X0201
N-CEN/A
0001752724-18-002847
LIVE
0000799084
XXXXXXXX
811-04801
false
false
false
N-1A
S000007629
true
S000012533
true
SUNAMERICA EQUITY FUNDS
811-04801
0000799084
549300S6XPF5LSR81896
HARBORSIDE 5
185 HUDSON STREET, SUITE 3300
JERSEY CITY
07311
US-NJ
US
201-324-6414
DST Asset Manager Solutions, Inc.
303 West 11th Street
Kansas City
64105
816-435-1000
Transfer Agent Records
Wellington Management Company LLP
280 Congress Street
Boston
02210
617-951-5000
Subadviser Records
AIG Capital Services, Inc.
185 Hudson Street
Suite 3300
Jersey City
07311
800-858-8850
Distributor Records
SunAmerica Asset Management, LLC
185 Hudson Street
Suite 3300
Jersey City
07311
800-858-8850
Advisor Records
State Street Bank and Trust Company
1 Lincoln Street
Boston
02111
617-786-3000
Custody and Accounting Records.
AIG Fund Services, Inc.
185 Hudson Street
Suite 3300
Jersey City
07311
800-858-8850
Shareholder Servicing Agent Records
Y
N
N-1A
2
Y
Richard W. Grant
000000000
N
William F. Devin
000000000
N
Stephen J. Gutman
000000000
N
Peter A. Harbeck
000000000
Y
Judith L. Craven
000000000
N
Eileen A. Kamerick
000000000
N
Christopher C. Joe
000000000
2919 Allen Parkway
Houston
77019
XXXXXX
N
N
N
N
N
N
AIG Capital Services, Inc.
008-28733
000013158
00000000000000000000
Y
N
PricewaterhouseCoopers LLP
238
5493002GVO7EO8RNNS37
N
N
N
N
N
N
N
AIG Japan Fund
S000012533
549300LXHYKJSJUH4489
N
3
0
0
N/A
N
N
Y
N
N/A
N/A
N/A
Rule 32a-4 (17 CFR 270.32a-4)
Rule 17a-7 (17 CFR 270.17a-7)
Y
Y
Y
N
SunAmerica Asset Management, LLC
801-19813
000107338
549300E40BQMHI2LOX26
N
Wellington Management Company LLP
801-15908
000106595
549300YHP12TEZNLCX41
N
N
DST Asset Manager Solutions, Inc.
84-00896
0000000000
N
N
N
IHS Markit Ltd.
549300HLPTRASHS0E726
GB
N
Thomson Reuters Corporation
549300561UZND4C7B569
CA
N
State Street GS Performance Services PLC
BBG001GV0714
Bloomberg Global ID
GB
N
Ice Data Services, Inc.
5493000NQ9LYLDBCTL34
N
Bloomberg L.P.
549300B56MD0ZC402L06
N
PricingDirect Inc.
549300WIC0TOJ7N7GD54
N
Barclays Capital Inc.
AC28XWWI3WIBK2824319
N
N
Bank Polska Kasa Opieki - Spolka Akcyjna
5493000LKS7B3UTF7H35
PL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
The Hongkong and Shanghai Banking Corporation Limited (Sydney, NSW, AU, Branch)
2HI3YI5320L3RW6NJ957
AU
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank (Malaysia) Berhad
529900DLWFR8HK7DR278
MY
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank del Peru S.A.
MYTK5NHHP1G8TVFGT193
PE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
HSBC Bank (China) Company Limited
2CZOJRADNJXBLT55G526
CN
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
The Hongkong and Shanghai Banking Corporation Limited (Auckland, Auckland, NZ, Branch)
2HI3YI5320L3RW6NJ957
NZ
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank Aktiengesellschaft (Vienna, Vienna, AT, Branch)
0000000000
AT
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank Aktiengesellschaft (Jakarta, Jakarta, ID, Branch)
0000000000
ID
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Standard Chartered Bank (Hong Kong) Limited
X5AV1MBDXGRPX5UGMX13
HK
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
State Street Bank International GmbH
ZMHGNT7ZPKZ3UFZ8EO46
DE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Nordea Bank AB (Stockholm, Stockholm, SE, Branch)
6SCPQ280AIY8EP3XFW53
SE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Nordea Bank AB (publ) (Helsinki, Uusimaa, FI, Branch)
6SCPQ280AIY8EP3XFW53
FI
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
FirstRand Bank Limited
ZAYQDKTCATIXF9OQY690
ZA
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank, National Association (Sao Paulo, Sao Paulo, BR, Branch)
579100KKDGKCFFKKF005
BR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Banco Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex
2SFFM4FUIE05S37WFU55
MX
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
State Street Bank and Trust Company (London, GB, Branch)
0000000000
GB
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
The Hongkong and Shanghai Banking Corporation Limited (Chuo ku, Tokyo, JP, Branch)
2HI3YI5320L3RW6NJ957
JP
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank Societa per Azioni
529900SS7ZWCX82U3W60
IT
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank Aktiengesellschaft (Jongno-gu, Seoul, KR, Branch)
0000000000
KR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Nordea Bank AB (Oslo, Oslo, NO, Branch)
0000000000
NO
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Bank Hapoalim B.M.
B6ARUI4946ST4S7WOU88
IL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank Aktiengesellschaft (Madrid, Madrid, ES, Branch)
529900SICIK5OVMVY186
ES
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Nordea Bank Danmark A/S
549300LX0YIEPRTY0Z32
DK
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank Aktiengesellschaft (Amsterdam, Noord Holland, NL, Branch)
7LTWFZYICNSX8D621K86
NL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank, National Association (Singapore, SG, Branch)
E57ODZWZ7FF32TWEFA76
SG
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
State Street Trust Company Canada
549300L71XG2CTQ2V827
CA
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Standard Chartered Bank (Thai) Public Company Limited
549300O1LQYCQ7G1IM57
TH
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Clearstream Banking S.A.
549300OL514RA0SXJJ44
LU
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
BNP Paribas Securities Services (Athens, Attica, GR, Branch)
549300WCGB70D06XZS54
GR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
Credit Suisse Funds AG
549300UY5YPGQ600JV78
CH
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank Aktiengesellschaft (Taipei City, TW, Branch)
25490016G0WR60ANOK04
TW
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
N
AIG Fund Services, Inc.
549300HK4TZYVMQE6J69
Y
N
N
Y
AIG Global Capital Markets Securities, LLC
8-68860
000157767
0000000000
0
AIG Capital Services, Inc.
8-28733
000013158
0000000000
0
VALIC Financial Advisors, Inc.
8-50018
000042803
0000000000
0
Credit Suisse Securities (USA) LLC
8-422
000000816
1V8Y6QCX6YMJ2OELII46
1719.46000000
Deutsche Bank Aktiengesellschaft
8-17822
000002525
7LTWFZYICNSX8D621K86
DE
1935.35000000
UBS AG
N/A
000000000
BFM8T61CT2L1QCEMIK50
CH
2515.30000000
Investment Technology Group, Inc.
8-44218
000029299
0000000000
3520.84000000
Morgan Stanley & Co. LLC
8-15869
000008209
9R7GPTSO7KV3UQJZQ078
2557.48000000
Merrill Lynch, Pierce, Fenner & Smith Incorporated
8-7221
000007691
8NAV47T0Y26Q87Y0QP81
2237.74000000
Citigroup Global Markets Inc.
8-8177
000007059
MBNUM2BPBDO7JBLYG310
1580.16000000
BNP Paribas Securities Corp.
8-32682
000015794
RCNB6OTYUAMMP879YW96
2110.72000000
SMBC Nikko Securities America, Inc.
8-43852
000028602
6PJDTY319315T5LR2241
1735.26000000
Instinet, LLC
8-23669
000007897
549300MGMN3RKMU8FT57
1911.25000000
27843.98000000
State Street Bank and Trust Company
N/A
000000000
571474TGEMMWANRLN572
151014000.00000000
Morgan Stanley & Co. LLC
8-15869
000008209
9R7GPTSO7KV3UQJZQ078
256165.99000000
151270165.99000000
Y
29087816.00000000
N
AIG International Dividend Strategy Fund
S000007629
549300V1G4C0F5CNOR17
N
4
0
0
N/A
N
N
Y
N
N/A
N/A
N/A
Rule 32a-4 (17 CFR 270.32a-4)
Y
Y
Y
Y
SunAmerica Asset Management, LLC
801-19813
000107338
549300E40BQMHI2LOX26
N
DST Asset Manager Solutions, Inc.
84-00896
0000000000
N
N
N
Barclays Capital Inc.
AC28XWWI3WIBK2824319
N
IHS Markit Ltd.
549300HLPTRASHS0E726
GB
N
Bloomberg L.P.
549300B56MD0ZC402L06
N
State Street GS Performance Services PLC
BBG001GV0714
Bloomberg Global ID
GB
N
Thomson Reuters Corporation
549300561UZND4C7B569
CA
N
Ice Data Services, Inc.
5493000NQ9LYLDBCTL34
N
PricingDirect Inc.
549300WIC0TOJ7N7GD54
N
N
Deutsche Bank Aktiengesellschaft (Amsterdam, Noord Holland, NL, Branch)
7LTWFZYICNSX8D621K86
NL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
Deutsche Bank Aktiengesellschaft (Jakarta, Jakarta, ID, Branch)
0000000000
ID
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
The Hongkong and Shanghai Banking Corporation Limited (Sydney, NSW, AU, Branch)
2HI3YI5320L3RW6NJ957
AU
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Itau CorpBanca
549300DDPTTIZ06NIV06
CL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank Maghreb S.A
5493003FVWLMBFTISI11
MA
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank Europe Public Limited Company (Budapest, HU, Branch)
N1FBEDJ5J41VKZLO2475
HU
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
State Street Bank International GmbH
ZMHGNT7ZPKZ3UFZ8EO46
DE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank, National Association (Singapore, SG, Branch)
E57ODZWZ7FF32TWEFA76
SG
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
BNP Paribas Securities Services (Athens, Attica, GR, Branch)
549300WCGB70D06XZS54
GR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
State Street Bank and Trust Company (London, GB, Branch)
0000000000
GB
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank Aktiengesellschaft (Madrid, Madrid, ES, Branch)
529900SICIK5OVMVY186
ES
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
State Street Trust Company Canada
549300L71XG2CTQ2V827
CA
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
The Hongkong and Shanghai Banking Corporation Limited (Chuo ku, Tokyo, JP, Branch)
2HI3YI5320L3RW6NJ957
JP
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank Aktiengesellschaft (Makati City, Metro Manila, PH, Branch)
0000000000
PH
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Banco Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex
2SFFM4FUIE05S37WFU55
MX
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Credit Suisse Funds AG
549300UY5YPGQ600JV78
CH
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank Societa per Azioni
529900SS7ZWCX82U3W60
IT
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
The Hongkong and Shanghai Banking Corporation Limited (Auckland, Auckland, NZ, Branch)
2HI3YI5320L3RW6NJ957
NZ
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Standard Chartered Bank (Thai) Public Company Limited
549300O1LQYCQ7G1IM57
TH
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Bank Polska Kasa Opieki - Spolka Akcyjna
5493000LKS7B3UTF7H35
PL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
HSBC Bank Middle East Limited
549300F99IL9YJDWH369
AE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank Aktiengesellschaft (Sisli, Istanbul, TR, Branch)
0000000000
TR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Nordea Bank Danmark A/S
549300LX0YIEPRTY0Z32
DK
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
HSBC Bank (China) Company Limited
2CZOJRADNJXBLT55G526
CN
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank del Peru S.A.
MYTK5NHHP1G8TVFGT193
PE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Nordea Bank AB (Oslo, Oslo, NO, Branch)
0000000000
NO
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank Aktiengesellschaft (Jongno-gu, Seoul, KR, Branch)
0000000000
KR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Clearstream Banking S.A.
549300OL514RA0SXJJ44
LU
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Ceskoslovenska obchodni banka, a. s.
Q5BP2UEQ48R75BOTCB92
CZ
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
FirstRand Bank Limited
ZAYQDKTCATIXF9OQY690
ZA
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Standard Chartered Bank (Hong Kong) Limited
X5AV1MBDXGRPX5UGMX13
HK
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
HSBC Bank Middle East Limited (Doha, Ad Dawhah, QA, Branch)
0000000000
QA
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Cititrust Colombia S A Sociedad Fiduciaria
549300242J3IJCOSGI49
CO
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Nordea Bank AB (publ) (Helsinki, Uusimaa, FI, Branch)
6SCPQ280AIY8EP3XFW53
FI
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Nordea Bank AB (Stockholm, Stockholm, SE, Branch)
6SCPQ280AIY8EP3XFW53
SE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank Aktiengesellschaft (Taipei City, TW, Branch)
25490016G0WR60ANOK04
TW
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
HSBC Bank Middle East Limited (Manama, Capital, BH, Branch)
0000000000
BH
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Joint Stock Company Commercial Bank Citibank
CHSQDSVI1UI96Y2SW097
RU
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank (Malaysia) Berhad
529900DLWFR8HK7DR278
MY
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Bank Hapoalim B.M.
B6ARUI4946ST4S7WOU88
IL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank, National Association (Sao Paulo, Sao Paulo, BR, Branch)
579100KKDGKCFFKKF005
BR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
N
AIG Fund Services, Inc.
549300HK4TZYVMQE6J69
Y
N
N
Y
AIG Capital Services, Inc.
8-28733
000013158
00000000000000000000
0
AIG Global Capital Markets Securities, LLC
8-68860
000157767
00000000000000000000
0
VALIC Financial Advisors, Inc.
8-50018
000042803
00000000000000000000
0
Deutsche Bank Securities Inc.
8-17822
000002525
9J6MBOOO7BECTDTUZW19
990.16000000
Merrill Lynch, Pierce, Fenner & Smith Incorporated
8-7221
000007691
8NAV47T0Y26Q87Y0QP81
76143.01000000
77133.17000000
State Street Bank and Trust Company
N/A
000000000
571474TGEMMWANRLN572
194915000.00000000
194915000.00000000
N
83504357.00000000
N
true
Report of Independent Registered Public
Accounting Firm
To the Board of Trustees of SunAmerica Equity Funds
and Shareholders of AIG International Dividend Strategy
Fund and AIG Japan Fund
In planning and performing our audits of the financial
statements of each of AIG International Dividend
Strategy Fund and AIG Japan Fund (constituting
SunAmerica Equity Funds, hereafter referred to as the
"Fund") as of and for the year ended September 30, 2018,
in accordance with the standards of the Public Company
Accounting Oversight Board (United States) ("PCAOB"),
we considered the Funds' internal control over financial
reporting, including controls over safeguarding
securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on
the financial statements and to comply with the
requirements of Form N-CEN, but not for the purpose of
expressing an opinion on the effectiveness of the Funds'
internal control over financial reporting. Accordingly, we
do not express an opinion on the effectiveness of the
Funds' internal control over financial reporting.
The management of the Funds is responsible for
establishing and maintaining effective internal control
over financial reporting. In fulfilling this responsibility,
estimates and judgments by management are required to
assess the expected benefits and related costs of controls.
A fund's internal control over financial reporting is a
process designed to provide reasonable assurance
regarding the reliability of financial reporting and the
preparation of financial statements for external purposes
in accordance with generally accepted accounting
principles. A fund's internal control over financial
reporting includes those policies and procedures that (1)
pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of the assets of each fund; (2) provide
reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements
in accordance with generally accepted accounting
principles, and that receipts and expenditures of each
fund are being made only in accordance with
authorizations of management and trustees of each fund;
and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized
acquisition, use or disposition of each fund's assets that
could have a material effect on the financial statements.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in
conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
A deficiency in internal control over financial reporting
exists when the design or operation of a control does not
allow management or employees, in the normal course of
performing their assigned functions, to prevent or detect
misstatements on a timely basis. A material weakness is a
deficiency, or a combination of deficiencies, in internal
control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the
Funds' annual or interim financial statements will not be
prevented or detected on a timely basis.
Our consideration of the Funds' internal control over
financial reporting was for the limited purpose described
in the first paragraph and would not necessarily disclose
all deficiencies in internal control over financial reporting
that might be material weaknesses under standards
established by the PCAOB. However, we noted no
deficiencies in the Funds' internal control over financial
reporting and its operation, including controls over
safeguarding securities that we consider to be material
weaknesses as defined above as of September 30, 2018.
This report is intended solely for the information and use
of the Board of Trustees of SunAmerica Equity Funds
and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other
than these specified parties.
/s/ PricewaterhouseCoopers LLP
Houston, Texas
November 27, 2018
2
