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<PAGE> PAGE 14
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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067 000400 N
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069 000400 N
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<PAGE> PAGE 24
070 A020400 Y
070 B010400 Y
070 B020400 Y
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070 D020400 Y
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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 N
070 K010400 Y
070 K020400 N
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070 L020400 Y
070 M010400 Y
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 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
066 G000600 N
067 000600 N
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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
049 000700 N
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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SIGNATURE PETER SUTTON
TITLE CONTROLLER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
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<INVESTMENTS-AT-VALUE> 439,355,546<F1>
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<TOTAL-LIABILITIES> 5,220,986<F1>
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<OTHER-INCOME> 0<F1>
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<GROSS-EXPENSE> 7,252,694<F1>
<AVERAGE-NET-ASSETS> 235,503,104<F2>
<PER-SHARE-NAV-BEGIN> 18.03<F2>
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<PER-SHARE-GAIN-APPREC> 3.57<F2>
<PER-SHARE-DIVIDEND> (0.26)<F2>
<PER-SHARE-DISTRIBUTIONS> (1.47)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 20.12<F2>
<EXPENSE-RATIO> 1.45<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>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
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<ACCUMULATED-NII-CURRENT> (54,391)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 39,656,817<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 77,278,805<F1>
<NET-ASSETS> 442,895,503<F1>
<DIVIDEND-INCOME> 2,898,842<F1>
<INTEREST-INCOME> 8,448,219<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 7,209,140<F1>
<NET-INVESTMENT-INCOME> 4,137,921<F1>
<REALIZED-GAINS-CURRENT> 45,107,763<F1>
<APPREC-INCREASE-CURRENT> 27,531,641<F1>
<NET-CHANGE-FROM-OPS> 76,777,325<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (1,303,913)<F2>
<DISTRIBUTIONS-OF-GAINS> (13,019,564)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 2,870,181<F2>
<NUMBER-OF-SHARES-REDEEMED> (3,987,318)<F2>
<SHARES-REINVESTED> 745,946<F2>
<NET-CHANGE-IN-ASSETS> 87,301,337<F1>
<ACCUMULATED-NII-PRIOR> (85,057)<F1>
<ACCUMULATED-GAINS-PRIOR> 23,387,622<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 3,113,448<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 7,252,694<F1>
<AVERAGE-NET-ASSETS> 182,328,375<F2>
<PER-SHARE-NAV-BEGIN> 18.01<F2>
<PER-SHARE-NII> 0.13<F2>
<PER-SHARE-GAIN-APPREC> 3.57<F2>
<PER-SHARE-DIVIDEND> (0.15)<F2>
<PER-SHARE-DISTRIBUTIONS> (1.47)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 20.09<F2>
<EXPENSE-RATIO> 2.06<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>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 013
<NAME> SUNAMERICA BALANCED ASSETS FUND CLASS II
<S> <C>
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> FEB-02-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 362,076,741<F1>
<INVESTMENTS-AT-VALUE> 439,355,546<F1>
<RECEIVABLES> 8,655,872<F1>
<ASSETS-OTHER> 6,073<F1>
<OTHER-ITEMS-ASSETS> 98,998<F1>
<TOTAL-ASSETS> 448,116,489<F1>
<PAYABLE-FOR-SECURITIES> 4,190,037<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 1,030,949<F1>
<TOTAL-LIABILITIES> 5,220,986<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 326,014,272<F1>
<SHARES-COMMON-STOCK> 440,082<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> (54,391)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 39,656,817<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 77,278,805<F1>
<NET-ASSETS> 442,895,503<F1>
<DIVIDEND-INCOME> 2,898,842<F1>
<INTEREST-INCOME> 8,448,219<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 7,209,140<F1>
<NET-INVESTMENT-INCOME> 4,137,921<F1>
<REALIZED-GAINS-CURRENT> 45,107,763<F1>
<APPREC-INCREASE-CURRENT> 27,531,641<F1>
<NET-CHANGE-FROM-OPS> 76,777,325<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (22,613)<F2>
<DISTRIBUTIONS-OF-GAINS> 0<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 476,801<F2>
<NUMBER-OF-SHARES-REDEEMED> (28,795)<F2>
<SHARES-REINVESTED> 1,076<F2>
<NET-CHANGE-IN-ASSETS> 87,301,337<F1>
<ACCUMULATED-NII-PRIOR> (85,057)<F1>
<ACCUMULATED-GAINS-PRIOR> 23,387,622<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 3,113,448<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 7,252,694<F1>
<AVERAGE-NET-ASSETS> 2,986,670<F2>
<PER-SHARE-NAV-BEGIN> 20.00<F2>
<PER-SHARE-NII> 0.08<F2>
<PER-SHARE-GAIN-APPREC> 0.11<F2>
<PER-SHARE-DIVIDEND> (0.08)<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 20.11<F2>
<EXPENSE-RATIO> 2.05<F2>
<FN>
<F1>Information given pertains to SunAmerica Balanced Assets Fund as a whole
<F2>Information given pertains to SunAmerica Balanced Assets Fund Class II
</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-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 109,474,467<F1>
<INVESTMENTS-AT-VALUE> 148,806,404<F1>
<RECEIVABLES> 5,221,744<F1>
<ASSETS-OTHER> 30,858<F1>
<OTHER-ITEMS-ASSETS> 18,480<F1>
<TOTAL-ASSETS> 154,077,486<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 436,723<F1>
<TOTAL-LIABILITIES> 436,723<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 100,113,166<F1>
<SHARES-COMMON-STOCK> 4,396,548<F2>
<SHARES-COMMON-PRIOR> 3,897,584<F2>
<ACCUMULATED-NII-CURRENT> (16,236)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 14,211,896<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 39,331,937<F1>
<NET-ASSETS> 153,640,763<F1>
<DIVIDEND-INCOME> 1,279,051<F1>
<INTEREST-INCOME> 502,672<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 2,398,262<F1>
<NET-INVESTMENT-INCOME> (616,539)<F1>
<REALIZED-GAINS-CURRENT> 16,716,125<F1>
<APPREC-INCREASE-CURRENT> 22,682,813<F1>
<NET-CHANGE-FROM-OPS> 38,782,399<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> (5,748,308)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 1,395,707<F2>
<NUMBER-OF-SHARES-REDEEMED> (1,177,480)<F2>
<SHARES-REINVESTED> 280,737<F2>
<NET-CHANGE-IN-ASSETS> 44,999,048<F1>
<ACCUMULATED-NII-PRIOR> (12,409)<F1>
<ACCUMULATED-GAINS-PRIOR> 6,773,487<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,053,472<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 2,420,710<F1>
<AVERAGE-NET-ASSETS> 94,490,115<F2>
<PER-SHARE-NAV-BEGIN> 18.61<F2>
<PER-SHARE-NII> (0.05)<F2>
<PER-SHARE-GAIN-APPREC> 6.53<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (1.47)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 23.62<F2>
<EXPENSE-RATIO> 1.49<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-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 109,474,467<F1>
<INVESTMENTS-AT-VALUE> 148,806,404<F1>
<RECEIVABLES> 5,221,744<F1>
<ASSETS-OTHER> 30,858<F1>
<OTHER-ITEMS-ASSETS> 18,480<F1>
<TOTAL-ASSETS> 154,077,486<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 436,723<F1>
<TOTAL-LIABILITIES> 436,723<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 100,113,166<F1>
<SHARES-COMMON-STOCK> 2,184,838<F2>
<SHARES-COMMON-PRIOR> 2,023,562<F2>
<ACCUMULATED-NII-CURRENT> (16,236)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 14,211,896<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 39,331,937<F1>
<NET-ASSETS> 153,640,763<F1>
<DIVIDEND-INCOME> 1,279,051<F1>
<INTEREST-INCOME> 502,672<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 2,398,262<F1>
<NET-INVESTMENT-INCOME> (616,539)<F1>
<REALIZED-GAINS-CURRENT> 16,716,125<F1>
<APPREC-INCREASE-CURRENT> 22,682,813<F1>
<NET-CHANGE-FROM-OPS> 38,782,399<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> (2,916,696)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 1,093,294<F2>
<NUMBER-OF-SHARES-REDEEMED> (1,075,965)<F2>
<SHARES-REINVESTED> 143,947<F2>
<NET-CHANGE-IN-ASSETS> 44,999,048<F1>
<ACCUMULATED-NII-PRIOR> (12,409)<F1>
<ACCUMULATED-GAINS-PRIOR> 6,773,487<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,053,472<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 2,420,710<F1>
<AVERAGE-NET-ASSETS> 45,729,247<F2>
<PER-SHARE-NAV-BEGIN> 17.84<F2>
<PER-SHARE-NII> (0.19)<F2>
<PER-SHARE-GAIN-APPREC> 6.25<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (1.47)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 22.43<F2>
<EXPENSE-RATIO> 2.15<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> 023
<NAME> SUNAMERICA BLUE CHIP GROWTH FUND CLASS II
<S> <C>
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> FEB-02-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 109,474,467<F1>
<INVESTMENTS-AT-VALUE> 148,806,404<F1>
<RECEIVABLES> 5,221,744<F1>
<ASSETS-OTHER> 30,858<F1>
<OTHER-ITEMS-ASSETS> 18,480<F1>
<TOTAL-ASSETS> 154,077,486<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 436,723<F1>
<TOTAL-LIABILITIES> 436,723<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 100,113,166<F1>
<SHARES-COMMON-STOCK> 34,975<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> (16,236)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 14,211,896<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 39,331,937<F1>
<NET-ASSETS> 153,640,763<F1>
<DIVIDEND-INCOME> 1,279,051<F1>
<INTEREST-INCOME> 502,672<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 2,398,262<F1>
<NET-INVESTMENT-INCOME> (616,539)<F1>
<REALIZED-GAINS-CURRENT> 16,716,125<F1>
<APPREC-INCREASE-CURRENT> 22,682,813<F1>
<NET-CHANGE-FROM-OPS> 38,782,399<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> 0<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 36,737<F2>
<NUMBER-OF-SHARES-REDEEMED> (1,762)<F2>
<SHARES-REINVESTED> 0<F2>
<NET-CHANGE-IN-ASSETS> 44,999,048<F1>
<ACCUMULATED-NII-PRIOR> (12,409)<F1>
<ACCUMULATED-GAINS-PRIOR> 6,773,487<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,053,472<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 2,420,710<F1>
<AVERAGE-NET-ASSETS> 368,533<F2>
<PER-SHARE-NAV-BEGIN> 21.79<F2>
<PER-SHARE-NII> (0.13)<F2>
<PER-SHARE-GAIN-APPREC> 0.77<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 22.43<F2>
<EXPENSE-RATIO> 2.17<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 II
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 031
<NAME> SUNAMERICA GROWTH OPPORTUNITIES FUND CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 58,770,574<F1>
<INVESTMENTS-AT-VALUE> 75,819,320<F1>
<RECEIVABLES> 1,739,731<F1>
<ASSETS-OTHER> 5,173<F1>
<OTHER-ITEMS-ASSETS> 3,085<F1>
<TOTAL-ASSETS> 77,567,309<F1>
<PAYABLE-FOR-SECURITIES> 1,867,682<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 201,932<F1>
<TOTAL-LIABILITIES> 2,069,614<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 46,253,023<F1>
<SHARES-COMMON-STOCK> 2,503,494<F2>
<SHARES-COMMON-PRIOR> 2,369,890<F2>
<ACCUMULATED-NII-CURRENT> 3,237<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 12,192,689<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 17,048,746<F1>
<NET-ASSETS> 75,497,695<F1>
<DIVIDEND-INCOME> 264,867<F1>
<INTEREST-INCOME> 142,284<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 1,097,493<F1>
<NET-INVESTMENT-INCOME> (690,342)<F1>
<REALIZED-GAINS-CURRENT> 13,099,031<F1>
<APPREC-INCREASE-CURRENT> 12,325,535<F1>
<NET-CHANGE-FROM-OPS> 24,734,224<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> (2,767,478)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 647,573<F2>
<NUMBER-OF-SHARES-REDEEMED> (674,346)<F2>
<SHARES-REINVESTED> 160,377<F2>
<NET-CHANGE-IN-ASSETS> 27,033,768<F1>
<ACCUMULATED-NII-PRIOR> (6,950)<F1>
<ACCUMULATED-GAINS-PRIOR> 3,419,179<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 474,791<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 1,122,715<F1>
<AVERAGE-NET-ASSETS> 49,499,849<F2>
<PER-SHARE-NAV-BEGIN> 16.22<F2>
<PER-SHARE-NII> (0.19)<F2>
<PER-SHARE-GAIN-APPREC> 8.26<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (1.17)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 23.12<F2>
<EXPENSE-RATIO> 1.57<F2>
<FN>
<F1>Information given pertains to SunAmerica Growth Opportunities Fund as a
whole.
<F2>Information given pertains to SunAmerica Growth Opportunities Fund Class A
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 032
<NAME> SUNAMERICA GROWTH OPPORTUNITIES FUND CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 58,770,574<F1>
<INVESTMENTS-AT-VALUE> 75,819,320<F1>
<RECEIVABLES> 1,739,731<F1>
<ASSETS-OTHER> 5,173<F1>
<OTHER-ITEMS-ASSETS> 3,085<F1>
<TOTAL-ASSETS> 77,567,309<F1>
<PAYABLE-FOR-SECURITIES> 1,867,682<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 201,932<F1>
<TOTAL-LIABILITIES> 2,069,614<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 46,253,023<F1>
<SHARES-COMMON-STOCK> 755,401<F2>
<SHARES-COMMON-PRIOR> 646,152<F2>
<ACCUMULATED-NII-CURRENT> 3,237<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 12,192,689<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 17,048,746<F1>
<NET-ASSETS> 75,497,695<F1>
<DIVIDEND-INCOME> 264,867<F1>
<INTEREST-INCOME> 142,284<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 1,097,493<F1>
<NET-INVESTMENT-INCOME> (690,342)<F1>
<REALIZED-GAINS-CURRENT> 13,099,031<F1>
<APPREC-INCREASE-CURRENT> 12,325,535<F1>
<NET-CHANGE-FROM-OPS> 24,734,224<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> (857,514)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 446,721<F2>
<NUMBER-OF-SHARES-REDEEMED> (388,091)<F2>
<SHARES-REINVESTED> 50,619<F2>
<NET-CHANGE-IN-ASSETS> 27,033,768<F1>
<ACCUMULATED-NII-PRIOR> (6,950)<F1>
<ACCUMULATED-GAINS-PRIOR> 3,419,179<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 474,791<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 1,122,715<F1>
<AVERAGE-NET-ASSETS> 13,581,702<F2>
<PER-SHARE-NAV-BEGIN> 15.52<F2>
<PER-SHARE-NII> (0.32)<F2>
<PER-SHARE-GAIN-APPREC> 7.85<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (1.17)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 21.88<F2>
<EXPENSE-RATIO> 2.32<F2>
<FN>
<F1>Information given pertains to SunAmerica Growth Opportunities Fund as a
whole
<F2>Information given pertains to SunAmerica Growth Opportunities Fund Class B
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 033
<NAME> SUNAMERICA GROWTH OPPORTUNITIES FUND CLASS II
<S> <C>
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> FEB-02-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 58,770,574<F1>
<INVESTMENTS-AT-VALUE> 75,819,320<F1>
<RECEIVABLES> 1,739,731<F1>
<ASSETS-OTHER> 5,173<F1>
<OTHER-ITEMS-ASSETS> 3,085<F1>
<TOTAL-ASSETS> 77,567,309<F1>
<PAYABLE-FOR-SECURITIES> 1,867,682<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 201,932<F1>
<TOTAL-LIABILITIES> 2,069,614<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 46,253,023<F1>
<SHARES-COMMON-STOCK> 49,743<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> 3,237<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 12,192,689<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 17,048,746<F1>
<NET-ASSETS> 75,497,695<F1>
<DIVIDEND-INCOME> 264,867<F1>
<INTEREST-INCOME> 142,284<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 1,097,493<F1>
<NET-INVESTMENT-INCOME> (690,342)<F1>
<REALIZED-GAINS-CURRENT> 13,099,031<F1>
<APPREC-INCREASE-CURRENT> 12,325,535<F1>
<NET-CHANGE-FROM-OPS> 24,734,224<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> 0<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 52,670<F2>
<NUMBER-OF-SHARES-REDEEMED> (2,927)<F2>
<SHARES-REINVESTED> 0<F2>
<NET-CHANGE-IN-ASSETS> 27,033,768<F1>
<ACCUMULATED-NII-PRIOR> (6,950)<F1>
<ACCUMULATED-GAINS-PRIOR> 3,419,179<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 474,791<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 1,122,715<F1>
<AVERAGE-NET-ASSETS> 338,812<F2>
<PER-SHARE-NAV-BEGIN> 19.86<F2>
<PER-SHARE-NII> (0.21)<F2>
<PER-SHARE-GAIN-APPREC> 2.23<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 21.88<F2>
<EXPENSE-RATIO> 2.35<F2>
<FN>
<F1>Information given pertains to SunAmerica Growth Opportunities Fund as a
whole
<F2>Information given pertains to SunAmerica Growth Opportunities Fund Class II
</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-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 184,767,509<F1>
<INVESTMENTS-AT-VALUE> 227,904,904<F1>
<RECEIVABLES> 9,847,907<F1>
<ASSETS-OTHER> 4,940<F1>
<OTHER-ITEMS-ASSETS> 596,716<F1>
<TOTAL-ASSETS> 238,354,467<F1>
<PAYABLE-FOR-SECURITIES> 7,885,813<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 1,112,860<F1>
<TOTAL-LIABILITIES> 8,998,673<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 145,816,216<F1>
<SHARES-COMMON-STOCK> 5,418,528<F2>
<SHARES-COMMON-PRIOR> 5,510,694<F2>
<ACCUMULATED-NII-CURRENT> (35,403)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 40,386,002<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 43,188,979<F1>
<NET-ASSETS> 229,355,794<F1>
<DIVIDEND-INCOME> 393,277<F1>
<INTEREST-INCOME> 1,069,317<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 3,773,742<F1>
<NET-INVESTMENT-INCOME> (2,311,148)<F1>
<REALIZED-GAINS-CURRENT> 44,765,253<F1>
<APPREC-INCREASE-CURRENT> 44,791,162<F1>
<NET-CHANGE-FROM-OPS> 87,245,267<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> (7,652,402)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 7,435,823<F2>
<NUMBER-OF-SHARES-REDEEMED> (7,884,868)<F2>
<SHARES-REINVESTED> 356,879<F2>
<NET-CHANGE-IN-ASSETS> 61,981,267<F1>
<ACCUMULATED-NII-PRIOR> (28,365)<F1>
<ACCUMULATED-GAINS-PRIOR> 10,474,869<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,658,862<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 3,857,792<F1>
<AVERAGE-NET-ASSETS> 141,156,192<F2>
<PER-SHARE-NAV-BEGIN> 19.10<F2>
<PER-SHARE-NII> (0.21)<F2>
<PER-SHARE-GAIN-APPREC> 9.89<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (1.40)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 27.38<F2>
<EXPENSE-RATIO> 1.48<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-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 184,767,509<F1>
<INVESTMENTS-AT-VALUE> 227,904,904<F1>
<RECEIVABLES> 9,847,907<F1>
<ASSETS-OTHER> 4,940<F1>
<OTHER-ITEMS-ASSETS> 596,716<F1>
<TOTAL-ASSETS> 238,354,467<F1>
<PAYABLE-FOR-SECURITIES> 7,885,813<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 1,112,860<F1>
<TOTAL-LIABILITIES> 8,998,673<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 145,816,216<F1>
<SHARES-COMMON-STOCK> 2,966,675<F2>
<SHARES-COMMON-PRIOR> 3,347,400<F2>
<ACCUMULATED-NII-CURRENT> (35,403)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 40,386,002<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 43,188,979<F1>
<NET-ASSETS> 229,355,794<F1>
<DIVIDEND-INCOME> 393,277<F1>
<INTEREST-INCOME> 1,069,317<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 3,773,742<F1>
<NET-INVESTMENT-INCOME> (2,311,148)<F1>
<REALIZED-GAINS-CURRENT> 44,765,253<F1>
<APPREC-INCREASE-CURRENT> 44,791,162<F1>
<NET-CHANGE-FROM-OPS> 87,245,267<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> (4,840,235)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 1,827,575<F2>
<NUMBER-OF-SHARES-REDEEMED> (2,442,035)<F2>
<SHARES-REINVESTED> 233,735<F2>
<NET-CHANGE-IN-ASSETS> 61,981,267<F1>
<ACCUMULATED-NII-PRIOR> (28,365)<F1>
<ACCUMULATED-GAINS-PRIOR> 10,474,869<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,658,862<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 3,857,792<F1>
<AVERAGE-NET-ASSETS> 78,035,362<F2>
<PER-SHARE-NAV-BEGIN> 18.34<F2>
<PER-SHARE-NII> (0.35)<F2>
<PER-SHARE-GAIN-APPREC> 9.48<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (1.40)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 26.07<F2>
<EXPENSE-RATIO> 2.12<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> 043
<NAME> SUNAMERICA SMALL CO GROWTH FUND CLASS II
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 184,767,509<F1>
<INVESTMENTS-AT-VALUE> 227,904,904<F1>
<RECEIVABLES> 9,847,907<F1>
<ASSETS-OTHER> 4,940<F1>
<OTHER-ITEMS-ASSETS> 596,716<F1>
<TOTAL-ASSETS> 238,354,467<F1>
<PAYABLE-FOR-SECURITIES> 7,885,813<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 1,112,860<F1>
<TOTAL-LIABILITIES> 8,998,673<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 145,816,216<F1>
<SHARES-COMMON-STOCK> 99,748<F2>
<SHARES-COMMON-PRIOR> 9,188<F2>
<ACCUMULATED-NII-CURRENT> (35,403)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 40,386,002<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 43,188,979<F1>
<NET-ASSETS> 229,355,794<F1>
<DIVIDEND-INCOME> 393,277<F1>
<INTEREST-INCOME> 1,069,317<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 3,773,742<F1>
<NET-INVESTMENT-INCOME> (2,311,148)<F1>
<REALIZED-GAINS-CURRENT> 44,765,253<F1>
<APPREC-INCREASE-CURRENT> 44,791,162<F1>
<NET-CHANGE-FROM-OPS> 87,245,267<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> (14,143)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 153,773<F2>
<NUMBER-OF-SHARES-REDEEMED> (63,916)<F2>
<SHARES-REINVESTED> 703<F2>
<NET-CHANGE-IN-ASSETS> 61,981,267<F1>
<ACCUMULATED-NII-PRIOR> (28,365)<F1>
<ACCUMULATED-GAINS-PRIOR> 10,474,869<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,658,862<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 3,857,792<F1>
<AVERAGE-NET-ASSETS> 1,099,216<F2>
<PER-SHARE-NAV-BEGIN> 18.34<F2>
<PER-SHARE-NII> (0.40)<F2>
<PER-SHARE-GAIN-APPREC> 9.51<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (1.40)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 26.05<F2>
<EXPENSE-RATIO> 2.15<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 II
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799084
<NAME> SUNAMERICA EQUITY FUNDS
<SERIES>
<NUMBER> 044
<NAME> SUNAMERICA SMALL CO GROWTH FUND CLASS Z
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 184,767,509<F1>
<INVESTMENTS-AT-VALUE> 227,904,904<F1>
<RECEIVABLES> 9,847,907<F1>
<ASSETS-OTHER> 4,940<F1>
<OTHER-ITEMS-ASSETS> 596,716<F1>
<TOTAL-ASSETS> 238,354,467<F1>
<PAYABLE-FOR-SECURITIES> 7,885,813<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 1,112,860<F1>
<TOTAL-LIABILITIES> 8,998,673<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 145,816,216<F1>
<SHARES-COMMON-STOCK> 37,637<F2>
<SHARES-COMMON-PRIOR> 29,216<F2>
<ACCUMULATED-NII-CURRENT> (35,403)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 40,386,002<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 43,188,979<F1>
<NET-ASSETS> 229,355,794<F1>
<DIVIDEND-INCOME> 393,277<F1>
<INTEREST-INCOME> 1,069,317<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 3,773,742<F1>
<NET-INVESTMENT-INCOME> (2,311,148)<F1>
<REALIZED-GAINS-CURRENT> 44,765,253<F1>
<APPREC-INCREASE-CURRENT> 44,791,162<F1>
<NET-CHANGE-FROM-OPS> 87,245,267<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> (43,230)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 17,600<F2>
<NUMBER-OF-SHARES-REDEEMED> (11,228)<F2>
<SHARES-REINVESTED> 2,049<F2>
<NET-CHANGE-IN-ASSETS> 61,981,267<F1>
<ACCUMULATED-NII-PRIOR> (28,365)<F1>
<ACCUMULATED-GAINS-PRIOR> 10,474,869<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,658,862<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 3,857,792<F1>
<AVERAGE-NET-ASSETS> 890,813<F2>
<PER-SHARE-NAV-BEGIN> 19.33<F2>
<PER-SHARE-NII> (0.07)<F2>
<PER-SHARE-GAIN-APPREC> 10.04<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (1.40)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 27.90<F2>
<EXPENSE-RATIO> 0.93<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-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 175,287,149<F1>
<INVESTMENTS-AT-VALUE> 219,145,639<F1>
<RECEIVABLES> 4,932,293<F1>
<ASSETS-OTHER> 657<F1>
<OTHER-ITEMS-ASSETS> 88,562<F1>
<TOTAL-ASSETS> 224,167,151<F1>
<PAYABLE-FOR-SECURITIES> 3,879,961<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 700,926<F1>
<TOTAL-LIABILITIES> 4,580,887<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 167,298,844<F1>
<SHARES-COMMON-STOCK> 5,329,867<F2>
<SHARES-COMMON-PRIOR> 4,463,782<F2>
<ACCUMULATED-NII-CURRENT> (10,695)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 8,439,625<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 43,858,490<F1>
<NET-ASSETS> 219,586,264<F1>
<DIVIDEND-INCOME> 1,899,955<F1>
<INTEREST-INCOME> 671,633<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 3,528,118<F1>
<NET-INVESTMENT-INCOME> (956,530)<F1>
<REALIZED-GAINS-CURRENT> 10,029,304<F1>
<APPREC-INCREASE-CURRENT> 33,321,477<F1>
<NET-CHANGE-FROM-OPS> 42,394,251<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> (2,113,009)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 1,879,078<F2>
<NUMBER-OF-SHARES-REDEEMED> (1,157,268)<F2>
<SHARES-REINVESTED> 144,275<F2>
<NET-CHANGE-IN-ASSETS> 82,396,277<F1>
<ACCUMULATED-NII-PRIOR> (5,954)<F1>
<ACCUMULATED-GAINS-PRIOR> 4,562,107<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,424,693<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 3,585,057<F1>
<AVERAGE-NET-ASSETS> 76,804,952<F2>
<PER-SHARE-NAV-BEGIN> 12.80<F2>
<PER-SHARE-NII> (0.02)<F2>
<PER-SHARE-GAIN-APPREC> 3.92<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (0.47)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 16.23<F2>
<EXPENSE-RATIO> 1.48<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-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 175,287,149<F1>
<INVESTMENTS-AT-VALUE> 219,145,639<F1>
<RECEIVABLES> 4,932,293<F1>
<ASSETS-OTHER> 657<F1>
<OTHER-ITEMS-ASSETS> 88,562<F1>
<TOTAL-ASSETS> 224,167,151<F1>
<PAYABLE-FOR-SECURITIES> 3,879,961<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 700,926<F1>
<TOTAL-LIABILITIES> 4,580,887<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 167,298,844<F1>
<SHARES-COMMON-STOCK> 7,652,656<F2>
<SHARES-COMMON-PRIOR> 6,259,325<F2>
<ACCUMULATED-NII-CURRENT> (10,695)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 8,439,625<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 43,858,490<F1>
<NET-ASSETS> 219,586,264<F1>
<DIVIDEND-INCOME> 1,899,955<F1>
<INTEREST-INCOME> 671,633<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 3,528,118<F1>
<NET-INVESTMENT-INCOME> (956,530)<F1>
<REALIZED-GAINS-CURRENT> 10,029,304<F1>
<APPREC-INCREASE-CURRENT> 33,321,477<F1>
<NET-CHANGE-FROM-OPS> 42,394,251<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> (3,016,901)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 2,833,246<F2>
<NUMBER-OF-SHARES-REDEEMED> (1,640,931)<F2>
<SHARES-REINVESTED> 201,016<F2>
<NET-CHANGE-IN-ASSETS> 82,396,277<F1>
<ACCUMULATED-NII-PRIOR> (5,954)<F1>
<ACCUMULATED-GAINS-PRIOR> 4,562,107<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,424,693<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 3,585,057<F1>
<AVERAGE-NET-ASSETS> 108,541,421<F2>
<PER-SHARE-NAV-BEGIN> 12.62<F2>
<PER-SHARE-NII> (0.12)<F2>
<PER-SHARE-GAIN-APPREC> 3.87<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (0.47)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 15.90<F2>
<EXPENSE-RATIO> 2.11<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 II
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 175,287,149<F1>
<INVESTMENTS-AT-VALUE> 219,145,639<F1>
<RECEIVABLES> 4,932,293<F1>
<ASSETS-OTHER> 657<F1>
<OTHER-ITEMS-ASSETS> 88,562<F1>
<TOTAL-ASSETS> 224,167,151<F1>
<PAYABLE-FOR-SECURITIES> 3,879,961<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 700,926<F1>
<TOTAL-LIABILITIES> 4,580,887<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 167,298,844<F1>
<SHARES-COMMON-STOCK> 700,869<F2>
<SHARES-COMMON-PRIOR> 76,408<F2>
<ACCUMULATED-NII-CURRENT> (10,695)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 8,439,625<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 43,858,490<F1>
<NET-ASSETS> 219,586,264<F1>
<DIVIDEND-INCOME> 1,899,955<F1>
<INTEREST-INCOME> 671,633<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 3,528,118<F1>
<NET-INVESTMENT-INCOME> (956,530)<F1>
<REALIZED-GAINS-CURRENT> 10,029,304<F1>
<APPREC-INCREASE-CURRENT> 33,321,477<F1>
<NET-CHANGE-FROM-OPS> 42,394,251<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> (66,215)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 670,592<F2>
<NUMBER-OF-SHARES-REDEEMED> (50,279)<F2>
<SHARES-REINVESTED> 4,148<F2>
<NET-CHANGE-IN-ASSETS> 82,396,277<F1>
<ACCUMULATED-NII-PRIOR> (5,954)<F1>
<ACCUMULATED-GAINS-PRIOR> 4,562,107<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,424,693<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 3,585,057<F1>
<AVERAGE-NET-ASSETS> 4,441,742<F2>
<PER-SHARE-NAV-BEGIN> 12.61<F2>
<PER-SHARE-NII> (0.12)<F2>
<PER-SHARE-GAIN-APPREC> 3.87<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (0.47)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 15.89<F2>
<EXPENSE-RATIO> 2.15<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 II
</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-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 175,287,149<F1>
<INVESTMENTS-AT-VALUE> 219,145,639<F1>
<RECEIVABLES> 4,932,293<F1>
<ASSETS-OTHER> 657<F1>
<OTHER-ITEMS-ASSETS> 88,562<F1>
<TOTAL-ASSETS> 224,167,151<F1>
<PAYABLE-FOR-SECURITIES> 3,879,961<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 700,926<F1>
<TOTAL-LIABILITIES> 4,580,887<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 167,298,844<F1>
<SHARES-COMMON-STOCK> 13,324<F2>
<SHARES-COMMON-PRIOR> 7,276<F2>
<ACCUMULATED-NII-CURRENT> (10,695)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 8,439,625<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 43,858,490<F1>
<NET-ASSETS> 219,586,264<F1>
<DIVIDEND-INCOME> 1,899,955<F1>
<INTEREST-INCOME> 671,633<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 3,528,118<F1>
<NET-INVESTMENT-INCOME> (956,530)<F1>
<REALIZED-GAINS-CURRENT> 10,029,304<F1>
<APPREC-INCREASE-CURRENT> 33,321,477<F1>
<NET-CHANGE-FROM-OPS> 42,394,251<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> (3,872)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 6,141<F2>
<NUMBER-OF-SHARES-REDEEMED> (365)<F2>
<SHARES-REINVESTED> 272<F2>
<NET-CHANGE-IN-ASSETS> 82,396,277<F1>
<ACCUMULATED-NII-PRIOR> (5,954)<F1>
<ACCUMULATED-GAINS-PRIOR> 4,562,107<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,424,693<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 3,585,057<F1>
<AVERAGE-NET-ASSETS> 170,985<F2>
<PER-SHARE-NAV-BEGIN> 12.84<F2>
<PER-SHARE-NII> (0.07)<F2>
<PER-SHARE-GAIN-APPREC> 3.93<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> (0.47)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 16.37<F2>
<EXPENSE-RATIO> 0.93<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> 011
<NAME> SUNAMERICA BALANCED ASSETS FUND CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 362,076,741<F1>
<INVESTMENTS-AT-VALUE> 439,355,546<F1>
<RECEIVABLES> 8,655,872<F1>
<ASSETS-OTHER> 6,073<F1>
<OTHER-ITEMS-ASSETS> 98,998<F1>
<TOTAL-ASSETS> 448,116,489<F1>
<PAYABLE-FOR-SECURITIES> 4,190,037<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 1,030,949<F1>
<TOTAL-LIABILITIES> 5,220,986<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 326,014,272<F1>
<SHARES-COMMON-STOCK> 12,747,718<F2>
<SHARES-COMMON-PRIOR> 10,519,109<F2>
<ACCUMULATED-NII-CURRENT> (54,391)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 39,656,817<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 77,278,805<F1>
<NET-ASSETS> 442,895,503<F1>
<DIVIDEND-INCOME> 2,898,842<F1>
<INTEREST-INCOME> 8,448,219<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 7,209,140<F1>
<NET-INVESTMENT-INCOME> 4,137,921<F1>
<REALIZED-GAINS-CURRENT> 45,107,763<F1>
<APPREC-INCREASE-CURRENT> 27,531,641<F1>
<NET-CHANGE-FROM-OPS> 76,777,325<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (3,094,302)<F2>
<DISTRIBUTIONS-OF-GAINS> (15,505,431)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 3,741,527<F2>
<NUMBER-OF-SHARES-REDEEMED> (2,480,966)<F2>
<SHARES-REINVESTED> 968,048<F2>
<NET-CHANGE-IN-ASSETS> 87,301,337<F1>
<ACCUMULATED-NII-PRIOR> (85,057)<F1>
<ACCUMULATED-GAINS-PRIOR> 23,387,622<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 3,113,448<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 7,252,694<F1>
<AVERAGE-NET-ASSETS> 235,503,104<F2>
<PER-SHARE-NAV-BEGIN> 18.03<F2>
<PER-SHARE-NII> 0.25<F2>
<PER-SHARE-GAIN-APPREC> 3.57<F2>
<PER-SHARE-DIVIDEND> (0.26)<F2>
<PER-SHARE-DISTRIBUTIONS> (1.47)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 20.12<F2>
<EXPENSE-RATIO> 1.45<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-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 362,076,741<F1>
<INVESTMENTS-AT-VALUE> 439,355,546<F1>
<RECEIVABLES> 8,655,872<F1>
<ASSETS-OTHER> 6,073<F1>
<OTHER-ITEMS-ASSETS> 98,998<F1>
<TOTAL-ASSETS> 448,116,489<F1>
<PAYABLE-FOR-SECURITIES> 4,190,037<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 1,030,949<F1>
<TOTAL-LIABILITIES> 5,220,986<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 326,014,272<F1>
<SHARES-COMMON-STOCK> 8,840,175<F2>
<SHARES-COMMON-PRIOR> 9,211,366<F2>
<ACCUMULATED-NII-CURRENT> (54,391)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 39,656,817<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 77,278,805<F1>
<NET-ASSETS> 442,895,503<F1>
<DIVIDEND-INCOME> 2,898,842<F1>
<INTEREST-INCOME> 8,448,219<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 7,209,140<F1>
<NET-INVESTMENT-INCOME> 4,137,921<F1>
<REALIZED-GAINS-CURRENT> 45,107,763<F1>
<APPREC-INCREASE-CURRENT> 27,531,641<F1>
<NET-CHANGE-FROM-OPS> 76,777,325<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (1,303,913)<F2>
<DISTRIBUTIONS-OF-GAINS> (13,019,564)<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 2,870,181<F2>
<NUMBER-OF-SHARES-REDEEMED> (3,987,318)<F2>
<SHARES-REINVESTED> 745,946<F2>
<NET-CHANGE-IN-ASSETS> 87,301,337<F1>
<ACCUMULATED-NII-PRIOR> (85,057)<F1>
<ACCUMULATED-GAINS-PRIOR> 23,387,622<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 3,113,448<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 7,252,694<F1>
<AVERAGE-NET-ASSETS> 182,328,375<F2>
<PER-SHARE-NAV-BEGIN> 18.01<F2>
<PER-SHARE-NII> 0.13<F2>
<PER-SHARE-GAIN-APPREC> 3.57<F2>
<PER-SHARE-DIVIDEND> (0.15)<F2>
<PER-SHARE-DISTRIBUTIONS> (1.47)<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 20.09<F2>
<EXPENSE-RATIO> 2.06<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 II
<S> <C>
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> FEB-02-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 362,076,741<F1>
<INVESTMENTS-AT-VALUE> 439,355,546<F1>
<RECEIVABLES> 8,655,872<F1>
<ASSETS-OTHER> 6,073<F1>
<OTHER-ITEMS-ASSETS> 98,998<F1>
<TOTAL-ASSETS> 448,116,489<F1>
<PAYABLE-FOR-SECURITIES> 4,190,037<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 1,030,949<F1>
<TOTAL-LIABILITIES> 5,220,986<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 326,014,272<F1>
<SHARES-COMMON-STOCK> 440,082<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> (54,391)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 39,656,817<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 77,278,805<F1>
<NET-ASSETS> 442,895,503<F1>
<DIVIDEND-INCOME> 2,898,842<F1>
<INTEREST-INCOME> 8,448,219<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 7,209,140<F1>
<NET-INVESTMENT-INCOME> 4,137,921<F1>
<REALIZED-GAINS-CURRENT> 45,107,763<F1>
<APPREC-INCREASE-CURRENT> 27,531,641<F1>
<NET-CHANGE-FROM-OPS> 76,777,325<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (22,613)<F2>
<DISTRIBUTIONS-OF-GAINS> 0<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 476,801<F2>
<NUMBER-OF-SHARES-REDEEMED> (28,795)<F2>
<SHARES-REINVESTED> 1,076<F2>
<NET-CHANGE-IN-ASSETS> 87,301,337<F1>
<ACCUMULATED-NII-PRIOR> (85,057)<F1>
<ACCUMULATED-GAINS-PRIOR> 23,387,622<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 3,113,448<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 7,252,694<F1>
<AVERAGE-NET-ASSETS> 2,986,670<F2>
<PER-SHARE-NAV-BEGIN> 20.00<F2>
<PER-SHARE-NII> 0.08<F2>
<PER-SHARE-GAIN-APPREC> 0.11<F2>
<PER-SHARE-DIVIDEND> (0.08)<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 20.11<F2>
<EXPENSE-RATIO> 2.05<F2>
<FN>
<F1>Information given pertains to SunAmerica Balanced Assets Fund as a whole
<F2>Information given pertains to SunAmerica Balanced Assets Fund 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 year ended September 30,
1999, 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 misstatements 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, 1999.
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
November 10, 1999
To the Trustees and Shareholders of
SunAmerica Equity Funds
