NORTH AMERICAN FUNDS
Balanced Fund
Large Cap Growth Fund
Growth & Income Fund
Mid Cap Growth Fund
Dear Shareholder:
Each of your Funds will hold a Joint Special Meeting of Shareholders on
November 7, 2001 at 10:00 a.m., Eastern time, at the principal executive
offices of North American Funds, 286 Congress Street, Boston, Massachusetts
02210. If you are a shareholder of record as of the close of business on
Monday, September 17, 2001, you are entitled to vote at the meeting and at any
adjournment of the meeting.
The meeting has been called to give you the opportunity to vote on certain
important proposals affecting your Fund(s). These proposals have arisen in
connection with the recent acquisition of American General Corporation by
American International Group, Inc.
First, you are being asked to vote on the approval of a new investment
advisory agreement between North American Funds, on behalf of your Fund, and
American General Asset Management Corp. ("AGAM"). In addition, you are being
asked to vote on an Agreement and Plan of Reorganization that would reorganize
your Fund into a corresponding SunAmerica Mutual Fund. In connection with each
reorganization, you will receive shares of the corresponding SunAmerica fund in
exchange for shares of your Fund. The shares of the SunAmerica fund that you
receive will have the same aggregate net asset value as the shares of your Fund
immediately prior to the reorganization. This means that you may end up with a
different number of shares compared to what you originally held, but the total
dollar value of your shares will be the same.
The accompanying proxy statement and prospectus includes a detailed
description of each proposal. Please read the enclosed materials carefully and
cast your vote. Remember, your vote is extremely important, no matter how large
or small your holdings. By voting now, you can help avoid additional costs that
would be incurred with follow-up letters and calls.
To vote, you may use any of the following methods:
. By Mail. You can vote your shares by completing and signing the enclosed
proxy card(s), and mailing it in the enclosed postage paid envelope. If
you need any assistance, or have any questions regarding a proposal,
please call North American Funds' information agent, Georgeson
Shareholders, at 1-888-850-2811.
. By Telephone. If you have any questions on how to vote your shares or if
you would like to vote by telephone, call 1-888-221-0697 toll free. Enter
your 14 digit control number from your proxy card to enter your vote.
. By Internet. Finally, you may vote via the Internet. To do so, have your
proxy card available and go to the website: http://www.proxyweb.com.
Follow the instructions on the website and be prepared to enter your 14
digit control number from your proxy card to enter your vote.
Very truly yours,
Jack I. Fitzgerald
Secretary, North American Funds
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NORTH AMERICAN FUNDS SUNAMERICA STYLE SELECT SERIES, INC.
Global Equity Fund International Equity Portfolio
International Equity Fund
International Small Cap Fund
Dear Shareholder:
Each of your Funds will hold a Special Meeting of Shareholders on November
7, 2001 at 10:00 a.m., Eastern Time.
The Joint Special Meeting for shareholders of the three separate portfolios
of North American Funds listed above will be held at the principal executive
offices of North American Funds, 286 Congress Street, Boston, Massachusetts
02210. If you are a shareholder of record of the North American Funds as of the
close of business on Monday, September 17, 2001, you are entitled to vote at
the Joint Special Meeting of the North American Funds, or at any adjournment of
the meeting.
The Special Meeting for shareholders of the portfolio of SunAmerica Style
Select Series, Inc. listed above (the "SunAmerica Portfolio") will be held at
the principal executive offices of SunAmerica Style Select Series, Inc.,
SunAmerica Center, 733 Third Avenue, New York, New York 10017. If you are a
shareholder of record of the SunAmerica Portfolio as of the close of business
on Monday, September 17, 2001, you are entitled to vote at the Special Meeting
of the SunAmerica Portfolio or at any adjournment of the meeting.
The shareholder meetings have been called to give you the opportunity to
vote on certain important proposals. These proposals have arisen in connection
with the recent acquisition of American General Corporation by American
International Group, Inc.
The accompanying proxy statement and prospectus includes a detailed
description of each proposal. Please read the enclosed materials carefully and
cast your vote. Remember, your vote is extremely important, no matter how large
or small your holdings. By voting now, you can help avoid additional costs that
would be incurred with follow-up letters and calls.
Information For Shareholders of North American Funds Only
First, you are being asked to vote on the approval of a new investment
advisory agreement between North American Funds, on behalf of your Fund, and
American General Asset Management Corp. ("AGAM"). In addition, you are being
asked to vote on an Agreement and Plan of Reorganization which would reorganize
your Fund into a new SunAmerica Mutual Fund called the SunAmerica International
Equity Fund. In connection with this reorganization, you will receive shares of
the SunAmerica International Equity Fund in exchange for shares of your Fund.
The shares of the SunAmerica International Equity Fund that you receive will
have the same aggregate net asset value as the shares of your Fund immediately
prior to the reorganization. This means that you may end up with a different
number of shares compared to what you originally held, but the total dollar
value of your shares will be the same.
To vote, shareholders of North American Funds may use any of the following
methods:
. By Mail. You can vote your shares by completing and signing the enclosed
proxy card(s), and mailing it in the enclosed postage paid envelope. If
you need any assistance, or have any questions regarding a proposal or
how to vote your shares, please call North American Funds' information
agent, Georgeson Shareholder, at 1-888-850-2811.
. By Telephone. If you have any questions on how to vote your shares or if
you would like to vote by telephone, call 1-888-221-0697 toll free. Enter
your 14 digit control number from your proxy card to enter your vote.
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. By Internet. Finally, you may vote via the Internet. To do so, have your
proxy card available and go to the website: http://www.proxyweb.com.
Follow the instructions on the website and be prepared to enter your 14
digit control number from your proxy card to enter your vote.
Information for Shareholders of SunAmerica Portfolio Only
You are being asked to vote on an Agreement and Plan of Reorganization which
would essentially change your SunAmerica Portfolio from being a portfolio of
SunAmerica Style Select Series, Inc. into a portfolio of SunAmerica Equity
Funds called the SunAmerica International Equity Fund. Your SunAmerica
Portfolio is currently managed by SunAmerica Asset Management Corp. ("SAAMCo"),
and after the reorganization, the SunAmerica International Equity Fund will
also be managed by SAAMCo.
In connection with this reorganization, you will receive shares of the
SunAmerica International Equity Fund in exchange for shares of your SunAmerica
Portfolio. The shares of the SunAmerica International Equity Fund that you
receive will have the same aggregate net asset value as the shares of your
SunAmerica Portfolio immediately prior to the reorganization. This means that
you may end up with a different number of shares compared to what you
originally held, but the total dollar value of your shares will remain the
same.
To vote, shareholders of the SunAmerica Portfolio should follow the voting
instructions printed on the proxy card that is included with the proxy
statement and prospectus sent to each shareholder along with this letter.
Very Truly Yours,
/s/ John I. Fitzgerald /s/ Peter A. Harbeck
John I. Fitzgerald Peter A. Harbeck
Secretary, North American Funds President, SunAmerica Style Select
Series, Inc.
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