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<PAGE> PAGE 21
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<PAGE> PAGE 22
070 A020400 Y
070 B010400 Y
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070 E020400 N
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070 F020400 N
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070 G020400 N
070 H010400 Y
070 H020400 N
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070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 N
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070 L020400 Y
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070 M020400 N
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070 N020400 N
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070 P020400 N
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070 Q020400 N
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
008 A000601 SUNAMERICA ASSET MANAGEMENT CORP.
008 B000601 A
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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SIGNATURE PETER SUTTON
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 002
<NAME> SUNAMERICA BALANCED ASSETS FUND CLASS A
<S> <C>
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<FN>
<F1>Information given pertains to SunAmerica Balanced Assets Fund as a whole
<F2>Information given pertains to SunAmerica Balanced Assets Fund Class A
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 012
<NAME> SUNAMERICA BALANCED ASSETS CLASS B
<S> <C>
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<FN>
<F1>Information given pertains to SunAmerica Balanced Assets Fund as a whole
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</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 022
<NAME> SUNAMERICA BALANCED ASSETS FUND CLASS Z
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 294,931,950<F1>
<INVESTMENTS-AT-VALUE> 343,036,856<F1>
<RECEIVABLES> 1,959,085<F1>
<ASSETS-OTHER> 53,670<F1>
<OTHER-ITEMS-ASSETS> 611<F1>
<TOTAL-ASSETS> 345,050,222<F1>
<PAYABLE-FOR-SECURITIES> 1,423,459<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 937,698<F1>
<TOTAL-LIABILITIES> 2,361,157<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 263,173,660<F1>
<SHARES-COMMON-STOCK> 2,871<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> 91,715<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 31,318,784<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 48,104,906<F1>
<NET-ASSETS> 342,689,065<F1>
<DIVIDEND-INCOME> 2,825,430<F1>
<INTEREST-INCOME> 8,086,537<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 5,896,890<F1>
<NET-INVESTMENT-INCOME> 5,015,077<F1>
<REALIZED-GAINS-CURRENT> 34,784,767<F1>
<APPREC-INCREASE-CURRENT> 31,289,347<F1>
<NET-CHANGE-FROM-OPS> 71,089,191<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 641<F2>
<DISTRIBUTIONS-OF-GAINS> 994<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 3,052<F2>
<NUMBER-OF-SHARES-REDEEMED> (283)<F2>
<SHARES-REINVESTED> 102<F2>
<NET-CHANGE-IN-ASSETS> 24,457,103<F1>
<ACCUMULATED-NII-PRIOR> (18,577)<F1>
<ACCUMULATED-GAINS-PRIOR> 28,676,101<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 2,430,522<F1>
<INTEREST-EXPENSE> 3,084<F1>
<GROSS-EXPENSE> 5,906,284<F1>
<AVERAGE-NET-ASSETS> 24,230<F2>
<PER-SHARE-NAV-BEGIN> 17.07<F2>
<PER-SHARE-NII> .38<F2>
<PER-SHARE-GAIN-APPREC> 3.19<F2>
<PER-SHARE-DIVIDEND> (.40)<F2>
<PER-SHARE-DISTRIBUTIONS> (1.75)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 18.49<F2>
<EXPENSE-RATIO> .99<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F2>Information given pertains to SunAmerica Balanced Assets Fund Class Z
<F1>Information given pertains to SunAmerica Balanced Assets Fund as a whole
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 001
<NAME> SUNAMERICA BLUE CHIP FUND CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997<F1>
<PERIOD-START> OCT-01-1996<F1>
<PERIOD-END> SEP-30-1997<F1>
<INVESTMENTS-AT-COST> 89,481,938<F1>
<INVESTMENTS-AT-VALUE> 108,051,915<F1>
<RECEIVABLES> 198,588<F1>
<ASSETS-OTHER> 33,248<F1>
<OTHER-ITEMS-ASSETS> 885<F1>
<TOTAL-ASSETS> 108,284,636<F1>
<PAYABLE-FOR-SECURITIES> 2,529,705<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 309,543<F1>
<TOTAL-LIABILITIES> 2,839,248<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 74,206,442<F1>
<SHARES-COMMON-STOCK> 3,353,686<F2>
<SHARES-COMMON-PRIOR> 2,950,757<F2>
<ACCUMULATED-NII-CURRENT> (8,548)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 12,677,517<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 18,569,977<F1>
<NET-ASSETS> 105,445,388<F1>
<DIVIDEND-INCOME> 1,099,782<F1>
<INTEREST-INCOME> 245,342<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 1,681,115<F1>
<NET-INVESTMENT-INCOME> (335,991)<F1>
<REALIZED-GAINS-CURRENT> 13,956,312<F1>
<APPREC-INCREASE-CURRENT> 12,669,963<F1>
<NET-CHANGE-FROM-OPS> 26,290,284<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> 7,108,685<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 623,963<F2>
<NUMBER-OF-SHARES-REDEEMED> (676,748)<F2>
<SHARES-REINVESTED> 455,714<F2>
<NET-CHANGE-IN-ASSETS> 17,252,482<F1>
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> 11,167,971<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 701,489<F1>
<INTEREST-EXPENSE> 3,840<F1>
<GROSS-EXPENSE> 1,681,115<F1>
<AVERAGE-NET-ASSETS> 57,807,748<F2>
<PER-SHARE-NAV-BEGIN> 17.62<F2>
<PER-SHARE-NII> (0.02)<F2>
<PER-SHARE-GAIN-APPREC> 5.05<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (2.43)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 20.22<F2>
<EXPENSE-RATIO> 1.54<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>Information given pertains to SunAmerica Blue Chip Fund as a whole
<F2>Information given pertains to SunAmerica Blue Chip Fund Class A
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 021
<NAME> SUNAMERICA BLUE CHIP FUND CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997<F1>
<PERIOD-START> OCT-01-1996<F1>
<PERIOD-END> SEP-30-1997<F1>
<INVESTMENTS-AT-COST> 89,481,938<F1>
<INVESTMENTS-AT-VALUE> 108,051,915<F1>
<RECEIVABLES> 198,588<F1>
<ASSETS-OTHER> 33,248<F1>
<OTHER-ITEMS-ASSETS> 885<F1>
<TOTAL-ASSETS> 108,284,636<F1>
<PAYABLE-FOR-SECURITIES> 2,529,705<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 309,543<F1>
<TOTAL-LIABILITIES> 2,839,248<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 74,206,442<F1>
<SHARES-COMMON-STOCK> 1,919,060<F2>
<SHARES-COMMON-PRIOR> 2,096,657<F2>
<ACCUMULATED-NII-CURRENT> (8,548)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 12,677,517<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 18,569,977<F1>
<NET-ASSETS> 105,445,388<F1>
<DIVIDEND-INCOME> 1,099,782<F1>
<INTEREST-INCOME> 245,342<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 1,681,115<F1>
<NET-INVESTMENT-INCOME> (335,991)<F1>
<REALIZED-GAINS-CURRENT> 13,956,312<F1>
<APPREC-INCREASE-CURRENT> 12,669,963<F1>
<NET-CHANGE-FROM-OPS> 26,290,284<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> 5,010,638<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 1,259,797<F2>
<NUMBER-OF-SHARES-REDEEMED> (1,756,723)<F2>
<SHARES-REINVESTED> 319,329<F2>
<NET-CHANGE-IN-ASSETS> 17,252,482<F1>
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> 11,167,971<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 701,489<F1>
<INTEREST-EXPENSE> 3,840<F1>
<GROSS-EXPENSE> 1,681,115<F1>
<AVERAGE-NET-ASSETS> 35,724,073<F2>
<PER-SHARE-NAV-BEGIN> 17.27<F2>
<PER-SHARE-NII> (0.13)<F2>
<PER-SHARE-GAIN-APPREC> 4.90<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (2.43)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 19.61<F2>
<EXPENSE-RATIO> 2.22<F2>
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>Information given pertains to SunAmerica Blue Chip Fund as a whole
<F2>Information given pertains to SunAmerica Blue Chip Fund Class B
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 003
<NAME> SUNAMERICA MID-CAP GROWTH FUND CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 50,609,829<F1>
<INVESTMENTS-AT-VALUE> 62,202,775<F1>
<RECEIVABLES> 116,640<F1>
<ASSETS-OTHER> 6,676<F1>
<OTHER-ITEMS-ASSETS> 965<F1>
<TOTAL-ASSETS> 62,327,056<F1>
<PAYABLE-FOR-SECURITIES> 1,767,423<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 729,602<F1>
<TOTAL-LIABILITIES> 2,497,025<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 40,063,944<F1>
<SHARES-COMMON-STOCK> 2,228,633<F2>
<SHARES-COMMON-PRIOR> 2,356,510<F2>
<ACCUMULATED-NII-CURRENT> (4,810)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 8,177,951<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 11,592,946<F1>
<NET-ASSETS> 59,830,031<F1>
<DIVIDEND-INCOME> 369,830<F1>
<INTEREST-INCOME> 68,199<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 1,000,630<F1>
<NET-INVESTMENT-INCOME> (562,601)<F1>
<REALIZED-GAINS-CURRENT> 10,239,030<F1>
<APPREC-INCREASE-CURRENT> 984,447<F1>
<NET-CHANGE-FROM-OPS> 10,660,876<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> (1,856,886)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 1,195,858<F2>
<NUMBER-OF-SHARES-REDEEMED> (1,428,977)<F2>
<SHARES-REINVESTED> 105,242<F2>
<NET-CHANGE-IN-ASSETS> 4,141,845<F1>
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> 1,001,097<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 416,078<F1>
<INTEREST-EXPENSE> 15,767<F1>
<GROSS-EXPENSE> 1,000,630<F1>
<AVERAGE-NET-ASSETS> 42,395,346<F2>
<PER-SHARE-NAV-BEGIN> 17.78<F2>
<PER-SHARE-NII> (0.15)<F2>
<PER-SHARE-GAIN-APPREC> 3.83<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (0.80)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 20.66<F2>
<EXPENSE-RATIO> 1.64<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F2>Information given pertains to SunAmerica Mid-Cap Growth Fund Class A
<F1>Information given pertains to SunAmerica Mid-Cap Growth Fund as a whole
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 013
<NAME> SUNAMERICA MID-CAP GROWTH FUND CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 50,609,829<F1>
<INVESTMENTS-AT-VALUE> 62,202,775<F1>
<RECEIVABLES> 116,640<F1>
<ASSETS-OTHER> 6,676<F1>
<OTHER-ITEMS-ASSETS> 965<F1>
<TOTAL-ASSETS> 62,327,056<F1>
<PAYABLE-FOR-SECURITIES> 1,767,423<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 729,602<F1>
<TOTAL-LIABILITIES> 2,497,025<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 40,063,944<F1>
<SHARES-COMMON-STOCK> 686,796<F2>
<SHARES-COMMON-PRIOR> 791,770<F2>
<ACCUMULATED-NII-CURRENT> (4,810)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 8,117,951<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 11,592,946<F1>
<NET-ASSETS> 59,830,031<F1>
<DIVIDEND-INCOME> 369,830<F1>
<INTEREST-INCOME> 68,199<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 1,000,630<F1>
<NET-INVESTMENT-INCOME> (562,601)<F1>
<REALIZED-GAINS-CURRENT> 10,239,030<F1>
<APPREC-INCREASE-CURRENT> 984,447<F1>
<NET-CHANGE-FROM-OPS> 10,660,876<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> (619,105)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 361,032<F2>
<NUMBER-OF-SHARES-REDEEMED> (501,401)<F2>
<SHARES-REINVESTED> 35,395<F2>
<NET-CHANGE-IN-ASSETS> 4,141,845<F1>
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> 1,001,097<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 416,078<F1>
<INTEREST-EXPENSE> 15,767<F1>
<GROSS-EXPENSE> 1,000,630<F1>
<AVERAGE-NET-ASSETS> 13,081,672<F2>
<PER-SHARE-NAV-BEGIN> 17.41<F2>
<PER-SHARE-NII> (0.28)<F2>
<PER-SHARE-GAIN-APPREC> 3.73<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (0.80)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 20.06<F2>
<EXPENSE-RATIO> 2.35<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F2>Information given pertains to SunAmerica Mid-Cap Growth Fund Class A
<F1>Information given pertains to SunAmerica Mid-Cap Growth Fund as a whole
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<RESTATED>
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 004
<NAME> SUNAMERICA SMALL CO GROWTH FUND CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997<F1>
<PERIOD-START> OCT-01-1996<F1>
<PERIOD-END> SEP-30-1997<F1>
<INVESTMENTS-AT-COST> 237,095,138<F1>
<INVESTMENTS-AT-VALUE> 317,684,261<F1>
<RECEIVABLES> 5,371,423<F1>
<ASSETS-OTHER> 12,343<F1>
<OTHER-ITEMS-ASSETS> 737,197<F1>
<TOTAL-ASSETS> 323,805,224<F1>
<PAYABLE-FOR-SECURITIES> 11,590,784<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 1,606,130<F1>
<TOTAL-LIABILITIES> 13,196,914<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 211,896,128<F1>
<SHARES-COMMON-STOCK> 6,552,664<F2>
<SHARES-COMMON-PRIOR> 6,538,057<F2>
<ACCUMULATED-NII-CURRENT> (49,318)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 18,172,377<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 80,589,123<F1>
<NET-ASSETS> 310,608,310<F1>
<DIVIDEND-INCOME> 877,951<F1>
<INTEREST-INCOME> 297,446<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 5,128,847<F1>
<NET-INVESTMENT-INCOME> (3,953,450)<F1>
<REALIZED-GAINS-CURRENT> 32,409,962<F1>
<APPREC-INCREASE-CURRENT> 23,022,865<F1>
<NET-CHANGE-FROM-OPS> 51,479,377<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> (5,628,252)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 4,356,568<F2>
<NUMBER-OF-SHARES-REDEEMED> (4,573,784)<F2>
<SHARES-REINVESTED> 231,823<F2>
<NET-CHANGE-IN-ASSETS> 44,201,842<F1>
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (705,870)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,955,511<F1>
<INTEREST-EXPENSE> 489,385<F1>
<GROSS-EXPENSE> 5,138,818<F1>
<AVERAGE-NET-ASSETS> 155,732,790<F2>
<PER-SHARE-NAV-BEGIN> 24.25<F2>
<PER-SHARE-NII> (0.30)<F2>
<PER-SHARE-GAIN-APPREC> 5.18<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (0.86)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 28.27<F2>
<EXPENSE-RATIO> 1.72<F2>
<AVG-DEBT-OUTSTANDING> 7,423,185<F1>
<AVG-DEBT-PER-SHARE> 0.67<F1>
<FN>
<F1>Information given pertains to SunAmerica Small Co Growth Fund as a whole
<F2>Information given pertains to SunAmerica Small Co Growth Funnd Class A
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUN AMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 014
<NAME> SUNAMERICA SMALL CO GROWTH FUND CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997<F1>
<PERIOD-START> OCT-01-1996<F1>
<PERIOD-END> SEP-30-1997<F1>
<INVESTMENTS-AT-COST> 237,095,138<F1>
<INVESTMENTS-AT-VALUE> 317,684,261<F1>
<RECEIVABLES> 5,371,423<F1>
<ASSETS-OTHER> 12,343<F1>
<OTHER-ITEMS-ASSETS> 737,197<F1>
<TOTAL-ASSETS> 323,805,224<F1>
<PAYABLE-FOR-SECURITIES> 11,590,784<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 1,606,130<F1>
<TOTAL-LIABILITIES> 13,196,914<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 211,896,128<F1>
<SHARES-COMMON-STOCK> 4,537,277<F2>
<SHARES-COMMON-PRIOR> 4,550,952<F2>
<ACCUMULATED-NII-CURRENT> (49,318)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 18,172,377<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 80,589,123<F1>
<NET-ASSETS> 310,608,310<F1>
<DIVIDEND-INCOME> 877,951<F1>
<INTEREST-INCOME> 297,446<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 5,128,847<F1>
<NET-INVESTMENT-INCOME> (3,953,450)<F1>
<REALIZED-GAINS-CURRENT> 32,409,962<F1>
<APPREC-INCREASE-CURRENT> 23,022,865<F1>
<NET-CHANGE-FROM-OPS> 51,479,377<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> (3,985,469)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 2,294,947<F2>
<NUMBER-OF-SHARES-REDEEMED> (2,474,107)<F2>
<SHARES-REINVESTED> 165,485<F2>
<NET-CHANGE-IN-ASSETS> 44,201,842<F1>
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (705,870)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,955,511<F1>
<INTEREST-EXPENSE> 489,385<F1>
<GROSS-EXPENSE> 5,138,818<F1>
<AVERAGE-NET-ASSETS> 104,629,093<F2>
<PER-SHARE-NAV-BEGIN> 23.70<F2>
<PER-SHARE-NII> (0.44)<F2>
<PER-SHARE-GAIN-APPREC> 5.03<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (0.86)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 27.43<F2>
<EXPENSE-RATIO> 2.34<F2>
<AVG-DEBT-OUTSTANDING> 7,423,185<F1>
<AVG-DEBT-PER-SHARE> 0.67<F1>
<FN>
<F1>Information Given Pertains to SunAmerica Small Co Growth Fund as a whole
<F2>Information given pertains to SunAmerica Small Co Growth Fund Class B
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 024
<NAME> SUNAMERICA SMALL CO GROWTH FUND CLASS Z
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997<F1>
<PERIOD-START> OCT-01-1996<F1>
<PERIOD-END> SEP-30-1997<F1>
<INVESTMENTS-AT-COST> 237,095,138<F1>
<INVESTMENTS-AT-VALUE> 317,684,261<F1>
<RECEIVABLES> 5,371,423<F1>
<ASSETS-OTHER> 12,343<F1>
<OTHER-ITEMS-ASSETS> 737,197<F1>
<TOTAL-ASSETS> 323,805,224<F1>
<PAYABLE-FOR-SECURITIES> 11,590,784<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 1,606,130<F1>
<TOTAL-LIABILITIES> 13,196,914<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 211,896,128<F1>
<SHARES-COMMON-STOCK> 33,348<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> (49,318)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 18,172,377<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 80,589,123<F1>
<NET-ASSETS> 310,608,310<F1>
<DIVIDEND-INCOME> 877,951<F1>
<INTEREST-INCOME> 297,446<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 5,128,847<F1>
<NET-INVESTMENT-INCOME> (3,953,450)<F1>
<REALIZED-GAINS-CURRENT> 32,409,962<F1>
<APPREC-INCREASE-CURRENT> 23,022,865<F1>
<NET-CHANGE-FROM-OPS> 51,479,377<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> (7,070)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 36,250<F2>
<NUMBER-OF-SHARES-REDEEMED> (3,202)<F2>
<SHARES-REINVESTED> 300<F2>
<NET-CHANGE-IN-ASSETS> 44,201,842<F1>
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (705,870)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,955,511<F1>
<INTEREST-EXPENSE> 489,385<F1>
<GROSS-EXPENSE> 5,138,818<F1>
<AVERAGE-NET-ASSETS> 462,755<F2>
<PER-SHARE-NAV-BEGIN> 24.61<F2>
<PER-SHARE-NII> (0.15)<F2>
<PER-SHARE-GAIN-APPREC> 4.85<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (0.86)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 28.45<F2>
<EXPENSE-RATIO> 1.07<F2>
<AVG-DEBT-OUTSTANDING> 7,423,185<F1>
<AVG-DEBT-PER-SHARE> 0.67<F1>
<FN>
<F1>Information Given Pertains to SunAmerica Small Co Growth Fund as a whole
<F2>Information given pertains to SunAmerica Small Co growth fund Class Z
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 051
<NAME> SUNAMERICA GLOBAL BALANCED FUND CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 0<F1>
<INVESTMENTS-AT-VALUE> 0<F1>
<RECEIVABLES> 0<F1>
<ASSETS-OTHER> 0<F1>
<OTHER-ITEMS-ASSETS> 0<F1>
<TOTAL-ASSETS> 0<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 0<F1>
<TOTAL-LIABILITIES> 0<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 0<F1>
<SHARES-COMMON-STOCK> 0<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 0<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 0<F1>
<NET-ASSETS> 0<F1>
<DIVIDEND-INCOME> 290,201<F1>
<INTEREST-INCOME> 477,216<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 622,619<F1>
<NET-INVESTMENT-INCOME> 144,798<F1>
<REALIZED-GAINS-CURRENT> 2,913,443<F1>
<APPREC-INCREASE-CURRENT> (679,185)<F1>
<NET-CHANGE-FROM-OPS> 2,379,056<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 392,585<F2>
<DISTRIBUTIONS-OF-GAINS> 765,249<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 177,356<F2>
<NUMBER-OF-SHARES-REDEEMED> 703,736<F2>
<SHARES-REINVESTED> 153,531<F2>
<NET-CHANGE-IN-ASSETS> (5,182,043)<F1>
<ACCUMULATED-NII-PRIOR> 512,906<F1>
<ACCUMULATED-GAINS-PRIOR> (229,373)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 243,370<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 705,283<F1>
<AVERAGE-NET-ASSETS> 8,688,312<F2>
<PER-SHARE-NAV-BEGIN> 7.71<F2>
<PER-SHARE-NII> 0.08<F2>
<PER-SHARE-GAIN-APPREC> 0.70<F2>
<PER-SHARE-DIVIDEND> (0.34)<F2>
<PER-SHARE-DISTRIBUTIONS> (0.94)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 7.21<F2>
<EXPENSE-RATIO> 2.14<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>Information given pertains to the SunAmerica Global Balanced Fund as a whole
<F2>Information given pertains to SunAmerica Global Balanced Fund Class A
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 052
<NAME> SUNAMERICA GLOBAL BALANCED FUND CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 0<F1>
<INVESTMENTS-AT-VALUE> 0<F1>
<RECEIVABLES> 0<F1>
<ASSETS-OTHER> 0<F1>
<OTHER-ITEMS-ASSETS> 0<F1>
<TOTAL-ASSETS> 0<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 0<F1>
<TOTAL-LIABILITIES> 0<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 0<F1>
<SHARES-COMMON-STOCK> 0<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 0<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 0<F1>
<NET-ASSETS> 0<F1>
<DIVIDEND-INCOME> 290,201<F1>
<INTEREST-INCOME> 477,216<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 622,619<F1>
<NET-INVESTMENT-INCOME> 144,798<F1>
<REALIZED-GAINS-CURRENT> 2,913,443<F1>
<APPREC-INCREASE-CURRENT> (679,185)<F1>
<NET-CHANGE-FROM-OPS> 2,379,056<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 529,364<F2>
<DISTRIBUTIONS-OF-GAINS> 1,653,241<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 427,978<F2>
<NUMBER-OF-SHARES-REDEEMED> 833,588<F2>
<SHARES-REINVESTED> 286,827<F2>
<NET-CHANGE-IN-ASSETS> (5,182,043)<F1>
<ACCUMULATED-NII-PRIOR> 512,906<F1>
<ACCUMULATED-GAINS-PRIOR> (229,373)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 243,370<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 705,283<F1>
<AVERAGE-NET-ASSETS> 15,715,548<F2>
<PER-SHARE-NAV-BEGIN> 7.64<F2>
<PER-SHARE-NII> 0.03<F2>
<PER-SHARE-GAIN-APPREC> 0.71<F2>
<PER-SHARE-DIVIDEND> (0.27)<F2>
<PER-SHARE-DISTRIBUTIONS> (0.94)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 7.17<F2>
<EXPENSE-RATIO> 2.79<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>Information given pertains to the SunAmerica Global Balanced Fund as a whole
<F2>Information given pertains to SunAmerica Global Balanced Fund Class B
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 006
<NAME> SUNAMERICA GROWTH & INCOME FUND CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 92,505,476<F1>
<INVESTMENTS-AT-VALUE> 103,907,399<F1>
<RECEIVABLES> 4,419,034<F1>
<ASSETS-OTHER> 1,638<F1>
<OTHER-ITEMS-ASSETS> 469<F1>
<TOTAL-ASSETS> 108,328,540<F1>
<PAYABLE-FOR-SECURITIES> 5,313,355<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 266,265<F1>
<TOTAL-LIABILITIES> 5,579,620<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 81,254,441<F1>
<SHARES-COMMON-STOCK> 3,511,301<F2>
<SHARES-COMMON-PRIOR> 2,015,981<F2>
<ACCUMULATED-NII-CURRENT> (2,144)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 10,094,700<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 11,401,923<F1>
<NET-ASSETS> 102,748,920<F1>
<DIVIDEND-INCOME> 1,075,659<F1>
<INTEREST-INCOME> 204,043<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 1,206,620<F1>
<NET-INVESTMENT-INCOME> 73,082<F1>
<REALIZED-GAINS-CURRENT> 10,454,207<F1>
<APPREC-INCREASE-CURRENT> 9,603,085<F1>
<NET-CHANGE-FROM-OPS> 20,130,374<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (72,848)<F2>
<DISTRIBUTIONS-OF-GAINS> (1,193,264)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 2,346,608<F2>
<NUMBER-OF-SHARES-REDEEMED> (969,421)<F2>
<SHARES-REINVESTED> 118,133<F2>
<NET-CHANGE-IN-ASSETS> 67,746,899<F1>
<ACCUMULATED-NII-PRIOR> (2,516)<F1>
<ACCUMULATED-GAINS-PRIOR> 1,790,226<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 531,071<F1>
<INTEREST-EXPENSE> 403<F1>
<GROSS-EXPENSE> 1,357,986<F1>
<AVERAGE-NET-ASSETS> 36,565,182<F2>
<PER-SHARE-NAV-BEGIN> 10.47<F2>
<PER-SHARE-NII> 0.05<F2>
<PER-SHARE-GAIN-APPREC> 3.40<F2>
<PER-SHARE-DIVIDEND> (0.03)<F2>
<PER-SHARE-DISTRIBUTIONS> (0.44)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 13.45<F2>
<EXPENSE-RATIO> 1.38<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F2>Information given pertains to SunAmerica Growth & Income Fund Class A
<F1>Information given pertains to SunAmerica Growth & Income Fund as a whole
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 016
<NAME> SUNAMERICA GROWTH & INCOME FUND CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 92,505,476<F1>
<INVESTMENTS-AT-VALUE> 103,907,399<F1>
<RECEIVABLES> 4,419,034<F1>
<ASSETS-OTHER> 1,638<F1>
<OTHER-ITEMS-ASSETS> 469<F1>
<TOTAL-ASSETS> 108,328,540<F1>
<PAYABLE-FOR-SECURITIES> 5,313,355<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 266,265<F1>
<TOTAL-LIABILITIES> 5,579,620<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 81,254,441<F1>
<SHARES-COMMON-STOCK> 4,157,247<F2>
<SHARES-COMMON-PRIOR> 1,330,114<F2>
<ACCUMULATED-NII-CURRENT> (2,144)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 10,094,700<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 11,401,923<F1>
<NET-ASSETS> 102,748,920<F1>
<DIVIDEND-INCOME> 1,075,659<F1>
<INTEREST-INCOME> 204,043<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 1,206,620<F1>
<NET-INVESTMENT-INCOME> 73,082<F1>
<REALIZED-GAINS-CURRENT> 10,454,207<F1>
<APPREC-INCREASE-CURRENT> 9,603,085<F1>
<NET-CHANGE-FROM-OPS> 20,130,374<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (30,158)<F2>
<DISTRIBUTIONS-OF-GAINS> (917,178)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 3,556,104<F2>
<NUMBER-OF-SHARES-REDEEMED> (815,041)<F2>
<SHARES-REINVESTED> 86,070<F2>
<NET-CHANGE-IN-ASSETS> 67,746,899<F1>
<ACCUMULATED-NII-PRIOR> (2,516)<F1>
<ACCUMULATED-GAINS-PRIOR> 1,790,226<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 531,071<F1>
<INTEREST-EXPENSE> 403<F1>
<GROSS-EXPENSE> 1,357,986<F1>
<AVERAGE-NET-ASSETS> 34,244,313<F2>
<PER-SHARE-NAV-BEGIN> 10.45<F2>
<PER-SHARE-NII> (0.03)<F2>
<PER-SHARE-GAIN-APPREC> 3.39<F2>
<PER-SHARE-DIVIDEND> (0.01)<F2>
<PER-SHARE-DISTRIBUTIONS> (0.44)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 13.36<F2>
<EXPENSE-RATIO> 2.05<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F2>Information given pertains to SunAmerica Growth & Income Fund Class B
<F1>Information given pertains to SunAmerica Growth & Income Fund as a whole
</FN>
</TABLE>
November 7, 1997
To the Trustees and Shareholders of
SunAmerica Equity Funds
In planning and performing our audit of the financial
statements of SunAmerica Equity Funds (the "Fund") for the
year ended September 30, 1997, we considered its internal
control, including control activities for safeguarding
securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form NSAR,
not to provide assurance on internal control.
The management of the Fund is responsible for establishing
and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs
of control activities. Generally, control activities that
are relevant to an audit pertain to the entity's objective
of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted
accounting principles. Those control activities include the
safeguarding of assets against unauthorized acquisition, use
or disposition.
Because of inherent limitations in internal control, errors
or irregularities may occur and not be detected. Also,
projection of any evaluation of internal control 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 internal control would not necessarily
disclose all matters in internal control 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 any specific internal control components 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 internal control,
including control activities for safeguarding securities,
that we consider to be material weaknesses as defined above
as of September 30, 1997.
This report is intended solely for the information and use
of management and the Trustees of the Fund and the
Securities and Exchange Commission.
PRICE WATERHOUSE LLP
Page 2
November 12, 1997
SUNAMERICA EQUITY FUNDS
SHAREHOLDER INFORMATION (unaudited)
Supplemental Proxy Information: A Special Meeting of the
Shareholders of the SunAmerica Global Balanced Fund ("Global
Balanced Fund"), a separate series of the SunAmerica Equity
Funds was held on September 5, 1997. The Fund voted in
favor of adopting the following proposal.
To approve an Agreement and Plan of Reorganization and the
proposed transaction with respect to Global Balanced Fund,
whereby all of the assets and liabilities of Global Balanced
Fund will be transferred to International Equity Portfolio,
a series of Style Select Series, Inc., in exchange for
shares of International Equity Portfolio, which will be
distributed pro rata by Global Balanced Fund to the holders
of its shares in complete liquidation of Global Balanced
Fund.
Votes in Votes Votes
Favor of Against Abstained
1,513,276 85,861 88,217
