SUNAMERICA EQUITY FUNDS
Supplement to the Statement of Additional Information dated
January 29, 1999
The section titled "Net Asset Value Transfer Program" on Page 53
of the Statement of Additional Information should be replaced in
its entirety with the following:
Net Asset Value Transfer Program. Investors may purchase shares of
a Fund at net asset value to the extent that the investment
represents the proceeds from a redemption of a non-SunAmerica
mutual fund in which the investor either (a) paid a front-end sales
load or (b) was subject to, or paid a CDSC on the redemption
proceeds. Shareholders may purchase either Class A, Class B or
Class II shares through the program to the extent that they
previously held shares of a non-SunAmerica mutual fund with a
similar load structure to the respective SunAmerica mutual fund
share class. With respect to sales of Class A shares through the
program, the Distributor will pay a 0.50% commission and 0.25%
service fee to any dealer who initiates or is responsible for such
an investment. With respect to sales of Class B shares through the
program, they will receive 0.50% of the amount invested as
commission and 0.25% as a service fee, payable beginning the 13th
month following the purchase of such shares. (Class B shares will
convert to Class A shares as provided in the prospectus.) These
payments are subject, however, to forfeiture in the event of a
redemption during the first year from the date of purchase. No
commission shall be paid on sales of Class II shares, but dealers
will receive a 1% service fee, commencing immediately and paid
quarterly. In addition, it is essential that a Net Asset Value
Transfer Program Form accompany the New Account Application to
indicate that the investment is intended to participate in the Net
Asset Value Transfer Program. This program may be revised or
terminated without notice by the Distributor. For current
information, contact Shareholder/Dealer Services at (800) 858-8850.
April 16, 1999
