0001104659-13-012542.txt : 20130221 0001104659-13-012542.hdr.sgml : 20130221 20130221094814 ACCESSION NUMBER: 0001104659-13-012542 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130221 DATE AS OF CHANGE: 20130221 EFFECTIVENESS DATE: 20130221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUNAMERICA EQUITY FUNDS CENTRAL INDEX KEY: 0000799084 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-08021 FILM NUMBER: 13629034 BUSINESS ADDRESS: STREET 1: HARBORSIDE FINANCIAL CENTER STREET 2: 3200 PLAZA 5 CITY: JERSEY CITY STATE: NJ ZIP: 07311 BUSINESS PHONE: 800-858-8850 MAIL ADDRESS: STREET 1: HARBORSIDE FINANCIAL CENTER STREET 2: 3200 PLAZA 5 CITY: JERSEY CITY STATE: NJ ZIP: 07311 FORMER COMPANY: FORMER CONFORMED NAME: SUNAMERICA EQUITY PORTFOLIOS DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: INTEGRATED EQUITY PORTFOLIOS DATE OF NAME CHANGE: 19900306 0000799084 S000007629 SunAmerica International Dividend Strategy Fund C000020811 Class A SIEAX C000020812 Class B SSIBX C000020813 Class C SIETX C000020814 Class I NAOIX 0000799084 S000007630 SunAmerica Value Fund C000020815 Class A SSVAX C000020816 Class B SSVBX C000020817 Class C SVPCX C000020818 Class Z 0000799084 S000012533 SunAmerica Japan Fund C000034072 Class A SAESX C000034073 Class B C000034074 Class C 497 1 a13-3891_3497.htm DEFINITIVE MATERIALS

 

SUNAMERICA EQUITY FUNDS

 

Incorporated herein by reference is the definitive version of the Fund’s prospectus filed pursuant to Rule 497(e) under the Securities Act of 1933, as amended, on January 30, 2013 (SEC Accession No. 0001193125-13-029414).

 


EX-101.INS 2 ck0000799084-20130130.xml XBRL INSTANCE DOCUMENT 0000799084 2012-09-30 2012-09-30 0000799084 ck0000799084:S000007629Member ck0000799084:S000007629Member 2012-09-30 2012-09-30 0000799084 ck0000799084:S000007629Member ck0000799084:S000007629Member ck0000799084:C000020811Member 2012-09-30 2012-09-30 0000799084 ck0000799084:S000007629Member ck0000799084:S000007629Member ck0000799084:C000020812Member 2012-09-30 2012-09-30 0000799084 ck0000799084:S000007629Member ck0000799084:S000007629Member ck0000799084:C000020813Member 2012-09-30 2012-09-30 0000799084 ck0000799084:S000007629Member ck0000799084:S000007629Member ck0000799084:C000020814Member 2012-09-30 2012-09-30 0000799084 ck0000799084:S000007629Member ck0000799084:S000007629Member rr:AfterTaxesOnDistributionsMember ck0000799084:C000020811Member 2012-09-30 2012-09-30 0000799084 ck0000799084:S000007629Member ck0000799084:S000007629Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000799084:C000020811Member 2012-09-30 2012-09-30 0000799084 ck0000799084:S000007629Member ck0000799084:S000007629Member ck0000799084:index_MSCI_All_Country_World_ACWI_exUS_Index_NetMember 2012-09-30 2012-09-30 0000799084 ck0000799084:S000012533Member ck0000799084:S000012533Member 2012-09-30 2012-09-30 0000799084 ck0000799084:S000012533Member ck0000799084:S000012533Member ck0000799084:C000034072Member 2012-09-30 2012-09-30 0000799084 ck0000799084:S000012533Member ck0000799084:S000012533Member ck0000799084:C000034073Member 2012-09-30 2012-09-30 0000799084 ck0000799084:S000012533Member ck0000799084:S000012533Member ck0000799084:C000034074Member 2012-09-30 2012-09-30 0000799084 ck0000799084:S000012533Member ck0000799084:S000012533Member rr:AfterTaxesOnDistributionsMember ck0000799084:C000034072Member 2012-09-30 2012-09-30 0000799084 ck0000799084:S000012533Member ck0000799084:S000012533Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000799084:C000034072Member 2012-09-30 2012-09-30 0000799084 ck0000799084:S000012533Member ck0000799084:S000012533Member ck0000799084:index_MSCI_EAFE_Small_Cap_Index_NetMember 2012-09-30 2012-09-30 0000799084 ck0000799084:S000012533Member ck0000799084:S000012533Member ck0000799084:index_MSCI_Japan_Index_Net2Member 2012-09-30 2012-09-30 0000799084 ck0000799084:S000007630Member ck0000799084:S000007630Member 2012-09-30 2012-09-30 0000799084 ck0000799084:S000007630Member ck0000799084:S000007630Member ck0000799084:C000020815Member 2012-09-30 2012-09-30 0000799084 ck0000799084:S000007630Member ck0000799084:S000007630Member ck0000799084:C000020816Member 2012-09-30 2012-09-30 0000799084 ck0000799084:S000007630Member ck0000799084:S000007630Member ck0000799084:C000020817Member 2012-09-30 2012-09-30 0000799084 ck0000799084:S000007630Member ck0000799084:S000007630Member ck0000799084:C000020818Member 2012-09-30 2012-09-30 0000799084 ck0000799084:S000007630Member ck0000799084:S000007630Member rr:AfterTaxesOnDistributionsMember ck0000799084:C000020815Member 2012-09-30 2012-09-30 0000799084 ck0000799084:S000007630Member ck0000799084:S000007630Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000799084:C000020815Member 2012-09-30 2012-09-30 0000799084 ck0000799084:S000007630Member ck0000799084:S000007630Member ck0000799084:index_Russell_1000_Value_IndexMember 2012-09-30 2012-09-30 xbrli:pure iso4217:USD When the return after taxes on distributions and sale of Fund shares is higher, it is because of realized losses. If realized losses occur upon the sale of Fund shares, the capital loss is recorded as a tax benefit, which increases the return. Purchases of Class A shares of $1 million or more will be subject to a contingent deferred sales charge (CDSC) on redemptions made within two years of purchase. The CDSC on Class B shares applies only if shares are redeemed within six years of their purchase. The CDSC on Class C shares applies only if shares are redeemed within twelve months of their purchase. See pages 17-18 of the Prospectus for more information about the CDSCs. Pursuant to a Fee Waiver Agreement, SunAmerica Asset Management Corp. ("SunAmerica" or the "Adviser") is contractually obligated to waive its advisory fee with respect to the Fund so that the aggregate advisory fee payable by the Fund to SunAmerica does not exceed an annual rate of 0.95% of average daily net assets. This Fee Waiver Agreement became effective on July 2, 2012 and will continue in effect until January 31, 2014, unless earlier terminated by the Board of Trustees, including a majority of the Independent Trustees. Pursuant to an Expense Limitation Agreement, SunAmerica Asset Management Corp. ("SunAmerica") is contractually obligated to waive its fees and/or reimburse expenses to the extent that the Total Annual Fund Operating Expenses exceed 1.90%, 2.55%, 2.55% and 1.80% for Class A, Class B, Class C and Class I shares, respectively. For purposes of the Expense Limitation Agreement, "Total Annual Fund Operating Expenses" shall not include extraordinary expenses, as determined under generally accepted accounting principles, or acquired fund fees and expenses. This agreement will continue in effect indefinitely, unless terminated by the Board of Trustees, including a majority of the Independent Trustees. Any waivers or reimbursements made by SunAmerica pursuant to the Expense Limitation Agreement are subject to recoupment from the Fund within two years after the occurrence of the waivers and/or reimbursements, provided that the Fund is able to effect such payment to SunAmerica and remain in compliance with the expense caps in effect at the time the waivers and/or reimbursements occurred. SunAmerica may not recoup any advisory fees waived with respect to the Fund pursuant to the Fee Waiver Agreement described in Note 2 above. Class B shares generally convert to Class A shares approximately eight years after purchase as described in the section entitled "Shareholder Account Information" on page 17 of the Prospectus. Therefore, expense information for years 9 and 10 is the same for both Class A and Class B shares. The Fund changed its benchmark from the MSCI EAFE Small Cap Index (Net) to the MSCI Japan Index (Net) in the light of the change in the name of the Fund and changes to the Fund's investment strategy and techniques that became effective January 27, 2012. Pursuant to an Expense Limitation Agreement, SunAmerica Asset Management Corp. ("SunAmerica") is contractually obligated to waive its fees and/or reimburse expenses to the extent that the Total Annual Fund Operating Expenses exceed 1.90%, 2.55% and 2.55% for Class A, Class B and Class C shares, respectively. For purposes of the Expense Limitation Agreement, "Total Annual Fund Operating Expenses" shall not include extraordinary expenses, as determined under generally accepted accounting principles, or acquired fund fees and expenses. This fee waiver and expense reimbursement will continue in effect indefinitely, unless terminated by the Board of Trustees, including a majority of the Independent Trustees. Any waivers or reimbursements made by SunAmerica pursuant to the Expense Limitation Agreement are subject to recoupment from the Fund within two years after the occurrence of the waivers and/or reimbursements, provided that the Fund is able to effect such payment to SunAmerica and remain in compliance with the expense caps in effect at the time the waivers and/or reimbursements occurred. The Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects the operating expenses of each Class and does not include Acquired Fund Fees and Expenses. The Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement shown in the table above exceed the contractual expense limitations shown in footnote 2 because they include Acquired Fund Fees and Expenses, whereas the contractual expense limitations are based on operating expenses and do not include Acquired Fund Fees and Expenses. Pursuant to an Expense Limitation Agreement, SunAmerica Asset Management Corp. ("SunAmerica") is contractually obligated to waive its fees and/or reimburse expenses to the extent that the Total Annual Fund Operating Expenses exceed 1.63%, 2.28%, 2.28% and 1.06% for Class A, Class B, Class C and Class Z shares, respectively. For purposes of the Expense Limitation Agreement, "Total Annual Fund Operating Expenses" shall not include extraordinary expenses, as determined under generally accepted accounting principles, or acquired fund fees and expenses. This fee waiver and expense reimbursement will continue in effect indefinitely, unless terminated by the Board of Trustees, including a majority of the Independent Trustees. Any waivers or reimbursements made by SunAmerica are subject to recoupment from the Fund within two years after the occurrence of the waivers and/or reimbursements, provided that the Fund is able to effect such payment to SunAmerica and remain in compliance with the expense caps in effect at the time the waivers and/or reimbursements occurred. SUNAMERICA EQUITY FUNDS 497 false 0000799084 2012-09-30 2013-01-30 2013-01-30 2013-01-28 SunAmerica International Dividend Strategy Fund SIEAX SSIBX SIETX NAOIX PRINCIPAL INVESTMENT STRATEGIES AND TECHNIQUES OF THE FUND <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The Fund&#8217;s principal investment strategies are value and international investing. The value oriented philosophy to which the Fund partly subscribes is that of investing in securities believed to be undervalued in the market. The selection criteria is usually calculated to identify stocks of companies with solid financial strength that have attractive valuations (<i>e.g.</i>, as measured by low price earnings ratios) and that may have been generally overlooked by the market. The strategy of international investing involves investing substantially all of the Fund&#8217;s assets in foreign (non-U.S.) securities (&#8220;foreign securities&#8221;).</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The principal investment technique of the Fund is to employ a &#8220;buy and hold&#8221; strategy with approximately 50 to 100 high dividend yielding equity securities selected annually from the Morgan Stanley Capital International All Country World Index ex-U.S. Index (&#8220;MSCI ACWI ex-U.S. Index&#8221;).&#160;At least 80% of the Fund&#8217;s net assets, plus any borrowing for investment purposes, will be invested in dividend yielding equity securities.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The Fund expects to invest primarily in common stocks, and to a lesser extent, preferred stocks, and may invest in companies of any size.&#160;In addition, the Fund is not limited in the amount it may invest in any one country, and its investments may include securities of emerging markets.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The selection criteria used by the Fund&#8217;s portfolio managers to identify high dividend yielding equity securities from the MSCI ACWI ex-U.S. Index will generally include dividend yield as well as a combination of factors that relate to profitability and valuation. The number of securities selected each year for inclusion in the Fund&#8217;s portfolio will be determined at the discretion of the portfolio managers and will depend on, among other things, the impact the number of securities held is expected to have on the potential for overall dividend yield in the portfolio, as well as market conditions. The Fund intends to initially invest in approximately 50 securities. While the securities selection process will take place on an annual basis, the portfolio managers may, from time to time, substitute certain securities for those selected for the Fund or reduce the position size of a portfolio security in between the annual rebalancings under certain limited circumstances. These circumstances will generally include where a security held by the Fund no longer meets the dividend yield criteria or when the value of a security becomes a disproportionately large percentage of the Fund&#8217;s holdings, in the discretion of the portfolio managers.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The Fund will be evaluated and adjusted at the discretion of the portfolio managers on an annual basis. The annual consideration of the securities that meet the selection criteria will take place on or about November 1, with the first annual consideration following the initial selection to occur on or about November 1, 2013. Immediately after the Fund buys and sells securities in connection with the Fund&#8217;s annual rebalancing, it will hold approximately an equal value of each of the 50 to 100 securities. For example, the Fund would invest about 1/50th of its assets in each of the securities that make up its portfolio if the Fund were to select 50 securities. Thereafter, when an investor purchases shares of the Fund, the Adviser will generally invest additional funds in the pre-selected securities based on each security&#8217;s respective percentage of the Fund&#8217;s assets at the time.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The Fund employs a strategy to hold securities between its annual rebalancing, even if there are adverse developments concerning a particular security, an industry, the economy or the stock market generally. Due to changes in the market value of the securities held by the Fund, it is likely that the weighting of the stocks in its portfolio will fluctuate throughout the course of the year.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The principal investment strategy and principal investment techniques of the Fund may be changed without shareholder approval. You will receive at least 60 days&#8217; notice of any change to the 80% investment policy set forth above.</font> </p> INVESTMENT GOAL <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The investment goal of the SunAmerica International Dividend Strategy Fund (the &#8220;International Dividend Strategy Fund&#8221; or the &#8220;Fund&#8221;) is total return (including capital appreciation and current income).</font> </p> PRINCIPAL RISKS OF INVESTING IN THE FUND <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">There can be no assurance that the Fund&#8217;s investment goal will be met or that the net return on an investment in the Fund will exceed what could have been obtained through other investment or savings vehicles. Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. As with any mutual fund, there is no guarantee that the Fund will be able to achieve its investment goals. If the value of the assets of the Fund goes down, you could lose money.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The following is a summary description of the principal risks of investing in the Fund.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#27A5C0"><b>Market Volatility and Securities Selection.</b></font> <font style="font-family:Times New Roman" size="2">The Fund invests significantly in equity securities. As with any equity fund, the value of your investment in the Fund may fluctuate in response to stock market movements. In addition, the performance of the Fund may be subject to greater fluctuation when a smaller number of securities are held by the Fund and thus, the Fund&#8217;s risk may increase when it holds closer to 50 securities rather than closer to 100 securities. You should be aware that the performance of &#8220;value&#8221; stocks and &#8220;growth&#8221; stocks may rise or decline under varying market conditions &#8212; for example, &#8220;value&#8221; stocks may perform well under circumstances in which &#8220;growth&#8221; stocks in general have fallen. When investing in value stocks which are believed to be undervalued in the market, there is a risk that the market may not recognize a security&#8217;s intrinsic value for a long period of time, or that a security judged to be undervalued may actually be appropriately priced. In addition, individual securities selected for the Fund may underperform the market generally.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#27A5C0"><b>International Investing.</b></font> <font style="font-family:Times New Roman" size="2">When investing internationally, the value of your investment may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility. In addition, foreign securities may not be as liquid as domestic securities and are subject to settlement practices and regulatory and financial reporting standards that differ from those in the U.S. Also, while the Fund seeks to invest in a wide range of countries, volatility in a single country or region in which the Fund invests a significant portion of its assets may affect performance. In addition, the markets of emerging market countries are typically more volatile and potentially less liquid than more developed markets. Emerging market countries may have relatively unstable governments and may present the risk of nationalization of businesses, expropriation, confiscatory taxation or, in certain instances, reversion to closed market, centrally planned economies.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#27A5C0"><b>Small and Mid Market Capitalization.</b></font> <font style="font-family:Times New Roman" size="2">Stocks of small-cap companies, and to a lesser extent, mid-cap companies, may be more volatile than, and not as readily marketable as, those of larger companies.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#27A5C0"><b>Disciplined Strategy.</b></font> <font style="font-family:Times New Roman" size="2">The Fund will not deviate from its strategy (except to the extent necessary to comply with federal tax laws or other applicable laws). If the Fund is committed to a strategy that is unsuccessful, the Fund will not meet its investment goal. Because the Fund generally will not use certain hedging techniques available to other mutual funds to reduce stock market exposure, the Fund may be more susceptible to general market declines than other mutual funds.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#27A5C0"><b>Preferred Stock.</b></font> <font style="font-family:Times New Roman" size="2">The value of preferred stock will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stock is also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments. Preferred stock is inherently more risky than the bonds and other debt instruments of the issuer, but typically less risky than its common stock. Preferred stock may be significantly less liquid than many other securities, such as U.S. Government securities, corporate debt and common stock.</font> </p> If the value of the assets of the Fund goes down, you could lose money. Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. PERFORMANCE INFORMATION* <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The following Risk/Return Bar Chart and Table illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from calendar year to calendar year, and compares the Fund&#8217;s average annual returns to those of the MSCI ACWI ex-U.S. Index (Net), a broad measure of market performance. Sales charges are not reflected in the Bar Chart. If these amounts were reflected, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund&#8217;s performance can be obtained by visiting www.safunds.com or can be obtained by phone at 800-858-8850, ext. 6003.</font> </p> INTERNATIONAL DIVIDEND STRATEGY FUND (Class A) 0.3719 0.1560 0.1969 0.2191 0.1507 -0.4927 0.3667 0.0446 -0.1656 0.1109 ~ http://www.safunds.com/20130130/role/ScheduleAnnualTotalReturnsBarChart20005 column dei_LegalEntityAxis compact ck0000799084_S000007629Member row primary compact * ~ <table align="center" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%;"> <tr> <td width="68%"> </td> <td valign="bottom" width="1%"> </td> <td width="31%"> </td> </tr> <tr> <td align="center" valign="top"> </td> <td valign="bottom"> <font style="font-size: xx-small;"></font> </td> <td valign="top"> <font style="font-family: Times New Roman; font-size: small;">During the 10-year period shown in the Bar Chart, the highest return for a quarter was 26.57% (quarter ended June 30, 2009) and the lowest return for a quarter was -26.18% (quarter ended December 31, 2008).</font> </td> </tr> </table> highest return for a quarter 0.2657 2009-06-30 lowest return for a quarter -0.2618 2008-12-31 0.0630 -0.0862 0.0545 0.0943 -0.0826 0.0530 0.1121 -0.0758 0.0608 0.0467 -0.0874 0.0536 0.0445 -0.0885 0.0520 0.0376 -0.0714 0.0484 0.1683 -0.0289 0.0974 ~ http://www.safunds.com/20130130/role/ScheduleAverageAnnualReturnsTransposed20006 column dei_LegalEntityAxis compact ck0000799084_S000007629Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <table style="border-collapse: collapse; width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr> <td align="left" valign="top" width="3%"> <font style="font-family: Times New Roman; font-size: small;">*</font> </td> <td align="left" valign="top"> <font style="font-family: Times New Roman; font-size: small;">Effective July 2, 2012, the name of the Fund was changed to the SunAmerica International Dividend Strategy Fund and certain corresponding changes were made to the Fund&#8217;s investment strategy and techniques. Prior to this date, the Fund was managed as an international equity fund and employed a different strategy. The performance shown through July 1, 2012 represents the performance of the Fund prior to its change to the SunAmerica International Dividend Strategy Fund. Accordingly, this performance information does not reflect the management of the Fund in accordance with its current investment strategy and techniques.</font> </td> </tr> </table> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The after-tax returns shown were calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. An investor&#8217;s actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown in the above table. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A. After-tax returns for other classes will vary.</font> </p> However, the table includes all applicable fees and sales charges. The after-tax returns shown were calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. The following Risk/Return Bar Chart and Table illustrates the risks of investing in the Fund by showing changes in the Fund's performance from calendar year to calendar year, and compares the Fund's average annual returns to those of the MSCI ACWI ex-U.S. Index (Net), a broad measure of market performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. After-tax returns are shown only for Class A. After-tax returns for other classes will vary. When the return after taxes on distributions and sale of Fund shares is higher, it is because of realized losses. If realized losses occur upon the sale of Fund shares, the capital loss is recorded as a tax benefit, which increases the return. Sales charges are not reflected in the Bar Chart. If these amounts were reflected, returns would be less than those shown. 800-858-8850, ext. 6003 www.safunds.com Average Annual Total Returns (as of the periods ended December 31, 2012) The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. FEES AND EXPENSES OF THE FUND <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"><b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the SunAmerica fund complex. More information about these and other discounts is available from your financial professional and in the &#8220;Shareholder Account Information-Sales Charge Reductions and Waivers&#8221; section on page 18 of the Fund&#8217;s Prospectus and in the &#8220;Additional Information Regarding Purchase of Shares&#8221; section on page B-52 of the Fund&#8217;s statement of additional information.</b> Class&#160;I shares are closed to new purchases.</font> </p> 0.0575 0.0000 0.0000 0.0000 0.0000 0.0400 0.0100 0.0000 0.0000 0.0000 0.0000 0.0000 -0.0200 0.0000 0.0000 0.0000 0.0200 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0100 0.0100 0.0100 0.0100 0.0035 0.0100 0.0100 0.0000 0.0080 0.0108 0.0088 0.0097 0.0215 0.0308 0.0288 0.0197 -0.0025 -0.0053 -0.0033 -0.0017 0.0190 0.0255 0.0255 0.0180 ~ http://www.safunds.com/20130130/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0000799084_S000007629Member row primary compact * ~ ~ http://www.safunds.com/20130130/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0000799084_S000007629Member row primary compact * ~ 2014-01-31 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the SunAmerica fund complex. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Shareholder Fees (fees paid directly from your investment) EXAMPLE: <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:</font> </p> 757 1138 1542 2669 658 1094 1555 2727 358 794 1355 2885 183 566 975 2116 757 1138 1542 2669 258 794 1355 2727 258 794 1355 2885 183 566 975 2116 ~ http://www.safunds.com/20130130/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0000799084_S000007629Member row primary compact * ~ ~ http://www.safunds.com/20130130/role/ScheduleExpenseExampleNoRedemptionTransposed20004 column dei_LegalEntityAxis compact ck0000799084_S000007629Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: PORTFOLIO TURNOVER: <p style="margin-top:0px;margin-bottom:0px;padding-bottom:0px;"> <font style="font-family:Times New Roman" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 248% of the average value of its portfolio.</font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&#8224;</sup></font> <font style="font-family:Times New Roman" size="2"></font> </p> <br/><table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="3%" valign="top" align="left"> <font style="font-family:Times New Roman" size="2">&#8224;</font> </td> <td align="left" valign="top"> <font style="font-family:Times New Roman" size="2">Effective July 2, 2012, the name of the fund was changed to the SunAmerica International Dividend Strategy Fund and certain corresponding changes were made to the Fund&#8217;s investment strategy and techniques. Prior to this date, the Fund was managed as an international equity fund and employed a different strategy. The portfolio turnover rate shown above reflects the Fund&#8217;s portfolio turnover rate for the entire fiscal year ended September 30, 2012, including through July 1, 2012, while it was managed as an international equity fund. Accordingly, this full fiscal year portfolio turnover rate is not necessarily representative of the portfolio turnover rate of the Fund as managed in accordance with its current investment strategy and techniques.</font> </td> </tr> </table> 2.48 SunAmerica Japan Fund SAESX PRINCIPAL INVESTMENT STRATEGY AND TECHNIQUES OF THE FUND <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The Fund&#8217;s principal investment strategy is country-specific investing. The strategy of country-specific investing involves investing in securities that focus on a particular country.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The principal investment technique of the Fund is active trading of securities of Japanese issuers and other investments that are tied economically to Japan (&#8220;Japanese companies&#8221;). Under normal circumstances, at least 80% of the Fund&#8217;s net assets, plus any borrowings for investment purposes, will be invested in Japanese companies. The Fund will invest primarily in common stocks and may invest in securities of companies of any size. The Fund may also invest in other equity securities, which include, without limitation, preferred stock, convertible securities, depositary receipts, rights and warrants.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">In selecting investments for the Fund, the Fund&#8217;s subadviser, Wellington Management Company, LLP (&#8220;Wellington Management&#8221;), will employ a contrarian investment process, which is based on valuation and behavioral finance principles applied to overlooked and misunderstood companies. In particular, the investment process incorporates traditional assessments of financial strength and management credibility with a disciplined approach to determining the current state of investor sentiment toward each industry and securities within the investment universe. The primary principle behind this process is that markets overreact to unexpected negative news, causing share prices to deeply undervalue near-term information.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The principal investment strategy and principal investment techniques of the Fund may be changed without shareholder approval. You will receive at least 60 days&#8217; notice of any change to the 80% investment policy set forth above.</font> </p> INVESTMENT GOAL <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The investment goal of the SunAmerica Japan Fund (the &#8220;Japan Fund&#8221; or the &#8220;Fund&#8221;) is long-term capital appreciation.</font> </p> PRINCIPAL RISKS OF INVESTING IN THE FUND <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">There can be no assurance that the Fund&#8217;s investment goal will be met or that the net return on an investment in the Fund will exceed what could have been obtained through other investment or savings vehicles. Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. As with any mutual fund, there is no guarantee that the Fund will be able to achieve its investment goals. If the value of the assets of the Fund goes down, you could lose money.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The following is a summary description of the principal risks of investing in the Fund.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#27A5C0"><b>Market Volatility and Securities Selection.</b></font> <font style="font-family:Times New Roman" size="2">The Fund invests significantly in equity securities. As with any equity fund, the value of your investment in the Fund may fluctuate in response to stock market movements. You should be aware that the performance of different types of equity securities may rise or decline under varying market conditions &#8212; for example, &#8220;value&#8221; stocks may perform well under circumstances in which &#8220;growth&#8221; stocks in general have fallen. In addition, individual securities selected for the Fund may underperform the market generally. Moreover, while the Fund will seek to invest in securities that Wellington Management believes are misunderstood in the market or out-of favor, there is a risk that the market may not recognize a security&#8217;s intrinsic value for a long period of time, or that a security judged to be attractively valued may actually be appropriately priced.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#27A5C0"><b>Geographic Concentration.</b></font> <font style="font-family:Times New Roman" size="2">Because the Fund concentrates its investments in Japan, the Fund&#8217;s performance is expected to be closely tied to social, political and economic conditions of that country. As a result, the Fund is likely to be more volatile than more geographically diverse international funds.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#27A5C0"><b>Japan Exposure.</b></font> <font style="font-family:Times New Roman" size="2">The Japanese economy faces a number of long-term problems, including massive government debt, the aging and shrinking of the population, an unstable financial sector and low domestic consumption. Japan has experienced natural disasters of varying degrees of severity, and the risks of such phenomena, and damage resulting therefrom, continue to exist. Japan has a growing economic relationship with China and other Southeast Asian countries, and thus Japan&#8217;s economy may also be affected by economic, political or social instability in those countries (whether resulting from local or global events).</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#27A5C0"><b>International Investing.</b></font> <font style="font-family:Times New Roman" size="2">When investing internationally, the value of your investment may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility. In addition, foreign securities may not be as liquid as domestic securities and are subject to settlement practices and regulatory and financial reporting standards that differ from those in the U.S. In addition, the Fund&#8217;s performance may be affected by the broader Asian region, which includes emerging markets. Emerging markets are typically more volatile than more developed markets.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#27A5C0"><b>Small and Mid Market Capitalization.</b></font> <font style="font-family:Times New Roman" size="2">Stocks of small-cap companies, and to a lesser extent, mid-cap companies, may be more volatile than, and not as readily marketable as, those of larger companies.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#27A5C0"><b>Active Trading.</b></font> <font style="font-family:Times New Roman" size="2">As part of the Fund&#8217;s principal investment technique, the Fund may engage in active trading of its portfolio securities. Because the Fund may sell a security without regard to how long it has held the security, active trading may have tax consequences for certain shareholders, involving a possible increase in short-term capital gains or losses. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Fund and which will affect the Fund&#8217;s performance. During periods of increased market volatility, active trading may be more pronounced.</font> </p> If the value of the assets of the Fund goes down, you could lose money. Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. PERFORMANCE INFORMATION* <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The following Risk/Return Bar Chart and Table illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from calendar year to calendar year, and compares the Fund&#8217;s average annual returns to those of the MSCI EAFE Small Cap Index (Net), and the MSCI Japan Index (Net), a broad measure of market performance. Sales charges are not reflected in the Bar Chart. If these amounts were reflected, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund&#8217;s performance can be obtained by visiting www.safunds.com or can be obtained by phone at 800-858-8850, ext. 6003.</font> </p> JAPAN FUND (Class A) 0.0402 -0.5046 0.3525 0.2101 -0.1921 0.0379 ~ http://www.safunds.com/20130130/role/ScheduleAnnualTotalReturnsBarChart20013 column dei_LegalEntityAxis compact ck0000799084_S000012533Member row primary compact * ~ highest return for a quarter 0.2354 2009-06-30 lowest return for a quarter -0.2729 2008-09-30 <table align="center" border="0" cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE" width="100%"> <tr> <td width="68%"> </td> <td valign="bottom" width="1%"> </td> <td width="31%"> </td> </tr> <tr> <td align="center" valign="top"> </td> <td valign="bottom"> <font size="1"></font> </td> <td valign="top"> <font size="2" style="font-family:Times New Roman">During the six-year period shown in the Bar Chart, the highest return for a quarter was 23.54% (quarter ended June 30, 2009) and the lowest return for a quarterwas -27.29% (quarter ended September 30, 2008).</font> </td> </tr> </table> -0.0085 -0.0831 -0.0580 0.0216 -0.0805 -0.0583 -0.0216 -0.0852 -0.0603 -0.0228 -0.0922 -0.0659 -0.0070 -0.0701 -0.0495 0.2000 -0.0086 -0.0012 0.0818 -0.0425 -0.0463 2006-05-02 2006-05-02 2006-05-02 ~ http://www.safunds.com/20130130/role/ScheduleAverageAnnualReturnsTransposed20014 column dei_LegalEntityAxis compact ck0000799084_S000012533Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <table style="border-collapse: collapse; width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr> <td align="left" valign="top" width="3%"> <font style="font-family: Times New Roman; font-size: small;">*</font> </td> <td align="left" valign="top"> <font style="font-family: Times New Roman; font-size: small;">Effective January 27, 2012, the name of the Fund was changed to the SunAmerica Japan Fund and certain corresponding changes were made to the Fund&#8217;s investment strategy and techniques. Prior to this date, the Fund was managed as an international small-cap fund. The performance shown prior to January 27, 2012 represents the performance of the Fund as an international small-cap fund. Accordingly, this performance information does not reflect the management of the Fund in accordance with its current investment strategy and techniques.</font> </td> </tr> </table> <br/><p style="margin-top: 0px; margin-bottom: 0px;"> <font style="font-family: Times New Roman; font-size: small;">The after-tax returns shown were calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. An investor&#8217;s actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown in the above table. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">After-tax returns are shown only for Class A. After-tax returns for other classes will vary.</font> </p> However, the table includes all applicable fees and sales charges. The after-tax returns shown were calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. The following Risk/Return Bar Chart and Table illustrates the risks of investing in the Fund by showing changes in the Fund's performance from calendar year to calendar year, and compares the Fund's average annual returns to those of the MSCI EAFE Small Cap Index (Net), and the MSCI Japan Index (Net), a broad measure of market performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. After-tax returns are shown only for Class A. After-tax returns for other classes will vary. When the return after taxes on distributions and sale of Fund shares is higher, it is because of realized losses. If realized losses occur upon the sale of Fund shares, the capital loss is recorded as a tax benefit, which increases the return. Sales charges are not reflected in the Bar Chart. If these amounts were reflected, returns would be less than those shown. The Fund changed its benchmark from the MSCI EAFE Small Cap Index (Net) to the MSCI Japan Index (Net) in the light of the change in the name of the Fund and changes to the Fund's investment strategy and techniques that became effective January 27, 2012. 800-858-8850 www.safunds.com Average Annual Total Returns (as of the periods ended December 31, 2012) The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. FEES AND EXPENSES OF THE FUND <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"><b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the SunAmerica fund complex. More information about these and other discounts is available from your financial professional and in the &#8220;Shareholder Account Information-Sales Charge Reductions and Waivers&#8221; section on page 18 of the Fund&#8217;s Prospectus and in the &#8220;Additional Information Regarding Purchase of Shares&#8221; section on page B-52 of the Fund&#8217;s statement of additional information.</b></font> </p> 0.0575 0.0000 0.0000 0.0000 0.0400 0.0100 0.0000 0.0000 0.0000 -0.0200 0.0000 0.0000 0.0200 0.0000 0.0000 0.0000 0.0000 0.0000 0.0115 0.0115 0.0115 0.0035 0.0100 0.0100 0.0099 0.0655 0.0320 0.0001 0.0001 0.0001 0.0250 0.0871 0.0536 -0.0059 -0.0615 -0.0280 0.0191 0.0256 0.0256 ~ http://www.safunds.com/20130130/role/ScheduleShareholderFees20009 column dei_LegalEntityAxis compact ck0000799084_S000012533Member row primary compact * ~ ~ http://www.safunds.com/20130130/role/ScheduleAnnualFundOperatingExpenses20010 column dei_LegalEntityAxis compact ck0000799084_S000012533Member row primary compact * ~ You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the SunAmerica fund complex. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 The Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table which reflects the operating expenses of each Class and does not include Acquired Fund Fees and Expenses. The Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement shown in the table above exceed the contractual expense limitations shown in footnote 2 because they include Acquired Fund Fees and Expenses, whereas the contractual expense limitations are based on operating expenses and do not include Acquired Fund Fees and Expenses Shareholder Fees (fees paid directly from your investment) EXAMPLE: <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:</font> </p> 758 1141 1547 2679 659 1096 1560 2737 359 796 1360 2895 758 1141 1547 2679 259 796 1360 2737 259 796 1360 2895 ~ http://www.safunds.com/20130130/role/ScheduleExpenseExampleTransposed20011 column dei_LegalEntityAxis compact ck0000799084_S000012533Member row primary compact * ~ ~ http://www.safunds.com/20130130/role/ScheduleExpenseExampleNoRedemptionTransposed20012 column dei_LegalEntityAxis compact ck0000799084_S000012533Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: PORTFOLIO TURNOVER: <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 192% of the average value of its portfolio.</font> </p> 1.92 SunAmerica Value Fund SSVAX SSVBX SVPCX PRINCIPAL INVESTMENT STRATEGY AND TECHNIQUES OF THE FUND <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The Fund&#8217;s principal investment strategy is based on value. The value oriented philosophy&#160;to which the Fund subscribes is that of investing in securities believed to be undervalued in the market. The selection criteria is usually calculated to identify stocks of large, well known companies with solid financial strength and generous dividend yields that have attractive valuations (e.g., as measured by low price earnings ratios) and that may have generally been overlooked by the market.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The principal investment technique of the Fund is active trading of equity securities selected on the basis of value criteria, issued by companies of any market capitalization, that offer the potential for long-term growth of capital.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The principal investment strategy and principal investment techniques of the Fund may be changed without shareholder approval.</font> </p> INVESTMENT GOAL <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The investment goal of the SunAmerica Value Fund (the &#8220;Value Fund&#8221; or the &#8220;Fund&#8221;) is long-term growth of capital.</font> </p> PRINCIPAL RISKS OF INVESTING IN THE FUND <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">There can be no assurance that the Fund&#8217;s investment goal will be met or that the net return on an investment in the Fund will exceed what could have been obtained through other investment or savings vehicles. Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. As with any mutual fund, there is no guarantee that the Fund will be able to achieve its investment goals. If the value of the assets of the Fund goes down, you could lose&#160;money.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The following is a summary description of the principal risks of investing in the Fund.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#27A5C0"><b>Market Volatility and Securities Selection.</b></font> <font style="font-family:Times New Roman" size="2">The Fund invests significantly in equity securities. As with any equity fund, the value of your investment in the Fund may fluctuate in response to stock market movements. You should be aware that the performance of different types of equity securities may rise or decline under varying market conditions &#8212; for example, &#8220;growth&#8221; stocks may perform well under circumstances in which &#8220;value&#8221; stocks in general have fallen. When investing in value stocks which are believed to be undervalued in the market, there is a risk that the market may not recognize a security&#8217;s intrinsic value for a long period of time, or that a security judged to be undervalued may actually be appropriately priced. In addition, individual securities selected for the Fund may underperform the market generally.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#27A5C0"><b>Small and Mid Market Capitalization.</b></font> <font style="font-family:Times New Roman" size="2">Stocks of small-cap companies, and to a lesser extent, mid-cap companies, may be more volatile than, and not as readily marketable as, those of larger companies.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"></font><font style="font-family:Times New Roman" size="2" color="#27A5C0"><b>Active Trading.</b></font><font style="font-family:Times New Roman" size="2">As part of the Fund&#8217;s principal investment technique, the Fund may engage in active trading of its portfolio securities. Because the Fund may sell a security without regard to how long it has held the security, active trading may have tax consequences for certain shareholders, involving a possible increase in short-term capital gains or losses. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Fund and which will affect the Fund&#8217;s performance. During periods of increased market volatility, active trading may be more pronounced.</font> </p> If the value of the assets of the Fund goes down, you could lose money. Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. PERFORMANCE INFORMATION <p style="margin-top:0px;margin-bottom:0px;padding-bottom:0px;"> <font style="font-family:Times New Roman" size="2">The following Risk/Return Bar Chart and Table illustrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from calendar year to calendar year, and compares the Fund&#8217;s average annual returns to those of the Russell&#160;1000<font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&#174;</sup></font> Value Index, a broad measure of market performance. Sales charges are not reflected in the Bar Chart. If these amounts were reflected, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund&#8217;s performance can be obtained by visiting www.safunds.com or can be obtained by phone at 800-858-8850, ext 6003.</font> </p> VALUE FUND (Class A) 0.2317 0.1571 0.0424 0.1935 0.0235 -0.3428 0.1201 0.1203 -0.0328 0.1424 ~ http://www.safunds.com/20130130/role/ScheduleAnnualTotalReturnsBarChart20021 column dei_LegalEntityAxis compact ck0000799084_S000007630Member row primary compact * ~ highest return for a quarter 0.1449 2009-06-30 lowest return for a quarter -0.2084 2008-12-31 <table align="center" border="0" cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE" width="100%"> <tr> <td width="68%"> </td> <td valign="bottom" width="1%"> </td> <td width="31%"> </td> </tr> <tr> <td align="center" valign="top"> </td> <td valign="bottom"> <font size="1"></font> </td> <td valign="top"> <font size="2" style="font-family:Times New Roman">During the 10-year period shown in the Bar Chart, the highest return for a quarter was 14.49% (quarter ended June 30, 2009) and the lowest return for a quarterwas -20.84% (quarter ended December 31, 2008).</font> </td> </tr> </table> 0.0932 -0.0291 0.0462 0.1234 -0.0252 0.0446 0.1494 -0.0127 0.0578 0.0770 -0.0300 0.0454 0.0756 -0.0316 0.0328 0.0519 -0.0255 0.0354 0.1751 0.0059 0.0738 ~ http://www.safunds.com/20130130/role/ScheduleAverageAnnualReturnsTransposed20022 column dei_LegalEntityAxis compact ck0000799084_S000007630Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The after-tax returns shown were calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. An investor&#8217;s actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown in the above table. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A. After-tax returns for other classes will vary.</font> </p> <br/><p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">Performance information shown includes that of the Value Fund, a series of SunAmerica Focused Series, Inc., which was reorganized into the SunAmerica Equity Funds on February&#160;23, 2004 (the &#8220;Value Reorganization&#8221;). The Value Fund commenced operations upon consummation of the Value Reorganization.</font> </p> However, the table includes all applicable fees and sales charges. The after-tax returns shown were calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. The following Risk/Return Bar Chart and Table illustrates the risks of investing in the Fund by showing changes in the Fund's performance from calendar year to calendar year, and compares the Fund's average annual returns to those of the Russell 1000 Value Index, a broad measure of market performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. After-tax returns are shown only for Class A. After-tax returns for other classes will vary. Sales charges are not reflected in the Bar Chart. If these amounts were reflected, returns would be less than those shown. When the return after taxes on distributions and sale of Fund shares is higher, it is because of realized losses. If realized losses occur upon the sale of Fund shares, the capital loss is recorded as a tax benefit, which increases the return. 800-858-8850, ext 6003 www.safunds.com The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns (as of the calendar year ended December 31, 2012) FEES AND EXPENSES OF THE FUND <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2"><b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the SunAmerica fund complex. More information about these and other discounts is available from your financial professional and in the &#8220;Shareholder Account Information-Sales Charge Reductions and Waivers&#8221; section on page 18 of the Fund&#8217;s Prospectus and in the &#8220;Additional Information Regarding Purchase of Shares&#8221; section on page B-52 of the Fund&#8217;s statement of additional information.</b> Class Z shares are offered exclusively to certain SunAmerica affiliated companies&#8217; retirement plans. <b></b></font> </p> 0.0575 0.0000 0.0000 0.0000 0.0000 0.0400 0.0100 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0075 0.0075 0.0075 0.0075 0.0035 0.0100 0.0100 0.0000 0.0043 0.0066 0.0051 0.0017 0.0153 0.0241 0.0226 0.0092 -0.0013 0.0153 0.0228 0.0226 0.0092 ~ http://www.safunds.com/20130130/role/ScheduleShareholderFees20017 column dei_LegalEntityAxis compact ck0000799084_S000007630Member row primary compact * ~ ~ http://www.safunds.com/20130130/role/ScheduleAnnualFundOperatingExpenses20018 column dei_LegalEntityAxis compact ck0000799084_S000007630Member row primary compact * ~ You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the SunAmerica fund complex. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Shareholder Fees (fees paid directly from your investment) EXAMPLE: <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:</font> </p> 722 1031 1361 2294 631 1012 1420 2427 329 706 1210 2595 94 293 509 1131 722 1031 1361 2294 231 712 1220 2427 229 706 1210 2595 94 293 509 1131 ~ http://www.safunds.com/20130130/role/ScheduleExpenseExampleTransposed20019 column dei_LegalEntityAxis compact ck0000799084_S000007630Member row primary compact * ~ ~ http://www.safunds.com/20130130/role/ScheduleExpenseExampleNoRedemptionTransposed20020 column dei_LegalEntityAxis compact ck0000799084_S000007630Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: PORTFOLIO TURNOVER: <p style="margin-top:0px;margin-bottom:0px"> <font style="font-family:Times New Roman" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. 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