<PAGE> 1
(SunAmerica
Logo)
(Series Trust)
ANNUAL REPORT
NOVEMBER 30, 1995
<PAGE> 2
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DEAR INVESTOR:
We are pleased to present our annual report for the SunAmerica
Series Trust, one of the underlying trusts for the Polaris
Variable Annuity from Anchor National Life Insurance Company and
First SunAmerica Life Insurance Company.
The past year has been excellent for Polaris, with assets rising
to $2.3 billion at November 30, 1995, from $1.2 billion at
November 30, 1994. Performance of many of the individual
portfolios has excelled as a result of robust U.S. stock and bond
markets, as reflected in the performance section of this report.
The following is a combined perspective on the U.S. and global
economies over the one-year reporting period from seven of the
eight investment managers who manage Polaris (excluding Wellington
Management Company, which 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 domestic financial markets provided outstanding returns
throughout the latter part of 1995. After some hesitation, the
financial markets adjusted to the reality of a soft economic
landing, creating what SunAmerica Asset Management Corp. refers to
as the "great dis-inflationary bull market of 1995."
While 1995 began with real gross domestic product (GDP)
increasing by 2.7% during the first quarter, Goldman Sachs Asset
Management (GSAM) reports that employment, housing, and
construction spending began to show signs of improvement in the
second quarter. The overall economy expanded at close to 3% in
1995, with inflationary pressures abating to below 2.8%. This was
partially a result of the Federal Reserve's diligent control of
the money supply into the financial system. Since there were no
concerns about inflation and the economy was weak in the second
quarter, the Fed lowered the federal funds rate by 25 basis
points.
Alliance Capital Management reports that the U.S. economy grew
at a surprisingly strong rate of 4.2% during the third quarter,
lifted by a rebound in housing construction and a temporary surge
in federal spending. Provident Investment Counsel accounts for a
slight dip in growth stock performance during the third quarter
due to investors rotating out of technology issues into stocks of
large blue-chip companies. This rotation is typical given the
large gains achieved in 1995.
GSAM reports that by the end of October 1995, key economic
reports were sending mixed signals regarding the health of the
economy. Firmness in interest-rate-sensitive areas such as
housing, motor vehicle sales, and durable goods orders suggested
steady growth, but retail sales and industrial output indicators
were weak. However, GSAM agrees with most observers that inflation
remained flat.
STOCK MARKET
Moderate economic growth, low inflation, and
better-than-expected corporate earnings have all helped the stock
market reach record highs. Provident Investment Counsel asserts
that although corporate profitability began to slow, profits
remained strong enough to push stocks higher and higher. Over the
one-year period ended November 30, 1995, the Standard & Poor's
Composite Stock Index posted an impressive total return of 37.0%.
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1
<PAGE> 3
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BOND MARKET
U.S. bonds have also benefited from the economy's moderate pace
of growth and controlled inflation. Long-term interest rates have
declined more than 170 basis points, pushing bond prices up
significantly. The bond market, as measured by the Lehman Brothers
Aggregate Bond Index, gained 17.65% over the same time period.
WHERE IS THE U.S. ECONOMY HEADED?
Provident Investment Counsel maintains that the outlook for
growth stocks over the next six months to one year remains very
attractive. Phoenix Investment Counsel anticipates that earnings
growth will slow in the upcoming quarters, and with economic signs
continuing to look sluggish and inflation still in check, further
Federal Reserve rate cuts are possible. Alliance Capital agrees,
predicting that the Fed will ease rates by another 50 basis points
by next spring. For 1996, GSAM expects continued corporate profit
growth and corresponding increases in stock market appreciation,
although more in line with historic figures -- around 10%.
SunAmerica Asset Management believes that slow growth is both
sustainable and non-inflationary in the foreseeable future.
Furthermore, SunAmerica Asset Management believes that the
consumer has become more cautious and value-oriented on a
long-term basis, which is particularly significant because
consumer spending has more than two-thirds impact on GDP growth.
Also, with corporate consolidations and workforce reductions
occurring daily, SunAmerica Asset Management doubts that any
near-term return to the spending habits of the 1980s will occur.
Davis Selected Advisers is positive about future prospects for
two reasons: first, the valuation of the stock market as measured
by the price/earnings ratio of 1996 corporate earnings does not
appear excessive; and second, inflation should remain contained.
On individual sectors, it feels that financial stocks are an
investment for the decade, not just for the day, and that
companies in the technology sector are anti-inflationary and will
continue to provide potential for excellent returns.
ECONOMIC OVERVIEW -- GLOBAL MARKETS
Foreign bond markets recorded impressive gains during the past
year, following the lead of the U.S. bond market. Dollar bloc
countries, including New Zealand and Canada, continued to perform
well.
Alliance Capital reports that across the developed core markets
of Europe, fiscal tightening has significantly dampened growth
prospects. In Germany, industrial output continues to decline; in
France, household consumption remains anemic and unemployment (and
labor unrest) continues to rise. However, GSAM states that the
core and near core bond markets (Germany, Holland, Belgium,
France, and Denmark) rallied due to a supportive bond environment
characterized by slowing economic activity, relatively low
inflation, and declining interest rates.
In contrast, the European higher yielding markets (Italy, Spain,
and Sweden) were weighed down by inflation fears sparked by large
budget deficits, as well as political uncertainties. The economic
concerns of these and other European countries triggered a flight
to quality as investors sought the perceived safety of German
deutsche marks and Swiss francs.
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2
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The Japanese economy remained weak during the period and
appeared in danger of falling into a deflationary spiral. Alliance
Capital reports that industrial production continues to decline,
retail sales are flat, and deflation continues. However, the
government's continued efforts to introduce liquidity into its
economy triggered a market rally, and resulted in the yen's
decline relative to the U.S. dollar. Hence, Morgan Stanley Asset
Management (MSAM) feels that Japan is the most attractive of the
larger, developed, foreign markets and will continue to rally in
1996.
Among developing countries, MSAM believes that emerging market
debt continues to be buoyed by slow growth, low inflation, and a
strong U.S. bond market. The positive environment sparked by
rising U.S. Treasury prices provided the fuel for new money to go
after higher yielding emerging market bonds, particularly Brady
bonds. Furthermore, MSAM has an overall confidence in Latin
America and other emerging markets, which were able to recover
from the Mexican devaluation in December 1994, regain their vigor,
and end this reporting period with a strong showing.
WHERE ARE THE GLOBAL MARKETS HEADED?
Going forward, MSAM remains bullish on the outlook for
international equities. It believes that the world's liquidity
cycle is still very positive; major economies are either sluggish
or slowing; inflation continues to decline; and the central banks
will continue to ease interest rates.
MSAM contends that while European economies are in a recovery
mode, their growth patterns will be sluggish and erratic with far
more dynamic opportunities outside of the region.
In Japan, Alliance Capital believes that while there is
substantial pressure for change, many obstacles remain. The key
challenge for politicians is to develop support for "non-
traditional" economic policies, including regulation and the use
of public funds to resolve bad loans. In Asia, MSAM has growing
confidence in the developed and developing countries and thinks
they will outperform other markets with their persistent high
growth rates and attractive valuations. Within the region, MSAM
favors Hong Kong, stating that prospects of a soft economic
landing in China combined with a turn in the real estate cycle
bode well for the market.
MSAM expects Brazil to continue to stabilize and attract foreign
capital. Argentina, facing an almost dire situation, was able to
reverse its downward spiral and lead the rally among Latin
American countries by year-end, partly due to an improving
political risk profile. In Mexico, MSAM believes assets will go
through a long recovery process, but will begin to see economic
stability over the next several quarters. The current high-yield
rates on peso-denominated Treasury bills are very attractive over
a 12-month horizon. However, MSAM predicts it will be a bumpy
ride, as political turbulence will continue to plague both Mexican
debt and equity markets.
In Russia, MSAM recognizes the clear commitment by authorities
to rectify the country's external debt situation, and forecasts a
strong upward movement in Russian assets in both fixed income and
equity sectors.
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That's the news on the economy from our managers' perspective.
For information on the individual Polaris portfolios, refer to
page 85. Thank you for choosing Polaris as your retirement savings
investment -- we look forward to serving you for years to come.
Sincerely,
ELI BROAD
---------------------
Eli Broad
Chairman and Chief Executive Officer
Anchor National Life Insurance Company
January 16, 1996
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4
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SUNAMERICA SERIES TRUST
CASH MANAGEMENT PORTFOLIO INVESTMENT PORTFOLIO--NOVEMBER 30, 1995
<TABLE>
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES--102.2% AMOUNT VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
CERTIFICATE OF DEPOSIT--1.1%
Fuji Bank Ltd. 6.00% due 12/28/95.................................... $1,000,000 $1,000,091
-----------
TOTAL CERTIFICATE OF DEPOSIT (cost $1,000,022)....................... 1,000,091
-----------
CORPORATE SHORT-TERM NOTES--91.2%
Abbey National North America 5.71% due 1/05/96....................... 2,000,000 1,988,858
AT&T Corp. 5.70% due 1/10/96......................................... 2,000,000 1,986,986
Bass Finance (C.I.) Ltd. 5.70% due 12/12/95.......................... 1,000,000 998,249
Bear Stearns & Co., Inc. 5.93% due 12/28/95(1)....................... 2,500,000 2,500,000
Bear Stearns & Co., Inc. 6.14% due 11/30/96.......................... 1,000,000 1,001,140
BHF Finance (DE), Inc. 5.68% due 12/05/95............................ 3,000,000 2,998,047
BIL North America, Inc. 5.70% due 1/09/96............................ 3,000,000.. 2,980,935
Cemex S.A. 5.69% due 2/22/96......................................... 1,000,000 986,747
Chemical Banking Corp. 5.72% due 1/31/96............................. 2,000,000 1,980,229
Corporacion Andina de Formento 5.74% due 1/31/96..................... 4,000,000 3,961,009
Cosco Co., Ltd. 5.72% due 2/13/96.................................... 2,000,000 1,976,500
Countrywide Funding Corp. 5.80% due 12/07/95......................... 1,000,000 999,033
CPC International, Inc. 5.71% due 1/12/96............................ 2,500,000 2,483,170
Duracell, Inc. 5.84% due 12/13/95.................................... 1,000,000 998,053
Equitable Life Assured Society of the U.S. 5.85% due 12/04/95........ 2,592,000 2,590,736
Fayette Funding L.P. 5.73% due 2/14/96............................... 3,000,000 2,964,343
Ford Motor Credit Co. 9.85% due 5/03/96.............................. 1,500,000 1,524,510
Golden Peanut Co. 5.65% due 2/21/96.................................. 2,000,000 1,973,809
Goldman Sachs & Co. 5.98% due 2/15/96*............................... 1,000,000 987,851
Goldman Sachs Group L.P. 5.60% due 4/09/96........................... 1,000,000 978,687
Goldman Sachs Group L.P. 5.60% due 4/17/96........................... 1,000,000 979,913
Indosuez North American, Inc. 5.71% due 1/04/96...................... 3,000,000 2,983,952
Iowa Student Loan Liquidity Corp. 5.77% due 12/07/95................. 3,084,000 3,081,034
JMG Funding L.P. 5.73% due 1/17/96................................... 2,000,000 1,984,762
Kaiser Foundation Hospitals 5.70% due 1/04/96........................ 1,000,000 994,678
Liberty Mutual Capital 8.50% due 7/08/96............................. 2,000,000 2,033,625
Mayne Nickless Ltd. 5.75% due 2/07/96................................ 2,000,000 1,978,073
Merrill Lynch & Co., Inc. 5.68% due 2/20/96.......................... 1,000,000 984,803
Merrill Lynch & Co., Inc. 5.70% due 1/16/96.......................... 2,000,000 1,985,113
Merrill Lynch & Co., Inc. 5.70% due 3/06/96.......................... 1,000,000 987,062
Morgan J P & Co., Inc. 5.58% due 1/03/96............................. 3,000,000 2,984,505
Morgan Stanley Group, Inc. 5.75% due 1/30/96......................... 2,000,000 1,980,867
NBD Bank N.A., Indianapolis 6.40% due 4/25/96........................ 2,000,000 2,004,240
October Corp. 5.85% due 12/21/95..................................... 2,000,000 1,993,500
PNC Bank N.A., Pittsburgh 5.75% due 12/14/95(1)...................... 3,000,000 3,003,330
Quebec (Province of) 5.70% due 1/30/96............................... 3,000,000 2,970,974
Sanwa Business Credit Corp. 5.80% due 12/11/95....................... 3,000,000 2,995,167
Southland Corp. 5.70% due 3/05/96.................................... 3,000,000 2,954,880
SRD Finance, Inc. 6.05% due 1/18/96.................................. 2,000,000 1,984,374
TMI-1 Fuel Corp. 5.78% due 1/11/96................................... 2,000,000 1,986,834
World Savings & Loan Association 4.88% due 3/01/96................... 1,000,000 997,644
-----------
TOTAL CORPORATE SHORT-TERM NOTES (cost $82,705,217).................. 82,708,222
-----------
</TABLE>
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5
<PAGE> 7
<TABLE>
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES (continued) AMOUNT VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
MUNICIPAL BONDS--4.4%
Illinois Student Assistance Commission 5.97% due 12/05/95(1)......... $2,000,000 $2,000,000
New Hampshire State Industrial Development Authority, Revenue 5.85%
due 2/13/96........................................................ 2,000,000 2,000,000
-----------
TOTAL MUNICIPAL BONDS (cost $4,000,000).............................. 4,000,000
-----------
TIME DEPOSIT--5.5%
Cayman Island Time Deposit with Mitsubishi Bank
5.88% due 12/01/95 (cost $5,000,000)............................... 5,000,000 5,000,000
-----------
TOTAL SHORT-TERM SECURITIES (cost $92,705,239)....................... 92,708,313
-----------
REPURCHASE AGREEMENT--1.1%
--------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT--1.1%
Joint Repurchase Agreement Account (Note 3)
(cost $973,000).................................................... 973,000 973,000
-----------
TOTAL INVESTMENTS--
(cost $93,678,239) 103.3% 93,681,313
Liabilities in excess of other assets-- (3.3) (2,950,120)
----- ------------
NET ASSETS-- 100.0% $90,731,193
===== ============
</TABLE>
-----------------------------
* Resale restricted to qualified institutional buyers
(1) Variable rate security; maturity date reflects next reset date
See Notes to Financial Statements
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6
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SUNAMERICA SERIES TRUST
FIXED INCOME PORTFOLIO INVESTMENT PORTFOLIO--NOVEMBER 30, 1995
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES--97.4% AMOUNT VALUE
------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY--1.2%
Housing--1.2%
News America Holdings, Inc. 7.50% 2000............................... $ 150,000 $ 156,927
News America Holdings, Inc. 9.13% 1999............................... 175,000 192,806
-----------
349,733
-----------
CONSUMER STAPLES--0.9%
Food, Beverage & Tobacco--0.9%
RJR Nabisco, Inc. 8.00% 2001......................................... 75,000 76,202
RJR Nabisco, Inc. 8.63% 2002......................................... 185,000 190,866
-----------
267,068
-----------
ENERGY--3.3%
Energy Services--3.3%
Arkla, Inc. 9.20% 1997............................................... 65,000 68,089
Arkla, Inc. 9.88% 1997............................................... 315,000 328,725
National Power Corp. 7.63% 2000...................................... 60,000 59,250
Oryx Energy Co. 9.30% 1996........................................... 200,000 201,782
Oryx Energy Co. 9.50% 1999........................................... 140,000 149,926
Tosco Corp. 7.00% 2000............................................... 175,000 173,250
-----------
981,022
-----------
FINANCE--27.7%
Banks--10.3%
Auburn Hills Trust 12.00% 2020(2).................................... 140,000 213,802
Banco Nacional de Comercio Exterior SNC 11.25% 1996(1)(2)............ 390,000 390,000
BankAmerica Corp. 7.75% 2002......................................... 100,000 107,761
BanPonce Financial Corp. 5.17% 1996.................................. 175,000 173,966
Capital One Bank 7.48% 1996.......................................... 575,000 575,857
Continental Bank NA 12.50% 2001...................................... 300,000 384,204
Corporacion Andina de Fomento 7.25% 1998............................. 210,000 208,950
Corporacion Andina de Fomento 7.38% 2000............................. 70,000 71,059
First USA Bank 8.10% 1997............................................ 250,000 255,800
Security Pacific Corp. 11.50% 2000................................... 275,000 336,889
Signet Banking Corp. 9.63% 1999...................................... 300,000 330,054
Financial Services--17.4%
App International Finance Co. BV 10.25% 2000......................... 20,000 19,700
Case Equipment Loan Trust 7.30% 2002................................. 261,543 267,014
Chrysler Financial Corp. 5.98% 1997(1)............................... 100,000 100,111
Chrysler Financial Corp. 10.34% 2008(2).............................. 200,000 203,636
Countrywide Funding Corp. 7.73% 2001................................. 50,000 53,332
Countrywide Funding Corp. 8.43% 1999................................. 175,000 189,010
Discover Card Trust 7.20% 1998....................................... 208,333 208,398
Financiera Energet 6.63% 1996........................................ 410,000 408,462
First USA, Inc. 5.05% 1995........................................... 200,000 199,854
Ford Capital BV 9.50% 2001........................................... 400,000 460,212
Ford Credit Auto Loan Master Trust 6.50% 2002........................ 200,000 204,312
Ford Credit Grantor Trust 7.30% 1999................................. 73,206 74,418
General Motors Acceptance Corp. 6.30% 2099........................... 412,358 413,904
General Motors Acceptance Corp. 7.13% 2000........................... 90,000 93,565
General Motors Acceptance Corp. 7.50% 1997........................... 75,000 77,263
General Motors Acceptance Corp. 7.63% 1998........................... 175,000 181,484
Premier Auto Trust 4.75% 2000........................................ 189,015 187,125
</TABLE>
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7
<PAGE> 9
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (continued) AMOUNT VALUE
------------------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (continued)
Financial Services (continued)
Premier Auto Trust 4.90% 1998........................................ $ 105,880 $ 105,019
Premier Auto Trust 7.90% 1999........................................ 120,000 124,161
Resolution Funding Corp. zero coupon 2020............................ 680,000 134,273
Resolution Funding Corp. zero coupon 2021............................ 640,000 124,928
Sears Credit Account Master Trust 7.00% 2004......................... 80,000 83,225
Sears Credit Account Master Trust 8.10% 2004......................... 270,000 290,755
Standard Credit Card Master Trust 6.25% 1998......................... 260,000 261,056
Standard Credit Card Master Trust 7.85% 2002......................... 300,000 320,154
Standard Credit Card Master Trust 8.25% 2003......................... 310,000 342,451
-----------
8,176,164
-----------
INDUSTRIAL & COMMERCIAL--1.7%
Aerospace & Military Technology--0.4%
British Aerospace PLC 7.55% 1997*.................................... 100,000 101,711
Multi-Industry--1.3%
Tenneco, Inc. 10.00% 1998............................................ 350,000 383,982
-----------
485,693
-----------
INFORMATION & ENTERTAINMENT--3.8%
Broadcasting & Media--3.3%
Lenfest Communications, Inc. 8.38% 2005.............................. 105,000 104,737
Tele-Communications, Inc. 7.00% 1997................................. 200,000 202,704
Tele-Communications, Inc. 9.65% 2003................................. 150,000 169,005
Time Warner, Inc. 7.45% 1998......................................... 290,000 297,233
Time Warner, Inc. 7.98% 2004......................................... 200,000 209,960
Leisure & Tourism--0.5%
Blockbuster Entertainment Corp. 6.63% 1998........................... 130,000 130,917
-----------
1,114,556
-----------
INFORMATION TECHNOLOGY--3.2%
Communication Equipment--1.5%
Cablevision Industries Corp. 10.75% 2002............................. 420,000 454,650
Computers & Business Equipment--1.7%
Comdisco, Inc. 7.33% 1997............................................ 200,000 203,028
Comdisco, Inc. 9.75% 1997............................................ 275,000 286,148
-----------
943,826
-----------
MATERIALS--0.2%
Forest Products--0.2%
PT Indah Kiat Pulp & Paper Corp. 8.88% 2000.......................... 70,000 66,150
-----------
NON-U.S. GOVERNMENT OBLIGATIONS--3.7%
Foreign Government--3.7%
Petroleo Brasileiro SA 8.75% 1996(1)................................. 250,000 249,830
Quebec Province Canada 13.25% 2014................................... 290,000 367,865
Republic of Argentina Bote II 5.90% 1997(2).......................... 540,000 209,520
Republic of Columbia 9.25% 2000(1)................................... 250,000 252,060
-----------
1,079,275
-----------
U.S. GOVERNMENT & AGENCIES--51.2%
U.S. Government & Agencies--51.2%
Federal Home Loan Bank 8.59% 2000.................................... 70,000 70,218
Federal Home Loan Mortgage Corp. 6.83% 2002.......................... 150,000 152,554
Federal Home Loan Mortgage Corp. 7.00% TBA........................... 2,250,000 2,250,697
Federal Home Loan Mortgage Corp. 7.50% TBA........................... 1,000,000 1,017,810
Federal Home Loan Mortgage Corp. 8.20% 1998.......................... 110,000 113,180
</TABLE>
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8
<PAGE> 10
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (continued) AMOUNT VALUE
------------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT & AGENCIES (continued)
Federal National Mortgage Association 7.00% TBA...................... $1,000,000 $1,011,560
Federal National Mortgage Association 8.79% 2002..................... 60,000 60,300
Government National Mortgage Association 7.50% TBA................... 1,000,000 1,020,620
Government National Mortgage Association 8.00% TBA................... 2,000,000 2,069,360
Government National Mortgage Association 9.50% TBA................... 1,000,000 1,070,000
United States Treasury Bonds 8.00% 2021.............................. 165,000 201,429
United States Treasury Bonds 8.75% 2020.............................. 440,000 576,057
United States Treasury Bonds 11.13% 2003@............................ 60,000 79,828
United States Treasury Bonds 13.75% 2004............................. 720,000 1,107,000
United States Treasury Bonds Strip zero coupon 2020@................. 1,220,000 251,198
United States Treasury Bonds Strip zero coupon 2004@................. 3,310,000 1,966,372
United States Treasury Notes 7.25% 2004.............................. 150,000 164,859
United States Treasury Notes 7.38% 1997.............................. 800,000 828,752
United States Treasury Notes 7.50% 1999.............................. 820,000 876,244
United States Treasury Notes 7.75% 2000.............................. 190,000 205,379
-----------
15,093,417
-----------
UTILITIES--0.5%
Electric Utilities--0.5%
Central Maine Power Co. 7.45% 1999................................... 155,000 161,423
-----------
TOTAL INVESTMENT SECURITIES (cost $28,206,756)....................... 28,718,327
-----------
SHORT-TERM SECURITIES--0.6%
------------------------------------------------------------------------------------------------
FOREIGN SHORT-TERM NOTES--0.6%
Petroleo Brasileiro 8.38% due 12/15/95............................... 120,000 119,622
Republic of Argentina 9.50% due 12/04/95............................. 70,000 70,000
-----------
TOTAL SHORT-TERM SECURITIES (cost $189,622).......................... 189,622
-----------
REPURCHASE AGREEMENTS--27.9%
------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--27.9%
Agreement with Morgan Stanley Group, Inc., bearing interest of 5.87%
dated 11/30/95, to be repurchased 12/01/95 in the amount of
$5,000,815 and collateralized by $3,610,000 U.S. Treasury Bonds
13.375% due 8/15/01................................................ 5,000,000 5,000,000
Agreement with State Street Bank & Trust Co., bearing interest of
5.75% dated 11/30/95, to be repurchased 12/01/95 in the amount of
$3,212,513 and collateralized by $2,950,000 U.S. Treasury Notes
7.75% due 12/31/99@................................................ 3,212,000 3,212,000
-----------
TOTAL REPURCHASE AGREEMENTS (cost $8,212,000)........................ 8,212,000
-----------
TOTAL INVESTMENTS--
(cost $36,608,378) 125.9% 37,119,949
Liabilities in excess of other assets-- (25.9) (7,645,429)
----- -----------
NET ASSETS-- 100.0% $29,474,520
===== ===========
</TABLE>
-----------------------------
* Resale restricted to qualified institutional buyers
(1) Fair valued security; see Note 2
(2) Variable rate security; rate as of November 30, 1995
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.
---------------------
9
<PAGE> 11
@ The security or a portion thereof represents collateral for the
following open futures contracts:
<TABLE>
<CAPTION>
OPEN FUTURES CONTRACTS
UNREALIZED
NUMBER OF EXPIRATION VALUE AS OF APPRECIATION/
CONTRACTS DESCRIPTION DATE NOVEMBER 30, 1995 (DEPRECIATION)
--------- ----------- ---------- ----------------- --------------
<C> <S> <C> <C> <C>
2 Long 90 Day Euro Dollar................... December 1995 $ 471,300 $ 584
1 Long 90 Day Euro Dollar................... March 1996 236,700 1,417
1 Long 90 Day Euro Dollar................... June 1996 236,975 2,093
1 Long 90 Day Euro Dollar................... September 1996 236,950 2,417
1 Long 90 Day Euro Dollar................... December 1996 236,700 2,618
1 Long 90 Day Euro Dollar................... March 1997 236,650 2,643
17 Long U.S. Long Bond....................... December 1995 2,029,906 31,739
8 Long U.S. 5 Year Note..................... March 1996 877,000 3,189
8 Short U.S. 10 Year Note.................... March 1996 907,000 (6,811)
----------
Net Unrealized Appreciation................................................ $ 39,889
==========
</TABLE>
See Notes to Financial Statements
- ---------------------
10
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- ---------------------
SUNAMERICA SERIES TRUST
GLOBAL BOND PORTFOLIO INVESTMENT PORTFOLIO--NOVEMBER 30, 1995
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(DENOMINATED IN
FOREIGN BONDS & NOTES--61.9% LOCAL CURRENCY) VALUE
------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
BELGIUM--2.8%
Kingdom of Belgium 6.50% 2005........................................ 50,000,000 $ 1,650,690
---------------
CANADA--7.0%
Government of Canada 7.50% 2000...................................... 5,500,000 4,178,138
---------------
DENMARK--7.6%
Kingdom of Denmark 8.00% 2006........................................ 16,000,000 2,968,654
Kingdom of Denmark 9.00% 2000........................................ 8,000,000 1,576,865
---------------
4,545,519
---------------
FRANCE--12.5%
Government of France 7.00% 1999...................................... 15,000,000 3,104,298
Government of France 8.25% 2004...................................... 10,000,000 2,184,150
Government of France 8.50% 2000...................................... 10,000,000 2,179,541
---------------
7,467,989
---------------
GERMANY--9.9%
Republic of Germany 7.13% 2002....................................... 5,500,000 4,072,807
Republic of Germany 7.38% 2005....................................... 2,500,000 1,862,338
---------------
5,935,145
---------------
JAPAN--4.1%
International Bank for Reconstruction & Development 6.75% 2001....... 150,000,000 1,839,066
Japan Development Bank 6.50% 2001.................................... 50,000,000 609,644
---------------
2,448,710
---------------
NEW ZEALAND--5.3%
Government of New Zealand 6.50% 2000................................. 5,000,000 3,185,676
---------------
SPAIN--4.7%
Government of Spain 10.00% 2005...................................... 350,000,000 2,807,269
---------------
SWEDEN--4.4%
Kingdom of Sweden 10.25% 2003........................................ 16,000,000 2,653,943
---------------
UNITED KINGDOM--3.6%
United Kingdom Treasury 8.50% 2005................................... 500,000 815,456
United Kingdom Treasury 9.00% 2000................................... 800,000 1,318,126
---------------
2,133,582
---------------
TOTAL FOREIGN BONDS & NOTES (cost $36,895,021)....................... 37,006,661
---------------
</TABLE>
---------------------
11
<PAGE> 13
<TABLE>
<CAPTION>
PRINCIPAL
U.S. GOVERNMENT AND AGENCIES--25.4% AMOUNT VALUE
------------------------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT--25.4%
United States Treasury Notes 6.13% 2000.............................. $ 4,000,000 $ 4,093,760
United States Treasury Notes 6.25% 2000.............................. 2,000,000 2,055,940
United States Treasury Notes 6.25% 2003.............................. 1,250,000 1,291,213
United States Treasury Notes 6.50% 2005.............................. 1,000,000 1,052,340
United States Treasury Notes 6.88% 1999.............................. 1,500,000 1,566,795
United States Treasury Notes 7.88% 2004.............................. 4,500,000 5,146,875
---------------
TOTAL U.S. GOVERNMENT AND AGENCIES (cost $14,402,477)................ 15,206,923
---------------
TOTAL INVESTMENT SECURITIES (cost $51,297,498)....................... 52,213,584
---------------
SHORT-TERM SECURITIES--13.9%
------------------------------------------------------------------------------------------------------------
TIME DEPOSIT--13.9%
Cayman Island Time Deposit with State Street Bank & Trust Co.
5.69% due 12/01/95 (cost $8,281,000)............................... 8,281,000 8,281,000
---------------
TOTAL INVESTMENTS--
(cost $59,578,498) 101.2% 60,494,584
Liabilities in excess of other assets-- (1.2) (735,540)
----- ---------------
NET ASSETS-- 100.0% $59,759,044
===== ===============
</TABLE>
<TABLE>
<CAPTION>
OPEN FORWARD FOREIGN CURRENCY CONTRACTS
----------------------------------------------------------------------
GROSS
CONTRACT IN DELIVERY UNREALIZED
TO DELIVER EXCHANGE FOR DATE APPRECIATION
----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
BEF 47,612,500 USD 1,670,614 02/29/96 $ 61,513
CAD 5,648,199 USD 4,196,877 02/05/96 39,409
*CAD 3,622,085 USD 2,690,000 07/18/96 23,762
*DEM 410,000 USD 286,393 12/18/95 2,653
DEM 235,192 USD 164,286 12/18/95 1,522
DEM 3,524,199 USD 2,509,720 01/24/96 66,132
DEM 2,813,944 USD 1,994,588 01/24/96 43,472
DEM 2,181,899 USD 1,544,161 01/24/96 31,288
DEM 439,532 USD 314,603 01/24/96 9,843
DEM 4,166,640 USD 2,910,000 03/04/96 15,362
*DEM 4,570,000 FRF 16,111,992 01/31/96 68,746
*DEM 3,520,764 USD 2,459,321 12/18/95 24,996
DKK 5,417,250 USD 982,989 02/06/96 14,677
DKK 3,290,700 USD 606,357 02/06/96 18,158
DKK 17,230,222 USD 3,151,678 02/06/96 71,846
ESP 359,461,083 USD 2,943,447 02/27/96 52,638
FRF 38,645,000 USD 7,843,993 02/29/96 107,256
GBP 1,418,656 USD 2,193,951 12/11/95 22,581
*GBP 6,651 USD 10,288 12/11/95 104
*GBP 1,245,941 USD 1,926,848 12/11/95 19,406
*GBP 1,575,151 USD 2,435,971 12/11/95 24,533
JPY 6,728,231 USD 66,562 12/18/95 253
JPY 253,179,241 USD 2,519,196 12/18/95 24,035
JPY 238,248,062 USD 2,401,186 01/17/96 42,356
*JPY 271,285,433 USD 2,683,802 12/18/95 17,606
*JPY 171,663,221 USD 1,730,110 01/17/96 43,002
*JPY 168,692,852 USD 1,700,173 01/17/96 42,258
*USD 2,620,332 CAD 3,622,085 07/18/96 45,906
----------
935,313
----------
</TABLE>
- ---------------------
12
<PAGE> 14
<TABLE>
<CAPTION>
OPEN FORWARD FOREIGN CURRENCY CONTRACTS (continued)
----------------------------------------------------------------------
GROSS
CONTRACT IN DELIVERY UNREALIZED
TO DELIVER EXCHANGE FOR DATE DEPRECIATION
----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
BEF 79,681,869 DEM 3,862,801 09/09/96 $ (6,713)
*FRF 16,111,992 DEM 4,610,144 01/31/96 (40,989)
*JPY 29,663,500 DEM 410,000 12/18/95 (8,603)
*NZD 3,643,014 USD 2,351,930 12/12/95 (26,483)
SEK 17,893,529 USD 2,706,138 02/07/96 (7,983)
*USD 10,489 GBP 6,651 12/11/95 (306)
*USD 1,961,112 GBP 1,245,941 12/11/95 (53,669)
*USD 2,434,868 GBP 1,575,151 12/11/95 (23,431)
*USD 2,387,048 NZD 3,643,014 12/12/95 (8,636)
*USD 2,698,552 JPY 271,285,433 12/18/95 (32,356)
*USD 2,493,000 DEM 3,520,764 12/18/95 (58,675)
*USD 1,723,128 JPY 171,663,221 01/17/96 (36,021)
*USD 1,683,477 JPY 168,692,852 01/17/96 (25,562)
----------
(329,427)
----------
Net Unrealized Appreciation.................. $ 605,886
==========
</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.
<TABLE>
<S> <C> <C>
BEF--Belgian Franc ESP--Spanish Peseta NZD--New Zealand Dollar
CAD--Canadian Dollar FRF--French Franc SEK--Swedish Krona
DEM--Deutsche Mark GBP--Pound Sterling USD--United States
DKK--Danish Kroner JPY--Japanese Yen Dollar
</TABLE>
See Notes to Financial Statements
---------------------
13
<PAGE> 15
- ---------------------
SUNAMERICA SERIES TRUST
HIGH-YIELD BOND PORTFOLIO INVESTMENT PORTFOLIO--NOVEMBER 30, 1995
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES--93.1% AMOUNT VALUE
------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY--4.9%
Retail--4.9%
County Seat Stores, Inc. 12.00% 2002................................. $1,000,000 $ 900,000
Hills Stores Co. 10.25% 2003......................................... 1,000,000 910,000
Thrifty PayLess Holdings, Inc. 12.25% 2004........................... 1,000,000 1,067,500
Thrifty PayLess Holdings, Inc. 12.25% 2004(1)........................ 1,000,000 1,135,000
-----------
4,012,500
-----------
CONSUMER STAPLES--8.6%
Food Retail--3.8%
Kash 'N Karry Food Stores, Inc. 11.50% 2003(2)....................... 2,135,400 2,167,431
Ralph's Supermarkets, Inc. 11.00% 2005............................... 1,000,000 960,000
Food, Beverage & Tobacco--1.1%
Specialty Foods Corp. 11.13% 2002.................................... 1,000,000 945,000
Household Products--3.7%
Herff Jones, Inc. 11.00% 2005*....................................... 2,000,000 2,100,000
Samsonite Corp. 11.13% 2005.......................................... 1,000,000 940,000
-----------
7,112,431
-----------
ENERGY--0.5%
Energy Services--0.5%
DeepTech International, Inc. 12.00% 2000............................. 500,000 437,500
-----------
FINANCE--2.0%
Financial Services--0.7%
Olympic Financial Ltd. 13.00% 2000................................... 500,000 540,000
Insurance--1.3%
Terra Nova Insurance United Kingdom Holdings PLC 10.75% 2005......... 1,000,000 1,080,000
-----------
1,620,000
-----------
HEALTHCARE--17.4%
Health Services--12.9%
Abbey Healthcare Group, Inc. 9.50% 2002.............................. 2,000,000 2,120,000
OrNda Healthcorp 12.25% 2002......................................... 2,000,000 2,190,000
Quorum Health Group, Inc. 8.75% 2005................................. 2,000,000 2,015,000
Tenet Healthcare Corp. 8.63% 2003.................................... 2,000,000 2,065,000
Tenet Healthcare Corp. 10.13% 2005................................... 2,000,000 2,170,000
Medical Products--4.5%
Amerisource Distribution Corp. 11.25% 2005........................... 1,028,125 1,115,516
Dade International, Inc. 13.00% 2005................................. 500,000 553,750
Ivac Corp. 9.25% 2002................................................ 2,000,000 2,035,000
-----------
14,264,266
-----------
INDUSTRIAL & COMMERCIAL--6.0%
Business Services--2.7%
Katz Corp. 12.75% 2002............................................... 1,000,000 1,107,500
United Stationers Supply Co. 12.75% 2005............................. 1,000,000 1,080,000
Multi-Industry--2.3%
International Semi-Tech Microelectronic, Inc. zero coupon 2003(3).... 2,000,000 1,030,000
J.B. Poindexter & Co. 12.50% 2004(4)................................. 1,000,000 850,000
</TABLE>
- ---------------------
14
<PAGE> 16
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (continued) AMOUNT VALUE
------------------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL (continued)
Transportation--1.0%
USAir, Inc. 10.00% 2003.............................................. $1,000,000 $ 846,250
-----------
4,913,750
-----------
INFORMATION & ENTERTAINMENT--28.6%
Broadcasting & Media--18.5%
Argyle Television, Inc. 9.75% 2005................................... 1,000,000 986,250
Bell Cablemedia PLC zero coupon 2005*(3)............................. 2,000,000 1,210,000
Century Communications Corp. 11.88% 2003............................. 2,000,000 2,140,000
Comcast UK Cable Partners Ltd. zero coupon 2007(3)................... 1,000,000 570,000
International CableTel, Inc. zero coupon 2005(3)..................... 1,000,000 610,000
Lenfest Communications, Inc. 8.38% 2005.............................. 1,500,000 1,496,250
NWCG Holding Corp. zero coupon 1999.................................. 3,000,000 2,006,250
Simmons Cable Co. 15.75% 1996(4)..................................... 2,000,000 1,047,500
Sinclair Broadcast Group, Inc. 10.00% 2005........................... 2,000,000 2,045,000
Telewest PLC zero coupon 2007(3)..................................... 1,875,000 1,087,500
United International Holdings, Inc. zero coupon 1999................. 1,750,000 1,025,937
Videotron Holdings PLC zero coupon 2005(3)........................... 1,700,000 1,003,000
Leisure & Tourism--10.1%
Bally's Park Place Funding, Inc. 9.25% 2004.......................... 1,000,000 997,500
Grand Casino, Inc. 10.13% 2003....................................... 1,500,000 1,533,750
Hammons John Q Hotels LP 9.75% 2005*................................. 1,000,000 1,003,750
HMH Properties, Inc. 9.50% 2005...................................... 2,000,000 2,015,000
Players International, Inc. 10.88% 2005.............................. 1,000,000 950,000
Santa Fe Hotel, Inc. 11.00% 2000..................................... 907,000 634,900
Showboat, Inc. 13.00% 2009........................................... 1,000,000 1,110,000
-----------
23,472,587
-----------
INFORMATION TECHNOLOGY--11.8%
Telecommunications--11.8%
Cellular Communications International, Inc. zero coupon 2000(1)...... 2,000,000 1,165,000
Comcast Cellular Corp. zero coupon 2000.............................. 1,500,000 1,147,500
Echostar Communications Corp. zero coupon 2004(1)(3)................. 1,000,000 690,000
In Flight Phone Corp. zero coupon 2002*(3)........................... 1,000,000 350,000
Mobile Telecommunication Technologies Corp. 13.50% 2002.............. 1,000,000 1,137,500
Mobilemedia Corp. 9.38% 2007......................................... 1,000,000 1,007,500
Paging Network, Inc. 11.75% 2002..................................... 1,000,000 1,102,500
PanAmSat, L.P. zero coupon 2003(3)................................... 2,500,000 2,012,500
Pricecellular Wireless Corp. zero coupon 2003(3)..................... 1,500,000 1,117,500
-----------
9,730,000
-----------
MATERIALS--13.3%
Chemicals--10.7%
Acetex Corp. 9.75% 2003*............................................. 1,000,000 1,023,750
Agriculture Minerals & Chemicals 10.75% 2003......................... 1,000,000 1,090,000
Arcadian Partners L.P. 10.75% 2005................................... 1,000,000 1,095,000
G I Holdings, Inc. zero coupon 1998.................................. 2,000,000 1,520,000
LaRoche Industries, Inc. 13.00% 2004................................. 2,000,000 2,120,000
OSI Specialties Holdings Co. zero coupon 2004(3)..................... 1,000,000 875,260
Terra Industries 10.50% 2005......................................... 1,000,000 1,090,000
Forest Products--1.3%
Stone Container Corp. 11.88% 1998.................................... 1,000,000 1,055,000
</TABLE>
---------------------
15
<PAGE> 17
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (continued) AMOUNT VALUE
-----------------------------------------------------------------------------------------------
<S> <C> <C>
MATERIALS (continued)
Metals & Minerals--1.3%
Renco Metals, Inc. 12.00% 2000....................................... $1,000,000 $ 1,080,000
-----------
10,949,010
-----------
TOTAL BONDS & NOTES (cost $75,802,446)............................... 76,512,044
-----------
COMMON STOCK--0.0% SHARES
-----------------------------------------------------------------------------------------------
CONSUMER STAPLES--0.0%
Food Retail--0.0%
Smitty's Supermarkets, Inc. ......................................... 500 3,250
-----------
INFORMATION & ENTERTAINMENT--0.0%
Leisure & Tourism--0.0%
Capital Gaming International, Inc. .................................. 40,000 2,500
-----------
TOTAL COMMON STOCK (cost $156,260)................................... 5,750
-----------
PREFERRED STOCK--1.3%
-----------------------------------------------------------------------------------------------
MATERIALS--1.3%
Forest Products--1.3%
SDW Holdings Corp.(1)(4) (cost $1,000,554)........................... 3,700 1,073,000
-----------
WARRANTS--0.1%+
-----------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY--0.0%
Housing--0.0%
NVR, Inc. ........................................................... 6,857 14,571
-----------
CONSUMER STAPLES--0.0%
Household Products--0.0%
Chattem, Inc.*....................................................... 1,000 2,875
-----------
INFORMATION & ENTERTAINMENT--0.1%
Broadcasting & Media--0.0%
United International Holdings, Inc. ................................. 1,750 4,200
Leisure & Tourism--0.1%
Casino Magic Finance Corp. .......................................... 6,000 2,775
Fitzgerald Gaming Corp.(4)........................................... 2,000 20,000
-----------
26,975
-----------
</TABLE>
- ---------------------
16
<PAGE> 18
<TABLE>
<CAPTION>
WARRANTS (continued) SHARES VALUE
-----------------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY--0.0%
Telecommunications--0.0%
In Flight Phone Corp................................................. 1,000 $ 0
-----------
TOTAL WARRANTS (cost $10,558)........................................ 44,421
-----------
TOTAL INVESTMENT SECURITIES (cost $76,969,818)....................... 77,635,215
-----------
TOTAL INVESTMENTS--
(cost $76,969,818) 94.5% 77,635,215
Other assets less liabilities-- 5.5 4,538,452
----- -----------
NET ASSETS-- 100.0% $82,173,667
===== ===========
</TABLE>
-----------------------------
+ Non-income producing securities
* Resale restricted to qualified institutional buyers
(1) Consists of more than one class of securities traded together
as a unit; generally bonds with attached stocks or warrants
(2) PIK ("Payment-in-Kind") payment made with additional
securities in lieu of cash
(3) Represents a zero coupon bond which will convert to an
interest-bearing security at a later date
(4) Fair valued security; see Note 2
See Notes to Financial Statements
---------------------
17
<PAGE> 19
- ---------------------
SUNAMERICA SERIES TRUST
WORLDWIDE HIGH INCOME
PORTFOLIO I INVESTMENT PORTFOLIO--NOVEMBER 30, 1995
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES--96.1% AMOUNT VALUE
------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY--8.4%
Apparel & Textiles--2.3%
Westpoint Stevens, Inc. 9.38% 2005................................... $ 500,000 $ 502,500
Housing--6.1%
Companhia Brasileira de Petroleo Ipiranga 12.50% 1997*(5)............ 500,000 492,500
Minas Gerais 8.25% 2000.............................................. 1,000,000 817,500
----------
1,812,500
----------
CONSUMER STAPLES--13.5%
Food, Beverage & Tobacco--13.5%
Empresas La Moderna 10.25% 1997...................................... 1,000,000 961,875
Fomento Economico Mexicano 9.50% 1997................................ 1,000,000 972,500
Grupo Embatellador de Mexico 10.75% 1997............................. 1,000,000 977,500
----------
2,911,875
----------
FINANCE--9.4%
Banks--9.4%
Banamex Pagare 14.52% 1997........................................MXN 6,446,250 433,828
Banco De Galicia Y Buenos Aires 9.00% 2003........................... 1,500,000 1,239,375
Central Bank of Nigeria 6.25% 2020................................... 750,000 352,500
----------
2,025,703
----------
INDUSTRIAL & COMMERCIAL--9.2%
Business Services--2.3%
Norcal Waste Systems, Inc. 12.50% 2005*(2)........................... 500,000 500,000
Multi-Industry--4.0%
Iochpe Maxion SA 12.38% 2002......................................... 500,000 430,000
Iochpe Maxion SA 12.38% 2002*(5)..................................... 500,000 430,000
Transportation--2.9%
Southland Corp. 5.00% 2003........................................... 750,000 624,375
----------
1,984,375
----------
INFORMATION & ENTERTAINMENT--5.8%
Broadcasting & Media--3.4%
Continental Cablevision, Inc. 9.50% 2013............................. 200,000 210,500
Marvel Parent Holdings, Inc. zero coupon 1998........................ 300,000 210,000
Viacom, Inc. 8.00% 2006.............................................. 300,000 301,500
Leisure & Tourism--2.4%
Six Flags Theme Parks, Inc. zero coupon 2005*(1)..................... 675,000 524,813
----------
1,246,813
----------
INFORMATION TECHNOLOGY--7.4%
Telecommunications--7.4%
Telecom Argentina 12.00% 2002*(5).................................... 800,000 825,000
Tolmex SA de CV 8.38% 2003........................................... 1,000,000 758,750
----------
1,583,750
----------
</TABLE>
- ---------------------
18
<PAGE> 20
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (continued) AMOUNT VALUE
------------------------------------------------------------------------------------------------
<S> <C> <C>
MATERIALS--17.5%
Chemicals--5.4%
Petroleos Mexicanos 8.63% 2023*...................................... $1,000,000 $ 703,750
Plastic Specialty & Technology, Inc. 11.25% 2003..................... 500,000 452,500
Forest Products--3.4%
Owens Illinois, Inc. 9.75% 2004...................................... 500,000 520,000
Stone Container Corp. 10.75% 2002.................................... 200,000 205,250
Metals & Minerals--8.7%
Algoma Steel, Inc. 12.38% 2005....................................... 500,000 438,750
Hylsa SA de Cv 11.00% 1998........................................... 1,000,000 965,000
Sheffield Steel Corp. 12.00% 2001(3)................................. 500,000 470,000
-----------
3,755,250
-----------
NON-U.S. GOVERNMENT OBLIGATIONS--11.9%
Foreign Government--11.9%
Federal Republic of Brazil 8.00% 2014(4)............................. 265,302 140,278
Federal Republic of Brazil 6.81% 2006(2)............................. 250,000 164,843
Republic of Bulgaria 6.75% 2024(2)................................... 750,000 379,688
Republic of Ecuador 6.81% 2015(4).................................... 1,021,486 334,537
Republic of Ecuador 6.81% 2025(2).................................... 1,400,000 682,500
Republic of Poland 3.75% 2014........................................ 1,350,000 867,375
-----------
2,569,221
-----------
UTILITIES--13.0%
Electric Utilities--0.7%
Columbia Gas Systems, Inc. 6.39% 2000................................ 23,000 23,151
Columbia Gas Systems, Inc. 6.61% 2002................................ 20,000 20,181
Columbia Gas Systems, Inc. 6.80% 2005................................ 20,000 20,214
Columbia Gas Systems, Inc. 7.05% 2007................................ 20,000 19,935
Columbia Gas Systems, Inc. 7.32% 2010................................ 20,000 20,053
Columbia Gas Systems, Inc. 7.42% 2015................................ 20,000 19,875
Columbia Gas Systems, Inc. 7.62% 2025................................ 20,000 19,850
Gas & Pipeline Utilities--12.3%
Bridas Corp. 12.50% 1999............................................. 1,500,000 1,452,187
Metrogas SA 12.00% 2002*............................................. 300,000 294,000
Transportadora de Gas Del Sur 7.75% 1998............................. 1,000,000 912,500
-----------
2,801,946
-----------
TOTAL BONDS & NOTES (cost $20,307,397)............................... 20,691,433
-----------
COMMON STOCK--0.1% SHARES
------------------------------------------------------------------------------------------------
UTILITIES--0.1%
Electric Utilities--0.1%
Columbia Gas Systems, Inc. (cost $8,775)............................. 351 14,215
-----------
PREFERRED STOCK--0.1%
------------------------------------------------------------------------------------------------
UTILITIES--0.1%
Electric Utilities--0.1%
Columbia Gas Systems, Inc. (cost $14,325)............................ 573 14,039
-----------
</TABLE>
---------------------
19
<PAGE> 21
<TABLE>
<CAPTION>
WARRANTS--0.0%+ SHARES VALUE
------------------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE--0.0%
Banks--0.0%
Central Bank of Nigeria (cost $0).................................... 750 $ 0
-----------
TOTAL INVESTMENT SECURITIES (cost $20,330,497)....................... 20,719,687
-----------
PRINCIPAL
REPURCHASE AGREEMENT--6.7% AMOUNT
------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT--6.7%
Agreement with State Street Bank & Trust Co., bearing interest of
4.50% dated 11/30/95, to be repurchased 12/01/95 in the amount of
$1,434,179 and collateralized by $1,013,000 U.S. Treasury Bonds
12.00% due 5/15/05 (cost $1,434,000)............................... $1,434,000 1,434,000
-----------
TOTAL INVESTMENTS--
(cost $21,764,497) 103.0% 22,153,687
Liabilities in excess of other assets-- (3.0) (638,607)
----- -----------
NET ASSETS-- 100.0% $21,515,080
===== =============
</TABLE>
-----------------------------
+ Non-income producing securities
* Resale restricted to qualified institutional buyers
(1) Represents a zero coupon bond which will convert to an
interest-bearing security at a later date
(2) Variable rate security; rate as of November 30, 1995
(3) Consists of more than one class of securities traded together
as a unit; generally bonds with attached stocks or warrants
(4) A portion of the coupon interest is received in cash and a
portion is capitalized in the principal of the security
(5) Fair valued security; see Note 2
MXN Mexican Peso
Allocation of net assets by country as of November 30, 1995:
<TABLE>
<S> <C>
Mexico 31.0%
United States 30.7
Argentina 17.7
Brazil 11.5
Ecuador 4.7
Poland 4.0
Bulgaria 1.8
Nigeria 1.6
</TABLE>
See Notes to Financial Statements
- ---------------------
20
<PAGE> 22
- ---------------------
SUNAMERICA SERIES TRUST
BALANCED/PHOENIX INVESTMENT
COUNSEL PORTFOLIO INVESTMENT PORTFOLIO--NOVEMBER 30, 1995
<TABLE>
<CAPTION>
COMMON STOCK--50.2% SHARES VALUE
------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY--2.2%
Retail--2.2%
General Nutrition Cos., Inc.+........................................ 10,000 $ 221,250
Nine West Group, Inc. ............................................... 3,000 133,125
Office Depot, Inc.+.................................................. 7,500 183,750
Staples, Inc.+....................................................... 7,000 178,500
-----------
716,625
-----------
CONSUMER STAPLES--3.4%
Food, Beverage & Tobacco--2.2%
Nabisco Holdings Corp. .............................................. 7,000 197,750
Northland Cranberries, Inc. ......................................... 12,500 237,500
Philip Morris Cos., Inc. ............................................ 3,300 289,575
Household Products--1.2%
Estee Lauder Cos., Inc. ............................................. 1,000 36,375
Gillette Co. ........................................................ 2,000 103,750
Newell Co. .......................................................... 2,500 65,938
Procter & Gamble Co. ................................................ 2,000 172,750
-----------
1,103,638
-----------
ENERGY--3.9%
Energy Services--3.2%
British Petroleum PLC ADR............................................ 1,500 143,438
ENSCO International, Inc. ........................................... 10,000 168,750
Halliburton Co. ..................................................... 3,500 151,813
Mobil Corp. ......................................................... 1,500 156,562
Sonat Offshore Drilling, Inc. ....................................... 5,000 172,500
Western Atlas, Inc.+................................................. 5,000 239,375
Energy Sources--0.7%
Fluor Corp. ......................................................... 3,500 227,500
-----------
1,259,938
-----------
FINANCE--7.2%
Banks--1.0%
Amsouth Bancorp. .................................................... 2,200 87,175
Chase Manhattan Corp. ............................................... 4,000 243,500
Financial Services--2.9%
American Express Co. ................................................ 4,000 170,000
Donaldson Lufkin & Jenrette, Inc. ................................... 2,000 66,500
Equifax, Inc. ....................................................... 2,800 117,250
Federal National Mortgage Association................................ 500 54,750
First Data Corp. .................................................... 2,500 177,500
Great Western Financial Corp. ....................................... 6,500 165,750
Travelers Group, Inc. ............................................... 3,000 178,500
Insurance--3.3%
Allstate Corp. ...................................................... 3,500 143,500
Cigna Corp. ......................................................... 2,500 275,000
ITT Corp. ........................................................... 2,000 245,250
</TABLE>
---------------------
21
<PAGE> 23
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
------------------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (continued)
Insurance (continued)
MGIC Investment Corp. ............................................... 3,500 $ 194,687
Prudential Reinsurance Holdings, Inc. ............................... 10,000 208,750
-----------
2,328,112
-----------
HEALTHCARE--5.6%
Drugs--2.9%
American Home Products Corp. ........................................ 1,500 136,875
Amgen, Inc.+......................................................... 2,500 124,063
Biogen, Inc.+........................................................ 2,500 136,250
Manor Care, Inc. .................................................... 6,000 195,750
Nationwide Health Properties, Inc. .................................. 4,500 178,875
Watson Pharmaceuticals, Inc.+........................................ 3,500 164,937
Health Services--1.2%
Pharmacia & Upjohn, Inc.+............................................ 6,525 234,084
United Healthcare Corp. ............................................. 2,500 157,188
Medical Products--1.5%
Baxter International, Inc. .......................................... 6,500 273,000
Johnson & Johnson Co. ............................................... 2,000 173,250
Medtronic, Inc. ..................................................... 1,000 54,875
-----------
1,829,147
-----------
INDUSTRIAL & COMMERCIAL--3.8%
Aerospace & Military Technology--0.6%
Boeing Co. .......................................................... 2,500 182,188
Business Services--0.4%
Manpower, Inc. ...................................................... 5,000 133,750
Electrical Equipment--1.6%
Adtran, Inc.+........................................................ 2,600 127,400
General Electric Co. ................................................ 4,000 269,000
United Technologies Corp. ........................................... 1,500 140,625
Machinery--1.2%
BJ Services Co.+..................................................... 7,500 184,687
Case Corp. .......................................................... 5,000 208,750
-----------
1,246,400
-----------
INFORMATION & ENTERTAINMENT--2.2%
Broadcasting & Media--1.0%
Tele-Communications TCI Group+....................................... 6,500 120,250
Viacom, Inc.+........................................................ 4,500 217,125
Leisure & Tourism--1.2%
Disney (Walt) Co. ................................................... 3,500 210,438
Red Lion Hotels, Inc. ............................................... 9,000 159,750
-----------
707,563
-----------
INFORMATION TECHNOLOGY--11.2%
Communication Equipment--1.3%
Ericsson (L.M.) Telephone Co. ADR.................................... 6,000 142,500
SBC Communications, Inc. ............................................ 5,000 270,000
Computers & Business Equipment--4.0%
Bay Networks, Inc.+.................................................. 16,000 720,000
Digital Equipment Corp. ............................................. 3,000 176,625
StrataCom, Inc.+..................................................... 2,000 150,000
Sun Microsystems, Inc.+.............................................. 3,000 252,375
</TABLE>
- ---------------------
22
<PAGE> 24
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
------------------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Electronics--0.7%
Maxim Integrated Products, Inc.+..................................... 3,000 $ 225,000
Software--3.5%
BBN Corp. ........................................................... 6,000 225,000
Cisco Systems, Inc.+................................................. 2,500 210,312
Oracle Systems Corp.+................................................ 6,000 272,250
Visio Corp. ......................................................... 16,000 428,000
Telecommunications--1.7%
Ameritech Corp. ..................................................... 5,000 275,000
AT&T Corp. .......................................................... 4,500 297,000
-----------
3,644,062
-----------
MATERIALS--4.4%
Chemicals--3.9%
Arcadian Corp. ...................................................... 17,000 352,750
Grace (W.R.) & Co. .................................................. 2,000 121,500
IMC Global, Inc. .................................................... 2,000 154,750
Monsanto Co. ........................................................ 2,500 286,250
Potash Corp. Saskatchewan, Inc. ..................................... 2,000 138,250
United Waste Systems, Inc.+.......................................... 5,000 199,375
Forest Products--0.5%
Kimberly-Clark Corp. ................................................ 2,100 161,437
-----------
1,414,312
-----------
REAL ESTATE--1.2%
Real Estate Investment Trusts--1.2%
Equity Residential Properties Trust.................................. 5,500 170,500
Patriot American Hospitality, Inc.+.................................. 8,500 201,875
-----------
372,375
-----------
UTILITIES--5.1%
Electric Utilities--3.4%
Allegheny Power Systems, Inc. ....................................... 5,000 138,750
FPL Group, Inc.+..................................................... 5,000 216,875
Pinnacle West Capital Corp. ......................................... 4,500 122,625
Texas Utilities Co. ................................................. 7,000 269,500
Unicom Corp. ........................................................ 11,000 352,000
Telephone--1.7%
MCI Communications Corp. ............................................ 10,000 267,500
US West, Inc. ....................................................... 9,000 281,250
-----------
1,648,500
-----------
TOTAL COMMON STOCK (cost $14,758,167)................................ 16,270,672
-----------
PREFERRED STOCK--0.4%
------------------------------------------------------------------------------------------------
Forest Products--0.4%
Alco Standard Corp. (cost $116,063).................................. 1,500 124,875
-----------
PRINCIPAL
BONDS & NOTES--37.0% AMOUNT
------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY--3.0%
Apparel & Textiles--2.2%
Westpoint Stevens, Inc. 9.38% 2005................................... $ 700,000 703,500
</TABLE>
---------------------
23
<PAGE> 25
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (continued) AMOUNT VALUE
<S> <C> <C>
------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY (continued)
Retail--0.8%
Federated Department Stores, Inc. 5.00% 2003......................... $ 250,000 $ 261,250
-----------
964,750
-----------
CONSUMER STAPLES--0.8%
Food, Beverage & Tobacco--0.8%
Boston Chicken, Inc. 4.50% 2004...................................... 200,000 255,000
-----------
FINANCE--3.6%
Financial Services--3.6%
CS First Boston Mortgage Securities Corp. CMO 7.18% 2027(1).......... 300,000 301,781
Resolution Trust Corp. CMO 6.02% 2027................................ 236,702 235,000
Sandoz Capital BVI Ltd. 2.00% 2002*.................................. 350,000 323,969
Structured Asset Securities Corp. 7.00% 2026(1)...................... 300,000 301,313
-----------
1,162,063
-----------
INDUSTRIAL & COMMERCIAL--1.5%
Business Services--0.6%
ADT Operations, Inc. zero coupon 2010................................ 400,000 188,000
Transportation--0.9%
Delta Air Lines, Inc. 3.23% 2003..................................... 300,000 303,750
-----------
491,750
-----------
MUNICIPAL BONDS--1.4%
Municipal Bonds--1.4%
Florida State Board of Education Capital Outlay 5.25% 2023........... 50,000 48,376
Intermountain Power Agency Utah 5.00% 2023........................... 50,000 45,742
Kern County California Pension Obligation 7.26% 2014................. 50,000 50,555
Long Beach California Pension Obligation 6.87% 2006.................. 30,000 30,659
Miami Beach Florida Special Obligation 8.60% 2021.................... 100,000 112,633
New York State Power Authority Revenue 5.25% 2018.................... 25,000 24,267
Northern California Power Agency Public Power Revenue 5.50% 2024..... 50,000 49,219
San Bernardino County California Financing Authority 6.87% 2008...... 15,000 15,278
San Bernardino County California Financing Authority 6.94% 2009...... 35,000 35,583
South Carolina State Public Service Authority 5.00% 2025............. 40,000 37,167
South Carolina State Public Service Authority 5.13% 2021............. 20,000 18,625
-----------
468,104
-----------
NON-U.S. GOVERNMENT OBLIGATIONS--1.3%
Foreign Government--1.3%
Government of Poland 2.75% 2024...................................... 500,000 219,375
Republic of the Philippines 5.75% 2017............................... 280,000 207,900
-----------
427,275
-----------
U.S. GOVERNMENT & AGENCIES--25.4%
U.S. Government & Agencies--25.4%
Government National Mortgage Association 6.50% 2023.................. 293,609 288,286
United States Treasury Bonds 7.63% 2025.............................. 150,000 178,430
United States Treasury Notes 5.13% 1998.............................. 600,000 596,436
United States Treasury Notes 5.75% 2000.............................. 350,000 352,954
United States Treasury Notes 6.25% 2000.............................. 350,000 359,790
United States Treasury Notes 6.50% 2005.............................. 1,730,000 1,820,012
United States Treasury Notes 6.75% 1997.............................. 650,000 660,458
United States Treasury Notes 6.75% 2000.............................. 1,200,000 1,256,064
United States Treasury Notes 6.88% 2000.............................. 450,000 473,134
United States Treasury Notes 7.13% 2000.............................. 150,000 158,859
United States Treasury Notes 7.25% 1996.............................. 250,000 254,297
United States Treasury Notes 7.50% 1996.............................. 200,000 204,344
</TABLE>
- ---------------------
24
<PAGE> 26
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (continued) AMOUNT VALUE
<S> <C> <C>
------------------------------------------------------------------------------------------------
U.S. GOVERNMENT & AGENCIES (continued)
United States Treasury Notes 7.50% 2005.............................. $ 850,000 $ 952,000
United States Treasury Notes 7.88% 2004.............................. 600,000 686,250
-----------
8,241,314
-----------
TOTAL BONDS & NOTES (cost $11,568,301)............................... 12,010,256
-----------
TOTAL INVESTMENT SECURITIES (cost $26,442,531)....................... 28,405,803
-----------
SHORT-TERM SECURITIES--19.2%
------------------------------------------------------------------------------------------------
CORPORATE SHORT-TERM NOTES--16.9%
Albertson's, Inc. 5.70% due 12/14/95................................. 500,000 498,971
Campbell Soup Co. 5.69% due 12/29/95................................. 590,000 587,389
du Pont (E.I.) de Nemours & Co. 5.71% due 12/05/95................... 490,000 489,689
Goldman Sachs Group L.P. 5.73% due 12/14/95.......................... 500,000 498,965
Heinz (H.J.) Co. 5.72% due 12/01/95.................................. 110,000 110,000
Merrill Lynch & Co. 5.78% due 12/11/95............................... 455,000 454,270
Minnesota Mining & Manufacturing Co. 5.72% due 12/06/95.............. 600,000 599,523
Philip Morris Cos., Inc. 5.73% due 12/04/95.......................... 170,000 169,919
Shell Oil Co. 5.66% due 12/15/95..................................... 510,000 508,877
TDK USA Corp. 5.72% due 12/18/95..................................... 625,000 623,312
TDK USA Corp. 5.74% due 1/17/96...................................... 375,000 372,190
Wal-Mart Stores, Inc. 5.70% due 12/01/95............................. 570,000 570,000
-----------
5,483,105
-----------
FEDERAL AGENCY OBLIGATIONS--2.3%
Federal Home Loan Mortgage Discount Notes 5.70% due 12/19/95......... 760,000 757,834
-----------
TOTAL SHORT-TERM SECURITIES (cost $6,240,939)........................ 6,240,939
-----------
TOTAL INVESTMENTS--
(cost $32,683,470) 106.8% 34,646,742
Liabilities in excess of other assets-- (6.8) (2,218,207)
------ ------------
NET ASSETS-- 100.0% $ 32,428,535
====== ============
</TABLE>
-----------------------------
+ Non-income producing securities
* Resale restricted to qualified institutional buyers
(1) Fair valued security; see Note 2
ADR--American Depositary Receipt
CMO--Collateralized Mortgage Obligation
See Notes to Financial Statements
---------------------
25
<PAGE> 27
- ---------------------
SUNAMERICA SERIES TRUST
ASSET ALLOCATION PORTFOLIO INVESTMENT PORTFOLIO--NOVEMBER 30, 1995
<TABLE>
<CAPTION>
COMMON STOCK--61.0% SHARES VALUE
<S> <C> <C>
---------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY--8.5%
Apparel & Textiles--0.6%
Melville Corp. ...................................................... 38,700 $ 1,204,538
Automotive--3.5%
Ford Motor Co. ...................................................... 121,400 3,429,550
General Motors Corp. ................................................ 19,800 960,300
Goodyear Tire & Rubber Co. .......................................... 60,400 2,559,450
Housing--1.1%
Centex Corp. ........................................................ 30,600 1,005,975
Lennar Corp. ........................................................ 58,100 1,285,462
Retail--3.3%
Fleming Cos., Inc. .................................................. 95,800 2,215,375
Penney (J.C.), Inc. ................................................. 48,900 2,292,187
Sears, Roebuck & Co. ................................................ 52,100 2,051,438
------------
17,004,275
------------
CONSUMER STAPLES--8.3%
Food, Beverage & Tobacco--7.7%
Anheuser-Busch Cos., Inc. ........................................... 43,600 2,888,500
Chiquita Brands International, Inc. ................................. 204,800 2,739,200
Philip Morris Cos., Inc. ............................................ 44,900 3,939,975
RJR Nabisco Holdings Corp. .......................................... 112,240 3,268,990
Supervalu, Inc. ..................................................... 78,200 2,521,950
Household Products--0.6%
Sunbeam Corp., Inc. ................................................. 80,800 1,313,000
------------
16,671,615
------------
ENERGY--7.2%
Energy Services--5.3%
Ashland, Inc. ....................................................... 85,500 2,981,812
CMS Energy Corp. .................................................... 43,500 1,185,375
Mobil Corp. ......................................................... 11,800 1,231,625
Texaco, Inc. ........................................................ 35,100 2,597,400
Tosco Corp. ......................................................... 70,800 2,699,250
Energy Sources--1.9%
Atlantic Richfield Co. .............................................. 12,600 1,365,525
Royal Dutch Petroleum Co. ADR........................................ 19,000 2,439,125
------------
14,500,112
------------
FINANCE--10.8%
Banks--4.2%
BankAmerica Corp. ................................................... 32,100 2,042,362
NationsBank Corp. ................................................... 56,000 3,997,000
Shawmut National Corp. .............................................. 35,400 1,327,500
Standard Federal Bancorp. ........................................... 25,500 978,563
Financial Services--1.8%
Greenpoint Financial Corp. .......................................... 55,900 1,467,375
Lehman Brothers Holdings, Inc. ...................................... 36,800 832,600
Travelers Group, Inc. ............................................... 23,300 1,386,350
</TABLE>
- ---------------------
26
<PAGE> 28
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (continued)
Insurance--4.8%
Allstate Corp. ...................................................... 32,300 $ 1,324,300
Cigna Corp. ......................................................... 10,700 1,177,000
Integon Corp. ....................................................... 15,100 256,700
Lincoln National Corp. .............................................. 54,100 2,529,175
Partner Residential Holding Corp. ................................... 81,000 2,146,500
Reliastar Financial Corp. ........................................... 44,200 1,911,650
USLIFE Corp. ........................................................ 6,750 194,906
-----------
21,571,981
-----------
HEALTHCARE--2.3%
Health Services--2.3%
Columbia/HCA Healthcare Corp. ....................................... 28,900 1,491,963
Tenet Healthcare Corp. .............................................. 169,500 3,029,812
-----------
4,521,775
-----------
INDUSTRIAL & COMMERCIAL--9.9%
Aerospace & Military Technology--6.3%
AMR Corp.+........................................................... 8,000 613,000
Lear Seating Corp. .................................................. 60,000 1,680,000
Lockheed Martin Corp. ............................................... 31,800 2,333,325
Loral Corp. ......................................................... 52,200 1,768,275
McDonnell Douglas Corp. ............................................. 44,800 3,992,800
Northrop Grumman Corp. .............................................. 35,800 2,201,700
Machinery--0.8%
Outboard Marine Corp. ............................................... 77,800 1,594,900
Manufacturing--1.3%
Owens Illinois, Inc. ................................................ 195,200 2,537,600
Transportation--1.5%
Consolidated Freightways, Inc.+...................................... 113,900 2,989,875
-----------
19,711,475
-----------
INFORMATION & ENTERTAINMENT--2.6%
Broadcasting & Media--1.1%
Tele-Communications TCI Group+....................................... 114,300 2,114,550
Leisure & Tourism--1.5%
Brunswick Corp. ..................................................... 140,200 2,996,775
-----------
5,111,325
-----------
INFORMATION TECHNOLOGY--2.8%
Computers & Business Equipment--2.0%
Apple Computer, Inc. ................................................ 23,600 899,750
COMPAQ Computer Corp.+............................................... 37,000 1,831,500
Storage Technology Corp. ............................................ 49,800 1,232,550
Telecommunications--0.8%
Valassis Communications, Inc. ....................................... 106,900 1,643,588
-----------
5,607,388
-----------
MATERIALS--6.5%
Chemicals--0.9%
Geon Co. ............................................................ 72,200 1,786,950
Forest Products--5.3%
Champion International Corp. ........................................ 36,900 1,738,913
Georgia-Pacific Corp. ............................................... 54,200 4,214,050
Stone Container Corp.+............................................... 229,500 3,585,937
Universal Corp. ..................................................... 46,800 1,111,500
</TABLE>
---------------------
27
<PAGE> 29
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
MATERIALS (continued)
Metals & Minerals--0.3%
Quanex Corp. ........................................................ 28,300 $ 555,387
-----------
12,992,737
-----------
UTILITIES--2.1%
Electric Utilities--2.1%
Entergy Corp. ....................................................... 63,800 1,778,425
Long Island Lighting Co. ............................................ 145,100 2,484,838
-----------
4,263,263
-----------
TOTAL COMMON STOCK (cost $106,062,453)............................... 121,955,946
-----------
PRINCIPAL
BONDS & NOTES--32.8% AMOUNT
--------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY--0.4%
Housing--0.4%
News America Holdings, Inc. 7.50% 2000............................... $ 600,000 627,708
News America Holdings, Inc. 9.13% 1999............................... 250,000 275,437
-----------
903,145
-----------
CONSUMER STAPLES--0.3%
Food, Beverage & Tobacco--0.3%
RJR Nabisco, Inc. 8.00% 2001......................................... 280,000 284,486
RJR Nabisco, Inc. 8.63% 2002......................................... 300,000 309,513
-----------
593,999
-----------
ENERGY--1.1%
Energy Services--1.1%
Arkla, Inc. 9.20% 1997............................................... 250,000 261,883
Arkla, Inc. 9.88% 1997............................................... 550,000 573,963
National Power Corp. 7.63% 2000...................................... 180,000 177,750
Oryx Energy Co. 9.30% 1996........................................... 400,000 403,564
Oryx Energy Co. 9.50% 1999........................................... 350,000 374,815
Tosco Corp. 7.00% 2000............................................... 400,000 396,000
-----------
2,187,975
-----------
FINANCE--9.6%
Banks--3.5%
Auburn Hills Trust 12.00% 2020(1).................................... 325,000 496,327
Banco de Comercio Exterior 8.63% 2000*............................... 50,000 50,731
Banco Nacional de Comercio Exterior SNC 11.25% 1996(1)(2)............ 360,000 360,000
BankAmerica Corp. 9.75% 2000......................................... 400,000 453,312
BanPonce Corp. 5.17% 1996............................................ 400,000 397,636
Capital One Bank 7.48% 1996.......................................... 1,350,000 1,352,011
Continental Bank NA Chicago 11.25% 2001.............................. 300,000 336,393
Continental Bank NA Chicago 12.50% 2001.............................. 450,000 576,306
Corporacion Andina de Fomento 7.25% 1998............................. 510,000 507,450
Corporacion Andina de Fomento 7.38% 2000............................. 140,000 142,118
First USA Bank 6.88% 1996............................................ 350,000 352,611
First USA Bank 5.05% 1995............................................ 400,000 409,280
Security Pacific Corp. 11.50% 2000................................... 600,000 735,030
Signet Banking Corp. 9.63% 1999...................................... 775,000 852,640
Financial Services--6.1%
App International Finance Co. BV 10.25% 2000......................... 60,000 59,100
Case Equipment Loan Trust 7.30% 2002................................. 751,935 767,664
Chrysler Financial Corp. 5.98% 1997(2)............................... 300,000 300,332
Chrysler Financial Corp. 10.34% 1996(1).............................. 400,000 407,272
</TABLE>
- ---------------------
28
<PAGE> 30
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (continued) AMOUNT VALUE
<S> <C> <C>
--------------------------------------------------------------------------------------------------
FINANCE (continued)
Financial Services (continued)
Countrywide Funding Corp. 8.43% 1999................................. $ 450,000 $ 486,027
Financiera Energet 6.63% 1996........................................ 1,110,000 1,105,838
First USA, Inc. 5.05% 1995........................................... 400,000 399,708
Ford Capital BV 9.38% 1998........................................... 225,000 240,667
Ford Capital BV 9.50% 2001........................................... 800,000 920,424
Ford Credit Auto Loan Master Trust 6.50% 2002........................ 550,000 561,858
Ford Credit Grantor Trust 7.30% 1999................................. 179,686 182,662
General Motors Acceptance Corp. 6.30% 1999........................... 319,693 320,892
General Motors Acceptance Corp. 7.15% 2000........................... 615,604 625,799
General Motors Acceptance Corp. 7.50% 1997........................... 200,000 206,034
General Motors Acceptance Corp. 7.63% 1998........................... 585,000 606,674
Honda Auto Receivables Grantor Trust 6.20% 2000...................... 332,512 334,175
Household Finance Corp. 7.25% 1994................................... 94,044 94,984
MBNA Corp. 8.25% 1998................................................ 95,833 95,623
Premier Auto Trust 4.90% 1998........................................ 317,641 315,059
Premier Auto Trust 7.85% 1998........................................ 1,040,000 1,066,000
Resolution Funding Corp. zero coupon 2020............................ 1,600,000 315,936
Resolution Funding Corp. zero coupon 2021............................ 1,580,000 308,416
Sears Credit Account Master Trust 8.10% 2004......................... 700,000 753,809
Standard Credit Card Master Trust 6.25% 1998......................... 260,000 261,056
Standard Credit Card Master Trust 7.85% 2002......................... 600,000 640,308
Standard Credit Card Master Trust 8.25% 2003......................... 710,000 784,323
-----------
19,182,485
-----------
INDUSTRIAL & COMMERCIAL--0.5%
Aerospace & Military Technology--0.1%
British Aerospace PLC 7.55% 1997*.................................... 150,000 152,566
Multi-Industry--0.4%
Tenneco, Inc. 10.00% 1998............................................ 800,000 877,672
-----------
1,030,238
-----------
INFORMATION & ENTERTAINMENT--1.3%
Broadcasting & Media--1.1%
Lenfest Communications, Inc. 8.38% 2005.............................. 255,000 254,363
Tele-Communications, Inc. 7.00% 1997................................. 300,000 304,056
Tele-Communications, Inc. 9.65% 2003................................. 375,000 422,513
Time Warner, Inc. 7.45% 1998......................................... 1,145,000 1,173,556
Leisure & Tourism--0.2%
Blockbuster Entertainment Corp. 6.63% 1998........................... 365,000 367,573
-----------
2,522,061
-----------
INFORMATION TECHNOLOGY--1.1%
Communication Equipment--0.5%
Cablevision Industries Corp. 10.75% 2002............................. 980,000 1,060,850
Computers & Business Equipment--0.6%
Comdisco, Inc. 6.08% 1995............................................ 350,000 350,000
Comdisco, Inc. 9.75% 1997............................................ 700,000 728,378
-----------
2,139,228
-----------
MATERIALS--0.1%
Forest Products--0.1%
PT Indah Kiat Pulp & Paper 8.88% 2000................................ 170,000 160,650
-----------
</TABLE>
---------------------
29
<PAGE> 31
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (continued) AMOUNT VALUE
--------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
NON-U.S. GOVERNMENT OBLIGATIONS--1.3%
Foreign Government--1.3%
Government Backed Trusts 9.40% 1996.................................. $ 119,595 $ 122,125
Petroleo Brasileiro SA 8.75% 1996(2)................................. 800,000 799,456
Quebec Province Canada 13.25% 2014................................... 625,000 792,812
Republic of Argentina Bote II 5.90% 1997(1).......................... 1,430,000 554,840
Republic of Columbia 9.25% 2000(2)................................... 370,000 373,049
-----------
2,642,282
-----------
U.S. GOVERNMENT & AGENCIES--16.9%
U.S. Government & Agencies--16.9%
Federal Home Loan Mortgage Corp. 6.50% 2018.......................... 600,000 598,872
Federal Home Loan Mortgage Corp. 7.00% TBA........................... 3,500,000 3,501,085
Federal Home Loan Mortgage Corp. 7.50% TBA........................... 3,000,000 3,053,430
Federal Home Loan Mortgage Corp. 8.20% 1998.......................... 310,000 318,962
Federal National Mortgage Association 7.00% TBA...................... 2,000,000 2,023,120
Federal National Mortgage Association 7.50% TBA...................... 1,000,000 1,023,120
Federal National Mortgage Association 7.70% 2004..................... 440,000 465,023
Federal National Mortgage Association 8.79% 2002..................... 180,000 180,900
Government National Mortgage Association 7.50% TBA................... 2,000,000 2,041,240
Government National Mortgage Association 8.00% TBA................... 5,000,000 5,173,400
Government National Mortgage Association 9.00% 2016.................. 516,184 548,363
Government National Mortgage Association 9.00% 2016.................. 583,076 619,425
Government National Mortgage Association 9.00% 2016.................. 481,882 511,923
Government National Mortgage Association 9.00% 2017.................. 342,014 360,504
Government National Mortgage Association 9.50% TBA................... 1,000,000 1,070,000
United States Treasury Bonds 7.88% 2021@............................. 280,000 336,437
United States Treasury Bonds 8.75% 2020.............................. 520,000 680,794
United States Treasury Bonds 11.13% 2003............................. 510,000 678,540
United States Treasury Bonds 13.75% 2004............................. 200,000 307,500
United States Treasury Bonds Strip zero coupon 2020.................. 3,310,000 681,529
United States Treasury Bonds Strip zero coupon 2004.................. 9,580,000 5,691,191
United States Treasury Bonds Strip zero coupon 2018.................. 50,000 11,837
United States Treasury Bonds Strip zero coupon 2021.................. 40,000 7,687
United States Treasury Notes 7.25% 2004.............................. 870,000 956,182
United States Treasury Notes 7.38% 1997.............................. 850,000 880,549
United States Treasury Notes 7.50% 1999.............................. 1,960,000 2,094,436
-----------
33,816,049
-----------
UTILITIES--0.2%
Electric Utilities--0.2%
Central Maine Power Co. 7.45% 1999................................... 365,000 380,126
-----------
TOTAL BONDS & NOTES (cost $64,132,258)............................... 65,558,238
-----------
TOTAL INVESTMENT SECURITIES (cost $170,194,711)...................... 187,514,184
-----------
</TABLE>
- ---------------------
30
<PAGE> 32
<TABLE>
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES--0.8% AMOUNT VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
FOREIGN SHORT-TERM NOTES--0.8%
Banco Nacional de Comercio Exterior SNC 9.94% due 5/13/96............ $ 200,000 $ 191,736
Mexican Tesobonos 7.70% due 12/21/95................................. 100,000 99,575
Mexican Tesobonos 7.75% due 12/21/95................................. 400,000 398,300
Mexican Tesobonos 7.75% due 1/18/96.................................. 100,000 98,986
Mexican Tesobonos 7.75% due 2/08/96.................................. 140,000 139,580
Mexican Tesobonos 8.00% due 1/18/96.................................. 100,000 98,950
Petroleo Brasileiro 8.38% due 12/15/95............................... 180,000 179,432
Republic of Argentina 9.50% due 12/04/95............................. 210,000 210,000
Republic of Brazil 10.25% due 12/29/95............................... 140,000 138,906
-----------
TOTAL SHORT-TERM SECURITIES (cost $1,552,233)........................ 1,555,465
-----------
REPURCHASE AGREEMENT--12.3%
--------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT--12.3%
Agreement with State Street Bank & Trust Co., bearing interest of
5.75% dated 11/30/95, to be repurchased 12/01/95 in the amount of
$24,554,921 and collateralized by $22,520,000 U.S. Treasury Notes
7.75% due 12/31/99@ (cost $24,551,000)............................. 24,551,000 24,551,000
------------
TOTAL INVESTMENTS--
(cost $196,297,944) 106.9% 213,620,649
Liabilities in excess of other assets-- (6.9) (13,784,259)
----- ------------
NET ASSETS-- 100.0% $199,836,390
===== ============
</TABLE>
-----------------------------
+ Non-income producing securities
* Resale restricted to qualified institutional buyers
(1) Variable rate security; rate as of November 30, 1995
(2) Fair valued security; see Note 2
ADR--American Depositary Receipt
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 date.
@ The security or a portion thereof represents collateral for the
following open futures contracts:
<TABLE>
<CAPTION>
OPEN FUTURES CONTRACTS
-----------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
UNREALIZED
NUMBER OF EXPIRATION VALUE AS OF APPRECIATION/
CONTRACTS DESCRIPTION DATE NOVEMBER 30, 1995 (DEPRECIATION)
-----------------------------------------------------------------------------------------------------------
4 Long 90 Day Euro Dollar.................... September 1997 $ 944,700 $ 7,670
4 Long 90 Day Euro Dollar.................... December 1997 943,200 7,170
43 Long U.S. Long Bond........................ December 1995 5,134,469 80,274
2 Long U.S. Long Bond........................ March 1996 238,313 (328)
10 Long U.S. 2 Year Note...................... March 1996 2,090,938 5,393
8 Long U.S. 5 Year Note...................... March 1996 877,000 6,689
14 Short U.S. 10 Year Note..................... March 1996 1,587,250 (11,918)
--------
Net Unrealized Appreciation................................................. $ 94,950
========
</TABLE>
See Notes to Financial Statements
---------------------
31
<PAGE> 33
- ---------------------
SUNAMERICA SERIES TRUST
GROWTH-INCOME PORTFOLIO INVESTMENT PORTFOLIO--NOVEMBER 30, 1995
<TABLE>
<CAPTION>
COMMON STOCK--99.3% SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY--6.0%
Automotive--3.2%
Goodyear Tire & Rubber Co. .......................................... 82,000 $ 3,474,750
Magna International, Inc. ADR........................................ 45,000 1,957,500
Retail--2.8%
Federated Department Stores, Inc.+................................... 79,700 2,321,263
Lowe's Cos., Inc. ................................................... 74,700 2,353,050
Pep Boys-Manny, Moe & Jack........................................... 3,300 87,450
------------
10,194,013
------------
CONSUMER STAPLES--13.8%
Food, Beverage & Tobacco--10.9%
Campbell Soup Co. ................................................... 54,000 3,017,250
McDonald's Corp. .................................................... 60,000 2,677,500
PepsiCo, Inc. ....................................................... 94,000 5,193,500
Philip Morris Cos., Inc. ............................................ 70,000 6,142,500
Wendy's International, Inc. ......................................... 83,000 1,711,875
Household Products--2.9%
Colgate-Palmolive Co. ............................................... 24,000 1,758,000
Gillette Co. ........................................................ 61,700 3,200,687
------------
23,701,312
------------
ENERGY--5.9%
Energy Services--1.2%
Western Atlas, Inc.+................................................. 42,000 2,010,750
Energy Sources--4.7%
Atlantic Richfield Co. .............................................. 40,200 4,356,675
Enron Corp. ......................................................... 98,000 3,675,000
------------
10,042,425
------------
FINANCE--17.2%
Banks--6.7%
BankAmerica Corp. ................................................... 38,000 2,417,750
Fifth Third Bancorp.................................................. 22,000 1,608,750
First Chicago Corp. ................................................. 49,200 3,419,400
NationsBank Corp. ................................................... 37,500 2,676,563
Republic New York Corp. ............................................. 22,000 1,386,000
Financial Services--7.0%
Dean Witter, Discover & Co. ......................................... 54,000 2,754,000
First USA, Inc. ..................................................... 18,000 825,750
MBNA Corp. .......................................................... 35,000 1,413,125
Merrill Lynch & Co., Inc. ........................................... 48,000 2,670,000
Travelers Group, Inc. ............................................... 73,066 4,347,427
Insurance--3.5%
American International Group, Inc. .................................. 28,575 2,564,606
ITT Corp. ........................................................... 15,600 1,912,950
PMI Group, Inc. ..................................................... 30,000 1,425,000
------------
29,421,321
------------
</TABLE>
- ---------------------
32
<PAGE> 34
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE--11.5%
Drugs--4.2%
Lilly (Eli) & Co. ................................................... 44,500 $ 4,427,750
Schering-Plough Corp. ............................................... 48,000 2,754,000
Health Services--7.3%
Columbia/HCA Healthcare Corp. ....................................... 76,700 3,959,637
Healthsource, Inc.+.................................................. 21,500 1,343,750
U.S. HealthCare, Inc. ............................................... 80,000 3,640,000
United Healthcare Corp. ............................................. 40,000 2,515,000
Value Health, Inc.+.................................................. 39,000 979,875
------------
19,620,012
------------
INDUSTRIAL & COMMERCIAL--8.7%
Aerospace & Military Technology--2.9%
AlliedSignal, Inc. .................................................. 51,000 2,409,750
Boeing Co. .......................................................... 30,300 2,208,113
Coltec Industries, Inc.+............................................. 30,000 330,000
Business Services--1.5%
WMX Technologies, Inc. .............................................. 87,000 2,566,500
Electrical Equipment--2.4%
General Electric Co. ................................................ 61,200 4,115,700
Machinery--0.5%
Applied Materials, Inc.+............................................. 11,800 573,775
Centocor, Inc.+...................................................... 25,200 352,800
Transportation--1.4%
Conrail, Inc. ....................................................... 17,000 1,187,875
Illinois Central Corp. .............................................. 30,000 1,215,000
------------
14,959,513
------------
INFORMATION & ENTERTAINMENT--3.3%
Broadcasting & Media--1.2%
Tele-Communications Liberty Media Group+............................. 21,250 595,000
Tele-Communications TCI Group+....................................... 85,000 1,572,500
Leisure & Tourism--2.1%
Carnival Corp. ...................................................... 75,000 1,950,000
Disney (Walt) Co. ................................................... 26,600 1,599,325
------------
5,716,825
------------
INFORMATION TECHNOLOGY--13.4%
Communication Equipment--2.8%
AirTouch Communications, Inc.+....................................... 130,00 3,786,250
Motorola, Inc. ...................................................... 17,000 1,041,250
Computers & Business Equipment--3.5%
COMPAQ Computer Corp.+............................................... 73,400 3,633,300
International Business Machines Corp. ............................... 23,600 2,280,350
Electronics--7.1%
General Instrument Corp.+............................................ 67,500 1,729,687
General Motors Corp., Class E........................................ 50,000 2,525,000
Intel Corp. ......................................................... 78,000 4,748,250
National Semiconductor Corp.+........................................ 150,000 3,206,250
------------
22,950,337
------------
</TABLE>
---------------------
33
<PAGE> 35
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
MATERIALS--8.4%
Chemicals--7.0%
Eastman Kodak Co. ................................................... 30,000 $ 2,040,000
Monsanto Co. ........................................................ 32,000 3,664,000
Morton International, Inc. .......................................... 36,000 1,246,500
Rohm & Haas Co. ..................................................... 32,000 1,928,000
Union Carbide Corp. ................................................. 79,000 3,130,375
Forest Products--1.2%
Alco Standard Corp. ................................................. 46,000 2,001,000
Metals & Minerals--0.2%
Alumax, Inc.+........................................................ 11,500 382,375
------------
14,392,250
------------
UTILITIES--11.1%
Electric Utilities--5.1%
FPL Group, Inc.+..................................................... 100,000 4,337,500
Houston Industries, Inc. ............................................ 94,500 4,323,375
Telephone--6.0%
AT&T Corp. .......................................................... 125,00 8,250,000
Century Telephone Enterprises, Inc. ................................. 67,600 2,112,500
------------
19,023,375
------------
TOTAL INVESTMENT SECURITIES (cost $145,643,214)...................... 170,021,383
------------
PRINCIPAL
SHORT-TERM SECURITIES--4.4% AMOUNT
---------------------------------------------------------------------------------------------------
TIME DEPOSIT--4.4%
Cayman Island Time Deposit with State Street Bank & Trust Co.
5.50% due 12/01/95 (cost $7,513,000)............................... $7,513,000 7,513,000
------------
TOTAL INVESTMENTS--
(cost $153,156,214) 103.7% 177,534,383
Liabilities in excess of other assets-- (3.7) (6,253,310)
----- ------------
NET ASSETS-- 100.0% $171,281,073
===== ==============
</TABLE>
-----------------------------
+ Non-income producing securities
ADR--American Depositary Receipt
See Notes to Financial Statements
- ---------------------
34
<PAGE> 36
- ---------------------
SUNAMERICA SERIES TRUST
ALLIANCE GROWTH PORTFOLIO INVESTMENT PORTFOLIO--NOVEMBER 30, 1995
<TABLE>
COMMON STOCK--90.8% SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY--1.0%
Retail--1.0%
Home Depot, Inc...................................................... 39,000 $ 1,730,625
------------
CONSUMER STAPLES--11.6%
Food, Beverage & Tobacco--9.4%
Coca-Cola Co. ....................................................... 25,100 1,901,325
McDonald's Corp. .................................................... 107,900 4,815,038
PepsiCo, Inc. ....................................................... 34,000 1,878,500
Philip Morris Cos., Inc. ............................................ 81,300 7,134,075
Household Products--2.2%
Gillette Co. ........................................................ 72,800 3,776,500
------------
19,505,438
------------
FINANCE--22.2%
Banks--11.2%
Citicorp............................................................. 52,400 3,707,300
First Bank Systems, Inc. ............................................ 37,800 1,951,425
First Chicago Corp. ................................................. 61,100 4,246,450
First Interstate Bancorp............................................. 11,500 1,541,000
NationsBank Corp. ................................................... 44,500 3,176,188
Norwest Corp. ....................................................... 124,620 4,112,460
Financial Services--9.2%
Beneficial Corp. .................................................... 27,900 1,415,925
Dean Witter, Discover & Co. ......................................... 27,800 1,417,800
Federal National Mortgage Association................................ 50,100 5,485,950
Household International, Inc. ....................................... 32,900 2,056,250
MBNA Corp. .......................................................... 12,600 508,725
Merrill Lynch & Co., Inc. ........................................... 81,600 4,539,000
Insurance--1.8%
ITT Corp. ........................................................... 24,900 3,053,363
------------
37,211,836
------------
HEALTHCARE--5.9%
Drugs--3.8%
Amgen, Inc.+......................................................... 55,200 2,739,300
Merck & Co., Inc. ................................................... 33,200 2,054,250
Schering-Plough Corp. ............................................... 26,500 1,520,437
Health Services--0.9%
United Healthcare Corp. ............................................. 23,800 1,496,425
Medical Products--1.2%
Abbott Laboratories.................................................. 19,700 800,313
Guidant Corp. ....................................................... 34,600 1,293,175
------------
9,903,900
------------
INDUSTRIAL & COMMERCIAL--6.7%
Business Services--1.2%
XTRA Corp. .......................................................... 48,750 2,084,063
Machinery--3.6%
Applied Materials, Inc.+............................................. 122,300 5,946,837
</TABLE>
---------------------
35
<PAGE> 37
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL (continued)
Transportation--1.9%
UAL Corp. ........................................................... 15,300 $ 3,201,525
------------
11,232,425
------------
INFORMATION & ENTERTAINMENT--11.1%
Broadcasting & Media--4.0%
Capital Cities/ABC, Inc. ............................................ 10,400 1,285,700
Tele-Communications Liberty Media Group+............................. 49,725 1,392,300
Tele-Communications TCI Group+....................................... 217,100 4,016,350
Leisure & Tourism--7.1%
Disney (Walt) Co. ................................................... 98,600 5,928,325
KLM Royal Dutch Airlines ADR......................................... 49,500 1,707,750
Northwest Airlines Corp.+............................................ 86,500 4,357,438
------------
18,687,863
------------
INFORMATION TECHNOLOGY--28.5%
Communication Equipment--13.4%
AirTouch Communications, Inc.+....................................... 195,500 5,693,937
Cox Communications, Inc.+............................................ 136,300 2,726,000
DSC Communications Corp.+............................................ 47,600 1,886,150
Ericsson (L.M.) Telephone Co. ADR.................................... 83,000 1,971,250
Motorola, Inc. ...................................................... 53,100 3,252,375
Nokia Corp. ADR...................................................... 127,900 6,938,575
Computers & Business Equipment--4.5%
COMPAQ Computer Corp.+............................................... 37,500 1,856,250
Hewlett-Packard Co. ................................................. 68,000 5,635,500
Electronics--2.1%
Intel Corp. ......................................................... 59,200 3,603,800
Software--8.5%
Cisco Systems, Inc.+................................................. 57,100 4,803,537
Microsoft Corp.+..................................................... 64,500 5,619,562
Oracle Systems Corp.+................................................ 84,400 3,829,650
------------
47,816,586
------------
REAL ESTATE--1.4%
Real Estate Companies--1.4%
Green Tree Financial Corp. .......................................... 82,800 2,339,100
------------
UTILITIES--2.4%
Telephone--2.4%
AT&T Corp. .......................................................... 60,500 3,993,000
------------
TOTAL COMMON STOCK (cost $135,818,446)............................... 152,420,773
------------
</TABLE>
- ---------------------
36
<PAGE> 38
<TABLE>
<CAPTION>
WARRANTS--4.3%+ SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY--4.3%
Electronics--4.3%
Intel Corp. (cost $3,451,125)........................................ 231,000 $ 7,189,875
------------
TOTAL INVESTMENT SECURITIES (cost $139,269,571)...................... 159,610,648
------------
PRINCIPAL
SHORT-TERM SECURITIES--4.8% AMOUNT
---------------------------------------------------------------------------------------------------
TIME DEPOSIT--4.7%
Cayman Island Time Deposit with State Street Bank & Trust Co.
5.50% due 12/01/95@................................................ $7,916,000 7,916,000
------------
U.S. GOVERNMENT--0.1%
United States Treasury Bills 5.18% due 12/21/95@..................... 100,000 99,716
------------
TOTAL SHORT-TERM SECURITIES (cost $8,015,713)........................ 8,015,716
------------
TOTAL INVESTMENTS--
(cost $147,285,284) 99.9% 167,626,364
Other assets less liabilities-- 0.1 243,363
----- ------------
NET ASSETS-- 100.0% $167,869,727
===== ============
</TABLE>
-----------------------
+ Non-income producing securities
ADR--American Depositary Receipt
@ The security or a portion thereof represents collateral for the
following open futures contracts:
<TABLE>
<CAPTION>
OPEN FUTURES CONTRACTS
------------------------------------------------------------------------------------------------------------
<CAPTION>
NUMBER OF EXPIRATION VALUE AS OF UNREALIZED
CONTRACTS DESCRIPTION DATE NOVEMBER 30, 1995 APPRECIATION
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
9 Long Standard & Poor's 500 Index............. December 1995 $2,732,625 $ 96,750
=========
See Notes to Financial Statements
</TABLE>
---------------------
37
<PAGE> 39
- ---------------------
SUNAMERICA SERIES TRUST
GROWTH/PHOENIX INVESTMENT
COUNSEL PORTFOLIO INVESTMENT PORTFOLIO--NOVEMBER 30, 1995
<TABLE>
<CAPTION>
COMMON STOCK--91.6% SHARES VALUE
<S> <C> <C>
---------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY--4.7%
Apparel & Textiles--1.8%
Tommy Hilfiger Corp.+................................................ 60,000 $ 2,647,500
Retail--2.9%
Federated Department Stores, Inc.+................................... 92,000 2,679,500
Office Depot, Inc.+.................................................. 27,200 666,400
Sunglass Hut International, Inc.+.................................... 50,700 1,064,700
------------
7,058,100
------------
CONSUMER STAPLES--2.7%
Food, Beverage & Tobacco--2.7%
Boston Chicken, Inc.+................................................ 49,000 1,696,625
Nabisco Holdings Corp. .............................................. 80,000 2,260,000
------------
3,956,625
------------
ENERGY--4.5%
Energy Services--2.4%
Schlumberger Ltd. ................................................... 30,000 1,905,000
Tidewater, Inc. ..................................................... 50,000 1,431,250
Western Atlas, Inc.+................................................. 4,000 191,500
Energy Sources--2.1%
Apache Corp. ........................................................ 88,000 2,343,000
Burlington Northern Santa Fe......................................... 10,600 854,625
------------
6,725,375
------------
FINANCE--12.4%
Banks--1.4%
Chase Manhattan Corp. ............................................... 34,000 2,069,750
Financial Services--5.0%
Dean Witter, Discover & Co. ......................................... 46,000 2,346,000
Morgan Stanley Group, Inc. .......................................... 22,000 1,897,500
Travelers Group, Inc. ............................................... 55,000 3,272,500
Insurance--6.0%
Aetna Life & Casualty Co. ........................................... 62,500 4,585,938
Cigna Corp. ......................................................... 25,000 2,750,000
Prudential Reinsurance Holdings, Inc. ............................... 82,000 1,711,750
------------
18,633,438
------------
HEALTHCARE--17.0%
Drugs--4.8%
Amgen, Inc.+......................................................... 40,000 1,985,000
Boston Scientific Corp.+............................................. 37,000 1,498,500
Merck & Co., Inc. ................................................... 26,500 1,639,688
SmithKline Beecham PLC ADR........................................... 40,000 2,130,000
Health Services--3.1%
Pharmacia & Upjohn, Inc.+............................................ 65,000 2,331,875
U.S. HealthCare, Inc. ............................................... 50,000 2,275,000
</TABLE>
- ---------------------
38
<PAGE> 40
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE (continued)
Medical Products--9.1%
Baxter International, Inc. .......................................... 60,000 $ 2,520,000
Genzyme Corp.+....................................................... 40,000 2,610,000
Guidant Corp. ....................................................... 64,500 2,410,687
IDEXX Laboratories, Inc.+............................................ 51,000 2,269,500
Medtronic, Inc. ..................................................... 28,000 1,536,500
Possis Medical, Inc. ................................................ 125,000 2,234,375
------------
25,441,125
------------
INDUSTRIAL & COMMERCIAL--11.2%
Aerospace & Military Technology--2.2%
Boeing Co. .......................................................... 46,000 3,352,250
Business Services--2.4%
CUC International, Inc.+............................................. 60,000 2,280,000
DST Systems, Inc. ................................................... 48,000 1,386,000
Electrical Equipment--2.1%
Austria Mikro Systeme International AG............................... 7,200 1,265,864
AVX Corp. ........................................................... 65,000 1,868,750
Machinery--4.5%
BJ Services Co.+..................................................... 107,000 2,634,875
Case Corp. .......................................................... 40,000 1,670,000
Harnischfeger Industries, Inc. ...................................... 70,000 2,371,250
------------
16,828,989
------------
INFORMATION & ENTERTAINMENT--9.7%
Broadcasting & Media--8.3%
Evergreen Media Corp.+............................................... 50,000 1,212,500
MobileMedia Corp.+................................................... 120,000 3,105,000
News Corp., Ltd. ADR................................................. 100,000 1,887,500
Tele-Communications Liberty Media Group+............................. 18,750 525,000
Tele-Communications TCI Group+....................................... 75,000 1,387,500
Viacom, Inc.+........................................................ 90,500 4,366,625
Leisure & Tourism--1.4%
Disney (Walt) Co. ................................................... 35,000 2,104,375
------------
14,588,500
------------
INFORMATION TECHNOLOGY--24.0%
Communication Equipment--4.9%
Ericsson (L.M.) Telephone Co. ADR.................................... 96,000 2,280,000
Glenayre Technologies, Inc.+......................................... 25,000 1,431,250
Paging Network, Inc.+................................................ 160,000 3,560,000
Computers & Business Equipment--10.7%
3Com Corp.+.......................................................... 78,000 3,568,500
Ascend Communications, Inc.+......................................... 22,000 1,573,000
Bay Networks, Inc.+.................................................. 81,500 3,667,500
NETCOM On-Line Communications Services+.............................. 21,000 1,533,000
Newbridge Networks Corp.+............................................ 54,000 2,301,750
StrataCom, Inc.+..................................................... 26,000 1,950,000
Sun Microsystems, Inc.+.............................................. 18,000 1,514,250
Electronics--1.3%
Intel Corp. ......................................................... 31,000 1,887,125
Software--4.9%
America Online, Inc.+................................................ 50,000 2,043,750
Cheyenne Software, Inc.+............................................. 60,600 1,408,950
</TABLE>
---------------------
39
<PAGE> 41
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Software (continued)
Premenos Technology Corp.+........................................... 50,000 $ 2,125,000
Sybase, Inc.+........................................................ 50,000 1,756,250
Telecommunications--2.2%
MFS Communications, Inc.+............................................ 45,000 2,047,500
Mobile Telecommunication Technologies Corp.+......................... 55,000 1,265,000
------------
35,912,825
------------
MATERIALS--5.4%
Chemicals--5.4%
Arcadian Corp. ...................................................... 155,000 3,216,250
Monsanto Co. ........................................................ 20,000 2,290,000
USA Waste Services, Inc.+............................................ 125,000 2,625,000
------------
8,131,250
------------
TOTAL INVESTMENT SECURITIES (cost $120,802,728)...................... 137,276,227
------------
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES--9.5% AMOUNT
---------------------------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE SHORT-TERM NOTES--7.5%
Albertson's, Inc. 5.70% due 12/14/95................................. $3,110,000 3,103,599
Bellsouth Capital Funding Corp. 5.71% due 12/12/95................... 2,280,000 2,276,022
du Pont (E.I.) de Nemours & Co. 5.71% due 12/05/95................... 2,430,000 2,428,458
Heinz (H.J.) Co. 5.72% due 12/01/95.................................. 700,000 700,000
Wal-Mart Stores, Inc. 5.70% due 12/04/95............................. 2,775,000 2,773,682
------------
11,281,761
------------
FEDERAL AGENCY OBLIGATIONS--2.0%
Federal Home Loan Bank Discount Notes 5.80% due 12/01/95............. 2,930,000 2,930,000
------------
TOTAL SHORT-TERM SECURITIES (cost $14,211,761)....................... 14,211,761
------------
TOTAL INVESTMENTS--
(cost $135,014,489) 101.1% 151,487,988
Liabilities in excess of other assets -- (1.1) (1,577,505)
------ ------------
NET ASSETS -- 100.0% $149,910,483
=============
======
</TABLE>
-----------------------------
+ Non-income producing securities
ADR--American Depositary Receipt
See Notes to Financial Statements
- ---------------------
40
<PAGE> 42
- ---------------------
SUNAMERICA SERIES TRUST
PROVIDENT GROWTH
PORTFOLIO INVESTMENT PORTFOLIO--NOVEMBER 30, 1995
<TABLE>
<CAPTION>
COMMON STOCK--96.7% SHARES VALUE
---------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
CONSUMER DISCRETIONARY--2.9%
Retail--2.9%
AutoZone, Inc.+...................................................... 49,500 $ 1,441,688
Office Depot, Inc.+.................................................. 76,000 1,862,000
------------
3,303,688
------------
CONSUMER STAPLES--0.9%
Household Products--0.9%
Gillette Co.......................................................... 20,600 1,068,625
------------
ENERGY--2.0%
Energy Sources--2.0%
Enron Corp........................................................... 60,800 2,280,000
------------
FINANCE--15.9%
Financial Services--12.5%
Federal Home Loan Mortgage Corp...................................... 5,300. 408,100
Federal National Mortgage Association................................ 20,600 2,255,700
Finova Group, Inc.................................................... 31,000 1,503,500
First Data Corp...................................................... 83,625 5,937,375
First USA, Inc....................................................... 28,200 1,293,675
MBNA Corp............................................................ 75,300 3,040,237
Insurance--3.4%
American International Group, Inc.................................... 15,300 1,373,175
MGIC Investment Corp................................................. 36,400 2,024,750
PMI Group, Inc....................................................... 11,500 546,250
------------
18,382,762
------------
HEALTHCARE--11.4%
Drugs--5.4%
Amgen, Inc.+......................................................... 17,000 843,625
Cardinal Health, Inc................................................. 26,800 1,447,200
Merck & Co., Inc..................................................... 14,200 878,625
Pfizer, Inc.......................................................... 26,800 1,554,400
Quorum Health Group, Inc.+........................................... 41,600 899,600
Scherer (R.P.) Corp.+................................................ 13,200 585,750
Health Services--2.5%
HEALTHSOUTH Corp.+................................................... 48,200 1,458,050
United Healthcare Corp............................................... 22,500 1,414,687
Medical Products--3.5%
Medtronic, Inc....................................................... 53,400 2,930,325
St. Jude Medical, Inc................................................ 28,200 1,113,900
------------
13,126,162
------------
INDUSTRIAL & COMMERCIAL--10.9%
Aerospace & Military Technology--1.8%
Boeing Co............................................................ 28,300 2,062,363
</TABLE>
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41
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<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
-----------------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL (continued)
Business Services--2.3%
ASM Lithography Holdings NV+......................................... 20,000 $ 842,500
CUC International, Inc.+............................................. 17,000 646,000
Loewen Group, Inc.................................................... 45,400 1,203,100
Electrical Equipment--1.4%
AVX Corp............................................................. 24,000 690,000
SGS-Thomson Microelectronics NV+..................................... 25,000 931,250
Machinery--4.8%
American Standard Companies, Inc.+................................... 37,800 1,134,000
Applied Materials, Inc.+............................................. 55,400 2,693,825
Tyco International Ltd............................................... 53,400 1,675,425
Transportation--0.6%
Fritz Cos., Inc.+.................................................... 17,400 674,250
------------
12,552,713
------------
INFORMATION & ENTERTAINMENT--6.9%
Broadcasting & Media--5.0%
British Sky Broadcast Group PLC ADR.................................. 49,900 1,989,762
Cabletron Systems, Inc.+............................................. 23,500 1,950,500
Capital Cities/ABC, Inc.............................................. 14,900 1,842,013
Leisure & Tourism--1.9%
HFS, Inc............................................................. 31,200 2,160,600
------------
7,942,875
------------
INFORMATION TECHNOLOGY--44.1%
Communication Equipment--9.7%
Ericsson (L.M.) Telephone Co. ADR.................................... 206,400 4,902,000
Glenayre Technologies, Inc.+......................................... 16,800 961,800
Motorola, Inc........................................................ 18,800 1,151,500
Nokia Corp. ADR...................................................... 76,400 4,144,700
Computers & Business Equipment--8.4%
3Com Corp.+.......................................................... 47,800 2,186,850
Automatic Data Processing, Inc....................................... 7,800. 621,075
Ceridian Corp.+...................................................... 13,000 546,000
Computer Sciences Corp.+............................................. 23,600 1,716,900
Hewlett-Packard Co................................................... 24,500 2,030,437
United States Robotics Corp.......................................... 23,800 2,612,050
Electronics--10.6%
Analog Devices, Inc.+................................................ 50,950 1,885,150
Intel Corp........................................................... 65,700 3,999,487
LSI Logic Corp.+..................................................... 32,000 1,340,000
Molex, Inc........................................................... 26,875 839,844
Texas Instruments, Inc............................................... 49,100 2,841,663
Xilinx, Inc.+........................................................ 39,800 1,278,575
Software--13.6%
Cisco Systems, Inc.+................................................. 33,800 2,843,425
Computer Associates International, Inc............................... 49,200 3,222,600
Informix Corp.+...................................................... 56,600 1,567,113
Microsoft Corp.+..................................................... 38,700 3,371,737
Oracle Systems Corp.+................................................ 88,550 4,017,956
Paychex, Inc......................................................... 15,000 676,875
</TABLE>
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42
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<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Telecommunications--1.8%
Andrew Corp.+........................................................ 27,850 $ 1,204,513
Frontier Corp........................................................ 35,400 915,975
------------
50,878,225
------------
MATERIALS--1.7%
Chemicals--0.9%
Air Products & Chemicals, Inc........................................ 17,500 971,250
Forest Products--0.8%
Alco Standard Corp................................................... 21,400 930,900
------------
1,902,150
------------
TOTAL INVESTMENT SECURITIES (cost $83,389,759)....................... 111,437,200
------------
PRINCIPAL
REPURCHASE AGREEMENT--2.3% AMOUNT
---------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT--2.3%
Agreement with State Street Bank & Trust Co., bearing interest of
4.50% dated 11/30/95, to be repurchased 12/01/95 in the amount of
$2,633,329 and collateralized by $2,345,000 U.S. Treasury Bonds
7.50% due 11/15/16 (cost $2,633,000)............................... $2,633,000 2,633,000
------------
TOTAL INVESTMENTS--
(cost $86,022,759) 99.0% 114,070,200
Other assets less liabilities-- 1.0 1,205,839
----- ------------
NET ASSETS-- 100.0% $115,276,039
===== ============
</TABLE>
-----------------------------
+ Non-income producing securities
ADR--American Depositary Receipt
See Notes to Financial Statements
---------------------
43
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- ---------------------
SUNAMERICA SERIES TRUST
VENTURE VALUE PORTFOLIOIINVESTMENT PORTFOLIO--NOVEMBER 30, 1995
<TABLE>
<CAPTION>
COMMON STOCK--87.9% SHARES VALUE
----------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY--4.7%
Automotive--2.3%
General Motors Corp. ................................................ 72,000 $ 3,492,000
Retail--2.4%
Federated Department Stores, Inc.+................................... 68,800 2,003,800
Harcourt General, Inc. .............................................. 36,600 1,473,150
Office Max, Inc. .................................................... 100 2,275
Sears, Roebuck & Co. ................................................ 8,100 318,937
------------
7,290,162
------------
CONSUMER STAPLES--8.5%
Food, Beverage & Tobacco--7.5%
American Brands, Inc. ............................................... 2,400 100,200
Archer-Daniels-Midland Co. .......................................... 3,200 55,200
Coca-Cola Co. ....................................................... 53,000 4,014,750
McDonald's Corp. .................................................... 69,600 3,105,900
Nestle SA ADR........................................................ 32,900 1,756,113
Philip Morris Cos., Inc. ............................................ 2,600 228,150
Seagram Co., Ltd. ................................................... 36,600 1,335,900
Tyson Foods, Inc. ................................................... 43,400 1,030,750
Household Products--1.0%
American Home Products Corp. ........................................ 600 54,750
Gillette Co. ........................................................ 27,800 1,442,125
Maytag Corp. ........................................................ 2,200 44,825
------------
13,168,663
------------
ENERGY--4.3%
Energy Services--4.2%
Amerada Hess Corp. .................................................. 45,200 2,147,000
Amoco Corp. ......................................................... 700 47,425
Burlington Resources, Inc. .......................................... 55,100 2,121,350
Chevron Corp. ....................................................... 4,100 202,438
Energy Ventures, Inc.+............................................... 28,400 596,400
Exxon Corp. ......................................................... 6,500 502,937
Mobil Corp. ......................................................... 600 62,625
Schlumberger Ltd. ................................................... 11,600 736,600
Sonat, Inc. ......................................................... 1,200 38,700
Energy Sources--0.1%
Atlantic Richfield Co. .............................................. 1,300 140,888
------------
6,596,363
------------
FINANCE--41.7%
Banks--10.3%
Banc One Corp. ...................................................... 80,900 3,084,312
First Bank Systems, Inc. ............................................ 68,900 3,556,962
First Union Corp. ................................................... 1,100 60,088
Golden West Financial Corp. ......................................... 38,300 1,958,088
Republic New York Corp. ............................................. 13,100 825,300
State Street Boston Corp. ........................................... 56,200 2,529,000
Wells Fargo & Co. ................................................... 18,400 3,868,600
</TABLE>
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44
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<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
----------------------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (continued)
Financial Services--13.4%
American Express Co. ................................................ 121,300 $ 5,155,250
Barnett Banks, Inc. ................................................. 24,500 1,473,063
Dean Witter, Discover & Co. ......................................... 12,800 652,800
Donaldson Lufkin & Jenrette, Inc. ................................... 26,100 867,825
Federal Home Loan Mortgage Corp. .................................... 10,800 831,600
Morgan (J.P.) & Co., Inc. ........................................... 38,000 2,983,000
Morgan Stanley Group, Inc. .......................................... 44,100 3,803,625
Travelers Group, Inc. ............................................... 85,200 5,069,400
Insurance--18.0%
20th Century Industries+ ............................................ 76,400 1,394,300
Allstate Corp. ...................................................... 97,795 4,009,595
American International Group, Inc. .................................. 21,700 1,947,575
Berkley (W.R.) Corp. ................................................ 45,200 2,045,300
Chubb Corp. ......................................................... 45,800 4,454,050
Equitable Cos., Inc. ................................................ 176,700 4,395,412
General Reinsurance Group............................................ 28,900 4,324,162
NAC Reinsurance Corp. ............................................... 48,900 1,613,700
National Reinsurance Corp. .......................................... 21,700 713,388
Progressive Corp., Ohio.............................................. 36,100 1,606,450
Transatlantic Holdings, Inc. ........................................ 19,400 1,333,750
------------
64,556,595
------------
HEALTHCARE--3.1%
Drugs--3.1%
Bristol-Myers Squibb Co. ............................................ 500 40,125
Johnson & Johnson Co. ............................................... 14,700 1,273,388
Merck & Co., Inc. ................................................... 10,400 643,500
Pfizer, Inc. ........................................................ 48,500 2,813,000
Health Services--0.0%
Transport Holdings, Inc.+ ........................................... 316 12,403
------------
4,782,416
------------
INDUSTRIAL & COMMERCIAL--1.4%
Business Services--0.0%
Dun & Bradstreet Corp. .............................................. 300 18,713
WMX Technologies, Inc. .............................................. 1,000 29,500
Electrical Equipment--0.2%
General Electric Co. ................................................ 3,200 215,200
Transportation--1.2%
Illinois Central Corp. .............................................. 21,000 850,500
Union Pacific Corp. ................................................. 15,500 1,050,125
------------
2,164,038
------------
INFORMATION & ENTERTAINMENT--6.5%
Broadcasting & Media--4.6%
Gannett Co., Inc. ................................................... 49,400 3,013,400
News Corp., Ltd. ADR................................................. 142,000 2,680,250
Tribune Co. ......................................................... 23,500 1,515,750
Leisure & Tourism--1.9%
Disney (Walt) Co. ................................................... 14,300 859,788
Host Marriott Corp.+ ................................................ 158,900 2,045,837
------------
10,115,025
------------
</TABLE>
---------------------
45
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<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
----------------------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY--8.9%
Communication Equipment--1.5%
AirTouch Communications, Inc.+....................................... 57,000 $ 1,660,125
Cellular Communications, Inc.+ ...................................... 11,900 569,713
SBC Communications, Inc. ............................................ 700 37,800
Computers & Business Equipment--2.4%
Hewlett-Packard Co. ................................................. 44,500 3,687,937
Electronics--5.0%
Cirrus Logic, Inc.+.................................................. 32,400 939,600
Intel Corp. ......................................................... 68,600 4,176,025
Texas Instruments, Inc. ............................................. 46,100 2,668,037
Telecommunications--0.0%
Royal PTT Nederland NV ADR+ ......................................... 100 3,538
------------
13,742,775
------------
MATERIALS--5.7%
Chemicals--0.9%
Dow Chemical Co. .................................................... 400 28,350
Eastman Kodak Co. ................................................... 21,800 1,482,400
Forest Products--4.5%
Fort Howard Corp.+................................................... 86,200 1,713,225
International Paper Co. ............................................. 600 22,875
Jefferson Smurfit Corp. ............................................. 57,700 649,125
Mead Corp. .......................................................... 20,100 1,148,212
Union Camp Corp. .................................................... 47,400 2,328,525
Weyerhaeuser Co. .................................................... 24,200 1,095,050
Metals & Minerals--0.3%
Alumax, Inc.+........................................................ 3,900 129,675
Reynolds Metals Co. ................................................. 5,500 317,625
------------
8,915,062
------------
REAL ESTATE--2.0%
Real Estate Investment Trusts--2.0%
Federal Realty Investment Trust...................................... 25,000 550,000
Kimco Realty Corp. .................................................. 3,700 148,000
Mid-Atlantic Realty Trust............................................ 14,800 125,800
Saul Centers, Inc. .................................................. 15,900 220,613
Simon Property Group, Inc. .......................................... 400 9,300
United Dominion Realty Trust, Inc. .................................. 27,300 385,612
Vornado Realty Trust................................................. 39,200 1,391,600
Weingarten Realty Investors.......................................... 8,000 274,000
------------
3,104,925
------------
UTILITIES--1.1%
Electric Utilities--0.1%
Carolina Power & Light Co. .......................................... 600 19,725
Duke Power Co. ...................................................... 900 40,387
New England Electric Systems......................................... 300 11,700
San Diego Gas & Electric Co. ........................................ 500 11,375
SCEcorp. ............................................................ 700 10,938
Southern Co. ........................................................ 1,200 27,450
Wisconsin Energy Corp. .............................................. 500 14,750
</TABLE>
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46
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<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
----------------------------------------------------------------------------------------------------
<S> <C> <C>
UTILITIES (continued)
Telephone--1.0%
AT&T Corp. .......................................................... 7,700 $ 508,200
MCI Communications Corp. ............................................ 39,700 1,061,975
------------
1,706,500
-----------
TOTAL COMMON STOCK (cost $121,711,418)............................... 136,142,524
------------
PREFERRED STOCK--2.4%
---------------------------------------------------------------------------------------------------
FINANCE--2.4%
Banks--2.4%
Banc One Corp., Series C............................................. 3,700 250,213
Citicorp............................................................. 18,510 3,549,292
------------
TOTAL PREFERRED STOCK (cost $3,029,488).............................. 3,799,505
------------
TOTAL INVESTMENT SECURITIES (cost $124,740,906)...................... 139,942,029
------------
PRINCIPAL
SHORT-TERM SECURITIES--11.0% AMOUNT
---------------------------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS--11.0%
Federal Farm Credit Bank Discount Notes 5.68% due 12/04/95........... $ 5,410,000 5,407,439
Federal Home Loan Mortgage Discount Notes 5.80% due 12/01/95......... 11,590,000 11,590,000
------------
TOTAL SHORT-TERM SECURITIES (cost $16,997,439) 16,997,439
------------
TOTAL INVESTMENTS--
(cost $141,738,345) 101.3% 156,939,468
Liabilities in excess of other assets-- (1.3) (2,031,471)
------ ------------
NET ASSETS-- 100.0% $154,907,997
====== ============
</TABLE>
-----------------------------
+ Non-income producing securities
ADR--American Depositary Receipt
See Notes to Financial Statements
---------------------
47
<PAGE> 49
- ---------------------
SUNAMERICA SERIES TRUST
GLOBAL EQUITIES PORTFOLIO INVESTMENT PORTFOLIO--NOVEMBER 30, 1995
<TABLE>
<CAPTION>
COMMON STOCK--94.7% SHARES VALUE
----------------------------------------------------------------------------------------------------
<S> <C> <C>
AUSTRALIA--1.0%
Coca-Cola Amatil Ltd. (Consumer Staples)............................. 67,219 $ 543,778
Mayne Nickless Ltd. (Industrial & Commercial)........................ 27,313 125,680
National Australia Bank Ltd. (Finance)............................... 41,000 357,236
Qantas Airways Ltd. (Industrial & Commercial)........................ 41,731 70,925
Woolworths Ltd. (Consumer Discretionary)............................. 275,404 643,849
------------
1,741,468
------------
BELGIUM--0.3%
Kredietbank NV (Finance)............................................. 2,271 580,545
------------
CANADA--1.4%
Alcan Aluminium Ltd. (Materials)..................................... 52 1,763
Magna International, Inc. (Consumer Discretionary)................... 15,000 651,454
Renaissance Energy Ltd. (Energy)..................................... 71,900 1,653,938
------------
2,307,155
------------
DENMARK--0.7%
Den Danske Bank (Finance)............................................ 15,300 1,035,112
Tele Danmark A/S (Utilities)......................................... 3,300 179,668
------------
1,214,780
------------
FINLAND--1.0%
Metsa-Serla Oy (Materials)........................................... 14,400 485,446
Nokia Corp. (Information Technology)................................. 12,800 702,315
Unitas Ltd. (Finance)................................................ 175,035 435,431
------------
1,623,192
------------
FRANCE--5.6%
Assurance General de France (Finance)................................ 22,600 726,841
Banque National Paris (Finance)...................................... 16,200 717,403
Bouygues SA (Consumer Discretionary)................................. 3,100 340,407
Casino Guichard Perrachon et Cie S.C.A. (Consumer Discretionary)..... 6,849 193,509
Cie Financiere de Paribas (Finance).................................. 8,415 467,247
Credit Foncier de France (Finance)................................... 7,300 142,328
Eaux (cie Generale) (Industrial & Commercial)........................ 7,370 717,137
Groupe Danone (Consumer Staples)..................................... 4,490 702,673
Legris Industries SA (Industrial & Commercial)....................... 5,700 191,885
Peugeot SA (Consumer Discretionary).................................. 5,550 717,313
Salomon SA (Consumer Staples)........................................ 920 512,125
Sanofi SA (Healthcare)............................................... 7,600 439,964
Sefimeg (Real Estate)................................................ 3,700 255,786
Seita (Healthcare)................................................... 16,000 525,799
Simco (Real Estate).................................................. 2,600 237,050
Societe de Immeubles (Real Estate)................................... 2,671 147,720
Total SA (Energy).................................................... 12,405 763,117
TV Francaise (Information & Entertainment)........................... 3,430 338,842
Unibail SA (Finance)................................................. 4,630 459,243
Union Immeubles de France (Real Estate).............................. 3,300 295,582
USINOR SACILOR (Materials)........................................... 23,900 344,336
------------
9,236,307
------------
GERMANY--2.7%
Bayer AG (Materials)................................................. 3,810 991,290
Deutsche Bank AG (Finance)........................................... 22,000 1,032,082
</TABLE>
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48
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<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
----------------------------------------------------------------------------------------------------
<S> <C> <C>
GERMANY (continued)
KSB Kl Schanz Beck (Finance)......................................... 950 $ 154,360
Lufthansa AG (Industrial & Commercial)............................... 3,780 501,805
Schmalbach-Lubeca AG (Materials)..................................... 2,400 350,135
Sudzucker AG (Consumer Staples)...................................... 953 484,308
Veba AG (Utilities).................................................. 22,180 904,805
------------
4,418,785
------------
HONG KONG--1.7%
CITIC Pacific Ltd. (Information & Entertainment)..................... 97,000 305,363
Consolidated Electric Power (Utilities).............................. 257,000 420,309
Dao Heng Bank Group (Finance)........................................ 101,000 372,144
Hong Kong & China Gas Co., Ltd. (Utilities).......................... 79,400 129,854
Hopewell Holdings Ltd. (Real Estate)................................. 647,000 365,955
Hysan Development Co., Ltd. (Real Estate)............................ 50,000 130,254
Johnson Electric Holdings Ltd. (Industrial & Commercial)............. 109,000 225,471
New World Development Co., Ltd. (Real Estate)........................ 32,783 136,898
New World Infrastructure Ltd. (Consumer Discretionary)............... 227 395
Sun Hung Kai Properties Ltd. (Real Estate)........................... 24,000 193,150
Television Broadcasting Ltd. (Information & Entertainment)........... 68,000 256,707
Yizheng Chemical Fibre (Materials)................................... 947,000 231,397
------------
2,767,897
------------
INDIA--0.2%
Bajaj Auto GDR (Consumer Discretionary).............................. 13,400 301,500
------------
INDONESIA--0.7%
Hanjaya Mandala Sampoerna (Healthcare)............................... 60,000 601,708
Indosat (Information Technology)..................................... 123,500 417,796
Perusahaan Persero Part Telekom ADR (Utilities)...................... 6,000 126,000
------------
1,145,504
------------
IRELAND--0.3%
Irish Life PLC (Finance)............................................. 120,066 462,012
------------
ITALY--0.9%
ENI SPA (Energy)..................................................... 106,000 347,993
Rinascente (Consumer Discretionary).................................. 102,000 571,497
SIP (Finance)........................................................ 284,050 386,331
Telecom Italia Mobile SPA nonconvertible (Utilities)................. 92,500 90,234
Telecom Italia Mobile SPA (Utilities)................................ 24,450 39,446
------------
1,435,501
------------
JAPAN--23.2%
Amano Corp. (Industrial & Commercial)................................ 39,000 490,614
Aoki International Co., Ltd. (Consumer Discretionary)................ 3,000 71,057
Asahi Bank (Finance)................................................. 113,000 1,310,467
Asahi Glass Co., Ltd. (Materials).................................... 72,000 792,531
Bank of Tokyo Ltd. (Finance)......................................... 37,000 603,636
Canon, Inc. (Information Technology)................................. 10,000 175,921
Chiba Bank Ltd. (Finance)............................................ 23,000 202,310
Dai Nippon Printing Co., Ltd. (Industrial & Commercial).............. 25,000 437,346
Daifuku Co., Ltd. (Industrial & Commercial).......................... 25,000 304,668
Daito Trust Construction Co. (Industrial & Commercial)............... 4,000 38,880
Daiwa House Industry Co. Ltd. (Industrial & Commercial).............. 14,000 209,140
Daiwa Securities Co., Ltd. (Finance)................................. 14,000 194,005
DDI Corp. (Healthcare)............................................... 208 1,672,177
East Japan Railway (Industrial & Commercial)......................... 135 662,064
Fuji Bank Ltd. (Finance)............................................. 59,000 1,229,287
Fuji Photo Film Co., Ltd. (Materials)................................ 11,000 272,432
</TABLE>
---------------------
49
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<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
----------------------------------------------------------------------------------------------------
<S> <C> <C>
JAPAN (continued)
Furukawa Co., Ltd. (Materials)....................................... 40,000 $ 199,312
Heiwa Corp. (Industrial & Commercial)................................ 23,000 596,757
Hirose Electric Co., Ltd. (Information Technology)................... 3,000 182,506
Hokkaido Takushoku Bank Ltd. (Finance)............................... 75,000 198,280
Honda Motor Co., Ltd. (Consumer Discretionary)....................... 11,000 198,919
House Food Corp. (Consumer Staples).................................. 18,000 318,428
Ito-Yokado Co. (Consumer Discretionary).............................. 7,000 386,634
Japan Securities Finance Co., Ltd. (Finance)......................... 30,000 430,467
Kamigumi Co., Ltd. (Industrial & Commercial)......................... 28,000 255,096
Kandenko Co. (Consumer Discretionary)................................ 24,000 292,482
Kao Corp. (Consumer Staples)......................................... 62,000 761,671
Kirin Brewery Co., Ltd. (Consumer Staples)........................... 35,000 371,499
Kokuyo Co., Ltd. (Industrial & Commercial)........................... 9,000 193,710
Kuraray Co., Ltd. (Materials)........................................ 57,000 582,604
Kyocera Corp. (Information Technology)............................... 4,000 316,462
Long-Term Credit Bank of Japan Ltd. (Finance)........................ 22,000 181,405
Mabuchi Motor Co., Ltd. (Consumer Discretionary)..................... 6,000 371,499
Maeda Corp. (Industrial & Commercial)................................ 9,000 153,907
Marui Co., Ltd. (Consumer Discretionary)............................. 3,000 56,020
Matsushita Electric Industrial Co., Ltd. (Industrial & Commercial)... 58,000 860,737
Matsushita Electric Works Ltd. (Industrial & Commercial)............. 37,000 381,818
Mitsubishi Bank Ltd. (Finance)....................................... 56,000 1,221,818
Mitsubishi Heavy Industrial Ltd. (Industrial & Commercial)........... 47,000 374,614
Mitsubishi Materials Corp. (Materials)............................... 39,000 196,246
Mitsubishi Oil Co., Ltd. (Utilities)................................. 47,000 403,715
Mitsui Marine & Fire Co., Ltd. (Finance)............................. 60,000 403,931
Mitsui Trust & Banking Co. (Finance)................................. 123,000 1,153,238
Mori Seiki Co., Ltd. (Industrial & Commercial)....................... 9,000 178,673
National House Industrial Co., Ltd. (Industrial & Commercial)........ 14,000 227,027
NGK Insulators Ltd. (Industrial & Commercial)........................ 25,000 248,157
NGK Spark Plug Co., Ltd. (Industrial & Commercial)................... 7,000 90,123
Nikko Securities Co., Ltd. (Finance)................................. 39,000 429,287
Nintendo Co., Ltd. (Consumer Discretionary).......................... 5,100 402,988
Nippon Express Co., Ltd. (Industrial & Commercial)................... 35,000 303,735
Nippon Light Metal Co., Ltd. (Materials)............................. 40,000 231,941
Nippon Steel Corp. (Materials)....................................... 112,000 385,258
Nisshin Steel Co., Ltd. (Materials).................................. 94,000 386,162
NKK Corp. (Materials)................................................ 140,000 385,258
Nomura Securities International, Inc. (Finance)...................... 61,000 1,199,017
Ono Pharmaceutical Co., Ltd. (Healthcare)............................ 1,000 35,774
Osaka Gas Co. (Utilities)............................................ 89,000 302,644
Rohm Co. (Information Technology).................................... 15,000 915,479
Sakura Bank Ltd. (Finance)........................................... 113,000 1,221,622
Sankyo Co., Ltd. (Healthcare)........................................ 8,000 178,477
Santen Pharmaceutical Co. (Healthcare)............................... 2,000 44,226
Seven-Eleven Japan Co., Ltd. (Consumer Discretionary)................ 23,000 1,591,351
Shimano, Inc. (Industrial & Commercial).............................. 7,000 122,457
Shimizu Construction Co. (Consumer Discretionary).................... 37,000 378,182
Shiseido Co., Ltd. (Healthcare)...................................... 24,000 254,742
Sony Corp. ADR (Consumer Discretionary).............................. 2,020 108,827
Sumitomo Electric Industries Ltd. (Industrial & Commercial).......... 27,000 315,774
Sumitomo Marine & Fire Insurance Co., Ltd. (Finance)................. 46,000 355,794
Sumitomo Realty & Development Co., Ltd. (Real Estate)................ 52,000 349,052
Sumitomo Rubber Industries Ltd. (Industrial & Commercial)............ 14,000 111,450
Sumitomo Bank (Finance).............................................. 81,000 1,560,295
Taisho Pharmaceutical Co., Ltd. (Healthcare)......................... 19,000 358,526
Takeda Chemical Industries Ltd. (Healthcare)......................... 24,000 358,526
Toagosei Co., Ltd. (Materials)....................................... 21,000 114,752
Tokai Bank Ltd. (Finance)............................................ 47,000 572,776
</TABLE>
- ---------------------
50
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<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
----------------------------------------------------------------------------------------------------
<S> <C> <C>
JAPAN (continued)
Tokyo Electric Power Co., Inc. (Utilities)........................... 19,190 $ 497,903
Tokyo Gas Co., Ltd. (Utilities)...................................... 181,000 638,614
Tokyo Steel Manufacturing Co., Ltd. (Materials)...................... 38,000 702,113
Tostem Corp. (Industrial & Commercial)............................... 17,000 517,936
Toyo Kanetsu K.K. (Energy)........................................... 39,000 165,199
Toyota Motor Corp. (Consumer Discretionary).......................... 65,000 1,284,029
Ube Industries Ltd. (Materials)...................................... 29,000 110,015
Yakult Honsha Co. (Consumer Staples)................................. 26,000 344,963
Yamanouchi Pharmaceutical Co., Ltd. (Healthcare)..................... 22,000 473,513
Yamazaki Baking Co. (Consumer Staples)............................... 16,000 284,619
------------
38,447,566
------------
KOREA--0.5%
Hyundai Motor Co. GDR (Consumer Discretionary)....................... 1,000 16,250
Korea Electric Power Corp. (Utilities)............................... 7,000 277,947
Korea Electric Power Corp. ADR (Utilities)........................... 4,400 106,700
Korea Mobile Telecommunications Corp. GDR (Information
Technology)........................................................ 5,100 189,975
Pohang Iron & Steel Co., Ltd. ADR (Materials)........................ 10,000 245,000
Pohang Iron & Steel Co., Ltd. (Materials)............................ 590 44,787
------------
880,659
------------
MALAYSIA--1.1%
AMMB Holdings Bhd (Finance).......................................... 32,000 331,100
Malakoff Bhd (Industrial & Commercial)............................... 80,000 245,960
Petronas Gas Bhd (Energy)............................................ 74,000 249,389
Rashid Hussain Bhd (Finance)......................................... 33,000 81,947
Resorts World Bhd (Information & Entertainment)...................... 67,000 327,473
Telekom Malaysia Bhd (Utilities)..................................... 73,000 543,831
------------
1,779,700
------------
MEXICO--0.2%
Panamerican Beverages, Inc. ADR (Consumer Staples)................... 8,200 264,450
Telefonos de Mexico SA ADR (Utilities)............................... 3,300 108,900
------------
373,350
------------
NETHERLANDS--1.8%
Fortis NV (Finance).................................................. 20,900 1,396,517
Heineken NV (Consumer Staples)....................................... 4,021 704,724
Internationale Nederlanden Groep NV CVA (Finance).................... 12,357 808,894
------------
2,910,135
------------
NEW ZEALAND--0.5%
Air New Zealand Ltd. (Industrial & Commercial)....................... 4,000 13,971
Fletcher Challenge Ltd. (Industrial & Commercial).................... 91,000 128,328
Lion Nathan Ltd. (Consumer Staples).................................. 116,000 266,580
Telecommunications Corp. of New Zealand (Utilities).................. 108,100 452,387
------------
861,266
------------
NORWAY--0.6%
Bergesen D.Y. AS (Industrial & Commercial)........................... 21,300 438,106
Christiania Bank Og Kreditkasse (Finance)............................ 230,000 516,408
------------
954,514
------------
PHILIPPINES--0.2%
Manila Electric Co. (Utilities)...................................... 42,750 329,788
Philippine Commerce International Bank (Finance)..................... 4,470 37,556
------------
367,344
------------
</TABLE>
---------------------
51
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<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
----------------------------------------------------------------------------------------------------
<S> <C> <C>
SINGAPORE--1.0%
Oversea Chinese Banking Corp. Ltd. (Finance)......................... 39,000 $ 467,281
Overseas Union Bank Ltd. (Finance)................................... 103,000 653,563
Singapore Airlines Ltd. (Industrial & Commercial).................... 13,000 121,659
Singapore Press Holdings Ltd. (Information & Entertainment).......... 26,400 417,384
------------
1,659,887
------------
SPAIN--1.2%
Banco Intercontinental Espanol (Finance)............................. 7,000 663,908
Repsol SA (Energy)................................................... 20,400 643,008
Tabacalera SA (Consumer Staples)..................................... 15,800 593,518
Uralita SA (Materials)............................................... 12,300 124,741
------------
2,025,175
------------
SWEDEN--1.4%
Astra AB (Healthcare)................................................ 32,600 1,215,880
Stora Kopparbergs (Materials)........................................ 43,200 550,255
Tidnings AB Marieberg (Information & Entertainment).................. 21,700 516,391
------------
2,282,526
------------
SWITZERLAND--2.1%
Baloise Holdings (Finance)........................................... 100 202,042
Ciba-Geigy AG (Materials)............................................ 1,200 1,069,842
Forbo Holding SA (Finance)........................................... 1,400 544,279
Nestle SA (Consumer Staples)......................................... 1,030 1,097,907
Winterthur Swiss Insurance Co. (Finance)............................. 812 540,873
------------
3,454,943
------------
TAIWAN--0.2%
Advanced Semiconductor Materials International NV GDR (Information
Technology)+....................................................... 21,100 238,430
China Steel Corp. GDS (Materials).................................... 6,000 95,220
------------
333,650
------------
THAILAND--0.2%
Bangkok Bank (Finance)............................................... 19,000 202,385
Thai Farmers Bank (Finance).......................................... 23,000 204,769
------------
407,154
------------
UNITED KINGDOM--7.9%
Anglian Water PLC (Industrial & Commercial).......................... 13,300 120,335
B.A.T. Industries PLC (Consumer Staples)............................. 131,000 1,117,070
British Airways PLC (Industrial & Commercial)........................ 88,000 619,718
British Land Co. PLC (Real Estate)................................... 76,000 436,895
British Telecommunications PLC (Information Technology).............. 120,000 691,672
BTR PLC (Industrial & Commercial).................................... 135,800 695,424
Enterprise Oil PLC (Energy).......................................... 39,600 215,824
Forte PLC (Information & Entertainment).............................. 84,500 442,422
General Electric Co. (Industrial & Commercial)....................... 136,291 663,511
Grand Metropolitan PLC (Industrial & Commercial)..................... 120,200 813,356
Hepworth PLC (Industrial & Commercial)............................... 117,000 557,953
House Of Fraser PLC (Consumer Discretionary)......................... 62,200 157,119
Marley PLC (Industrial & Commercial)................................. 214,800 369,948
Meyer International PLC (Materials).................................. 13,300 79,409
Mowlem (John) & Co. PLC (Materials).................................. 360,000 319,657
P & O PLC (Industrial & Commercial).................................. 71,354 530,622
Royal Bank of Scotland Group PLC (Finance)........................... 77,800 664,611
Rugby Group PLC (Industrial & Commercial)............................ 309,600 507,153
Sainsbury (J.) PLC (Consumer Discretionary).......................... 69,700 410,282
Smith (W.H.) Group PLC (Consumer Discretionary)...................... 75,000 497,168
Smithkline Beecham PLC (Healthcare).................................. 31,593 335,905
Tate & Lyle, PLC (Consumer Staples).................................. 119,000 828,919
</TABLE>
- ---------------------
52
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<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
----------------------------------------------------------------------------------------------------
<S> <C> <C>
UNITED KINGDOM (continued)
Thorn EMI PLC (Consumer Discretionary)............................... 11,500 $ 274,208
Vodafone Group PLC (Information Technology).......................... 228,500 815,072
Wimpey (George) PLC (Consumer Discretionary)......................... 499,400 1,001,552
------------
13,165,805
------------
UNITED STATES--36.1%
AirTouch Communications, Inc. (Information Technology)+.............. 46,900 1,365,962
Alco Standard Corp. (Materials)...................................... 12,800 556,800
AlliedSignal, Inc. (Industrial & Commercial)......................... 20,000 945,000
Alumax, Inc. (Materials)+............................................ 4,500 149,625
American International Group, Inc. (Finance)......................... 15,900 1,427,025
Applied Materials, Inc. (Industrial & Commercial)+................... 2,200 106,975
AT&T Corp. (Utilities)............................................... 37,400 2,468,400
Atlantic Richfield Co. (Energy)...................................... 13,000 1,408,875
BankAmerica Corp. (Finance).......................................... 13,500 858,938
Boeing Co. (Industrial & Commercial)................................. 12,200 889,075
Campbell Soup Co. (Consumer Staples)................................. 14,400 804,600
Carnival Corp. (Information & Entertainment)......................... 25,500 663,000
Centocor, Inc. (Industrial & Commercial)+............................ 10,000 140,000
Century Telephone Enterprises, Inc. (Utilities)...................... 27,100 846,875
Colgate-Palmolive Co. (Consumer Staples)............................. 13,600 996,200
Columbia/HCA Healthcare Corp. (Healthcare)........................... 29,000 1,497,125
COMPAQ Computer Corp. (Information Technology)+...................... 27,800 1,376,100
Conrail, Inc. (Industrial & Commercial).............................. 2,700 188,663
Cox Communications, Inc. (Information Technology)+................... 23,500 470,000
Dean Witter, Discover & Co. (Finance)................................ 21,200 1,081,200
Disney (Walt) Co. (Information & Entertainment)...................... 10,700 643,338
Eastman Kodak Co. (Materials)........................................ 14,200 965,600
Enron Corp. (Energy)................................................. 15,000 562,500
Federal National Mortgage Association (Finance)...................... 6,200 678,900
Federated Department Stores, Inc. (Consumer Discretionary)+.......... 31,500 917,437
Fifth Third Bancorp (Finance)........................................ 10,000 731,250
First Chicago Corp. (Finance)........................................ 18,200 1,264,900
FPL Group, Inc. (Utilities)+......................................... 37,000 1,604,875
General Electric Co. (Industrial & Commercial)....................... 22,300 1,499,675
General Instrument Corp. (Information Technology)+................... 27,100 694,438
General Motors Corp., Class E (Information Technology)............... 17,600 888,800
Gillette Co. (Consumer Staples)...................................... 17,400 902,625
Goodyear Tire & Rubber Co. (Consumer Discretionary).................. 31,100 1,317,862
Houston Industries, Inc. (Utilities)................................. 34,000 1,555,500
Illinois Central Corp. (Industrial & Commercial)..................... 5,400 218,700
Intel Corp. (Information Technology)................................. 28,200 1,716,675
International Business Machines Corp. (Information Technology)....... 10,800 1,043,550
ITT Corp. (Finance).................................................. 4,000 490,500
Lilly (Eli) & Co. (Healthcare)....................................... 16,900 1,681,550
Lowe's Cos., Inc. (Consumer Discretionary)........................... 30,100 948,150
May Department Stores Co. (Consumer Discretionary)................... 16,340 712,833
MBNA Corp. (Finance)................................................. 15,200 613,700
McDonald's Corp. (Consumer Staples).................................. 19,400 865,725
Merrill Lynch & Co., Inc. (Finance).................................. 16,160 898,900
Morton International, Inc. (Materials)............................... 19,000 657,875
Motorola, Inc. (Information Technology).............................. 6,900 422,625
National Semiconductor Corp. (Information Technology)+............... 41,100 878,512
NationsBank Corp. (Finance).......................................... 16,340 1,166,267
Pep Boys-Manny, Moe & Jack (Consumer Discretionary).................. 1,300 34,450
PepsiCo, Inc. (Consumer Staples)..................................... 33,000 1,823,250
Philip Morris Cos., Inc. (Consumer Staples).......................... 21,700 1,904,175
PMI Group, Inc. (Finance)............................................ 11,000 522,500
Republic New York Corp. (Finance).................................... 8,500 535,500
</TABLE>
---------------------
53
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<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
----------------------------------------------------------------------------------------------------
<S> <C> <C>
UNITED STATES (continued)
Rohm & Haas Co. (Materials).......................................... 18,530 $ 1,116,432
Schering-Plough Corp. (Healthcare)................................... 26,200 1,503,225
Transport Holdings, Inc. (Finance)................................... 100 3,925
Travelers, Inc. (Finance)............................................ 31,500 1,874,250
U.S. HealthCare, Inc. (Healthcare)................................... 30,000 1,365,000
Union Carbide Corp. (Materials)...................................... 29,900 1,184,787
United Healthcare Corp. (Healthcare)................................. 7,900 496,713
Value Health, Inc. (Healthcare)+..................................... 14,700 369,338
Wendy's International, Inc. (Consumer Staples)....................... 44,400 915,750
Western Atlas, Inc. (Energy)+........................................ 11,300 540,988
WMX Technologies, Inc. (Industrial & Commercial)..................... 31,400 926,300
------------
59,900,283
------------
TOTAL COMMON STOCK (cost $145,786,621)............................... 157,038,603
------------
PREFERRED STOCK--0.9%
----------------------------------------------------------------------------------------------------
BRAZIL--0.3%
Dixie Toga SA (Industrial & Commercial).............................. 139,000 109,347
Klabin Fabricadora (Materials)....................................... 265,625 255,699
Sider Riograndense (Materials)....................................... 7,000,000 115,930
------------
480,976
------------
GERMANY--0.6%
Henkel KGAA (Consumer Staples)....................................... 1,860 697,034
KSB Kl Schanz Beck (Finance)......................................... 2,270 233,074
------------
930,108
------------
TOTAL PREFERRED STOCK (cost $1,672,720).............................. 1,411,084
------------
RIGHTS--0.0%+
----------------------------------------------------------------------------------------------------
BRAZIL--0.0%
Dixie Toga SA (Industrial & Commercial) (1) (cost $0)................ 16,623 0
------------
WARRANTS--0.0%+
----------------------------------------------------------------------------------------------------
MALAYSIA--0.0%
Development & Commercial Bank Bhd (Finance).......................... 32,000 29,263
Ta Enterprises Bhd (Utilities)....................................... 50,000 34,292
------------
TOTAL WARRANTS (cost $5,070)......................................... 63,555
------------
TOTAL INVESTMENT SECURITIES (cost $147,464,411)...................... 158,513,242
------------
PRINCIPAL
SHORT-TERM SECURITIES--6.2% AMOUNT
----------------------------------------------------------------------------------------------------
TIME DEPOSIT--6.2%
Cayman Island Time Deposit with State Street Bank & Trust Co.
5.50% due 12/01/95 (cost $10,230,000).............................. $10,230,000 10,230,000
-------------
TOTAL INVESTMENTS--
(cost $157,694,411) 101.8% 168,743,242
Liabilities in excess of other assets-- (1.8) (2,991,545)
------ -------------
NET ASSETS-- 100.0% $165,751,697
====== =============
</TABLE>
-----------------------------
+ Non-income producing securities
(1) Fair valued security; see Note 2
ADR--American Depositary Receipt
GDR--Global Depositary Receipt
GDS--Global Depositary Shares
- ---------------------
54
<PAGE> 56
<TABLE>
<CAPTION>
OPEN FORWARD FOREIGN CURRENCY CONTRACTS
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CONTRACT IN DELIVERY GROSS UNREALIZED
TO DELIVER EXCHANGE FOR DATE APPRECIATION
------------------------------------------------------------------------
DEM 3,000,000 USD 2,126,604 01/31/96 $ 45,720
*GBP 900,000 USD 1,415,700 12/29/95 37,868
JPY 250,000,000 USD 2,520,415 01/31/96 39,937
----------------
123,525
----------------
GROSS UNREALIZED
DEPRECIATION
------------------------------------------------------------------------
JPY 125,000,000 USD 1,229,770 01/31/96 $ (10,469)
JPY 160,000,000 USD 1,565,926 01/31/96 (21,581)
JPY 125,000,000 USD 1,219,631 01/31/96 (20,608)
*USD 1,427,670 GBP 900,000 12/29/95 (49,838)
----------------
(102,496)
----------------
Net Unrealized Appreciation................ $ 21,029
==============
</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.
DEM--Deutsche Mark
GBP--Pound Sterling
JPY--Japanese Yen
USD--United States Dollar
See Notes to Financial Statements
---------------------
55
<PAGE> 57
- ---------------------
SUNAMERICA SERIES TRUST
INTERNATIONAL DIVERSIFIED
EQUITIES PORTFOLIO INVESTMENT PORTFOLIO -- NOVEMBER 30, 1995
<TABLE>
<CAPTION>
COMMON STOCK--90.3% SHARES VALUE
--------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
AUSTRALIA--1.9%
Amcor Ltd. (Materials)............................................... 6,000 $ 43,640
Boral Ltd. (Industrial & Commercial)................................. 11,000 26,043
Brambles Industries. Ltd. (Industrial & Commercial).................. 1,700 18,547
Broken Hill Proprietary Co. (Energy)................................. 13,937 189,495
Coca-Cola Amatil Ltd. (Consumer Staples)............................. 3,529 28,548
Cochlear Ltd. (Information Technology)(1)............................ 7,800 14,472
Coles Myer Ltd. (Consumer Discretionary)............................. 10,544 33,962
CRA Ltd. (Materials)................................................. 4,400 69,687
CSR Ltd. (Industrial & Commercial)................................... 7,800 24,950
Fosters Brewing Group (Consumer Staples)............................. 13,800 22,635
General Property Trust (Real Estate)................................. 6,220 10,710
Goodman Fielder Ltd. (Consumer Staples).............................. 14,000 14,027
ICI Australia Ltd. (Materials)....................................... 2,500 18,461
Lend Lease Corp. Ltd. (Real Estate).................................. 1,814 25,095
M.I.M. Holdings Ltd. (Materials)..................................... 11,067 15,031
National Australia Bank Ltd. (Finance)............................... 10,369 90,346
Newcrest Mining Ltd. (Materials)..................................... 2,380 10,722
News Corp. Ltd. (Information & Entertainment)........................ 15,697 82,248
North Ltd. (Materials)............................................... 5,827 16,347
Pacific Dunlop Ltd. (Industrial & Commercial)........................ 7,800 18,640
Renison Goldfields Consolidated Ltd. (Materials)..................... 473 1,176
Renison Goldfields Consolidated Ltd. nonconvertible (Materials)...... 2,060 9,479
Santos Ltd. (Energy)................................................. 5,200 13,739
Southcorp Holdings Ltd. (Industrial & Commercial).................... 4,600 10,208
TNT Ltd. (Industrial & Commercial)................................... 4,600 6,418
Western Mining Corp. Holdings Ltd. (Materials)....................... 7,600 50,934
Westfield Trust (Finance)............................................ 320 556
Westfield Trust (Real Estate)........................................ 7,300 12,732
Westpac Banking Corp. (Finance)...................................... 13,500 55,908
-----------
934,756
-----------
BELGIUM--1.9%
Bekaert SA (Industrial & Commercial)................................. 30 23,058
Cimenteries CBR Cementbedrijven (Industrial & Commercial)............ 75 29,389
Delhaize Freres & Cie Le Lion (Consumer Discretionary)............... 1,000 41,776
Electrabel (Utilities)............................................... 850 193,559
Fortis AG (Finance).................................................. 600 69,626
Fortis AG (Finance).................................................. 19 2,205
Generale de Banque Belge Pour l'Etranger SA (Finance)................ 265 89,136
Groupe Bruxelles Lambert SA (Industrial & Commercial)................ 400 52,069
Kredietbank SA (Finance)............................................. 250 63,908
Petrofina SA (Energy)................................................ 400 118,533
Royale Belge SA (Finance)............................................ 250 45,913
Solvay SA (Materials)................................................ 175 90,208
Tractebel Investor International (Industrial & Commercial)........... 225 84,763
Union Miniere SA (Energy)............................................ 450 27,851
-----------
931,994
-----------
FRANCE--4.8%
Accor SA (Information & Entertainment)............................... 400 48,572
Air Liquide (L') (Materials)......................................... 550 88,498
Alcatel Alsthom (Information Technology)............................. 1,550 129,143
</TABLE>
- ---------------------
56
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<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
FRANCE (continued)
AXA SA (Finance)..................................................... 1,350 $ 80,776
Banque Nationale de Paris (Finance).................................. 1,700 75,283
Carrefour (Consumer Discretionary)................................... 230 126,925
Cie de St. Gobain (Materials)........................................ 950 109,648
Cie de Suez (Finance)................................................ 1,400 52,488
Cie Financiere de Paribas (Finance).................................. 1,050 58,302
Cie Generale des Eaux (Industrial & Commercial)...................... 1,000 97,305
Compagnie Bancaire SA (Finance)...................................... 400 43,523
Compagnie UAP SA (Finance)........................................... 2,500 64,723
Groupe Danone (Consumer Staples)..................................... 850 133,023
Havas SA (Industrial & Commercial)................................... 600 44,124
L' Oreal (Consumer Staples).......................................... 700 173,369
Lafarge SA (Materials)............................................... 1,050 66,697
LVMH Moet Hennessy Louis Vuitton (Consumer Staples).................. 850 161,807
Lyonnaise des Eaux SA (Multi-industry)............................... 700 67,047
Michelin SA, Class B (Consumer Discretionary)........................ 1,350 54,860
Peugeot SA (Consumer Discretionary).................................. 450 58,161
Pinault Printemps Redoute (Consumer Discretionary)................... 250 47,089
Promodes (Consumer Discretionary).................................... 200 44,204
Rhone Poulenc SA (Materials)......................................... 2,900 62,062
Sagem (Industrial & Commercial)...................................... 40 21,361
Schneider SA (Industrial & Commercial)............................... 1,250 45,987
Sefimeg (Real Estate)................................................ 350 24,196
Societe Generale (Finance)........................................... 750 87,617
Societe Nationale Elf Aquitaine (Energy)............................. 2,200 154,117
Thomson CSF (Industrial & Commercial)................................ 1,200 26,330
Total SA (Energy).................................................... 1,950 119,958
-----------
2,367,195
-----------
GERMANY--5.1%
Allianz AG Holding (Finance)......................................... 204 393,951
AMB Aachener Und Muenchner (Finance)................................. 50 32,670
Asko Deutsche Kaushaus AG (Consumer Discretionary)................... 50 23,335
BASF AG (Materials).................................................. 500 109,590
Bayer AG (Materials)................................................. 550 143,100
Bayerische Hypotheken Und Bank AG (Finance).......................... 2,050 50,743
Bayerische Vereinsbank AG (Finance).................................. 2,000 57,734
Bilfinger & Berger Bau AG (Consumer Discretionary)................... 50 19,429
Daimler-Benz AG (Consumer Discretionary)............................. 350 172,181
Deutsche Bank AG (Finance)........................................... 3,500 164,195
Dresdner Bank AG (Finance)........................................... 3,300 88,415
Hochtief AG (Consumer Discretionary)................................. 100 44,942
Karstadt AG (Consumer Discretionary)................................. 100 39,480
Kaufhof Holding AG (Consumer Discretionary).......................... 50 15,142
Linde AG (Industrial & Commercial)................................... 50 29,316
Lufthansa AG (Industrial & Commercial)............................... 300 39,826
Man AG (Industrial & Commercial)..................................... 100 28,245
Mannesmann AG (Industrial & Commercial).............................. 300 96,598
Merck Kgaa (Healthcare).............................................. 1,200 49,177
Munchener Ruckversicherungs (Finance)................................ 50 92,063
Preussag AG (Multi-industry)......................................... 150 43,165
RWE AG (Utilities)................................................... 250 90,835
SAP AG (Materials)................................................... 475 75,866
Schering AG (Consumer Staples)....................................... 550 37,363
Siemens AG (Industrial & Commercial)................................. 400 208,947
Thyssen AG (Materials)............................................... 250 46,221
Veba AG (Utilities).................................................. 3,700 150,937
</TABLE>
---------------------
57
<PAGE> 59
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
GERMANY (continued)
Viag AG (Multi-industry)............................................. 150 $ 59,816
Volkswagen AG (Consumer Discretionary)............................... 250 81,069
-----------
2,484,351
-----------
HONG KONG--8.2%
Applied International Holdings Ltd. (Information & Entertainment).... 42,000 4,561
Bank of East Asia Ltd. (Finance)..................................... 21,390 77,431
Cathay Pacific Airways Ltd. (Industrial & Commercial)................ 82,000 122,445
Cheung Kong Holdings Ltd. (Real Estate).............................. 58,000 329,933
China Light & Power Co., Ltd. (Utilities)............................ 49,500 232,944
Chinese Estates Ltd. (Real Estate)................................... 52,000 34,959
Hang Seng Bank Ltd. (Finance)........................................ 51,800 452,042
Hong Kong & China Gas Co., Ltd. (Utilities).......................... 46,600 76,212
Hong Kong Telecommunications, Ltd. (Information Technology).......... 304,000 516,826
Hongkong & Shanghai Hotels Ltd. (Information & Entertainment)........ 49,000 61,766
Hopewell Holdings Ltd. (Real Estate)................................. 120,000 67,874
Hutchison Whampoa Ltd. (Multi-industry).............................. 96,000 542,373
Hysan Development Co., Ltd. (Real Estate)............................ 25,000 65,127
Johnson Electric Holdings Ltd. (Industrial & Commercial)............. 12,000 24,823
Miramar Hotel & Investment Co., Ltd. (Information & Entertainment)... 19,000 37,460
New World Development Co., Ltd. (Real Estate)........................ 45,106 188,357
Shun Tak Holdings Ltd. (Industrial & Commercial)..................... 50,000 33,937
South China Morning Post (Holdings) Ltd. (Information &
Entertainment)..................................................... 92,000 55,010
Sun Hung Kai Properties Ltd. (Real Estate)........................... 60,000 482,876
Swire Pacific Ltd. (Multi-industry).................................. 48,000 363,030
Wharf Holdings Ltd. (Real Estate).................................... 59,000 197,178
Wing Lung Bank Ltd. (Finance)........................................ 4,240 24,119
-----------
3,991,283
-----------
INDONESIA--2.7%
Bank Dagang Nasional (Finance)....................................... 77,875 64,796
Barito Pacific Timber (Materials).................................... 251,000 184,114
Gadjah Tunggal (Consumer Discretionary).............................. 143,000 81,410
Hanjaya Mandala Sampoerna (Consumer Staples)......................... 80,500 807,291
Jakarta International Hotel & Development (Industrial &
Commercial)........................................................ 69,500 82,177
Matahari Putra Prima (Consumer Discretionary)........................ 30,750 56,895
Pan Brothers Textiles (Consumer Discretionary)....................... 5,000 1,588
Sinar Mas Agro Resources Corp. (Multi-industry)...................... 37,500 22,170
United Tractors (Industrial & Commercial)............................ 25,500 46,343
-----------
1,346,784
-----------
ITALY--2.3%
Acciaierie & Ferriere Lombarde (Materials)........................... 1,000 1,963
Assicurazione Generali SpA (Finance)................................. 9,000 205,138
Banca Commerciale Italiana SpA (Finance)............................. 19,000 36,119
Banco Ambrosiano Veneto SpA (Finance)................................ 7,000 17,290
Benetton Group SpA (Consumer Discretionary).......................... 2,000 23,043
Credito Italiano SpA (Finance)....................................... 25,000 25,748
Edison SpA (Utilities)............................................... 7,000 27,971
Fiat SpA (Consumer Discretionary).................................... 35,000 105,711
Fiat SpA nonconvertible (Consumer Discretionary)..................... 9,000 14,942
Finanziaria di Sviluppo SpA (Multi-industry)......................... 5,000 8,270
Gilardini SpA (Industrial & Commercial).............................. 5,000 6,175
Istituto Bancario San Paolotorno (Finance)........................... 9,000 48,963
Istituto Mobiliare Italiano (Finance)................................ 6,700 38,021
Istituto Nazionale Delle Asazioni SpA (Finance)...................... 44,500 53,428
Italcementi Fabbriche SpA (Materials)................................ 3,500 18,844
Italgas-Societa Itailiana per il Gas SpA (Utilities)................. 8,000 20,511
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ITALY (continued)
La Rinascente Per L'Eserciz Grandi Magazzini SpA (Consumer
Discretionary)..................................................... 3,000 $ 16,809
Mediobanca Banca di Creditonziar (Finance)........................... 6,000 38,082
Montedison SpA (Multi-industry)...................................... 60,000 37,219
Montedison SpA nonconvertible (Multi-industry)....................... 10,000 5,403
Olivetti ING C, & Co. (Information Technology)....................... 20,000 13,257
Pirelli SpA (Consumer Discretionary)................................. 20,000 24,325
R.A.S (Finance)...................................................... 50 262
Riunione Adriatica de Sicur (Finance)................................ 3,250 33,279
S.A.I Societa Assicuratrice Industriale SpA (Finance)................ 2,000 19,072
Sirti SpA (Consumer Discretionary)................................... 2,500 14,476
SME STA Meridionale Finanzi SpA (Consumer Discretionary)............. 4,457 9,783
SNIA BPD SpA (Multi-industry)........................................ 10,000 7,817
Telecom Italia Mobile SPA (Information Technology)................... 75,200 121,323
Telecom Italia SpA nonconvertible (Information Technology)........... 15,000 16,555
Telecom Italia SpA (Information Technology).......................... 75,000 102,006
-----------
1,111,805
-----------
JAPAN--33.3%
Ajinomoto Co., Inc. (Consumer Staples)............................... 17,000 183,784
Aoyama Trading Co. Ltd. (Consumer Discretionary)..................... 1,000 28,796
Asahi Bank Ltd. (Finance)............................................ 15,000 173,956
Asahi Chemical Industry Co., Inc. (Materials)........................ 42,000 313,710
Asahi Glass Co. Ltd. (Materials)..................................... 17,000 187,125
Bank of Tokyo Ltd. (Finance)......................................... 17,000 277,346
Bank of Yokohama Ltd. (Finance)...................................... 12,000 89,042
Bridgestone Corp. (Industrial & Commercial).......................... 11,000 162,162
Dai Nippon Printing Co. Ltd. (Industrial & Commercial)............... 17,000 297,396
Dai-Ichi Kangyo Bank Ltd. (Finance).................................. 28,000 522,850
Daiei, Inc. (Consumer Discretionary)................................. 7,000 80,491
Daishowa Paper Manufacturing Co. Ltd. (Materials).................... 3,000 24,472
Daiwa House Industry Co. Ltd. (Consumer Discretionary)............... 9,000 134,447
Daiwa Securities Co. Ltd. (Finance).................................. 13,000 180,147
Ebara Corp. (Industrial & Commercial)................................ 4,000 56,609
Fanuc Ltd. (Information Technology).................................. 3,900 165,966
Fuji Bank Ltd. (Finance)............................................. 26,000 541,720
Fuji Photo Film Co. Ltd. (Consumer Staples).......................... 10,000 247,666
Fujitsu Ltd. (Information Technology)................................ 19,000 224,079
Hitachi Ltd. (Information Technology)................................ 17,000 172,089
Honda Motor Co. Ltd. (Consumer Discretionary)........................ 12,000 217,003
Industrial Bank of Japan Ltd. (Finance).............................. 22,000 631,351
Japan Airlines Co. Ltd. (Information & Entertainment)................ 17,000 108,767
Japan Energy Corp. (Energy).......................................... 13,000 40,246
Jusco Co. Ltd. (Consumer Discretionary).............................. 5,000 119,902
Kajima Corp. (Consumer Discretionary)................................ 12,000 117,464
Kansai Electric Power Co., Inc. (Utilities).......................... 12,635 299,266
KAO Corp. (Consumer Staples)......................................... 17,000 208,845
Kawasaki Steel Corp. (Materials)..................................... 38,000 134,821
Kirin Brewery Co. Ltd. (Consumer Staples)............................ 17,000 180,442
Kobe Steel Ltd. (Materials).......................................... 47,000 134,418
Kubota Ltd. (Industrial & Commercial)................................ 34,000 223,548
Kumagai Gumi Co. Ltd. (Consumer Discretionary)....................... 8,000 31,607
Kyocera Corp. (Information Technology)............................... 3,000 237,346
Marubeni Corp. (Consumer Discretionary).............................. 43,000 228,206
Marui Co. Ltd. (Consumer Discretionary).............................. 6,000 112,039
Matsushita Electric Industrial Co. Ltd. (Consumer Discretionary)..... 18,000 267,125
Mitsubishi Corp. (Consumer Discretionary)............................ 21,000 251,794
Mitsubishi Electric Corp. (Information Technology)................... 23,000 170,889
Mitsubishi Estate Co. Ltd. (Real Estate)............................. 16,000 180,835
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JAPAN (continued)
Mitsubishi Heavy Industrial Ltd. (Industrial & Commercial)........... 52,000 $ 414,467
Mitsubishi Trust & Banking Corp (Finance)............................ 12,000 183,980
Mitsui Fudosan Co. Ltd. (Real Estate)................................ 11,000 136,216
Mitsui Trust & Banking Co. Ltd. (Finance)............................ 14,000 131,263
Mitsukoshi Ltd. (Consumer Discretionary)............................. 7,000 61,779
Mochida Pharmaceutical Co. Ltd. (Healthcare)......................... 1,000 13,268
NEC Corp. (Information Technology)................................... 14,000 178,870
Nippon Express Co. Ltd. (Industrial & Commercial).................... 17,000 147,528
Nippon Oil Co. Ltd. (Energy)......................................... 26,000 143,096
Nippon Steel Corp. (Materials)....................................... 51,000 175,430
Nippondenso Co. Ltd. (Industrial & Commercial)....................... 12,000 221,720
Nissan Motor Co. Ltd. (Consumer Discretionary)....................... 24,000 176,668
NKK Corp. (Materials)................................................ 54,000 148,600
Nomura Securities International, Inc. (Finance)...................... 17,000 334,152
Odakyu Electric Railway Co. Ltd. (Industrial & Commercial)........... 31,000 219,361
Pioneer Electronic Corp. (Consumer Staples).......................... 3,000 52,187
Sakura Bank Ltd. (Finance)........................................... 29,000 313,514
Sankyo Co. Ltd. (Healthcare)......................................... 5,000 111,548
Sanyo Electric Co. Ltd. (Consumer Staples)........................... 25,000 130,221
Sega Enterprises Ltd. (Consumer Discretionary)....................... 1,300 70,270
Sekisui Chemical Co. Ltd. (Materials)................................ 7,000 90,123
Sekisui House Ltd. (Consumer Discretionary).......................... 9,000 105,258
Seven-Eleven Japan Co. Ltd. (Consumer Discretionary)................. 4,000 276,757
Sharp Corp. (Consumer Staples)....................................... 7,000 99,066
Shimizu Construction Co. (Consumer Discretionary).................... 9,000 91,990
Shiseido Co. Ltd. (Healthcare)....................................... 5,000 53,071
Sony Corp. (Consumer Discretionary).................................. 4,000 212,285
Sumitomo Chemical Co. Ltd. (Materials)............................... 26,000 129,297
Sumitomo Corp. (Consumer Discretionary).............................. 13,000 129,042
Sumitomo Metal Industrial (Materials)................................ 40,000 121,474
Sumitomo Metal Mining Co. Ltd. (Materials)........................... 7,000 61,160
Sumitomo Trust & Banking Co. Ltd. (Finance).......................... 29,000 558,624
Taisei Corp. (Consumer Discretionary)................................ 29,000 189,248
Taisho Pharmaceutical Co. Ltd. (Healthcare).......................... 5,000 94,349
Takeda Chemical Industries Ltd. (Healthcare)......................... 17,000 253,956
Tobu Railway Co. Ltd. (Industrial & Commercial)...................... 10,000 59,263
Tokai Bank Ltd. (Finance)............................................ 23,000 280,295
Tokio Marine & Fire Insurance Co. Ltd. (Finance)..................... 17,000 193,808
Tokyo Electric Power Co., Inc. (Utilities)........................... 15,173 393,678
Tokyo Gas Co. Ltd. (Utilities)....................................... 34,000 119,961
Tokyu Corp. (Industrial & Commercial)................................ 14,000 97,278
Toray Industries, Inc. (Materials)................................... 20,000 130,123
Tostem Corp. (Materials)............................................. 4,000 121,867
Toto Ltd. (Materials)................................................ 5,000 67,813
Toyo Seikan Kaisha Ltd. (Materials).................................. 3,000 91,106
Toyota Motor Corp. (Consumer Discretionary).......................... 35,000 691,401
Yamaichi Securities Co. (Finance).................................... 14,000 88,609
Yamanouchi Pharmaceutical Co. Ltd. (Healthcare)...................... 5,000 107,617
Yasuda Trust & Banking Co. Ltd. (Finance)............................ 14,000 67,420
-----------
16,299,844
-----------
MALAYSIA--1.7%
AMMB Holdings Bhd (Finance).......................................... 2,000 20,694
Amsteel Corp. (Materials)............................................ 11,000 7,458
Amsteel Corp. Bhd (Materials)........................................ 5,000 3,390
Aokam Perdana Bhd (Materials)........................................ 2,000 2,933
Berjaya Group Bhd (Multi-industry)................................... 7,000 4,249
Development & Commercial Bank Holdings Bhd (Finance)................. 9,000 23,768
Edaran Otomobil Nasional Bhd (Consumer Discretionary)................ 2,000 14,348
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MALAYSIA (continued)
Golden Hope Plantations Bhd (Materials).............................. 12,000 $ 19,204
Guinness Anchor Bhd (Consumer Staples)............................... 4,000 6,937
Highlands & Lowlands Bhd (Materials)................................. 5,000 7,174
Hong Leong Properties Bhd (Real Estate).............................. 10,000 10,367
Hume Industries (Materials).......................................... 3,000 13,480
Idris Hydraulic (Finance)............................................ 6,000 7,142
Kuala Lumpur Kepong (Materials)...................................... 4,000 11,510
Land & General Bhd (Materials)....................................... 4,000 7,962
Landmarks Bhd (Information & Entertainment).......................... 4,000 4,982
Leader Universal Holdings Bhd (Industrial & Commercial).............. 4,000 10,642
Magnum Corp. Bhd (Information & Entertainment)....................... 8,000 15,388
Malayan Banking Bhd (Finance)........................................ 10,000 79,227
Malayan Cement Bhd (Materials)....................................... 3,000 5,298
Malayan United Industries Bhd (Multi-industry)....................... 6,000 4,564
Malaysia Mining Corp. Bhd (Materials)................................ 6,000 7,899
Malaysian Airlines System (Industrial & Commercial).................. 6,000 17,619
Malaysian International Shipping Corp. (Industrial & Commercial)..... 9,000 21,994
Malaysian Resources Corp. Bhd (Real Estate).......................... 6,000 7,615
Metroplex Bhd (Real Estate).......................................... 9,000 6,918
Mulpha International Bhd (Multi-industry)............................ 7,000 7,312
Multi Purpose Holding (Multi-industry)............................... 7,000 10,099
Nestle Bhd (Consumer Staples)........................................ 1,000 7,016
Oriental Holdings Bhd (Consumer Discretionary)....................... 2,000 9,381
Perlis Plantations Bhd (Materials)................................... 3,000 9,223
Perusahaan Otomobil Nasiona (Consumer Discretionary)................. 5,000 16,851
Public Bank Bhd (Finance)............................................ 10,000 18,605
Rashid Hussain Bhd (Finance)......................................... 4,000 9,933
Resorts World Bhd (Information & Entertainment)...................... 10,000 48,877
Rothmans of Pall Mall (Consumer Staples)............................. 2,000 15,294
Shell Refining Co. of Malaysia (Energy).............................. 3,000 9,105
Sime Darby Bhd (Multi-industry)...................................... 18,000 46,472
Tan Chong Motor Holdings Bhd (Consumer Discretionary)................ 8,000 8,041
Technology Resources Industries Bhd (Information Technology)......... 6,000 16,791
Telekom Malaysia Bhd (Information Technology)........................ 16,000 119,196
Tenaga Nasional Bhd (Utilities)...................................... 26,100 97,734
UMW Holdings Bhd (Industrial & Commercial)........................... 3,000 7,036
United Engineers Bhd (Industrial & Commercial)....................... 5,000 31,139
YTL Corp. Bhd (Consumer Discretionary)............................... 3,000 16,555
-----------
847,422
-----------
NETHERLANDS--4.2%
ABN AMRO Holdings NV (Finance)....................................... 3,300 146,934
Akzo NV (Materials).................................................. 875 98,885
Elsevier NV (Consumer Discretionary)................................. 11,600 158,315
Heineken NV (Consumer Staples)....................................... 400 70,104
Internationale Nederlanden Groep NV CVA (Finance).................... 2,900 189,835
KLM Royal Dutch Air (Industrial & Commercial)........................ 950 32,619
Koninklijke Ahold NV (Consumer Discretionary)........................ 1,200 31,643
Koninklijke KNP BT (Materials)....................................... 1,244 49,244
Koninlijke PTT Nederland NV (Information Technology)................. 5,328 189,851
Philips Electronics NV (Consumer Staples)............................ 3,700 145,551
Royal Dutch Petroleum Co. (Energy)................................... 5,600 720,361
Unilever NV CVA (Consumer Staples)................................... 1,650 218,057
-----------
2,051,399
-----------
NORWAY--1.8%
Aker AS (Multi-industry)............................................. 1,700 21,220
Bergesen D Y AS (Industrial & Commercial)............................ 2,200 45,250
Dyno Industrier AS (Materials)....................................... 1,000 22,138
Elkem AS (Materials)................................................. 2,100 23,905
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<S> <C> <C>
NORWAY (continued)
Hafslund Nycomed AS (Healthcare)..................................... 3,750 $ 98,917
Helikopter Service AS (Industrial & Commercial)...................... 750 8,537
Kvaerner Industrier AS (Industrial & Commercial)..................... 1,600 52,755
Leif Hoegh & Co. AS (Industrial & Commercial)........................ 1,300 18,983
Norsk Hydro AS (Energy).............................................. 9,000 366,698
Norske Skogindystrier AS (Materials)................................. 1,100 32,470
Orkla-Borregaard AS (Multi-industry)................................. 1,750 89,300
Petroleum Geo Services AS (Energy)................................... 1,000 19,548
Transocean AS (Energy)............................................... 1,450 25,043
Unistorabrand AS (Consumer Discretionary)............................ 10,800 58,672
Unitor AS (Industrial & Commercial).................................. 800 10,425
Vard AS (Information & Entertainment)................................ 3,000 2,591
-----------
896,452
-----------
PORTUGAL--0.3%
Banco Portugues do Atlantico SA (Finance)............................ 8,700 131,131
Companhia de Seguros Imperio (Finance)............................... 2,050 12,441
-----------
143,572
-----------
SINGAPORE--3.5%
Amcol Holdings Ltd. (Consumer Staples)............................... 9,000 21,822
City Developments Ltd. (Real Estate)................................. 24,000 165,048
Cycle & Carriage Ltd. (Consumer Discretionary)....................... 7,000 61,538
DBS Land Ltd. (Real Estate).......................................... 29,000 90,053
Development Bank of Singapore (Finance).............................. 12,000 140,376
First Capital Corp. Ltd. (Real Estate)............................... 8,000 21,553
Fraser & Neave Ltd. (Consumer Staples)............................... 8,000 95,285
Inchcape Bhd (Multi-industry)........................................ 6,000 18,291
Keppel Corp. Ltd. (Industrial & Commercial).......................... 19,000 156,257
NatSteel Ltd. (Materials)............................................ 9,000 18,504
Neptune Orient Lines Ltd. (Industrial & Commercial).................. 27,000 28,330
Overseas Chinese Banking Corp. Ltd. (Finance)........................ 17,000 203,687
Overseas Union Enterprise Ltd. (Information & Entertainment)......... 6,000 28,713
Robinson & Co., Ltd. (Consumer Discretionary)........................ 2,000 8,295
Shangri-La Hotel Ltd. (Information & Entertainment).................. 5,000 16,944
Singapore Airlines Ltd. (Information & Entertainment)................ 25,000 233,960
Singapore Press Holdings Ltd. (Information & Entertainment).......... 5,800 91,698
Straits Steamship Land Ltd. (Multi-industry)......................... 19,000 60,078
Straits Trading Co., Ltd. (Materials)................................ 13,000 29,309
United Industrial Corp. (Multi-industry)............................. 59,000 51,032
United Overseas Bank Ltd. (Finance).................................. 18,000 162,070
-----------
1,702,843
-----------
SPAIN--3.4%
Acerinox SA (Materials).............................................. 250 25,050
Acerinox SA (Materials).............................................. 12 1,202
Autopistas Concesionaria Espana SA (Industrial & Commercial)......... 4,200 46,343
Banco Bilbao Vizcaya SA (Finance).................................... 4,700 155,008
Banco Central Hispanoamericano SA (Finance).......................... 3,300 67,604
Banco de Santander SA (Finance)...................................... 1,100 51,316
Corporacion Bancaria de Espana (Argentaria) (Finance)................ 2,500 97,866
Corporacion Financiera Alba (Multi-industry)......................... 500 28,193
Corporacion Mapfre SA (Finance)...................................... 600 33,784
Empresa Nacional Celulos SA (Materials).............................. 450 7,685
Empresa Nacional de Electricidad SA (Utilities)...................... 5,000 268,549
Fomento Construcciones Y Contratas SA (Consumer Discretionary)....... 400 30,376
Gas Natural SDG SA (Utilities)....................................... 750 106,486
Iberdrola SA (Utilities)............................................. 17,800 150,193
Inmobiliaria Metropolitana Vasco Central SA (Real Estate)............ 550 18,028
Mapfre Vida SA (Finance)............................................. 13 733
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<S> <C> <C>
SPAIN (continued)
Portland Valderrivas SA (Materials).................................. 225 $ 14,093
Repsol SA (Energy)................................................... 6,100 192,272
Tabacalera SA (Consumer Staples)..................................... 850 31,930
Telefonica de Espana SA (Information Technology)..................... 18,800 259,300
Union Electrica-Fenosa SA (Utilities)................................ 6,400 34,686
Viscofan Industria Navarra (Materials)............................... 700 7,298
Zardoya Otis SA (Industrial & Commercial)............................ 200 20,770
-----------
1,648,765
-----------
SWITZERLAND--3.2%
Alusuisse-Lonza Holdings (Materials)................................. 25 20,268
BBC Brown Boveri Ltd. (Information Technology)....................... 50 57,422
Ciba-Geigy AG BR (Materials)......................................... 20 17,746
Ciba-Geigy AG (Materials)............................................ 130 115,900
CS Holding (Finance)................................................. 1,000 94,853
Fischer (Georg) AG (Consumer Staples)................................ 10 13,356
Gebrueder Sulzer AG (Industrial & Commercial)........................ 24 13,271
Holderbank Financiere Glarus (Finance)............................... 42 31,299
Nestle SA (Consumer Staples)......................................... 220 234,504
Roche Holding (Mortgage-related Securities).......................... 38 287,061
Roche Holding AG (Mortgage-related Securities)....................... 10 130,157
Sandoz Ltd. (Mortgage-related Securities)............................ 200 170,821
SGS Societe Generale de Surance Holding SA (Materials)............... 12 22,561
SMH Schweizerische Ges Fueroelektronik & Uhrenindustri (Information &
Entertainment)..................................................... 24 14,067
Swiss Bank Corp. BR (Finance)........................................ 150 59,719
Swiss Bank Corp. (Finance)........................................... 150 29,796
Swiss Reinsurance Co. (Finance)...................................... 50 55,934
Union Bank of Switzerland (Finance).................................. 120 125,359
Zuerich Versicherungs (Finance)...................................... 250 76,776
-----------
1,570,870
-----------
THAILAND--1.5%
Advanced Information Services (Information Technology)............... 4,300 68,363
Bangchak Petroleum PCL (Energy)...................................... 9,600 11,828
Bangkok Metropolitan Bank PCL (Finance).............................. 14,100 12,749
CMIC Finance & Security PCL (Finance)................................ 3,500 10,016
Dhana Siam Finance & Securities PCL (Finance)........................ 4,600 21,025
General Finance & Securities (Finance)............................... 2,450 9,835
Italian-Thai Development PCL (Energy)................................ 4,600 42,782
Jasmine International PCL (Information Technology)................... 6,200 34,006
Krung Thai Bank PCL (Finance)........................................ 25,800 95,366
National Finance & Securities PCL (Finance).......................... 3,200 13,609
National Petrochemical PCL (Materials)............................... 5,700 9,628
One Holding PCL (Multi-industry)..................................... 2,900 6,224
Phatra Thanakit Co. (Finance)........................................ 2,700 21,892
Phatra Thanakit PCL local (Finance).................................. 2,300 16,180
PTT Exploration & Production (Energy)................................ 5,700 53,013
Sahavirya Steel Industries (Materials)............................... 9,400 11,489
Shinawatra Computer & Communication PCL (Information Technology)..... 2,500 58,029
Shinawatra Satelite PCL (Industrial & Commercial).................... 6,400 10,111
Siam City Bank PCL local (Finance)................................... 10,000 9,837
Siam City Bank PCL (Finance)......................................... 12,100 13,105
Telecomasia Corp. PCL (Utilities).................................... 40,900 126,797
Thai Military Bank PCL local (Finance)............................... 4,300 13,843
Thai Military Bank PCL (Finance)..................................... 4,300 15,040
United Communication Industries (Information Technology)............. 4,300 51,272
-----------
736,039
-----------
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<S> <C> <C>
UNITED KINGDOM--10.5%
Abbey National PLC (Finance)......................................... 12,800 $ 125,903
Argyll Group PLC (Consumer Discretionary)............................ 9,900 47,136
Arjo Wiggins Appleton PLC (Materials)................................ 12,300 32,294
Barclays PLC (Finance)............................................... 10,401 125,315
Bass PLC (Consumer Staples).......................................... 6,900 72,835
BAT Industries PLC (Multi-industry).................................. 23,301 198,693
BOC Group PLC (Materials)............................................ 5,700 76,748
Boots Co. PLC (Consumer Discretionary)............................... 7,600 65,854
British Aerospace PLC (Industrial & Commercial)...................... 3,899 49,006
British Airways PLC (Industrial & Commercial)........................ 5,700 40,141
British Gas PLC (Utilities).......................................... 35,500 132,609
British Petroleum Co. PLC (Energy)................................... 45,600 359,173
British Telecommunications PLC (Information Technology).............. 45,000 259,377
BTR PLC (Multi-industry)............................................. 26,700 136,729
Cable & Wireless PLC (Information Technology)........................ 7,996 55,514
Commercial Union PLC (Finance)....................................... 4,700 46,374
General Accident PLC (Finance)....................................... 4,500 45,779
General Electric PLC (Industrial & Commercial)....................... 23,400 113,919
Glaxo Wellcome PLC (Consumer Staples)................................ 21,307 284,278
Grand Metropolitan PLC (Multi-industry).............................. 14,300 96,764
Great Universal Stores PLC (Consumer Discretionary).................. 2,300 21,690
Guinness PLC (Consumer Staples)...................................... 15,000 106,093
Hanson PLC (Multi-industry).......................................... 36,600 109,542
HSBC Holdings PLC (Finance).......................................... 12,700 188,692
Imperial Chemical Industries PLC (Materials)......................... 6,400 74,464
Kingfisher PLC (Consumer Staples).................................... 7,271 57,605
Ladbroke Group PLC (Information & Entertainment)..................... 17,900 39,187
Land Securities PLC (Real Estate).................................... 10,300 94,059
Lloyds Bank PLC (Finance)............................................ 10,932 145,269
Marks & Spencer PLC (Consumer Discretionary)......................... 21,100 142,616
MEPC PLC (Real Estate)............................................... 4,600 27,430
National Power PLC (Utilities)....................................... 8,100 57,166
Peninsular & Oriental Steam PLC (Industrial & Commercial)............ 6,596 49,051
Prudential Corp. PLC (Finance)....................................... 18,700 123,245
Rank Organisation PLC (Information & Entertainment).................. 6,600 41,629
Redland PLC (Materials).............................................. 15,600 91,231
Reed International PLC (Information & Entertainment)................. 7,600 121,586
Reuters Holdings PLC (Industrial & Commercial)....................... 12,300 116,089
RMC Group PLC (Materials)............................................ 7,275 115,551
Royal Bank of Scotland Group (Finance)............................... 10,200 87,134
Royal Insurance Holdings PLC (Finance)............................... 6,700 39,901
RTZ Corp. PLC (Materials)............................................ 8,900 127,737
Sainsbury (J.) PLC (Consumer Discretionary).......................... 13,000 76,523
Scottish Power PLC (Utilities)....................................... 7,600 43,864
SmithKline Beecham PLC (Healthcare).................................. 8,000 85,058
SmithKline Beecham PLC (Healthcare)(2)............................... 7,950 83,492
Tesco PLC (Consumer Discretionary)................................... 13,952 61,302
Thames Water PLC (Industrial & Commercial)........................... 4,100 34,679
Thorn EMI PLC (Consumer Discretionary)............................... 3,900 92,992
Trafalgar House PLC (Multi-industry)................................. 8,900 3,270
Unilever PLC (Consumer Staples)...................................... 7,900 153,174
Vodafone Group PLC (Information Technology).......................... 7,400 26,396
Zeneca Group PLC ADR (Healthcare).................................... 5,900 119,093
-----------
5,121,251
-----------
</TABLE>
- ---------------------
64
<PAGE> 66
<TABLE>
<CAPTION>
COMMON STOCK (continued) SHARES VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
UNITED STATES--0.0%
United States Industries, Inc. (Multi-industry)...................... 169 $ 2,746
-----------
TOTAL COMMON STOCK (cost $43,375,684)................................ 44,189,371
-----------
PREFERRED STOCK--0.2%
--------------------------------------------------------------------------------------------------
GERMANY--0.2%
RWE AG (Utilities)................................................... 150 42,885
SAP AG (Materials)................................................... 300 47,335
-----------
90,220
-----------
ITALY--0.0%
Fiat SpA (Consumer Discretionary).................................... 11,000 19,122
-----------
TOTAL PREFERRED STOCK (cost $113,626)................................ 109,342
-----------
RIGHTS--0.0%+
--------------------------------------------------------------------------------------------------
GERMANY--0.0%
Munchener Ruckversicherungs (Finance)................................ 50 5,601
-----------
ITALY--0.0%
Olivetti ING C, & Co. (Information Technology)....................... 20,000 1,144
Riunione Adriatica di Sicur (Finance)................................ 250 907
-----------
2,051
-----------
TOTAL RIGHTS (cost $0)............................................... 7,652
-----------
WARRANTS--0.0%+
--------------------------------------------------------------------------------------------------
ITALY--0.0%
Riunione Adriatica di Sicur (Finance)................................ 150 264
-----------
MALAYSIA--0.0%
Hong Leong Properties (Real Estate)(1)............................... 500 0
-----------
TOTAL WARRANTS (cost $95)............................................ 264
-----------
TOTAL INVESTMENT SECURITIES (cost $43,489,405)....................... 44,306,629
-----------
PRINCIPAL
REPURCHASE AGREEMENT--6.0% AMOUNT
--------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT--6.0%
Agreement with State Street Bank & Trust Co., bearing interest of
4.50% dated 11/30/95, to be repurchased 12/01/95 in the amount of
$2,940,368 and collateralized by $2,080,000 U.S. Treasury Bonds
12.00% due 5/15/05 (cost $2,940,000)............................... $2,940,000 2,940,000
-----------
TOTAL INVESTMENTS--
(cost $46,429,405) 96.5% 47,246,629
Other assets less liabilities-- 3.5 1,714,030
------ -----------
NET ASSETS-- 100.0% $48,960,659
====== ===========
</TABLE>
-----------------------------
+ Non-income producing securities
(1) Fair valued security; see Note 2
(2) Consists of more than one class of securities traded together
as a unit; generally bonds with attached stocks or warrants
---------------------
65
<PAGE> 67
<TABLE>
<CAPTION>
OPEN FORWARD FOREIGN CURRENCY CONTRACTS
-----------------------------------------------------------------------
CONTRACT IN DELIVERY GROSS UNREALIZED
TO DELIVER EXCHANGE FOR DATE APPRECIATION
-----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
*BEF 20,412,000 USD 723,573 04/30/96 $ 36,994
BEF 13,440,000 USD 476,427 04/30/96 21,043
*CHF 867,740 USD 759,044 01/04/96 20,857
CHF 584,126 USD 510,956 01/04/96 12,325
DEM 2,397,696 USD 1,680,000 01/04/96 19,239
FRF 7,355,600 USD 1,480,000 01/04/96 6,544
JPY 248,004,000 USD 2,490,000 01/04/96 39,438
JPY 179,454,990 USD 2,127,000 04/30/96 324,044
JPY 251,101,200 USD 2,685,000 04/30/96 162,226
JPY 344,664,320 USD 4,326,149 04/30/96 863,362
JPY 170,938,250 USD 1,855,000 08/14/96 113,181
JPY 122,773,950 USD 1,253,672 08/30/96 141,328
*JPY 53,685,680 USD 673,851 04/30/96 146,227
NLG 1,602,870 USD 1,001,836 07/31/96 48,469
*NLG 686,280 USD 449,695 07/31/96 25,882
*USD 675,000 BEF 20,412,000 04/30/96 11,579
*USD 420,000 NLG 686,280 07/31/96 3,813
----------------
1,996,551
----------------
GROSS UNREALIZED
DEPRECIATION
-----------------------------------------------------------------------
CHF 899,396 USD 740,000 02/28/96 $ (32,037)
*USD 765,000 CHF 867,740 01/04/96 (26,812)
*USD 652,000 JPY 53,685,680 04/30/96 (124,377)
USD 414,979 ESP 50,536,112 12/04/96 (4,966)
----------------
(188,192)
----------------
Net Unrealized Appreciation................. $1,808,359
================
</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.
<TABLE>
<S> <C> <C>
BEF--Belgian Franc ESP--Spanish Peseta NLG--Netherlands Guilder
USD--United States
CHF--Swiss Franc FRF--French Franc Dollar
DEM--Deutsche Mark JPY--Japanese Yen
</TABLE>
See Notes to Financial Statements
- ---------------------
66
<PAGE> 68
(This page intentionally left blank)
---------------------
67
<PAGE> 69
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1995
<TABLE>
<CAPTION>
CASH FIXED HIGH-YIELD WORLDWIDE
MANAGEMENT INCOME GLOBAL BOND BOND HIGH INCOME
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investment securities, at value*.................. $ -- $28,718,327 $52,213,584 $77,635,215 $20,719,687
Short-term securities*............................ 92,708,313 189,622 8,281,000 -- --
Repurchase agreements (cost equals market)........ 973,000 8,212,000 -- -- 1,434,000
Cash.............................................. 799 153,943 395 20,910 60,425
Foreign currency.................................. -- -- 40 -- --
Receivables for--
Fund shares sold................................ 357,393 275,532 196,409 223,930 61,493
Dividends and accrued interest.................. 247,585 367,930 1,804,209 1,150,512 442,426
Sales of investments............................ -- 2,423,446 -- 4,251,771 252,146
Variation margin on futures contracts........... -- 10,158 -- -- --
Foreign currency contracts...................... -- -- -- -- --
Deferred organizational expenses.................. 15,584 8,602 8,603 8,325 1,798
Prepaid expenses.................................. 1,777 475 985 1,399 318
Unrealized appreciation on forward foreign
currency contracts.............................. -- -- 935,313 -- --
Due from adviser.................................. -- -- -- -- --
------------------------------------------------------------------------
94,304,451 40,360,035 63,440,538 83,292,062 22,972,293
------------------------------------------------------------------------
LIABILITIES:
Payables for--
Fund shares redeemed............................ 2,471,690 43,601 27,382 767,083 1,634
Purchases of investments........................ 1,006,937 10,803,012 3,253,872 -- 1,420,812
Management fees................................. 45,675 16,246 34,838 48,297 17,066
Variation margin on futures contracts........... -- -- -- -- --
Foreign currency contracts...................... -- -- -- -- --
Other accrued expenses............................ 48,956 22,656 35,975 303,015 17,701
Unrealized depreciation on forward foreign
currency contracts.............................. -- -- 329,427 -- --
Due to custodian bank............................. -- -- -- -- --
------------------------------------------------------------------------
3,573,258 10,885,515 3,681,494 1,118,395 1,457,213
------------------------------------------------------------------------
NET ASSETS........................................ $90,731,193 $29,474,520 $59,759,044 $82,173,667 $21,515,080
========================================================================
Shares of beneficial interest outstanding
(unlimited shares authorized)................... 8,483,049 2,724,189 5,424,420 7,806,335 1,884,528
Net asset value per share......................... $10.70 $10.82 $11.02 $10.53 $11.42
========================================================================
COMPOSITION OF NET ASSETS:
Capital paid in................................... $86,488,589 $28,058,530 $55,577,869 $83,135,134 $19,619,819
Accumulated undistributed net investment income
(loss).......................................... 4,234,947 1,219,884 3,620,109 7,410,940 1,431,913
Accumulated undistributed net realized gain (loss)
on investments, futures contracts and options
contracts....................................... 4,583 (355,354) (932,642) (9,037,804) 74,158
Unrealized appreciation on investments............ 3,074 511,571 916,086 665,397 389,190
Unrealized foreign exchange gain(loss) on other
assets and liabilities.......................... -- -- 577,622 -- --
Unrealized appreciation on futures contracts...... -- 39,889 -- -- --
------------------------------------------------------------------------
$90,731,193 $29,474,520 $59,759,044 $82,173,667 $21,515,080
========================================================================
---------------
* Cost
Investment securities........................... $ -- $28,206,756 $51,297,498 $76,969,818 $20,330,497
========================================================================
Short-term securities........................... $92,705,239 $ 189,622 $ 8,281,000 $ -- $ --
========================================================================
</TABLE>
See Notes to Financial Statements
- ---------------------
68
<PAGE> 70
<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>
$28,405,803 $187,514,184 $170,021,383 $159,610,648 $137,276,227 $111,437,200 $139,942,029 $158,513,242
6,240,939 1,555,465 7,513,000 8,015,716 14,211,761 -- 16,997,439 10,230,000
-- 24,551,000 -- -- -- 2,633,000 -- --
-- 508,600 985 72,387 -- 916 -- 2,965
-- -- -- -- -- -- -- 351,092
100,774 1,282,427 359,840 1,945,004 906,183 328,870 1,182,040 226,762
148,159 1,311,720 394,878 115,715 54,298 44,282 200,648 484,192
153,850 6,253,168 -- 655,070 5,264,814 991,163 519,577 681,222
-- 33,671 -- -- -- -- -- --
-- -- -- -- -- -- -- 2,032,562
-- 8,603 8,325 8,325 8,901 8,325 -- 8,325
365 3,235 2,651 2,337 2,619 2,055 1,914 2,875
-- -- -- -- -- -- -- 123,525
-- -- -- -- -- -- -- --
---------------------------------------------------------------------------------------------------------------------------
35,049,890 223,022,073 178,301,062 170,425,202 157,724,803 115,445,811 158,843,647 172,656,762
---------------------------------------------------------------------------------------------------------------------------
2,085 71,256 122,346 264,506 39,618 40,945 18,383 41,395
1,879,526 22,926,295 6,748,269 2,140,913 3,253,574 -- 2,658,822 4,475,831
16,631 105,262 87,816 85,492 81,295 77,941 93,167 108,987
-- -- -- 3,600 -- -- -- --
-- -- -- -- -- -- -- 2,033,679
21,883 82,870 61,558 60,964 62,530 50,886 61,907 142,677
-- -- -- -- -- -- -- 102,496
701,230 -- -- -- 4,377,303 -- 1,103,371 --
---------------------------------------------------------------------------------------------------------------------------
2,621,355 23,185,683 7,019,989 2,555,475 7,814,320 169,772 3,935,650 6,905,065
---------------------------------------------------------------------------------------------------------------------------
$32,428,535 $199,836,390 $171,281,073 $167,869,727 $149,910,483 $115,276,039 $154,907,997 $165,751,697
===========================================================================================================================
2,598,706 15,689,067 12,490,023 10,739,380 11,411,801 8,800,227 11,503,467 12,693,039
$12.48 $12.74 $13.71 $15.63 $13.14 $13.10 $13.47 $13.06
===========================================================================================================================
$29,191,071 $171,257,566 $139,333,338 $134,009,237 $121,638,746 $ 90,389,835 $137,197,421 $149,050,688
399,630 5,029,483 1,673,393 477,396 1,261,039 -- 889,057 1,468,646
874,562 6,131,686 5,896,173 12,945,264 10,537,220 (3,161,237) 1,620,396 4,154,885
1,963,272 17,322,705 24,378,169 20,341,080 16,473,499 28,047,441 15,201,123 11,048,831
-- -- -- -- (21) -- -- 28,647
-- 94,950 -- 96,750 -- -- -- --
---------------------------------------------------------------------------------------------------------------------------
$32,428,535 $199,836,390 $171,281,073 $167,869,727 $149,910,483 $115,276,039 $154,907,997 $165,751,697
===========================================================================================================================
$26,442,531 $170,194,711 $145,643,214 $139,269,571 $120,802,728 $ 83,389,759 $124,740,906 $147,464,411
===========================================================================================================================
$ 6,240,939 $ 1,552,233 $ 7,513,000 $ 8,015,713 $ 14,211,761 $ -- $ 16,997,439 $ 10,230,000
===========================================================================================================================
<CAPTION>
INTERNATIONAL
DIVERSIFIED
EQUITIES
-------------
<S> <C>
$44,306,629
--
2,940,000
12,807
27,361
275,200
137,650
--
--
--
1,797
708
1,996,551
23,550
-----------
49,722,253
-----------
25,020
424,485
37,911
--
--
85,986
188,192
--
-----------
761,594
-----------
$48,960,659
===========
4,824,929
$10.15
===========
$47,266,486
(346,916)
(586,233)
817,224
1,810,098
--
-----------
$48,960,659
===========
$43,489,405
===========
$ --
===========
</TABLE>
---------------------
69
<PAGE> 71
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED NOVEMBER 30, 1995
<TABLE>
<CAPTION>
WORLDWIDE
CASH FIXED GLOBAL HIGH-YIELD HIGH
MANAGEMENT INCOME BOND BOND INCOME
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Income:
Dividends.............................................. $ -- $ -- $ -- $ -- $ --
Interest............................................... 4,772,033 1,423,770 3,341,934 8,087,552 1,691,603
----------------------------------------------------------
Total income *..................................... 4,772,033 1,423,770 3,341,934 8,087,552 1,691,603
----------------------------------------------------------
Expenses:
Management fees........................................ 438,400 144,546 365,313 478,203 143,765
Custodian fees......................................... 39,740 38,690 69,310 39,905 22,720
Auditing fees.......................................... 22,575 6,245 10,865 13,965 10,800
Reports to investors................................... 9,420 3,505 7,370 10,995 2,170
Amortization of organizational expenses................ 7,172 3,953 3,953 3,822 1,887
Legal fees............................................. 5,400 1,190 3,640 4,525 1,030
Trustees' fees......................................... 2,645 60 1,435 1,835 480
Interest expense....................................... -- -- -- 2,898 --
Other expenses......................................... 5,176 2,683 3,805 4,509 5,287
----------------------------------------------------------
Total expenses before reimbursement.................. 530,528 200,872 465,691 560,657 188,139
Expenses reimbursed by the investment adviser........ -- (1,770) -- -- (649)
----------------------------------------------------------
Net investment income (loss)............................. 4,241,505 1,224,668 2,876,243 7,526,895 1,504,113
----------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCIES:
Net realized gain (loss) on investments@............... 5,110 581,976 1,618,834 (3,711,235) 76,600
Net realized gain (loss) on futures and options
contracts............................................ -- 13,918 -- -- --
Net realized foreign exchange gain (loss) on other
assets and liabilities............................... -- -- 1,319,839 -- --
Change in unrealized appreciation/depreciation on
investments.......................................... 44,053 1,262,150 1,593,149 4,427,627 484,883
Change in unrealized foreign exchange gain (loss) on
other assets and liabilities......................... -- -- 1,814 -- --
Change in unrealized appreciation/depreciation on
futures contracts.................................... -- 39,889 -- -- --
----------------------------------------------------------
Net realized and unrealized gain on investments and
foreign currencies................................... 49,163 1,897,933 4,533,636 716,392 561,483
----------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.... $4,290,668 $3,122,601 $7,409,879 $8,243,287 $2,065,596
==========================================================
</TABLE>
-------------------
* Net of foreign withholding taxes on interest and dividends of $66,
$1,816, $3,636, $2,245 $20,557, $6,965, $5,619, $269,136 and $85,357 on
the Balanced/Phoenix Investment Counsel, Asset Allocation, Growth-Income,
Alliance Growth, Growth/Phoenix Investment Counsel, Provident Growth,
Venture Value, Global Equities and International Diversified Equities
Portfolios, respectively.
@ Net of foreign withholding taxes on capital gains of $18,009 on the Global
Equities Portfolio.
See Notes to Financial Statements
- ---------------------
70
<PAGE> 72
<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>
$ 94,209 $2,163,433 $2,168,076 $1,029,948 $1,295,073 $ 583,781 $1,048,621 $2,679,270 $ 561,748
441,028 4,342,880 414,143 198,205 920,009 252,521 489,585 397,172 135,681
-----------------------------------------------------------------------------------------------------------------
535,237 6,506,313 2,582,219 1,228,153 2,215,082 836,302 1,538,206 3,076,442 697,429
-----------------------------------------------------------------------------------------------------------------
92,499 1,000,248 794,078 635,979 835,634 785,809 504,014 1,185,831 283,908
34,395 94,115 41,745 44,345 49,400 40,845 79,040 362,550 279,268
11,565 34,670 28,795 29,030 23,975 21,070 31,700 26,775 15,720
3,690 32,210 21,810 20,110 20,325 16,235 19,075 25,305 6,025
360 3,953 3,822 3,822 3,822 3,822 360 3,822 1,887
765 9,435 7,210 6,185 7,990 6,000 4,185 9,505 1,455
405 4,680 3,640 2,915 3,710 2,685 1,975 4,575 920
-- -- -- -- -- -- -- -- --
2,248 6,280 5,559 4,235 6,589 5,094 3,098 7,879 5,487
-----------------------------------------------------------------------------------------------------------------
145,927 1,185,591 906,659 746,621 951,445 881,560 643,447 1,626,242 594,670
(17,031) -- -- -- -- -- (9,792) -- (112,030)
-----------------------------------------------------------------------------------------------------------------
406,341 5,320,722 1,675,560 481,532 1,263,637 (45,258) 904,551 1,450,200 214,789
-----------------------------------------------------------------------------------------------------------------
875,469 6,792,943 6,546,892 13,305,824 19,383,952 240,218 1,620,396 5,003,696 (585,776)
-- 37,040 -- 47,744 -- -- -- (524,955) --
-- -- 76 -- 701 -- -- 720,956 (506,494)
1,971,928 20,689,780 26,098,737 21,063,685 14,865,880 25,016,207 15,272,123 13,392,395 1,120,932
-- -- -- -- (21) -- -- 15,377 1,810,094
-- 94,950 -- 96,750 -- -- -- 182,708 --
-----------------------------------------------------------------------------------------------------------------
2,847,397 27,614,713 32,645,705 34,514,003 34,250,512 25,256,425 16,892,519 18,790,177 1,838,756
-----------------------------------------------------------------------------------------------------------------
$3,253,738 $32,935,435 $34,321,265 $34,995,535 $35,514,149 $25,211,167 $17,797,070 $20,240,377 $2,053,545
==================================================================================================================
</TABLE>
---------------------
71
<PAGE> 73
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED NOVEMBER 30, 1995
<TABLE>
<CAPTION>
CASH FIXED HIGH-YIELD WORLDWIDE
MANAGEMENT INCOME GLOBAL BOND BOND HIGH INCOME
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)................... $ 4,241,505 $ 1,224,668 $ 2,876,243 $ 7,526,895 $1,504,113
Net realized gain (loss) on investments........ 5,110 581,976 1,618,834 (3,711,235) 76,600
Net realized gain (loss) on futures and options
contracts.................................... -- 13,918 -- -- --
Net realized foreign exchange gain (loss) on
other assets and liabilities................. -- -- 1,319,839 -- --
Change in unrealized appreciation/depreciation
on investments............................... 44,053 1,262,150 1,593,149 4,427,627 484,883
Change in unrealized foreign exchange gain
(loss) on other assets and liabilities....... -- -- 1,814 -- --
Change in unrealized appreciation/depreciation
on futures contracts......................... -- 39,889 -- -- --
--------------------------------------------------------------------
Net increase in net assets resulting from
operations................................... 4,290,668 3,122,601 7,409,879 8,243,287 2,065,596
--------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS 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 to
shareholders................................. (2,210,000) (885,000) (1,700,000) (6,340,000) (114,929)
--------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold...................... 415,378,253 22,925,314 22,230,068 70,702,486 13,740,334
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..................... (418,035,564) (12,442,153) (14,423,490) (52,574,843) (4,768,369)
--------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from capital share transactions.............. (447,311) 11,368,161 9,506,578 24,467,643 9,086,894
--------------------------------------------------------------------
TOTAL INCREASE IN NET ASSETS................... 1,633,357 13,605,762 15,216,457 26,370,930 11,037,561
NET ASSETS:
Beginning of year.............................. 89,097,836 15,868,758 44,542,587 55,802,737 10,477,519
--------------------------------------------------------------------
End of year.................................... $ 90,731,193 $29,474,520 $59,759,044 $82,173,667 $21,515,080
====================================================================
---------------
Undistributed net investment income (loss)..... $ 4,234,947 $ 1,219,884 $ 3,620,109 $ 7,410,940 $ 1,431,913
====================================================================
Shares issued and repurchased:
Sold........................................... 39,465,595 2,218,395 2,131,775 6,846,915 1,299,782
Issued in reinvestment of dividends and
distributions................................ 214,355 90,306 170,000 648,925 11,873
Repurchased.................................... (39,709,537) (1,212,881) (1,407,509) (5,097,408) (480,433)
--------------------------------------------------------------------
Net increase (decrease)........................ (29,587) 1,095,820 894,266 2,398,432 831,222
====================================================================
</TABLE>
See Notes to Financial Statements
- ---------------------
72
<PAGE> 74
<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>
$ 406,341 $ 5,320,722 $ 1,675,560 $ 481,532 $ 1,263,637 $ (45,258) $ 904,551 $ 1,450,200 $ 214,789
875,469 6,792,943 6,546,892 13,305,824 19,383,952 240,218 1,620,396 5,003,696 (585,776)
-- 37,040 -- 47,744 -- -- -- (524,955) --
-- -- 76 -- 701 -- -- 720,956 (506,494)
1,971,928 20,689,780 26,098,737 21,063,685 14,865,880 25,016,207 15,272,123 13,392,395 1,120,932
-- -- -- -- (21) -- -- 15,377 1,810,094
-- 94,950 -- 96,750 -- -- -- 182,708 --
---------------------------------------------------------------------------------------------------------------------------
3,253,738 32,935,435 34,321,265 34,995,535 35,514,149 25,211,167 17,797,070 20,240,377 2,053,545
---------------------------------------------------------------------------------------------------------------------------
(11,237) (2,240,000) (875,000) (155,000) (1,450,000) (200,000) (23,311) (855,000) (121,869)
-- (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) (121,869)
---------------------------------------------------------------------------------------------------------------------------
30,928,111 91,078,058 79,200,929 168,074,086 45,890,799 46,200,686 164,118,300 79,044,610 58,139,793
11,237 2,665,000 875,000 880,000 1,450,000 200,000 23,311 4,045,000 121,869
(3,269,069) (31,032,947) (27,140,302) (88,413,178) (35,688,009) (31,477,920) (31,455,895) (70,291,038) (23,670,269)
---------------------------------------------------------------------------------------------------------------------------
27,670,279 62,710,111 52,935,627 80,540,908 11,652,790 14,922,766 132,685,716 12,798,572 34,591,393
---------------------------------------------------------------------------------------------------------------------------
30,912,780 92,980,546 86,381,892 114,656,443 45,716,939 39,933,933 150,459,475 28,993,949 36,523,069
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
---------------------------------------------------------------------------------------------------------------------------
$32,428,535 $199,836,390 $171,281,073 $167,869,727 $149,910,483 $115,276,039 $154,907,997 $165,751,697 $48,960,659
===========================================================================================================================
$ 399,630 $ 5,029,483 $ 1,673,393 $ 477,396 $ 1,261,039 $ -- $ 889,057 $ 1,468,646 $ (346,916)
===========================================================================================================================
2,742,183 7,788,903 6,452,877 12,084,699 4,046,435 3,971,874 13,646,177 6,436,345 6,011,154
1,132 243,157 77,502 76,126 135,387 18,536 2,359 357,648 12,721
(296,843) (2,699,219) (2,260,341) (6,421,749) (3,175,785) (2,684,472) (2,599,805) (5,815,859) (2,470,598)
---------------------------------------------------------------------------------------------------------------------------
2,446,472 5,332,841 4,270,038 5,739,076 1,006,037 1,305,938 11,048,731 978,134 3,553,277
===========================================================================================================================
</TABLE>
---------------------
73
<PAGE> 75
- ---------------------
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 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 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
- ---------------------
74
<PAGE> 76
<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>
---------------------
75
<PAGE> 77
- ---------------------
SUNAMERICA SERIES TRUST
NOTES TO FINANCIAL STATEMENTS
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
Arizona.
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 November 30, 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.
- ---------------------
76
<PAGE> 78
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. Portfolios which earn foreign income and capital gains may be subject to
foreign withholding taxes at various rates.
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 and presented 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 portfolios 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: In accordance with the requirements of Statement
of Position 93-2 Determination, Disclosure, and Financial Statement Presentation
of Income, Capital Gain, and Return of Capital Distributions by Investment
Companies 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.
For the year ended November 30, 1995, the reclassification arising from
book/tax differences resulted in increases (decreases) to the components of net
assets as follows:
<TABLE>
<CAPTION>
ACCUMULATED ACCUMULATED
UNDISTRIBUTED NET UNDISTRIBUTED NET
INVESTMENT INCOME/(LOSS) REALIZED GAIN/(LOSS) PAID-IN CAPITAL
----------------------------------------------------------------------
<S> <C> <C> <C>
Fixed Income....................................... $ (1,851) $ 1,851 $ --
Global Bond........................................ 1,300,053 (1,271,117) (28,936)
Growth/Phoenix Investment Counsel.................. 701 (701) --
Provident Growth................................... 51,656 -- (51,656)
Global Equities.................................... 676,961 (676,961) --
International Diversified Equities................. (506,037) 506,037 --
</TABLE>
3. JOINT REPURCHASE AGREEMENT ACCOUNT: The Cash Management Portfolio along with
other affiliated registered investment companies, transfers 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 November 30, 1995, the Cash Management
Portfolio had a 0.9% undivided interest, which represented $973,000 in principal
amount in a repurchase agreement in the joint account. As of such date, the
repurchase agreement in the joint account and the collateral therefor was as
follows:
---------------------
77
<PAGE> 79
Yamaichi International (America), Inc. Repurchase Agreement, 5.91% dated
11/30/95, in the principal amount of $109,857,000 repurchase price $109,875,035
due 12/1/95 collateralized by $50,000,000 U.S. Treasury Bonds 7.25% due 8/15/22;
$39,550,000 U.S. Treasury Bonds 7.25% due 8/15/22 and $8,095,000 U.S. Treasury
Bonds 8.125% due 8/15/19, approximate aggregate value $114,116,023.
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 CAPITAL LOSS LOSS
GAIN (LOSS) NET INVESTMENTS CARRYOVER* UTILIZED
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Cash Management......................... $ 22,796 $ (19,722) $ 3,074 $93,678,239 $ -- $ 527
Fixed Income............................ 523,918 (49,521) 474,397 36,645,552 291,703 503,104
Global Bond............................. 1,062,262 (189,241) 873,021 59,621,563 889,577 1,582,879
High-Yield Bond......................... 2,970,068 (2,332,406) 637,662 76,997,553 9,010,069 --
Worldwide High Income................... 688,226 (314,837) 373,389 21,780,298 -- --
Balanced/Phoenix Investment Counsel..... 2,077,243 (116,901) 1,960,342 32,686,400 -- --
Asset Allocation........................ 18,243,650 (920,945) 17,322,705 196,297,944 -- --
Growth-Income........................... 26,484,213 (2,175,094) 24,309,119 153,225,264 -- 198,016
Alliance Growth......................... 21,936,834 (1,733,725) 20,203,109 147,423,255 -- --
Growth/Phoenix Investment Counsel**..... 18,342,283 (1,868,784) 16,473,499 135,014,489 -- 7,941,298
Provident Growth........................ 30,335,810 (2,288,369) 28,047,441 86,022,759 3,161,237 23,425
Venture Value........................... 16,036,378 (835,255) 15,201,123 141,738,345 -- --
Global Equities***...................... 15,559,437 (4,898,890) 10,660,547 158,082,695 -- --
International Diversified Equities...... 2,250,789 (1,433,565) 817,224 46,809,792 211,683 --
</TABLE>
* Expire 2002 - 2003
** Post 10/31 Capital Loss Deferrals: Alliance Growth $12,517; Growth/Phoenix
Investment Counsel $96,044
*** Post 10/31 Currency Loss Deferrals: Global Equities $313,344
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.
- ---------------------
78
<PAGE> 80
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- > $150 million 0.60%
Alliance Growth- > $300 million 0.55%
Growth/Phoenix > $500 million 0.50%
Investment Counsel
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; Davis Selected 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>
---------------------
79
<PAGE> 81
Effective November 1, 1994, SAAMCo has voluntarily agreed to 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 is 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 are 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 year ended November 30, 1995, was as
follows:
<TABLE>
<CAPTION>
BALANCED/
PHOENIX
CASH FIXED GLOBAL HIGH-YIELD WORLDWIDE INVESTMENT ASSET
MANAGEMENT INCOME BOND BOND HIGH INCOME COUNSEL ALLOCATION
-------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Purchases of portfolio
securities............... $ -- $95,415,175 $147,006,289 $138,372,345 $34,007,548 $42,473,080 $352,141,835
Sales of portfolio
securities.............. -- 83,064,458 139,091,866 112,918,160 22,644,456 17,985,029 289,092,283
U.S. government securities
included above were as
follows:
Purchases of U.S.
government securities... -- 84,337,477 35,433,750 2,066,875 -- 10,425,314 212,592,167
Sales of U.S. government
securities.............. -- 77,785,099 32,063,008 2,073,125 -- 2,906,986 208,376,436
</TABLE>
<TABLE>
<CAPTION>
GROWTH/PHOENIX INTERNATIONAL
GROWTH- ALLIANCE INVESTMENT PROVIDENT VENTURE GLOBAL DIVERSIFIED
INCOME GROWTH COUNSEL GROWTH VALUE EQUITIES EQUITIES
--------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Purchases of portfolio
securities............... $124,599,274 $200,738,953 $274,196,262 $63,822,191 $130,191,861 $150,853,413 $46,462,123
Sales of portfolio
securities.............. 67,344,207 127,900,774 252,237,605 46,951,215 10,487,423 144,012,195 13,564,536
U.S. government securities
included above were as
follows:
Purchases of U.S.
government securities... -- -- -- -- -- -- --
Sales of U.S. government
securities.............. -- -- -- -- -- -- --
</TABLE>
- ---------------------
80
<PAGE> 82
8. TRANSACTIONS WITH AFFILIATES: The following portfolio incurred brokerage
commissions with an affiliated broker:
<TABLE>
<CAPTION>
GOLDMAN
SACHS & CO.
-----------
<S> <C>
Fixed Income............................................................... $ 562
Asset Allocation........................................................... 35,946
</TABLE>
9. FINANCIAL INVESTMENTS WITH OFF-BALANCE SHEET RISK: At November 30, 1995,
Global Bond, Global Equities and International Diversified Equities Portfolios
had outstanding forward foreign currency exchange contracts ("forward
contracts") in order to hedge against changes in future foreign exchange rates
and enhance return. 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 $2,898 for the
year ended November 30, 1995.
---------------------
81
<PAGE> 83
- ---------------------
SUNAMERICA SERIES TRUST
FINANCIAL HIGHLIGHTS*
SELECTED DATA FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH
PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NET
NET REALIZED DIVIDENDS DIVIDENDS
ASSET & TOTAL DECLARED FROM NET
VALUE NET UNREALIZED FROM FROM NET REALIZED NET ASSET
BEGINNING INVEST- GAIN (LOSS) INVEST- INVEST- GAIN ON VALUE
PERIOD OF MENT ON MENT MENT INVEST- END OF TOTAL
ENDED PERIOD INCOME** INVESTMENTS OPERATIONS INCOME MENTS PERIOD RETURN
- -----------------------------------------------------------------------------------------------------------------------------
<S> <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%
11/30/94 10.20 0.38 (0.02) 0.36 (0.09) -- 10.47 3.51
11/30/95 10.47 0.56 0.01 0.57 (0.34) -- 10.70 5.59
Fixed Income Portfolio
7/1/93-
11/30/93 10.00 0.14 0.05 0.19 -- -- 10.19 1.90
11/30/94 10.19 0.52 (0.87) (0.35) (0.05) (0.04) 9.75 (3.41)
11/30/95 9.75 0.60 1.00 1.60 (0.53) -- 10.82 17.01
Global Bond Portfolio
7/1/93-
11/30/93 10.00 0.13 0.17 0.30 -- -- 10.30 3.00
11/30/94 10.30 0.53 (0.86) (0.33) (0.09) (0.05) 9.83 (3.18)
11/30/95 9.83 0.60 0.97 1.57 (0.38) -- 11.02 16.40
High-Yield Bond Portfolio
2/9/93-
11/30/93 10.00 0.76 0.36 1.12 -- -- 11.12 11.20
11/30/94 11.12 1.20 (1.65) (0.45) (0.29) (0.06) 10.32 (4.26)
11/30/95 10.32 1.11 0.12 1.23 (1.02) -- 10.53 12.64
Worldwide High Income Portfolio
10/28/94-
11/30/94 10.00 0.04 (0.09) (0.05) -- -- 9.95 (0.50)
11/30/95 9.95 1.10 0.47 1.57 (0.10) -- 11.42 16.02
Balanced/Phoenix Investment Counsel Portfolio
10/28/94-
11/30/94 10.00 0.04 (0.08) (0.04) -- -- 9.96 (0.40)
11/30/95 9.96 0.34 2.23 2.57 (0.05) -- 12.48 25.89
Asset Allocation Portfolio
7/1/93-
11/30/93 10.00 0.08 0.28 0.36 -- -- 10.36 3.60
11/30/94 10.36 0.29 (0.25) 0.04 (0.05) (0.03) 10.32 0.30
11/30/95 10.32 0.42 2.24 2.66 (0.20) (0.04) 12.74 26.10
</TABLE>
<TABLE>
<CAPTION>
RATIO OF
NET NET
ASSETS RATIO OF INVESTMENT
END OF EXPENSES INCOME
PERIOD PERIOD TO AVERAGE TO AVERAGE PORTFOLIO
ENDED (000'S) NET ASSETS NET ASSETS TURNOVER
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Cash Mana
2/9/93-
11/30/93 $ 24,603 0.71%+++ 2.53%+++ --%
11/30/94 89,098 0.70++ 3.73++ --
11/30/95 90,731 0.67 5.32 --
Fixed Inc
7/1/93-
11/30/93 11,667 0.94+++ 3.92+++ 208
11/30/94 15,869 0.94++ 5.21++ 419
11/30/95 29,475 0.96++ 5.93++ 412
Global Bo
7/1/93-
11/30/93 25,010 1.35+++ 3.56+++ 84
11/30/94 44,543 1.06 5.29 347
11/30/95 59,759 0.95 5.89 339
High-Yiel
2/9/93-
11/30/93 41,851 0.94+++ 9.43+++ 229
11/30/94 55,803 0.92++ 11.07++ 225
11/30/95 82,174 0.80 10.80 174
Worldwide
10/28/94-
11/30/94 10,478 1.60+++ 4.48+++ 2
11/30/95 21,515 1.30 10.46 176
Balanced/
10/28/94-
11/30/94 1,516 1.00+++ 4.25+++ 10
11/30/95 32,429 0.98++ 3.08++ 153
Asset All
7/1/93-
11/30/93 35,590 0.99+++ 2.33+++ 71
11/30/94 106,856 0.94++ 2.71++ 152
11/30/95 199,836 0.81 3.62 207
</TABLE>
* Calculated based upon average shares outstanding
** After fee waivers and expense reimbursements by the investment adviser
+ Annualized
++ During the periods ended November 30, 1993, November 30, 1994 and
November 30, 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 11/30/95 11/30/93 11/30/94 11/30/95
---------------------------------- ----------------------------------
<S> <C> <C> <C> <C> <C> <C>
Cash Management Portfolio........................... 1.10% 0.78% 0.67% 2.14% 3.65% 5.32%
Fixed Income Portfolio.............................. 1.81 1.09 0.97 3.05 5.06 5.92
Global Bond Portfolio............................... 1.81 1.06 0.95 3.10 5.29 5.89
High-Yield Bond Portfolio........................... 1.29 0.93 0.80 9.08 11.06 10.80
Worldwide High Income Portfolio..................... -- 2.26 1.30 -- 3.82 10.46
Balanced/Phoenix Investment Counsel Portfolio....... -- 6.82 1.11 -- (1.57) 2.95
Asset Allocation Portfolio.......................... 1.67 0.94 0.81 1.65 2.71 3.62
</TABLE>
See Notes to Financial Statements
- ---------------------
82
<PAGE> 84
- ---------------------
SUNAMERICA SERIES TRUST
FINANCIAL HIGHLIGHTS* -- (CONTINUED)
SELECTED DATA FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH
PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NET
NET REALIZED DIVIDENDS DIVIDENDS
ASSET NET & TOTAL DECLARED FROM NET
VALUE INVEST- UNREALIZED FROM FROM NET REALIZED NET ASSET
BEGINNING MENT GAIN (LOSS) INVEST- INVEST- GAIN ON VALUE
PERIOD OF INCOME ON MENT MENT INVEST- END OF TOTAL
ENDED PERIOD (LOSS)** INVESTMENTS OPERATIONS INCOME MENTS PERIOD RETURN
- -----------------------------------------------------------------------------------------------------------------------------
<S> <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%
11/30/94 10.61 0.13 (0.36) (0.23) (0.04) (0.01) 10.33 (2.20)
11/30/95 10.33 0.17 3.31 3.48 (0.10) -- 13.71 33.89
Alliance Growth Portfolio
2/9/93-
11/30/93 10.00 0.05 0.87 0.92 -- -- 10.92 9.20
11/30/94 10.92 0.04 (0.14) (0.10) (0.01) (0.17) 10.64 (0.93)
11/30/95 10.64 0.07 5.08 5.15 (0.03) (0.13) 15.63 48.91
Growth/Phoenix Investment Counsel Portfolio
2/9/93-
11/30/93 10.00 0.17 0.61 0.78 -- -- 10.78 7.80
11/30/94 10.78 0.16 (0.87) (0.71) (0.06) -- 10.01 (6.64)
11/30/95 10.01 0.12 3.14 3.26 (0.13) -- 13.14 32.92
Provident Growth Portfolio
2/9/93-
11/30/93 10.00 0.02 0.02 0.04 -- -- 10.04 0.40
11/30/94 10.04 0.03 (0.01) 0.02 (0.01) -- 10.05 0.19
11/30/95 10.05 (0.01) 3.09 3.08 (0.03) -- 13.10 30.66
Venture Value Portfolio
10/28/94-
11/30/94 10.00 0.03 (0.25) (0.22) -- -- 9.78 (2.20)
11/30/95 9.78 0.17 3.55 3.72 (0.03) -- 13.47 38.17
Global Equities Portfolio
2/9/93-
11/30/93 10.00 0.03 0.96 0.99 -- -- 10.99 9.90
11/30/94 10.99 0.05 0.71 0.76 (0.01) (0.07) 11.67 6.87
11/30/95 11.67 0.12 1.64 1.76 (0.08) (0.29) 13.06 15.58
International Diversified Equities Portfolio
10/28/94-
11/30/94 10.00 0.01 (0.23) (0.22) -- -- 9.78 (2.20)
11/30/95 9.78 0.07 0.38 0.45 (0.08) -- 10.15 4.63
</TABLE>
<TABLE>
<CAPTION>
RATIO OF
NET NET
ASSETS RATIO OF INVESTMENT
END OF EXPENSES INCOME
PERIOD PERIOD TO AVERAGE TO AVERAGE PORTFOLIO
ENDED (000'S) NET ASSETS NET ASSETS TURNOVER
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Growth-In
2/9/93-
11/30/93 $ 45,080 0.82%+++ 1.59%+++ 27%
11/30/94 84,899 0.81++ 1.26++ 59
11/30/95 171,281 0.77 1.42 59
Alliance
2/9/93-
11/30/93 23,256 0.82+++ 0.61+++ 73
11/30/94 53,213 0.82++ 0.37++ 146
11/30/95 167,870 0.79 0.51 138
Growth/Ph
2/9/93-
11/30/93 65,032 0.82+++ 2.20+++ 165
11/30/94 104,194 0.81++ 1.52++ 211
11/30/95 149,910 0.76 1.01 229
Provident
2/9/93-
11/30/93 42,911 0.97+++ 0.32+++ 40
11/30/94 75,342 0.96++ 0.31++ 54
11/30/95 115,276 0.93 (0.05) 52
Venture V
10/28/94-
11/30/94 4,449 1.10+++ 3.93+++ --
11/30/95 154,908 1.00++ 1.43++ 18
Global Eq
2/9/93-
11/30/93 43,737 1.50+++ 0.38+++ 58
11/30/94 136,758 1.28 0.42 67
11/30/95 165,752 1.14 1.02 106
Internati
10/28/94-
11/30/94 12,438 1.70+++ 1.60+++ --
11/30/95 48,961 1.70++ 0.76++ 52
</TABLE>
* Calculated based upon average shares outstanding
** After fee waivers and expense reimbursements by the investment adviser
+ Annualized
++ During the periods ended November 30, 1993, November 30, 1994 and
November 30, 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 11/30/95 11/30/93 11/30/94 11/30/95
---------------------------------- ----------------------------------
<S> <C> <C> <C> <C> <C> <C>
Growth-Income Portfolio............................. 1.40% 0.89% 0.77% 1.01% 1.18% 1.42%
Alliance Growth Portfolio........................... 1.56 0.96 0.79 (0.13) 0.23 0.51
Growth/Phoenix Investment Counsel Portfolio......... 1.28 0.87 0.76 1.74 1.46 1.01
Provident Growth Portfolio.......................... 1.46 1.05 0.93 (0.17) 0.22 (0.05)
Venture Value Portfolio............................. -- 3.89 1.02 -- 1.14 1.41
Global Equities Portfolio........................... 2.52 1.28 1.14 (0.64) 0.42 1.02
International Diversified Equities Portfolio........ -- 3.50 2.09 -- (0.20) 0.37
</TABLE>
See Notes to Financial Statements
---------------------
83
<PAGE> 85
- ---------------------
SUNAMERICA SERIES TRUST
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees and Shareholders of SunAmerica Series Trust
In our opinion, the accompanying statement of assets and liabilities, including
the investment portfolios, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of 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 (constituting SunAmerica Series Trust, hereafter referred to
as the "Fund") at November 30, 1995, the results of each of their operations for
the year then ended, the changes in each of their net assets for each of the two
years in the period then ended and the financial highlights for each of the
periods indicated, in conformity with generally accepted accounting principles.
These financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at
November 30, 1995 by correspondence with the custodian and brokers and the
application of alternative auditing procedures where confirmations from brokers
were not received, provide a reasonable basis for the opinion expressed above.
PRICE WATERHOUSE LLP
1177 Avenue of the Americas
New York, New York
January 16, 1996
- ---------------------
84
<PAGE> 86
- ---------------------
COMPARISONS: PORTFOLIOS VS. INDEXES
The following graphs compare the performance of a $10,000
investment in the SunAmerica Series Trust portfolios (with the
exception of Cash Management) to a $10,000 investment in a
securities index. Following each graph is a discussion of
portfolio performance and factors affecting it over the last
year.
THESE GRAPHS AND TABLES SHOW THE PERFORMANCE OF THE PORTFOLIOS AT
THE SUNAMERICA SERIES TRUST LEVEL AND INCLUDE ALL TRUST EXPENSES
BUT NO INSURANCE COMPANY EXPENSES ASSOCIATED WITH THE VARIABLE
ANNUITY AND NO CONTINGENT DEFERRED SALES CHARGE. NO EXPENSES ARE
DEDUCTED FROM THE PERFORMANCE OF THE INDEXES. ALL DIVIDENDS ARE
ASSUMED TO BE REINVESTED.
CASH MANAGEMENT
SunAmerica Asset Management Corp.
The Cash Management Portfolio performed particularly well during
the last half of 1995. Yield on short-term obligations in the
portfolio dropped as a result of the Federal Reserve's rate
reduction in July. This easing on monetary policy was initiated
in response to the overall slowing of the economy and more
conservative spending by consumers.
The average days to maturity of the Cash Management Portfolio is
targeted for 50 days, consistent with the Donaghue Average. The
one-year total return as of 11/30/95 was 5.59%. SunAmerica Asset
Management continues to focus on securities that represent good
relative value and are highly liquid.
Looking ahead, SunAmerica Asset Management believes the economy
will continue to expand at a moderate Gross Domestic Product rate
of 2.0% to 2.5% in 1996. With no inflationary pressures on the
horizon, it is likely that the Fed may continue to lower short
term rates in the immediate future.
---------------------
85
<PAGE> 87
Goldman Sachs Asset Management Company
Fixed Income Portfolio
<TABLE>
<CAPTION>
---------------------------------
Fixed Lehman Fixed Income Portfolio
Income Brothers Average Annual Total Returns
Portfolio Aggregate* as of 11/30/95
--------- ---------- ---------------------------------
<S> <C> <C> <C> <C>
7/1 10,000 10,000 1-year 17.01%
8/31 10,200 10,231 Since Inception (7/1/93) 6.01%
11/30 10,190 10,209 ---------------------------------
2/28 10,180 10,222
5/31 9,843 9,888
8/31 10,014 10,075 *The Lehman Brothers Aggregate
11/30 9,843 9,896 Index combines several Lehman
2/28 10,337 10,404 Brothers fixed-income indexes to
5/31 10,942 11,024 give a broad view of the bond
8/31 11,112 11,215 market--70% reflects the
11/30 11,517 11,643 Government/Corporate Bond Index,
29% reflects the Mortgage-Backed
Securities Index and 1% reflects
the Asset-Backed Securities Index.
</TABLE>
For the twelve-month period ended November 30, 1995, the Fixed
Income Portfolio returned 17.01% versus 17.65% for the benchmark,
Lehman Brothers Aggregate Index.
The portfolio sought to gain incremental value through sector
allocation and security selection rather than taking views on the
direction of interest rates. The portfolio continued to closely
match the benchmark's duration of 4.6 to 4.7 years. Over the
period, the portfolio benefited from the incremental yields earned
by the emerging market debt and corporate bonds held.
Unfortunately, the slight overweighting in mortgages proved to be
a disappointing strategy.
Presently, Goldman Sachs Asset Management Company has a cautiously
optimistic outlook. General fundamentals remain reasonably good
and technicals are being supported by cash coming from other
markets (such as mortgages). Goldman Sachs is looking for modest
spread tightening, especially in industrials; and they continue to
look for investment opportunities.
The graphs represent past performance, which is not indicative of
future results.
- ---------------------
86
<PAGE> 88
Goldman Sachs Asset Management Company
Global Bond Portfolio
<TABLE>
<CAPTION>
-------------------------------------------
Global Bond JP Morgan Global |Global Bond Portfolio |
Portfolio Gov't Bond* |Average Annual Total Returns as of 11/30/95|
----------- ---------------- -------------------------------------------
<S> <C> <C> | <C> <C> |
7/1 10,000 10,000 | 1-year 16.40% |
8/31 10,200 10,296 | Since Inception (7/1/93) 6.36% |
11/30 10,300 10,324 -------------------------------------------
2/28 10,190 10,413
5/31 9,942 10,270
8/31 9,930 10,463
11/30 9,973 10,746 *The JP Morgan Global Government Bond
2/28 10,297 11,086 Portfolio Index tracks the performance
5/31 10,965 11,802 of bonds throughout the world, includ-
8/31 11,102 12,007 ing issues from Europe, Australia,
11/30 11,608 12,548 the Far East and the United States.
</TABLE>
For the twelve-month period ended November 30, 1995, the Global
Bond Portfolio returned 16.40%, versus 16.77% for the benchmark,
JP Morgan Global Government Bond Index.
The U.S. market, as well as other Dollar bloc countries, provided
the portfolio with strong performances. U.S. 10-year bonds rallied
over 50 basis points to finish the period at 5.75%, and the
Canadian market has rebounded well after the Quebec referendum. In
Europe, Germany posted positive returns, but underperformed other
countries such as Denmark, Spain, and France. The Japanese bond
market was the worst performing market in local currency terms.
Going forward, Goldman Sachs Asset Management has increased the
portfolio duration to 4.9 years, reduced exposure to the Japanese
bond market, and re-established a New Zealand bond holding.
Goldman Sachs continued to reduce the portfolio's exposure to the
Japanese bond market in favor of Europe, particularly in Denmark
and France. The other significant change was a reduced exposure to
the UK Gilt market.
One major change in Goldman Sachs' outlook applies to European
markets. The fiscal tightening in Europe is having a further
dampening effect on activity and the manager believes that this
will lead to continued lower short-term interest rates, especially
in core markets.
The graphs represent past performance, which is not indicative of
future results.
---------------------
87
<PAGE> 89
SunAmerica Asset Management Corp.
High-Yield Bond Portfolio
<TABLE>
<CAPTION>
---------------------------------
High-Yield High-Yield Bond Portfolio
Bond Merrill Lynch Average Annual Total Returns
Portfolio High-Yield Master* as of 11/30/95
---------- ------------------ ---------------------------------
<S> <C> <C> <C> <C>
2/9 10,000 10,000 1-year 12.64%
2/28 10,140 10,189 Since Inception (2/9/93) 6.68%
5/31 10,490 10,581 ---------------------------------
8/31 10,810 10,999
11/30 11,120 11,318 *The Merrill Lynch High-Yield
2/28 11,540 11,626 Master Index includes publicly
5/31 10,884 11,250 placed, nonconvertible, coupon-
8/31 10,760 11,449 bearing U.S. domestic debt with a
11/30 10,647 11,376 maturity of at least one year.
2/28 11,070 12,028 Par amounts of all issues at the
5/31 11,651 12,870 beginning and ending of each
8/31 11,583 13,196 reporting period must be at least
11/30 11,993 13,573 $10,000. Issues included in the
index must have a rating that is
less than investment grade but
not in default.
</TABLE>
For the twelve-month period ended November 30, 1995, the
High-Yield Bond Portfolio returned 12.64%, versus 19.31% for the
benchmark, Merrill Lynch High-Yield Master Index. The high-yield
bond market enjoyed a sustained rally in 1995, nonetheless lagging
the performance results of both the Treasury and investment grade
corporate securities markets. Although all credit rating
classifications of the high-yield bond market participated in the
rally, the bulk of the advance was registered in the upper tier of
the market, credits rated "BB-" or better by Standard & Poor's
Corporation or "Ba3" or better by Moody's Investors Service, Inc.
The High-Yield Bond Portfolio lagged over the past year due to its
underweighting of upper tier securities and the effects of
Bradlees Chapter 11 bankruptcy filing in June. In light of current
economic and market conditions, SunAmerica Asset Management Corp.
has taken steps to lower the portfolio's risk profile, and thus
seek to enhance its overall performance. Such measures include
lowering the portfolio's exposure to more speculative situations,
increasing its weighting of better quality securities, and raising
its exposure to industries such as health care, media and
communications.
The graphs represent past performance, which is not indicative of
future results.
- ---------------------
88
<PAGE> 90
Morgan Stanley Asset Management, Inc.
Worldwide High Income Portfolio
<TABLE>
<CAPTION>
-------------------------------------
World-Wide Lehman Worldwide High Income Portfolio
High Income Brothers Average Annual Total Returns
Portfolio Aggregate* as of 11/30/95
----------- --------- -------------------------------------
<S> <C> <C> <C> <C>
10/28 10,000 10,000 1-year 16.02%
2/28 9,856 10,513 Since Inception (10/28/94) 14.03%
5/31 10,775 11,140 -------------------------------------
8/31 11,190 11,332
11/30 11,544 11,765
*The Lehman Brothers Aggregate Index
combines several Lehman Brothers
fixed-income indexes to give a broad
view of the bond market--70% reflects
the Government/Corporate Bond Index,
29% reflects the Mortgage-Backed
Securities Index and 1% reflects the
</TABLE> Asset-Backed Securities Index.
For the twelve-month period ended November 30, 1995, the Worldwide
High Income Portfolio returned 16.02%, compared to 17.65% for the
benchmark, Lehman Brothers Aggregate Index. Morgan Stanley
continues to believe that emerging market fixed income offers
better value relative to U.S. high yield. As a result, the
portfolio has maintained approximately 74% of its weighting in
bonds of emerging countries, 24.8% in U.S. high yield, and 1.5% in
cash.
Emerging market debt continues to be buoyed by slow growth, low
inflation and a strong U.S. bond market. The positive environment
sparked by rising U.S. Treasury prices provided the fuel for new
money to go after higher yielding emerging market bonds,
particularly brady bonds. Morgan Stanley believes that emerging
debt prices, while staging a powerful rally since mid-March, have
further upside potential based on the simple but powerful
combination of extremely attractive valuations -- largely dollar
bonds yielding 12% to 18%, along with a sometimes fitful but
surely improving outlook for the world's major developing
countries.
The high yield portion of the portfolio has performed well
throughout 1995. Factors driving the performance include declining
Treasury bond rates and a climbing stock market. Bonds that have
performed best in this environment have included those with longer
maturities, thus high durations, and better quality bonds that
tend to be more sensitive to interest rate moves. Weaker
performing sectors have been lower quality bonds; bonds of
companies in more cyclical industries such as paper, steel and
auto-related; and the supermarket industry, which has generally
reported weak sales and earnings.
Some of the portfolio's high yield positions include Southland
Corporation, Six Flags, and Owens-Illinois. Southland Corp. is the
operator of Seven-Eleven stores across the country. Six Flags is
49% owned by Time Warner and the second largest theme park in the
country, behind Disneyland. Owens-Illinois is the leading
packaging company in the world, with profit margins far superior
to its competitors.
In total, the portfolio is invested in approximately fifteen high
yield companies. Morgan Stanley believes this is an adequate
number to give the portfolio good diversification. In addition,
the companies are in a variety of industries -- further protecting
the portfolio from surprises.
The graphs represent past performance, which is not indicative of
future results.
---------------------
89
<PAGE> 91
Phoenix Investment Counsel
Balanced/Phoenix Investment Counsel Portfolio
<TABLE>
<CAPTION>
Balanced Blended Index (Lehman ---------------------------------------------
Phoenix Brothers Aggregate Balanced/Phoenix Investment Counsel Portfolio
Portfolio & S&P 500)* Average Annual Total Returns as of 11/30/95
--------- --------------------- ---------------------------------------------
<S> <C> <C> <C> <C>
10/28 10,000 10,000 1-year 25.89%
2/28 10,509 10,639 Since Inception (10/28/94) 22.99%
5/31 11,112 11,473 ---------------------------------------------
8/31 11,755 11,935
11/30 12,539 12,661 *This blended index consists of 35% Lehman
Brothers Aggregate Index, 55% S&P 500 Index,
and 10% Treasury Bills. The Lehman Brothers
Aggregate Index combines several Lehman
Brothers fixed-income indexes to give a broad
view of the bond market -- 69% reflects the
Government/Corporate Bond Index, 29% reflects
the Mortgage-Backed Securities Index and 1.7%
reflects the Asset-Backed Securities Index. The
S&P 500 Index tracks the performance of 500
stocks representing a sampling of the largest
foreign and domestic stocks traded publicly in
the United States. Because it is market-weighted,
the index will reflect changes in larger companies
more heavily than those in smaller companies.
Treasury Bills are short-term securities with
maturities of one-year or less issued by the
U.S. Government.
</TABLE>
The Balanced/Phoenix Investment Counsel Portfolio posted a solid
return of 25.89% for the twelve-month period ended November 30,
1995, compared to 26.61% for the benchmark, a blended index of the
Lehman Brothers Aggregate, the S&P 500, and Treasury Bills.
Several factors led to the above average results for the period.
An increase in allocation to equities during the summer months
with focus on technology and finance-related stocks provided
incremental returns. In September, the portfolio was adjusted to
incorporate "strategy defense", consistent with our view towards a
trading range market for the balance of the calendar year. Profits
were taken in certain technology stocks, and consumer non-durables
were purchased along with a lineup of utility stocks. This
strategy was for the most part quite successful for the last three
months of the fiscal year. Bay Networks and Northland Cranberries
were two big gainers worth mentioning.
In addition, the fixed income portion was adjusted to increase
diversification through the investment in Non-Agency
Mortgage-Backed securities, both corporate and residential;
Municipal Bonds; as well as an initial purchase of investment
grade emerging market debt, Poland specifically. A longer duration
strategy was also imposed in the portfolio consistent with our
constructive view towards lower longer-term interest rates. The
asset allocation on November 30, 1995 was 51% equities, 37% bonds,
and 12% cash reserves.
The graphs represent past performance, which is not indicative of
future results.
- ---------------------
90
<PAGE> 92
Goldman Sachs Asset Management Company
Asset Allocation Portfolio
<TABLE>
<CAPTION> --------------------------------------
Asset Blended Index Asset Allocation Portfolio
Allocation (Lehman Brothers Average Annual Total Returns
Portfolio Aggregate & S&P 500)* as of 11/30/95
---------- --------------------- --------------------------------------
<S> <C> <C> <C> <C>
7/1 10,000 10,000 1-year 26.10%
8/31 10,250 10,296 Since Inception (7/1/93) 11.82%
11/30 10,360 10,308 --------------------------------------
2/28 10,800 10,425
5/31 10,522 10,191 *The blended index consists of 40%
8/31 10,955 10,571 Lehman Brothers Aggregate Index and
11/30 10,391 10,252 60% S&P 500 Index. The Lehman Brothers
2/28 11,177 10,964 Aggregate Index combines several
5/31 11,961 11,897 Lehman Brothers fixed-income indexes
8/31 12,620 12,404 to give a broad view of the bond
11/30 13,103 13,219 market--70% reflects the Government/
Corporate Bond Index, 29% reflects the
Mortgage-Backed Securities Index and
1% reflects the Asset-Backed Securities
Index. The S&P 500 Index tracks the
performance of 500 stocks representing
a sampling of the largest foreign and
domestic stocks traded publicly in the
United States. Because it is market-
weighted, the index will reflect
changes in larger companies more
heavily than those in smaller
companies.
</TABLE>
For the twelve-month period ended November 30, 1995, the Asset
Allocation Portfolio returned 26.10% versus 28.94% for the
benchmark, a blended index of the Lehman Brothers Aggregate and
the S&P 500.
The current weighting is 65% equities/35% fixed income securities,
slightly overweighted relative to the benchmark of 60%
equities/40% fixed income securities. Goldman Sachs contends that
both their growth and valuation models are bullish and justify the
additional weighting in stocks.
In the equity portion of the portfolio, McDonnell Douglas (2.0%),
Philip Morris (2.0%), and NationsBank (2.0%) all performed
strongly, as each increased over 20% during the period. However,
we were overweighted compared with the S&P 500 in the retail and
cyclical sectors, both of which were weak during the period.
Notably, cyclical holdings including Stone Container (1.8%) and
Ford (1.7%) fared poorly as investors worried about a possible
slowdown in the economy.
The fixed income portion of the portfolio currently matches the
index duration of 4.6 years, with a yield to maturity of 5.82%.
Presently, the manager's outlook for the corporate sector is
cautiously optimistic. General fundamentals remain reasonably good
and technicals are being supported by cash coming from other
markets (such as mortgages). Goldman Sachs is looking for modest
spread tightening, especially in industrials, and continues to
look for investment opportunities. Their outlook for the
Asset-Backed Security (ABS) market has improved to cautiously
optimistic. Over the last month, spreads in the sector widened as
the market experienced a record wave of new offerings and several
negative credit events.
The graphs represent past performance, which is not indicative of
future results.
---------------------
91
<PAGE> 93
Alliance Capital Management, L.P.
Growth-Income Portfolio
<TABLE>
<CAPTION>
-------------------------------------
Growth-Income Portfolio
Growth-Income Average Annual Total Returns
Portfolio S&P 500* as of 11/30/95
------------- -------- -------------------------------------
<S> <C> <C> <C> <C>
2/9 10,000 10,000 1-year 33.89%
2/28 9,970 9,915 Since Inception (2/9/93) 12.42%
5/31 10,190 10,144 -------------------------------------
8/31 10,630 10,517
11/30 10,610 10,551
2/28 10,730 10,743 *The S&P 500 Index tracks the performance
5/31 10,618 10,576 of 500 stocks representing a sampling
8/31 10,959 11,092 of the largest foreign and domestic
11/30 10,377 10,663 stocks traded publicly in the United
2/28 11,230 11,533 States. Because it is market-
5/31 12,141 12,713 weighted, the index will reflect
8/31 12,921 13,473 changes in larger companies more
11/30 13,894 14,606 heavily than those in smaller
companies.
</TABLE>
The Growth-Income Portfolio performed very well for the period
ended November 30, 1995, returning 33.89% compared to 36.98% for
the benchmark, S&P 500 Index. The portfolio's performance was
positively impacted by favorable stock selection in the financial
and healthcare sectors, as well as its underweighting in the
relatively weak energy sector. The performance was negatively
affected by unfavorable stock selection in technology.
Stocks contributing positively to the portfolio's overall
performance included Travelers (+43%), Monsanto (+40%), Eli Lilly
(+30%), Schering Plough (+47%), and United Healthcare (+68%).
Conversely, National Semiconductor (-15%), General Instrument
(-17%), Lowes (-10%), Atlantic Richfield (-4%), and Colgate
Palmolive (-4%), impacted negatively. The largest holdings were
AT&T, Philip Morris, Pepsico, Intel and Eli Lilly.
The graphs represent past performance, which is not indicative of
future results.
- ---------------------
92
<PAGE> 94
Alliance Capital Management, L.P.
Alliance Growth Portfolio
<TABLE>
<CAPTION>
Growth-Income Alliance Growth Portfolio
Portfolio Russell 1000 Growth* Average Annual Total Returns as of 11/30/95
------------- -------------------- -------------------------------------------
<S> <C> <C> <C> <C>
2/9 10,000 10,000 1-year 48.91%
2/28 9,870 9,830 Since Inception (2/9/93) 18.50%
5/31 10,160 9,956 -------------------------------------------
8/31 10,640 10,085
11/30 10,920 10,220
2/28 11,160 10,443
5/31 10,726 10,137
8/31 11,276 10,742 *The Russell 1000 Growth Index consists
11/30 10,818 10,497 of stocks with a greater-than-average
2/28 11,540 11,358 growth orientation. Companies in this
5/31 13,130 12,363 index tend to exhibit higher price-to-book
8/31 15,068 13,389 and price-earnings ratio, lower dividend
11/30 16,109 14,561 yields and higher forecasted growth values.
</TABLE>
The Alliance Growth Portfolio performed very well during the
twelve-month period ended November 30, 1995. It outperformed the
benchmark, Russell 1000 Growth Index, with a return of 48.91%
compared to 38.72%. Favorable stock selection in the financial,
healthcare, and technology sectors contributed to relative
performance, as did an overweighting in airlines (UAL Corp. and
Northwest Airlines), and lack of exposure in the underperforming
energy sector.
Top performing stocks included Cisco, UAL, Northwest Airlines,
United Healthcare, Schering, Plough, Amgen, Merck, AT&T and
Oracle. The largest portfolio positions as of November 30, 1995
were Intel, Philip Morris, Nokia, Disney, Applied Materials,
Hewlett Packard, Microsoft, Airtouch, Fannie Mae and McDonald's.
The graphs represent past performance, which is not indicative of
future results.
---------------------
93
<PAGE> 95
Phoenix Investment Counsel
Growth/Phoenix Investment Counsel Portfolio
<TABLE>
<CAPTION>
Growth/Phoenix -------------------------------------------
Inv. Cnsl. Growth/Phoenix Inv. Counsel Portfolio
Portfolio S&P 500* Average Annual Total Returns as of 11/30/95
-------------- ------- -------------------------------------------
<S> <C> <C> <C> <C>
2/9 10,000 10,000 1-year 32.92%
2/28 9,970 9,915 Since Inception (2/9/93) 10.92%
5/31 10,420 10,144 -------------------------------------------
8/31 10,550 10,517
11/30 10,780 10,551
2/28 11,210 10,743 *The S&P 500 Index tracks the performance
5/31 10,437 10,576 of 500 stocks representing a sampling of
8/31 10,477 11,092 the largest foreign and domestic stocks
11/30 10,065 10,663 traded publicly in the United States.
2/28 10,537 11,533 Because it is market-weighted, the index
5/31 11,433 12,713 will reflect changes in larger companies
8/31 12,594 13,473 more heavily than those in smaller
11/30 13,378 14,606 companies.
</TABLE>
For the twelve month period ended November 30, 1995, the
Growth/Phoenix Investment Counsel Portfolio posted a return of
32.92% compared to 36.98% for the benchmark, S&P 500.
The portfolio's investments in various technology securities,
especially networking and on-line services companies, greatly
contributed to its overall performance. In addition, healthcare
stocks, including medical technology, biotechnology, and
pharmaceutical companies performed well.
The primary reasons for the portfolio's underperformance versus
the benchmark can be attributed to underweight positions in the
financial and utility sectors early in the year, combined with
subsequent underweight exposure in consumer staples late in the
year. Cash holdings also served as a performance drag during this
time period.
Looking forward, Phoenix Investment Counsel anticipates that
earnings growth will slow in coming quarters. They believe that
further Federal Reserve rate cuts are also possible. If so,
investors' expectations about the sustainability of economic
expansion could improve in 1996.
The graphs represent past performance, which is not indicative of
future results.
- ---------------------
94
<PAGE> 96
Provident Investment Counsel
Provident Growth Portfolio
<TABLE>
<CAPTION> ---------------------------------------
Provident Provident Growth Portfolio
Growth Russell 1000 Average Annual Total Returns
Portfolio Growth* as of 11/30/95
--------- ------------ ---------------------------------------
<S> <C> <C> <C> <C>
2/9 10,000 10,000 1-year 30.66%
2/28 9,910 9,830 Since Inception (2/9/93) 10.22%
5/31 9,810 9,956 ---------------------------------------
8/31 10,190 10,085
11/30 10,040 10,220
2/28 10,480 10,443
5/31 10,039 10,137
8/31 10,499 10,742 *The Russell 1000 Growth Index consists
11/30 10,059 10,497 of stocks with a greater-than-average
2/28 10,399 11,358 growth orientation. Companies in this
5/31 11,227 12,363 index tend to exhibit higher price-to-
8/31 12,721 13,389 book and price-earnings ratios, lower
11/30 13,143 14,561 dividend yields and higher forecasted
growth values.
</TABLE>
The Provident Growth Portfolio returned 30.66% for the
twelve-month period ended November 30, 1995, compared to 38.72%
for the benchmark, Russell 1000 Growth Index.
Provident continues to invest in high-growth companies with
superior revenue and earnings growth and very strong financial
characteristics. These stocks have performed well over the last
six months but tend to be more volatile than the Russell 1000,
which is comprised of larger-capitalization, slower-growth
companies. During any given short period of time, the portfolio
may underperform, but Provident believes that over time the
superior growth rates will equate to superior stock performance.
The outlook for growth stocks remains very attractive due to the
slower economy. The portfolio continues to have significant
exposure in the technology, specialty finance and
telecommunications sectors. Its exposure to the healthcare sector
has increased over the last six months with the addition of Amgen,
Pfizer, Merck, St. Jude Medical, and Healthsouth. Provident
believes these stocks will enjoy superior growth rates over the
next several years.
The graphs represent past performance, which is not indicative of
future results.
---------------------
95
<PAGE> 97
Davis Selected Advisers, L.P.
Venture Value Portfolio
<TABLE>
<CAPTION>
Venture --------------------------------------------
Value Venture Value Portfolio
Portfolio S&P 500* Average Annual Total Returns as of 11/30/95
--------- ------- --------------------------------------------
<S> <C> <C> <C> <C>
10/28 10,000 10,000 1-year 38.17%
2/28 10,684 10,817 Since Inception (10/28/94) 31.71%
5/31 11,678 11,923 --------------------------------------------
8/31 12,952 12,636
11/30 13,514 13,698
*The S&P 500 Index tracks the performance
of 500 stocks representing a sampling of
the largest foreign and domestic stocks
traded publicly in the United States. Because
it is market-weighted, the index will reflect
changes in larger companies more heavily than
those in smaller companies.
</TABLE>
The Venture Value Portfolio returned 38.17% for the twelve-month
period ended November 30, 1995, compared to 36.98% for the
benchmark, S&P 500.
The portfolio currently emphasizes four main areas: financial
stocks, big name technology stocks, selected cyclical, and several
multinational holdings. Financials continue to undergo a secular
price/earnings expansion, benefiting companies within the
portfolio such as Travelers, American Express, and Chubb. Big name
technologies are the fastest growing area in a slow growing world,
benefiting companies such as Intel, Hewlett-Packard, and Texas
Instruments. Selected cyclical sectors, particularly paper and
autos, are benefiting from share repurchases and a long business
expansion, which may benefit holdings such as General Motors and
Union Camp. Core multinational companies are growing from the
expansion of worldwide demand as net markets open up to American
businesses, benefiting companies such as Coca-Cola, McDonald's,
and American International Group.
Davis Selected Advisers remains committed to financial stocks as
their single largest industry weighting, and continues to believe
that certain companies in the technology sector provide excellent
potential.
The graphs represent past performance, which is not indicative of
future results.
- ---------------------
96
<PAGE> 98
Alliance Capital Management, L.P.
Global Equities Portfolio
<TABLE>
<CAPTION>
-------------------------------------
Global MSCI Global Equities Portfolio
Equities world Average Annual Total Returns
Portfolio Index* as of 11/30/95
--------- ------ -------------------------------------
<S> <C> <C> <C> <C>
2/9 10,000 10,000 1-year 15.58%
2/28 9,970 10,110 Since Inception (2/9/93) 11.50%
5/31 10,670 11,446 -------------------------------------
8/31 11,260 12,102
11/30 10,990 11,497
2/28 12,090 12,694 *The MSCI World Index is one of the
5/31 11,976 12,561 Morgan Stanley Capital International
8/31 12,409 13,156 indexes and measures stock market
11/30 11,755 12,610 performance in the U.S., Europe,
2/28 11,614 12,732 Canada, Australia, New Zealand, the
5/31 12,649 13,935 Far East and emerging markets.
8/31 13,054 14,310
11/30 13,574 15,006
</TABLE>
The Global Equities Portfolio returned 15.58% for the twelve
months ended November 30, 1995, lagging behind the 19.00% of its
benchmark, MSCI World Index. The largest positive contribution to
performance was superior stock selection in both Japan and Asia.
The portfolio also benefited from currency hedges versus the
Japanese yen. Conversely, the portfolio was negatively impacted by
being underweighted in the United States, and European currency
hedges largely offset the positive impact of the yen hedge.
Stocks in the technology and financial sectors in Japan performed
well, including Rolm, Kyocera, Sumitomo Bank, Asahi Bank, and
Nomura. In Hong Kong, Citic Pacific and New World Development
contributed positively.
The largest country exposures at November 30, 1995, were the
United States (36.1%), Japan (23.2%), the United Kingdom (7.9%),
France (5.6%), and Germany (3.3%).
The graphs represent past performance, which is not indicative of
future results.
---------------------
97
<PAGE> 99
Morgan Stanley Asset Management, Inc.
International Diversified Equities Portfolio
<TABLE>
<CAPTION> -----------------------------------------
International Diversified Equities
International Portfolio
Diversified MSCI Average Annual Total Returns
Portfolio EAFE* as of 11/30/95
------------- ----- -----------------------------------------
<S> <C> <C> <C> <C>
10/28 10,000 10,000 1-year 4.63%
2/28 9,073 9,655 Since Inception (10/28/94) 2.13%
5/31 9,759 10,525 -----------------------------------------
8/31 10,021 10,573
11/30 10,233 10,790
*The Morgan Stanley Capital International
Europe, Australia, and Far East Index
(EAFE) represents the foreign stocks of
19 countries in Europe, Australia, and
the Far East.
</TABLE>
The International Diversified Equities Portfolio returned 4.63%
for the twelve-month period ended November 30, 1995,
underperforming the 7.90% benchmark, MSCI EAFE Index. The
portfolio's most significant overweights are in Japan and Asia.
Morgan Stanley believes Japan is the most attractive of the big,
developed markets, and that developed and developing Asia will
outperform other markets given their consistent, high-growth rates
and attractive valuations. Their favorite Asian country is Hong
Kong, where prospects of a soft-landing in China, combined with a
turn in the real estate cycle, bode well for the market.
Going forward, Morgan Stanley remains bullish on its outlook for
international equities, as the world's liquidity cycle is still
very positive, major economies are either sluggish or slowing, and
inflation continues to decline.
The graphs represent past performance, which is not indicative of
future results.
- ---------------------
98
<PAGE> 100
Performance figures quoted are for the underlying portfolios in
the SunAmerica Series Trust; therefore, they are not net of the
fees and charges associated with the variable annuity. 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.
---------------------
99
<PAGE> 101
R-1411-AR
