philosophy in conjunction with its selection of high dividend yielding equity securities. The selection criteria used by SunAmerica to identify high dividend yielding equity securities from the MSCI ACWI Index will generally include dividend yield as well as a combination of factors that relate to profitability and valuation. While the securities selection process will take place on an annual basis, the portfolio managers may, from time to time, substitute certain securities for those selected for the Global Dividend Sleeve or reduce the position size of a portfolio security in between the annual rebalancings under certain limited circumstances. These circumstances will generally include where a security held by the Global Dividend Sleeve no longer meets the dividend yield criteria or when the value of a security becomes a disproportionately large percentage of the Global Dividend Sleeve's holdings, in the discretion of the portfolio managers.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Global Dividend Sleeve will be evaluated and adjusted at the discretion of the portfolio managers on an annual basis. The annual consideration of the securities that meet the selection criteria will take place on or about July 1, with the first annual consideration following the initial selection to occur on or about July 1, 2014. Immediately after the Fund buys and sells securities in connection with the Global Dividend Sleeve's annual rebalancing, the sleeve will hold approximately an equal value of each of the 50 securities. Stated differently, the Fund will invest about 1/50th of the Global Dividend Sleeve's assets in each of the securities that make up its portfolio. Thereafter, when an investor purchases shares of the Fund, with respect to the amount allocated to the Global Dividend Sleeve, SunAmerica will generally invest additional funds in the pre-selected securities based on each security's respective percentage of the sleeve's assets at the time.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Global Dividend Sleeve employs a strategy to hold securities between its annual rebalancings, even if there are adverse developments concerning a particular security, an industry, the economy or the stock market generally. Due to changes in the market value of the securities held by the Global Dividend Sleeve, it is likely that the weighting of the stocks in its portfolio will fluctuate throughout the course of the year.</font> </p>falsefalsefalsenonnum:textBlockItemTypenaPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection a false021false 4rr_RiskHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00PRINCIPAL RISKS OF INVESTING IN THE FUNDfalsefalsefalsexbrli:stringItemTypestringNarrative Risk Disclosure.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 false022false 4rr_RiskNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">There can be no assurance that the Fund's investment objectives will be met or that the net return on an investment in the Fund will exceed what could have been obtained through other investment or savings vehicles. Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. As with any mutual fund, there is no guarantee that the Fund will be able to achieve its investment objectives. If the value of the assets of the Fund goes down, you could lose money.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The principal risks of the Fund, which include risks associated with the types of Closed-End Funds in which the Fund will generally invest, are:</font> </p> <br/><p style="margin: 0pt 0pt 4pt 0pt;"> <font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><strong>Preferred Securities Risk.</strong></font> <font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Preferred securities are subject to bond market volatility risk, credit risk and interest rate fluctuation risk. In addition, preferred securities are subordinated to other securities in the issuer's capital structure and are subject to the risk that the issuer will fail to make dividends or other distributions on the preferred securities when due because other claims on the issuer's assets take priority. Certain preferred securities are heavily dependent on the profitability of the issuer rather than on any legal claims <font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">to specific assets or cash flows. Preferred securities may be less liquid than many other types of securities or may be subject to the risk of being redeemed prior to their scheduled date.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Regulatory Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Regulatory changes affecting the issuers of certain preferred securities, including hybrid preferred securities issued by banks, may adversely affect their performance. The potential impact of these new regulations on preferred securities is unclear at this time. Such regulatory changes may increase issuers' incentives to call or redeem a security prior to a specified date. Furthermore, from time to time, preferred securities have been, and may in the future be, offered having features other than those described in this Prospectus.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Bond Market Volatility Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The bond markets as a whole could go up or down (sometimes dramatically). This could affect the value of the fixed income investments in the Fund's portfolio.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Interest Rate Fluctuation Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Interest rates and bond prices typically move inversely to each other. Thus, as interest rates rise, the prices of debt securities typically fall and as interest rates fall, the prices of such securities typically rise. Longer-term and lower coupon debt securities tend to be more sensitive to changes in interest rates.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Credit Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund invests in fixed income or preferred securities with various credit ratings. The creditworthiness of the issuer is always a factor in analyzing fixed income securities. An issuer with a lower credit rating will be more likely than a higher-rated issuer to default or otherwise become unable to honor its financial obligations.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund may invest in "high yield" (or "junk") securities and senior loan securities, which are considered speculative, and such securities are rated below investment grade (i.e., rated below Baa by Moody's or below BBB by Standard &amp; Poor's or determined to be of comparable quality by the Subadviser). High yield and senior loan securities carry a substantial risk of default or they may already be in default. The market price for such securities may fluctuate more than higher-quality securities and may decline significantly. In addition, it may be more difficult for the Fund or a Closed-End Fund to dispose of junk securities and senior loan securities or to determine their value. Junk securities and senior loan securities may contain redemption or call provisions that, if exercised during a period of declining interest rates, may force the Fund or a Closed-End Fund to replace the security with a lower yielding security, which would decrease the return of the Fund.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Financial Services Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Preferred Sleeve expects to invest a substantial portion of its investments in the financial services sector, including the banking, brokerage and insurance industries. As a result, events affecting issuers in the financial services sector may cause the Fund's share value to fluctuate. Economic downturns, credit losses and severe price competition can negatively affect this industry. The profitability of financial services companies is dependent on the availability and cost of capital and can fluctuate significantly when interest rates change. Financial services companies are also subject to extensive government regulation.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Closed-End Fund Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's investments in Closed-End Funds generally reflect the risks of the underlying securities they hold. The Fund will indirectly bear its proportionate share of the management and other expenses that are charged by the Closed-End Funds in addition to the expenses paid by the Fund. In addition, shares of Closed-End Funds are subject to a number of risks which are related directly to their structure. First, shares of Closed-End Funds frequently trade at a discount from their net asset value, which is a risk separate and distinct from the risk that the Fund's net asset value could decrease as a result of its investment activities. Second, many Closed-End Funds include leverage in their capital structure as a part of a strategy designed to enhance the level of income and capital appreciation to their shareholders. The presence of leverage in the Closed-End Fund structure introduces both increased volatility of net asset value, and the potential for greater variability in the dividends paid by the Closed-End Funds, as the cost of borrowings often changes up or down with the general level of interest rates.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Exchange-Traded Fund Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund may invest directly and through the Closed-End Funds in ETFs. Most ETFs are investment companies whose shares are purchased and sold on a securities exchange. An ETF represents a portfolio of securities designed to track a particular market segment or index. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective. The price of an ETF can fluctuate, and the Fund could lose money investing in an ETF. To the extent that the Fund invests in an ETF through a Closed-End Fund, the Fund will indirectly bear its proportionate share of the management and other expenses that are charged by the ETF in addition to its proportionate share of the management and other expenses that are charged by the Closed-End Fund. Moreover, to the extent that the Fund invests in an ETF directly, the Fund will indirectly bear its proportionate share of the management and other expenses that are charged by the ETF in addition to the expenses paid by the Fund.</font> </p> <br/><p style="margin: 0pt 0pt 4pt 0pt;"> <font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><strong>Leveraged ETF Risk.</strong></font> <font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">ETFs in which the Closed-End Funds invest may borrow money for investment purposes, a practice commonly referred to as "leveraging." An ETF may also seek to employ leverage through the use of derivatives, such as futures, options or swaps. The use of leverage by ETFs is limited by law and regulation. Nevertheless, the use of leverage by the ETFs may increase <font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">exposure to fluctuations in the prices of the leveraged ETF's assets, thereby making any change in the leveraged ETF's net asset value greater than without the use of leverage. Leverage could result in increased volatility of returns. Additionally, the interest and additional costs that the leveraged ETF pays to borrow money or engage in derivative transactions could reduce or eliminate the leveraged ETF's net investment profits. A leveraged ETF will also be expected to comply with asset coverage requirements which could force the leveraged ETF to sell certain portfolio holdings or reduce its derivatives positions at a time which may be disadvantageous to the leveraged ETF. The value of a leveraged ETF's shares will tend to increase or decrease more than the value of any increase or decrease in its underlying index due to the fact that the ETF's investment strategies involve consistently applied leverage. Such ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. This effect may be enhanced during the periods of increased market volatility.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Real Estate Securities Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund may invest directly and through the Closed-End Funds in real estate securities, including REITs. Real estate securities are subject to the risk that property values may fall due to increasing vacancies or declining rents. The price of real estate securities also may decline because of the failure of borrowers to pay their loans and poor management. Many real estate companies utilize leverage, which increases investment risk and could adversely affect a company's operations and market value in periods of rising interest rates, as well as risks normally associated with debt financing. Income and real estate values also may be adversely affected by such factors as applicable laws, interest rate levels and the availability of financing. To the extent that the Fund invests directly or indirectly in REITs, distributions to shareholders from such investments will generally not qualify for taxation as qualified dividend income eligible for taxation at the reduced rates applicable to net long-term capital gains.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Mortgage-Related Securities Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The risks associated with mortgage-related securities include: (1) credit risk associated with the performance of the underlying mortgage properties and of the borrowers owning these properties; (2) adverse changes in economic conditions and circumstances, which are more likely to have an adverse impact on mortgage-related securities secured by loans on certain types of commercial properties than on those secured by loans on residential properties; (3) prepayment risk, which can lead to significant fluctuations in value of the mortgage-related security; (4) loss of all or part of the premium, if any, paid; and (5) decline in the market value of the security, whether resulting from changes in interest rates or prepayments on the underlying mortgage collateral.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Senior Loans Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund may invest directly and through the Closed-End Funds in senior secured floating rate loans and other secured floating rate debt obligations. Borrowers under these loans are more likely to default on their payments of interest and principal owed to the Fund than issuers of investment grade bonds, and such defaults could reduce the Fund's net asset value and income distributions. Such loans are subject to greater credit risks, including the possibility of a default or bankruptcy of the borrower. An economic downturn generally leads to a higher non-payment rate, and a debt obligation may lose significant value before a default occurs. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan's value. No active trading market may exist for many loans, which may impair the ability of the Fund to realize full value in the event of the need to liquidate such assets. Adverse market conditions may impair the liquidity of some actively traded loans. In addition, loans may have contractual restrictions on resale, which can delay the sale and adversely impact the sales price.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Inflation-Indexed Securities Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund may invest in inflation-indexed securities directly and through the Closed-End Funds. The value of inflation-indexed securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If inflation is lower than expected during the period the Fund or a Closed-End Fund holds an inflation-indexed security, the Fund may earn less on the security than on a conventional bond. If real interest rates rise (i.e., if interest rates rise for reasons other than inflation), the value of inflation-indexed securities held by the Fund or a Closed-End Fund will decline. Inflation-indexed securities are tied to indexes that are calculated based on rates of inflation for prior periods. There can be no assurance that such indexes will accurately measure the actual rate of inflation in the prices of goods and services.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Master Limited Partnerships Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Certain Closed-End Funds may purchase securities issued by Master Limited Partnerships ("MLPs"). The risks of investing in MLPs are generally those inherent in investing in a partnership as opposed to a corporation. There may be less protections afforded investors in an MLP than investors in a corporation. Additional risks are those associated with the specific industries or sectors in which the partnership invests, including, in particular, the energy sector.</font> </p> <br/><p style="margin: 0pt 0pt 4pt 0pt;"> <font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><strong>Market Volatility and Securities Selection Risk.</strong></font> <font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund invests significantly in equity securities. As with any fund that invests in equity securities, the value of your investment in the Fund may fluctuate in response to stock market movements. You should be aware that the performance of "value" stocks may rise or decline under varying market conditions &#8212; for example, "value" stocks may perform well under circumstances in which "growth" stocks in general have fallen. When investing in value stocks that are believed to be undervalued in the market, there is a risk that the market may not recognize a security's intrinsic value for a long <font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">period of time, or that a security judged to be undervalued may actually be appropriately priced. In addition, individual securities selected for the Fund may underperform the market generally.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Disciplined Strategy Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Global Dividend Sleeve will not deviate from its strategy (except to the extent necessary to comply with federal tax laws or other applicable laws). If the Global Dividend Sleeve is committed to a strategy that is unsuccessful, the Fund will not meet its investment goal. Because the Global Dividend Sleeve generally will not use certain hedging techniques available to the Preferred and Closed-End Fund Sleeves to reduce stock market exposure, this portion of the Fund may be more susceptible to general market declines than other sleeves.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>International Investing Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund may invest without limit in foreign securities directly and through the Closed-End Funds. When investing internationally, the value of your investment may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility. In addition, foreign securities may not be as liquid as domestic securities and are subject to settlement practices and regulatory and financial reporting standards that differ from those in the U.S. Volatility in a single country or region in which the Fund or a Closed-End Fund invests a significant portion of its assets may affect performance.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Emerging Markets Securities Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Securities of companies in emerging markets may be more volatile and potentially less liquid than those of companies in more developed markets. Emerging market countries may have relatively unstable governments and may present the risk of nationalization of business, expropriation, confiscatory taxation or, in certain instances, reversion to closed market, centrally planned economies.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Small and Medium Sized Companies Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Securities of small and medium sized companies are usually more volatile and entail greater risks than securities of large companies.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Active Trading Risk.</b></font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As part of the Fund's principal investment techniques, the Fund may engage in active trading of its portfolio securities. Because the Fund may sell a security without regard to how long it has held the security, active trading may have tax consequences for certain shareholders, involving a possible increase in short-term capital gains or losses. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Fund and which will affect the Fund's performance. During periods of increased market volatility, active trading may be more pronounced.</font> </p>falsefalsefalsenonnum:textBlockItemTypenaNarrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph i -Clause instruction false023false 4rr_BarChartAndPerformanceTableHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00PERFORMANCE INFORMATIONfalsefalsefalsexbrli:stringItemTypestringRisk/Return Bar Chart and Table.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 false024false 4rr_PerformanceNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund has not been in operation for a full calendar year. 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SunAmerica Income Explorer Fund
SunAmerica Income Explorer Fund
INVESTMENT OBJECTIVE

The SunAmerica Income Explorer Fund (the "Fund") seeks high current income

with a secondary objective of capital appreciation.

FEES AND EXPENSES OF THE FUND

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the SunAmerica fund complex. More information about these and other discounts is available from your financial professional and in the "Shareholder Account Information-Sales Charge Reductions and Waivers" section on page 10 of the Fund's Prospectus and in the "Additional Information Regarding Purchase of Shares" section on page 52 of the Fund's statement of additional information ("SAI").

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees SunAmerica Income Explorer Fund
Class A Shares
Class C Shares
Class W Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.75% none none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the amount redeemed or original purchase cost) [1] none 1.00% none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends none none none
[1] Purchases of Class A shares of $1 million or more will be subject to a contingent deferred sales charge (CDSC) on redemptions made within two years of purchase. The CDSC on Class C shares applies only if shares are redeemed within twelve months of their purchase. See page 9 of the Prospectus for more information about the CDSCs.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses SunAmerica Income Explorer Fund
Class A Shares
Class C Shares
Class W Shares
Management Fees 1.00% 1.00% 1.00%
Distribution and/or Service (12b-1) Fees 0.35% 1.00% none
Other Expenses [1] 0.40% 0.42% 0.61%
Acquired Fund Fees and Expenses [1] 0.50% 0.50% 0.50%
Total Annual Fund Operating Expenses Before Fee Waiver and/or Expense Reimbursement 2.25% 2.92% 2.11%
Fee Waiver and/or Expense Reimbursement [2][3] 0.03% 0.05% 0.09%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement [2][3][4] 2.22% 2.87% 2.02%
[1] Other Expenses and Acquired Fund Fees and Expenses are estimated for the current fiscal year because the Fund had not commenced operations as of the date of this Prospectus.
[2] Pursuant to an Expense Limitation Agreement, SunAmerica Asset Management Corporation ("SunAmerica" or the "Adviser") is contractually obligated to waive its fees and/or reimburse expenses to the extent that the Total Annual Fund Operating Expenses exceed 1.72% for Class A shares, 2.37% for Class C shares and 1.52% for Class W shares. This fee waiver and expense reimbursement will continue in effect indefinitely, unless terminated by the Board of Trustees, including a majority of the Independent Trustees. For purposes of the Expense Limitation Agreement, "Total Annual Fund Operating Expenses" shall not include extraordinary expenses, as determined under generally accepted accounting principles, or Acquired Fund Fees and Expenses.
[3] Any waivers and/or reimbursements made by SunAmerica are subject to recoupment from the Fund within two years after the occurrence of the waiver and/or reimbursement, provided that the Fund is able to effect such payment to SunAmerica and remain in compliance with the expense cap in effect at the time the waivers and/or reimbursements occurred.
[4] The Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement shown in the table above exceed the contractual expense limitations shown in footnote 3 because they include Acquired Fund Fees and Expenses, whereas the contractual expense limitations are based on operating expenses and do not include Acquired Fund Fees and Expenses.
EXAMPLE:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:

Expense Example SunAmerica Income Explorer Fund (USD $)
1 Year
3 Years
Class A Shares
787 1,229
Class C Shares
390 889
Class W Shares
205 634
You would pay the following expenses if you did not redeem your shares:
Expense Example No Redemption SunAmerica Income Explorer Fund (USD $)
1 Year
3 Years
Class A Shares
787 1,229
Class C Shares
290 889
Class W Shares
205 634
PORTFOLIO TURNOVER:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. The Fund has not commenced operations as of the date of this Prospectus.

PRINCIPAL INVESTMENT STRATEGIES AND TECHNIQUES OF THE FUND

The Fund seeks to achieve its investment objective primarily by strategically allocating its assets among a preferred securities strategy, closed-end fund strategy and global dividend equity strategy. Through this combination of investments, the Fund expects to gain exposure to a broad range of income-producing investments, including both fixed income and equity securities.


SunAmerica, the Fund's investment adviser, is responsible for determining the allocation among the different portions (or "sleeves") of the Fund, each of which is managed by either SunAmerica or Cohen & Steers Capital Management, Inc. ("Cohen & Steers" or the "Subadviser"), the Fund's subadviser. Cohen & Steers manages the preferred securities and closed-end fund portions of the Fund and SunAmerica manages the global dividend equity strategy.


When allocating investments across the different sleeves, SunAmerica selects the allocation that it believes is best designed at any given time to provide exposure to high income-producing investments and as such, allocations to the different portions of the Fund may fluctuate depending on market conditions and other factors. The managers of the preferred and closed-end fund sleeves also have significant flexibility in selecting investments for the portion of the Fund that they manage, which allows the Fund to provide exposure to a variety of sectors and income-producing strategies within these sleeves. The manager of the global dividend equity sleeve employs a "buy and hold" strategy whereby the Fund invests in high dividend yielding equity securities that are selected from a broad-based global market index.


The principal investment strategies and principal investment techniques of the Fund may be changed without shareholder approval.


Preferred Securities Strategy ("Preferred Sleeve"). The principal investment technique of the Preferred Sleeve is to invest in a diversified portfolio of preferred securities issued by U.S. and foreign companies, including traditional preferred securities, hybrid preferred securities and floating rate preferred securities. The Preferred Sleeve may invest in both investment grade and below investment grade securities.


The Preferred Sleeve expects to invest a substantial portion of its assets in the financial services sector, which is comprised of the banking, brokerage and insurance industries. The Preferred Sleeve may also invest in other sectors or industries, including but not limited to real estate (including real estate investment trusts or "REITs"), energy, industrials, utilities, pipelines, health care and telecommunications. The Subadviser retains broad discretion to allocate the Preferred Sleeve's investments across various sectors and industries.


Closed-End Fund Strategy ("Closed-End Fund Sleeve"). The principal investment technique of the Closed-End Fund Sleeve is to invest in the common stock of closed-end management investment companies ("Closed-End Funds") selected by Cohen & Steers that invest significantly in fixed income securities, although the Closed-End Fund Sleeve may also invest in Closed-End Funds that invest in equity and other income-producing securities. The types of securities held by the Closed-End Funds may include, but are not limited to, convertible securities, emerging market debt securities, government securities, high yield securities, investment grade securities, mortgage securities, preferred securities, senior loan securities, municipal securities and common stocks, and the Closed-End Funds may seek to obtain exposure to income-producing securities through a variety of different investment strategies, such as global income strategies, limited duration strategies, multi-sector strategies and other income-oriented strategies. Shares of Closed-End Funds in which the Fund invests will be traded on a listed exchange or in the over-the-counter market. Cohen & Steers employs a research-driven investment process for selecting Closed-End Funds that is intended to produce a portfolio focused on high current income that is allocated across multiple sectors, strategies and managers and that is consistent with the Fund's overall investment objectives.


Global Dividend Equity Strategy ("Global Dividend Sleeve"). The principal investment technique of the Global Dividend Sleeve is to employ a "buy and hold" strategy with approximately 50 high dividend yielding equity securities selected annually from the Morgan Stanley Capital International All Country World Index ("MSCI ACWI Index"). It is expected that the Global Dividend Sleeve will invest primarily in common stocks, and to a lesser extent, preferred stocks, and may invest in companies of any size. It is anticipated that the Global Dividend Sleeve will invest in both U.S. and foreign (non-U.S.) securities, including securities of emerging markets, and that the Global Dividend Sleeve will be invested in a number of different countries.


The Global Dividend Sleeve employs in part a value-oriented philosophy in conjunction with its selection of high dividend yielding equity securities. The selection criteria used by SunAmerica to identify high dividend yielding equity securities from the MSCI ACWI Index will generally include dividend yield as well as a combination of factors that relate to profitability and valuation. While the securities selection process will take place on an annual basis, the portfolio managers may, from time to time, substitute certain securities for those selected for the Global Dividend Sleeve or reduce the position size of a portfolio security in between the annual rebalancings under certain limited circumstances. These circumstances will generally include where a security held by the Global Dividend Sleeve no longer meets the dividend yield criteria or when the value of a security becomes a disproportionately large percentage of the Global Dividend Sleeve's holdings, in the discretion of the portfolio managers.


The Global Dividend Sleeve will be evaluated and adjusted at the discretion of the portfolio managers on an annual basis. The annual consideration of the securities that meet the selection criteria will take place on or about July 1, with the first annual consideration following the initial selection to occur on or about July 1, 2014. Immediately after the Fund buys and sells securities in connection with the Global Dividend Sleeve's annual rebalancing, the sleeve will hold approximately an equal value of each of the 50 securities. Stated differently, the Fund will invest about 1/50th of the Global Dividend Sleeve's assets in each of the securities that make up its portfolio. Thereafter, when an investor purchases shares of the Fund, with respect to the amount allocated to the Global Dividend Sleeve, SunAmerica will generally invest additional funds in the pre-selected securities based on each security's respective percentage of the sleeve's assets at the time.


The Global Dividend Sleeve employs a strategy to hold securities between its annual rebalancings, even if there are adverse developments concerning a particular security, an industry, the economy or the stock market generally. Due to changes in the market value of the securities held by the Global Dividend Sleeve, it is likely that the weighting of the stocks in its portfolio will fluctuate throughout the course of the year.

PRINCIPAL RISKS OF INVESTING IN THE FUND

There can be no assurance that the Fund's investment objectives will be met or that the net return on an investment in the Fund will exceed what could have been obtained through other investment or savings vehicles. Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. As with any mutual fund, there is no guarantee that the Fund will be able to achieve its investment objectives. If the value of the assets of the Fund goes down, you could lose money.


The principal risks of the Fund, which include risks associated with the types of Closed-End Funds in which the Fund will generally invest, are:


Preferred Securities Risk. Preferred securities are subject to bond market volatility risk, credit risk and interest rate fluctuation risk. In addition, preferred securities are subordinated to other securities in the issuer's capital structure and are subject to the risk that the issuer will fail to make dividends or other distributions on the preferred securities when due because other claims on the issuer's assets take priority. Certain preferred securities are heavily dependent on the profitability of the issuer rather than on any legal claims to specific assets or cash flows. Preferred securities may be less liquid than many other types of securities or may be subject to the risk of being redeemed prior to their scheduled date.


Regulatory Risk. Regulatory changes affecting the issuers of certain preferred securities, including hybrid preferred securities issued by banks, may adversely affect their performance. The potential impact of these new regulations on preferred securities is unclear at this time. Such regulatory changes may increase issuers' incentives to call or redeem a security prior to a specified date. Furthermore, from time to time, preferred securities have been, and may in the future be, offered having features other than those described in this Prospectus.


Bond Market Volatility Risk. The bond markets as a whole could go up or down (sometimes dramatically). This could affect the value of the fixed income investments in the Fund's portfolio.


Interest Rate Fluctuation Risk. Interest rates and bond prices typically move inversely to each other. Thus, as interest rates rise, the prices of debt securities typically fall and as interest rates fall, the prices of such securities typically rise. Longer-term and lower coupon debt securities tend to be more sensitive to changes in interest rates.


Credit Risk. The Fund invests in fixed income or preferred securities with various credit ratings. The creditworthiness of the issuer is always a factor in analyzing fixed income securities. An issuer with a lower credit rating will be more likely than a higher-rated issuer to default or otherwise become unable to honor its financial obligations.


The Fund may invest in "high yield" (or "junk") securities and senior loan securities, which are considered speculative, and such securities are rated below investment grade (i.e., rated below Baa by Moody's or below BBB by Standard & Poor's or determined to be of comparable quality by the Subadviser). High yield and senior loan securities carry a substantial risk of default or they may already be in default. The market price for such securities may fluctuate more than higher-quality securities and may decline significantly. In addition, it may be more difficult for the Fund or a Closed-End Fund to dispose of junk securities and senior loan securities or to determine their value. Junk securities and senior loan securities may contain redemption or call provisions that, if exercised during a period of declining interest rates, may force the Fund or a Closed-End Fund to replace the security with a lower yielding security, which would decrease the return of the Fund.


Financial Services Risk. The Preferred Sleeve expects to invest a substantial portion of its investments in the financial services sector, including the banking, brokerage and insurance industries. As a result, events affecting issuers in the financial services sector may cause the Fund's share value to fluctuate. Economic downturns, credit losses and severe price competition can negatively affect this industry. The profitability of financial services companies is dependent on the availability and cost of capital and can fluctuate significantly when interest rates change. Financial services companies are also subject to extensive government regulation.


Closed-End Fund Risk. The Fund's investments in Closed-End Funds generally reflect the risks of the underlying securities they hold. The Fund will indirectly bear its proportionate share of the management and other expenses that are charged by the Closed-End Funds in addition to the expenses paid by the Fund. In addition, shares of Closed-End Funds are subject to a number of risks which are related directly to their structure. First, shares of Closed-End Funds frequently trade at a discount from their net asset value, which is a risk separate and distinct from the risk that the Fund's net asset value could decrease as a result of its investment activities. Second, many Closed-End Funds include leverage in their capital structure as a part of a strategy designed to enhance the level of income and capital appreciation to their shareholders. The presence of leverage in the Closed-End Fund structure introduces both increased volatility of net asset value, and the potential for greater variability in the dividends paid by the Closed-End Funds, as the cost of borrowings often changes up or down with the general level of interest rates.


Exchange-Traded Fund Risk. The Fund may invest directly and through the Closed-End Funds in ETFs. Most ETFs are investment companies whose shares are purchased and sold on a securities exchange. An ETF represents a portfolio of securities designed to track a particular market segment or index. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective. The price of an ETF can fluctuate, and the Fund could lose money investing in an ETF. To the extent that the Fund invests in an ETF through a Closed-End Fund, the Fund will indirectly bear its proportionate share of the management and other expenses that are charged by the ETF in addition to its proportionate share of the management and other expenses that are charged by the Closed-End Fund. Moreover, to the extent that the Fund invests in an ETF directly, the Fund will indirectly bear its proportionate share of the management and other expenses that are charged by the ETF in addition to the expenses paid by the Fund.


Leveraged ETF Risk. ETFs in which the Closed-End Funds invest may borrow money for investment purposes, a practice commonly referred to as "leveraging." An ETF may also seek to employ leverage through the use of derivatives, such as futures, options or swaps. The use of leverage by ETFs is limited by law and regulation. Nevertheless, the use of leverage by the ETFs may increase exposure to fluctuations in the prices of the leveraged ETF's assets, thereby making any change in the leveraged ETF's net asset value greater than without the use of leverage. Leverage could result in increased volatility of returns. Additionally, the interest and additional costs that the leveraged ETF pays to borrow money or engage in derivative transactions could reduce or eliminate the leveraged ETF's net investment profits. A leveraged ETF will also be expected to comply with asset coverage requirements which could force the leveraged ETF to sell certain portfolio holdings or reduce its derivatives positions at a time which may be disadvantageous to the leveraged ETF. The value of a leveraged ETF's shares will tend to increase or decrease more than the value of any increase or decrease in its underlying index due to the fact that the ETF's investment strategies involve consistently applied leverage. Such ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. This effect may be enhanced during the periods of increased market volatility.


Real Estate Securities Risk. The Fund may invest directly and through the Closed-End Funds in real estate securities, including REITs. Real estate securities are subject to the risk that property values may fall due to increasing vacancies or declining rents. The price of real estate securities also may decline because of the failure of borrowers to pay their loans and poor management. Many real estate companies utilize leverage, which increases investment risk and could adversely affect a company's operations and market value in periods of rising interest rates, as well as risks normally associated with debt financing. Income and real estate values also may be adversely affected by such factors as applicable laws, interest rate levels and the availability of financing. To the extent that the Fund invests directly or indirectly in REITs, distributions to shareholders from such investments will generally not qualify for taxation as qualified dividend income eligible for taxation at the reduced rates applicable to net long-term capital gains.


Mortgage-Related Securities Risk. The risks associated with mortgage-related securities include: (1) credit risk associated with the performance of the underlying mortgage properties and of the borrowers owning these properties; (2) adverse changes in economic conditions and circumstances, which are more likely to have an adverse impact on mortgage-related securities secured by loans on certain types of commercial properties than on those secured by loans on residential properties; (3) prepayment risk, which can lead to significant fluctuations in value of the mortgage-related security; (4) loss of all or part of the premium, if any, paid; and (5) decline in the market value of the security, whether resulting from changes in interest rates or prepayments on the underlying mortgage collateral.


Senior Loans Risk. The Fund may invest directly and through the Closed-End Funds in senior secured floating rate loans and other secured floating rate debt obligations. Borrowers under these loans are more likely to default on their payments of interest and principal owed to the Fund than issuers of investment grade bonds, and such defaults could reduce the Fund's net asset value and income distributions. Such loans are subject to greater credit risks, including the possibility of a default or bankruptcy of the borrower. An economic downturn generally leads to a higher non-payment rate, and a debt obligation may lose significant value before a default occurs. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan's value. No active trading market may exist for many loans, which may impair the ability of the Fund to realize full value in the event of the need to liquidate such assets. Adverse market conditions may impair the liquidity of some actively traded loans. In addition, loans may have contractual restrictions on resale, which can delay the sale and adversely impact the sales price.


Inflation-Indexed Securities Risk. The Fund may invest in inflation-indexed securities directly and through the Closed-End Funds. The value of inflation-indexed securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If inflation is lower than expected during the period the Fund or a Closed-End Fund holds an inflation-indexed security, the Fund may earn less on the security than on a conventional bond. If real interest rates rise (i.e., if interest rates rise for reasons other than inflation), the value of inflation-indexed securities held by the Fund or a Closed-End Fund will decline. Inflation-indexed securities are tied to indexes that are calculated based on rates of inflation for prior periods. There can be no assurance that such indexes will accurately measure the actual rate of inflation in the prices of goods and services.


Master Limited Partnerships Risk. Certain Closed-End Funds may purchase securities issued by Master Limited Partnerships ("MLPs"). The risks of investing in MLPs are generally those inherent in investing in a partnership as opposed to a corporation. There may be less protections afforded investors in an MLP than investors in a corporation. Additional risks are those associated with the specific industries or sectors in which the partnership invests, including, in particular, the energy sector.


Market Volatility and Securities Selection Risk. The Fund invests significantly in equity securities. As with any fund that invests in equity securities, the value of your investment in the Fund may fluctuate in response to stock market movements. You should be aware that the performance of "value" stocks may rise or decline under varying market conditions — for example, "value" stocks may perform well under circumstances in which "growth" stocks in general have fallen. When investing in value stocks that are believed to be undervalued in the market, there is a risk that the market may not recognize a security's intrinsic value for a long period of time, or that a security judged to be undervalued may actually be appropriately priced. In addition, individual securities selected for the Fund may underperform the market generally.


Disciplined Strategy Risk. The Global Dividend Sleeve will not deviate from its strategy (except to the extent necessary to comply with federal tax laws or other applicable laws). If the Global Dividend Sleeve is committed to a strategy that is unsuccessful, the Fund will not meet its investment goal. Because the Global Dividend Sleeve generally will not use certain hedging techniques available to the Preferred and Closed-End Fund Sleeves to reduce stock market exposure, this portion of the Fund may be more susceptible to general market declines than other sleeves.


International Investing Risk. The Fund may invest without limit in foreign securities directly and through the Closed-End Funds. When investing internationally, the value of your investment may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility. In addition, foreign securities may not be as liquid as domestic securities and are subject to settlement practices and regulatory and financial reporting standards that differ from those in the U.S. Volatility in a single country or region in which the Fund or a Closed-End Fund invests a significant portion of its assets may affect performance.


Emerging Markets Securities Risk. Securities of companies in emerging markets may be more volatile and potentially less liquid than those of companies in more developed markets. Emerging market countries may have relatively unstable governments and may present the risk of nationalization of business, expropriation, confiscatory taxation or, in certain instances, reversion to closed market, centrally planned economies.


Small and Medium Sized Companies Risk. Securities of small and medium sized companies are usually more volatile and entail greater risks than securities of large companies.


Active Trading Risk. As part of the Fund's principal investment techniques, the Fund may engage in active trading of its portfolio securities. Because the Fund may sell a security without regard to how long it has held the security, active trading may have tax consequences for certain shareholders, involving a possible increase in short-term capital gains or losses. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Fund and which will affect the Fund's performance. During periods of increased market volatility, active trading may be more pronounced.

PERFORMANCE INFORMATION

The Fund has not been in operation for a full calendar year. As a result, no performance information is available.