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SUNAMERICA SERIES TRUST
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SEMIANNUAL REPORT
JULY 31, 1999
[POLARIS LOGO] [POLARIS PLUS LOGO]
THIS REPORT IS FOR THE GENERAL INFORMATION OF CONTRACT OWNERS
OF THE POLARIS PLUS VARIABLE ANNUITY.
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DEAR INVESTOR:
We are pleased to present our semiannual report for the SunAmerica Series
Trust, one of the underlying trusts for the variable annuities issued by Anchor
National Life Insurance Company and First SunAmerica Life Insurance Company.
Please keep in mind that while several of the SunAmerica life companies' annuity
products have the SunAmerica Series Trust in common as an underlying investment,
not all of the Series' portfolios are available in all of the products.
To give you a better understanding of economic conditions over the six months
ended July 31, 1999, and how these conditions affected the financial markets, we
have provided comments and a combined perspective from the investment managers
who manage the portfolios in your variable annuity (excluding Wellington
Management Company, LLP, which manages the portfolios in the Anchor Series
Trust, for which you should have received a separate and complete report about
one month ago). Also included are performance summaries of each portfolio, as
well as insight into some of the strategies used by the portfolio managers in
today's market environment.
THE SIX MONTHS IN REVIEW
U.S. Economy
A broad array of economic forces, both in the United States and overseas, seem
to have come together to bring on the economic slowdown people have been
expecting for over a year. MFS Investment Management points out that the
nation's gross domestic product (GDP) slowed to a 2.3% annual rate in the second
quarter -- the slowest growth rate in three years -- marking a major decline
from the 4.3% annual rate seen in the first quarter. This slower growth appears
to have been caused by higher interest rates, higher oil prices and slower
inventory growth, all of which helped dampen the overall economy.
Despite the slowdown, First American Asset Management asserts that the U.S.
economy remains fundamentally sound and shows none of the imbalances that
typically precede the end of a business expansion. MFS adds that perhaps the
most positive note -- and one that could keep supplying some fuel to the
economy -- comes from the consumer, who accounts for two-thirds of U.S. economic
activity. Davis Selected Advisers, L.P. concurs, saying that although consumer
spending downshifted toward the end of the period, it could help keep the
economy moving ahead -- though at a somewhat slower pace -- for the rest of the
year.
In light of the global recovery, the Fed tightened monetary policy in June by
slightly raising short-term interest rates in an effort to head off any
incipient inflation. Despite this reversal in monetary policy, SunAmerica Asset
Management Corp. (SAAMCo) believes that the Fed's action was aimed at
extending -- not ending -- the current economic expansion, though further
tightening is possible as the global economic recovery continues. Goldman Sachs
Asset Management is more assertive, forecasting additional tightening this year
and further tightening in 2000.
U.S. Stock Market
The U.S. stock market experienced a sustained period of high volatility during
the reporting period as market leadership shifted back and forth between size
and style categories. At the beginning of the period, notes Goldman Sachs, the
markets were dominated by a short list of giant growth and technology favorites.
This was followed by a sudden broadening of market leadership as global economic
strength inspired investors to venture into the discounted segments of the
market -- value-oriented, smaller capitalization and economically sensitive
industrial stocks. Toward the end of the reporting period, however, the markets
once again reasserted their preference for large capitalization growth stocks.
Looking ahead, MFS believes that the fundamental underpinnings of a reasonably
strong market remain. These include not only low inflation and interest rates,
but also continuing efforts by corporate America to
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streamline operations, consolidate, and maintain clean balance sheets. Davis
Selected Advisers agrees, and states that there remain many positive forces
affecting both the U.S. economy and stock market. Along with the ongoing
strength of consumer spending, which has been bolstered by rising real income,
lower unemployment, stock market gains, and a relatively low interest rate
environment, corporate earnings continue to be robust, partly due to increasing
real margins. Such strong fundamentals may ultimately lead to continued
long-term equity performance.
SAAMCo addresses the Year 2000 problem, acknowledging the psychological risk
that Y2K continues to have on this market. Although comfortable with corporate
America's readiness for the new millennium, SAAMCo is wary of the human
response, asserting that Y2K issues are no longer in the hardware but in the
human-ware. The recent pullback in the market following the close of the second
quarter should be viewed as a positive event -- a buying opportunity in an
upward trending market. As investors worry about the direction of the Fed, a
weakening dollar and Year 2000 issues, volatility will continue. The underlying
fundamentals of the U.S. equity market, however, continue to be favorable.
U.S. Bond Market
During the two years leading up to this semiannual period, the U.S. economy
and capital markets were the primary beneficiaries of the global financial
crisis. According to Federated Investors, deflationary forces caused by
productive overcapacity in Asia allowed bond yields to decline to levels
otherwise inconsistent with the intensity of U.S. domestic economic activity.
Over the last six months, however, that has changed. Putnam Investments sums
it up this way: global economic growth rebounded, earnings improved, and the
bond market worried about inflation. Morgan Stanley Asset Management agrees and
adds that, while broader economic growth has driven many equity markets to new
highs this year, this news has not been positive for bonds. Economic expansion
in the U.S. coupled with rising commodity prices have led market participants to
speculate that inflation, and therefore bond yields, will pick up.
Global Market
The outlook for the global economy continued to brighten toward the end of the
semiannual period. To keep the world economy from slipping into synchronized
recession, central bankers cut interest rates more than 150 times since October.
This liquidity fix, observes Federated Investors, had its intended effect: nine
months later, international capital markets have revived and tentative evidence
of recoveries in the real economies of Asia and Latin America is at hand.
Alliance Capital Management L.P. elaborates by noting that a prospective
V-shaped recovery in East Asia, better-than-expected growth in Japan and a quick
drop in Brazilian interest rates bolstered investor confidence, especially in
Europe where it reached near record levels.
With respect to the world's financial markets, Morgan Stanley Asset Management
notes that foreign stock performance was mixed in the first half of 1999. While
Japan and Asia showed strong gains, a weak Euro and softening economies held
back European stock performance. Emerging market equities were the star
performers during the period. Although Brazil was forced to devalue its
currency, the move had been widely anticipated and priced into emerging markets.
As the situation in Latin America stabilized, emerging market equities began to
soar. Alliance Capital adds that bond yields moved higher across the board in
industrial countries, but not enough to prevent stock prices from posting
additional gains.
Looking forward, Alliance Capital believes that global growth will strengthen
over the next 6 to 12 months but does not expect that this strengthening will be
explosive or inflationary. Short-term rates should stay relatively low,
providing support for bond and equity prices.
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PORTFOLIO PERFORMANCE SUMMARIES
Cash Management Portfolio (SunAmerica Asset Management Corp.)
By maintaining our disciplined approach of investing in high quality money
market instruments and actively adjusting the portfolio's average maturity, the
Cash Management Portfolio's managers were able to produce competitive yields. A
2.2% return was achieved for the six-month period ended July 31, 1999.
Corporate Bond Portfolio (Federated Investors)
Over the six months ended July 31, 1999, the fixed-income markets experienced
significant price declines as interest rates rose across the entire maturity
spectrum. The rise in rates was primarily due to stronger economic activity
worldwide along with the Fed's well publicized intention -- and eventual action
in June -- to hike rates.
Market jitters over the period also caused the high-quality spread sectors
(corporates, mortgages, agencies) to underperform pure U.S. Treasury securities
as spread yields experienced larger absolute increases. Thus, while the
portfolio performed very well within its peer group, absolute total returns were
negative due to higher rates and corporate bond underperformance. For the six
months, the portfolio posted a -2.9% return.
Global Bond Portfolio (Goldman Sachs Asset Management International)
The Global Bond Portfolio returned -2.7% for the period ended July 31, 1999,
underperforming the J.P. Morgan Global Government Bond Index return of -1.4%. At
July 31, the portfolio had an effective duration of 5.5 years, a gross current
yield of 5.04% and an average maturity of 8.3 years. The portfolio's returns are
attributable to generally poor performance in the global bond markets as yields
continued to rise in most major regions. Notably, the markets ended the
reporting period with positive returns from only the Japanese, Australian and
New Zealand markets.
High-Yield Bond Portfolio (SunAmerica Asset Management Corp.)
The High-Yield Bond Portfolio's total return for the semiannual period ended
July 31, 1999, was 3.4%, outperforming the Merrill Lynch High-Yield Master Index
return of 0.9%. The first three months of the semiannual period were the
strongest, as the market continued to rebound from last year's oversold prices.
Led by cyclical issues -- and energy in particular -- the high-yield market
maintained a good tone into May. However, rising interest rates through May and
June coupled with a large volume of new supply led to a reversal in the second
half. While this limited total return, the high-yield market, buoyed by high
coupon income, has outperformed most other fixed-income market sectors.
The portfolio remains overweighted in telecommunication and media/cable bonds,
and positions in the energy and other cyclical areas have been increased to an
even weighting. We continue to find the defensive characteristics of the
media/cable sector particularly appealing. While not offering the total return
potential of past years, we believe these companies will provide an anchor for
the portfolio over the next year.
Worldwide High Income Portfolio (Morgan Stanley Asset Management)
During the six-month period ended July 31, 1999, the Worldwide High Income
Portfolio returned 8.4%, compared to the blended benchmark (50% First Boston
High-Yield Index and 50% J.P. Morgan Emerging Markets Bond Index Plus) return of
6.1%. For the first half of the year, the portfolio benefited from an
overweighting in Emerging Market Debt (EMD) versus U.S. high yield securities.
While both asset classes outperformed U.S. investment grade securities, the high
current income of EMD produced a positive 8.3% return for the broad EMD market,
with little to no capital appreciation.
Among our best performers within the U.S. high-yield segment was Nextel
Communications, which continues to exhibit very strong operating results and
whose stock has risen rapidly. Much of the same can be said for another of our
telecommunications companies, RCN. European telecommunications issuers have
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also performed well, as have many issuers in the energy industry, which has
benefited from the sharp rise in oil prices.
SunAmerica Balanced Assets Portfolio (SunAmerica Asset Management Corp.)
The SunAmerica Balanced Assets Portfolio was up 1.5% for the six months ended
July 31, 1999, just under its blended benchmark (55% S&P 500, 35% Lehman
Brothers Aggregate Index, and 10% Treasury Bills), which gained 1.9%. The Fund
continues to benefit from its exposure to the equity market as well as from its
sector allocations. The top five equity holdings in the portfolio at the end of
July were General Electric, Microsoft, IBM, MCI WorldCom, and EMC.
Since the end of the second quarter, the summer rally has faded to a summer
correction. The signs of excess in the market that have been of concern to many
investors -- especially pertaining to the Internet -- are being wrung out. We
continue to overweight the financials, energy, and certain areas of technology.
Going forward, solid fundamentals, a positive economic outlook and a cooling of
speculation all support our contention that the market will resume its upward
trend. Volatility will continue as investors worry about interest rates, a
weakening dollar, and Y2K.
MFS Total Return Portfolio (MFS Investment Management)
For the six months ended July 31, 1999, the portfolio provided a total return
of 4.0%, compared to the 1.9% return for the blended benchmark of 55% S&P 500,
35% Lehman Brother Aggregate Bond Index, and 10% Treasury bills. In the first
three months of 1999, the portfolio was hurt by the continued underperformance
of value stocks. Late in March, however, value stocks began to recover, due in
part to second-quarter concerns about inflation.
In February, we began increasing the portfolio's stock allocation to around
60% of assets because we felt that prices of value stocks had become attractive,
especially given the large gains in growth stocks over the previous year or so.
This increase helped the portfolio when the market began turning toward value
stocks in April and May. We have also increased the portfolio's holdings of
bonds maturing in less than two years because as interest rates rose, prices of
bonds maturing in 10 years or more fell further than prices of shorter-maturity
bonds. However, we have not changed the basic makeup of the bond portfolio,
keeping approximately 45% of fixed-income assets in investment-grade corporates
and 23% in U.S. Treasuries to help limit price volatility.
Asset Allocation Portfolio (Goldman Sachs Asset Management)
The Asset Allocation Portfolio returned 3.0% during the reporting period,
outperforming its blended benchmark of the S&P 500 Index (60%) and the Lehman
Brothers Aggregate Index (40%), which returned 1.7%.
As of July 31, 1999, the portfolio's current allocation was overweighted in
stocks with a 64% allocation, underweighted in bonds with a 31% allocation, and
held a minimal position in cash with a 5% allocation. Overall portfolio
allocation closely matches the allocation at the beginning of the reporting
period, which on January 31, 1999, stood at 60% in stocks, 28% in bonds and 12%
in cash.
Utility Portfolio (Federated Investors)
For the six months ended July 31, 1999, the S&P Communications Index returned
5.9%. The S&P Utility Index returned 4.8%, with electric stocks returning -3.1%
and natural gas stocks up 24.8%. The Utility Portfolio returned 5.8%, and
continues to offer a relatively high dividend yield.
Telecommunications stocks benefited from surging demand and falling costs.
Sprint was our best performer (+23.9%). Natural gas stocks benefited from rising
gas prices and continued merger activity. Enron (+30.0%) and Wicor(+47.3%) led
our gas holdings, while Illinova was our top electric performer (+37.4%) after
agreeing to merge with Dynegy.
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Equity Income Portfolio (First American Asset Management)
For the semiannual period ended July 31, 1999, the Equity Income Portfolio
posted a 4.5% gain, matching the return for the S&P 500 Index.
A significant overweighting in the outperforming energy sector, and the
portfolio's cyclical holdings, have been among the strongest contributors to
performance this year. The portfolio also benefited from strong performance in
the communications services, energy, consumer cyclical and healthcare sectors.
In the communications services sector, Deutsche Telekom and Sprint performed
well. Intimate Brands was a particularly good performer in the consumer cyclical
sector on strong sales and earnings growth, as well as expansion in the earnings
multiple.
While the S&P 500 healthcare sector underperformed, the portfolio's holdings
in Pfizer, Pharmacia & Upjohn, Johnson & Johnson and Merck all outperformed the
average. The portfolio's weighting in the technology sector was the most
important factor in the quarter's underperformance versus the S&P 500. However,
the position was consistent with the portfolio's strategy of emphasizing
dividend-paying stocks -- few tech stocks pay dividends.
Equity Index Portfolio (First American Asset Management)
The Equity Index Portfolio posted a 1.9% return during the six months ended
July 31, 1999, underperforming the S&P 500 Index's return of 4.5%.
While the first half of the period's performance was driven by a select few
large cap growth stocks, the second half saw a broadening of the market. Small
cap stocks and mid-caps both outperformed the S&P 500 Index, with most of the
relative outperformance occurring in April and May. Attractive valuations in the
small- and mid-cap stocks, strong fundamentals, favorable relative earnings
growth rates and a strong economy were the drivers that tuned investors into
these out-of-favor asset classes.
For the last three months, basic materials, capital goods, communication
services and energy stocks were the top-performing sectors in the S&P 500 Index.
Healthcare stocks were the worst performers as the market showed concern over
the sector's extended valuations.
Growth-Income Portfolio (Alliance Growth Management L.P.)
The Growth-Income Portfolio achieved returns of 6.9% for the semiannual
period, outperforming the S&P 500 at 4.5%. The portfolio benefited from
overweighted positions in a number of outperforming industries including oil
services, wireless telecommunications, telephones, media, and home products.
Stock selection was also positive, with IBM, Noble Drilling, Honeywell,
Citigroup, Circuit City Stores, Allied Signal, Solectron, and AT&T Liberty Media
contributing meaningfully to performance during the period.
The portfolio continues to be broadly diversified, with sector exposures and
underlying fundamental attributes comparable to those of the S&P 500. The
Growth-Income Portfolio held 103 stocks as of July 31, 1999, with the top ten
(Microsoft, General Electric, Cisco, Bristol Myers Squibb, Citigroup, IBM,
Walmart, Intel, Schering Plough, and Bank America) accounting for 25% of the
portfolio's market value.
Federated Value Portfolio (Federated Investors)
The equity markets provided another solid period of returns for the six-month
period with the S&P 500 returning 4.5%. Aided by an improvement in market
breadth starting in April, the Federated Value Portfolio returned 6.7%. This
rotation in April benefited areas of the market such as cyclicals and smaller
capitalization stocks, which have been left behind during the "nifty fifty"
market of the last three years.
The only major strategic change in the portfolio has been to build its
financials exposure to an overweighted position, more in line with our value
peers. After 18 months of underperformance, this sector looks attractive on our
valuation disciplines and seems poised for a recovery.
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Venture Value Portfolio (Davis Selected Advisers, L.P.)
For the past six months, the Venture Value Portfolio outperformed the S&P 500
Index, with a total return of 8.9% versus the benchmark's 4.5%. This performance
was driven by strong returns among the portfolio's top holdings, which are
weighted toward large cap, diversified technology and financial companies.
In particular, Hewlett Packard, American Express, Texas Instruments, IBM, and
Citigroup posted returns of approximately 20% or better. Philip Morris, a
notable underperformer for the period with a return of -18.8%, languished due to
continued concern over legal battles. We will continue to emphasize investments
in high quality, fundamentally strong businesses as we believe that such
companies provide the best opportunity for long-term growth and preservation of
wealth.
"Dogs" of Wall Street Portfolio (SunAmerica Asset Management Corp.)
For the six months ended July 31, 1999, the "Dogs" of Wall Street Portfolio
posted a return of 7.5%, outperforming the S&P 500 Index's 4.5%.
Following a difficult first quarter in which value investing remained a
challenge, the "Dogs" of Wall Street Portfolio enjoyed impressive gains during
the second quarter due to a significant increase in market breadth. As the
global economic recovery continues to unfold, value investing should benefit as
earnings power returns to many undervalued sectors of the market. The "Dogs" of
Wall Street is a proven investment strategy that offers greater diversification
as a risk-management tool and the potential for strong total return through a
combination of capital appreciation and dividend income.
Alliance Growth Portfolio (Alliance Capital Management L.P.)
The Alliance Growth Portfolio posted a 0.3% return for the six-month period
ended July 31, 1999, slightly lagging the Russell 1000 Growth Index at 1.0%.
Much of the underperformance was due to a change in leadership during the second
quarter from the large capitalization growth stocks (which we typically buy) to
the value or economically sensitive issues which have shown lackluster
performance for several years.
At the end of July, Alliance Growth had a weighted average P/E of
approximately 35x for 26% projected earnings growth, versus 28x for 6% earnings
growth for the S&P 500. Despite absolute valuation concerns, we believe that the
best relative investment opportunity is to own companies that provide the
strongest relative earnings growth (four times the market's growth rate) for
only a 25% premium to the market's valuation. Accordingly, Alliance Growth is
concentrated in a number of stocks within the technology, consumer services and
financial sectors that exhibit these low P/E-to-growth characteristics. As of
the end of July, the top ten holdings were Dell, Nokia, Tyco, Home Depot, Morgan
Stanley Dean Witter, MCI Worldcom, Schering Plough, Cisco, Intel, and Associates
First Capital.
MFS Growth and Income Portfolio (MFS Investment Management)
For the six months ended July 31, 1999, the portfolio provided a 2.6% return,
below the S&P 500 Index's 4.5%. The underperformance was largely due to a
relative underweighting in technology and in cyclicals -- companies whose
businesses tend to improve during strong economic cycles.
Among the portfolio's best-performing sectors has been communications. The
largest positions in this sector are telecommunications companies, including
Bell Atlantic, MCI WorldCom, SBC Communications, and the long-distance telephone
group at Sprint. Sales growth for these companies and for telecommunications
companies in general has been very strong. The Internet has driven demand for
telecommunications services, and both telecommunications equipment and service
companies have performed well as a result.
Going forward, we will continue to avoid stocks that we feel are the most
expensive in relation to their earnings potential, and will not pursue what we
feel are short-term market trends. We believe this risk-adjusted approach should
provide favorable long-term results.
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Putnam Growth Portfolio (Putnam Investments)
The Putnam Growth Portfolio earned 1.7%, underperforming the S&P 500 Index,
which rose 4.5% for the six months ended July 31, 1999. The portfolio benefited
from an overweighting in conglomerates and from strong stock selection in
utilities, consumer staples, and communication services. Avoiding stocks of
high-priced growth companies experiencing a slowdown in their rate of profit
growth also contributed to results. Underweighting economically sensitive,
value-oriented basic materials, energy, and capital goods stocks detracted from
performance, as did weak performance in the portfolio's healthcare holdings.
We believe that improving global economic conditions will continue to
encourage investors and that the international markets' profit deceleration has
come to an end. The investment team is taking advantage of current market
conditions to broaden the Putnam Growth Portfolio's holdings while maintaining
its growth bias. We have increased our overweighted exposure in technology and
consumer staples and reduced our weightings in financial services and consumer
cyclicals.
Real Estate Portfolio (Davis Selected Advisers, L.P.)
The Real Estate Portfolio (+2.8%) edged out its benchmark, the Wilshire
Associates REIT Index (+1.5%). Several strong performers among the portfolio's
top positions helped it achieve this superior performance. Apartment Investment
& Management Company, Premier Parks, and Spieker Properties each posted double-
digit returns for the past six months (Premier Parks returned over 22%). This
indicates that although the broader market for Real Estate Investment Trusts and
operating companies has been out of favor, careful selection of high quality
companies can still offer surprisingly strong performance. Portfolio management
will continue to buy well-managed real estate companies with sensible capital
structures for the portfolio, because of our conviction that such companies will
be among the long-term market leaders for this sector.
Small Company Value Portfolio (First American Asset Management)
The Small Company Value Portfolio gained 5.5% during the six months ended July
31, 1999, compared to a 6.3% return for the Russell 2000 Index.
After suffering through a difficult first quarter, small cap value stocks were
the second quarter's market leaders, outperforming all other domestic equity
investment categories. Attractive valuations, strong fundamentals, improved
liquidity and ongoing merger and acquisition activity have led to a rally in
small cap stocks.
During the last six months the portfolio increased its energy exposure,
anticipating a longer-term uptrend in the group. The portfolio has shifted its
technology exposure to two areas of promise: wireless communications
infrastructure and semiconductor capital equipment. The portfolio's finance
sector exposure is lower than the benchmark's -- appropriate in an environment
of rising interest rates and corporate bond underperformance.
MFS Mid-Cap Growth Portfolio (MFS Investment Management)
From its April 1, 1999, inception through July 31, 1999, MFS Mid-Cap Growth
Portfolio provided a total return of 10.9% compared to the Russell 2000 Index's
12.4% return for the same period.
Until early April, a narrow band of approximately 50 large-company stocks beat
the rest of the stock market by a wide margin, partly because investors were
seeking less volatility at a time of global market turmoil. That situation has
changed over the past couple of months. Apparently tired of paying excessively
high prices for a few big companies with relatively slow growth rates, investors
have found more attractive prices in mid-cap and small-company stocks.
The portfolio's relative performance can be largely attributed to strong stock
selection in the technology, leisure and healthcare sectors. Gemstar, the
portfolio's top leisure holding, contributed significantly to the absolute
return, gaining 73% in the quarter. The security continues to benefit from
healthy growth and is up 127% year-to-date.
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Aggressive Growth Portfolio (SunAmerica Asset Management Corp.)
For the six months ended July 31, 1999, the Aggressive Growth Fund returned
4.3% versus the Russell 2000 Index return of 6.3%. The portfolio's small-cap
positions were direct beneficiaries of the market's broadening, especially
during the spring months. While many of the portfolio's smaller stocks such as
GST Telecommunications, Invitrogen, Mobile Mini and Oshkosh Truck exploded on
the upside, the portfolio's technology investments suffered a correction after
experiencing stellar gains during the first quarter. During this period, we
lowered the portfolio's technology weighting and redeployed the assets to
increase the oil service position. This position significantly outperformed and
helped to offset the volatility suffered in the technology sector.
With the market close to new highs at the end of July and the continued
overhang of the Fed's recent interest rate hike, management is currently
maintaining a more defensive position with higher cash and reduced exposure to
the more volatile sectors. While the fundamental outlook for the portfolio's
equity positions continues to be robust, we will remain more cautious until
there is a clearer picture of the inflationary direction within the U.S.
economy.
International Growth and Income Portfolio (Putnam Investments)
For the six months ended July 31, 1999, the International Growth and Income
Portfolio gained 17.0% in U.S. dollars versus 7.4% for the MSCI EAFE Index.
Strong performers included Nikko Securities, a Japanese financial services
company that advanced following dramatic restructuring efforts; Cookson Group, a
British industrial products company that gained more than 75% amid a selloff of
peripheral businesses; SKF, a Swedish bearings company that surged more than 90%
following corporate restructuring; and Elf Acquitaine, a French energy company
that advanced following a hostile takeover bid and strong oil prices.
The outlook for European markets amid increased economic activity, especially
in the large German and British economies, is encouraging. Equally encouraging
is the fact that European corporations continue to pursue aggressive
consolidation in an effort to obtain greater scale and competitiveness while
also advancing the interests of shareholders.
Global Equities Portfolio (Alliance Capital Management L.P.)
For the six months ended July 31, 1999, the Global Equities Portfolio (+4.2%)
underperformed the MSCI World Index (+6.0%) by a 1.8% margin. Much of the
underperformance came from regional asset allocation. Stock selection made a
positive contribution, while currency management detracted from relative
performance.
Asset allocation had a negative effect on returns as a result of the portfolio
being underweighted in Japan and the Asia ex-Japan regions during a period when
these regions significantly outperformed the broad benchmark. Stock selection
made a positive contribution as competitive returns from our holdings in Europe,
Japan, and Asia offset modest weakness in the relative performance of our U.S.
holdings. Weakness in consumer staples and healthcare offset strong gains for
technology and media holdings in the U.S. In the case of the latter two sectors,
we owned several stocks that reported disappointing earnings during the period.
The sharp declines in their share prices and the relative weightings in those
positions were sufficient to offset gains earned elsewhere among our U.S.
holdings.
International Diversified Equities Portfolio (Morgan Stanley Asset Management)
The International Diversified Equities Portfolio's 5.3% return lagged the MSCI
EAFE Index's 7.4% for the six months ended July 31, 1999. Portfolio performance
was enhanced by overweight allocations in Japan and Singapore, while an
underweighting in Finland and overweighting in Spain detracted from results.
During the period, the portfolio was overweighted in Japan. Although there
will be ebbs and flows in the news from Japan, restructuring is the core story
and it is occurring. The economy remains fragile, but does appear to be
bottoming. The portfolio was overweighted in Singapore, and management moved to
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overweight Hong Kong in August based on the belief that Hong Kong could benefit
from China's expected entry into the World Trade Organization and from an
orderly renminbi devaluation.
Emerging Markets Portfolio (Putnam Investments)
For the six months ended July 31, 1999, the Emerging Markets Portfolio surged
34.1% in U.S. dollar terms, although it still underperformed the 38.3% return of
the MSCI Emerging Markets Free Index. Stock selection made the largest
contribution to performance, though country allocation also added significant
value. Selection was particularly advantageous in Korea and Mexico. High
exposure in the major markets of Brazil and Mexico, which performed relatively
well, and minimal exposure to smaller, underperforming markets, such as
Indonesia, contributed to returns.
Following the dramatic rise of emerging markets in 1999, it is probably time
for a pause. We would not be surprised if emerging-markets returns slowed in the
near term, especially amid rising interest rates in the U.S. and Y2K concerns.
Over the long term, however, we remain bullish on emerging-markets stocks.
Economic recovery has taken a firm hold in Asia; Latin America should be the
next region to recover, helped in large part by the rebound in oil and copper
prices. Firm commodity prices should also help South Africa and Russia, while
emerging Europe should benefit from the general improvement in the outlook for
European economic growth.
This concludes the overview and portfolio summaries for the SunAmerica Series
Trust. We look forward to making our next report to you in six months, and we
appreciate the opportunity to serve your long-term retirement needs.
Sincerely,
/s/ ELI BROAD
Eli Broad
Chairman and Chief Executive Officer
Anchor National Life Insurance Company and
First SunAmerica Life Insurance Company
September 21, 1999
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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 currency 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. Investments in securities related to gold and other precious
metals and minerals are considered speculative and are impacted by a host of
worldwide economic, financial, and political factors. 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.
---------------------
9
<PAGE> 11
- ---------------------
SUNAMERICA SERIES TRUST
CASH MANAGEMENT PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES -- 78.1% AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
CERTIFICATES OF DEPOSIT -- 2.1%
Commerzbank U.S. Finance, Inc. 5.07% due 2/09/00............ $ 5,000,000 $ 4,980,769
Toronto Dominion 5.05% due 8/13/99.......................... 5,000,000 4,999,879
-------------
TOTAL CERTIFICATES OF DEPOSIT (cost $10,000,133)............ 9,980,648
-------------
COMMERCIAL PAPER -- 45.7%
Allied Signal, Inc. 5.17% due 8/24/99....................... 5,000,000 4,983,485
Allied Signal, Inc. 5.25% due 3/03/00....................... 7,000,000 6,774,052
American Home Products Corp. 5.12% due 10/04/99............. 5,000,000 4,951,800
American Home Products Corp. 5.38% due 1/27/00.............. 5,000,000 4,865,264
Apreco, Inc. 4.80% due 8/16/99.............................. 5,000,000 4,990,000
Apreco, Inc. 5.15% due 9/17/99.............................. 5,000,000 4,966,382
Apreco, Inc. 5.17% due 10/04/99............................. 5,000,000 4,955,025
Atlantis One Funding Corp. 4.86% due 8/26/99................ 5,000,000 4,983,125
Atlantis One Funding Corp. 4.90% due 9/14/99................ 5,000,000 4,970,055
Atlantis One Funding Corp. 5.18% due 9/27/99................ 5,000,000 4,958,992
Central Louisiana Electric Co. 5.10% due 8/20/99............ 5,000,000 4,986,542
Central Louisiana Electric Co. 5.10% due 8/27/99............ 4,950,000 4,931,768
Coca-Cola Co. 5.09% due 8/27/99............................. 5,000,000 4,981,619
Daimler Benz North America 4.84% due 9/07/99................ 5,000,000 4,975,128
Dean Foods Co. 5.10% due 8/23/99............................ 5,000,000 4,984,417
Delaware Funding Corp. 5.15% due 9/14/99.................... 5,000,000 4,968,528
Edison Asset Securitization 4.83% due 10/15/99.............. 5,000,000 4,946,453
Edison Asset Securitization 5.18% due 10/01/99.............. 5,000,000 4,953,250
Electric Data Systems Co. 5.10% due 8/24/99................. 5,000,000 4,983,708
Eleven, Inc. 4.90% due 9/01/99.............................. 5,000,000 4,978,903
Falcon Asset Securitization Corp. 4.87% due 8/20/99......... 5,000,000 4,987,148
Falcon Asset Securitization Corp. 5.15% due 8/16/99......... 5,000,000 4,989,271
Forrestal Funding Master 5.19% due 10/26/99................. 5,000,000 4,930,750
Gap, Inc. 5.10% due 8/30/99................................. 5,000,000 4,979,458
Gillette Co. 5.15% due 8/02/99.............................. 15,000,000 14,997,854
Goldman Sachs Group L.P. 5.14% due 8/20/99.................. 5,000,000 4,986,436
Govco, Inc. 5.15% due 10/12/99.............................. 5,000,000 4,942,100
Hitachi America Ltd. 5.08% due 8/27/99...................... 5,000,000 4,981,656
Ipalco Enterprises, Inc. 4.86% due 8/19/99.................. 5,000,000 4,987,850
Ipalco Enterprises, Inc. 5.07% due 8/27/99.................. 5,000,000 4,981,692
Koch Industries 5.10% due 8/02/99........................... 15,000,000 14,997,874
Liberty Lighthouse Funding Co. LLC 5.10% due 8/24/99........ 5,000,000 4,983,708
Moat Funding LLC 5.15% due 9/13/99.......................... 5,000,000 4,969,243
Moat Funding LLC 5.21% due 9/24/99.......................... 5,000,000 4,960,925
Nalco Chemical Co. 4.98% due 8/26/99........................ 10,000,000 9,965,417
Preferred Receivables Funding Corp. 4.88% due 8/25/99....... 7,000,000 6,977,227
Scripps (EW) Co. 4.78% due 8/03/99.......................... 5,000,000 4,998,672
Walt Disney Co. 4.77% due 11/15/99.......................... 5,000,000 4,923,291
-------------
TOTAL COMMERCIAL PAPER (cost $217,664,469).................. 217,629,068
-------------
CORPORATE SHORT-TERM NOTES -- 25.1%
American Express Centurion Bank 4.95% due 8/16/99(1)........ 5,000,000 4,999,475
AT&T Corp. 5.27% due 10/13/99............................... 5,000,000 4,991,509
</TABLE>
- ---------------------
10
<PAGE> 12
<TABLE>
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES (CONTINUED) AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE SHORT-TERM NOTES (continued)
Bank of America NA 5.25% due 8/02/99(1)..................... $ 5,000,000 $ 5,000,000
Bear Stearns Co., Inc. 5.02% due 1/20/00.................... 5,000,000 5,000,000
Campbell Soup Co. 4.83% due 4/13/00......................... 3,000,000 2,885,038
Caterpillar Financial Services 6.16% due 11/01/99........... 5,270,000 5,277,699
Chase Manhattan Corp. 4.96% due 10/20/99(1)................. 5,000,000 4,999,278
Chase Manhattan Bank USA National 5.07% due 8/25/99......... 5,000,000 4,996,815
Chrysler Financial Corp. 9.50% due 12/15/99................. 4,000,000 4,059,305
Citicorp 5.48% due 9/17/99.................................. 5,000,000 5,000,000
FCC National Bank 5.11% due 2/23/00......................... 10,000,000 9,989,869
General Motors Acceptance Corp. 5.01% due 8/25/99(1)........ 5,000,000 4,997,281
Goldman Sachs Group L.P. 5.08% due 8/12/99(1)............... 2,000,000 2,000,000
Goldman Sachs Group L.P. 5.38% due 10/26/99(1).............. 2,000,000 2,000,000
Liberty Lighthouse United States Capital Co. 5.16% due
8/16/99................................................... 5,000,000 4,999,883
Liberty Lighthouse United States Capital Co. 5.14% due
9/17/99(1)................................................ 2,000,000 1,999,996
Merrill Lynch & Co., Inc. 5.11% due 8/23/99(1).............. 3,000,000 2,998,680
Merrill Lynch & Co., Inc. 5.27% due 8/02/99(1).............. 5,000,000 5,000,000
Morgan (J.P.) & Co., Inc. 5.13% due 8/06/99................. 5,000,000 4,997,786
Northern Rock PLC 5.12% due 9/14/99(1)...................... 5,000,000 5,001,465
Philip Morris Cos., Inc. 6.15% due 9/15/99(1)............... 10,500,000 10,526,706
Portland General Electric Co. 6.63% due 8/31/99............. 3,000,000 3,002,159
Robobank Nederland NV 5.32% due 3/03/00..................... 5,000,000 4,985,565
Sigma Finance Corp. 5.42% due 5/14/00....................... 5,000,000 5,000,000
Southtrust Bank NA Birmingham 5.20% due 8/02/99(1).......... 5,000,000 5,000,000
-------------
TOTAL CORPORATE SHORT-TERM NOTES (cost $119,810,129)........ 119,708,509
-------------
FEDERAL AGENCY OBLIGATIONS -- 1.7%
Federal National Mortgage Association 4.92% due 8/05/99..... 2,965,000 2,963,379
Federal National Mortgage Association 6.00% due 8/19/99..... 5,000,000 5,002,204
-------------
TOTAL FEDERAL AGENCY OBLIGATIONS (cost $7,965,583).......... 7,965,583
-------------
MUNICIPAL BONDS -- 3.5%
Illinois Student Assistance Corp., Series B 5.14% due
8/04/99(1)................................................ 4,000,000 4,000,000
Illinois Student Assistance Corp., Series D 5.14% due
8/04/99(1)................................................ 3,000,000 3,000,000
New Hampshire State Industrial Development Authority 4.95%
due 8/12/99............................................... 5,000,000 5,000,000
Texas State General Obligation 5.12% due 8/04/99(1)......... 4,445,000 4,445,000
-------------
TOTAL MUNICIPAL BONDS (cost $16,445,000).................... 16,445,000
-------------
TOTAL SHORT-TERM SECURITIES (cost $371,885,314)............. 371,728,808
-------------
<CAPTION>
REPURCHASE AGREEMENTS -- 14.6%
-----------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENTS -- 14.6%
PaineWebber, Inc. Joint Repurchase Agreement Account (Note
3)........................................................ 50,000,000 50,000,000
State Street Bank & Trust Co. Joint Repurchase Agreement
Account (Note 3).......................................... 19,390,000 19,390,000
-------------
TOTAL REPURCHASE AGREEMENTS (cost $69,390,000).............. 69,390,000
-------------
TOTAL INVESTMENTS --
(cost $441,275,314) 92.7% 441,118,808
Other assets less liabilities -- 7.3 34,690,557
------ -------------
NET ASSETS -- 100.0% $ 475,809,365
====== =============
</TABLE>
-----------------------------
(1) Variable rate security; date shown reflects next reset date;
rate as of July 31, 1999
See Notes to Financial Statements
---------------------
11
<PAGE> 13
- ---------------------
SUNAMERICA SERIES TRUST
CORPORATE BOND PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES -- 92.5% AMOUNT VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 7.2%
Apparel & Textiles -- 0.5%
Collins & Aikman Floorcoverings, Inc. 10.00% 2007........... $ 50,000 $ 50,312
Collins & Aikman Products Co. 11.50% 2006................... 150,000 151,125
GFSI, Inc., Series B 9.63% 2007............................. 100,000 87,625
Pillowtex Corp., Series B 9.00% 2007........................ 75,000 67,500
Pillowtex Corp. 10.00% 2006................................. 175,000 166,250
Reliance Industries Ltd. 8.25% 2027*........................ 500,000 444,390
Automotive -- 2.1%
Aftermarket Technology Corp., Series B 12.00% 2004.......... 150,000 157,312
American Axle & Manufacturing, Inc. 9.75% 2009.............. 175,000 176,969
Avis Rent A Car, Inc. 11.00% 2009*.......................... 100,000 102,500
Dana Corp. 6.25% 2004....................................... 1,150,000 1,118,582
Dana Corp. 7.00% 2028....................................... 800,000 729,280
Meritor Automotive, Inc. 6.80% 2009......................... 1,250,000 1,173,437
Nationsrent, Inc. 10.38% 2008............................... 125,000 125,938
Oxford Automotive, Inc., Series D 10.13% 2007............... 200,000 200,000
Housing -- 0.4%
American Builders & Contractors Supply Co., Inc., Series B
10.63% 2007............................................... 75,000 70,687
Building Materials Corp. of America 8.63% 2006.............. 100,000 98,000
Falcon Building Products, Inc. zero coupon 2007(1).......... 400,000 274,000
Formica Corp. 10.88% 2009*.................................. 175,000 170,844
Juno Lighting, Inc. 11.88% 2009*............................ 50,000 51,125
Sleepmaster LLC 11.00% 2009*................................ 50,000 50,063
United Industries Corp. 9.88% 2009*......................... 75,000 69,375
Retail -- 4.2%
Boyds Collection Ltd. 9.00% 2008*........................... 89,000 87,220
Dayton Hudson Corp. 10.00% 2000............................. 1,000,000 1,048,490
Harcourt General, Inc. 7.20% 2027........................... 1,370,000 1,200,627
Jitney Jungle Stores of America, Inc. 10.38% 2007........... 125,000 50,000
KMart Corp. 8.54% 2015...................................... 1,416,385 1,487,205
Leslies Poolmart, Inc. 10.38% 2004.......................... 50,000 51,312
Sealy Mattress Co., Series B zero coupon 2007(1)............ 250,000 167,500
Sears Roebuck & Co. 10.00% 2012............................. 1,000,000 1,209,230
ShopKo Stores, Inc. 8.50% 2002.............................. 450,000 461,614
ShopKo Stores, Inc. 9.25% 2022.............................. 1,300,000 1,437,397
True Temper Sports, Inc. 10.88% 2008*....................... 75,000 63,844
U.S. Office Products Co. 9.75% 2008......................... 225,000 127,125
-------------
12,926,878
-------------
CONSUMER STAPLES -- 2.3%
Food, Beverage & Tobacco -- 1.4%
Agrilink Foods, Inc. 11.88% 2008............................ 175,000 180,469
Ameriserve Food Distribution, Inc. 8.88% 2006............... 50,000 43,250
Ameriserve Food Distribution, Inc. 10.13% 2007.............. 250,000 200,000
Aurora Foods, Inc., Series B 9.88% 2007..................... 50,000 51,875
Carrols Corp. 9.50% 2008*................................... 150,000 142,687
Dimon, Inc. 8.88% 2006...................................... 75,000 68,079
</TABLE>
- ---------------------
12
<PAGE> 14
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER STAPLES (continued)
Food, Beverage & Tobacco (continued)
Dominos, Inc. 10.38% 2009*.................................. $ 200,000 $ 202,500
Eagle Family Foods, Inc., Series B 8.75% 2008............... 250,000 219,062
International Home Foods, Inc. 10.38% 2006.................. 100,000 106,750
National Wine and Spirits 10.13% 2009*...................... 200,000 206,250
Nebco Evans Holding Co. zero coupon 2007(1)................. 125,000 53,594
Philip Morris Cos., Inc. 7.75% 2027......................... 1,000,000 984,650
Household Products -- 0.9%
Fort James Corp. 6.23% 2001................................. 600,000 594,294
NBTY, Inc., Series B 8.63% 2007............................. 100,000 84,875
Playtex Family Products Corp. 9.00% 2003.................... 200,000 203,000
Polymer Group, Inc., Series B 8.75% 2008.................... 150,000 145,125
Polymer Group, Inc., Series B 9.00% 2007.................... 200,000 195,500
Revlon Consumer Products Corp. 8.63% 2008................... 400,000 336,000
-------------
4,017,960
-------------
ENERGY -- 3.9%
Energy Services -- 1.2%
Baker Hughes, Inc. 6.25% 2009*.............................. 1,000,000 941,630
Chiles Offshore LLC 10.00% 2008............................. 125,000 105,000
Coastal Corp. 9.75% 2003.................................... 250,000 274,545
Continental Resources, Inc. 10.25% 2008..................... 125,000 93,281
Dailey International, Inc. 9.50% 2008(2).................... 150,000 97,500
Enersis SA 7.40% 2016....................................... 600,000 494,508
ISG Resources, Inc. 10.00% 2008............................. 50,000 50,813
Pride Petroleum Services, Inc. 9.38% 2007................... 175,000 173,250
Energy Sources -- 2.7%
Edison Mission Holdings Co. 8.73% 2026*..................... 1,200,000 1,171,668
Forcenergy, Inc. 8.50% 2007(2).............................. 100,000 77,000
Houston Exploration Co. 8.63% 2008.......................... 125,000 121,719
Husky Oil Ltd. 7.13% 2006................................... 1,000,000 930,410
Nuevo Energy Co., Series B 8.88% 2008....................... 100,000 96,500
Occidental Petroleum Corp. 8.50% 2004....................... 450,000 451,300
Sun Co., Inc. 9.00% 2024.................................... 1,750,000 1,931,650
-------------
7,010,774
-------------
FINANCE -- 23.3%
Banks -- 3.8%
ABN Amro Holdings NV 7.30% 2026............................. 500,000 456,360
City National Bank California 6.38% 2008.................... 1,000,000 924,200
Continental Bank NA 12.50% 2001(3).......................... 300,000 327,057
Corporacion Andina de Fomento 7.25% 2007.................... 750,000 717,690
Den Danske Bank 7.25% 2005*................................. 275,000 273,383
Den Danske Bank 7.40% 2007*................................. 500,000 504,105
Firstbank Puerto Rico 7.63% 2005............................ 750,000 704,818
National Bank of Canada 8.13% 2004.......................... 750,000 786,195
Republic New York Corp. 7.75% 2009.......................... 1,225,000 1,242,640
Security Pacific Corp. 11.50% 2000.......................... 275,000 292,229
Swedbank 7.50% 2049......................................... 500,000 476,945
Financial Services -- 15.5%
125 Home Loan Owner Trust, Class B 9.26% 2029(4)............ 1,250,000 1,092,969
Allmerica Financial Corp. 7.63% 2025........................ 500,000 479,560
Amvescap PLC 6.60% 2005..................................... 1,000,000 910,680
Arvin Capital I 9.50% 2027.................................. 1,000,000 1,018,230
Barclays North American Capital Corp. 9.75% 2021............ 1,000,000 1,085,450
Capital One Financial Corp. 7.13% 2008...................... 300,000 285,105
</TABLE>
---------------------
13
<PAGE> 15
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (continued)
Financial Services (continued)
Chevy Chase Auto Receivables 5.80% 2002..................... $ 15,447 $ 15,437
CNA Financial Corp. 6.95% 2018.............................. 500,000 460,725
Continental Global Group, Inc., Series B 11.00% 2007........ 150,000 128,438
Delphi Financial Group, Inc. 8.00% 2003..................... 1,000,000 1,010,670
Delphi Funding LLC, Series A 9.31% 2027..................... 800,000 783,816
Donaldson Lufkin & Jenrette, Inc. 5.88% 2002................ 1,000,000 977,740
Donaldson Lufkin & Jenrette, Inc. 6.88% 2005................ 1,000,000 975,310
Farmer Corp. 7.57% 2029*.................................... 2,200,000 2,165,856
Fertinitro Finance, Inc. 8.29% 2020*........................ 1,005,000 692,807
Florida Panthers Holdings, Inc. 9.88% 2009*................. 225,000 216,563
Ford Capital BV 9.38% 2001.................................. 600,000 628,476
Ford Capital BV 9.50% 2001.................................. 200,000 210,558
Ford Motor Credit Co. 6.88% 2001............................ 550,000 554,125
General Motors Acceptance Corp. 5.63% 2001.................. 300,000 298,065
General Motors Corp. 9.45% 2011............................. 250,000 294,662
Green Tree Financial Corp., Series 1999-A, Class B2A 7.44%
2029(4)................................................... 416,378 416,378
Green Tree Financial Corp. 10.25% 2002...................... 970,000 1,015,396
GS Escrow Corp. 7.13% 2005.................................. 500,000 473,375
Lehman Brothers Holdings, Inc. 6.63% 2006................... 1,000,000 948,190
Lehman Brothers Holdings, Inc. 7.00% 2003................... 450,000 446,562
Lehman Brothers, Inc. 7.38% 2007............................ 1,250,000 1,230,262
Merita Bank PLC 6.50% 2009.................................. 1,700,000 1,578,178
Merrill Lynch & Co., Inc. 5.50% 2029(4)..................... 521,650 501,765
Merrill Lynch & Co., Inc. 6.00% 2009........................ 1,250,000 1,137,062
National Rural Utilities Cooperative Finance Corp. 5.50%
2005...................................................... 250,000 233,155
National Rural Utilities Cooperative Finance Corp. 5.75%
2008...................................................... 1,250,000 1,148,075
Reinsurance Group America, Inc. 7.25% 2006*................. 500,000 492,475
Resolution Funding Corp. zero coupon 2021................... 640,000 157,446
Salomon, Inc. 7.20% 2004.................................... 525,000 534,508
Santander Finance Issuances 7.25% 2015...................... 1,000,000 940,950
Sun Communities Operating LP 6.77% 2005..................... 900,000 846,135
Susa Partnership LP 7.50% 2027.............................. 1,050,000 884,656
Susa Partnership LP 8.20% 2017.............................. 250,000 237,240
Tanger Properties Ltd. 8.75% 2001........................... 85,000 86,234
Insurance -- 4.0%
Conseco, Inc. 6.40% 2003.................................... 500,000 475,440
Conseco, Inc. 10.50% 2004................................... 750,000 815,985
Equitable Life Assurance Society USA 7.70% 2015*............ 1,000,000 1,023,010
Geico Corp. 9.15% 2021...................................... 500,000 546,335
Life Re Capital Trust I 8.72% 2027*......................... 1,000,000 1,013,130
Marsh & McLennan Cos., Inc. 7.13% 2009...................... 1,250,000 1,242,787
Provident Financing Trust, Inc. 7.41% 2038.................. 350,000 326,662
Union Central Life Insurance 8.20% 2026*.................... 1,000,000 1,014,870
USF&G Capital II 8.47% 2027................................. 500,000 483,110
USF&G Capital III 8.31% 2046*............................... 250,000 254,503
-------------
41,494,738
-------------
HEALTHCARE -- 1.4%
Health Services -- 1.1%
Columbia/HCA Healthcare Corp. 6.91% 2005.................... 300,000 272,211
Everest Healthcare Services Corp. 9.75% 2008................ 75,000 75,938
Genesis Health Ventures, Inc. 9.88% 2009.................... 200,000 150,000
Hudson Respiratory Care, Inc.. 9.13% 2008................... 125,000 103,750
Tenet Healthcare Corp. 8.00% 2005........................... 450,000 433,125
Tenet Healthcare Corp. 8.13% 2008*.......................... 800,000 749,976
Triad Hospitals Holdings, Inc. 11.00% 2009*................. 50,000 50,875
</TABLE>
- ---------------------
14
<PAGE> 16
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE -- (continued)
Medical Products -- 0.2%
Conmed Corp. 9.00% 2008..................................... $ 150,000 $ 149,812
Hanger Orthopedic Group, Inc. 11.25% 2009................... 100,000 101,875
Kinetic Concepts, Inc. 9.63% 2007........................... 175,000 159,469
Medical Products & Services -- 0.1%
Dade International, Inc. 11.13% 2006........................ 200,000 212,000
-------------
2,459,031
-------------
INDUSTRIAL & COMMERCIAL -- 6.3%
Aerospace & Military Technology -- 0.5%
Eagle-Picher Industries, Inc. 9.38% 2008.................... 200,000 194,250
Raytheon Co. 6.15% 2008..................................... 500,000 465,895
Raytheon Co. 7.00% 2028..................................... 200,000 184,726
Business Services -- 3.9%
Albecca, Inc. 10.75% 2008................................... 200,000 161,500
Allied Waste North America, Inc. 10.00% 2009................ 450,000 447,750
Allied Waste North America, Inc., Series B 7.63% 2006....... 500,000 463,750
Coinmach Corp. 11.75% 2005.................................. 50,000 54,313
Condor Systems, Inc. 11.88% 2009*........................... 50,000 48,188
Dialog Corp. PLC, Series A 11.00% 2007...................... 75,000 69,469
Glenoit Corp. 11.00% 2007................................... 50,000 41,875
Hertz Corp. 7.00% 2028...................................... 1,280,000 1,165,952
Holt Group, Inc. 9.75% 2006*................................ 100,000 69,750
Neenah Corp., Series B 11.13% 2007.......................... 150,000 149,250
Neenah Corp., Series F 11.13% 2007.......................... 75,000 74,625
Packaging Corp of America 9.63% 2009*....................... 75,000 75,938
Service Corp. International 6.50% 2008...................... 550,000 505,934
SMFC Trust 7.76% 2025(4).................................... 241,595 205,356
Tekni-Plex, Inc., Series B 9.25% 2008....................... 125,000 123,750
Tele1 Europe BV 13.00% 2009................................. 50,000 53,000
United Rentals, Inc. 9.00% 2009............................. 150,000 146,813
United Rentals, Inc. 9.25% 2009............................. 250,000 246,562
United Stationers Supply Co. 12.75% 2005.................... 33,000 36,506
URS Corp. 12.25% 2009*...................................... 125,000 127,031
USA Waste Service, Inc. 7.13% 2007.......................... 750,000 724,012
USA Waste Services, Inc. 6.13% 2001......................... 650,000 643,253
Volume Services America, Inc. 11.25% 2009*.................. 100,000 116,375
Waste Management, Inc. 8.75% 2018........................... 850,000 897,311
WESCO Distribution, Inc., Series B 9.13% 2008............... 250,000 245,312
Ziff-Davis, Inc. 8.50% 2008................................. 100,000 95,000
Electronics -- 0.2%
Amphenol Corp. 9.88% 2007................................... 150,000 155,250
Fairchild Semiconductor Corp. 10.38% 2007*.................. 125,000 122,813
Machinery -- 0.6%
Accuride Corp., Series B 9.25% 2008......................... 100,000 98,000
Alvey Systems, Inc. 11.38% 2003............................. 69,000 71,070
Clark Material Handling Co. 10.75% 2006..................... 100,000 85,625
Fairchild Corp. 10.75% 2009*................................ 125,000 122,656
JL French Auto Casting 11.50% 2009*......................... 125,000 127,344
Lear Corp. 8.11% 2009*...................................... 250,000 247,170
Lear Corp. 9.50% 2006....................................... 50,000 51,375
National Equipment Services, Inc. 10.00% 2004............... 200,000 202,312
Wec Co., Inc. 12.00% 2009................................... 100,000 96,500
</TABLE>
---------------------
15
<PAGE> 17
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL (continued)
Metals: Steel -- 0.1%
Simmons Co. 10.25% 2009*.................................... $ 100,000 $ 101,875
Multi-Industry -- 0.4%
Fisher Scientific International, Inc 9.00% 2008............. 350,000 332,500
Hexcel Corp. 9.75% 2009..................................... 75,000 74,906
SCG Holding & Semiconductor Co. 12.00% 2009................. 150,000 151,500
Triarc Consumer Products Group 10.25% 2009*................. 200,000 194,000
Transportation -- 0.6%
Allied Holdings, Inc. 8.63% 2007............................ 100,000 97,250
Ameritruck Distribution Corp. 12.25% 2005(2)................ 100,000 6,000
Gearbulk Holdings Ltd. 11.25% 2004.......................... 175,000 178,500
HDA Parts Systems, Inc.. 12.00% 2005*....................... 50,000 50,313
Johnstown America Industries, Inc. 11.75% 2005.............. 100,000 104,875
Railworks Corp. 11.50% 2009*................................ 100,000 99,375
Stena AB 8.75% 2007......................................... 200,000 185,000
Stena AB 10.50% 2005........................................ 100,000 100,375
Stena Line AB 10.63% 2008................................... 100,000 75,000
Transportation Manufacturing Operations, Inc. 11.25% 2009... 200,000 199,000
-------------
11,164,030
-------------
INFORMATION & ENTERTAINMENT -- 9.7%
Broadcasting & Media -- 8.3%
Acme Televison LLC, Series B zero coupon 2004(1)............ 200,000 165,750
Big City Radio, Inc. zero coupon 2005(1).................... 200,000 142,750
CF Cable TV, Inc. 9.13% 2007................................ 500,000 525,070
Chancellor Media Corp., Series B 8.75% 2007................. 50,000 49,250
Chancellor Media Corp. 9.00% 2008........................... 150,000 150,000
Chancellor Media Corp. 9.38% 2004........................... 100,000 101,500
Chancellor Media Corp., Series B 10.50% 2007................ 100,000 108,625
Chancellor Media Corp., Series B 8.13% 2007................. 500,000 487,500
Charter Commerce Holdings LLC zero coupon 2011*(1).......... 375,000 227,812
Comcast Cable Communications Corp. 8.50% 2027............... 500,000 542,120
Continental Cablevision, Inc. 9.50% 2013.................... 1,950,000 2,167,093
Cox Communications, Inc. 6.69% 2004......................... 250,000 241,860
CSC Holdings, Inc. 9.25% 2005............................... 325,000 339,625
CSC Holdings, Inc. 9.88% 2006............................... 100,000 107,000
Cumulus Media, Inc. 10.38% 2008............................. 75,000 79,313
Diamond Cable PLC zero coupon 2007(1)....................... 150,000 121,500
Diamond Holdings PLC 9.13% 2008............................. 100,000 100,750
Echostar DBS Corp. 9.38% 2009*.............................. 450,000 455,625
Fox/Liberty Networks LLC zero coupon 2007(1)................ 250,000 198,125
Fox/Liberty Networks LLC 8.88% 2007......................... 100,000 104,000
Garden State Newspapers, Inc., Series B 8.75% 2009.......... 50,000 47,313
Hollinger International Publishing, Inc. 9.25% 2007......... 125,000 127,813
International CableTel., Inc. zero coupon 2006(1)........... 250,000 224,688
Lamar Advertising Co. 8.63% 2007............................ 150,000 145,875
Loews Cineplex Entertainment Corp. 8.88% 2008............... 250,000 231,250
Millicom International Cellular SA zero coupon 2006(1)...... 300,000 221,250
News America Holdings, Inc. 7.90% 2095...................... 450,000 413,374
News America Holdings, Inc. 8.00% 2016...................... 650,000 646,971
News America Holdings, Inc. 10.13% 2012..................... 500,000 558,950
Outdoor Systems, Inc. 8.88% 2007............................ 200,000 208,000
Paramount Communications, Inc. 8.25% 2022................... 1,400,000 1,416,002
Pegasus Communications Corp. 9.63% 2005..................... 100,000 98,250
Pegasus Communications Corp. 9.75% 2006..................... 150,000 150,375
RCN Corp., Series B zero coupon 2007(1)..................... 200,000 132,000
</TABLE>
- ---------------------
16
<PAGE> 18
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT (continued)
Broadcasting & Media (continued)
Regal Cinemas, Inc. 9.50% 2008.............................. $ 400,000 $ 360,000
Rogers Cablesystems Ltd. 10.00% 2007........................ 100,000 107,000
Rogers Cablesystems Ltd., Series B 10.00% 2005.............. 225,000 241,312
Rogers Communications, Inc. 8.88% 2007...................... 100,000 100,750
SFX Broadcasting, Inc., Series B 10.75% 2006................ 33,000 35,888
Sinclair Broadcast Group, Inc. 8.75% 2007................... 250,000 246,250
Sinclair Broadcast Group, Inc. 9.00% 2007................... 225,000 222,187
Sinclair Broadcast Group, Inc. 10.00% 2005.................. 50,000 51,250
Telewest Communications zero coupon 2009*(1)................ 125,000 79,219
Telewest Communications PLC zero coupon 2007(1)............. 425,000 379,312
TKR Cable, Inc. 10.50% 2007................................. 1,200,000 1,275,240
UIH Australia Pacific, Inc., Series B zero coupon 2006(1)... 200,000 158,000
United International Holdings, Inc., Series B zero coupon
2008(1)................................................... 250,000 145,000
United Pan-Europe Communications NV zero coupon 2009*....... 500,000 272,500
Leisure & Tourism -- 1.4%
Advantica Restaurant Group, Inc. 11.25% 2008................ 100,000 94,500
AMF Bowling Worldwide, Inc., Series B zero coupon 2006(1)... 197,000 122,140
Continental Airlines, Inc., Series B 6.90% 2017............. 741,844 708,158
Continental Airlines, Inc. 7.73% 2011....................... 500,000 495,680
Courtyard by Marriott II Ltd., Series B 10.75% 2008......... 50,000 50,875
HMH Properties, Inc. 8.45% 2008............................. 200,000 189,500
HMH Properties, Inc., Series B 7.88% 2008................... 250,000 228,125
Premier Parks, Inc. zero coupon 2008(1)..................... 250,000 167,500
Premier Parks, Inc. 9.75% 2007.............................. 250,000 250,000
Southwest Airlines Co. 7.38% 2027........................... 215,000 203,534
-------------
17,221,299
-------------
INFORMATION TECHNOLOGY -- 8.7%
Computers & Business Equipment -- 0.9%
Dell Computer Corp. 7.10% 2028.............................. 1,600,000 1,476,864
Diva Systems Corp., Series B zero coupon 2008(1)............ 50,000 10,500
Alliance Imaging, Inc. 9.54% 2005........................... 150,000 141,000
Electronics -- 0.5%
National Semiconductor Corp. 6.50% 2002..................... 930,000 883,500
Paging -- 0.1%
Arch Communications Group, Inc. 12.75% 2007................. 100,000 91,250
Software -- 0.4%
Anteon Corp. 12.00% 2009*................................... 125,000 123,125
PSINet, Inc. 11.00% 2009.................................... 100,000 98,750
PSINet, Inc. 11.50% 2008.................................... 100,000 102,250
PSINet, Inc., Series B 10.00% 2005.......................... 200,000 194,000
Sitel Corp. 9.25% 2006...................................... 200,000 171,500
Verio, Inc. 11.25% 2008*.................................... 100,000 101,500
Telecommunications -- 6.8%
American Celluar Corp. 10.50% 2008.......................... 175,000 179,375
Anixter, Inc. 8.00% 2003.................................... 1,300,000 1,316,783
BellSouth Telecommunications, Inc. 6.00% 2002............... 500,000 497,415
Cadmus Communications Corp. 9.75% 2009*..................... 100,000 100,750
Call-Net Enterprises, Inc. zero coupon 2007(1).............. 250,000 169,688
Centennial Cellular Operating Co. 10.75% 2008*.............. 175,000 180,250
Crown Castle International Corp. zero coupon 2011(1)........ 425,000 249,156
Crown Castle International Corp. zero coupon 2011*(1)....... 250,000 145,625
Dolphin Telecom PLC zero coupon 2009*(1).................... 200,000 85,750
Hermes Europe Railtel BV 10.38% 2009........................ 100,000 100,250
</TABLE>
---------------------
17
<PAGE> 19
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Telecommunications (continued)
Hermes Europe Railtel BV 11.50% 2007........................ $ 250,000 $ 261,250
ICG Holdings, Inc. zero coupon 2006......................... 300,000 246,000
Intermedia Communications, Inc. zero coupon 2006(1)......... 175,000 141,750
Intermedia Communications, Inc. 8.60% 2008.................. 200,000 180,000
Intermedia Communications, Inc., Series B zero coupon
2007(1)................................................... 275,000 191,125
IXC Communications, Inc., Series B 9.00% 2008............... 125,000 125,000
Lenfest Communications, Inc. 8.38% 2005..................... 150,000 155,438
Level 3 Communications, Inc. zero coupon 2008(1)............ 400,000 231,000
Level 3 Communications, Inc. 9.13% 2008..................... 675,000 637,875
Lucent Technologies, Inc. 6.45% 2029........................ 1,000,000 898,220
McLeodUSA, Inc. zero coupon 2007(1)......................... 350,000 263,375
McLeodUSA, Inc. 8.13% 2009*................................. 175,000 158,375
McLeodUSA, Inc. 8.38% 2008.................................. 50,000 46,000
Metronet Communications Corp. zero coupon 2008(1)........... 475,000 361,394
Metronet Communications Corp. 10.63% 2008*.................. 50,000 56,875
Metronet Communications Corp. 12.00% 2007(3)................ 50,000 58,125
Nextel Communications, Inc. zero coupon 2007(1)............. 275,000 202,125
Nextel Communications, Inc. zero coupon 2008(1)............. 825,000 579,562
Nextel International, Inc. zero coupon 2008(1).............. 75,000 40,031
Nextlink Communications, Inc. zero coupon 2009(1)........... 525,000 301,219
Nextlink Communications, Inc. 9.00% 2008.................... 100,000 95,000
Nextlink Communications, Inc. 10.75% 2009................... 150,000 152,250
NTL Communications Corp. zero coupon 2008................... 475,000 329,531
NTL, Inc., Series B zero coupon 2008(1)..................... 525,000 359,625
Orange PLC 8.00% 2008....................................... 150,000 143,625
Pathnet, Inc. 12.25% 2008................................... 100,000 55,000
Qwest Communications International, Inc. zero coupon
2007(1)................................................... 100,000 77,990
Qwest Communications International, Inc. zero coupon
2008(1)................................................... 50,000 37,187
Qwest Communications International, Inc. 10.88% 2007........ 98,000 110,593
Qwest Communications International, Inc., Series B 7.50%
2008...................................................... 300,000 296,874
Rogers Cantel, Inc. 8.80% 2007.............................. 75,000 75,000
Telecommunications Techniques LLC 9.75% 2008................ 325,000 321,344
Telecomunicaciones de Puerto Rico 6.65% 2006................ 1,000,000 968,250
Telesystem International Wireless, Inc., Series B zero
coupon 2007(1)............................................ 300,000 156,000
Teligent, Inc. zero coupon 2008(1).......................... 100,000 56,750
Teligent, Inc. 11.50% 2007.................................. 225,000 223,875
Triton PCS, Inc. zero coupon 2008(1)........................ 250,000 164,688
Viatel, Inc. zero coupon 2008(1)............................ 175,000 109,375
Viatel, Inc. 11.25% 2008.................................... 75,000 75,000
Viatel, Inc. 11.50% 2009.................................... 100,000 100,250
Winstar Communications, Inc. 11.00% 2008(1)................. 125,000 114,375
-------------
15,576,602
-------------
MATERIALS -- 6.9%
Chemicals -- 0.7%
Chattem, Inc. 8.88% 2008.................................... 175,000 169,750
General Chemical Industrial Products 10.63% 2009............ 100,000 101,750
Huntsman Corp. 9.50% 2007*.................................. 250,000 237,813
Huntsman ICI Chemicals, Inc. 10.13% 2009.................... 100,000 100,250
ISP Holdings, Inc., Series B 9.00% 2003..................... 75,000 75,375
ISP Holdings, Inc., Series B 9.75% 2002..................... 50,000 51,250
Lyondell Chemical Co. 10.88% 2009*.......................... 300,000 306,000
Texas Petrochemicals Corp. 11.13% 2006...................... 125,000 106,250
Forest Products -- 1.6%
Amscan Holdings, Inc. 9.88% 2007............................ 100,000 82,875
Buckeye Cellulose Corp. 9.25% 2008.......................... 125,000 127,500
</TABLE>
- ---------------------
18
<PAGE> 20
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
MATERIALS (continued)
Forest Products (continued)
Donohue Forest Products, Inc. 7.63% 2007.................... $ 750,000 $ 753,885
Pope & Talbot, Inc. 8.38% 2013.............................. 250,000 224,212
Quno Corp. 9.13% 2005....................................... 1,500,000 1,589,595
Stone Container Corp. 11.50% 2004........................... 50,000 52,125
Stone Container Corp. 12.25% 2002........................... 50,000 50,125
Metals & Minerals -- 4.6%
AEI Resources, Inc. 10.50% 2005*............................ 200,000 197,500
AEI Resources, Inc. 11.50% 2006*............................ 150,000 147,562
Barrick Gold Finance, Inc. 7.50% 2007....................... 1,500,000 1,468,950
Euramax International PLC 11.25% 2006....................... 100,000 100,250
Inco Ltd. 9.60% 2022(4)..................................... 1,460,000 1,357,800
International Utility Structures 10.75% 2008................ 50,000 49,625
Metals USA, Inc. 8.63% 2008................................. 250,000 244,375
MMI Products, Inc., Series B 11.25% 2007.................... 150,000 154,500
National Steel Corp., Series D 9.88% 2009*.................. 150,000 153,750
Normandy Finance Ltd. 7.50% 2005*........................... 1,150,000 1,067,913
Placer Dome, Inc. 8.50% 2045................................ 1,870,000 1,561,356
Russell Stanley Holdings, Inc. 10.88% 2009*................. 75,000 71,813
Ryderson Tull, Inc. 9.13% 2006.............................. 100,000 106,125
Santa Fe Pacific Gold Corp. 8.38% 2005...................... 225,000 225,563
Scotts Co. 8.63% 2009....................................... 50,000 49,625
Southdown, Inc. 10.00% 2006................................. 1,000,000 1,092,500
Sterling Chemicals, Inc. 11.75% 2006........................ 225,000 171,000
-------------
12,248,962
-------------
MUNICIPAL BONDS -- 0.4%
Municipal Bonds -- 0.4%
Atlanta & Fulton County Georgia Recreation 7.00% 2028....... 500,000 477,425
McKeesport Pennsylvania 7.30% 2020.......................... 250,000 249,235
-------------
726,660
-------------
NON-U.S. GOVERNMENT OBLIGATIONS -- 2.0%
Foreign Government -- 2.0%
Province of Quebec 7.13% 2024............................... 2,000,000 1,906,020
Province of Quebec 11.00% 2015.............................. 450,000 483,840
Province of Quebec 13.25% 2014.............................. 890,000 937,900
Republic of Colombia 7.25% 2003............................. 250,000 217,500
-------------
3,545,260
-------------
REAL ESTATE -- 1.8%
Real Estate Investment Trusts -- 1.8%
Chelsea GCA Realty, Inc. 7.75% 2001......................... 150,000 150,000
New Plan Excel Realty Trust, Inc. 7.40% 2009................ 1,000,000 979,560
Price REIT, Inc. 7.50% 2006................................. 750,000 740,243
Simon Property Group, Inc. 7.13% 2009....................... 1,350,000 1,263,843
-------------
3,133,646
-------------
U.S. GOVERNMENT & AGENCIES -- 15.2%
U.S. Government & Agencies -- 15.2%
Federal Farm Credit Bank 5.93% 2008......................... 1,250,000 1,193,763
Federal Home Loan Mortgage Corp. 8.29% 2009................. 500,000 510,080
Federal National Mortgage Association 6.00% 2014............ 1,977,794 1,891,879
Federal National Mortgage Association 6.50% 2028............ 1,938,584 1,846,501
Federal National Mortgage Association 6.50% 2029............ 987,345 940,446
Federal National Mortgage Association 8.50% 2005............ 750,000 759,495
</TABLE>
---------------------
19
<PAGE> 21
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT & AGENCIES (continued)
United States Treasury Bonds 6.13% 2027..................... $1,185,000 $ 1,160,933
United States Treasury Bonds 6.38% 2027..................... 3,332,000 3,367,919
United States Treasury Bonds 8.00% 2021..................... 1,750,000 2,085,510
United States Treasury Bonds 8.13% 2021..................... 750,000 902,812
United States Treasury Bonds 8.50% 2020..................... 1,400,000 1,735,118
United States Treasury Bonds 9.88% 2015..................... 2,600,000 3,511,612
United States Treasury Bonds 11.63% 2004.................... 1,000,000 1,250,160
United States Treasury Notes 5.63% 2008..................... 700,000 680,092
United States Treasury Notes 6.13% 2007..................... 1,900,000 1,905,054
United States Treasury Notes 6.25% 2003..................... 250,000 253,202
United States Treasury Notes 6.25% 2007..................... 2,000,000 2,020,620
United States Treasury Notes 7.88% 2004..................... 1,000,000 1,084,840
-------------
27,100,036
-------------
UTILITIES -- 2.6%
Electric Utilities -- 1.8%
Caithness Coso Funding Corp. 9.05% 2009*.................... 150,000 149,625
El Paso Electric Co. 9.40% 2011............................. 125,000 137,432
Israel Electric Corp. Ltd. 7.88% 2026*...................... 850,000 777,019
Israel Electric Corp. Ltd. 7.75% 2009*...................... 500,000 495,380
Niagara Mohawk Power Corp. zero coupon 2010(1).............. 50,000 38,375
Puget Sound Energy, Inc. 7.02% 2027......................... 900,000 854,676
Tenaga Nasional Berhad 7.50% 2096*.......................... 1,000,000 720,000
Gas & Pipeline Utilities -- 0.2%
R&B Falcon Corp. 12.25% 2006................................ 250,000 259,375
Universal Compression, Inc. zero coupon 2008(1)............. 275,000 178,406
Telephone -- 0.6%
Callable Net Enterprises, Inc. zero coupon 2008(1).......... 175,000 92,750
Callable Net Enterprises, Inc. zero coupon 2009(1).......... 175,000 101,938
LCI International, Inc. 7.25% 2007.......................... 650,000 638,254
Paging Network, Inc. 10.00% 2008............................ 175,000 134,750
Paging Network, Inc. 10.13% 2007............................ 50,000 41,000
US Xchange LLC 15.00% 2008.................................. 75,000 77,344
-------------
4,696,324
-------------
EDUCATION -- 0.8%
University -- 0.8%
Boston University 7.63% 2097................................ 1,400,000 1,349,404
-------------
TOTAL BONDS & NOTES (cost $172,901,982)..................... 164,671,604
-------------
<CAPTION>
PREFERRED STOCK -- 1.7% SHARES
----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER STAPLES -- 0.0%
Food, Beverage & Tobacco -- 0.0%
Nebco Evans Holding Co. 11.25%(5)........................... 399 15,962
FINANCE -- 0.5%
Financial Services -- 0.5%
Prologis Trust, Series C 8.54%.............................. 20,000 885,000
</TABLE>
- ---------------------
20
<PAGE> 22
<TABLE>
<CAPTION>
PREFERRED STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT -- 0.5%
Broadcasting & Media -- 0.5%
Benedek Communications Corp. 11.50%*(5)..................... 75 $ 71,251
Capstar Broadcasting Partners 12.00%(5)..................... 633 74,171
Capstar Communications, Inc., Series E 12.63%(5)............ 318 37,271
Cumulus Media, Inc., Series A 13.75%(5)..................... 85 95,724
Pegasus Communications Corp. 12.75%*(5)..................... 133 140,165
Primedia, Inc., Series D 10.00%............................. 1,500 150,375
Primedia, Inc., Series F 9.20%.............................. 3,000 291,750
Sinclair Capital 11.65%..................................... 1,000 105,375
-------------
966,082
-------------
INFORMATION TECHNOLOGY -- 0.1%
Telecommunications -- 0.1%
Nextel Communications, Inc., Series E 11.13%(5)............. 55 58,025
TCI Communications Financing I 8.72%........................ 4,535 117,627
-------------
175,652
-------------
MATERIALS -- 0.1%
Metals & Minerals -- 0.1%
R&B Falcon Corp. 14.00%(4).................................. 100 90,000
-------------
REAL ESTATE -- 0.5%
Real Estate Investment Trusts -- 0.5%
Highwood Properties, Inc., Series A 8.63%................... 1,000 918,125
-------------
TOTAL PREFERRED STOCK (cost $3,257,290)..................... 3,050,821
-------------
<CAPTION>
WARRANTS -- 0.0%+ WARRANTS
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT -- 0.0%
Broadcasting & Media -- 0.0%
Australis Holdings Property Ltd. 10/31/01*.................. 50 0
Pegasus Communications Corp. 1/01/07........................ 100 6,500
UIH Australia Pacific, Inc. 5/15/06(4)...................... 100 3,000
-------------
9,500
-------------
INFORMATION TECHNOLOGY -- 0.0%
Computers & Business Equipment -- 0.0%
Diva Systems Corp. 3/01/08(4)............................... 150 1,200
-------------
Telecommunications -- 0.0%
Metronet Communications Corp. 8/15/07*...................... 50 4,150
Pathnet, Inc. 4/15/08*(4)................................... 100 1,000
-------------
6,150
-------------
UTILITIES -- 0.0%
Gas & Pipeline Utilities -- 0.0%
R&B Falcon Corp. 5/01/09(4)................................. 100 12,000
-------------
TOTAL WARRANTS (cost $21,009)............................... 27,850
-------------
TOTAL INVESTMENT SECURITIES (cost $176,180,281)............. 167,750,275
-------------
</TABLE>
---------------------
21
<PAGE> 23
<TABLE>
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES -- 4.4% AMOUNT VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE SHORT-TERM NOTES -- 1.4%
Figgie International, Inc. 9.88% due 10/01/99............... $2,250,000 $ 2,275,312
Tosco Corp. 7.00% due 7/15/00............................... 250,000 251,670
-------------
2,526,982
-------------
FOREIGN SHORT-TERM NOTES -- 0.3%
Republic of South Africa 9.63% due 12/15/99................. 500,000 505,050
-------------
TIME DEPOSIT -- 2.1%
Cayman Island Time Deposit with State Street Bank & Trust
Co. 4.00% due 8/02/99..................................... 3,755,000 3,755,000
-------------
U.S. GOVERNMENT -- 0.6%
United States Treasury Notes 7.75% due 11/30/99............. 1,000,000 1,008,440
-------------
TOTAL SHORT-TERM SECURITIES (cost $7,774,653)............... 7,795,472
-------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
TOTAL INVESTMENTS --
(cost $183,954,934) 98.6% 175,545,747
Other assets less liabilities -- 1.4 2,473,515
------ -------------
NET ASSETS -- 100.0% $ 178,019,262
====== =============
</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) Bond in default
(3) Consists of more than one class of securities traded together
as a unit; generally with attached stocks or warrants
(4) Fair valued security; see Note 2
(5) PIK ("Payment-in-Kind") payment made with additional
securities in lieu of cash
See Notes to Financial Statements
- ---------------------
22
<PAGE> 24
- ---------------------
SUNAMERICA SERIES TRUST
GLOBAL BOND PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(DENOMINATED IN
FOREIGN BONDS & NOTES -- 74.7% LOCAL CURRENCY) VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
AUSTRALIA -- 1.6%
Australia Government 7.50% 2009............................. 2,900,000 $ 2,067,436
-------------
CANADA -- 0.2%
Ontario Hydro 6.10% 2008.................................... USD 200,000 189,910
-------------
DENMARK -- 4.1%
Kingdom of Denmark 4.00% 2001............................... 20,000,000 2,880,384
Kingdom of Denmark 8.00% 2003............................... 15,000,000 2,409,063
-------------
5,289,447
-------------
FRANCE -- 11.7%
Government of France 4.50% 2003............................. 7,900,000 8,561,383
Government of France 8.50% 2023............................. 3,900,000 5,755,232
Natexis Banques Populaires SA 7.00% 2005.................... USD 600,000 587,520
-------------
14,904,135
-------------
GERMANY -- 15.2%
Baden-Wuerttemberg 5.38% 2010............................... 3,800,000 2,088,514
Kreditanstalt Fuer Wiederaufbau 5.00% 2009.................. 1,022,583 1,095,713
Republic of Germany 4.50% 2002.............................. 6,600,000 7,200,836
Republic of Germany 6.25% 2024.............................. 2,300,000 2,690,601
Republic of Germany 7.38% 2005.............................. 5,200,000 6,367,921
-------------
19,443,585
-------------
ITALY -- 4.6%
Republic of Italy 3.80% 2008................................ JPY 110,000,000 1,114,872
Republic of Italy 4.50% 2001................................ 1,500,000 1,629,894
Republic of Italy 5.13% 2003................................ JPY 170,000,000 1,731,098
Republic of Italy 6.50% 2027................................ 1,200,000 1,403,150
-------------
5,879,014
-------------
JAPAN -- 16.0%
Asian Development Bank 5.00% 2003........................... 221,000,000 2,212,500
Asian Development Bank 5.63% 2002........................... 460,000,000 4,533,218
European Investment Bank 2.13% 2007......................... 150,000,000 1,351,236
Government of Japan zero coupon 2008........................ 1,540,000,000 12,339,343
-------------
20,436,297
-------------
LUXEMBOURG -- 0.6%
Tyco International Group 6.13% 2008......................... USD 800,000 738,144
-------------
NETHERLANDS -- 1.5%
Bank Nederlandse Gemeenten NV 6.38% 2005.................... GBP 700,000 1,133,198
Imperial Tobacco Overseas BV 7.13% 2009..................... USD 800,000 751,600
-------------
1,884,798
-------------
NEW ZEALAND -- 1.0%
New Zealand Government 8.00% 2006........................... 2,100,000 1,213,354
-------------
</TABLE>
---------------------
23
<PAGE> 25
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(DENOMINATED IN
FOREIGN BONDS & NOTES (CONTINUED) LOCAL CURRENCY) VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SPAIN -- 3.7%
Kingdom of Spain 4.50% 2004................................. 4,500,000 $ 4,771,568
-------------
SWEDEN -- 2.0%
Stadshypotek AB 5.00% 2003.................................. 22,000,000 2,605,369
-------------
UNITED KINGDOM -- 12.5%
Abbey National Treasury Services PLC 8.00% 2003............. 1,200,000 2,032,131
BAT International Finance 4.88% 2009........................ 900,000 890,224
Cable & Wireless PLC 6.50% 2003............................. USD 700,000 688,240
Diageo Capital PLC 6.00% 2003............................... USD 600,000 583,320
Halifax PLC 5.63% 2007...................................... DEM 800,000 448,583
Royal Bank of Scotland 5.25% 2008........................... DEM 1,600,000 842,350
United Kingdom Treasury 8.00% 2003.......................... 1,000,000 1,740,633
United Kingdom Treasury 5.00% 2004.......................... 4,514,000 7,136,606
United Kingdom Treasury 7.75% 2006.......................... 900,000 1,633,666
-------------
15,995,753
-------------
TOTAL FOREIGN BONDS & NOTES (cost $95,217,131).............. 95,418,810
-------------
DOMESTIC BONDS & NOTES -- 18.4%
--------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 7.4%
BankAmerica Corp. 6.63% 2004................................ 1,000,000 986,800
Conoco, Inc. 5.90% 2004..................................... 800,000 771,472
Delphi Automotive Systems Corp. 6.13% 2004.................. 900,000 862,497
Ford Motor Credit Co. 6.13% 2003............................ 1,300,000 1,268,436
Highwoods Realty LP 6.75% 2003.............................. 600,000 571,254
Household Finance Corp. 5.13% 2009.......................... EUR 500,000 508,155
Household Finance Corp. 6.13% 2003.......................... 1,100,000 1,071,785
MEPC Finance, Inc. 7.50% 2003............................... 1,000,000 1,015,390
North America Capital Corp. 8.25% 2003...................... GBP 300,000 504,054
Prudential Insurance Co. 6.38% 2006......................... 1,000,000 955,100
TRW, Inc. 7.13% 2009*....................................... 1,000,000 964,410
-------------
9,479,353
-------------
U.S. GOVERNMENT -- 11.0%
United States Treasury Bonds 6.13% 2027..................... 5,000,000 4,898,451
United States Treasury Bonds 6.75% 2026..................... 2,400,000 2,537,616
United States Treasury Bonds 11.25% 2015.................... 2,100,000 3,107,664
United States Treasury Notes 3.63% 2008..................... 1,374,750 1,333,081
United States Treasury Notes 4.75% 2008..................... 2,300,000 2,098,750
-------------
13,975,562
-------------
TOTAL DOMESTIC BONDS & NOTES (cost $24,263,572)............. 23,454,915
-------------
TOTAL INVESTMENT SECURITIES (cost $119,480,703)............. 118,873,725
-------------
</TABLE>
- ---------------------
24
<PAGE> 26
<TABLE>
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES -- 5.3% AMOUNT VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE SHORT-TERM NOTES -- 1.5%
Rabobank Nederland zero coupon due 1/20/00.................. $ 1,000,000 $ 966,398
Deutsche Bank zero coupon due 1/20/00....................... 1,000,000 966,272
-------------
1,932,670
-------------
TIME DEPOSIT -- 3.8%
Cayman Island Time Deposit with State Street Bank & Trust
Co.
5.03% due 8/02/99......................................... 4,816,000 4,816,000
-------------
TOTAL SHORT-TERM SECURITIES (cost $6,768,630)............... 6,748,670
-------------
TOTAL INVESTMENTS --
(cost $126,249,333) 98.4% 125,622,395
Other assets less liabilities -- 1.6 2,056,961
------ -------------
NET ASSETS -- 100.0% $ 127,679,356
====== =============
</TABLE>
-----------------------------
* Resale restricted to qualified institutional buyers
<TABLE>
<CAPTION>
OPEN FORWARD FOREIGN CURRENCY CONTRACTS
-------------------------------------------------------------------
CONTRACT IN DELIVERY GROSS UNREALIZED
TO DELIVER EXCHANGE FOR DATE APPRECIATION
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
AUD* 3,260,731 USD 2,187,836 9/13/99 $ 58,454
CAD* 2,391,925 USD 1,594,000 8/16/99 5,697
CAD* 1,186,887 USD 795,000 8/23/99 6,802
CAD* 1,186,021 USD 795,000 8/23/99 7,377
CHF* 4,322,000 USD 2,913,086 8/20/99 9,418
EUR 4,482,267 USD 4,826,908 8/20/99 24,648
EUR 1,528,963 SEK 13,322,000 9/22/99 47,660
EUR 1,520,000 JPY 185,632,280 10/26/99 57,470
EUR 1,519,067 SEK 13,285,000 9/22/99 47,528
EUR* 1,350,921 CHF 2,161,000 8/20/99 17,383
EUR* 1,350,009 CHF 2,161,000 8/20/99 17,383
JPY 190,070,588 EUR 1,514,000 9/10/99 44,167
JPY 187,156,138 EUR 1,514,000 9/10/99 42,124
NZD 1,106,369 USD 622,488 8/13/99 34,255
USD* 5,653,438 EUR 5,262,782 10/26/99 13,041
USD* 1,602,729 EUR 1,523,000 10/26/99 37,097
USD 1,601,000 EUR 1,515,955 10/19/99 30,383
USD* 1,583,000 AUD 2,428,138 8/04/99 1,832
USD* 1,582,000 JPY 190,847,734 8/18/99 87,195
USD* 1,575,000 JPY 189,144,900 8/18/99 79,302
USD* 1,575,000 JPY 189,008,505 8/18/99 78,109
USD* 1,575,000 JPY 189,008,505 8/18/99 78,109
USD 857,620 JPY 102,614,247 9/10/99 42,853
------------
$ 868,287
------------
GROSS UNREALIZED
DEPRECIATION
-------------------------------------------------------------------
AUD* 2,468,444 USD 1,594,000 8/04/99 $ (17,140)
DKK 20,439,111 USD 2,946,306 10/14/99 (4,833)
DKK 16,838,000 USD 2,305,849 10/14/99 (125,336)
EUR* 29,537,825 USD 31,245,111 10/26/99 (558,498)
EUR 6,196,188 USD 6,635,714 8/20/99 (2,826)
EUR 2,993,286 USD 3,060,485 9/14/99 (152,326)
EUR 1,528,963 SEK 13,322,000 9/22/99 (61,946)
EUR 1,520,000 JPY 185,632,280 10/26/99 (53,783)
EUR 1,519,067 SEK 13,285,000 9/22/99 (55,706)
EUR 1,350,921 CHF 2,161,000 8/20/99 (12,913)
EUR 1,350,009 CHF 2,161,000 8/20/99 (11,937)
GBP 7,023,000 USD 11,120,569 9/29/99 (263,495)
GBP 1,097,469 USD 1,717,319 9/29/99 (61,644)
</TABLE>
---------------------
25
<PAGE> 27
<TABLE>
<CAPTION>
Open Forward Foreign Currency Contracts (continued)
-------------------------------------------------------------------
CONTRACT IN DELIVERY GROSS UNREALIZED
TO DELIVER EXCHANGE FOR DATE DEPRECIATION
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
GBP 810,155 USD 1,259,686 9/29/99 $ (53,550)
JPY* 1,834,252,468 USD 15,339,381 8/18/99 (703,385)
JPY 421,447,772 USD 3,640,074 12/20/99 (116,614)
JPY 299,558,000 USD 2,516,956 8/18/99 (103,043)
JPY 193,852,728 USD 1,576,000 8/18/99 (119,478)
JPY 190,070,588 EUR 1,514,000 9/10/99 (87,542)
JPY 188,165,620 USD 1,569,000 8/18/99 (76,737)
JPY 187,156,138 EUR 1,514,000 9/10/99 (59,924)
JPY 130,786,944 USD 1,099,882 9/20/99 (49,500)
JPY 111,318,871 USD 919,991 8/18/99 (53,628)
JPY 104,783,630 USD 880,757 9/20/99 (40,103)
JPY 93,074,849 USD 766,348 8/18/99 (47,705)
NZD 1,321,169 USD 697,934 8/13/99 (4,504)
SEK 15,160,910 USD 1,798,469 9/22/99 (54,005)
SEK 7,887,000 USD 944,906 9/22/99 (18,786)
USD* 3,153,743 CAD 4,627,014 8/23/99 (80,995)
USD* 1,610,000 EUR 1,494,630 10/26/99 (721)
USD 1,596,000 EUR 1,482,762 10/19/99 (337)
USD* 1,572,000 AUD 2,380,267 9/13/99 (17,594)
USD* 1,567,000 CAD 2,285,882 8/16/99 (49,112)
USD 1,558,721 AUD 2,360,840 8/04/99 (17,813)
------------
(3,137,459)
------------
Net Unrealized Depreciation............. $(2,269,172)
============
</TABLE>
-----------------------------
* Represents partially offsetting forward foreign currency
contracts that to the extent they are offset do not have
additional market risk but have continued counterparty
settlement risk.
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
AUD -- Australian Dollar DKK -- Danish Krone NZD -- New Zealand Dollar
CAD -- Canadian Dollar EUR -- Euro Dollar SEK -- Swedish Krona
CHF -- Swiss Franc GBP -- Pound Sterling USD -- United States Dollar
DEM -- Deutsche Mark JPY -- Japanese Yen
See Notes to Financial
Statements
</TABLE>
- ---------------------
26
<PAGE> 28
- ---------------------
SUNAMERICA SERIES TRUST
HIGH-YIELD BOND PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES -- 87.7% AMOUNT VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 5.5%
Apparel & Textiles -- 0.5%
Phillips Van Heusen Corp. 7.75% 2023........................ $2,000,000 $ 1,694,540
Housing -- 1.3%
Congoleum Corp. 8.63% 2008.................................. 2,250,000 2,174,063
Juno Lighting, Inc. 11.88% 2009*............................ 2,000,000 2,045,000
Retail -- 3.7%
Electronic Retailing Systems International, Inc. zero coupon
2004(1)................................................... 1,500,000 485,625
Evenflo, Inc., Series B 11.75% 2006......................... 5,175,000 5,330,250
Pentacon, Inc., Series B 12.25% 2009........................ 3,750,000 3,698,437
Shop At Home, Inc. 11.00% 2005.............................. 2,000,000 1,995,000
-------------
17,422,915
-------------
CONSUMER STAPLES -- 4.4%
Food, Beverage & Tobacco -- 1.6%
Specialty Foods Corp., Series B 11.13% 2002................. 5,250,000 5,040,000
Household Products -- 2.8%
Polymer Group, Inc., Series B 8.75% 2008.................... 3,350,000 3,241,125
Polymer Group, Inc., Series B 9.00% 2007.................... 3,000,000 2,932,500
Revlon Consumer Products Corp. 9.00% 2006................... 3,000,000 2,700,000
-------------
13,913,625
-------------
ENERGY -- 2.7%
Energy Services -- 1.5%
Gulfmark Offshore, Inc. 8.75% 2008.......................... 4,875,000 4,612,969
Energy Sources -- 1.2%
P&L Coal Holdings Corp., Series B 8.88% 2008................ 2,000,000 1,995,000
Southwest Royalties, Inc., Series B 10.50% 2004............. 3,750,000 1,753,125
-------------
8,361,094
-------------
FINANCE -- 3.2%
Banks -- 1.0%
Bankunited Capital Trust 10.25% 2026........................ 2,000,000 2,025,000
Western Financial Savings Bank 8.88% 2007................... 1,500,000 1,275,000
Financial Services -- 2.2%
Mediacom LLC/Capital Corp. 7.88% 2011*...................... 3,900,000 3,529,500
Mediacom LLC/Capital Corp., Series B 8.50% 2008............. 3,500,000 3,360,000
-------------
10,189,500
-------------
</TABLE>
---------------------
27
<PAGE> 29
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE -- 5.0%
Drugs -- 1.3%
Schein Pharmaceutical, Inc. 8.31% 2004(2)................... $4,500,000 $ 4,100,625
Health Services -- 3.7%
Fresenius Medical Care Capital Trust 7.88% 2008............. 2,250,000 2,126,250
Fresenius Medical Care Capital Trust 9.00% 2006............. 2,750,000 2,743,125
Tenet Healthcare Corp. 8.00% 2005........................... 6,950,000 6,689,375
-------------
15,659,375
-------------
INDUSTRIAL & COMMERCIAL -- 9.4%
Aerospace & Military Technology -- 0.7%
L-3 Communications Corp., Series B 10.38% 2007.............. 2,000,000 2,112,500
Business Services -- 7.7%
Allied Waste North America, Inc., Series B 7.63% 2006....... 3,000,000 2,782,500
Allied Waste North America, Inc., Series B 7.88% 2009....... 1,000,000 917,500
American Pacific Corp. 9.25% 2005........................... 2,000,000 2,072,500
Huntsman Corp. 8.87% 2000*(2)............................... 3,000,000 2,782,500
Metal Management, Inc. 10.00% 2008.......................... 2,000,000 1,575,000
Speedway Motorsports, Inc. 8.50% 2007*...................... 3,500,000 3,543,750
Statia Terminals International, Series B 11.75% 2003........ 7,175,000 7,811,781
Sterling Chemicals Holdings, Inc. zero coupon 2008(1)....... 2,000,000 600,000
URS Corp. 12.25% 2009*...................................... 2,000,000 2,032,500
Transportation -- 1.0%
Golden Ocean Group Ltd. 10.00% 2001(3)...................... 3,350,000 460,625
Pegasus Shipping Ltd., Series A 11.88% 2004................. 1,500,000 746,250
Travelcenters America, Inc. 10.25% 2007..................... 1,950,000 1,981,688
-------------
29,419,094
-------------
INFORMATION & ENTERTAINMENT -- 20.3%
Broadcasting & Media -- 15.8%
Adelphia Communications Corp. 8.13% 2003.................... 3,500,000 3,412,500
Australis Holdings Property Ltd. zero coupon
2002(1)(4)(5)............................................. 1,000,000 20,000
Big City Radio, Inc. zero coupon 2005(1).................... 3,500,000 2,498,125
Central European Media Enterprises Ltd. 9.38% 2004.......... 2,250,000 1,923,750
Chancellor Media Corp. 8.00% 2008........................... 6,200,000 6,014,000
Chancellor Media Corp. 9.38% 2004........................... 1,800,000 1,827,000
Comcast UK Cable Partners Ltd. zero coupon 2007(1).......... 2,000,000 1,845,000
Cumulus Media, Inc. 10.38% 2008............................. 3,200,000 3,384,000
Diamond Holdings PLC 9.13% 2008............................. 4,075,000 4,105,563
Knology Holdings, Inc. zero coupon 2007(1).................. 2,000,000 1,195,000
MGC Communications, Inc., Series B 13.00% 2004.............. 2,050,000 1,947,500
Midcom Communications, Inc. 8.25% 2003(5)................... 550,000 88,000
Omnipoint Communications, Inc. 8.62% 2006*(2)............... 2,939,128 2,928,106
Paging Network Do Brasil SA 13.50% 2005..................... 1,594,000 633,615
Radio One, Inc., Series B 7.00% 2004........................ 1,500,000 1,539,375
Spanish Broadcasting Systems, Inc. 12.50% 2002.............. 2,250,000 2,500,313
Telewest Communications PLC 11.25% 2008..................... 3,000,000 3,420,000
UIH Australia Pacific, Inc., Series B zero coupon 2006(1)... 3,500,000 2,765,000
United International Holdings, Inc., Series B zero coupon
2008(1)................................................... 5,500,000 3,190,000
Wavetek Corp. 10.13% 2007................................... 4,925,000 4,364,781
</TABLE>
- ---------------------
28
<PAGE> 30
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT (continued)
Leisure & Tourism -- 4.5%
HMH Properties, Inc., Series B 7.88% 2008................... $3,900,000 $ 3,558,750
ITT Corp. 6.25% 2000........................................ 5,450,000 5,331,244
ITT Corp. 7.38% 2015........................................ 1,000,000 847,320
Mohegan Tribal Gaming Authority 8.13% 2006.................. 3,250,000 3,176,875
Venetian Casino Resort LLC 10.00% 2005...................... 1,500,000 1,312,500
-------------
63,828,317
-------------
INFORMATION TECHNOLOGY -- 24.9%
Cellular -- 1.7%
International Wireless Communication Holdings, Inc. zero
coupon 2001............................................... 3,750,000 253,125
McCaw International Ltd. zero coupon 2007(1)................ 3,250,000 2,015,000
Occidente Y Caribe Celular SA, Series B zero coupon
2004(1)................................................... 2,000,000 1,400,300
Telecorp PCS, Inc. zero coupon 2009*(1)..................... 3,000,000 1,691,250
Communication Equipment -- 0.4%
Tritel PCS, Inc. zero coupon 2009*(1)....................... 2,000,000 1,107,500
Computers & Business Equipment -- 0.2%
Diva Systems Corp., Series B zero coupon 2008(1)............ 3,250,000 682,500
Electronics -- 1.2%
Pac-West Telecommuncations, Inc. 13.50% 2009*............... 2,925,000 2,917,688
Park N View, Inc., Series B 13.00% 2008..................... 3,000,000 892,500
Software -- 1.4%
Covad Communications Group, Inc. 12.50% 2009................ 1,455,000 1,407,712
Earthwatch, Inc. zero coupon 2007*(1)....................... 2,750,000 1,883,750
PSINet, Inc. 11.00% 2009*................................... 1,000,000 987,500
Telecommunications -- 20.0%
Call-Net Enterprises, Inc. 8.00% 2008....................... 1,750,000 1,470,000
DTI Holdings, Inc., Series B zero coupon 2008(1)............ 2,500,000 921,875
E.spire Communications, Inc. zero coupon 2005(1)............ 3,000,000 1,830,000
Filtronic PLC 10.00% 2005*.................................. 3,750,000 3,810,938
Flag Ltd. 8.25% 2008........................................ 950,000 878,750
Globix Corp. 13.00% 2005.................................... 5,075,000 4,840,281
GST Telecommunications, Inc. zero coupon 2008*(1)........... 2,800,000 1,680,000
ICG Holdings, Inc. zero coupon 2007(1)...................... 2,500,000 1,825,000
ICG Services, Inc. zero coupon 2008(1)...................... 3,250,000 1,885,000
KMC Telecom Holdings, Inc. zero coupon 2008(1).............. 4,650,000 2,481,938
Nextel Communications, Inc. 9.75% 2004...................... 3,450,000 3,527,625
Nextel Communications, Inc. 10.13% 2004..................... 1,000,000 1,015,000
NTL, Inc., Series B zero coupon 2008(1)..................... 2,750,000 1,883,750
Orbcomm Global LP, Series B 14.00% 2004..................... 2,500,000 2,350,000
Orion Network Systems zero coupon 2007(1)................... 6,500,000 3,575,000
Poland Telecom Finance BV, Series B 14.00% 2007............. 1,000,000 900,000
Primus Telecom Group, Inc. 11.25% 2009*..................... 5,175,000 5,265,562
Rhythms NetConnections, Inc., Series B zero coupon
2008(1)................................................... 750,000 393,750
RSL Communications, Ltd. 12.25% 2006........................ 2,924,000 3,055,580
RSL Communications PLC 10.50% 2008.......................... 2,500,000 2,459,375
</TABLE>
---------------------
29
<PAGE> 31
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Telecommunications (continued)
Splitrock Services, Inc., Series B 11.75% 2008.............. $2,500,000 $ 2,356,250
Telehub Communications Corp. zero coupon 2005(1)............ 2,000,000 1,355,000
Transtel Pass Through Trust 12.50% 2007*.................... 1,500,000 840,000
United Pan-Europe Communications NV 10.88% 2009 *(3)........ 1,000,000 987,500
Verio, Inc. 13.50% 2004..................................... 2,500,000 2,840,625
Vialog Corp. 12.75% 2001.................................... 2,000,000 1,615,000
Viatel, Inc. zero coupon 2008(1)............................ 4,250,000 2,656,250
Viatel, Inc. 11.50% 2009*................................... 1,000,000 1,002,500
Worldwide Fiber, Inc. 12.00% 2009*.......................... 2,000,000 2,010,000
Worldwide Fiber, Inc. 12.50% 2005*.......................... 1,200,000 1,236,000
-------------
78,187,374
-------------
MATERIALS -- 9.4%
Forest Products -- 1.0%
Ainsworth Lumber Ltd. 12.50% 2007(6)........................ 2,750,000 3,076,563
Metals & Minerals -- 8.4%
Acme Metals, Inc. 12.50% 2002(5)............................ 1,727,000 1,206,741
Armco, Inc. 8.88% 2008...................................... 6,000,000 6,105,000
California Steel Industries, Inc. 8.50% 2009*............... 4,000,000 3,880,000
GS Technologies Operating, Inc. 12.00% 2004................. 1,500,000 1,237,500
International Utility Structures 10.75% 2008................ 1,250,000 1,240,625
Kaiser Aluminum & Chemical Corp. 12.75% 2003................ 2,500,000 2,525,000
MMI Products, Inc., Series B 11.25% 2007.................... 2,950,000 3,038,500
NL Industries, Inc. 11.75% 2003............................. 4,095,000 4,340,700
Schuff Steel Co. 10.50% 2008................................ 3,000,000 2,778,750
-------------
29,429,379
-------------
REAL ESTATE -- 0.3%
Real Estate Investment Trusts -- 0.3%
Host Marriott LP 8.38% 2006*................................ 1,000,000 970,000
-------------
UTILITIES -- 2.6%
Gas & Pipeline Utilities -- 2.3%
Key Energy Services, Inc., Series B 14.00% 2009*............ 2,450,000 2,554,125
R&B Falcon Corp. 12.25% 2006................................ 2,370,000 2,458,875
Western Gas Resources, Inc. 10.00% 2009*.................... 2,000,000 2,050,000
Telephone -- 0.3%
Celcaribe SA 13.50% 2004.................................... 1,250,000 1,007,812
-------------
8,070,812
-------------
TOTAL BONDS & NOTES (cost $302,062,625)..................... 275,451,485
-------------
<CAPTION>
COMMON STOCK -- 0.0% SHARES
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT -- 0.0%
Broadcasting & Media -- 0.0%
Paging Do Brasil Holdings Co. LLC, Class B+(4).............. 1,594 16
Leisure & Tourism -- 0.0%
Capital Gaming International, Inc.+(4)...................... 103 1
-------------
17
-------------
</TABLE>
- ---------------------
30
<PAGE> 32
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY -- 0.0%
Telecommunications -- 0.0%
Intermedia Communications, Inc.+............................ 1,149 $ 31,682
-------------
TOTAL COMMON STOCK (cost $178,827).......................... 31,699
-------------
<CAPTION>
PREFERRED STOCK -- 5.6%
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT -- 3.0%
Broadcasting & Media -- 3.0%
CSC Holdings, Inc. Series M 11.13%(6)....................... 84,151 9,340,808
-------------
INFORMATION TECHNOLOGY -- 2.6%
Telecommunications -- 2.6%
Dobson Communications Corp. 12.25%(6)....................... 1,546 1,386,004
Global Crossing Holdings Ltd. 10.50%(6)..................... 33,650 3,516,425
Intermedia Communications, Inc. 7.00%*...................... 60,000 1,380,000
IXC Communications, Inc. 6.75%*............................. 15,000 665,625
Nextel Communications, Inc., Series E 11.13%(6)............. 1,233 1,300,815
-------------
8,248,869
-------------
TOTAL PREFERRED STOCK (cost $16,967,423).................... 17,589,677
-------------
<CAPTION>
WARRANTS -- 0.3%+ WARRANTS
----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 0.0%
Retail -- 0.0%
Electronic Retailing Systems International, Inc. 2/01/04.... 1,500 2,250
-------------
INDUSTRIAL & COMMERCIAL -- 0.0%
Transportation -- 0.0%
Golden Ocean Group Ltd. 8/31/01............................. 2,500 25
-------------
INFORMATION & ENTERTAINMENT -- 0.0%
Broadcasting & Media -- 0.0%
Australis Holdings Property Ltd. 10/31/01*(4)............... 1,000 0
Cellnet Data Systems, Inc. 9/15/07*(4)...................... 1,700 17,000
Knology Holdings, Inc. 10/15/07*............................ 6,000 12,048
UIH Australia Pacific, Inc. 5/15/06*(4)..................... 1,000 20,000
-------------
49,048
-------------
INFORMATION TECHNOLOGY -- 0.3%
Cellular -- 0.0%
Clearnet Communications, Inc. 9/15/05....................... 3,300 16,500
International Wireless Communication Holdings, Inc.
8/15/07*(4)............................................... 3,750 0
Occidente Y Caribe Celular SA 3/15/04*(4)................... 8,000 64,000
Computers & Business Equipment -- 0.0%
Diva Systems Corp. 3/01/08(4)............................... 9,750 98
Electronics -- 0.0%
Park N View, Inc.*(4)....................................... 3,000 30
</TABLE>
---------------------
31
<PAGE> 33
<TABLE>
<CAPTION>
WARRANTS (CONTINUED) WARRANTS VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Telecommunications -- 0.3%
DTI Holdings, Inc. 3/01/08*(4).............................. 12,500 $ 125
KMC Telecom Holdings, Inc. 1/31/08*(4)...................... 4,650 11,625
Poland Telecom Finance BV 12/01/07*(4)...................... 1,000 10
Primus Telecomm Group, Inc. 8/01/04......................... 1,000 20,000
Rhythms NetConnections, Inc. 5/15/08*(4).................... 4,000 638,920
Splitrock Services, Inc. 7/15/08............................ 1,500 111,562
Telehub Communications Corp. 7/31/05(4)..................... 2,000 60,000
Vialog Corp. 11/15/01....................................... 2,000 70,000
-------------
992,870
-------------
UTILITIES -- 0.0%
Gas & Pipeline Utilities -- 0.0%
Key Energy Services, Inc. 1/15/09(4)........................ 2,450 3,675
-------------
TOTAL WARRANTS (cost $698,611).............................. 1,047,868
-------------
TOTAL INVESTMENT SECURITIES (cost $319,907,486)............. 294,120,729
-------------
<CAPTION>
PRINCIPAL
REPURCHASE AGREEMENT -- 2.9% AMOUNT
----------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 2.9%
State Street Bank & Trust Co. Joint Repurchase Agreement
Account (Note 3) (cost $8,960,000)........................ $8,960,000 8,960,000
-------------
TOTAL INVESTMENTS --
(cost $328,867,486) 96.5% 303,080,729
Other assets less liabilities -- 3.5 11,078,844
----- -------------
NET ASSETS -- 100.0% $ 314,159,573
===== =============
</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 July 31, 1999
(3) Consists of more than one class of securities traded together
as a unit; generally bonds with attached stocks or warrants
(4) Fair valued security; see Note 2
(5) Bond in default
(6) PIK ("Payment-in-Kind") payment made with additional
securities in lieu of cash
See Notes to Financial Statements
- ---------------------
32
<PAGE> 34
- ---------------------
SUNAMERICA SERIES TRUST
WORLDWIDE HIGH INCOME
PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(DENOMINATED IN
BONDS & NOTES -- 93.1% LOCAL CURRENCY) VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CONSUMER DISCRETIONARY -- 3.2%
Automotive -- 0.4%
Hayes Lemmerz International, Inc. 8.25% 2008*............... 550,000 $ 515,625
Housing -- 1.5%
American Standard Cos., Inc. 7.13% 2006..................... 700,000 687,750
D.R. Horton, Inc. 8.00% 2009................................ 510,000 487,050
Nortek, Inc. 8.88% 2008*.................................... 545,000 553,856
Retail -- 1.3%
HMV Media Group PLC, Series B 10.88% 2008................... GBP 500,000 782,968
Musicland Group, Inc. 9.00% 2003............................ 135,000 134,325
Musicland Group, Inc., Series B 9.88% 2008.................. 600,000 597,000
-------------
3,758,574
-------------
CONSUMER STAPLES -- 1.1%
Food, Beverage & Tobacco -- 1.1%
Embotelladora Arica SA 9.88% 2006*.......................... 875,000 891,096
Smithfield Foods, Inc. 7.63% 2008........................... 360,000 351,900
-------------
1,242,996
-------------
ENERGY -- 3.3%
Energy Services -- 0.1%
EES Coke Battery Co., Inc. 9.38% 2007*...................... 175,000 166,542
Energy Sources -- 3.2%
Oil Purchase Co. 7.10% 2002*................................ 188,368 178,428
Petroleos Mexicanos 9.37% 2005(1)........................... 1,270,000 1,171,575
Petroleos Mexicanos 9.50% 2027*............................. 1,600,000 1,516,000
Synder Oil Corp. 8.75% 2007................................. 590,000 591,475
Vintage Petroleum, Inc. 8.63% 2009.......................... 75,000 72,375
Vintage Petroleum, Inc. 9.75% 2009.......................... 165,000 170,982
-------------
3,867,377
-------------
FINANCE -- 6.2%
Banks -- 1.9%
Banco Nacional de Desenvolvimento 15.22% 2008*(1)........... 2,250,000 1,878,750
Central Bank Of Nigeria 5.09% 2010(1)....................... 1,090,000 403,300
Financial Services -- 4.3%
Alps, Series 96-1, Class D 12.72% 2006...................... 314,288 314,288
California FM Lease Trust 8.50% 2017*....................... 461,930 459,800
Cellco Finance 15.00% 2005.................................. 400,000 412,000
Cellco Finance NV 15.00% 2005*.............................. 970,000 999,100
Dillon Read Structured Finance Corp., Series 1993, Class A1
6.66% 2010................................................ 83,962 77,975
Dillon Read Structured Finance Corp., Series 1994, Class A1
7.60% 2007................................................ 244,246 237,803
Dillon Read Structured Finance Corp., Series 1994, Class A
8.38% 2015................................................ 625,000 611,506
Dillon Reed Structured Finance Corp., Series 1994, Class A
9.35% 2019................................................ 200,000 201,464
Fugi JGB Investment LLC, Series A 9.87% 2049*(1)............ 275,000 242,687
Indah International Financial 11.88% 2002................... 200,000 161,300
</TABLE>
---------------------
33
<PAGE> 35
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(DENOMINATED IN
BONDS & NOTES (CONTINUED) LOCAL CURRENCY) VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
FINANCE (continued)
Financial Services (continued)
Long Beach Acceptance Auto Grantor Trust, Series 1997-1,
Class B 6.85% 2003........................................ 133,314 $ 132,354
OHA Auto Grantor Trust, Series 1997, Class A 11.00% 2004.... 599,071 574,965
SB Treasury Co. 9.40% 2049*(1).............................. 355,000 351,148
Securitized Multiple Asset, Series 1997-5, Class A1 7.72%
2005...................................................... 496,353 124,088
FMAC Loan Receivables Trust, Class C 7.93% 2018............. 145,832 110,832
-------------
7,293,360
-------------
HEALTHCARE -- 2.7%
Health Services -- 2.7%
Columbia/HCA Healthcare Corp. 6.91% 2005.................... 455,000 412,854
Columbia/HCA Healthcare Corp. 7.00% 2007.................... 415,000 369,632
Columbia/HCA Healthcare Corp. 7.69% 2025.................... 1,200,000 986,532
Columbia/HCA Healthcare Corp. 8.85% 2007.................... 340,000 338,300
Tenet Healthcare Corp. 8.63% 2007........................... 1,120,000 1,080,598
-------------
3,187,916
-------------
INDUSTRIAL & COMMERCIAL -- 2.5%
Aerospace & Military Technology -- 0.3%
Jet Equipment Trust, Series C1 11.79% 2013*................. 300,000 364,412
Business Services -- 1.4%
Allied Waste North America, Inc. 10.00% 2009*............... 970,000 965,150
Allied Waste North America, Inc., Series B 7.88% 2009....... 150,000 137,625
Norcal Waste Systems, Inc., Series B 13.50% 2005............ 460,000 517,500
Machinery -- 0.2%
Axia, Inc. 10.75% 2008...................................... 200,000 190,000
Multi-Industry -- 0.6%
Reliance Industries Ltd 10.50% 2046*........................ 250,000 206,600
Tele1 Europe BV 13.00% 2009*(2)............................. EUR.. 490,000 555,654
-------------
2,936,941
-------------
INFORMATION & ENTERTAINMENT -- 10.0%
Broadcasting & Media -- 6.4%
@Entertainment, Inc. zero coupon 2009*(2)(3)................ 960,000 566,400
Adelphia Communications Corp. 7.50% 2004.................... 120,000 113,400
Adelphia Communications Corp. 8.38% 2008.................... 300,000 286,500
Adelphia Communications Corp. 7.75% 2009.................... 725,000 661,562
Adelphia Communications Corp., Series B 9.88% 2007.......... 240,000 249,000
Cablevision SA 13.75% 2009.................................. 600,000 507,000
Chancellor Media Corp. 9.00% 2008........................... 370,000 370,000
Chancellor Media Corp., Series B 8.13% 2007................. 450,000 438,750
Echostar DBS Corp. 9.38% 2009*.............................. 550,000 556,875
Globalstar LP 11.38% 2004*.................................. 425,000 313,438
Multicanal SA 13.13% 2009*.................................. 520,000 448,500
RCN Corp., Series B zero coupon 2007(3)..................... 740,000 488,400
Rogers Cablesystems Ltd. 10.13% 2012........................ 425,000 452,625
Telewest Communications zero coupon 2009(3)................. GBP.. 400,000 416,732
TV Azteca SA, Series A 10.13% 2004.......................... 2,100,000 1,617,000
Entertainment Products -- 0.4%
Harrah's Operating, Inc. 7.88% 2005......................... 515,000 493,113
Leisure & Tourism -- 3.2%
Hilton Hotels Corp. 7.95% 2007.............................. 525,000 521,272
HMH Properties, Inc. 7.88% 2005............................. 810,000 777,600
Horseshoe Gaming LLC 8.63% 2009*............................ 590,000 569,350
International Game Technology 8.38% 2009*................... 540,000 521,100
Park Place Entertainment Corp. 7.88% 2005................... 540,000 513,000
</TABLE>
- ---------------------
34
<PAGE> 36
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(DENOMINATED IN
BONDS & NOTES (CONTINUED) LOCAL CURRENCY) VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INFORMATION & ENTERTAINMENT (continued)
Leisure & Tourism (continued)
Station Casinos, Inc. 8.88% 2008*........................... 325,000 $ 320,125
Station Casinos, Inc. 9.75% 2007............................ 160,000 164,000
Station Casinos, Inc. 10.13% 2006........................... 355,000 363,875
-------------
11,729,617
-------------
INFORMATION TECHNOLOGY -- 17.9%
Cellular -- 0.7%
Occidente Y Caribe Celular SA, Series B zero coupon
2004(3)................................................... 1,100,000 770,165
Computers & Business Equipment -- 0.1%
Entex Information Services, Inc. 12.50% 2006................ 105,000 71,400
Electronics -- 0.8%
Samsung Electronics America, Inc. 9.75% 2003*............... 745,000 744,553
Samsung Electronics Ltd. 7.45% 2002*........................ 255,000 243,492
Software -- 1.9%
Netia Holdings II BV 13.50% 2009............................ EUR 1,050,000 1,154,181
PSINet, Inc. 11.00% 2009*................................... 250,000 246,875
PSINet, Inc., Series B 10.00% 2005.......................... 275,000 266,750
Wam!Net, Inc., Series B zero coupon 2005(3)................. 1,050,000 619,500
Telecommunications -- 14.4%
American Celluar Corp. 10.50% 2008.......................... 410,000 420,250
AMSC Acquisition Co., Inc. 12.25% 2008...................... 415,000 341,337
Bayan Telecommunications 13.50% 2006*....................... 1,450,000 1,370,250
Centennial Cellular Operating Co. 10.75% 2008*.............. 370,000 381,100
CIA International de Telecommunicaciones 10.38% 2004*....... 3,200,000 2,176,000
Colt Telecom Group PLC 7.63% 2008........................... DEM 980,000 526,151
Dobson Communications Corp. 11.75% 2007..................... 370,000 388,500
Dolphin Telecom PLC zero coupon 2008(3)..................... 850,000 420,750
Espirit Telecom Group PLC 10.88% 2008....................... 400,000 421,000
Global Crossing Holdings Ltd. 9.63% 2008.................... 395,000 408,825
Globe Telecom Inc. 13.00% 2009*............................. 575,000 575,000
Hermes Europe Railtel BV 11.50% 2007........................ 490,000 512,050
Hyperion Telecommunications, Inc. zero coupon 2003(3)....... 460,000 381,800
Intermedia Communications, Inc., Series B zero coupon
2007(3)................................................... 1,420,000 986,900
IXC Communications, Inc., Series B 9.00% 2008............... 140,000 140,000
Metromedia Fiber Network, Inc., Series B 10.00% 2008........ 270,000 273,712
Nextel Communications, Inc. zero coupon 2007(3)............. 1,375,000 1,010,625
Nextel Communications, Inc. 9.75% 2004@..................... 200,000 204,500
Nextlink Communications, Inc. zero coupon 2008(3)........... 940,000 571,050
NTL, Inc. 10.75% 2008....................................... GBP 500,000 551,038
NTL, Inc., Series B zero coupon 2008(3)..................... 550,000 376,750
Onepoint Communications Corp. 14.50% 2008*(2)............... 370,000 232,175
Primus Telecom Group, Inc. 11.25% 2009*..................... 135,000 137,363
Primus Telecom Group, Inc., Series B 9.88% 2008............. 415,000 394,250
Rhythms NetConnections, Inc., Series B zero coupon
2008(3)................................................... 1,100,000 577,500
Rogers Cantel, Inc. 8.30% 2007.............................. 425,000 423,937
Rogers Communications, Inc. 9.13% 2006...................... 90,000 90,225
RSL Communications Ltd. 10.00% 2008......................... DEM 1,650,000 550,877
RSL Communications Ltd. 12.25% 2006......................... 18,000 18,810
RSL Communications PLC zero coupon 2008(3).................. 275,000 162,250
RSL Communications PLC 9.13% 2008........................... 460,000 423,775
United Pan-Europe Communications NV 10.88% 2009*............ 800,000 790,000
Viatel, Inc. zero coupon 2008(3)............................ 1,075,000 671,875
-------------
21,027,541
-------------
</TABLE>
---------------------
35
<PAGE> 37
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(DENOMINATED IN
BONDS & NOTES (CONTINUED) LOCAL CURRENCY) VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MATERIALS -- 3.3%
Chemicals -- 1.4%
Huntsman ICI Chemicals LLC 10.13% 2009...................... EUR 625,000 $ 675,311
Huntsman ICI Chemicals, Inc. 10.13% 2009*................... 650,000 651,625
Lyondell Chemical Co., Class A 9.63% 2007*.................. 315,000 318,938
Forest Products -- 1.1%
S.D. Warren Co., Class B 12.00% 2004........................ 265,000 281,562
Tembec Industries, Inc. 8.63% 2009.......................... 180,000 178,425
Tjiwi Kimia 13.25% 2001..................................... 900,000 769,500
Metals & Minerals -- 0.8%
Impress Metal Packaging Holdings BV 9.88% 2007.............. DEM 300,000 179,683
Murrin Murrin Holdings Property Ltd. 9.38% 2007............. 410,000 364,900
National Steel Corp., Series D 9.88% 2009................... 405,000 415,125
NSM Steel, Inc., Series B 12.25% 2008*(4)................... 270,000 2,700
-------------
3,837,769
-------------
NON-U.S. GOVERNMENT OBLIGATIONS -- 40.6%
Foreign Government -- 40.6%
Jamaica Government Bonds 10.88% 2005*....................... 700,000 651,000
Kingdom of Jordan 6.19% 2023(1)............................. 733,000 454,460
Kingdom of Morroco, Series A 5.91% 2009(1).................. 2,053,000 1,680,894
Republic of Argentina zero coupon 2007...................... 1,398,152 415,139
Republic of Argentina 5.94% 2005(1)......................... 3,022,500 2,513,209
Republic of Argentina 8.75% 2002............................ 1,440,000 1,245,600
Republic of Argentina 11.75% 2009........................... 4,480,000 3,953,600
Republic of Argentina 12.13% 2019........................... 1,200,000 1,050,000
Republic of Brazil 5.00% 2014(6)............................ 4,058,577 2,480,805
Republic of Brazil 5.88% 2006(1)............................ 1,054,500 814,601
Republic of Brazil 5.94% 2009............................... 1,300,000 882,375
Republic of Brazil 5.94% 2012............................... 2,330,000 1,382,488
Republic of Brazil 11.63% 2004.............................. 4,650,000 4,231,500
Republic of Bulgaria 2.75% 2001(1).......................... 4,920,000 2,995,050
Republic of Colombia 9.71% 2005(1).......................... 780,000 670,800
Republic of Colombia 9.75% 2009............................. 3,300,000 2,739,000
Republic of Colombia 10.88% 2004............................ 430,000 411,725
Republic of Ecuador 6.00% 2025(1)........................... 720,000 306,000
Republic of Panama 4.00% 2017(1)............................ 680,224 481,258
Republic of Panama 9.38% 2029*.............................. 1,100,000 1,020,250
Republic of Peru zero coupon 2017*.......................... 450,000 244,125
Republic of Peru 3.75% 2017(1).............................. 1,480,000 802,900
Republic of Venezuela 6.31% 2007(1)......................... 2,630,940 1,933,741
Russia Federation Ministry of Finance 3.00% 2003*........... 680 134
Russian Government Bonds 11.00% 2018........................ 9,120,000 4,514,400
Russian Interest Notes 6.06% 2015*(1)....................... 123 19
United Mexican States 10.38% 2009........................... 6,980,000 7,014,900
United Mexican States 11.38% 2016........................... 2,710,000 2,792,655
-------------
47,682,628
-------------
REAL ESTATE -- 0.4%
Real Estate Companies -- 0.3%
Glencore Nickel Property Ltd. 9.00% 2014.................... 380,000 330,600
Real Estate Investment Trusts -- 0.1%
Host Marriott LP 8.38% 2006*................................ 110,000 106,700
-------------
437,300
-------------
</TABLE>
- ---------------------
36
<PAGE> 38
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(DENOMINATED IN
BONDS & NOTES (CONTINUED) LOCAL CURRENCY) VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
UTILITIES -- 1.9%
Electric Utilities -- 1.0%
CMS Energy Corp. 7.50% 2009................................. 495,000 $ 460,328
Empresa Nacional De Electricidad SA 7.75% 2008.............. 840,000 793,405
Gas & Pipeline Utilities -- 0.3%
Ras Laffan Liquified Natural Gas Co. 8.29% 2014*............ 365,000 332,836
Telephone -- 0.6%
Iridium Capital Corp., Series A 13.00% 2005................. 450,000 78,750
Philippine Long District Telephone Co. Maine 7.85% 2007..... 300,000 253,950
PTC International Finance BV zero coupon 2007(3)............ 480,000 350,400
-------------
2,269,669
-------------
TOTAL BONDS & NOTES (cost $113,144,028)..................... 109,271,688
-------------
<CAPTION>
PREFERRED STOCK -- 0.8% SHARES
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INFORMATION & ENTERTAINMENT -- 0.3%
Broadcasting & Media -- 0.3%
Paxson Communications Corp. 9.75%*(5)....................... 9 85,840
Paxson Communications Corp. 13.25%(5)....................... 33 301,435
-------------
387,275
-------------
INFORMATION TECHNOLOGY -- 0.5%
Software -- 0.2%
Concentric Network Corp., Series B 13.50%(5)................ 227 217,489
Telecommunications -- 0.3%
IXC Communications, Inc. 12.50%(5).......................... 363 395,682
-------------
613,171
-------------
TOTAL PREFERRED STOCK (cost $901,573)....................... 1,000,446
-------------
WARRANTS -- 0.4%+ WARRANTS
--------------------------------------------------------------------------------------------------
INDUSTRIAL & COMMERCIAL -- 0.0%
Business Services -- 0.0%
Nokornthai Strip Ml Public Ltd. 2/01/08..................... 170,935 1,709
-------------
INFORMATION & ENTERTAINMENT -- 0.0%
Broadcasting & Media -- 0.0%
@Entertainment, Inc. 12/15/08*.............................. 3,840 48,000
Paxson Communications Corp. 6/30/03*........................ 256 640
-------------
48,640
-------------
INFORMATION TECHNOLOGY -- 0.4%
Cellular -- 0.1%
Occidente Y Caribe Celular SA 3/15/04*...................... 4,400 75,350
Software -- 0.0%
Wam!Net, Inc. 3/01/05*...................................... 1,200 2,730
</TABLE>
---------------------
37
<PAGE> 39
<TABLE>
<CAPTION>
Warrants (continued) WARRANTS VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INFORMATION TECHNOLOGY (continued)
Telecommunications -- 0.3%
American Mobile Satellite Co. 4/01/08....................... 415 $ 20,802
Onepoint Communications Corp. 6/01/08....................... 370 416
Rhythms NetConnections, Inc. 5/15/08*....................... 2,550 331,373
-------------
430,671
-------------
NON-U.S. GOVERNMENT OBLIGATIONS -- 0.0%
Foreign Government -- 0.0%
Republic of Argentina 2/25/00............................... 2,550 2,040
-------------
TOTAL WARRANTS (cost $127,668).............................. 483,060
-------------
TOTAL INVESTMENT SECURITIES (cost $114,173,269)............. 110,755,194
-------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(DENOMINATED IN
SHORT-TERM SECURITIES -- 2.0% LOCAL CURRENCY)
----------------------------------------------------------------------------------------------
<S> <C> <C>
FOREIGN SHORT-TERM NOTES -- 2.0%
Turkey Treasury Bill zero coupon due 9/15/99............ TRL 283,264,000,000 604,349
Turkey Treasury Bill zero coupon due 10/27/99........... TRL 35,910,000,000 714,880
Turkey Treasury Bill zero coupon due 2/09/00............ TRL 251,178,000,000 405,782
Turkey Treasury Bill zero coupon due 2/09/00............ TRL 398,300,000,000 643,459
-------------
TOTAL SHORT-TERM SECURITIES (cost $2,533,821)............... 2,368,470
-------------
</TABLE>
<TABLE>
<CAPTION>
REPURCHASE AGREEMENT -- 0.9%
-----------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 0.9%
Agreement with State Street Bank & Trust Co., bearing
interest at 4.25%, dated 7/30/99, to be repurchased
8/02/99 in the amount of $1,011,358 and collateralized by
$1,010,000 of U.S. Treasury Notes, bearing interest at
6.50%, due 5/31/01 and having an approximate value of
$1,035,280 (cost $1,011,000)@............................. $1,011,000 1,011,000
-------------
TOTAL INVESTMENTS --
(cost $117,718,090) 97.2% 114,134,664
Other assets less liabilities -- 2.8 3,255,681
------ -------------
NET ASSETS -- 100.0% $ 117,390,345
====== =============
</TABLE>
-----------------------------
+ Non-income producing securities
* Resale restricted to qualified institutional buyers
(1) Variable rate security; rate as of July 31, 1999
(2) Consists of more than one class of securities traded together
as a unit; generally bonds with attached stocks or warrants
(3) Represents a zero coupon bond which will convert to an
interest-bearing security at a later date
(4) Bond in default
(5) PIK ("Payment-in-Kind") payment made with additional
securities in lieu of cash
(6) A portion of the coupon interest is received in cash and a
portion is capitalized in the principal of the security
- ---------------------
38
<PAGE> 40
Allocation of investments as a percentage of net assets by
country as of July 31, 1999:
<TABLE>
<S> <C>
United States............................................... 36.8%
Mexico...................................................... 10.7%
Argentina................................................... 10.5%
Brazil...................................................... 9.9%
Russia...................................................... 3.8%
Colombia.................................................... 3.3%
Turkey...................................................... 3.2%
Bulgaria.................................................... 2.6%
United Kingdom.............................................. 2.5%
Netherlands................................................. 2.1%
Venezuela................................................... 1.6%
Malaysia.................................................... 1.4%
Panama...................................................... 1.3%
Canada...................................................... 1.0%
Peru........................................................ 0.9%
Switzerland................................................. 0.8%
Chile....................................................... 0.7%
Australia................................................... 0.6%
Jamaica..................................................... 0.6%
Jordon...................................................... 0.4%
Nigeria..................................................... 0.3%
Ecuador..................................................... 0.3%
Qatar....................................................... 0.3%
Philippines................................................. 0.2%
India....................................................... 0.2%
South Korea................................................. 0.2%
Luxemborg................................................... 0.1%
-----
96.3%
=====
</TABLE>
@ The security or a portion thereof represent collateral for the
following open futures contract:
<TABLE>
<CAPTION>
OPEN FUTURES CONTRACT
--------------------------------------------------------------------------------------------------------
VALUE AS OF
EXPIRATION VALUE AT JULY 31, UNREALIZED
CONTRACTS DESCRIPTION DATE TRADE DATE 1999 APPRECIATION
--------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
9 Short Long Gilt............... September 1999 $1,639,999 $1,589,074 $50,925
========
</TABLE>
<TABLE>
<CAPTION>
OPEN FORWARD FOREIGN CURRENCY CONTRACTS
-------------------------------------------------------------------
CONTRACT IN DELIVERY GROSS UNREALIZED
TO DELIVER EXCHANGE FOR DATE APPRECIATION
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
EUR 175,000 USD 188,388 8/20/99 $ 894
EUR 1,510,000 USD 1,626,270 10/27/99 320
--------
$ 1,214
--------
</TABLE>
<TABLE>
<CAPTION>
GROSS UNREALIZED
DEPRECIATION
-------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
EUR 315,000 USD 334,845 8/20/99 $ (2,643)
EUR 1,050,000 USD 1,111,404 10/26/99 (19,139)
EUR 275,000 USD 291,085 10/26/99 (5,010)
EUR 695,000 USD 735,289 10/27/99 (13,079)
GBP 1,215,000 USD 1,957,572 9/03/99 (11,682)
---------
(51,553)
---------
Net Unrealized Depreciation....... $(50,339)
=========
</TABLE>
-----------------------------
<TABLE>
<S> <C> <C> <C> <C> <C>
DEM -- Deutsche Mark TRL -- Turkish Lire
EUR -- Euro Dollar USD -- United States Dollar
GBP -- Pound Sterling
</TABLE>
See Notes to Financial Statements
---------------------
39
<PAGE> 41
- ---------------------
SUNAMERICA SERIES TRUST
SUNAMERICA BALANCED
PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 62.7% SHARES VALUE
<S> <C> <C>
-----------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
CONSUMER DISCRETIONARY -- 4.7%
Automotive -- 1.1%
Delphi Automotive Systems Corp. ............................ 18,871 $ 339,678
Ford Motor Co. ............................................. 30,000 1,458,750
General Motors Corp. ....................................... 27,000 1,645,312
Retail -- 3.6%
Dayton Hudson Corp. ........................................ 20,000 1,293,750
Gap, Inc. .................................................. 70,750 3,307,563
Home Depot, Inc. ........................................... 65,000 4,147,812
Wal-Mart Stores, Inc. ...................................... 70,000 2,957,500
-------------
15,150,365
-------------
CONSUMER STAPLES -- 1.2%
Food, Beverage & Tobacco -- 1.2%
Philip Morris Cos., Inc. ................................... 105,700 3,937,325
-------------
ENERGY -- 4.8%
Energy Services -- 2.6%
Baker Hughes, Inc. ......................................... 37,700 1,312,431
Halliburton Co. ............................................ 65,000 2,998,125
Schlumberger Ltd. .......................................... 65,000 3,936,563
Energy Sources -- 2.2%
Chevron Corp. .............................................. 15,000 1,368,750
Mobil Corp. ................................................ 30,000 3,067,500
Royal Dutch Petroleum Co. ADR............................... 46,000 2,806,000
-------------
15,489,369
-------------
FINANCE -- 10.9%
Banks -- 4.8%
Bank of America Corp. ...................................... 20,400 1,354,050
Bank of New York Co., Inc. ................................. 30,000 1,108,125
Chase Manhattan Corp. ...................................... 55,000 4,228,125
First Union Corp............................................ 25,000 1,150,000
Mellon Bank Corp............................................ 60,000 2,025,000
Summit Bancorp.............................................. 110,000 4,070,000
Wells Fargo Co.............................................. 40,000 1,560,000
Financial Services -- 6.1%
American Express Co......................................... 30,000 3,952,500
Associates First Capital Corp., Class A..................... 30,000 1,149,375
Capital One Financial Corp. ................................ 80,000 3,710,000
Citigroup, Inc. ............................................ 86,250 3,843,516
Federal Home Loan Mortgage Corp. ........................... 20,000 1,147,500
Merrill Lynch & Co., Inc. .................................. 25,000 1,701,562
Morgan Stanley, Dean Witter & Co. .......................... 35,000 3,154,375
PaineWebber Group, Inc. .................................... 30,000 1,200,000
-------------
35,354,128
-------------
</TABLE>
- ---------------------
40
<PAGE> 42
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE -- 5.6%
Drugs -- 3.5%
Biogen, Inc.+............................................... 45,000 $ 3,096,562
Merck & Co., Inc. .......................................... 35,000 2,369,063
Pfizer, Inc. ............................................... 60,000 2,036,250
Schering-Plough Corp. ...................................... 30,000 1,470,000
Warner-Lambert Co. ......................................... 35,000 2,310,000
Medical Products -- 2.1%
Amgen, Inc.+................................................ 35,000 2,690,625
Genzyme-Molecular Oncology Corp.+........................... 1 2
Johnson & Johnson Co. ...................................... 45,000 4,145,625
-------------
18,118,127
-------------
INDUSTRIAL & COMMERCIAL -- 5.9%
Aerospace & Military Technology -- 1.0%
United Technologies Corp. .................................. 50,000 3,334,375
Electrical Equipment -- 3.1%
General Electric Co. ....................................... 90,000 9,810,000
Multi-Industry -- 1.4%
Tyco International Ltd. .................................... 47,000 4,591,312
Transportation -- 0.4%
Burlington Northern Santa Fe Corp. ......................... 40,000 1,280,000
-------------
19,015,687
-------------
INFORMATION & ENTERTAINMENT -- 4.3%
Broadcasting & Media -- 4.0%
AT&T Corp. Liberty Media Group, Inc., Class A+.............. 60,000 2,220,000
CBS Corp.+.................................................. 85,000 3,734,688
MediaOne Group, Inc.+....................................... 35,000 2,533,125
Time Warner, Inc. .......................................... 60,000 4,320,000
Entertainment Products -- 0.1%
Oakley, Inc.+............................................... 67,000 469,000
Leisure & Tourism -- 0.2%
Carnival Corp., Class A..................................... 16,000 743,000
-------------
14,019,813
-------------
INFORMATION TECHNOLOGY -- 17.8%
Computers & Business Equipment -- 7.1%
Cisco Systems, Inc.+........................................ 70,000 4,348,750
Dell Computer Corp.+........................................ 70,000 2,861,250
EMC Corp.+.................................................. 90,000 5,450,625
Hewlett-Packard Co. ........................................ 25,000 2,617,188
International Business Machines Corp. ...................... 60,200 7,566,387
Electronics -- 4.2%
Intel Corp. ................................................ 70,000 4,830,000
Motorola, Inc. ............................................. 40,000 3,650,000
Texas Instruments, Inc. .................................... 35,000 5,040,000
Software -- 3.3%
Microsoft Corp.+............................................ 100,000 8,581,250
Nortel Networks Corp. ...................................... 25,000 2,215,625
</TABLE>
---------------------
41
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Telecommunications -- 3.2%
Clear Channel Communications, Inc.+......................... 40,000 $ 2,782,500
Comcast Corp., Class A...................................... 75,000 2,887,500
Lucent Technologies, Inc. .................................. 75,000 4,879,687
-------------
57,710,762
-------------
MATERIALS -- 3.1%
Chemicals -- 1.0%
du Pont (E.I.) de Nemours & Co. ............................ 45,000 3,242,813
Forest Products -- 1.1%
Georgia-Pacific Group....................................... 80,000 3,595,000
Metals & Minerals -- 1.0%
Alcoa, Inc. ................................................ 50,000 2,993,750
-------------
9,831,563
-------------
UTILITIES -- 4.4%
Electric Utilities -- 0.3%
PECO Energy Co. ............................................ 20,000 847,500
Gas & Pipeline Utilities -- 1.0%
Enron Corp. ................................................ 40,000 3,407,500
Telephone -- 3.1%
AT&T Corp. ................................................. 67,000 3,479,813
MCI WorldCom, Inc.+......................................... 80,000 6,600,000
-------------
14,334,813
-------------
TOTAL COMMON STOCK (cost $174,242,713)...................... 202,961,952
-------------
<CAPTION>
PRINCIPAL
BONDS & NOTES -- 30.6% AMOUNT
-----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 0.2%
Automotive -- 0.2%
Chrysler Corp. 7.45% 2027................................... $ 750,000 739,050
-------------
FINANCE -- 1.0%
Financial Services -- 1.0%
CS First Boston Mortgage Securities Corp. 6.48% 2008........ 2,500,000 2,359,125
Morgan Stanley Group, Inc. 6.88% 2007....................... 1,000,000 980,640
-------------
3,339,765
-------------
INFORMATION TECHNOLOGY -- 0.3%
Electronics -- 0.3%
Texas Instruments, Inc. 6.13% 2006.......................... 1,000,000 933,520
-------------
U.S. GOVERNMENT & AGENCIES -- 29.1%
U.S. Government & Agencies -- 29.1%
Federal National Mortgage Association 5.25% 2009............ 7,000,000 6,292,370
Federal National Mortgage Association 5.75% 2003............ 3,385,000 3,318,891
Federal National Mortgage Association 5.75% 2008............ 750,000 704,647
Overseas Private Investment Corp. 6.99% 2009................ 4,435,000 4,458,905
Small Business Administration 6.30% 2018.................... 1,917,615 1,855,293
United States Treasury Bonds 5.25% 2028..................... 600,000 523,500
United States Treasury Notes 5.25% 2004..................... 20,000,000 19,550,000
</TABLE>
- ---------------------
42
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<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT & AGENCIES (continued)
United States Treasury Notes 5.50% 2001..................... $55,000,000 $ 54,862,500
United States Treasury Notes 5.50% 2009..................... 2,500,000 2,425,000
-------------
93,991,106
-------------
TOTAL BONDS & NOTES (cost $100,580,568)..................... 99,003,441
-------------
TOTAL INVESTMENT SECURITIES (cost $274,823,281)............. 301,965,393
-------------
REPURCHASE AGREEMENTS -- 25.8%
-----------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- 25.8%
PaineWebber, Inc. Joint Repurchase Agreement Account (Note
3)........................................................ 55,000,000 55,000,000
State Street Bank & Trust Co. Joint Repurchase Agreement
Account (Note 3).......................................... 28,347,000 28,347,000
-------------
TOTAL REPURCHASE AGREEMENTS (cost $83,347,000).............. 83,347,000
-------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
TOTAL INVESTMENTS --
(cost $358,170,281) 119.1% 385,312,393
Liabilities in excess of other assets -- (19.1) (61,786,690)
------ -------------
NET ASSETS -- 100.0% $323,525,703
====== =============
</TABLE>
-----------------------------
+ Non-income producing securities
ADR -- American Depository Receipt
See Notes to Financial Statements
---------------------
43
<PAGE> 45
- ---------------------
SUNAMERICA SERIES TRUST
MFS TOTAL RETURN
PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 53.9% SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 2.8%
Automotive -- 1.5%
Delphi Automotive Systems Corp. ............................ 34,300 $ 617,400
Ford Motor Co. ............................................. 15,000 729,375
TRW, Inc. .................................................. 26,800 1,432,125
Housing -- 0.2%
Sherwin Williams Co. ....................................... 10,000 270,000
Stanley Works............................................... 8,000 223,500
Retail -- 1.1%
Albertsons, Inc. ........................................... 15,435 766,927
Dayton Hudson Corp. ........................................ 19,800 1,280,812
-------------
5,320,139
-------------
CONSUMER STAPLES -- 3.1%
Food, Beverage & Tobacco -- 2.3%
Anheuser-Busch Cos., Inc. .................................. 2,000 157,875
Archer-Daniels-Midland Co. ................................. 60,000 840,000
General Mills, Inc. ........................................ 11,600 960,625
Hershey Foods Corp. ........................................ 5,000 290,000
Nestle SA+.................................................. 680 1,336,211
PepsiCo, Inc. .............................................. 7,000 273,875
Philip Morris Cos., Inc. ................................... 9,900 368,775
Quaker Oats Co. ............................................ 1,200 81,675
Household Products -- 0.8%
Fortune Brands, Inc. ....................................... 22,000 869,000
Kimberly-Clark Corp......................................... 11,300 689,300
-------------
5,867,336
-------------
ENERGY -- 7.9%
Energy Services -- 2.4%
Coastal Corp. .............................................. 51,400 2,033,512
Consol Energy, Inc. ........................................ 21,000 233,625
Halliburton Co. ............................................ 22,000 1,014,750
Noble Drilling Corp.+....................................... 52,100 1,182,019
Energy Sources -- 5.5%
Apache Corp. ............................................... 6,900 292,819
BP Amoco PLC ADR............................................ 29,775 3,450,178
Chevron Corp. .............................................. 10,200 930,750
Conoco, Inc., Class A+...................................... 27,400 714,113
Exxon Corp. ................................................ 5,200 412,750
Mobil Corp. ................................................ 16,100 1,646,225
Royal Dutch Petroleum Co. ADR............................... 14,300 872,300
Sonat, Inc. ................................................ 20,200 710,788
</TABLE>
- ---------------------
44
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
ENERGY (continued)
Energy Sources (continued)
Texaco, Inc................................................. 8,800 $ 548,350
Unocal Corp................................................. 19,400 769,937
-------------
14,812,116
-------------
FINANCE -- 12.4%
Banks -- 3.8%
Bank of America Corp........................................ 11,926 791,588
Bank of New York Co., Inc................................... 38,500 1,422,094
Bank One Corp. ............................................. 3,170 172,963
ING Groep NV................................................ 24,788 1,261,089
Mellon Bank Corp. .......................................... 38,200 1,289,250
National City Corp. ........................................ 3,400 101,150
PNC Bank Corp. ............................................. 23,200 1,226,700
Wells Fargo Co. ............................................ 21,600 842,400
Financial Services -- 3.7%
A.G. Edwards, Inc. ......................................... 22,900 632,612
American Express Co. ....................................... 10,900 1,436,075
Citigroup, Inc. ............................................ 24,300 1,082,869
Federal Home Loan Mortgage Corp. ........................... 11,200 642,600
Morgan Stanley, Dean Witter & Co. .......................... 5,700 513,713
ReliaStar Financial Corp. .................................. 22,000 998,250
The Hartford Financial Services Group, Inc. ................ 30,370 1,639,980
Insurance -- 4.9%
Allstate Corp. ............................................. 24,200 859,100
AXA SA de CV ADR............................................ 4,700 550,573
Chubb Corp. ................................................ 20,000 1,196,250
CIGNA Corp. ................................................ 15,900 1,402,181
Equitable Cos., Inc. ....................................... 24,100 1,548,425
Jefferson-Pilot Corp. ...................................... 8,500 621,031
Lincoln National Corp. ..................................... 37,100 1,855,000
St. Paul Cos., Inc. ........................................ 23,900 743,888
Unumprovident Corp. ........................................ 6,900 357,075
-------------
23,186,856
-------------
HEALTHCARE -- 1.8%
Drugs -- 1.5%
American Home Products Corp. ............................... 15,400 785,400
Bristol-Myers Squibb Co. ................................... 3,900 259,350
Pfizer, Inc. ............................................... 3,000 101,813
Pharmacia & Upjohn, Inc. ................................... 13,400 721,087
Schering-Plough Corp. ...................................... 2,000 98,000
SmithKline Beecham PLC ADR.................................. 15,300 918,956
Health Services -- 0.1%
Columbia/HCA Healthcare Corp. .............................. 4,600 102,350
Medical Products -- 0.2%
Baxter International, Inc. ................................. 4,400 302,225
-------------
3,289,181
-------------
INDUSTRIAL & COMMERCIAL -- 3.3%
Aerospace & Military Technology -- 2.5%
Allied Signal, Inc. ........................................ 40,500 2,619,844
Lockheed Martin Corp. ...................................... 10,500 365,531
Raytheon Co., Class A....................................... 18,800 1,306,600
United Technologies Corp. .................................. 5,500 366,781
</TABLE>
---------------------
45
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL (continued)
Business Services -- 0.0%
Waste Management, Inc. ..................................... 1,900 $ 48,569
Electrical Equipment -- 0.1%
General Electric Co. ....................................... 2,400 261,600
Multi-Industry -- 0.2%
Tyco International Ltd. .................................... 2,700 263,756
Transportation -- 0.5%
Burlington Northern Santa Fe Corp. ......................... 9,400 300,800
Canadian National Railway Co. .............................. 5,000 335,000
Norfolk Southern Corp. ..................................... 9,000 263,250
-------------
6,131,731
-------------
INFORMATION & ENTERTAINMENT -- 4.5%
Broadcasting & Media -- 2.9%
CBS Corp.+ ................................................. 7,200 316,350
Gannett Co., Inc. .......................................... 18,800 1,358,300
MediaOne Group, Inc.+ ...................................... 13,700 991,537
New York Times Co., Class A ................................ 24,600 967,088
Time Warner, Inc. .......................................... 24,900 1,792,800
Entertainment Products -- 0.0%
Eastman Kodak Co. .......................................... 1,000 69,125
Leisure & Tourism -- 1.6%
Hilton Hotels Corp. ........................................ 17,300 225,981
McDonald's Corp. ........................................... 47,900 1,996,831
MGM Grand, Inc.+ ........................................... 6,500 293,719
The Walt Disney Co.+ ....................................... 14,700 406,088
-------------
8,417,819
-------------
INFORMATION TECHNOLOGY -- 4.3%
Computers & Business Equipment -- 2.0%
Hewlett-Packard Co. ........................................ 11,500 1,203,906
International Business Machines Corp. ...................... 10,600 1,332,288
Xerox Corp. ................................................ 22,800 1,111,500
Electronics -- 1.6%
Emerson Electric Co. ....................................... 23,100 1,378,781
Motorola, Inc. ............................................. 17,700 1,615,125
Telecommunications -- 0.7%
ALLTEL Corp. ............................................... 7,000 502,688
Telephone & Data Systems, Inc. ............................. 11,700 870,187
-------------
8,014,475
-------------
MATERIALS -- 3.8%
Chemicals -- 1.7%
Akzo Nobel NV+ ............................................. 24,000 1,025,724
Dow Chemical Co. ........................................... 5,300 657,200
Engelhard Corp. ............................................ 31,200 696,150
Rohm & Haas Co. ............................................ 21,400 912,175
Forest Products -- 1.6%
Bowater, Inc. .............................................. 18,600 925,350
Champion International Corp. ............................... 19,700 1,019,475
International Paper Co. .................................... 8,700 444,788
Weyerhaeuser Co. ........................................... 8,400 543,375
</TABLE>
- ---------------------
46
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
MATERIALS (continued)
Metals & Minerals -- 0.5%
Alcoa, Inc. ................................................ 7,600 $ 455,050
PPG Industries, Inc. ....................................... 7,900 471,038
-------------
7,150,325
-------------
REAL ESTATE -- 0.1%
Real Estate Investment Trusts -- 0.1%
TriNet Corporate Realty Trust, Inc. ........................ 10,200 263,925
-------------
UTILITIES -- 9.9%
Electric Utilities -- 3.3%
Carolina Power & Light Co. ................................. 22,900 941,762
CMS Energy Corp. ........................................... 11,700 437,287
Duke Energy Corp. .......................................... 14,000 741,125
FirstEnergy Corp. .......................................... 15,200 434,150
GPU, Inc. .................................................. 17,000 652,375
PECO Energy Co. ............................................ 16,000 678,000
Pinnacle West Capital Corp. ................................ 20,000 798,750
Sierra Pacific Resources Co.+ .............................. 15,840 411,840
Southern Co. ............................................... 22,500 594,844
Texas Utilities Co. ........................................ 9,000 381,938
Gas & Pipeline Utilities -- 1.7%
Columbia Energy Group, Inc. ................................ 17,500 1,041,250
Eastern Enterprises ........................................ 21,800 848,837
National Fuel Gas Co. ...................................... 6,000 281,625
Sempra Energy .............................................. 10,500 232,969
The Williams Cos., Inc. .................................... 6,700 281,819
UGI Corp. .................................................. 7,000 166,250
Washington Gas Light Co. ................................... 14,000 390,250
Telephone -- 4.9%
AT&T Corp. ................................................. 16,950 880,341
Bell Atlantic Corp. ........................................ 13,000 828,750
BellSouth Corp. ............................................ 6,400 307,200
GTE Corp. .................................................. 43,700 3,220,144
Nippon Telegraph & Telephone Corp. ADR ..................... 9,000 565,312
SBC Communications, Inc. ................................... 34,100 1,950,094
Sprint Corp. ............................................... 26,600 1,374,887
-------------
18,441,799
-------------
TOTAL COMMON STOCK (cost $93,928,798)....................... 100,895,702
-------------
<CAPTION>
PREFERRED STOCK -- 2.4%
----------------------------------------------------------------------------------------
<S> <C> <C>
ENERGY -- 0.5%
Energy Sources -- 0.5%
Apache Corp. 6.50% ......................................... 5,700 220,875
El Paso Energy Capital Trust I 4.75% ....................... 13,500 666,563
-------------
887,438
-------------
FINANCE -- 0.8%
Financial Services -- 0.5%
Newell Financial Trust I 5.25% ............................. 16,800 894,600
Insurance -- 0.3%
Lincoln National Corp. 7.75% ............................... 26,000 695,500
-------------
1,590,100
-------------
</TABLE>
---------------------
47
<PAGE> 49
<TABLE>
<CAPTION>
PREFERRED STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL -- 0.5%
Business Services -- 0.1%
Owens Illinois, Inc. 4.75% ................................. 3,600 $ 138,150
Multi-Industry -- 0.1%
Seagram Ltd. 7.50% ......................................... 6,100 308,050
Transportation -- 0.3%
Union Pacific Capital Trust 6.25% .......................... 10,400 526,500
-------------
972,700
-------------
UTILITIES -- 0.6%
Electric Utilities -- 0.6%
CMS Energy Corp. 8.75% ..................................... 14,300 554,125
Texas Utilities Co. 9.25% .................................. 11,000 594,687
-------------
1,148,812
-------------
TOTAL PREFERRED STOCK (cost $4,544,513)..................... 4,599,050
-------------
<CAPTION>
PRINCIPAL
BONDS & NOTES -- 38.9% AMOUNT
----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 3.0%
Automotive -- 1.3%
Amerco 7.85% 2003 .......................................... $ 232,000 221,576
Federal Mogul Corp. 7.75% 2006 ............................. 2,000,000 1,900,380
General Motors Corp. 9.40% 2021 ............................ 103,000 122,696
TRW, Inc. 7.13% 2009* ...................................... 164,000 158,163
Housing -- 0.4%
McDermott, Inc. 9.38% 2002 ................................. 750,000 779,183
Retail -- 1.3%
Ahold Finance USA, Inc. 6.25% 2009 ......................... 358,000 335,353
Federated Department Stores, Inc. 6.30% 2009 ............... 60,000 55,932
Federated Department Stores, Inc. 8.50% 2003 ............... 489,000 511,372
Rite Aid Corp. 6.00% 2003*(1) .............................. 291,000 277,279
Rite Aid Corp. 7.13% 2007 .................................. 254,000 243,914
Saks, Inc. 8.25% 2008 ...................................... 1,000,000 1,038,710
-------------
5,644,558
-------------
CONSUMER STAPLES -- 0.2%
Food, Beverage & Tobacco -- 0.2%
Seagram, Joseph E. & Sons, Inc. 5.79% 2001 ................. 319,000 311,870
-------------
ENERGY -- 1.3%
Energy Sources -- 1.3%
Coastal Corp. 6.20% 2004 ................................... 386,000 370,201
Coastal Corp. 6.38% 2009 ................................... 2,000,000 1,875,080
Indiana Michigan Power Co., Series A 6.88% 2004 ............ 173,000 171,384
-------------
2,416,665
-------------
FINANCE -- 8.9%
Banks -- 1.1%
Colonial Bank Corp. 8.00% 2009 ............................. 459,000 432,424
Providian National Bank 6.65% 2004 ......................... 1,000,000 960,010
Riggs National Corp. 9.65% 2009 ............................ 550,000 581,900
</TABLE>
- ---------------------
48
<PAGE> 50
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (continued)
Financial Services -- 7.4%
Aesop Funding II LLC 6.40% 2003* ........................... $ 600,000 $ 599,298
Aristar, Inc. 5.85% 2004 ................................... 1,000,000 955,013
Aristar, Inc. 7.25% 2006 ................................... 252,000 250,934
Associates Corp. NA 5.50% 2004 ............................. 2,000,000 1,883,340
AT&T Capital Corp. 6.25% 2001 .............................. 99,000 97,235
Bear Stearns Co., Inc. 6.45% 2002 .......................... 87,000 86,073
Capita Equipment Receivables Corp., Trust 6.45% 2002 ....... 360,000 360,961
Copelco Capital Funding Corp. 5.78% 2001 ................... 750,000 747,885
Countrywide Funding Corp. 6.25% 2009 ....................... 155,000 142,220
Fleetwood Credit Grantor Trust 6.90% 2012 .................. 40,296 40,590
Ford Motor Credit Co. 5.80% 2009 ........................... 1,295,000 1,164,218
Ford Motor Credit Co. 6.70% 2004 ........................... 939,000 930,033
General Motors Acceptance Corp. 6.15% 2007 ................. 263,000 249,366
Green Tree Financial Corp. 10.25% 2002 ..................... 246,000 257,513
GS Escrow Corp. 7.13% 2005 ................................. 2,000,000 1,893,500
Midamerican Funding LLC 5.85% 2001* ........................ 215,000 212,865
Midamerican Funding LLC 6.93% 2029* ........................ 125,000 116,210
Midland Funding Corp II 13.25% 2006 ........................ 100,000 118,683
Providian Capital I 9.53% 2027* ............................ 89,000 83,503
Residential Accredit Loans, Inc. 6.75% 2028 ................ 490,000 474,227
Residential Funding Mortgage Securities 7.25% 2026 ......... 288,325 282,088
RGS Aegco Funding Corp. 9.81% 2022 ......................... 999,348 1,169,667
Salton Sea Funding Corp. 8.30% 2011 ........................ 907,092 916,807
Structured Asset Securities Corp. 6.95% 2007 ............... 140,000 139,636
Triangle Funding Ltd. 6.85% 2004*(2) ....................... 750,000 766,406
Insurance -- 0.4%
AFLAC, Inc. 6.50% 2009 ..................................... 799,000 750,900
-------------
16,663,505
-------------
INDUSTRIAL & COMMERCIAL -- 1.0%
Business Services -- 0.5%
Protection One Alarm Monitoring 7.38% 2005 ................. 1,000,000 940,290
Machinery -- 0.2%
Deere & Co. 6.55% 2004 ..................................... 86,000 85,296
Lear Corp. 7.96% 2005* ..................................... 241,000 237,729
Multi-Industry -- 0.3%
Loews Corp. 3.13% 2007 ..................................... 600,000 507,000
Transportation -- 0.0%
Compania Sud Americana de Vapores SA 7.38% 2003 ............ 50,000 44,017
-------------
1,814,332
-------------
INFORMATION & ENTERTAINMENT -- 2.0%
Broadcasting & Media -- 0.9%
CSC Holdings, Inc. 7.63% 2018 .............................. 132,000 119,510
Hearst Argyle Television, Inc. 7.50% 2027 .................. 647,000 597,362
Time Warner Entertainment Co. 8.38% 2023 ................... 386,000 411,974
Time Warner Entertainment Co. 10.15% 2012 .................. 460,000 560,855
Leisure & Tourism -- 1.1%
Continental Airlines, Inc. 6.55% 2019 ...................... 1,072,000 1,001,559
Northwest Airlines Pass Through Trust 6.81% 2020 ........... 1,000,000 910,420
Northwest Airlines Pass Through Trust 7.58% 2019 ........... 199,000 198,067
-------------
3,799,747
-------------
</TABLE>
---------------------
49
<PAGE> 51
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY -- 1.6%
Communication Equipment -- 0.3%
LSI Logic Corp. 4.25% 2004* ................................ $ 260,000 $ 452,725
Computers & Business Equipment -- 0.3%
Xerox Corp. zero coupon 2018 ............................... 1,000,000 587,500
Telecommunications -- 1.0%
MCI Worldcom, Inc. 6.95% 2028 .............................. 284,000 262,186
Qwest Communications International, Inc., Series B 7.50%
2008 ..................................................... 161,000 159,322
Sprint Capital Corp. 6.38% 2009 ............................ 244,000 229,162
TCI Communications Financing II 9.65% 2027.................. 1,000,000 1,126,690
Telecomunicaciones de Puerto Rico 6.65% 2006*............... 150,000 145,238
-------------
2,962,823
-------------
MATERIALS -- 0.1%
Forest Products -- 0.1%
Georgia Pacific Corp. 7.25% 2028............................ 252,000 231,775
-------------
U.S. GOVERNMENT & AGENCIES -- 16.2%
U.S. Government & Agencies -- 16.2%
Federal Home Loan Banks 5.70% 2009.......................... 935,000 851,552
Federal Home Loan Mortgage Corp. 6.50% 2029................. 1,777,925 1,694,576
Federal Home Loan Mortgage Corp. 6.50% 2029................. 1,192,752 1,136,323
Federal National Mortgage Association 5.72% 2009............ 385,000 348,906
Government National Mortgage Association 6.50% 2023......... 207,218 198,540
Government National Mortgage Association 6.50% 2026......... 273,319 260,677
Government National Mortgage Association 6.50% 2026......... 2,725,871 2,599,800
Government National Mortgage Association 6.50% 2028......... 857,495 814,080
Government National Mortgage Association 7.00% 2027......... 1,906,050 1,858,399
Government National Mortgage Association 7.00% 2028......... 519,969 506,803
Government National Mortgage Association 7.50% 2026......... 1,300,058 1,298,836
Government National Mortgage Association 8.00% 2022......... 2,193,934 2,242,618
United States Treasury Bonds 5.25% 2028..................... 413,000 360,342
United States Treasury Bonds 5.25% 2029..................... 3,024,000 2,670,555
United States Treasury Bonds 9.88% 2015..................... 1,072,000 1,447,865
United States Treasury Notes 4.88% 2001..................... 2,200,000 2,175,602
United States Treasury Notes 5.25% 2001..................... 6,400,000 6,358,976
United States Treasury Notes 5.50% 2003..................... 3,615,000 3,568,692
United States Treasury Notes 5.50% 2009..................... 50,000 48,500
-------------
30,441,642
-------------
UTILITIES -- 4.6%
Electric Utilities -- 2.8%
Calenergy Co., Inc. 8.48% 2028.............................. 550,000 573,347
CE Generation LLC 7.42% 2018*............................... 600,000 574,219
CMS Energy Corp. 6.75% 2004................................. 1,000,000 946,430
CMS Energy Corp. 8.00% 2001(1).............................. 191,000 191,510
CMS Energy Corp. 8.38% 2003................................. 126,000 125,055
Connecticut Light & Power Co. 8.59% 2003*................... 250,000 246,635
Entergy Mississippi, Inc. 6.20% 2004........................ 208,000 201,731
Niagara Mohawk Power Corp. 7.25% 2002....................... 1,000,000 1,000,160
Niagara Mohawk Power Corp. 8.50% 2023....................... 75,000 75,648
Toledo Edison Co. 7.88% 2004................................ 1,000,000 1,010,400
Waterford 3 Funding-Entergy Corp. 8.09% 2017................ 321,283 318,912
</TABLE>
- ---------------------
50
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<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
UTILITIES (continued)
Gas & Pipeline Utilities -- 0.8%
Tennessee Gas Pipeline Co. 7.63% 2037....................... $ 325,000 $ 313,813
Texas Gas Transmission Corp. 7.25% 2027..................... 550,000 507,111
The Williams Cos., Inc. 7.63% 2019.......................... 700,000 677,663
Telephone -- 1.0%
Bell Atlantic Financial Services, Inc. 4.25% 2005*.......... 1,020,000 1,132,200
Sprint Capital Corp. 5.88% 2004............................. 242,000 230,631
Sprint Capital Corp. 6.90% 2019............................. 510,000 469,516
-------------
8,594,981
-------------
TOTAL BONDS & NOTES (cost $75,371,325)...................... 72,881,898
-------------
<CAPTION>
RIGHTS -- 0.0%+ RIGHTS VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
NON-U.S. GOVERNMENT OBLIGATIONS -- 0.0%
Foreign Government -- 0.0%
United Mexican States 6/30/03(2)(cost $0)................... 461,000 0
-------------
<CAPTION>
WARRANTS -- 0.0%+ WARRANTS
----------------------------------------------------------------------------------------
<S> <C> <C>
NON-U.S. GOVERNMENT OBLIGATIONS -- 0.0%
Foreign Government -- 0.0%
Republic of Venezuela 4/15/20(2)(cost $0)................... 535 0
-------------
TOTAL INVESTMENT SECURITIES (cost $173,844,638)............. 178,376,650
-------------
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES -- 3.9% AMOUNT
----------------------------------------------------------------------------------------
<S> <C> <C>
FEDERAL AGENCY OBLIGATIONS -- 3.9%
Federal Home Loan Mortgage Discount Notes 4.97% due
8/02/99................................................... $$4,240,000 4,239,414
Student Loan Marketing Discount Notes 4.91% due 8/03/99..... 3,000,000 2,999,182
-------------
TOTAL SHORT-TERM SECURITIES (cost $7,238,596)............... 7,238,596
-------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS --
(cost $181,083,234) 99.1% 185,615,246
Other assets less liabilities -- 0.9 1,713,107
------ -------------
NET ASSETS -- 100.0% $ 187,328,353
====== =============
</TABLE>
-----------------------------
+ Non-income producing securities
* Resale restricted to qualified institutional buyers
ADR -- American Depository Receipt
(1) Variable rate security; rate as of July 31, 1999
(2) Fair valued security; see Note 2
See Notes to Financial Statements
---------------------
51
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- ---------------------
SUNAMERICA SERIES TRUST
ASSET ALLOCATION PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 64.0% SHARES VALUE
--------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 5.4%
Automotive -- 2.2%
Delphi Automotive Systems Corp. ............................ 142,743 $ 2,569,374
Federal-Mogul Corp. ........................................ 57,900 2,808,150
Ford Motor Co. ............................................. 23,500 1,142,688
General Motors Corp. ....................................... 82,200 5,009,062
General Motors Corp., Class H............................... 30,900 1,716,881
TRW, Inc. .................................................. 41,800 2,233,688
Housing -- 0.0%
Cooper Industries, Inc. .................................... 1,600 87,800
Retail -- 3.2%
CVS Corp. .................................................. 20,800 1,034,800
Federated Department Stores, Inc.+.......................... 94,600 4,854,162
Home Depot, Inc. ........................................... 29,600 1,888,850
May Department Stores Co. .................................. 30,000 1,160,625
Rite Aid Corp. ............................................. 57,200 1,211,925
Sears, Roebuck & Co. ....................................... 25,400 1,028,700
TJX Cos., Inc. ............................................. 85,800 2,836,762
Toys 'R' Us, Inc.+.......................................... 151,500 2,461,875
Wal-Mart Stores, Inc. ...................................... 95,600 4,039,100
Walgreen Co. ............................................... 91,800 2,599,088
-------------
38,683,530
-------------
CONSUMER STAPLES -- 5.9%
Food, Beverage & Tobacco -- 4.1%
Anheuser-Busch Cos., Inc. .................................. 9,400 742,013
Archer-Daniels-Midland Co. ................................. 223,100 3,123,400
Coca-Cola Co. .............................................. 54,100 3,262,906
ConAgra, Inc. .............................................. 134,100 3,427,931
H.J. Heinz & Co. ........................................... 13,800 650,325
Nabisco Group Holding Corp. ................................ 162,000 3,037,500
Nabisco Holdings Corp., Class A............................. 29,300 1,219,613
PepsiCo, Inc. .............................................. 70,300 2,750,487
Philip Morris Cos., Inc. ................................... 191,200 7,122,200
Ralston Purina Group........................................ 92,000 2,754,250
W.M. Wrigley Jr. Co. ....................................... 19,500 1,553,906
Household Products -- 1.8%
Avon Products, Inc. ........................................ 67,100 3,053,050
Clorox Co. ................................................. 13,700 1,534,400
Colgate-Palmolive Co. ...................................... 84,000 4,147,500
Procter & Gamble Co. ....................................... 42,400 3,837,200
-------------
42,216,681
-------------
ENERGY -- 3.6%
Energy Services -- 0.7%
Schlumberger Ltd. .......................................... 57,900 3,506,569
Tosco Corp. ................................................ 43,000 1,134,125
</TABLE>
- ---------------------
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
--------------------------------------------------------------------------------------------
<S> <C> <C>
ENERGY (continued)
Energy Sources -- 2.9%
Atlantic Richfield Co. ..................................... 21,200 $ 1,909,325
Exxon Corp. ................................................ 63,700 5,056,187
Mobil Corp. ................................................ 12,600 1,288,350
Occidental Petroleum Corp. ................................. 92,500 1,809,531
Royal Dutch Petroleum Co. ADR............................... 104,700 6,386,700
Texaco, Inc. ............................................... 41,300 2,573,506
Unocal Corp. ............................................... 13,000 515,938
USX-Marathon Group, Inc. ................................... 40,100 1,218,038
-------------
25,398,269
-------------
FINANCE -- 10.3%
Banks -- 4.5%
AMBAC, Inc. ................................................ 15,600 867,750
Bank of America Corp. ...................................... 101,600 6,743,700
Bank One Corp. ............................................. 162,300 8,855,494
First Union Corp. .......................................... 103,200 4,747,200
KeyCorp. ................................................... 42,700 1,345,050
National City Corp. ........................................ 76,200 2,266,950
State Street Corp. ......................................... 58,100 4,117,838
Wells Fargo Co. ............................................ 80,000 3,120,000
Financial Services -- 3.8%
Citigroup, Inc. ............................................ 66,600 2,967,863
Countrywide Credit Industries, Inc. ........................ 29,500 1,098,875
Dun & Bradstreet Corp. ..................................... 71,200 2,260,600
Federal Home Loan Mortgage Corp. ........................... 104,500 5,995,687
Federal National Mortgage Association....................... 91,700 6,327,300
MBNA Corp. ................................................. 121,600 3,465,600
Morgan Stanley, Dean Witter & Co. .......................... 13,200 1,189,650
Nationwide Financial Services, Inc., Class A................ 23,800 1,026,375
The Hartford Financial Services Group, Inc. ................ 47,700 2,575,800
Insurance -- 2.0%
Aetna, Inc. ................................................ 43,700 3,583,400
Allstate Corp. ............................................. 103,200 3,663,600
CIGNA Corp. ................................................ 33,000 2,910,187
Hartford Life, Inc., Class A................................ 17,600 891,000
UnumProvident Corp. ........................................ 23,725 1,227,769
XL Capital Ltd., Class A.................................... 35,400 1,858,500
-------------
73,106,188
-------------
HEALTHCARE -- 6.8%
Drugs -- 4.6%
American Home Products Corp. ............................... 104,600 5,334,600
Bristol-Myers Squibb Co. ................................... 80,600 5,359,900
Eli Lilly & Co. ............................................ 32,700 2,145,938
Merck & Co., Inc. .......................................... 89,000 6,024,187
Pfizer, Inc. ............................................... 137,300 4,659,619
Pharmacia & Upjohn, Inc. ................................... 73,700 3,965,981
Schering-Plough Corp. ...................................... 41,800 2,048,200
Warner-Lambert Co. ......................................... 53,100 3,504,600
Health Services -- 1.2%
Columbia/HCA Healthcare Corp. .............................. 76,700 1,706,575
Healthsouth Corp. .......................................... 199,200 2,440,200
Tenet Healthcare Corp.+..................................... 237,100 4,252,981
</TABLE>
---------------------
53
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
--------------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE (continued)
Medical Products -- 1.0%
Baxter International, Inc. ................................. 53,200 $ 3,654,175
Johnson & Johnson Co. ...................................... 39,400 3,629,725
-------------
48,726,681
-------------
INDUSTRIAL & COMMERCIAL -- 6.4%
Aerospace & Military Technology -- 0.6%
Northrop Grumman Corp. ..................................... 33,800 2,437,825
Raytheon Co., Class A....................................... 26,000 1,807,000
Business Services -- 2.7%
Cendant Corp.+.............................................. 56,300 1,133,038
Ecolab, Inc. ............................................... 30,700 1,308,588
First Data Corp. ........................................... 80,400 3,984,825
Galileo International, Inc. ................................ 31,000 1,586,812
R.R. Donnelley & Sons Co. .................................. 55,600 1,946,000
Service Corp. International................................. 151,100 2,398,712
Verisign, Inc.+............................................. 10,500 778,313
Waste Management, Inc. ..................................... 184,900 4,726,506
Ziff-Davis, Inc. ........................................... 68,070 1,195,479
Electrical Equipment -- 1.2%
General Electric Co. ....................................... 81,100 8,839,900
Machinery -- 0.1%
Ingersoll-Rand Co. ......................................... 11,500 739,594
Multi-Industry -- 1.6%
Loews Corp. ................................................ 60,900 4,270,612
Minnesota Mining & Manufacturing Co. ....................... 34,900 3,069,019
Sara Lee Corp. ............................................. 172,900 3,803,800
Transportation -- 0.2%
Burlington Northern Santa Fe Corp. ......................... 54,000 1,728,000
-------------
45,754,023
-------------
INFORMATION & ENTERTAINMENT -- 7.8%
Broadcasting & Media -- 6.8%
AMFM, Inc.+................................................. 43,600 2,289,000
AT&T Corp. Liberty Media Group, Inc., Class A+.............. 206,500 7,640,500
Belo AH Corp., Series A..................................... 94,800 1,913,775
Cablevision Systems Corp., Class A+......................... 32,100 2,240,981
CBS Corp.+.................................................. 127,800 5,615,212
Central Newspapers, Inc., Class A........................... 41,400 1,738,800
Crown Castle International Corp. ........................... 72,600 1,529,138
EchoStar Communications Corp., Class A+..................... 15,400 1,052,975
Gannett Co., Inc. .......................................... 24,700 1,784,575
Infinity Broadcasting Corp., Class A........................ 88,300 2,433,769
MediaOne Group, Inc.+....................................... 93,400 6,759,825
New York Times Co., Class A................................. 88,700 3,487,019
Time Warner, Inc. .......................................... 81,500 5,868,000
Tribune Co. ................................................ 10,100 889,431
Valassis Communications, Inc.+.............................. 93,650 3,488,463
Entertainment Products -- 0.2%
Eastman Kodak Co. .......................................... 10,600 732,725
Hasbro, Inc. ............................................... 31,100 808,600
Leisure & Tourism -- 0.8%
Marriott International, Inc., Class A....................... 51,400 1,802,212
McDonald's Corp. ........................................... 27,200 1,133,900
</TABLE>
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54
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
--------------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT (continued)
Leisure & Tourism (continued)
The Walt Disney Co.+........................................ 30,300 $ 837,038
Tricon Global Restaurants, Inc. ............................ 37,600 1,529,850
-------------
55,575,788
-------------
INFORMATION TECHNOLOGY -- 9.8%
Communication Equipment -- 0.8%
QUALCOMM, Inc.+............................................. 36,800 5,740,800
Computers & Business Equipment -- 3.4%
Cisco Systems, Inc.+........................................ 77,400 4,808,475
Compaq Computer Corp. ...................................... 80,600 1,934,400
EMC Corp.+.................................................. 27,000 1,635,188
Hewlett-Packard Co. ........................................ 34,200 3,580,312
International Business Machines Corp. ...................... 64,700 8,131,981
Sun Microsystems, Inc.+..................................... 47,900 3,251,213
Xerox Corp. ................................................ 24,800 1,209,000
Electronics -- 1.8%
Emerson Electric Co. ....................................... 12,200 728,188
Intel Corp. ................................................ 125,800 8,680,200
Tandy Corp. ................................................ 69,800 3,581,612
Multi-Industry -- 0.1%
NCR Corp.+.................................................. 13,900 651,563
Software -- 2.2%
Automatic Data Processing, Inc. ............................ 26,900 1,077,681
CheckFree Holdings Corp. ................................... 23,300 688,806
Computer Associates International, Inc. .................... 26,000 1,192,750
Microsoft Corp.+............................................ 141,000 12,099,563
Oracle Corp.+............................................... 19,300 734,606
Telecommunications -- 1.5%
At Home Corp., Series A+.................................... 31,368 1,433,126
Clear Channel Communications, Inc.+......................... 24,607 1,711,724
Comcast Corp., Class A...................................... 57,400 2,209,900
General Instrument Corp. ................................... 17,000 771,375
Lucent Technologies, Inc. .................................. 33,600 2,186,100
U.S. West, Inc. ............................................ 37,400 2,143,487
-------------
70,182,050
-------------
MATERIALS -- 0.6%
Chemicals -- 0.3%
du Pont (E.I.) de Nemours & Co. ............................ 30,300 2,183,494
Forest Products -- 0.3%
International Paper Co. .................................... 34,700 1,774,037
-------------
3,957,531
-------------
REAL ESTATE -- 0.5%
Real Estate Investment Trusts -- 0.5%
Starwood Hotels & Resorts Worldwide, Inc. .................. 122,300 3,302,100
-------------
UTILITIES -- 6.9%
Electric Utilities -- 2.6%
AES Corp.+.................................................. 109,200 6,552,000
Entergy Corp. .............................................. 118,600 3,595,062
FPL Group, Inc. ............................................ 45,800 2,470,338
</TABLE>
---------------------
55
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
--------------------------------------------------------------------------------------------
<S> <C> <C>
UTILITIES (continued)
Electric Utilities (continued)
PacifiCorp. ................................................ 105,500 $ 1,925,375
Unicom Corp. ............................................... 98,300 3,858,275
Gas & Pipeline Utilities -- 0.2%
PG&E Corp. ................................................. 46,200 1,461,075
Telephone -- 4.1%
Ameritech Corp. ............................................ 48,700 3,567,275
AT&T Corp. ................................................. 98,870 5,135,061
Bell Atlantic Corp. ........................................ 47,000 2,996,250
BellSouth Corp. ............................................ 26,800 1,286,400
GTE Corp. .................................................. 48,200 3,551,737
MCI WorldCom, Inc.+......................................... 76,300 6,294,750
SBC Communications, Inc. ................................... 76,300 4,363,406
Sprint Corp. ............................................... 21,300 1,100,944
Sprint Corp. (PCS Group).................................... 13,100 794,188
-------------
48,952,136
-------------
TOTAL COMMON STOCK (cost $447,651,968)...................... 455,854,977
-------------
<CAPTION>
PRINCIPAL
BONDS & NOTES -- 31.1% AMOUNT
<S> <C> <C>
--------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
CONSUMER DISCRETIONARY -- 0.5%
Automotive -- 0.1%
Chrysler Corp. 7.45% 2027................................... $ 145,000 142,883
Chrysler Corp. 7.45% 2097................................... 190,000 182,715
Housing -- 0.3%
Owens Corning 7.50% 2005.................................... 1,555,000 1,533,090
U.S. Home Corp. 7.95% 2001.................................. 405,000 408,038
USI American Holdings, Inc. 7.25% 2006...................... 240,000 233,011
Retail -- 0.1%
Pep Boys Manny Moe & Jack 6.52% 2007........................ 500,000 501,045
United Rentals, Inc., Series B 8.80% 2008................... 500,000 486,875
-------------
3,487,657
-------------
CONSUMER STAPLES -- 0.6%
Food, Beverage & Tobacco -- 0.6%
Aurora Foods, Inc., Series B 9.88% 2007..................... 250,000 259,375
Aurora Foods, Inc., Series E 8.75% 2008..................... 250,000 248,125
Keebler Corp. 10.75% 2006................................... 500,000 555,000
Philip Morris Cos., Inc. 6.95% 2006......................... 465,000 468,673
Philip Morris Cos., Inc. 7.00% 2005......................... 800,000 791,976
RJR Nabisco Holdings Corp. 7.38% 2003*...................... 770,000 754,916
Safeway, Inc. 5.88% 2001.................................... 310,000 304,789
Safeway, Inc. 6.05% 2003.................................... 530,000 512,144
-------------
3,894,998
-------------
ENERGY -- 0.4%
Energy Services -- 0.1%
Edison Mission Energy Funding Corp., Series A 6.77% 2003*... 191,332 191,330
National Power Corp. 7.63% 2000............................. 620,000 618,071
Oryx Energy Co. 10.00% 2001................................. 100,000 104,918
Energy Sources -- 0.3%
Gulf Canada Resources Ltd. 9.25% 2004....................... 490,000 492,234
Occidental Petroleum Corp. 6.50% 2005....................... 195,000 186,239
</TABLE>
- ---------------------
56
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<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
<S> <C> <C>
--------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
ENERGY (continued)
Energy Sources (continued)
Occidental Petroleum Corp. 7.65% 2006....................... $ 300,000 $ 300,954
Petroleos Mexicanos 9.37% 2005*............................. 490,000 452,025
Petroleos Mexicanos 9.37% 2005(1)........................... 550,000 508,750
Petroleos Mexicanos 9.50% 2027*............................. 120,000 113,700
-------------
2,968,221
-------------
FINANCE -- 7.8%
Banks -- 1.1%
Capital One Bank 6.15% 2001................................. 500,000 493,360
Capital One Bank 6.39% 2001................................. 1,000,000 999,950
Capital One Bank 6.76% 2002................................. 1,000,000 991,530
Capital One Bank 7.15% 2006................................. 1,225,000 1,226,862
Continental Bank NA 12.50% 2001............................. 450,000 490,586
Long Island Savings Bank 6.20% 2001......................... 1,500,000 1,482,420
Providian National Bank 6.65% 2004.......................... 500,000 480,005
Riggs National Corp. 9.65% 2009............................. 710,000 751,180
Security Pacific Corp. 11.50% 2000.......................... 600,000 637,590
Financial Services -- 6.6%
Americredit Automobile Recreation Trust 6.24% 2003.......... 2,600,000 2,603,796
Arcadia Auto Receivables Trust 5.75% 2006(1)................ 2,250,000 2,175,820
Asset Securitization Corp. 7.49% 2029....................... 1,450,000 1,476,201
Autoflow 1996 A Grantor Trust 7.48% 2002*(1)................ 320,067 320,167
Capital One Master Trust 5.32% 2007......................... 1,750,000 1,742,335
Chase Commercial Mortgage Securities Corp. 7.37% 2007....... 2,500,000 2,508,350
Chemical Master Credit Card Trust I 5.98% 2008.............. 1,610,000 1,521,450
Chevy Chase Auto Receivables 5.80% 2002..................... 35,184 35,162
Citibank Credit Card Master Trust I 5.80% 2005.............. 4,500,000 4,370,625
Commercial Mortgage Asset Trust 6.64% 2010.................. 2,800,000 2,672,264
Countrywide Capital Corp. 8.05% 2027........................ 1,300,000 1,278,043
Countrywide Funding Corp. 6.45% 2003........................ 300,000 297,207
Countrywide Funding Corp. 6.70% 2005........................ 300,000 296,091
Countrywide Funding Corp. 6.97% 2003........................ 1,000,000 1,006,330
Credit Suisse First Boston 6.55% 2007....................... 2,000,000 1,892,040
Discover Card Master Trust I 5.73% 2013..................... 700,000 693,875
Fasco Grantor Trust 6.65% 2001.............................. 344,458 346,136
Felcor Suites Hotels, Inc. 7.38% 2004....................... 405,000 372,458
Financiera Energetica Nacional SA 9.38% 2006................ 490,000 376,766
Fingerhut Financial Services 6.45% 2002..................... 245,333 245,485
First Union-Lehman Brothers Commercial Mortgage Trust 6.60%
2007...................................................... 2,250,000 2,174,940
First Union-Lehman Brothers Commercial Mortgage Trust 7.30%
2006...................................................... 1,050,000 1,050,777
First USA Credit Card Master Trust, Series A 5.33% 2007..... 2,250,000 2,246,670
General Motors Acceptance Corp. 5.75% 2003.................. 1,645,000 1,568,277
Green Tree Financial Corp. 6.63% 2030....................... 3,000,000 2,760,930
Household International Netherlands BV 6.20% 2003........... 1,440,000 1,403,266
IMC Home Equity Loan Trust 8.05% 2026....................... 2,000,000 2,060,156
Merrill Lynch Mortgage Investments, Inc. 6.39% 2030......... 3,000,000 2,880,480
NWA Trust 8.26% 2006........................................ 220,020 221,769
PXRE Capital Trust I 8.85% 2027............................. 265,000 219,833
Residential Accredit Loans, Inc. 7.75% 2027................. 2,000,000 2,022,600
Sears Credit Account Master Trust 6.20% 2006................ 700,000 696,717
Tanger Properties Ltd. 8.75% 2001........................... 500,000 507,260
Wells Fargo & Co. 6.63% 2004................................ 1,185,000 1,165,602
Insurance -- 0.1%
Conseco, Inc. 7.60% 2001.................................... 650,000 648,908
-------------
55,412,269
-------------
</TABLE>
---------------------
57
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<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
<S> <C> <C>
--------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
HEALTHCARE -- 0.1%
Health Services -- 0.1%
Tenet Healthcare Corp. 8.00% 2005........................... $ 430,000 $ 413,875
-------------
INDUSTRIAL & COMMERCIAL -- 1.4%
Aerospace & Military Technology -- 0.2%
Newport News Shipbuilding, Inc. 9.25% 2006.................. 250,000 261,250
Raytheon Co. 6.45% 2002..................................... 1,530,000 1,523,635
Business Services -- 0.6%
Allied Waste North America, Inc. 10.00% 2009................ 250,000 248,750
Allied Waste North America, Inc., Series B 7.63% 2006*...... 500,000 463,750
Comdisco, Inc. 6.13% 2003................................... 2,070,000 2,017,712
Hertz Corp. 7.00% 2003...................................... 750,000 749,437
Safety-Kleen Corp. 9.25% 2009*.............................. 375,000 374,531
WESCO Distribution, Inc., Series B 9.13% 2008............... 250,000 245,313
Electrical Equipment -- 0.1%
Westinghouse Electric Corp. 8.88% 2001...................... 740,000 764,006
Multi-Industry -- 0.5%
Fisher Scientific International, Inc. 9.00% 2008............ 500,000 475,000
TRW, Inc. 6.63% 2004*....................................... 1,250,000 1,228,300
Tyco International Group SA 5.88% 2004*..................... 1,765,000 1,667,819
Transportation -- 0.0%
MRS Logistica SA 10.63% 2005*............................... 180,000 108,900
MRS Logistica SA 10.63% 2005................................ 230,000 139,150
-------------
10,267,553
-------------
INFORMATION & ENTERTAINMENT -- 1.7%
Broadcasting & Media -- 1.3%
Adelphia Communications Corp. 7.88% 2009.................... 250,000 231,875
British Sky Broadcasting Group 8.20% 2009*.................. 525,000 522,239
Chancellor Media Corp., Series B 8.13% 2007................. 500,000 487,500
Charter Commerce Holdings LLC zero coupon 2011*(2).......... 750,000 455,625
Joseph E. Seagram & Sons, Inc. 6.25% 2001................... 575,000 569,865
News America Holdings, Inc. 8.00% 2016...................... 135,000 134,371
News America Holdings, Inc. 8.50% 2005...................... 550,000 573,639
News America, Inc. 7.25% 2018............................... 1,200,000 1,107,780
Paramount Communications, Inc. 7.50% 2002................... 200,000 202,920
Poland Communications, Inc. 9.88% 2003...................... 450,000 438,408
Rogers Cablesystems Ltd. 9.63% 2002......................... 440,000 459,250
Telewest Communications PLC zero coupon 2009*(2)............ 250,000 158,438
Telewest Communications PLC zero coupon 2007(2)............. 250,000 223,125
Time Warner, Inc. 6.85% 2026................................ 1,750,000 1,745,572
Viacom, Inc. 6.75% 2003..................................... 2,020,000 1,983,115
Leisure & Tourism -- 0.4%
Continental Airlines, Inc. 6.54% 2009....................... 380,843 366,028
ITT Corp. 6.25% 2000........................................ 1,215,000 1,188,525
Northwest Airlines Corp. 8.97% 2015......................... 1,307,439 1,386,682
-------------
12,234,957
-------------
INFORMATION TECHNOLOGY -- 1.3%
Telecommunications -- 1.3%
360 Communications Co. 7.13% 2003........................... 1,330,000 1,338,392
Alaska Communications Holdings, Inc. 9.38% 2009*............ 375,000 366,094
Crown Castle International Corp. zero coupon 2011(2)........ 750,000 439,688
Crown Castle International Corp. zero coupon 2011*(2)....... 250,000 145,625
</TABLE>
- ---------------------
58
<PAGE> 60
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
<S> <C> <C>
--------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Telecommunications (continued)
Intermedia Communications, Inc. 8.60% 2008.................. $ 500,000 $ 450,000
McLeodUSA, Inc. 8.13% 2009.................................. 250,000 226,250
Metronet Communications Corp. zero coupon 2008(2)........... 835,000 635,293
Nextel Communications, Inc. 10.13% 2004..................... 485,000 492,275
Orange PLC 8.00% 2008....................................... 750,000 718,125
Panamsat Corp. 6.13% 2005*.................................. 2,270,000 2,105,198
Tele-Communications, Inc. 8.25% 2003........................ 500,000 525,175
Tele-Communications, Inc. 9.65% 2003........................ 375,000 398,025
Worldcom, Inc. 6.13% 2001................................... 200,000 198,366
Worldcom, Inc. 6.40% 2005................................... 1,380,000 1,343,085
-------------
9,381,591
-------------
MATERIALS -- 0.2%
Chemicals -- 0.1%
Huntsman ICI Chemicals, Inc. 10.13% 2009*................... 250,000 250,625
Lyondell Chemical Co. 9.88% 2007*........................... 375,000 377,813
Forest Products -- 0.0%
Riverwood International Corp. 10.25% 2006................... 125,000 126,875
Riverwood International Corp. 10.63% 2007................... 250,000 258,125
Metals & Minerals -- 0.1%
Ucar Global Enterprises, Inc. 12.00% 2005................... 500,000 530,000
-------------
1,543,438
-------------
NON-U.S. GOVERNMENT OBLIGATIONS -- 2.5%
Foreign Government -- 2.5%
Australia Government 7.50% 2009............................. 3,800,000 2,709,657
Government of Poland 4.00% 2000............................. 140,000 89,950
Malaysia Government 8.75% 2009.............................. 1,090,000 1,090,567
Philippines Republic 8.88% 2008............................. 710,000 675,714
Province of Quebec 5.74% 2001............................... 265,000 262,347
Province of Quebec 7.50% 2023............................... 930,000 934,362
Province of Quebec 13.25% 2014.............................. 625,000 658,638
Province of Tucuman 9.45% 2004*(1).......................... 367,500 323,400
Province of Tucuman 9.45% 2004.............................. 14,976 12,019
Republic of Argentina 11.75% 2009........................... 350,000 310,082
Republic of Brazil 5.00% 2000(3)............................ 741,074 453,945
Republic of Bulgaria 6.50% 2011(3).......................... 910,000 623,350
Republic of Colombia 8.63% 2008............................. 20,000 15,400
Republic of Germany 7.38% 2005.............................. 4,650,000 5,694,391
Republic of Panama 4.25% 2000............................... 750,000 538,125
Republic of Panama 6.08% 2002(3)............................ 1,421,577 1,376,496
Republic of Panama 9.38% 2029*(1)........................... 90,000 83,475
State of Israel zero coupon 2024............................ 4,800,000 973,968
United Mexican States 6.25% 2019............................ 250,000 176,562
United Mexican States 6.25% 2019(1)......................... 980,000 690,900
-------------
17,693,348
-------------
REAL ESTATE -- 0.1%
Real Estate Investment Trusts -- 0.1%
Chelsea GCA Realty, Inc. 7.75% 2001......................... 570,000 570,000
Liberty Property Trust 7.10% 2004........................... 215,000 205,652
-------------
775,652
-------------
</TABLE>
---------------------
59
<PAGE> 61
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
<S> <C> <C>
--------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
U.S. GOVERNMENT & AGENCIES -- 13.7%
U.S. Government & Agencies -- 13.7%
Federal Home Loan Mortgage Corp. 6.35% 2018................. $ 3,000,000 $ 2,991,540
Federal Home Loan Mortgage Corp. 7.00% TBA.................. 4,000,000 3,910,000
Federal Home Loan Mortgage Corp. 7.50% 2028................. 577,468 577,826
Federal Home Loan Mortgage Corp. 7.50% TBA.................. 17,000,000 17,010,540
Federal Home Loan Mortgage Corp. 6.00% 2013................. 664,274 636,042
Federal Home Loan Mortgage Corp. 6.00% 2014................. 835,693 800,176
Federal Home Loan Mortgage Corp. 6.00% 2014................. 1,129,803 1,081,786
Federal Home Loan Mortgage Corp. 6.00% 2014................. 3,987,002 3,817,555
Federal Home Loan Mortgage Corp. 7.00% 2028................. 245,136 239,620
Federal Home Loan Mortgage Corp. 7.00% 2028................. 5,600,671 5,474,657
Federal Home Loan Mortgage Corp. zero coupon 2022(1)........ 15,000 588,835
Federal National Mortgage Association zero coupon 2023(1)... 2,109,000 1,406,253
Federal National Mortgage Association 6.50% 2025............ 425,920 408,083
Federal National Mortgage Association 6.50% 2025............ 576,380 553,861
Federal National Mortgage Association 6.50% 2026............ 175,576 168,060
Federal National Mortgage Association 6.50% 2026............ 518,751 496,543
Federal National Mortgage Association 6.50% 2027............ 871,593 830,193
Federal National Mortgage Association 6.50% 2027............ 47,113 44,905
Federal National Mortgage Association 6.50% 2027............ 210,168 200,185
Federal National Mortgage Association 6.50% 2027............ 927,073 883,037
Federal National Mortgage Association 6.50% 2028............ 691,112 658,284
Federal National Mortgage Association 6.50% 2028............ 706,525 672,965
Federal National Mortgage Association 6.50% 2028............ 676,004 643,893
Federal National Mortgage Association 6.50% 2028............ 205,620 195,853
Federal National Mortgage Association 6.50% TBA............. 4,000,000 3,810,000
Government National Mortgage Association 6.50% 2028......... 1,963,697 1,864,275
Government National Mortgage Association 6.50% 2029......... 977,970 928,455
Government National Mortgage Association 6.50% 2029......... 3,942,020 3,742,435
Government National Mortgage Association 6.50% TBA.......... 19,000,000 18,038,030
Government National Mortgage Association 7.00% 2022......... 812,494 796,366
Government National Mortgage Association 7.00% 2023......... 326,624 320,092
Government National Mortgage Association 7.00% 2023......... 672,893 659,435
Government National Mortgage Association 7.00% 2023......... 283,254 278,345
Government National Mortgage Association 7.00% 2023......... 156,625 153,942
Government National Mortgage Association 7.00% 2023......... 146,488 143,558
Government National Mortgage Association 7.00% 2023......... 392,539 384,928
Government National Mortgage Association 7.00% 2023......... 1,470,628 1,441,216
Government National Mortgage Association 7.00% 2023......... 167,566 164,462
Government National Mortgage Association 7.00% 2023......... 730,088 716,466
Government National Mortgage Association 7.00% 2023......... 330,275 323,669
Government National Mortgage Association 7.00% 2023......... 428,780 420,564
Government National Mortgage Association 7.00% 2023......... 123,287 121,244
Government National Mortgage Association 7.00% 2023......... 1,250,111 1,225,109
Government National Mortgage Association 7.00% 2023......... 405,892 397,735
Government National Mortgage Association 7.00% TBA.......... 3,000,000 2,924,040
United States Treasury Bonds 7.88% 2021@.................... 8,000,000 9,387,520
United States Treasury Bonds Strip zero coupon 2014......... 980,000 386,737
United States Treasury Bonds Strip zero coupon 2017......... 4,550,000 1,456,091
United States Treasury Bonds Strip zero coupon 2017......... 50,000 15,691
United States Treasury Bonds Strip zero coupon 2018......... 5,300,000 1,543,572
United States Treasury Bonds Strip zero coupon 2019......... 5,000,000 1,434,400
United States Treasury Bonds Strip zero coupon 2019......... 40,000 10,875
United States Treasury Bonds Strip zero coupon 2020......... 410,000 109,031
United States Treasury Bonds Strip zero coupon 2025......... 2,000,000 400,820
-------------
97,889,795
-------------
</TABLE>
- ---------------------
60
<PAGE> 62
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
<S> <C> <C>
--------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
UTILITIES -- 0.8%
Electric Utilities -- 0.2%
Niagara Mohawk Power Corp. 6.88% 2003....................... $ 870,000 $ 875,716
Niagara Mohawk Power Corp. 7.00% 2000....................... 620,000 621,178
Niagara Mohawk Power Corp. 7.38% 2003....................... 210,000 213,311
Gas & Pipeline Utilities -- 0.4%
CMS Energy Corp., Series B 7.38% 2000....................... 1,150,000 1,147,907
Williams Cos., Inc. 6.13% 2002.............................. 1,875,000 1,848,169
Telephone -- 0.2%
Sprint Capital Corp. 5.88% 2004............................. 1,100,000 1,048,322
-------------
5,754,603
-------------
TOTAL BONDS & NOTES (cost $227,201,500)..................... 221,717,957
-------------
TOTAL INVESTMENT SECURITIES (cost $674,853,468)............. 677,572,934
-------------
<CAPTION>
SHORT-TERM SECURITIES -- 1.4%
--------------------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE SHORT-TERM NOTES -- 1.1%
Adelphia Communications Corp., Series B 10.25% due
7/15/00................................................... 250,000 255,000
BankAmerica Corp. 9.75% due 7/01/00......................... 400,000 412,548
Central Maine Power Co., Series C 7.45% due 8/30/99......... 885,000 885,805
K Mart Corp., Series C 7.96% due 11/15/99................... 500,000 501,565
Meditrust Corp. 7.38% due 7/15/00........................... 1,150,000 1,114,983
Oryx Energy Co. 9.50% due 11/01/99.......................... 1,820,000 1,833,104
Tele-Communications, Inc. 7.38% due 2/15/00................. 1,000,000 1,009,340
Time Warner, Inc. 7.95% due 2/01/00......................... 2,195,000 2,218,574
-------------
8,230,919
-------------
U.S. GOVERNMENT -- 0.3%
United States Treasury Bills 4.73% due 12/09/99@............ 320,000 314,634
United States Treasury Bills 4.75% due 12/09/99@............ 150,000 147,484
United States Treasury Bills 4.86% due 12/09/99@............ 1,400,000 1,376,522
-------------
1,838,640
-------------
TOTAL SHORT-TERM SECURITIES (cost $10,079,106).............. 10,069,559
-------------
</TABLE>
---------------------
61
<PAGE> 63
<TABLE>
<CAPTION>
PRINCIPAL
REPURCHASE AGREEMENT -- 10.2% AMOUNT VALUE
--------------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 10.2%
Agreement with State Street Bank & Trust Co., bearing
interest at 5.03%, dated 7/30/99, to be repurchased
8/02/99 in the amount of $72,164,236 and collateralized by
$73,215,000 of U.S. Treasury Notes, bearing interest at
5.50%, due 3/31/03 and having an approximate value of
$73,581,075 (cost $72,134,000)@........................... $72,134,000 $ 72,134,000
-------------
TOTAL INVESTMENTS --
(cost $757,066,574) 106.7% 759,776,493
Total written call options -- 0.0 (42,931)
Liabilities in excess of other assets -- (6.7) (47,393,826)
------ -------------
NET ASSETS -- 100.0% $ 712,339,736
====== =============
</TABLE>
-----------------------------
<TABLE>
<CAPTION>
<C> <S>
+ Non-income producing securities
* Resale restricted to qualified institutional buyers
(1) Fair valued security; see Note 2
(2) Represents a zero coupon bond which will convert to an
interest-bearing security at a later date
(3) Variable rate security; rate as of July 31, 1999
TBA -- Securities purchased on a forward commitment basis with
an approximate principal amount and no definitive maturity
date. The actual principal and maturity date will be
determined upon settlement date.
@ The security or a portion thereof represents collateral for
the following open futures contracts:
</TABLE>
<TABLE>
<CAPTION>
OPEN FUTURES CONTRACTS
--------------------------------------------------------------------------------------------------------
VALUE AS OF UNREALIZED
EXPIRATION VALUE AT JULY 31, APPRECIATION/
CONTRACTS DESCRIPTION DATE TRADE DATE 1999 DEPRECIATION
--------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
25 Short S&P 500 Index.................... September 1999 $ 8,519,945 $ 8,323,750 $ 196,195
1 Long 90 Day Euro Dollar............... September 1999 237,073 236,275 (798)
110 Long 90 Day Euro Dollar............... June 2000 26,010,830 25,778,500 (232,330)
20 Short U.S. 2 Year Note................. September 1999 4,167,701 4,150,313 17,388
109 Long U.S. 5 Year Note................. September 1999 11,762,059 11,812,875 50,816
57 Long U.S. 10 Year Note................ September 1999 6,344,634 6,287,812 (56,822)
214 Long U.S. Treasury Bond............... September 1999 24,503,120 24,603,313 100,193
----------
Net Unrealized Appreciation................................... $ 74,642
==========
</TABLE>
<TABLE>
<CAPTION>
OPEN COVERED WRITTEN CALL OPTIONS
-----------------------------------------------------------------------------------------------------
EXPIRATION STRIKE
CALL OPTIONS CONTRACTS DATE PRICE VALUE
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Columbia/HCA Healthcare Corp. ...................... 273 August 1999 $25 $ (8,531)
Raytheon Co. ....................................... 97 August 1999 75 (4,850)
TRW, Inc. .......................................... 197 August 1999 55 (29,550)
---------
Total Open Covered Written Call Options (Proceeds $156,950)....... $(42,931)
=========
</TABLE>
- ---------------------
62
<PAGE> 64
OPEN FORWARD FOREIGN CURRENCY CONTRACTS
------------------------------------------------------------------
<TABLE>
<CAPTION>
CONTRACT IN DELIVERY GROSS UNREALIZED
TO DELIVER EXCHANGE FOR DATE APPRECIATION
------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
AUD 4,247,526 USD 2,811,437 9/13/99 $ 37,641
----------
GROSS UNREALIZED
DEPRECIATION
------------------------------------------------------------
EUR 5,522,324 USD 5,646,245 9/14/99 $(281,082)
----------
Net Unrealized Depreciation... $(243,441)
==========
</TABLE>
-----------------------------
AUD -- Australian Dollar
EUR -- Euro Dollar
USD -- United States Dollar
See Notes to Financial Statements
---------------------
63
<PAGE> 65
- ---------------------
SUNAMERICA SERIES TRUST
UTILITY PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 90.2% SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
ENERGY -- 0.6%
Energy Sources -- 0.6%
Pennzoil-Quaker State Co. .................................. 42,200 $ 625,088
-------------
INFORMATION TECHNOLOGY -- 7.9%
Telecommunications -- 7.9%
ALLTEL Corp. ............................................... 31,800 2,283,637
Cable & Wireless PLC ADR.................................... 12,400 446,400
Frontier Corp............................................... 9,800 543,288
Intermedia Communications, Inc.+............................ 781 21,526
IXC Communications, Inc.+................................... 15,000 637,500
Pacific Gateway Exchange, Inc.+............................. 20,900 512,050
Telefonica SA ADR........................................... 22,200 1,060,050
U.S. West, Inc. ............................................ 49,500 2,836,969
-------------
8,341,420
-------------
MATERIALS -- 0.9%
Metals & Minerals -- 0.9%
USEC, Inc. ................................................. 82,800 998,775
-------------
REAL ESTATE -- 7.7%
Real Estate Investment Trusts -- 7.7%
AMB Property Corp. ......................................... 45,200 1,017,000
Archstone Communities Trust................................. 21,900 472,219
Avalonbay Communities, Inc. ................................ 8,000 271,500
Camden Property Trust....................................... 16,000 450,000
CenterPoint Properties Corp. ............................... 5,400 193,050
Duke-Weeks Realty Corp. .................................... 25,200 551,250
Equity Office Properties Trust.............................. 29,300 736,162
Equity Residential Properties Trust......................... 8,700 359,419
First Industrial Realty Trust, Inc. ........................ 14,900 385,537
Gables Residential Trust.................................... 30,700 744,475
Health Care Property Investors, Inc. ....................... 16,000 423,000
Liberty Property Trust...................................... 20,100 474,862
Post Properties, Inc........................................ 9,800 392,000
Prentiss Properties Trust................................... 9,000 207,563
ProLogis Trust.............................................. 73,600 1,430,600
-------------
8,108,637
-------------
UTILITIES -- 73.1%
Electric Utilities -- 25.8%
BEC Energy.................................................. 46,100 1,965,012
Cinergy Corp. .............................................. 34,000 1,017,875
CMS Energy Corp. ........................................... 7,100 265,363
DQE, Inc. .................................................. 46,900 1,858,412
Duke Energy Corp. .......................................... 39,300 2,080,444
Edison International........................................ 76,200 1,928,812
Energy East Corp. .......................................... 60,300 1,533,881
Entergy Corp. .............................................. 44,100 1,336,781
FirstEnergy Corp. .......................................... 34,200 976,838
</TABLE>
- ---------------------
64
<PAGE> 66
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
UTILITIES -- (continued)
Electric Utilities -- (continued)
Florida Progress Corp. ..................................... 26,000 $ 1,064,375
FPL Group, Inc. ............................................ 16,700 900,756
Illinova Corp. ............................................. 29,600 973,100
NiSource, Inc. ............................................. 68,800 1,784,500
OGE Energy Corp. ........................................... 52,800 1,250,700
Pinnacle West Capital Corp. ................................ 31,300 1,250,044
Potomac Electric Power Co. ................................. 35,900 1,029,881
Public Service Co. of New Mexico............................ 40,100 799,494
Public Service Enterprise Group, Inc........................ 22,500 907,031
Puget Sound Energy, Inc. ................................... 39,800 927,838
Rochester Gas & Electric Corp. ............................. 53,800 1,408,888
Unicom Corp. ............................................... 11,100 435,675
UtiliCorp United, Inc. ..................................... 27,050 644,128
Western Resources, Inc. .................................... 34,300 896,088
Gas & Pipeline Utilities -- 21.8%
AGL Resources, Inc. ........................................ 44,400 838,050
Atmos Energy Corp. ......................................... 11,200 280,000
Central Hudson Gas & Electric Corp. ........................ 12,400 519,250
Columbia Energy Group....................................... 16,700 993,650
Constellation Energy Group, Inc. ........................... 34,100 999,556
El Paso Energy Corp. ....................................... 83,600 2,993,925
Energen Corp. .............................................. 6,400 120,000
Enron Corp. ................................................ 19,400 1,652,637
Keyspan Corp. .............................................. 103,700 2,877,675
MCN Energy Group, Inc. ..................................... 84,400 1,798,775
National Fuel Gas Co. ...................................... 23,700 1,112,419
New Jersey Resources Corp. ................................. 30,400 1,202,700
NICOR, Inc. ................................................ 37,000 1,429,125
Peoples Energy Corp. ....................................... 14,500 533,781
PG&E Corp. ................................................. 16,900 534,463
Questar Corp. .............................................. 43,800 823,988
SCANA Corp. ................................................ 68,000 1,661,750
Sempra Energy............................................... 45,400 1,007,313
The Williams Cos., Inc. .................................... 24,200 1,017,912
Washington Gas Light Co..................................... 6,400 178,400
WICOR, Inc.................................................. 17,300 501,700
Telephone -- 25.5%
Ameritech Corp. ............................................ 27,600 2,021,700
AT&T Corp. ................................................. 44,400 2,306,025
Bell Atlantic Corp. ........................................ 31,200 1,989,000
BellSouth Corp. ............................................ 64,400 3,091,200
CenturyTel, Inc. ........................................... 50,000 2,137,500
Cincinnati Bell, Inc. ...................................... 44,200 939,250
GTE Corp. .................................................. 41,200 3,035,925
MCI WorldCom, Inc.+......................................... 37,000 3,052,500
Nippon Telegraph & Telephone Corp. ADR...................... 8,300 521,344
SBC Communications, Inc. ................................... 30,628 1,751,539
Sprint Corp. ............................................... 48,800 2,522,350
Swisscom AG ADR............................................. 35,200 1,262,800
Tele Danmark A/S ADR........................................ 30,200 889,012
Telecom Corp. of New Zealand Ltd. ADR....................... 38,700 1,381,106
-------------
77,214,236
-------------
TOTAL COMMON STOCK (cost $89,814,174)....................... 95,288,156
-------------
</TABLE>
---------------------
65
<PAGE> 67
<TABLE>
<CAPTION>
PREFERRED STOCK -- 8.0% SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE -- 0.6%
Financial Services -- 0.6%
Merrill Lynch & Co., Inc. 6.25%............................. 30,700 $ 644,700
-------------
INFORMATION & ENTERTAINMENT -- 0.5%
Broadcasting & Media -- 0.5%
Winstar Communications, Inc. 7.25%*......................... 450 474,750
-------------
INFORMATION TECHNOLOGY -- 1.3%
Telecommunications -- 1.3%
ICG Funding LLC 6.75%....................................... 3,800 207,100
IXC Communications, Inc. 6.75%.............................. 15,000 665,625
Qwest Trends Trust 5.75%*................................... 9,200 477,250
-------------
1,349,975
-------------
UTILITIES -- 5.6%
Electric Utilities -- 2.5%
CMS Energy Corp. 8.75%+..................................... 39,000 1,511,250
Texas Utilities Co. 9.25%................................... 19,700 1,065,031
Gas & Pipeline Utilities -- 2.8%
Coastal Corp. 6.63%......................................... 43,500 1,098,375
Kerr-Mcgee Corp. 5.50%...................................... 19,400 683,850
KN Energy, Inc. 5.80%....................................... 37,900 1,215,169
Telephone -- 0.3%
Global Telesystems Group, Inc. 7.25%........................ 6,500 357,488
-------------
5,931,163
-------------
TOTAL PREFERRED STOCK (cost $8,713,919)..................... 8,400,588
-------------
PRINCIPAL
BONDS & NOTES -- 0.5% AMOUNT
----------------------------------------------------------------------------------------
INFORMATION TECHNOLOGY -- 0.5%
Telecommunications -- 0.5%
ITC Deltacom, Inc. 4.50% 2006* (cost $478,820).............. $ 470,000 555,187
-------------
TOTAL INVESTMENT SECURITIES (cost $99,006,913).............. 104,243,931
-------------
SHORT-TERM SECURITIES -- 4.4%
----------------------------------------------------------------------------------------
TIME DEPOSIT -- 4.4%
Cayman Island Time Deposit with State Street Bank & Trust
Co. 4.50% due 8/02/99 (cost $4,626,000)................... 4,626,000 4,626,000
-------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
TOTAL INVESTMENTS --
(cost $103,632,913) 103.1% 108,869,931
Liabilities in excess of other assets -- (3.1) (3,279,048)
------- -------------
NET ASSETS -- 100.0% $ 105,590,883
======= =============
</TABLE>
-----------------------------
+ Non-income producing securities
* Resale restricted to qualified institutional buyers
ADR -- American Depository Receipt
See Notes to Financial Statements
- ---------------------
66
<PAGE> 68
- ---------------------
SUNAMERICA SERIES TRUST
EQUITY INCOME PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 81.6% SHARES VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 7.4%
Automotive -- 2.1%
Ford Motor Co. ............................................. 2,500 $ 121,563
Housing -- 0.9%
Masco Corp. ................................................ 1,800 53,550
Retail -- 4.4%
Intimate Brands, Inc., Class A.............................. 2,835 122,082
Penney (J.C.), Inc. ........................................ 1,400 61,250
Newell Co. ................................................. 1,700 73,525
-----------
431,970
-----------
CONSUMER STAPLES -- 6.8%
Food, Beverage & Tobacco -- 3.2%
ConAgra, Inc. .............................................. 2,900 74,131
PepsiCo, Inc. .............................................. 1,300 50,863
Philip Morris Cos., Inc. ................................... 1,600 59,600
Household Products -- 3.6%
Colgate-Palmolive Co. ...................................... 1,800 88,875
Kimberly-Clark Corp. ....................................... 2,000 122,000
-----------
395,469
-----------
ENERGY -- 11.0%
Energy Services -- 0.4%
Reliant Energy, Inc. ....................................... 900 24,694
Energy Sources -- 10.6%
BP Amoco PLC ADR............................................ 1,191 138,007
Chevron Corp. .............................................. 1,300 118,625
Exxon Corp. ................................................ 1,300 103,187
Mobil Corp. ................................................ 1,100 112,475
Royal Dutch Petroleum Co. ADR............................... 2,400 146,400
-----------
643,388
-----------
FINANCE -- 14.1%
Banks -- 7.0%
Bank of America Corp. ...................................... 1,000 66,375
Bank of New York Co., Inc. ................................. 3,100 114,506
First Union Corp. .......................................... 1,400 64,400
Mellon Bank Corp. .......................................... 3,400 114,750
SunTrust Banks, Inc. ....................................... 700 45,150
Financial Services -- 5.6%
American Express Co. ....................................... 1,100 144,925
Associates First Capital Corp., Class A..................... 1,800 68,962
Federal National Mortgage Association....................... 800 55,200
Household International, Inc. .............................. 1,400 60,113
</TABLE>
---------------------
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (continued)
Insurance -- 1.5%
Allstate Corp. ............................................. 1,500 $ 53,250
XL Capital Ltd., Class A.................................... 700 36,750
-----------
824,381
-----------
HEALTHCARE -- 10.7%
Drugs -- 7.2%
American Home Products Corp. ............................... 1,400 71,400
Merck & Co., Inc. .......................................... 1,000 67,687
Pfizer, Inc. ............................................... 1,800 61,088
Pharmacia & Upjohn, Inc. ................................... 1,400 75,337
Schering-Plough Corp. ...................................... 1,900 93,100
SmithKline Beecham PLC ADR.................................. 800 48,050
Medical Products -- 3.5%
Baxter International, Inc. ................................. 900 61,819
Centocor, Inc. ............................................. 40,000 51,200
Johnson & Johnson Co. ...................................... 1,000 92,125
-----------
621,806
-----------
INDUSTRIAL & COMMERCIAL -- 11.0%
Business Services -- 3.4%
Ecolab, Inc. ............................................... 2,600 110,825
ServiceMaster Co. .......................................... 4,800 86,400
Electrical Equipment -- 2.2%
General Electric Co. ....................................... 1,200 130,800
Multi-Industry -- 2.3%
Minnesota Mining & Manufacturing Co. ....................... 1,000 87,937
Sara Lee Corp. ............................................. 2,000 44,000
Transportation -- 3.1%
Knightsbridge Tankers Ltd. ................................. 3,200 57,000
Union Pacific Corp. ........................................ 2,300 124,919
-----------
641,881
-----------
INFORMATION TECHNOLOGY -- 1.3%
Electronics -- 1.3%
Emerson Electric Co. ....................................... 1,300 77,594
-----------
MATERIALS -- 2.5%
Chemicals -- 2.5%
du Pont (E.I.) de Nemours & Co. ............................ 1,600 115,300
Lyondell Petrochemical Co. ................................. 1,800 32,850
-----------
148,150
-----------
REAL ESTATE -- 5.1%
Real Estate Investment Trusts -- 5.1%
Crescent Real Estate Equities Co. .......................... 1,800 39,600
Duke-Weeks Realty Corp. .................................... 2,622 57,356
Healthcare Realty Trust..................................... 2,300 48,300
Manufactured Home Communities, Inc. ........................ 2,900 70,325
Meditrust Co. .............................................. 1,800 19,575
Simon Property Group, Inc. ................................. 2,400 63,750
-----------
298,906
-----------
</TABLE>
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
UTILITIES -- 11.7%
Electric Utilities -- 3.2%
Cinergy Corp. .............................................. 1,800 $ 53,887
FPL Group, Inc. ............................................ 800 43,150
Texas Utilities Co. ........................................ 2,100 89,119
Gas & Pipeline Utilities -- 1.3%
Enron Corp. ................................................ 900 76,669
Telephone -- 7.2%
Ameritech Corp. ............................................ 1,700 124,525
AT&T Corp. ................................................. 2,800 145,425
Deutsche Telekom AG ADR..................................... 2,200 88,963
Sprint Corp. ............................................... 1,200 62,025
-----------
683,763
-----------
TOTAL COMMON STOCK (cost $4,505,471)........................ 4,767,308
-----------
<CAPTION>
PREFERRED STOCK 5.9%
-------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE -- 1.1%
Drugs -- 1.1%
Monsanto Co. 6.50%.......................................... 1,500 61,500
INDUSTRIAL & COMMERCIAL -- 0.9%
Transportation -- 0.9%
Union Pacific Capital Trust 6.25%........................... 1,000 50,625
INFORMATION & ENTERTAINMENT -- 0.4%
Broadcasting & Media -- 0.4%
Tribune Co. 6.25%........................................... 1,000 26,000
UTILITIES -- 1.9%
Electric Utilities -- 1.9%
Houston Industries, Inc. 7.00%.............................. 900 108,956
INFORMATION TECHNOLOGY -- 1.6%
Telecommunications -- 1.6%
AirTouch Communications, Inc., Series C 4.25%............... 600 95,175
-----------
TOTAL PREFERRED STOCK (cost $269,470)....................... 342,256
-----------
<CAPTION>
PRINCIPAL
BONDS & NOTES -- 3.2% AMOUNT
-------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE -- 3.2%
Drugs -- 1.4%
Elan Finance Corp. PLC zero coupon 2018*.................... $150,000 79,313
Health Services -- 1.8%
Medical Care International, Inc. 6.75% 2006................. 75,000 63,750
Tenet Healthcare Corp. 6.00% 2005........................... 50,000 38,625
-----------
102,375
-----------
TOTAL BONDS & NOTES (cost $191,112)......................... 181,688
-----------
TOTAL INVESTMENT SECURITIES (cost $4,966,053)............... 5,291,252
-----------
</TABLE>
---------------------
69
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<TABLE>
<CAPTION>
PRINCIPAL
REPURCHASE AGREEMENT -- 9.2% AMOUNT VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 9.2%
Agreement with State Street Bank & Trust Co., bearing
interest at 4.25%, dated 7/30/99, to be repurchased
8/02/99 in the amount of $539,191 and collateralized by
$530,000 of U.S. Treasury Notes, bearing interest at
6.25%, due 2/15/07 and having an approximate value of
$549,902 (cost $539,000).................................. $539,000 $ 539,000
-----------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
TOTAL INVESTMENTS --
(cost $5,505,053) 99.9% 5,830,252
Other assets less liabilities -- 0.1 4,446
------ -----------
NET ASSETS -- 100.0% $ 5,834,698
====== ===========
</TABLE>
-----------------------------
+ Non-income producing securities
* Resale restricted to qualified institutional buyers
ADR -- American Depository Receipt
See Notes to Financial Statements
- ---------------------
70
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- ---------------------
SUNAMERICA SERIES TRUST
EQUITY INDEX PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 84.1% SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 7.1%
Apparel & Textiles -- 0.2%
Fruit Of The Loom, Inc., Class A............................ 100 $ 794
Liz Claiborne, Inc. ........................................ 100 3,881
Nike, Inc., Class B......................................... 500 26,000
Reebok International Ltd. .................................. 100 1,212
Russell Corp. .............................................. 100 1,919
V.F. Corp. ................................................. 200 7,900
Automotive -- 1.2%
Cooper Tire & Rubber Co. ................................... 100 2,250
Crane Co. .................................................. 100 2,538
Cummins Engine Co., Inc. ................................... 100 6,469
Dana Corp. ................................................. 300 12,525
Delphi Automotive Systems Corp. ............................ 1,000 18,000
Ford Motor Co. ............................................. 2,100 102,112
General Motors Corp. ....................................... 1,100 67,031
Genuine Parts Co. .......................................... 300 9,319
Goodyear Tire & Rubber Co. ................................. 300 15,862
Navistar International Corp., Inc. ......................... 100 4,444
PACCAR, Inc. ............................................... 100 5,731
TRW, Inc. .................................................. 200 10,688
Housing -- 0.5%
Armstrong World Industries, Inc. ........................... 100 5,500
Black & Decker Corp. ....................................... 200 11,550
Cooper Industries, Inc. .................................... 200 10,975
Fleetwood Enterprises, Inc. ................................ 100 2,306
Kaufman & Broad Home Corp. ................................. 100 2,081
Lowe's Cos., Inc. .......................................... 600 31,650
Masco Corp. ................................................ 600 17,850
Maytag Corp. ............................................... 200 13,925
Owens Corning Co. .......................................... 100 3,088
Pulte Corp. ................................................ 100 2,269
Sherwin Williams Co. ....................................... 300 8,100
Snap-On Tools Corp. ........................................ 100 3,500
Stanley Works............................................... 200 5,587
Retail -- 5.2%
Albertsons, Inc. ........................................... 889 44,172
American Greetings Corp., Class A........................... 100 2,938
AutoZone, Inc.+............................................. 300 7,406
Circuit City Stores, Inc. .................................. 400 18,900
Consolidated Stores Corp.+.................................. 200 3,125
Costco Cos., Inc.+.......................................... 400 29,900
CVS Corp. .................................................. 700 34,825
Dayton Hudson Corp. ........................................ 800 51,750
Dillards, Inc., Class A..................................... 200 6,163
Dollar General Corp. ....................................... 400 10,575
Federated Department Stores, Inc.+.......................... 400 20,525
Gap, Inc. .................................................. 1,500 70,125
Great Atlantic & Pacific Tea Co., Inc. ..................... 100 3,456
Harcourt General, Inc. ..................................... 100 4,644
</TABLE>
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY (continued)
Retail (continued)
Home Depot, Inc. ........................................... 2,600 $ 165,912
International Flavors & Fragrances, Inc. ................... 200 9,063
Jostens, Inc. .............................................. 100 2,025
K Mart Corp.+............................................... 900 13,050
Kohl's Corp.+............................................... 300 22,819
Kroger Co. ................................................. 1,400 36,837
Limited, Inc. .............................................. 400 18,275
Longs Drug Stores Corp. .................................... 100 3,444
May Department Stores Co. .................................. 600 23,212
Newell Co. ................................................. 500 21,625
Nordstrom, Inc. ............................................ 200 6,288
Office Depot, Inc.+......................................... 600 11,250
Penney (J.C.), Inc. ........................................ 500 21,875
Pep Boys -- Manny, Moe & Jack............................... 100 1,663
Rite Aid Corp. ............................................. 400 8,475
Safeway, Inc.+.............................................. 900 48,487
Sears, Roebuck & Co. ....................................... 700 28,350
SUPERVALU, Inc. ............................................ 200 4,550
TJX Cos., Inc. ............................................. 600 19,837
Toys 'R' Us, Inc.+.......................................... 400 6,500
Wal-Mart Stores, Inc. ...................................... 7,700 325,325
Walgreen Co. ............................................... 1,700 48,131
Winn Dixie Stores, Inc. .................................... 300 11,888
-------------
1,584,441
-------------
CONSUMER STAPLES -- 6.4%
Food, Beverage & Tobacco -- 4.2%
Adolph Coors Co., Class B................................... 100 5,325
Anheuser-Busch Cos., Inc. .................................. 800 63,150
Archer-Daniels-Midland Co. ................................. 1,000 14,000
Bestfoods................................................... 500 24,375
Brown-Forman Corp., Class B................................. 100 6,200
Campbell Soup Co. .......................................... 800 35,200
Coca-Cola Co. .............................................. 4,300 259,344
Coca-Cola Enterprises, Inc. ................................ 700 20,431
ConAgra, Inc. .............................................. 800 20,450
General Mills, Inc. ........................................ 300 24,844
H.J. Heinz & Co. ........................................... 600 28,275
Hershey Foods Corp. ........................................ 200 11,600
Kellogg Co. ................................................ 700 24,369
Nabisco Group Holding Corp. ................................ 600 11,250
PepsiCo, Inc. .............................................. 2,600 101,725
Philip Morris Cos., Inc. ................................... 4,200 156,450
Quaker Oats Co. ............................................ 200 13,613
R.J. Reynolds Tobacco Holdings, Inc. ....................... 100 2,737
Ralston Purina Group........................................ 600 17,962
SYSCO Corp. ................................................ 600 19,612
Unilever NV................................................. 1,000 69,875
UST, Inc. .................................................. 300 9,300
W.M. Wrigley Jr. Co. ....................................... 200 15,938
Household Products -- 2.2%
Alberto Culver Co. ......................................... 100 2,556
Avon Products, Inc. ........................................ 500 22,750
Clorox Co. ................................................. 200 22,400
Colgate-Palmolive Co. ...................................... 1,000 49,375
Fort James Corp. ........................................... 400 14,600
</TABLE>
- ---------------------
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER STAPLES (continued)
Household Products (continued)
Fortune Brands, Inc. ....................................... 300 $ 11,850
Gillette Co. ............................................... 1,900 83,244
Kimberly-Clark Corp. ....................................... 900 54,900
Owens-Illinois, Inc.+....................................... 300 7,481
Procter & Gamble Co. ....................................... 2,300 208,150
Tupperware Corp. ........................................... 100 2,362
Whirlpool Corp. ............................................ 100 7,169
-------------
1,442,862
-------------
ENERGY -- 5.3%
Energy Services -- 0.7%
Baker Hughes, Inc. ......................................... 600 20,888
Coastal Corp. .............................................. 400 15,825
Halliburton Co. ............................................ 800 36,900
Helmerich & Payne, Inc. .................................... 100 2,556
Reliant Energy, Inc. ....................................... 500 13,719
Rowan Cos., Inc. ........................................... 100 1,881
Schlumberger Ltd. .......................................... 900 54,506
Energy Sources -- 4.6%
Amerada Hess Corp. ......................................... 200 11,837
Anadarko Petroleum Corp. ................................... 200 7,638
Apache Corp. ............................................... 200 8,488
Atlantic Richfield Co. ..................................... 600 54,037
Burlington Resources, Inc. ................................. 300 13,256
Chevron Corp. .............................................. 1,100 100,375
Exxon Corp. ................................................ 4,200 333,375
Kerr-McGee Corp. ........................................... 100 5,150
Mobil Corp. ................................................ 1,400 143,150
Occidental Petroleum Corp. ................................. 600 11,738
Phillips Petroleum Co. ..................................... 400 20,525
Royal Dutch Petroleum Co. ADR............................... 3,700 225,700
Sonat, Inc. ................................................ 200 7,038
Sunoco, Inc. ............................................... 200 6,100
Texaco, Inc. ............................................... 900 56,081
Union Pacific Resources Group, Inc. ........................ 400 7,125
Unocal Corp. ............................................... 400 15,875
USX-Marathon Group, Inc. ................................... 500 15,187
-------------
1,188,950
-------------
FINANCE -- 12.9%
Banks -- 5.2%
Bank of America Corp. ...................................... 3,000 199,125
Bank of New York Co., Inc. ................................. 1,300 48,019
Bank One Corp. ............................................. 2,000 109,125
BankBoston Corp. ........................................... 500 23,469
BB&T Corp. ................................................. 500 17,625
Chase Manhattan Corp. ...................................... 1,500 115,312
Comerica, Inc. ............................................. 300 16,650
Fifth Third Bancorp......................................... 500 32,531
First Union Corp. .......................................... 1,700 78,200
Firstar Corp. .............................................. 1,100 28,669
Fleet Financial Group, Inc. ................................ 1,000 40,500
Golden West Financial Corp. ................................ 100 9,594
Huntington Bancshares, Inc. ................................ 420 12,653
KeyCorp..................................................... 800 25,200
Mellon Bank Corp. .......................................... 900 30,375
</TABLE>
---------------------
73
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (continued)
Banks (continued)
Mercantile Bancorp, Inc. ................................... 300 $ 16,350
National City Corp. ........................................ 1,000 29,750
Northern Trust Corp. ....................................... 200 17,400
PNC Bank Corp. ............................................. 500 26,437
Regions Financial Corp. .................................... 400 14,225
Southtrust Corp. ........................................... 300 11,025
State Street Corp. ......................................... 300 21,262
Summit Bancorp.............................................. 300 11,100
SunTrust Banks, Inc. ....................................... 600 38,700
Synovus Financial Corp. .................................... 500 9,156
U.S. Bancorp................................................ 1,300 40,462
Union Planters Corp. ....................................... 200 8,863
Wachovia Corp. ............................................. 400 31,225
Wells Fargo Co. ............................................ 2,900 113,100
Financial Services -- 5.0%
American Express Co. ....................................... 800 105,400
AmSouth Bancorp............................................. 300 6,863
Associates First Capital Corp., Class A..................... 1,300 49,806
Bear Stearns Cos., Inc. .................................... 200 8,463
Capital One Financial Corp. ................................ 300 13,913
Charles Schwab Corp. ....................................... 1,400 61,687
Citigroup, Inc. ............................................ 5,900 262,919
Countrywide Credit Industries, Inc. ........................ 200 7,450
Dun & Bradstreet Corp. ..................................... 300 9,525
Federal Home Loan Mortgage Corp. ........................... 1,200 68,850
Federal National Mortgage Association....................... 1,800 124,200
Household International, Inc. .............................. 800 34,350
Lehman Brothers Holdings, Inc. ............................. 200 10,750
MBIA, Inc. ................................................. 200 11,450
MBNA Corp. ................................................. 1,400 39,900
Merrill Lynch & Co., Inc. .................................. 600 40,837
Morgan (J.P.) & Co., Inc. .................................. 300 38,362
Morgan Stanley, Dean Witter & Co. .......................... 1,000 90,125
PaineWebber Group, Inc. .................................... 300 12,000
Paychex, Inc. .............................................. 400 11,225
Providian Financial Corp. .................................. 200 18,200
Republic New York Corp. .................................... 200 13,950
SLM Holding Corp. .......................................... 300 13,650
The Hartford Financial Services Group, Inc. ................ 400 21,600
Washington Mutual, Inc. .................................... 1,000 34,313
Insurance -- 2.7%
Aegon NV.................................................... 144 10,934
Aetna, Inc. ................................................ 200 16,400
AFLAC, Inc. ................................................ 500 23,187
Allstate Corp. ............................................. 1,400 49,700
American General Corp. ..................................... 400 30,950
American International Group, Inc.#......................... 2,100 243,862
Aon Corp. .................................................. 400 14,975
Chubb Corp. ................................................ 300 17,944
CIGNA Corp. ................................................ 400 35,275
Cincinnati Financial Corp. ................................. 300 11,288
Conseco, Inc. .............................................. 600 17,287
Jefferson-Pilot Corp. ...................................... 200 14,612
Lincoln National Corp. ..................................... 300 15,000
Marsh & McLennan Cos., Inc. ................................ 500 38,000
MGIC Investment Corp. ...................................... 200 9,863
</TABLE>
- ---------------------
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (continued)
Insurance (continued)
Progressive Corp. .......................................... 100 $ 12,775
SAFECO Corp. ............................................... 200 7,613
St. Paul Cos., Inc. ........................................ 400 12,450
Torchmark, Inc. ............................................ 200 6,575
Unumprovident Corp. ........................................ 473 24,478
-------------
2,899,058
-------------
HEALTHCARE -- 9.3%
Drugs -- 6.1%
Allergan, Inc. ............................................. 100 9,450
ALZA Corp.+................................................. 200 9,725
American Home Products Corp. ............................... 2,300 117,300
Bristol-Myers Squibb Co. ................................... 3,400 226,100
Cardinal Health, Inc. ...................................... 500 34,125
Eli Lilly & Co. ............................................ 1,900 124,687
Merck & Co., Inc. .......................................... 4,100 277,519
Monsanto Co. ............................................... 1,100 43,038
Pfizer, Inc. ............................................... 6,700 227,381
Pharmacia & Upjohn, Inc. ................................... 900 48,431
Pioneer Hi-Bred International, Inc. ........................ 400 15,550
Schering-Plough Corp. ...................................... 2,600 127,400
Warner-Lambert Co. ......................................... 1,500 99,000
Watson Pharmaceuticals, Inc.+............................... 200 6,888
Health Services -- 0.5%
Columbia/HCA Healthcare Corp. .............................. 1,000 22,250
HCR Manor Care, Inc.+....................................... 200 4,075
Healthsouth Corp. .......................................... 700 8,575
Humana, Inc. ............................................... 300 3,263
IMS Health, Inc. ........................................... 500 13,937
McKesson HBOC, Inc. ........................................ 500 15,531
Tenet Healthcare Corp.+..................................... 500 8,969
United HealthCare Corp. .................................... 300 18,300
Wellpoint Health Networks, Inc., Class A+................... 100 8,213
Medical Products -- 2.7%
Abbott Laboratories, Inc. .................................. 2,600 111,637
Amgen, Inc.+................................................ 900 69,187
Bausch & Lomb, Inc. ........................................ 100 7,181
Baxter International, Inc. ................................. 500 34,344
Becton Dickinson & Co. ..................................... 400 10,975
Biomet, Inc. ............................................... 200 7,275
Boston Scientific Corp.+.................................... 700 28,394
C.R. Bard, Inc. ............................................ 100 4,863
Guidant Corp.+.............................................. 500 29,281
Johnson & Johnson Co. ...................................... 2,300 211,887
Mallinckrodt, Inc. ......................................... 100 3,388
Medtronic, Inc. ............................................ 1,000 72,062
Perkin-Elmer Corp. ......................................... 200 11,213
St. Jude Medical, Inc.+..................................... 100 3,719
-------------
2,075,113
-------------
INDUSTRIAL & COMMERCIAL -- 8.4%
Aerospace & Military Technology -- 1.3%
Allied Signal, Inc. ........................................ 1,000 64,687
Boeing Co. ................................................. 1,700 77,137
General Dynamics Corp. ..................................... 200 13,463
</TABLE>
---------------------
75
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL (continued)
Aerospace & Military Technology (continued)
Lockheed Martin Corp. ...................................... 700 $ 24,369
Northrop Grumman Corp. ..................................... 100 7,213
Raytheon Co., Class B....................................... 600 42,187
Rockwell International Corp. ............................... 300 17,644
United Technologies Corp. .................................. 800 53,350
Business Services -- 1.1%
Cendant Corp.+.............................................. 1,300 26,162
Centex Corp. ............................................... 100 3,369
Ceridian Corp. ............................................. 300 8,400
Computer Sciences Corp.+.................................... 300 19,312
DeLuxe Corp. ............................................... 100 3,750
Ecolab, Inc. ............................................... 200 8,525
Electronic Data Systems Corp. .............................. 900 54,281
Equifax, Inc. .............................................. 300 9,863
First Data Corp. ........................................... 700 34,694
Fluor Corp. ................................................ 100 4,006
Foster Wheeler Corp. ....................................... 100 1,219
Franklin Resources, Inc. ................................... 400 15,250
Gartner Group, Inc.+........................................ 65 1,408
H&R Block, Inc. ............................................ 200 10,925
Johnson Controls, Inc. ..................................... 100 6,856
National Service Industries, Inc. .......................... 100 3,531
R.R. Donnelley & Sons Co. .................................. 200 7,000
Service Corp. International................................. 500 7,938
Waste Management, Inc. ..................................... 1,100 28,119
Electrical Equipment -- 3.0%
Best Buy Co., Inc.+......................................... 400 29,850
Danaher Corp. .............................................. 200 11,412
General Electric Co. ....................................... 5,700 621,300
Machinery -- 0.7%
Case Corp. ................................................. 100 4,763
Caterpillar, Inc. .......................................... 600 35,175
Deere & Co. ................................................ 400 15,300
Dover Corp. ................................................ 400 15,800
Illinois Tool Works, Inc. .................................. 400 29,725
Ingersoll-Rand Co. ......................................... 300 19,294
ITT Industries, Inc. ....................................... 200 7,475
Pall Corp. ................................................. 200 4,213
Parker Hannifin Corp. ...................................... 200 9,437
Thermo Electron Corp.+...................................... 300 5,156
W.W. Grainger, Inc. ........................................ 200 9,450
Multi-Industry -- 1.8%
B.F. Goodrich Co. .......................................... 100 4,150
Corning, Inc. .............................................. 400 28,000
Dominion Resources, Inc. ................................... 300 13,219
Eaton Corp. ................................................ 100 9,894
FDX Corp.+.................................................. 500 22,406
Loews Corp. ................................................ 200 14,025
McDermott International, Inc. .............................. 100 2,819
Minnesota Mining & Manufacturing Co. ....................... 700 61,556
Raychem Corp. .............................................. 100 3,812
Sara Lee Corp. ............................................. 1,600 35,200
Seagram Co., Ltd. .......................................... 700 35,919
</TABLE>
- ---------------------
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL (continued)
Multi-Industry (continued)
Tenneco, Inc. .............................................. 300 $ 6,844
Textron, Inc. .............................................. 300 24,675
Tyco International Ltd. .................................... 1,400 136,762
Transportation -- 0.5%
Burlington Northern Santa Fe Corp. ......................... 800 25,600
CSX Corp. .................................................. 400 19,375
Kansas City Southern Industries, Inc. ...................... 200 11,050
Laidlaw, Inc. .............................................. 600 3,675
Norfolk Southern Corp. ..................................... 700 20,475
Ryder System, Inc. ......................................... 100 2,356
Union Pacific Corp. ........................................ 400 21,725
-------------
1,876,545
-------------
INFORMATION & ENTERTAINMENT -- 4.0%
Broadcasting & Media -- 2.1%
CBS Corp.+.................................................. 1,200 52,725
Dow Jones & Co., Inc. ...................................... 200 9,975
Gannett Co, Inc. ........................................... 500 36,125
Interpublic Group of Cos., Inc.+............................ 400 16,800
King World Productions, Inc.+............................... 100 3,488
Knight-Ridder, Inc. ........................................ 100 5,363
McGraw-Hill Cos., Inc. ..................................... 300 15,262
MediaOne Group, Inc.+....................................... 1,100 79,612
Meredith Corp. ............................................. 100 3,594
New York Times Co., Class A................................. 300 11,794
Omnicom Group, Inc. ........................................ 300 21,262
Time Warner, Inc. .......................................... 2,100 151,200
Times Mirror Co., Series A.................................. 100 6,025
Tribune Co. ................................................ 200 17,612
Viacom, Inc., Class B+...................................... 1,200 50,325
Entertainment Products -- 0.3%
Brunswick Corp. ............................................ 200 5,475
Eastman Kodak Co. .......................................... 600 41,475
Hasbro, Inc. ............................................... 300 7,800
Mattel, Inc. ............................................... 700 16,450
Polaroid Corp. ............................................. 100 2,300
Leisure & Tourism -- 1.6%
AMR Corp.+.................................................. 300 19,462
Carnival Corp., Class A..................................... 1,100 51,081
Darden Restaurants, Inc. ................................... 200 4,363
Delta Air Lines, Inc. ...................................... 200 11,925
Harrah's Entertainment, Inc.+............................... 200 4,263
Hilton Hotels Corp. ........................................ 400 5,225
Marriott International, Inc., Class A....................... 400 14,025
McDonald's Corp. ........................................... 2,400 100,050
Mirage Resorts, Inc. ....................................... 300 4,219
Southwest Airlines Co. ..................................... 900 16,650
The Walt Disney Co.+........................................ 3,600 99,450
Tricon Global Restaurants, Inc.+............................ 300 12,206
USAirways Group, Inc. ...................................... 100 3,563
Wendy's International, Inc. ................................ 200 5,812
-------------
906,956
-------------
</TABLE>
---------------------
77
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY -- 19.2%
Communication Equipment -- 0.3%
3Com Corp.+................................................. 600 $ 14,475
Andrew Corp.+............................................... 100 2,000
Novell, Inc.+............................................... 600 15,450
Scientific-Atlanta, Inc. ................................... 100 3,650
Tellabs, Inc.+.............................................. 700 43,094
Computers & Business Equipment -- 7.1%
Apple Computer, Inc.+....................................... 300 16,706
Avery Dennison Corp. ....................................... 200 12,275
Cabletron Systems, Inc.+.................................... 300 3,619
Cisco Systems, Inc.+........................................ 5,500 341,687
Compaq Computer Corp. ...................................... 2,900 69,600
Data General Corp.+......................................... 100 1,394
Dell Computer Corp.+........................................ 4,400 179,850
EG&G, Inc. ................................................. 100 3,356
EMC Corp.+.................................................. 1,800 109,013
Gateway 2000, Inc.+......................................... 300 22,856
Harris Corp. ............................................... 100 3,031
Hewlett-Packard Co. ........................................ 1,800 188,438
IKON Office Solutions, Inc. ................................ 300 3,956
International Business Machines Corp. ...................... 3,100 389,631
Network Appliance, Inc.+.................................... 100 5,450
Pitney Bowes, Inc. ......................................... 500 31,813
Seagate Technology, Inc.+................................... 400 10,750
Silicon Graphics, Inc.+..................................... 300 5,306
Staples, Inc.+.............................................. 800 23,100
Sun Microsystems, Inc.+..................................... 1,300 88,238
Tektronix, Inc. ............................................ 100 3,169
Unisys Corp.+............................................... 500 20,406
Xerox Corp. ................................................ 1,100 53,625
Electronics -- 3.4%
Advanced Micro Devices, Inc.+............................... 300 5,156
Emerson Electric Co. ....................................... 800 47,750
Honeywell, Inc. ............................................ 200 23,962
Intel Corp. ................................................ 5,800 400,200
KLA-Tencor Corp.+........................................... 200 13,550
LSI Logic Corp.+............................................ 200 10,062
Micron Technology, Inc. .................................... 400 24,850
Milacron, Inc. ............................................. 100 1,713
Millipore Corp. ............................................ 100 4,075
Motorola, Inc. ............................................. 1,000 91,250
National Semiconductor Corp.+............................... 300 7,425
Solectron Corp.+............................................ 400 25,775
Tandy Corp. ................................................ 300 15,394
Texas Instruments, Inc. .................................... 700 100,800
Thomas & Betts Corp. ....................................... 100 4,525
Software -- 5.8%
Adobe Systems, Inc. ........................................ 100 8,575
America Online, Inc.+....................................... 1,900 180,737
Autodesk, Inc. ............................................. 100 2,650
Automatic Data Processing, Inc. ............................ 1,100 44,069
BMC Software, Inc.+......................................... 400 21,550
Computer Associates International, Inc. .................... 900 41,288
Compuware Corp.+............................................ 600 16,650
Microsoft Corp.+............................................ 8,900 763,731
Nortel Networks Corp. ...................................... 1,200 106,350
</TABLE>
- ---------------------
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Software (continued)
Oracle Corp.+............................................... 2,500 $ 95,156
Parametric Technology Corp.+................................ 500 7,063
PeopleSoft, Inc. ........................................... 400 5,450
Telecommunications -- 2.6%
ALLTEL Corp. ............................................... 500 35,906
Clear Channel Communications, Inc.+......................... 600 41,738
Comcast Corp., Class A...................................... 1,300 50,050
Frontier Corp. ............................................. 300 16,631
General Instrument Corp. ................................... 300 13,613
Lucent Technologies, Inc. .................................. 5,300 344,831
Nextel Communications, Inc., Class A+....................... 500 26,781
U.S. West, Inc. ............................................ 900 51,581
-------------
4,316,825
-------------
MATERIALS -- 2.8%
Chemicals -- 1.3%
Air Products & Chemicals, Inc. ............................. 400 13,375
Ashland, Inc. .............................................. 100 3,800
Dow Chemical Co. ........................................... 400 49,600
du Pont (E.I.) de Nemours & Co. ............................ 2,000 144,125
Eastman Chemical Co. ....................................... 100 5,169
Engelhard Corp. ............................................ 200 4,462
FMC Corp. .................................................. 100 6,975
Great Lakes Chemical Corp. ................................. 100 4,425
Hercules, Inc. ............................................. 200 6,975
Nalco Chemical Co. ......................................... 100 5,144
Praxair, Inc. .............................................. 300 13,837
Rohm & Haas Co. ............................................ 400 17,050
Sigma-Aldrich Corp. ........................................ 200 6,725
Union Carbide Corp. ........................................ 200 9,600
W.R. Grace & Co.+........................................... 100 1,881
Forest Products -- 0.8%
Applied Materials, Inc.+.................................... 600 43,162
Ball Corp. ................................................. 100 4,844
Bemis Co., Inc. ............................................ 100 3,700
Boise Cascade Corp. ........................................ 100 3,856
Champion International Corp. ............................... 200 10,350
Georgia-Pacific Group....................................... 300 13,481
International Paper Co. .................................... 700 35,788
Louisiana-Pacific Corp. .................................... 200 4,388
Mead Corp. ................................................. 200 8,200
Potlatch Corp. ............................................. 100 4,056
Sealed Air Corp.+........................................... 100 6,425
Temple-Inland, Inc. ........................................ 100 6,325
Westvaco Corp. ............................................. 200 5,888
Weyerhaeuser Co. ........................................... 300 19,406
Willamette Industries, Inc. ................................ 200 9,000
Metals & Minerals -- 0.7%
Alcan Aluminium Ltd. ....................................... 400 12,050
Alcoa, Inc. ................................................ 600 35,925
Allegheny Teldyne, Inc. .................................... 300 6,431
ASARCO, Inc. ............................................... 100 1,775
Barrick Gold Corp. ......................................... 700 12,994
Battle Mountain Gold Co. ................................... 400 775
</TABLE>
---------------------
79
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
MATERIALS (continued)
Metals & Minerals (continued)
Bethlehem Steel Corp. ...................................... 200 $ 1,563
Crown Cork & Seal Co., Inc. ................................ 200 5,862
Cyprus Amax Minerals Co. ................................... 200 2,625
Freeport-McMoRan Copper & Gold, Inc., Class B............... 300 5,063
Homestake Mining Co. ....................................... 500 4,000
Inco Ltd. .................................................. 300 5,325
Newmont Mining Corp. ....................................... 300 5,550
Nucor Corp. ................................................ 200 9,700
Phelps Dodge Corp. ......................................... 100 5,931
Placer Dome, Inc. .......................................... 600 6,112
PPG Industries, Inc. ....................................... 300 17,887
Reynolds Metals Co. ........................................ 100 5,663
Timken Co. ................................................. 100 1,650
USX-US Steel Group, Inc. ................................... 200 5,188
Vulcan Materials Co. ....................................... 200 8,800
Worthington Industries, Inc. ............................... 200 2,925
-------------
635,806
-------------
UTILITIES -- 8.7%
Electric Utilities -- 1.5%
AES Corp.+.................................................. 300 18,000
Ameren Corp. ............................................... 200 7,800
American Electric Power Co., Inc. .......................... 300 10,613
Carolina Power & Light Co. ................................. 300 12,337
Central & South West Corp. ................................. 400 8,525
Cinergy Corp. .............................................. 300 8,981
CMS Energy Corp. ........................................... 200 7,475
Consolidated Edison, Inc. .................................. 400 17,400
DTE Energy Co. ............................................. 300 11,738
Duke Energy Corp. .......................................... 600 31,762
Edison International........................................ 600 15,187
Entergy Corp. .............................................. 400 12,125
FirstEnergy Corp. .......................................... 400 11,425
Florida Progress Corp. ..................................... 200 8,188
FPL Group, Inc. ............................................ 300 16,181
GPU, Inc. .................................................. 200 7,675
New Century Energies, Inc. ................................. 200 6,938
Niagara Mohawk Power Corp.+................................. 300 4,725
Northern States Power Co. .................................. 300 6,750
PacifiCorp.................................................. 500 9,125
PECO Energy Co. ............................................ 300 12,712
PP&L Resources, Inc. ....................................... 300 8,681
Public Service Enterprise Group, Inc. ...................... 400 16,125
Southern Co. ............................................... 1,200 31,725
Texas Utilities Co. ........................................ 500 21,219
Unicom Corp. ............................................... 400 15,700
Gas & Pipeline Utilities -- 0.7%
Columbia Energy Group....................................... 100 5,950
Consolidated Natural Gas Co. ............................... 200 12,525
Constellation Energy Group, Inc. ........................... 300 8,794
Enron Corp. ................................................ 600 51,112
NICOR, Inc. ................................................ 100 3,863
ONEOK, Inc. ................................................ 100 3,181
Peoples Energy Corp. ....................................... 100 3,681
</TABLE>
- ---------------------
80
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
UTILITIES (continued)
Gas & Pipeline Utilities (continued)
PG&E Corp. ................................................. 700 $ 22,138
Sempra Energy............................................... 400 8,875
The Williams Cos., Inc. .................................... 700 29,444
Telephone -- 6.6%
Ameritech Corp. ............................................ 1,900 139,175
AT&T Corp. ................................................. 5,500 285,656
Bell Atlantic Corp. ........................................ 2,700 172,125
BellSouth Corp. ............................................ 3,300 158,400
CenturyTel, Inc. ........................................... 200 8,550
GTE Corp. .................................................. 1,700 125,269
MCI WorldCom, Inc.+......................................... 3,200 264,000
SBC Communications, Inc. ................................... 3,400 194,438
Sprint Corp. ............................................... 1,500 77,531
Sprint Corp. (PCS Group).................................... 800 48,500
-------------
1,962,319
-------------
TOTAL INVESTMENT SECURITIES (cost $17,780,363).............. 18,888,875
-------------
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES -- 0.9% AMOUNT
-----------------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT -- 0.9%
United States Treasury Bills 4.50% due 9/16/99 (cost
$198,850)@................................................ $ 200,000 198,850
-------------
REPURCHASE AGREEMENT -- 13.7%
-----------------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 13.7%
Agreement with State Street Bank & Trust Co., bearing
interest at 4.25%, dated 7/30/99, to be repurchased
8/02/99 in the amount of $3,065,085 and collateralized by
$3,015,000 of U.S. Treasury Notes, bearing interest at
6.25%, due 2/15/07 and having an approximate value of
$3,128,213 (cost $3,064,000)@............................. 3,064,000 3,064,000
-------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS --
(cost $21,043,213) 98.7% 22,151,725
Other assets less liabilities -- 1.3 290,273
------ ------------
NET ASSETS -- 100.0% $ 22,441,998
====== ============
</TABLE>
-----------------------------
+ Non-income producing securities
# Security represents an investment in an affiliated company
ADR -- American Depository Receipt
@ The security or portion thereof represents collateral for the
following open futures contract:
<TABLE>
<CAPTION>
OPEN FUTURES CONTRACT
-----------------------------------------------------------------------------------------------------------
EXPIRATION VALUE AT VALUE AS OF UNREALIZED
CONTRACTS DESCRIPTION DATE TRADE DATE JULY 31, 1999 DEPRECIATION
-----------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
9 Long S&P 500 Index................. September 1999 $3,137,050 $2,996,550 $(140,500)
==========
</TABLE>
See Notes to Financial Statements
---------------------
81
<PAGE> 83
- ---------------------
SUNAMERICA SERIES TRUST
GROWTH-INCOME PORTFOLIO
INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 92.4% SHARES VALUE
--------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 13.0%
Apparel & Textiles -- 0.5%
Tommy Hilfiger Corp.+....................................... 180,000 $ 6,648,750
Automotive -- 0.6%
Harley-Davidson, Inc. ...................................... 157,100 8,699,413
Housing -- 1.8%
Lowe's Cos., Inc. .......................................... 170,000 8,967,500
Masco Corp.................................................. 350,000 10,412,500
U.S. Industries, Inc. ...................................... 450,000 7,368,750
Retail -- 10.1%
Abercrombie & Fitch Co.+.................................... 249,800 10,366,700
Circuit City Stores, Inc. .................................. 270,000 12,757,500
Dayton Hudson Corp. ........................................ 90,000 5,821,875
Gap, Inc. .................................................. 225,000 10,518,750
Home Depot, Inc. ........................................... 340,000 21,696,250
Kohl's Corp.+............................................... 145,000 11,029,062
Kroger Co. ................................................. 320,000 8,420,000
Limited, Inc. .............................................. 220,000 10,051,250
Safeway, Inc.+.............................................. 200,000 10,775,000
Saks, Inc.+................................................. 210,000 4,830,000
Tiffany & Co. .............................................. 190,000 9,559,375
Wal-Mart Stores, Inc. ...................................... 770,000 32,532,500
---------------
190,455,175
---------------
CONSUMER STAPLES -- 7.8%
Food, Beverage & Tobacco -- 3.5%
Coca-Cola Co. .............................................. 320,000 19,300,000
Coca-Cola Enterprises, Inc. ................................ 135,000 3,940,312
PepsiCo, Inc. .............................................. 195,000 7,629,375
Philip Morris Cos., Inc. ................................... 440,000 16,390,000
Tyson Foods, Inc., Class A.................................. 234,800 4,387,825
Household Products -- 4.3%
Avon Products, Inc. ........................................ 300,000 13,650,000
Colgate-Palmolive Co........................................ 310,000 15,306,250
Estee Lauder Cos., Inc., Class A............................ 210,000 9,988,125
Procter & Gamble Co. ....................................... 260,000 23,530,000
---------------
114,121,887
---------------
ENERGY -- 2.6%
Energy Services -- 1.2%
Noble Drilling Corp.+....................................... 780,000 17,696,250
</TABLE>
- ---------------------
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
--------------------------------------------------------------------------------------------
<S> <C> <C>
ENERGY (continued)
Energy Sources -- 1.4%
Kerr-McGee Corp............................................. 247,900 $ 12,766,850
Murphy Oil Corp............................................. 160,000 7,920,000
---------------
38,383,100
---------------
FINANCE -- 13.9%
Banks -- 4.8%
Bank of America Corp. ...................................... 390,030 25,888,241
Bank One Corp. ............................................. 290,000 15,823,125
Chase Manhattan Corp. ...................................... 230,000 17,681,250
U.S. Bancorp................................................ 340,000 10,582,500
Financial Services -- 7.1%
Associates First Capital Corp., Class A..................... 230,000 8,811,875
Citigroup, Inc. ............................................ 813,900 36,269,419
Household International, Inc................................ 260,000 11,163,750
Legg Mason, Inc............................................. 154,000 5,390,000
MBNA Corp................................................... 270,000 7,695,000
Merrill Lynch & Co., Inc.................................... 160,000 10,890,000
Morgan Stanley, Dean Witter & Co............................ 186,265 16,787,133
The Hartford Financial Services Group, Inc.................. 110,000 5,940,000
Insurance -- 2.0%
Hartford Life, Inc., Class A................................ 115,000 5,821,875
PMI Group, Inc. ............................................ 135,000 8,631,563
Travelers Property Casualty Corp., Class A.................. 155,000 6,122,500
Unumprovident Corp.......................................... 170,000 8,797,500
---------------
202,295,731
---------------
HEALTHCARE -- 7.2%
Drugs -- 5.4%
Biogen, Inc.+............................................... 170,000 11,698,125
Bristol-Myers Squibb Co..................................... 550,000 36,575,000
GelTex Pharmaceuticals, Inc.+............................... 85,100 1,196,719
Schering-Plough Corp. ...................................... 600,000 29,400,000
Health Services -- 0.3%
Health Management Associates, Inc., Class A+................ 550,000 4,537,500
Medical Products -- 1.5%
Human Genome Sciences, Inc.+................................ 180,000 9,371,250
Millenium Pharmaceuticals, Inc.+............................ 190,000 11,875,000
---------------
104,653,594
---------------
INDUSTRIAL & COMMERCIAL -- 9.7%
Aerospace & Military Technology -- 2.1%
Allied Signal, Inc. ........................................ 180,000 11,643,750
Gulfstream Aerospace Corp.+................................. 105,000 6,982,500
United Technologies Corp.................................... 190,000 12,670,625
Business Services -- 2.0%
Ceridian Corp. ............................................. 200,000 5,600,000
Computer Sciences Corp.+.................................... 105,000 6,759,375
Ecolab, Inc. ............................................... 160,000 6,820,000
First Data Corp. ........................................... 118,000 5,848,375
Republic Services, Inc., Class A+........................... 180,000 3,633,750
Electrical Equipment -- 4.1%
Best Buy Co., Inc.+......................................... 140,000 10,447,500
General Electric Co. ....................................... 450,000 49,050,000
</TABLE>
---------------------
83
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
--------------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL (continued)
Multi-Industry -- 1.1%
Tyco International Ltd. .................................... 165,800 $ 16,196,587
Transportation -- 0.4%
America West Holding Corp., Class B+........................ 325,000 6,439,063
Union Pacific Corp. ........................................ 1 54
---------------
142,091,579
---------------
INFORMATION & ENTERTAINMENT -- 8.6%
Broadcasting & Media -- 5.5%
AMFM, Inc.+................................................. 165,000 8,662,500
AT&T Corp. Liberty Media Group, Inc., Class A+.............. 466,924 17,276,188
CBS Corp.+.................................................. 195,000 8,567,812
Fox Entertainment Group, Inc., Class A+..................... 200,000 4,975,000
Gannett Co., Inc............................................ 155,000 11,198,750
MediaOne Group, Inc.+....................................... 200,000 14,475,000
Time Warner, Inc. .......................................... 220,000 15,840,000
Leisure & Tourism -- 3.1%
Carnival Corp., Class A..................................... 250,400 11,627,950
Continental Airlines, Inc., Class B+........................ 100,000 4,250,000
Northwest Airlines, Inc., Class A+.......................... 190,000 6,103,750
Royal Caribbean Cruises Ltd. ............................... 185,300 8,709,100
Southwest Airlines Co. ..................................... 279,500 5,170,750
Viad Corp. ................................................. 270,000 8,926,875
---------------
125,783,675
---------------
INFORMATION TECHNOLOGY -- 23.7%
Computers & Business Equipment -- 6.3%
Cisco Systems, Inc.+........................................ 600,000 37,275,000
Dell Computer Corp.+........................................ 500,000 20,437,500
International Business Machines Corp. ...................... 270,000 33,935,625
Electronics -- 8.7%
Altera Corp.+............................................... 281,400 10,200,750
Honeywell, Inc. ............................................ 130,000 15,575,625
Intel Corp. ................................................ 470,000 32,430,000
Micron Technology, Inc. .................................... 235,000 14,599,375
Motorola, Inc. ............................................. 180,000 16,425,000
Sanmina Corp.+.............................................. 160,000 10,450,000
Solectron Corp.+............................................ 240,000 15,465,000
Tandy Corp.................................................. 240,000 12,315,000
Software -- 5.5%
America Online, Inc.+....................................... 150,000 14,268,750
Intuit, Inc.+............................................... 100,000 8,181,250
Microsoft Corp.+............................................ 670,000 57,494,375
Telecommunications -- 3.2%
Clear Channel Communications, Inc.+......................... 160,000 11,130,000
Comcast Corp., Class A...................................... 200,000 7,700,000
Global TeleSystems Group, Inc.+............................. 270,000 8,606,250
Vodafone Group PLC ADR...................................... 90,000 18,945,000
---------------
345,434,500
---------------
</TABLE>
- ---------------------
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
--------------------------------------------------------------------------------------------
<S> <C> <C>
MATERIALS -- 1.3%
Forest Products -- 1.3%
Applied Materials, Inc.+.................................... 170,000 $ 12,229,375
Sealed Air Corp.+........................................... 110,000 7,067,500
---------------
19,296,875
---------------
UTILITIES -- 4.6%
Electric Utilities -- 2.3%
AES Corp.+.................................................. 215,000 12,900,000
Consolidated Edison, Inc. .................................. 255,000 11,092,500
FPL Group, Inc.............................................. 190,000 10,248,125
Telephone -- 2.3%
MCI WorldCom, Inc.+......................................... 245,000 20,212,500
Sprint Corp................................................. 245,800 12,704,788
---------------
67,157,913
---------------
TOTAL INVESTMENT SECURITIES (cost $935,823,078)............. 1,349,674,029
---------------
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES -- 8.7% AMOUNT
--------------------------------------------------------------------------------------------
<S> <C> <C>
TIME DEPOSIT -- 8.6%
Cayman Island Time Deposit with State Street Bank & Trust
Co.
4.75% due 8/02/99@........................................ $125,985,000 125,985,000
U.S. GOVERNMENT -- 0.1%
United States Treasury Bills 4.45% due 9/23/99@............. 2,000,000 1,986,897
---------------
TOTAL SHORT-TERM SECURITIES (cost $127,971,897)............. 127,971,897
---------------
TOTAL INVESTMENTS --
(cost $1,063,794,975) 101.1% 1,477,645,926
Liabilities in excess of other assets -- (1.1) (16,643,840)
------ ---------------
NET ASSETS -- 100.0% $ 1,461,002,086
====== ===============
</TABLE>
-----------------------------
+ Non-income producing securities
ADR -- American Depository Receipt
@ The security or portion thereof represents collateral for the
following open futures contract:
<TABLE>
<CAPTION>
OPEN FUTURES CONTRACT
---------
EXPIRATION VALUE AT VALUE AS OF UNREALIZED
CONTRACTS DESCRIPTION DATE TRADE DATE JULY 31, 1999 APPRECIATION
---------
<S> <C> <C> <C> <C> <C>
65 Long S&P 500 Index...................... September 1999 $21,621,437 $21,641,750 $20,313
========
</TABLE>
See Notes to Financial Statements
---------------------
85
<PAGE> 87
- ---------------------
SUNAMERICA SERIES TRUST
FEDERATED VALUE
PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 97.7% SHARES VALUE
---------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 8.0%
Apparel & Textiles -- 1.1%
Liz Claiborne, Inc. ........................................ 59,000 $ 2,289,938
Automotive -- 1.7%
Cooper Tire & Rubber Co. ................................... 40,300 906,750
Delphi Automotive Systems Corp. ............................ 22,855 411,390
General Motors Corp. ....................................... 32,700 1,992,656
Housing -- 0.9%
Sherwin Williams Co. ....................................... 68,500 1,849,500
Retail -- 4.3%
Dillards, Inc., Class A..................................... 72,600 2,236,987
K Mart Corp.+............................................... 119,100 1,726,950
Toys 'R' Us, Inc.+.......................................... 155,600 2,528,500
Wal-Mart Stores, Inc........................................ 46,600 1,968,850
-------------
15,911,521
-------------
CONSUMER STAPLES -- 9.2%
Food, Beverage & Tobacco -- 7.0%
Anheuser-Busch Cos., Inc. .................................. 26,100 2,060,269
Archer-Daniels-Midland Co. ................................. 184,815 2,587,410
Corn Products International, Inc. .......................... 68,500 2,157,750
Nabisco Group Holding Corp. ................................ 78,600 1,473,750
Philip Morris Cos., Inc. ................................... 49,000 1,825,250
R.J. Reynolds Tobacco Holdings, Inc. ....................... 26,200 717,225
UST, Inc. .................................................. 93,500 2,898,500
Household Products -- 2.2%
Kimberly-Clark Corp. ....................................... 72,300 4,410,300
-------------
18,130,454
-------------
ENERGY -- 7.5%
Energy Services -- 3.0%
Diamond Offshore Drilling, Inc. ............................ 56,900 1,820,800
Reliant Energy, Inc. ....................................... 79,300 2,175,794
Schlumberger Ltd. .......................................... 33,100 2,004,619
Energy Sources -- 4.5%
Exxon Corp. ................................................ 19,700 1,563,687
Mobil Corp. ................................................ 18,200 1,860,950
Royal Dutch Petroleum Co. ADR............................... 43,100 2,629,100
Sunoco, Inc. ............................................... 48,800 1,488,400
USX-Marathon Group, Inc. ................................... 44,400 1,348,650
-------------
14,892,000
-------------
</TABLE>
- ---------------------
86
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
---------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE -- 17.1%
Banks -- 2.5%
Bank of America Corp. ...................................... 38,200 $ 2,535,525
Bank One Corp. ............................................. 42,100 2,297,081
Financial Services -- 5.5%
Bear Stearns Cos., Inc. .................................... 53,595 2,267,738
MBIA, Inc. ................................................. 33,100 1,894,975
Republic New York Corp. .................................... 19,100 1,332,225
The CIT Group, Inc., Class A ............................... 107,500 2,875,625
Washington Mutual, Inc. .................................... 74,700 2,563,144
Insurance -- 9.1%
Allstate Corp. ............................................. 81,400 2,889,700
CIGNA Corp. ................................................ 38,900 3,430,494
Conseco, Inc. .............................................. 175,132 5,045,991
Lincoln National Corp. ..................................... 42,700 2,135,000
Marsh & McLennan Cos., Inc. ................................ 37,100 2,819,600
Oxford Health Plans, Inc.+ ................................. 97,600 1,744,600
-------------
33,831,698
-------------
HEALTHCARE -- 8.6%
Drugs -- 3.6%
Bristol-Myers Squibb Co. ................................... 28,600 1,901,900
Merck & Co., Inc. .......................................... 31,500 2,132,156
Pharmacia & Upjohn, Inc. ................................... 56,100 3,018,881
Health Services -- 2.7%
Healthsouth Corp.+ ......................................... 163,000 1,996,750
United HealthCare Corp. .................................... 55,300 3,373,300
Medical Products -- 2.3%
Abbott Laboratories, Inc. .................................. 52,000 2,232,750
Baxter International, Inc. ................................. 34,900 2,397,194
-------------
17,052,931
-------------
INDUSTRIAL & COMMERCIAL -- 19.9%
Aerospace & Military Technology -- 3.0%
Allied Signal, Inc. ........................................ 42,800 2,768,625
Boeing Co. ................................................. 67,800 3,076,425
Business Services -- 7.2%
Computer Sciences Corp.+ ................................... 33,800 2,175,875
Electronic Data Systems Corp. .............................. 52,400 3,160,375
First Data Corp. ........................................... 64,800 3,211,650
Galileo International, Inc. ................................ 41,200 2,108,925
Johnson Controls, Inc. ..................................... 31,000 2,125,438
Waste Management, Inc. ..................................... 56,500 1,444,281
Machinery -- 3.2%
Deere & Co. ................................................ 54,900 2,099,925
Ingersoll-Rand Co. ......................................... 32,100 2,064,431
Parker Hannifin Corp. ...................................... 48,100 2,269,719
Multi-Industry -- 5.9%
Koninklijke Philips Electronics NV ADR ..................... 23,552 2,381,696
Loews Corp. ................................................ 27,200 1,907,400
Sara Lee Corp. ............................................. 96,500 2,123,000
Tenneco, Inc. .............................................. 86,900 1,982,406
Tyco International Ltd. .................................... 32,977 3,221,441
</TABLE>
---------------------
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
---------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL (continued)
Transportation -- 0.6%
Ryder System, Inc. ......................................... 52,100 $ 1,227,606
-------------
39,349,218
-------------
INFORMATION & ENTERTAINMENT -- 4.2%
Broadcasting & Media -- 2.1%
King World Productions, Inc.+ .............................. 52,400 1,827,450
Viacom, Inc., Class A+ ..................................... 55,800 2,340,112
Entertainment Products -- 1.3%
Brunswick Corp. ............................................ 40,800 1,116,900
Eastman Kodak Co. .......................................... 21,500 1,486,188
Leisure & Tourism -- 0.8%
Tricon Global Restaurants, Inc.+ ........................... 37,800 1,537,988
-------------
8,308,638
-------------
INFORMATION TECHNOLOGY -- 8.9%
Computers & Business Equipment -- 6.1%
International Business Machines Corp. ...................... 24,800 3,117,050
Lexmark International Group, Inc., Class A+ ................ 10,600 667,800
Seagate Technology, Inc.+ .................................. 67,700 1,819,438
Storage Technology Corp.+ .................................. 81,300 1,626,000
Sun Microsystems, Inc.+ .................................... 73,000 4,954,875
Electronics -- 1.4%
Motorola, Inc. ............................................. 29,500 2,691,875
Telecommunications -- 1.4%
U.S. West, Inc. ............................................ 49,700 2,848,431
-------------
17,725,469
-------------
MATERIALS -- 3.6%
Chemicals -- 1.2%
Ashland, Inc. .............................................. 59,500 2,261,000
Metals & Minerals -- 2.4%
Crown Cork & Seal Co., Inc. ................................ 59,200 1,735,300
Nucor Corp. ................................................ 63,700 3,089,450
-------------
7,085,750
-------------
UTILITIES -- 10.7%
Electric Utilities -- 4.4%
Entergy Corp. .............................................. 61,400 1,861,188
FPL Group, Inc. ............................................ 36,900 1,990,294
PECO Energy Co. ............................................ 70,100 2,970,487
Public Service Enterprise Group, Inc. ...................... 47,300 1,906,781
Gas & Pipeline Utilities -- 1.0%
PG&E Corp. ................................................. 63,600 2,011,350
Telephone -- 5.3%
AT&T Corp. ................................................. 41,650 2,163,197
BellSouth Corp. ............................................ 49,800 2,390,400
GTE Corp. .................................................. 51,400 3,787,537
SBC Communications, Inc. ................................... 35,600 2,035,875
-------------
21,117,109
-------------
TOTAL COMMON STOCK (cost $172,275,085)...................... 193,404,788
-------------
</TABLE>
- ---------------------
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<TABLE>
<CAPTION>
PREFERRED STOCK -- 1.5% SHARES VALUE
---------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT -- 1.5%
Broadcasting & Media -- 1.5%
News Corp. Ltd. ADR (cost $1,757,832)....................... 92,800 $ 2,934,800
-------------
TOTAL INVESTMENT SECURITIES (cost $174,032,917)............. 196,339,588
-------------
TOTAL INVESTMENTS --
(cost $174,032,916) 99.2% 196,339,588
Other assets less liabilities -- 0.8 1,636,429
------ -------------
NET ASSETS -- 100.0% $197,976,017
====== =============
</TABLE>
-----------------------------
+ Non-income producing securities
ADR -- American Depository Receipt
See Notes to Financial Statements
---------------------
89
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- ---------------------
SUNAMERICA SERIES TRUST
VENTURE VALUE PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 96.9% SHARES VALUE
-------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 3.1%
Housing -- 2.2%
Masco Corp. ................................................ 1,550,200 $ 46,118,450
Maytag Corp. ............................................... 4,200 292,425
Retail -- 0.9%
Harcourt General, Inc. ..................................... 418,000 19,410,875
---------------
65,821,750
---------------
CONSUMER STAPLES -- 3.4%
Food, Beverage & Tobacco -- 2.5%
Coca-Cola Co. .............................................. 12,400 747,875
Gallaher Group PLC ADR...................................... 4,200 95,025
Philip Morris Cos., Inc. ................................... 1,411,400 52,574,650
Household Products -- 0.9%
Colgate-Palmolive Co. ...................................... 155,800 7,692,625
Fortune Brands, Inc. ....................................... 4,200 165,900
Gillette Co. ............................................... 234,300 10,265,269
---------------
71,541,344
---------------
ENERGY -- 1.6%
Energy Services -- 0.9%
Halliburton Co. ............................................ 183,800 8,477,775
Schlumberger Ltd. .......................................... 191,700 11,609,831
Energy Sources -- 0.7%
Amerada Hess Corp. ......................................... 1,800 106,537
Atlantic Richfield Co. ..................................... 4,800 432,300
BP Amoco PLC ADR............................................ 36 4,172
Burlington Resources, Inc. ................................. 700 30,931
Chevron Corp. .............................................. 8,100 739,125
Devon Energy Corp. ......................................... 295,200 10,867,050
Exxon Corp. ................................................ 24,800 1,968,500
Mobil Corp. ................................................ 2,200 224,950
Sonat, Inc. ................................................ 2,200 77,413
---------------
34,538,584
---------------
FINANCE -- 38.5%
Banks -- 10.2%
Bank of America Corp. ...................................... 657,164 43,619,260
Bank One Corp. ............................................. 577,132 31,489,765
First Union Corp. .......................................... 4,500 207,000
Golden West Financial Corp. ................................ 160,800 15,426,750
State Street Corp. ......................................... 119,800 8,490,825
U.S. Bancorp................................................ 514,300 16,007,588
Wells Fargo Co.............................................. 2,593,300 101,138,700
Financial Services -- 19.7%
American Express Co. ....................................... 970,200 127,823,850
Citigroup, Inc. ............................................ 1,889,396 84,196,209
</TABLE>
- ---------------------
90
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<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (continued)
Financial Services (continued)
Donaldson, Lufkin & Jenrette, Inc. ......................... 361,600 $ 18,690,200
Dun & Bradstreet Corp. ..................................... 400 12,700
Federal Home Loan Mortgage Corp. ........................... 327,700 18,801,787
Household International, Inc. .............................. 1,372,800 58,944,600
Morgan (J.P.) & Co., Inc. .................................. 3,400 434,775
Morgan Stanley, Dean Witter & Co. .......................... 488,025 43,983,253
Providian Financial Corp. .................................. 369,800 33,651,800
ReliaStar Financial Corp. .................................. 57,900 2,627,213
UBS AG ADR.................................................. 1,983,400 30,190,125
Insurance -- 8.5%
Allstate Corp. ............................................. 523,890 18,598,095
American International Group, Inc.#......................... 73,300 8,511,963
Chubb Corp. ................................................ 475,400 28,434,863
Progressive Corp. .......................................... 387,600 49,515,900
Transatlantic Holdings, Inc. ............................... 567,400 42,093,987
UnumProvident Corp. ........................................ 651,770 33,729,097
Investment Companies -- 0.1%
Morgan Stanley Asia-Pacific Fund............................ 145,967 1,386,686
---------------
818,006,991
---------------
HEALTHCARE -- 4.4%
Drugs -- 4.4%
American Home Products Corp. ............................... 433,100 22,088,100
Bristol-Myers Squibb Co. ................................... 343,500 22,842,750
Merck & Co., Inc. .......................................... 130,600 8,839,987
Monsanto Co. ............................................... 163,800 6,408,675
Pfizer, Inc. ............................................... 124,800 4,235,400
SmithKline Beecham PLC ADR.................................. 476,700 28,631,794
Health Services -- 0.0%
IMS Health, Inc. ........................................... 800 22,300
Medical Products -- 0.0%
Johnson & Johnson Co. ...................................... 5,900 543,538
---------------
93,612,544
---------------
INDUSTRIAL & COMMERCIAL -- 8.6%
Business Services -- 1.3%
AC Nielsen Corp.+........................................... 133 3,849
Gartner Group, Inc.+........................................ 104 2,252
Waste Management, Inc. ..................................... 1,007,015 25,741,821
WPP Group PLC ADR........................................... 12,200 1,091,900
Electrical Equipment -- 0.1%
General Electric Co. ....................................... 12,200 1,329,800
Machinery -- 1.0%
Cooper Cameron Corp.+....................................... 23,100 837,375
Dover Corp. ................................................ 548,400 21,661,800
Multi-Industry -- 6.2%
Berkshire Hathaway, Inc., Class A+.......................... 1,452 98,452,860
Berkshire Hathaway, Inc., Class B+.......................... 30 63,900
Koninklijke Philips Electronics NV ADR...................... 74,152 7,498,621
Tyco International Ltd. .................................... 267,600 26,141,175
---------------
182,825,353
---------------
</TABLE>
---------------------
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<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT -- 6.5%
Broadcasting & Media -- 1.6%
Dow Jones & Co., Inc. ...................................... 103,900 $ 5,182,012
Gannett Co, Inc. ........................................... 240,500 17,376,125
Nielsen Media Research, Inc.+............................... 133 4,323
R.H. Donnelley Corp. ....................................... 80 1,405
Tribune Co. ................................................ 116,900 10,294,506
Washington Post Co., Class B................................ 1,600 904,000
Leisure & Tourism -- 4.9%
Marriott International, Inc., Class A....................... 403,700 14,154,731
McDonald's Corp. ........................................... 2,168,900 90,416,019
---------------
138,333,121
---------------
INFORMATION TECHNOLOGY -- 22.7%
Communication Equipment -- 0.6%
Molex, Inc. ................................................ 334,981 11,703,399
Computers & Business Equipment -- 11.5%
Hewlett-Packard Co. ........................................ 1,358,700 142,238,906
International Business Machines Corp. ...................... 808,900 101,668,619
Unisys Corp.+............................................... 11,800 481,587
Electronics -- 7.3%
Intel Corp. ................................................ 433,600 29,918,400
Motorola, Inc. ............................................. 139,300 12,711,125
Texas Instruments, Inc. .................................... 787,500 113,400,000
Software -- 2.1%
Oracle Corp.+............................................... 659,300 25,094,606
SAP AG ADR.................................................. 592,400 18,771,675
Telecommunications -- 1.2%
GlobalStar Telecommunications Ltd.+......................... 422,496 10,852,866
Loral Space & Communications Corp.+......................... 792,400 14,956,550
---------------
481,797,733
---------------
MATERIALS -- 5.6%
Chemicals -- 0.0%
Dow Chemical Co. ........................................... 600 74,400
Forest Products -- 3.2%
Applied Materials, Inc.+.................................... 549,700 39,544,044
International Paper Co. .................................... 4,270 218,304
Sealed Air Corp.+........................................... 434,300 27,903,775
Metals & Minerals -- 2.4%
Martin Marietta Materials, Inc. ............................ 585,500 31,873,156
Vulcan Materials Co. ....................................... 459,700 20,226,800
---------------
119,840,479
---------------
REAL ESTATE -- 2.5%
Real Estate Companies -- 0.0%
Boardwalk Equities, Inc.+................................... 30,700 289,411
Real Estate Investment Trusts -- 2.5%
CenterPoint Properties Corp. ............................... 46,100 1,648,075
Crescent Real Estate Equities Co. .......................... 537,000 11,814,000
Equity Residential Properties Trust......................... 69,600 2,875,350
Gables Residential Trust.................................... 29,700 720,225
</TABLE>
- ---------------------
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------------
<S> <C> <C>
REAL ESTATE (continued)
Real Estate Investment Trusts (continued)
General Growth Properties, Inc. ............................ 333,000 $ 11,009,813
Mack-Cali Realty Corp. ..................................... 113,100 3,166,800
Public Storage, Inc. ....................................... 68,000 1,746,750
The Rouse Co. .............................................. 404,400 9,831,975
Vornado Realty Trust........................................ 266,600 9,430,975
---------------
52,533,374
---------------
UTILITIES -- 0.0%
Electric Utilities -- 0.0%
Carolina Power & Light Co. ................................. 900 37,013
Duke Energy Corp. .......................................... 1,400 74,112
Edison International........................................ 700 17,719
New England Electric System................................. 500 25,906
Southern Co. ............................................... 1,600 42,300
Wisconsin Energy Corp. ..................................... 800 20,050
Gas & Pipeline Utilities -- 0.0%
Sempra Energy............................................... 500 11,094
Telephone -- 0.0%
SBC Communications, Inc. ................................... 2,400 137,250
---------------
365,444
---------------
TOTAL COMMON STOCK (cost $1,533,393,684).................... 2,059,216,717
---------------
<CAPTION>
PREFERRED STOCK -- 0.4%
-------------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE -- 0.1%
Financial Services -- 0.1%
Devon Financing Trust, convertible $3.25.................... 30,700 1,857,350
---------------
REAL ESTATE -- 0.3%
Real Estate Investment Trusts -- 0.3%
General Growth Properties, Inc., convertible 7.25%.......... 280,400 6,484,250
The Rouse Co., Series B, convertible $3.00.................. 16,000 636,000
Vornado Realty Trust Series A, convertible 6.50%............ 9,100 453,862
---------------
7,574,112
---------------
TOTAL PREFERRED STOCK (cost $10,453,456).................... 9,431,462
---------------
TOTAL INVESTMENT SECURITIES (cost $1,543,847,140)........... 2,068,648,179
---------------
PRINCIPAL
SHORT-TERM SECURITIES -- 1.8% AMOUNT
-------------------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS -- 1.8%
Federal Home Loan Mortgage Discount Notes 4.98% due
8/19/99................................................... $18,800,000 18,753,188
Federal Home Loan Mortgage Discount Notes 4.98% due
8/24/99................................................... 20,000,000 19,936,367
---------------
TOTAL SHORT-TERM SECURITIES (cost $38,689,555).............. 38,689,555
---------------
</TABLE>
---------------------
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<TABLE>
<CAPTION>
PRINCIPAL
REPURCHASE AGREEMENT -- 0.8% AMOUNT VALUE
-------------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 0.8%
Agreement with State Street Bank & Trust Co., bearing
interest at 5.06%, dated 7/30/99, to be repurchased
8/02/99 in the amount of $17,072,196 and collateralized by
$17,780,000 of Federal Home Loan Bank Bonds, bearing
interest at 6.42%, due 8/15/27 and having an approximate
value of $17,579,975 (cost $17,065,000)................... $17,065,000 $ 17,065,000
---------------
TOTAL INVESTMENTS --
(cost $1,599,601,695) 99.9% 2,124,402,734
Other assets less liabilities -- 0.1 1,527,428
------ ---------------
NET ASSETS -- 100.0% $2,125,930,162
====== ===============
</TABLE>
-----------------------------
+ Non-income producing securities
# Security represents an investment in an affiliated company
ADR -- American Depository Receipt
See Notes to Financial Statements
- ---------------------
94
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- ---------------------
SUNAMERICA SERIES TRUST
"DOGS" OF WALL STREET
PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 100.0% SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 27.9%
Automotive -- 12.8%
Cooper Tire & Rubber Co. ................................... 183,591 $ 4,130,797
General Motors Corp. ....................................... 49,860 3,038,344
Genuine Parts Co. .......................................... 110,010 3,417,186
Goodyear Tire & Rubber Co. ................................. 72,379 3,827,039
Retail -- 15.1%
American Greetings Corp., Class A........................... 90,786 2,666,839
International Flavors & Fragrances, Inc. ................... 82,781 3,751,014
May Department Stores Co. .................................. 90,453 3,499,400
Newell Co. ................................................. 88,639 3,833,637
Winn Dixie Stores, Inc. .................................... 80,715 3,198,332
-------------
31,362,588
-------------
CONSUMER STAPLES -- 16.6%
Food, Beverage & Tobacco -- 16.6%
Bestfoods................................................... 66,809 3,256,939
ConAgra, Inc. .............................................. 113,665 2,905,562
H.J. Heinz & Co. ........................................... 63,946 3,013,455
Kellogg Co. ................................................ 106,585 3,710,490
Philip Morris Cos., Inc. ................................... 66,734 2,485,841
UST, Inc. .................................................. 106,004 3,286,124
-------------
18,658,411
-------------
ENERGY -- 7.6%
Energy Sources -- 7.6%
Chevron Corp. .............................................. 43,195 3,941,544
Royal Dutch Petroleum Co. ADR............................... 74,989 4,574,329
-------------
8,515,873
-------------
FINANCE -- 3.9%
Financial Services -- 3.9%
Morgan (J.P.) & Co., Inc. .................................. 33,900 4,334,963
-------------
INDUSTRIAL & COMMERCIAL -- 14.2%
Business Services -- 3.1%
National Service Industries, Inc. .......................... 98,465 3,477,045
Machinery -- 4.1%
Caterpillar, Inc. .......................................... 79,609 4,667,077
Multi-Industry -- 3.9%
Minnesota Mining & Manufacturing Co. ....................... 49,686 4,369,263
Transportation -- 3.1%
Norfolk Southern Corp. ..................................... 117,331 3,431,932
-------------
15,945,317
-------------
</TABLE>
---------------------
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT -- 3.1%
Entertainment Products -- 3.1%
Eastman Kodak Co. .......................................... 50,598 $ 3,497,587
INFORMATION TECHNOLOGY -- 7.1%
Electronics -- 3.2%
Emerson Electric Co. ....................................... 59,134 3,529,560
Telecommunications -- 3.9%
ALLTEL Corp. ............................................... 60,865 4,370,868
-------------
7,900,428
-------------
MATERIALS -- 19.6%
Chemicals -- 12.6%
Air Products & Chemicals, Inc. ............................. 94,626 3,164,057
du Pont (E.I.) de Nemours & Co. ............................ 65,602 4,727,444
Nalco Chemical Co. ......................................... 122,007 6,275,735
Forest Products -- 7.0%
Bemis Co., Inc. ............................................ 97,972 3,624,964
International Paper Co. .................................... 83,132 4,250,124
-------------
22,042,324
-------------
TOTAL INVESTMENT SECURITIES (cost $109,619,101)............. 112,257,491
-------------
PRINCIPAL
REPURCHASE AGREEMENT -- 1.2% AMOUNT
----------------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 1.2%
State Street Bank & Trust Co. Joint Repurchase Agreement
Account (Note 3) (cost $1,353,000)........................ $1,353,000 1,353,000
-------------
TOTAL INVESTMENTS --
(cost $110,972,101) 101.2% 113,610,491
Liabilities in excess of other assets -- (1.2) (1,308,366)
------ ------------
NET ASSETS -- 100.0% $112,302,125
====== ============
</TABLE>
-----------------------------
ADR -- American Depository Receipt
See Notes to Financial Statements
- ---------------------
96
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- ---------------------
SUNAMERICA SERIES TRUST
ALLIANCE GROWTH PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 100.0% SHARES VALUE
-------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 18.3%
Housing -- 2.4%
Lowe's Cos., Inc............................................ 1,009,200 $ 53,235,300
Retail -- 15.9%
Costco Cos., Inc.+.......................................... 465,700 34,811,075
Dayton Hudson Corp. ........................................ 671,200 43,418,250
Gap, Inc. .................................................. 1,042,450 48,734,538
Home Depot, Inc. ........................................... 1,483,000 94,633,937
Kohl's Corp.+............................................... 524,600 39,902,388
Kroger Co. ................................................. 1,445,785 38,042,218
Wal-Mart Stores, Inc. ...................................... 678,600 28,670,850
Walgreen Co. ............................................... 676,900 19,164,731
---------------
400,613,287
---------------
CONSUMER STAPLES -- 0.8%
Household Products -- 0.8%
Colgate-Palmolive Co. ...................................... 350,600 17,310,875
---------------
FINANCE -- 18.2%
Banks -- 1.7%
Bank of America Corp. ...................................... 559,500 37,136,812
Financial Services -- 16.5%
Associates First Capital Corp., Class A..................... 1,838,678 70,444,351
Citigroup, Inc. ............................................ 1,027,025 45,766,802
Federal Home Loan Mortgage Corp. ........................... 674,300 38,687,962
Federal National Mortgage Association....................... 231,800 15,994,200
Goldman Sachs Group, Inc. .................................. 112,800 7,254,450
MBNA Corp. ................................................. 2,347,400 66,900,900
Merrill Lynch & Co., Inc. .................................. 341,000 23,209,313
Morgan Stanley, Dean Witter & Co. .......................... 973,850 87,768,231
Newcourt Credit Group, Inc. ................................ 348,400 5,378,425
---------------
398,541,446
---------------
HEALTHCARE -- 11.8%
Drugs -- 9.4%
Bristol-Myers Squibb Co. ................................... 861,900 57,316,350
Cardinal Health, Inc. ...................................... 23,700 1,617,525
Pfizer, Inc. ............................................... 1,632,600 55,406,362
Schering-Plough Corp. ...................................... 1,498,800 73,441,200
Warner-Lambert Co. ......................................... 257,500 16,995,000
Health Services -- 1.9%
IMS Health, Inc. ........................................... 731,800 20,398,925
McKesson HBOC, Inc. ........................................ 694,400 21,569,800
Medical Products -- 0.5%
Medtronic, Inc. ............................................ 163,800 11,803,838
---------------
258,549,000
---------------
</TABLE>
---------------------
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL -- 7.0%
Aerospace & Military Technology -- 1.6%
United Technologies Corp. .................................. 530,600 $ 35,384,388
Electrical Equipment -- 0.1%
General Electric Co. ....................................... 12,900 1,406,108
Multi-Industry -- 5.3%
Tyco International Ltd. .................................... 1,177,125 114,990,398
---------------
151,780,894
---------------
INFORMATION & ENTERTAINMENT -- 8.6%
Broadcasting & Media -- 7.9%
AT&T Corp. Liberty Media Group, Inc., Class A+.............. 1,642,600 60,776,200
Gannett Co., Inc. .......................................... 120,900 8,735,025
MediaOne Group, Inc.+....................................... 925,000 66,946,875
Time Warner, Inc. .......................................... 507,800 36,561,600
Leisure & Tourism -- 0.7%
Northwest Airlines, Inc., Class A+.......................... 340,500 10,938,562
UAL Corp.+.................................................. 57,600 3,654,000
---------------
187,612,262
---------------
INFORMATION TECHNOLOGY -- 30.9%
Communication Equipment -- 5.5%
Nokia Corp., Class A ADR.................................... 1,406,800 119,665,925
Computers & Business Equipment -- 13.8%
Cisco Systems, Inc.+........................................ 1,180,100 73,313,713
Dell Computer Corp.+........................................ 3,192,200 130,481,175
EMC Corp.+.................................................. 770,100 46,639,181
International Business Machines Corp. ...................... 336,300 42,268,706
Sun Microsystems, Inc.+..................................... 129,000 8,755,875
Electronics -- 4.2%
Intel Corp. ................................................ 1,048,820 72,368,580
Solectron Corp.+............................................ 299,100 19,273,256
Software -- 3.4%
America Online, Inc.+....................................... 262,050 24,927,506
Microsoft Corp.+............................................ 581,700 49,917,132
Telecommunications -- 4.0%
Clear Channel Communications, Inc.+......................... 311,400 21,661,762
Lucent Technologies, Inc. .................................. 634,720 41,296,470
Vodafone Group PLC ADR...................................... 111,300 23,428,650
---------------
673,997,931
---------------
MATERIALS -- 0.8%
Forest Products -- 0.8%
Applied Materials, Inc.+.................................... 232,900 16,754,244
---------------
UTILITIES -- 3.6%
Telephone -- 3.6%
MCI WorldCom, Inc.+......................................... 953,900 78,696,750
---------------
TOTAL INVESTMENT SECURITIES (cost $1,801,289,193)........... 2,183,856,689
---------------
</TABLE>
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<TABLE>
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES -- 1.3% AMOUNT VALUE
-------------------------------------------------------------------------------------------
<S> <C> <C>
TIME DEPOSIT -- 1.3%
Cayman Island Time Deposit with State Street Bank & Trust
Co. 4.75% due 8/02/99 (cost $27,654,000).................. $27,654,000.. $ 27,654,000
---------------
TOTAL INVESTMENTS --
(cost $1,828,943,193) 101.3% 2,211,510,689
Liabilities in excess of other assets -- (1.3) (27,533,188)
------ ---------------
NET ASSETS -- 100.0% $2,183,977,501
====== ===============
</TABLE>
-----------------------------
+ Non-income producing securities
ADR -- American Depository Receipt
See Notes to Financial Statements
---------------------
99
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- ---------------------
SUNAMERICA SERIES TRUST
MFS GROWTH AND INCOME
PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 95.0% SHARES VALUE
<S> <C> <C>
----------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
CONSUMER DISCRETIONARY -- 10.1%
Automotive -- 0.8%
Federal-Mogul Corp. ........................................ 29,500 $ 1,430,750
Ford Motor Co. ............................................. 11,400 554,325
TRW, Inc. .................................................. 10,300 550,406
Retail -- 9.3%
Albertsons, Inc. ........................................... 44,879 2,229,925
CVS Corp. .................................................. 65,500 3,258,625
Dayton Hudson Corp. ........................................ 32,100 2,076,469
Home Depot, Inc. ........................................... 30,800 1,965,425
Kroger Co. ................................................. 133,500 3,512,719
Newell Co. ................................................. 70,100 3,031,825
Nordstrom, Inc. ............................................ 29,000 911,687
Office Depot, Inc.+......................................... 48,300 905,625
Safeway, Inc.+.............................................. 89,400 4,816,425
TJX Cos., Inc. ............................................. 65,100 2,152,369
Wal-Mart Stores, Inc. ...................................... 87,000 3,675,750
-------------
31,072,325
-------------
CONSUMER STAPLES -- 8.5%
Food, Beverage & Tobacco -- 5.1%
Anheuser-Busch Cos., Inc. .................................. 61,400 4,846,762
Bestfoods................................................... 22,100 1,077,375
Coca-Cola Co. .............................................. 21,100 1,272,594
Hershey Foods Corp. ........................................ 8,100 469,800
Interstate Bakeries Corp. .................................. 19,300 451,137
Nabisco Holdings Corp., Class A............................. 11,200 466,200
Nestle SA+.................................................. 500 982,508
PepsiCo, Inc. .............................................. 11,300 442,113
Philip Morris Cos., Inc. ................................... 34,400 1,281,400
Quaker Oats Co. ............................................ 18,700 1,272,769
Ralston Purina Group........................................ 101,200 3,029,675
Household Products -- 3.4%
Clorox Co. ................................................. 14,200 1,590,400
Colgate-Palmolive Co. ...................................... 47,400 2,340,375
Gillette Co. ............................................... 67,500 2,957,343
Procter & Gamble Co. ....................................... 38,700 3,502,350
-------------
25,982,801
-------------
ENERGY -- 6.1%
Energy Services -- 0.2%
Coastal Corp. .............................................. 12,000 474,750
Energy Sources -- 5.9%
BP Amoco PLC ADR............................................ 49,382 5,722,139
Chevron Corp. .............................................. 13,500 1,231,875
Conoco, Inc.+............................................... 75,400 1,979,250
Exxon Corp. ................................................ 55,300 4,389,438
</TABLE>
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<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
ENERGY (continued)
Energy Sources (continued)
Mobil Corp. ................................................ 33,800 $ 3,456,050
Phillips Petroleum Co. ..................................... 20,000 1,026,250
USX-Marathon Group, Inc. ................................... 10,200 309,825
-------------
18,589,577
-------------
FINANCE -- 15.9%
Banks -- 4.7%
Bank of America Corp. ...................................... 42,219 2,802,286
Comerica, Inc. ............................................. 11,300 627,150
Fleet Financial Group, Inc. ................................ 8,700 352,350
HypoVereinsbank ADR+........................................ 5,700 324,406
National City Corp. ........................................ 20,400 606,900
Northern Trust Corp. ....................................... 18,400 1,600,800
State Street Corp. ......................................... 22,100 1,566,338
U.S. Bancorp................................................ 72,800 2,265,900
Wells Fargo Co. ............................................ 115,000 4,485,000
Financial Services -- 5.5%
American Express Co. ....................................... 10,300 1,357,025
Associates First Capital Corp., Class A..................... 57,100 2,187,644
Citigroup, Inc. ............................................ 81,100 3,614,018
Federal Home Loan Mortgage Corp. ........................... 49,800 2,857,275
MBIA, Inc. ................................................. 16,300 933,175
Providian Financial Corp. .................................. 10,800 982,800
The Hartford Financial Services Group, Inc. ................ 91,400 4,935,600
Insurance -- 5.7%
Allstate Corp. ............................................. 65,900 2,339,450
AXA SA de CV ADR............................................ 8,300 972,288
Chubb Corp. ................................................ 13,800 825,413
CIGNA Corp. ................................................ 64,900 5,723,369
Equitable Cos., Inc. ....................................... 14,800 950,900
Lincoln National Corp. ..................................... 47,400 2,370,000
Marsh & McLennan Cos., Inc. ................................ 5,400 410,400
Progressive Corp. .......................................... 23,400 2,989,350
Torchmark, Inc. ............................................ 27,500 904,062
-------------
48,983,899
-------------
HEALTHCARE -- 10.9%
Drugs -- 6.9%
American Home Products Corp. ............................... 57,900 2,952,900
Bristol-Myers Squibb Co. ................................... 65,600 4,362,400
Merck & Co., Inc. .......................................... 27,000 1,827,562
Pfizer, Inc. ............................................... 107,700 3,655,069
Pharmacia & Upjohn, Inc. ................................... 58,800 3,164,175
Schering-Plough Corp. ...................................... 35,000 1,715,000
Warner-Lambert Co. ......................................... 37,800 2,494,800
Zeneca Group PLC ADR........................................ 25,300 943,086
Health Services -- 1.0%
Healthsouth Corp.+ ......................................... 43,300 530,425
United HealthCare Corp. .................................... 41,700 2,543,700
</TABLE>
---------------------
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<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE (continued)
Medical Products -- 3.0%
Becton Dickinson & Co. ..................................... 5,900 $ 161,881
Guidant Corp.+.............................................. 57,400 3,361,488
Johnson & Johnson Co. ...................................... 36,700 3,380,987
Medtronic, Inc. ............................................ 34,610 2,494,083
-------------
33,587,556
-------------
INDUSTRIAL & COMMERCIAL -- 11.5%
Aerospace & Military Technology -- 4.4%
Allied Signal, Inc. ........................................ 57,600 3,726,000
General Dynamics Corp....................................... 23,500 1,581,844
Lockheed Martin Corp. ...................................... 12,400 431,675
Raytheon Co., Class A....................................... 28,500 1,980,750
United Technologies Corp. .................................. 84,500 5,635,093
Business Services -- 1.2%
Computer Sciences Corp.+.................................... 26,100 1,680,188
First Data Corp. ........................................... 42,400 2,101,450
Electrical Equipment -- 1.8%
Danaher Corp. .............................................. 18,200 1,038,537
General Electric Co. ....................................... 42,100 4,588,900
Machinery -- 0.5%
Illinois Tool Works, Inc. .................................. 19,800 1,471,388
Multi-Industry -- 3.0%
Corning, Inc. .............................................. 7,400 518,000
Mannesmann AG+.............................................. 15,200 2,310,683
Rentokil Initial PLC ADR.................................... 94,500 367,192
Tyco International Ltd. .................................... 60,400 5,900,325
Transportation -- 0.6%
Canadian National Railway Co. .............................. 27,600 1,849,200
-------------
35,181,225
-------------
INFORMATION & ENTERTAINMENT -- 6.7%
Broadcasting & Media -- 4.5%
Gannett Co., Inc. .......................................... 23,700 1,712,325
Infinity Broadcasting Corp., Class A+....................... 5,600 154,350
MediaOne Group, Inc.+....................................... 22,600 1,635,675
New York Times Co., Class A................................. 31,700 1,246,206
Reuters Group PLC........................................... 106,400 1,514,046
Reuters Group PLC ADR....................................... 11,700 982,069
Time Warner, Inc. .......................................... 58,000 4,176,000
Tribune Co. ................................................ 23,600 2,078,275
Wolters Kluwer NV ADR....................................... 12,700 463,298
Leisure & Tourism -- 2.2%
Carnival Corp., Class A..................................... 11,900 552,606
McDonald's Corp. ........................................... 100,900 4,206,269
The Walt Disney Co.......................................... 68,300 1,886,788
-------------
20,607,907
-------------
INFORMATION TECHNOLOGY -- 13.4%
Communication Equipment -- 0.6%
Ericsson L.M. Telecommunications Co., Class B ADR........... 38,500 1,234,406
Tellabs, Inc.+.............................................. 7,500 461,719
</TABLE>
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<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Computers & Business Equipment -- 4.2%
Cisco Systems, Inc.+........................................ 33,550 $ 2,084,294
Hewlett-Packard Co. ........................................ 28,600 2,994,062
International Business Machines Corp. ...................... 20,700 2,601,731
Sun Microsystems, Inc.+..................................... 25,000 1,696,875
Xerox Corp. ................................................ 70,900 3,456,375
Electronics -- 1.9%
Emerson Electric Co. ....................................... 38,800 2,315,875
Honeywell, Inc. ............................................ 6,000 718,875
Motorola, Inc. ............................................. 31,300 2,856,125
Software -- 5.2%
BMC Software, Inc.+......................................... 13,400 721,925
Computer Associates International, Inc. .................... 53,100 2,435,962
DST Systems, Inc.+.......................................... 23,700 1,573,088
Microsoft Corp.+............................................ 99,400 8,529,762
Nortel Networks Corp. ...................................... 9,500 841,938
Oracle Corp.+............................................... 49,100 1,868,869
Telecommunications -- 1.5%
ALLTEL Corp. ............................................... 51,700 3,712,707
Lucent Technologies, Inc. .................................. 14,100 917,381
-------------
41,021,969
-------------
MATERIALS -- 0.4%
Chemicals -- 0.2%
du Pont (E.I.) de Nemours & Co. ............................ 4,700 338,694
Rohm & Haas Co. ............................................ 4,400 187,550
Forest Products -- 0.1%
International Paper Co. .................................... 8,400 429,450
Metals & Minerals -- 0.1%
PPG Industries, Inc. ....................................... 4,400 262,350
-------------
1,218,044
-------------
UTILITIES -- 11.5%
Electric Utilities -- 4.1%
CMS Energy Corp. ........................................... 31,800 1,188,525
Duke Energy Corp. .......................................... 27,700 1,466,369
FirstEnergy Corp. .......................................... 30,700 876,869
GPU, Inc. .................................................. 21,500 825,062
New Century Energies, Inc. ................................. 12,900 447,469
NiSource, Inc. ............................................. 34,300 889,656
PECO Energy Co. ............................................ 56,600 2,398,425
Pinnacle West Capital Corp. ................................ 29,600 1,182,150
Texas Utilities Co. ........................................ 58,300 2,474,106
Unicom Corp. ............................................... 24,700 969,475
Gas & Pipeline Utilities -- 0.6%
Columbia Energy Group....................................... 31,200 1,856,400
Telephone -- 6.8%
Ameritech Corp. ............................................ 22,500 1,648,125
Bell Atlantic Corp. ........................................ 92,700 5,909,625
BellSouth Corp. ............................................ 16,100 772,800
MCI WorldCom, Inc.+......................................... 57,904 4,777,080
Nippon Telegraph & Telephone Corp. ADR...................... 7,000 439,688
</TABLE>
---------------------
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
UTILITIES (continued)
Telephone (continued)
SBC Communications, Inc. ................................... 73,600 $ 4,209,000
Sprint Corp. ............................................... 43,800 2,263,912
Sprint Corp. (PCS Group)+................................... 13,200 800,250
-------------
35,394,986
-------------
TOTAL COMMON STOCK (cost $268,366,895)...................... 291,640,289
-------------
PREFERRED STOCK -- 0.2%
----------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Electric Utilities -- 0.2%
Houston Industries, Inc. 7.00% (cost $619,204).............. 5,900 714,269
-------------
PRINCIPAL
BONDS & NOTES -- 0.1% AMOUNT VALUE
----------------------------------------------------------------------------------------
UTILITIES -- 0.1%
Telephone -- 0.1%
Bell Atlantic Financial Services, Inc. 4.25% 2005* (cost
$424,107)................................................. $ 380,000 421,800
-------------
TOTAL INVESTMENT SECURITIES (cost $269,410,206)............. 292,776,358
-------------
SHORT-TERM SECURITIES -- 5.3%
----------------------------------------------------------------------------------------
FEDERAL AGENCY OBLIGATIONS -- 5.3%
Federal Home Loan Mortgage Discount Notes 4.97% due
8/02/99................................................... 7,700,000 7,698,937
Student Loan Marketing Discount Notes 4.91% due 8/03/99..... 8,400,000 8,397,709
-------------
TOTAL SHORT-TERM SECURITIES (cost $16,096,646).............. 16,096,646
-------------
TOTAL INVESTMENTS -- (cost $285,506,852) 100.6% 308,873,004
Liabilities in excess of other assets -- (0.6) (1,702,607)
------ -------------
NET ASSETS -- 100.0% $307,170,397
====== ============
</TABLE>
-----------------------------
+ Non-income producing securities
* Resale restricted to qualified institutional buyers
ADR -- American Depository Receipt
See Notes to Financial Statements
- ---------------------
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- ---------------------
SUNAMERICA SERIES TRUST
PUTNAM GROWTH PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 99.0% SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 11.6%
Apparel & Textiles -- 0.2%
Nike, Inc., Class B......................................... 25,100 $ 1,305,200
Retail -- 11.4%
Circuit City Stores, Inc. .................................. 64,200 3,033,450
Costco Cos., Inc.+.......................................... 111,900 8,364,525
CVS Corp. .................................................. 174,700 8,691,325
Dayton Hudson Corp. ........................................ 58,200 3,764,813
Gap, Inc. .................................................. 95,850 4,480,987
Home Depot, Inc. ........................................... 139,600 8,908,225
Safeway, Inc.+.............................................. 112,200 6,044,775
TJX Cos., Inc. ............................................. 201,000 6,645,562
Wal-Mart Stores, Inc. ...................................... 303,800 12,835,550
Walgreen Co. ............................................... 205,200 5,809,725
-------------
69,884,137
-------------
CONSUMER STAPLES -- 2.7%
Household Products -- 2.7%
Clorox Co. ................................................. 32,300 3,617,600
Colgate-Palmolive Co. ...................................... 121,400 5,994,125
Estee Lauder Cos., Inc., Class A............................ 144,700 6,882,294
-------------
16,494,019
-------------
ENERGY -- 2.1%
Energy Sources -- 2.1%
Conoco, Inc., Class A....................................... 88,600 2,309,138
Exxon Corp. ................................................ 131,000 10,398,125
-------------
12,707,263
-------------
FINANCE -- 13.9%
Banks -- 4.5%
Bank of America Corp. ...................................... 64,500 4,281,187
Comerica, Inc. ............................................. 48,600 2,697,300
Fifth Third Bancorp......................................... 70,800 4,606,425
First Security Corp. ....................................... 71,100 1,799,719
Firstar Corp. .............................................. 281,500 7,336,594
Northern Trust Corp. ....................................... 17,900 1,557,300
Wells Fargo Co. ............................................ 108,100 4,215,900
Zions Bancorp............................................... 10,500 609,000
Financial Services -- 6.1%
American Express Co. ....................................... 68,500 9,024,875
Capital One Financial Corp. ................................ 73,900 3,427,112
Charles Schwab Corp. ....................................... 97,900 4,313,719
Citigroup, Inc. ............................................ 262,300 11,688,744
Morgan Stanley, Dean Witter & Co. .......................... 40,800 3,677,100
Providian Financial Corp. .................................. 48,775 4,438,525
</TABLE>
---------------------
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (continued)
Insurance -- 3.3%
AFLAC, Inc. ................................................ 59,800 $ 2,773,225
American General Corp. ..................................... 105,800 8,186,275
American International Group, Inc.#......................... 65,375 7,591,672
Lincoln National Corp. ..................................... 30,800 1,540,000
-------------
83,764,672
-------------
HEALTHCARE -- 9.0%
Drugs -- 6.3%
Allergan, Inc. ............................................. 26,900 2,542,050
American Home Products Corp. ............................... 106,200 5,416,200
Biogen, Inc.+............................................... 55,000 3,784,687
Pharmacia & Upjohn, Inc. ................................... 115,500 6,215,344
Schering-Plough Corp. ...................................... 238,900 11,706,100
Warner-Lambert Co. ......................................... 131,800 8,698,800
Medical Products -- 2.7%
Amgen, Inc.+................................................ 62,200 4,781,625
Bausch & Lomb, Inc. ........................................ 38,000 2,728,875
Immunex Corp.+.............................................. 14,700 1,659,263
Johnson & Johnson Co. ...................................... 74,700 6,881,737
-------------
54,414,681
-------------
INDUSTRIAL & COMMERCIAL -- 11.6%
Aerospace & Military Technology -- 2.5%
Allied Signal, Inc. ........................................ 60,600 3,920,062
United Technologies Corp. .................................. 169,700 11,316,869
Electrical Equipment -- 4.3%
Best Buy Co., Inc.+......................................... 61,400 4,581,975
General Electric Co. ....................................... 197,500 21,527,500
Multi-Industry -- 4.3%
FDX Corp.+.................................................. 50,700 2,271,994
Tyco International Ltd. .................................... 243,000 23,738,062
Transportation -- 0.5%
Union Pacific Corp. ........................................ 49,100 2,666,744
-------------
70,023,206
-------------
INFORMATION & ENTERTAINMENT -- 8.9%
Broadcasting & Media -- 8.1%
AT&T Corp. Liberty Media Group, Inc., Class A+.............. 283,300 10,482,100
Interpublic Group of Cos., Inc.+............................ 198,900 8,353,800
MediaOne Group, Inc.+....................................... 101,500 7,346,062
Time Warner, Inc. .......................................... 186,900 13,456,800
Viacom, Inc., Class B+...................................... 217,700 9,129,794
Leisure & Tourism -- 0.8%
Carnival Corp., Class A..................................... 103,300 4,796,994
-------------
53,565,550
-------------
INFORMATION TECHNOLOGY -- 28.4%
Communication Equipment -- 2.8%
Nokia Corp., Class A ADR.................................... 66,620 5,666,864
QUALCOMM, Inc.+............................................. 39,400 6,146,400
Tellabs, Inc.+.............................................. 85,100 5,238,969
</TABLE>
- ---------------------
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Computers & Business Equipment -- 10.0%
Apple Computer, Inc.+....................................... 58,800 $ 3,274,425
Cisco Systems, Inc.+........................................ 175,000 10,871,875
EMC Corp.+.................................................. 82,900 5,020,631
Hewlett-Packard Co. ........................................ 63,000 6,595,313
International Business Machines Corp. ...................... 105,800 13,297,737
Lexmark International Group, Inc., Class A.................. 25,900 1,631,700
Pitney Bowes, Inc. ......................................... 86,700 5,516,288
Staples, Inc.+.............................................. 83,400 2,408,175
Sun Microsystems, Inc.+..................................... 108,700 7,378,012
Unisys Corp.+ .............................................. 99,500 4,060,844
Electronics -- 4.5%
Honeywell, Inc. ............................................ 24,000 2,875,500
Motorola, Inc. ............................................. 133,100 12,145,375
Solectron Corp.+............................................ 93,700 6,037,794
Texas Instruments, Inc. .................................... 43,400 6,249,600
Software -- 5.6%
America Online, Inc.+....................................... 39,000 3,709,875
CMG Information Services, Inc.+............................. 19,400 1,788,438
Comverse Technology, Inc.+.................................. 42,200 3,188,737
Microsoft Corp.+............................................ 290,600 24,937,112
Telecommunications -- 5.5%
ALLTEL Corp. ............................................... 70,600 5,069,962
Clear Channel Communications, Inc.+......................... 39,600 2,754,675
Comcast Corp., Class A...................................... 82,900 3,191,650
Lucent Technologies, Inc. .................................. 254,800 16,577,925
Vodafone Group PLC ADR...................................... 26,400 5,557,200
-------------
171,191,076
-------------
MATERIALS -- 1.7%
Chemicals -- 0.8%
Praxair, Inc. .............................................. 103,000 4,750,875
Forest Products -- 0.9%
Sealed Air Corp.+........................................... 38,700 2,486,475
Weyerhaeuser Co. ........................................... 44,700 2,891,531
-------------
10,128,881
-------------
UTILITIES -- 9.1%
Gas & Pipeline Utilities -- 1.4%
Enron Corp. ................................................ 97,200 8,280,225
Telephone -- 7.7%
BellSouth Corp. ............................................ 128,500 6,168,000
MCI WorldCom, Inc.+......................................... 137,900 11,376,750
SBC Communications, Inc. ................................... 233,000 13,324,687
Sprint Corp. ............................................... 245,400 12,684,113
Sprint Corp. (PCS Group).................................... 52,900 3,207,063
-------------
55,040,838
-------------
TOTAL INVESTMENT SECURITIES (cost $470,168,221)............. 597,214,323
-------------
</TABLE>
---------------------
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<TABLE>
<CAPTION> PRINCIPAL
REPURCHASE AGREEMENT -- 1.2% AMOUNT VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 1.2%
Agreement with C.S. First Boston Corp., bearing interest at
5.04%, dated 7/30/99, to be repurchased 8/02/99 in the
amount of $7,366,092 and collateralized by $7,274,000 of
U.S. Treasury Notes, bearing interest at 5.61%, due
3/31/01 and having an approximate value of $7,513,968
(cost $7,363,000)......................................... $7,363,000 $ 7,363,000
-------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
TOTAL INVESTMENTS --
(cost $477,531,221) 100.2% 604,577,323
Liabilities in excess of other assets -- (0.2) (1,164,747)
------ -------------
NET ASSETS -- 100.0% $603,412,576
====== =============
</TABLE>
-----------------------------
+ Non-income producing securities
# Security represents an investment in an affiliated company
ADR -- American Depository Receipt
See Notes to Financial Statements
- ---------------------
108
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- ---------------------
SUNAMERICA SERIES TRUST
REAL ESTATE PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 89.2% SHARES VALUE
--------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT -- 6.9%
Leisure & Tourism -- 6.9%
Hilton Hotels Corp. ........................................ 125,200 $ 1,635,425
Marriott International, Inc., Class A....................... 47,200 1,654,950
Vail Resorts, Inc.+......................................... 49,400 904,638
------------
4,195,013
------------
REAL ESTATE -- 82.3%
Real Estate Companies -- 9.0%
Boardwalk Equities, Inc.+................................... 285,700 2,693,315
Catellus Development Corp.+................................. 139,300 2,211,387
Crescent Operating, Inc.+................................... 63,380 380,280
TrizecHahn Corp............................................. 13,100 243,169
Real Estate Investment Trusts -- 73.3%
Alexandria Real Estate Equities, Inc. ...................... 87,200 2,605,100
Apartment Investment & Management Co., Class A.............. 69,075 2,819,123
Archstone Communities Trust................................. 105,300 2,270,531
Avalonbay Communities, Inc.................................. 57,267 1,943,499
Boston Properties, Inc...................................... 75,600 2,589,300
CenterPoint Properties Corp................................. 87,100 3,113,825
Crescent Real Estate Equities Co............................ 53,100 1,168,200
Duke-Weeks Realty Corp...................................... 46,400 1,015,000
Equity Office Properties Trust.............................. 22,300 560,288
Gables Residential Trust.................................... 76,700 1,859,975
General Growth Properties, Inc.............................. 17,600 581,900
Glenborough Realty Trust, Inc............................... 72,300 1,265,250
Golf Trust of America, Inc.................................. 80,200 1,794,475
Home Properties of New York, Inc............................ 116,100 3,185,494
JDN Realty Corp............................................. 110,750 2,360,359
MeriStar Hospitality Corp................................... 86,900 1,661,963
Parkway Properties, Inc..................................... 48,400 1,609,300
Prentiss Properties Trust................................... 28,200 650,363
Public Storage, Inc......................................... 88,300 2,268,206
Spieker Properties, Inc..................................... 61,900 2,367,675
Starwood Hotels & Resorts Worldwide, Inc.................... 88,300 2,384,100
Storage USA, Inc............................................ 40,200 1,226,100
The Rouse Co................................................ 34,500 838,781
Vornado Realty Trust........................................ 77,300 2,734,487
------------
50,401,445
------------
TOTAL COMMON STOCK (cost $59,229,354)....................... 54,596,458
------------
</TABLE>
---------------------
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<TABLE>
<CAPTION>
PREFERRED STOCK -- 9.5% SHARES VALUE
--------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT -- 4.3%
Leisure & Tourism -- 4.3%
Premier Parks, Inc. convertible 7.50%....................... 37,300 $ 2,611,000
------------
REAL ESTATE -- 5.2%
Real Estate Investment Trusts -- 5.2%
General Growth Properties, Inc. convertible 7.25%........... 81,500 1,884,687
SL Green Realty Corp. convertible 8.00%..................... 54,200 1,253,375
Vornado Realty Trust convertible Series A 6.50%............. 1,700 84,788
------------
3,222,850
------------
TOTAL PREFERRED STOCK (cost $5,785,129)..................... 5,833,850
------------
TOTAL INVESTMENT SECURITIES (cost $65,014,483).............. 60,430,308
------------
TOTAL INVESTMENTS --
(cost $65,014,483) 98.7% 60,430,308
Other assets less liabilities -- 1.3 803,161
------ ------------
NET ASSETS -- 100.0% $61,233,469
====== ============
</TABLE>
-----------------------------
+ Non-income producing securities
See Notes to Financial Statements
- ---------------------
110
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- ---------------------
SUNAMERICA SERIES TRUST
SMALL COMPANY VALUE
PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 94.0% SHARES VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 8.3%
Apparel & Textiles -- 0.6%
Ashworth, Inc.+............................................. 4,700 $ 18,800
Sport-Haley, Inc.+.......................................... 2,400 11,700
Automotive -- 0.5%
Dollar Thrifty Automotive Group+............................ 1,300 27,950
Housing -- 3.4%
D.R. Horton, Inc. .......................................... 3,100 50,375
Modtech Holdings, Inc.+..................................... 900 10,800
Quaker Fabric Corp.+........................................ 5,700 28,500
Stanley Furniture Co., Inc.+................................ 2,700 64,969
Thomas Industries, Inc...................................... 1,200 25,125
Retail -- 3.8%
Finish Line, Inc., Class A+................................. 1,800 18,900
Piercing Pagoda, Inc.+...................................... 2,600 43,550
Topps Co., Inc.+............................................ 9,700 86,694
Video Update, Inc., Class A+................................ 7,100 4,659
Whitehall Jewelers, Inc.+................................... 2,000 49,000
-----------
441,022
-----------
CONSUMER STAPLES -- 3.5%
Food, Beverage & Tobacco -- 3.5%
Cadiz, Inc.+................................................ 2,000 20,750
Michael Foods, Inc.......................................... 2,400 55,650
Performance Food Group Co.+................................. 2,000 53,750
Suiza Foods Corp.+.......................................... 1,700 53,125
-----------
183,275
-----------
ENERGY -- 6.3%
Energy Services -- 2.5%
Atwood Oceanics, Inc.+...................................... 600 17,963
Newpark Resources, Inc.+.................................... 8,200 77,900
Veritas DGC, Inc.+.......................................... 2,100 37,537
Energy Sources -- 3.8%
Basin Exploration, Inc.+.................................... 2,500 52,500
Catalytica, Inc.+........................................... 6,900 86,250
Chieftain International, Inc.+.............................. 700 12,950
Forest Oil Corp.+........................................... 3,200 47,600
-----------
332,700
-----------
FINANCE -- 16.5%
Banks -- 6.5%
Astoria Financial Corp. .................................... 600 22,838
Community First Bank........................................ 2,000 42,000
First Republic Bank+........................................ 2,100 55,387
</TABLE>
---------------------
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (continued)
Banks (continued)
Roslyn Bancorp, Inc......................................... 5,125 $ 87,766
UST Corp.................................................... 2,100 63,787
Southwest Bancorp of Texas, Inc.+........................... 1,500 26,625
Webster Financial Corp...................................... 1,800 47,475
Financial Services -- 3.1%
Dain Rauscher Corp.......................................... 900 47,869
Donaldson Lufkin & Jenrette, Inc.+.......................... 2,100 45,281
Franchise Mortgage Acceptance Co.+.......................... 7,000 68,250
Insurance -- 6.9%
Enhance Financial Services Group, Inc. ..................... 4,100 85,075
Farm Family Holdings, Inc.+................................. 1,500 57,937
Penn Treaty American Corp.+................................. 2,200 50,738
Philadelphia Consolidated Holding Corp.+.................... 2,400 51,600
Radian Group, Inc. ......................................... 2,300 118,594
-----------
871,222
-----------
HEALTHCARE -- 8.0%
Drugs -- 1.1%
PAREXAL International Corp.+................................ 2,800 30,800
Roberts Pharmaceutical Corp.+............................... 1,100 30,181
Health Services -- 0.8%
Resources Care, Inc.+....................................... 1,200 25,200
Total Renal Care Holdings, Inc.+............................ 2,100 17,588
Medical Products -- 6.1%
Cooper Companies, Inc. ..................................... 4,700 96,350
Lifecore Biomedical, Inc.+.................................. 5,300 51,012
Mentor Corp................................................. 2,600 56,875
PolyMedica Corp.+........................................... 3,200 53,200
Respironics, Inc.+.......................................... 3,000 32,250
Spacelabs Medical, Inc.+.................................... 1,900 30,044
-----------
423,500
-----------
INDUSTRIAL & COMMERCIAL -- 19.8%
Aerospace & Military Technology -- 2.4%
Alliant Techsystems, Inc.+.................................. 1,200 99,225
BE Aerospace, Inc.+......................................... 800 15,150
REMEC, Inc.+................................................ 800 10,050
Business Services -- 8.5%
Alternative Resources Corp.+................................ 6,500 45,500
Applied Graphics Technologies, Inc.+........................ 3,800 40,137
Aqua Alliance, Inc.+........................................ 16,000 46,000
Burns International Services Corp.+......................... 4,500 90,562
Casella Waste Systems, Inc.+................................ 300 7,988
InaCom Corp. ............................................... 2,324 32,246
National Computer Systems, Inc. ............................ 1,900 65,075
Service Experts, Inc.+...................................... 2,900 39,150
Simpson Manufacturing Co., Inc.+............................ 900 46,237
Staff Leasing, Inc.+........................................ 3,200 35,200
Electrical Equipment -- 2.4%
AFC Cable Systems, Inc.+.................................... 3,000 114,188
BOLDER Technologies Corp.+.................................. 1,500 11,250
</TABLE>
- ---------------------
112
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL (continued)
Machinery -- 4.7%
Bonded Motors, Inc.+........................................ 1,100 $ 4,125
Bridgeport Machines, Inc.+.................................. 2,800 27,125
Cognex Corp.+............................................... 400 12,750
Dura Automotive Systems, Inc.+.............................. 3,760 110,920
Edelbrock Corp.+............................................ 1,700 25,500
MagneTek, Inc.+............................................. 4,190 42,686
Park-Ohio Holdings Corp.+................................... 1,500 24,937
Multi-Industry -- 0.3%
Tredegar Industries, Inc.................................... 800 18,550
Transportation -- 1.5%
Nordic American Tanker Shipping Ltd......................... 3,200 37,600
Willis Lease Finance Corp.+................................. 2,700 42,863
-----------
1,045,014
-----------
INFORMATION & ENTERTAINMENT -- 3.6%
Broadcasting & Media -- 1.9%
Merrill Corp. .............................................. 5,000 100,000
Entertainment Products -- 0.7%
Huffy Corp. ................................................ 3,400 38,250
Leisure & Tourism -- 1.0%
Avado Brands, Inc. ......................................... 3,800 33,250
Buffets, Inc.+.............................................. 1,600 18,800
-----------
190,300
-----------
INFORMATION TECHNOLOGY -- 19.1%
Communication Equipment -- 0.9%
DSP Communications, Inc.+................................... 2,000 46,875
Computers & Business Equipment -- 2.5%
GateField Corp.+............................................ 470 1,762
Pomeroy Computer Resources, Inc.+........................... 1,200 17,325
RadiSys Corp.+.............................................. 2,800 115,150
Electronics -- 9.9%
Actel Corp.+................................................ 3,000 45,000
Advanced Energy Industries, Inc.+........................... 700 26,469
Digital Microwave Corp.+.................................... 4,000 47,500
DII Group, Inc.+............................................ 1,100 40,769
DuPont Photomasks, Inc.+.................................... 400 19,150
Electro Scientific Industries, Inc.+........................ 300 11,437
Etec Systems, Inc.+......................................... 400 15,550
FEI Co...................................................... 3,800 33,250
Innovex, Inc.+.............................................. 3,600 51,300
Moog, Inc., Class A+........................................ 3,300 102,300
Pioneer Standard Electrics, Inc............................. 2,700 34,594
Spectrian Corp.+............................................ 900 10,406
Unitrode Corp.+............................................. 2,300 84,956
Software -- 3.6%
Complete Business Solutions, Inc.+.......................... 600 11,400
Inprise Corp.+.............................................. 6,000 26,438
J.D. Edwards & Co.+......................................... 600 9,075
Maxtor Corp.+............................................... 2,500 13,516
Project Software & Development, Inc.+....................... 700 29,750
Sapiens International Corp. NV.............................. 2,700 27,337
</TABLE>
---------------------
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Software (continued)
Sybase, Inc.+............................................... 4,000 $ 41,000
System Software Associates, Inc............................. 10,000 17,500
Visio Corp.+................................................ 500 17,125
Telecommunications -- 2.2%
Comdial Corp.+.............................................. 2,900 20,300
Network Equipment Technologies, Inc.+....................... 3,000 29,063
Norstan, Inc.+.............................................. 2,800 36,400
Powerwave Technologies, Inc.+............................... 800 28,500
-----------
1,011,197
-----------
MATERIALS -- 2.8%
Metals & Minerals -- 2.8%
Dayton Superior Corp., Class A+............................. 2,500 50,625
L.B. Foster Co.+............................................ 3,300 18,975
Northwest Pipe Co.+......................................... 1,500 26,812
Synthetic Industries, Inc.+................................. 1,900 49,400
-----------
145,812
-----------
REAL ESTATE -- 2.9%
Real Estate Investment Trusts -- 2.9%
Chelsea GCA Realty, Inc. ................................... 1,500 52,125
Highwoods Properties, Inc. ................................. 1,300 30,550
Lexington Corporate Properties Trust........................ 2,900 33,531
Walden Residential Properties, Inc. ........................ 1,800 36,225
-----------
152,431
-----------
UTILITIES -- 3.2%
Electric Utilities -- 3.2%
El Paso Electric Co. ....................................... 4,100 37,156
TNP Enterprises, Inc. ...................................... 800 30,550
UniSource Energy Corp.+..................................... 8,400 101,325
-----------
169,031
-----------
TOTAL INVESTMENT SECURITIES (cost $4,654,215)............... 4,965,504
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
REPURCHASE AGREEMENT -- 6.0% AMOUNT
-----------------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 6.0%
Agreement with State Street Bank & Trust Co., bearing interest
at 4.25%, dated 7/30/99, to be repurchased 8/02/99 in the
amount of $316,112 and collateralized by $270,000 of U.S.
Treasury Bonds, bearing interest at 8.00%, due 11/15/21
and having an approximate value of $325,929 (cost $316,000). $316,000 316,000
------------
TOTAL INVESTMENTS --
(cost $4,970,215) 100.0% 5,281,504
Liabilities in excess of other assets -- 0.0 (1,655)
------ ------------
NET ASSETS -- 100.0% $ 5,279,849
====== ============
</TABLE>
-----------------------------
+ Non-income producing securities
See Notes to Financial Statements
- ---------------------
114
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- ---------------------
SUNAMERICA SERIES TRUST
MFS MID-CAP GROWTH PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 85.6% SHARES VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 2.2%
Retail -- 2.2%
BJ's Wholesale Club, Inc.+.................................. 1,200 $ 36,750
Great Atlantic & Pacific Tea Co., Inc....................... 1,770 61,176
Gymboree Corp.+............................................. 3,600 18,675
Office Depot, Inc.+......................................... 3,870 72,562
USinternetworking, Inc.+.................................... 110 3,011
-----------
192,174
-----------
CONSUMER STAPLES -- 6.7%
Food, Beverage & Tobacco -- 5.9%
Delaware Monte Foods Co.+................................... 19,660 320,704
Keebler Foods Co.+.......................................... 3,840 112,320
McCormick & Co., Inc........................................ 1,110 36,699
Suiza Foods Corp.+.......................................... 1,770 55,313
Household Products -- 0.8%
Dial Corp................................................... 2,320 71,775
-----------
596,811
-----------
ENERGY -- 10.0%
Energy Services -- 5.0%
Consol Energy, Inc.......................................... 100 1,113
Diamond Offshore Drilling, Inc.............................. 2,630 84,160
Noble Drilling Corp.+....................................... 8,610 195,339
Transocean Offshore, Inc.................................... 5,200 159,575
Energy Sources -- 5.0%
Apache Corp................................................. 1,200 50,925
Houston Exploration Co...................................... 2,470 49,554
Newfield Exploration Co.+................................... 9,770 282,720
Vastar Resources, Inc....................................... 1,000 65,375
-----------
888,761
-----------
FINANCE -- 2.4%
Financial Services -- 2.4%
A.G. Edwards, Inc........................................... 7,680 212,160
Hoover's, Inc.+............................................. 50 669
Insurance -- 0.0%
InsWeb Corp.+............................................... 25 759
-----------
213,588
-----------
HEALTHCARE -- 12.1%
Drugs -- 2.2%
Drugstore.com, Inc.+........................................ 25 1,259
Sepracor, Inc.+............................................. 1,770 130,095
United Therapeutics Corp.+.................................. 3,360 61,530
</TABLE>
---------------------
115
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE (continued)
Health Services -- 6.7%
Health Management Associates, Inc., Class A+................ 35,450 $ 292,463
Lincare Holdings, Inc.+..................................... 4,550 136,500
ProVantage Health Services, Inc.+........................... 50 925
Total Renal Care Holdings, Inc.+............................ 20,240 169,510
Medical Products -- 3.2%
Cytoclonal Pharmaceutics, Inc.+............................. 860 5,697
Lasersight, Inc............................................. 1,520 23,940
Steris Corp.+............................................... 13,740 185,490
Ventana Medical Systems, Inc.+.............................. 3,290 68,679
-----------
1,076,088
-----------
INDUSTRIAL & COMMERCIAL -- 22.5%
Business Services -- 16.4%
Affiliated Computer Services, Inc., Class A+................ 2,380 110,670
Gartner Group, Inc., Class A................................ 1,110 24,628
Gemstar Group Ltd........................................... 6,100 404,125
IDEXX Laboratories, Inc.+................................... 6,500 127,562
Modis Professional Services, Inc.+.......................... 2,080 30,160
Network Solutions, Inc., Class A+........................... 4,740 295,065
Quintiles Transnational Corp................................ 3,850 146,300
Security Dynamics Technologies, Inc.+....................... 10,045 183,321
Technology Solutions Co.+................................... 4,900 59,413
The BISYS Group, Inc.+...................................... 1,070 54,971
Verisign, Inc.+............................................. 220 16,308
Electrical Equipment -- 2.1%
Cable Design Technologies Corp.+............................ 10,100 183,062
Machinery -- 4.0%
AGCO Corp................................................... 5,330 49,969
Cooper Cameron Corp.+....................................... 5,530 200,462
Kulicke & Soffa Industries, Inc.+........................... 2,100 51,713
MKS Instruments, Inc.+...................................... 2,640 56,265
-----------
1,993,994
-----------
INFORMATION & ENTERTAINMENT -- 4.1%
Broadcasting & Media -- 4.1%
Hearst-Argyle Television, Inc.+............................. 2,480 61,380
Meredith Corp............................................... 1,770 63,609
Radio One, Inc., Class A+................................... 50 2,222
Scholastic Corp.+........................................... 150 6,694
Sinclair Broadcast Group, Inc., Class A+.................... 1,100 20,831
SportsLine USA, Inc.+....................................... 8,900 203,588
Time Warner Telecom, Inc., Class A+......................... 50 1,556
-----------
359,880
-----------
INFORMATION TECHNOLOGY -- 22.3%
Communication Equipment -- 0.2%
Copper Mountain Networks, Inc.+............................. 50 6,050
Globespan Semiconductor, Inc.+.............................. 50 2,538
Inet Technologies, Inc.+.................................... 50 1,213
Paradyne Networks, Inc.+.................................... 100 4,437
Redback Networks, Inc....................................... 50 7,737
Computers & Business Equipment -- 2.1%
CompUSA, Inc.+.............................................. 12,230 77,202
CSG Systems International, Inc.+............................ 810 18,022
</TABLE>
- ---------------------
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Computers & Business Equipment (continued)
Gadzoox Networks, Inc.+..................................... 50 $ 3,763
Seagate Technology, Inc.+................................... 3,200 86,000
Electronics -- 4.6%
Analog Devices, Inc.+....................................... 2,990 128,944
Applied Science and Technology, Inc.+....................... 3,890 84,364
KLA-Tencor Corp.+........................................... 300 20,325
Novellus Systems, Inc.+..................................... 1,620 104,287
SIPEX Corp.+................................................ 2,600 42,738
Teradyne, Inc.+............................................. 420 31,316
Software -- 11.5%
Allscripts, Inc.+........................................... 25 400
Aspen Technology, Inc.+..................................... 4,010 46,115
CheckFree Holdings Corp..................................... 2,750 81,297
Chemdex Corp.+.............................................. 25 750
Digex, Inc.+................................................ 50 1,116
DST Systems, Inc.+.......................................... 1,770 117,484
Edify Corp.+................................................ 1,600 17,200
Engage Technologies, Inc.+.................................. 50 1,728
Fiserv, Inc................................................. 4,950 147,572
Harbinger Corp.+............................................ 3,500 47,250
IMRglobal Corp.+............................................ 4,240 72,610
Informatica Corp.+.......................................... 60 3,129
Interliant, Inc.+........................................... 110 2,118
Intuit, Inc.+............................................... 440 35,997
Keane, Inc.+................................................ 1,170 26,983
Liberate Technologies, Inc.+................................ 25 478
Net Perceptions, Inc.+...................................... 160 2,550
NetIQ Corp.+................................................ 25 419
Online Resources and Communications Corp.+.................. 810 16,808
Policy Management Systems Corp.+............................ 4,090 125,767
Security First Tech Corp.................................... 2,330 81,259
Software Common, Inc.+...................................... 50 1,681
SunGard Data Systems, Inc.+................................. 6,430 184,059
Talk City, Inc.+............................................ 50 606
TIBCO Software, Inc.+....................................... 50 1,500
Telecommunications -- 3.9%
Aerial Communications, Inc.+................................ 14,310 201,235
Convergent Communications, Inc.+............................ 50 800
Intermedia Communications, Inc.+............................ 5,060 139,466
Net2Phone, Inc.+............................................ 25 684
-----------
1,977,997
-----------
MATERIALS -- 0.8%
Metals & Minerals -- 0.8%
Global Industries, Inc.+.................................... 6,830 75,130
-----------
</TABLE>
---------------------
117
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
UTILITIES -- 2.5%
Gas & Pipeline Utilities -- 2.5%
NOVA Corp.+................................................. 8,150 $ 224,634
-----------
TOTAL INVESTMENT SECURITIES (cost $7,827,059)............... 7,599,057
-----------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS --
(cost $7,827,059) 85.6% 7,599,057
Other assets less liabilities -- 14.4 1,273,516
------ -----------
NET ASSETS -- 100.0% $ 8,872,573
====== ===========
</TABLE>
-----------------------------
+ Non-income producing securities
See Notes to Financial Statements
- ---------------------
118
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- ---------------------
SUNAMERICA SERIES TRUST
AGGRESSIVE GROWTH
PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 85.2% SHARES VALUE
<S> <C> <C>
-----------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
CONSUMER DISCRETIONARY -- 13.8%
Apparel & Textiles -- 2.8%
Claire's Stores, Inc. ...................................... 47,800 $ 1,135,250
Mohawk Industries, Inc.+.................................... 25,600 715,200
Talbots, Inc. .............................................. 70,800 2,491,275
Valuevision International, Inc., Class A+................... 53,600 1,407,000
Automotive -- 2.6%
Action Performance Cos., Inc.+.............................. 86,800 3,005,450
Oshkosh Truck Corp. ........................................ 45,100 2,486,138
Retail -- 8.4%
Abercrombie & Fitch Co.+.................................... 84,800 3,519,200
Beyond.com Corp.+........................................... 50,600 1,195,425
Gap, Inc. .................................................. 54,675 2,556,056
Home Depot, Inc. ........................................... 29,000 1,850,562
Movado Group, Inc. ......................................... 15,700 380,725
Restoration Hardware, Inc.+................................. 8,100 87,581
Sothebys Holdings, Inc. .................................... 50,900 1,679,700
Stamps.com, Inc.+........................................... 18,900 637,875
Sunglass Hut International, Inc.+........................... 201,800 2,749,525
The Yankee Candle, Inc.+.................................... 58,100 1,307,250
USinternetworking, Inc.+.................................... 55,900 1,530,263
-------------
28,734,475
-------------
CONSUMER STAPLES -- 0.3%
Household Products -- 0.3%
Steiner Leisure Ltd.+....................................... 17,200 533,200
-------------
ENERGY -- 9.2%
Energy Services -- 9.2%
BJ Services Co.+............................................ 178,000 5,440,125
Diamond Offshore Drilling, Inc. ............................ 60,000 1,920,000
Precision Drilling Corp.+................................... 122,400 2,799,900
Schlumberger Ltd. .......................................... 38,000 2,301,375
Transocean Offshore, Inc. .................................. 76,800 2,356,800
Weatherford International, Inc.+............................ 110,500 4,330,219
-------------
19,148,419
-------------
FINANCE -- 5.3%
Banks -- 2.0%
First Union Corp. .......................................... 75,000 3,450,000
Hamilton Bancorp, Inc.+..................................... 29,400 793,800
Financial Services -- 2.7%
Donaldson Lufkin & Jenrette, Inc.+.......................... 25,500 549,844
Morgan Stanley, Dean Witter & Co. .......................... 26,400 2,379,300
Paychex, Inc. .............................................. 28,500 799,781
</TABLE>
---------------------
119
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (continued)
Financial Services (continued)
Raymond James Financial, Inc. .............................. 20,800 $ 445,900
The Kroll-O'Gara Co.+....................................... 71,600 1,418,575
Insurance -- 0.6%
Annuity & Life Re Holdings Ltd.+............................ 36,000 864,000
Reliance Group Holdings, Inc. .............................. 67,000 393,625
-------------
11,094,825
-------------
HEALTHCARE -- 6.4%
Drugs -- 0.9%
Alkermes, Inc.+............................................. 70,500 1,841,813
Health Services -- 1.7%
Alterra Healthcare Corp.+................................... 52,100 592,638
Invitrogen Corp.+........................................... 35,000 1,015,000
Sunrise Assisted Living, Inc.+.............................. 64,200 1,938,037
Medical Products -- 3.8%
Centocor, Inc.+............................................. 33,400 1,862,050
Cephalon, Inc.+............................................. 111,000 2,095,125
Genzyme Corp.+.............................................. 19,600 1,108,625
Genzyme Surgical Products+.................................. 3,508 18,527
MedImmune, Inc.+............................................ 33,800 2,699,775
Nanogen, Inc.+.............................................. 27,000 194,062
-------------
13,365,652
-------------
INDUSTRIAL & COMMERCIAL -- 6.9%
Aerospace & Military Technology -- 0.8%
Heico Corp. ................................................ 79,700 1,678,682
Business Services -- 5.4%
AnswerThink Consulting Group, Inc.+......................... 52,200 1,034,213
Caliber Learning Network, Inc.+............................. 11,200 54,600
Critical Path, Inc.+........................................ 18,400 616,400
ITT Educational Services, Inc.+............................. 43,600 981,000
Mobile Mini, Inc.+.......................................... 94,200 2,119,500
Sylvan Learning Systems, Inc.+.............................. 32,000 818,000
Verisign, Inc.+............................................. 35,400 2,624,025
Ziff-Davis, Inc. ........................................... 117,000 2,054,812
Ziff-Davis, Inc. -- ZDNet+.................................. 44,100 829,631
Transportation -- 0.7%
Offshore Logistics, Inc.+................................... 123,900 1,502,287
-------------
14,313,150
-------------
INFORMATION & ENTERTAINMENT -- 8.6%
Broadcasting & Media -- 4.8%
Cablevision Systems Corp., Class A+......................... 33,200 2,317,775
Cinar Corp., Class B+....................................... 56,300 1,597,512
DoubleClick, Inc.+.......................................... 14,600 1,182,600
Infinity Broadcasting Corp., Class A........................ 15,700 432,731
NetGravity, Inc.+........................................... 23,400 504,563
RCM Technologies, Inc.+..................................... 54,800 763,775
Snyder Communications, Inc.+................................ 32,700 633,563
Ticketmaster Online-Citysearch, Inc.+....................... 38,700 1,265,006
Tweeter Home Entertainment Group, Inc. ..................... 900 29,981
USA Networks, Inc.+......................................... 27,000 1,294,313
</TABLE>
- ---------------------
120
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT (continued)
Entertainment Products -- 0.4%
Oakley, Inc.+............................................... 109,200 $ 764,400
Leisure & Tourism -- 3.4%
Bally Total Fitness Holding Corp.+.......................... 83,500 2,364,094
Outback Steakhouse, Inc.+................................... 73,050 2,438,043
Royal Caribbean Cruises Ltd. ............................... 50,000 2,350,000
-------------
17,938,356
-------------
INFORMATION TECHNOLOGY -- 31.7%
Communication Equipment -- 1.1%
Copper Mountain Networks, Inc.+............................. 9,900 1,197,900
Redback Networks, Inc. ..................................... 7,000 1,083,250
Computers & Business Equipment -- 1.6%
Carrier Access Corp.+....................................... 37,200 1,227,600
Network Appliance, Inc.+.................................... 38,600 2,103,700
Software -- 17.1%
Allaire Corp.+.............................................. 13,200 582,450
America Online, Inc.+....................................... 41,200 3,919,150
AVT Corp.+.................................................. 17,900 553,781
Brightstar Information Technology Group, Inc.+.............. 16,000 67,000
BroadVision, Inc.+.......................................... 33,300 2,320,594
CheckFree Holdings Corp. ................................... 55,800 1,649,587
CMGI, Inc.+................................................. 18,900 1,742,344
DSET Corp.+................................................. 120,500 1,205,000
Entrust Technologies, Inc.+................................. 97,200 2,916,000
Fundtech Ltd.+.............................................. 16,000 406,000
Inktomi Corp.+.............................................. 19,900 2,157,906
ISS Group, Inc.+............................................ 14,100 306,675
Legato Systems, Inc.+....................................... 30,500 2,180,750
Lycos, Inc.+................................................ 41,800 1,726,862
Macromedia, Inc.+........................................... 28,700 1,000,913
Micromuse, Inc.+............................................ 50,300 2,338,950
Portal Software, Inc.+...................................... 27,000 1,129,781
Real Networks, Inc.+........................................ 9,500 724,969
Scientific Learning Corp.+.................................. 50,000 903,125
USWeb Corp.+................................................ 47,600 996,625
Vignette Corp.+............................................. 30,000 1,920,000
Yahoo!, Inc.+............................................... 34,500 4,707,094
Telecommunications -- 11.9%
Amdocs Ltd. ................................................ 70,400 1,874,400
At Home Corp., Series A+.................................... 33,700 1,539,669
Clarent Corp.+.............................................. 29,100 1,114,894
Clear Channel Communications, Inc.+......................... 50,410 3,506,646
Comcast Corp., Class A...................................... 51,200 1,971,200
Covad Communications Group, Inc.+........................... 24,100 1,108,600
Entercom Communications Corp.+.............................. 34,800 1,409,400
GST Telecommunications, Inc.+............................... 186,800 2,802,000
ICG Communications, Inc.+................................... 109,500 2,477,437
Intermedia Communications, Inc.+............................ 52,800 1,455,300
NorthPoint Communications Group, Inc.+...................... 29,000 706,875
Powerwave Technologies, Inc.+............................... 74,000 2,636,250
Qwest Communications International, Inc.+................... 35,700 1,053,150
Rhythms NetConnections, Inc.+............................... 24,800 1,078,800
-------------
65,802,627
-------------
</TABLE>
---------------------
121
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
MATERIALS -- 0.2%
Metals & Minerals -- 0.2%
Global Industries, Inc.+.................................... 36,900 $ 405,900
-------------
UTILITIES -- 2.8%
Electric Utilities -- 0.7%
Niagara Mohawk Power Corp.+................................. 85,500 1,346,625
-------------
Energy Sources -- 2.1%
Smith International, Inc.+.................................. 100,700 4,367,862
-------------
5,714,487
-------------
TOTAL COMMON STOCK (cost $149,316,592)...................... 177,051,091
=============
<CAPTION>
OPTIONS -- 0.4%+ CONTRACTS
-----------------------------------------------------------------------------------------
<S> <C> <C>
PUT OPTIONS -- 0.4%
America Online, Inc. expires 8/99........................... 185 101,750
At Home Corp. expires 8/99.................................. 145 34,437
CMGI, Inc. expires 8/99..................................... 95 70,063
DoubleClick, Inc. expires 9/99.............................. 67 77,050
Inktomi Corp. expires 8/99.................................. 90 164,250
S&P 500 Index expires 8/99.................................. 75 236,250
Yahoo!, Inc. expires 8/99................................... 155 110,437
-------------
TOTAL OPTIONS (cost $721,372)............................... 794,237
-------------
TOTAL INVESTMENT SECURITIES (cost $150,037,964)............. 177,845,328
=============
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
REPURCHASE AGREEMENT -- 16.1% AMOUNT
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
REPURCHASE AGREEMENT -- 16.1%
State Street Bank & Trust Co. Joint Repurchase Agreement Account (Note
3) (cost $33,560,000)................................................ $33,560,000 33,560,000
-------------
TOTAL INVESTMENTS --
(cost $183,597,964) 101.7% 211,405,328
Total written call options (0.0) (35,175)
Liabilities in excess of other assets -- (1.7) (3,519,362)
------ -------------
NET ASSETS -- 100.0% $ 207,850,791
====== =============
</TABLE>
-----------------------------
+ Non-income producing securities
OPEN COVERED WRITTEN CALL OPTIONS
------------------------------------------------------------------
<TABLE>
<CAPTION>
EXPIRATION STRIKE
CALL OPTIONS CONTRACTS DATE PRICE VALUE
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
DoubleClick, Inc. ..................................... 67 September 1999 $95 $(35,175)
=========
</TABLE>
See Notes to Financial Statements
- ---------------------
122
<PAGE> 124
- ---------------------
SUNAMERICA SERIES TRUST
INTERNATIONAL GROWTH
AND INCOME PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 97.6% SHARES VALUE
----------------------------------------------------------------------------------------------
<S> <C> <C>
AUSTRALIA -- 5.0%
AMP Ltd. (Industrial & Commercial)+......................... 301,144 $ 3,417,859
Australia & New Zealand Banking Group Ltd. (Finance)+....... 281,790 1,982,552
Cable & Wireless Optus Ltd. (Information Technology)+*...... 270,500 626,723
Coles Myer Ltd. (Consumer Discretionary)+................... 378,528 2,206,123
Pioneer International Ltd. (Industrial & Commercial)+....... 828,000 2,215,616
-------------
10,448,873
-------------
BRAZIL -- 0.7%
Telesp Celular Participacoes SA ADR (Information
Technology)............................................... 55,463 1,442,038
-------------
CANADA -- 6.9%
Abitibi Consolidated, Inc. (Materials)...................... 54,000 607,500
Abitibi Consolidated, Inc. (Materials)...................... 134,263 1,515,283
Bank of Nova Scotia (Finance)............................... 174,842 3,633,117
BCE, Inc. (Information Technology).......................... 87,972 4,383,123
Canadian National Railway Co. (Industrial & Commercial)..... 8,000 537,741
Canadian Pacific Ltd. (Industrial & Commercial)............. 63,397 1,506,747
Clarica Life Insurance Co. (Finance)........................ 54,100 842,226
National Bank of Canada (Finance)........................... 102,416 1,261,247
-------------
14,286,984
-------------
CHINA -- 0.1%
Shandong International Power Development Co., Ltd.
(Utilities)............................................... 1,494,000 248,307
-------------
DENMARK -- 1.1%
Tele Danmark A/S (Utilities)................................ 22,535 1,347,288
Unidanmark AS, Class A (Finance)............................ 13,548 895,658
-------------
2,242,946
-------------
FRANCE -- 10.1%
Aerospatiale Matra (Industrial & Commercial)................ 28,493 614,513
Assurances Generales de France (Finance)+................... 40,848 2,056,047
AXA SA de CV ADR (Finance).................................. 30,616 3,586,454
Elf Aquitaine SA (Energy)................................... 14,638 2,505,557
Groupe Danone (Consumer Staples)............................ 12,261 3,111,310
Peugeot SA (Consumer Discretionary)......................... 3,728 642,103
Schneider Electric SA (Industrial & Commercial)............. 39,910 2,440,061
Scor (Finance).............................................. 15,746 774,031
Societe Generale d'Enterprises SA (Finance)+................ 13,050 2,451,533
Total SA, Class B (Energy)+................................. 17,456 2,222,257
Valeo SA (Consumer Discretionary)........................... 7,449 563,404
-------------
20,967,270
-------------
</TABLE>
---------------------
123
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------------
<S> <C> <C>
GERMANY -- 6.9%
Bayer AG (Industrial & Commercial).......................... 52,211 $ 2,237,565
Deutsche Bank AG (Finance).................................. 59,059 3,740,335
Hoechst AG (Industrial & Commercial)........................ 108,496 4,573,120
VEBA AG (Utilities)......................................... 60,157 3,694,032
-------------
14,245,052
-------------
GREECE -- 1.0%
Hellenic Telecommunications Organization SA (Information
Technology)............................................... 100,885 2,122,847
-------------
HONG KONG -- 1.3%
Henderson Land Development Co., Ltd. (Real Estate)+......... 204,000 1,153,834
Hong Kong Electric Holdings Ltd. (Utilities)+............... 465,251 1,468,595
-------------
2,622,429
-------------
INDIA -- 0.8%
Mahanagar Telephone Nigam Ltd. GDR (Information
Technology)............................................... 158,662 1,677,851
-------------
IRELAND -- 2.0%
CRH PLC (Industrial & Commercial)+.......................... 106,928 2,150,562
Jefferson Smurfit Corp. (Materials)+........................ 667,200 1,936,557
-------------
4,087,119
-------------
ITALY -- 2.0%
ENI SpA (Energy)............................................ 693,137 4,219,238
-------------
JAPAN -- 14.1%
Canon, Inc. (Information & Entertainment)................... 73,000 2,311,396
Chubu Electric Power Co., Inc. (Utilities)+................. 125,300 2,224,131
Eisai Co. Ltd. (Healthcare)+................................ 58,000 1,234,419
Honda Motor Co. Ltd. (Consumer Discretionary)............... 73,000 3,164,639
Kansai Electric Power Co., Inc. (Utilities)+................ 107,800 2,261,407
Kirin Brewery Co. Ltd. (Consumer Staples)+.................. 173,000 2,139,770
Nikko Securities Co. Ltd. (Finance)......................... 321,000 2,575,952
Nippon Telegraph & Telephone Corp. (Information
Technology)............................................... 92 1,171,617
Promise Co. (Finance)+...................................... 62,260 4,127,315
Ricoh Co. Ltd. (Information Technology)..................... 62,000 1,039,417
Sony Corp. (Information & Entertainment)+................... 20,000 2,545,248
TDK Corp. (Information & Entertainment)..................... 16,000 1,602,163
Toshiba Corp. (Industrial & Commercial)..................... 150,000 1,203,716
Yamanouchi Pharmaceutical Co. Ltd. (Healthcare)............. 35,000 1,621,091
-------------
29,222,281
-------------
MEXICO -- 1.1%
Fomento Economico Mexicano SA de CV ADR (Consumer
Staples).................................................. 537,415 1,850,098
Grupo Carso Global Telecom (Information Technology)+........ 79,400 463,878
-------------
2,313,976
-------------
</TABLE>
- ---------------------
124
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------------
<S> <C> <C>
NETHERLANDS -- 6.4%
Akzo Nobel NV (Materials)+.................................. 94,460 $ 4,037,080
Fortis Amev NV (Finance).................................... 32,740 1,034,997
ING Groep NV (Finance)+..................................... 71,090 3,635,290
Philips Electronics NV (Industrial & Commercial)............ 22,739 2,321,935
Royal Dutch Petroleum Co. NV (Energy)+...................... 35,138 2,195,293
-------------
13,224,595
-------------
NEW ZEALAND -- 0.8%
Telecommunications Corp. of New Zealand Ltd. ADR
(Information Technology).................................. 367,613 1,666,802
-------------
PORTUGAL -- 1.3%
Portugal Telecom SA (Information Technology)................ 62,209 2,755,220
-------------
SINGAPORE -- 0.8%
Bank of Singapore (Finance)(1).............................. 59,000 678,211
Development Bank of Singapore Ltd. (Finance)................ 81,100 1,055,625
-------------
1,733,836
-------------
SOUTH KOREA -- 0.8%
Pohang Iron & Steel Co. Ltd. ADR (Materials)................ 48,444 1,719,762
-------------
SPAIN -- 2.4%
Iberdrola SA (Utilities)+................................... 190,053 2,647,210
Telefonica SA (Information Technology)+..................... 141,840 2,268,520
-------------
4,915,730
-------------
SWEDEN -- 3.2%
ForeningsSparbanken AB, Class A (Finance)................... 53,898 856,701
Pharmacia & Upjohn, Inc. ADR (Healthcare)................... 42,338 2,299,913
SKF AB, Series B (Materials)................................ 82,605 1,811,028
Svenska Cellulosa AB, Class B (Materials)................... 54,949 1,592,880
-------------
6,560,522
-------------
SWITZERLAND -- 7.4%
Clariant AG (Materials)..................................... 5,039 2,418,018
Julius Baer Holdings AG (Finance)........................... 1,054 3,390,657
Nestle SA (Consumer Staples)+............................... 819 1,609,348
Novartis AG (Healthcare).................................... 1,304 1,882,458
Swisscom AG (Information Technology)........................ 7,994 2,855,574
UBS AG (Finance)............................................ 10,510 3,201,391
-------------
15,357,446
-------------
UNITED KINGDOM -- 21.4%
Allied Zurich PLC (Finance)+................................ 279,482 3,417,558
Anglian Water PLC (Utilities)+.............................. 189,611 2,286,332
Barclays PLC (Finance)+..................................... 14,957 442,395
Bass PLC (Consumer Staples)+................................ 231,185 3,327,174
BP Amoco PLC (Energy)....................................... 60,704 1,189,451
British Airways PLC (Information & Entertainment)........... 160,802 1,052,872
British America Tobacco PLC (Consumer Staples)+............. 140,953 1,192,471
</TABLE>
---------------------
125
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------------
<S> <C> <C>
UNITED KINGDOM (continued)
British Steel PLC (Materials)+.............................. 217,000 $ 580,292
Cable & Wireless PLC (Information Technology)+.............. 274,725 3,361,615
Canary Wharf Group PLC (Real Estate)........................ 155,700 1,073,720
Cookson Group PLC (Materials)+.............................. 627,509 2,298,430
Diageo PLC (Consumer Staples)+.............................. 438,487 4,455,815
HSBC Holdings PLC (Finance)+................................ 168,117 1,981,899
National Power PLC (Utilities)+............................. 220,780 1,560,088
National Westminster Bank PLC (Finance)+.................... 55,967 1,102,982
Peninsular & Oriental Steam PLC (Industrial & Commercial)... 68,808 1,112,384
Scottish Hydro-Electric PLC (Utilities)..................... 223,527 2,153,698
Scottish Power PLC (Industrial & Commercial)+............... 271,173 2,261,617
Siebe PLC (Industrial & Commercial)......................... 843,482 4,572,722
Tesco PLC (Consumer Discretionary)+......................... 864,690 2,252,757
Tomkins PLC (Industrial & Commercial)+...................... 551,707 2,566,216
-------------
44,242,488
-------------
TOTAL COMMON STOCK (cost $185,795,610)...................... 202,323,612
-------------
PREFERRED STOCK -- 0.5%
----------------------------------------------------------------------------------------------
INDONESIA -- 0.5%
Credit Suisse First Boston (Finance)(1) (cost $494,028)..... 87,900 998,544
-------------
WARRANTS -- 0.0%+ WARRANTS
----------------------------------------------------------------------------------------------
FRANCE -- 0.0%
Allianz AG 6/15/00 (Finance) (cost $0)...................... 1 9
-------------
TOTAL INVESTMENT SECURITIES (cost $186,289,638)............. 203,322,165
-------------
<CAPTION>
PRINCIPAL
REPURCHASE AGREEMENT -- 0.7% AMOUNT
----------------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 0.7%
Agreement with SBC Warburg Dillon Read LLC, bearing interest
at 5.40%, dated 7/30/99, to be repurchased 8/02/99 in the
amount of $1,407,633 and collateralized by $1,166,000 of
U.S. Treasury Bonds, bearing interest at 8.13%, due
8/15/19 and having an approximate value of $1,433,636
(cost $1,407,000)......................................... $1,407,000 1,407,000
-------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS --
(cost $187,696,638) 98.8% 204,729,165
Other assets less liabilities -- 1.2 2,500,268
------ -------------
NET ASSETS -- 100.0% $ 207,229,433
====== =============
</TABLE>
-----------------------------
<TABLE>
<S> <C>
+ Non-income producing securities
* Resale restricted to qualified institutional buyers
</TABLE>
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
<TABLE>
<S> <C>
(1) Fair valued security; see Note 2
</TABLE>
See Notes to Financial Statements
- ---------------------
126
<PAGE> 128
- ---------------------
SUNAMERICA SERIES TRUST
GLOBAL EQUITIES PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 98.4% SHARES VALUE
<S> <C> <C>
-----------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
AUSTRALIA -- 1.4%
Lend Lease Corp. Ltd. (Finance)............................. 39,304 $ 491,000
National Australia Bank Ltd. (Finance)...................... 116,341 1,776,761
Telstra Corp. Ltd. (Information Technology)................. 264,000 1,445,593
Woodside Petroleum Ltd. (Energy)............................ 436,000 3,142,629
-------------
6,855,983
-------------
FINLAND -- 3.4%
Merita Ltd. (Finance)+...................................... 766,600 4,141,550
Nokia Ab (Information Technology)+.......................... 136,276 11,808,835
-------------
15,950,385
-------------
FRANCE -- 8.1%
Assurances Generales de France (Finance)+................... 29,700 1,494,923
Banque Nationale de Paris (Finance)+........................ 58,000 4,777,728
Cap Gemini SA (Industrial & Commercial)..................... 24,400 4,150,397
Castorama Dubois Investisse (Consumer Discretionary)........ 15,000 3,819,187
Compagnie de St. Gobain (Materials)......................... 18,500 3,354,626
Compagnie Francaise d'Etudes de Construction Technip
(Industrial & Commercial)................................. 28,000 2,749,814
Sanofi-Synthelabo SA (Healthcare)+.......................... 60,000 2,493,704
Schneider Electric SA (Industrial & Commercial)............. 23,000 1,406,199
Societe Generale d'Enterprises SA (Finance)+................ 30,000 5,635,707
Total SA, Class B (Energy)+................................. 36,100 4,595,754
Valeo SA (Consumer Discretionary)........................... 52,400 3,963,267
-------------
38,441,306
-------------
GERMANY -- 1.2%
Mannesmann AG (Industrial & Commercial)..................... 34,000 5,168,633
Schmalbach-Lubeca AG (Materials)............................ 5,048 707,446
-------------
5,876,079
-------------
GREECE -- 0.1%
Panafon Hellenic Telcom SA GDR (Information Technology)+.... 9,700 242,500
-------------
HONG KONG -- 0.8%
China Telecom Ltd. (Information Technology)+................ 954,000 2,851,577
Johnson Electric Holdings Ltd. (Industrial & Commercial).... 302,500 1,068,272
-------------
3,919,849
-------------
INDIA -- 0.3%
Videsh Sanchar Nigam Ltd. (Information Technology).......... 1,220 17,721
Videsh Sanchar Nigam Ltd. GDR (Information Technology)+..... 104,000 1,510,600
-------------
1,528,321
-------------
IRELAND -- 0.7%
CRH PLC (Industrial & Commercial)........................... 163,100 3,297,755
-------------
</TABLE>
---------------------
127
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
ITALY -- 1.0%
ENI SpA (Energy)............................................ 509,000 $ 3,098,366
UniCredito Italiano SpA (Finance)........................... 383,000 1,626,642
-------------
4,725,008
-------------
JAPAN -- 10.8%
Ajinomoto Co., Inc. (Consumer Discretionary)................ 215,000 2,649,875
Bank of Tokyo-Mitsubishi Ltd. (Finance)+.................... 176,000 2,686,554
Banyu Pharmaceutical Co. Ltd. (Healthcare).................. 248,000 4,867,198
Bridgestone Corp. (Consumer Discretionary).................. 164,000 5,049,675
Canon, Inc. (Information & Entertainment)................... 120,000 3,799,555
Credit Saison Co. Ltd. (Finance)............................ 94,000 1,967,814
Daito Trust Construction Co. (Industrial & Commercial)...... 164,330 1,735,825
Fuji Photo Film Co. Ltd. (Information & Entertainment)...... 30,000 1,153,997
KAO Corp. (Consumer Staples)................................ 194,000 5,398,055
Nippon Telegraph & Telephone Mobile Communications Corp.
(Information Technology).................................. 67 1,040,255
NTT Mobil Communications (Information Technology)........... 268 4,137,642
Takeda Chemical Industries Ltd. (Healthcare)................ 106,000 5,750,970
Takefuji Corp. (Finance).................................... 20,800 2,498,286
Tokyo Electron Ltd. (Information Technology)................ 21,000 1,502,028
Yamanouchi Pharmaceutical Co. Ltd. (Healthcare)............. 154,000 7,132,801
-------------
51,370,530
-------------
NETHERLANDS -- 3.1%
Equant NV (Information Technology)+......................... 63,900 5,683,106
ING Groep NV (Finance)...................................... 88,023 4,501,184
Koninklijke Ahold NV (Consumer Discretionary)............... 135,456 4,724,094
-------------
14,908,384
-------------
SINGAPORE -- 0.6%
Development Bank of Singapore Ltd. (Finance)................ 216,000 2,811,530
-------------
SOUTH KOREA -- 0.3%
SK Telecom Co. Ltd ADR (Information Technology)............. 112,000 1,589,000
-------------
SPAIN -- 3.2%
Endesa SA (Utilities)....................................... 84,000 1,657,976
Repsol SA (Energy).......................................... 216,000 4,429,743
Tabacalera SA, Series A (Consumer Staples).................. 230,590 4,563,677
Telefonica SA (Information Technology)+..................... 267,564 4,279,288
-------------
14,930,684
-------------
SWITZERLAND -- 2.8%
Clariant AG (Materials)..................................... 2,400 1,151,665
Novartis AG (Healthcare).................................... 2,100 3,031,566
Schweizerische Rueckversicherungs-Gesellschaft (Consumer
Discretionary)+........................................... 970 1,859,259
UBS AG (Finance)............................................ 14,000 4,264,460
Zurich Allied AG (Finance)+................................. 4,700 2,724,683
-------------
13,031,633
-------------
UNITED KINGDOM -- 8.5%
Bank of Scotland (Finance).................................. 246,753 3,115,321
Beazer Group PLC (Industrial & Commercial).................. 532,000 1,599,405
British Aerospace PLC (Industrial & Commercial)............. 168,025 1,111,058
British Airways PLC (Information & Entertainment)........... 617,192 4,041,146
</TABLE>
- ---------------------
128
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
UNITED KINGDOM (continued)
CGU PLC (Finance)........................................... 9,000 $ 124,567
Diageo PLC (Consumer Staples)+.............................. 267,859 2,721,928
Orange PLC (Information Technology)+........................ 415,000 6,598,116
Royal & Sun Alliance Insurance Group PLC (Finance).......... 261,213 2,150,609
Royal Bank of Scotland Group PLC (Finance).................. 180,000 3,763,267
Slough Estates PLC (Real Estate)............................ 491,400 2,894,959
Standard Chartered PLC (Finance)............................ 135,000 2,045,730
United News & Media PLC (Information & Entertainment)....... 279,100 3,039,709
Uti Guernsey (Finance)...................................... 33,200 896,400
Vodafone Group PLC (Information Technology)................. 299,000 6,279,651
-------------
40,381,866
-------------
UNITED STATES -- 52.1%
AES Corp. (Utilities)+...................................... 140,000 8,400,000
America Online, Inc. (Information Technology)+.............. 17,000 1,617,125
American International Group, Inc. (Finance)#............... 45,050 5,231,431
Applied Materials, Inc. (Materials)+........................ 40,000 2,877,500
AT&T Corp. Liberty Media Group, Inc., Class A
(Information & Entertainment)+............................ 293,650 10,865,050
Avon Products, Inc. (Consumer Staples)...................... 113,000 5,141,500
Bank of America Corp. (Finance)............................. 103,000 6,836,625
Bank One Corp. (Finance).................................... 117,800 6,427,462
Bristol-Myers Squibb Co. (Healthcare)....................... 146,000 9,709,000
Cardinal Health, Inc. (Healthcare).......................... 53,400 3,644,550
Carnival Corp., Class A (Information & Entertainment)....... 99,000 4,597,313
CBS Corp. (Information & Entertainment)+.................... 137,800 6,054,587
Chase Manhattan Corp. (Finance)............................. 88,000 6,765,000
Cisco Systems, Inc. (Information Technology)+............... 102,000 6,336,750
Citigroup, Inc. (Finance)................................... 150,898 6,724,392
Computer Sciences Corp. (Industrial & Commercial)+.......... 107,000 6,888,125
Dayton Hudson Corp. (Consumer Discretionary)................ 43,000 2,781,563
Dell Computer Corp. (Information Technology)+............... 140,800 5,755,200
Federal Home Loan Mortgage Corp. (Finance).................. 21,000 1,204,875
Harley-Davidson, Inc. (Consumer Discretionary).............. 88,100 4,878,547
Hartford Life, Inc., Class A (Finance)...................... 86,000 4,353,750
Home Depot, Inc. (Consumer Discretionary)................... 120,200 7,670,262
Household International, Inc. (Finance)..................... 158,720 6,815,040
IMS Health, Inc. (Healthcare)............................... 102,000 2,843,250
Intel Corp. (Information Technology)........................ 87,100 6,009,900
International Business Machines Corp. (Information
Technology)............................................... 56,000 7,038,500
Kroger Co. (Consumer Discretionary)......................... 236,000 6,209,750
Masco Corp. (Consumer Discretionary)........................ 100,000 2,975,000
MBNA Corp. (Finance)........................................ 181,987 5,186,629
MCI WorldCom, Inc. (Utilities)+............................. 82,600 6,814,500
McKesson HBOC, Inc. (Healthcare)............................ 98,000 3,044,125
Microsoft Corp. (Information Technology)+................... 84,000 7,208,250
Morgan Stanley, Dean Witter & Co. (Finance)................. 40,000 3,605,000
Philip Morris Cos., Inc. (Consumer Staples)................. 162,400 6,049,400
PMI Group, Inc. (Finance)................................... 59,400 3,797,888
Sanmina Corp. (Information Technology)+..................... 105,500 6,890,469
Schering-Plough Corp. (Healthcare).......................... 117,000 5,733,000
Solectron Corp. (Information Technology)+................... 153,400 9,884,712
Tenet Healthcare Corp. (Healthcare)+........................ 146,000 2,618,875
Time Warner, Inc. (Information & Entertainment)............. 18,200 1,310,400
TJX Cos., Inc. (Consumer Discretionary)..................... 155,000 5,124,688
Tyco International Ltd. (Industrial & Commercial)........... 132,000 12,894,750
</TABLE>
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<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
UNITED STATES (continued)
United Technologies Corp. (Industrial & Commercial)......... 74,000 $ 4,934,875
UnitedGlobalCom, Inc. (Information & Entertainment)+........ 39,000 2,949,375
Unumprovident Corp. (Finance)............................... 52,700 2,727,225
-------------
247,426,208
-------------
TOTAL INVESTMENT SECURITIES (cost $377,191,898)............. 467,287,021
-------------
PRINCIPAL
SHORT-TERM SECURITIES -- 3.8% AMOUNT
-----------------------------------------------------------------------------------------
TIME DEPOSIT -- 3.8%
Cayman Island Time Deposit with State Street Bank & Trust
Co.
4.75% due 8/02/99 (cost $17,987,000)...................... $17,987,000 17,987,000
-------------
TOTAL INVESTMENTS --
(cost $395,178,898) 102.2% 485,274,021
Liabilities in excess of other assets -- (2.2) (10,662,192)
------ -------------
NET ASSETS -- 100.0% $ 474,611,829
====== =============
</TABLE>
-----------------------------
+ Non-income producing securities
# Security represents an investment in an affiliated company
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
See Notes to Financial Statements
- ---------------------
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- ---------------------
SUNAMERICA SERIES TRUST
INTERNATIONAL DIVERSIFIED
EQUITIES PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 87.5% SHARES VALUE
---------------------------------------------------------------------------------------------
<S> <C> <C>
AUSTRALIA -- 1.8%
Amcor Holdings Ltd. (Materials)............................. 23,394 $ 126,237
AMP Ltd. (Industrial & Commercial)+......................... 33,702 382,504
Australian Gas Light Co. Ltd. (Utilities)................... 13,362 85,899
Boral Ltd. (Industrial & Commercial)........................ 39,431 66,395
Brambles Industries Ltd. (Industrial & Commercial).......... 7,859 208,316
Broken Hill Proprietary Co. Ltd. (Energy)................... 57,312 634,009
Coca-Cola Amatil Ltd. (Consumer Staples).................... 22,345 89,980
Coles Myer Ltd. (Consumer Discretionary)+................... 39,284 228,954
Colonial Ltd. (Finance)..................................... 28,655 100,615
CSL Ltd. (Healthcare)....................................... 3,815 32,635
CSR Ltd. (Industrial & Commercial).......................... 38,428 106,088
Faulding (F.H.) & Co. Ltd. (Healthcare)..................... 4,409 27,883
Fosters Brewing Group Ltd. (Consumer Staples)............... 63,810 186,989
General Property Trust (Real Estate)........................ 47,677 83,081
Gio Australia Holdings Ltd. (Finance)....................... 8,021 19,317
Goodman Fielder Wattie Ltd. (Consumer Staples).............. 42,679 41,782
Howard Smith Ltd. (Multi-industry).......................... 7,102 54,926
ICI Australia Ltd. (Materials)+............................. 10,403 55,545
Leighton Holdings Ltd. (Industrial & Commercial)............ 10,082 38,348
Lend Lease Corp. Ltd. (Finance)............................. 19,001 237,367
Mayne Nickless Ltd. (Industrial & Commercial)............... 12,833 43,670
National Australia Bank Ltd. (Finance)...................... 49,413 754,636
News Corp. Ltd. (Information & Entertainment)............... 67,421 598,431
Normandy Mining Ltd. (Materials)............................ 69,538 50,376
North Ltd. (Materials)...................................... 24,388 54,913
Pacific Dunlop Ltd. (Multi-industry)........................ 38,583 55,650
Pioneer International Ltd. (Industrial & Commercial)+....... 33,288 89,074
QBE Insurace Group Ltd. (Finance)........................... 14,220 53,549
Rio Tinto Ltd. (Materials).................................. 6,532 116,860
Santos Ltd. (Energy)........................................ 21,686 71,404
Schroders Property Fund (Real Estate)....................... 14,106 22,647
Southcorp Ltd. (Multi-industry)............................. 22,568 87,638
Stockland Trust Group (Real Estate)......................... 11,303 27,147
Suncorp Metway (Finance).................................... 11,381 62,394
TABCORP Holdings Ltd. (Information & Entertainment)......... 11,966 82,001
Telstra Corp. Ltd. (Information Technology)................. 173,571 950,428
Wesfarmers Ltd. (Consumer Discretionary).................... 6,691 60,700
Western Mining Corp. Holdings Ltd. (Materials)+............. 64,731 282,630
Westfield Trust (Real Estate)............................... 46,989 99,976
Westpac Banking Corp. Ltd. (Finance)........................ 65,273 423,278
Woolworths Ltd. (Consumer Discretionary)+................... 40,800 147,733
-------------
6,942,005
-------------
FRANCE -- 8.3%
Accor SA (Information & Entertainment)...................... 1,879 447,259
Alcatel Alsthom Compagnie General d'Electricite (Information
Technology)............................................... 6,425 988,404
AXA SA de CV ADR (Finance).................................. 15,084 1,766,987
Banque Nationale de Paris (Finance)+........................ 9,925 817,568
</TABLE>
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<S> <C> <C>
FRANCE (continued)
Bouygues SA (Consumer Discretionary)........................ 641 $ 177,264
Canal Plus (Information & Entertainment).................... 6,368 447,921
Cap Gemini SA (Industrial & Commercial)..................... 2,315 393,777
Carrefour (Consumer Discretionary).......................... 11,208 1,540,756
Cie Fonc Klepierre (Real Estate)............................ 3,360 334,471
Compagnie de St. Gobain (Materials)......................... 4,088 741,282
Compagnie Financiere de Paribas SA (Finance)................ 7,683 871,243
Dassault Systemes (Information Technology).................. 4,039 146,911
Eridania Beghin-Say SA (Consumer Staples)................... 1,447 185,760
Essilor International SA (Healthcare)....................... 533 173,912
Fonciere Lyonnaise (Real Estate)............................ 1,060 153,996
France Telecom SA (Information Technology).................. 38,537 2,774,570
Groupe Danone (Consumer Staples)............................ 3,715 942,706
Imetal SA (Materials)....................................... 772 119,753
L'Air Liquide SA (Materials)................................ 4,009 651,473
L'Oreal (Consumer Staples).................................. 2,500 1,623,422
Lafarge SA (Materials)...................................... 5,116 554,972
Lagardere Group S.C.A. (Industrial & Commercial)............ 5,260 207,529
Legrand SA (Information Technology)......................... 1,478 301,212
Michelin SA, Class B (Consumer Discretionary)............... 5,857 237,475
Moet Henessy Louis Vuitton (Consumer Staples)............... 4,160 1,181,573
Pathe SA (Information & Entertainment)...................... 1,218 143,332
Pernod-Ricard (Consumer Staples)............................ 3,266 218,198
Peugeot SA (Consumer Discretionary)......................... 2,481 427,322
Pinault-Printemps-Redoute SA (Consumer Discretionary)....... 5,070 846,126
Promodes (Consumer Discretionary)........................... 903 588,312
Rhone-Poulenc Rorer SA, Class A (Materials)................. 15,756 770,309
Sagem Sa (Information Technology)........................... 592 153,581
Sanofi-Synthelabo SA (Healthcare)+.......................... 20,628 857,336
Schneider Electric SA (Industrial & Commercial)............. 6,311 385,849
Simco SA (Real Estate)...................................... 6,007 528,884
Societe BIC SA (Information Technology)..................... 2,508 135,494
Societe Eurafrance SA (Finance)............................. 200 120,887
Societe Generale d 'Enterprises SA (Finance)+............... 4,520 849,113
Societe Immobiliere de Location pour L'Industrie et le
Commerce (Real Estate).................................... 1,225 205,749
Societe Nationale Elf Aquitaine SA (Energy)................. 11,936 2,043,062
Sodexho Alliance SA (Industrial & Commercial)............... 1,524 251,241
Suez Lyonnaise des Eaux (Multi-industry).................... 5,892 1,040,038
Thomson CSF (Industrial & Commercial)....................... 5,801 192,073
Total SA, Class B (Energy)+................................. 11,410 1,452,564
Unibail (Union du Credit-Bail Immobilier) SA (Real
Estate)................................................... 3,555 470,829
USINOR SACILOR (Materials).................................. 12,014 179,936
Valeo SA (Consumer Discretionary)........................... 3,189 241,200
Vivendi (Industrial & Commercial)........................... 20,568 1,616,168
-------------
31,499,799
-------------
GERMANY -- 6.7%
Adidas-Salomon AG (Consumer Discretionary).................. 1,788 160,675
Agiv AG (Multi-industry).................................... 1,811 37,779
Allianz Holding AG (Finance)................................ 9,023 2,403,549
AMB Aachener Und Muenchner Beteiligungs AG (Finance)........ 775 74,204
AXA Colonia Konzern AG (Finance)............................ 911 90,637
BASF AG (Materials)......................................... 22,775 1,030,627
Bayer AG (Industrial & Commercial).......................... 26,195 1,122,618
Beiersdorf AG, Series A (Healthcare)........................ 17 1,128
Bilfinger & Berger Bau AG (Consumer Discretionary).......... 2,396 64,081
Brau Und Brunnen AG (Consumer Staples)...................... 42 2,759
Continental AG (Consumer Discretionary)..................... 4,332 90,834
</TABLE>
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---------------------------------------------------------------------------------------------
<S> <C> <C>
GERMANY (continued)
DaimlerChrysler AG (Consumer Discretionary)................. 36,394 $ 2,768,229
Degussa AG (Materials)...................................... 2,675 112,752
Deutsche Bank AG (Finance).................................. 18,551 1,174,875
Deutsche Lufthansa AG (Industrial & Commercial)............. 13,205 242,273
Deutsche Telekom AG (Information Technology)................ 76,405 3,142,829
Deutz AG (Industrial & Commercial)+......................... 2,563 18,371
Dresdner Bank AG (Finance).................................. 17,988 771,667
FAG Kugelfischer George Schaefer AG (Industrial &
Commercial)............................................... 5,541 55,425
Heidelberg Zement AG (Materials)............................ 736 73,226
Hochtief AG (Industrial & Commercial)....................... 3,892 197,774
HypoVereinsbank (Finance)................................... 14,817 843,285
Karstadt AG (Consumer Discretionary)........................ 443 211,843
Linde AG (Industrial & Commercial).......................... 292 202,423
MAN AG (Industrial & Commercial)............................ 4,760 156,841
Mannesmann AG (Industrial & Commercial)..................... 12,245 1,861,468
Merck KGAA (Healthcare)..................................... 7,945 265,186
Metro AG (Consumer Discretionary)........................... 8,685 475,710
Munchener Ruckversicherungs AG (Finance)+................... 5,948 1,145,371
Preussag AG (Industrial & Commercial)....................... 6,270 362,884
RWE AG (Utilities).......................................... 15,665 663,633
SAP AG (Information Technology)............................. 2,180 725,303
Schering AG (Healthcare).................................... 2,832 298,423
Siemens AG (Industrial & Commercial)........................ 20,644 1,707,167
STRABAG AG (Industrial & Commercial)........................ 9 539
Thyssen AG (Industrial & Commercial)........................ 14,780 344,694
VEBA AG (Utilities)......................................... 18,110 1,112,072
Viag AG (Multi-industry).................................... 1,073 552,138
Volkswagen AG (Consumer Discretionary)...................... 10,730 640,526
-------------
25,205,818
-------------
HONG KONG -- 1.5%
Bank of East Asia Ltd. (Finance)............................ 31,136 75,417
Cathay Pacific Airways Ltd. (Industrial & Commercial)....... 99,000 140,944
Cheung Kong Holdings Ltd. (Real Estate)..................... 69,000 602,292
CLP Holdings Ltd. (Utilities)............................... 74,500 338,828
Hang Lung Development Co. Ltd. (Real Estate)................ 51,000 58,480
Hang Seng Bank Ltd. (Finance)............................... 62,600 689,587
Hong Kong & China Gas Co. Ltd. (Utilities).................. 158,700 217,759
Hong Kong & Shanghai Hotels Ltd. (Information &
Entertainment)............................................ 23,500 18,166
Hong Kong Telecommunications Ltd. (Information
Technology)............................................... 358,300 842,478
Hopewell Holdings Ltd. (Real Estate)........................ 54,400 39,250
Hutchison Whampoa Ltd. (Multi-industry)..................... 114,000 1,083,218
Hysan Development Co. Ltd. (Real Estate).................... 35,332 46,204
Johnson Electric Holdings Ltd. (Industrial & Commercial).... 27,200 112,843
New World Development Co. Ltd. (Real Estate)................ 70,646 186,591
Shangri-La Asia Ltd. (Information & Entertainment).......... 32,000 37,724
Sino Land Co. Ltd. (Real Estate)............................ 78,960 41,710
South China Morning Post Holdings Ltd.
(Information & Entertainment)............................. 66,000 45,068
Sun Hung Kai Properties Ltd. (Real Estate).................. 71,000 612,889
Swire Pacific Ltd., Class A (Multi-industry)................ 51,000 236,549
Television Broadcasting Ltd. (Information &
Entertainment)............................................ 12,000 55,504
Wharf Holdings Ltd. (Multi-industry)........................ 72,742 216,494
-------------
5,697,995
-------------
ITALY -- 1.9%
Alitalia SpA (Information & Entertainment).................. 25,760 74,545
Assicurazione Generali SpA (Finance)........................ 20,502 656,675
Banca Commerciale Italiana SpA (Finance)+................... 39,314 242,675
Banca Intesa SpA (Finance).................................. 53,103 215,877
</TABLE>
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COMMON STOCK (CONTINUED) SHARES VALUE
---------------------------------------------------------------------------------------------
<S> <C> <C>
ITALY (continued)
Banca Popolare di Milano (Finance).......................... 6,711 $ 48,533
Benetton Group SpA (Consumer Discretionary)................. 34,608 72,566
Burgo (Cartiere) SpA (Materials)............................ 1,771 12,296
Edison SpA (Utilities)...................................... 13,811 118,939
ENI SpA (Energy)............................................ 161,768 984,708
Fiat SpA (Consumer Discretionary)........................... 85,282 300,162
Impreglio SpA (Industrial & Commercial)..................... 9,085 6,609
Istituto Mobiliare Italiano SpA (Finance)................... 28,780 365,156
Istituto Nazionale Delle Assicurazioni SpA (Finance)........ 85,264 195,657
Italcementi SpA (Materials)................................. 3,070 41,054
Italcementi SpA nonconvertible (Materials).................. 4,523 21,532
Italgas SpA (Utilities)..................................... 9,429 36,616
La Rinascente SpA (Consumer Discretionary).................. 4,379 32,699
Magneti Marelli SpA-RNC (Industrial & Commercial)........... 1 3
Magneti Marelli SpA (Industrial & Commercial)............... 8,222 22,816
Mediaset SpA (Information & Entertainment).................. 24,718 223,446
Mediobanca SpA (Finance).................................... 13,150 131,535
Montedison SpA (Materials).................................. 29,432 46,442
Montedison SpA nonconvertible (Materials)................... 30,827 35,683
Olivetti Spa (Information Technology)....................... 88,412 201,462
Parmalat Finanziaria SpA (Consumer Discretionary)........... 35,432 46,244
Pirelli SpA (Industrial & Commercial)....................... 47,098 120,925
Reno De Medici SpA (Materials).............................. 2,402 6,296
Riunione Adriatica de Sicur Ras SpA (Finance)............... 9,891 92,481
S.A.I Societa Assicuratrice Industriale SpA (Finance)....... 2,752 28,411
Sirti SpA (Consumer Discretionary).......................... 3,926 18,858
SNIA BPD SpA (Multi-industry)............................... 18,759 22,677
Telecom Italia Mobile RNC SpA (Information Technology)...... 29,815 98,559
Telecom Italia Mobile SpA (Information Technology).......... 129,500 749,497
Telecom Italia SpA (Information Technology)................. 74,554 737,760
Telecom Italia SpA-RNC (Information Technology)+............ 18,169 99,130
UniCredito Italiano SpA (Finance)........................... 87,207 370,378
Unione Immobiliare SpA (Real Estate)........................ 1,439,770 646,912
-------------
7,125,814
-------------
JAPAN -- 23.4%
77 Bank Ltd. (Finance)...................................... 16,000 159,100
Acom Co. Ltd. (Finance)..................................... 6,400 602,905
Advantest Corp. (Information Technology).................... 5,800 738,628
Ajinomoto Co., Inc. (Consumer Discretionary)................ 62,000 764,150
AOKI Corp. (Industrial & Commercial)........................ 70,400 45,441
Asahi Bank Ltd. (Finance)................................... 94,000 483,754
Asahi Breweries Ltd. (Consumer Staples)..................... 30,400 397,484
Asahi Chemical Industry Co., Inc. (Materials)............... 122,000 611,889
Asahi Glass Co. Ltd. (Materials)............................ 81,200 499,333
Bank of Tokyo-Mitsubishi Ltd. (Finance)+.................... 207,400 3,165,860
Bank of Yokohama Ltd. (Finance)............................. 70,000 205,155
Bridgestone Corp. (Consumer Discretionary).................. 46,400 1,428,689
Canon, Inc. (Information & Entertainment)................... 41,200 1,304,514
Casio Computer Co. Ltd. (Information Technology)............ 23,600 172,916
Chiba Bank Ltd. (Finance)................................... 27,000 106,450
Chugai Pharmaceutical Co. Ltd. (Healthcare)................. 26,400 320,084
Credit Saison Co. Ltd. (Finance)............................ 7,300 152,820
Dai Nippon Printing Co. Ltd. (Industrial & Commercial)...... 40,400 688,927
Daiei, Inc. (Consumer Discretionary)........................ 44,200 179,275
Daikin Industries Ltd. (Industrial & Commercial)............ 400 4,375
Daiwa House Industry Co. Ltd. (Consumer Discretionary)...... 43,400 456,543
Daiwa Securities Co. Ltd. (Finance)......................... 94,000 815,823
</TABLE>
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---------------------------------------------------------------------------------------------
<S> <C> <C>
JAPAN (continued)
Denso Corp. (Consumer Discretionary)........................ 13,859 $ 309,469
East Japan Railway Co. (Industrial & Commercial)............ 275 1,734,267
Ebara Corp. (Industrial & Commercial)....................... 26,600 320,652
Fanuc Ltd. (Information Technology)......................... 9,200 543,277
Fuji Bank Ltd. (Finance).................................... 237,000 1,819,181
Fuji Photo Film Co. Ltd. (Information & Entertainment)...... 25,600 984,744
Fujitsu Ltd. (Information Technology)....................... 102,400 3,072,580
Furukawa Electric Co. Ltd. (Industrial & Commercial)........ 29,600 152,331
Gunma Bank Ltd. (Finance)................................... 16,000 111,230
Hankyu Corp. (Industrial & Commercial)...................... 22,000 90,383
Hazama Corp. (Industrial & Commercial)...................... 41,300 33,863
Hitachi Ltd. (Information Technology)+...................... 196,800 1,982,677
Honda Motor Co. Ltd. (Consumer Discretionary)............... 43,000 1,864,102
Industrial Bank of Japan Ltd. (Finance)..................... 115,000 933,883
Ito-Yokado Co. Ltd. (Consumer Discretionary)................ 19,600 1,333,508
Japan Airlines Co. Ltd. (Information & Entertainment)....... 129,100 467,325
Japan Energy Corp. (Energy)................................. 99,400 129,187
Joyo Bank Ltd. (Finance).................................... 18,000 79,288
Jusco Co. Ltd. (Consumer Discretionary)..................... 21,800 448,759
Kajima Corp. (Industrial & Commercial)...................... 80,800 335,477
Kansai Electric Power Co., Inc. (Utilities)+................ 52,800 1,107,628
KAO Corp. (Consumer Staples)................................ 26,800 745,711
Kawasaki Steel Corp. (Materials)............................ 65,000 132,103
Kinki Nippon Railway Co. Ltd. (Industrial & Commercial)..... 63,500 331,776
Kirin Brewery Co. Ltd. (Consumer Staples)+.................. 81,800 1,011,753
Komatsu Ltd. (Industrial & Commercial)...................... 67,800 425,801
Kubota Ltd. (Industrial & Commercial)....................... 119,000 322,814
Kumagai Gumi Co. Ltd. (Industrial & Commercial)............. 128,800 138,187
Kyocera Corp. (Information Technology)...................... 11,000 765,668
Kyowa Hakko Kogyo Co. Ltd. (Healthcare)..................... 38,400 241,162
Marubeni Corp. (Consumer Discretionary)..................... 111,200 245,398
Marui Co. Ltd. (Consumer Discretionary)..................... 8,800 135,709
Matsushita Electric Industrial Co. Ltd. (Industrial &
Commercial)+.............................................. 94,000 2,234,288
Mitsubishi Chemical Corp. (Materials)....................... 126,000 409,944
Mitsubishi Corp. (Consumer Discretionary)................... 84,000 685,071
Mitsubishi Electric Corp. (Information Technology).......... 139,800 743,844
Mitsubishi Estate Co. Ltd. (Real Estate).................... 35,000 363,295
Mitsubishi Heavy Industries Ltd. (Industrial &
Commercial)............................................... 181,400 802,214
Mitsubishi Materials Corp. (Materials)...................... 77,600 169,218
Mitsubishi Trust & Banking Corp. (Finance).................. 56,800 579,668
Mitsui & Co. (Consumer Discretionary)....................... 76,600 545,210
Mitsui Engineering & Shipbuilding Co. Ltd. (Industrial &
Commercial)............................................... 81,800 93,469
Mitsui Fudosan Co. Ltd. (Real Estate)....................... 27,000 223,734
Mitsui Trust & Banking Co. Ltd. (Finance)................... 2,000 3,698
Mitsukoshi Ltd. (Consumer Discretionary).................... 43,200 215,162
Murata Manufacturing Co. Ltd. (Information Technology)...... 11,800 873,845
Mycal Corp. (Consumer Discretionary)........................ 26,600 170,535
NEC Corp. (Information Technology).......................... 70,800 1,111,605
NGK Insulators Ltd. (Industrial & Commercial)............... 44,400 467,450
Nippon Express Co. Ltd. (Industrial & Commercial)........... 32,400 219,024
Nippon Fire & Marine Insurance Co. Ltd. (Finance)........... 400 1,420
Nippon Light Metal Co. Ltd. (Materials)..................... 38,400 55,266
Nippon Meat Packers, Inc. (Consumer Staples)................ 16,400 234,602
Nippon Oil Co. Ltd. (Energy)................................ 119,200 529,223
Nippon Steel Corp. (Materials).............................. 461,000 1,178,185
Nippon Telegraph & Telephone Corp. (Information
Technology)............................................... 582 7,411,749
Nippon Yusen Kabushiki Kaish (Industrial & Commercial)...... 117,000 408,217
Nissan Motor Co. Ltd. (Consumer Discretionary).............. 142,600 848,299
</TABLE>
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COMMON STOCK (CONTINUED) SHARES VALUE
---------------------------------------------------------------------------------------------
<S> <C> <C>
JAPAN (continued)
NKK Corp. (Materials)....................................... 241,200 $ 214,596
Nomura Securities Co. Ltd. (Finance)........................ 79,000 1,108,047
Odakyu Electric Railway Co. Ltd. (Industrial &
Commercial)............................................... 46,000 162,903
Oji Paper Co. Ltd. (Materials).............................. 81,800 490,893
Orix Corp. (Finance)........................................ 1,800 185,582
Osaka Gas Co. Ltd. (Utilities).............................. 164,200 592,950
Penta Ocean Construction Co. Ltd. (Consumer
Discretionary)............................................ 38,400 73,018
Pioneer Electronic Corp. (Industrial & Commercial).......... 10,600 203,873
Rohm Co. Ltd. (Information Technology)...................... 4,800 898,914
Sakura Bank Ltd. (Finance).................................. 157,400 654,889
Sankyo Co. Ltd. (Healthcare)................................ 23,600 623,734
Sanyo Electric Co. Ltd. (Information Technology)............ 110,000 506,607
Secom Co. Ltd. (Industrial & Commercial).................... 8,000 948,319
Sega Enterprises Ltd. (Information & Entertainment)......... 8,200 115,156
Sekisui House Ltd. (Consumer Discretionary)................. 41,400 465,838
Sharp Corp. (Information Technology)........................ 67,800 962,193
Shimano, Inc. (Information & Entertainment)................. 10,500 282,088
Shimizu Corp. (Consumer Discretionary)...................... 60,000 267,434
Shin-Etsu Chemical Co. Ltd. (Materials)..................... 16,000 580,575
Shiseido Co. Ltd. (Healthcare).............................. 18,600 257,150
Shizuoka Bank Ltd. (Finance)................................ 22,000 247,355
Showa Denko K.K. (Materials)................................ 78,800 106,538
SMC Corp. (Industrial & Commercial)......................... 3,000 368,965
Sony Corp. (Information & Entertainment)+................... 17,800 2,265,271
Sumitomo Bank Ltd. (Finance)................................ 102,000 1,379,040
Sumitomo Chemical Co. Ltd. (Materials)...................... 157,400 800,420
Sumitomo Corp. (Consumer Discretionary)..................... 48,400 362,646
Sumitomo Electric Industries Ltd. (Industrial &
Commercial)............................................... 56,200 707,862
Sumitomo Forestry Co. Ltd. (Materials)...................... 8,800 69,697
Sumitomo Metal Industries Ltd. (Materials).................. 149,800 188,157
Sumitomo Metal Mining Co. Ltd. (Materials).................. 41,400 194,280
Sumitomo Osaka Cement Co. Ltd. (Materials).................. 41,200 76,905
Taisei Corp. (Consumer Discretionary)....................... 81,800 185,512
Taisho Pharmaceutical Co. Ltd. (Healthcare)................. 25,600 993,676
Taiyo Yuden Co. Ltd. (Information Technology)............... 26,000 464,913
Takeda Chemical Industries Ltd. (Healthcare)................ 48,200 2,615,064
Teijin Ltd. (Materials)..................................... 77,800 313,521
Tobu Railway Co. Ltd. (Industrial & Commercial)............. 54,200 162,631
Tohoku Electric Power Co., Inc. (Utilities)................. 13,400 219,739
Tokai Bank Ltd. (Finance)................................... 78,000 432,029
Tokio Marine & Fire Insurance Co. Ltd. (Finance)............ 73,000 846,238
Tokyo Corp. (Industrial & Commercial)....................... 65,000 171,791
Tokyo Electric Power Co., Inc. (Utilities).................. 68,200 1,624,022
Tokyo Electron Ltd. (Information Technology)................ 5,100 364,778
Tokyo Gas Co. Ltd. (Utilities).............................. 79,400 199,461
Toppan Printing Co. Ltd. (Industrial & Commercial).......... 30,200 360,888
Toray Industries, Inc. (Materials).......................... 110,100 560,848
Toto Ltd. (Materials)....................................... 43,200 322,554
Toyobo Co. Ltd. (Consumer Discretionary).................... 61,800 97,569
Toyota Motor Corp. (Consumer Discretionary)................. 170,200 5,997,715
Ube Industries Ltd. (Materials)............................. 78,800 166,336
Yokogawa Electric Corp. (Information Technology)............ 40,000 240,743
-------------
88,934,166
-------------
NETHERLANDS -- 5.3%
ABN Amro Holdings NV (Finance).............................. 63,091 1,417,390
AEGON NV (Finance).......................................... 24,777 1,909,789
Akzo Nobel NV (Materials)+.................................. 14,209 607,272
</TABLE>
- ---------------------
136
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
---------------------------------------------------------------------------------------------
<S> <C> <C>
NETHERLANDS (continued)
Buhrmann NV (Materials)..................................... 3,244 $ 65,938
Elsevier NV (Information & Entertainment)................... 24,949 316,282
Getronics NV (Information Technology)+...................... 3,419 140,636
Hagemeyer NV (Consumer Discretionary)....................... 3,794 106,138
Heineken Holdings NV (Consumer Staples)..................... 14,996 811,762
ING Groep NV (Finance)...................................... 38,822 1,985,219
KLM Royal Dutch Air Lines NV (Information &
Entertainment)............................................ 3,364 89,250
Koninklijke Ahold NV (Consumer Discretionary)............... 25,258 880,885
Koninklijke Nedlloyd NV (Industrial & Commercial)........... 1,086 31,427
Oce-Van Der Grinten NV (Information Technology)............. 3,894 84,149
Philips Electronics NV (Industrial & Commercial)............ 14,003 1,429,880
Royal Dutch Petroleum Co. NV (Energy)+...................... 87,613 5,473,739
Royal Koninklijke NV (Information Technology)............... 19,423 887,252
Stork NV (Industrial & Commercial).......................... 2,004 49,309
TNT Post Group NV (Industrial & Commercial)................. 20,723 499,922
Unilever NV (Consumer Staples).............................. 23,475 1,662,518
Unilever NV PLC (Consumer Staples).......................... 139,907 1,341,211
Vedior NV (Industrial & Commercial)+........................ 2,675 45,072
Wolters Kluwer NV ADR (Information & Entertainment)......... 11,652 425,067
-------------
20,260,107
-------------
PORTUGAL -- 0.0%
INAPA-Investimentos Participacoes e Gestao SA (Materials)... 320 2,739
Somague-Sociedade Gestora de Participacoes SA (Industrial &
Commercial)............................................... 170 653
-------------
3,392
-------------
SINGAPORE -- 2.6%
City Developments Ltd. (Real Estate)........................ 101,000 702,348
Creative Technology Ltd. (Information Technology)........... 11,650 121,866
Cycle & Carriage Ltd. (Consumer Discretionary).............. 37,000 202,318
DBS Land Ltd. (Real Estate)................................. 196,750 409,287
Development Bank of Singapore Ltd. (Finance)................ 88,000 1,145,438
First Capital Corp. Ltd. (Real Estate)...................... 38,000 52,624
Fraser & Neave Ltd. (Consumer Staples)...................... 41,000 171,798
Hotel Properties Ltd. (Real Estate)......................... 110,000 113,759
Keppel Corp. Ltd. (Multi-industry).......................... 106,000 359,108
NatSteel Ltd. (Materials)................................... 60,000 106,627
Neptune Orient Lines Ltd. (Industrial & Commercial)......... 80,000 102,229
Overseas Chinese Banking Corp. Ltd. (Finance)............... 134,534 1,127,447
Parkway Holdings Ltd. (Real Estate)......................... 56,000 126,478
Sembcorp Industries Ltd. (Industrial & Commercial)+......... 230,331 349,090
Singapore Airlines Ltd. (Information & Entertainment)....... 118,000 1,108,113
Singapore Press Holdings Ltd. (Information &
Entertainment)............................................ 45,918 813,288
Singapore Technologies Engineering Ltd. (Industrial &
Commercial)............................................... 368,000 457,129
Singapore Telecommunications Ltd. (Information
Technology)............................................... 783,000 1,335,637
United Industrial Corp. Ltd. (Multi-industry)............... 204,000 124,886
United Overseas Bank Ltd. (Finance)......................... 92,000 672,571
United Overseas Land Ltd. (Real Estate)..................... 144,000 135,227
Venture Manufacturing Ltd. (Information Technology)......... 30,000 249,629
-------------
9,986,897
-------------
SPAIN -- 4.2%
Acerinox SA (Materials)..................................... 5,299 170,009
ACS Actividades de Construccion y Servicios SA (Industrial &
Commercial)............................................... 3,857 103,733
Aguas de Barcelona (Utilities).............................. 10,245 159,250
Autopistas Concesionaria Espana SA (Industrial &
Commercial)............................................... 18,464 202,071
</TABLE>
---------------------
137
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
---------------------------------------------------------------------------------------------
<S> <C> <C>
SPAIN (continued)
Azucarera Ebro Agricolas SA (Consumer Staples).............. 5,231 $ 78,234
Banco Bilbao Vizcaya SA (Finance)........................... 145,579 1,828,393
Banco de Santander SA (Finance)............................. 249,232 2,466,313
Corporacion Bancaria de Espana SA (Finance)................. 36,420 802,230
Corporacion Financiera Alba SA (Industrial & Commercial).... 6,150 153,758
Corporacion Mapfre SA (Finance)............................. 5,133 94,505
Empresa Nacional Celulos SA (Materials)..................... 63 1,140
Endesa SA (Utilities)....................................... 68,718 1,356,343
Fomento de Construcciones y Contratas SA (Consumer
Discretionary)............................................ 5,186 301,255
Gas Natural SDG SA (Utilities).............................. 31,380 678,121
Grupo Dragados SA (Industrial & Commercial)................. 12,438 151,557
Iberdrola SA (Utilities)+................................... 62,653 872,681
Mapfre Vida Seguros (Finance)............................... 22 605
Metrovacesa SA (Real Estate)................................ 16,169 363,250
Portland Valderrivas SA (Materials)......................... 21 660
Prima Inmobiliaria (Consumer Discretionary)................. 16,870 151,780
Repsol SA (Energy).......................................... 67,773 1,389,893
Sol Melia SA (Information & Entertainment).................. 2,259 89,852
Tabacalera SA, Series A (Consumer Staples).................. 12,464 246,679
Telefonica SA (Information Technology)+..................... 197,439 3,157,743
TelePizza SA (Information & Entertainment)+................. 15,230 66,476
Union Electrica Fenosa SA (Utilities)....................... 20,745 277,856
Vallehermoso SA (Real Estate)............................... 56,318 541,639
Zardoya Otis SA (Industrial & Commercial)................... 1,778 46,126
-------------
15,752,152
-------------
SWEDEN -- 3.4%
AGA AB, Series B (Materials)................................ 11,850 168,869
Atlas Copco AB, Class A (Industrial & Commercial)........... 9,450 252,071
Atlas Copco AB, Class B (Industrial & Commercial)........... 5,000 131,239
Castellum AB (Real Estate).................................. 17,110 154,215
Diligentia AB (Real Estate)................................. 30,629 242,489
Drott AB (Real Estate)...................................... 17,500 170,520
Electrolux AB (Consumer Discretionary)...................... 22,500 467,254
Ericsson L.M. Telecommunications Co., Class B (Information
Technology)............................................... 107,700 3,509,019
Fastighets AB Tornet (Real Estate).......................... 9,710 134,825
ForeningsSparbanken AB (Finance)+........................... 38,700 615,131
Hennes & Mauritz AB, Class B (Consumer Discretionary)....... 59,900 1,561,302
NetCom Systems AB, Class B (Information Technology)+........ 6,900 239,099
OM Gruppen AB (Finance)..................................... 5,400 56,893
Sandvik AB, Class A (Materials)............................. 14,400 356,045
Sandvik AB, Class B (Materials)............................. 6,000 148,717
Securitas AB, Series B (Industrial & Commercial)............ 28,644 423,893
Skandia Forsakrings AB (Finance)............................ 37,800 706,718
Skandinaviska Enskilda Bank, Class A (Finance).............. 43,900 505,292
Skanska AB, Series B (Industrial & Commercial).............. 9,200 337,848
SKF AB, Series B (Materials)................................ 6,300 138,121
SSAB Svenskt Stal AB, Series A (Materials).................. 8,900 105,150
Svenska Cellulosa AB, Class B (Materials)................... 16,200 469,611
Svenska Handelsbanken, Series A (Finance)................... 47,500 627,725
Swedish Match Co. (Consumer Staples)........................ 26,200 102,117
Trelleborg AB, Class B (Multi-industry)..................... 10,700 89,925
Volvo AB, Class A (Consumer Discretionary).................. 10,700 328,421
Volvo AB, Class B (Consumer Discretionary).................. 22,500 702,937
WM-Data AB, Class B (Information Technology)................ 4,200 158,583
-------------
12,904,029
-------------
</TABLE>
- ---------------------
138
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
---------------------------------------------------------------------------------------------
<S> <C> <C>
SWITZERLAND -- 5.7%
ABB AG (Information Technology)............................. 8,800 $ 853,696
Adecco SA (Industrial & Commercial)......................... 755 422,509
Alusuisse-Lonza Group Ltd. (Multi-industry)................. 250 297,400
Credit Suisse Group (Finance)............................... 10,950 2,069,499
Georg Fisher AG, Series B (Industrial & Commercial)......... 135 41,348
Holderbank Financiere Glarus AG (Materials)................. 285 341,901
Nestle SA (Consumer Staples)+............................... 1,615 3,173,500
Novartis AG (Healthcare).................................... 2,625 3,789,458
Roche Holdings AG (Healthcare).............................. 68 1,230,480
Roche Holdings AG Gerusscheine NPV (Healthcare)............. 284 3,138,637
SAirGroup (Information & Entertainment)..................... 650 146,371
Schweizerische Rueckversicherungs-Gesellschaft (Consumer
Discretionary)+........................................... 600 1,150,057
SGS Societe Generale de Surveillance Holding SA, Series B
(Industrial & Commercial)................................. 70 81,161
Sulzer AG (Multi-industry).................................. 170 100,147
Swatch Group AG (Consumer Discretionary).................... 205 160,060
Swisscom AG (Information Technology)........................ 2,800 1,000,201
UBS AG (Finance)............................................ 8,323 2,535,221
Valora Holdings AG (Industrial & Commercial)................ 265 63,581
Zurich Allied AG (Finance)+................................. 1,945 1,127,555
-------------
21,722,782
-------------
THAILAND -- 0.0%
Advance Agro PCL (Materials)................................ 660 426
CMIC Finance & Security PCL (Finance)(1).................... 6,700 0
Finance One PCL (Finance)(1)................................ 37,700 0
General Finance & Securities PLC (Finance)(1)............... 7,650 0
Univest Land PLC (Real Estate)(1)........................... 22,500 0
-------------
426
-------------
UNITED KINGDOM -- 22.7%
Abbey National PLC (Finance)................................ 67,174 1,157,277
Albert Fisher Group PLC (Consumer Staples).................. 55,153 11,620
Alldays PLC (Consumer Discretionary)........................ 2,933 3,803
Allders PLC (Consumer Discretionary)........................ 3,826 7,689
Allied Zurich PLC (Finance)+................................ 71,515 874,499
AMEC PLC (Industrial & Commercial).......................... 11,188 46,600
Anglian Water PLC (Utilities)+.............................. 34,916 421,018
Arjo Wiggins Appleton PLC (Materials)....................... 47,089 185,069
Associated British Foods PLC (Consumer Staples)............. 37,837 254,028
Associated British Ports Holdings PLC (Industrial &
Commercial)............................................... 27,950 135,443
BAA PLC (Industrial & Commercial)........................... 52,475 533,240
Barclays PLC (Finance)+..................................... 67,485 1,996,057
Barratt Developments PLC (Industrial & Commercial).......... 15,998 90,748
Bass PLC (Consumer Staples)+................................ 38,546 554,747
BBA Group PLC (Multi-industry).............................. 1,916 16,054
Beazer Group PLC (Industrial & Commercial).................. 22,119 66,499
Berisford PLC (Multi-industry).............................. 29,455 124,237
Berkeley Group PLC (Industrial & Commercial)................ 11,553 149,136
BG PLC (Utilities).......................................... 186,552 1,127,747
BICC Group PLC (Industrial & Commercial).................... 44,441 66,264
Blue Circle Industries PLC (Materials)...................... 87,104 618,323
BOC Group PLC (Materials)................................... 27,670 571,771
Boots Co. PLC (Consumer Discretionary)...................... 47,204 576,072
BP Amoco PLC (Energy)....................................... 387,597 7,594,682
BPB Industries PLC (Materials).............................. 99,725 646,498
British Aerospace PLC (Industrial & Commercial)............. 91,732 606,574
British Airways PLC (Information & Entertainment)........... 51,711 338,585
</TABLE>
---------------------
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
---------------------------------------------------------------------------------------------
<S> <C> <C>
UNITED KINGDOM (continued)
British America Tobacco PLC (Consumer Staples)+............. 71,516 $ 605,030
British Land Co. PLC (Real Estate).......................... 132,100 1,091,882
British Sky Broadcasting Group PLC (Information &
Entertainment)............................................ 76,957 724,024
British Steel PLC (Materials)+.............................. 129,723 346,900
British Telecommunications PLC (Information Technology)..... 240,466 4,170,041
Burmah Castrol PLC (Energy)................................. 40,110 832,081
Cable & Wireless PLC (Information Technology)+.............. 88,013 1,076,953
Cadbury Schweppes PLC (Consumer Staples).................... 97,712 622,362
Capital Shopping Centers PLC (Consumer Discretionary)....... 32,710 218,414
Caradon PLC (Materials)..................................... 110,256 303,776
Carillion PLC (Industrial & Commercial)..................... 13,524 24,110
Carpetright PLC (Consumer Discretionary).................... 19,240 138,449
Centrica PLC (Utilities).................................... 189,161 429,203
CGU PLC (Finance)........................................... 45,430 628,787
Cobham PLC (Industrial & Commercial)........................ 5,557 83,128
Compass Group PLC (Information & Entertainment)............. 33,174 341,409
Delta PLC (Multi-industry).................................. 3,744 8,981
Diageo PLC (Consumer Staples)+.............................. 163,392 1,660,356
Dialog Corp. PLC (Information Technology)+.................. 6,944 7,878
EMAP PLC (Information & Entertainment)...................... 9,254 174,726
Emi Group PLC (Information & Entertainment)................. 99,214 836,140
Enterprise Oil PLC (Energy)................................. 44,511 341,939
Firstgroup Acquisition Ltd. (Industrial & Commercial)....... 10,777 1,223
FirstGroup PLC (Industrial & Commercial).................... 43,110 200,522
FKI PLC (Multi-industry).................................... 35,500 127,727
General Electric Co. PLC (Information Technology)........... 131,760 1,322,902
GKN PLC (Consumer Discretionary)............................ 71,059 1,214,995
Glaxo Wellcome PLC (Healthcare)............................. 141,262 3,647,069
Granada Group PLC (Information & Entertainment)............. 85,784 853,645
Grantchester Holdings PLC (Real Estate)..................... 148,240 376,476
Great Portland PLC (Real Estate)............................ 77,470 278,106
Great Universal Stores PLC (Consumer Discretionary)......... 48,638 497,402
Halifax PLC (Finance)....................................... 109,422 1,211,235
Hammerson PLC (Real Estate)................................. 55,630 430,963
Hanson PLC (Multi-industry)................................. 76,948 687,150
House of Fraser PLC (Consumer Discretionary)................ 21,504 30,844
HSBC Holdings (Finance)..................................... 332,862 3,962,405
Hyder PLC (Utilities)....................................... 13,296 137,266
IMI PLC (Multi-industry).................................... 41,564 178,511
Imperial Chemical Industries PLC (Materials)................ 34,791 405,978
Jarvis PLC (Industrial & Commercial)........................ 12,566 57,024
JBA Holdings PLC (Information Technology)................... 2,260 9,340
Johnson Matthey PLC (Multi-industry)........................ 49,203 462,511
Kingfisher PLC (Consumer Discretionary)..................... 71,350 797,895
Kwik-Fit Holdings PLC (Consumer Discretionary).............. 3,911 34,989
Ladbroke Group PLC (Information & Entertainment)............ 73,343 289,144
Laird Group PLC (Multi-industry)............................ 9,983 49,671
Land Securities PLC (Real Estate)........................... 123,160 1,656,726
LASMO PLC (Energy).......................................... 166,490 447,919
Legal & General Group Ltd. PLC (Finance).................... 247,779 600,356
Lex Service PLC (Consumer Discretionary).................... 16,132 142,622
LIMIT PLC (Finance)......................................... 15,306 36,341
Lloyds TSB Group PLC (Finance).............................. 238,335 3,111,403
London Clubs International PLC (Information &
Entertainment)............................................ 35,948 91,761
London Forfaiting Co. PLC (Finance)......................... 11,118 8,649
Lonrho PLC (Multi-industry)................................. 43,628 429,904
Low & Bonar PLC (Materials)................................. 2,967 10,339
Manchester United PLC (Information & Entertainment)......... 2,867 10,083
</TABLE>
- ---------------------
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
---------------------------------------------------------------------------------------------
<S> <C> <C>
UNITED KINGDOM (continued)
Marks & Spencer PLC (Consumer Discretionary)................ 131,312 $ 809,771
Mayflower Corp. PLC (Consumer Discretionary)................ 375 1,428
McKechnie PLC (Multi-industry).............................. 3,439 27,729
Meggitt PLC (Multi-industry)................................ 8,797 25,948
MEPC PLC (Real Estate)...................................... 104,278 861,918
Mirror Group PLC (Information & Entertainment).............. 36,930 155,916
Misys PLC (Information Technology).......................... 83,517 741,075
National Power PLC (Utilities)+............................. 60,903 430,356
Next PLC (Consumer Staples)+................................ 26,982 296,925
NFC PLC (Industrial & Commercial)........................... 70,218 246,951
Ocean Group PLC (Industrial & Commercial)................... 1,411 22,982
Parity PLC (Information Technology)......................... 47,655 175,322
Peninsular & Oriental Steam PLC (Industrial & Commercial)... 35,565 574,961
Pennon Group PLC (Industrial & Commercial).................. 18,963 330,845
Pilkington PLC (Materials).................................. 268,029 410,503
Powerscreen International PLC (Industrial & Commercial)..... 3,129 9,787
Prudential Corp. PLC (Finance).............................. 90,920 1,351,237
Racal Electronic PLC (Multi-industry)....................... 17,560 108,715
Railtrack Group PLC (Industrial & Commercial)+.............. 22,756 418,042
Rank Group PLC (Information & Entertainment)................ 89,277 434,074
Reed International PLC (Information & Entertainment)........ 55,133 420,411
Rentokil Initial PLC ADR (Industrial & Commercial).......... 129,996 505,116
Reuters Group PLC (Information & Entertainment)............. 55,598 791,146
Rexam PLC (Materials)....................................... 34,945 176,702
Rio Tinto PLC (Materials)+.................................. 51,932 986,428
RMC Group PLC (Materials)................................... 20,057 348,875
Rolls-Royce PLC (Industrial & Commercial)................... 62,948 262,701
Royal & Sun Alliance Insurance Group PLC (Insurance)........ 62,937 518,170
Rugby Group PLC (Consumer Discretionary).................... 19,092 33,263
Safeway PLC (Consumer Discretionary)........................ 50,465 189,750
Sainsbury (J.) PLC (Consumer Discretionary)+................ 87,469 528,769
Schroder PLC (Finance)...................................... 7,308 164,041
Scotia Holdings PLC (Healthcare)+........................... 8,412 14,724
Scottish Hydro-Electric PLC (Utilities)..................... 38,583 371,750
Scottish Power PLC (Industrial & Commercial)+............... 61,367 515,190
Siebe PLC (Industrial & Commercial)......................... 289,341 1,568,588
Skillsgroup PLC (Information Technology).................... 2,557 11,438
Slough Estates PLC (Real Estate)............................ 114,647 675,414
SmithKline Beecham PLC (Healthcare)......................... 243,162 3,002,988
Smiths Industries PLC (Multi-industry)...................... 9,325 131,030
Stagecoach Holdings PLC (Industrial & Commercial)........... 76,084 267,890
TI Group PLC (Multi-industry)............................... 29,724 221,840
Tarmac Group (Industrial & Commercial)...................... 13,524 121,483
Tate & Lyle PLC (Consumer Staples).......................... 34,919 237,975
Taylor Woodrow PLC (Industrial & Commercial)................ 32,685 94,026
Tesco PLC (Consumer Discretionary)+......................... 147,133 383,322
Thames Water PLC (Industrial & Commercial).................. 24,653 381,172
Torotrak PLC (Consumer Discretionary)+...................... 2,495 6,874
United Utilities PLC (Utilities)............................ 32,031 416,599
Vickers PLC (Multi-industry)................................ 4,178 10,733
Vodafone Group PLC (Information Technology)................. 226,781 4,762,895
Wickes PLC (Consumer Discretionary)......................... 1,754 11,527
William Baird PLC (Consumer Discretionary).................. 19,274 34,986
</TABLE>
---------------------
141
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
---------------------------------------------------------------------------------------------
<S> <C> <C>
UNITED KINGDOM (continued)
WPP Group PLC (Industrial & Commercial)..................... 50,471 $ 453,163
Yorkshire Water PLC (Industrial & Commercial)............... 32,249 228,925
Zeneca Group PLC ADR (Healthcare)........................... 66,441 2,476,663
-------------
86,012,997
-------------
TOTAL COMMON STOCK (cost $273,107,475)...................... 332,048,379
-------------
PREFERRED STOCK -- 0.4%
---------------------------------------------------------------------------------------------
AUSTRALIA -- 0.1%
News Corp. Ltd. 5.00% (Information & Entertainment)......... 59,566 480,116
-------------
GERMANY -- 0.3%
SAP AG 0.37% (Information Technology)....................... 1,527 577,472
Volkswagen AG (Consumer Discretionary)...................... 3,430 119,990
-------------
697,462
-------------
ITALY -- 0.0%
Fiat SpA 2.49% (Consumer Discretionary)..................... 29,624 50,073
-------------
NETHERLANDS -- 0.0%
Unilever NV (Consumer Staples).............................. 26,292 140,636
-------------
TOTAL PREFERRED STOCK (cost $1,301,251)..................... 1,368,287
-------------
RIGHTS -- 0.0%+ RIGHTS
---------------------------------------------------------------------------------------------
SINGAPORE -- 0.0%
Neptune Orient Lines (Industrial & Commercial)(1)........... 5,431 807
United Overseas Land Ltd. (Consumer Discretionary)(1)....... 34,500 26,042
-------------
TOTAL RIGHTS (cost $5,807).................................. 26,849
-------------
WARRANTS -- 0.0%+ WARRANTS
---------------------------------------------------------------------------------------------
HONG KONG -- 0.0%
Hong Kong & China Gas Co. Ltd. 9/30/99 (Utilities) (cost
$0)....................................................... 11,700 904
-------------
<CAPTION>
PRINCIPAL
AMOUNT
(DENOMINATED IN
BONDS & NOTES -- 0.0% LOCAL CURRENCY)
---------------------------------------------------------------------------------------------
<S> <C> <C>
FRANCE -- 0.0%
Establissements Economiques du Casino Guichard-Perrachon SA
4.50% 2001 (Consumer Discretionary)................... FRF 43,400 15,774
Sodexho Alliance SA 6.00% 2004 (Real Estate)............ FRF 30,000 5,154
-------------
20,928
-------------
PORTUGAL -- 0.0%
Jeronimo Martins zero coupon 2004 (Consumer Staples).... PTE 1,746,000 10,947
-------------
TOTAL BONDS & NOTES (cost $24,109).......................... 31,875
-------------
TOTAL INVESTMENT SECURITIES (cost $274,438,642)............. 333,476,294
-------------
</TABLE>
- ---------------------
142
<PAGE> 144
<TABLE>
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES -- 9.4% AMOUNT VALUE
---------------------------------------------------------------------------------------------
<S> <C> <C>
TIME DEPOSIT -- 9.4%
Cayman Island Time Deposit with State Street Bank & Trust
Co.
4.75% due 8/02/99 (cost $35,669,000)@..................... $35,669,000 $ 35,669,000
-------------
TOTAL INVESTMENTS --
(cost $310,107,642) 97.3% 369,145,294
Other assets less liabilities -- 2.7 10,369,590
------ -------------
NET ASSETS -- 100.0% $379,514,884
====== =============
</TABLE>
-----------------------------
ADR -- American Depository Receipt
+ Non-income producing securities
(1) Fair valued security; see Note 2
@ The security or a portion thereof represents collateral for
the following open futures contracts:
<TABLE>
<CAPTION>
OPEN FUTURES CONTRACTS
-----------------------------------------------------------------------------------------------------------
UNREALIZED
EXPIRATION VALUE AT VALUE AS OF APPRECIATION/
CONTRACTS DESCRIPTION DATE TRADE DATE JULY 31, 1999 (DEPRECIATION)
-----------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
22 Short Hang Seng Index.................. August 1999 $ 1,928,475 $ 1,881,353 $ 47,122
33 Long MIB 30 Index..................... September 1999 6,250,344 5,776,393 (473,951)
15 Long CAC 40 Index..................... September 1999 723,161 700,458 (22,703)
25 Long DAX 30 Index..................... September 1999 3,517,073 3,424,626 (92,447)
111 Long TOPIX TSE Index.................. September 1999 13,156,184 14,125,869 969,685
----------
Net Unrealized Appreciation................................................... $ 427,706
==========
</TABLE>
<TABLE>
<CAPTION>
OPEN FORWARD FOREIGN CURRENCY CONTRACTS
---------------------------------------------------------------------
CONTRACT IN DELIVERY GROSS UNREALIZED
TO DELIVER EXCHANGE FOR DATE APPRECIATION
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
GBP* 2,114,000 USD 3,447,934 8/12/99 $ 21,722
HKD 15,569,000 USD 2,004,868 8/30/99 374
USD 1,071,014 EUR 1,033,000 9/10/99 37,418
USD 6,080,135 EUR 5,825,000 9/10/99 170,220
USD 2,280,267 EUR 2,229,000 9/17/99 112,738
USD* 4,708,057 EUR 4,498,000 10/12/99 129,892
USD* 7,140,496 EUR 6,746,500 10/12/99 115,889
USD* 11,925,323 EUR 11,245,000 10/12/99 169,548
USD* 23,806,375 EUR 22,488,547 10/12/99 381,802
USD 3,421,565 GBP 2,114,296 8/12/99 5,126
USD* 3,320,896 GBP 2,113,000 10/12/99 104,538
USD* 4,997,981 GBP 3,170,000 10/12/99 140,982
USD* 8,347,399 GBP 5,284,000 10/12/99 218,620
USD* 16,707,532 GBP 10,567,365 10/12/99 423,475
USD 437,050 JPY 53,588,000 8/24/99 32,044
USD 15,854,255 JPY 1,868,741,000 8/24/99 504,153
USD* 3,917,830 JPY 456,505,500 9/16/99 91,679
USD* 4,280,811 JPY 508,860,000 9/16/99 188,530
USD* 11,930,547 JPY 1,401,720,000 10/21/99 445,835
------------
3,294,585
------------
</TABLE>
---------------------
143
<PAGE> 145
<TABLE>
<CAPTION>
OPEN FORWARD FOREIGN CURRENCY CONTRACTS
---------------------------------------------------------------------
CONTRACT IN DELIVERY GROSS UNREALIZED
TO DELIVER EXCHANGE FOR DATE DEPRECIATION
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
EUR* 44,978,047 USD 46,098,000 10/12/99 $(2,279,380)
GBP* 296 USD 462 8/12/99 (18)
GBP* 21,134,365 USD 32,921,000 10/12/99 (1,340,424)
JPY* 138,501,200 USD 1,165,443 9/16/99 (51,020)
JPY* 1,351,080,000 USD 11,680,975 9/16/99 (185,623)
JPY* 1,401,720,000 USD 12,000,000 10/21/99 (376,382)
------------
(4,232,847)
------------
Net Unrealized Depreciation............... $ (938,262)
============
</TABLE>
----------------------------
* Represents partially offsetting forward foreign currency
contracts that to the extent they are offset do not have
additional market risk but have continued counterparty
settlement risk.
<TABLE>
<S> <C> <C> <C> <C> <C>
EUR -- Euro Dollar JPY -- Japanese Yen
GBP -- Pound Sterling USD -- United States Dollar
HKD -- Hong Kong Dollar
</TABLE>
See Notes to Financial Statements
- ---------------------
144
<PAGE> 146
- ---------------------
SUNAMERICA SERIES TRUST
EMERGING MARKETS
PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 96.7% SHARES VALUE
<S> <C> <C>
----------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
ARGENTINA -- 1.7%
Banco de Galicia y Buenos Aires SA de CV ADR, Class B
(Finance)................................................. 13,356 $ 217,035
Perez Cos. SA (Multi-industry).............................. 26,400 149,220
Telecommunications Argentina ADR (Information Technology)... 8,500 228,438
Telefonica de Argentina SA ADR (Utilities).................. 9,800 283,587
TV Azteca SA de CV ADR (Information & Entertainment)+....... 32,700 147,150
------------
1,025,430
------------
BRAZIL -- 7.7%
Aracruz Celulose SA ADR (Materials)......................... 20,608 391,552
Companhia Energetica de Minas Gerais ADR (Materials)........ 24,733 430,446
Companhia Siderurgica Nacional (Materials).................. 17,500,000 405,953
Companhia Vale do Rio Doce ADR (Materials).................. 29,415 582,711
Petroleo Brasileiro SA ADR (Energy)+........................ 28,600 412,120
Tele Centro Sul Participacoes SA ADR (Information
Technology)............................................... 9,900 527,794
Telesp Celular Participacoes SA ADR (Information
Technology)............................................... 37,000 962,000
Telesp Participacoes SA ADR (Information Technology)........ 47,688 846,462
------------
4,559,038
------------
CHILE -- 3.1%
Banco Santiago ADR (Finance)................................ 24,200 517,275
Chilectra SA ADR (Utilities)................................ 9,805 202,585
Compania Cervecerias Unidas SA ADR (Consumer Staples)....... 16,200 424,238
Compania de Telecomunicaciones de Chile SA ADR
(Utilities)............................................... 27,700 706,350
------------
1,850,448
------------
CHINA -- 0.7%
Beijing Yanhua Petrochemical (Materials).................... 797,000 158,135
Shandong International Power Development Co., Ltd.
(Utilities)............................................... 548,000 91,079
Shanghai Petrochemical (Materials).......................... 821,000 157,608
------------
406,822
------------
CROATIA -- 0.6%
Pliva DD GDR (Healthcare)................................... 24,900 371,239
------------
CZECH REPUBLIC -- 0.7%
Ceske Radiokomunikace GDR (Information &
Entertainment)*(1)........................................ 11,631 427,320
------------
EGYPT -- 0.4%
EFG Hermes Holding SAE GDR (Finance)*(1).................... 22,600 237,300
------------
GREECE -- 3.4%
Commercial Bank of Greece (Finance)......................... 12,350 1,185,665
Hellenic Telecommunications Organization SA (Information
Technology)+.............................................. 28,624 602,313
Panafon Hellenic Telecom SA (Information Technology)........ 5,600 139,194
</TABLE>
---------------------
145
<PAGE> 147
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
GREECE (continued)
STET Hellas Telecommunications SA ADR (Information
Technology)............................................... 5,300 $ 118,588
------------
2,045,760
------------
HONG KONG -- 2.2%
China Telecom Ltd. (Information Technology)+................ 106,000 316,842
China Resources Enterprise Ltd. (Energy).................... 134,000 208,900
Dao Heng Bank Group Ltd. (Finance).......................... 37,000 188,299
Hengan International Group Ltd. (Consumer Staples).......... 252,000 107,955
Johnson Electric Holdings Ltd. (Industrial & Commercial).... 37,000 153,499
Legend Holdings Ltd. (Information Technology)............... 187,000 175,879
Yanzhou Coal Mining Co. Ltd. (Energy)....................... 412,000 159,245
------------
1,310,619
------------
HUNGARY -- 1.3%
Magyar Tavkozlesi RT ADR (Information Technology)........... 15,900 494,887
Mol Magyar Olajes Gazipall RT GDR (Utilities)............... 10,300 275,967
------------
770,854
------------
INDIA -- 9.4%
Bharat Heavy Electricals Ltd. (Industrial & Commercial)..... 34,700 204,918
Britannia Industries Ltd. (Consumer Staples)................ 200 5,998
Bses Ltd. (Utilities)....................................... 24,200 85,970
Cipla Ltd. (Healthcare)..................................... 5,300 230,571
Gujarat Ambuja Cements Ltd. (Materials)..................... 31,500 281,938
HDFC Bank Ltd. (Finance).................................... 5,500 305,539
Hindalco Industries Ltd. (Materials)........................ 12,300 235,927
Hindustan Lever Ltd. (Consumer Staples)..................... 11,700 737,086
Hindustan Petroleum Corp. Ltd. (Energy)..................... 31,500 180,571
Infosys Technologies Ltd. (Information Technology).......... 2,600 289,689
ITC Ltd. (Finance).......................................... 14,200 324,979
Larsen & Toubro Ltd. (Industrial & Commercial).............. 42,000 310,277
Mahanagar Telephone Nigam Ltd. GDR (Information
Technology)*.............................................. 42,200 202,482
Mahindra & Mahindra Ltd. (Consumer Discretionary)........... 18,200 159,958
Makhteshim Agan Industries (Materials)...................... 136,800 290,465
NIIT Ltd. (Information Technology).......................... 5,350 267,895
Ranbaxy Laboratories Ltd. (Healthcare)...................... 9,600 195,986
Reliance Industries Ltd. (Consumer Discretionary)........... 93,500 383,706
Satyam Computer Services Ltd. (Information Technology)...... 8,000 310,035
State Bank of India (Finance)............................... 35,000 198,212
Zee Telefilms Ltd. (Information & Entertainment)............ 7,200 354,104
------------
5,556,306
------------
INDONESIA -- 1.7%
PT Astra International (Consumer Discretionary)............. 336,000 158,421
PT Gudang Garam (Consumer Staples).......................... 72,500 201,389
PT Indofoods Sukses Makmur Tbk (Consumer Staples)........... 120,000 145,614
PT Indonesian Satellite Corp. ADR (Information
Technology)............................................... 5,400 88,763
PT Semen Gresik Tbk (Materials)............................. 78,500 171,288
PT Telekomunikasi Indonesia (Information Technology)........ 407,160 183,043
PT Telekomunikasi Indonesia ADR (Information Technology)+... 9,364 88,958
------------
1,037,476
------------
ISRAEL -- 3.2%
Bank Leumi Le Israel (Finance).............................. 306,000 537,146
ECI Telecommunications Ltd. (Information Technology)........ 9,100 308,831
Formula Systems Ltd. (Information Technology)............... 11,200 307,561
Gilat Satellite Networks Ltd. (Information Technology)+..... 6,300 332,325
Orbotech Ltd. (Information Technology)+..................... 1,500 79,875
</TABLE>
- ---------------------
146
<PAGE> 148
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
ISRAEL (continued)
Sapiens International Corp. (Information Technology)........ 31,000 $ 313,875
------------
1,879,613
------------
KOREA -- 1.3%
Hyundai Motor Co. (Consumer Discretionary).................. 9,900 309,298
LG Chemicals (Materials).................................... 7,400 224,429
Shinsegae Department Street Co. (Consumer Discretionary).... 2,900 212,048
------------
745,775
------------
MALAYSIA -- 3.0%
Berjaya Sports Toto Berhad (Information & Entertainment).... 140,000 298,421
Commerce Asset Holding Berhad (Finance)..................... 77,000 182,368
IJM Corp. Berhad (Industrial & Commercial).................. 365,000 305,447
Jaya Tiasa Holdings Berhad (Consumer Discretionary)......... 99,000 213,632
Public Bank Berhad (Finance)................................ 283,000 210,016
Telekom Malaysia Berhad (Information Technology)............ 45,000 143,290
UMW Holdings Berhad (Industrial & Commercial)............... 115,000 249,671
United Engineers Berhad (Industrial & Commercial)........... 43,000 77,513
WTK Holdings Berhad (Materials)............................. 45,000 120,789
------------
1,801,147
------------
MEXICO -- 13.7%
Alfa SA de CV, Class A (Multi-industry)+.................... 113,900 398,171
Cemex SA de CV, Class B (Materials)......................... 241,431 1,045,679
Coca Cola Femsa SA ADR (Consumer Staples)+.................. 13,829 226,450
Corporacion Interam Enterprises SA (Information &
Entertainment)............................................ 96,400 254,413
Corporacion Moctezuma (Materials)........................... 215,484 266,001
Fomento Economico Mexicano SA de CV ADR (Consumer
Staples).................................................. 157,678 542,820
Grupo Carso Global Telecom (Information Technology)+........ 45,306 264,691
Grupo Financiero Banamex Accival SA de CV (Finance)......... 234,324 506,202
Grupo Imsa SA de CV ADR (Multi-industry).................... 18,375 330,750
Grupo Mexico SA (Materials)................................. 127,505 514,253
Grupo Modelo SA de CV Class C (Consumer Staples)............ 112,700 311,823
Grupo Televisa SA de CV GDR (Information &
Entertainment)+........................................... 37,100 1,419,075
Telefonos de Mexico SA ADR (Utilities)...................... 27,500 2,076,250
------------
8,156,578
------------
PHILIPPINES -- 2.3%
Ayala Land, Inc. (Real Estate).............................. 204,100 58,314
Bank of Philippine Islands (Finance)........................ 55,200 166,317
Benpres Holdings Corp. (Multi-industry)..................... 735,000 160,364
Cosmos Bottling Co. (Consumer Staples)...................... 391,200 26,927
International Container Systems, Inc. (Materials)........... 2,046,000 217,886
Manila Electric Co. (Utilities)............................. 51,100 163,254
Philippine Long Distance Telephone Co. (Utilities).......... 6,400 184,519
San Miguel, Fabricas de Cerveza y Malta, SA (Consumer
Staples).................................................. 87,290 163,244
SM Prime Holdings, Inc. (Real Estate)....................... 1,032,300 195,735
------------
1,336,560
------------
POLAND -- 1.8%
@Entertainment, Inc. (Information & Entertainment).......... 21,200 398,825
Agora SA GDR (Information & Entertainment)*................. 19,000 223,250
Agora SA GDR (Information & Entertainment).................. 10,400 122,200
Orbis SA (Information & Entertainment)...................... 34,700 304,283
------------
1,048,558
------------
</TABLE>
---------------------
147
<PAGE> 149
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
RUSSIA -- 1.1%
Surgutneftegaz Oil Co. ADR (Energy)......................... 39,600 $ 364,320
Vimpel-Communication SP ADR (Information Technology)+....... 15,600 286,650
------------
650,970
------------
SINGAPORE -- 0.6%
Asia Pulp & Paper Ltd. ADR (Materials)+..................... 16,000 122,000
Del Monte Pacific Ltd. (Consumer Staples)................... 372,800 234,870
------------
356,870
------------
SOUTH AFRICA -- 3.3%
ABSA Group Ltd. (Finance)................................... 64,900 359,649
Datatec Ltd. (Information Technology)....................... 13,400 173,955
Impala Platinum Holdings Ltd. (Materials)................... 15,637 497,847
Johnnies Industries Corp. (Consumer Discretionary).......... 56,600 389,426
Kersaf Investments Ltd. (Information & Entertainment)....... 60,400 253,852
Theta Group Ltd. (Finance).................................. 86,000 267,943
------------
1,942,672
------------
SOUTH KOREA -- 14.6%
Dacom Corp. (Information Technology)........................ 2,008 245,265
Daelim Industrial Co. (Industrial & Commercial)............. 14,400 250,071
Hanwha Chemical Corp. (Materials)........................... 131 980
Housing & Commercial Bank, Korea (Finance).................. 9,850 240,623
Kook Min Bank (Finance)..................................... 19,200 290,353
Korea Chemical Co. (Materials).............................. 2,130 176,630
Korea Electric Power Corp. (Utilities)...................... 31,100 1,108,592
Korea Mobile Telecommunications Corp. (Information &
Entertainment)............................................ 553 689,240
Korea Telecom Corp. ADR (Utilities)......................... 6,500 239,281
Korea Telecom Corp. (Utilities)............................. 9,200 645,949
Lg Electronics, Inc. (Information & Entertainment).......... 9,800 469,846
Pohang Iron & Steel Co., Ltd. (Materials)................... 4,500 553,386
Samsung Co. (Industrial & Commercial)....................... 14,200 266,656
Samsung Display Devices Co. (Information Technology)........ 3,450 203,531
Samsung Electronics, Co. (Information Technology)........... 13,196 2,072,326
Samsung Fire & Marine Insurance Co. (Finance)+.............. 5,720 297,525
Samsung Securities Co. (Finance)............................ 8,454 456,593
Shinhan Bank (Finance)...................................... 25,400 232,156
Yukong Ltd. (Energy)........................................ 10,051 256,390
------------
8,695,393
------------
TAIWAN -- 9.6%
Acer Peripherals, Inc. (Information Technology)............. 85,000 181,917
Acer, Inc. GDR (Information Technology)..................... 16,215 152,359
ASE Test Ltd. (Information Technology)...................... 80,811 201,777
ASE Test Ltd. (Information Technology)+..................... 13,500 290,250
Asustek Computer, Inc. (Information Technology)............. 40,400 429,814
Bank Sinopac (Finance)...................................... 472,477 262,324
Cathay Life Insurance Co. (Finance)......................... 140,300 396,008
China Steel Corp. (Materials)............................... 270,900 184,017
Chinatrust Commercial Bank (Finance)........................ 214,600 192,368
Evergreen Marine Corp. (Industrial & Commercial)............ 201,000 223,195
Far East Textile Ltd. (Consumer Discretionary).............. 201,000 257,485
Hon Hai Precision Industry Co. Ltd. (Information
Technology)+.............................................. 65,492 351,430
Hua Nan Commercial Bank (Finance)........................... 98,000 156,545
President Chain Stores Corp. (Consumer Discretionary)....... 101,031 289,869
Quanta Computer, Inc. (Information Technology).............. 28,000 293,548
Taishin International Bank (Finance)........................ 233,000 145,986
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
(Information Technology).................................. 288,460 1,011,042
</TABLE>
- ---------------------
148
<PAGE> 150
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
TAIWAN (continued)
United Micro Electronics Corp. (Information Technology)..... 215,800 $ 421,694
Winbond Electronics Corp. GDR (Information Technology)...... 22,800 287,531
------------
5,729,159
------------
THAILAND -- 2.5%
Advanced Information Services PCL (Information &
Entertainment)............................................ 32,200 389,464
Bangkok Bank PCL (Finance).................................. 82,300 258,812
Electricity Generating PCL (Utilities)...................... 27,400 51,920
Italian-Thai Development PCL (Industrial & Commercial)...... 17,200 33,748
National Finance & Securities Co., Ltd. PCL (Finance)....... 178,500 92,357
National Petrochemical PCL (Materials)...................... 121,800 117,855
Siam City Cement PCL (Materials)............................ 8,700 209,520
Thai Farmers Bank PCL (Finance)............................. 86,100 218,692
United International Broadcasting Corp. PCL (Information &
Entertainment)............................................ 171,200 119,640
------------
1,492,008
------------
TURKEY -- 4.0%
Akbank TAS (Finance)........................................ 30,797,300 537,938
Haci Omer Sabanci Holdings AS ADR (Finance)*................ 58,220 417,728
Hurriyet Gazetecilik ve Metbaacilik AS (Information &
Entertainment)............................................ 37,600,000 297,732
Migros Turk TAS (Consumer Discretionary).................... 543,600 237,377
Tupras-Turkiye Petrol Refinerileri AS (Energy).............. 3,741,900 309,370
Vestel Elektronik Sanayi ve Ticaret AS (Information
Technology)............................................... 1,734,500 258,531
Yapi Ve Kredi Bankasi AS GDR (Finance)*..................... 6,983 110,327
Yapi Ve Kredi Bankasi AS GDR (Finance)...................... 14,604 230,743
------------
2,399,746
------------
UNITED KINGDOM -- 2.8%
Billiton PLC (Materials).................................... 116,000 483,765
Lonrho PLC (Multi-industry)................................. 48,438 488,114
Old Mutual PLC (Finance).................................... 323,500 663,235
------------
1,635,114
------------
TOTAL COMMON STOCK (cost $48,518,906)....................... 57,468,775
------------
<CAPTION>
PREFERRED STOCK -- 1.7%
----------------------------------------------------------------------------------------
<S> <C> <C>
BRAZIL -- 1.2%
Banco Bradesco SA (Finance)................................. 190 1
Banco Itau SA (Finance)+(1)................................. 423,000 206,901
Companhia Paulista De Forca E Luz SA (Utilities)............ 68 4
Empresa Brasileira de Aeronautica SA (Industrial &
Commercial)............................................... 86,180 242,306
Gerdau SA (Materials)....................................... 15,900,000 257,742
Telecomunicacoes de Sao Paulo SA (Utilities)................ 901 91
------------
707,045
------------
THAILAND -- 0.5%
Siam Commercial Bank (Finance).............................. 267,800 331,106
------------
TOTAL PREFERRED STOCK (cost $848,522)....................... 1,038,151
------------
</TABLE>
---------------------
149
<PAGE> 151
<TABLE>
<CAPTION>
RIGHTS -- 0.0%+ RIGHTS VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
MEXICO -- 0.0%
Corporacion Interamericana de Entretenimiento SA 8/05/99
(Consumer Discretionary).................................. 16,637 $ 0
------------
TAIWAN -- 0.0%
Asustek Computer, Inc. 8/21/99 (Information
Technology)(1)............................................ 40,400 188
Quanta Computer, Inc. 9/21/99 (Information Technology)(1)... 28,000 102
------------
290
------------
TOTAL RIGHTS (cost $289).................................... 290
------------
WARRANTS -- 0.0%+ WARRANTS
----------------------------------------------------------------------------------------
SINGAPORE -- 0.0%
Asia Pulp & Paper Ltd. 7/27/00 (Materials)(costs $0)........ 5,000 7,500
------------
TOTAL INVESTMENT SECURITIES (cost $49,367,717).............. 58,514,715
------------
PRINCIPAL
SHORT-TERM SECURITIES -- 0.4% AMOUNT
----------------------------------------------------------------------------------------
GERMANY -- 0.4%
UBS AG 3.00% 2000(1)(cost $199,346)......................... $ 58,000 213,568
------------
REPURCHASE AGREEMENT -- 0.8%
----------------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 0.8%
Agreement with SBC Warburg Dillon Read LLC, bearing interest
at 5.03%, dated 7/30/99, to be repurchased 8/02/99 in the
amount of $496,208 and collateralized by $444,000 of U.S.
Treasury Bonds, bearing interest at 7.25%, due 8/15/22 and
having an approximate value of $505,761 (cost $496,000)... 496,000 496,000
------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
TOTAL INVESTMENTS --
(cost $50,063,063) 99.6% 59,224,283
Other assets less liabilities -- 0.4 213,294
------ ------------
NET ASSETS -- 100.0% $ 59,437,577
====== ============
</TABLE>
----------------------------
+ Non-income producing securities
* Resale restricted to qualified institutional buyers
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
(1) Fair valued security; see Note 2
See Notes to Financial Statements
- ---------------------
150
<PAGE> 152
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES
JULY 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
CASH CORPORATE GLOBAL HIGH-YIELD WORLDWIDE
MANAGEMENT BOND BOND BOND HIGH INCOME
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investment securities, at value*.......... $ -- $167,750,275 $118,873,725 $294,120,729 $110,755,194
Short-term securities*.................... 371,728,808 7,795,472 6,748,670 -- 2,368,470
Repurchase agreements (cost equals
market).................................. 69,390,000 -- -- 8,960,000 1,011,000
Cash...................................... -- 360 28 750 616,896
Foreign currency.......................... -- -- 192,466 -- 40,714
Receivables for--
Fund shares sold......................... 35,922,502 160,318 118,151 244,061 46,552
Dividends and accrued interest........... 1,715,235 3,307,426 2,047,936 6,131,075 2,786,716
Sales of investments..................... -- 1,885,429 10,442,839 10,497,432 1,055,320
Foreign currency contracts............... -- -- 8,556,002 -- --
Variation margin on futures contracts.... -- -- -- -- 50,925
Prepaid expenses.......................... 1,930 833 956 1,983 938
Due from Adviser.......................... -- -- -- -- --
Deferred organizational expenses.......... -- -- -- -- --
Unrealized appreciation on forward foreign
currency contracts....................... -- -- 868,287 -- 1,214
------------------------------------------------------------------------
478,758,475 180,900,113 147,849,060 319,956,030 118,733,939
------------------------------------------------------------------------
LIABILITIES:
Payables for--
Fund shares redeemed..................... 2,731,084 462,027 513,168 3,689,316 116,452
Purchases of investments................. -- 2,288,833 7,820,730 1,897,688 1,035,230
Management fees.......................... 161,073 93,702 74,605 169,442 100,299
Foreign currency contracts............... -- -- 8,563,829 -- --
Variation margin on futures contracts.... -- -- -- -- --
Other accrued expenses.................... 56,032 36,289 59,913 40,011 40,060
Unrealized depreciation on forward foreign
currency contracts....................... -- -- 3,137,459 -- 51,553
Written call options at value# ........... -- -- -- -- --
Due to custodian.......................... 921 -- -- -- --
Due to Adviser............................ -- -- -- -- --
------------------------------------------------------------------------
2,949,110 2,880,851 20,169,704 5,796,457 1,343,594
------------------------------------------------------------------------
NET ASSETS................................ $475,809,365 $178,019,262 $127,679,356 $314,159,573 $117,390,345
========================================================================
Shares of beneficial interest outstanding
(unlimited shares authorized)............ 43,646,883 15,290,281 10,982,920 27,272,546 10,700,084
Net asset value per share................. $ 10.90 $ 11.64 $ 11.63 $ 11.52 $ 10.97
========================================================================
COMPOSITION OF NET ASSETS:
Capital paid in........................... $455,427,156 $173,162,068 $117,358,256 $303,342,266 $133,649,356
Accumulated undistributed net investment
income (loss)............................ 20,533,243 13,926,587 6,857,148 45,921,112 19,662,159
Accumulated undistributed net realized
gain (loss) on investments, futures
contracts and options contracts.......... 5,472 (660,206) 6,312,143 (9,317,048) (32,338,587)
Unrealized appreciation (depreciation) on
investments.............................. (156,506) (8,409,187) (626,938) (25,786,757) (3,583,426)
Unrealized foreign exchange gain (loss) on
other assets and liabilities............. -- -- (2,221,253) -- (50,082)
Unrealized appreciation (depreciation) on
futures and written options contracts.... -- -- -- -- 50,925
------------------------------------------------------------------------
$475,809,365 $178,019,262 $127,679,356 $314,159,573 $117,390,345
========================================================================
---------------
* Cost
Investment securities.................... $ -- $176,180,281 $119,480,703 $319,907,486 $114,173,269
========================================================================
Short-term securities.................... $371,885,314 $ 7,774,653 $ 6,768,630 $ -- $ 2,533,821
========================================================================
# Proceeds from written call options...... $ -- $ -- $ -- $ -- $ --
========================================================================
<CAPTION>
SUNAMERICA
BALANCED
---------------------------------------------------------------------
<S> <C>
ASSETS:
Investment securities, at value*.......... $301,965,393
Short-term securities*.................... --
Repurchase agreements (cost equals
market).................................. 83,347,000
Cash...................................... 997
Foreign currency.......................... --
Receivables for--
Fund shares sold......................... 1,113,838
Dividends and accrued interest........... 682,313
Sales of investments..................... 1,109,639
Foreign currency contracts............... --
Variation margin on futures contracts.... --
Prepaid expenses.......................... 639
Due from Adviser.......................... --
Deferred organizational expenses.......... --
Unrealized appreciation on forward foreign
currency contracts....................... --
------------
388,219,819
------------
LIABILITIES:
Payables for--
Fund shares redeemed..................... 214,841
Purchases of investments................. 64,277,016
Management fees.......................... 171,905
Foreign currency contracts............... --
Variation margin on futures contracts.... --
Other accrued expenses.................... 30,354
Unrealized depreciation on forward foreign
currency contracts....................... --
Written call options at value# ........... --
Due to custodian.......................... --
Due to Adviser............................ --
------------
64,694,116
------------
NET ASSETS................................ $323,525,703
============
Shares of beneficial interest outstanding
(unlimited shares authorized)............ 18,486,583
Net asset value per share................. $ 17.50
============
COMPOSITION OF NET ASSETS:
Capital paid in........................... $284,539,777
Accumulated undistributed net investment
income (loss)............................ 4,804,880
Accumulated undistributed net realized
gain (loss) on investments, futures
contracts and options contracts.......... 7,038,934
Unrealized appreciation (depreciation) on
investments.............................. 27,142,112
Unrealized foreign exchange gain (loss) on
other assets and liabilities............. --
Unrealized appreciation (depreciation) on
futures and written options contracts.... --
------------
$323,525,703
============
---------------
* Cost
Investment securities.................... $274,823,281
============
Short-term securities.................... $ --
============
# Proceeds from written call options...... $ --
============
</TABLE>
See Notes to Financial Statements
---------------------
151
<PAGE> 153
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES (continued)
JULY 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
MFS TOTAL ASSET EQUITY EQUITY
RETURN ALLOCATION UTILITY INCOME INDEX
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investment securities, at value*...................... $178,376,650 $677,572,934 $104,243,931 $ 5,291,252 $18,888,875
Short-term securities*................................ 7,238,596 10,069,559 4,626,000 -- 198,850
Repurchase agreements (cost equals market)............ -- 72,134,000 -- 539,000 3,064,000
Cash.................................................. 125,286 -- 963 171 782
Foreign currency...................................... 29 -- -- -- --
Receivables for--
Fund shares sold..................................... 202,582 286,860 257,545 59,841 315,018
Dividends and accrued interest....................... 1,205,110 3,119,910 318,104 14,536 13,700
Sales of investments................................. 1,143,281 12,710,301 2,514,600 -- 13,500
Foreign currency contracts........................... -- -- -- -- --
Variation margin on futures contracts................ -- -- -- -- --
Prepaid expenses...................................... 929 4,955 332 -- --
Due from Adviser...................................... -- -- -- 2,797 6,371
Deferred organizational expenses...................... -- -- -- -- --
Unrealized appreciation on forward foreign currency
contracts............................................ -- 37,641 -- -- --
----------------------------------------------------------------------
188,292,463 775,936,160 111,961,475 5,907,597 22,501,096
----------------------------------------------------------------------
LIABILITIES:
Payables for--
Fund shares redeemed................................. 311,678 495,841 407,652 50,147 1,516
Purchases of investments............................. 504,296 62,308,085 5,867,568 -- --
Management fees...................................... 105,898 364,685 66,611 3,281 7,397
Foreign currency contracts........................... -- -- -- -- --
Variation margin on futures contracts................ -- 6,611 -- -- 40,500
Other accrued expenses................................ 42,238 76,083 28,761 19,471 9,685
Unrealized depreciation on forward foreign currency
contracts............................................ -- 281,082 -- -- --
Written call options at value# ....................... -- 42,931 -- -- --
Due to custodian...................................... -- 21,106 -- -- --
Due to Adviser........................................ -- -- -- -- --
----------------------------------------------------------------------
964,110 63,596,424 6,370,592 72,899 59,098
----------------------------------------------------------------------
NET ASSETS............................................ $187,328,353 $712,339,736 $105,590,883 $ 5,834,698 $22,441,998
======================================================================
Shares of beneficial interest outstanding (unlimited
shares authorized)................................... 11,375,071 46,002,587 6,850,565 530,018 1,976,330
Net asset value per share............................. $ 16.47 $ 15.48 $ 15.41 $ 11.01 $ 11.36
======================================================================
COMPOSITION OF NET ASSETS:
Capital paid in....................................... $154,884,664 $624,611,554 $ 91,661,587 $ 5,329,363 $21,311,313
Accumulated undistributed net investment
income (loss)........................................ 5,866,816 31,503,635 3,315,430 64,190 86,835
Accumulated undistributed net realized gain (loss) on
investments, futures contracts and options
contracts............................................ 22,044,792 53,559,633 5,376,848 115,946 75,838
Unrealized appreciation (depreciation) on
investments.......................................... 4,532,012 2,709,919 5,237,018 325,199 1,108,512
Unrealized foreign exchange gain (loss) on other
assets and liabilities............................... 69 (233,666) -- -- --
Unrealized appreciation (depreciation) on futures and
written options contracts............................ -- 188,661 -- -- (140,500)
----------------------------------------------------------------------
$187,328,353 $712,339,736 $105,590,883 $ 5,834,698 $22,441,998
======================================================================
---------------
* Cost
Investment securities................................ $173,844,638 $674,853,468 $ 99,006,913 $ 4,966,053 $17,780,363
======================================================================
Short-term securities................................ $ 7,238,596 $ 10,079,106 $ 4,626,000 $ -- $ 198,850
======================================================================
# Proceeds from written call options.................. $ -- $ 156,950 $ -- $ -- $ --
======================================================================
<CAPTION>
GROWTH- FEDERATED
INCOME VALUE
------------------------------------------------------ ------------------------------
<S> <C> <C>
ASSETS:
Investment securities, at value*...................... $1,349,674,029 $ 196,339,588
Short-term securities*................................ 127,971,897 --
Repurchase agreements (cost equals market)............ -- --
Cash.................................................. 100,924 2,183,955
Foreign currency...................................... -- --
Receivables for--
Fund shares sold..................................... 1,490,377 553,751
Dividends and accrued interest....................... 566,437 182,327
Sales of investments................................. 6,075,436 243,839
Foreign currency contracts........................... -- --
Variation margin on futures contracts................ -- --
Prepaid expenses...................................... 6,035 737
Due from Adviser...................................... -- --
Deferred organizational expenses...................... -- --
Unrealized appreciation on forward foreign currency
contracts............................................ -- --
------------------------------
1,485,885,135 199,504,197
------------------------------
LIABILITIES:
Payables for--
Fund shares redeemed................................. 2,135,337 775,872
Purchases of investments............................. 21,717,421 591,173
Management fees...................................... 678,715 126,699
Foreign currency contracts........................... -- --
Variation margin on futures contracts................ 292,500 --
Other accrued expenses................................ 59,076 34,436
Unrealized depreciation on forward foreign currency
contracts............................................ -- --
Written call options at value# ....................... -- --
Due to custodian...................................... -- --
Due to Adviser........................................ -- --
-------------------------------
24,883,049 1,528,180
-------------------------------
NET ASSETS............................................ $1,461,002,086 $ 197,976,017
===============================
Shares of beneficial interest outstanding (unlimited
shares authorized)................................... 49,003,454 11,159,590
Net asset value per share............................. $ 29.81 $ 17.74
==============================
COMPOSITION OF NET ASSETS:
Capital paid in....................................... $ 915,841,227 $ 159,512,249
Accumulated undistributed net investment
income (loss)........................................ 10,236,529 2,496,584
Accumulated undistributed net realized gain (loss) on
investments, futures contracts and options
contracts............................................ 121,053,066 13,660,513
Unrealized appreciation (depreciation) on
investments.......................................... 413,850,951 22,306,671
Unrealized foreign exchange gain (loss) on other
assets and liabilities............................... -- --
Unrealized appreciation (depreciation) on futures and
written options contracts............................ 20,313 --
------------------------------
$1,461,002,086 $ 197,976,017
==============================
---------------
* Cost
Investment securities................................ $ 935,823,078 $ 174,032,917
==============================
Short-term securities................................ $ 127,971,897 $ --
==============================
# Proceeds from written call options.................. $ -- $ --
==============================
</TABLE>
See Notes to Financial Statements
- ---------------------
152
<PAGE> 154
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES (continued)
JULY 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
MFS
VENTURE "DOGS" OF ALLIANCE GROWTH AND PUTNAM
VALUE WALL STREET GROWTH INCOME GROWTH
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investment securities, at value*.......... $2,068,648,179 $112,257,491 $2,183,856,689 $292,776,358 $597,214,323
Short-term securities*.................... 38,689,555 -- 27,654,000 16,096,646 --
Repurchase agreements (cost equals
market).................................. 17,065,000 1,353,000 -- -- 7,363,000
Cash...................................... 4,860 555 268 222,220 741
Foreign currency.......................... -- -- -- 47 --
Receivables for--
Fund shares sold......................... 1,683,628 146,543 2,598,657 299,761 1,214,780
Dividends and accrued interest........... 1,458,059 100,148 606,698 257,053 239,496
Sales of investments..................... 5,497,292 -- 2,066,418 322,903 963,183
Foreign currency contracts............... -- -- -- 125,090 --
Variation margin on futures contracts.... -- -- -- -- --
Prepaid expenses.......................... 10,587 199 7,691 2,497 2,472
Due from Adviser.......................... -- -- -- -- --
Deferred organizational expenses.......... -- 3,329 -- -- --
Unrealized appreciation on forward foreign
currency contracts....................... -- -- -- -- --
----------------------------------------------------------------------------
2,133,057,160 113,861,265 2,216,790,421 310,102,575 606,997,995
----------------------------------------------------------------------------
LIABILITIES:
Payables for--
Fund shares redeemed..................... 2,735,388 364,330 7,442,769 557,112 337,130
Purchases of investments................. 2,930,102 1,111,317 24,119,128 2,012,169 2,805,078
Management fees.......................... 1,346,950 58,456 1,174,264 187,219 400,262
Foreign currency contracts............... -- -- -- 127,026 --
Variation margin on futures contracts.... -- -- -- -- --
Other accrued expenses.................... 114,558 25,037 76,759 48,652 42,949
Unrealized depreciation on forward foreign
currency contracts....................... -- -- -- -- --
Written call options at value# ........... -- -- -- -- --
Due to custodian.......................... -- -- -- -- --
Due to Adviser............................ -- -- -- -- --
----------------------------------------------------------------------------
7,126,998 1,559,140 32,812,920 2,932,178 3,585,419
----------------------------------------------------------------------------
NET ASSETS................................ $2,125,930,162 $112,302,125 $2,183,977,501 $307,170,397 $603,412,576
============================================================================
Shares of beneficial interest outstanding
(unlimited shares authorized)............ 80,035,074 10,885,271 61,722,359 17,632,409 25,215,723
Net asset value per share................. $ 26.56 $ 10.32 $ 35.38 $ 17.42 $ 23.93
============================================================================
COMPOSITION OF NET ASSETS:
Capital paid in........................... $1,474,190,700 $105,280,714 $1,411,357,072 $213,703,000 $420,772,635
Accumulated undistributed net investment
income (loss)............................ 22,215,513 1,505,494 2,035,378 1,486,861 140,035
Accumulated undistributed net realized
gain (loss) on investments, futures
contracts and options contracts.......... 104,722,910 2,877,527 388,017,555 68,613,805 55,453,804
Unrealized appreciation (depreciation) on
investments.............................. 524,801,039 2,638,390 382,567,496 23,366,152 127,046,102
Unrealized foreign exchange gain (loss) on
other assets and liabilities............. -- -- -- 579 --
Unrealized appreciation (depreciation) on
futures and written options contracts.... -- -- -- -- --
----------------------------------------------------------------------------
$2,125,930,162 $112,302,125 $2,183,977,501 $307,170,397 $603,412,576
============================================================================
---------------
* Cost
Investment securities.................... $1,543,847,140 $109,619,101 $1,801,289,193 $269,410,206 $470,168,221
============================================================================
Short-term securities.................... $ 38,689,555 $ -- $ 27,654,000 $ 16,096,646 $ --
============================================================================
# Proceeds from written call options...... $ -- $ -- $ -- $ -- $ --
============================================================================
<CAPTION>
SMALL
REAL COMPANY
ESTATE VALUE
------------------------------------------ -------------------------
<S> <C> <C>
ASSETS:
Investment securities, at value*.......... $60,430,308 $ 4,965,504
Short-term securities*.................... -- --
Repurchase agreements (cost equals
market).................................. -- 316,000
Cash...................................... -- 105
Foreign currency.......................... -- --
Receivables for--
Fund shares sold......................... 51,556 24,111
Dividends and accrued interest........... 91,462 2,651
Sales of investments..................... 1,558,241 18,479
Foreign currency contracts............... -- --
Variation margin on futures contracts.... -- --
Prepaid expenses.......................... 331 --
Due from Adviser.......................... -- 3,534
Deferred organizational expenses.......... 3,701 --
Unrealized appreciation on forward foreign
currency contracts....................... -- --
-------------------------
62,135,599 5,330,384
-------------------------
LIABILITIES:
Payables for--
Fund shares redeemed..................... 39,282 20,039
Purchases of investments................. 243,450 7,505
Management fees.......................... 42,817 4,540
Foreign currency contracts............... -- --
Variation margin on futures contracts.... -- --
Other accrued expenses.................... 36,259 18,451
Unrealized depreciation on forward foreign
currency contracts....................... -- --
Written call options at value# ........... -- --
Due to custodian.......................... 540,322 --
Due to Adviser............................ -- --
-------------------------
902,130 50,535
-------------------------
NET ASSETS................................ $61,233,469 $ 5,279,849
=========================
Shares of beneficial interest outstanding
(unlimited shares authorized)............ 6,200,480 498,993
Net asset value per share................. $ 9.88 $ 10.58
=========================
COMPOSITION OF NET ASSETS:
Capital paid in........................... $68,225,856 $ 4,985,244
Accumulated undistributed net investment
income (loss)............................ 3,400,497 (11,130)
Accumulated undistributed net realized
gain (loss) on investments, futures
contracts and options contracts.......... (5,808,709) (5,554)
Unrealized appreciation (depreciation) on
investments.............................. (4,584,175) 311,289
Unrealized foreign exchange gain (loss) on
other assets and liabilities............. -- --
Unrealized appreciation (depreciation) on
futures and written options contracts.... -- --
-------------------------
$61,233,469 $ 5,279,849
=========================
---------------
* Cost
Investment securities.................... $65,014,483 $ 4,654,215
=========================
Short-term securities.................... $ -- $ --
=========================
# Proceeds from written call options...... $ -- $ --
=========================
</TABLE>
See Notes to Financial Statements
---------------------
153
<PAGE> 155
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES (continued)
JULY 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
MFS INTERNATIONAL INTERNATIONAL
MID-CAP AGGRESSIVE GROWTH AND GLOBAL DIVERSIFIED
GROWTH GROWTH INCOME EQUITIES EQUITIES
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investment securities, at value*.......... $7,599,057 $177,845,328 $203,322,165 $467,287,021 $333,476,294
Short-term securities*.................... -- -- -- 17,987,000 35,669,000
Repurchase agreements (cost equals
market).................................. -- 33,560,000 1,407,000 -- --
Cash...................................... 169,892 72,738 2,142,089 725 2,289,717
Foreign currency.......................... -- -- 108,090 1,477,298 247,654
Receivables for--
Fund shares sold......................... 277,822 931,531 540,094 258,961 240,996
Dividends and accrued interest........... 506 18,532 581,800 696,816 735,879
Sales of investments..................... 1,101,473 3,879,400 742,999 6,816,756 9,586,294
Foreign currency contracts............... -- -- 1,277,118 440,989 9,173,755
Variation margin on futures contracts.... -- -- -- -- 427,706
Prepaid expenses.......................... -- 825 596 3,138 5,970
Due from Adviser.......................... 5,158 -- -- -- --
Deferred organizational expenses.......... -- -- 3,701 -- --
Unrealized appreciation on forward foreign
currency contracts....................... -- -- -- -- 3,294,585
------------------------------------------------------------------------
9,153,908 216,308,354 210,125,652 494,968,704 395,147,850
------------------------------------------------------------------------
LIABILITIES:
Payables for--
Fund shares redeemed..................... 211,636 558,954 177,083 15,255,341 812,191
Purchases of investments................. 50,386 7,707,416 1,190,340 4,290,537 854,316
Management fees.......................... 4,842 128,677 166,117 302,301 341,236
Foreign currency contracts............... -- -- 1,263,988 443,811 9,203,157
Variation margin on futures contracts.... -- -- -- -- --
Other accrued expenses.................... 14,471 27,341 98,691 64,885 189,219
Unrealized depreciation on forward foreign
currency contracts....................... -- -- -- -- 4,232,847
Written call options at value# ........... -- 35,175 -- -- --
Due to custodian.......................... -- -- -- -- --
Due to Adviser............................ -- -- -- -- --
------------------------------------------------------------------------
281,335 8,457,563 2,896,219 20,356,875 15,632,966
------------------------------------------------------------------------
NET ASSETS................................ $8,872,573 $207,850,791 $207,229,433 $474,611,829 $379,514,884
========================================================================
Shares of beneficial interest outstanding
(unlimited shares authorized)............ 800,311 12,837,761 15,402,820 24,473,716 27,578,095
Net asset value per share................. $ 11.09 $ 16.19 $ 13.45 $ 19.39 $ 13.76
========================================================================
COMPOSITION OF NET ASSETS:
Capital paid in........................... $8,743,904 $149,252,236 $174,842,599 $329,520,803 $295,060,513
Accumulated undistributed net investment
income (loss)............................ (4,131) 545,366 2,273,934 5,552,487 10,034,209
Accumulated undistributed net realized
gain (loss) on investments, futures
contracts and options contracts.......... 360,802 30,217,553 13,070,534 49,422,705 15,853,919
Unrealized appreciation (depreciation) on
investments.............................. (228,002) 27,807,364 17,032,527 90,095,123 59,037,652
Unrealized foreign exchange gain (loss) on
other assets and liabilities............. -- -- 9,839 20,711 (899,115)
Unrealized appreciation (depreciation) on
futures and written options contracts.... -- 28,272 -- -- 427,706
------------------------------------------------------------------------
$8,872,573 $207,850,791 $207,229,433 $474,611,829 $379,514,884
========================================================================
---------------
* Cost
Investment securities.................... $7,827,059 $150,037,964 $186,289,638 $377,191,898 $274,438,642
========================================================================
Short-term securities.................... $ -- $ -- $ -- $ 17,987,000 $ 35,669,000
========================================================================
# Proceeds from written call options...... $ -- $ 63,447 $ -- $ -- $ --
========================================================================
<CAPTION>
EMERGING
MARKETS
------------------------------------------ -----------
<S> <C>
ASSETS:
Investment securities, at value*.......... $58,514,715
Short-term securities*.................... 213,568
Repurchase agreements (cost equals
market).................................. 496,000
Cash...................................... --
Foreign currency.......................... 111,654
Receivables for--
Fund shares sold......................... 123,310
Dividends and accrued interest........... 127,787
Sales of investments..................... 1,359,314
Foreign currency contracts............... 156,036
Variation margin on futures contracts.... --
Prepaid expenses.......................... 173
Due from Adviser.......................... --
Deferred organizational expenses.......... 3,701
Unrealized appreciation on forward foreign
currency contracts....................... --
-----------
61,106,258
-----------
LIABILITIES:
Payables for--
Fund shares redeemed..................... 41,545
Purchases of investments................. 1,288,104
Management fees.......................... 64,762
Foreign currency contracts............... 156,361
Variation margin on futures contracts.... --
Other accrued expenses.................... 67,647
Unrealized depreciation on forward foreign
currency contracts....................... --
Written call options at value# ........... --
Due to custodian.......................... 27,157
Due to Adviser............................ 23,105
------------
1,668,681
------------
NET ASSETS................................ $59,437,577
============
Shares of beneficial interest outstanding
(unlimited shares authorized)............ 7,128,854
Net asset value per share................. $ 8.34
============
COMPOSITION OF NET ASSETS:
Capital paid in........................... $59,366,364
Accumulated undistributed net investment
income (loss)............................ (88,152)
Accumulated undistributed net realized
gain (loss) on investments, futures
contracts and options contracts.......... (8,993,091)
Unrealized appreciation (depreciation) on
investments.............................. 9,161,220
Unrealized foreign exchange gain (loss) on
other assets and liabilities............. (8,764)
Unrealized appreciation (depreciation) on
futures and written options contracts.... --
-------------
$59,437,577
=============
---------------
* Cost
Investment securities.................... $49,367,717
=============
Short-term securities.................... $ 199,346
=============
# Proceeds from written call options...... $ --
=============
</TABLE>
See Notes to Financial Statements
- ---------------------
154
<PAGE> 156
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JULY 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
CASH CORPORATE GLOBAL HIGH-YIELD WORLDWIDE SUNAMERICA
MANAGEMENT BOND BOND BOND HIGH INCOME BALANCED
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCOME:
Interest................................ $9,323,975 $ 6,177,210 $ 2,697,585 $16,363,228 $ 6,577,728 $ 2,665,253
Dividends............................... -- 118,690 -- 247,551 -- 762,301
----------------------------------------------------------------------------------
Total income*....................... 9,323,975 6,295,900 2,697,585 16,610,779 6,577,728 3,427,554
----------------------------------------------------------------------------------
EXPENSES:
Management fees......................... 936,358 522,097 426,792 968,356 587,486 816,653
Custodian fees.......................... 62,917 46,461 67,749 43,335 48,485 30,885
Auditing fees........................... 14,900 14,900 17,285 14,980 17,285 13,485
Reports to investors.................... 6,950 5,115 3,965 9,860 4,065 5,935
Legal fees.............................. 2,550 1,525 1,525 1,795 1,366 1,730
Trustees' fees.......................... 403 298 298 403 280 362
Interest expense........................ -- -- -- 6,795 -- --
Amortization of organizational
expenses.............................. -- -- -- -- -- --
Other expenses.......................... 3,212 1,442 1,653 2,727 1,488 1,181
----------------------------------------------------------------------------------
Total expenses before reimbursement
and custody credits................. 1,027,290 591,838 519,267 1,048,251 660,455 870,231
Expenses reimbursed by the investment
adviser............................. -- -- -- -- -- --
Custody credits earned on cash
balances............................ (7,077) (1,146) (1,609) (8,565) (5,410) (2,390)
----------------------------------------------------------------------------------
Net investment income (loss).............. 8,303,762 5,705,208 2,179,927 15,571,093 5,922,683 2,559,713
----------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on
investments**......................... 3,411 (494,406) (1,216,079) (6,101,801) (1,211,441) 3,328,037
Net realized gain (loss) on futures and
options contracts..................... -- -- -- -- 60,112 --
Net realized foreign exchange gain
(loss) on other assets and
liabilities........................... -- -- 3,028,038 -- 103,883 --
Change in unrealized appreciation/
depreciation on investments........... (258,394) (10,143,109) (4,555,978) 958,735 4,609,775 (2,269,680)
Change in unrealized foreign exchange
gain/loss on other assets and
liabilities........................... -- -- (2,831,484) -- (68,048) --
Change in unrealized appreciation/
depreciation on futures and options
contracts............................. -- -- -- -- 107,673 --
----------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on
investments and foreign currencies...... (254,983) (10,637,515) (5,575,503) (5,143,066) 3,601,954 1,058,357
----------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS............... $8,048,779 $ (4,932,307) $(3,395,576) $10,428,027 $ 9,524,637 $ 3,618,070
==================================================================================
---------------
* Net of foreign withholding taxes on
interest and dividends of.............. $ -- $ -- $ 5,953 $ -- $ -- $ 10,111
==================================================================================
** Net of foreign withholding taxes on
capital gains of....................... $ -- $ -- $ -- $ -- $ -- $ --
==================================================================================
</TABLE>
See Notes to Financial Statements
---------------------
155
<PAGE> 157
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF OPERATIONS (continued)
FOR THE SIX MONTHS ENDED JULY 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
MFS TOTAL ASSET EQUITY EQUITY GROWTH-
RETURN ALLOCATION UTILITY INCOME INDEX INCOME
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCOME:
Interest................................ $ 2,254,729 $ 7,584,416 $ 124,735 $ 20,269 $ 43,702 $ 1,779,310
Dividends............................... 916,432 4,271,285 1,872,464 66,034 78,930 4,834,923
---------------------------------------------------------------------------------
Total income*....................... 3,171,161 11,855,701 1,997,199 86,303 122,632 6,614,233
---------------------------------------------------------------------------------
EXPENSES:
Management fees......................... 554,744 2,095,553 340,020 18,078 27,543 3,556,328
Custodian fees.......................... 58,994 105,959 27,088 11,656 24,681 94,025
Auditing fees........................... 13,385 13,170 13,385 11,705 11,705 13,250
Reports to investors.................... 5,100 22,600 2,910 2,091 2,505 34,790
Legal fees.............................. 1,248 3,255 1,266 1,051 1,051 6,870
Trustees' fees.......................... 321 1,636 280 333 333 1,537
Interest expense........................ -- -- -- -- -- --
Amortization of organizational
expenses.............................. -- -- -- -- -- --
Other expenses.......................... 1,572 7,011 834 649 649 8,146
---------------------------------------------------------------------------------
Total expenses before reimbursement
and custody credits................. 635,364 2,249,184 385,783 45,563 68,467 3,714,946
Expenses reimbursed by the investment
adviser............................. -- -- -- (19,110) (30,580) --
Custody credits earned on cash
balances............................ (4,874) (1,019) (603) (31) (16) (1,680)
---------------------------------------------------------------------------------
Net investment income (loss).............. 2,540,671 9,607,536 1,612,019 59,881 84,761 2,900,967
---------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on
investments**......................... 1,832,028 22,830,815 1,315,110 (15,417) 75,835 50,869,145
Net realized gain (loss) on futures and
options contracts..................... -- (2,228,046) -- -- -- 5,464,100
Net realized foreign exchange gain
(loss) on other assets and
liabilities........................... (1,460) 39,816 (4,606) -- -- 47
Change in unrealized appreciation/
depreciation on investments........... 1,678,908 (5,543,835) 2,345,601 182,484 (48,353) 32,763,146
Change in unrealized foreign exchange
gain/loss on other assets and
liabilities........................... 69 (284,812) -- -- -- --
Change in unrealized appreciation/
depreciation on futures and options
contracts............................. -- (3,023,855) -- -- (140,500) (4,165,062)
---------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on
investments and foreign currencies...... 3,509,545 11,790,083 3,656,105 167,067 (113,018) 84,931,376
---------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS............... $ 6,050,216 $ 21,397,619 $5,268,124 $ 226,948 $ (28,257) $87,832,343
=================================================================================
---------------
* Net of foreign withholding taxes on
interest and dividends of.............. $ 10,309 $ 35,743 $ 10,866 $ 686 $ 1,290 $ 1,381
=================================================================================
** Net of foreign withholding taxes on
capital gains of....................... $ -- $ -- $ -- $ -- $ -- $ --
=================================================================================
<CAPTION>
FEDERATED
VALUE
------------------------------------------ -------------
<S> <C>
INCOME:
Interest................................ $ 145,489
Dividends............................... 1,736,110
-------------
Total income*....................... 1,881,599
-------------
EXPENSES:
Management fees......................... 667,820
Custodian fees.......................... 31,375
Auditing fees........................... 13,050
Reports to investors.................... 4,710
Legal fees.............................. 1,507
Trustees' fees.......................... 280
Interest expense........................ --
Amortization of organizational
expenses.............................. --
Other expenses.......................... 1,239
-------------
Total expenses before reimbursement
and custody credits................. 719,981
Expenses reimbursed by the investment
adviser............................. --
Custody credits earned on cash
balances............................ (295)
-------------
Net investment income (loss).............. 1,161,913
-------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on
investments**......................... 6,020,660
Net realized gain (loss) on futures and
options contracts..................... --
Net realized foreign exchange gain
(loss) on other assets and
liabilities........................... 27
Change in unrealized appreciation/
depreciation on investments........... 4,024,454
Change in unrealized foreign exchange
gain/loss on other assets and
liabilities........................... --
Change in unrealized appreciation/
depreciation on futures and options
contracts............................. --
-------------
Net realized and unrealized gain (loss) on
investments and foreign currencies...... 10,045,141
-------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS............... $ 11,207,054
=============
---------------
* Net of foreign withholding taxes on
interest and dividends of.............. $ 16,384
=============
** Net of foreign withholding taxes on
capital gains of....................... $ --
=============
</TABLE>
See Notes to Financial Statements
- ---------------------
156
<PAGE> 158
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF OPERATIONS (continued)
FOR THE SIX MONTHS ENDED JULY 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
MFS
VENTURE "DOGS" OF ALLIANCE GROWTH AND PUTNAM REAL
VALUE WALL STREET GROWTH INCOME GROWTH ESTATE
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCOME:
Interest................................ $ 1,317,166 $ 32,149 $ 487,786 $ 276,647 $ 411,182 $ 34,156
Dividends............................... 12,770,993 1,253,053 5,058,563 1,744,100 1,640,964 1,588,276
-----------------------------------------------------------------------------------
Total income*....................... 14,088,159 1,285,202 5,546,349 2,020,747 2,052,146 1,622,432
-----------------------------------------------------------------------------------
EXPENSES:
Management fees......................... 7,180,605 293,223 6,059,470 1,001,443 2,086,697 241,767
Custodian fees.......................... 144,827 21,104 125,573 61,799 58,139 26,987
Auditing fees........................... 13,535 6,575 13,490 13,485 13,150 13,150
Reports to investors.................... 51,250 2,680 53,335 7,160 15,190 2,260
Legal fees.............................. 11,935 1,051 6,100 1,420 2,640 1,051
Trustees' fees.......................... 2,057 480 2,195 362 905 745
Interest expense........................ -- -- -- -- -- --
Amortization of organizational
expenses.............................. -- 585 -- -- -- 642
Other expenses.......................... 14,239 723 9,923 2,697 3,351 817
-----------------------------------------------------------------------------------
Total expenses before reimbursement
and custody credits................. 7,418,448 326,421 6,270,086 1,088,366 2,180,072 287,419
Expenses reimbursed by the investment
adviser............................. -- -- -- -- -- --
Custody credits earned on cash
balances............................ (1,052) (219) (1,363) (5,474) (844) (167)
-----------------------------------------------------------------------------------
Net investment income (loss).............. 6,670,763 959,000 (722,374) 937,855 (127,082) 1,335,180
-----------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on
investments**......................... 30,951,965 46,886 202,984,041 2,171,896 36,094,356 (2,993,307)
Net realized gain (loss) on futures and
options contracts..................... -- -- -- -- -- --
Net realized foreign exchange gain
(loss) on other assets and
liabilities........................... -- -- 28 (10,198) -- --
Change in unrealized appreciation/
depreciation on investments........... 129,280,649 5,689,536 (196,136,991) 3,558,687 (26,487,381) 3,119,642
Change in unrealized foreign exchange
gain/loss on other assets and
liabilities........................... -- -- -- 579 -- --
Change in unrealized appreciation/
depreciation on futures and options
contracts............................. -- -- -- -- -- --
-----------------------------------------------------------------------------------
Net realized and unrealized gain (loss)
on investments and foreign
currencies............................ 160,232,614 5,736,422 6,847,078 5,720,964 9,606,975 126,335
-----------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS............... $166,903,377 $6,695,422 $ 6,124,704 $ 6,658,819 $ 9,479,893 $1,461,515
===================================================================================
---------------
* Net of foreign withholding taxes on
interest and dividends of.............. $ 122,118 $ 8,950 $ 143,566 $ 14,490 $ 4,608 $ 171
===================================================================================
** Net of foreign withholding taxes on
capital gains of....................... $ -- $ -- $ -- $ -- $ -- $ --
===================================================================================
<CAPTION>
SMALL
COMPANY
VALUE
------------------------------------------ ---------
<S> <C>
INCOME:
Interest................................ $ 3,908
Dividends............................... 18,851
---------
Total income*....................... 22,759
---------
EXPENSES:
Management fees......................... 24,206
Custodian fees.......................... 14,588
Auditing fees........................... 11,705
Reports to investors.................... 2,045
Legal fees.............................. 1,051
Trustees' fees.......................... 333
Interest expense........................ --
Amortization of organizational
expenses.............................. --
Other expenses.......................... 650
---------
Total expenses before reimbursement
and custody credits................. 54,578
Expenses reimbursed by the investment
adviser............................. (20,636)
Custody credits earned on cash
balances............................ (53)
---------
Net investment income (loss).............. (11,130)
---------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on
investments**......................... (26,907)
Net realized gain (loss) on futures and
options contracts..................... --
Net realized foreign exchange gain
(loss) on other assets and
liabilities........................... --
Change in unrealized appreciation/
depreciation on investments........... 312,377
Change in unrealized foreign exchange
gain/loss on other assets and
liabilities........................... --
Change in unrealized appreciation/
depreciation on futures and options
contracts............................. --
---------
Net realized and unrealized gain (loss)
on investments and foreign
currencies............................ 285,470
---------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS............... $ 274,340
=========
---------------
* Net of foreign withholding taxes on
interest and dividends of.............. $ 14
=========
** Net of foreign withholding taxes on
capital gains of....................... $ --
=========
</TABLE>
See Notes to Financial Statements
---------------------
157
<PAGE> 159
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF OPERATIONS (continued)
FOR THE SIX MONTHS ENDED JULY 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
MFS INTERNATIONAL INTERNATIONAL
MID-CAP AGGRESSIVE GROWTH AND GLOBAL DIVERSIFIED EMERGING
GROWTH# GROWTH INCOME EQUITIES EQUITIES MARKETS
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCOME:
Interest................................ $ 10,575 $ 758,322 $ 196,758 $ 353,942 $ 1,182,004 $ 44,279
Dividends............................... 3,277 126,920 2,332,752 3,491,387 4,483,875 500,232
------------------------------------------------------------------------------
Total income*....................... 13,852 885,242 2,529,510 3,845,329 5,665,879 544,511
------------------------------------------------------------------------------
EXPENSES:
Management fees......................... 11,728 675,250 833,746 1,690,954 1,895,610 283,716
Custodian fees.......................... 14,981 30,673 151,681 195,145 439,283 127,997
Auditing fees........................... 8,135 13,050 17,485 17,225 17,285 17,545
Reports to investors.................... 405 5,830 5,040 13,990 11,370 1,721
Legal fees.............................. 430 1,658 1,622 2,550 2,025 969
Trustees' fees.......................... 162 321 321 531 531 280
Interest expense........................ -- -- -- -- -- --
Amortization of organizational
expenses.............................. -- -- 642 -- -- 642
Other expenses.......................... 366 1,289 1,355 4,618 3,246 643
------------------------------------------------------------------------------
Total expenses before reimbursement
and custody credits................. 36,207 728,071 1,011,892 1,925,013 2,369,350 433,513
Expenses reimbursed by the investment
adviser............................. (16,658) -- -- -- -- (1,293)
Custody credits earned on cash
balances............................ (1,566) (2,563) (5,786) (680) (873) (972)
------------------------------------------------------------------------------
Net investment income (loss).............. (4,131) 159,734 1,523,404 1,920,996 3,297,402 113,263
------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on
investments**........................... 360,802 15,729,313 13,969,100 15,029,814 16,458,774 2,384,286
Net realized gain (loss) on futures and
options contracts....................... -- (650,751) -- -- 3,039,163 --
Net realized foreign exchange gain (loss)
on other assets and liabilities......... -- -- (1,181,353) (91,521) (1,495,399) (202,521)
Change in unrealized appreciation/
depreciation on investments............. (228,002) (9,714,444) 11,619,557 3,606,292 4,143,215 9,371,006
Change in unrealized foreign exchange
gain/loss on other assets and
liabilities............................. -- -- 1,097,574 32,069 (486,185) 63,100
Change in unrealized appreciation/
depreciation on futures and options
contracts............................... -- 28,272 -- -- 308,370 --
------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on
investments and foreign currencies...... 132,800 5,392,390 25,504,878 18,576,654 21,967,938 11,615,871
------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS............... $128,669 $ 5,552,124 $27,028,282 $20,497,650 $25,265,340 $11,729,134
==============================================================================
---------------
* Net of foreign withholding taxes on
interest and dividends of.............. $ -- $ -- $ 321,910 $ 361,450 $ 461,829 $ 45,610
==============================================================================
** Net of foreign withholding taxes on
capital gains of....................... $ -- $ -- $ -- $ -- $ -- $ 3,644
==============================================================================
# Commenced operations April 1, 1999
</TABLE>
See Notes to Financial Statements
- ---------------------
158
<PAGE> 160
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED JULY 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
CASH CORPORATE GLOBAL HIGH-YIELD WORLDWIDE
MANAGEMENT BOND BOND BOND HIGH INCOME
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)................. $ 8,303,762 $ 5,705,208 $ 2,179,927 $ 15,571,093 $ 5,922,683
Net realized gain (loss) on investments...... 3,411 (494,406) (1,216,079) (6,101,801) (1,211,441)
Net realized gain (loss) on futures and
options contracts........................... -- -- -- -- 60,112
Net realized foreign exchange gain (loss) on
other assets and liabilities................ -- -- 3,028,038 -- 103,883
Change in unrealized
appreciation/depreciation on investments.... (258,394) (10,143,109) (4,555,978) 958,735 4,609,775
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... -- -- (2,831,484) -- (68,048)
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... -- -- -- -- 107,673
---------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations................... 8,048,779 (4,932,307) (3,395,576) 10,428,027 9,524,637
---------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... -- -- -- -- --
Distributions from net realized gain on
investments................................. -- -- -- -- --
---------------------------------------------------------------------------
Total dividends and distributions to
shareholders................................ -- -- -- -- --
---------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 2,170,966,623 49,874,246 26,307,456 129,764,160 16,598,927
Proceeds from shares issued for reinvestment
of dividends and distributions.............. -- -- -- -- --
Cost of shares repurchased................... (1,980,575,579) (25,726,780) (17,538,607) (119,069,698) (25,709,803)
---------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from capital share transactions... 190,391,044 24,147,466 8,768,849 10,694,462 (9,110,876)
---------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 198,439,823 19,215,159 5,373,273 21,122,489 413,761
NET ASSETS:
Beginning of period.......................... 277,369,542 158,804,103 122,306,083 293,037,084 116,976,584
---------------------------------------------------------------------------
End of period................................ $ 475,809,365 $178,019,262 $127,679,356 $314,159,573 $117,390,345
===========================================================================
---------------
Undistributed net investment income (loss)... $ 20,533,243 $ 13,926,587 $ 6,857,148 $ 45,921,112 $ 19,662,159
===========================================================================
Shares issued and repurchased:
Sold......................................... 201,475,420 4,232,852 2,228,445 11,350,993 1,534,396
Issued in reinvestment of dividends and
distributions............................... -- -- -- -- --
Repurchased.................................. (183,814,866) (2,183,741) (1,484,430) (10,379,321) (2,394,332)
---------------------------------------------------------------------------
Net increase (decrease)...................... 17,660,554 2,049,111 744,015 971,672 (859,936)
===========================================================================
<CAPTION>
SUNAMERICA
BALANCED
--------------------------------------------- -------------
<S> <C>
OPERATIONS:
Net investment income (loss)................. $ 2,559,713
Net realized gain (loss) on investments...... 3,328,037
Net realized gain (loss) on futures and
options contracts........................... --
Net realized foreign exchange gain (loss) on
other assets and liabilities................ --
Change in unrealized
appreciation/depreciation on investments.... (2,269,680)
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... --
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... --
-------------
Net increase (decrease) in net assets
resulting from operations................... 3,618,070
-------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... --
Distributions from net realized gain on
investments................................. --
-------------
Total dividends and distributions to
shareholders................................ --
-------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 156,421,067
Proceeds from shares issued for reinvestment
of dividends and distributions.............. --
Cost of shares repurchased................... (31,391,233)
-------------
Net increase (decrease) in net assets
resulting from capital share transactions... 125,029,834
-------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 128,647,904
NET ASSETS:
Beginning of period.......................... 194,877,799
-------------
End of period................................ $ 323,525,703
=============
---------------
Undistributed net investment income (loss)... $ 4,804,880
=============
Shares issued and repurchased:
Sold......................................... 8,978,911
Issued in reinvestment of dividends and
distributions............................... --
Repurchased.................................. (1,796,760)
------------
Net increase (decrease)...................... 7,182,151
============
</TABLE>
See Notes to Financial Statements
---------------------
159
<PAGE> 161
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (continued)
FOR THE SIX MONTHS ENDED JULY 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
MFS TOTAL ASSET EQUITY EQUITY
RETURN ALLOCATION UTILITY INCOME INDEX
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)................. $ 2,540,671 $ 9,607,536 $ 1,612,019 $ 59,881 $ 84,761
Net realized gain (loss) on investments...... 1,832,028 22,830,815 1,315,110 (15,417) 75,835
Net realized gain (loss) on futures and
options contracts........................... -- (2,228,046) -- -- --
Net realized foreign exchange gain (loss) on
other assets and liabilities................ (1,460) 39,816 (4,606) -- --
Change in unrealized
appreciation/depreciation on investments.... 1,678,908 (5,543,835) 2,345,601 182,484 (48,353)
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... 69 (284,812) -- -- --
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... -- (3,023,855) -- -- (140,500)
----------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations................... 6,050,216 21,397,619 5,268,124 226,948 (28,257)
----------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... -- -- -- -- --
Distributions from net realized gain on
investments................................. -- -- -- -- --
----------------------------------------------------------------------
Total dividends and distributions to
shareholders................................ -- -- -- -- --
----------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 51,526,839 82,148,752 39,027,240 2,223,700 23,222,064
Proceeds from shares issued for reinvestment
of dividends and distributions.............. -- -- -- -- --
Cost of shares repurchased................... (15,580,770) (115,723,100) (16,027,537) (1,903,108) (11,919,522)
----------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from capital share transactions... 35,946,069 (33,574,348) 22,999,703 320,592 11,302,542
----------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 41,996,285 (12,176,729) 28,267,827 547,540 11,274,285
NET ASSETS:
Beginning of period.......................... 145,332,068 724,516,465 77,323,056 5,287,158 11,167,713
----------------------------------------------------------------------
End of period................................ $187,328,353 $ 712,339,736 $105,590,883 $5,834,698 $22,441,998
======================================================================
---------------
Undistributed net investment income (loss)... $ 5,866,816 $ 31,503,635 $ 3,315,430 $ 64,190 $ 86,835
======================================================================
Shares issued and repurchased:
Sold......................................... 3,153,755 5,338,365 2,616,028 199,279 2,005,277
Issued in reinvestment of dividends and
distributions............................... -- -- -- -- --
Repurchased.................................. (951,340) (7,528,776) (1,070,704) (170,694) (1,030,345)
----------------------------------------------------------------------
Net increase (decrease)...................... 2,202,415 (2,190,411) 1,545,324 28,585 974,932
======================================================================
<CAPTION>
GROWTH- FEDERATED
INCOME VALUE
--------------------------------------------- ------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss)................. $ 2,900,967 $ 1,161,913
Net realized gain (loss) on investments...... 50,869,145 6,020,660
Net realized gain (loss) on futures and
options contracts........................... 5,464,100 --
Net realized foreign exchange gain (loss) on
other assets and liabilities................ 47 27
Change in unrealized
appreciation/depreciation on investments.... 32,763,146 4,024,454
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... -- --
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... (4,165,062) --
-----------------------------
Net increase (decrease) in net assets
resulting from operations................... 87,832,343 11,207,054
-----------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... -- --
Distributions from net realized gain on
investments................................. -- --
-----------------------------
Total dividends and distributions to
shareholders................................ -- --
-----------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 333,547,489 77,302,451
Proceeds from shares issued for reinvestment
of dividends and distributions.............. -- --
Cost of shares repurchased................... (166,491,097) (49,708,994)
----------------------------
Net increase (decrease) in net assets
resulting from capital share transactions... 167,056,392 27,593,452
-----------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 254,888,735 38,800,511
NET ASSETS:
Beginning of period.......................... 1,206,113,351 159,175,506
------------------------------
End of period................................ $1,461,002,086 $ 197,976,017
==============================
---------------
Undistributed net investment income (loss)... $ 10,236,529 $ 2,496,584
==============================
Shares issued and repurchased:
Sold......................................... 11,535,058 4,371,670
Issued in reinvestment of dividends and
distributions............................... -- --
Repurchased.................................. (5,795,937) (2,791,899)
------------------------------
Net increase (decrease)...................... 5,739,121 1,579,771
==============================
</TABLE>
See Notes to Financial Statements
- ---------------------
160
<PAGE> 162
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (continued)
FOR THE SIX MONTHS ENDED JULY 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
MFS
VENTURE "DOGS" OF ALLIANCE GROWTH AND
VALUE WALL STREET GROWTH INCOME
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)......................... $ 6,670,763 $ 959,000 $ (722,374) $ 937,855
Net realized gain (loss) on investments.............. 30,951,965 46,886 202,984,041 2,171,896
Net realized gain (loss) on futures and options
contracts........................................... -- -- -- --
Net realized foreign exchange gain (loss) on other
assets and liabilities.............................. -- -- 28 (10,198)
Change in unrealized appreciation/depreciation on
investments......................................... 129,280,649 5,689,536 (196,136,991) 3,558,687
Change in unrealized foreign exchange gain/loss on
other assets and liabilities........................ -- -- -- 579
Change in unrealized appreciation/depreciation on
futures and options contracts....................... -- -- -- --
-------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations.......................................... 166,903,377 6,695,422 6,124,704 6,658,819
-------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income................. -- -- -- --
Distributions from net realized gain on
investments......................................... -- -- -- --
-------------------------------------------------------------
Total dividends and distributions to shareholders.... -- -- -- --
-------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold............................ 382,775,157 45,172,770 723,778,434 68,707,833
Proceeds from shares issued for reinvestment of
dividends and distributions......................... -- -- -- --
Cost of shares repurchased........................... (264,101,922) (17,627,916) (410,849,506) (34,265,197)
-------------------------------------------------------------
Net increase (decrease) in net assets resulting from
capital share transactions.......................... 118,673,235 27,544,854 312,928,928 34,442,636
-------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS.............. 285,576,612 34,240,276 319,053,632 41,101,455
NET ASSETS:
Beginning of period.................................. 1,840,353,550 78,061,849 1,864,923,869 266,068,942
-------------------------------------------------------------
End of period........................................ $2,125,930,162 $112,302,125 $2,183,977,501 $307,170,397
=============================================================
---------------
Undistributed net investment income (loss)........... $ 22,215,513 $ 1,505,494 $ 2,035,378 $ 1,486,861
=============================================================
Shares issued and repurchased:
Sold................................................. 14,761,953 4,519,229 20,613,460 3,939,058
Issued in reinvestment of dividends and
distributions....................................... -- -- -- --
Repurchased.......................................... (10,220,124) (1,762,369) (11,786,169) (1,972,521)
-------------------------------------------------------------
Net increase (decrease).............................. 4,541,829 2,756,860 8,827,291 1,966,537
=============================================================
<CAPTION>
SMALL
PUTNAM REAL COMPANY
GROWTH ESTATE VALUE
----------------------------------------------------- -----------------------------------------
<S> <C> <C> <C>
OPERATIONS:
Net investment income (loss)......................... $ (127,082) $ 1,335,180 $ (11,130)
Net realized gain (loss) on investments.............. 36,094,356 (2,993,307) (26,907)
Net realized gain (loss) on futures and options
contracts........................................... -- -- --
Net realized foreign exchange gain (loss) on other
assets and liabilities.............................. -- -- --
Change in unrealized appreciation/depreciation on
investments......................................... (26,487,381) 3,119,642 312,377
Change in unrealized foreign exchange gain/loss on
other assets and liabilities........................ -- -- --
Change in unrealized appreciation/depreciation on
futures and options contracts....................... -- -- --
-----------------------------------------
Net increase (decrease) in net assets resulting from
operations.......................................... 9,479,893 1,461,515 274,340
-----------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income................. -- -- --
Distributions from net realized gain on
investments......................................... -- -- --
-----------------------------------------
Total dividends and distributions to shareholders.... -- -- --
-----------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold............................ 166,821,208 20,826,953 574,258
Proceeds from shares issued for reinvestment of
dividends and distributions......................... -- -- --
Cost of shares repurchased........................... (67,701,059) (19,559,315) (592,785)
-----------------------------------------
Net increase (decrease) in net assets resulting from
capital share transactions.......................... 99,120,149 1,267,638 (18,527)
-----------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS.............. 108,600,042 2,729,153 255,813
NET ASSETS:
Beginning of period.................................. 494,812,534 58,504,316 5,024,036
-----------------------------------------
End of period........................................ $603,412,576 $ 61,233,469 $ 5,279,849
=========================================
---------------
Undistributed net investment income (loss)........... $ 140,035 $ 3,400,497 $ (11,130)
=========================================
Shares issued and repurchased:
Sold................................................. 7,050,232 2,100,461 56,678
Issued in reinvestment of dividends and
distributions....................................... -- -- --
Repurchased.......................................... (2,867,961) (1,990,906) (58,644)
-----------------------------------------
Net increase (decrease).............................. 4,182,271 109,555 (1,966)
=========================================
</TABLE>
See Notes to Financial Statements
---------------------
161
<PAGE> 163
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (continued)
FOR THE SIX MONTHS ENDED JULY 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
MFS INTERNATIONAL INTERNATIONAL
MID-CAP AGGRESSIVE GROWTH AND GLOBAL DIVERSIFIED
GROWTH# GROWTH INCOME EQUITIES EQUITIES
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)................. $ (4,131) $ 159,734 $ 1,523,404 $ 1,920,996 $ 3,297,402
Net realized gain (loss) on investments...... 360,802 15,729,313 13,969,100 15,029,814 16,458,774
Net realized gain (loss) on futures and
options contracts........................... -- (650,751) -- -- 3,039,163
Net realized foreign exchange gain (loss) on
other assets and liabilities................ -- -- (1,181,353) (91,521) (1,495,399)
Change in unrealized
appreciation/depreciation on investments.... (228,002) (9,714,444) 11,619,557 3,606,292 4,143,215
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... -- -- 1,097,574 32,069 (486,185)
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... -- 28,272 -- -- 308,370
---------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations................... 128,669 5,552,124 27,028,282 20,497,650 25,265,340
---------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... -- -- -- -- --
Distributions from net realized gain on
investments................................. -- -- -- -- --
---------------------------------------------------------------------------
Total dividends and distributions to
shareholders................................ -- -- -- -- --
---------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 16,502,474 88,613,827 114,576,929 334,698,497 1,016,997,827
Proceeds from shares issued for reinvestment
of dividends and distributions.............. -- -- -- -- --
Cost of shares repurchased................... (7,758,570) (68,628,321) (76,872,449) (343,722,746) (1,036,532,806)
---------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from capital share transactions... 8,743,904 19,985,506 37,704,480 (9,024,249) (19,534,979)
---------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 8,872,573 25,537,630 64,732,762 11,473,401 5,730,361
NET ASSETS:
Beginning of period.......................... -- 182,313,161 142,496,671 463,138,428 373,784,523
---------------------------------------------------------------------------
End of period................................ $ 8,872,573 $207,850,791 $207,229,433 $474,611,829 $ 379,514,884
===========================================================================
---------------
Undistributed net investment income (loss)... $ (4,131) $ 545,366 $ 2,273,934 $ 5,552,487 $ 10,034,209
===========================================================================
Shares issued and repurchased:
Sold......................................... 1,513,402 5,430,800 9,185,717 17,880,721 76,617,484
Issued in reinvestment of dividends and
distributions............................... -- -- -- -- --
Repurchased.................................. (713,091) (4,340,444) (6,178,563) (18,294,706) (77,638,178)
---------------------------------------------------------------------------
Net increase (decrease)...................... 800,311 1,090,356 3,007,154 (413,985) (1,020,694)
===========================================================================
# Commenced operations April 1, 1999
<CAPTION>
EMERGING
MARKETS
--------------------------------------------- ------------
<S> <C>
OPERATIONS:
Net investment income (loss)................. $ 113,263
Net realized gain (loss) on investments...... 2,384,286
Net realized gain (loss) on futures and
options contracts........................... --
Net realized foreign exchange gain (loss) on
other assets and liabilities................ (202,521)
Change in unrealized
appreciation/depreciation on investments.... 9,371,006
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... 63,100
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... --
------------
Net increase (decrease) in net assets
resulting from operations................... 11,729,134
------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... --
Distributions from net realized gain on
investments................................. --
------------
Total dividends and distributions to
shareholders................................ --
------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 31,366,919
Proceeds from shares issued for reinvestment
of dividends and distributions.............. --
Cost of shares repurchased................... (16,366,630)
------------
Net increase (decrease) in net assets
resulting from capital share transactions... 15,000,289
------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 26,729,423
NET ASSETS:
Beginning of period.......................... 32,708,154
------------
End of period................................ $ 59,437,577
============
---------------
Undistributed net investment income (loss)... $ (88,152)
============
Shares issued and repurchased:
Sold......................................... 3,922,822
Issued in reinvestment of dividends and
distributions............................... --
Repurchased.................................. (2,055,038)
------------
Net increase (decrease)...................... 1,867,784
============
# Commenced operations April 1, 1999
</TABLE>
See Notes to Financial Statements
- ---------------------
162
<PAGE> 164
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS
FOR THE PERIOD DECEMBER 1, 1998 THROUGH JANUARY 31, 1999
<TABLE>
<CAPTION>
CASH CORPORATE GLOBAL HIGH-YIELD WORLDWIDE
MANAGEMENT BOND BOND BOND HIGH INCOME
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)................. $ 2,175,304 $ 1,572,369 $ 736,407 $ 4,746,302 $ 1,897,722
Net realized gain (loss) on investments...... 9,646 169,323 850,091 (2,240,492) (1,225,523)
Net realized gain (loss) on futures and
options contracts........................... -- -- -- -- --
Net realized foreign exchange gain (loss) on
other assets and liabilities................ -- -- 991,310 -- 33,517
Change in unrealized
appreciation/depreciation on investments.... 80,213 421,903 (340,048) 1,771,064 (3,005,904)
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... -- -- (524,851) -- (16,102)
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... -- -- -- -- (40,517)
-------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations................... 2,265,163 2,163,595 1,712,909 4,276,874 (2,356,807)
-------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... -- -- -- -- --
Distributions from net realized gain on
investments................................. -- -- -- -- --
-------------------------------------------------------------------------
Total dividends and distributions to
shareholders................................ -- -- -- -- --
-------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 417,868,561 20,469,501 10,112,554 27,358,549 11,308,899
Proceeds from shares issued for reinvestment
of dividends and distributions.............. -- -- -- -- --
Cost of shares repurchased................... (366,404,273) (7,390,279) (4,947,595) (23,178,837) (13,265,058)
-------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from capital share transactions... 51,464,288 13,079,222 5,164,959 4,179,712 (1,956,159)
-------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 53,729,451 15,242,817 6,877,868 8,456,586 (4,312,966)
NET ASSETS:
Beginning of period.......................... 223,640,091 143,561,286 115,428,215 284,580,498 121,289,550
-------------------------------------------------------------------------
End of period................................ $ 277,369,542 $158,804,103 $122,306,083 $293,037,084 $116,976,584
=========================================================================
---------------
Undistributed net investment income (loss)... $ 12,229,481 $ 8,221,379 $ 4,677,221 $ 30,350,019 $ 13,739,476
=========================================================================
Shares issued and repurchased:
Sold......................................... 39,339,533 1,723,714 852,492 2,488,265 1,113,204
Issued in reinvestment of dividends and
distributions............................... -- -- -- -- --
Repurchased.................................. (34,491,050) (622,391) (419,784) (2,108,316) (1,316,953)
-------------------------------------------------------------------------
Net increase (decrease)...................... 4,848,483 1,101,323 432,708 379,949 (203,749)
=========================================================================
<CAPTION>
SUNAMERICA
BALANCED
--------------------------------------------- -------------
<S> <C>
OPERATIONS:
Net investment income (loss)................. $ 499,957
Net realized gain (loss) on investments...... 603,496
Net realized gain (loss) on futures and
options contracts........................... --
Net realized foreign exchange gain (loss) on
other assets and liabilities................ --
Change in unrealized
appreciation/depreciation on investments.... 15,766,412
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... --
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... --
-------------
Net increase (decrease) in net assets
resulting from operations................... 16,869,865
-------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... --
Distributions from net realized gain on
investments................................. --
-------------
Total dividends and distributions to
shareholders................................ --
-------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 37,235,600
Proceeds from shares issued for reinvestment
of dividends and distributions.............. --
Cost of shares repurchased................... (8,469,273)
-------------
Net increase (decrease) in net assets
resulting from capital share transactions... 28,766,327
-------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 45,636,192
NET ASSETS:
Beginning of period.......................... 149,241,607
-------------
End of period................................ $ 194,877,799
=============
---------------
Undistributed net investment income (loss)... $ 2,245,167
=============
Shares issued and repurchased:
Sold......................................... 2,263,271
Issued in reinvestment of dividends and
distributions............................... --
Repurchased.................................. (516,546)
-------------
Net increase (decrease)...................... 1,746,725
=============
</TABLE>
See Notes to Financial Statements
---------------------
163
<PAGE> 165
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (continued)
FOR THE PERIOD DECEMBER 1, 1998 THROUGH JANUARY 31, 1999
<TABLE>
<CAPTION>
MFS TOTAL ASSET EQUITY EQUITY
RETURN+ ALLOCATION UTILITY INCOME# INDEX#
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)................. $ 566,508 $ 3,189,937 $ 376,172 $ 13,080 $ 10,845
Net realized gain (loss) on investments...... 19,235,259 3,406,680 1,180,130 131,363 3
Net realized gain (loss) on futures and
options contracts........................... -- 14,209,227 -- -- --
Net realized foreign exchange gain (loss) on
other assets and liabilities................ -- 282 13 -- --
Change in unrealized
appreciation/depreciation on investments.... (11,959,477) (3,779,986) (1,160,026) 142,715 1,156,865
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... -- 51,056 9 -- --
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... -- (6,198,783) -- -- --
---------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations................... 7,842,290 10,878,413 396,298 287,158 1,167,713
---------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... -- -- -- (15,000) (15,000)
Distributions from net realized gain on
investments................................. -- -- -- -- --
---------------------------------------------------------------------------
Total dividends and distributions to
shareholders................................ -- -- -- (15,000) (15,000)
---------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 11,312,991 39,789,134 13,044,515 5,000,000 10,000,000
Proceeds from shares issued for reinvestment
of dividends and distributions.............. -- -- -- 15,000 15,000
Cost of shares repurchased................... (5,262,953) (39,196,352) (4,166,465) -- --
---------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from capital share transactions... 6,050,038 592,782 8,878,050 5,015,000 10,015,000
---------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 13,892,328 11,471,195 9,274,348 5,287,158 11,167,713
NET ASSETS:
Beginning of period.......................... 131,439,740 713,045,270 68,048,708 -- --
---------------------------------------------------------------------------
End of period................................ $145,332,068 $724,516,465 $ 77,323,056 $ 5,287,158 $ 11,167,713
===========================================================================
---------------
Undistributed net investment income (loss)... $ 3,326,145 $ 21,896,099 $ 1,703,411 $ 4,309 $ 2,074
===========================================================================
Shares issued and repurchased:
Sold......................................... 722,994 2,664,197 881,293 500,000 1,000,000
Issued in reinvestment of dividends and
distributions............................... -- -- -- 1,433 1,398
Repurchased.................................. (335,735) (2,618,333) (281,470) -- --
---------------------------------------------------------------------------
Net increase (decrease)...................... 387,259 45,864 599,823 501,433 1,001,398
===========================================================================
+ Formerly Balanced/Phoenix Investment
Counsel
# Commenced operations December 14, 1998
<CAPTION>
GROWTH- FEDERATED
INCOME VALUE
--------------------------------------------- ------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss)................. $ 1,042,568 $ 193,382
Net realized gain (loss) on investments...... 15,897,837 166,627
Net realized gain (loss) on futures and
options contracts........................... 5,844,488 --
Net realized foreign exchange gain (loss) on
other assets and liabilities................ -- (6)
Change in unrealized
appreciation/depreciation on investments.... 134,285,475 4,903,370
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... (141) --
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... (1,543,688) --
------------------------------
Net increase (decrease) in net assets
resulting from operations................... 155,526,539 5,263,373
------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... -- --
Distributions from net realized gain on
investments................................. -- --
------------------------------
Total dividends and distributions to
shareholders................................ -- --
------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 85,700,857 17,210,109
Proceeds from shares issued for reinvestment
of dividends and distributions.............. -- --
Cost of shares repurchased................... (54,704,172) (9,197,815)
------------------------------
Net increase (decrease) in net assets
resulting from capital share transactions... 30,996,685 8,012,294
------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 186,523,224 13,275,667
NET ASSETS:
Beginning of period.......................... 1,019,590,127 145,899,839
------------------------------
End of period................................ $1,206,113,351 $ 159,175,506
==============================
---------------
Undistributed net investment income (loss)... $ 7,335,562 $ 1,334,671
==============================
Shares issued and repurchased:
Sold......................................... 3,281,847 1,060,836
Issued in reinvestment of dividends and
distributions............................... -- --
Repurchased.................................. (2,090,295) (565,865)
------------------------------
Net increase (decrease)...................... 1,191,552 494,971
==============================
+ Formerly Balanced/Phoenix Investment
Counsel
# Commenced operations December 14, 1998
</TABLE>
See Notes to Financial Statements
- ---------------------
164
<PAGE> 166
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (continued)
FOR THE PERIOD DECEMBER 1, 1998 THROUGH JANUARY 31, 1999
<TABLE>
<CAPTION>
MFS
VENTURE "DOGS" OF ALLIANCE GROWTH AND PUTNAM
VALUE WALL STREET GROWTH INCOME+ GROWTH
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)................. $ 2,598,807 $ 114,427 $ (40,559) $ 162,628 $ (147,306)
Net realized gain (loss) on investments...... 17,635,962 2,829,920 53,230,893 54,763,601 9,065,022
Net realized gain (loss) on futures and
options contracts........................... -- -- 637,521 -- --
Net realized foreign exchange gain (loss) on
other assets and liabilities................ 281 -- -- 3,628 --
Change in unrealized
appreciation/depreciation on investments.... 76,104,286 (4,578,871) 315,401,681 (29,996,476) 58,656,179
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... (267) -- -- -- --
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... -- -- (757,500) -- --
---------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations................... 96,339,069 (1,634,524) 368,472,036 24,933,381 67,573,895
---------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... -- -- -- -- --
Distributions from net realized gain on
investments................................. -- -- -- -- --
---------------------------------------------------------------------------
Total dividends and distributions to
shareholders................................ -- -- -- -- --
---------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 97,925,406 18,661,965 204,611,303 11,852,834 56,653,856
Proceeds from shares issued for reinvestment
of dividends and distributions.............. -- -- -- -- --
Cost of shares repurchased................... (79,321,761) (4,248,773) (104,299,490) (9,015,745) (28,278,432)
---------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from capital share transactions... 18,603,645 14,413,192 100,311,813 2,837,089 28,375,424
---------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 114,942,714 12,778,668 468,783,849 27,770,470 95,949,319
NET ASSETS:
Beginning of period.......................... 1,725,410,836 65,283,181 1,396,140,020 238,298,472 398,863,215
---------------------------------------------------------------------------
End of period................................ $1,840,353,550 $78,061,849 $1,864,923,869 $266,068,942 $494,812,534
===========================================================================
---------------
Undistributed net investment income (loss)... $ 15,544,750 $ 546,494 $ 2,757,752 $ 549,006 $ 267,117
===========================================================================
Shares issued and repurchased:
Sold......................................... 4,116,195 1,905,522 6,451,097 711,914 2,574,099
Issued in reinvestment of dividends and
distributions............................... -- -- -- -- --
Repurchased.................................. (3,331,735) (432,734) (3,339,403) (548,064) (1,281,139)
---------------------------------------------------------------------------
Net increase (decrease)...................... 784,460 1,472,788 3,111,694 163,850 1,292,960
===========================================================================
+ Formerly Growth/Phoenix Investment Counsel
<CAPTION>
REAL
ESTATE
--------------------------------------------- ------------
<S> <C>
OPERATIONS:
Net investment income (loss)................. $ 570,117
Net realized gain (loss) on investments...... (1,725,506)
Net realized gain (loss) on futures and
options contracts........................... --
Net realized foreign exchange gain (loss) on
other assets and liabilities................ --
Change in unrealized
appreciation/depreciation on investments.... (478,582)
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... --
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... --
------------
Net increase (decrease) in net assets
resulting from operations................... (1,633,971)
------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... --
Distributions from net realized gain on
investments................................. --
------------
Total dividends and distributions to
shareholders................................ --
------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 6,179,281
Proceeds from shares issued for reinvestment
of dividends and distributions.............. --
Cost of shares repurchased................... (5,142,635)
------------
Net increase (decrease) in net assets
resulting from capital share transactions... 1,036,646
------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... (597,325)
NET ASSETS:
Beginning of period.......................... 59,101,641
------------
End of period................................ $ 58,504,316
============
---------------
Undistributed net investment income (loss)... $ 2,065,317
============
Shares issued and repurchased:
Sold......................................... 630,827
Issued in reinvestment of dividends and
distributions............................... --
Repurchased.................................. (524,134)
------------
Net increase (decrease)...................... 106,693
============
+ Formerly Growth/Phoenix Investment Counsel
</TABLE>
See Notes to Financial Statements
---------------------
165
<PAGE> 167
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (continued)
FOR THE PERIOD DECEMBER 1, 1998 THROUGH JANUARY 31, 1999
<TABLE>
<CAPTION>
SMALL INTERNATIONAL INTERNATIONAL
COMPANY AGGRESSIVE GROWTH AND GLOBAL DIVERSIFIED
VALUE# GROWTH INCOME EQUITIES EQUITIES
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)................. $ 852 $ 33,479 $ (24,069) $ (29,789) $ (266,551)
Net realized gain (loss) on investments...... 24,272 10,344,666 1,383,124 11,471,490 6,406,461
Net realized gain (loss) on futures and
options contracts........................... -- (322,075) -- -- (421,891)
Net realized foreign exchange gain (loss) on
other assets and liabilities................ -- -- 9,412 (1,429,097) (1,883,721)
Change in unrealized
appreciation/depreciation on investments.... (1,088) 25,390,587 3,312,874 31,119,590 2,961,164
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... -- -- (6,666) 810,121 (674,306)
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... -- -- -- -- 429,077
------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations................... 24,036 35,446,657 4,674,675 41,942,315 6,550,233
------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... (10,000) -- (265,000) -- --
Distributions from net realized gain on
investments................................. -- -- (2,235,000) -- --
------------------------------------------------------------------------
Total dividends and distributions to
shareholders................................ (10,000) -- (2,500,000) -- --
------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 5,000,000 28,460,612 25,897,133 35,563,067 220,533,560
Proceeds from shares issued for reinvestment
of dividends and distributions.............. 10,000 -- 2,500,000 -- --
Cost of shares repurchased................... -- (14,776,792) (16,419,004) (34,724,943) (207,473,512)
------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from capital share transactions... 5,010,000 13,683,820 11,978,129 838,124 13,060,048
------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 5,024,036 49,130,477 14,152,804 42,780,439 19,610,281
NET ASSETS:
Beginning of period.......................... -- 133,182,684 128,343,867 420,357,989 354,174,242
------------------------------------------------------------------------
End of period................................ $5,024,036 $182,313,161 $142,496,671 $463,138,428 $ 373,784,523
========================================================================
---------------
Undistributed net investment income (loss)... $ -- $ 385,632 $ 750,530 $ 3,631,491 $ 6,736,807
========================================================================
Shares issued and repurchased:
Sold......................................... 500,000 2,008,807 2,268,946 1,978,139 17,063,994
Issued in reinvestment of dividends and
distributions............................... 959 -- 217,960 -- --
Repurchased.................................. -- (1,075,513) (1,434,448) (1,957,914) (16,008,763)
------------------------------------------------------------------------
Net increase (decrease)...................... 500,959 933,294 1,052,458 20,225 1,055,231
========================================================================
# Commenced operations December 14, 1998
<CAPTION>
EMERGING
MARKETS
--------------------------------------------- ------------
<S> <C>
OPERATIONS:
Net investment income (loss)................. $ 32,424
Net realized gain (loss) on investments...... (1,240,780)
Net realized gain (loss) on futures and
options contracts........................... --
Net realized foreign exchange gain (loss) on
other assets and liabilities................ (117,495)
Change in unrealized
appreciation/depreciation on investments.... 1,414,903
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... (38,964)
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... --
------------
Net increase (decrease) in net assets
resulting from operations................... 50,088
------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... (65,000)
Distributions from net realized gain on
investments................................. --
------------
Total dividends and distributions to
shareholders................................ (65,000)
------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 3,246,429
Proceeds from shares issued for reinvestment
of dividends and distributions.............. 65,000
Cost of shares repurchased................... (2,273,641)
-------------
Net increase (decrease) in net assets
resulting from capital share transactions... 1,037,788
-------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 1,022,876
NET ASSETS:
Beginning of period.......................... 31,685,278
-------------
End of period................................ $ 32,708,154
=============
---------------
Undistributed net investment income (loss)... $ (201,415)
=============
Shares issued and repurchased:
Sold......................................... 525,444
Issued in reinvestment of dividends and
distributions............................... 10,400
Repurchased.................................. (366,917)
-------------
Net increase (decrease)...................... 168,927
=============
# Commenced operations December 14, 1998
</TABLE>
See Notes to Financial Statements
- ---------------------
166
<PAGE> 168
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED NOVEMBER 30, 1998
<TABLE>
<CAPTION>
CASH CORPORATE GLOBAL HIGH-YIELD WORLDWIDE
MANAGEMENT BOND BOND BOND HIGH INCOME
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)................. $ 10,066,106 $ 6,659,366 $ 4,463,161 $ 25,623,546 $ 11,865,052
Net realized gain (loss) on investments...... (6,901) (60,443) 4,786,517 (861,067) (30,080,600)
Net realized gain (loss) on futures and
options contracts........................... -- -- -- -- 17,693
Net realized foreign exchange gain (loss) on
other assets
and liabilities............................. -- -- (1,286,313) -- (33,125)
Change in unrealized
appreciation/depreciation on investments.... 25,431 (565,665) 3,845,490 (30,181,712) (3,067,152)
Change in unrealized foreign exchange
gain/loss on other
assets and liabilities...................... -- -- (146,183) -- 35,136
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... -- -- -- -- (17,300)
----------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations................... 10,084,636 6,033,258 11,662,672 (5,419,233) (21,280,296)
----------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... (6,780,000) (3,280,000) (6,255,000) (13,985,000) (6,395,000)
Distributions from net realized gain on
investments................................. -- -- (1,735,000) (1,645,000) (7,650,000)
----------------------------------------------------------------------------
Total dividends and distributions to
shareholders................................ (6,780,000) (3,280,000) (7,990,000) (15,630,000) (14,045,000)
----------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 1,289,143,368 105,861,336 64,783,124 270,371,285 88,242,225
Proceeds from shares issued for reinvestment
of dividends and distributions.............. 6,780,000 3,280,000 7,990,000 15,630,000 14,045,000
Cost of shares repurchased................... (1,231,707,367) (30,604,926) (50,060,104) (176,010,560) (70,896,700)
----------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from capital share transactions... 64,216,001 78,536,410 22,713,020 109,990,725 31,390,525
----------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 67,520,637 81,289,668 26,385,692 88,941,492 (3,934,771)
NET ASSETS:
Beginning of period.......................... 156,119,454 62,271,618 89,042,523 195,639,006 125,224,321
----------------------------------------------------------------------------
End of period................................ $ 223,640,091 $143,561,286 $115,428,215 $ 284,580,498 $121,289,550
============================================================================
---------------
Undistributed net investment income (loss)... $ 10,054,177 $ 6,650,194 $ 2,981,658 $ 25,603,717 $ 11,808,237
============================================================================
Shares issued and repurchased:
Sold......................................... 122,958,824 9,082,885 5,681,272 23,131,140 7,284,965
Issued in reinvestment of dividends and
distributions............................... 662,109 288,225 731,015 1,323,455 1,086,233
Repurchased.................................. (117,025,116) (2,626,465) (4,342,695) (15,085,908) (6,094,290)
----------------------------------------------------------------------------
Net increase (decrease)...................... 6,595,817 6,744,645 2,069,592 9,368,687 2,276,908
============================================================================
<CAPTION>
SUNAMERICA
BALANCED
--------------------------------------------- ------------
<S> <C>
OPERATIONS:
Net investment income (loss)................. $ 1,755,436
Net realized gain (loss) on investments...... 3,122,205
Net realized gain (loss) on futures and
options contracts........................... --
Net realized foreign exchange gain (loss) on
other assets
and liabilities............................. --
Change in unrealized
appreciation/depreciation on investments.... 10,080,246
Change in unrealized foreign exchange
gain/loss on other
assets and liabilities...................... --
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... --
-------------
Net increase (decrease) in net assets
resulting from operations................... 14,957,887
-------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... (470,000)
Distributions from net realized gain on
investments................................. (1,630,000)
-------------
Total dividends and distributions to
shareholders................................ (2,100,000)
-------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 113,589,466
Proceeds from shares issued for reinvestment
of dividends and distributions.............. 2,100,000
Cost of shares repurchased................... (23,926,902)
-------------
Net increase (decrease) in net assets
resulting from capital share transactions... 91,762,564
-------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 104,620,451
NET ASSETS:
Beginning of period.......................... 44,621,156
------------
End of period................................ $149,241,607
============
---------------
Undistributed net investment income (loss)... $ 1,745,210
============
Shares issued and repurchased:
Sold......................................... 7,767,253
Issued in reinvestment of dividends and
distributions............................... 144,429
Repurchased.................................. (1,671,552)
------------
Net increase (decrease)...................... 6,240,130
============
</TABLE>
See Notes to Financial Statements
---------------------
167
<PAGE> 169
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (continued)
FOR THE YEAR ENDED NOVEMBER 30, 1998
<TABLE>
<CAPTION>
MFS TOTAL ASSET GROWTH- FEDERATED
RETURN+ ALLOCATION UTILITY INCOME VALUE
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)................. $ 2,762,869 $ 20,088,057 $ 1,341,987 $ 6,306,909 $ 1,149,112
Net realized gain (loss) on investments...... 1,095,104 17,614,687 2,895,401 42,172,573 7,493,632
Net realized gain (loss) on futures and
options contracts........................... -- 4,861,214 -- 1,162,383 --
Net realized foreign exchange gain (loss) on
other assets and liabilities................ -- 56,315 (8,436) -- 29
Change in unrealized
appreciation/depreciation on investments.... 10,235,149 (38,559,922) 1,997,996 98,775,893 7,034,153
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... -- (537) -- 141 --
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... -- 9,164,216 -- 5,540,263 --
---------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations................... 14,093,122 13,224,030 6,226,948 153,958,162 15,676,926
---------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... (2,165,000) (12,565,000) (410,000) (4,145,000) (330,000)
Distributions from net realized gain on
investments................................. (9,655,000) (58,650,000) (875,000) (32,070,000) (1,790,000)
---------------------------------------------------------------------------
Total dividends and distributions to
shareholders................................ (11,820,000) (71,215,000) (1,285,000) (36,215,000) (2,120,000)
---------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 40,224,778 289,252,676 63,061,254 450,896,249 107,751,599
Proceeds from shares issued for reinvestment
of dividends and distributions.............. 11,820,000 71,215,000 1,285,000 36,215,000 2,120,000
Cost of shares repurchased................... (18,599,196) (116,016,831) (25,605,621) (207,326,780) (36,552,630)
---------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from capital share transactions... 33,445,582 244,450,845 38,740,633 279,784,469 73,318,969
---------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 35,718,704 186,459,875 43,682,581 397,527,631 86,875,895
NET ASSETS:
Beginning of period.......................... 95,721,036 526,585,395 24,366,127 622,062,496 59,023,944
---------------------------------------------------------------------------
End of period................................ $131,439,740 $ 713,045,270 $ 68,048,708 $1,019,590,127 $145,899,839
===========================================================================
---------------
Undistributed net investment income (loss)... $ 2,758,518 $ 18,708,081 $ 1,327,226 $ 6,292,994 $ 1,141,295
===========================================================================
Shares issued and repurchased:
Sold......................................... 2,754,398 18,818,398 4,592,714 19,956,198 7,117,294
Issued in reinvestment of dividends and
distributions............................... 826,573 4,576,800 93,386 1,571,832 136,072
Repurchased.................................. (1,285,192) (7,735,606) (1,867,728) (9,337,805) (2,415,702)
---------------------------------------------------------------------------
Net increase (decrease)...................... 2,295,779 15,659,592 2,818,372 12,190,225 4,837,664
===========================================================================
</TABLE>
+ Formerly Balanced/Phoenix Investment
Counsel
See Notes to Financial Statements
- ---------------------
168
<PAGE> 170
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (continued)
FOR THE YEAR ENDED NOVEMBER 30, 1998
<TABLE>
<CAPTION>
MFS
VENTURE "DOGS" OF ALLIANCE GROWTH AND PUTNAM
VALUE WALL STREET GROWTH INCOME+ GROWTH
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)................. $ 12,963,152 $ 431,263 $ 2,768,561 $ 397,828 $ 282,903
Net realized gain (loss) on investments...... 56,164,428 721 131,778,070 11,774,676 10,488,436
Net realized gain (loss) on futures and
options contracts........................... -- -- 210,720 -- --
Net realized foreign exchange gain (loss) on
other assets and liabilities................ 127 -- -- -- --
Change in unrealized
appreciation/depreciation on investments.... 77,804,105 1,527,725 161,624,460 25,041,204 49,263,300
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... (187) -- -- -- --
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... -- -- 765,000 -- --
-----------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations................... 146,931,625 1,959,709 297,146,811 37,213,708 60,034,639
-----------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... (7,660,000) -- (1,965,000) (1,540,000) (340,000)
Distributions from net realized gain on
investments................................. (41,665,000) -- (81,965,000) (37,090,000) (43,740,000)
-----------------------------------------------------------------------------
Total dividends and distributions to
shareholders................................ (49,325,000) -- (83,930,000) (38,630,000) (44,080,000)
-----------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 766,037,879 79,305,565 783,731,693 35,503,466 207,347,790
Proceeds from shares issued for reinvestment
of dividends and distributions.............. 49,325,000 -- 83,930,000 38,630,000 44,080,000
Cost of shares repurchased................... (327,611,955) (15,982,093) (389,271,751) (52,914,520) (103,245,428)
-----------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from capital share transactions... 487,750,924 63,323,472 478,389,942 21,218,946 148,182,362
-----------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 585,357,549 65,283,181 691,606,753 19,802,654 164,137,001
NET ASSETS:
Beginning of period.......................... 1,140,053,287 -- 704,533,267 218,495,818 234,726,214
-----------------------------------------------------------------------------
End of period................................ $1,725,410,836 $ 65,283,181 $1,396,140,020 $238,298,472 $ 398,863,215
=============================================================================
---------------
Undistributed net investment income (loss)... $ 12,945,662 $ 431,867 $ 2,757,752 $ 382,750 $ 267,117
=============================================================================
Shares issued and repurchased:
Sold......................................... 34,411,379 8,307,445 30,725,595 2,358,623 10,626,946
Issued in reinvestment of dividends and
distributions............................... 2,146,431 -- 3,331,878 2,642,271 2,288,681
Repurchased.................................. (14,958,273) (1,651,822) (15,499,022) (3,487,108) (5,433,344)
-----------------------------------------------------------------------------
Net increase (decrease)...................... 21,599,537 6,655,623 18,558,451 1,513,786 7,482,283
=============================================================================
+ Formerly Growth/Phoenix Investment Counsel
<CAPTION>
REAL
ESTATE
--------------------------------------------- -------------
<S> <C>
OPERATIONS:
Net investment income (loss)................. $ 2,053,619
Net realized gain (loss) on investments...... (1,186,055)
Net realized gain (loss) on futures and
options contracts........................... --
Net realized foreign exchange gain (loss) on
other assets and liabilities................ --
Change in unrealized
appreciation/depreciation on investments.... (8,547,580)
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... --
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... --
-------------
Net increase (decrease) in net assets
resulting from operations................... (7,680,016)
-------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... (430,000)
Distributions from net realized gain on
investments................................. (25,000)
-------------
Total dividends and distributions to
shareholders................................ (455,000)
-------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 68,871,484
Proceeds from shares issued for reinvestment
of dividends and distributions.............. 455,000
Cost of shares repurchased................... (31,654,685)
-------------
Net increase (decrease) in net assets
resulting from capital share transactions... 37,671,799
-------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 29,536,783
NET ASSETS:
Beginning of period.......................... 29,564,858
-------------
End of period................................ $ 59,101,641
=============
---------------
Undistributed net investment income (loss)... $ 1,549,439
=============
Shares issued and repurchased:
Sold......................................... 6,318,577
Issued in reinvestment of dividends and
distributions............................... 39,089
Repurchased.................................. (2,938,499)
-------------
Net increase (decrease)...................... 3,419,167
=============
+ Formerly Growth/Phoenix Investment Counsel
</TABLE>
See Notes to Financial Statements
---------------------
169
<PAGE> 171
- ---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (continued)
FOR THE YEAR ENDED NOVEMBER 30, 1998
<TABLE>
<CAPTION>
INTERNATIONAL INTERNATIONAL
AGGRESSIVE GROWTH AND GLOBAL DIVERSIFIED EMERGING
GROWTH INCOME EQUITIES EQUITIES MARKETS
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)................. $ 357,003 $ 973,452 $ 1,816,438 $ 3,649,794 $ 166,140
Net realized gain (loss) on investments...... 8,516,390 1,388,681 30,122,418 3,338,090 (8,916,796)
Net realized gain (loss) on futures and
options contracts........................... 121,523 -- -- 379,087 --
Net realized foreign exchange gain (loss) on
other assets and liabilities................ -- (181,644) 2,829,578 2,639,780 (209,004)
Change in unrealized
appreciation/depreciation on investments.... (2,778,649) 2,363,587 17,895,089 41,649,770 1,943,004
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... -- (956,662) (1,905,362) (947,316) (32,870)
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... -- -- -- (309,741) --
----------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations................... 6,216,267 3,587,414 50,758,161 50,399,464 (7,049,526)
----------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... -- (135,000) (4,270,000) (9,350,000) (205,000)
Distributions from net realized gain on
investments................................. -- (290,000) (29,965,000) (3,540,000) --
----------------------------------------------------------------------------
Total dividends and distributions to
shareholders................................ -- (425,000) (34,235,000) (12,890,000) (205,000)
----------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 72,681,614 150,784,055 148,182,205 363,964,393 37,540,896
Proceeds from shares issued for reinvestment
of dividends and distributions.............. -- 425,000 34,235,000 12,890,000 205,000
Cost of shares repurchased................... (49,318,661) (68,871,564) (120,221,571) (309,116,327) (18,785,185)
----------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from capital share transactions... 23,362,953 82,337,491 62,195,634 67,738,066 18,960,711
----------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 29,579,220 85,499,905 78,718,795 105,247,530 11,706,185
NET ASSETS:
Beginning of period.......................... 103,603,464 42,843,962 341,639,194 248,926,712 19,979,093
----------------------------------------------------------------------------
End of period................................ $133,182,684 $128,343,867 $ 420,357,989 $ 354,174,242 $ 31,685,278
============================================================================
---------------
Undistributed net investment income (loss)... $ 352,153 $ 846,246 $ 4,369,876 $ 5,133,814 $ (52,849)
============================================================================
Shares issued and repurchased:
Sold......................................... 6,231,775 13,322,605 8,865,607 29,306,696 5,145,118
Issued in reinvestment of dividends and
distributions............................... -- 40,284 1,993,885 996,906 24,849
Repurchased.................................. (4,227,691) (6,135,342) (7,373,444) (24,727,847) (2,565,829)
----------------------------------------------------------------------------
Net increase (decrease)...................... 2,004,084 7,227,547 3,486,048 5,575,755 2,604,138
============================================================================
</TABLE>
See Notes to Financial Statements
- ---------------------
170
<PAGE> 172
- ---------------------
SUNAMERICA SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION: SunAmerica Series Trust
("the Trust"), organized as a Massachusetts business trust on September 11,
1992, is an open-end management investment company. Shares of the Trust are
issued and redeemed only in connection with investments in and payments under
variable annuity contracts and variable life contracts.
The Trust issues separate series of shares ("the Portfolios"), each of which
represents a separate managed portfolio of securities with its own investment
objectives. The Trustees may establish additional series in the future. All
shares may be purchased or redeemed at net asset value without any sales or
redemption charge.
The investment objectives for the portfolios included in this report are as
follows:
The CASH MANAGEMENT PORTFOLIO seeks high current yield while preserving capital
by investing in a diversified selection of money market instruments.
The CORPORATE BOND PORTFOLIO seeks high total return with only moderate price
risk by investing primarily in investment grade fixed income securities.
The GLOBAL BOND PORTFOLIO seeks high total return, emphasizing current income
and, to a lesser extent, capital appreciation, by investing in high quality
fixed income securities of U.S. and foreign issuers and transactions in foreign
currencies.
The HIGH-YIELD BOND PORTFOLIO seeks high current income and, secondarily,
capital appreciation by investing primarily in intermediate and long-term
corporate obligations, emphasizing higher-yielding, higher-risk, lower-rated or
unrated securities (junk bonds) with a primary focus on "B" rated high-yield
bonds.
The WORLDWIDE HIGH INCOME PORTFOLIO seeks high current income and, secondarily,
capital appreciation by investing primarily in high-yielding fixed income
securities (junk bonds) of issuers located throughout the world.
The SUNAMERICA BALANCED PORTFOLIO seeks conservation of principal by maintaining
at all times a balanced portfolio of stocks and bonds, with at least 25%
invested in fixed income securities.
The MFS TOTAL RETURN PORTFOLIO seeks current income, long-term capital growth
and conservation of capital by investing primarily in common stocks and fixed
income securities, with an emphasis on income-producing securities that appear
to have some potential for capital enhancement.
The ASSET ALLOCATION PORTFOLIO seeks high total return (including income and
capital gains) consistent with long-term preservation of capital by investing in
a diversified portfolio that may include common stocks and other securities with
common stock characteristics, bonds and other intermediate and long-term fixed
income securities and money market instruments.
The UTILITY PORTFOLIO seeks high current income and moderate capital
appreciation by investing primarily in equity and debt securities of utility
companies.
The EQUITY INCOME PORTFOLIO seeks long-term capital appreciation and income by
investing primarily in equity securities that are expected to pay above-average
dividends.
The EQUITY INDEX PORTFOLIO seeks investment results that correspond with the
performance of the Standard & Poor's 500(R) Composite Stock Price Index ("S&P
500(R)") by investing primarily in common stocks included in the S&P 500(R).
The GROWTH-INCOME PORTFOLIO seeks growth of capital and income by investing
primarily in common stocks or securities that demonstrate the potential for
appreciation and/or dividends.
The FEDERATED VALUE PORTFOLIO seeks growth of capital and income by investing
primarily in the securities of high quality companies.
The VENTURE VALUE PORTFOLIO seeks growth of capital by investing primarily in
common stocks of companies with market capitalizations of at least $5 billion.
The "DOGS" OF WALL STREET PORTFOLIO seeks total return (including capital
appreciation and current income) by investing in thirty high dividend yielding
common stocks selected annually from the Dow Jones Industrial Average and the
broader market.
The ALLIANCE GROWTH PORTFOLIO seeks long-term growth of capital by investing
primarily in equity securities of a limited number of large, carefully selected,
high quality U.S. companies that are judged likely to achieve superior earnings.
---------------------
171
<PAGE> 173
The MFS GROWTH AND INCOME PORTFOLIO seeks reasonable current income and
long-term growth of capital and income by investing primarily in equity
securities.
The PUTNAM GROWTH PORTFOLIO seeks long-term growth of capital by investing
primarily in common stocks or securities with common stock characteristics that
its Subadviser believes have above-average growth prospects.
The REAL ESTATE PORTFOLIO seeks total return through a combination of growth and
income by investing primarily in securities of companies principally engaged in
or related to the real estate industry or that own significant real estate
assets or that primarily invest in real estate financial instruments.
The SMALL COMPANY VALUE PORTFOLIO seeks capital appreciation by investing in a
broadly diversified portfolio of equity securities of small companies generally
with market capitalizations of less than $1 billion.
The MFS MID-CAP GROWTH PORTFOLIO seeks long-term growth of capital by investing
primarily in equity securities of medium-sized companies, generally with market
capitalizations between $1 billion and $5 billion, that its Subadviser believes
have above-average growth potential.
The AGGRESSIVE GROWTH PORTFOLIO seeks capital appreciation by investing
primarily in equity securities of high growth companies including small growth
companies with market capitalizations under $1 billion.
The INTERNATIONAL GROWTH AND INCOME PORTFOLIO seeks growth of capital and,
secondarily, current income by investing primarily in common stocks traded on
markets outside the U.S.
The GLOBAL EQUITIES PORTFOLIO seeks long-term growth of capital through
investing primarily in common stocks or securities with common stock
characteristics of U.S. and foreign issuers that demonstrate the potential for
appreciation and engages in transactions in foreign currencies.
The INTERNATIONAL DIVERSIFIED EQUITIES PORTFOLIO seeks long-term capital
appreciation by investing (in accordance with country and sector weightings
determined by its Subadviser) in common stocks of foreign issuers that, in the
aggregate, replicate broad country and sector indices.
The EMERGING MARKETS PORTFOLIO seeks long-term capital appreciation by investing
primarily in common stocks and other equity securities of companies that its
Subadviser believes have above-average growth prospects primarily in emerging
markets outside the U.S.
2. SIGNIFICANT ACCOUNTING POLICIES: The preparation of financial statements in
accordance with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts and disclosures
in the financial statements. Actual results could differ from these estimates.
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, and the results of its operations, the
changes in its net assets and its financial highlights for the periods then
ended. The 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, other long-term debt securities, and
short-term securities with original or remaining maturities in excess of 60 days
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. If a security's price is available from more than one
foreign exchange, a portfolio uses the exchange that is the primary market for
the security. Developing markets securities involve risks not typically
associated with investing in securities of issuers in more developed markets.
These investments are subject to various risk factors including market, credit,
exchange rate and sovereign risk. The markets in which these securities trade
can be volatile and at times illiquid. Futures contracts are valued at the last
sale price established each day by the board of trade or exchange on which they
are traded. 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.
FOREIGN CURRENCY TRANSLATION: The books and records of the Trust are
maintained in U.S. dollars. 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.
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. Similarly, 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.
- ---------------------
172
<PAGE> 174
Realized foreign exchange gains and losses on other assets and liabilities and
change in unrealized foreign exchange gains and losses on other assets and
liabilities include realized foreign exchange gains and losses from currency
gains or losses between the trade and settlement dates of securities
transactions, the difference between the amounts of interest, dividends 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.
SECURITIES TRANSACTIONS, INVESTMENT INCOME, EXPENSES, DIVIDENDS AND
DISTRIBUTIONS TO SHAREHOLDERS: As is customary in the mutual fund industry,
securities transactions are recorded on a trade date basis. Interest income is
accrued daily except when collection is not expected. Dividend income and
distributions 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.
Common expenses incurred by the Trust are allocated among the Portfolios based
upon relative net assets or other appropriate allocation methods. In all other
respects, expenses are charged to each Portfolio as incurred on a specific
identification basis.
The Portfolios record dividends and distributions to their 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. Net
investment income/loss, net realized gain/loss, and net assets are not affected.
For the period December 1, 1998 through January 31, 1999, 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 PAID-IN
INVESTMENT INCOME/(LOSS) REALIZED GAIN/(LOSS) CAPITAL
<S> <C> <C> <C>
-------------------------------------------------------
<CAPTION>
<S> <C> <C> <C>
Cash Management...................................... $ -- $ -- $ --
Corporate Bond....................................... (1,184) 1,184 --
Global Bond.......................................... 959,156 (959,156) --
High-Yield Bond...................................... -- -- --
Worldwide High Income................................ 33,518 (33,518) --
SunAmerica Balanced.................................. -- -- --
MFS Total Return..................................... 1,119 (1,119) --
Asset Allocation..................................... (1,919) 3,899 (1,980)
Utility.............................................. 13 (13) --
Equity Income........................................ 6,229 -- (6,229)
Equity Index......................................... 6,229 -- (6,229)
Growth-Income........................................ -- -- --
Federated Value...................................... (6) 6 --
Venture Value........................................ 281 (281) --
"Dogs" of Wall Street................................ 200 -- (200)
Alliance Growth...................................... 40,559 (40,559) --
MFS Growth and Income................................ 3,628 (3,628) --
Putnam Growth........................................ 147,306 (147,306) --
Real Estate.......................................... (54,239) 8,010 46,229
Small Company Value.................................. 9,148 (2,919) (6,229)
Aggressive Growth.................................... -- -- --
International Growth and Income...................... 193,353 (193,133) (220)
Global Equities...................................... (708,596) 953,006 (244,410)
International Diversified Equities................... 1,869,544 1,482,221 (3,351,765)
Emerging Markets..................................... (115,990) 116,210 (220)
</TABLE>
---------------------
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<PAGE> 175
ORGANIZATIONAL EXPENSES: During the years ended November 30, 1997 and 1998,
$19,122 and $4,717, respectively, were incurred as part of the organization and
registration of additional Portfolios. Such organizational expenses are being
amortized on a straight line basis by each applicable Portfolio of the Trust
over the period of benefit not to exceed 60 months from the date the respective
Portfolio commenced operations.
3. OPERATING POLICIES:
REPURCHASE AGREEMENTS: The Trust's custodian takes possession of the
collateral pledged for investments in repurchase agreements ("repo" or
collectively "repos"). 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.
At July 31, 1999 the Cash Management, High-Yield Bond, SunAmerica Balanced,
"Dogs" of Wall Street and Aggressive Growth Portfolios had a 9.7%, 4.5%, 14.2%,
0.7% and 16.8%, respectively, undivided interest, representing $19,390,000,
$8,960,000, $28,347,000, $1,353,000 and $33,560,000, respectively, in principal
amount, in a joint repo with State Street Bank & Trust Co., which is dated July
30, 1999, bears interest at the rate of 5.00% per annum, has a principal amount
of $200,315,000, and a repurchase price of $200,398,465, matures on August 2,
1999 and is collateralized by $100,000,000 U.S. Treasury Notes (bearing interest
at the rate of 6.13% per annum and maturing July 31, 2000), $25,000,000 U.S.
Treasury Notes (bearing interest at the rate of 6.13% per annum and maturing
December 31, 2001), $25,000,000 U.S. Treasury Notes (bearing interest at the
rate of 6.25% per annum and maturing February 15, 2003), $315,000 U.S. Treasury
Bonds (bearing interest at the rate of 10.38% per annum and maturing November
15, 2009) and $50,000,000 U.S. Treasury Bonds (bearing interest at the rate of
8.13% per annum and maturing August 15, 2019), which together have an
approximate value of $204,344,288.
In addition, at July 31, 1999, the Cash Management and SunAmerica Balanced
Portfolios had a 22.2% and 24.4%, respectively, undivided interest, representing
$50,000,000 and $55,000,000, respectively, in principal amount in a joint repo
with PaineWebber, Inc., which is dated July 30, 1999, bears interest at the rate
of 5.02% per annum, has a principal amount of $225,000,000, and a repurchase
price of $225,094,125, matures on August 2, 1999 and is collateralized by
$50,000,000 U.S. Treasury Notes (bearing interest at a rate of 5.83% per annum
and maturing November 30, 1999), $13,370,000 U.S. Treasury Notes (bearing
interest at the rate of 5.75% per annum and maturing April 30, 2003),
$50,000,000 U.S. Treasury Notes (bearing interest at the rate of 7.25% per annum
and maturing August 15, 2004), $50,000,000 U.S. Treasury Bonds (bearing interest
at the rate of 7.88% due November 15, 2007) and $47,800,000 U.S. Treasury Bonds
(bearing interest at the rate of 8.00% per annum and maturing November 15,
2001), which together have an approximate value of $233,592,507.
FORWARD FOREIGN CURRENCY CONTRACTS: Certain portfolios may enter into forward
foreign currency contracts ("forward contracts") to attempt to protect
securities and related receivables and payables against changes in future
foreign exchange rates or to enhance return. A forward contract is an agreement
between two parties to buy or sell currency at a set price on a future date. The
market value of the contract will fluctuate with changes in currency exchange
rates. The contract is marked-to-market daily using the forward rate and the
change in market value is recorded by the Portfolio as unrealized gain or loss.
On the settlement date, the Portfolio records either realized gains or losses
when the contract is closed 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.
Risks may arise upon entering into these contracts from the potential inability
of counterparties to meet the terms of their contracts and from unanticipated
movements in the value of a foreign currency relative to the U.S. dollar.
Forward contracts involve elements of 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.
FUTURES CONTRACTS: A futures contract is an agreement between two parties to
buy and sell a financial instrument 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.
At July 31, 1999 the International Diversified Equities Portfolio had
$2,285,977 and $567 in cash and foreign cash, respectively, segregated for open
futures contracts.
OPTIONS: An option is a contract conveying a right to buy or sell a financial
instrument at a specified price during a stipulated period. The premium paid by
a Portfolio for the purchase of a call or a put option is included in the
Portfolio's Statement of Assets and Liabilities as an investment and
subsequently marked to market to reflect the current market value of
- ---------------------
174
<PAGE> 176
the option. When a Portfolio writes a call or a put option, an amount equal to
the premium received by the Portfolio is included in the Portfolio's Statement
of Assets and Liabilities as a liability and is subsequently marked to market to
reflect the current market value of the option written. If an option which the
Portfolio has written either expires on its stipulated expiration date, or if
the Portfolio enters into a closing purchase transaction, the Portfolio realizes
a gain (or loss if the cost of a closing purchase transaction exceeds the
premium received when the option was written) without regard to any unrealized
gain or loss on the underlying security, and the liability related to such
options is extinguished. If a call option which the Portfolio has written is
exercised, the Portfolio realizes a capital gain or loss from the sale of the
underlying security and the proceeds from such sale are increased by the premium
originally received. If a put option which the Portfolio has written is
exercised, the amount of the premium originally received reduces the cost of the
security which the Portfolio purchased upon exercise of the option.
During the period ended July 31, 1999, transactions in written option
contracts were as follows:
<TABLE>
<CAPTION>
ASSET ALLOCATION AGGRESSIVE GROWTH
--------------------- -----------------------
CONTRACTS AMOUNT CONTRACTS AMOUNT
--------- --------- --------- -----------
<S> <C> <C> <C> <C>
Written option contracts as of 1/31/99...................... -- $ -- -- $ --
Options written during the period........................... (711) (180,783) (4,450) (8,802,861)
Written options assigned during the period.................. -- -- -- --
Written options closed during the period.................... -- -- 4,383 8,208,521
Written options expired during the period................... 144 -- -- --
Net realized gain on written options closed................. -- 23,833 -- 530,893
----- --------- ------- -----------
Written option contracts as of 7/31/99...................... (567) $(156,950) (67) $ (63,447)
===== ========= ======= ===========
</TABLE>
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 for book purposes (which approximates tax basis), including
short-term securities and repurchase agreements at July 31, 1999, were as
follows:
<TABLE>
<CAPTION>
AGGREGATE AGGREGATE
UNREALIZED UNREALIZED GAIN/(LOSS) COST OF CAPITAL LOSS CAPITAL LOSS
GAIN LOSS NET INVESTMENTS CARRYOVER*+ UTILIZED
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Cash Management...................... $ 92,316 $ 248,822 $ (156,506) $ 441,275,314 $ -- $ 2,503
Corporate Bond....................... 706,991 9,116,178 (8,409,187) 183,954,934 165,800 52,518
Global Bond.......................... 1,616,027 2,242,965 (626,938) 126,249,333 -- --
High-Yield Bond#..................... 3,625,286 29,412,043 (25,786,757) 328,867,486 467,629 --
Worldwide High Income#............... 3,628,439 7,211,865 (3,583,426) 117,718,090 27,857,764 --
SunAmerica Balanced.................. 32,080,197 4,938,085 27,142,112 358,170,281 -- --
MFS Total Return..................... 10,616,070 6,084,058 4,532,012 181,083,234 -- --
Asset Allocation..................... 33,288,350 30,578,431 2,709,919 757,066,574 -- --
Utility.............................. 7,513,994 2,276,976 5,237,018 103,632,913 -- --
Equity Income........................ 568,385 243,186 325,199 5,505,053 -- --
Equity Index......................... 1,643,516 535,004 1,108,512 21,043,213 -- --
Growth-Income........................ 432,880,787 19,029,836 413,850,951 1,063,794,975 -- --
Federated Value@..................... 31,502,146 9,195,475 22,306,671 174,032,917 -- --
Venture Value........................ 576,489,373 51,688,334 524,801,039 1,599,601,695 -- --
"Dogs" of Wall Street................ 7,741,449 5,103,059 2,638,390 110,972,101 -- --
Alliance Growth...................... 447,517,700 64,950,204 382,567,496 1,828,943,193 -- --
MFS Growth and Income................ 33,554,204 10,188,052 23,366,152 285,506,852 -- --
Putnam Growth........................ 133,259,342 6,213,240 127,046,102 477,531,221 -- --
Real Estate#......................... 1,221,834 5,806,009 (4,584,175) 65,014,483 1,091,994 --
Small Company Value.................. 693,158 381,869 311,289 4,970,215 -- --
MFS Mid-Cap Growth................... 416,607 644,609 (228,002) 7,827,059 -- --
Aggressive Growth.................... 38,300,960 10,493,596 27,807,364 183,597,964 -- --
International Growth and Income...... 21,757,311 4,724,784 17,032,527 187,696,638 -- --
Global Equities...................... 104,762,131 14,667,008 90,095,123 395,178,898 -- --
International Diversified Equities... 66,127,594 7,089,942 59,037,652 310,107,642 -- 3,893,300
Emerging Markets#@................... 11,162,791 2,001,571 9,161,220 50,063,063 8,943,573 --
</TABLE>
- ---------------
* Expires 2004-2006
# Post 10/31/98 Capital Loss Deferrals: High-Yield Bond $2,334,495; Worldwide
High Income $3,083,420; Real Estate $1,678,576; Emerging Markets $1,882,813.
@ Post 10/31/98 Currency Loss Deferrals; Federated Value $6; Emerging Markets
$123,655.
+ Net capital loss carryovers reported as of January 31, 1999, which are
available to the extent provided in regulations to offset future capital
gains. To the extent that these carryovers are used to offset future capital
gains, it is probable that these gains so offset will not be distributed.
---------------------
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<PAGE> 177
5. MANAGEMENT OF THE TRUST: SunAmerica Asset Management Corp. ("SAAMCo" or the
"Adviser") 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, 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 Cash Management, High-Yield Bond,
SunAmerica Balanced, "Dogs" of Wall Street and Aggressive Growth Portfolios, and
SAAMCo, therefore, performs all investment advisory services for these
Portfolios. The term "Assets", as used in the following table, means the average
daily net assets of the Portfolios.
The Trust pays SAAMCo a monthly fee calculated at the following annual
percentages of each Portfolio's assets:
<TABLE>
<CAPTION>
MANAGEMENT
PORTFOLIO ASSETS FEES
<S> <C> <C>
- ------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
Cash Management $ 0--$100 million 0.55%
> $100 million 0.50%
> $300 million 0.45%
Corporate Bond $ 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 Income- > $ 0 1.00%
Small Company Value-
International Diversified
Equities
SunAmerica Balanced- $ 0--$ 50 million 0.70%
Growth-Income > $ 50 million 0.65%
> $150 million 0.60%
> $300 million 0.55%
> $500 million 0.50%
MFS Total Return $ 0--$ 50 million 0.70%
> $ 50 million 0.65%
Utility-Federated Value $ 0--$150 million 0.75%
> $150 million 0.60%
> $500 million 0.50%
Equity Income > $ 0 0.65%
Equity Index > $ 0 0.40%
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
MANAGEMENT
PORTFOLIO ASSETS FEES
<S> <C> <C>
Venture Value-Real Estate $ 0--$100 million 0.80%
> $100 million 0.75%
> $500 million 0.70%
"Dogs" of Wall Street > $ 0 million 0.60%
Putnam Growth $0--$150 million 0.85%
> $150 million 0.80%
> $300 million 0.70%
Alliance Growth $ 0--$ 50 million 0.70%
> $ 50 million 0.65%
> $150 million 0.60%
MFS Growth and Income $ 0--$600 million 0.70%
> $600 million 0.65%
> $1.5 billion 0.60%
MFS Mid-Cap Growth $ 0--$600 million 0.75%
> $600 million 0.70%
> $1.5 billion 0.65%
Aggressive Growth $ 0--$100 million 0.75%
> $100 million 0.675%
> $250 million 0.625%
> $500 million 0.60%
International Growth and $ 0--$150 million 1.00%
Income > $150 million 0.90%
> $300 million 0.80%
Global Equities $0--$ 50 million 0.90%
> $ 50 million 0.80%
> $150 million 0.70%
> $300 million 0.65%
Emerging Markets > $ 0 1.25%
</TABLE>
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<PAGE> 178
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 its responsibilities
subject to the policies of the Trust's Trustees and the oversight and
supervision of SAAMCo, which pays the subadvisers' fees.
<TABLE>
<CAPTION>
SUBADVISER PORTFOLIOS
- -------------------------------------------------------------------------------------
<S> <C>
Alliance Capital Management L.P. Growth-Income
Alliance Growth
Global Equities
Davis Selected Advisers, L.P. Venture Value
Real Estate
Federated Investment Counseling Corporate Bond
Utility
Federated Value
First American Asset Management Equity Income
Equity Index
Small Company Value
Goldman Sachs Asset Management Asset Allocation
Goldman Sachs Asset Management International Global Bond
Massachusetts Financial Services Company MFS Total Return
MFS Growth and Income
MFS Mid-Cap Growth
Morgan Stanley Dean Witter Investment Management Worldwide High Income
International Diversified
Equities
Putnam Investment Management, Inc. Putnam Growth
International Growth and Income
Emerging Markets
</TABLE>
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>
- ---------------------------------------------------------
<CAPTION>
<S> <C> <C>
Corporate Bond $0--$ 25 million 0.30%
> $ 25 million 0.25%
> $ 50 million 0.20%
> $150 million 0.15%
Global Bond- $0--$ 50 million 0.40%
Asset Allocation- > $ 50 million 0.30%
MFS Mid-Cap Growth > $150 million 0.25%
> $250 million 0.20%
Worldwide High Income- $0--$350 million 0.65%
International Diversified > $350 million 0.60%
Equities
MFS Total Return > $ 0 0.375%
Utility-Federated Value $0--$ 20 million 0.55%
> $ 20 million 0.35%
> $ 50 million 0.25%
> $150 million 0.20%
> $500 million 0.15%
Growth-Income $0--$ 50 million 0.35%
> $ 50 million 0.30%
> $150 million 0.25%
> $300 million 0.20%
> $500 million 0.15%
Equity Income > $ 0 0.30%
Equity Index > $ 0 0.125%
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------
MANAGEMENT
PORTFOLIO ASSETS FEES
<S> <C> <C>
Venture Value-Real Estate $0--$100 million 0.45%
> $100 million 0.40%
> $500 million 0.35%
Alliance Growth $0--$ 50 million 0.35%
> $ 50 million 0.30%
> $150 million 0.25%
MFS Growth and Income $0--$300 million 0.40%
> $300 million 0.375%
> $600 million 0.35%
> $900 million 0.325%
> $ 1.5 billion 0.25%
Putnam Growth $0--$150 million 0.50%
> $150 million 0.45%
> $300 million 0.35%
Small Company Value > $ 0 0.80%
International Growth
and Income $0--$150 million 0.65%
> $150 million 0.55%
> $300 million 0.45%
Global Equities $0--$ 50 million 0.50%
> $ 50 million 0.40%
> $150 million 0.30%
> $300 million 0.25%
Emerging Markets $0--$150 million 1.00%
> $150 million 0.95%
> $300 million 0.85%
</TABLE>
---------------------
177
<PAGE> 179
For certain Portfolios, the Adviser has agreed to reimburse expenses, if
necessary, to keep annual operating expenses at or below the following
percentages of each of the following Portfolio's average net assets: Equity
Income Portfolio -- 0.95%; Equity Index Portfolio -- 0.55%; Small Company Value
Portfolio -- 1.40%; MFS Mid-Cap Growth Portfolio -- 1.15%; and Emerging Markets
Portfolio -- 1.90%. The Adviser also may voluntarily reimburse additional
amounts to increase the investment return to a Portfolio's investors. The
Adviser may terminate all such waivers and/or reimbursements at any time.
Further, effective June 3, 1996, any waivers or reimbursements made by the
Adviser with respect to a Portfolio are subject to recoupment from that
Portfolio within the following two years, provided that the Portfolio is able to
effect such payment to the Adviser and maintain the foregoing expense
limitations.
At July 31, 1999, the amounts repaid to the Adviser which are included in the
management fee along with the remaining balance subject to recoupment are as
follows:
<TABLE>
<CAPTION>
BALANCE
AMOUNT SUBJECT TO
RECOUPED RECOUPMENT
-------- ----------
<S> <C> <C>
Equity Income............................................... $ -- $ 36,698
Equity Index................................................ -- 48,595
"Dogs" of Wall Street....................................... 1,193 --
Small Company Value......................................... -- 37,345
MFS Mid-Cap Growth.......................................... -- 16,658
Emerging Markets............................................ 23,105 107,485
</TABLE>
6. PURCHASES AND SALES OF SECURITIES: Information with respect to purchases and
sales of long-term securities for the period ended July 31, 1999 were as
follows:
<TABLE>
<CAPTION>
PURCHASES OF PORTFOLIO SALES OF PORTFOLIO
SECURITIES (EXCLUDING U.S. SECURITIES (EXCLUDING U.S. PURCHASES OF U.S.
GOVERNMENT SECURITIES) GOVERNMENT SECURITIES) GOVERNMENT SECURITIES
---------------------------------------------------------------------------------------
<S> <C> <C> <C>
Cash Management.................. $ -- $ -- $ --
Corporate Bond................... 51,885,269 12,702,126 7,644,409
Global Bond...................... 107,375,159 83,767,451 25,305,328
High-Yield Bond.................. 189,254,344 167,051,202 --
Worldwide High Income............ 69,936,718 70,678,182 --
SunAmerica Balanced.............. 107,057,948 29,107,441 212,413,168
MFS Total Return................. 101,014,628 57,190,122 36,468,623
Asset Allocation................. 549,400,058 543,781,126 245,526,525
Utility.......................... 67,972,129 39,771,259 --
Equity Income.................... 960,119 496,309 --
Equity Index..................... 8,265,999 177,682 --
Growth-Income.................... 393,134,324 243,627,091 --
Federated Value.................. 60,912,764 30,523,034 --
Venture Value.................... 333,480,890 188,011,552 --
"Dogs" of Wall Street............ 28,964,854 594,214 --
Alliance Growth.................. 1,058,068,311 753,579,402 22,281,828
MFS Growth and Income............ 109,695,750 68,441,328 --
Putnam Growth.................... 321,685,440 213,412,449 --
Real Estate...................... 21,417,895 18,555,493 --
Small Company Value.............. 1,407,244 1,220,922 --
MFS Mid-Cap Growth............... 10,277,987 2,811,730 --
Aggressive Growth................ 125,136,621 111,435,482 --
International Growth and
Income......................... 109,350,390 67,109,723 --
Global Equities.................. 181,209,672 171,513,899 --
International Diversified
Equities....................... 75,936,463 85,072,746 --
Emerging Markets................. 47,027,992 30,638,985 --
<CAPTION>
SALES OF U.S.
GOVERNMENT SECURITIES
---------------------------
<S> <C>
Cash Management.................. $ --
Corporate Bond................... 10,928,746
Global Bond...................... 30,228,841
High-Yield Bond.................. --
Worldwide High Income............ --
SunAmerica Balanced.............. 95,163,132
MFS Total Return................. 39,035,245
Asset Allocation................. 220,346,207
Utility.......................... --
Equity Income.................... --
Equity Index..................... --
Growth-Income.................... --
Federated Value.................. --
Venture Value.................... --
"Dogs" of Wall Street............ --
Alliance Growth.................. 5,534,643
MFS Growth and Income............ --
Putnam Growth.................... --
Real Estate...................... --
Small Company Value.............. --
MFS Mid-Cap Growth............... --
Aggressive Growth................ --
International Growth and
Income......................... --
Global Equities.................. --
International Diversified
Equities....................... --
Emerging Markets................. --
</TABLE>
- ---------------------
178
<PAGE> 180
7. TRANSACTIONS WITH AFFILIATES: The following Portfolios incurred brokerage
commissions with an affiliated broker:
<TABLE>
<CAPTION>
GOLDMAN SHELBY
SACHS & CO. CULLOM DAVIS
----------- ------------
<S> <C> <C>
Asset Allocation............................................ $49,600 $ --
Venture Value............................................... -- 4,572
</TABLE>
As disclosed in the investment portfolios, certain Portfolios own common stock
issued by American International Group, Inc. ("AIG"). Effective January 1, 1999,
SAAMCo, the investment adviser, became a wholly owned subsidiary of AIG.
8. COMMITMENTS AND CONTINGENCIES: The High-Yield Bond, SunAmerica Balanced,
Growth-Income, Venture Value, "Dogs" of Wall Street, Alliance Growth, Aggressive
Growth and Global Equities Portfolios have established an uncommitted line of
credit with State Street Bank and Trust Company with interest payable at the
Federal Funds rate plus 125 basis points. Borrowings under the line of credit
will commence when the Fund's cash shortfall exceeds $100,000. Any interest paid
during the year is shown as interest expense on the Statement of Operations.
---------------------
179
<PAGE> 181
- ---------------------
SUNAMERICA SERIES TRUST
FINANCIAL HIGHLIGHTS*
SELECTED DATA FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH
PERIOD
----------------------------------------------------------------------------
<TABLE>
<CAPTION>
NET NET TOTAL
ASSET INVEST- NET REALIZED FROM
VALUE MENT & UNREALIZED INVEST-
PERIOD BEGINNING INCOME GAIN (LOSS) ON MENT
ENDED OF PERIOD (LOSS)** INVESTMENTS OPERATIONS
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Cash Management Portfolio
11/30/94 $10.20 $0.38 $(0.02) $ 0.36
11/30/95 10.47 0.56 0.01 0.57
11/30/96 10.70 0.53 (0.02) 0.51
11/30/97 10.76 0.53 0.01 0.54
11/30/98 10.74 0.54 (0.02) 0.52
1/31/99# 10.58 0.08 0.01 0.09
7/31/99@ 10.67 0.23 0.00 0.23
Corporate Bond Portfolio
11/30/94 10.19 0.52 (0.87) (0.35)
11/30/95 9.75 0.60 1.00 1.60
11/30/96 10.82 0.65 0.03 0.68
11/30/97 11.09 0.77 0.21 0.98
11/30/98 11.54 0.77 (0.02) 0.75
1/31/99# 11.83 0.12 0.04 0.16
7/31/99@ 11.99 0.40 (0.75) (0.35)
Global Bond Portfolio
11/30/94 10.30 0.53 (0.86) (0.33)
11/30/95 9.83 0.60 0.97 1.57
11/30/96 11.02 0.59 0.54 1.13
11/30/97 11.40 0.52 0.38 0.90
11/30/98 11.51 0.49 0.78 1.27
1/31/99# 11.77 0.07 0.11 0.18
7/31/99@ 11.95 0.21 (0.53) (0.32)
High-Yield Bond Portfolio
11/30/94 11.12 1.20 (1.65) (0.45)
11/30/95 10.32 1.11 0.12 1.23
11/30/96 10.53 0.98 0.48 1.46
11/30/97 11.04 1.04 0.48 1.52
11/30/98 11.82 1.14 (1.24) (0.10)
1/31/99# 10.98 0.18 (0.02) 0.16
7/31/99@ 11.14 0.57 (0.19) 0.38
Worldwide High Income Portfolio
10/28/94-
11/30/94 10.00 0.04 (0.09) (0.05)
11/30/95 9.95 1.10 0.47 1.57
11/30/96 11.42 1.25 1.60 2.85
11/30/97 13.35 0.98 0.68 1.66
11/30/98 13.20 1.07 (2.61) (1.54)
1/31/99# 10.31 0.16 (0.35) (0.19)
7/31/99@ 10.12 0.54 0.31 0.85
<CAPTION>
DIVIDENDS DIVIDENDS NET NET
DECLARED FROM FROM NET ASSET ASSETS
NET REALIZED VALUE END OF
PERIOD INVESTMENT GAIN ON END OF TOTAL PERIOD
ENDED INCOME INVESTMENTS PERIOD RETURN*** (000'S)
-------------------------------------------------- -----------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Cash Management Portfolio
11/30/94 $ (0.09) $ -- $10.47 3.51% $ 89,098
11/30/95 (0.34) -- 10.70 5.59 90,731
11/30/96 (0.45) -- 10.76 4.92 91,247
11/30/97 (0.56) -- 10.74 5.22 156,119
11/30/98 (0.68) -- 10.58 5.05 223,640
1/31/99# -- -- 10.67 0.85 277,370
7/31/99@ -- -- 10.90 2.16 475,809
Corporate Bond Portfolio
11/30/94 (0.05) (0.04) 9.75 (3.41) 15,869
11/30/95 (0.53) -- 10.82 17.01 29,475
11/30/96 (0.41) -- 11.09 6.51 37,207
11/30/97 (0.53) -- 11.54 9.26 62,272
11/30/98 (0.46) -- 11.83 6.61 143,561
1/31/99# -- -- 11.99 1.35 158,804
7/31/99@ -- -- 11.64 (2.92) 178,019
Global Bond Portfolio
11/30/94 (0.09) (0.05) 9.83 (3.18) 44,543
11/30/95 (0.38) -- 11.02 16.40 59,759
11/30/96 (0.75) -- 11.40 10.94 68,221
11/30/97 (0.75) (0.04) 11.51 8.43 89,043
11/30/98 (0.79) (0.22) 11.77 11.75 115,428
1/31/99# -- -- 11.95 1.53 122,306
7/31/99@ -- -- 11.63 (2.68) 127,679
High-Yield Bond Portfolio
11/30/94 (0.29) (0.06) 10.32 (4.26) 55,803
11/30/95 (1.02) -- 10.53 12.64 82,174
11/30/96 (0.95) -- 11.04 14.86 113,229
11/30/97 (0.74) -- 11.82 14.53 195,639
11/30/98 (0.66) (0.08) 10.98 (1.26) 284,580
1/31/99# -- -- 11.14 1.46 293,037
7/31/99@ -- -- 11.52 3.41 314,160
Worldwide High Income Portfolio
10/28/94-
11/30/94 -- -- 9.95 (0.50) 10,478
11/30/95 (0.10) -- 11.42 16.02 21,515
11/30/96 (0.87) (0.05) 13.35 26.87 49,204
11/30/97 (0.90) (0.91) 13.20 14.17 125,224
11/30/98 (0.61) (0.74) 10.31 (13.74) 121,290
1/31/99# -- -- 10.12 (1.84) 116,977
7/31/99@ -- -- 10.97 8.40 117,390
<CAPTION>
RATIO OF NET
RATIO OF INVESTMENT
EXPENSES TO INCOME TO
PERIOD AVERAGE NET AVERAGE NET PORTFOLIO
ENDED ASSETS ASSETS TURNOVER
-------------------------------------------------- ------------------------------------------
<S> <C> <C> <C>
Cash Management Portfolio
11/30/94 0.70%++ 3.73%++ --%
11/30/95 0.67 5.32 --
11/30/96 0.62 4.90 --
11/30/97 0.63 5.06 --
11/30/98 0.58 4.97 --
1/31/99# 0.62+ 5.02+ --
7/31/99@ 0.55+ 4.46+ --
Corporate Bond Portfolio
11/30/94 0.94++ 5.21++ 419
11/30/95 0.96++ 5.93++ 412
11/30/96 0.97 6.11 338
11/30/97 0.91 6.99 49
11/30/98 0.77 6.61 15
1/31/99# 0.80+ 6.16+ 4
7/31/99@ 0.71+ 6.82+ 15
Global Bond Portfolio
11/30/94 1.06 5.29 347
11/30/95 0.95 5.89 339
11/30/96 0.89 5.44 223
11/30/97 0.90 4.70 360
11/30/98 0.85 4.27 210
1/31/99# 0.97+ 3.65+ 30
7/31/99@ 0.84+ 3.52+ 101
High-Yield Bond Portfolio
11/30/94 0.92++ 11.07++ 225
11/30/95 0.80 10.80 174
11/30/96 0.77 9.41 107
11/30/97 0.75 9.26 243
11/30/98 0.69 9.75 128
1/31/99# 0.72+ 9.71+ 17
7/31/99@ 0.67+ 10.00+ 57
Worldwide High Income Portfolio
10/28/94-
11/30/94 1.60+++ 4.48+++ 2
11/30/95 1.30 10.46 176
11/30/96 1.18 10.45 177
11/30/97 1.10 7.58 146
11/30/98 1.08 8.90 158
1/31/99# 1.11++ 9.57++ 12
7/31/99@ 1.11++ 10.08++ 63
</TABLE>
- ---------------
* Calculated based upon average shares outstanding
** After fee waivers and expense reimbursements by the investment adviser
*** Does not reflect expenses that apply to the separate accounts of the
insurance companies. If such expenses had been included, total return
would have been lower for each period presented.
# The Portfolio changed its fiscal year ended from November 30 to January
31.
+ Annualized
+ Net of custody credits of 0.01%
@ Unaudited
++ During the below stated periods, 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 (loss) to average net assets would have been
as follows:
<TABLE>
<CAPTION>
EXPENSES
-----------------------------------------------------
11/94 11/95 11/96 11/97 11/98 1/99+ 7/99+
<S> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------
Cash Management............. 0.78% 0.67% 0.62% 0.63% 0.58% 0.62% 0.55%
Corporate Bond.............. 1.09 0.97 0.97 0.91 0.77 0.80 0.71
Global Bond................. 1.06 0.95 0.89 0.90 0.85 0.97 0.84
High-Yield Bond............. 0.93 0.80 0.77 0.75 0.69 0.72 0.67
Worldwide High Income....... 2.26 1.30 1.18 1.10 1.08 1.11 1.11
<CAPTION>
NET INVESTMENT INCOME (LOSS)
-----------------------------------------------------
11/94 11/95 11/96 11/97 11/98 1/99+ 7/99+
<S> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------
Cash Management............. 3.65% 5.32% 4.90% 5.06% 4.97% 5.02% 4.46%
Corporate Bond.............. 5.06 5.92 6.11 6.99 6.61 6.16 6.82
Global Bond................. 5.29 5.89 5.44 4.70 4.27 3.65 3.52
High-Yield Bond............. 11.06 10.80 9.41 9.26 9.75 9.71 10.00
Worldwide High Income....... 3.82 10.46 10.45 7.58 8.90 9.57 10.08
</TABLE>
See Notes to Financial Statements
- ---------------------
180
<PAGE> 182
- ---------------------
SUNAMERICA SERIES TRUST
FINANCIAL HIGHLIGHTS* (continued)
SELECTED DATA FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH
PERIOD
----------------------------------------------------------------------------
<TABLE>
<CAPTION>
NET NET TOTAL
ASSET INVEST- NET REALIZED FROM
VALUE MENT & UNREALIZED INVEST-
PERIOD BEGINNING INCOME GAIN (LOSS) ON MENT
ENDED OF PERIOD (LOSS)** INVESTMENTS OPERATIONS
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SunAmerica Balanced Portfolio
6/3/96-
11/30/96 $10.00 $0.10 $ 1.03 $ 1.13
11/30/97 11.13 0.23 2.15 2.38
11/30/98 13.45 0.30 2.33 2.63
1/31/99# 15.61 0.05 1.58 1.63
7/31/99@ 17.24 0.17 0.09 0.26
MFS Total Return Portfolio
10/28/94-
11/30/94 10.00 0.04 (0.08) (0.04)
11/30/95 9.96 0.34 2.23 2.57
11/30/96 12.48 0.34 1.31 1.65
11/30/97 13.63 0.37 1.39 1.76
11/30/98 14.75 0.36 1.56 1.92
1/31/99# 14.96 0.06 0.82 0.88
7/31/99@ 15.84 0.25 0.38 0.63
Asset Allocation Portfolio
11/30/94 10.36 0.29 (0.25) 0.04
11/30/95 10.32 0.42 2.24 2.66
11/30/96 12.74 0.48 2.00 2.48
11/30/97 14.52 0.44 2.55 2.99
11/30/98 16.21 0.48 0.08 0.56
1/31/99# 14.81 0.07 0.15 0.22
7/31/99@ 15.03 0.21 0.24 0.45
Utility Portfolio
6/3/96-
11/30/96 10.00 0.24 0.51 0.75
11/30/97 10.75 0.36 1.91 2.27
11/30/98 12.91 0.42 1.62 2.04
1/31/99# 14.46 0.08 0.03 0.11
7/31/99@ 14.57 0.26 0.58 0.84
Equity Income Portfolio
12/14/98-
1/31/99 10.00 0.03 0.54 0.57
7/31/99@ 10.54 0.12 0.35 0.47
<CAPTION>
DIVIDENDS DIVIDENDS NET NET
DECLARED FROM FROM NET ASSET ASSETS
NET REALIZED VALUE END OF
PERIOD INVESTMENT GAIN ON END OF TOTAL PERIOD
ENDED INCOME INVESTMENTS PERIOD RETURN*** (000'S)
--------------------------------------------- ------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SunAmerica Balanced Portfolio
6/3/96-
11/30/96 $ -- $ -- $11.13 11.30% $ 10,224
11/30/97 (0.04) (0.02) 13.45 21.48 44,621
11/30/98 (0.11) (0.36) 15.61 19.81 149,242
1/31/99# -- -- 17.24 10.44 194,878
7/31/99@ -- -- 17.50 1.51 323,526
MFS Total Return Portfolio
10/28/94-
11/30/94 -- -- 9.96 (0.40) 1,516
11/30/95 (0.05) -- 12.48 25.89 32,429
11/30/96 (0.19) (0.31) 13.63 13.75 70,021
11/30/97 (0.23) (0.41) 14.75 13.52 95,721
11/30/98 (0.31) (1.40) 14.96 13.54 131,440
1/31/99# -- -- 15.84 5.88 145,332
7/31/99@ -- -- 16.47 3.98 187,328
Asset Allocation Portfolio
11/30/94 (0.05) (0.03) 10.32 0.30 106,856
11/30/95 (0.20) (0.04) 12.74 26.10 199,836
11/30/96 (0.31) (0.39) 14.52 20.27 316,388
11/30/97 (0.40) (0.90) 16.21 21.97 526,585
11/30/98 (0.35) (1.61) 14.81 2.85 713,045
1/31/99# -- -- 15.03 1.49 724,516
7/31/99@ -- -- 15.48 2.99 712,340
Utility Portfolio
6/3/96-
11/30/96 -- -- 10.75 7.50 6,299
11/30/97 (0.09) (0.02) 12.91 21.26 24,366
11/30/98 (0.16) (0.33) 14.46 15.98 68,049
1/31/99# -- -- 14.57 0.76 77,323
7/31/99@ -- -- 15.41 5.77 105,591
Equity Income Portfolio
12/14/98-
1/31/99 (0.03) -- 10.54 5.70 5,287
7/31/99@ -- -- 11.01 4.46 5,835
<CAPTION>
RATIO OF NET
RATIO OF INVESTMENT
EXPENSES TO INCOME TO
PERIOD AVERAGE NET AVERAGE NET PORTFOLIO
ENDED ASSETS ASSETS TURNOVER
--------------------------------------------- --------------------------------------
<S> <C> <C> <C>
SunAmerica Balanced Portfolio
6/3/96-
11/30/96 1.00%+++ 1.92%+++ 40%
11/30/97 1.00 1.82 143
11/30/98 0.78 2.10 111
1/31/99# 0.74++ 1.73++ 26
7/31/99@ 0.68+ 2.00+ 54
MFS Total Return Portfolio
10/28/94-
11/30/94 1.00+++ 4.25+++ 10
11/30/95 0.98++ 3.08++ 153
11/30/96 0.84 2.74 194
11/30/97 0.82 2.63 271
11/30/98 0.77 2.43 106
1/31/99# 0.81+ 2.40+ 86
7/31/99@ 0.76+ 3.04+ 62
Asset Allocation Portfolio
11/30/94 0.94++ 2.71++ 152
11/30/95 0.81 3.62 207
11/30/96 0.74 3.66 200
11/30/97 0.68 2.88 176
11/30/98 0.64 3.15 156
1/31/99# 0.66+ 2.60+ 30
7/31/99@ 0.63+ 2.68+ 114
Utility Portfolio
6/3/96-
11/30/96 1.05+++ 4.41+++ 24
11/30/97 1.05++ 3.15++ 77
11/30/98 1.01 3.04 72
1/31/99# 0.93+ 3.02+ 12
7/31/99@ 0.85+ 3.56+ 46
Equity Income Portfolio
12/14/98-
1/31/99 0.95+++ 1.87+++ 14
7/31/99@ 0.95+++ 2.15+++ 10
</TABLE>
- ---------------
* Calculated based upon average shares outstanding
** After fee waivers and expense reimbursements by the investment adviser
*** Does not reflect expenses that apply to the separate accounts of the
insurance companies. If such expenses had been included, total return
would have been lower for each period presented.
# The Portfolio changed its fiscal year ended from November 30 to
January 31.
+ Annualized
+ Net of custody credits of 0.01%
@ Unaudited
++ During the below stated periods, 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 (loss) to average net assets would have been
as follows:
<TABLE>
<CAPTION>
EXPENSES
-----------------------------------------------------
11/94 11/95 11/96 11/97 11/98 1/99+ 7/99+
<S> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------
SunAmerica Balanced......... --% --% 1.43% 1.00% 0.78% 0.74% 0.68%
MFS Total Return............ 6.82 1.11 0.84 0.82 0.77 0.81 0.76
Asset Allocation............ 0.94 0.81 0.74 0.68 0.64 0.66 0.63
Utility..................... -- -- 1.93 1.24 1.01 0.93 0.85
Equity Income............... -- -- -- -- -- 3.47 1.64
<CAPTION>
NET INVESTMENT INCOME (LOSS)
-----------------------------------------------------
11/94 11/95 11/96 11/97 11/98 1/99+ 7/99+
<S> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------
SunAmerica Balanced......... --% --% 1.49% 1.82% 2.10% 1.73% 2.00%
MFS Total Return............ (1.57) 2.95 2.74 2.63 2.43 2.40 3.04
Asset Allocation............ 2.71 3.62 3.66 2.88 3.15 2.60 2.68
Utility..................... -- -- 3.53 2.96 3.04 3.02 3.56
Equity Income............... -- -- -- -- -- (0.65) 1.46
</TABLE>
See Notes to Financial Statements
---------------------
181
<PAGE> 183
- ---------------------
SUNAMERICA SERIES TRUST
FINANCIAL HIGHLIGHTS* (continued)
SELECTED DATA FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH
PERIOD
----------------------------------------------------------------------------
<TABLE>
<CAPTION>
NET NET TOTAL DIVIDENDS DIVIDENDS NET
ASSET INVEST- NET REALIZED FROM DECLARED FROM FROM NET ASSET
VALUE MENT & UNREALIZED INVEST- NET REALIZED VALUE
PERIOD BEGINNING INCOME GAIN (LOSS) ON MENT INVESTMENT GAIN ON END OF
ENDED OF PERIOD (LOSS)** INVESTMENTS OPERATIONS INCOME INVESTMENTS PERIOD
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Equity Index Portfolio
12/14/98-
1/31/99 $10.00 $0.01 $ 1.17 $ 1.18 $ (0.03) $ -- $11.15
7/31/99@ 11.15 0.07 0.14 0.21 -- -- 11.36
Growth-Income Portfolio
11/30/94 10.61 0.13 (0.36) (0.23) (0.04) (0.01) 10.33
11/30/95 10.33 0.17 3.31 3.48 (0.10) -- 13.71
11/30/96 13.71 0.18 3.48 3.66 (0.12) (0.43) 16.82
11/30/97 16.82 0.17 4.69 4.86 (0.13) (0.73) 20.82
11/30/98 20.82 0.17 4.33 4.50 (0.13) (0.96) 24.23
1/31/99# 24.23 0.02 3.63 3.65 -- -- 27.88
7/31/99@ 27.88 0.06 1.87 1.93 -- -- 29.81
Federated Value Portfolio
6/3/96-
11/30/96 10.00 0.07 1.01 1.08 -- -- 11.08
11/30/97 11.08 0.13 2.72 2.85 (0.03) -- 13.90
11/30/98 13.90 0.17 2.35 2.52 (0.06) (0.30) 16.06
1/31/99# 16.06 0.02 0.54 0.56 -- -- 16.62
7/31/99@ 16.62 0.11 1.01 1.12 -- -- 17.74
Venture Value Portfolio
10/28/94-
11/30/94 10.00 0.03 (0.25) (0.22) -- -- 9.78
11/30/95 9.78 0.17 3.55 3.72 (0.03) -- 13.47
11/30/96 13.47 0.18 3.46 3.64 (0.09) (0.12) 16.90
11/30/97 16.90 0.19 4.73 4.92 (0.09) (0.26) 21.47
11/30/98 21.47 0.20 2.23 2.43 (0.12) (0.68) 23.10
1/31/99# 23.10 0.03 1.25 1.28 -- -- 24.38
7/31/99@ 24.38 0.09 2.09 2.18 -- -- 26.56
"Dogs" of Wall Street Portfolio
4/1/98-
11/30/98 10.00 0.11 (0.30) (0.19) -- -- 9.81
1/31/99# 9.81 0.02 (0.23) (0.21) -- -- 9.60
7/31/99@ 9.60 0.10 0.62 0.72 -- -- 10.32
<CAPTION>
NET RATIO OF NET
ASSETS RATIO OF INVESTMENT
END OF EXPENSES TO INCOME TO
PERIOD TOTAL PERIOD AVERAGE NET AVERAGE NET PORTFOLIO
ENDED RETURN*** (000'S) ASSETS ASSETS TURNOVER
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Equity Index Portfolio
12/14/98-
1/31/99 11.81% $ 11,168 0.55%+++ 0.75%+++ --%
7/31/99@ 1.88 22,442 0.55+++ 1.23+++ 1
Growth-Income Portfolio
11/30/94 (2.20) 84,899 0.81++ 1.26++ 59
11/30/95 33.89 171,281 0.77 1.42 59
11/30/96 27.41 325,463 0.72 1.21 82
11/30/97 30.11 622,062 0.65 0.89 44
11/30/98 21.91 1,019,590 0.60 0.78 53
1/31/99# 15.06 1,206,113 0.60+ 0.55+ 16
7/31/99@ 6.92 1,461,002 0.56+ 0.44+ 20
Federated Value Portfolio
6/3/96-
11/30/96 10.80 12,460 1.05+++ 1.26+++ 30
11/30/97 25.75 59,024 1.03 1.03 46
11/30/98 18.22 145,900 0.83 1.13 51
1/31/99# 3.49 159,176 0.86+ 0.75+ 4
7/31/99@ 6.74 197,976 0.78+ 1.25+ 17
Venture Value Portfolio
10/28/94-
11/30/94 (2.20) 4,449 1.10+++ 3.93+++ --
11/30/95 38.17 154,908 1.00++ 1.43++ 18
11/30/96 27.44 516,413 0.85 1.21 22
11/30/97 29.62 1,140,053 0.79 0.98 22
11/30/98 11.36 1,725,411 0.75 0.89 25
1/31/99# 5.54 1,840,354 0.77+ 0.86+ 5
7/31/99@ 8.94 2,125,930 0.74+ 0.66+ 10
"Dogs" of Wall Street Portfolio
4/1/98-
11/30/98 (1.90) 65,283 0.85+++ 2.04+++ --
1/31/99# (2.14) 78,062 0.85+ 0.93+ 58
7/31/99@ 7.50 112,302 0.67+ 1.97+ 1
</TABLE>
- ---------------
* Calculated based upon average shares outstanding
** After fee waivers and expense reimbursements by the investment adviser
*** Does not reflect expenses that apply to the separate accounts of the
insurance companies. If such expenses had been included, total return
would have been lower for each period presented.
# The Portfolio changed its fiscal year ended from November 30 to
January 31.
+ Annualized
@ Unaudited
++ During the below stated periods, 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 (loss) to average net assets would have been
as follows:
<TABLE>
<CAPTION>
EXPENSES
-----------------------------------------------------
11/94 11/95 11/96 11/97 11/98 1/99+ 7/99+
<S> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------
Equity Index .............. --% --% --% --% --% 1.80% 0.99%
Growth-Income.............. 0.89 0.77 0.72 0.65 0.60 0.60 0.56
Federated Value............ -- -- 1.57 1.03 0.83 0.86 0.78
Venture Value.............. 3.89 1.02 0.85 0.79 0.75 0.77 0.74
"Dogs" of Wall Street...... -- -- -- -- 0.92 0.85 0.67
<CAPTION>
NET INVESTMENT INCOME (LOSS)
-----------------------------------------------------
11/94 11/95 11/96 11/97 11/98 1/99+ 7/99+
<S> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------
Equity Index .............. --% --% --% --% --% 0.50% 0.79%
Growth-Income.............. 1.18 1.42 1.21 0.89 0.78 0.55 0.44
Federated Value............ -- -- 0.74 1.03 1.13 0.75 1.25
Venture Value.............. 1.14 1.41 1.21 0.98 0.89 0.86 0.66
"Dogs" of Wall Street...... -- -- -- -- 1.97 0.93 1.97
</TABLE>
See Notes to Financial Statements
- ---------------------
182
<PAGE> 184
- ---------------------
SUNAMERICA SERIES TRUST
FINANCIAL HIGHLIGHTS* (continued)
SELECTED DATA FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH
PERIOD
----------------------------------------------------------------------------
<TABLE>
<CAPTION>
NET NET TOTAL DIVIDENDS DIVIDENDS NET
ASSET INVEST- NET REALIZED FROM DECLARED FROM FROM NET ASSET
VALUE MENT & UNREALIZED INVEST- NET REALIZED VALUE
PERIOD BEGINNING INCOME GAIN (LOSS) ON MENT INVESTMENT GAIN ON END OF
ENDED OF PERIOD (LOSS)** INVESTMENTS OPERATIONS INCOME INVESTMENTS PERIOD
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Alliance Growth Portfolio
11/30/94 $10.92 $ 0.04 $(0.14) $(0.10) $ (0.01) $(0.17) $10.64
11/30/95 10.64 0.07 5.08 5.15 (0.03) (0.13) 15.63
11/30/96 15.63 0.08 4.07 4.15 (0.04) (1.01) 18.73
11/30/97 18.73 0.16 4.76 4.92 (0.05) (1.04) 22.56
11/30/98 22.56 0.07 7.77 7.84 (0.06) (2.30) 28.04
1/31/99# 28.04 0.00 7.22 7.22 -- -- 35.26
7/31/99@ 35.26 (0.01) 0.13 0.12 -- -- 35.38
MFS Growth and Income Portfolio
11/30/94 10.78 0.16 (0.87) (0.71) (0.06) -- 10.01
11/30/95 10.01 0.12 3.14 3.26 (0.13) -- 13.14
11/30/96 13.14 0.11 2.16 2.27 (0.11) (0.91) 14.39
11/30/97 14.39 0.11 2.48 2.59 (0.10) (1.26) 15.62
11/30/98 15.62 0.02 2.61 2.63 (0.12) (2.76) 15.37
1/31/99# 15.37 0.01 1.60 1.61 -- -- 16.98
7/31/99@ 16.98 0.06 0.38 0.44 -- -- 17.42
Putnam Growth Portfolio
11/30/94 10.04 0.03 (0.01) 0.02 (0.01) -- 10.05
11/30/95 10.05 (0.01) 3.09 3.08 (0.03) -- 13.10
11/30/96 13.10 -- 2.61 2.61 -- -- 15.71
11/30/97 15.71 0.03 3.93 3.96 -- (0.52) 19.15
11/30/98 19.15 0.01 4.15 4.16 (0.02) (3.08) 20.21
1/31/99# 20.21 (0.01) 3.33 3.32 -- -- 23.53
7/31/99@ 23.53 (0.01) 0.41 0.40 -- -- 23.93
Real Estate Portfolio
6/2/97-
11/30/97 10.00 0.16 1.37 1.53 -- -- 11.53
11/30/98 11.53 0.45 (1.93) (1.48) (0.16) (0.01) 9.88
1/31/99# 9.88 0.09 (0.36) (0.27) -- -- 9.61
7/31/99@ 9.61 0.22 0.05 0.27 -- -- 9.88
Small Company Value Portfolio
12/14/98-
1/31/99 10.00 -- 0.05 0.05 (0.02) -- 10.03
7/31/99@ 10.03 (0.02) 0.57 0.55 -- -- 10.58
<CAPTION>
NET RATIO OF NET
ASSETS RATIO OF INVESTMENT
END OF EXPENSES TO INCOME TO
PERIOD TOTAL PERIOD AVERAGE NET AVERAGE NET PORTFOLIO
ENDED RETURN*** (000'S) ASSETS ASSETS TURNOVER
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Alliance Growth Portfolio
11/30/94 (0.93)% $ 53,213 0.82%++ 0.37%++ 146%
11/30/95 48.91 167,870 0.79 0.51 138
11/30/96 28.05 381,367 0.71 0.51 121
11/30/97 27.80 704,533 0.65 0.37 110
11/30/98 35.92 1,396,140 0.58 0.27 90
1/31/99# 25.75 1,864,924 0.63+ (0.01)+ 11
7/31/99@ 0.34 2,183,978 0.63+ (0.07)+ 38
MFS Growth and Income Portfolio
11/30/94 (6.64) 104,194 0.81++ 1.52++ 211
11/30/95 32.92 149,910 0.76 1.01 229
11/30/96 18.40 186,368 0.74 0.82 164
11/30/97 19.78 218,496 0.73 0.77 217
11/30/98 17.82 238,298 0.70 0.17 105
1/31/99# 10.47 266,069 0.75+ 0.38+ 76
7/31/99@ 2.59 307,170 0.76+ 0.66+ 25
Putnam Growth Portfolio
11/30/94 0.19 75,342 0.96++ 0.31++ 54
11/30/95 30.66 115,276 0.93 (0.05) 52
11/30/96 19.92 160,073 0.90 (0.02) 63
11/30/97 26.01 234,726 0.91 0.18 125
11/30/98 22.56 398,863 0.86 0.09 75
1/31/99# 16.43 494,813 0.86+ (0.19)+ 10
7/31/99@ 1.70 603,413 0.80+ (0.50)+ 40
Real Estate Portfolio
6/2/97-
11/30/97 15.30 29,565 1.25+++ 3.25+++ 7
11/30/98 (13.04) 59,102 0.95 4.21 26
1/31/99# (2.73) 58,504 1.01+ 5.63+ 6
7/31/99@ 2.81 61,233 0.95+ 4.42+ 31
Small Company Value Portfolio
12/14/98-
1/31/99 0.49 5,024 1.40+++ 0.12+++ 6
7/31/99@ 5.48 5,280 1.40+++ (0.46)+++ 26
</TABLE>
- ---------------
* Calculated based upon average shares outstanding
** After fee waivers and expense reimbursements by the investment adviser
*** Does not reflect expenses that apply to the separate accounts of the
insurance companies. If such expenses had been included, total return
would have been lower for each period presented.
# The Portfolio changed its fiscal year ended from November 30 to
January 31.
+ Annualized
@ Unaudited
++ During the below stated periods, 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 (loss) to average net assets would have been
as follows:
<TABLE>
<CAPTION>
EXPENSES
-----------------------------------------------------
11/94 11/95 11/96 11/97 11/98 1/99+ 7/99+
<S> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------
Alliance Growth............ 0.96% 0.79% 0.71% 0.65% 0.58% 0.63% 0.63%
MFS Growth and Income...... 0.87 0.76 0.74 0.73 0.70 0.75 0.76
Putnam Growth.............. 1.05 0.93 0.90 0.91 0.86 0.86 0.80
Real Estate................ -- -- -- 1.36 0.95 1.01 0.95
Small Company Value........ -- -- -- -- -- 3.87 2.25
<CAPTION>
NET INVESTMENT INCOME (LOSS)
-----------------------------------------------------
11/94 11/95 11/96 11/97 11/98 1/99+ 7/99+
<S> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------
Alliance Growth............ 0.23% 0.51% 0.51% 0.37% 0.27% (0.01)% (0.07)%
MFS Growth and Income...... 1.46 1.01 0.82 0.77 0.17 0.38 0.66
Putnam Growth.............. 0.22 (0.05) (0.02) 0.18 0.09 (0.19) (0.50)
Real Estate................ -- -- -- 3.14 4.21 5.63 4.42
Small Company Value........ -- -- -- -- -- (2.35) (1.31)
</TABLE>
See Notes to Financial Statements
---------------------
183
<PAGE> 185
- ---------------------
SUNAMERICA SERIES TRUST
FINANCIAL HIGHLIGHTS* (continued)
SELECTED DATA FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH
PERIOD
----------------------------------------------------------------------------
<TABLE>
<CAPTION>
NET NET TOTAL DIVIDENDS DIVIDENDS NET
ASSET INVEST- NET REALIZED FROM DECLARED FROM FROM NET ASSET
VALUE MENT & UNREALIZED INVEST- NET REALIZED VALUE
PERIOD BEGINNING INCOME GAIN (LOSS) ON MENT INVESTMENT GAIN ON END OF
ENDED OF PERIOD (LOSS)** INVESTMENTS OPERATIONS INCOME INVESTMENTS PERIOD
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
MFS Mid-Cap Growth Portfolio
4/1/99-
7/31/99@ $10.00 $(0.01) $ 1.10 $ 1.09 $ -- $ -- $11.09
Aggressive Growth Portfolio
6/3/96-
11/30/96 10.00 0.02 0.34 0.36 -- -- 10.36
11/30/97 10.36 0.01 1.40 1.41 (0.01) -- 11.76
11/30/98 11.76 0.04 0.52 0.56 -- -- 12.32
1/31/99# 12.32 -- 3.20 3.20 -- -- 15.52
7/31/99@ 15.52 0.01 0.66 0.67 -- -- 16.19
International Growth and
Income Portfolio
6/2/97-
11/30/97 10.00 0.03 0.38 0.41 -- -- 10.41
11/30/98 10.41 0.13 0.86 0.99 (0.03) (0.06) 11.31
1/31/99# 11.31 -- 0.40 0.40 (0.02) (0.19) 11.50
7/31/99@ 11.50 0.11 1.84 1.95 -- -- 13.45
Global Equities Portfolio
11/30/94 10.99 0.05 0.71 0.76 (0.01) (0.07) 11.67
11/30/95 11.67 0.12 1.64 1.76 (0.08) (0.29) 13.06
11/30/96 13.06 0.14 2.19 2.33 (0.14) (0.33) 14.92
11/30/97 14.92 0.09 1.79 1.88 (0.13) (0.69) 15.98
11/30/98 15.98 0.07 2.40 2.47 (0.19) (1.36) 16.90
1/31/99# 16.90 0.00 1.71 1.71 -- -- 18.61
7/31/99@ 18.61 0.08 0.70 0.78 -- -- 19.39
International Diversified
Equities Portfolio
10/28/94-
11/30/94 10.00 0.01 (0.23) (0.22) -- -- 9.78
11/30/95 9.78 0.07 0.38 0.45 (0.08) -- 10.15
11/30/96 10.15 0.05 1.43 1.48 (0.26) -- 11.37
11/30/97 11.37 0.09 0.28 0.37 (0.31) (0.10) 11.33
11/30/98 11.33 0.15 1.93 2.08 (0.40) (0.15) 12.86
1/31/99# 12.86 (0.01) 0.22 0.21 -- -- 13.07
7/31/99@ 13.07 0.12 0.57 0.69 -- -- 13.76
Emerging Markets Portfolio
6/2/97-
11/30/97 10.00 0.06 (2.03) (1.97) -- -- 8.03
11/30/98 8.03 0.04 (1.78) (1.74) (0.07) -- 6.22
1/31/99# 6.22 0.01 -- 0.01 (0.01) -- 6.22
7/31/99@ 6.22 0.02 2.10 2.12 -- -- 8.34
<CAPTION>
NET RATIO OF RATIO OF
ASSETS EXPENSES NET INVESTMENT
END OF TO AVERAGE INCOME TO
PERIOD TOTAL PERIOD NET AVERAGE NET PORTFOLIO
ENDED RETURN*** (000'S) ASSETS ASSETS TURNOVER
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
MFS Mid-Cap Growth Portfolio
4/1/99-
7/31/99@ 10.90% $ 8,873 1.15%++++ (0.26)%++++ 71%
Aggressive Growth Portfolio
6/3/96-
11/30/96 3.60 35,124 1.05+++ 0.46+++ 47
11/30/97 13.62 103,603 0.90 (0.13) 221
11/30/98 4.76 133,183 0.83 0.32 268
1/31/99# 25.97 182,313 0.82+ 0.13+ 29
7/31/99@ 4.32 207,851 0.77+ 0.17+ 70
International Growth and
Income Portfolio
6/2/97-
11/30/97 4.10 42,844 1.60+++ 0.61+++ 19
11/30/98 9.58 128,344 1.46 1.12 51
1/31/99# 3.56 142,497 1.46+ (0.10) 10
7/31/99@ 16.96 207,229 1.19++ 1.80++ 41
Global Equities Portfolio
11/30/94 6.87 136,758 1.28 0.42 67
11/30/95 15.58 165,752 1.14 1.02 106
11/30/96 18.21 246,482 1.03 1.04 70
11/30/97 13.30 341,639 0.95 0.58 115
11/30/98 15.34 420,358 0.88 0.46 92
1/31/99# 10.12 463,138 0.86+ (0.04)+ 12
7/31/99@ 4.19 474,612 0.82+ 0.82+ 38
International Diversified
Equities Portfolio
10/28/94-
11/30/94 (2.20) 12,438 1.70+++ 1.60+++ --
11/30/95 4.63 48,961 1.70++ 0.76++ 52
11/30/96 14.85 157,008 1.59 0.47 53
11/30/97 3.52 248,927 1.35 0.82 56
11/30/98 18.33 354,174 1.26 1.18 40
1/31/99# 1.63 373,785 1.26+ (0.43)+ 7
7/31/99@ 5.28 379,515 1.20+ 1.67+ 23
Emerging Markets Portfolio
6/2/97-
11/30/97 (19.70) 19,979 1.90+++ 1.33+++ 49
11/30/98 (21.86) 31,685 1.90++ 0.61++ 96
1/31/99# 0.20 32,708 1.90+++ 0.60+++ 22
7/31/99@ 34.08 59,438 1.90+++ 0.50+++ 71
</TABLE>
- ---------------
* Calculated based upon average shares outstanding
** After fee waivers and expense reimbursements by the investment adviser
*** Does not reflect expenses that apply to the separate accounts of the
insurance companies. If such expenses had been included, total return
would have been lower for each period presented.
# The Portfolio changed its fiscal year ended from November 30 to
January 31.
+ Annualized
+ Net of custody credits of 0.10% and 0.01% on the MFS Mid-Cap Growth and
International Growth and Income Portfolios, respectively.
@ Unaudited
++ During the below stated periods, 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 (loss) to average net assets would have been
as follows:
<TABLE>
<CAPTION>
EXPENSES
-----------------------------------------------------
11/94 11/95 11/96 11/97 11/98 1/99+ 7/99+
-----------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
MFS Mid-Cap Growth..................... --% --% --% --% --% --% 2.22%
Aggressive Growth...................... -- -- 1.09 0.90 0.83 0.82 0.77
International Growth and Income........ -- -- -- 2.02 1.46 1.46 1.19
Global Equities........................ 1.28 1.14 1.03 0.95 0.88 0.86 0.82
International Diversified Equities..... 3.50 2.09 1.59 1.35 1.26 1.26 1.20
Emerging Markets....................... -- -- -- 2.60 2.01 2.29 1.91
<CAPTION>
NET INVESTMENT INCOME (LOSS)
-----------------------------------------------------
11/94 11/95 11/96 11/97 11/98 1/99+ 7/99+
-----------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
MFS Mid-Cap Growth..................... --% --% --% --% --% --% (1.33)%
Aggressive Growth...................... -- -- 0.42 (0.13) 0.32 0.13 0.17
International Growth and Income........ -- -- -- 0.19 1.12 (0.10) 1.80
Global Equities........................ 0.42 1.02 1.04 0.58 0.46 (0.04) 0.82
International Diversified Equities..... (0.20) 0.37 0.47 0.82 1.18 (0.43) 1.67
Emerging Markets....................... -- -- -- 0.63 0.50 0.21 0.49
</TABLE>
See Notes to Financial Statements
- ---------------------
184
<PAGE> 186
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