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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 19
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070 N010400 Y
070 N020400 Y
070 O010400 Y
070 O020400 Y
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
<PAGE> PAGE 21
070 R010400 N
070 R020400 N
071 A000400 156557
071 B000400 194500
071 C000400 119747
071 D000400 131
072 A000400 12
072 B000400 11441
072 C000400 46
072 D000400 0
072 E000400 0
072 F000400 740
072 G000400 0
072 H000400 0
072 I000400 308
072 J000400 79
072 K000400 0
072 L000400 7
072 M000400 15
072 N000400 9
072 O000400 0
072 P000400 1
072 Q000400 0
072 R000400 22
072 S000400 1
072 T000400 1021
072 U000400 0
072 V000400 0
072 W000400 7
072 X000400 2210
072 Y000400 0
072 Z000400 9277
072AA000400 3516
072BB000400 0
072CC010400 0
072CC020400 866
072DD010400 1545
072DD020400 7502
072EE000400 0
073 A010400 0.3700
073 A020400 0.3500
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 3985
074 C000400 0
074 D000400 87925
074 E000400 2726
074 F000400 0
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074 H000400 0
<PAGE> PAGE 22
074 I000400 175
074 J000400 4750
074 K000400 0
074 L000400 1993
074 M000400 5
074 N000400 101559
074 O000400 0
074 P000400 135
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 741
074 S000400 0
074 T000400 100683
074 U010400 5146
074 U020400 17734
074 V010400 4.39
074 V020400 4.40
074 W000400 0.0000
074 X000400 5420
074 Y000400 0
075 A000400 0
075 B000400 113929
076 000400 0.00
028 A010500 735
028 A020500 284
028 A030500 0
028 A040500 2933
028 B010500 286
028 B020500 283
028 B030500 0
028 B040500 2216
028 C010500 1039
028 C020500 280
028 C030500 0
028 C040500 3390
028 D010500 702
028 D020500 255
028 D030500 0
028 D040500 3976
028 E010500 246
028 E020500 267
028 E030500 0
028 E040500 2475
028 F010500 326
028 F020500 253
028 F030500 0
028 F040500 3052
028 G010500 3334
028 G020500 1622
<PAGE> PAGE 23
028 G030500 0
028 G040500 18042
028 H000500 1214
029 000500 Y
030 A000500 41
030 B000500 4.75
030 C000500 0.00
031 A000500 7
031 B000500 0
032 000500 9
033 000500 25
034 000500 Y
035 000500 88
036 A000500 N
036 B000500 0
042 A000500 0
042 B000500 0
042 C000500 100
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 667
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.000
048 A010500 350000
048 A020500 0.500
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 350000
048 K020500 0.450
<PAGE> PAGE 24
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 N
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 3.2
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 98.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 16.9
064 A000500 Y
064 B000500 N
070 A010500 N
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 Y
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
<PAGE> PAGE 25
070 K010500 N
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 Y
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 69216
071 B000500 94278
071 C000500 134661
071 D000500 51
072 A000500 12
072 B000500 8245
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072 E000500 0
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<PAGE> PAGE 26
072DD020500 1167
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SIGNATURE PETER SUTTON
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000795307
<NAME> SUNAMERICA INCOME FUNDS
<SERIES>
<NUMBER> 011
<NAME> SUNAMERICA HIGH INCOME FUND CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 129,441,554<F1>
<INVESTMENTS-AT-VALUE> 126,605,775<F1>
<RECEIVABLES> 17,593,551<F1>
<ASSETS-OTHER> 12,957<F1>
<OTHER-ITEMS-ASSETS> 688<F1>
<TOTAL-ASSETS> 144,212,971<F1>
<PAYABLE-FOR-SECURITIES> 1,500,000<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 3,190,609<F1>
<TOTAL-LIABILITIES> 4,690,609<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 180,363,850<F1>
<SHARES-COMMON-STOCK> 5,828,578<F2>
<SHARES-COMMON-PRIOR> 5,176,395<F2>
<ACCUMULATED-NII-CURRENT> (267,317)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (37,738,392)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (2,835,779)<F1>
<NET-ASSETS> 139,522,362<F1>
<DIVIDEND-INCOME> 130,000<F1>
<INTEREST-INCOME> 15,523,828<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 2,873,727<F1>
<NET-INVESTMENT-INCOME> 12,780,101<F1>
<REALIZED-GAINS-CURRENT> 8,745,205<F1>
<APPREC-INCREASE-CURRENT> (6,210,119)<F1>
<NET-CHANGE-FROM-OPS> 15,315,187<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 13,040,855<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 2,138,523<F2>
<NUMBER-OF-SHARES-REDEEMED> (1,792,558)<F2>
<SHARES-REINVESTED> 306,218<F2>
<NET-CHANGE-IN-ASSETS> 11,759,359<F1>
<ACCUMULATED-NII-PRIOR> (228,649)<F1>
<ACCUMULATED-GAINS-PRIOR> (46,261,511)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,107,351<F1>
<INTEREST-EXPENSE> 6,533<F1>
<GROSS-EXPENSE> 2,884,761<F1>
<AVERAGE-NET-ASSETS> 39,465,149<F2>
<PER-SHARE-NAV-BEGIN> 6.95<F2>
<PER-SHARE-NII> 0.65<F2>
<PER-SHARE-GAIN-APPREC> 0.12<F2>
<PER-SHARE-DIVIDEND> (0.66)<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 7.06<F2>
<EXPENSE-RATIO> 1.50<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>Information given pertains to the SunAmerica High Income Fund as a whole
<F2>Information pertains to SunAmerica High Income Fund Class A
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000795307
<NAME> SUNAMERICA INCOME FUNDS
<SERIES>
<NUMBER> 012
<NAME> SUNAMERICA HIGH INCOME FUND CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 129,441,554<F1>
<INVESTMENTS-AT-VALUE> 126,605,775<F1>
<RECEIVABLES> 17,593,551<F1>
<ASSETS-OTHER> 12,957<F1>
<OTHER-ITEMS-ASSETS> 688<F1>
<TOTAL-ASSETS> 144,212,971<F1>
<PAYABLE-FOR-SECURITIES> 1,500,000<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 3,190,609<F1>
<TOTAL-LIABILITIES> 4,690,609<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 180,363,850<F1>
<SHARES-COMMON-STOCK> 13,921,621<F2>
<SHARES-COMMON-PRIOR> 13,190,350<F2>
<ACCUMULATED-NII-CURRENT> (267,317)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (37,738,392)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (2,835,779)<F1>
<NET-ASSETS> 139,522,362<F1>
<DIVIDEND-INCOME> 130,000<F1>
<INTEREST-INCOME> 15,523,828<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 2,873,727<F1>
<NET-INVESTMENT-INCOME> 12,780,101<F1>
<REALIZED-GAINS-CURRENT> 8,745,205<F1>
<APPREC-INCREASE-CURRENT> (6,210,119)<F1>
<NET-CHANGE-FROM-OPS> 15,315,187<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 13,040,855<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 7,842,612<F2>
<NUMBER-OF-SHARES-REDEEMED> (7,864,875)<F2>
<SHARES-REINVESTED> 753,534<F2>
<NET-CHANGE-IN-ASSETS> 11,759,359<F1>
<ACCUMULATED-NII-PRIOR> (228,649)<F1>
<ACCUMULATED-GAINS-PRIOR> (46,261,511)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
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<INTEREST-EXPENSE> 6,533<F1>
<GROSS-EXPENSE> 2,884,761<F1>
<AVERAGE-NET-ASSETS> 108,181,633<F2>
<PER-SHARE-NAV-BEGIN> 6.96<F2>
<PER-SHARE-NII> 0.61<F2>
<PER-SHARE-GAIN-APPREC> 0.12<F2>
<PER-SHARE-DIVIDEND> (0.62)<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 7.07<F2>
<EXPENSE-RATIO> 2.11<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>Information given pertains to the SunAmerica High Income Fund as a whole
<F2>Information pertains to SunAmerica High Income Fund Class B
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000795307
<NAME> SUNAMERICA INCOME FUNDS
<SERIES>
<NUMBER> 021
<NAME> SUNAMERICA U.S. GOVERNMENT FUND CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 426,080,808<F1>
<INVESTMENTS-AT-VALUE> 424,249,281<F1>
<RECEIVABLES> 5,328,185<F1>
<ASSETS-OTHER> 37,476<F1>
<OTHER-ITEMS-ASSETS> 735<F1>
<TOTAL-ASSETS> 429,615,677<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 27,404,374<F1>
<TOTAL-LIABILITIES> 27,404,374<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 442,045,737<F1>
<SHARES-COMMON-STOCK> 13,546,280<F2>
<SHARES-COMMON-PRIOR> 14,756,884<F2>
<ACCUMULATED-NII-CURRENT> (318,396)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (37,684,511)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (1,831,527)<F1>
<NET-ASSETS> 402,211,303<F1>
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 40,869,021<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 9,697,770<F1>
<NET-INVESTMENT-INCOME> 31,171,251<F1>
<REALIZED-GAINS-CURRENT> (13,090,282)<F1>
<APPREC-INCREASE-CURRENT> (1,446,259)<F1>
<NET-CHANGE-FROM-OPS> 16,634,710<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 24,711,529<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 2,843,102<F2>
<NUMBER-OF-SHARES-REDEEMED> (4,515,889)<F2>
<SHARES-REINVESTED> 462,183<F2>
<NET-CHANGE-IN-ASSETS> (152,064,382)<F1>
<ACCUMULATED-NII-PRIOR> (1,255,322)<F1>
<ACCUMULATED-GAINS-PRIOR> (30,117,025)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
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<GROSS-ADVISORY-FEES> 3,370,947<F1>
<INTEREST-EXPENSE> 4,985<F1>
<GROSS-EXPENSE> 9,703,946<F1>
<AVERAGE-NET-ASSETS> 112,142,352<F2>
<PER-SHARE-NAV-BEGIN> 8.50<F2>
<PER-SHARE-NII> 0.59<F2>
<PER-SHARE-GAIN-APPREC> (0.26)<F2>
<PER-SHARE-DIVIDEND> (0.48)<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 8.35<F2>
<EXPENSE-RATIO> 1.54<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>Information given pertains to the SunAmerica U.S. Government Fund as a whole
<F2>Information pertains to SunAmerica U.S. Government Fund Class A
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000795307
<NAME> SUNAMERICA INCOME FUNDS
<SERIES>
<NUMBER> 022
<NAME> SUNAMERICA U.S. GOVERNMENT FUND CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 426,080,808<F1>
<INVESTMENTS-AT-VALUE> 424,249,281<F1>
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<ASSETS-OTHER> 37,476<F1>
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<TOTAL-ASSETS> 429,615,677<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 27,404,374<F1>
<TOTAL-LIABILITIES> 27,404,374<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 442,045,737<F1>
<SHARES-COMMON-STOCK> 34,580,049<F2>
<SHARES-COMMON-PRIOR> 50,389,486<F2>
<ACCUMULATED-NII-CURRENT> (318,396)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (37,684,511)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (1,831,527)<F1>
<NET-ASSETS> 402,211,303<F1>
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<EXPENSES-NET> 9,697,770<F1>
<NET-INVESTMENT-INCOME> 31,171,251<F1>
<REALIZED-GAINS-CURRENT> (13,090,282)<F1>
<APPREC-INCREASE-CURRENT> (1,446,259)<F1>
<NET-CHANGE-FROM-OPS> 16,634,710<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 24,711,529<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
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<NUMBER-OF-SHARES-SOLD> 851,285<F2>
<NUMBER-OF-SHARES-REDEEMED> (17,979,626)<F2>
<SHARES-REINVESTED> 1,318,904<F2>
<NET-CHANGE-IN-ASSETS> (152,064,382)<F1>
<ACCUMULATED-NII-PRIOR> (1,255,322)<F1>
<ACCUMULATED-GAINS-PRIOR> (30,117,025)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 3,370,947<F1>
<INTEREST-EXPENSE> 4,985<F1>
<GROSS-EXPENSE> 9,703,946<F1>
<AVERAGE-NET-ASSETS> 366,211,641<F2>
<PER-SHARE-NAV-BEGIN> 8.51<F2>
<PER-SHARE-NII> 0.54<F2>
<PER-SHARE-GAIN-APPREC> (0.26)<F2>
<PER-SHARE-DIVIDEND> (0.43)<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 8.36<F2>
<EXPENSE-RATIO> 2.18<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>Information given pertains to the SunAmerica U.S. Government Fund as a whole
<F2>Information pertains to SunAmerica U.S. Government Fund Class B
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000795307
<NAME> SUNAMERICA INCOME FUNDS
<SERIES>
<NUMBER> 031
<NAME> SUNAMERICA FEDERAL SECURITIES FUND CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 54,134,074<F1>
<INVESTMENTS-AT-VALUE> 54,055,411<F1>
<RECEIVABLES> 376,217<F1>
<ASSETS-OTHER> 28,897<F1>
<OTHER-ITEMS-ASSETS> 229<F1>
<TOTAL-ASSETS> 54,460,754<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 5,022,384<F1>
<TOTAL-LIABILITIES> 5,022,384<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 50,794,388<F1>
<SHARES-COMMON-STOCK> 2,936,039<F2>
<SHARES-COMMON-PRIOR> 3,862,927<F2>
<ACCUMULATED-NII-CURRENT> (82,950)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (1,194,405)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (78,663)<F1>
<NET-ASSETS> 49,438,370<F1>
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 4,296,512<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 953,907<F1>
<NET-INVESTMENT-INCOME> 3,342,605<F1>
<REALIZED-GAINS-CURRENT> (251,099)<F1>
<APPREC-INCREASE-CURRENT> (165,240)<F1>
<NET-CHANGE-FROM-OPS> 2,926,266<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 3,047,091<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 187,062<F2>
<NUMBER-OF-SHARES-REDEEMED> (1,244,469)<F2>
<SHARES-REINVESTED> 130,519<F2>
<NET-CHANGE-IN-ASSETS> (17,003,978)<F1>
<ACCUMULATED-NII-PRIOR> (174,321)<F1>
<ACCUMULATED-GAINS-PRIOR> (1,147,449)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 294,357<F1>
<INTEREST-EXPENSE> 338<F1>
<GROSS-EXPENSE> 953,907<F1>
<AVERAGE-NET-ASSETS> 34,510,134<F2>
<PER-SHARE-NAV-BEGIN> 10.43<F2>
<PER-SHARE-NII> .65<F2>
<PER-SHARE-GAIN-APPREC> (0.10)<F2>
<PER-SHARE-DIVIDEND> (0.59)<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 10.39<F2>
<EXPENSE-RATIO> 1.41<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>Information given pertains to the SunAmerica Federal Securities Fund as a whole
<F2>Information pertains to SunAmerica Federal Securities Fund Class A
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000795307
<NAME> SUNAMERICA INCOME FUNDS
<SERIES>
<NUMBER> 032
<NAME> SUNAMERICA FEDERAL SECURITIES FUND CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 54,134,074<F1>
<INVESTMENTS-AT-VALUE> 54,055,411<F1>
<RECEIVABLES> 376,217<F1>
<ASSETS-OTHER> 28,897<F1>
<OTHER-ITEMS-ASSETS> 229<F1>
<TOTAL-ASSETS> 54,460,754<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 5,022,384<F1>
<TOTAL-LIABILITIES> 5,022,384<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 50,794,388<F1>
<SHARES-COMMON-STOCK> 1,816,306<F2>
<SHARES-COMMON-PRIOR> 2,504,077<F2>
<ACCUMULATED-NII-CURRENT> (82,950)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (1,194,405)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (78,663)<F1>
<NET-ASSETS> 49,438,370<F1>
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 4,296,512<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 953,907<F1>
<NET-INVESTMENT-INCOME> 3,342,605<F1>
<REALIZED-GAINS-CURRENT> (251,099)<F1>
<APPREC-INCREASE-CURRENT> (165,240)<F1>
<NET-CHANGE-FROM-OPS> 2,926,266<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 3,047,091<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 171,783<F2>
<NUMBER-OF-SHARES-REDEEMED> (941,907)<F2>
<SHARES-REINVESTED> 82,353<F2>
<NET-CHANGE-IN-ASSETS> (17,003,978)<F1>
<ACCUMULATED-NII-PRIOR> (174,321)<F1>
<ACCUMULATED-GAINS-PRIOR> (1,147,449)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 294,357<F1>
<INTEREST-EXPENSE> 338<F1>
<GROSS-EXPENSE> 953,907<F1>
<AVERAGE-NET-ASSETS> 22,569,123<F2>
<PER-SHARE-NAV-BEGIN> 10.45<F2>
<PER-SHARE-NII> .57<F2>
<PER-SHARE-GAIN-APPREC> (0.08)<F2>
<PER-SHARE-DIVIDEND> (0.52)<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 10.42<F2>
<EXPENSE-RATIO> 2.07<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>Information given pertains to the SunAmerica Federal Securities Fund as a whole
<F2>Information pertains to SunAmerica Federal Securities Fund Class B
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000795307
<NAME> SUNAMERICA INCOME FUNDS
<SERIES>
<NUMBER> 041
<NAME> SUNAMERICA DIVERSIFIED INCOME FUND CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 93,803,361<F1>
<INVESTMENTS-AT-VALUE> 94,810,811<F1>
<RECEIVABLES> 6,743,028<F1>
<ASSETS-OTHER> 5,280<F1>
<OTHER-ITEMS-ASSETS> 163<F1>
<TOTAL-ASSETS> 101,559,282<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 876,657<F1>
<TOTAL-LIABILITIES> 876,657<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 129,764,592<F1>
<SHARES-COMMON-STOCK> 5,145,977<F2>
<SHARES-COMMON-PRIOR> 3,905,764<F2>
<ACCUMULATED-NII-CURRENT> (217,383)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (29,872,034)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 1,007,450<F1>
<NET-ASSETS> 100,682,625<F1>
<DIVIDEND-INCOME> 46,590<F1>
<INTEREST-INCOME> 11,440,856<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 2,210,415<F1>
<NET-INVESTMENT-INCOME> 9,277,031<F1>
<REALIZED-GAINS-CURRENT> 3,516,228<F1>
<APPREC-INCREASE-CURRENT> (866,148)<F1>
<NET-CHANGE-FROM-OPS> 11,927,111<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 9,047,013<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 2,967,500<F2>
<NUMBER-OF-SHARES-REDEEMED> (1,919,822)<F2>
<SHARES-REINVESTED> 192,535<F2>
<NET-CHANGE-IN-ASSETS> (27,028,586)<F1>
<ACCUMULATED-NII-PRIOR> (522,977)<F1>
<ACCUMULATED-GAINS-PRIOR> (33,312,686)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 740,539<F1>
<INTEREST-EXPENSE> 1,295<F1>
<GROSS-EXPENSE> 2,210,415<F1>
<AVERAGE-NET-ASSETS> 18,222,624<F2>
<PER-SHARE-NAV-BEGIN> 4.29<F2>
<PER-SHARE-NII> .37<F2>
<PER-SHARE-GAIN-APPREC> .1<F2>
<PER-SHARE-DIVIDEND> (.37)<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 4.39<F2>
<EXPENSE-RATIO> 1.42<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>Information given pertains to the SunAmerica Diversified Income Fund as a whole
<F2>Information pertains to SunAmerica Diversifed Fund Class A
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000795307
<NAME> SUNAMERICA INCOME FUNDS
<SERIES>
<NUMBER> 042
<NAME> SUNAMERICA DIVERSIFIED INCOME FUND CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 93,803,361<F1>
<INVESTMENTS-AT-VALUE> 94,810,811<F1>
<RECEIVABLES> 6,743,028<F1>
<ASSETS-OTHER> 5,280<F1>
<OTHER-ITEMS-ASSETS> 163<F1>
<TOTAL-ASSETS> 101,559,282<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 876,657<F1>
<TOTAL-LIABILITIES> 876,657<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 129,764,592<F1>
<SHARES-COMMON-STOCK> 17,734,431<F2>
<SHARES-COMMON-PRIOR> 25,797,521<F2>
<ACCUMULATED-NII-CURRENT> (217,383)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (29,872,034)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 1,007,450<F1>
<NET-ASSETS> 100,682,625<F1>
<DIVIDEND-INCOME> 46,590<F1>
<INTEREST-INCOME> 11,440,856<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 2,210,415<F1>
<NET-INVESTMENT-INCOME> 9,277,031<F1>
<REALIZED-GAINS-CURRENT> 3,516,228<F1>
<APPREC-INCREASE-CURRENT> (866,148)<F1>
<NET-CHANGE-FROM-OPS> 11,927,111<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 9,047,013<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 2,028,462<F2>
<NUMBER-OF-SHARES-REDEEMED> (11,026,801)<F2>
<SHARES-REINVESTED> 935,249<F2>
<NET-CHANGE-IN-ASSETS> (27,028,586)<F1>
<ACCUMULATED-NII-PRIOR> (522,977)<F1>
<ACCUMULATED-GAINS-PRIOR> (33,312,686)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 740,539<F1>
<INTEREST-EXPENSE> 1,295<F1>
<GROSS-EXPENSE> 2,210,415<F1>
<AVERAGE-NET-ASSETS> 95,706,332<F2>
<PER-SHARE-NAV-BEGIN> 4.30<F2>
<PER-SHARE-NII> .35<F2>
<PER-SHARE-GAIN-APPREC> .1<F2>
<PER-SHARE-DIVIDEND> (.35)<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 4.40<F2>
<EXPENSE-RATIO> 2.04<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>Information given pertains to the SunAmerica Diversified Income Fund as a whole
<F2>Information pertains to SunAmerica Diversifed Fund Class B
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000795307
<NAME> SUNAMERICA INCOME FUNDS
<SERIES>
<NUMBER> 051
<NAME> SUNAMERICA TAX-EXEMPT INSURED FUND CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 119,359,232<F1>
<INVESTMENTS-AT-VALUE> 124,924,730<F1>
<RECEIVABLES> 6,491,321<F1>
<ASSETS-OTHER> 22,423<F1>
<OTHER-ITEMS-ASSETS> 75,312<F1>
<TOTAL-ASSETS> 131,513,786<F1>
<PAYABLE-FOR-SECURITIES> 7,537,837<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 547,100<F1>
<TOTAL-LIABILITIES> 8,084,937<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 124,624,627<F1>
<SHARES-COMMON-STOCK> 7,968,704<F2>
<SHARES-COMMON-PRIOR> 9,818,201<F2>
<ACCUMULATED-NII-CURRENT> (213,544)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (6,547,732)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 5,565,498<F1>
<NET-ASSETS> 123,428,849<F1>
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 8,244,562<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 1,882,888<F1>
<NET-INVESTMENT-INCOME> 6,361,674<F1>
<REALIZED-GAINS-CURRENT> 2,368,115<F1>
<APPREC-INCREASE-CURRENT> (3,258,254)<F1>
<NET-CHANGE-FROM-OPS> 5,471,535<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 7,464,382<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 191,259<F2>
<NUMBER-OF-SHARES-REDEEMED> (2,254,438)<F2>
<SHARES-REINVESTED> 213,682<F2>
<NET-CHANGE-IN-ASSETS> (27,843,301)<F1>
<ACCUMULATED-NII-PRIOR> (308,829)<F1>
<ACCUMULATED-GAINS-PRIOR> (8,907,578)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 685,760<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 1,882,888<F1>
<AVERAGE-NET-ASSETS> 108,428,191<F2>
<PER-SHARE-NAV-BEGIN> 12.42<F2>
<PER-SHARE-NII> 0.59<F2>
<PER-SHARE-GAIN-APPREC> (0.07)<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (0.59)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 12.35<F2>
<EXPENSE-RATIO> 1.24<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>Information given pertains to SunAmerica Tax-Exempt Insured Fund as a whole
<F2>Information pertains to SunAmerica Tax-Exempt Insured Fund Class A
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000795307
<NAME> SUNAMERICA INCOME FUNDS
<SERIES>
<NUMBER> 052
<NAME> SUNAMERICA TAX-EXEMPT INSURED FUND CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 119,359,232<F1>
<INVESTMENTS-AT-VALUE> 124,924,730<F1>
<RECEIVABLES> 6,491,321<F1>
<ASSETS-OTHER> 22,423<F1>
<OTHER-ITEMS-ASSETS> 75,312<F1>
<TOTAL-ASSETS> 131,513,786<F1>
<PAYABLE-FOR-SECURITIES> 7,537,837<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 547,100<F1>
<TOTAL-LIABILITIES> 8,084,937<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 124,624,627<F1>
<SHARES-COMMON-STOCK> 2,028,803<F2>
<SHARES-COMMON-PRIOR> 2,359,606<F2>
<ACCUMULATED-NII-CURRENT> (213,544)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (6,547,732)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 5,565,498<F1>
<NET-ASSETS> 123,428,849<F1>
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 8,244,562<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 1,882,888<F1>
<NET-INVESTMENT-INCOME> 6,361,674<F1>
<REALIZED-GAINS-CURRENT> 2,368,115<F1>
<APPREC-INCREASE-CURRENT> (3,258,254)<F1>
<NET-CHANGE-FROM-OPS> 5,471,535<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 7,464,382<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 530,461<F2>
<NUMBER-OF-SHARES-REDEEMED> (920,911)<F2>
<SHARES-REINVESTED> 59,647<F2>
<NET-CHANGE-IN-ASSETS> (27,843,301)<F1>
<ACCUMULATED-NII-PRIOR> (308,829)<F1>
<ACCUMULATED-GAINS-PRIOR> (8,907,578)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 685,760<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 1,882,888<F1>
<AVERAGE-NET-ASSETS> 28,723,778<F2>
<PER-SHARE-NAV-BEGIN> 12.42<F2>
<PER-SHARE-NII> 0.52<F2>
<PER-SHARE-GAIN-APPREC> (0.08)<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (0.51)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 12.35<F2>
<EXPENSE-RATIO> 1.88<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>Information given pertains to SunAmerica Tax-Exempt Insured Fund as a whole
<F2>Information pertains to SunAmerica Tax-Exempt Insured Fund Class B
</FN>
</TABLE>
May 12, 1997
To the Board of Trustees of
SunAmerica Income Funds
In planning and performing our audit of the financial
statements of SunAmerica Income
Funds (the "Trust") for the year ended March 31, 1997,
we considered its internal control
structure, including procedures for safeguarding
securities, in order to determine our auditing
procedures for the purposes of expressing our opinion
on the financial statements and to
comply with the requirements of Form N-SAR, and not to
provide assurance on the internal
control structure.
The management of the Trust is responsible for
establishing and maintaining an internal
control structure. In fulfilling this responsibility,
estimates and judgments by management are
required to assess the expected benefits and related
costs of internal control structure policies
and procedures. Two of the objectives of an internal
control structure are to provide
management with reasonable, but not absolute,
assurance that assets are appropriately
safeguarded against loss from unauthorized use or
disposition and that transactions are
executed in accordance with management's authorization
and recorded properly to permit
preparation of financial statements in conformity with
generally accepted accounting
principles.
Because of inherent limitations in any internal
control structure, errors or irregularities may
occur and may not be detected. Also, projection of
any evaluation of the structure to future
periods is subject to the risk that it may become
inadequate because of changes in conditions
or that the effectiveness of the design and operation
may deteriorate.
Our consideration of the internal control structure
would not necessarily disclose all matters in
the internal control structure that might be material
weaknesses under standards established by
the American Institute of Certified Public
Accountants. A material weakness is a condition in
which the design or operation of the specific internal
control structure elements does not
reduce to a relatively low level the risk that errors
or irregularities in amounts that would be
material in relation to the financial statements being
audited may occur and not be detected
within a timely period by employees in the normal
course of performing their assigned
functions. However, we noted no matters involving the
internal control structure, including
procedures for safeguarding securities, that we
consider to be material weaknesses as defined
above as of March 31, 1997.
This report is intended solely for the information and
use of management and the Securities
and Exchange Commission.
PRICE WATERHOUSE LLP
