SUNAMERICA EQUITY FUNDS
Supplement to the Prospectus dated January 27, 1995
Immediately prior to the first sentence of the first
paragraph under the section entitled "Exchange Privilege" on page
30 of the Prospectus, the subheading "General." is inserted.
The following paragraphs are inserted after the third
paragraph under the section entitled "Exchange Privilege" on page
30 of the Prospectus:
Restrictions on Exchanges. Because excessive trading
(including short-term "market timing" trading) can hurt
a Fund's performance, effective January 1, 1996, each
Fund may refuse any exchange sell order (1) if it appears
to be a market timing transaction involving a significant
portion of a Fund's assets or (2) from any shareholder
account if previous use of the exchange privilege is
considered excessive. Accounts under common ownership or
control, including, but not limited to, those with the
same taxpayer identification number and those
administered so as to redeem or purchase shares based
upon certain predetermined market indicators, will be
considered one account for this purpose.
In addition, a Fund reserves the right to refuse any
exchange purchase order if, in the judgment of the
Adviser, the Fund would be unable to invest effectively
in accordance with its investment objective and policies,
or would otherwise potentially be adversely affected. A
shareholder's purchase exchange may be restricted or
refused if the Fund receives or anticipates simultaneous
orders affecting significant portions of the Fund's
assets. In particular, a pattern of exchanges that
coincide with a "market timing" strategy may be
disruptive to the Fund and may therefore be refused.
Finally, as indicated under "Purchase of Shares",
the Fund and Distributor reserve the right to refuse any
order for the purchase of shares.
December 12, 1995
