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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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008 A001101 SUNAMERICA ASSET MANAGEMENT CORP.
<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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008 A001301 SUNAMERICA ASSET MANAGEMENT CORP.
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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<PAGE> PAGE 71
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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<PAGE> PAGE 75
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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<PAGE> PAGE 78
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<PAGE> PAGE 79
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<PAGE> PAGE 81
068 A001800 N
068 B001800 N
069 001800 N
070 A011800 Y
070 A021800 Y
070 B011800 Y
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070 D011800 Y
070 D021800 N
070 E011800 Y
070 E021800 N
070 F011800 Y
070 F021800 N
070 G011800 Y
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<PAGE> PAGE 82
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<PAGE> PAGE 83
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SIGNATURE PETER C. SUTTON
TITLE CONTROLLER
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<NAME> SUNAMERICA SERIES TRUST ALLIANCE GROWTH
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<NAME> SUNAMERICA SERIES TRUST
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<NAME> SUNAMERICA SERIES TRUST GROWTH PHOENIX
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<NAME> SUNAMERICA SERIES TRUST
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<NAME> SUNAMERICA SERIES TRUST PROVIDENT GROWTH
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<NAME> SUNAMERICA SERIES TRUST GROWTH & INCOME
<S> <C>
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<NAME> SUNAMERICA SERIES TRUST
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<NAME> SUNAMERICA SERIES TRUST HIGH YIELD BOND
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<CIK> 0000892538
<NAME> SUNAMERICA SERIES TRUST
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<NAME> SUNAMERICA SERIES TRUST CASH MANAGEMENT
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<NAME> SUNAMERICA SERIES TRUST
<SERIES>
<NUMBER> 008
<NAME> SUNAMERICA SERIES TRUST
<S> <C>
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<CIK> 0000892538
<NAME> SUNAMERICA SERIES TRUST
<SERIES>
<NUMBER> 009
<NAME> SUNAMERICA SERIES TRUST GLOBAL BOND
<S> <C>
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<CIK> 0000892538
<NAME> SUNAMERICA SERIES TRUST
<SERIES>
<NUMBER> 010
<NAME> SUNAMERICA SERIES TRUST CORPORATE BOND
<S> <C>
<PERIOD-TYPE> 12-MOS
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<TABLE> <S> <C>
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<CIK> 0000892538
<NAME> SUNAMERICA SERIES TRUST
<SERIES>
<NUMBER> 011
<NAME> SUNAMERICA SERIES TRUST BALANCED PHOENIX
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000892538
<NAME> SUNAMERICA SERIES TRUST
<SERIES>
<NUMBER> 012
<NAME> SUNAMERICA SERIES TRUST VENTURE VALUE
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000892538
<NAME> SUNAMERICA SERIES TRUST
<SERIES>
<NUMBER> 013
<NAME> SUNAMERICA SERIES TRUST WORLDWIDE HIGH INCOME
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000892538
<NAME> SUNAMERICA SERIES TRUST
<SERIES>
<NUMBER> 014
<NAME> SUNAMERICA SERIES TRUST INTERNATIONAL DIVERSIFIED EQUITIES
<S> <C>
<PERIOD-TYPE> 12-MOS
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000892538
<NAME> SUNAMERICA SERIES TRUST
<SERIES>
<NUMBER> 015
<NAME> SUNAMERICA SERIES TRUST UTILITY
<S> <C>
<PERIOD-TYPE> 12-MOS
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000892538
<NAME> SUNAMERICA SERIES TRUST
<SERIES>
<NUMBER> 016
<NAME> SUNAMERICA SERIES TRUST SUNAMERICA BALANCED
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> JUN-03-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 9,164,380
<INVESTMENTS-AT-VALUE> 9,987,188
<RECEIVABLES> 259,301
<ASSETS-OTHER> 214
<OTHER-ITEMS-ASSETS> 2,409
<TOTAL-ASSETS> 10,249,112
<PAYABLE-FOR-SECURITIES> 8,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,318
<TOTAL-LIABILITIES> 25,318
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,316,155
<SHARES-COMMON-STOCK> 918,897
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 56,068
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 28,763
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 822,808
<NET-ASSETS> 10,223,794
<DIVIDEND-INCOME> 22,547
<INTEREST-INCOME> 62,733
<OTHER-INCOME> 0
<EXPENSES-NET> (29,212)
<NET-INVESTMENT-INCOME> 56,068
<REALIZED-GAINS-CURRENT> 28,763
<APPREC-INCREASE-CURRENT> 822,808
<NET-CHANGE-FROM-OPS> 907,639
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,113,491
<NUMBER-OF-SHARES-REDEEMED> (194,594)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10,223,794
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 20,449
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 41,704
<AVERAGE-NET-ASSETS> 5,907,132
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 1.03
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.13
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000892538
<NAME> SUNAMERICA SERIES TRUST
<SERIES>
<NUMBER> 017
<NAME> SUNAMERICA SERIES TRUST FEDERATED VALUE
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> JUN-03-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 11,119,437
<INVESTMENTS-AT-VALUE> 12,315,546
<RECEIVABLES> 216,977
<ASSETS-OTHER> 208
<OTHER-ITEMS-ASSETS> 941
<TOTAL-ASSETS> 12,533,672
<PAYABLE-FOR-SECURITIES> 52,272
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21,872
<TOTAL-LIABILITIES> 74,144
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,245,757
<SHARES-COMMON-STOCK> 1,124,250
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 40,137
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (22,475)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,196,109
<NET-ASSETS> 12,459,528
<DIVIDEND-INCOME> 64,547
<INTEREST-INCOME> 9,153
<OTHER-INCOME> 0
<EXPENSES-NET> (33,563)
<NET-INVESTMENT-INCOME> 40,137
<REALIZED-GAINS-CURRENT> (22,475)
<APPREC-INCREASE-CURRENT> 1,196,109
<NET-CHANGE-FROM-OPS> 1,213,771
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,158,140
<NUMBER-OF-SHARES-REDEEMED> (33,890)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 12,459,528
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 23,973
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 50,240
<AVERAGE-NET-ASSETS> 6,463,400
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 1.01
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.08
<EXPENSE-RATIO> 1.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000892538
<NAME> SUNAMERICA SERIES TRUST
<SERIES>
<NUMBER> 018
<NAME> SUNAMERICA SERIES TRUST AGGRESSIVE GROWTH
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> NOV-03-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 31,810,867
<INVESTMENTS-AT-VALUE> 34,902,080
<RECEIVABLES> 334,684
<ASSETS-OTHER> 597
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 35,237,361
<PAYABLE-FOR-SECURITIES> 30,543
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 82,516
<TOTAL-LIABILITIES> 113,059
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,699,261
<SHARES-COMMON-STOCK> 3,389,423
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 39,730
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (705,902)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,091,213
<NET-ASSETS> 35,124,302
<DIVIDEND-INCOME> 26,838
<INTEREST-INCOME> 104,281
<OTHER-INCOME> 0
<EXPENSES-NET> (91,389)
<NET-INVESTMENT-INCOME> 39,730
<REALIZED-GAINS-CURRENT> (705,902)
<APPREC-INCREASE-CURRENT> 3,091,213
<NET-CHANGE-FROM-OPS> 2,425,041
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,051,127
<NUMBER-OF-SHARES-REDEEMED> (661,704)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 35,124,302
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 65,277
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 94,574
<AVERAGE-NET-ASSETS> 17,599,608
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.34
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.36
<EXPENSE-RATIO> 1.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
January 10, 1997
To the Trustees of
SunAmerica Series Trust
In planning and performing our audit of the financial
statements of SunAmerica Series Trust (the "Trust")
for the year ended November 30, 1996, we considered
its internal control structure, including procedures
for safeguarding securities, in order to determine our
auditing procedures for the purposes of expressing our
opinion on the financial statements and to comply with
the requirements of Form N-SAR, and not to provide
assurance on the internal control structure.
The management of the Trust is responsible for
establishing and maintaining an internal control
structure. In fulfilling this responsibility,
estimates and judgments by management are required to
assess the expected benefits and related costs of
internal control structure policies and procedures.
Two of the objectives of an internal control structure
are to provide management with reasonable, but not
absolute, assurance that assets are appropriately
safeguarded against loss from unauthorized use or
disposition and that transactions are executed in
accordance with management's authorization and
recorded properly to permit preparation of financial
statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal
control structure, errors or irregularities may occur
and may not be detected. Also, projection of any
evaluation of the structure to future periods is
subject to the risk that it may become inadequate
because of changes in conditions or that the
effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure
would not necessarily disclose all matters in the
internal control structure that might be material
weaknesses under standards established by the American
Institute of Certified Public Accountants. A material
weakness is a condition in which the design or
operation of the specific internal control structure
elements does not reduce to a relatively low level the
risk that errors or irregularities in amounts that
would be material in relation to the financial
statements being audited may occur and not be detected
within a timely period by employees in the normal
course of performing their assigned functions.
However, we noted no matters involving the internal
control structure, including procedures for
safeguarding securities, that we consider to be
material weaknesses as defined above as of November
30, 1996.
This report is intended solely for the information and
use of management and the Securities and Exchange
Commission.
PRICE WATERHOUSE LLP
SunAmerica Series Trust
Shareholder Information
Supplemental Proxy Information: A special Meeting of
the Shareholders of the SunAmerica Series Trust Fixed
Income Portfolio was held on June 3, 1996. The
following is a summary of each proposal presented and
the total number of shares voted:
Proposal
1. Proposal to approve, with the respect to the
2. Portfolio, the continuation of the Investment
3. Advisory and Management Agreement between
4. SunAmerica Asset Management Corp. ("SunAmerica")
5. and the Trust on behalf of the Portfolio.
Votes in Favor of 2,855,767
Votes Against 47,706
Votes Abstained 155,340
2. Proposal to approve new Subadvisory Agreement
3. between SunAmerica and Federated Investment
4. Counseling ("Federated") pursuant to which
5. Federated will serve as subadvisor with respect to
6. the assets of the Portfolio.
Votes in Favor of 2,807,264
Votes Against 82,719
Votes Abstained 168,849
INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT
This INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT
is dated as of
September 16, 1992, as amended on August 30, 1994 and
April 18, 1996, between
SUNAMERICA SERIES TRUST, a Massachusetts business
trust (the "Trust") and
SUNAMERICA ASSET MANAGEMENT CORP., a Delaware
corporation (the "Adviser" or
"SAAMCo").
In consideration of the mutual agreements herein
made, the parties hereto
agree as follows:
1.
The Trust's Portfolios. The Trust is authorized to
issue shares in separate
series, with each series representing interests in a
separate portfolio of
securities and other assets, and currently offers
shares of the series set
forth in Schedule A attached hereto (the
"Portfolios"). It is recognized that
additional Portfolios may be added and certain current
Portfolios may be
deleted in the future.
2.
Duties of the Adviser. The Adviser shall manage the
affairs of the Trust as
set forth herein, either by taking such actions itself
or by delegating its
duties to a subadviser pursuant to a written
subadvisory agreement. Such
duties shall include, but not limited to, continuously
providing the Trust
with investment management, including investment
research, advice and
supervision, determining which securities shall be
purchased or sold by each
Portfolio of the Trust and making purchases and sales
of securities on behalf
of each Portfolio. The Adviser's management shall be
subject to the control
of the Trustees of the Trust (the "Trustees") and in
accordance with the
objectives, policies and restrictions for each such
Portfolio set forth in the
Trust's Registration Statement and its current
Prospectus and Statement of
Additional Information, as amended from time to time,
the requirements of the
Investment Company Act of 1940, as amended (the "Act")
and other applicable
law, as well as to the factors affecting the Trust's
status as a regulated
investment company under the Internal Revenue Code of
1986, as amended, (the
"Code") and the regulations thereunder and the status
of variable contracts
under the diversification requirements set forth in
Section 817(h) of the Code
and the regulations thereunder. In performing such
duties, the Adviser shall
(i) provide such office space, bookkeeping,
(ii) accounting, clerical, secretarial
and administrative services (exclusive of, and in
addition to, any such
service provided by any others retained by the Trust
or any of its Portfolios)
and such executive and other personnel as shall be
necessary for the
operations of each Portfolio, (ii) be responsible for
the financial and
accounting records required to be maintained by each
Portfolio (including
those maintained by the Trust's custodian), and (iii)
oversee the performance
of services provided to each Portfolio by others,
including the custodian,
transfer agent, shareholder servicing agent and
subadviser, if any. The Trust
acknowledges that the Adviser also acts as the manager
of other investment
companies.
With respect to the Cash Management Portfolio,
the Adviser hereby accepts
the responsibilities for making the determinations
required by Rule 2a-7 under
the Act to be made by the Trustees of the Trust and
which are delegable by the
Trustees pursuant to paragraph (e) of such Rule, to
the extent that the
Trustees may hereinafter delegate such
responsibilities to the Adviser.
The Adviser may delegate certain of its duties
under this Agreement with
respect to a Portfolio to a subadviser pursuant to a
written agreement,
subject to the approval of the Trustees and a
Portfolio's shareholders, as
required by the Act. The Adviser is solely
responsible for payment of any
fees or other charges to a subadviser arising from
such delegation and the
Trust shall have no liability therefor.
3.
Expenses. The Adviser shall pay all of its expenses
arising from the
performance of its obligations under this Agreement
and shall pay any
salaries, fees and expenses of the Trustees and any
officers of the Trust who
are employees of the Adviser. The Adviser shall not
be required to pay any
other expenses of the Trust, including, but not
limited to, direct charges
relating to the purchase and sale of portfolio
securities, interest charges,
fees and expenses of independent attorneys and
auditors, taxes and
governmental fees, cost of stock certificates and any
other expenses
(including clerical expenses) of issue, sale,
repurchase or redemption of
shares, expenses of registering and qualifying shares
for sale, expenses of
printing and distributing reports, notices and proxy
materials to
shareholders, expenses of data processing and related
services, shareholder
recordkeeping and shareholder account service,
expenses of printing and filing
reports and other documents filed with governmental
agencies, expenses of
printing and distributing prospectuses, expenses of
annual and special
shareholders' meetings, fees and disbursements of
transfer agents and
custodians, expenses of disbursing dividends and
distributions, fees and
expenses of Trustees who are not employees of the
Adviser or its affiliates,
membership dues in the Investment Company Institute,
insurance premium dues in
the Investment Company Institute, insurance premiums
and extraordinary
expenses such as litigation expenses.
4.
Compensation. (a) As compensation for services
performed and the facilities
and personnel provided by the Adviser under this
Agreement, the Trust will pay
to the Adviser, promptly after the end of each month
for the services rendered
by the Adviser during the preceding month, the sum of
the amounts set forth in
Schedule A attached hereto calculated in accordance
with the average daily net
assets of the indicated Portfolio.
To the extent required by the laws of any state
in which the Trust is
subject to an expense guarantee limitation, if the
aggregate expenses of any
Portfolio in any fiscal year exceed the specified
expense limitation ratios
for that year (calculated on a daily basis), the
Adviser agrees to waive such
portion of its advisory fee in excess of the
limitation, but such waiver shall
not exceed the full amount of the advisory fee for
such year except as may be
elected by Adviser in its discretion. For this
purpose, aggregate expenses of
a Portfolio shall include the compensation of the
Adviser and all normal
expenses, fees and charges, but shall exclude
interest, taxes, brokerage fees
on portfolio transactions, fees and expenses incurred
in connection with the
distribution of Trust shares, and extraordinary
expenses including litigation
expenses. In the event any amounts are so contributed
by the Adviser to the
Trust, the Trust agrees to reimburse the Adviser for
any expenses waived,
provided that such reimbursement does not result in
increasing the Trust's
aggregate expenses above the aforementioned expense
limitation ratios.
The Adviser's fee shall be accrued daily at
1/365th of the applicable
annual rate set forth above. For the purpose of
accruing compensation, the
net assets of the Portfolio shall be that determined
in the manner and on the
dates set forth in the current prospectus of the Trust
and, on days on which
the net assets are not so determined, the net asset
computation to be used
shall be as determined on the next day on which the
net assets shall have been
determined.
(b) Upon any termination of this Agreement on a
(c) day other than the last
day of the month, the fee for the period from the
beginning of the month in
which termination occurs to the date of termination
shall be prorated
according to the proportion which such period bears to
the full month.
5.
Purchase and Sale of Securities. The Adviser shall
purchase securities from
or though and sell securities to or through such
persons, brokers or dealers
as the Adviser shall deem appropriate in order to
carry out the policies with
respect to portfolio transactions as set forth in the
Trust's Registration
Statement and its current Prospectus or Statement of
Additional Information,
as amended from time to time, or as the Trustees may
direct from time to
time.
Nothing herein shall prohibit the Trustees from
approving the payment by
the Trust of additional compensation to others for
consulting services,
supplemental research and security and economic
analysis.
6.
Term of Agreement. This Agreement shall continue in
full force and effect
with respect to each Portfolio until two years from
the date approved by the
Trustees of the Trust in respect of such Portfolio,
and from year to year
thereafter so long as such continuance is approved at
least annually (i) by
the Trustees by vote cast in person at a meeting
called for the purpose of
voting on such renewal, or by the vote of a majority
of the outstanding voting
securities (as defined by the Act) of such Portfolio
with respect to which
renewal is to be effected, and (ii) by a majority of
the non-interested
Trustees by vote cast in person at a meeting called
for the purpose of voting
on such renewal. Any approval of this Agreement or
the renewal thereof with
respect to a Portfolio by the vote of a majority of
the outstanding voting
securities of that Portfolio, or by the Trustees of
the Trust which shall
include a majority of the non-interested Trustees,
shall be effective to
continue this Agreement with respect to that Portfolio
notwithstanding (a)
that this Agreement or the renewal thereof has not
been so approved as to any
other Portfolio, or (b) that this Agreement or the
renewal thereof has not
been so approved by the vote of a majority of the
outstanding voting
securities of the Trust as a whole.
7.
Termination. This Agreement may be terminated at any
time as to a Portfolio,
without payment of any penalty, by the Trustees or by
the vote of a majority
of the outstanding voting securities (as defined in
the Act) of such Portfolio
on sixty (60) days' written notice to the Adviser.
Similarly, the Adviser may
terminate this Agreement without penalty on like
notice to the Trust provided,
however, that this Agreement may not be terminated by
the Adviser unless
another investment advisory agreement has been
approved by the Trust in
accordance with the Act, or after six months' written
notice, whichever is
earlier. This Agreement shall automatically terminate
in the event of its
assignment (as defined in the Act).
8.
Reports. The Adviser shall report to the Trustees, or
to any committee or
officers of the Trust acting pursuant to the authority
of the Trustees, at
such times and in such detail as shall be reasonable
and as the Board may deem
appropriate in order to enable the Trust to determine
that the investment
policies of each Portfolio are being observed and
implemented and that the
obligations of the Adviser under this Agreement are
being fulfilled. Any
investment program undertaken by the Adviser pursuant
to this Agreement and
any other activities undertaken by the Adviser on
behalf of the Trust shall at
all times be subject to any directives of the Trustees
or any duly constituted
committee or officer of the Trust acting pursuant to
the authority of the
Trustees.
9.
Records. The Trust is responsible for maintaining and
preserving for such
period or periods as the Securities and Exchange
Commission may prescribe by
rules and regulations, such accounts, books and other
documents as constitute
the records forming the basis for all reports,
including financial statements
required to be filed pursuant to the Act and for the
Trust's auditor's
certification relating thereto. The Adviser hereby
undertakes and agrees to
maintain in the form and for the periods required by
Rule 31a-2 under the Act,
all records relating to the Portfolio's investments
that are required to be
maintained pursuant to the requirements of Rule 31a-1
of the Act.
The Adviser and the Trust agree that all
accounts, books and other
records maintained and preserved by each as required
hereby shall be subject
at any time, and from time to time, to such reasonable
periodic, special and
other examinations by the Securities and Exchange
Commission, the Trust's
auditors, the Trust or any representative of the
Trust, or any governmental
agency or other instrumentality having regulatory
authority over the Trust.
It is expressly understood and agreed that the books
and records maintained by
the Adviser on behalf of each Portfolio shall, at all
times, remain the
property of the Trust.
10.
Liability of Adviser. In the absence of willful
misfeasance, bad faith, gross
negligence or reckless disregard of obligations or
duties ("disabling
conduct") hereunder on the part of the Adviser (and
its officers, directors,
agents, employees, controlling persons, shareholders
and any other person or
entity affiliated with the Adviser), the Adviser shall
not be subject to
liability to the Trust or to any other person for any
act or omission in the
course of, or connected with, rendering services
hereunder including, without
limitation, any error of judgment or mistake of law or
for any loss suffered
by any of them in connection with the matters to which
this Agreement relates,
except to the extent specified in Section 36(b) of the
Act concerning loss
resulting from a breach of fiduciary duty with respect
to the receipt of
compensation for services. Except for such disabling
conduct or liability
under Section 36(b) of the Act, the Trust shall
indemnify the Adviser (and its
officers, directors, agents, employees, controlling
persons, shareholders and
any other person or entity affiliated with the
Adviser) from any liability
arising from the Adviser's conduct under this
Agreement.
Indemnification to the Adviser or any of its
personnel or affiliates
shall be made when (A) a final decision on the merits
rendered, by a court or
other body before whom the proceeding was brought,
that the person to be
indemnified was not liable by reason of disabling
conduct or, (B) in the
absence of such a decision, a reasonable
determination, based upon a review of
the facts, that the person to be indemnified was not
liable by reason of
disabling conduct, by (a) the vote of a majority of a
quorum of Trustees who
are neither "interested persons" of the Trust as
defined in Section 2(a)(19)
of the Act nor parties to the proceeding
("disinterested, non-party
Trustees"), or (b) an independent legal counsel in a
written opinion. The
Trust may, by vote of a majority of the disinterested,
non-party Trustees,
advance attorneys' fees or other expenses incurred by
officers, Trustees,
investment advisers, subadvisers or principal
underwriters, in defending a
proceeding upon the undertaking by or on behalf of the
person to be
indemnified to repay the advance unless it is
ultimately determined that such
person is entitled to indemnification. Such advance
shall be subject to at
least one of the following: (i) the person to be
indemnified shall provide
adequate security for his undertaking, (ii) the Trust
shall be insured against
losses arising by reason of any lawful advances, or
(iii) a majority of a
quorum of the disinterested, non-party Trustees, or an
independent legal
counsel in a written opinion, shall determine, based
on a review of readily
available facts, that there is reason to believe that
the person to be
indemnified ultimately will be found entitled to
indemnification.
11.
Miscellaneous. Anything herein to the contrary
notwithstanding, this
Agreement shall not be construed to require, or to
impose any duty upon either
of the parties, to do anything in violation of any
applicable laws or
regulations.
The Declaration of Trust establishing the Trust, a copy of which is on
file in the office of the Secretary of the
Commonwealth of Massachusetts,
provides that the name of the Trust refers to the
Trustees collectively as
Trustees, not as individuals or personally; and that
no Trustee, shareholder,
officer, employee or agent of the Trust shall be held
to any personal
liability, nor shall resort be had to their private
property for the
satisfaction of any obligation or claim or otherwise
in connection with the
affairs of the Trust or any Portfolio; but that the
Trust Estate shall be
liable. Notice is hereby given that nothing contained
herein shall be
construed to be binding upon any of the Trustees,
officers, or shareholders of
the Trust individually.
IN WITNESS WHEREOF, the Trust and the Adviser
have caused this Agreement
to be executed by their duly authorized officers as of
the date first above
written.
SUNAMERICA
SERIES TRUST
By:/s/James K. Hunt
James K.
Hunt
Chairman
and President
SUNAMERICA ASSET
MANAGEMENT CORP.
By:/s/Peter A.
Harbeck
Peter A. Harbeck
President<PAGE>SCHEDULE A
FEE RATE (as a
% of average
FUND daily net
asset value)
Alliance Growth Portfolio .70%
to $ 50MM
.65% next
$100MM
.60%
next $150MM
.55%
next $200MM
.50% over
$500MM
Growth/Phoenix Investment .70%
to $
50MM
Counsel Portfolio .65%
next $100MM
.60% next
$150MM
.55% next
$200MM
.50% over
$500MM
Balanced/Phoenix Investment .70%
to $ 50MM
Counsel Portfolio
.65% next $100MM
.60% next
$150MM
.55% next
$200MM
.50% over
$500MM
Growth-Income Portfolio .70%
to $
50MM
.65%
next $100MM
.60%
next $150MM
.55%
next $200MM
.50%
over $500MM
Provident Growth Portfolio
.85% to $
50MM
.80% next
$100MM
.70% next
$100MM
.65%
next $100MM
.60%
over $350MM
Global Equities Portfolio .90%
to $
50MM
.80%
next $100MM
.70%
next $150MM
.65%
over $300MM
Venture Value Portfolio
.80% to
$100MM
.75%
next $400MM
.70%
over $500MM
Asset Allocation Portfolio
.75% to $
50MM
.65%
next $100MM
.60%
next $100MM
.55%
over $250MM
Global Bond Portfolio
.75% to
$ 50MM
.65% next
$100MM
.60% next
$100MM
.55% over
$250MM
High-Yield Bond Portfolio
.70% to
$ 50MM
.65% next
$100MM
.60% next
$100MM
.55% over
$250MM
Corporate Bond Portfolio
.70%
to $ 50MM
.60% next
$100MM
.55% next
$100MM
.50% over
$250MM
International Diversified Equities Portfolio
1.00% of Net Assets
Worldwide High Income Portfolio 1.00% of
Net Assets
Cash Management Portfolio
.55% to
$100MM
.50% next
$200MM
.45% over
$300MM
Federated Value Portfolio
.75% to
$150MM
.60% next
$350MM
.50% over
$500MM
Utility Portfolio
.75% to
$150MM
.60% next
$350MM
.50% over
$500MM
Aggressive Growth Portfolio
.75% to
$100MM
.675% next
$150MM
.625% next
$250MM
.600% over
$500MM
SunAmerica Balanced Portfolio
.70% to
$ 50MM
.65% next
$100MM
.60%
next $150MM
.55%
next $200MM
.50%
over $500MM
April 18, 1996
SUBADVISORY AGREEMENT
This SUBADVISORY AGREEMENT is dated as of
April 18, 1996 by and
between SUNAMERICA ASSET MANAGEMENT CORP., a Delaware
corporation (the
"Adviser"), and FEDERATED INVESTMENT COUNSELING, , a
Delaware business trust
(the "Subadviser").
WITNESSETH:
WHEREAS, the Adviser and SunAmerica Series Trust,
a Massachusetts
business trust (the "Trust"), have entered into an
Investment Advisory and
Management Agreement dated as of September 16, 1992,
as amended, (the
"Advisory Agreement") pursuant to which the Adviser
has agreed to provide
investment management, advisory and administrative
services to the Trust; and
WHEREAS, the Trust is registered under the
Investment Company Act of
1940, as amended (the "Act"), as an open-end
management investment company and
may issue shares of beneficial interest, par value
$.01 per share, in
separately designated portfolios representing separate
funds with their own
investment objectives, policies and purposes; and
WHEREAS, the Subadviser is engaged in the
business of rendering
investment advisory services and is registered as an
investment adviser under
the Investment Advisers Act of 1940, as amended; and
WHEREAS, the Adviser desires to retain the
Subadviser to furnish
investment advisory services to the investment
portfolio or portfolios of the
Trust listed on Schedule A attached hereto (the
"Portfolio(s)"), and the
Subadviser is willing to furnish such services;
NOW, THEREFORE, it is hereby agreed between the
parties hereto as
follows:
1. Duties of the Subadviser. The Adviser
2. hereby engages the services
of the Subadviser in furtherance of its Investment
Advisory and Management
Agreement with the Trust. Pursuant to this
Subadvisory Agreement and subject
to the oversight and review of the Adviser, the
Subadviser will manage the
investment and reinvestment of the assets of each
Portfolio listed on Schedule
A attached hereto. Subject to the oversight and
review of the Adviser, the
Subadviser will determine in its discretion the
securities to be purchased or
sold, and through delegated authority from the
Adviser, execute such documents
as may be necessary in connection therewith; will
provide the Adviser with
records concerning its activities which the Adviser or
the Trust is required
to maintain; and will render regular reports to the
Adviser and to officers
and Trustees of the Trust concerning its discharge of
the foregoing
responsibilities. The Subadviser shall discharge the
foregoing
responsibilities subject to the control of the
officers and the Trustees of
the Trust and in compliance with such policies as the
Trustees of the Trust
may from time to time establish, and in compliance
with the objectives,
policies, and limitations for the Portfolio(s) set
forth in the Trust's
current prospectus and statement of additional
information.
The Subadviser represents and warrants that
its management of the
Portfolios will at all times conform with: (1) the
objectives, policies, and
limitations for the Portfolio(s) set forth in the
Trust's current prospectus
and statement of additional information; (2) the
provisions of Subchapter M of
the Internal Revenue Code of 1986, as amended (the
"Code"), applicable to
"regulated investment companies", including those
investment companies
underlying variable annuities; (3) the provisions of
the Act and rules
adopted thereunder applicable to the Portfolios; (4)
the diversification
requirements specified in the Internal Revenue
Service's regulations under
Section 817(h) of the Code; (5) applicable state
insurance laws provided to
Subadviser by Adviser in writing (which may be
satisfied through delivery to
Subadviser of a copy of the Trust's current
prospectus), or as acknowledged in
a written undertaking by Subadviser; (6) applicable
federal and state
securities laws; and (7) the distribution requirements
necessary to avoid
payment of any excise tax pursuant to Section 4982 of
the Code. The
Subadviser further represents and warrants that to the
extent that any
statements or omissions made in any Registration
Statement for the Contracts
or shares of the Trust, or any amendment or supplement
thereto, are made in
reliance upon and in conformity with information
furnished by the Subadviser
expressly for use therein, such Registration Statement
and any amendments or
supplements thereto will, when they become effective,
conform in all material
respects to the requirements of the Securities Act of
1933 and the rules and
regulations of the Commission thereunder (the "1933
Act") and the Act and will
not contain any untrue statement of a material fact or
omit to state any
material fact required to be stated therein or
necessary to make the
statements therein not misleading.
The Subadviser accepts such employment and
agrees, at its own
expense, to render the services set forth herein and
to provide the office
space, furnishings, equipment and personnel required
by it to perform such
services on the terms and for the compensation
provided in this Agreement.
2. Representations and Warranties of the
3. Adviser. The Adviser
represents and warrants to the Subadviser that: (1) it
is a corporation duly
formed and validly existing under the laws of
Delaware; (2) it is duly
authorized to execute and deliver this Agreement and
to perform its
obligations thereunder; and (3) it is registered with
the Securities and
Exchange Commission as an investment adviser under the
Investment Advisers Act
of 1940, as amended.
/* WordPerfect WARNING - No Equivalent EDGAR
Representation */
/* WordPerfect Structure - Footer A Beginning */
- - 3 -
/* WordPerfect Structure - Footer A Beginning */
3. Portfolio Transactions. The Subadviser is
4. responsible for
decisions to buy or sell securities and other
investments of the assets of
each Portfolio, broker-dealers and futures commission
merchants' selection,
and negotiation of brokerage commission and futures
commission merchants'
rates. As a general matter, in executing portfolio
transactions, the
Subadviser may employ or deal with such broker-dealers
or futures commission
merchants as may, in the Subadviser's best judgement,
provide prompt and
reliable execution of the transactions at favorable
prices and reasonable
commission rates. In selecting such broker-dealers or
futures commission
merchants, the Subadviser shall consider all relevant
factors including price
(including the applicable brokerage commission, dealer
spread or futures
commission merchant rate), the size of the order, the
nature of the market for
the security or other investment, the timing of the
transaction, the
reputation, experience and financial stability of the
broker-dealer or futures
commission merchant involved, the quality of the
service, the difficulty of
execution, the execution capabilities and operational
facilities of the firm
involved, and, in the case of securities, the firm's
risk in positioning a
block of securities. Subject to such policies as the
Trustees may determine
and consistent with Section 28(e) of the Securities
Exchange Act of 1934, as
amended (the "1934 Act"), the Subadviser shall not be
deemed to have acted
unlawfully or to have breached any duty created by
this Agreement or otherwise
solely by reason of the Subadviser's having caused a
Portfolio to pay a member
of an exchange, broker or dealer an amount of
commission for effecting a
securities transaction in excess of the amount of
commission another member of
an exchange, broker or dealer would have charged for
effecting that
transaction, if the Subadviser determines in good
faith that such amount of
commission was reasonable in relation to the value of
the brokerage and
research services provided by such member of an
exchange, broker or dealer
viewed in terms of either that particular transaction
or the Subadviser's
overall responsibilities with respect to such
Portfolio and to other clients
as to which the Subadviser exercises investment
discretion. In accordance
with Section 11(a) of the 1934 Act and Rule 11a2-2(T)
thereunder, and subject
to any other applicable laws and regulations including
Section 17(e) of the
Act and Rule 17e-1 thereunder, the Subadviser may
engage its affiliates, the
Adviser and its affiliates or any other subadviser to
the Trust and its
respective affiliates, as broker-dealers or futures
commission merchants to
effect portfolio transactions in securities and other
investments for a
Portfolio. The Subadviser will promptly communicate
to the Adviser and to the
officers and the Trustees of the Trust such
information relating to portfolio
transactions as they may reasonably request. To the
extent consistent with
applicable law, the Subadviser may aggregate purchase
or sell orders for the
Portfolios with contemporaneous purchase or sell
orders of other clients of
the Subadviser or its affiliated persons. In such
event, allocation of the
securities so purchased or sold, as well as the
expenses incurred in the
transaction, will be made by the Subadviser in the
manner the Subadviser
determines to be equitable and consistent with its and
its affiliates'
fiduciary obligations to the Portfolios and to such
other clients. The
Adviser hereby acknowledges that such aggregation of
orders may not result in
more favorable pricing or lower brokerage commissions
in all instances.
4. Compensation of the Subadviser. The
5. Subadviser shall not be
entitled to receive any payment from the Trust and
shall look solely and
exclusively to the Adviser for payment of all fees for
the services rendered,
facilities furnished and expenses paid by it
hereunder. As full compensation
for the Subadviser under this Agreement, the Adviser
agrees to pay the
Subadviser a fee at the annual rates set forth in
Schedule A hereto with
respect to each Portfolio listed thereon. Such fee
shall be accrued daily and
paid monthly as soon as practicable after the end of
each month (i.e., the
applicable annual fee rate divided by 365 applied to
each prior days' net
assets in order to calculate the daily accrual). For
purposes of calculating
the Subadviser's fee, the average daily net asset
value of a Portfolio shall
be determined by taking an average of all
determinations of such net asset
value during the month. If the Subadviser shall
provide its services under
this Agreement for less than the whole of any month,
the foregoing
compensation shall be prorated.
5. Reports. The Trust, the Adviser and the
6. Subadviser agree to
furnish to each other, if applicable, current
prospectuses, statements of
additional information, proxy statements, reports of
shareholders, certified
copies of their financial statements, policies and
procedures relating to the
management of the Trust as adopted by the Board of
Trustees, and such other
information with regard to their affairs and that of
the Trust as each may
reasonably request.
6. Status of the Subadviser. The services of
7. the Subadviser to the
Adviser and the Trust are not to be deemed exclusive,
and the Subadviser shall
be free to render similar services to others so long
as its services to the
Trust are not impaired thereby. The Subadviser shall
be deemed to be an
independent contractor and shall, unless otherwise
expressly provided or
authorized, have no authority to act for or represent
the Trust in any way or
otherwise be deemed an agent of the Trust.
7. Certain Records. The Subadviser hereby
8. undertakes and agrees to
maintain, in the form and for the period required by
Rule 31a-2 under the Act,
all records relating to the investments of the
Portfolio(s) that are required
to be maintained by the Trust pursuant to the
requirements of Rule 31a-1 of
that Act. Any records required to be maintained and
preserved pursuant to the
provisions of Rule 31a-1 and Rule 31a-2 promulgated
under the Act which are
prepared or maintained by the Subadviser on behalf of
the Trust are the
property of the Trust and will be surrendered promptly
to the Trust or the
Adviser on request.
The Subadviser agrees that all accounts,
books and other records
maintained and preserved by it as required hereby
shall be subject at any
time, and from time to time, to such reasonable
periodic, special and other
examinations by the Securities and Exchange
Commission, the Trust's auditors,
the Trust or any representative of the Trust, the
Adviser, or any governmental
agency or other instrumentality having regulatory
authority over the Trust.
8. Reference to the Subadviser. Neither the
9. Trust nor the Adviser or
any affiliate or agent thereof shall make reference to
or use the name of the
Subadviser or any of its affiliates in any advertising
or promotional
materials without the prior written approval of the
Subadviser, which approval
shall not be unreasonably withheld.
9. Liability of the Subadviser. (a) In the
10. absence of willful
misfeasance, bad faith, gross negligence or reckless
disregard of obligations
or duties ("disabling conduct") hereunder on the part
of the Subadviser (and
its officers, directors, agents, employees,
controlling persons, shareholders
and any other person or entity affiliated with the
Subadviser) the Subadviser
shall not be subject to liability to the Trust or to
any shareholder of the
Trust for any act or omission in the course of, or
connected with, rendering
services hereunder, including without limitation, any
error of judgment or
mistake of law or for any loss suffered by any of them
in connection with the
matters to which this Agreement relates, except to the
extent specified in
Section 36(b) of the Act concerning loss resulting
from a breach of fiduciary
duty with respect to the receipt of compensation for
services. Except for
such disabling conduct, the Adviser shall indemnify
the Subadviser (and its
officers, directors, partners, agents, employees,
controlling persons,
shareholders and any other person or entity affiliated
with the Subadviser)
(collectively, the "Indemnified Parties") from any
liability arising from the
Subadviser's conduct under this Agreement. Subadviser
hereby indemnifies,
defends and protects Adviser and holds Adviser
harmless, from and against any
and all liability arising out of Subadviser's
disabling conduct.
(b) The Subadviser agrees to indemnify
(c) and hold harmless the
Adviser and its affiliates and each of its directors
and officers and each
person, if any, who controls the Adviser within the
meaning of Section 15 of
the 1933 Act against any and all losses, claims,
damages, liabilities or
litigation (including legal and other expenses), to
which the Adviser or its
affiliates or such directors, officers or controlling
person may become
subject under the 1933 Act, under other statutes, at
common law or otherwise,
which arise out of or result from any breach of any
representation or warranty
set forth in Section 1 of this Agreement; provided,
however, that in no case
is the Subadviser's indemnity in favor of any person
deemed to protect such
other persons against any liability to which such
person would otherwise be
subject by reasons of willful misfeasance, bad faith,
or gross negligence in
the performance of his, her or its duties or by reason
of his, her or its
reckless disregard of obligation and duties under this
Agreement.
(c) The Adviser is hereby expressly put
(d) on notice of the
limitation of liability as set forth in the
Declaration of Trust of the
Subadviser and agrees that the obligations assumed by
the Subadviser pursuant
to this Agreement will be limited in any case to the
Subadviser and its assets
and the Adviser shall not seek satisfaction of any
such obligations from the
shareholders of the Subadviser, the trustees of the
Subadviser, officers,
employees or agents of the Subadviser, or any of them.
10. Permissible Interests. Trustees and
11. agents of the Trust are or
may be interested in the Subadviser (or any successor
thereof) as directors,
partners, officers, or shareholders, or otherwise;
directors, partners,
officers, agents, and shareholders of the Subadviser
are or may be interested
in the Trust as trustees, or otherwise; and the
Subadviser (or any successor)
is or may be interested in the Trust in some manner.
11. Term of the Agreement. This Agreement
12. shall continue in full
force and effect with respect to each Portfolio until
two years from the date
hereof, and from year to year thereafter so long as
such continuance is
specifically approved at least annually (i) by the
vote of a majority of those
Trustees of the Trust who are not parties to this
Agreement or interested
persons of any such party, cast in person at a meeting
called for the purpose
of voting on such approval, and (ii) by the Trustees
of the Trust or by vote
of a majority of the outstanding voting securities of
the Portfolio voting
separately from any other series of the Trust.
With respect to each Portfolio, this
Agreement may be terminated at
any time, without payment of a penalty by the
Portfolio or the Trust, by vote
of a majority of the Trustees, or by vote of a
majority of the outstanding
voting securities (as defined in the Act) of the
Portfolio, voting separately
from any other series of the Trust, or by the Adviser,
on not less than 30 nor
more than 60 days' written notice to the Subadviser.
With respect to each
Portfolio, this Agreement may be terminated by the
Subadviser at any time,
without the payment of any penalty, on not less than
30 nor more than 60
days' written notice to the Adviser and the Trust;
provided, however, that
this Agreement may not be terminated by the Subadviser
unless another
subadvisory agreement has been approved by the Trust
in accordance with the
Act, or after six months from the date written notice
is given, whichever is
earlier. Notwithstanding the requirements set forth
in the immediately
preceding sentence, Subadviser may terminate this
Agreement on 30 days'
written notice upon the institution of formal
proceedings against the Adviser
or the Trust by the NASD, the SEC, any state
securities or insurance
department or any other regulatory body regarding the
Adviser's obligations
under this Agreement or related to the sale of the
Contracts, operation of the
separate account, or sale of shares of the Trust,
provided that such formal
proceedings are likely to have a material adverse
impact on the Subadviser.
The termination of this Agreement with respect to any
Portfolio or the
addition of any Portfolio to Schedule A hereto (in the
manner required by the
Act) shall not affect the continued effectiveness of
this Agreement with
respect to each other Portfolio subject hereto. This
Agreement shall
automatically terminate in the event of its assignment
(as defined by the
Act).
This Agreement will also terminate in the
event that the Advisory
Agreement by and between the Trust and the Adviser is
terminated.
12. Severability. If any provision of this
13. Agreement shall be held
or made invalid by a court decision, statute, rule or
otherwise, the remainder
of this Agreement shall not be affected thereby.
13. Amendments. This Agreement may be
14. amended by mutual consent in
writing, but the consent of the Trust must be obtained
in conformity with the
requirements of the Act.
14. Governing Law. This Agreement shall be
15. construed in accordance
with the laws of the State of New York and the
applicable provisions of the
Act. To the extent the applicable laws of the State
of New York, or any of
the provisions herein, conflict with the applicable
provisions of the Act, the
latter shall control.
15. Personal Liability. The Declaration of
16. the Trust establishing
the Trust (the "Declaration"), is on file in the
office of the Secretary of
the Commonwealth of Massachusetts, and, in accordance
with that Declaration,
no Trustee, shareholder, officer, employee or agent of
the Trust shall be held
to any personal liability, nor shall resort be had to
their private property
for satisfaction of any obligation or claim or
otherwise in connection with
the affairs of the Trust, but the "Trust Property"
only shall be liable.
16. Separate Series. Pursuant to the
17. provisions of the Declaration,
each Portfolio is a separate series of the Trust, and
all debts, liabilities,
obligations and expenses of a particular Portfolio
shall be enforceable only
against the assets of that Portfolio and not against
the assets of any other
Portfolio or of the Trust as a whole.
17. Notices. All notices shall be in writing
18. and deemed properly
given when delivered or mailed by United States
certified or registered mail,
return receipt requested, postage prepaid, addressed
as follows:
Subadviser: Federated Investment
Counseling
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222-3779
Attention: J. Crilley
Kelly
Adviser: SunAmerica Asset
Management Corp.
The SunAmerica Center
733 Third Avenue, Third Floor
New York, NY 10017
Attention: Robert M.
Zakem
Senior Vice
President
and General Counsel
with a copy to: SunAmerica Inc.
1 SunAmerica Center
Century City
Los Angeles, CA 90067-6022
Attention: Susan L. Harris
Senior Vice President,
General Counsel -
Corporate Affairs
and Secretary<PAGE>
IN WITNESS WHEREOF, the parties have
caused their respective duly
authorized officers to execute this Agreement as of
the date first above
written.
SUNAMERICA ASSET MANAGEMENT
CORP.
By:/s/ Peter A. Harbeck
Name: Peter A. Harbeck
Title: President
FEDERATED INVESTMENT
COUNSELING
By:
Name:
Title:
<PAGE>SCHEDULE A
Fee(as percentage
of
average daily net assets of
Portfolio(s) the Portfolio)
Federated Value Portfolio .55% on first
$20 million
.35% on next
$30 million
.25% on next
$100 million
.20% on next
$350 million
.15% over
$500 million
Utility Portfolio .55% on first
20 million
.35% on next
$30 million
.25% on next
$100 million
.20% on next
$350 million
.15% over
$500 million
Corporate Bond Portfolio .30% on first
$25 million
.25% on next
$25 million
.20% on next
$100 million
.15% over
$150 million
SUNAMERICA SERIES TRUST
Asset Allocation Portfolio
Procedures Pursuant to Rule 10f-3
Securities
Purchased
(1) Name of UnderwritersMerrill Lynch/Goldman Sachs
(See Prospectus Attached)
(2) Name of IssuerRepublic of Columbia
(3) Title of SecurityGlobal Note
(4) Date of First Offering12/29/95
(5) Amount of Total OfferingUS $200,000,000
(6) Unit Price99.757
(7) Underwriting Spread or Commission.625%
(8) RatingBBB-/Baa3
(9) Maturity Date2/15/03
(10) Current Yield7.267%
(11) Yield to Maturity7.295%
(12) Subordination FeaturesNone
(13) Nature of issuing PoliticalSovereign Republic of
(14) Columbia
Entity, if any, including in
the case of revenue bonds,
underlying entity supplying
the revenue
(14) Total Par Value of Bonds PurchasedUS $250,000
(15) Dollar Amount of PurchasesUS $249,392.50
(16) Number of Shares Purchased250,000
(17) Years of Continuous Operation--
(18) Percentage of Offering Purchased.125%
by Portfolio
(19) Percentage of Offering Purchased by2.375%
other Portfolios of the Trust and
other Investment Companies advised
by the Adviser or any SubAdviser
(20) Sum of (18) and (19)2.5%
(21) Percentage of Portfolio Assets.336%
Applied to Purchase
(22) Name(s) of Underwriter(s) orBankers Trust
Dealer(s) from whom Purchased
(23) Is the Adviser, any SubadviserYes
or any person of which the Adviser
or Subadviser is an "Affiliated
Person", a Manager or Co-Manager
of Offering?
(24) Were Purchases Designated as GroupNo
Sales or otherwise allocated to the
Adviser, any Subadviser or any person
of whom the Adviser or Subadviser is
an "Affiliated Person"?<PAGE>SUNAMERICA SERIES
TRUST
Fixed Income Portfolio
Procedures Pursuant to Rule 10f-3
Securities
Purchased
(1) Name of UnderwritersMerrill Lynch/JP Morgan
(See Prospectus Attached)
(2) Name of IssuerUnited Mexican States
(3) Title of SecurityGlobal Note (Registered)
(4) Date of First Offering1/30/96
(5) Amount of Total OfferingUS $1,000,000,000
(6) Unit Price100
(7) Underwriting Spread or Commission.75%
(8) RatingBB/Ba2
(9) Maturity Date2/6/01
(10) Current Yield9.75%
(11) Yield to Maturity9.75% (Spread 445)
(12) Subordination FeaturesNone
(13) Nature of issuing PoliticalUnite Mexican States
Entity, if any, including in
the case of revenue bonds,
underlying entity supplying
the revenue
(14) Total Par Value of Bonds PurchasedUS $6,000,000
(15) Dollar Amount of PurchasesUS $6,000,000
(16) Number of Shares Purchased--
(17) Years of Continuous Operation--
(18) Percentage of Offering Purchased.018%
by Portfolio
(19) Percentage of Offering Purchased by.582%
other Portfolios of the Trust and
other Investment Companies advised
by the Adviser or any SubAdviser
(20) Sum of (18) and (19).6%
(21) Percentage of Portfolio Assets.25%
Applied to Purchase
(22) Name(s) of Underwriter(s) orJP Morgan
Dealer(s) from whom Purchased
(23) Is the Adviser, any SubadviserYes
or any person of which the Adviser
or Subadviser is an "Affiliated
Person", a Manager or Co-Manager
of Offering?
(24) Were Purchases Designated as GroupNo
Sales or otherwise allocated to the
Adviser, any Subadviser or any person
of whom the Adviser or Subadviser is
an "Affiliated Person"?<PAGE>SUNAMERICA SERIES
TRUST
Fixed Income Portfolio
Procedures Pursuant to Rule 10f-3
Securities
Purchased
(1) Name of UnderwritersMerrill Lynch/CS First Boston
(See Prospectus Attached)
(2) Name of IssuerRepublic of Argentina
(3) Title of SecurityGlobal Fully Registered Bond
(4) Date of First Offering2/15/965
(5) Amount of Total OfferingUS $1,000,000,000
(6) Unit Price99.866
(7) Underwriting Spread or Commission.75%
(8) RatingBB-/B+
(9) Maturity Date2/22/01
(10) Current Yield9.28%
(11) Yield to MaturitySpread 410
(12) Subordination FeaturesNone
(13) Nature of issuing PoliticalRepublic of Argentina
Entity, if any, including in
the case of revenue bonds,
underlying entity supplying
the revenue
(14) Total Par Value of Bonds PurchasedUS $230,000
(15) Dollar Amount of PurchasesUS $229,000
(16) Number of Shares Purchased--
(17) Years of Continuous Operation--
(18) Percentage of Offering Purchased.02%
by Portfolio
(19) Percentage of Offering Purchased by.48%
other Portfolios of the Trust and
other Investment Companies advised
by the Adviser or any SubAdviser
(20) Sum of (18) and (19).5%
(21) Percentage of Portfolio Assets.31%
Applied to Purchase
(22) Name(s) of Underwriter(s) orMerrill Lynch
Dealer(s) from whom Purchased
(23) Is the Adviser, any SubadviserYes
or any person of which the Adviser
or Subadviser is an "Affiliated
Person", a Manager or Co-Manager
of Offering?
(24) Were Purchases Designated as GroupNo
Sales or otherwise allocated to the
Adviser, any Subadviser or any person
of whom the Adviser or Subadviser is
an "Affiliated Person"?<PAGE>SUNAMERICA SERIES
TRUST
Asset Allocation Portfolio
Procedures Pursuant to Rule 10f-3
Securities
Purchased
(1) Name of UnderwritersMerrill Lynch/Goldman Sachs/
(See Prospectus Attached)Morgan Stanley/Bear
Stearns
(2) Name of IssuerLucent Tech.
(3) Title of SecurityLucent Tech. Com.
(4) Date of First Offering3/3/96
(5) Amount of Total Offering$112,037,037
(6) Unit Price27.00
(7) Underwriting Spread or Commission$1.050
(8) RatingNA
(9) Maturity DateNA
(10) Current YieldNA
(11) Yield to MaturityNA
(12) Subordination FeaturesNA
(13) Nature of issuing PoliticalNA
Entity, if any, including in
the case of revenue bonds,
underlying entity supplying
the revenue
(14) Total Par Value of Bonds PurchasedNA
(15) Dollar Amount of Purchases$1,738,800.00
(16) Number of Shares Purchased64400
(17) Years of Continuous Operationmore than 3
(18) Percentage of Offering Purchased0.0575
by Portfolio
(19) Percentage of Offering Purchased by0
other Portfolios of the Trust and
other Investment Companies advised
by the Adviser or any SubAdviser
(20) Sum of (18) and (19)0.0575%
(21) Percentage of Portfolio Assets.6800%
Applied to Purchase
(22) Name(s) of Underwriter(s) orFirst Boston,
Dealer(s) from whom PurchasedMorgan Stanley
Sanford
Bernstein
(23) Is the Adviser, any SubadviserYes
or any person of which the Adviser
or Subadviser is an "Affiliated
Person", a Manager or Co-Manager
of Offering?
(24) Were Purchases Designated as GroupNo
Sales or otherwise allocated to the
Adviser, any Subadviser or any person
of whom the Adviser or Subadviser is
an "Affiliated Person"?<PAGE>SUNAMERICA SERIES
TRUST
Asset Allocation Portfolio
Procedures Pursuant to Rule 10f-3
Securities
Purchased
(1) Name of UnderwritersMerrill Lynch/Goldman Sachs
(See Prospectus Attached)Morgan Stanley
(2) Name of IssuerGulfstream Aerospace
(3) Title of SecurityGulfstream Aerospce Corp.
(4) Date of First Offering102/9/96
(5) Amount of Total Offering37,000,000
(6) Unit Price23.22
(7) Underwriting Spread or Commission$1.320
(8) RatingNA
(9) Maturity DateNA
(10) Current YieldNA
(11) Yield to MaturityNA
(12) Subordination FeaturesNA
(13) Nature of issuing PoliticalNA
Entity, if any, including in
the case of revenue bonds,
underlying entity supplying
the revenue
(14) Total Par Value of Bonds PurchasedNA
(15) Dollar Amount of Purchases$825,600.00
(16) Number of Shares Purchased34,400
(17) Years of Continuous Operationmore than 3
(18) Percentage of Offering Purchased0.0930%
by Portfolio
(19) Percentage of Offering Purchased by0
other Portfolios of the Trust and
other Investment Companies advised
by the Adviser or any SubAdviser
(20) Sum of (18) and (19)0.0930
(21) Percentage of Portfolio Assets0.2608
Applied to Purchase
(22) Name(s) of Underwriter(s) orGoldman Sachs
Dealer(s) from whom Purchased
(23) Is the Adviser, any SubadviserYes
or any person of which the Adviser
or Subadviser is an "Affiliated
Person", a Manager or Co-Manager
of Offering?
(24) Were Purchases Designated as GroupYes
Sales or otherwise allocated to the
Adviser, any Subadviser or any person
of whom the Adviser or Subadviser is
an "Affiliated Person"?<PAGE>SUNAMERICA SERIES
TRUST
International Diversified Equities Portfolio
Procedures Pursuant to Rule 10f-3
Securities
Purchased
(1) Name of UnderwritersGoldman Sachs/Merrill Lynch
(See Prospectus Attached)Morgan Grenfell/Morgan Stanley/
Salomon Bros./ABN
Amro/First
Boston/Dresdner
Klienwort
(2) Name of IssuerDeutsch Telekom
(3) Title of SecurityAm. Depositary Shares
(4) Date of First Offering10/3/96
(5) Amount of Total OfferingUS $600,000,000
(6) Unit Price28.50
(7) Underwriting Spread or Commission$.01 per share
(8) RatingNA
(9) Maturity DateNA
(10) Current YieldNA
(11) Yield to MaturityNA
(12) Subordination FeaturesNA
(13) Nature of issuing PoliticalNA
Entity, if any, including in
the case of revenue bonds,
underlying entity supplying
the revenue
(14) Total par value of Bond PurchasedNA
(15) Dollar Amount of Purchases$743,494.60
(16) Number of Shares Purchased24,272
(17) Years of Continuous Operation7 yrs
(18) Percentage of Offering Purchased.12%
by Portfolio
(19) Percentage of Offering Purchased by0%
other Portfolios of the Trust and
other Investment Companies advised
by the Adviser or any SubAdviser
(20) Sum of (18) and (19)0.12%
(21) Percentage of Portfolio Assets.48%
Applied to Purchase
(22) Name(s) of Underwriter(s) orGoldman Sachs,
Dealer(s) from whom PurchasedSalomon Bros.
(23) Is the Adviser, any SubadviserYes
or any person of which the Adviser
or Subadviser is an "Affiliated
Person", a Manager or Co-Manager
of Offering?
