<PAGE> PAGE 1
000 B000000 09/30/98
000 C000000 799084
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 SUNAMERICA EQUITY FUNDS
001 B000000 811-7801
001 C000000 2125515223
002 A000000 733 THIRD AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10017
002 D020000 3204
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 6
007 C010100 1
007 C020100 BALANCED ASSETS FUND
007 C030100 N
007 C010200 2
007 C020200 BLUE CHIP GROWTH FUND
007 C030200 N
007 C010300 3
007 C020300 MID-CAP GROWTH FUND
007 C030300 N
007 C010400 4
007 C020400 SMALL CO GROWTH FUND
007 C030400 N
007 C010500 5
007 C010600 6
007 C020600 GROWTH & INCOME FUND
007 C030600 N
007 C010700 7
007 C020700 "DOGS" OF WALL STREET FUND
007 C030700 N
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
<PAGE> PAGE 2
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
011 A00AA01 SUNAMERICA CAPITAL SERVICES, INC.
011 B00AA01 8-28733
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10017
011 C04AA01 3204
012 A00AA01 SUNAMERICA FUND SERVICES, INC.
012 B00AA01 84-
012 C01AA01 NEW YORK
012 C02AA01 NY
012 C03AA01 10017
012 C04AA01 3204
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 ROYAL ALLIANCE ASSOCIATES
014 B00AA01 8-40218
014 A00AA02 SUNAMERICA SECURITIES, INC.
014 B00AA02 8-39428
014 A00AA03 ADVANTAGE CAPITAL CORP.
014 B00AA03 8-00000
014 A00AA04 FINANCIAL SERVICE CORP.
014 B00AA04 8-00000
014 A00AA05 SPELMAN & CO.
014 B00AA05 8-00000
014 A00AA06 SENTRA SECURITIES
014 B00AA06 8-00000
014 A00AA07 KEOGLER, MORGAN & CO.
014 B00AA07 8-00000
015 A00AA01 STATE STREET BANK & TRUST CO.
015 B00AA01 C
015 C01AA01 NORTH QUINCY
015 C02AA01 MA
015 C03AA01 02171
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 68
019 C00AA00 SUNAMERICA
020 A000001 PAINEWEBBER, INC.
020 B000001 13-2638166
020 C000001 283
020 A000002 AUTRANET, INC.
020 B000002 13-2961507
020 C000002 104
020 A000003 MORGAN STANLEY & CO., INC.
<PAGE> PAGE 3
020 B000003 13-2655998
020 C000003 93
020 A000004 BERNSTEIN (SANFORD C.) & CO., INC.
020 B000004 13-2625874
020 C000004 89
020 A000005 PRUDENTIAL SECURITIES, INC.
020 B000005 22-2347336
020 C000005 86
020 A000006 LYNCH, JONES, & RYAN, INC.
020 B000006 13-3356934
020 C000006 78
020 A000007 BEAR, STEARNS & CO., INC.
020 B000007 13-3299429
020 C000007 69
020 A000008 MORGAN (J.P.) SECURITIES, INC.
020 B000008 13-3224016
020 C000008 69
020 A000009 BRIDGE TRADING CO.
020 B000009 43-1450530
020 C000009 64
020 A000010 GRUNTAL & CO., INC.
020 B000010 13-2913779
020 C000010 58
021 000000 2236
022 A000001 PAINEWEBBER, INC.
022 B000001 13-2638166
022 C000001 7599161
022 D000001 26249
022 A000002 MENDHAM CAPITAL GROUP, INC.
022 B000002 22-3165996
022 C000002 44895
022 D000002 45598
022 A000003 STATE STREET BANK & TRUST CO.
022 B000003 04-1867445
022 C000003 88374
022 D000003 0
022 A000004 MONTGOMERY SECURITIES
022 B000004 94-1701676
022 C000004 27597
022 D000004 42497
022 A000005 KING (C.L.) & ASSOCIATES, INC.
022 B000005 13-2700327
022 C000005 40946
022 D000005 27192
022 A000006 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000006 13-2741729
022 C000006 30862
022 D000006 36529
022 A000007 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000007 13-5674085
022 C000007 30838
<PAGE> PAGE 4
022 D000007 30532
022 A000008 MORGAN STANLEY & CO., INC.
022 B000008 13-2655998
022 C000008 31547
022 D000008 27379
022 A000009 LEHMAN BROTHERS, INC.
022 B000009 13-2518466
022 C000009 24098
022 D000009 33070
022 A000010 SOUNDVIEW FINANCIAL GROUP, INC.
022 B000010 13-2998183
022 C000010 28352
022 D000010 27787
023 C000000 8462764
023 D000000 797062
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 Y
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
058 A00AA00 N
059 00AA00 Y
<PAGE> PAGE 5
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 500
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078 000000 N
080 A00AA00 GULF INSURANCE CO.
080 C00AA00 15000
081 A00AA00 Y
081 B00AA00 68
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A000101 SUNAMERICA ASSET MANAGEMENT CORP
008 B000101 A
008 C000101 801-19813
008 D010101 NEW YORK
008 D020101 NY
008 D030101 10017
008 D040101 3204
028 A010100 9402
028 A020100 0
028 A030100 0
028 A040100 10050
028 B010100 6546
028 B020100 0
028 B030100 0
028 B040100 5989
028 C010100 4371
028 C020100 1828
028 C030100 0
028 C040100 12148
028 D010100 11540
<PAGE> PAGE 6
028 D020100 0
028 D030100 0
028 D040100 5779
028 E010100 5511
028 E020100 0
028 E030100 0
028 E040100 8082
028 F010100 5701
028 F020100 1282
028 F030100 0
028 F040100 6385
028 G010100 43071
028 G020100 3110
028 G030100 0
028 G040100 48433
028 H000100 25563
029 000100 Y
030 A000100 953
030 B000100 5.75
030 C000100 0.00
031 A000100 139
031 B000100 0
032 000100 104
033 000100 710
034 000100 Y
035 000100 219
036 A000100 N
036 B000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 Y
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 2416
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 350000
048 A020100 0.750
048 B010100 350000
048 B020100 0.700
<PAGE> PAGE 7
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 700000
048 K020100 0.650
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
053 C000100 N
055 A000100 Y
055 B000100 Y
056 000100 Y
057 000100 N
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
<PAGE> PAGE 8
066 C000100 N
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 Y
067 000100 Y
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 Y
070 O010100 Y
070 O020100 Y
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 275150
071 B000100 314864
071 C000100 344775
071 D000100 80
072 A000100 12
072 B000100 8050
<PAGE> PAGE 9
072 C000100 2977
072 D000100 0
072 E000100 0
072 F000100 2705
072 G000100 0
072 H000100 0
072 I000100 985
072 J000100 126
072 K000100 0
072 L000100 31
072 M000100 37
072 N000100 42
072 O000100 0
072 P000100 3
072 Q000100 0
072 R000100 27
072 S000100 5
072 T000100 2416
072 U000100 0
072 V000100 0
072 W000100 10
072 X000100 6387
072 Y000100 9
072 Z000100 4649
072AA000100 24425
072BB000100 0
072CC010100 1642
072CC020100 0
072DD010100 3067
072DD020100 1815
072EE000100 32300
073 A010100 0.3000
073 A020100 0.1900
073 B000100 1.7400
073 C000100 0.0000
074 A000100 44
074 B000100 34469
074 C000100 0
074 D000100 113536
074 E000100 0
074 F000100 205718
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 842
074 K000100 0
074 L000100 2150
074 M000100 11
074 N000100 356770
074 O000100 0
074 P000100 405
<PAGE> PAGE 10
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 771
074 S000100 0
074 T000100 355594
074 U010100 10519
074 U020100 9211
074 V010100 18.03
074 V020100 18.01
074 W000100 0.0000
074 X000100 28856
074 Y000100 0
075 A000100 0
075 B000100 361528
076 000100 0.00
008 A000201 SUNAMERICA ASSET MANAGEMENT CORP.
008 B000201 A
008 C000201 801-19813
008 D010201 NEW YORK
008 D020201 NY
008 D030201 10017
008 D040201 3204
028 A010200 2061
028 A020200 0
028 A030200 0
028 A040200 2899
028 B010200 1478
028 B020200 0
028 B030200 0
028 B040200 3548
028 C010200 5148
028 C020200 0
028 C030200 0
028 C040200 4598
028 D010200 3064
028 D020200 0
028 D030200 0
028 D040200 2205
028 E010200 2587
028 E020200 0
028 E030200 0
028 E040200 3676
028 F010200 3493
028 F020200 0
028 F030200 0
028 F040200 1826
028 G010200 17831
028 G020200 0
028 G030200 0
<PAGE> PAGE 11
028 G040200 18752
028 H000200 8170
029 000200 Y
030 A000200 147
030 B000200 5.75
030 C000200 0.00
031 A000200 21
031 B000200 0
032 000200 56
033 000200 70
034 000200 Y
035 000200 43
036 A000200 N
036 B000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 Y
041 000200 Y
042 A000200 0
042 B000200 0
042 C000200 100
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 648
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.000
048 A010200 350000
048 A020200 0.750
048 B010200 350000
048 B020200 0.700
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
<PAGE> PAGE 12
048 J010200 0
048 J020200 0.000
048 K010200 700000
048 K020200 0.650
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 N
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 Y
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
<PAGE> PAGE 13
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 96795
071 B000200 108052
071 C000200 107234
071 D000200 90
072 A000200 12
072 B000200 198
072 C000200 1282
072 D000200 0
072 E000200 0
072 F000200 845
072 G000200 0
072 H000200 0
072 I000200 309
072 J000200 73
072 K000200 0
072 L000200 14
072 M000200 11
072 N000200 20
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 35
<PAGE> PAGE 14
072 S000200 5
072 T000200 648
072 U000200 0
072 V000200 0
072 W000200 4
072 X000200 1964
072 Y000200 0
072 Z000200 -484
072AA000200 7611
072BB000200 0
072CC010200 0
072CC020200 1921
072DD010200 0
072DD020200 0
072EE000200 13035
073 A010200 0.0000
073 A020200 0.0000
073 B000200 2.4800
073 C000200 0.0000
074 A000200 0
074 B000200 10865
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 97620
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 437
074 M000200 33
074 N000200 108955
074 O000200 0
074 P000200 116
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 197
074 S000200 0
074 T000200 108642
074 U010200 3898
074 U020200 2024
074 V010200 18.61
074 V020200 17.84
074 W000200 0.0000
074 X000200 10183
074 Y000200 0
075 A000200 0
075 B000200 112652
<PAGE> PAGE 15
076 000200 0.00
008 A000301 SUNAMERICA ASSET MANAGEMENT CORP.
008 B000301 A
008 C000301 801-19813
008 D010301 NEW YORK
008 D020301 NY
008 D030301 10017
008 D040301 3204
028 A010300 1773
028 A020300 2
028 A030300 0
028 A040300 4291
028 B010300 3388
028 B020300 0
028 B030300 0
028 B040300 4362
028 C010300 3579
028 C020300 0
028 C030300 0
028 C040300 4008
028 D010300 4264
028 D020300 0
028 D030300 0
028 D040300 4401
028 E010300 1974
028 E020300 0
028 E030300 0
028 E040300 3652
028 F010300 698
028 F020300 0
028 F030300 0
028 F040300 726
028 G010300 15676
028 G020300 2
028 G030300 0
028 G040300 21440
028 H000300 14105
029 000300 Y
030 A000300 52
030 B000300 5.75
030 C000300 0.00
031 A000300 7
031 B000300 0
032 000300 13
033 000300 32
034 000300 Y
035 000300 28
036 A000300 N
036 B000300 0
037 000300 N
038 000300 0
<PAGE> PAGE 16
039 000300 N
040 000300 Y
041 000300 Y
042 A000300 0
042 B000300 0
042 C000300 100
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 269
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.000
048 A010300 350000
048 A020300 0.750
048 B010300 350000
048 B020300 0.700
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 700000
048 K020300 0.650
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 N
055 A000300 Y
055 B000300 Y
056 000300 Y
057 000300 N
062 A000300 N
062 B000300 0.0
062 C000300 0.0
<PAGE> PAGE 17
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 Y
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 Y
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
<PAGE> PAGE 18
070 L020300 Y
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 Y
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300 197373
071 B000300 208995
071 C000300 52367
071 D000300 377
072 A000300 12
072 B000300 145
072 C000300 337
072 D000300 0
072 E000300 0
072 F000300 413
072 G000300 0
072 H000300 0
072 I000300 148
072 J000300 69
072 K000300 0
072 L000300 5
072 M000300 7
072 N000300 19
072 O000300 0
072 P000300 5
072 Q000300 0
072 R000300 35
072 S000300 3
072 T000300 269
072 U000300 0
072 V000300 0
072 W000300 3
072 X000300 976
072 Y000300 0
072 Z000300 -494
072AA000300 5526
072BB000300 0
072CC010300 0
072CC020300 6870
072DD010300 0
072DD020300 0
072EE000300 9795
073 A010300 0.0000
<PAGE> PAGE 19
073 A020300 0.0000
073 B000300 3.5300
073 C000300 0.0000
074 A000300 1
074 B000300 1938
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 47534
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 2498
074 K000300 0
074 L000300 310
074 M000300 6
074 N000300 52287
074 O000300 3650
074 P000300 47
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 126
074 S000300 0
074 T000300 48464
074 U010300 2370
074 U020300 646
074 V010300 16.22
074 V020300 15.52
074 W000300 0.0000
074 X000300 4303
074 Y000300 0
075 A000300 0
075 B000300 55025
076 000300 0.00
008 A000401 SUNAMERICA ASSET MANAGEMENT CORP.
008 B000401 A
008 C000401 801-19813
008 D010401 NEW YORK
008 D020401 NY
008 D030401 10017
008 D040401 3204
028 A010400 14231
028 A020400 21
028 A030400 0
028 A040400 26484
028 B010400 19763
028 B020400 0
028 B030400 0
028 B040400 30753
<PAGE> PAGE 20
028 C010400 33004
028 C020400 0
028 C030400 0
028 C040400 27399
028 D010400 25844
028 D020400 0
028 D030400 0
028 D040400 41548
028 E010400 12763
028 E020400 0
028 E030400 0
028 E040400 24741
028 F010400 13523
028 F020400 0
028 F030400 0
028 F040400 16592
028 G010400 119128
028 G020400 21
028 G030400 0
028 G040400 167517
028 H000400 105696
029 000400 Y
030 A000400 425
030 B000400 5.75
030 C000400 0.00
031 A000400 60
031 B000400 0
032 000400 146
033 000400 219
034 000400 Y
035 000400 292
036 A000400 N
036 B000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 Y
041 000400 Y
042 A000400 0
042 B000400 0
042 C000400 100
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 1457
044 000400 0
045 000400 Y
046 000400 N
047 000400 Y
<PAGE> PAGE 21
048 000400 0.000
048 A010400 350000
048 A020400 0.750
048 B010400 350000
048 B020400 0.700
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 700000
048 K020400 0.650
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
053 C000400 N
055 A000400 Y
055 B000400 Y
056 000400 Y
057 000400 N
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
<PAGE> PAGE 22
062 R000400 0.0
063 A000400 0
063 B000400 0.0
066 A000400 Y
066 B000400 Y
066 C000400 N
066 D000400 N
066 E000400 N
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 Y
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 Y
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 652250
<PAGE> PAGE 23
071 B000400 770891
071 C000400 223501
071 D000400 292
072 A000400 12
072 B000400 899
072 C000400 805
072 D000400 0
072 E000400 0
072 F000400 1818
072 G000400 0
072 H000400 0
072 I000400 670
072 J000400 125
072 K000400 0
072 L000400 32
072 M000400 28
072 N000400 51
072 O000400 0
072 P000400 34
072 Q000400 0
072 R000400 31
072 S000400 5
072 T000400 1457
072 U000400 0
072 V000400 0
072 W000400 8
072 X000400 4259
072 Y000400 32
072 Z000400 -2523
072AA000400 20012
072BB000400 0
072CC010400 0
072CC020400 82191
072DD010400 0
072DD020400 0
072EE000400 25173
073 A010400 0.0000
073 A020400 0.0000
073 B000400 2.4000
073 C000400 0.0000
074 A000400 0
074 B000400 38447
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 125965
074 G000400 1408
074 H000400 0
074 I000400 0
074 J000400 4308
074 K000400 5
<PAGE> PAGE 24
074 L000400 84
074 M000400 15
074 N000400 170232
074 O000400 1380
074 P000400 186
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 729
074 R040400 562
074 S000400 0
074 T000400 167375
074 U010400 5511
074 U020400 3386
074 V010400 19.10
074 V020400 0.00
074 W000400 0.0000
074 X000400 21425
074 Y000400 0
075 A000400 0
075 B000400 242399
076 000400 0.00
008 A000501 SUNAMERICA ASSET MANAGEMENT CORP.
008 B000501 A
008 C000501 801-19813
008 D010501 NEW YORK
008 D020501 NY
008 D030501 10017
008 D040501 3204
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 N
055 A000500 N
055 B000500 N
056 000500 N
057 000500 N
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
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
<PAGE> PAGE 25
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 0.0
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 N
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
070 J020500 N
070 K010500 N
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 N
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
008 A000601 SUNAMERICA ASSET MANAGEMENT CORP.
008 B000601 A
008 C000601 801-19813
<PAGE> PAGE 26
008 D010601 NEW YORK
008 D020601 NY
008 D030601 10017
008 D040601 3204
028 A010600 4366
028 A020600 0
028 A030600 0
028 A040600 5699
028 B010600 3494
028 B020600 0
028 B030600 0
028 B040600 6011
028 C010600 5174
028 C020600 0
028 C030600 0
028 C040600 2614
028 D010600 9261
028 D020600 0
028 D030600 0
028 D040600 3862
028 E010600 5083
028 E020600 0
028 E030600 0
028 E040600 3935
028 F010600 6262
028 F020600 0
028 F030600 0
028 F040600 3113
028 G010600 33640
028 G020600 0
028 G030600 0
028 G040600 25234
028 H000600 12071
029 000600 Y
030 A000600 707
030 B000600 5.75
030 C000600 0.00
031 A000600 114
031 B000600 0
032 000600 263
033 000600 330
034 000600 Y
035 000600 177
036 A000600 N
036 B000600 0
037 000600 N
038 000600 0
039 000600 N
040 000600 Y
041 000600 Y
042 A000600 0
<PAGE> PAGE 27
042 B000600 0
042 C000600 100
042 D000600 0
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 931
044 000600 0
045 000600 Y
045 000600 N
045 000600 Y
046 000600 0.000
046 000600 350000
046 000600 0.750
047 000600 350000
047 000600 0.700
047 000600 0
048 000600 0.000
048 000600 0
048 000600 0.000
048 A010600 0
048 A010600 0.000
048 A010600 0
048 A020600 0.000
048 A020600 0
048 A020600 0.000
048 B010600 0
048 B010600 0.000
048 B010600 0
048 B020600 0.000
048 B020600 0
048 B020600 0.000
048 C010600 700000
048 C010600 0.650
048 C010600 0
048 C020600 0.000
048 C020600 0.000
048 C020600 0.000
048 D010600 0
048 D010600 0
048 D010600 0
048 D020600 0.000
048 D020600 0.000
048 D020600 0.000
048 E010600 0
048 E010600 0
048 E010600 0
048 E020600 0.000
048 E020600 0.000
048 E020600 0.000
<PAGE> PAGE 28
048 F010600 0
048 F010600 0
048 F010600 0
048 F020600 0.000
048 F020600 0.000
048 F020600 0.000
048 G010600 0
048 G010600 0
048 G010600 0
048 G020600 0.000
048 G020600 0.000
048 G020600 0.000
048 H010600 0
048 H010600 0
048 H010600 0
048 H020600 0.000
048 H020600 0.000
048 H020600 0.000
048 I010600 0
048 I010600 0
048 I010600 0
048 I020600 0.000
048 I020600 0.000
048 I020600 0.000
048 J010600 0
048 J010600 0
048 J010600 0
048 J020600 0.000
048 J020600 0.000
048 J020600 0.000
048 K010600 700000
048 K010600 0
048 K010600 0
048 K020600 0.650
048 K020600 0.000
048 K020600 0.000
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 Y
053 B000600 Y
053 C000600 N
055 A000600 Y
055 B000600 Y
056 000600 Y
057 000600 N
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
<PAGE> PAGE 29
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 0.0
066 A000600 Y
066 B000600 N
066 C000600 N
066 D000600 N
066 E000600 Y
066 F000600 N
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 Y
<PAGE> PAGE 30
070 M010600 Y
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 Y
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 Y
070 R020600 N
071 A000600 199772
071 B000600 183901
071 C000600 122781
071 D000600 150
072 A000600 12
072 B000600 268
072 C000600 1837
072 D000600 0
072 E000600 0
072 F000600 978
072 G000600 0
072 H000600 0
072 I000600 339
072 J000600 87
072 K000600 0
072 L000600 10
072 M000600 13
072 N000600 43
072 O000600 0
072 P000600 1
072 Q000600 0
072 R000600 35
072 S000600 2
072 T000600 931
072 U000600 0
072 V000600 0
072 W000600 3
072 X000600 2442
072 Y000600 26
072 Z000600 -311
072AA000600 5999
072BB000600 0
072CC010600 0
072CC020600 865
072DD010600 0
072DD020600 0
072EE000600 11233
073 A010600 0.0000
073 A020600 0.0000
<PAGE> PAGE 31
073 B000600 1.3500
073 C000600 0.0000
074 A000600 0
074 B000600 13902
074 C000600 50
074 D000600 0
074 E000600 0
074 F000600 122857
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 4
074 L000600 694
074 M000600 8
074 N000600 137515
074 O000600 0
074 P000600 162
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 163
074 S000600 0
074 T000600 137190
074 U010600 4464
074 U020600 6343
074 V010600 12.80
074 V020600 0.00
074 W000600 0.0000
074 X000600 9639
074 Y000600 0
075 A000600 0
075 B000600 130371
076 000600 0.00
008 A000701 SUNAMERICA ASSET MANAGEMENT CORP.
008 B000701 A
008 C000701 801-19813
008 D010701 NEW YORK
008 D020701 NY
008 D030701 10017
008 D040701 3204
028 A010700 0
028 A020700 0
028 A030700 0
028 A040700 0
028 B010700 0
028 B020700 0
028 B030700 0
028 B040700 0
028 C010700 40921
<PAGE> PAGE 32
028 C020700 0
028 C030700 0
028 C040700 13097
028 D010700 16612
028 D020700 0
028 D030700 0
028 D040700 11829
028 E010700 14326
028 E020700 0
028 E030700 0
028 E040700 862
028 F010700 15305
028 F020700 0
028 F030700 0
028 F040700 514
028 G010700 87162
028 G020700 0
028 G030700 0
028 G040700 26302
028 H000700 65824
029 000700 Y
030 A000700 1265
030 B000700 5.75
030 C000700 0.00
031 A000700 119
031 B000700 0
032 000700 1072
033 000700 74
034 000700 Y
035 000700 6
036 A000700 N
036 B000700 0
037 000700 N
038 000700 0
039 000700 N
040 000700 Y
041 000700 Y
042 A000700 0
042 B000700 0
042 C000700 100
042 D000700 0
042 E000700 0
042 F000700 0
042 G000700 0
042 H000700 0
043 000700 82
044 000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.350
<PAGE> PAGE 33
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
049 000700 N
050 000700 N
051 000700 N
052 000700 N
053 A000700 Y
053 B000700 Y
053 C000700 N
055 A000700 N
055 B000700 N
056 000700 Y
057 000700 N
062 A000700 N
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
<PAGE> PAGE 34
066 A000700 Y
066 B000700 N
066 C000700 N
066 D000700 N
066 E000700 N
066 F000700 N
066 G000700 Y
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 Y
070 B010700 Y
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 N
070 M010700 Y
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 Y
070 R020700 N
071 A000700 59540
071 B000700 0
071 C000700 37190
071 D000700 0
<PAGE> PAGE 35
072 A000700 12
072 B000700 18
072 C000700 308
072 D000700 0
072 E000700 0
072 F000700 39
072 G000700 0
072 H000700 0
072 I000700 33
072 J000700 10
072 K000700 0
072 L000700 3
072 M000700 1
072 N000700 21
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 13
072 S000700 2
072 T000700 82
072 U000700 0
072 V000700 0
072 W000700 1
072 X000700 205
072 Y000700 55
072 Z000700 176
072AA000700 0
072BB000700 0
072CC010700 0
072CC020700 4522
072DD010700 0
072DD020700 0
072EE000700 0
073 A010700 0.0000
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 106
074 B000700 257
074 C000700 0
074 D000700 0
074 E000700 0
074 F000700 55018
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 0
074 K000700 29
074 L000700 2367
074 M000700 56
074 N000700 57833
<PAGE> PAGE 36
074 O000700 1212
074 P000700 46
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 61
074 S000700 0
074 T000700 56514
074 U010700 1508
074 U020700 3611
074 V010700 11.06
074 V020700 0.00
074 W000700 0.0000
074 X000700 3990
074 Y000700 0
075 A000700 0
075 B000700 35630
076 000700 0.00
SIGNATURE PETER SUTTON
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 011
<NAME> SUNAMERICA BALANCED ASSETS FUND CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 303,975,926<F1>
<INVESTMENTS-AT-VALUE> 353,723,090<F1>
<RECEIVABLES> 2,991,595<F1>
<ASSETS-OTHER> 10,823<F1>
<OTHER-ITEMS-ASSETS> 44,589<F1>
<TOTAL-ASSETS> 356,770,097<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 1,175,931<F1>
<TOTAL-LIABILITIES> 1,175,931<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 282,544,437<F1>
<SHARES-COMMON-STOCK> 10,519,109<F1>
<SHARES-COMMON-PRIOR> 9,149,250<F2>
<ACCUMULATED-NII-CURRENT> (85,057)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 23,387,622<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 49,747,164<F1>
<NET-ASSETS> 355,594,166<F1>
<DIVIDEND-INCOME> 2,977,204<F1>
<INTEREST-INCOME> 8,050,065<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 6,378,512<F1>
<NET-INVESTMENT-INCOME> 4,648,757<F1>
<REALIZED-GAINS-CURRENT> 24,425,420<F1>
<APPREC-INCREASE-CURRENT> 1,642,258<F1>
<NET-CHANGE-FROM-OPS> 30,716,435<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 3,066,976<F2>
<DISTRIBUTIONS-OF-GAINS> 16,001,494<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 2,254,719<F2>
<NUMBER-OF-SHARES-REDEEMED> (1,961,244)<F2>
<SHARES-REINVESTED> 1,076,384<F2>
<NET-CHANGE-IN-ASSETS> 12,905,101<F1>
<ACCUMULATED-NII-PRIOR> 91,715<F1>
<ACCUMULATED-GAINS-PRIOR> 31,318,784<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 2,704,740<F1>
<INTEREST-EXPENSE> 2,899<F1>
<GROSS-EXPENSE> 6,387,266<F1>
<AVERAGE-NET-ASSETS> 184,310,776<F2>
<PER-SHARE-NAV-BEGIN> 18.49<F2>
<PER-SHARE-NII> 0.29<F2>
<PER-SHARE-GAIN-APPREC> 1.29<F2>
<PER-SHARE-DIVIDEND> (0.30)<F2>
<PER-SHARE-DISTRIBUTIONS> (1.74)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 18.03<F2>
<EXPENSE-RATIO> 1.46<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<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 FUND CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 303,975,926<F1>
<INVESTMENTS-AT-VALUE> 353,723,090<F1>
<RECEIVABLES> 2,991,595<F1>
<ASSETS-OTHER> 10,823<F1>
<OTHER-ITEMS-ASSETS> 44,589<F1>
<TOTAL-ASSETS> 356,770,097<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 1,175,931<F1>
<TOTAL-LIABILITIES> 1,175,931<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 282,544,437<F1>
<SHARES-COMMON-STOCK> 9,211,366<F2>
<SHARES-COMMON-PRIOR> 9,383,565<F2>
<ACCUMULATED-NII-CURRENT> (85,057)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 23,387,622<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 49,747,164<F1>
<NET-ASSETS> 355,594,166<F1>
<DIVIDEND-INCOME> 2,977,204<F1>
<INTEREST-INCOME> 8,050,065<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 6,378,512<F1>
<NET-INVESTMENT-INCOME> 4,648,757<F1>
<REALIZED-GAINS-CURRENT> 24,425,420<F1>
<APPREC-INCREASE-CURRENT> 1,642,258<F1>
<NET-CHANGE-FROM-OPS> 30,716,435<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 1,812,490<F2>
<DISTRIBUTIONS-OF-GAINS> 16,263,710<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 1,661,113<F2>
<NUMBER-OF-SHARES-REDEEMED> (2,853,943)<F2>
<SHARES-REINVESTED> 1,020,631<F2>
<NET-CHANGE-IN-ASSETS> 12,905,101<F1>
<ACCUMULATED-NII-PRIOR> 91,715<F1>
<ACCUMULATED-GAINS-PRIOR> 31,318,784<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 2,704,740<F1>
<INTEREST-EXPENSE> 2,899<F1>
<GROSS-EXPENSE> 6,387,266<F1>
<AVERAGE-NET-ASSETS> 177,090,569<F2>
<PER-SHARE-NAV-BEGIN> 18.48<F2>
<PER-SHARE-NII> 0.18<F2>
<PER-SHARE-GAIN-APPREC> 1.28<F2>
<PER-SHARE-DIVIDEND> (0.19)<F2>
<PER-SHARE-DISTRIBUTIONS> (1.74)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 18.01<F2>
<EXPENSE-RATIO> 2.08<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>INFORMATION GIVEN PERTAINS TO SUNAMERICA BALANCED ASSETS FUND AS A WHOLE
<F2>INFORMATION GIVEN PERTAINS TO SUNAMERICA BALANCED ASSETS FUND CLASS B
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 013
<NAME> SUNAMERICA BALANCED ASSETS FUND CLASS Z
<S> <C>
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> MAY-05-1998
<INVESTMENTS-AT-COST> 303,975,926<F1>
<INVESTMENTS-AT-VALUE> 353,723,090<F1>
<RECEIVABLES> 2,991,595<F1>
<ASSETS-OTHER> 10,823<F1>
<OTHER-ITEMS-ASSETS> 44,589<F1>
<TOTAL-ASSETS> 356,770,097<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 1,175,931<F1>
<TOTAL-LIABILITIES> 1,175,931<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 282,544,437<F1>
<SHARES-COMMON-STOCK> 0<F2>
<SHARES-COMMON-PRIOR> 2,871<F2>
<ACCUMULATED-NII-CURRENT> (85,057)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 23,387,622<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 49,747,164<F1>
<NET-ASSETS> 355,594,166<F1>
<DIVIDEND-INCOME> 2,977,204<F1>
<INTEREST-INCOME> 8,050,065<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 6,378,512<F1>
<NET-INVESTMENT-INCOME> 4,648,757<F1>
<REALIZED-GAINS-CURRENT> 24,425,420<F1>
<APPREC-INCREASE-CURRENT> 1,642,258<F1>
<NET-CHANGE-FROM-OPS> 30,716,435<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 2,188<F2>
<DISTRIBUTIONS-OF-GAINS> 35,253<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 20,923<F2>
<NUMBER-OF-SHARES-REDEEMED> (26,003)<F2>
<SHARES-REINVESTED> 2,209<F2>
<NET-CHANGE-IN-ASSETS> 12,905,101<F1>
<ACCUMULATED-NII-PRIOR> 91,715<F1>
<ACCUMULATED-GAINS-PRIOR> 31,318,784<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 2,704,740<F1>
<INTEREST-EXPENSE> 2,899<F1>
<GROSS-EXPENSE> 6,387,266<F1>
<AVERAGE-NET-ASSETS> 0<F2>
<PER-SHARE-NAV-BEGIN> 0<F2>
<PER-SHARE-NII> 0<F2>
<PER-SHARE-GAIN-APPREC> 0<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 0<F2>
<EXPENSE-RATIO> 0<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>INFORMATION GIVEN PERTAINS TO SUNAMERICA BALANCED ASSETS FUND AS A WHOLE
<F2>INFORMATION GIVEN PERTAINS TO SUNAMERICA BALANCED ASSETS FUND CLASS Z
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 021
<NAME> SUNAMERICA BLUE CHIP GROWTH FUND CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 91,836,290<F1>
<INVESTMENTS-AT-VALUE> 108,485,414<F1>
<RECEIVABLES> 436,705<F1>
<ASSETS-OTHER> 32,195<F1>
<OTHER-ITEMS-ASSETS> 215<F1>
<TOTAL-ASSETS> 108,954,529<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 312,814<F1>
<TOTAL-LIABILITIES> 312,814<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 85,231,513<F1>
<SHARES-COMMON-STOCK> 3,897,584<F2>
<SHARES-COMMON-PRIOR> 3,353,686<F2>
<ACCUMULATED-NII-CURRENT> (12,409)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 6,773,487<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 16,649,124<F1>
<NET-ASSETS> 108,641,715<F1>
<DIVIDEND-INCOME> 1,281,746<F1>
<INTEREST-INCOME> 198,532<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 1,963,849<F1>
<NET-INVESTMENT-INCOME> (483,571)<F1>
<REALIZED-GAINS-CURRENT> 7,610,668<F1>
<APPREC-INCREASE-CURRENT> (1,920,853)<F1>
<NET-CHANGE-FROM-OPS> 5,206,244<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> 8,287,237<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 735,069<F2>
<NUMBER-OF-SHARES-REDEEMED> (656,032)<F2>
<SHARES-REINVESTED> 464,861<F2>
<NET-CHANGE-IN-ASSETS> 3,196,327<F1>
<ACCUMULATED-NII-PRIOR> (8,538)<F1>
<ACCUMULATED-GAINS-PRIOR> 12,677,507<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 844,891<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 1,963,849<F1>
<AVERAGE-NET-ASSETS> 73,647,874<F2>
<PER-SHARE-NAV-BEGIN> 20.22<F2>
<PER-SHARE-NII> (0.04)<F2>
<PER-SHARE-GAIN-APPREC> 0.91<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (2.48)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 18.61<F2>
<EXPENSE-RATIO> 1.52<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>INFORMATION GIVEN PERTAINS TO SUNAMERICA BLUE CHIP GROWTH FUND AS A WHOLE
<F2>INFORMATION GIVEN PERTAINS TO SUNAMERICA BLUE CHIP GROWTH FUND CLASS A
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 022
<NAME> SUNAMERICA BLUE CHIP GROWTH FUND CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 91,836,290<F1>
<INVESTMENTS-AT-VALUE> 108,485,414<F1>
<RECEIVABLES> 436,705<F1>
<ASSETS-OTHER> 32,195<F1>
<OTHER-ITEMS-ASSETS> 215<F1>
<TOTAL-ASSETS> 108,954,529<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 312,814<F1>
<TOTAL-LIABILITIES> 312,814<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 85,231,513<F1>
<SHARES-COMMON-STOCK> 2,023,562<F2>
<SHARES-COMMON-PRIOR> 1,919,060<F2>
<ACCUMULATED-NII-CURRENT> (12,409)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 6,773,487<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 16,649,124<F1>
<NET-ASSETS> 108,641,715<F1>
<DIVIDEND-INCOME> 1,281,746<F1>
<INTEREST-INCOME> 198,532<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 1,963,849<F1>
<NET-INVESTMENT-INCOME> (483,571)<F1>
<REALIZED-GAINS-CURRENT> 7,610,668<F1>
<APPREC-INCREASE-CURRENT> (1,920,853)<F1>
<NET-CHANGE-FROM-OPS> 5,206,244<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> 4,747,751<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 845,608<F2>
<NUMBER-OF-SHARES-REDEEMED> (1,011,200)<F2>
<SHARES-REINVESTED> 270,094<F2>
<NET-CHANGE-IN-ASSETS> 3,196,327<F1>
<ACCUMULATED-NII-PRIOR> (8,538)<F1>
<ACCUMULATED-GAINS-PRIOR> 12,677,507<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 844,891<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 1,963,849<F1>
<AVERAGE-NET-ASSETS> 39,004,220<F2>
<PER-SHARE-NAV-BEGIN> 19.61<F2>
<PER-SHARE-NII> (0.16)<F2>
<PER-SHARE-GAIN-APPREC> 0.87<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (2.48)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 17.84<F2>
<EXPENSE-RATIO> 2.17<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>INFORMATION GIVEN PERTAINS TO SUNAMERICA BLUE CHIP GROWTH FUND AS A WHOLE
<F2>INFORMATION GIVEN PERTAINS TO SUNAMERICA BLUE CHIP GROWTH FUND CLASS B
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 031
<NAME> SUNAMERICA MID CAP GROWTH FUND CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 44,748,802<F1>
<INVESTMENTS-AT-VALUE> 49,472,013<F1>
<RECEIVABLES> 2,808,764<F1>
<ASSETS-OTHER> 5,962<F1>
<OTHER-ITEMS-ASSETS> 697<F1>
<TOTAL-ASSETS> 52,287,436<F1>
<PAYABLE-FOR-SECURITIES> 3,650,349<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 173,160<F1>
<TOTAL-LIABILITIES> 3,823,509<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 40,328,487<F1>
<SHARES-COMMON-STOCK> 2,369,890<F2>
<SHARES-COMMON-PRIOR> 2,228,633<F2>
<ACCUMULATED-NII-CURRENT> (6,950)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 3,419,179<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 4,723,211<F1>
<NET-ASSETS> 48,463,927<F1>
<DIVIDEND-INCOME> 336,760<F1>
<INTEREST-INCOME> 145,326<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 975,701<F1>
<NET-INVESTMENT-INCOME> (493,615)<F1>
<REALIZED-GAINS-CURRENT> 5,525,645<F1>
<APPREC-INCREASE-CURRENT> (6,869,735)<F1>
<NET-CHANGE-FROM-OPS> (1,837,705)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> (7,536,397)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 1,824,307<F2>
<NUMBER-OF-SHARES-REDEEMED> (2,146,098)<F2>
<SHARES-REINVESTED> 463,048<F2>
<NET-CHANGE-IN-ASSETS> (11,366,104)<F1>
<ACCUMULATED-NII-PRIOR> (4,811)<F1>
<ACCUMULATED-GAINS-PRIOR> 8,177,848<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 412,690<F1>
<INTEREST-EXPENSE> 5,179<F1>
<GROSS-EXPENSE> 975,701<F1>
<AVERAGE-NET-ASSETS> 43,247,833<F2>
<PER-SHARE-NAV-BEGIN> 20.66<F2>
<PER-SHARE-NII> (0.13)<F2>
<PER-SHARE-GAIN-APPREC> (0.78)<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (3.53)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 16.22<F2>
<EXPENSE-RATIO> 1.62<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>Information given pertains to SunAmerica Mid Cap Growth Fund as a whole
<F2>Information given pertains to SunAmerica Mid Cap Growth Fund Class A
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 032
<NAME> SUNAMERICA MID CAP GROWTH FUND CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 44,748,802<F1>
<INVESTMENTS-AT-VALUE> 49,472,013<F1>
<RECEIVABLES> 2,808,764<F1>
<ASSETS-OTHER> 5,962<F1>
<OTHER-ITEMS-ASSETS> 697<F1>
<TOTAL-ASSETS> 52,287,436<F1>
<PAYABLE-FOR-SECURITIES> 3,650,349<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 173,160<F1>
<TOTAL-LIABILITIES> 3,823,509<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 40,328,487<F1>
<SHARES-COMMON-STOCK> 646,152<F2>
<SHARES-COMMON-PRIOR> 686,796<F2>
<ACCUMULATED-NII-CURRENT> (6,950)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 3,419,179<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 4,723,211<F1>
<NET-ASSETS> 48,463,927<F1>
<DIVIDEND-INCOME> 336,760<F1>
<INTEREST-INCOME> 145,326<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 975,701<F1>
<NET-INVESTMENT-INCOME> (493,615)<F1>
<REALIZED-GAINS-CURRENT> 5,525,645<F1>
<APPREC-INCREASE-CURRENT> (6,869,735)<F1>
<NET-CHANGE-FROM-OPS> (1,837,705)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> (2,258,592)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 141,012<F2>
<NUMBER-OF-SHARES-REDEEMED> (322,783)<F2>
<SHARES-REINVESTED> 141,127<F2>
<NET-CHANGE-IN-ASSETS> (11,366,104)<F1>
<ACCUMULATED-NII-PRIOR> (4,811)<F1>
<ACCUMULATED-GAINS-PRIOR> 8,177,848<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 412,690<F1>
<INTEREST-EXPENSE> 5,179<F1>
<GROSS-EXPENSE> 975,701<F1>
<AVERAGE-NET-ASSETS> 11,777,558<F2>
<PER-SHARE-NAV-BEGIN> 20.06<F2>
<PER-SHARE-NII> (0.25)<F2>
<PER-SHARE-GAIN-APPREC> (0.76)<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (3.53)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 15.52<F2>
<EXPENSE-RATIO> 2.33<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>Information given pertains to SunAmerica Mid Cap Growth Fund as a whole
<F2>Information given pertains to SunAmerica Mid Cap Growth Fund Class B
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 041
<NAME> SUNAMERICA SMALL CO GROWTH FUND CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 167,341,920<F1>
<INVESTMENTS-AT-VALUE> 165,819,539<F1>
<RECEIVABLES> 4,396,912<F1>
<ASSETS-OTHER> 15,047<F1>
<OTHER-ITEMS-ASSETS> 223<F1>
<TOTAL-ASSETS> 170,231,721<F1>
<PAYABLE-FOR-SECURITIES> 1,379,657<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 1,477,537<F1>
<TOTAL-LIABILITIES> 2,857,194<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 158,530,206<F1>
<SHARES-COMMON-STOCK> 5,510,694<F2>
<SHARES-COMMON-PRIOR> 6,552,664<F2>
<ACCUMULATED-NII-CURRENT> (28,365)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 10,474,869<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (1,602,183)<F1>
<NET-ASSETS> 167,374,527<F1>
<DIVIDEND-INCOME> 805,043<F1>
<INTEREST-INCOME> 898,624<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 4,226,306<F1>
<NET-INVESTMENT-INCOME> (2,522,639)<F1>
<REALIZED-GAINS-CURRENT> 20,012,361<F1>
<APPREC-INCREASE-CURRENT> (82,191,306)<F1>
<NET-CHANGE-FROM-OPS> (64,701,584)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> (15,001,692)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 8,331,031<F2>
<NUMBER-OF-SHARES-REDEEMED> (10,040,494)<F2>
<SHARES-REINVESTED> 667,493<F2>
<NET-CHANGE-IN-ASSETS> (143,233,783)<F1>
<ACCUMULATED-NII-PRIOR> (18,299)<F1>
<ACCUMULATED-GAINS-PRIOR> 18,141,358<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,818,045<F1>
<INTEREST-EXPENSE> 33,733<F1>
<GROSS-EXPENSE> 4,258,967<F1>
<AVERAGE-NET-ASSETS> 147,381,387<F2>
<PER-SHARE-NAV-BEGIN> 28.27<F2>
<PER-SHARE-NII> (0.18)<F2>
<PER-SHARE-GAIN-APPREC> (6.59)<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (2.40)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 19.10<F2>
<EXPENSE-RATIO> 1.50<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<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 A
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 042
<NAME> SUNAMERICA SMALL CO GROWTH FUND CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 167,341,920<F1>
<INVESTMENTS-AT-VALUE> 165,819,539<F1>
<RECEIVABLES> 4,396,912<F1>
<ASSETS-OTHER> 15,047<F1>
<OTHER-ITEMS-ASSETS> 223<F1>
<TOTAL-ASSETS> 170,231,721<F1>
<PAYABLE-FOR-SECURITIES> 1,379,657<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 1,477,537<F1>
<TOTAL-LIABILITIES> 2,857,194<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 158,530,206<F1>
<SHARES-COMMON-STOCK> 3,347,400<F2>
<SHARES-COMMON-PRIOR> 4,537,277<F2>
<ACCUMULATED-NII-CURRENT> (28,365)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 10,474,869<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (1,602,183)<F1>
<NET-ASSETS> 167,374,527<F1>
<DIVIDEND-INCOME> 805,043<F1>
<INTEREST-INCOME> 898,624<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 4,226,306<F1>
<NET-INVESTMENT-INCOME> (2,522,639)<F1>
<REALIZED-GAINS-CURRENT> 20,012,361<F1>
<APPREC-INCREASE-CURRENT> (82,191,306)<F1>
<NET-CHANGE-FROM-OPS> (64,701,584)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> (10,065,127)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 1,709,037<F2>
<NUMBER-OF-SHARES-REDEEMED> (3,358,273)<F2>
<SHARES-REINVESTED> 459,359<F2>
<NET-CHANGE-IN-ASSETS> (143,233,783)<F1>
<ACCUMULATED-NII-PRIOR> (18,299)<F1>
<ACCUMULATED-GAINS-PRIOR> 18,141,358<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,818,045<F1>
<INTEREST-EXPENSE> 33,733<F1>
<GROSS-EXPENSE> 4,258,967<F1>
<AVERAGE-NET-ASSETS> 93,957,745<F2>
<PER-SHARE-NAV-BEGIN> 27.43<F2>
<PER-SHARE-NII> (0.33)<F2>
<PER-SHARE-GAIN-APPREC> (6.36)<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (2.40)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 18.34<F2>
<EXPENSE-RATIO> 2.14<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<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> 044
<NAME> SUNAMERICA SMALL CO GROWTH FUND CLASS C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> FEB-02-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 167,341,920<F1>
<INVESTMENTS-AT-VALUE> 165,819,539<F1>
<RECEIVABLES> 4,396,912<F1>
<ASSETS-OTHER> 15,047<F1>
<OTHER-ITEMS-ASSETS> 223<F1>
<TOTAL-ASSETS> 170,231,721<F1>
<PAYABLE-FOR-SECURITIES> 1,379,657<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 1,477,537<F1>
<TOTAL-LIABILITIES> 2,857,194<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 158,530,206<F1>
<SHARES-COMMON-STOCK> 9,188<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> (28,365)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 10,474,869<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (1,602,183)<F1>
<NET-ASSETS> 167,374,527<F1>
<DIVIDEND-INCOME> 805,043<F1>
<INTEREST-INCOME> 898,624<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 4,226,306<F1>
<NET-INVESTMENT-INCOME> (2,522,639)<F1>
<REALIZED-GAINS-CURRENT> 20,012,361<F1>
<APPREC-INCREASE-CURRENT> (82,191,306)<F1>
<NET-CHANGE-FROM-OPS> (64,701,584)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 9,190<F2>
<NUMBER-OF-SHARES-REDEEMED> (2)<F2>
<SHARES-REINVESTED> 0<F2>
<NET-CHANGE-IN-ASSETS> (143,233,783)<F1>
<ACCUMULATED-NII-PRIOR> (18,299)<F1>
<ACCUMULATED-GAINS-PRIOR> 18,141,358<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,818,045<F1>
<INTEREST-EXPENSE> 33,733<F1>
<GROSS-EXPENSE> 4,258,967<F1>
<AVERAGE-NET-ASSETS> 168,019<F2>
<PER-SHARE-NAV-BEGIN> 21.11<F2>
<PER-SHARE-NII> (0.19)<F2>
<PER-SHARE-GAIN-APPREC> (2.58)<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 18.34<F2>
<EXPENSE-RATIO> 2.15<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<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 C
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 043
<NAME> SUNAMERICA SMALL CO GROWTH FUND CLASS Z
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 167,341,920<F1>
<INVESTMENTS-AT-VALUE> 165,819,539<F1>
<RECEIVABLES> 4,396,912<F1>
<ASSETS-OTHER> 15,047<F1>
<OTHER-ITEMS-ASSETS> 223<F1>
<TOTAL-ASSETS> 170,231,721<F1>
<PAYABLE-FOR-SECURITIES> 1,379,657<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 1,477,537<F1>
<TOTAL-LIABILITIES> 2,857,194<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 158,530,206<F1>
<SHARES-COMMON-STOCK> 29,216<F2>
<SHARES-COMMON-PRIOR> 33,348<F2>
<ACCUMULATED-NII-CURRENT> (28,365)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 10,474,869<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (1,602,183)<F1>
<NET-ASSETS> 167,374,527<F1>
<DIVIDEND-INCOME> 805,043<F1>
<INTEREST-INCOME> 898,624<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 4,226,306<F1>
<NET-INVESTMENT-INCOME> (2,522,639)<F1>
<REALIZED-GAINS-CURRENT> 20,012,361<F1>
<APPREC-INCREASE-CURRENT> (82,191,306)<F1>
<NET-CHANGE-FROM-OPS> (64,701,584)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> (106,214)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 27,354<F2>
<NUMBER-OF-SHARES-REDEEMED> (36,314)<F2>
<SHARES-REINVESTED> 4,828<F2>
<NET-CHANGE-IN-ASSETS> (143,233,783)<F1>
<ACCUMULATED-NII-PRIOR> (18,299)<F1>
<ACCUMULATED-GAINS-PRIOR> 18,141,358<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,818,045<F1>
<INTEREST-EXPENSE> 33,733<F1>
<GROSS-EXPENSE> 4,258,967<F1>
<AVERAGE-NET-ASSETS> 956,376<F2>
<PER-SHARE-NAV-BEGIN> 28.45<F2>
<PER-SHARE-NII> (0.07)<F2>
<PER-SHARE-GAIN-APPREC> (6.65)<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (2.40)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 19.33<F2>
<EXPENSE-RATIO> 1.01<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<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> 061
<NAME> SUNAMERICA GROWTH AND INCOME FUND CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 126,271,375<F1>
<INVESTMENTS-AT-VALUE> 136,808,388<F1>
<RECEIVABLES> 698,181<F1>
<ASSETS-OTHER> 7,950<F1>
<OTHER-ITEMS-ASSETS> 272<F1>
<TOTAL-ASSETS> 137,514,791<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 324,804<F1>
<TOTAL-LIABILITIES> 324,804<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 122,096,821<F1>
<SHARES-COMMON-STOCK> 4,463,782<F2>
<SHARES-COMMON-PRIOR> 3,511,301<F2>
<ACCUMULATED-NII-CURRENT> (5,954)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 4,562,107<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 10,537,013<F1>
<NET-ASSETS> 137,189,987<F1>
<DIVIDEND-INCOME> 1,836,811<F1>
<INTEREST-INCOME> 267,943<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 2,416,189<F1>
<NET-INVESTMENT-INCOME> (311,435)<F1>
<REALIZED-GAINS-CURRENT> 5,999,035<F1>
<APPREC-INCREASE-CURRENT> (864,910)<F1>
<NET-CHANGE-FROM-OPS> 4,822,690<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> (5,129,665)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 1,912,402<F2>
<NUMBER-OF-SHARES-REDEEMED> (1,363,478)<F2>
<SHARES-REINVESTED> 403,557<F2>
<NET-CHANGE-IN-ASSETS> 34,441,067<F1>
<ACCUMULATED-NII-PRIOR> (2,144)<F1>
<ACCUMULATED-GAINS-PRIOR> 10,094,700<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 977,786<F1>
<INTEREST-EXPENSE> 971<F1>
<GROSS-EXPENSE> 2,441,994<F1>
<AVERAGE-NET-ASSETS> 57,269,806<F2>
<PER-SHARE-NAV-BEGIN> 13.45<F2>
<PER-SHARE-NII> 0.02<F2>
<PER-SHARE-GAIN-APPREC> 0.68<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (1.35)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 12.80<F2>
<EXPENSE-RATIO> 1.50<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>Information given pertains to SunAmerica Growth and Income Fund as a whole
<F2>Information given pertains to SunAmerica Growth and Income Class A
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 062
<NAME> SUNAMERICA GROWTH AND INCOME FUND CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 126,271,375<F1>
<INVESTMENTS-AT-VALUE> 136,808,388<F1>
<RECEIVABLES> 698,181<F1>
<ASSETS-OTHER> 7,950<F1>
<OTHER-ITEMS-ASSETS> 272<F1>
<TOTAL-ASSETS> 137,514,791<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 324,804<F1>
<TOTAL-LIABILITIES> 324,804<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 122,096,821<F1>
<SHARES-COMMON-STOCK> 6,259,325<F2>
<SHARES-COMMON-PRIOR> 4,157,247<F2>
<ACCUMULATED-NII-CURRENT> (5,954)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 4,562,107<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 10,537,013<F1>
<NET-ASSETS> 137,189,987<F1>
<DIVIDEND-INCOME> 1,836,811<F1>
<INTEREST-INCOME> 267,943<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 2,416,189<F1>
<NET-INVESTMENT-INCOME> (311,435)<F1>
<REALIZED-GAINS-CURRENT> 5,999,035<F1>
<APPREC-INCREASE-CURRENT> (864,910)<F1>
<NET-CHANGE-FROM-OPS> 4,822,690<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> (6,103,333)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 3,176,130<F2>
<NUMBER-OF-SHARES-REDEEMED> (1,533,431)<F2>
<SHARES-REINVESTED> 459,379<F2>
<NET-CHANGE-IN-ASSETS> 34,441,067<F1>
<ACCUMULATED-NII-PRIOR> (2,144)<F1>
<ACCUMULATED-GAINS-PRIOR> 10,094,700<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 977,786<F1>
<INTEREST-EXPENSE> 971<F1>
<GROSS-EXPENSE> 2,441,994<F1>
<AVERAGE-NET-ASSETS> 72,817,364<F2>
<PER-SHARE-NAV-BEGIN> 13.36<F2>
<PER-SHARE-NII> (0.07)<F2>
<PER-SHARE-GAIN-APPREC> 0.68<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (1.35)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 12.62<F2>
<EXPENSE-RATIO> 2.13<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>Information given pertains to SunAmerica Growth and Income Fund as a whole
<F2>Information given pertains to SunAmerica Growth and Income Class B
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 063
<NAME> SUNAMERICA GROWTH AND INCOME FUND CLASS C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> FEB-02-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 126,271,375<F1>
<INVESTMENTS-AT-VALUE> 136,808,388<F1>
<RECEIVABLES> 698,181<F1>
<ASSETS-OTHER> 7,950<F1>
<OTHER-ITEMS-ASSETS> 272<F1>
<TOTAL-ASSETS> 137,514,791<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 324,804<F1>
<TOTAL-LIABILITIES> 324,804<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 122,096,821<F1>
<SHARES-COMMON-STOCK> 76,408<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> (5,954)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 4,562,107<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 10,537,013<F1>
<NET-ASSETS> 137,189,987<F1>
<DIVIDEND-INCOME> 1,836,811<F1>
<INTEREST-INCOME> 267,943<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 2,416,189<F1>
<NET-INVESTMENT-INCOME> (311,435)<F1>
<REALIZED-GAINS-CURRENT> 5,999,035<F1>
<APPREC-INCREASE-CURRENT> (864,910)<F1>
<NET-CHANGE-FROM-OPS> 4,822,690<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> 0<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 95,450<F2>
<NUMBER-OF-SHARES-REDEEMED> (19,042)<F2>
<SHARES-REINVESTED> 0<F2>
<NET-CHANGE-IN-ASSETS> 34,441,067<F1>
<ACCUMULATED-NII-PRIOR> (2,144)<F1>
<ACCUMULATED-GAINS-PRIOR> 10,094,700<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 977,786<F1>
<INTEREST-EXPENSE> 971<F1>
<GROSS-EXPENSE> 2,441,994<F1>
<AVERAGE-NET-ASSETS> 389,711<F2>
<PER-SHARE-NAV-BEGIN> 12.78<F2>
<PER-SHARE-NII> (0.04)<F2>
<PER-SHARE-GAIN-APPREC> (0.13)<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 12.61<F2>
<EXPENSE-RATIO> 2.15<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>Information given pertains to SunAmerica Growth and Income Fund as a whole
<F2>Information given pertains to SunAmerica Growth and Income Class C
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 064
<NAME> SUNAMERICA GROWTH AND INCOME FUND CLASS Z
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> APR-15-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 126,271,375<F1>
<INVESTMENTS-AT-VALUE> 136,808,388<F1>
<RECEIVABLES> 698,181<F1>
<ASSETS-OTHER> 7,950<F1>
<OTHER-ITEMS-ASSETS> 272<F1>
<TOTAL-ASSETS> 137,514,791<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 324,804<F1>
<TOTAL-LIABILITIES> 324,804<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 122,096,821<F1>
<SHARES-COMMON-STOCK> 7,276<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> (5,954)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 4,562,107<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 10,537,013<F1>
<NET-ASSETS> 137,189,987<F1>
<DIVIDEND-INCOME> 1,836,811<F1>
<INTEREST-INCOME> 267,943<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 2,416,189<F1>
<NET-INVESTMENT-INCOME> (311,435)<F1>
<REALIZED-GAINS-CURRENT> 5,999,035<F1>
<APPREC-INCREASE-CURRENT> (864,910)<F1>
<NET-CHANGE-FROM-OPS> 4,822,690<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> 0<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 7,288<F2>
<NUMBER-OF-SHARES-REDEEMED> (12)<F2>
<SHARES-REINVESTED> 0<F2>
<NET-CHANGE-IN-ASSETS> 34,441,067<F1>
<ACCUMULATED-NII-PRIOR> (2,144)<F1>
<ACCUMULATED-GAINS-PRIOR> 10,094,700<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 977,786<F1>
<INTEREST-EXPENSE> 971<F1>
<GROSS-EXPENSE> 2,441,994<F1>
<AVERAGE-NET-ASSETS> 60,861<F2>
<PER-SHARE-NAV-BEGIN> 14.35<F2>
<PER-SHARE-NII> 0.04<F2>
<PER-SHARE-GAIN-APPREC> (1.55)<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 12.84<F2>
<EXPENSE-RATIO> 0.93<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>Information given pertains to SunAmerica Growth and Income Fund as a whole
<F2>Information given pertains to SunAmerica Growth and Income Class Z
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 071
<NAME> SUNAMERICA "DOGS" OF WALL STREET FUND CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> JUN-08-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 59,797,323<F1>
<INVESTMENTS-AT-VALUE> 55,275,295<F1>
<RECEIVABLES> 2,395,797<F1>
<ASSETS-OTHER> 55,872<F1>
<OTHER-ITEMS-ASSETS> 106,315<F1>
<TOTAL-ASSETS> 57,833,279<F1>
<PAYABLE-FOR-SECURITIES> 1,212,303<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 106,915<F1>
<TOTAL-LIABILITIES> 1,319,218<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 60,801,604<F1>
<SHARES-COMMON-STOCK> 1,507,576<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> 234,485<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 0<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (4,522,028)<F1>
<NET-ASSETS> 56,514,061<F1>
<DIVIDEND-INCOME> 307,479<F1>
<INTEREST-INCOME> 18,026<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 149,378<F1>
<NET-INVESTMENT-INCOME> 176,127<F1>
<REALIZED-GAINS-CURRENT> 0<F1>
<APPREC-INCREASE-CURRENT> (4,522,028)<F1>
<NET-CHANGE-FROM-OPS> (4,345,901)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> 0<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 3,596,931<F2>
<NUMBER-OF-SHARES-REDEEMED> (2,089,355)<F2>
<SHARES-REINVESTED> 0<F2>
<NET-CHANGE-IN-ASSETS> 56,514,061<F1>
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> 0<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 39,290<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 204,878<F1>
<AVERAGE-NET-ASSETS> 14,763,618<F2>
<PER-SHARE-NAV-BEGIN> 12.50<F2>
<PER-SHARE-NII> 0.07<F2>
<PER-SHARE-GAIN-APPREC> (1.51)<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 11.06<F2>
<EXPENSE-RATIO> 0.95<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>Information given pertains to SunAmerica Dogs of Wall Street fund as a whole
<F2>Information given pertains to SunAmerica Dogs of Wall Street Class A
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 072
<NAME> SUNAMERICA "DOGS" OF WALL STREET FUND CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> JUN-08-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 59,797,323<F1>
<INVESTMENTS-AT-VALUE> 55,275,295<F1>
<RECEIVABLES> 2,395,797<F1>
<ASSETS-OTHER> 55,872<F1>
<OTHER-ITEMS-ASSETS> 106,315<F1>
<TOTAL-ASSETS> 57,833,279<F1>
<PAYABLE-FOR-SECURITIES> 1,212,303<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 106,915<F1>
<TOTAL-LIABILITIES> 1,319,218<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 60,801,604<F1>
<SHARES-COMMON-STOCK> 1,788,369<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> 234,485<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 0<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (4,522,028)<F1>
<NET-ASSETS> 56,514,061<F1>
<DIVIDEND-INCOME> 307,479<F1>
<INTEREST-INCOME> 18,026<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 149,378<F1>
<NET-INVESTMENT-INCOME> 176,127<F1>
<REALIZED-GAINS-CURRENT> 0<F1>
<APPREC-INCREASE-CURRENT> (4,522,028)<F1>
<NET-CHANGE-FROM-OPS> (4,345,901)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> 0<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 1,811,906<F2>
<NUMBER-OF-SHARES-REDEEMED> (23,537)<F2>
<SHARES-REINVESTED> 0<F2>
<NET-CHANGE-IN-ASSETS> 56,514,061<F1>
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> 0<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 39,290<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 204,878<F1>
<AVERAGE-NET-ASSETS> 11,057,487<F2>
<PER-SHARE-NAV-BEGIN> 12.50<F2>
<PER-SHARE-NII> 0.04<F2>
<PER-SHARE-GAIN-APPREC> (1.51)<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 11.03<F2>
<EXPENSE-RATIO> 1.60<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>Information given pertains to SunAmerica Dogs of Wall Street fund as a whole
<F2>Information given pertains to SunAmerica Dogs of Wall Street Class B
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 073
<NAME> SUNAMERICA "DOGS" OF WALL STREET FUND CLASS II
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> JUN-08-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 59,797,323<F1>
<INVESTMENTS-AT-VALUE> 55,275,295<F1>
<RECEIVABLES> 2,395,797<F1>
<ASSETS-OTHER> 55,872<F1>
<OTHER-ITEMS-ASSETS> 106,315<F1>
<TOTAL-ASSETS> 57,833,279<F1>
<PAYABLE-FOR-SECURITIES> 1,212,303<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 106,915<F1>
<TOTAL-LIABILITIES> 1,319,218<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 60,801,604<F1>
<SHARES-COMMON-STOCK> 1,822,909<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> 234,485<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 0<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (4,522,028)<F1>
<NET-ASSETS> 56,514,061<F1>
<DIVIDEND-INCOME> 307,479<F1>
<INTEREST-INCOME> 18,026<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 149,378<F1>
<NET-INVESTMENT-INCOME> 176,127<F1>
<REALIZED-GAINS-CURRENT> 0<F1>
<APPREC-INCREASE-CURRENT> (4,522,028)<F1>
<NET-CHANGE-FROM-OPS> (4,345,901)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> 0<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 1,874,062<F2>
<NUMBER-OF-SHARES-REDEEMED> (51,153)<F2>
<SHARES-REINVESTED> 0<F2>
<NET-CHANGE-IN-ASSETS> 56,514,061<F1>
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> 0<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 39,290<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 204,878<F1>
<AVERAGE-NET-ASSETS> 9,808,686<F2>
<PER-SHARE-NAV-BEGIN> 12.50<F2>
<PER-SHARE-NII> 0.04<F2>
<PER-SHARE-GAIN-APPREC> (1.51)<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 11.03<F2>
<EXPENSE-RATIO> 1.60<F2>
<AVG-DEBT-OUTSTANDING> 0<F2>
<AVG-DEBT-PER-SHARE> 0<F2>
<FN>
<F1>Information given pertains to SunAmerica Dogs of Wall Street fund as a whole
<F2>Information given pertains to SunAmerica Dogs of Wall Street Class II
</FN>
</TABLE>
Report of Independent Accountants
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 period ended September 30,
1998, 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 N-SAR, 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 controls.
Generally, controls 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 controls
include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control,
errors or fraud 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 one or more of the internal control
components does not reduce to a relatively low
level the risk that mistatements caused by error or
fraud 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 and its
operation, including controls for safeguarding
securities, that we consider to be material
weaknesses as defined above as of September 30,
1998.
This report is intended solely for the information
and use of management and the Trustees of the
Fund and the Securities and Exchange
Commission.
PricewaterhouseCoopers LLP
New York, New York
November 10, 1998
To the Trustees and Shareholders of
SunAmerica Equity Funds
