SunAmerica Equity Funds
Supplement to the Prospectus dated April 1, 1998
On August 19, 1998, SunAmerica Inc. ("SunAmerica") entered into
an agreement with American International Group, Inc. ("AIG").
Under the terms of the agreement, SunAmerica Inc. will merge with
and into AIG, and consequently, SunAmerica Asset Management Corp.
("SAAMCo"), which acts as investment adviser of SunAmerica Equity
Funds (the "Trust"), will become a subsidiary of AIG. SAAMCo
will not change its name and no organizational changes are
currently planned which would affect services provided to the
Trust . As a result of the merger, Trust shareholders of record
as of October 30, 1998 are being asked to approve a new
investment advisory and management agreement with SAAMCo, to take
effect upon consummation of the merger. The new agreement will
be identical to the current agreement in all respects except for
its effective date and termination date and will have no effect
on the fees or expenses payable by the Trust or its shareholders.
The merger transaction is expected to be consummated in late 1998
or early 1999.
Dated: November 3, 1998
