<PAGE> 1
(SunAmerica Logo)
(Series Trust)
SEMIANNUAL REPORT
MAY 31, 1995
<PAGE> 2
- ---------------------
DEAR INVESTOR:
We are pleased to present our semiannual report for the
SunAmerica Series Trust, one of the underlying trusts for the
Polaris Variable Annuity from Anchor National Life Insurance
Company.
The past six months have been excellent ones for the Polaris
Variable Annuity, with assets up to $1.6 billion at May 31, 1995
from $1.2 billion at November 30, 1994. The new portfolios, money
managers and enhanced programs introduced late last year have
served to boost Polaris' sales, thereby allowing more money to
flow into the portfolios for better buying opportunities.
The following is a combined perspective on the U.S. and global
economies over the six-month reporting period from the eight
investment managers who manage Polaris (including Wellington
Management Company, who manages the portfolios in the Anchor
Series Trust, for which you will receive a complete report in
about one month).
ECONOMIC OVERVIEW -- UNITED STATES
The U.S. economy has slowed significantly during this six-month
reporting period, providing a much improved investment climate
since our last report. Although the Federal Reserve Board raised
short-term rates one more time in February, by April a number of
key indicators were down, including housing starts, auto sales,
durable goods orders, and job growth. Alliance Capital
Management, L.P. asserts that the economic crisis in Mexico and
slow growth in Europe and Japan also helped to dampen U.S.
growth.
Bond Market
Signs of more moderate economic growth and subdued inflation
have increased investor optimism and brought renewed vigor to the
financial markets. Phoenix Investment Counsel reports that for
much of this year, investors have demonstrated a strong
preference for quality in both the bond and stock markets, a
trend they expect to continue. The bond market experienced a
strong rebound from its dismal 1994 performance, ending at 6.65%
on May 31, 1995. SunAmerica Asset Management Corp. reports that
fixed income markets have incorporated an easing of short-term
interest rates by the Federal Reserve, which Provident Investment
Counsel believes may reaccelerate the economy in late 1995 and
into 1996.
Stock Market
Phoenix Investment Counsel reports that the effect of positive
investor sentiment has had a particularly dramatic effect in the
equity market, which had its best start in three years. Over this
six-month reporting period, the Standard & Poor's 500 Composite
Stock Index produced a total return of 19.16%, a result which by
historical measures would be considered stellar full-year
performance. GDP grew at an annualized rate of 2.8% in the first
quarter and, according to Goldman Sachs Asset Management (GSAM),
second quarter growth is expected to be around 1.5%. Along with
declining interest rates and the diminishing threat of inflation
over the past six months, Alliance Capital Management believes
the slowing economy has led to higher price/earnings ratios for
stocks. Provident Investment Counsel adds that although the U.S.
economy has weakened, corporate profits remained robust as
productivity enhancements continued to drive the
------------------
1
<PAGE> 3
- ---------------------
bottom line higher and higher. The combination of lower rates and
strong corporate profits has resulted in an exploding stock
market that seems to test new highs week after week.
WHERE IS THE U.S. ECONOMY HEADED?
The majority of our investment managers believe that a "soft
landing" correctly describes the current state of economic
affairs and anticipate that corporate earnings in the third and
fourth quarters will be the greatest influence on the stock
markets. GSAM asserts that the economic expansion is not only
slowing but elongating, with high corporate profits and cash flow
poised to propel the U.S. stock and bond markets to double digit
returns. Selected/Venture Advisers, L.P. believes that with most
of the major stock market indices approaching new highs,
increasing corporate profits will be the necessary fuel to
further the markets' advance. Provident agrees, emphasizing that
it is essential that companies meet or exceed their earnings
expectations.
SunAmerica Asset Management believes that a recession is
unlikely, given that inflation has remained fairly benign and
credit is still readily available to sustain economic growth.
Although they will be watching for any signs of a recession in
the months ahead, Phoenix Investment Counsel states its belief
that the economy is fundamentally healthy and anticipates a
higher but controlled inflation rate between 3% and 3.5% by year
end. GSAM forecasts that inflation will rise somewhat as strong
growth resumes, and there will be more short-term rate hikes in
the future with the 30-year bond yield increasing from its
current level of around 6.5%. GSAM also feels that economic and
profit recovery will continue, with equities continuing to
outperform bonds over the next 12 months. Selected/Venture
Advisers offers a further-reaching outlook, stating that they
believe the rest of the decade should continue in a slow growth,
lower inflation mode -- a positive environment for investing in
equities.
ECONOMIC OVERVIEW -- GLOBAL MARKETS
As the U.S. surged ahead, European and Japanese equities
continued their year-long downturn. According to Morgan Stanley
Asset Management (MSAM), Europe managed to show some growth due
to cuts in German interest rates and strong corporate earnings,
but was hampered by rising currency, falling bond yields, and the
backlash caused by the Mexican crisis. Bond markets in Italy,
Spain and Sweden have suffered from currency weakness, GSAM
reports; however, core European and dollar bloc markets performed
well during the past six months.
In Japan, investors ended 1994 and began 1995 by reducing
equity exposure due to the generally high valuation level of the
equity market. Alliance Capital concedes that the Kobe earthquake
served to further accelerate concerns, the yen's strength
continued to threaten economic recovery, and Japanese companies
continued to lose ground in the competitive global marketplace.
However, Japanese bond markets did manage to benefit from cuts in
short-term interest rates.
Emerging markets experienced a virtual free fall in January, a
mixed February, and are now in the midst of a mild rally, reports
MSAM. Specifically, Asia has had a strong rebound, with markets
like Thailand and Indonesia returning double-digits for the month
of May.
- ---------------------
2
<PAGE> 4
- ---------------------
WHERE ARE THE GLOBAL MARKETS HEADED?
After a weak first quarter due to the Mexican devaluation and
the government's mishandling of it, MSAM believes that emerging
market debt markets are beginning to post a strong recovery since
countries like Argentina and Mexico announced credible economic
adjustment programs and reserved financial assistance from
international agencies. Now that rates have been reduced
worldwide, MSAM believes that the already-strengthening markets
will continue their recovery and that the global bear market is
over. They feel that the recent good values, strong earnings
growth, and falling rates are creating a more welcome environment
for investing.
The following is a discussion of individual portfolio
performance and the factors affecting it over the six-month
reporting period.
CASH MANAGEMENT -- SUNAMERICA ASSET MANAGEMENT CORPORATION
Weaker than expected economic data has fueled the year-long
rally in the short-term markets. The Cash Management Portfolio
participated in this rally with a 2.73% return, and was
well-positioned with longer-than-average days to maturity.
SunAmerica Asset Management anticipates the portfolio will
continue to outperform the averages as the rate of economic
growth continues to deteriorate.
FIXED INCOME -- GOLDMAN SACHS ASSET MANAGEMENT
During the six-month period ended May 31, 1995, this portfolio
returned 11.17% -- closely matching its benchmark, the Lehman
Aggregate Bond Index, which returned 11.40%. The portfolio's net
asset value (NAV) increased $0.53 to $10.28 as yields on the
five-year Treasury dropped 174 basis points to 6.05%. GSAM has a
neutral outlook on the corporate sector; however, they are
constructive on mortgage securities and expect the portfolio to
gain from the incremental yield these securities offer. In
addition, the portfolio will continue to hold asset-backed
securities, agency debt securities, and emerging market debt
securities. Going forward, GSAM expects a reduction in volatility
and will continue to seek securities at attractive
option-adjusted spreads.
GLOBAL BOND -- GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL
The Global Bond Portfolio had a 9.96% return for the six-month
period ended May 31, 1995, outperforming its benchmark, the J.P.
Morgan Global Government Bond Index (hedged), which returned
9.83% for the six-month period. The portfolio benefited from an
overweighting in dollar blocs, as these markets outperformed the
rest on the sharp reversal of growth and inflation estimates. It
also benefited from being underweighted in the high-yielding
markets, as the Mexico crisis again raised concerns of high
budget deficits and high debt servicing costs.
Although for most of the period the portfolio was fully hedged
into U.S. dollars, its yen and deutschemark exposure was
unhedged, and it took short positions in peripheral European
currencies versus the deutschemark and Swiss franc. Going
forward, GSAMI is very concerned about the sustainability of the
recent bond rally as well as the amount of easing by the Fed
being discounted in the market. However, the core European
markets should benefit from weak economic activity, currency
strength, and potential monetary easing, and GSAMI has thus
switched the portfolio to a shorter duration (4.5 years).
---------------------
3
<PAGE> 5
- ---------------------
HIGH-YIELD BOND -- SUNAMERICA ASSET MANAGEMENT CORPORATION
The high-yield bond market generated solid returns for the
six-month period ended May 31, 1995, as exemplified by the
portfolio's 9.43% return. Due to their concerns over the current
trend in credit quality in the market, SunAmerica Asset
Management Corp. has begun to raise cash levels in the portfolio
and substantially reduced its exposure to bonds issued by
companies that are sensitive to the economic cycle. Top holdings
during this time period include Kash 'N Karry Food Stores,
Sullivan Graphics, Inc. and NWCG Holding Corp.
WORLDWIDE HIGH INCOME -- MORGAN STANLEY ASSET MANAGEMENT
For the six-month period ending May 31, 1995, this portfolio
returned 8.30%, reflecting the strong performing U.S. high yield
market as credit quality improved, interest rates declined, and
the supply/demand situation was favorable. The high yield portion
of the portfolio is currently well diversified with over fifteen
companies spanning several industries as well as the spectrum of
risk. One of the portfolio's highest quality investments is in
Viacom, a company listed on the stock exchange with an equity
capitalization of over $16 billion.
As of May 31, 1995, the portfolio had 42% of its assets in the
U.S. high yield market, with 58% invested in emerging market
debt. Unfortunately, the Mexican peso devaluation set the tone
for violent swings in Brady bond prices in the developing
countries. Even so, the market lows in early March presented
excellent buying opportunities, positioning the portfolio to take
advantage of market rallies following the first quarter market
correction. In the month of May alone, this portfolio
outperformed many of its peers by an average of 300 basis points,
as the emerging markets posted a strong rebound with a near 9.0%
return. MSAM believes the emerging markets are very undervalued
and plans to increase the portfolio's allocation to 75%. Top
holdings in the portfolio currently include Brazil, Mexico, and
Argentina.
BALANCED/PHOENIX INVESTMENT COUNSEL
For the six months ended May 31, 1995, this portfolio posted a
solid return of 11.57%. The portfolio was underweighted in
equities, particularly in the technology sector. The fixed-income
portion of the portfolio was increased slightly in view of the
slowing economy. The portfolio's top holdings as of May 31, 1995,
include St. Paul Capital LLC, Applied Materials, Inc., Northern
Telecom Ltd., and Boeing Company.
ASSET ALLOCATION -- GOLDMAN SACHS ASSET MANAGEMENT
For the six months ended May 31, the portfolio posted a 15.11%
return. In GSAM's view, declining long-term interest rates have
favorable implications for future economic growth, and therefore
they are slightly more positive about stocks than bonds at this
stage. Hence, equity holdings increased from 53% to 55%
throughout the reporting period, with the current largest
holdings being Philip Morris Companies, National Medical
Enterprises, Inc., and McDonnell Douglas Corp., which continues
to reduce its costs while winning new military orders in the
midst of an industry shakeout.
On the fixed income side, the Treasury market has rallied over
the past several months, in line with the strong improvement in
the overall bond market. The portfolio has strong holdings in
Treasuries and asset-backed securities. The credit quality of the
- ---------------------
4
<PAGE> 6
- ---------------------
portfolio is currently AA, and the duration is matched to that of
its benchmark, the Lehman Brothers Aggregate Index, at 4.7 years.
GROWTH-INCOME -- ALLIANCE CAPITAL MANAGEMENT, L.P.
The Growth-Income Portfolio returned 17.00% during the
six-month reporting period, benefiting from its exposure to a
wide variety of financial companies, most of which performed very
well as interest rates fell. The portfolio also benefited from
its exposure to a number of top performers in the technology
sector, including Intel and Sun Microsystems. Alliance Capital is
currently seeking stocks that are reasonably priced and not
overly sensitive to the ups and downs of the overall economy. At
present, the technology sector offers a number of good
opportunities, in addition to companies such as AirTouch
Communications, Carnival Cruise Lines, and Pioneer Hi-Bred, which
are also performing well in the face of a slowing economy.
VENTURE VALUE -- SELECTED/VENTURE ADVISERS, L.P.
For the six months ended May 31, 1995, the portfolio achieved a
total return of 19.40%. Top holdings such as Travelers Group,
Inc., General Reinsurance Group, Chubb Corp., and American
Express Co. are representative of the manager's belief that
financial stocks offer a superior reward-versus-risk ratio as
compared to other sectors of the economy. With America's aging
baby boomers approaching retirement, favorable valuations,
growing dividends, stock repurchase plans, and low price/earnings
multiples strengthen their preferences in the financial sector.
Selected/Venture has recently incorporated a new investment
theme toward what they call "franchise companies," which can use
their fortress balance sheets during difficult economic times to
acquire their competition or repurchase their own stock. Either
way, as economic times improve, these companies should emerge
competitively stronger. The portfolio will continue to focus on
buying good companies at attractive prices when the company is
out of favor. Selected/Venture believes long-term earnings
determine the value of a stock -- not the latest news release or
the most recent earnings report. They believe in focusing
diligently on the risks of owning a company's shares as opposed
to just the potential reward, and have upgraded the quality of
companies in the portfolio.
PROVIDENT GROWTH -- PROVIDENT INVESTMENT COUNSEL
The Provident Growth Portfolio returned 11.61% for the
six-month period ended May 31, 1995. Over the last six months,
the market has exhibited a typical response to a slowing economy,
which is a tendency to move toward large capitalization growth
stocks. After the price of these stocks has risen, investors then
rotate to faster growth companies. This rotation began to occur
in late April, and since this portfolio is comprised of high
growth companies, the holdings have experienced significant stock
price appreciation. This rotation scenario is similar to one
experienced from 1988 to 1991. As of May 31, 1995, the portfolio
was heavily weighted in the technology sector at 39.80%, with
large holdings in Microsoft Corp., Intel Corp., and Oracle
Systems Corp., all poised for growth opportunities. Hence,
Provident feels this portfolio is currently well situated for
excellent returns over the near-term.
---------------------
5
<PAGE> 7
- ---------------------
GROWTH/PHOENIX INVESTMENT COUNSEL
For the six months ended May 31, 1995, this portfolio posted a
solid return of 13.60%. While the portfolio's weighting in
smaller and mid-sized companies did not perform as well as larger
issues early in the year, Phoenix Investment firmly believes
smaller issues will show stronger performance as the year
progresses. They have lowered cash reserves to 10% from the
conservative 20% held earlier in the year, and have increased
weightings in the financial services sector to 19.10% to take
advantage of the increasing gains there. Phoenix Investment will
continue its exposure to healthcare and pharmaceutical stocks at
12.30%, as well as an overweighting in the technology sector at
16.30%. Top holdings include General Electric Co., American
International Group, Inc., and Royal Dutch Petroleum Co.
ALLIANCE GROWTH -- ALLIANCE CAPITAL MANAGEMENT
For the six-month period ending May 31, 1995, the Alliance
Growth Portfolio provided a total return of 21.38%, outperforming
the 19.16% return of the S&P 500 Index, as well as the 17.76%
return of its benchmark, the Russell 1000 Growth Index. Strong
relative performance was driven by superior stock selection,
particularly in the technology, consumer staples, and financial
sectors. Performance in the technology sector, overweighted at
28.4% of the portfolio, is driven by holdings in Intel Corp.,
Cisco Systems, Inc., and Motorola, Inc.; other top producers
include United Healthcare Corp. and Philip Morris Companies.
GLOBAL EQUITIES -- ALLIANCE CAPITAL MANAGEMENT
The Global Equities Portfolio returned 7.70% for the six-month
period ended May 31, 1995. Despite having reduced the portfolio's
exposure to the Japanese market, emphasizing Europe over the U.S.
proved to be an incorrect strategy. In the European portion of
the portfolio, the manager continues to purchase attractively
valued French equities, including Unibail and Societe de
Immeubles. They have also started buying some U.K. building
materials companies such as Mayer International, Rugby Group, and
Hepworth. Although the portfolio's holdings in Spain were poor
performers during the reporting period, recent corrections in
this market are currently providing more attractive
opportunities.
In Japan, technology and pharmaceutical stocks have
successfully competed, despite the rising yen. Kyocera, Rohm,
Taisho Pharmaceutical, and Santen Pharmaceutical are some of the
largest holdings in these two sectors. In the North American
portion of the portfolios, AirTouch Communications is a
significant new position in the technology arena, boasting the
best ensemble of foreign wireless companies of any U.S. company.
INTERNATIONAL DIVERSIFIED EQUITIES -- MORGAN STANLEY ASSET
MANAGEMENT
Throughout the reporting period, MSAM began focusing on Asia
(sans Japan) to take advantage of the higher returns brought on
by the May rally in emerging markets. The portfolio's weightings
in Hong Kong, Singapore, Malaysia, and Thailand have all
increased. Also, European holdings were broadened to include
Germany, Switzerland, and Norway. As of May 31, 1995, the
portfolio returned -0.22%.
- ---------------------
6
<PAGE> 8
- ---------------------
That's the news on the economy and the individual portfolios
from our managers' perspective. Thank you for choosing Polaris as
your retirement savings investment -- we look forward to serving
you for years to come.
Sincerely,
[SIGNATURE]
Eli Broad
Chairman and Chief Executive Officer
Anchor National Life Insurance Company
July 10, 1995
--------------------------
All portfolio performance is reported at the fund level, which
includes investment management annual expenses but does not
include charges or fees at the variable annuity level. Past
performance is no guarantee of future results.
Investments in stocks and bonds are subject to risk, including
stock market and interest rate fluctuations. Investments in
non-U.S. stocks and bonds are subject to additional risks,
including fluctuations, political and social instability,
differing securities regulations and accounting standards, and
limited public information. High-yield bonds tend to be subject
to greater price swings than higher-rated bonds and, of course,
payment of interest and principal is not assured. Mortgage-backed
securities are subject to prepayment, which can result in
reinvestment of principal at lower yields. Money market
instruments generally offer stability and income, but an
investment in these securities is not guaranteed by the U.S.
government or any other entity.
---------------------
7
<PAGE> 9
- ---------------------
SUNAMERICA SERIES TRUST
CASH MANAGEMENT PORTFOLIO INVESTMENT PORTFOLIO--MAY 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES--100.7% AMOUNT VALUE
-------------------------------------------------------------------------------------------------
<S> <C> <C>
CERTIFICATE OF DEPOSIT--2.9%
Abbey National 6.40% due 5/30/96................................... $ 2,000,000 $ 1,997,996
------------
TOTAL CERTIFICATE OF DEPOSIT (cost $2,000,000)..................... 1,997,996
------------
CORPORATE SHORT-TERM NOTES--84.9%
Ameritech Capital Funding Corp. 6.22% due 7/10/95.................. 1,000,000 993,458
BankAmerica Corp. 5.90% due 9/27/95................................ 3,000,000 2,941,392
Bear Stearns Co., Inc. 6.18% due 3/29/96........................... 2,500,000 2,499,975
Cosco Co., Ltd. 6.11% due 7/06/95.................................. 2,000,000 1,988,145
Cregem North America, Inc. 6.02% due 7/19/95....................... 2,000,000 1,983,814
du Pont (E.I.) de Nemours & Co. 5.90% due 9/26/95.................. 3,000,000 2,941,885
Eli Lilly & Co. 6.06% due 7/13/95.................................. 2,100,000 2,085,472
Ford Motor Credit Co. 9.85% due 5/03/96............................ 1,500,000 1,552,974
Golden Peanut Co. 5.93% due 9/26/95................................ 2,000,000 1,961,256
Goldman Sachs Group L.P. 5.89% due 10/03/95........................ 2,000,000 1,959,097
Hanson Finance (U.K.) PLC 6.12% due 6/02/95........................ 2,500,000 2,499,578
Indosuez North America, Inc. 5.98% due 9/14/95..................... 2,000,000 1,965,020
JAL Capital Corp. 5.96% due 7/25/95................................ 2,500,000 2,476,125
JMG Funding L.P. 6.07% due 6/13/95................................. 3,000,000 2,993,880
McGraw-Hill, Inc. 6.06% due 7/12/95................................ 2,500,000 2,482,574
NBD Bank, N.A., Indianapolis 6.40% due 4/25/96..................... 2,000,000 2,003,540
Quebec (Province of) 6.02% due 6/06/95............................. 3,000,000 2,997,636
Republic National Bank of New York 6.14% due 6/05/95............... 3,000,000 2,998,141
SAFECO Credit Co., Inc. 6.16% due 6/05/95.......................... 1,500,000 1,499,071
Sakura Bank Ltd. 6.20% due 6/05/95................................. 1,300,000 1,299,191
Sanwa Bank Ltd. 6.25% due 7/03/95.................................. 2,000,000 1,989,065
Sanyo Electric Finance Corp. 5.97% due 11/16/95.................... 2,000,000 1,944,418
Sierra Funding Corp. 6.20% due 6/30/95............................. 2,000,000 1,990,415
Svenska Handelsbanken SA 6.04% due 7/20/95......................... 3,000,000 2,975,868
Toronto Dominion Holdings 5.95% due 7/05/95........................ 3,000,000 2,982,150
Wool International 6.11% due 6/02/95............................... 3,000,000 2,999,495
------------
TOTAL CORPORATE SHORT-TERM NOTES (cost $58,997,433)................ 59,003,635
------------
MUNICIPAL BONDS--5.7%
Braxton County, West Virginia 6.11% due 8/22/95.................... 2,000,000 2,000,604
New Hampshire State Industrial Development Authority, Revenue 6.22%
due 8/30/95...................................................... 2,000,000 2,000,000
------------
TOTAL MUNICIPAL BONDS (cost $4,000,000)............................ 4,000,604
------------
TIME DEPOSIT--7.2%
Cayman Island Time Deposit with Mitsubishi Bank
6.00% due 6/08/95 (cost $5,000,000).............................. 5,000,000 5,000,000
------------
TOTAL SHORT-TERM SECURITIES (cost $69,997,433)..................... 70,002,235
------------
</TABLE>
- ---------------------
8
<PAGE> 10
<TABLE>
<CAPTION>
PRINCIPAL
REPURCHASE AGREEMENT--17.0% AMOUNT VALUE
-------------------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT--17.0%
Joint Repurchase Agreement Account (Note 3)
(cost $11,835,000)............................................... $11,835,000 $ 11,835,000
------------
TOTAL INVESTMENTS--
(cost $81,832,433) 117.7% 81,837,235
Liabilities in excess of other assets-- (17.7) (12,319,523)
----- -------------
NET ASSETS-- 100.0% $ 69,517,712
===== =============
</TABLE>
See Notes to Financial Statements
---------------------
9
<PAGE> 11
- ---------------------
SUNAMERICA SERIES TRUST
FIXED INCOME PORTFOLIO INVESTMENT PORTFOLIO--MAY 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES--97.3% AMOUNT VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY--1.8%
Housing--1.8%
News America Holdings, Inc. 7.50% 2000............................... $ 150,000 $ 153,207
News America Holdings, Inc. 9.13% 1999............................... 175,000 189,632
------------
342,839
------------
CONSUMER STAPLES--0.5%
Food, Beverage & Tobacco--0.5%
RJR Nabisco, Inc. 8.63% 2002......................................... 100,000 102,195
------------
ENERGY--3.2%
Energy Services--3.2%
Arkla, Inc. 9.20% 1997............................................... 40,000 41,524
Arkla, Inc. 9.88% 1997............................................... 225,000 236,250
Empresa Colombiana de Petroleos 7.25% 1998........................... 30,000 29,250
Oryx Energy Co. 9.30% 1996........................................... 150,000 152,070
Oryx Energy Co. 9.75% 1998........................................... 150,000 150,750
------------
609,844
------------
FINANCE--23.9%
Banks--7.9%
Auburn Hills Trust 12.38% 2020....................................... 90,000 130,718
Banco Nacional de Comercio Exterior 11.25% 1995...................... 90,000 90,000
BanPonce Corp. 5.17% 1996............................................ 175,000 172,706
Continental Bank NA 12.50% 2001...................................... 300,000 379,728
Corporacion Andina de Fomento 7.25% 1998............................. 90,000 85,050
Security Pacific Corp. 11.50% 2000................................... 275,000 331,658
Signet Banking Corp. 9.63% 1999...................................... 300,000 327,564
Financial Services--16.0%
Chrysler Financial Corp. 10.34% 2008................................. 200,000 206,676
Countrywide Funding Corp. 8.43% 1999................................. 175,000 186,393
Discover Card Trust 7.20% 1998....................................... 458,333 459,479
Financiera Energet 6.63% 1996........................................ 300,000 296,640
Financiera Energet 9.00% 1999........................................ 20,000 20,338
First USA, Inc. 5.05% 1995........................................... 200,000 198,602
Ford Capital BV 9.50% 2001........................................... 400,000 452,596
Ford Credit Auto Loan Master Trust 5.63% 1997........................ 130,000 129,715
Ford Credit Grantor Trust 7.30% 1999................................. 91,798 93,175
General Motors Acceptance Corp. 6.30% 2099........................... 182,846 183,016
General Motors Acceptance Corp. 7.50% 1997........................... 75,000 76,647
General Motors Acceptance Corp. 7.63% 1998........................... 175,000 179,646
Premier Auto Trust 7.90% 1999........................................ 120,000 123,974
Standard Credit Card Master Trust Series 1991, Class B 6.25% 1998.... 260,000 258,861
Standard Credit Card Master Trust Series 1990-5, Class A 9.38%
1996............................................................... 200,000 200,062
------------
4,583,244
------------
INDUSTRIAL & COMMERCIAL--3.9%
Aerospace & Military Technology--0.5%
British Aerospace 7.55% 1997......................................... 100,000 101,388
</TABLE>
- ---------------------
10
<PAGE> 12
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (continued) AMOUNT VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL (continued)
Machinery--1.7%
Case Equipment Loan Trust 7.30% 2002................................. $ 312,432 $ 316,779
Multi-Industry--1.7%
Tenneco, Inc. 10.00% 1998............................................ 300,000 328,017
------------
746,184
------------
INFORMATION & ENTERTAINMENT--4.3%
Broadcasting & Media--3.5%
Tele-Communications, Inc. 7.00% 1997................................. 200,000 201,164
Time Warner, Inc. 7.45% 1998......................................... 455,000 460,810
Leisure & Tourism--0.8%
Blockbuster Entertainment Corp. 6.63% 1998........................... 100,000 99,166
TKR Cable, Inc. 10.50% 2007.......................................... 50,000 57,125
------------
818,265
------------
INFORMATION TECHNOLOGY--2.1%
Communication Equipment--0.8%
Cablevision Industries Corp. 10.75% 2002............................. 130,000 140,400
Computers & Business Equipment--1.3%
Comdisco, Inc. 7.33% 1997............................................ 200,000 201,770
Comdisco, Inc. 9.75% 1997............................................ 50,000 52,539
------------
394,709
------------
NON-U.S. GOVERNMENT OBLIGATIONS--4.0%
Foreign Government--4.0%
Ontario Province Canada 15.75% 2012.................................. 100,000 120,382
Petroleo Brasileiro SA 8.75% 1996(1)................................. 250,000 246,250
Quebec Province Canada 13.25% 2014................................... 165,000 207,616
Republic of Argentina Bote zero coupon 1997.......................... 370,000 180,005
Republic of Colombia 7.13% 1998...................................... 20,000 19,650
------------
773,903
------------
U.S. GOVERNMENT & AGENCIES--53.6%
U.S. Government & Agencies--53.6%
Federal Home Loan Bank 8.59% 2000.................................... 70,000 70,918
Federal Home Loan Mortgage Corp. 8.00% TBA........................... 1,000,000 1,021,560
Federal Home Loan Mortgage Corp. 8.20% 1998.......................... 110,000 113,093
Federal Home Loan Mortgage Corp. 9.00% TBA........................... 600,000 625,500
Federal National Mortgage Association 5.40% 1998..................... 410,000 400,242
Federal National Mortgage Association 5.62% 1998..................... 290,000 283,962
Federal National Mortgage Association 6.50% 2018..................... 250,000 244,452
Federal National Mortgage Association 6.50% 2024..................... 1,861,686 1,790,700
Federal National Mortgage Association 7.00% 2024..................... 390,047 383,709
Federal National Mortgage Association 7.00% TBA...................... 250,000 245,937
Federal National Mortgage Association 8.79% 2002..................... 60,000 60,964
Government National Mortgage Association 7.50% 2023.................. 29,615 29,800
Government National Mortgage Association 8.00% TBA................... 1,000,000 1,024,680
United States Treasury Bonds 8.00% 2021.............................. 35,000 40,163
United States Treasury Bonds 10.75% 2003............................. 10,000 12,700
United States Treasury Bonds 11.13% 2003............................. 60,000 78,300
United States Treasury Bond Strip zero coupon 2004................... 2,700,000 1,476,171
United States Treasury Bond Strip zero coupon 2018................... 190,000 37,455
United States Treasury Bond Strip zero coupon 2019................... 430,000 82,818
</TABLE>
---------------------
11
<PAGE> 13
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (continued) AMOUNT VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT & AGENCIES (continued)
United States Treasury Bond Strip zero coupon 2020................... $3,980,000 $ 695,744
United States Treasury Notes 6.25% 2003.............................. 1,430,000 1,427,984
United States Treasury Notes 7.50% 1999.............................. 140,000 147,678
------------
10,294,530
------------
TOTAL INVESTMENT SECURITIES (cost $18,312,126)....................... 18,665,713
------------
<CAPTION>
SHORT-TERM SECURITIES--0.7%
---------------------------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE SHORT-TERM NOTES--0.7%
Mexican Cetes 7.46% due 6/05/95...................................... 90,000 89,926
Republic of Argentina 10.00% due 6/02/95............................. 40,000 40,000
------------
TOTAL SHORT-TERM SECURITIES (cost $129,926).......................... 129,926
------------
<CAPTION>
REPURCHASE AGREEMENT--15.1%
---------------------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT--15.1%
Agreement with State Street Bank & Trust Co., bearing interest at
6.00% dated 5/31/95, to be repurchased 6/01/95 in the amount of
$2,893,482 and collateralized by $2,705,000 U.S. Treasury Notes
8.875% due 11/15/98 (cost $2,893,000).............................. 2,893,000 2,893,000
------------
TOTAL INVESTMENTS--
(cost $21,335,052) 113.1% 21,688,639
Liabilities in excess of other assets-- (13.1) (2,511,137)
----- ------------
NET ASSETS-- 100.0% $19,177,502
===== ============
</TABLE>
-----------------------------
(1) Fair valued security; see Note 2
TBA -- Securities purchased on a forward commitment basis with an
approximate principal amount and no definitive maturity
date. The actual principal amount and maturity date will be
determined upon settlement.
See Notes to Financial Statements
- ---------------------
12
<PAGE> 14
- ---------------------
SUNAMERICA SERIES TRUST
GLOBAL BOND PORTFOLIO INVESTMENT PORTFOLIO--MAY 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(DENOMINATED
IN
LOCAL
FOREIGN BONDS & NOTES--50.0% CURRENCY) VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
CANADA--11.1%
Government of Canada 6.50% 2004..................................... 8,320,000 $ 5,521,957
------------
DENMARK--6.7%
Government of the Kingdom of Denmark 9.00% 2000..................... 17,250,000 3,314,976
------------
FRANCE--12.9%
Government of France 8.25% 2004..................................... 13,500,000 2,868,971
Government of France 8.50% 2000..................................... 4,000,000 854,983
Government of France 8.50% 2002..................................... ECU 1,500,000 2,046,836
Government of France 8.50% 2003..................................... 3,000,000 646,377
------------
6,417,167
------------
GERMANY--7.4%
Republic of Germany 7.38% 2005...................................... 2,600,000 1,931,281
Republic of Germany 8.38% 2001...................................... 2,250,000 1,762,524
------------
3,693,805
------------
JAPAN--5.5%
Government of Japan 4.10% 2003...................................... 210,000,000 2,700,408
------------
UNITED KINGDOM--6.4%
United Kingdom Gilt-Edged Bonds 8.00% 2003.......................... 2,000,000 3,191,002
------------
TOTAL FOREIGN BONDS & NOTES (cost $23,375,240)...................... 24,839,315
------------
<CAPTION>
PRINCIPAL
U.S. GOVERNMENT AND AGENCIES--23.0% AMOUNT
---------------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT--23.0%
United States Treasury Notes 6.25% 2003............................. $ 2,250,000 2,246,827
United States Treasury Notes 6.88% 1999............................. 3,000,000 3,089,070
United States Treasury Notes 7.88% 2004............................. 5,500,000 6,094,660
------------
TOTAL U.S. GOVERNMENT AND AGENCIES (cost $10,803,174)............... 11,430,557
------------
TOTAL INVESTMENT SECURITIES (cost $34,178,414)...................... 36,269,872
------------
</TABLE>
---------------------
13
<PAGE> 15
<TABLE>
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES--25.2% AMOUNT VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
TIME DEPOSIT--25.2%
Cayman Island Time Deposit with State Street Bank & Trust Co.
5.94% due 6/01/95................................................. $ 12,541,000 $12,541,000
------------
TOTAL SHORT-TERM SECURITIES (cost $12,541,000)...................... 12,541,000
------------
TOTAL INVESTMENTS--
(cost: $46,719,414) 98.2% 48,810,872
Other assets less liabilities-- 1.8 913,328
----- ------------
NET ASSETS-- 100.0% $49,724,200
===== ============
</TABLE>
<TABLE>
<CAPTION>
FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT MAY 31, 1995
---------------------------------------------------------------------
GROSS
CONTRACT IN DELIVERY UNREALIZED
TO DELIVER EXCHANGE FOR DATE APPRECIATION
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
*CAD 3,130,000 DEM 3,261,617 8/14/95 $ 36,490
CAD 1,200,263 USD 876,329 7/11/95 1,488
CAD 298,170 USD 219,420 7/11/95 2,093
*CHF 2,702,000 ITL 3,876,554,400 7/12/95 25,412
*CHF 2,462,985 CAD 3,150,000 8/14/95 169,968
*DEM 3,100,500 ITL 3,739,296 6/01/95 83,782
*DEM 199,500 USD 143,714 6/01/95 2,549
*DEM 3,260,000 ESP 290,316,040 6/01/95 64,395
*DEM 3,180,000 FRF 11,467,716 6/09/95 59,434
*DEM 3,180,000 SEK 16,828,560 7/07/95 33,924
*DEM 3,180,000 ITL 3,918,555,000 7/11/95 120,834
*DEM 3,267,000 ESP 291,560,148 8/04/95 48,620
*DEM 3,267,000 GBP 1,478,113 8/04/95 27,734
ECU 1,549,290 USD 2,075,119 7/20/95 50,033
FRF 22,301,220 USD 4,545,703 8/30/95 67,153
GBP 2,045,581 USD 3,300,749 9/11/95 57,224
*GBP 1,504,714 USD 2,428,006 9/11/95 42,097
*ITL 3,739,296,000 DEM 3,300,000 6/01/95 57,383
*ITL 3,758,454,980 CHF 2,702,000 7/12/95 46,157
*JPY 4,257,900 USD 51,592 9/11/95 556
*SEK 16,650,140 DEM 3,295,100 6/06/95 63,744
*USD 62,020 SEK 456,966 7/07/95 97
*USD 62,894 ITL 108,501,600 7/11/95 2,863
*USD 1,063,292 ITL 1,790,955,300 8/08/95 18,354
*USD 2,118,861 CHF 2,462,985 8/14/95 4,538
*USD 7,264 CAD 10,350 7/11/95 280
*USD 2,292,736 CAD 3,266,690 7/11/95 88,270
*USD 55,482 JPY 4,807,500 7/17/95 1,688
*USD 47,480 JPY 4,257,900 9/11/95 3,556
*USD 2,362,400 GBP 1,504,714 9/11/95 23,508
*USD 2,232,520 JPY 200,206,800 9/11/95 167,195
-----------
1,371,419
-----------
<CAPTION>
GROSS
UNREALIZED
DEPRECIATION
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CAD 6,332,680 USD 4,603,074 7/11/95 $ (12,651)
*CAD 3,141,078 USD 2,220,000 8/14/95 (66,870)
*CAD 10,350 USD 7,523 7/11/95 (21)
*CAD 3,266,690 USD 2,300,000 7/11/95 (81,006)
*DEM 3,266,312 CAD 3,130,000 8/14/95 (39,823)
DEM 2,612,270 USD 1,821,412 7/24/95 (31,161)
DEM 2,772,627 USD 1,930,409 7/24/95 (35,887)
*DEM 3,263,965 SEK 16,650,140 6/06/95 (41,708)
*DEM 149,185 USD 103,183 6/07/95 (2,408)
</TABLE>
- ---------------------
14
<PAGE> 16
<TABLE>
<CAPTION>
FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT MAY 31, 1995 (continued)
---------------------------------------------------------------------
GROSS
CONTRACT IN DELIVERY UNREALIZED
TO DELIVER EXCHANGE FOR DATE DEPRECIATION
----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
*DEM 4,509,516 USD 3,118,981 6/07/95 $ (72,762)
*DEM 199,500 USD 139,102 7/24/95 (2,380)
*DEM 916,325 USD 637,000 9/18/95 (14,460)
*DEM 2,493,527 USD 1,733,000 9/18/95 (39,770)
DKK 17,991,750 USD 3,195,125 6/13/95 (64,073)
*ESP 290,638,780 DEM 3,260,000 6/01/95 (67,031)
*ESP 296,512,920 DEM 3,267,000 8/04/95 (88,823)
FRF 12,208,106 DEM 3,439,000 9/11/95 (6,662)
FRF 12,171,796 USD 2,380,000 9/11/95 (63,648)
*FRF 11,387,898 DEM 3,180,000 6/09/95 (43,354)
*GBP 1,487,908 DEM 3,267,000 8/04/95 (43,278)
*ITL 4,027,056,600 DEM 3,180,000 7/11/95 (186,592)
*ITL 118,104,420 USD 70,738 7/12/95 (830)
*ITL 1,536,184,351 USD 914,695 8/04/95 (13,082)
*ITL 254,770,950 USD 153,869 8/08/95 (105)
JPY 217,182,393 USD 2,568,595 7/17/95 (14,103)
*JPY 4,807,500 USD 56,858 7/17/95 (312)
*JPY 200,206,800 USD 2,280,000 9/11/95 (119,715)
*SEK 17,285,526 DEM 3,180,000 7/07/95 (96,041)
USD 85,695 DEM 117,840 6/07/95 (2,290)
USD 2,210,518 DEM 3,102,528 9/18/95 (4,779)
*USD 2,676 ESP 322,084 6/01/95 (46)
*USD 41,929 ESP 4,952,772 8/04/95 (727)
*USD 108,489 DEM 149,185 6/07/95 (2,899)
*USD 3,244,256 DEM 4,509,516 6/07/95 (52,513)
*USD 144,043 DEM 199,500 7/24/95 (2,562)
*USD 2,429,482 DEM 3,409,852 9/18/95 (5,253)
------------
(1,319,625)
------------
Net Appreciation....................................... $ 51,794
============
</TABLE>
-----------------------------
* Represents open forward foreign currency contracts and
offsetting open forward foreign currency contracts that
do not have additional market risk but have continued
counterparty settlement risk.
CAD -- Canadian Dollar
CHF -- Swiss Franc
DEM -- Deutsche Mark
DKK -- Danish Kroner
ECU -- European Currency Unit
ESP -- Spanish Peseta
FRF -- French Franc
GBP -- Pound Sterling
ITL -- Italian Lira
JPY -- Japanese Yen
SEK -- Swedish Krona
USD -- United States Dollar
See Notes to Financial Statements
---------------------
15
<PAGE> 17
- ---------------------
SUNAMERICA SERIES TRUST
HIGH-YIELD BOND PORTFOLIO INVESTMENT PORTFOLIO--MAY 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES--87.0% AMOUNT VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY--12.6%
Automotive--1.4%
AM General Corp. 12.88% 2022......................................... $1,000,000 $ 993,750
Housing--2.7%
American Standard, Inc. 10.88% 1999.................................. 1,000,000 1,075,000
Jim Walter Corp. 13.75% 2003(1)(2)................................... 1,500,000 900,000
Retail--8.5%
County Seat Stores, Inc. 12.00% 2001................................. 1,000,000 995,000
Eckard Corp. 11.13% 2001............................................. 827,000 831,135
Hills Stores Co. 10.25% 2003......................................... 1,000,000 985,000
Rickel Home Centers, Inc. 13.50% 2001(3)............................. 1,000,000 920,000
Specialty Retailers, Inc. 11.00% 2003................................ 500,000 472,500
Thrifty Payless Holdings, Inc. 12.25% 2004(3)........................ 1,000,000 1,105,000
Wickes Lumber Co. 11.63% 2003........................................ 1,000,000 930,000
------------
9,207,385
------------
CONSUMER STAPLES--10.2%
Food, Beverage & Tobacco--0.6%
All American Bottling Corp. 13.00% 2001.............................. 500,000 435,000
Food Retail--6.9%
Dominick's Finer Foods, Inc. 10.88% 2005............................. 1,000,000 1,015,000
Farm Fresh, Inc. 12.25% 2000......................................... 1,000,000 965,000
Kash 'N Karry Food Stores, Inc. 11.50% 2003.......................... 2,000,000 2,040,000
Ralph's Grocery Co. 10.25% 2002...................................... 1,000,000 1,000,000
Household Products--2.7%
Calmar, Inc. 12.00% 1997............................................. 1,000,000 1,020,000
Chattem, Inc. 12.75% 2004............................................ 1,000,000 943,750
------------
7,418,750
------------
ENERGY--1.1%
Energy Services--1.1%
Deep Tech International, Inc. 12.00% 2000............................ 1,000,000 830,000
------------
FINANCE--0.7%
Financial Services--0.7%
Olympic Financial Ltd. 13.00% 2000................................... 500,000 515,000
------------
HEALTHCARE--7.6%
Health Services--7.6%
Amerisource Distribution Corp. 11.25% 2005........................... 528,125 584,899
Dade International, Inc. 13.00% 2005................................. 500,000 522,500
Multicare, Inc. 12.50% 2002.......................................... 1,000,000 1,130,000
National Medical Enterprises, Inc. 10.13% 2005....................... 1,000,000 1,055,000
OrNda Healthcorp 12.25% 2002......................................... 1,000,000 1,100,000
Surgical Health Corp. 11.50% 2004.................................... 1,000,000 1,150,000
------------
5,542,399
------------
</TABLE>
- ---------------------
16
<PAGE> 18
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (continued) AMOUNT VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL--5.6%
Business Services--4.2%
Computervision Corp. 11.38% 1999..................................... $1,000,000 $ 960,000
Sullivan Graphics, Inc. 15.00% 2000.................................. 2,000,000 2,115,000
Multi-Industry--1.4%
J.B. Poindexter & Co. 12.50% 2004.................................... 1,000,000 980,000
------------
4,055,000
------------
INFORMATION & ENTERTAINMENT--24.2%
Broadcasting & Media--14.5%
Australis Media Ltd. zero coupon 2003................................ 2,000,000 1,020,000
Comcast Corp. 9.38% 2005............................................. 1,000,000 990,000
Granite Broadcasting Corp. 10.38% 2005*.............................. 500,000 502,500
International Cable Tel., Inc. zero coupon 2005*(4).................. 1,000,000 570,000
Katz Corp. 12.75% 2002............................................... 1,000,000 1,075,000
NWCG Holding Corp. zero coupon 1999.................................. 3,000,000 1,830,000
PTI Holdings, Inc. 7.00% 2002........................................ 1,000,000 608,750
Simmons Cable Co. 15.75% 1996(1)(2).................................. 2,000,000 1,050,000
United International Holdings, Inc. zero coupon 1999(3)(4)........... 2,750,000 1,656,875
Videotron Holdings PLC zero coupon 2004(4)........................... 2,000,000 1,280,000
Leisure & Tourism--9.7%
American Restaurant Group, Inc. 12.00% 1998.......................... 1,000,000 850,000
Carrols Corp. 11.50% 2003............................................ 1,000,000 945,000
Fitzgerald Gaming Corp. 13.75% 1996(2)(3)............................ 1,000,000 620,000
Harrah's Jazz Co. 14.25% 2001........................................ 1,000,000 1,100,000
HMH Properties, Inc. 9.50% 2005*..................................... 1,000,000 982,500
Santa Fe Hotel, Inc. 11.00% 2000..................................... 1,000,000 945,000
Showboat, Inc. 13.00% 2009........................................... 1,000,000 1,050,000
Stratosphere Corp. 14.25% 2002....................................... 500,000 520,000
------------
17,595,625
------------
INFORMATION TECHNOLOGY--11.3%
Communication Equipment--0.9%
In Flight Phone Corp. zero coupon 2002*(3)........................... 1,000,000 650,000
Electronics--1.4%
International Semi-Tech Microelectronic, Inc. zero coupon 2003(4).... 2,000,000 1,030,000
Telecommunications--9.0%
Comcast Celluar Corp. zero coupon 2000(4)............................ 1,500,000 1,095,000
Dial Page, Inc. 12.25% 2000.......................................... 1,500,000 1,556,250
Echostar Communications Corp. zero coupon 2004(3)(4)................. 1,000,000 530,000
Mobile Telecommunication Technologies Corp. 13.50% 2002.............. 1,000,000 1,072,500
Nextel Communications, Inc. zero coupon 2004(4)...................... 1,000,000 495,000
PanAmSat, LP zero coupon 2003(4)..................................... 2,500,000 1,775,000
------------
8,203,750
------------
MATERIALS--10.9%
Chemicals--5.9%
Arcadian Partners LP 10.75% 2005..................................... 1,000,000 1,020,000
G I Holdings, Inc. zero coupon 1998.................................. 1,000,000 680,000
Harris Chemical North America, Inc. zero coupon 2001(4).............. 1,000,000 905,000
LaRoche Industries, Inc. 13.00% 2004................................. 1,000,000 1,045,000
OSI Specialties Holdings Co. zero coupon 2004(4)..................... 1,000,000 693,125
</TABLE>
---------------------
17
<PAGE> 19
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (continued) AMOUNT VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
MATERIALS (continued)
Forest Products--2.9%
Southwest Forest Industries, Inc. 12.13% 2001........................ $1,000,000 $ 1,010,000
Stone Container Corp. 11.88% 1998.................................... 1,000,000 1,077,500
Metals & Minerals--2.1%
Renco Metals, Inc. 12.00% 2000....................................... 1,000,000 1,022,500
WCI Steel, Inc. 10.50% 2002.......................................... 500,000 506,250
------------
7,959,375
------------
NON-U.S. GOVERNMENT OBLIGATIONS--2.8%
Foreign Government--2.8%
Federal Republic of Brazil 4.00% 2014............................... 2,080,800 1,056,656
Republic of Argentina 4.35% 2023.................................... 1,000,000 500,000
Republic of Ecuador 7.25% 2025...................................... 1,000,000 517,500
------------
2,074,156
------------
TOTAL BONDS & NOTES (cost $63,703,643).............................. 63,401,440
------------
<CAPTION>
COMMON STOCKS--1.9% SHARES
---------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER STAPLES--0.0%
Food Retail--0.0%
Smitty's Supermarkets, Inc.......................................... 500 5,000
------------
INFORMATION & ENTERTAINMENT--0.1%
Leisure & Tourism--0.1%
Capital Gaming International, Inc................................... 40,000 58,750
------------
MATERIALS--1.8%
Forest Products--1.8%
Stone Container Corp................................................ 75,000 1,312,500
------------
TOTAL COMMON STOCK (cost $1,698,610)................................ 1,376,250
------------
<CAPTION>
PREFERRED STOCK--1.4%
---------------------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY--1.4%
Telecommunications--1.4%
PanAmSat, LP (cost $1,000,000)...................................... 1,000 1,035,000
------------
</TABLE>
- ---------------------
18
<PAGE> 20
<TABLE>
<CAPTION>
WARRANTS--0.0%+ SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY--0.0%
Housing--0.0%
NVR, Inc. ........................................................... 6,857 $ 6,857
------------
CONSUMER STAPLES--0.0%
Food, Beverage & Tobacco--0.0%
Browne Bottling Co.(3)............................................... 237 2
Household Products--0.0%
Chattem, Inc. ....................................................... 1,000 3,000
------------
3,002
------------
INFORMATION & ENTERTAINMENT--0.0%
Leisure & Tourism--0.0%
Casino Magic Finance Corp. .......................................... 6,000 2,775
------------
MATERIALS--0.0%
Chemicals--0.0%
OSI Specialties Holdings Co. ........................................ 1,000 20,000
------------
TOTAL WARRANTS (cost $2)............................................. 32,634
------------
TOTAL INVESTMENT SECURITIES (cost $66,402,255)....................... 65,845,324
------------
<CAPTION>
PRINCIPAL
REPURCHASE AGREEMENT--1.3% AMOUNT
---------------------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT--1.3%
Joint Repurchase Agreement Account (Note 3)
(cost $939,000).................................................... $ 939,000 939,000
------------
TOTAL INVESTMENTS--
(cost $67,341,255) 91.6% 66,784,324
Other assets less liabilities-- 8.4 6,086,503
----- ------------
NET ASSETS-- 100.0% $72,870,827
===== ============
</TABLE>
------------
+ Non-income producing securities
* Resale restricted to qualified institutional buyers
(1) Bond in default
(2) Fair valued security; see Note 2
(3) Consists of more than one class of securities traded
together as a unit; generally bonds with attached
stocks or warrants
(4) Represents a zero coupon bond which will convert to an
interest bearing security at a later date
See Notes to Financial Statements
---------------------
19
<PAGE> 21
- ---------------------
SUNAMERICA SERIES TRUST
WORLDWIDE HIGH INCOME
PORTFOLIO INVESTMENT PORTFOLIO--MAY 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES--86.1% AMOUNT VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY--12.3%
Apparel & Textiles--5.1%
Polysindo Eka Perkasa 13.00% 2001(1)................................. $ 200,000 $ 195,000
Westpoint Stevens, Inc. 9.38% 2005................................... 500,000 490,000
Housing--2.9%
Minas Gerais 8.25% 2000(1)........................................... 500,000 385,000
Retail--4.3%
Southland Corp. 5.00% 2003........................................... 750,000 571,875
------------
1,641,875
------------
CONSUMER STAPLES--3.3%
Food, Beverage & Tobacco--3.3%
Empresas La Moderna 10.25% 1997(1)................................... 500,000 442,500
------------
FINANCE--4.3%
Banks--4.3%
BCO National Common 7.25% 2004(1).................................... 850,000 567,375
------------
INDUSTRIAL & COMMERCIAL--13.5%
Machinery--11.9%
Americold Corp. 11.50% 2005.......................................... 250,000 242,500
Companhia Brasileira de Petroleo Ipiranga 12.50% 1997*(1)............ 500,000 460,000
Iochpe Maxion SA 12.38% 2002*(1)..................................... 500,000 440,000
Owens Illinois, Inc. 11.00% 2003..................................... 400,000 443,000
Transportation--1.6%
MC-Cuernavaca Trust 9.25% 2001*(1)................................... 305,628 220,052
------------
1,805,552
------------
INFORMATION & ENTERTAINMENT--9.4%
Broadcasting & Media--9.4%
Marvel Parent Holdings, Inc. zero coupon 1998(2)..................... 750,000 521,250
Rogers Cablesystems Ltd. 10.00% 2005*................................ 250,000 253,750
Viacom, Inc. 8.00% 2006.............................................. 500,000 486,250
------------
1,261,250
------------
INFORMATION TECHNOLOGY--2.2%
Electronics--2.2%
Bell & Howell Holdings Co. zero coupon 2005(2)....................... 500,000 295,000
------------
MATERIALS--11.8%
Chemicals--3.4%
Plastic Specialty & Technology, Inc. 11.25% 2003..................... 500,000 457,500
Forest Products--3.9%
Stone Consolidated Corp. 10.25% 2000................................. 500,000 520,000
</TABLE>
- ---------------------
20
<PAGE> 22
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (continued) AMOUNT VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
MATERIALS (continued)
Metals & Minerals--4.5%
Gulf State Steel Acquisition Corp. 13.50% 2003*...................... $ 100,000 $ 100,500
Sheffield Steel Corp. 12.00% 2001.................................... 500,000 502,500
------------
1,580,500
------------
NON-U.S. GOVERNMENT OBLIGATIONS--23.4%
Foreign Government--23.4%
Federative Republic of Brazil 4.00% 2014............................. 260,100 129,969
Federative Republic of Brazil zero coupon 2006(2).................... 250,000 150,938
Petroleos Mexicanos 8.63% 2023*...................................... 1,000,000 627,500
Republic of Argentina 7.31% 2005..................................... 2,000,000 1,311,250
Republic of Bulgaria 7.56% 2024...................................... 750,000 362,343
Republic of Panama 7.13% 2002........................................ 400,000 305,500
Republic of Venezuela 7.69% 2007..................................... 500,000 230,000
------------
3,117,500
------------
UTILITIES--5.9%
Gas & Pipeline Utilities--5.9%
Bridas Corp. 12.50% 1999............................................. 500,000 455,938
Centragas 10.65% 2010*(1)............................................ 325,000 331,906
------------
787,844
------------
TOTAL INVESTMENT SECURITIES (cost $11,252,545)....................... 11,499,396
------------
<CAPTION>
REPURCHASE AGREEMENT--11.4%
---------------------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT--11.4%
Agreement with State Street Bank & Trust Co., bearing interest at
4.75% dated 5/31/95, to be repurchased 6/01/95 in the amount of
$1,516,200 and collateralized by $1,516,000 U.S. Treasury Notes
6.875% due 3/31/00 (cost $1,516,000)............................... 1,516,000 1,516,000
------------
TOTAL INVESTMENTS--
(cost $12,768,545) 97.5% 13,015,396
Other assets less liabilities-- 2.5 338,797
----- ------------
NET ASSETS-- 100.0% $13,354,193
===== ============
</TABLE>
-----------------
* Resale restricted to qualified institutional buyers
(1) Fair valued security; see Note 2
(2) Represents a zero coupon bond which will convert to an
interest bearing security at a later date
Allocation of net assets by country as of May 31, 1995:
<TABLE>
<S> <C>
United States 36.6%
Mexico 13.9
Argentina 13.2
Brazil 11.7
Bulgaria 2.7
Colombia 2.5
Panama 2.3
Venezuela 1.7
Indonesia 1.5
</TABLE>
See Notes to Financial Statements
---------------------
21
<PAGE> 23
- ---------------------
SUNAMERICA SERIES TRUST
BALANCED/PHOENIX INVESTMENT
COUNSEL PORTFOLIO INVESTMENT PORTFOLIO--MAY 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK--43.9% SHARES VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY--2.8%
Retail--2.8%
Nine West Group, Inc. ................................................ 3,000 $ 104,625
Safeway, Inc.+........................................................ 3,000 109,500
Talbots, Inc. ........................................................ 3,500 111,125
------------
325,250
------------
CONSUMER STAPLES--2.8%
Food, Beverage & Tobacco--2.8%
Boston Chicken, Inc.+ ................................................ 6,000 139,500
Heinz (H.J.) Co. ..................................................... 2,500 113,125
Nabisco Holdings Corp. ............................................... 3,000 78,375
------------
331,000
------------
ENERGY--5.5%
Energy Services--2.6%
Amoco Corp. .......................................................... 1,500 102,562
McDermott (J. Ray) SA................................................. 4,000 105,000
Mobil Corp. .......................................................... 900 90,338
Energy Sources--2.9%
Atlantic Richfield Co. ............................................... 1,000 116,125
Enron Corp. .......................................................... 3,000 109,500
Union Texas Petroleum Holdings, Inc. ................................. 5,000 113,125
------------
636,650
------------
FINANCE--6.9%
Banks--2.2%
Chase Manhattan Corp. ................................................ 3,000 138,750
Signet Banking Corp. ................................................. 5,000 113,125
Financial Services--3.0%
Equifax, Inc. ........................................................ 3,000 94,125
Federal National Mortgage Association................................. 1,400 130,200
Travelers Group, Inc. ................................................ 3,000 126,750
Insurance--1.7%
American International Group, Inc. ................................... 800 91,000
ITT Corp. ............................................................ 1,000 111,875
------------
805,825
------------
HEALTHCARE--3.9%
Drugs--1.4%
Amgen, Inc.+.......................................................... 1,300 94,250
Pfizer, Inc. ......................................................... 800 70,500
Medical Products--2.5%
Becton Dickinson & Co. ............................................... 1,500 86,250
Genzyme Corp.+........................................................ 3,500 129,500
Medtronic, Inc. ...................................................... 1,000 75,250
------------
455,750
------------
</TABLE>
- ---------------------
22
<PAGE> 24
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL--9.5%
Aerospace & Military Technology--4.3%
Boeing Co. ........................................................... 2,500 $ 147,188
Lockheed Martin Corp. ................................................ 1,800 107,100
Loral Corp. .......................................................... 2,400 114,900
Rockwell International Corp. ......................................... 3,000 136,875
Business Services--2.7%
Browning-Ferris Industries, Inc. ..................................... 3,000 106,875
Donnelley (RR) & Sons Co. ............................................ 3,000 109,500
Illinois Tool Works, Inc. ............................................ 2,000 99,500
Machinery--2.5%
Applied Materials, Inc.+.............................................. 2,000 154,000
Tyco Labs, Inc. ...................................................... 2,500 135,313
------------
1,111,251
------------
INFORMATION & ENTERTAINMENT--1.6%
Entertainment Products--0.7%
King World Productions, Inc.+......................................... 2,000 83,000
Leisure & Tourism--0.9%
Carnival Corp. ....................................................... 4,500 104,625
------------
187,625
------------
INFORMATION TECHNOLOGY--6.8%
Communication Equipment--1.3%
Northern Telecom Ltd. ................................................ 4,000 153,500
Computers & Business Equipment--3.0%
3Com Corp.+........................................................... 1,800 115,200
COMPAQ Computer Corp.+................................................ 1,800 70,425
Hewlett-Packard Co. .................................................. 1,200 79,350
International Business Machines Corp. ................................ 900 83,925
Electronics--1.0%
Integrated Device Technology.......................................... 125,000 125,000
Software--1.5%
Cisco Systems, Inc.+.................................................. 2,000 87,500
Microsoft Corp.+...................................................... 1,000 84,687
------------
799,587
------------
MATERIALS--4.1%
Chemicals--2.1%
Grace (W.R.) & Co. ................................................... 2,000 128,500
Loctite Corp. ........................................................ 2,500 124,687
Forest Products--2.0%
Alco Standard Corp. .................................................. 1,500 107,438
Boise Cascade Office Products Co. .................................... 5,000 123,750
------------
484,375
------------
TOTAL COMMON STOCK (cost $4,839,769).................................. 5,137,313
------------
</TABLE>
---------------------
23
<PAGE> 25
<TABLE>
<CAPTION>
PREFERRED STOCK--3.2% SHARES VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE--3.2%
Financial Services--0.7%
American Express Co. 6.25%............................................ 1,700 $ 84,575
Insurance--2.5%
Allstate Corp. ....................................................... 2,600 101,075
St. Paul Capital LLC 6.00%............................................ 3,600 187,200
------------
TOTAL PREFERRED STOCK (cost $347,930)................................. 372,850
------------
<CAPTION>
PRINCIPAL
BONDS & NOTES--38.7% AMOUNT
--------------------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE--0.7%
Financial Services--0.7%
First Financial Management Corp. 5.00% 1999........................... $ 75,000 87,375
------------
U.S. GOVERNMENT & AGENCIES--38.0%
U.S. Government & Agencies--38.0%
United States Treasury Bonds 7.50% 2016............................... 750,000 810,585
United States Treasury Notes 6.75% 1997............................... 650,000 659,548
United States Treasury Notes 6.88% 1996............................... 100,000 101,344
United States Treasury Notes 6.88% 2000............................... 600,000 616,968
United States Treasury Notes 7.13% 2000............................... 150,000 156,399
United States Treasury Notes 7.25% 1996............................... 850,000 866,601
United States Treasury Notes 7.50% 1996............................... 200,000 204,938
United States Treasury Notes 7.50% 2005............................... 850,000 921,451
United States Treasury Notes 7.88% 2004............................... 100,000 110,812
------------
4,448,646
------------
TOTAL BONDS & NOTES (cost $4,379,412)................................. 4,536,021
------------
TOTAL INVESTMENT SECURITIES (cost $9,567,111)......................... 10,046,184
------------
<CAPTION>
SHORT-TERM SECURITIES--13.9%
--------------------------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE SHORT-TERM NOTES--10.5%
AT&T Corp. 5.93% due 6/01/95.......................................... 395,000 395,000
du Pont (E.I.) de Nemours & Co. 5.95% due 6/07/95..................... 365,000 364,638
Merrill Lynch & Co. 6.05% due 6/09/95................................. 365,000 364,509
Private Export Funding Corp. 5.94% due 6/12/95........................ 100,000 99,819
------------
1,223,966
------------
FEDERAL AGENCY OBLIGATIONS--3.4%
Federal Home Loan Discount Note 6.10% due 6/01/95..................... 400,000 400,000
------------
TOTAL SHORT-TERM SECURITIES (cost $1,623,966)......................... 1,623,966
------------
TOTAL INVESTMENTS--
(cost $11,191,077) 99.7% 11,670,150
Other assets less liabilities-- 0.3 35,887
----- ------------
NET ASSETS-- 100.0% $11,706,037
===== ============
</TABLE>
------------
+ Non-income producing securities
See Notes to Financial Statements
- ---------------------
24
<PAGE> 26
- ---------------------
SUNAMERICA SERIES TRUST
ASSET ALLOCATION PORTFOLIO INVESTMENT PORTFOLIO--MAY 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK--54.8% SHARES VALUE
-------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY--6.6%
Apparel & Textiles--1.1%
L.A. Gear, Inc.+.................................................... 79,800 $ 239,400
Melville Corp. ..................................................... 35,400 1,407,150
Automotive--2.3%
Ford Motor Co. ..................................................... 40,200 1,175,850
General Motors Corp. ............................................... 46,200 2,217,600
Housing--0.9%
Centex Corp. ....................................................... 30,600 879,750
Lennar Corp. ....................................................... 19,700 384,150
Retail--2.3%
Fleming Cos., Inc. ................................................. 38,100 985,838
Penney (J.C.), Inc. ................................................ 48,900 2,304,412
------------
9,594,150
------------
CONSUMER STAPLES--5.7%
Food, Beverage & Tobacco--5.7%
Anheuser-Busch Cos., Inc. .......................................... 11,700 691,763
Chiquita Brands International, Inc. ................................ 173,700 2,301,525
Philip Morris Cos., Inc. ........................................... 37,500 2,732,812
RJR Nabisco Holdings Corp. ......................................... 90,840 2,588,940
------------
8,315,040
------------
ENERGY--3.7%
Energy Services--3.3%
Ashland, Inc. ...................................................... 22,800 846,450
Chevron Corp. ...................................................... 13,300 653,362
Exxon Corp. ........................................................ 8,300 592,413
Texaco, Inc. ....................................................... 12,200 835,700
Tosco Corp. ........................................................ 50,300 1,785,650
Energy Sources--0.4%
Atlantic Richfield Co. ............................................. 5,600 650,300
------------
5,363,875
------------
FINANCE--10.1%
Banks--4.3%
BankAmerica Corp. .................................................. 32,100 1,677,225
Citicorp............................................................ 34,300 1,835,050
NationsBank Corp. .................................................. 35,100 1,987,537
Shawmut National Corp. ............................................. 25,900 751,100
Financial Services--3.7%
Federal National Mortgage Association............................... 14,300 1,329,900
Greenpoint Financial Corp. ......................................... 55,500 1,245,281
Lehman Brothers Holdings, Inc. ..................................... 45,200 892,700
Travelers Group, Inc. .............................................. 42,900 1,812,525
</TABLE>
---------------------
25
<PAGE> 27
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
-------------------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (continued)
Insurance--2.1%
Integon Corp. ...................................................... 15,100 $ 258,588
Lincoln National Corp. ............................................. 17,700 800,925
Partner Residential Holding Corp. .................................. 81,000 1,842,750
USLIFE Corp. ....................................................... 4,500 181,125
------------
14,614,706
------------
HEALTHCARE--5.1%
Drugs--0.3%
Amgen, Inc.+........................................................ 5,700 413,250
Health Services--4.8%
Columbia/HCA Healthcare Corp. ...................................... 56,000 2,289,000
FHP International Corp.+............................................ 83,600 1,839,200
National Medical Enterprises, Inc. ................................. 169,500 2,817,938
------------
7,359,388
------------
INDUSTRIAL & COMMERCIAL--8.3%
Aerospace & Military Technology--5.2%
Lear Seating Corp. ................................................. 91,100 1,878,938
McDonnell Douglas Corp. ............................................ 46,200 3,337,950
Northrop Grumman Corp. ............................................. 43,500 2,278,312
Machinery--0.5%
Outboard Marine Corp. .............................................. 36,000 724,500
Manufacturing--0.8%
Owens Illinois, Inc. ............................................... 89,100 1,180,575
Transportation--1.8%
Consolidated Freightways, Inc.+..................................... 84,900 2,016,375
Trinity Industries, Inc. ........................................... 16,500 624,937
------------
12,041,587
------------
INFORMATION & ENTERTAINMENT--1.1%
Leisure & Tourism--1.1%
Brunswick Corp. .................................................... 87,100 1,600,463
------------
INFORMATION TECHNOLOGY--2.9%
Computers & Business Equipment--1.2%
COMPAQ Computer Corp.+.............................................. 43,600 1,705,850
Electronics--0.5%
Advanced Micro Devices, Inc.+....................................... 23,500 772,563
Telecommunications--1.2%
Valassis Communications, Inc. ...................................... 106,900 1,750,487
------------
4,228,900
------------
MATERIALS--7.8%
Chemicals--1.2%
Geon Co. ........................................................... 72,200 1,786,950
Forest Products--6.1%
Champion International Corp. ....................................... 51,000 2,365,125
Georgia-Pacific Corp. .............................................. 34,500 2,682,375
Stone Container Corp.+.............................................. 152,000 2,660,000
Universal Corp. .................................................... 46,800 1,088,100
</TABLE>
- ---------------------
26
<PAGE> 28
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
-------------------------------------------------------------------------------------------------
<S> <C> <C>
MATERIALS (continued)
Metals & Minerals--0.5%
Quanex Corp. ....................................................... 28,300 $ 675,662
------------
11,258,212
------------
UTILITIES--3.5%
Electric Utilities--3.5%
Entergy Corp. ...................................................... 83,800 2,074,050
Long Island Lighting Co. ........................................... 55,800 871,875
Texas Utilities Co. ................................................ 59,400 2,145,825
------------
5,091,750
------------
TOTAL COMMON STOCK (cost $69,780,286)............................... 79,468,071
------------
<CAPTION>
PRINCIPAL
BONDS & NOTES--37.0% AMOUNT
-------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY--0.8%
Housing--0.8%
News America Holdings, Inc. 7.50% 2000.............................. $600,000 612,828
News America Holdings, Inc. 9.13% 1999.............................. 450,000 487,625
------------
1,100,453
------------
CONSUMER STAPLES--0.1%
Food, Beverage & Tobacco--0.1%
RJR Nabisco, Inc. 8.63% 2002........................................ 200,000 204,390
------------
ENERGY--1.2%
Energy Services--1.2%
Arkla, Inc. 9.20% 1997.............................................. 250,000 259,525
Arkla, Inc. 9.88% 1997.............................................. 550,000 577,500
Oryx Energy Co. 9.30% 1996.......................................... 400,000 405,520
Oryx Energy Co. 9.75% 1998.......................................... 425,000 427,125
Energy Sources--0.0%
Empresa Colombiana de Petroleos 7.25% 1998.......................... 20,000 19,500
------------
1,689,170
------------
FINANCE--9.3%
Banks--3.2%
Auburn Hills Trust 12.38% 2020...................................... 250,000 363,105
Banco de Comercio Exterior 8.63% 2000............................... 60,000 60,375
Banco Nacional de Comercio Exterior 11.25% 1995..................... 260,000 260,000
BankAmerica Corp. 9.75% 2000........................................ 400,000 446,392
BanPonce Corp. 5.17% 1996........................................... 400,000 394,756
Continental Bank NA Chicago 11.25% 2001............................. 300,000 337,797
Continental Bank NA Chicago 12.50% 2001............................. 450,000 569,592
Corporacion Andina de Fomento 7.25% 1998............................ 260,000 245,700
First USA Bank, Inc. 6.88% 1996..................................... 350,000 352,947
Security Pacific Corp. 11.50% 2000.................................. 600,000 723,618
Signet Banking Corp. 9.63% 1999..................................... 775,000 846,207
Financial Services--6.1%
Chrysler Financial Corp. 10.34% 2008................................ 400,000 413,352
Chrysler Financial Corp. 8.04% 1997................................. 400,000 409,920
Countrywide Funding Corp. 8.43% 1999................................ 450,000 479,295
Financiera Energet 6.63% 1996....................................... 860,000 850,368
Financiera Energet 9.00% 1999....................................... 50,000 50,844
First USA, Inc. 5.05% 1995.......................................... 400,000 397,204
Ford Capital BV 9.38% 1998.......................................... 400,000 427,344
</TABLE>
---------------------
27
<PAGE> 29
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (continued) AMOUNT VALUE
-------------------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (continued)
Financial Services (continued)
Ford Capital BV 9.50% 2001.......................................... $ 800,000 $ 905,192
Ford Credit Grantor Trust 7.30% 1999................................ 225,322 228,701
General Motors Acceptance Corp. 6.30% 2099.......................... 182,846 183,016
General Motors Acceptance Corp. 7.15% 2000.......................... 1,207,988 1,223,462
General Motors Acceptance Corp. 7.50% 1997.......................... 200,000 204,392
General Motors Acceptance Corp. 7.63% 1998.......................... 585,000 600,532
Household Finance Corp. 7.25% 2006.................................. 123,207 123,899
MBNA Corp. 8.25% 1998............................................... 670,833 673,134
Premier Auto Trust 7.85% 1998....................................... 1,040,000 1,067,622
Standard Credit Card Master Trust Series 1991, Class B 6.25% 1998... 260,000 258,861
Standard Credit Card Master Trust Series 1990-5, Class A 9.38%
1996.............................................................. 400,000 400,124
------------
13,497,751
------------
INDUSTRIAL & COMMERCIAL--1.3%
Aerospace & Military Technology--0.1%
British Aerospace 7.55% 1997........................................ 150,000 152,083
Machinery--0.6%
Case Equipment Loan Trust 7.30% 2002................................ 898,243 910,739
Multi-Industry--0.6%
Tenneco, Inc. 10.00% 1998........................................... 800,000 874,712
------------
1,937,534
------------
INFORMATION & ENTERTAINMENT--1.8%
Broadcasting & Media--1.3%
Tele-Communications, Inc. 7.00% 1997................................ 300,000 301,746
Time Warner, Inc. 7.45% 1998........................................ 1,525,000 1,544,474
Leisure & Tourism--0.5%
Blockbuster Entertainment Corp. 6.63% 1998.......................... 325,000 322,290
TKR Cable, Inc. 10.50% 2007......................................... 325,000 371,313
------------
2,539,823
------------
INFORMATION TECHNOLOGY--1.2%
Communication Equipment--0.3%
Cablevision Industries Corp. 10.75% 2002............................ 385,000 415,800
Computers & Business Equipment--0.9%
Comdisco, Inc. 6.08% 1995........................................... 350,000 348,891
Comdisco, Inc. 9.75% 1997........................................... 850,000 893,163
------------
1,657,854
------------
NON-U.S. GOVERNMENT OBLIGATIONS--1.6%
Foreign Government--1.6%
Ontario Province Canada 15.75% 2012................................. 150,000 180,573
Petroleo Brasileiro SA 8.75% 1996(1)................................ 800,000 788,000
Quebec Province Canada 13.25% 2014.................................. 625,000 786,425
Republic of Argentina Bote zero coupon 1997......................... 1,080,000 525,420
Republic of Colombia 7.13% 1998..................................... 90,000 88,425
------------
2,368,843
------------
U.S. GOVERNMENT & AGENCIES--19.7%
U.S. Government & Agencies--19.7%
Federal Home Loan Bank 7.87% 2000................................... 200,000 200,000
Federal Home Loan Mortgage Corp. 6.50% 2018......................... 600,000 587,622
Federal Home Loan Mortgage Corp. 8.00% TBA.......................... 2,000,000 2,043,120
Federal Home Loan Mortgage Corp. 8.20% 1998......................... 310,000 318,717
Federal Home Loan Mortgage Corp. 9.00% TBA.......................... 1,700,000 1,772,250
Federal Home Loan Mortgage Corp. 9.50% 2020......................... 134,371 140,830
</TABLE>
- ---------------------
28
<PAGE> 30
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (continued) AMOUNT VALUE
-------------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT & AGENCIES (continued)
Federal Home Loan Mortgage Corp. 9.50% 2022......................... $ 827,081 $ 867,398
Federal National Mortgage Association 5.40% 1998.................... 1,140,000 1,112,868
Federal National Mortgage Association 5.62% 1998.................... 810,000 793,136
Federal National Mortgage Association 6.50% 2024.................... 1,905,326 1,832,675
Federal National Mortgage Association 7.00% 2024.................... 194,784 191,618
Federal National Mortgage Association 7.00% 2024.................... 499,315 502,276
Federal National Mortgage Association 7.00% TBA..................... 500,000 491,875
Federal National Mortgage Association 8.79% 2002.................... 180,000 182,891
Government National Mortgage Association 7.50% 2023................. 26,024 26,186
Government National Mortgage Association 8.00% TBA.................. 4,000,000 4,098,720
Government National Mortgage Association 9.00% TBA.................. 2,000,000 2,096,860
Government National Mortgage Association 9.50% TBA.................. 1,000,000 1,055,000
United States Treasury Bonds 7.88% 2021............................. 280,000 316,269
United States Treasury Bonds 8.00% 2021............................. 120,000 137,700
United States Treasury Bonds 10.75% 2003............................ 520,000 660,400
United States Treasury Bonds 11.13% 2003............................ 1,160,000 1,513,800
United States Treasury Bond Strip zero coupon 2004.................. 8,180,000 4,472,251
United States Treasury Bond Strip zero coupon 2018.................. 1,530,000 301,609
United States Treasury Bond Strip zero coupon 2019.................. 1,190,000 229,194
United States Treasury Bond Strip zero coupon 2019.................. 50,000 9,154
United States Treasury Bond Strip zero coupon 2020.................. 13,760,000 2,405,386
United States Treasury Bond Strip zero coupon 2022.................. 40,000 6,401
United States Treasury Notes 6.25% 2003............................. 230,000 229,676
-------------
28,595,882
-------------
TOTAL BONDS & NOTES (cost $52,152,780).............................. 53,591,700
-------------
TOTAL INVESTMENT SECURITIES (cost $121,933,066)..................... 133,059,771
-------------
<CAPTION>
SHORT-TERM SECURITIES--0.3%
-------------------------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE SHORT-TERM NOTES--0.3%
Mexican Cetes 7.46% due 6/05/95..................................... 250,000 249,794
Republic of Argentina 10.00% due 6/02/95............................ 200,000 200,000
-------------
TOTAL SHORT-TERM SECURITIES (cost $449,794)......................... 449,794
-------------
<CAPTION>
REPURCHASE AGREEMENT--14.4%
-------------------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT--14.4%
Agreement with State Street Bank & Trust Co., bearing interest at
6.00% dated 5/31/95, to be repurchased 6/01/95 in the amount of
$20,824,470 and collateralized by $21,195,000 U.S. Treasury Notes
4.625% due 2/29/96 (cost $20,821,000)............................. 20,821,000 20,821,000
-------------
TOTAL INVESTMENTS--
(cost $142,203,860) 106.5% 154,330,565
Liabilities in excess of other assets-- (6.5) (9,424,481)
----- -------------
NET ASSETS-- 100.0% $144,906,084
===== =============
</TABLE>
-----------------------------
+ Non-income producing securities
(1) Fair valued security; see Note 2
TBA -- Securities purchased on a forward commitment basis with an
approximate principal amount and no definitive maturity
date. The actual principal amount and maturity date will be
determined upon settlement.
See Notes to Financial Statements
---------------------
29
<PAGE> 31
- ---------------------
SUNAMERICA SERIES TRUST
GROWTH-INCOME PORTFOLIO INVESTMENT PORTFOLIO--MAY 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK--95.2% SHARES VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY--3.0%
Automotive--1.6%
Goodyear Tire & Rubber Co. ......................................... 43,000 $ 1,816,750
Retail--1.4%
Federated Department Stores, Inc. .................................. 70,000 1,610,000
------------
3,426,750
------------
CONSUMER STAPLES--12.0%
Food, Beverage & Tobacco--9.5%
McDonald's Corp. ................................................... 60,000 2,272,500
PepsiCo, Inc. ...................................................... 54,000 2,646,000
Philip Morris Cos., Inc. ........................................... 52,000 3,789,500
Pioneer Hi-Bred International, Inc. ................................ 20,000 785,000
Wendy's International, Inc. ........................................ 83,000 1,421,375
Household Products--2.5%
Colgate-Palmolive Co. .............................................. 24,000 1,848,000
Gillette Co. ....................................................... 12,000 1,012,500
------------
13,774,875
------------
ENERGY--6.3%
Energy Services--4.3%
Chevron Corp. ...................................................... 37,000 1,817,625
Snyder Oil Corp. ................................................... 110,000 1,581,250
Western Atlas, Inc.+................................................ 34,000 1,534,250
Energy Sources--2.0%
Enron Corp. ........................................................ 63,000 2,299,500
------------
7,232,625
------------
FINANCE--15.3%
Banks--2.9%
Citicorp............................................................ 22,500 1,203,750
NationsBank Corp. .................................................. 37,500 2,123,438
Financial Services--8.2%
Dean Witter, Discover & Co. ........................................ 18,000 857,250
Federal National Mortgage Association............................... 20,000 1,860,000
First USA, Inc. .................................................... 18,000 850,500
MBNA Corp. ......................................................... 53,000 1,788,750
Merrill Lynch & Co., Inc. .......................................... 25,000 1,175,000
Morgan Stanley Group, Inc. ......................................... 11,500 875,438
Travelers Group, Inc. .............................................. 47,666 2,013,888
Insurance--4.2%
American International Group, Inc. ................................. 19,050 2,166,937
General Reinsurance Group........................................... 6,000 812,250
MGIC Investment Corp. .............................................. 40,000 1,880,000
------------
17,607,201
------------
HEALTHCARE--11.4%
Drugs--4.5%
Merck & Co., Inc. .................................................. 72,000 3,393,000
Pfizer, Inc. ....................................................... 20,000 1,762,500
</TABLE>
- ---------------------
30
<PAGE> 32
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE (Continued)
Health Services--4.3%
Columbia/HCA Healthcare Corp. ...................................... 56,000 $ 2,289,000
Healthsource, Inc.+................................................. 21,500 849,250
United Healthcare Corp. ............................................ 25,000 931,250
Value Health, Inc.+................................................. 27,000 870,750
Medical Products--2.6%
Abbott Laboratories................................................. 28,000 1,120,000
Schering-Plough Corp. .............................................. 24,000 1,890,000
------------
13,105,750
------------
INDUSTRIAL & COMMERCIAL--10.4%
Aerospace & Military Technology--2.3%
AlliedSignal, Inc. ................................................. 51,000 2,059,125
Coltec Industries, Inc.+............................................ 30,000 532,500
Business Services--1.4%
XTRA Corp. ......................................................... 34,000 1,640,500
Electrical Equipment--4.0%
General Electric Co. ............................................... 80,000 4,640,000
Machinery--0.4%
Centocor, Inc.+..................................................... 31,000 420,438
Transportation--2.3%
Conrail, Inc. ...................................................... 17,000 918,000
Illinois Central Corp. ............................................. 30,000 1,061,250
TNT Freightways Corp. .............................................. 28,900 657,475
------------
11,929,288
------------
INFORMATION & ENTERTAINMENT--6.4%
Broadcasting & Media--3.2%
Comcast Corp. ...................................................... 65,000 1,137,500
Tele-Communications, Inc.+.......................................... 85,000 1,795,625
Viacom, Inc. Class B+............................................... 17,000 792,625
Leisure & Tourism--3.2%
Carnival Corp. ..................................................... 45,000 1,046,250
Disney (Walt) Co. .................................................. 47,000 2,614,375
------------
7,386,375
------------
INFORMATION TECHNOLOGY--13.6%
Communication Equipment--4.0%
AirTouch Communications, Inc.+...................................... 65,000 1,771,250
Motorola, Inc. ..................................................... 46,000 2,754,250
Computers & Business Equipment--3.7%
COMPAQ Computer Corp.+.............................................. 50,000 1,956,250
EMC Corp.+.......................................................... 40,000 920,000
Sun Microsystems, Inc.+............................................. 31,000 1,395,000
Electronics--5.9%
General Instrument Corp.+........................................... 62,000 1,914,250
Intel Corp. ........................................................ 26,500 2,974,625
National Semiconductor Corp.+....................................... 37,000 925,000
Scientific-Atlanta, Inc. ........................................... 54,000 1,005,750
------------
15,616,375
------------
</TABLE>
---------------------
31
<PAGE> 33
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
MATERIALS--8.3%
Chemicals--8.3%
Eastman Kodak Co. .................................................. 30,000 $ 1,811,250
Lubrizol Corp. ..................................................... 25,000 871,875
Monsanto Co. ....................................................... 32,000 2,664,000
Morton International, Inc. ......................................... 36,000 1,143,000
Rohm & Haas Co. .................................................... 32,000 1,884,000
Union Carbide Corp. ................................................ 40,000 1,170,000
-------------
9,544,125
-------------
UTILITIES--8.5%
Electric Utilities--2.2%
NIPSCO Industries, Inc. ............................................ 45,000 1,552,500
PECO Energy Co. .................................................... 34,000 956,250
Telephone--6.3%
AT&T Corp. ......................................................... 45,000 2,283,750
MCI Communications Corp. ........................................... 128,000 2,592,000
Sprint Corp. ....................................................... 71,000 2,378,500
-------------
9,763,000
-------------
TOTAL INVESTMENT SECURITIES (cost $96,044,332)...................... 109,386,364
-------------
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES--4.7% AMOUNT
--------------------------------------------------------------------------------------------------
<S> <C> <C>
TIME DEPOSIT--4.7%
Cayman Island Time Deposit with State Street Bank & Trust Co.
5.75% due 6/01/95................................................. $5,448,000 5,448,000
-------------
TOTAL SHORT-TERM SECURITIES (cost $5,448,000)....................... 5,448,000
-------------
TOTAL INVESTMENTS
(cost $101,492,332) 99.9% 114,834,364
Other assets less liabilities-- 0.1 127,781
------ -------------
NET ASSETS-- 100.0% $114,962,145
====== =============
</TABLE>
--------------
+ Non-income producing securities
See Notes to Financial Statements
- ---------------------
32
<PAGE> 34
- ---------------------
SUNAMERICA SERIES TRUST
ALLIANCE GROWTH PORTFOLIO INVESTMENT PORTFOLIO--MAY 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK--89.3% SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY--3.9%
Automotive--0.7%
General Motors Corp.................................................. 11,900 $ 571,200
Retail--3.2%
Home Depot, Inc. .................................................... 49,500 2,060,437
Kohl's Corp.+........................................................ 15,900 689,663
------------
3,321,300
------------
CONSUMER STAPLES--11.6%
Food, Beverage & Tobacco--9.7%
Coca-Cola Co. ....................................................... 17,400 1,076,625
McDonald's Corp. .................................................... 64,800 2,454,300
PepsiCo, Inc. ....................................................... 37,300 1,827,700
Philip Morris Cos., Inc. ............................................ 39,900 2,907,712
Household Products--1.9%
Gillette Co. ........................................................ 8,500 717,188
Scott Paper Co. ..................................................... 20,200 876,175
------------
9,859,700
------------
FINANCE--13.6%
Banks--7.1%
Citicorp............................................................. 32,400 1,733,400
First Bank Systems, Inc. ............................................ 22,000 924,000
Norwest Corp. ....................................................... 119,520 3,391,380
Financial Services--5.1%
Federal National Mortgage Association................................ 19,400 1,804,200
Household International, Inc. ....................................... 16,200 799,875
MBNA Corp. .......................................................... 23,000 776,250
Merrill Lynch & Co., Inc. ........................................... 21,100 991,700
Insurance--1.4%
General Reinsurance Group............................................ 8,600 1,164,225
------------
11,585,030
------------
HEALTHCARE--12.7%
Drugs--2.6%
Merck & Co., Inc. ................................................... 47,300 2,229,013
Health Services--8.1%
Astra AB ADR......................................................... 48,900 1,432,203
Columbia/HCA Healthcare Corp. ....................................... 29,100 1,189,462
United Healthcare Corp. ............................................. 115,300 4,294,925
Medical Products--2.0%
Abbott Laboratories.................................................. 21,000 840,000
Amgen, Inc.+......................................................... 11,400 826,500
------------
10,812,103
------------
INDUSTRIAL & COMMERCIAL--6.1%
Business Services--3.4%
Donnelley (RR) & Sons Co. ........................................... 24,700 901,550
XTRA Corp. .......................................................... 40,650 1,961,362
</TABLE>
---------------------
33
<PAGE> 35
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL (continued)
Machinery--1.7%
Burlington Northern, Inc............................................. 17,900 $ 1,094,138
Caterpillar, Inc..................................................... 6,100 367,525
Transportation--1.0%
UAL Corp............................................................. 7,500 862,500
------------
5,187,075
------------
INFORMATION & ENTERTAINMENT--8.7%
Broadcasting & Media--5.5%
Tele-Communications, Inc.+........................................... 118,481 2,502,911
Viacom, Inc. Class A+................................................ 13,460 634,302
Viacom, Inc. Class B+................................................ 32,265 1,504,356
Leisure & Tourism--3.2%
Disney (Walt) Co..................................................... 49,600 2,759,000
------------
7,400,569
------------
INFORMATION TECHNOLOGY--28.4%
Communication Equipment--10.2%
AirTouch Communications, Inc.+....................................... 91,600 2,496,100
Cox Communications, Inc.+............................................ 81,100 1,317,875
Motorola, Inc........................................................ 62,600 3,748,175
Nokia Corp. ADR...................................................... 23,900 1,111,350
Computers & Business Equipment--4.2%
COMPAQ Computer Corp.+............................................... 21,500 841,188
Hewlett-Packard Co................................................... 41,400 2,737,575
Electronics--4.1%
General Motors Corp., Class E........................................ 20,000 850,000
Intel Corp........................................................... 6,800 763,300
Texas Instruments, Inc............................................... 16,400 1,896,250
Software--9.9%
Cisco Systems, Inc.+................................................. 91,700 4,011,875
Intuit, Inc.+........................................................ 27,000 1,707,750
Microsoft Corp.+..................................................... 18,300 1,549,781
Oracle Systems Corp.+................................................ 34,600 1,202,350
------------
24,233,569
------------
MATERIALS--2.4%
Chemicals--1.8%
Dow Chemical Co...................................................... 8,900 653,037
Hercules, Inc........................................................ 16,200 850,500
Metals & Minerals--0.6%
Duracell International, Inc.......................................... 12,900 557,925
------------
2,061,462
------------
REAL ESTATE--1.9%
Real Estate Companies--1.9%
Green Tree Financial Corp............................................ 37,500 $ 1,635,938
------------
TOTAL COMMON STOCK (cost $69,989,489)................................ 76,096,746
------------
</TABLE>
- ---------------------
34
<PAGE> 36
<TABLE>
<CAPTION>
PREFERRED STOCK--0.7% SHARES VALUE
----------------------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE--0.7
Banks--0.7%
Citicorp 5.38% (cost $508,872)....................................... 4,200 $ 616,875
------------
<CAPTION>
WARRANTS--4.9%+
----------------------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY--4.9%
Electronics--4.9%
Intel Corp. (cost $1,321,125)........................................ 85,500 4,125,375
------------
TOTAL INVESTMENT SECURITIES (cost $71,819,486)....................... 80,838,996
------------
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES--1.4% AMOUNT
----------------------------------------------------------------------------------------------------
<S> <C> <C>
TIME DEPOSIT--1.4%
Cayman Island Time Deposit with State Street Bank & Trust Co.
5.13% due 6/01/95.................................................. $1,236,000 1,236,000
------------
TOTAL SHORT-TERM SECURITIES (cost $1,236,000)........................ 1,236,000
------------
TOTAL INVESTMENTS--
(cost $73,055,486) 96.3% 82,074,996
Other assets less liabilities-- 3.7 3,135,759
------ ------------
NET ASSETS-- 100.0% $85,210,755
====== ============
</TABLE>
---------------
+ Non-income producing securities
ADR--American Depositary Receipt
See Notes to Financial Statements
---------------------
35
<PAGE> 37
- ---------------------
SUNAMERICA SERIES TRUST
GROWTH/PHOENIX INVESTMENT
COUNSEL PORTFOLIO INVESTMENT PORTFOLIO--MAY 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK--89.8% SHARES VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY--5.7%
Retail--5.7%
Home Depot, Inc. ................................................... 55,000 $ 2,289,375
Safeway, Inc.+...................................................... 32,000 1,168,000
Staples, Inc.+...................................................... 70,000 1,977,500
Wal-Mart Stores, Inc. .............................................. 59,100 1,477,500
------------
6,912,375
------------
CONSUMER STAPLES--5.9%
Food, Beverage & Tobacco--4.8%
Boston Chicken, Inc. ............................................... 74,000 1,720,500
Philip Morris Cos., Inc. ........................................... 33,000 2,404,875
Ralston Purina Co. ................................................. 35,000 1,758,750
Household Products--1.1%
American Home Products Corp. ....................................... 17,000 1,251,625
------------
7,135,750
------------
ENERGY--8.3%
Energy Services--3.6%
McDermott (J. Ray) SA............................................... 95,000 2,493,750
Schlumberger Ltd. .................................................. 30,000 1,950,000
Energy Sources--4.7%
Apache Corp. ....................................................... 88,000 2,552,000
Royal Dutch Petroleum Co. .......................................... 25,000 3,168,750
------------
10,164,500
------------
FINANCE--19.1%
Banks--3.4%
Citicorp............................................................ 50,000 2,675,000
Great Western Financial Corp. ...................................... 70,000 1,531,250
Financial Services--8.5%
Dean Witter, Discover & Co. ........................................ 64,000 3,048,000
Federal National Mortgage Association............................... 33,000 3,069,000
First Data Corp. ................................................... 35,000 2,021,250
Student Loan Marketing Association.................................. 46,200 2,194,500
Insurance--7.2%
Aetna Life & Casualty Co. .......................................... 50,000 2,981,250
American International Group, Inc. ................................. 28,000 3,185,000
ITT Corp. .......................................................... 23,000 2,573,125
------------
23,278,375
------------
HEALTHCARE--12.3%
Drugs--4.8%
Boston Scientific Corp.+............................................ 44,000 1,265,000
DDI Corp. .......................................................... 75 498,080
Lilly (Eli) & Co. .................................................. 30,000 2,238,750
Merck & Co., Inc. .................................................. 40,000 1,885,000
</TABLE>
- ---------------------
36
<PAGE> 38
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE (continued)
Health Services--4.9%
Columbia/HCA Healthcare Corp. ...................................... 65,000 $ 2,656,875
HBO & Co. .......................................................... 30,000 1,455,000
St Jude Medical, Inc. .............................................. 40,000 1,810,000
Medical Products--2.6%
Baxter International, Inc. ......................................... 60,000 2,092,500
Medtronic, Inc. .................................................... 15,000 1,128,750
------------
15,029,955
------------
INDUSTRIAL & COMMERCIAL--10.7%
Aerospace & Military Technology--2.2%
Boeing Co. ......................................................... 46,000 2,708,250
Business Services--3.6%
Browning-Ferris Industries, Inc. ................................... 63,000 2,244,375
WMX Technologies, Inc. ............................................. 80,000 2,180,000
Electrical Equipment--2.6%
General Electric Co. ............................................... 55,000 3,190,000
Machinery--2.3%
BJ Services Co.+.................................................... 107,000 2,728,500
------------
13,051,125
------------
INFORMATION & ENTERTAINMENT--2.4%
Broadcasting & Media--1.3%
Viacom, Inc.+....................................................... 35,000 1,631,875
Leisure & Tourism--1.1%
Disney (Walt) Co. .................................................. 23,000 1,279,375
------------
2,911,250
------------
INFORMATION TECHNOLOGY--16.3%
Communication Equipment--4.3%
Ericsson (L.M.) Telephone Co. ADR................................... 37,000 2,717,188
Northern Telecom Ltd. .............................................. 35,000 1,343,125
United States Robotics Corp.+....................................... 14,100 1,177,350
Computers & Business Equipment--1.9%
Ascend Communications, Inc.+........................................ 16,400 635,500
Bay Networks, Inc.+................................................. 30,000 1,095,000
Oak Technology+..................................................... 18,000 517,500
Electronics--4.9%
Analog Devices, Inc.+............................................... 60,000 1,867,500
Intel Corp. ........................................................ 17,000 1,908,250
National Semiconductor Corp.+....................................... 90,000 2,250,000
Software--5.2%
Cisco Systems, Inc.+................................................ 51,000 2,231,250
Honeywell, Inc. .................................................... 60,000 2,377,500
Microsoft Corp. .................................................... 21,000 1,778,437
------------
19,898,600
------------
MATERIALS--7.8%
Chemicals--6.6%
Dow Chemical Co. ................................................... 22,000 1,614,250
du Pont (E.I.) de Nemours & Co. .................................... 40,000 2,715,000
Eastman Kodak Co. .................................................. 30,000 1,811,250
Morton International, Inc. ......................................... 60,000 1,905,000
</TABLE>
---------------------
37
<PAGE> 39
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
MATERIALS (continued)
Forest Products--1.2%
Bowater, Inc. ...................................................... 38,000 $ 1,491,500
-------------
9,537,000
-------------
UTILITIES--1.3%
Telephone--1.3%
MCI Communications Corp. ........................................... 80,000 1,620,000
-------------
TOTAL INVESTMENT SECURITIES (cost $99,363,480)...................... 109,538,930
-------------
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES--10.1% AMOUNT
--------------------------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE SHORT-TERM NOTES--7.0%
du Pont (E.I.) de Nemours & Co. 5.93% due 6/23/95................... $ 625,000 622,735
du Pont (E.I.) de Nemours & Co. 5.95% due 6/07/95................... 2,000,000 1,998,017
First Deposit Master Trust 5.94% due 8/22/95........................ 1,660,000 1,637,540
Merrill Lynch & Co. 6.05% due 6/09/95............................... 2,000,000 1,997,311
Private Export Funding Corp. 5.94% due 6/12/95...................... 2,370,000 2,365,267
-------------
8,620,870
-------------
FEDERAL AGENCY OBLIGATIONS--3.1%
Federal Home Loan Discount Note 6.10% due 6/01/95................... 3,765,000 3,765,000
-------------
TOTAL SHORT-TERM SECURITIES (cost $12,386,302)...................... 12,385,870
-------------
TOTAL INVESTMENTS--
(cost $111,749,782) 99.9% 121,924,800
Other assets less liabilities-- 0.1 90,531
------ -------------
NET ASSETS-- 100.0% $122,015,331
====== =============
</TABLE>
----------------
+ Non-income producing securities
ADR--American Depositary Receipt
See Notes to Financial Statements
- ---------------------
38
<PAGE> 40
- ---------------------
SUNAMERICA SERIES TRUST
PROVIDENT GROWTH PORTFOLIO INVESTMENT PORTFOLIO--MAY 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK--97.1% SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY--8.3%
Retail--8.3%
AutoZone, Inc.+...................................................... 62,200 $ 1,446,150
Home Depot, Inc. .................................................... 63,066 2,625,122
Office Depot, Inc.+.................................................. 56,000 1,344,000
Wal-Mart Stores, Inc. ............................................... 91,000 2,275,000
------------
7,690,272
------------
CONSUMER STAPLES--2.1%
Food, Beverage & Tobacco--1.1%
McDonald's Corp...................................................... 26,300 996,113
Household Products--1.0%
Gillette Co. ........................................................ 10,300 869,063
------------
1,865,176
------------
ENERGY--4.3%
Energy Sources--4.3%
Enron Corp. ......................................................... 109,100 3,982,150
------------
FINANCE--15.4%
Financial Services--12.1%
Federal Home Loan Mortgage Corp. .................................... 5,300 361,062
Federal National Mortgage Association................................ 20,600 1,915,800
Finova Group, Inc. .................................................. 31,000 1,143,125
First Data Corp. .................................................... 52,700 3,043,425
First Financial Management Corp. .................................... 11,800 837,800
First USA, Inc. ..................................................... 28,200 1,332,450
MBNA Corp. .......................................................... 75,300 2,541,375
Insurance--3.3%
American International Group, Inc. .................................. 10,200 1,160,250
MGIC Investment Corp. ............................................... 30,400 1,428,800
PMI Group, Inc. ..................................................... 11,500 470,063
------------
14,234,150
------------
HEALTHCARE--9.9%
Drugs--8.5%
Cardinal Health, Inc. ............................................... 20,500 935,312
Hospitality Franchise Systems, Inc................................... 25,600 771,200
Humana, Inc.+........................................................ 33,400 705,575
Medtronic, Inc. ..................................................... 34,700 2,611,175
Pfizer, Inc. ........................................................ 13,400 1,180,875
Quorum Health Group, Inc.+........................................... 41,600 826,800
Scherer (R.P.) Corp. ADR+............................................ 18,800 838,950
Health Services--1.4%
United Healthcare Corp. ............................................. 33,400 1,244,150
------------
9,114,037
------------
</TABLE>
---------------------
39
<PAGE> 41
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL--8.6%
Business Services--5.3%
ASM Lithography Holdings NV.......................................... 20,000 $ 645,000
Browning-Ferris Industries, Inc. .................................... 29,300 1,043,812
Loewen Group, Inc. .................................................. 45,400 1,503,875
Lowe's Cos., Inc. ................................................... 26,700 727,575
Manpower, Inc. ...................................................... 14,100 375,413
Pittston Services Group.............................................. 25,500 615,187
Machinery--3.3%
Applied Materials, Inc.+............................................. 20,700 1,593,900
Tyco Labs, Inc. ..................................................... 26,700 1,445,138
------------
7,949,900
------------
INFORMATION & ENTERTAINMENT--7.3%
Broadcasting & Media--5.9%
British Sky Broadcast Group PLC ADR.................................. 49,900 1,272,450
Cabletron Systems, Inc.+............................................. 23,500 1,257,250
Capital Cities/ABC, Inc. ............................................ 30,300 2,923,950
Leisure & Tourism--1.4%
Circus Circus Enterprises, Inc.+..................................... 37,500 1,251,562
------------
6,705,212
------------
INFORMATION TECHNOLOGY--39.8%
Communication Equipment--11.3%
Ericsson (L.M.) Telephone Co. ADR.................................... 51,600 3,789,375
Motorola, Inc. ...................................................... 52,000 3,113,500
Nokia Corp. ADR...................................................... 76,400 3,552,600
Computers & Business Equipment--4.2%
Automatic Data Processing, Inc. ..................................... 20,500 1,276,125
Computer Sciences Corp.+............................................. 17,600 932,800
Hewlett-Packard Co. ................................................. 24,500 1,620,062
Electronics--9.6%
Analog Devices, Inc.+................................................ 50,950 1,585,819
General Instrument Corp.+............................................ 35,100 1,083,713
Intel Corp. ......................................................... 38,300 4,299,175
Molex, Inc. ......................................................... 21,500 752,500
Sensormatic Electronics Corp. ....................................... 39,700 1,166,187
Software--12.7%
Computer Associates International, Inc. ............................. 32,800 2,148,400
Informix Corp.+...................................................... 16,100 680,225
Microsoft Corp.+..................................................... 51,400 4,352,937
Oracle Systems Corp.+................................................ 117,150 4,070,963
Paychex, Inc. ....................................................... 15,000 442,500
Telecommunications--2.0%
ALC Communications Corp.+............................................ 17,700 769,950
Andrew Corp. ........................................................ 22,850 1,113,938
------------
36,750,769
------------
MATERIALS--0.8%
Forest Products--0.8%
Alco Standard Corp. ................................................. 10,700 766,388
------------
</TABLE>
- ---------------------
40
<PAGE> 42
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
REAL ESTATE--0.6%
Real Estate Investment Trust--0.6%
Equity Residential Properties Trust.................................. 18,200 $ 520,975
------------
TOTAL INVESTMENT SECURITIES (cost $75,766,113)....................... 89,579,029
------------
<CAPTION>
PRINCIPAL
REPURCHASE AGREEMENT--3.2% AMOUNT
---------------------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT--3.2%
Agreement with State Street Bank & Trust Co., bearing interest at
4.75% dated 5/31/95, to be repurchased 6/01/95 in the amount of
$2,925,386 and collateralized by $2,865,000 U.S. Treasury Notes
6.875% due 3/31/00 (cost $2,925,000)............................... $2,925,000 2,925,000
------------
TOTAL INVESTMENTS--
(cost $78,691,113) 100.3% 92,504,029
Liabilities in excess of other assets-- (0.3) (247,521)
------ ------------
NET ASSETS-- 100.0% $92,256,508
====== ============
</TABLE>
-------------
+ Non-income producing securities
ADR--American Depositary Receipt
See Notes to Financial Statements
---------------------
41
<PAGE> 43
- ---------------------
SUNAMERICA SERIES TRUST
VENTURE VALUE PORTFOLIO INVESTMENT PORTFOLIO--MAY 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK--93.4% SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY--6.7%
Automotive--2.3%
General Motors Corp. ................................................ 27,300 $ 1,310,400
Retail--4.4%
Federated Department Stores, Inc.+ .................................. 33,300 765,900
Harcourt General, Inc. .............................................. 13,100 551,838
Sears Roebuck & Co. ................................................. 10,300 580,662
Warner-Lambert Co. .................................................. 7,800 646,425
------------
3,855,225
------------
CONSUMER STAPLES--7.9%
Food, Beverage & Tobacco--6.9%
American Brands, Inc. ............................................... 900 36,338
Archer-Daniels-Midland Co. .......................................... 59,900 1,108,150
Coca-Cola Co. ....................................................... 25,700 1,590,187
Nestle SA ADR........................................................ 15,900 802,145
Philip Morris Cos., Inc. ............................................ 1,200 87,450
Tyson Foods, Inc. ................................................... 13,700 306,538
Household Products--1.0%
American Home Products Corp. ........................................ 200 14,725
Gillette Co. ........................................................ 6,700 565,312
Maytag Corp. ........................................................ 700 11,375
------------
4,522,220
------------
ENERGY--5.3%
Energy Services--5.2%
Amerada Hess Corp. .................................................. 20,900 1,060,675
Amoco Corp. ......................................................... 200 13,675
Burlington Resources, Inc. .......................................... 23,600 979,400
Chevron Corp. ....................................................... 1,900 93,338
Energy Ventures, Inc.+............................................... 10,800 197,100
Exxon Corp. ......................................................... 3,100 221,262
Mobil Corp. ......................................................... 200 20,075
Schlumberger Ltd..................................................... 5,600 364,000
Sonat, Inc. ......................................................... 400 13,150
Energy Sources--0.1%
Atlantic Richfield Co. .............................................. 600 69,675
------------
3,032,350
------------
FINANCE--43.1%
Banks--10.6%
Banc One Corp. ...................................................... 18,600 646,350
First Bank Systems, Inc. ............................................ 33,400 1,402,800
First Union Corp. ................................................... 300 14,700
Golden West Financial Corp. ......................................... 22,100 1,085,662
Republic New York Corp. ............................................. 7,800 398,775
State Street Boston Corp. ........................................... 26,300 884,338
Wells Fargo & Co. ................................................... 9,000 1,656,000
</TABLE>
- ---------------------
42
<PAGE> 44
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (continued)
Financial Services--15.2%
American Express Co. ................................................ 46,700 $ 1,663,687
Barnett Banks, Inc. ................................................. 11,800 585,575
Dean Witter, Discover & Co. ......................................... 6,000 285,750
Federal Home Loan Mortgage Corp. .................................... 15,700 1,069,563
Morgan (J.P.) & Co., Inc. ........................................... 18,400 1,304,100
Morgan Stanley Group, Inc. .......................................... 20,300 1,545,338
Student Loan Marketing Association................................... 9,200 437,000
Travelers Group, Inc. ............................................... 42,300 1,787,175
Insurance--17.3%
20th Century Industries.............................................. 39,300 447,038
Allstate Corp. ...................................................... 24,300 732,037
AMBAC, Inc. ......................................................... 2,100 84,000
American International Group, Inc. .................................. 10,600 1,205,750
Berkley (W.R.) Corp. ................................................ 23,100 848,925
Chubb Corp. ......................................................... 20,900 1,721,637
Equitable Cos., Inc. ................................................ 35,700 754,162
General Reinsurance Group............................................ 13,000 1,759,875
NAC Reinsurance Corp. ............................................... 24,900 731,438
National Reinsurance Corp. .......................................... 11,200 344,400
Progressive Corp., Ohio.............................................. 17,500 665,000
Transatlantic Holdings, Inc. ........................................ 9,900 628,650
------------
24,689,725
------------
HEALTHCARE--3.1%
Drugs--3.1%
Bristol-Myers Squibb Co. ............................................ 200 13,275
Johnson & Johnson Co. ............................................... 7,100 470,375
Merck & Co., Inc. ................................................... 4,900 230,913
Pfizer, Inc. ........................................................ 11,800 1,039,875
------------
1,754,438
------------
INDUSTRIAL & COMMERCIAL--1.5%
Business Services--0.0%
WMX Technologies, Inc. .............................................. 300 8,175
Electrical Equipment--0.2%
General Electric Co. ................................................ 1,600 92,800
Transportation--1.3%
Illinois Central Corp. .............................................. 9,900 350,213
Union Pacific Corp. ................................................. 7,500 415,312
------------
866,500
------------
INFORMATION & ENTERTAINMENT--6.6%
Broadcasting & Media--5.1%
Gannett, Inc. ....................................................... 20,000 1,070,000
News Corp., Ltd. ADR................................................. 59,800 1,173,575
Tribune Co. ......................................................... 11,400 679,725
Leisure & Tourism--1.5%
Disney (Walt) Co. ................................................... 3,800 211,375
Host Marriott Corp. ................................................. 63,400 673,625
------------
3,808,300
------------
INFORMATION TECHNOLOGY--14.0%
Communication Equipment--1.4%
AirTouch Communications, Inc.+....................................... 20,600 561,350
Cellular Communications, Inc.+....................................... 5,600 259,700
SBC Communications, Inc. ............................................ 200 9,000
</TABLE>
---------------------
43
<PAGE> 45
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Computers & Business Equipment--2.5%
Hewlett-Packard Co. ................................................. 21,600 $ 1,428,300
Electronics--10.1%
Cirrus Logic, Inc.+.................................................. 21,600 1,063,800
Intel Corp. ......................................................... 21,800 2,447,050
Tandy Corp. ......................................................... 13,700 640,475
Texas Instruments, Inc. ............................................. 14,000 1,618,750
------------
8,028,425
------------
MATERIALS--1.3%
Chemicals--0.0%
Dow Chemical Co. .................................................... 200 14,675
Forest Products--1.0%
International Paper Co. ............................................. 200 15,725
Mead Corp. .......................................................... 9,800 527,975
Union Camp Corp. .................................................... 300 15,562
Metals & Minerals--0.3%
Alumax, Inc.+........................................................ 1,600 46,600
Reynolds Metals Co. ................................................. 2,700 133,313
------------
753,850
------------
REAL ESTATE--2.6%
Real Estate Investment Trust--2.6%
Federal Realty Investment Trust...................................... 12,100 257,125
Kimco Realty Corp. .................................................. 1,800 69,525
Mid-Atlantic Realty Trust............................................ 6,100 56,044
Saul Centers, Inc. .................................................. 7,800 118,950
United Dominion Realty Trust, Inc. .................................. 12,900 180,600
Vornado Realty Trust................................................. 19,000 646,000
Weingarten Realty Investors.......................................... 3,800 136,800
------------
1,465,044
------------
UTILITIES--1.3%
Electric Utilities--0.0%
Duke Power Co. ...................................................... 300 12,525
Southern Co. ........................................................ 400 8,850
Telephone--1.3%
AT&T Corp. .......................................................... 3,600 182,700
MCI Communications Corp. ............................................ 27,400 554,850
------------
758,925
------------
TOTAL COMMON STOCK (cost $49,450,851)................................ 53,535,002
------------
</TABLE>
- ---------------------
44
<PAGE> 46
<TABLE>
<CAPTION>
PREFERRED STOCK--2.5% SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE--2.5%
Banks--2.5%
Banc One Corp., Series C............................................. 1,900 $ 115,425
Citicorp 5.38%....................................................... 9,200 1,351,250
------------
TOTAL PREFERRED STOCK (cost $1,255,010).............................. 1,466,675
------------
TOTAL INVESTMENT SECURITIES (cost $50,705,861)....................... 55,001,677
------------
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES--12.7% AMOUNT
---------------------------------------------------------------------------------------------------
<S> <C> <C>
FEDERAL AGENCY OBLIGATIONS--12.7%
Federal Home Loan Discount Note 6.10% due 6/01/95.................... $7,255,000 7,255,000
------------
TOTAL SHORT-TERM SECURITIES (cost $7,255,000)........................ 7,255,000
------------
TOTAL INVESTMENTS--
(cost $57,960,861) 108.6% 62,256,677
Liabilities in excess of other assets-- (8.6) (4,931,580)
------ ------------
NET ASSETS-- 100.0% $57,325,097
====== ============
</TABLE>
-----------------
+ Non-income producing securities
ADR--American Depositary Receipt
See Notes to Financial Statements
---------------------
45
<PAGE> 47
- ---------------------
SUNAMERICA SERIES TRUST
GLOBAL EQUITIES PORTFOLIO
INVESTMENT PORTFOLIO--MAY 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK--93.9% SHARES VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
AUSTRALIA--0.8%
Australian National Industries Ltd. (Industrial & Commercial)........ 233,000 $ 204,166
Coca-Cola Amatil Ltd. (Consumer Staples)............................. 47,666 283,812
Mayne Nickless Ltd. (Industrial & Commercial)........................ 87,313 381,912
Pacific Dunlop Ltd. (Industrial & Commercial)........................ 89,000 190,490
------------
1,060,380
------------
BELGIUM--0.5%
Kredietbank NV (Finance)............................................. 2,821 676,126
------------
BRAZIL--0.1%
Usinas Siderurgicas de Minas Gerais ADR (Industrial & Commercial)*... 18,000 204,530
------------
CANADA--1.5%
Alcan Aluminum Ltd. (Materials)...................................... 52 1,535
Magna International, Inc. (Consumer Discretionary)................... 15,000 568,140
Renaissance Energy Ltd. (Energy)*.................................... 71,900 1,568,350
------------
2,138,025
------------
DENMARK--0.8%
Den Danske Bank (Finance)............................................ 17,800 1,138,503
------------
FINLAND--1.2%
Metsa-Serla Oy (Materials)........................................... 13,200 557,747
Nokia Corp. (Information Technology)................................. 14,400 668,298
Unitas Ltd. (Finance)................................................ 148,935 464,240
------------
1,690,285
------------
FRANCE--6.8%
Assurance General de France (Finance)................................ 27,200 979,671
Banque National Paris (Finance)...................................... 15,286 754,518
Bouygues SA (Consumer Discretionary)................................. 5,510 680,768
Casino Guichard Perrachon et Cie S.C.A. (Consumer Discretionary)..... 9,600 307,455
Cie de St. Gobain (Materials)........................................ 1,750 219,037
Cie Financiere de Paribas (Finance).................................. 11,798 757,364
Coflexip ADR (Energy)................................................ 12,233 351,699
Eaux (cie Generale) (Industrial & Commercial)........................ 8,840 979,946
Groupe Danone (Consumer Staples)..................................... 3,650 603,245
Immeubles de France (Real Estate).................................... 2,800 199,214
Pechiney (Materials)................................................. 7,300 467,883
Salomon SA (Consumer Staples)........................................ 1,440 632,712
Sefimeg (Real Estate)................................................ 2,600 178,905
Seita (Healthcare)................................................... 26,400 808,255
Societe de Immeubles (Real Estate)................................... 500 35,574
Total SA (Energy).................................................... 13,894 861,392
Unibail SA (Finance)................................................. 5,310 554,385
Union Immeubles de France (Real Estate).............................. 1,700 168,578
------------
9,540,601
------------
</TABLE>
- ---------------------
46
<PAGE> 48
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
GERMANY--3.3%
BASF AG (Materials).................................................. 700 $ 149,827
Bayer AG (Materials)................................................. 4,010 968,381
Deutsche Bank AG (Finance)........................................... 2,060 1,008,646
KSB Kl Schanz Beck (Finance)......................................... 900 194,863
Lufthansa AG (Information & Entertainment)........................... 3,300 443,643
Sudzucker AG (Consumer Staples)...................................... 773 429,353
VEBA AG (Finance).................................................... 2,750 1,045,479
Volkswagen AG (Consumer Discretionary)............................... 1,380 388,134
------------
4,628,326
------------
HONG KONG--2.7%
Cheung Kong (Holdings) Ltd. (Real Estate)............................ 103,000 507,324
CITIC Pacific Ltd. (Information & Entertainment)..................... 125,000 324,810
Dao Heng Bank Group (Finance)........................................ 32,000 95,148
Hong Kong & China Gas Co., Ltd. (Utilities).......................... 230,400 373,808
Hopewell Holdings Ltd. (Real Estate)................................. 544,000 460,641
Hysan Development Co., Ltd. (Real Estate)............................ 101,000 236,985
Johnson Electric Holdings Ltd. (Industrial & Commercial)............. 109,000 243,074
New World Development Co., Ltd. (Real Estate)........................ 151,000 470,454
Peregrine Investment Co. (Real Estate)............................... 183,000 231,846
Sun Hung Kai Properties Ltd. (Real Estate)........................... 61,000 441,612
Television Broadcasting Ltd. (Information & Entertainment)........... 65,000 247,889
Yizheng Chemical Fibre (Materials)................................... 284,000 105,555
------------
3,739,146
------------
INDIA--0.4%
Bajaj Auto GDR (Consumer Discretionary).............................. 10,800 315,900
Hindalco Industries Ltd. GDR (Industrial & Commercial)............... 8,600 250,700
------------
566,600
------------
INDONESIA--0.4%
Hanjaya Mandala Sampoerna (Healthcare)............................... 27,000 193,420
Indosat (Utilities).................................................. 96,500 378,155
------------
571,575
------------
ITALY--0.9%
Rinascente (Consumer Discretionary).................................. 102,100 576,898
SIP (Finance)........................................................ 249,850 654,496
------------
1,231,394
------------
JAPAN--20.8%
Amano Corp. (Industrial & Commercial)................................ 25,000 324,963
Asahi Bank (Finance)................................................. 51,000 632,792
Bank of Tokyo Ltd. (Finance)......................................... 27,000 478,582
Canon Sales Co., Inc. (Industrial & Commercial)...................... 6,000 156,691
Chiba Bank Ltd. (Finance)............................................ 19,000 190,842
Dai Nippon Printing Co., Ltd. (Industrial & Commercial).............. 25,000 384,047
Dai-Ichi Kangyo Bank Ltd. (Finance).................................. 73,000 1,380,207
Daifuku Co., Ltd. (Industrial & Commercial).......................... 21,000 260,561
Daito Trust Construction Co. (Industrial & Commercial)............... 1,500 14,003
Daiwa Securities Co., Ltd. (Finance)................................. 10,000 110,842
Fuji Photo Film Co., Ltd. (Materials)................................ 47,000 1,127,445
Heiwa Corp. (Industrial & Commercial)................................ 37,000 883,191
Hitachi Ltd. (Information Technology)................................ 45,000 434,446
House Food Corp. (Consumer Staples).................................. 19,000 388,419
Ito-Yokado Co. (Consumer Discretionary).............................. 7,000 370,576
Kamigumi Co., Ltd. (Industrial & Commercial)......................... 16,000 151,066
Kandenko Co. (Consumer Discretionary)................................ 23,000 342,453
Kao Corp. (Consumer Staples)......................................... 53,000 638,818
Kirin Brewery Co., Ltd. (Consumer Staples)........................... 29,000 334,121
Kokuyo Co., Ltd. (Industrial & Commercial)........................... 6,000 146,765
</TABLE>
---------------------
47
<PAGE> 49
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
JAPAN (continued)
Komatsu Ltd. (Industrial & Commercial)............................... 29,000 $ 225,832
Kuraray Co., Ltd. (Materials)........................................ 78,000 863,646
Kurita Water Industries Ltd. (Industrial & Commercial)............... 14,000 337,489
Kyocera Corp. (Information Technology)............................... 7,000 531,876
Maeda Corp. (Industrial & Commercial)................................ 8,000 157,873
Marui Co., Ltd. (Consumer Discretionary)............................. 21,000 312,674
Matsushita Electric Industrial Co., Ltd. (Industrial & Commercial)... 40,000 619,202
Matsushita Electric Works Ltd. (Industrial & Commercial)............. 56,000 651,155
Mitsubishi Heavy Industrial Ltd. (Industrial & Commercial)........... 38,000 260,892
Mitsui Marine & Fire Co., Ltd. (Finance)............................. 51,000 356,171
Mitsui Trust & Banking Co. (Finance)................................. 82,000 805,223
Mori Seiki Co., Ltd. (Industrial & Commercial)....................... 9,000 155,273
National House Industrial Co., Ltd. (Industrial & Commercial)........ 14,000 256,425
NGK Insulators, Ltd. (Industrial & Commercial)....................... 17,000 158,097
Nikko Securities Co., Ltd. (Finance)................................. 30,000 265,879
Nintendo Co., Ltd. (Consumer Discretionary).......................... 18,000 1,084,786
Nippon Electric Glass Co., Ltd. (Materials).......................... 11,000 162,482
Nippon Express Co., Ltd. (Industrial & Commercial)................... 56,000 473,808
Nippon Steel Corp. (Materials)....................................... 77,000 276,609
Nippon Telegraph & Telecommunications Corp. (Utilities).............. 76 628,656
Nomura Securities International, Inc. (Finance)...................... 31,000 556,809
Osaka Gas Co. (Utilities)............................................ 85,000 316,396
Rohm Co. (Information Technology).................................... 30,000 1,368,390
Santen Pharmaceutical Co. (Healthcare)............................... 2,600 62,984
Sanyo Electric Co., Ltd. (Consumer Discretionary).................... 33,000 169,241
Seven-Eleven Japan Co., Ltd. (Consumer Discretionary)................ 11,900 878,877
Shimizu Construction Co. (Consumer Discretionary).................... 31,000 315,037
Sony Corp. ADR (Consumer Discretionary).............................. 2,020 98,980
Sumitomo Electric Industries Ltd. (Industrial & Commercial).......... 26,000 303,244
Sumitomo Marine & Fire Insurance Co., Ltd. (Finance)................. 39,000 328,130
Sumitomo Realty & Development Co., Ltd. (Real Estate)................ 50,000 309,010
Sumitomo Trust & Banking Co., Ltd. (Finance)......................... 69,000 1,435,037
Taisho Pharmaceutical Co. Ltd. (Healthcare).......................... 8,000 150,310
Takara Shuzo Co. (Consumer Staples).................................. 48,000 363,013
Takeda Chemical Industries Ltd. (Healthcare)......................... 23,000 307,120
Tokai Bank Ltd. (Finance)............................................ 27,000 338,198
Tokio Marine & Fire Insurance Co., Ltd. (Finance).................... 84,000 962,836
Tokyo Electric Power Co., Inc. (Utilities)........................... 16,000 506,706
Tokyo Gas Co., Ltd. (Utilities)...................................... 155,000 650,222
Tostem Corp. (Industrial & Commercial)............................... 8,000 270,369
Toyo Kanetsu K.K. (Energy)........................................... 29,000 151,468
Toyota Motor Corp. (Consumer Discretionary).......................... 36,000 697,666
Ube Industries Ltd. (Materials)...................................... 24,000 90,753
Yakult Honsha Co. (Consumer Staples)................................. 22,000 345,761
Yamanouchi Pharmaceutical Co., Ltd. (Healthcare)..................... 23,000 513,678
Yamazaki Baking Co. (Consumer Staples)............................... 15,000 299,557
------------
29,124,670
------------
KOREA--0.2%
Korea Electric Power Corp. (Utilities)............................... 8,000 299,796
------------
LUXEMBOURG--0.4%
Arbed SA (Materials)................................................. 3,440 509,520
------------
</TABLE>
- ---------------------
48
<PAGE> 50
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
MALAYSIA--1.2%
AMMB Holdings Bhd (Finance).......................................... 44,000 $ 562,386
Aokam Perdana Bhd (Materials)*....................................... 39,200 105,774
Rashid Hussain Bhd (Finance)......................................... 33,000 102,435
Resorts World Bhd (Information & Entertainment)...................... 67,000 437,695
Telekom Malaysia Bhd (Utilities)..................................... 55,000 421,789
------------
1,630,079
------------
MEXICO--0.4%
Grupo Financiero Bancomer SA de CV Series B (Finance)................ 466,300 100,842
Grupo Financiero Bancomer SA de CV Series L (Finance)................ 17,270 3,594
Panamerican Beverages, Inc. (Consumer Staples)....................... 9,800 267,050
Telefonos de Mexico SA ADR (Utilities)............................... 7,900 222,188
------------
593,674
------------
NETHERLANDS--2.3%
DSM NV (Materials)................................................... 4,800 408,143
Elsevier NV (Information & Entertainment)............................ 40,220 465,309
Fortis NV (Finance).................................................. 29,394 1,599,964
Heineken NV (Consumer Staples)....................................... 3,505 498,562
Internationale Nederlanden Groep NV (Finance)........................ 4,200 227,551
------------
3,199,529
------------
NEW ZEALAND--0.2%
Lion Nathan Ltd. (Consumer Staples).................................. 113,000 238,875
------------
NORWAY--0.5%
Bergesen D.Y. AS (Industrial & Commercial)........................... 24,500 495,580
Christiania Bank Og Kreditkasse (Finance)............................ 94,000 197,627
------------
693,207
------------
PANAMA--0.3%
Carnival Corp. (Information & Entertainment)......................... 18,500 430,125
------------
PHILIPPINES--0.3%
Manila Electric Co. (Utilities)...................................... 39,750 345,116
------------
SINGAPORE--1.4%
Fraser & Neave Ltd. (Consumer Staples)............................... 33,000 395,621
Oversea Chinese Banking Corp. Ltd. (Finance)......................... 23,000 282,340
Overseas Union Bank Ltd. (Finance)................................... 66,000 421,680
Sembawang Shipyard Ltd. (Industrial & Commercial).................... 54,000 372,146
Singapore Press Holdings Ltd. (Information & Entertainment).......... 22,000 410,625
------------
1,882,412
------------
SPAIN--2.3%
ARGENTARIA Corporacion Bancaria de Espana (Finance).................. 7,000 246,151
Banco Intercontinental Espanol (Finance)............................. 7,000 628,957
Iberdrola (Utilities)................................................ 99,300 695,931
Repsol SA (Energy)................................................... 21,600 698,681
Tabacalera SA (Consumer Staples)..................................... 17,700 603,614
Uralita SA (Materials)............................................... 33,645 403,987
------------
3,277,321
------------
SWEDEN--1.9%
Astra AB (Healthcare)................................................ 48,400 1,418,291
SKF AB Series A (Industrial & Commercial)............................ 6,600 129,085
SKF AB Series B (Industrial & Commercial)............................ 8,600 167,616
Stora Kopparbergs (Materials)........................................ 8,000 502,658
Tidnings AB Marieberg (Information & Entertainment).................. 21,700 461,388
------------
2,679,038
------------
</TABLE>
---------------------
49
<PAGE> 51
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
SWITZERLAND--2.1%
BBC Brown Boveri (Industrial & Commercial)........................... 636 $ 649,358
Ciba-Geigy AG (Materials)............................................ 1,000 709,816
Elektrowatt AG (Industrial & Commercial)............................. 890 257,883
Forbo Holding SA (Finance)........................................... 880 448,864
Nestle SA (Consumer Staples)......................................... 868 876,557
------------
2,942,478
------------
THAILAND--0.5%
Bank Of Ayudhya PLC (Finance)........................................ 82,000 398,704
Bank Of Ayudhya Public Co., Ltd. (Finance)........................... 18,000 96,272
Thai Airways International PLC (Information & Entertainment)......... 119,000 250,729
------------
745,705
------------
UNITED KINGDOM--9.6%
Argos PLC (Consumer Discretionary)................................... 71,100 479,871
B.A.T. Industries PLC (Consumer Staples)............................. 127,500 998,213
Berkeley Group PLC (Industrial & Commercial)......................... 46,300 279,035
BOC Group PLC (Materials)............................................ 16,000 202,509
British Airways PLC (Information & Entertainment).................... 87,800 574,458
British Land Co. PLC (Real Estate)................................... 73,300 483,079
Dixons Group PLC (Consumer Discretionary)............................ 216,000 847,261
Forte (Information & Entertainment).................................. 174,900 641,605
General Electric Co. (Industrial & Commercial)....................... 179,491 914,985
Grand Metropolitan PLC (Industrial & Commercial)..................... 109,000 683,738
Hepworth PLC (Industrial & Commercial)............................... 31,200 151,120
Johnson Matthey PLC (Industrial & Commercial)........................ 51,200 455,328
Marley PLC (Industrial & Commercial)................................. 94,000 179,879
Mayer International PLC (Materials).................................. 31,000 159,505
Mowlem (John) & Co. PLC (Materials).................................. 360,000 397,332
Royal Bank of Scotland Group PLC (Finance)........................... 139,000 896,205
Rugby Group PLC (Industrial & Commercial)............................ 94,000 182,118
Smithkline Beecham PLC (Healthcare).................................. 91,200 736,465
The British Petroleum Co. PLC (Energy)............................... 51,800 365,241
Thorn EMI PLC (Consumer Discretionary)............................... 52,500 1,036,327
Unilever NV (Consumer Staples)....................................... 48,700 945,462
Vodafone Group PLC (Information Technology).......................... 253,300 832,668
Wimpey (George) PLC (Consumer Discretionary)......................... 468,975 975,635
------------
13,418,039
------------
UNITED STATES--30.1%
AirTouch Communications, Inc. (Information Technology)+.............. 23,300 634,925
AlliedSignal, Inc. (Industrial & Commercial)......................... 20,000 807,500
American International Group, Inc. (Finance)......................... 10,600 1,205,750
AT&T Corp. (Utilities)............................................... 17,300 877,975
Atlantic Richfield Co. (Energy)...................................... 13,000 1,509,625
Boeing Co. (Industrial & Commercial)................................. 11,300 665,288
Centocor, Inc. (Industrial & Commercial)+............................ 15,000 203,438
Citicorp (Finance)................................................... 11,600 620,600
Colgate-Palmolive Co. (Consumer Staples)............................. 13,600 1,047,200
Columbia/HCA Healthcare Corp. (Healthcare)........................... 21,500 878,812
Comcast Corp. (Information & Entertainment).......................... 33,200 581,000
COMPAQ Computer Corp. (Information Technology)+...................... 15,000 586,875
Conrail, Inc. (Industrial & Commercial).............................. 2,700 145,800
Dean Witter, Discover & Co. (Finance)................................ 21,200 1,009,650
Disney (Walt) Co. (Information & Entertainment)...................... 20,000 1,112,500
Eastman Kodak Co. (Materials)........................................ 14,200 857,325
Enron Corp. (Energy)................................................. 48,800 1,781,200
Federal National Mortgage Association (Finance)...................... 6,200 576,600
General Electric Co. (Industrial & Commercial)....................... 33,700 1,954,600
General Instrument Corp. (Information Technology)+................... 33,400 1,031,225
</TABLE>
- ---------------------
50
<PAGE> 52
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
UNITED STATES (continued)
General Reinsurance Group (Finance).................................. 6,400 $ 866,400
Goodyear Tire & Rubber Co. (Consumer Discretionary).................. 23,300 984,425
Illinois Central Corp. (Industrial & Commercial)..................... 5,400 191,025
Intel Corp. (Information Technology)................................. 11,100 1,245,975
Lubrizol Corp. (Materials)........................................... 17,600 613,800
May Department Stores Co. (Consumer Discretionary)................... 16,340 641,345
MBNA Corp. (Finance)................................................. 36,000 1,215,000
McDonald's Corp. (Consumer Staples).................................. 19,400 734,775
MCI Communications Corp. (Utilities)................................. 42,740 865,485
Merck & Co., Inc. (Healthcare)....................................... 25,600 1,206,400
Merrill Lynch & Co., Inc. (Finance).................................. 12,160 571,520
MGIC Investment Corp. (Finance)...................................... 11,400 535,800
Morton International, Inc. (Materials)............................... 19,000 603,250
Motorola, Inc. (Information Technology).............................. 10,300 616,713
National Semiconductor Corp. (Information Technology)+............... 37,400 935,000
NationsBank Corp. (Finance).......................................... 16,340 925,252
PECO Energy Co. (Utilities).......................................... 34,300 964,687
PepsiCo, Inc. (Consumer Staples)..................................... 27,300 1,337,700
Pfizer, Inc. (Healthcare)............................................ 13,400 1,180,875
Philip Morris Cos., Inc. (Consumer Staples).......................... 20,600 1,501,225
Pioneer Hi-Bred International, Inc. (Consumer Staples)............... 12,300 482,775
Rohm & Haas Co. (Materials).......................................... 18,530 1,090,954
Sprint Corp. (Utilities)............................................. 39,700 1,329,950
Union Carbide Corp. (Materials)...................................... 17,300 506,025
United Healthcare Corp. (Healthcare)................................. 15,700 584,825
Value Health, Inc. (Healthcare)+..................................... 3,200 103,200
Wendy's International, Inc. (Consumer Staples)....................... 44,400 760,350
Western Atlas, Inc. (Energy)+........................................ 29,900 1,349,238
------------
42,031,857
------------
TOTAL COMMON STOCK (cost $123,748,637)............................... 131,226,932
------------
<CAPTION>
PREFERRED STOCK--0.7%
--------------------------------------------------------------------------------------------------
<S> <C> <C>
GERMANY--0.7%
Henkel KGAA (Consumer Staples)....................................... 1,860 708,045
KSB Kl Schanz Beck (Finance)......................................... 1,600 288,686
------------
TOTAL PREFERRED STOCK (cost $1,040,757).............................. 996,731
------------
<CAPTION>
RIGHTS--0.1%+ RIGHTS
--------------------------------------------------------------------------------------------------
<S> <C> <C>
NETHERLANDS--0.1%
Heineken NV (Consumer Staples) (cost $121,516)....................... 5,265 166,424
------------
<CAPTION>
WARRANTS--0.1%+ SHARES
--------------------------------------------------------------------------------------------------
<S> <C> <C>
MALAYSIA--0.1%
Development & Commercial Bank Bhd (Finance).......................... 32,000 36,616
Ta Enterprises Bhd (Utilities)....................................... 25,000 49,300
------------
TOTAL WARRANTS (cost $5,070)......................................... 85,916
------------
</TABLE>
---------------------
51
<PAGE> 53
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(DENOMINATED
IN LOCAL
BONDS & NOTES--0.0% CURRENCY) VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
MALAYSIA--0.0%
Ta Enterprises Bhd 6.50% 1999 (Utilities) (cost $1,869).............. 5,000 $ 1,724
------------
TOTAL INVESTMENT SECURITIES (cost $124,917,849)...................... 132,477,727
------------
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES--5.2% AMOUNT
--------------------------------------------------------------------------------------------------
<S> <C> <C>
TIME DEPOSIT--5.2%
Cayman Island Time Deposit with State Street Bank & Trust Co.
5.75% due 6/01/95.................................................. $ 7,337,000 7,337,000
------------
TOTAL SHORT-TERM SECURITIES (cost $7,337,000)........................ 7,337,000
------------
TOTAL INVESTMENTS--
(cost $132,254,849) 100.0% 139,814,727
Liabilities in excess of other assets-- 0.0 (65,496)
------ ------------
NET ASSETS-- 100.0% $139,749,231
============
</TABLE>
---------------
+ Non-income producing securities
* Resale restricted to qualified institutional buyers
ADR--American Depositary Receipt
GDR--Global Depositary Receipt
<TABLE>
<CAPTION>
FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT MAY 31, 1995
---------------------------------------------------------------
GROSS
CONTRACT IN DELIVERY UNREALIZED
TO DELIVER EXCHANGE FOR DATE APPRECIATION
<CAPTION>
---------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
BEF 28,420,000 USD 1,001,321 9/29/95 $ 17,589
USD 261,734 BEF 7,500,000 9/29/95 2,513
----------
20,102
----------
<CAPTION>
GROSS
UNREALIZED
DEPRECIATION
---------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CHF 2,500,000 USD 2,080,040 8/31/95 $ (78,203)
DEM 6,000,000 USD 4,153,686 8/31/95 (108,964)
FRF 21,600,000 USD 4,218,750 8/31/95 (118,817)
GBP 2,000,000 USD 3,105,600 7/31/95 (121,400)
JPY 170,000,000 USD 2,002,356 7/31/95 (58,875)
USD 4,309,715 CAD 5,900,000 7/31/95 (12,086)
USD 3,514,225 GBP 2,200,000 8/31/95 (82,115)
----------
(580,460)
----------
Net Depreciation............................ $(560,358)
==========
</TABLE>
BEF -- Belgian Franc
CHF -- Swiss Franc
DEM -- Deutsche Mark
FRF -- French Franc
GBP -- Pound Sterling
JPY -- Japanese Yen
USD -- United States Dollar
See Notes to Financial Statements
- ---------------------
52
<PAGE> 54
- ---------------------
SUNAMERICA SERIES TRUST
INTERNATIONAL DIVERSIFIED
EQUITIES PORTFOLIO INVESTMENT PORTFOLIO--MAY 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK--87.4% SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
ARGENTINA -- 1.0%
Acindar Industria Argentina de Aceros SA (Materials).................. 2,200 $ 1,364
Alpargatas Sociedad Anonima Industrial y Comercial (Consumer
Discretionary)...................................................... 3,100 1,457
Astra Compania Argentina de Petroleo SA (Energy)...................... 3,500 5,495
Atanor Nac Quimica (Materials)........................................ 550 1,265
Bagley SA (Consumer Discretionary).................................... 1,150 2,587
Banco Frances del Rio de la Plata SA (Finance)........................ 1,250 8,250
BCO De Galicia Ba (Finance)........................................... 2,100 8,652
Celulosa Argentina (Materials)........................................ 4,700 1,457
Central Costanera (Utilities)......................................... 450 1,305
Central Puerto SA (Industrial & Commercial)........................... 300 1,245
Ciadea SA (Consumer Discretionary).................................... 850 4,420
Comercial de Plata (Energy)........................................... 2,200 5,346
Embotelladora Bs A (Consumer Staples)................................. 10 14,900
Indiana Petroq Koppers (Energy)....................................... 500 2,340
Indupa SA (Materials)................................................. 1,900 941
Juan Minetti SA (Industrial & Commercial)............................. 550 1,898
Ledesma SA (Consumer Discretionary)................................... 2,800 3,304
Molinos Rio de la Plata SA (Consumer Discretionary)................... 700 3,920
Naviera P Companc (Energy)............................................ 7,670 32,904
Sevel Argentina SA (Consumer Discretionary)........................... 600 1,200
Siderca SA (Materials)................................................ 10,600 7,632
Telecom Argentina Stet-France Telecom SA (Information Technology)..... 4,400 21,868
Telefonica de Argentina SA (Information Technology)................... 5,200 14,040
Transport Gas Sur (Energy)............................................ 4,200 9,156
YPF Sociedad Anonima ADS (Materials).................................. 4,000 80,000
------------
236,946
------------
AUSTRALIA -- 3.5%
Amcor Ltd. (Materials)................................................ 6,000 44,559
Boral Ltd. (Industrial & Commercial).................................. 11,000 27,494
Brambles Industries Ltd. (Industrial & Commercial).................... 1,700 16,728
Broken Hill Property (Real Estate).................................... 1,230 16,043
Broken Hill Proprietary Ltd. ADR (Energy)............................. 12,300 155,837
Coca-Cola Amatil Ltd. (Consumer Staples).............................. 2,800 16,672
Coles Myer Ltd. (Consumer Discretionary).............................. 10,100 31,701
CRA Ltd. (Materials).................................................. 4,400 58,717
CSR Ltd. (Industrial & Commercial).................................... 7,800 24,594
Foster's Brewing Group Ltd. (Consumer Staples)........................ 23,000 20,319
General Property Trust (Real Estate)+................................. 5,931 10,650
Goodman Fielder Wattie Ltd. (Consumer Staples)........................ 14,000 12,267
ICI Australia Ltd. (Materials)........................................ 2,500 17,327
Lend Lease Corp. Ltd. (Real Estate)................................... 1,764 23,059
M.I.M. Holdings Ltd. (Materials)...................................... 10,900 14,092
National Australia Bank Ltd. (Finance)................................ 10,000 85,183
Newcrest Mining Ltd. ADR (Materials).................................. 2,300 8,788
News Corp. Ltd. (Information & Entertainment)......................... 15,662 83,018
North Ltd. (Materials)................................................ 5,600 13,273
Pacific Dunlop Ltd. (Industrial & Commercial)......................... 7,800 16,695
Renison Goldfields (Materials)........................................ 2,040 6,300
Santos Ltd. (Energy).................................................. 5,200 12,810
</TABLE>
---------------------
53
<PAGE> 55
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
AUSTRALIA (continued)
Southcorp Holdings Ltd. (Industrial & Commercial)..................... 4,600 $ 9,350
TNT Ltd. (Industrial & Commercial).................................... 4,600 6,641
Western Mining Corp. Holdings Ltd. ADS (Materials).................... 7,600 40,448
Westfield Trust (Real Estate)......................................... 7,300 13,003
Westpac Bank Corp. (Finance).......................................... 13,500 49,548
------------
835,116
------------
BELGIUM -- 5.1%
Bekaert SA (Industrial & Commercial).................................. 40 32,417
Cimenteries CBR Cementbedrijven (Industrial & Commercial)............. 75 29,744
Delhaize Le Lion (Consumer Discretionary)............................. 1,300 60,702
Electrabel SA (Utilities)............................................. 1,150 241,917
Fortis AG (Finance)................................................... 700 75,679
Generale de Banque Belge Pour l'Etranger SA (Finance)................. 350 110,078
Groupe Bruxelles Lambert SA (Industrial & Commercial)................. 550 75,110
Kredietbank NV (Finance).............................................. 300 71,903
Petrofina SA (Energy)................................................. 520 156,193
Royale Belge (Finance)................................................ 350 65,178
Solvay SA (Materials)................................................. 225 125,312
Tractebel Investor International (Industrial & Commercial)............ 325 117,683
Union Miniere SA (Energy)............................................. 600 41,279
------------
1,203,195
------------
FRANCE -- 9.8%
Accor SA (Information & Entertainment)................................ 350 44,936
Alcatel Alsthom Compagnie General d'Electricite (Information
Technology)......................................................... 1,500 136,592
AXA (Finance)+........................................................ 425 22,511
Banque National Paris (Finance)....................................... 1,750 86,380
Carrefour (Consumer Discretionary).................................... 230 113,714
Cie de St. Gobain (Materials)......................................... 850 106,389
Cie de Suez (Finance)................................................. 1,600 81,878
Cie Financiere de Paribas (Finance)................................... 925 59,380
Compagnie Bancaire SA (Finance)....................................... 357 44,612
CSF (Thomson) (Industrial & Commercial)............................... 900 24,706
Eaux (cie Generale) (Industrial & Commercial)......................... 950 105,311
Groupe Danone (Consumer Staples)...................................... 725 119,823
Havas SA (Industrial & Commercial).................................... 510 41,548
L' Oreal SA (Consumer Staples)........................................ 700 184,259
L'Air Liquide SA (Materials).......................................... 675 105,981
Lafarge Coppee (Industrial & Commercial).............................. 875 71,390
Lyonnaise des Eaux-Dumez (Industrial & Commercial).................... 600 61,433
Michelin, Class B (Industrial & Commercial)........................... 1,150 52,453
Moet Hennessy Louis Vuitton (Consumer Staples)........................ 725 137,796
Peugeot SA (Consumer Discretionary)................................... 575 86,803
Pinault Printemps SA (Consumer Discretionary)......................... 150 32,651
Promodes SA (Consumer Discretionary).................................. 220 50,993
Rhone Poulenc SA (Materials).......................................... 2,000 48,050
Sagem (Industrial & Commercial)....................................... 60 33,437
Schneider SA (Industrial & Commercial)................................ 700 55,024
Sefimeg (Real Estate)................................................. 300 20,643
Societe Generale (Finance)............................................ 750 88,129
Societe Nationale Elf Aquitaine (Energy).............................. 2,150 173,768
Total SA (Energy)..................................................... 2,100 130,194
------------
2,320,784
------------
HONG KONG -- 3.0%
Bank of East Asia Ltd. (Finance)...................................... 4,675 14,021
Cathay Pacific Airways Ltd. (Industrial & Commercial)................. 15,000 21,816
Cheung Kong Ltd. (Real Estate)........................................ 10,000 49,255
China Light & Power Co., Ltd. (Utilities)............................. 9,000 49,216
</TABLE>
- ---------------------
54
<PAGE> 56
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
HONG KONG (continued)
Chinese Estates Ltd. (Real Estate).................................... 10,000 $ 7,304
Hang Seng Bank Ltd. (Finance)......................................... 9,100 70,585
Hong Kong & China Gas Co., Ltd. (Utilities)........................... 9,600 15,575
Hongkong & Shanghai Hotels Ltd. (Information & Entertainment)......... 10,000 13,316
Hongkong Telecommunications, Ltd. (Information Technology)............ 54,000 114,139
Hutchison Whampoa (Industrial & Commercial)........................... 17,000 85,931
Hysan Development Co., Ltd. (Real Estate)............................. 5,000 11,732
Johnson Electric Holdings Ltd. (Industrial & Commercial).............. 2,000 4,460
Miramar Hotel & Investment Co., Ltd. (Information & Entertainment).... 3,000 5,973
New World Development Co., Ltd. (Real Estate)......................... 9,000 28,040
Shun Tak Holdings Ltd. (Industrial & Commercial)...................... 8,000 5,378
South China Morning Post (Holdings) Ltd. (Information &
Entertainment)...................................................... 16,000 9,929
Sun Hung Kai Properties Ltd. (Real Estate)............................ 11,000 79,635
Swire Pacific Ltd. (Industrial & Commercial).......................... 8,500 65,657
Wharf Holdings Ltd. (Industrial & Commercial)......................... 13,000 42,687
Wing Lung Bank Ltd. (Finance)......................................... 840 4,680
------------
699,329
------------
INDONESIA -- 3.0%
Bank Dagang Nasional (Finance)........................................ 25,500 44,380
Barito Pacific Timber (Materials)..................................... 142,000 172,198
Gadjah Tunggal (Consumer Discretionary)............................... 40,500 50,932
Hanjaya Mandala Sampoerna (Healthcare)................................ 45,500 325,949
Jakarta International Hotel & Development (Industrial & Commercial)... 39,500 45,239
Matahari Putra Prima (Consumer Discretionary)......................... 8,500 16,130
Pan Brothers Textiles (Consumer Discretionary)........................ 2,000 629
Smart J. Co. PLC (Industrial & Commercial)............................ 21,500 24,141
United Tractors (Industrial & Commercial)............................. 14,500 29,143
------------
708,741
------------
ITALY -- 5.1%
Assicurazione Generali (Finance)...................................... 9,500 230,338
Banca Commerciale Italiana SpA (Finance).............................. 22,000 50,795
Banca Nazionale dell 'Agricoltura SpA (Finance)....................... 4,000 3,682
Banco Ambrosiano Veneto SpA (Finance)................................. 8,000 28,023
Benetton Group SpA (Consumer Discretionary)........................... 2,500 24,216
Cogefar-Impresit SpA (Industrial & Commercial)........................ 2,000 1,857
Credito Italiano SpA (Finance)........................................ 17,500 20,021
Edison SpA (Energy)................................................... 8,000 34,944
Falck Acciaierie & Ferriere Lombarde (Materials)...................... 2,000 3,137
Fiat SpA (Consumer Discretionary)..................................... 33,000 130,171
Fiat SpA Nonconvertible (Consumer Discretionary)...................... 10,000 23,820
Finanziaria di Sviluppo SpA (Industrial & Commercial)................. 6,000 14,402
First British Columbia San Paolo (Finance)............................ 9,000 50,880
Gilardini SpA (Industrial & Commercial)............................... 5,000 12,169
Italcementi SpA (Industrial & Commercial)............................. 3,000 19,829
Italgas-Societa Itailiana per il Gas SpA (Utilities).................. 11,000 29,452
Mediobanca SpA (Finance).............................................. 5,500 41,681
Montedison SpA (Industrial & Commercial).............................. 70,000 50,064
Montedison SpA Nonconvertible (Industrial & Commercial)............... 10,000 6,074
Olivetti (ING C.) & C. SpA (Information Technology)................... 17,500 17,345
Pirelli SpA (Industrial & Commercial)................................. 20,000 28,632
RAS SpA (Finance)..................................................... 3,000 32,979
RAS SpA Nonconvertible (Finance)...................................... 1,800 11,711
Rinascente (Consumer Discretionary)................................... 3,000 16,951
S.A.I Societa Assicuratrice Industriale SpA (Finance)................. 2,000 22,382
SIP (Finance)......................................................... 75,000 196,467
SIP Nonconvertible (Finance).......................................... 15,000 30,612
Sirti SpA (Industrial & Commercial)................................... 5,000 38,349
SME International (Consumer Discretionary)............................ 11,000 26,302
</TABLE>
---------------------
55
<PAGE> 57
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
ITALY (continued)
SNIA BPD SpA (Industrial & Commercial)................................ 15,000 $ 17,801
------------
1,215,086
------------
JAPAN -- 31.1%
Ajinomoto Co., Inc. (Consumer Staples)................................ 8,000 90,753
Asahi Bank Ltd. (Finance)............................................. 7,000 86,854
Asahi Chemical Industry Co., Inc. (Materials)......................... 23,000 161,442
Asahi Glass Co., Ltd. (Materials)..................................... 8,000 99,261
Bank of Tokyo Ltd. (Finance).......................................... 8,000 141,802
Bank of Yokohama Ltd. (Finance)....................................... 5,000 46,381
Bridgestone Corp. (Industrial & Commercial)........................... 8,000 117,223
Dai Nippon Printing Co., Ltd. (Industrial & Commercial)............... 8,000 122,895
Dai-Ichi Kangyo Bank Ltd. (Finance)................................... 13,000 245,790
Daiei, Inc. (Consumer Discretionary).................................. 3,000 37,223
Daishowa Paper Manufacturing Co. Ltd. (Materials)..................... 1,000 5,436
Daiwa House Industry Co. Ltd. (Industrial & Commercial)............... 4,000 62,393
Daiwa Securities Co., Ltd. (Finance).................................. 6,000 66,505
Ebara Corp. (Industrial & Commercial)................................. 2,000 28,124
Fanuc Ltd. (Information Technology)................................... 1,700 73,725
Fuji Bank Ltd. (Finance).............................................. 12,000 275,096
Fuji Photo Film Co., Ltd. (Materials)................................. 4,000 95,953
Fujitsu Ltd. (Information Technology)................................. 9,000 86,145
Hitachi Ltd. (Information Technology)................................. 8,000 77,235
Honda Motor Co., Ltd. (Consumer Discretionary)........................ 5,000 73,855
Industrial Bank of Japan Ltd. (Finance)............................... 10,000 290,694
Japan Airlines Co., Ltd. (Industrial & Commercial).................... 8,000 55,586
Japan Energy Corp. (Energy)........................................... 6,000 21,554
Jusco Co. Ltd. (Consumer Discretionary)............................... 2,000 43,486
Kajima Corp. (Industrial & Commercial)................................ 5,000 49,158
Kansai Electric Power Co., Inc. (Utilities)........................... 1,400 36,892
Kao Corp. (Consumer Staples).......................................... 8,000 96,425
Kawasaki Steel Corp. (Materials)...................................... 17,000 64,083
Kirin Brewery Co., Ltd. (Consumer Staples)............................ 8,000 92,171
Kobe Steel Ltd. (Materials)........................................... 21,000 58,812
Kubota Corp. (Industrial & Commercial)................................ 15,000 102,807
Kumagai Gumi Co. Ltd. (Industrial & Commercial)....................... 4,000 18,907
Kyocera Corp. (Information Technology)................................ 1,000 75,982
Marubeni Corp. (Industrial & Commercial).............................. 19,000 101,259
Marui Co., Ltd. (Consumer Discretionary).............................. 3,000 44,668
Matsushita Electric Industrial Co., Ltd. (Information Technology)..... 8,000 123,840
Mitsubishi Corp. (Industrial & Commercial)............................ 9,000 102,948
Mitsubishi Electric Corp. (Information Technology).................... 10,000 69,129
Mitsubishi Estate Co. Ltd. (Real Estate).............................. 7,000 78,499
Mitsubishi Heavy Industrial Ltd. (Industrial & Commercial)............ 23,000 157,908
Mitsubishi Trust & Banking Corp (Finance)............................. 5,000 80,945
Mitsui Fudosan Co., Ltd. (Real Estate)................................ 5,000 56,071
Mitsui Trust & Banking Co., Ltd. (Finance)............................ 6,000 58,919
Mitsukoshi Ltd. (Consumer Discretionary).............................. 3,000 24,886
Mochida Pharmaceutical Co., Ltd. (Healthcare)......................... 1,200 18,860
NEC Corp. (Information Technology).................................... 6,000 63,811
Nippon Express Co., Ltd. (Industrial & Commercial).................... 8,000 67,687
Nippon Oil Co. Ltd. (Energy).......................................... 11,000 71,492
Nippon Steel Corp. (Materials)........................................ 23,000 82,623
Nippondenso Co., Ltd. (Industrial & Commercial)....................... 5,000 90,399
Nissan Motor Co., Ltd. (Consumer Discretionary)....................... 11,000 71,102
NKK Corp. (Materials)................................................. 24,000 60,408
Nomura Securities International, Inc. (Finance)....................... 8,000 143,693
Odakyu Electric Railway Co., Ltd. (Industrial & Commercial)........... 14,000 107,533
Pioneer Electronic Corp. (Consumer Staples)........................... 1,000 17,371
</TABLE>
- ---------------------
56
<PAGE> 58
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
JAPAN (continued)
Sakura Bank Ltd. (Finance)............................................ 13,000 $ 155,155
Sankyo Co., Ltd. (Healthcare)......................................... 2,200 50,954
Sanyo Electric Co., Ltd. (Consumer Discretionary)..................... 11,000 56,414
Sega Enterprises Ltd. (Consumer Discretionary)........................ 600 22,476
Sekisui Chemical Co., Ltd. (Industrial & Commercial).................. 3,000 35,238
Sekisui House Ltd. (Industrial & Commercial).......................... 4,000 50,576
Seven-Eleven Japan Co., Ltd. (Consumer Discretionary)................. 2,000 147,710
Sharp Corp. (Consumer Staples)........................................ 3,000 42,541
Shimizu Construction Co. (Consumer Discretionary)..................... 4,000 40,650
Shiseido Co., Ltd. (Healthcare)....................................... 2,000 24,343
Sony Corp. (Consumer Discretionary)................................... 2,000 96,425
Sumitomo Chemical Co., Ltd. (Materials)............................... 12,000 61,400
Sumitomo Corp. (Industrial & Commercial).............................. 6,000 54,452
Sumitomo Metal Industrial (Materials)................................. 18,000 53,388
Sumitomo Metal Mining Co., Ltd. (Materials)........................... 3,000 23,681
Sumitomo Trust & Banking Co., Ltd. (Finance).......................... 13,000 270,369
Taisei Corp. (Industrial & Commercial)................................ 13,000 83,569
Taisho Pharmaceutical Co. Ltd. (Healthcare)........................... 2,000 37,578
Takeda Chemical Industries Ltd. (Healthcare).......................... 8,000 106,824
Tobu Railway Co., Ltd. (Industrial & Commercial)...................... 5,000 31,315
Tokai Bank Ltd. (Finance)............................................. 10,000 125,259
Tokio Marine & Fire Insurance Co., Ltd. (Finance)..................... 8,000 91,699
Tokyo Electric Power Co., Inc. (Utilities)............................ 6,800 215,350
Tokyo Gas Co., Ltd. (Utilities)....................................... 15,000 62,925
Tokyu Corp. (Industrial & Commercial)................................. 6,000 38,854
Toray Industries, Inc. (Materials).................................... 15,000 97,134
Tostem Corp. (Industrial & Commercial)................................ 2,000 67,592
Toto Ltd. (Industrial & Commercial)................................... 2,000 30,724
Toyo Seikan Kaisha Ltd. (Materials)................................... 1,000 33,087
Toyota Motor Corp. (Consumer Discretionary)........................... 16,000 310,074
Yamaichi Securities Co. (Financial Services).......................... 6,000 36,230
Yamanouchi Pharmaceutical Co., Ltd. (Healthcare)...................... 2,000 44,668
Yasuda Trust & Banking Co., Ltd. (Finance)............................ 6,000 44,455
------------
7,337,808
------------
NETHERLANDS -- 6.9%
ABN AMRO Holdings NV (Finance)........................................ 2,700 102,074
Akzo Nobel NV (Materials)............................................. 750 91,273
Elsevier NV (Information & Entertainment)............................. 9,600 111,063
Heineken NV (Consumer Staples)........................................ 340 48,363
Internationale Nederlanden Groep NV (Finance)......................... 2,400 130,029
KLM- Koninklijke Luchtuaart Mij (Industrial & Commercial)............. 775 24,252
KNP BT (KON) NV (Materials)........................................... 1,000 31,293
Koninklijke Ahold NV (Consumer Discretionary)......................... 1,050 36,177
Koninklijke PTT Nederland NV (Consumer Discretionary)................. 4,500 162,726
Philips Electronics NV (Consumer Staples)............................. 3,100 123,467
Royal Dutch Petroleum Co. (Energy).................................... 4,700 587,723
Unilever NV (Consumer Staples)........................................ 1,400 176,128
------------
1,624,568
------------
PORTUGAL--2.6%
Banco Commercial Portugues SA (Finance)............................... 7,200 95,307
Banco Espirito Santo e Comercial de Lisboa (Finance).................. 7,200 116,835
Banco Internacional do Funchal SA (Finance)........................... 1,750 15,945
Banco Port de Investment (Finance).................................... 4,050 74,156
Banco Portugues do Atlantico SA (Finance)............................. 8,700 133,869
Corticeira Amorim SA (Materials)...................................... 1,550 24,475
Segur Imperio (Finance)............................................... 2,750 18,035
Soares Da Costa (Industrial & Commercial)............................. 850 16,831
Society Empre Somague (Industrial & Commercial)....................... 650 4,367
</TABLE>
---------------------
57
<PAGE> 59
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
PORTGUAL (continued)
Sonae Investimento (Industrial & Commercial).......................... 4,400 $ 107,468
------------
607,288
------------
SINGAPORE--3.6%
Amcol Holdings (Financial Services)................................... 3,000 6,418
City Developments Ltd. (Consumer Discretionary)....................... 9,000 60,086
Cycle & Carriage Ltd. (Consumer Discretionary)........................ 3,000 29,935
DBS Land Ltd. (Real Estate)........................................... 10,000 33,453
Development Bank of Singapore (Finance)............................... 7,000 81,910
First Capital Corp. (Consumer Services)............................... 3,000 9,174
Fraser & Neave Ltd. (Consumer Staples)................................ 3,000 35,966
Inchcape Berhad (Industrial & Commercial)............................. 2,000 6,691
Keppel Corp. Ltd. (Consumer Goods).................................... 7,000 63,819
NatSteel Ltd. (Materials)............................................. 3,000 6,396
Neptune Orient Lines Ltd. (Industrial & Commercial)................... 10,000 12,204
Oversea Chinese Banking Corp. Ltd. (Finance).......................... 10,000 122,757
Overseas Union Enterprise Ltd. (Consumer Services).................... 2,000 12,132
Robinson & Co., Ltd. (Consumer Discretionary)......................... 1,000 4,666
Shangri-La Hotel Ltd. (Consumer Services)............................. 2,000 7,897
Singapore Airlines Ltd. (Consumer Services)........................... 14,000 133,668
Singapore Press Holdings Ltd. (Information & Entertainment)........... 4,000 74,659
Straits Steamship Land Ltd. (Industrial & Commercial)................. 7,000 24,422
Straits Trading Co., Ltd. (Consumer Discretionary).................... 5,000 12,778
United Industrial Corp. (Industrial & Commercial)..................... 21,000 21,859
United Overseas Bank Ltd. (Finance)................................... 10,000 99,785
------------
860,675
------------
SPAIN--3.4%
Acerinox SA (Materials)............................................... 125 15,122
ARGENTARIA Corporacion Bancaria de Espana (Finance)................... 1,250 43,955
Autopistas (Acesa) (Industrial & Commercial).......................... 2,050 19,257
Banco Bilbao Vizcaya (Finance)........................................ 2,300 66,600
Banco Central Hispanoamericano SA (Finance)........................... 1,750 40,024
Banco Espanol de Credito SA (Finance)................................. 233 1,614
Banco Santander SA (Finance).......................................... 1,100 41,601
Corporacion Finance Alba (Industrial & Commercial).................... 250 12,661
Corporacion Mapfre SA (Finance)....................................... 275 13,006
Empresa Nacional Celulosas SA (Materials)............................. 550 14,421
Empresa Nacional de Electricidad SA (Utilities)....................... 2,500 119,665
FASA Renault SA (Consumer Discretionary).............................. 250 7,474
Fomento Construcciones Y Contratas SA (Utilities)..................... 200 20,012
Gas Natural SDG (Utilities)........................................... 400 44,076
Iberdrola (Utilities)................................................. 9,000 63,075
Inmobiliaria Metropolitana Vasco Central SA (Real Estate)............. 60 1,818
Mapfre Vida (Finance)................................................. 13 612
Portland Valderrivassa (Industrial & Commercial)...................... 100 7,997
Repsol SA (Energy).................................................... 3,000 97,039
Tabacalera SA (Consumer Staples)...................................... 400 13,641
Telefonica de Espana SA (Information Technology)...................... 9,300 122,303
Union Electrica-Fenosa SA (Utilities)................................. 3,200 14,298
Zardoya Otis SA (Industrial & Commercial)............................. 100 11,354
------------
791,625
------------
UNITED KINGDOM--9.3%
Abbey National PLC (Finance).......................................... 5,900 44,412
Argyll Group PLC (Consumer Discretionary)............................. 4,551 24,139
Arjo Wiggins Appleton PLC (Materials)................................. 5,600 23,611
B.A.T. Industries PLC (Consumer Staples).............................. 10,700 83,772
Barclays PLC (Finance)................................................ 5,619 60,232
Bass PLC (Consumer Staples)........................................... 3,100 28,701
</TABLE>
- ---------------------
58
<PAGE> 60
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
UNITED KINGDOM (continued)
BOC Group PLC (Materials)............................................. 2,600 $ 32,908
Boots Co. PLC (Consumer Discretionary)................................ 3,400 28,023
British Aerospace PPD (Industrial & Commercial)....................... 72 820
British Aerospace PLC (Information & Entertainment)................... 1,800 14,964
British Airways PLC (Information & Entertainment)..................... 2,600 17,011
British Gas PLC (Utilities)........................................... 16,200 77,823
British Telecommunications PLC (Information Technology)............... 20,500 128,593
BTR PLC (Industrial & Commercial)..................................... 12,200 66,260
Cable & Wireless PLC (Information Technology)......................... 3,719 24,982
Commercial Union PLC (Finance)........................................ 2,266 22,131
General Accident PLC (Finance)........................................ 2,000 19,644
General Electric Co. (Industrial & Commercial)........................ 10,779 54,948
Glaxo Holdings PLC (Healthcare)....................................... 5,179 59,710
Grand Metropolitan PLC (Industrial & Commercial)...................... 6,606 41,438
Great Universal Stores PLC (Consumer Discretionary)................... 1,000 9,751
Guinness PLC (Consumer Staples)....................................... 6,800 51,726
Hanson PLC (Industrial & Commercial).................................. 16,913 64,327
HSBC Holdings PLC (Finance)........................................... 5,800 75,344
Imperial Chemical Industries PLC (Materials).......................... 2,900 36,567
Kingfisher PLC (Consumer Discretionary)............................... 3,300 24,002
Ladbroke Group PLC (Information & Entertainment)...................... 8,100 23,540
Land Securities PLC (Real Estate)..................................... 4,700 46,500
Lloyds Bank PLC (Finance)............................................. 4,645 48,316
Marks & Spencer PLC (Consumer Discretionary).......................... 9,600 63,268
MEPC PLC (Real Estate)................................................ 2,100 13,473
National Power PLC (Utilities)........................................ 3,700 27,499
P & O PLC (Industrial & Commercial)................................... 2,900 28,323
Prudential Corp. PLC (Finance)........................................ 8,500 46,030
Rank Organisation (Consumer Discretionary)............................ 3,000 20,891
Redland PLC (Industrial & Commercial)................................. 7,100 48,652
Reed International PLC (Information & Entertainment).................. 3,400 47,191
Reuters Holdings PLC (Industrial & Commercial)........................ 5,600 41,887
RMC Group PLC (Industrial & Commercial)............................... 2,600 45,563
Royal Bank of Scotland Group PLC (Finance)............................ 5,287 34,088
Royal Insurance Holdings PLC (Finance)................................ 3,191 16,976
RTZ Corp. (Materials)................................................. 4,100 52,414
Sainsbury (J.) PLC (Consumer Discretionary)........................... 5,900 42,163
Scottish Power PLC (Utilities)........................................ 3,400 18,034
Smithkline Beecham Class A (Healthcare)............................... 3,627 29,289
SmithKline Beecham (Healthcare)....................................... 2,518 19,394
Tesco PLC (Consumer Discretionary).................................... 6,400 30,084
Thames Water PLC (Services)........................................... 1,900 15,388
The British Petroleum Co. PLC (Energy)................................ 20,977 147,909
Thorn EMI PLC (Consumer Discretionary)................................ 3,422 67,549
Trafalgar House PLC (Industrial & Commercial)......................... 4,000 3,049
Unilever NV (Consumer Staples)........................................ 3,600 69,890
Vodafone Group PLC (Information Technology)........................... 3,419 11,239
Zeneca Group PLC ADR (Healthcare)..................................... 2,200 32,736
------------
2,207,174
------------
TOTAL COMMON STOCK (cost $19,722,021)................................. 20,648,335
------------
</TABLE>
---------------------
59
<PAGE> 61
<TABLE>
<CAPTION>
PREFERRED STOCK--0.1% SHARES VAALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
ITALY--0.1%
Fiat SpA (Consumer Discretionary)..................................... 13,000 $ 31,678
------------
<CAPTION>
RIGHTS--0.1%+ RIGHTS
---------------------------------------------------------------------------------------------------
<S> <C> <C>
AUSTRALIA--0.0%
Renison Goldfields 6/02/95............................................ 473 9
------------
NETHERLANDS--0.1%
Heineken NV 6/16/95................................................... 340 10,747
------------
TOTAL RIGHTS (cost $9,532)............................................ 10,756
------------
<CAPTION>
WARRANTS--0.0%+ SHARES
---------------------------------------------------------------------------------------------------
<S> <C> <C>
ITALY--0.0%
RAS SpA (Risp.) (Finance)............................................. 150 378
RAS SpA (Finance)..................................................... 250 1,051
------------
TOTAL WARRANTS (cost $0).............................................. 1,429
------------
TOTAL INVESTMENT SECURITIES (cost $19,762,055)........................ 20,692,198
------------
<CAPTION>
PRINCIPAL
REPURCHASE AGREEMENT--11.0% AMOUNT
---------------------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT--11.0%
Agreement with State Street Bank & Trust Co., bearing interest at
4.75% dated 5/31/95, to be repurchased 6/01/95 in the amount of
$2,596,343 and collateralized by $2,540,000 U.S. Treasury Notes
6.875% due 3/31/00 (cost $2,596,000)................................ $ 2,596,000 2,596,000
------------
TOTAL INVESTMENTS --
(cost $22,358,055) 98.6% 23,288,198
Other assets less liabilities-- 1.4 338,774
----- ------------
NET ASSETS-- 100.0% $23,626,972
===== ============
</TABLE>
------------------
+ Non-income producing securities
ADR--American Depositary Receipt
ADS--American Depositary Shares
<TABLE>
<CAPTION>
FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT MAY 31, 1995
--------------------------------------------------------------
GROSS
CONTRACT IN DELIVERY UNREALIZED
TO DELIVER EXCHANGE FOR DATE APPRECIATION
--------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
BEF 33,852,000 USD 1,200,000 4/30/96 $ 24,862
JPY 398,350,000 USD 5,000,000 4/30/96 75,616
---------
Net Appreciation........................... $100,478
=========
</TABLE>
BEF -- Belgian Franc
JPY -- Japanese Yen
USD -- United States Dollar
See Notes to Financial Statements
- ---------------------
60
<PAGE> 62
(This page intentionally left blank)
---------------------
61
<PAGE> 63
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
CASH FIXED GLOBAL HIGH-YIELD WORLDWIDE
MANAGEMENT INCOME BOND BOND HIGH INCOME
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investment securities, at value*.................. $ -- $18,665,713 $36,269,872 $65,845,324 $11,499,396
Short-term securities*............................ 70,002,235 129,926 12,541,000 -- --
Repurchase agreements............................. 11,835,000 2,893,000 -- 939,000 1,516,000
Cash.............................................. 532 992 466 -- 810
Foreign currency.................................. -- -- 89 -- --
Receivables for --
Fund shares sold................................ 462,426 172,508 26,190 5,166 30,883
Dividends and accrued interest.................. 62,455 238,584 840,332 1,340,849 351,651
Sales of investments............................ -- 1,944,143 2,658,367 5,416,737 --
Foreign currency contracts...................... -- -- -- -- --
Deferred organizational expenses.................. 19,180 10,585 10,584 10,242 2,744
Prepaid expenses.................................. 1,369 350 801 1,080 1,756
Unrealized appreciation of foreign currency
contracts....................................... -- -- 1,371,419 -- --
Due from adviser.................................. -- -- -- -- --
------------------------------------------------------------------------
82,383,197 24,055,801 53,719,120 73,558,398 13,403,240
------------------------------------------------------------------------
LIABILITIES:
Payables for --
Purchases of investments........................ 8,579,477 4,841,139 2,609,374 500,000 --
Fund shares redeemed............................ 4,221,228 4,804 5,210 23,357 4,902
Management fees................................. 28,850 10,889 30,470 42,409 10,907
Foreign currency contracts...................... -- -- -- -- --
Other accrued expenses............................ 35,930 21,467 30,241 38,172 33,238
Unrealized depreciation of foreign currency
contracts....................................... -- -- 1,319,625 -- --
Due to custodian bank............................. -- -- -- 83,633 --
------------------------------------------------------------------------
12,865,485 4,878,299 3,994,920 687,571 49,047
------------------------------------------------------------------------
NET ASSETS........................................ $69,517,712 $19,177,502 $49,724,200 $72,870,827 $13,354,193
=========================================================================
Shares of beneficial interest outstanding
(unlimited shares authorized)................... 6,676,387 1,865,107 4,776,801 7,125,108 1,252,691
Net asset value per share......................... $10.41 $10.28 $10.41 $10.23 $10.66
=========================================================================
COMPOSITION OF NET ASSETS:
Capital paid in................................... $67,711,117 $19,068,851 $48,639,247 $76,137,425 $12,593,599
Accumulated undistributed net investment income... 1,798,675 525,449 922,092 3,558,475 539,338
Accumulated undistributed net realized gain (loss)
on investments, futures contracts, options
contracts and foreign currency.................. 3,118 (770,385) (1,985,447) (6,268,142) (25,595)
Unrealized appreciation/depreciation on
investments..................................... 4,802 353,587 2,091,458 (556,931) 246,851
Unrealized foreign exchange gain (loss) on other
assets and liabilities.......................... -- -- 56,850 -- --
------------------------------------------------------------------------
$69,517,712 $19,177,502 $49,724,200 $72,870,827 $13,354,193
========================================================================
---------------
* Cost
Investment securities.......................... $ -- $18,312,126 $34,178,414 $66,402,255 $11,252,545
========================================================================
Short-term securities.......................... $69,997,433 $ 129,926 $12,541,000 $ -- $ --
========================================================================
</TABLE>
See Notes to Financial Statements
- ---------------------
62
<PAGE> 64
<TABLE>
<CAPTION>
BALANCED/ GROWTH/
PHOENIX PHOENIX
INVESTMENT ASSET GROWTH- ALLIANCE INVESTMENT PROVIDENT VENTURE GLOBAL
COUNSEL ALLOCATION INCOME GROWTH COUNSEL GROWTH VALUE EQUITIES
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$10,046,184 $133,059,771 $109,386,364 $80,838,996 $109,538,930 $89,579,029 $55,001,677 $132,477,727
1,623,966 449,794 5,448,000 1,236,000 12,385,870 -- 7,255,000 7,337,000
-- 20,821,000 -- -- -- 2,925,000 -- --
2,359 783 604 681 6,286 680 2,921 7,425
-- -- -- -- -- -- -- 410,914
115,650 209,351 247,511 3,417,029 158,919 29,595 1,016,686 42,196
58,598 932,027 186,283 65,471 296,174 77,542 74,883 564,752
156,049 6,292,636 2,552,443 5,663,014 2,685,623 488,829 56,026 1,770,453
-- -- -- -- -- -- -- 227,520
171 10,585 10,241 10,241 10,817 10,242 171 10,241
176 1,663 1,403 834 1,884 1,256 176 2,277
-- -- -- -- -- -- -- 20,102
558 -- -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------
12,003,711 161,777,610 117,832,849 91,232,266 125,084,503 93,112,173 63,407,540 142,870,607
------------------------------------------------------------------------------------------------------------------------
274,171 16,605,932 2,745,319 5,807,806 2,817,342 635,310 5,945,660 2,016,706
3,357 140,077 22,871 136,667 114,821 114,192 86,399 60,767
6,252 81,583 63,652 45,174 69,291 63,919 32,964 99,745
-- -- -- -- -- -- -- 225,364
13,894 43,934 38,862 31,864 67,718 42,244 17,420 138,334
-- -- -- -- -- -- -- 580,460
-- -- -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------
297,674 16,871,526 2,870,704 6,021,511 3,069,172 855,665 6,082,443 3,121,376
------------------------------------------------------------------------------------------------------------------------
$11,706,037 $144,906,084 $114,962,145 $85,210,755 $122,015,331 $92,256,508 $57,325,097 $139,749,231
========================================================================================================================
1,057,968 12,464,163 9,596,120 6,687,886 10,860,400 8,243,372 4,922,956 11,487,018
$11.06 $11.63 $11.98 $12.74 $11.23 $11.19 $11.64 $12.17
========================================================================================================================
$10,959,326 $131,693,629 $101,889,025 $73,609,713 $114,660,504 $83,316,765 $52,833,023 $133,784,559
104,795 1,960,577 732,138 142,960 833,590 103,075 175,595 42,133
162,843 125,173 (1,001,050) 2,438,572 (3,653,810) (4,976,248) 20,663 (1,092,859)
479,073 11,126,705 13,342,032 9,019,510 10,175,018 13,812,916 4,295,816 7,559,878
-- -- -- -- 29 -- -- (544,480)
------------------------------------------------------------------------------------------------------------------------
$11,706,037 $144,906,084 $114,962,145 $85,210,755 $122,015,331 $92,256,508 $57,325,097 $139,749,231
========================================================================================================================
$ 9,567,111 $121,933,066 $ 96,044,332 $71,819,486 $ 99,363,480 $75,766,113 $50,705,861 $124,917,849
========================================================================================================================
$ 1,623,966 $ 449,794 $ 5,448,000 $ 1,236,000 $ 12,386,302 $ -- $ 7,255,000 $ 7,337,000
========================================================================================================================
<CAPTION>
INTERNATIONAL
DIVERSIFIED
EQUITIES
- -------------------
<S> <C>
$20,692,198
--
2,596,000
918
39,941
188,225
100,832
--
--
2,744
1,756
100,478
5,437
------------
23,728,529
------------
--
23,540
19,011
--
59,006
--
--
------------
101,557
------------
$23,626,972
============
2,440,002
$9.68
------------
$23,658,175
72,461
(1,135,848)
930,143
102,041
------------
$23,626,972
============
$19,762,055
============
$ --
============
</TABLE>
---------------------
63
<PAGE> 65
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MAY 31, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
WORLDWIDE
CASH FIXED GLOBAL HIGH-YIELD HIGH
MANAGEMENT INCOME BOND BOND INCOME
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Income:
Dividends............................................... $ -- $ -- $ -- $ -- $ --
Interest................................................ 2,035,431 610,581 1,697,013 3,937,606 693,769
-------------------------------------------------------------
Total income*......................................... 2,035,431 610,581 1,697,013 3,937,606 693,769
-------------------------------------------------------------
Expenses:
Management fees......................................... 185,446 58,321 170,478 219,297 59,415
Custodian fees.......................................... 17,735 16,030 30,780 19,690 12,380
Auditing fees........................................... 10,405 3,115 7,110 8,885 4,530
Legal fees.............................................. 3,750 905 2,790 3,565 920
Amortization of organizational expenses................. 3,576 1,971 1,971 1,906 941
Registration fees....................................... 3,145 600 1,800 2,100 660
Reports to investors.................................... 1,885 390 975 1,235 915
Trustees' fees.......................................... 1,665 760 905 1,380 555
Interest expense........................................ -- -- -- 2,845 --
Other expenses.......................................... 2,591 1,337 1,925 2,273 2,564
-------------------------------------------------------------
Total expenses before reimbursement................... 230,198 83,429 218,734 263,176 82,880
Expenses reimbursed by the investment adviser......... -- (1,230) -- -- (649)
-------------------------------------------------------------
Net investment income..................................... 1,805,233 528,382 1,478,279 3,674,430 611,538
-------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCIES:
Net realized gain (loss) on investments................. 3,645 182,714 406,138 (941,573) (23,153)
Net realized loss on futures and options contracts...... -- -- -- -- --
Net realized foreign exchange gain (loss) on other
assets and liabilities................................ -- -- 208,613 -- --
Change in unrealized appreciation/depreciation
on investments........................................ 45,781 1,104,166 2,768,521 3,205,299 342,544
Change in unrealized foreign exchange gain (loss) on
other assets and liabilities.......................... -- -- (518,958) -- --
Change in unrealized appreciation/depreciation on
futures contracts..................................... -- -- -- -- --
-------------------------------------------------------------
Net realized and unrealized gain (loss) on investments
and foreign currencies................................ 49,426 1,286,880 2,864,314 2,263,726 319,391
-------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS...... $1,854,659 $1,815,262 $4,342,593 $5,938,156 $930,929
=============================================================
</TABLE>
- ---------------
* Net of foreign withholding taxes on interest and dividends of $18,207,
$2,285, $2,292, $17,501, $4,442, $3,441, $126,478 and $34,239 on the
Worldwide High Income, Growth-Income, Alliance Growth, Growth/Phoenix
Investment Counsel, Provident Growth, Venture Value, Global Equities and
International Diversified Equities Portfolios, respectively.
See Notes to Financial Statements
- ---------------------
64
<PAGE> 66
<TABLE>
<CAPTION>
BALANCED/ GROWTH/
PHOENIX PHOENIX INTERNATIONAL
INVESTMENT ASSET GROWTH- ALLIANCE INVESTMENT PROVIDENT VENTURE GLOBAL DIVERSIFIED
COUNSEL ALLOCATION INCOME GROWTH COUNSEL GROWTH VALUE EQUITIES EQUITIES
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 27,178 $ 722,412 $ 942,333 $ 374,211 $ 763,754 $ 315,776 $ 220,303 $1,264,383 $217,339
115,133 2,033,106 167,274 31,280 509,933 178,563 97,049 199,325 74,456
-------------------------------------------------------------------------------------------------------------------------
142,311 2,755,518 1,109,607 405,491 1,273,687 494,339 317,352 1,463,708 291,795
-------------------------------------------------------------------------------------------------------------------------
21,563 424,196 325,601 217,792 377,905 338,695 93,991 553,195 96,275
14,960 36,855 18,050 17,175 23,555 18,445 29,905 165,225 113,750
3,880 18,125 14,270 10,275 15,350 11,840 5,730 18,825 5,770
765 6,870 5,105 3,565 6,180 4,585 1,410 7,410 1,170
189 1,971 1,906 1,906 1,906 1,906 189 1,906 941
445 4,045 3,735 2,390 3,900 3,290 1,085 5,400 1,015
805 5,850 2,095 1,775 2,340 1,755 1,760 4,195 1,410
555 2,715 1,810 1,510 2,335 1,810 910 2,715 910
-- -- -- -- -- -- -- -- --
1,076 3,075 2,730 2,007 3,327 2,540 1,075 4,189 2,562
-------------------------------------------------------------------------------------------------------------------------
44,238 503,702 375,302 258,395 436,798 384,866 136,055 763,060 223,803
(13,433) -- -- -- -- -- (9,792) -- (60,137)
-------------------------------------------------------------------------------------------------------------------------
111,506 2,251,816 734,305 147,096 836,889 109,473 191,089 700,648 128,129
-------------------------------------------------------------------------------------------------------------------------
163,750 823,470 (350,289) 2,821,491 5,192,922 (1,574,793) 20,663 (4,702,960) (465,587)
-- -- -- -- -- -- -- (504,473) --
-- -- 34 25,385 -- -- -- 4,482,425 (670,261)
487,729 14,493,780 15,062,600 9,742,115 8,567,399 10,781,682 4,366,816 9,903,442 1,233,851
-- -- -- -- 29 -- -- (557,750) 102,037
-- -- -- -- -- -- -- 182,708 --
-------------------------------------------------------------------------------------------------------------------------
651,479 15,317,250 14,712,345 12,588,991 13,760,350 9,206,889 4,387,479 8,803,392 200,040
-------------------------------------------------------------------------------------------------------------------------
$762,985 $17,569,066 $15,446,650 $12,736,087 $14,597,239 $ 9,316,362 $4,578,568 $9,504,040 $328,169
=========================================================================================================================
</TABLE>
---------------------
65
<PAGE> 67
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED MAY 31, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
CASH FIXED GLOBAL HIGH-YIELD WORLDWIDE
MANAGEMENT INCOME BOND BOND HIGH INCOME
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income........................... $ 1,805,233 $ 528,382 $ 1,478,279 $ 3,674,430 $ 611,538
Net realized gain (loss) on investments......... 3,645 182,714 406,138 (941,573) (23,153)
Net realized loss on futures and options
contracts..................................... -- -- -- -- --
Net realized foreign exchange gain (loss) on
other assets and liabilities.................. -- -- 208,613 -- --
Change in unrealized appreciation/depreciation
on investments................................ 45,781 1,104,166 2,768,521 3,205,299 342,544
Change in unrealized foreign exchange gain
(loss) on other assets and liabilities........ -- -- (518,958) -- --
Change in unrealized appreciation/depreciation
on futures contracts.......................... -- -- -- -- --
--------------------------------------------------------------------------
Net increase in net assets resulting from
operations.................................... 1,854,659 1,815,262 4,342,593 5,938,156 930,929
--------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS PAID TO
SHAREHOLDERS:
Dividends from net investment income.......... (2,210,000) (885,000) (1,700,000) (6,340,000) (114,929)
Distributions from net realized gain on
investments................................. -- -- -- -- --
--------------------------------------------------------------------------
Total dividends and distributions paid to
shareholders.................................. (2,210,000) (885,000) (1,700,000) (6,340,000) (114,929)
--------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold....................... 160,828,126 6,376,679 8,894,793 26,691,977 5,315,927
Proceeds from shares issued for reinvestment of
dividends and distributions................... 2,210,000 885,000 1,700,000 6,340,000 114,929
Cost of shares repurchased...................... (182,262,909) (4,883,197) (8,055,773) (15,562,043) (3,370,182)
--------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from capital share transactions............... (19,224,783) 2,378,482 2,539,020 17,469,934 2,060,674
--------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS......... (19,580,124) 3,308,744 5,181,613 17,068,090 2,876,674
NET ASSETS:
Beginning of period............................. 89,097,836 15,868,758 44,542,587 55,802,737 10,477,519
--------------------------------------------------------------------------
End of period................................... $ 69,517,712 $19,177,502 $49,724,200 $ 72,870,827 $13,354,193
==========================================================================
---------------
Undistributed net investment income............. $ 1,798,675 $ 525,449 $ 922,092 $ 3,558,475 $ 539,338
==========================================================================
Shares issued and repurchased:
Sold............................................ 15,332,591 636,156 880,841 2,570,754 542,932
Issued in reinvestment of dividends and
distributions................................. 214,355 90,306 170,000 648,925 11,873
Repurchased..................................... (17,383,195) (489,724) (804,194) (1,502,474) (355,420)
--------------------------------------------------------------------------
Net increase (decrease)......................... (1,836,249) 236,738 246,647 1,717,205 199,385
==========================================================================
</TABLE>
See Notes to Financial Statements
- ---------------------
66
<PAGE> 68
<TABLE>
<CAPTION>
BALANCED/ GROWTH/
PHOENIX PHOENIX
INVESTMENT ASSET GROWTH- ALLIANCE INVESTMENT PROVIDENT VENTURE GLOBAL
COUNSEL ALLOCATION INCOME GROWTH COUNSEL GROWTH VALUE EQUITIES
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 111,506 $ 2,251,816 $ 734,305 $ 147,096 $ 836,889 $ 109,473 $ 191,089 $ 700,648
163,750 823,470 (350,289) 2,821,491 5,192,922 (1,574,793) 20,663 (4,702,960)
-- -- -- -- -- -- -- (504,473)
-- -- 34 25,385 -- -- -- 4,482,425
487,729 14,493,780 15,062,600 9,742,115 8,567,399 10,781,682 4,366,816 9,903,442
-- -- -- -- 29 -- -- (557,750)
-- -- -- -- -- -- -- 182,708
--------------------------------------------------------------------------------------------------------------------------
762,985 17,569,066 15,446,650 12,736,087 14,597,239 9,316,362 4,578,568 9,504,040
--------------------------------------------------------------------------------------------------------------------------
(11,237) (2,240,000) (875,000) (155,000) (1,450,000) (200,000) (23,311) (855,000)
-- (425,000) -- (725,000) -- -- -- (3,190,000)
--------------------------------------------------------------------------------------------------------------------------
(11,237) (2,665,000) (875,000) (880,000) (1,450,000) (200,000) (23,311) (4,045,000)
--------------------------------------------------------------------------------------------------------------------------
11,174,889 35,803,124 26,596,350 38,532,730 22,813,682 20,400,279 58,206,447 29,656,523
11,237 2,665,000 875,000 880,000 1,450,000 200,000 23,311 4,045,000
(1,747,592) (15,321,950) (11,980,036) (19,271,346) (19,589,134) (12,802,239) (9,908,440) (36,169,080)
--------------------------------------------------------------------------------------------------------------------------
9,438,534 23,146,174 15,491,314 20,141,384 4,674,548 7,798,040 48,321,318 (2,467,557)
--------------------------------------------------------------------------------------------------------------------------
10,190,282 38,050,240 30,062,964 31,997,471 17,821,787 16,914,402 52,876,575 2,991,483
1,515,755 106,855,844 84,899,181 53,213,284 104,193,544 75,342,106 4,448,522 136,757,748
--------------------------------------------------------------------------------------------------------------------------
$11,706,037 $144,906,084 $114,962,145 $ 85,210,755 $122,015,331 $ 92,256,508 $57,325,097 $139,749,231
==========================================================================================================================
$ 104,795 $ 1,960,577 $ 732,138 $ 142,960 $ 833,590 $ 103,075 $ 175,595 $ 42,133
==========================================================================================================================
1,071,354 3,274,955 2,381,912 3,275,521 2,184,682 1,941,208 5,375,274 2,530,381
1,132 243,157 77,502 76,125 135,387 18,536 2,359 357,648
(166,752) (1,410,175) (1,083,279) (1,664,064) (1,865,433) (1,210,661) (909,413) (3,115,916)
--------------------------------------------------------------------------------------------------------------------------
905,734 2,107,937 1,376,135 1,687,582 454,636 749,083 4,468,220 (227,887)
==========================================================================================================================
<CAPTION>
INTERNATIONAL
DIVERSIFIED
EQUITIES
------------
<S> <C>
$ 128,129
(465,587)
--
(670,261)
1,233,851
102,037
--
------------
328,169
------------
(121,869)
--
------------
(121,869)
------------
23,812,332
121,869
(12,951,119)
------------
10,983,082
------------
11,189,382
12,437,590
------------
$23,626,972
============
$ 72,461
============
2,545,155
12,721
(1,389,526)
------------
1,168,350
============
</TABLE>
---------------------
67
<PAGE> 69
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED NOVEMBER 30, 1994
<TABLE>
<CAPTION>
WORLDWIDE
CASH FIXED GLOBAL HIGH-YIELD HIGH
MANAGEMENT INCOME BOND BOND INCOME*
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income.......................... $ 2,204,504 $ 877,613 $ 2,056,427 $ 6,224,934 $ 42,729
Net realized gain (loss) on investments........ (527) (897,488) (2,571,262) (5,326,569) (2,442)
Net realized gain (loss) on futures and options
contracts.................................... -- -- (28,936) -- --
Net realized foreign exchange gain (loss) on
other assets and liabilities................. -- -- (887,865) -- --
Change in unrealized appreciation/depreciation
on investments............................... (40,979) (658,964) (296,847) (3,751,081) (95,693)
Change in unrealized foreign exchange gain
(loss) on other assets and liabilities....... -- -- 412,079 -- --
Change in unrealized appreciation/depreciation
on futures contracts......................... -- -- -- -- --
------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations.............................. 2,162,998 (678,839) (1,316,404) (2,852,716) (55,406)
------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS PAID TO
SHAREHOLDERS:
Dividends from net investment income......... (294,500) (98,500) (342,000) (1,505,500) --
Distributions from net realized gain on
investments................................ -- (71,794) (187,458) (294,750) --
------------------------------------------------------------------------
Total dividends and distributions paid to
shareholders................................. (294,500) (170,294) (529,458) (1,800,250) --
------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold...................... 269,001,242 22,698,651 36,121,308 57,807,375 10,551,001
Proceeds from shares issued for reinvestment of
dividends and distributions.................. 294,500 170,294 529,458 1,800,250 --
Cost of shares repurchased..................... (206,669,280) (17,818,535) (15,272,111) (41,002,709) (18,076)
------------------------------------------------------------------------
Net increase in net assets resulting from
capital share transactions................... 62,626,462 5,050,410 21,378,655 18,604,916 10,532,925
------------------------------------------------------------------------
TOTAL INCREASE IN NET ASSETS................... 64,494,960 4,201,277 19,532,793 13,951,950 10,477,519
NET ASSETS:
Beginning of period............................ 24,602,876 11,667,481 25,009,794 41,850,787 0
------------------------------------------------------------------------
End of period.................................. $ 89,097,836 $ 15,868,758 $ 44,542,587 $ 55,802,737 $10,477,519
========================================================================
---------------
Undistributed net investment income............ $ 2,203,442 $ 882,067 $ 1,143,813 $ 6,224,045 $ 42,729
========================================================================
Shares issued and repurchased:
Sold........................................... 26,101,794 2,269,964 3,580,326 5,298,745 1,055,117
Issued in reinvestment of dividends and
distributions................................ 28,873 17,149 53,427 163,362 --
Repurchased.................................... (20,030,209) (1,803,912) (1,531,719) (3,819,032) (1,811)
------------------------------------------------------------------------
Net increase................................... 6,100,458 483,201 2,102,034 1,643,075 1,053,306
========================================================================
</TABLE>
* Commenced operations October 28, 1994
See Notes to Financial Statements
- ---------------------
68
<PAGE> 70
<TABLE>
<CAPTION>
BALANCED/ GROWTH/
PHOENIX PHOENIX INTERNATIONAL
INVESTMENT ASSET GROWTH- ALLIANCE INVESTMENT PROVIDENT VENTURE GLOBAL DIVERSIFIED
COUNSEL* ALLOCATION INCOME GROWTH COUNSEL GROWTH VALUE* EQUITIES EQUITIES*
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 4,526 $ 2,079,263 $ 873,663 $ 151,776 $ 1,447,313 $ 194,453 $ 7,817 $ 439,686 $ 16,284
(907) (219,928) (636,783) 333,777 (8,005,593) (3,106,757) -- 1,537,529 --
-- 1,189 -- -- -- -- -- (370,832) --
-- -- -- -- -- -- -- 1,428,760 49,917
(8,656) (3,516,746) (2,491,416) (1,181,114) (973,025) 2,410,066 (71,000) (1,615,837) (303,708)
-- -- -- -- -- -- -- 28,609 4
-- 18,875 -- -- -- -- -- (182,708) --
----------------------------------------------------------------------------------------------------------------------------
(5,037) (1,637,347) (2,254,536) (695,561) (7,531,305) (502,238) (63,183) 1,265,207 (237,503)
----------------------------------------------------------------------------------------------------------------------------
-- (297,500) (246,500) (47,000) (519,500) (55,000) -- (41,500) --
-- (156,839) (43,923) (604,808) -- -- -- (522,781) --
----------------------------------------------------------------------------------------------------------------------------
-- (454,339) (290,423) (651,808) (519,500) (55,000) -- (564,281) --
----------------------------------------------------------------------------------------------------------------------------
1,521,140 87,819,488 59,410,366 49,449,776 68,645,462 46,577,399 4,758,696 153,578,193 12,781,226
-- 454,339 290,423 651,808 519,500 55,000 -- 564,281 --
(348) (14,916,201) (17,336,891) (18,796,458) (21,953,015) (13,643,955) (246,991) (61,822,290) (106,133)
----------------------------------------------------------------------------------------------------------------------------
1,520,792 73,357,626 42,363,898 31,305,126 47,211,947 32,988,444 4,511,705 92,320,184 12,675,093
----------------------------------------------------------------------------------------------------------------------------
1,515,755 71,265,940 39,818,939 29,957,757 39,161,142 32,431,206 4,448,522 93,021,110 12,437,590
0 35,589,904 45,080,242 23,255,527 65,032,402 42,910,900 0 43,736,638 0
----------------------------------------------------------------------------------------------------------------------------
$1,515,755 $106,855,844 $ 84,899,181 $ 53,213,284 $104,193,544 $ 75,342,106 $4,448,522 $136,757,748 $12,437,590
============================================================================================================================
$ 4,526 $ 1,948,761 $ 872,833 $ 150,864 $ 1,446,701 $ 193,602 $ 7,817 $ 196,485 $ 66,201
============================================================================================================================
152,269 8,292,654 5,595,922 4,589,555 6,425,534 4,560,014 480,157 12,891,831 1,282,522
-- 42,422 27,322 58,987 47,098 5,268 -- 47,983 --
(35) (1,415,441) (1,653,770) (1,778,224) (2,099,136) (1,344,321) (25,421) (5,205,577) (10,870)
----------------------------------------------------------------------------------------------------------------------------
152,234 6,919,635 3,969,474 2,870,318 4,373,496 3,220,961 454,736 7,734,237 1,271,652
============================================================================================================================
</TABLE>
------------------
69
<PAGE> 71
- ---------------------
SUNAMERICA SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION: SunAmerica Series Trust
("the Trust"), organized as a Massachusetts business trust on September 11,
1992, is an open-end management investment company. It was established to
provide a funding medium for certain annuity contracts issued by Variable
Separate Account (the "Account"), a separate account of Anchor National Life
Insurance Company ("Life Company"), organized under the laws of the state of
California.
The Trust issues 14 separate series of shares ("Portfolios"), each of which
represents a separate managed portfolio of securities with its own investment
objectives. The Board of Trustees may establish additional series in the future.
The current Portfolios are the Cash Management Portfolio, Fixed Income
Portfolio, Global Bond Portfolio, High-Yield Bond Portfolio, Worldwide High
Income Portfolio, Balanced/Phoenix Investment Counsel Portfolio, Asset
Allocation Portfolio, Growth-Income Portfolio, Alliance Growth Portfolio,
Growth/Phoenix Investment Counsel Portfolio, Provident Growth Portfolio, Venture
Value Portfolio, Global Equities Portfolio and International Diversified
Equities Portfolio. All shares may be purchased or redeemed by the Account at
net asset value without any sales or redemption charge.
In the opinion of management of the Trust, the accompanying financial
statements contain all normal and recurring adjustments necessary for the fair
presentation of the financial position of the Trust at May 31, 1995, and the
results of its operations, the changes in its net assets and its financial
highlights for the period then ended.
2. SIGNIFICANT ACCOUNTING POLICIES: Following is a summary of significant
accounting policies consistently followed by the Trust in the preparation of its
financial statements.
SECURITY VALUATIONS: Stocks are stated at value based upon closing sales
prices reported on recognized securities exchanges or, for listed securities
having no sales reported and for unlisted securities, upon last-reported bid
prices. Nonconvertible bonds, debentures, and other long-term debt securities
are valued at prices obtained for the day of valuation from a bond pricing
service of a major dealer in bonds when such prices are available; however, in
circumstances where the investment adviser deems it appropriate to do so, an
over-the-counter or exchange quotation at the mean of representative bid or
asked prices may be used. Securities traded primarily on securities exchanges
outside the United States are valued at the last sale price on such exchanges on
the day of valuation, or if there is no sale on the day of valuation, at the
last reported bid price. Short-term securities with original or remaining
maturities in excess of 60 days are valued at the mean of their quoted bid and
ask prices. Short-term securities with 60 days or less to maturity are amortized
to maturity based on their cost to the Trust if acquired within 60 days of
maturity or, if already held by the Trust on the 60th day, are amortized to
maturity based on the value determined on the 61st day. Securities for which
quotations are not readily available are valued at fair value as determined in
good faith under the direction of the Trust's Trustees.
REPURCHASE AGREEMENTS: The Trust's custodian takes possession of the
collateral pledged for investments in repurchase agreements. The underlying
collateral is valued daily on a mark-to-market basis to assure that the value,
including accrued interest, is at least equal to the repurchase price. In the
event of default of the obligation to repurchase, the Trust has the right to
liquidate the collateral and apply the proceeds in satisfaction of the
obligation. If the seller defaults and the value of the collateral declines or
if bankruptcy proceedings are commenced with respect to the seller of the
security, realization of the collateral by the Trust may be delayed or limited.
FOREIGN CURRENCY TRANSLATION: The books and records of the Trust are
maintained in U.S. dollars. Foreign currency amounts are translated into U.S.
dollars at published rates on the following basis:
(i) market value of investment securities, other assets and liabilities at the
prevailing rate of exchange at the valuation date.
(ii) purchases and sales of investment securities, income and expenses at the
rate of exchange prevailing on the respective dates of such transactions.
Assets and liabilities denominated in foreign currencies and commitments under
forward foreign currency contracts are translated into U.S. dollars at the mean
of the quoted bid and asked prices of such currencies against the U.S. dollar.
Purchases and sales of portfolio securities are translated at the rate of
exchange prevailing when such securities were acquired or sold. Income and
expenses are translated at rates of exchange prevailing when earned or incurred.
The Trust does not isolate that portion of the results of operations arising
as a result of changes in the foreign exchange rates from the changes in the
market prices of securities held at fiscal year-end. The Trust does not isolate
the effect of changes in foreign exchange rates from the changes in the market
prices of portfolio securities sold during the year.
- ---------------------
70
<PAGE> 72
Realized foreign exchange gain (loss) on other assets and liabilities and
change in unrealized foreign exchange gain (loss) on other assets and
liabilities include realized foreign exchange gains and losses from currency
gains or losses realized between the trade and settlement dates of securities
transactions, dividends received, the difference between the amounts of
interest, discount and foreign withholding taxes recorded on the Trust's books
and the U.S. dollar equivalent amounts actually received or paid and changes in
the unrealized foreign exchange gains and losses relating to the other assets
and liabilities arising as a result of changes in the exchange rate.
FUTURES CONTRACTS: A futures contract is an agreement between two parties to
buy and sell a security at a set price on a future date. Upon entering into such
a contract the Trust is required to pledge to the broker an amount of cash or
U.S. government securities equal to the minimum "initial margin" requirements of
the exchange on which the futures contract is traded. The contract amount
reflects the extent of a portfolio's exposure in these financial instruments. A
portfolio's participation in the futures markets involves certain risks,
including imperfect correlation between movements in the price of futures
contracts and movements in the price of the securities hedged or used for cover.
The Trust's activities in the futures contracts are conducted through regulated
exchanges which do not result in counterparty credit risks. Pursuant to a
contract, the portfolios agree to receive from or pay to the broker an amount of
cash equal to the daily fluctuation in value of the contract. Such receipts or
payments are known as "variation margin" and are recorded by the portfolios as
unrealized appreciation or depreciation. When a contract is closed, the
portfolios record a realized gain or loss equal to the difference between the
value of the contract at the time it was opened and the value at the time it was
closed.
SECURITIES TRANSACTIONS, DIVIDENDS, INVESTMENT INCOME AND EXPENSES: As is
customary in the mutual fund industry, securities transactions are accounted for
on the date the securities are purchased or sold. Interest income is accrued
daily except when collection is not expected. Dividend income and distributions
to shareholders are recorded on the ex-dividend date except for certain
dividends from foreign securities, which are recorded as soon as the Trust is
informed after the ex-dividend date. The Trust amortizes premiums and accretes
discounts on fixed income securities, as well as those original issue discounts
for which amortization is required for federal income tax purposes; gains and
losses realized upon the sale of such securities are based on their identified
cost.
The Fund records dividends and distributions to its shareholders on the
ex-dividend date. The amount of dividends and distributions from net investment
income and net realized capital gains are determined in accordance with federal
income tax regulations, which may differ from generally accepted accounting
principles. These "book/tax" differences are either considered temporary or
permanent in nature. To the extent these differences are permanent in nature,
such amounts are reclassified within the capital accounts based on their federal
tax-basis treatment; temporary differences do not require reclassification.
Dividends and distributions which exceed net investment income and net realized
capital gains for financial reporting purposes but not for tax purposes are
reported as dividends in excess of net investment income or distributions in
excess of net realized capital gains. To the extent distributions exceed current
and accumulated earnings and profits for federal income tax purposes, they are
reported as distributions of paid-in capital.
Common expenses incurred by the Trust are allocated among the series based
upon relative net assets. In all other respects, expenses are charged to each
series as incurred on a specific identification basis.
STATEMENT OF POSITION 93-2: During the prior year, the Funds adopted
Statement of Position 93-2 Determination, Disclosure, and Financial Statement
Presentation of Income, Capital Gain, and Return of Capital Distributions by
Investment Companies. Accordingly, permanent book-tax differences relating to
shareholder distributions have been reclassified to paid-in-capital. Net
investment income/loss, net realized gain/loss, and net assets were not affected
by this change.
At November 30, 1993, the cumulative effect of permanent book/tax
reclassifications resulted in increases (decreases) to the components of net
assets as follows:
<TABLE>
<CAPTION>
ACCUMULATED ACCUMULATED
UNDISTRIBUTED UNDISTRIBUTED
NET NET
INVESTMENT REALIZED PAID-IN
INCOME/(LOSS) GAIN/(LOSS) CAPITAL
-------------------------------------------------
<S> <C> <C> <C>
Global Bond......................................... $ 121,403 $(121,403) $ --
Global Equities..................................... (2,228) 2,228 --
</TABLE>
For the year ended November 30, 1994, the reclassification arising from
book/tax differences resulted in increases (decreases) to the components of net
assets as follows:
<TABLE>
<CAPTION>
ACCUMULATED ACCUMULATED
UNDISTRIBUTED UNDISTRIBUTED
NET NET
INVESTMENT REALIZED PAID-IN
INCOME/(LOSS) GAIN/(LOSS) CAPITAL
-------------------------------------------------
<S> <C> <C> <C>
Fixed Income........................................ $ 5,112 $ (5,112) $ --
Global Bond......................................... (887,865) 887,865 --
Global Equities..................................... (242,936) 242,936 --
International Diversified Equities.................. 49,917 (49,917) --
</TABLE>
---------------------
71
<PAGE> 73
3. JOINT REPURCHASE AGREEMENT ACCOUNT: The Cash Management Portfolio and
High-Yield Bond Portfolio, along with other affiliated registered investment
companies, transfer uninvested cash balances into a single joint account, the
daily aggregate balance of which is invested in one or more repurchase
agreements collateralized by U.S. Treasury or federal agency obligations. As of
May 31, 1995, the Cash Management Portfolio and High-Yield Bond Portfolio had a
9.8% and 0.8% undivided interest, respectively, which represented $11,835,000
and $939,000, respectively, in principal amount in a repurchase agreement in the
joint account. As of such date, each repurchase agreement in the joint account
and the collateral therefore was as follows:
Yamaichi International (America), Inc. Repurchase Agreement, 6.15% dated
5/31/95, in the principal amount of $121,002,000 repurchase price $121,022,671
due 6/1/95 collateralized by $48,160,000 U.S. Treasury Notes 5.00% due 1/31/99;
$28,895,000 U.S. Treasury Notes 5.00% due 1/31/99; $39,955,000 U.S. Treasury
Notes 7.50% due 11/15/01 and $3,992,000 U.S. Treasury Notes 7.38% due 11/15/97,
approximate aggregate value $124,889,724.
4. FEDERAL INCOME TAXES: The Trust intends to comply with the requirements of
the Internal Revenue Code applicable to regulated investment companies and
distribute all of its taxable income, including any net realized gain on
investments, to its shareholders. Therefore, no federal tax provision is
required.
The amounts of aggregate unrealized gain (loss) and the cost of investment
securities, including short-term securities, were as follows:
<TABLE>
<CAPTION>
AGGREGATE AGGREGATE UNREALIZED CAPITAL
UNREALIZED UNREALIZED GAIN/(LOSS) COST OF LOSS
GAIN (LOSS) NET INVESTMENTS CARRYOVER*
----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Cash Management................................... $ 11,506 $ (6,704) $ 4,802 $ 81,832,433 $ 527
Fixed Income**.................................... 489,482 (135,895) 353,587 21,335,052 794,807
Global Bond**..................................... 2,091,458 -- 2,091,458 46,719,414 2,472,456
High-Yield Bond**................................. 2,088,640 (2,645,571) (556,931) 67,341,255 4,861,889
Worldwide High Income**........................... 491,476 (244,625) 246,851 12,768,545 --
Balanced/Phoenix Investment Counsel**............. 512,272 (33,199) 479,073 11,191,077 --
Asset Allocation**................................ 12,180,814 (1,054,109) 11,126,705 143,203,860 --
Growth-Income**................................... 14,840,789 (1,498,757) 13,342,032 101,492,332 198,016
Alliance Growth**................................. 9,908,163 (888,653) 9,019,510 73,055,486 --
Growth/Phoenix Investment Counsel**............... 11,048,097 (873,079) 10,175,018 111,749,782 7,941,298
Provident Growth.................................. 15,205,555 (1,392,639) 13,812,916 78,691,113 3,184,662
Venture Value..................................... 4,546,979 (251,163) 4,295,816 57,960,861 --
Global Equities................................... 11,548,736 (3,988,858) 7,559,878 132,254,849 --
International Diversified Equities***............. 1,339,953 (409,810) 930,143 22,358,055 --
</TABLE>
* Expire 2001 - 2002
** Post 10/31 Capital Loss Deferrals: Fixed Income $73,887; Global Bond
$34,966; High-Yield Bond $464,680; Worldwide High Income $2,442;
Balanced/Phoenix Investment Counsel $907; Asset Allocation $119,220;
Growth-Income $96,021; Alliance Growth $28,298; Growth/Phoenix Investment
Counsel $905,435
*** Post 10/31 Currency Loss Deferrals: International Diversified Equities
$640,270
5. MANAGEMENT OF THE TRUST: SunAmerica Asset Management Corp. ("SAAMCo" or the
"Adviser"), an indirect wholly owned subsidiary of the Life Company, serves as
investment adviser for all the portfolios of the Trust. The Trust, on behalf of
each Portfolio, entered into an Investment Advisory and Management Agreement
(the "Agreement") with SAAMCo to handle the Trust's day-to-day affairs. It is
the responsibility of the Adviser and, for certain Portfolios pursuant to
Subadvisory Agreements described below, the subadvisers to make investment
decisions for the Portfolios and to place the purchase and sale orders for the
Portfolio transactions. Such orders may be directed to any broker including, in
the manner and to the extent permitted by applicable law, affiliates of the
Adviser or a subadviser. The Agreement provides that SAAMCo shall administer the
Trust's business affairs; furnish offices, necessary facilities and equipment;
provide clerical, bookkeeping and administrative services; and permit any of its
officers or employees to serve, without compensation, as trustees or officers of
the Trust, if duly elected to such positions. There is no subadviser for the
High-Yield Bond Portfolio or the Cash Management Portfolio, and SAAMCo,
therefore, performs all investment advisory services for these Portfolios. The
term "Assets" means the average daily net assets of the portfolios.
- ---------------------
72
<PAGE> 74
The Trust pays SAAMCo a monthly fee calculated daily at the following annual
percentages of each Portfolio's Assets:
<TABLE>
<CAPTION>
MANAGEMENT
PORTFOLIO ASSETS FEES
-------------------------------------------------------------
<S> <C> <C>
Cash Management $0--$100 million 0.55%
> $100 million 0.50%
> $300 million 0.45%
Fixed Income $0--$ 50 million 0.70%
> $50 million 0.60%
> $150 million 0.55%
> $250 million 0.50%
Global Bond- $0--$ 50 million 0.75%
Asset Allocation > $ 50 million 0.65%
> $150 million 0.60%
> $250 million 0.55%
High-Yield Bond $0--$ 50 million 0.70%
> $ 50 million 0.65%
> $150 million 0.60%
> $250 million 0.55%
Worldwide High > $ 0 1.00%
Income- International
Diversified Equities
<CAPTION>
MANAGEMENT
PORTFOLIO ASSETS FEES
-------------------------------------------------------------
<S> <C> <C>
Balanced/Phoenix $0--$ 50 million 0.70%
Investment Counsel- > $ 50 million 0.65%
Growth-Income- 0.60%
Alliance Growth- > $150 million 0.55%
Growth/Phoenix > $300 million 0.50%
Investment Counsel > $500 million
Provident Growth $0--$ 50 million 0.85%
> $ 50 million 0.80%
> $150 million 0.70%
> $250 million 0.65%
> $350 million 0.60%
Venture Value $0--$100 million 0.80%
> $100 million 0.75%
> $500 million 0.70%
Global Equities $0--$ 50 million 0.90%
> $ 50 million 0.80%
> $150 million 0.70%
> $300 million 0.65%
</TABLE>
The organizations described below act as subadvisers to the Trust and certain
of its Portfolios pursuant to Subadvisory Agreements with SAAMCo. Under the
Subadvisory Agreements, the subadvisers manage the investment and reinvestment
of the assets of the respective Portfolios for which they are responsible. Each
of the subadvisers is independent of SAAMCo and discharges it responsibilities
subject to the policies of the Trustees and the oversight and supervision of
SAAMCo, which pays the subadvisers' fees.
Alliance Capital Management L.P. serves as subadviser for the Global Equities,
Alliance Growth and Growth-Income Portfolios; Phoenix Investment Counsel, Inc.
serves as subadviser for the Growth/Phoenix Investment Counsel and
Balanced/Phoenix Investment Counsel Portfolios; Provident Investment Counsel
serves as subadviser for the Provident Growth Portfolio; Goldman Sachs Asset
Management, a separate operating division of Goldman Sachs & Co., serves as
subadviser for the Asset Allocation and Fixed Income Portfolios; Goldman Sachs
Asset Management International, an affiliate of Goldman, Sachs & Co., serves as
subadviser for the Global Bond Portfolio; Selected/Venture Advisers, L.P. serves
as subadviser for the Venture Value Portfolio and Morgan Stanley Asset
Management, Inc., a wholly owned subsidiary of Morgan Stanley Group, Inc.,
serves as subadviser for the International Diversified Equities and Worldwide
High Income Portfolios.
The portion of the investment advisory fees received by SAAMCo which are paid
to subadvisers are as follows:
<TABLE>
<CAPTION>
MANAGEMENT
PORTFOLIO ASSETS FEES
-------------------------------------------------------------
<S> <C> <C>
Fixed Income $0--$ 50 million 0.35%
> $ 50 million 0.25%
> $150 million 0.20%
> $250 million 0.15%
Global Bond- $0--$ 50 million 0.40%
Asset Allocation > $ 50 million 0.30%
> $150 million 0.25%
> $250 million 0.20%
Worldwide High Income- $0--$350 million 0.65%
International Diversified > $350 million 0.60%
Equities
Balanced/Phoenix $0--$ 50 million 0.35%
Investment Counsel- > $ 50 million 0.30%
Growth-Income- > $150 million 0.25%
Alliance Growth- > $300 million 0.20%
Growth/Phoenix > $500 million 0.15%
Investment Counsel
<CAPTION>
MANAGEMENT
PORTFOLIO ASSETS FEES
-------------------------------------------------------------
<S> <C> <C>
Provident Growth $0--$ 50 million 0.50%
> $ 50 million 0.45%
> $150 million 0.35%
> $250 million 0.30%
> $350 million 0.25%
Venture Value $0--$100 million 0.45%
> $100 million 0.40%
> $500 million 0.35%
Global Equities $0--$ 50 million 0.50%
> $ 50 million 0.40%
> $150 million 0.30%
> $300 million 0.25%
</TABLE>
---------------------
73
<PAGE> 75
Effective November 1, 1994, SAAMCo has agreed to voluntarily reimburse
expenses in excess of the following percentages of average daily net assets (the
voluntary reimbursement can be retracted by SAAMCo at any time): Cash Management
Portfolio -- 0.85%, Fixed Income Portfolio -- 1.00%, Global Bond
Portfolio -- 1.35%, High-Yield Bond Portfolio -- 0.95%, Worldwide High Income
Portfolio -- 1.60%, Balanced/Phoenix Investment Counsel Portfolio -- 1.00%,
Asset Allocation Portfolio -- 0.99%, Growth-Income Portfolio -- 0.95%, Alliance
Growth Portfolio -- 0.95%, Growth/Phoenix Investment Counsel Portfolio -- 0.95%,
Provident Growth Portfolio -- 1.10%, Venture Value Portfolio -- 1.10%, Global
Equities Portfolio -- 1.50%, and International Diversified Equities
Portfolio -- 1.70%.
The impact of such expense reimbursements are reflected in the Statement of
Operations under the caption "expenses reimbursed by the investment adviser."
6. ORGANIZATIONAL EXPENSES: Costs incurred by the Adviser in connection with
the organization and registration of the Trust amounted to $204,704.
Organizational expenses will be amortized on a straight line basis by each
portfolio of the Trust over the period of benefit not to exceed 60 months from
the date the respective portfolio commenced operations.
7. PURCHASES AND SALES OF SECURITIES: Information with respect to purchases and
sales of long-term securities for the period ended May 31, 1995, was as follows:
<TABLE>
<CAPTION>
BALANCED/
PHOENIX
CASH FIXED GLOBAL HIGH-YIELD WORLDWIDE INVESTMENT ASSET
MANAGEMENT INCOME BOND BOND HIGH INCOME COUNSEL ALLOCATION
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Purchases of portfolio
securities.................... $ -- $32,128,290 $66,981,596 $58,545,736 $13,439,064 $13,288,596 $167,189,514
Sales of portfolio
securities................... -- 29,528,026 75,529,510 48,749,091 10,982,931 4,966,651 148,063,138
U.S. government securities
included above were as
follows:
Purchases of U.S. government
securities................... -- 29,129,839 21,263,672 2,066,875 -- 4,836,350 125,601,712
Sales of U.S. government
securities................... -- 26,792,331 21,262,305 2,073,125 -- 945,211 97,041,797
</TABLE>
<TABLE>
<CAPTION>
GROWTH/
PHOENIX INTERNATIONAL
GROWTH- ALLIANCE INVESTMENT PROVIDENT VENTURE GLOBAL DIVERSIFIED
INCOME GROWTH COUNSEL GROWTH VALUE EQUITIES EQUITIES
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Purchases of portfolio
securities................... $34,482,166 $75,887,922 $128,702,190 $32,157,032 $49,667,059 $70,029,468 $14,035,241
Sales of portfolio
securities.................. 19,928,801 60,040,879 113,803,480 21,094,691 2,384,138 80,210,889 4,661,039
U.S. government securities
included above were as
follows:
Purchases of U.S. government
securities.................. -- -- -- -- -- -- --
Sales of U.S. government
securities.................. -- -- -- -- -- -- --
</TABLE>
- ---------------------
74
<PAGE> 76
8. TRANSACTIONS WITH AFFILIATES: The following portfolios incurred brokerage
commissions with affiliated brokers:
<TABLE>
<CAPTION>
GOLDMAN
SACHS & CO.
-----------
<S> <C>
Balanced/Phoenix Investment Counsel............................................ $ 318
Asset Allocation............................................................... 17,650
Growth-Income.................................................................. 12,882
Alliance Growth................................................................ 8,818
Growth/Phoenix Investment Counsel.............................................. 5,600
Provident Growth............................................................... 720
Global Equities................................................................ 13,577
International Diversified Equities............................................. 2,275
-------
Total................................................................. $61,840
=======
</TABLE>
The following portfolio earned income from investments in securities issued by
an affiliated broker:
<TABLE>
<CAPTION>
GOLDMAN
SACHS & CO.
-----------
<S> <C>
Cash Management................................................................ $69,149
</TABLE>
9. FINANCIAL INVESTMENTS WITH OFF-BALANCE SHEET RISK: At May 31, 1995, Global
Bond, Global Equities and International Diversified Equities Portfolios had
outstanding forward foreign currency exchange contracts ("forward contracts") as
a hedge against changes in future foreign exchange rates. Forward contracts
involve elements of market risk in excess of the amount reflected in the
Statement of Assets and Liabilities. The Trust bears the risk of an unfavorable
change in the foreign exchange rate underlying the forward contract.
10. COMMITMENTS AND CONTINGENCIES: The High-Yield Bond Portfolio has
established an uncommitted line of credit with State Street Bank and Trust
Company with interest payable at Federal Funds rate plus 125 basis points.
Borrowings under the line of credit will commence when the Fund's cash shortfall
exceeds $100,000. The High-Yield Bond Portfolio periodically utilized the
uncommitted line of credit and incurred an interest expense of $2,845 for the
period ended May 31, 1995. The Portfolio did not have any outstanding borrowings
at May 31, 1995.
---------------------
75
<PAGE> 77
- ---------------------
SUNAMERICA SERIES TRUST
FINANCIAL HIGHLIGHTS*
SELECTED DATA FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH
PERIOD
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
NET
REALIZED DIVIDENDS RATIO OF
NET & DIVIDENDS FROM NET NET NET EXPENSES
ASSET NET UNREALIZED TOTAL DECLARED REALIZED ASSET ASSETS TO
VALUE INVEST- GAIN FROM FROM NET GAIN ON VALUE END OF AVERAGE
PERIOD BEGINNING MENT (LOSS) ON INVESTMENT INVESTMENT INVEST- END OF TOTAL PERIOD NET
ENDED OF PERIOD INCOME** INVESTMENTS OPERATIONS INCOME MENTS PERIOD RETURN (000'S) ASSETS
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Cash Management Portfolio
2/9/93-
11/30/93 $10.00 $0.19 $ 0.01 $ 0.20 $ -- $ -- $10.20 2.00% $ 24,603 0.71%+++
11/30/94 10.20 0.38 (0.02) 0.36 (0.09) -- 10.47 3.51 89,098 0.70++
5/31/95# 10.47 0.27 0.01 0.28 (0.34) -- 10.41 2.73 69,518 0.68+
Fixed Income Portfolio
7/1/93-
11/30/93 10.00 0.14 0.05 0.19 -- -- 10.19 1.90 11,667 0.94+++
11/30/94 10.19 0.52 (0.87) (0.35) (0.05) (0.04) 9.75 (3.41) 15,869 0.94++
5/31/95# 9.75 0.31 0.75 1.06 (0.53) -- 10.28 11.17 19,178 0.99+++
Global Bond Portfolio
7/1/93-
11/30/93 10.00 0.13 0.17 0.30 -- -- 10.30 3.00 25,010 1.35+++
11/30/94 10.30 0.53 (0.86) (0.33) (0.09) (0.05) 9.83 (3.18) 44,543 1.06
5/31/95# 9.83 0.32 0.64 0.96 (0.38) -- 10.41 9.96 49,724 0.96+
High-Yield Bond Portfolio
2/9/93-
11/30/93 10.00 0.76 0.36 1.12 -- -- 11.12 11.20 41,851 0.94+++
11/30/94 11.12 1.20 (1.65) (0.45) (0.29) (0.06) 10.32 (4.26) 55,803 0.92++
5/31/95# 10.32 0.59 0.34 0.93 (1.02) -- 10.23 9.43 72,871 0.83+
Worldwide High Income Portfolio
10/28/94-
11/30/94 10.00 0.04 (0.09) (0.05) -- -- 9.95 (0.50) 10,478 1.60+++
5/31/95# 9.95 0.52 0.29 0.81 (0.10) -- 10.66 8.30 13,354 1.38+++
Balanced/Phoenix Investment Counsel Portfolio
10/28/94-
11/30/94 10.00 0.04 (0.08) (0.04) -- -- 9.96 (0.40) 1,516 1.00+++
5/31/95# 9.96 0.19 0.96 1.15 (0.05) -- 11.06 11.57 11,706 1.00+++
Asset Allocation Portfolio
7/1/93-
11/30/93 10.00 0.08 0.28 0.36 -- -- 10.36 3.60 35,590 0.99+++
11/30/94 10.36 0.29 (0.25) 0.04 (0.05) (0.03) 10.32 0.30 106,856 0.94++
5/31/95# 10.32 0.20 1.35 1.55 (0.20) (0.04) 11.63 15.11 144,906 0.82+
<CAPTION>
RATIO OF
NET
INVESTMENT
INCOME TO
AVERAGE
PERIOD NET PORTFOLIO
ENDED ASSETS TURNOVER
- ------------------------------------------------
<S> <C> <C>
Cash Management
2/9/93-
11/30/93 2.53%+++ --%
11/30/94 3.73++ --
5/31/95# 5.35+ --
Fixed Income Portfolio
7/1/93-
11/30/93 3.92+++ 208
11/30/94 5.21++ 419
5/31/95# 6.34+++ 180
Global Bond Portfolio
7/1/93-
11/30/93 3.56+++ 84
11/30/94 5.29 347
5/31/95# 6.50+ 172
High-Yield Portfolio
2/9/93-
11/30/93 9.43+++ 229
11/30/94 11.07++ 225
5/31/95# 11.55+ 80
Worldwide High Income Portfolio
10/28/94-
11/30/94 4.48+++ 2
5/31/95# 10.29+++ 108
Balanced/Phoenix Investment Counsel Portfolio
10/28/94-
11/30/94 4.25+++ 10
5/31/95# 3.62+++ 96
Asset Allocation Portfolio
7/1/93-
11/30/93 2.33+++ 71
11/30/94 2.71++ 152
5/31/95# 3.67+ 125
</TABLE>
* Calculated based upon average shares outstanding
** After fee waivers and expense reimbursements by the investment adviser
# Unaudited
+ Annualized
++ During the periods ended November 30, 1993, November 30, 1994 and May
31, 1995, the investment adviser waived a portion of or all fees and
assumed a portion of or all expenses for the portfolios. If all fees and
expenses had been incurred by the portfolios, the ratio of expenses to
average net assets and the ratio of net investment income to average net
assets would have been as follows:
<TABLE>
<CAPTION>
EXPENSES NET INVESTMENT INCOME (LOSS)
-------------------------- ----------------------------
11/30/93 11/30/94 5/31/95 11/30/93 11/30/94 5/31/95
-------------------------- ----------------------------
<S> <C> <C> <C> <C> <C> <C>
Cash Management Portfolio.............................. 1.10% 0.78% 0.68% 2.14% 3.65% 5.35%
Fixed Income Portfolio................................. 1.81 1.09 1.00 3.05 5.06 6.33
Global Bond Portfolio.................................. 1.81 1.06 0.96 3.10 5.29 6.50
High-Yield Bond Portfolio.............................. 1.29 0.93 0.83 9.08 11.06 11.55
Worldwide High Income Portfolio........................ -- 2.26 1.39 -- 3.82 10.28
Balanced/Phoenix Investment Counsel Portfolio.......... -- 6.82 1.44 -- (1.57) 3.18
Asset Allocation Portfolio............................. 1.67 0.94 0.82 1.65 2.71 3.67
</TABLE>
See Notes to Financial Statements
- ---------------------
76
<PAGE> 78
- ---------------------
SUNAMERICA SERIES TRUST
FINANCIAL HIGHLIGHTS* -- (CONTINUED)
SELECTED DATA FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH
PERIOD
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
NET
REALIZED RATIO OF
NET & DIVIDENDS DIVIDENDS NET NET EXPENSES
ASSET UNREALIZED TOTAL DECLARED FROM NET ASSET ASSETS TO
VALUE NET GAIN FROM FROM NET REALIZED VALUE END OF AVERAGE
PERIOD BEGINNING INVESTMENT (LOSS) ON INVESTMENT INVESTMENT GAIN ON END OF TOTAL PERIOD NET
ENDED OF PERIOD INCOME** INVESTMENTS OPERATIONS INCOME INVESTMENTS PERIOD RETURN (000'S) ASSETS
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Growth-Income Portfolio
2/9/93-
11/30/93 $10.00 $0.12 $ 0.49 $ 0.61 $ -- $ -- $10.61 6.10% $ 45,080 0.82%+++
11/30/94 10.61 0.13 (0.36) (0.23) (0.04) (0.01) 10.33 (2.20) 84,899 0.81++
5/31/95# 10.33 0.08 1.67 1.75 (0.10) -- 11.98 17.00 114,962 0.78+
Alliance Growth Portfolio
2/9/93-
11/30/93 10.00 0.05 0.87 0.92 -- -- 10.92 9.20 23,256 0.82+++
11/30/94 10.92 0.04 (0.14) (0.10) (0.01) (0.17) 10.64 (0.93) 53,213 0.82++
5/31/95# 10.64 0.03 2.23 2.26 (0.03) (0.13) 12.74 21.38 85,211 0.82+
Growth/Phoenix Investment Counsel Portfolio
2/9/93-
11/30/93 10.00 0.17 0.61 0.78 -- -- 10.78 7.80 65,032 0.82+++
11/30/94 10.78 0.16 (0.87) (0.71) (0.06) -- 10.01 (6.64) 104,194 0.81++
5/31/95# 10.01 0.08 1.27 1.35 (0.13) -- 11.23 13.60 122,015 0.78+
Provident Growth Portfolio
2/9/93-
11/30/93 10.00 0.02 0.02 0.04 -- -- 10.04 0.40 42,911 0.97+++
11/30/94 10.04 0.03 (0.01) 0.02 (0.01) -- 10.05 0.19 75,342 0.96++
5/31/95# 10.05 0.01 1.16 1.17 (0.03) -- 11.19 11.61 92,257 0.94+
Venture Value Portfolio
10/28/94-
11/30/94 10.00 0.03 (0.25) (0.22) -- -- 9.78 (2.20) 4,449 1.10+++
5/31/95# 9.78 0.08 1.81 1.89 (0.03) -- 11.64 19.40 57,325 1.07+++
Global Equities Portfolio
2/9/93-
11/30/93 10.00 0.03 0.96 0.99 -- -- 10.99 9.90 43,737 1.50+++
11/30/94 10.99 0.05 0.71 0.76 (0.01) (0.07) 11.67 6.87 136,758 1.28
5/31/95# 11.67 0.06 0.81 0.87 (0.08) (0.29) 12.17 7.70 139,749 1.16+
International Diversified Equities Portfolio
10/28/94-
11/30/94 10.00 0.01 (0.23) (0.22) -- -- 9.78 (2.20) 12,438 1.70+++
5/31/95# 9.78 0.06 (0.08) (0.02) (0.08) -- 9.68 (0.22) 23,627 1.70+++
<CAPTION>
RATIO OF
NET
INVESTMENT
INCOME TO
AVERAGE
PERIOD NET PORTFOLIO
ENDED ASSETS TURNOVER
- --------------------------------------------------
<S> <C> <C>
Growth-Income Portfolio
2/9/93-
11/30/93 1.59%+++ 27%
11/30/94 1.26++ 59
5/31/95# 1.52+ 22
Alliance Growth Portfolio
2/9/93-
11/30/93 0.61+++ 73
11/30/94 0.37++ 146
5/31/95# 0.47+ 95
Growth/Phoenix Investment Counsel Portfolio
2/9/93-
11/30/93 2.20+++ 165
11/30/94 1.52++ 211
5/31/95# 1.49+ 117
Provident Growth Portfolio
2/9/93-
11/30/93 0.32+++ 40
11/30/94 0.31++ 54
5/31/95# 0.27+ 28
Venture Value Portfolio
10/28/94-
11/30/94 3.93+++ --
5/31/95# 1.63+++ 10
Global Equities Portfolio
2/9/93-
11/30/93 0.38+++ 58
11/30/94 0.42 67
5/31/95# 1.06+ 56
International Diversified Equities Portfolio
10/28/94-
11/30/94 1.60+++ --
5/31/95# 1.33+++ 27
</TABLE>
* Calculated based upon average shares outstanding
** After fee waivers and expense reimbursements by the investment adviser
# Unaudited
+ Annualized
++ During the periods ended November 30, 1993, November 30, 1994 and May
31, 1995, the investment adviser waived a portion of or all fees and
assumed a portion of or all expenses for the portfolios. If all fees and
expenses had been incurred by the portfolios, the ratio of expenses to
average net assets and the ratio of net investment income to average net
assets would have been as follows:
<TABLE>
<CAPTION>
EXPENSES NET INVESTMENT INCOME (LOSS)
----------------------------- -------------------------------
11/30/93 11/30/94 5/31/95 11/30/93 11/30/94 5/31/95
<S> <C> <C> <C> <C> <C> <C>
----------------------------- -------------------------------
Growth-Income Portfolio............................... 1.40% 0.89% 0.78% 1.01% 1.18% 1.52%
Alliance Growth Portfolio............................. 1.56 0.96 0.82 (0.13) 0.23 0.47
Growth/Phoenix Investment Counsel Portfolio........... 1.28 0.87 0.78 1.74 1.46 1.49
Provident Growth Portfolio............................ 1.46 1.05 0.94 (0.17) 0.22 0.27
Venture Value Portfolio............................... -- 3.89 1.15 -- 1.14 1.55
Global Equities Portfolio............................. 2.52 1.28 1.16 (0.64) 0.42 1.06
International Diversified Equities Portfolio.......... -- 3.50 2.32 -- (0.20) 0.71
</TABLE>
See Notes to Financial Statements
---------------------
77
<PAGE> 79
R-1342
- ---------------------
