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DEAR INVESTOR:
The following 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, summarizes the economic and financial markets
over the past six months. The report also details how these market
conditions affected the underlying portfolios and provides insight
from the multiple portfolio managers and management firms into
portfolio performance and strategies implemented during the
period.
It is important to note that, although several of the SunAmerica
life companies' annuity products have the underlying investment of
the SunAmerica Series Trust in common, not all of the Series'
portfolios are available in all of the products. This report
covers all of the investment managers in your variable annuity
with the exception of Wellington Management Company, LLP, which
manages the portfolios in the Anchor Series Trust - investors in
these portfolios should have received a separate and complete
report approximately one month ago.
THE SIX MONTHS IN REVIEW
U.S. Economy
The economy of the United States continued to show surprisingly
robust growth during the second quarter of 2000. U.S. economic
growth increased at an annual rate of 5.2% in the quarter after a
revised increase of 4.8% in the first quarter. The Federal
Reserve's Open Market Committee (Fed) responded with a series of
short-term interest rate increases in an effort to cool
inflationary pressures and slow the economy while continuing
overall economic expansion. SunAmerica Asset Management (SAAMCo)
feels that the Fed has achieved its goal. The Fed continues to
believe that, despite strong headline growth in the second
quarter, economic activity will slow in the second half of 2000,
as the effects of tighter monetary policy filter through the
domestic economy.
Federated Investors agrees, asserting that the Federal Reserve
will interpret recent economic data as an indication that a growth
slowdown is underway, which will weigh on their monetary policy
decisions. First American Asset Management also sees a slowdown,
citing the fact that second quarter consumption slowed to its
slowest pace in three years, while the overall rate of economic
growth was boosted by unsustainable increases in inventory
investment and government spending. They feel that weak
inflationary pressures and the slowdown in consumption spending
could mean the Fed may be near the end of its tightening cycle.
U.S. Stock Market
Heightened volatility shook the domestic equity markets during
the period, especially in the technology-heavy Nasdaq Composite
Index. The Nasdaq peaked on March 10, 2000, and then quickly fell
by nearly 40% as technology positions were heavily sold in March
and April. According to Federated Investors, equity prices during
the period were driven by market reaction to the Fed's regimen of
interest rate increases and by the recognition that valuation
remains an important consideration in securities selection. Later
in the period, many stocks rebounded and Goldman Sachs cites
weaker inflation pressures and a prediction of slower growth in
the second half of the year as rationale for the bounce back.
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Putnam Investments called attention to the difference in
performance between market segments. Overall, for the six-month
period, growth stocks led value stocks and market preference
shifted from small-cap stocks in the first quarter to the relative
stability of large-cap stocks in the second quarter. However, the
period closed with a shift in style favor, as value stocks
outperformed their growth counterparts by a significant margin.
Market breadth improved dramatically by the end of this period and
sector performance reflected a strong rotation into value stocks.
SAAMCo is bullish on equities in the second half of 2000, as the
monetary tightening cycle ends and corporate profits continue to
be strong. They feel that volatility and heavy sector rotation
could continue, but the basic underpinnings for the equity markets
are favorable.
U.S. Bond Market
In the U.S. fixed-income market, most sectors experienced
volatility early in the year. Goldman Sachs cites inflationary
fears resulting from unprecedented economic growth as the driving
force behind higher rates and believes that this volatility caused
the difference in yields relative to Treasuries in some sectors
(corporates and mortgages) to reach historically wide margins
early in the year. The sentiment that the economy was beginning to
cool resulted in a rally across most fixed-income sectors with
these spread sectors outperforming Treasuries for the first time
this year. SAAMCo sees the government bond buyback activity as a
major contributor to the current inversion (short-term yields
higher than long-term yields) of the yield curve. This continues
to ripple through all spread markets, from mortgage-backed to
investment grade down to high yield. They feel that the
historically wide spreads will probably remain due to the reduced
supply of long-term U.S. Government bonds and notes.
First American summarizes the current environment in a positive
light by pointing toward a lack of inflationary pressure, a
slowdown in consumption spending, and a large budget surplus. They
expect Treasury markets to remain relatively stable and spread
levels to modestly tighten over the next six months -- a positive
sign for non-Treasury securities.
Foreign Markets
According to Alliance Capital, the global economy continued to
expand nicely as the recovery in Europe gathered steam. Consumer
demand in Europe strengthened thanks to lower unemployment, rising
incomes and soaring confidence. Individual economic reports out of
Japan still show weakness, but meaningful restructuring and
consolidation is underway. Growth in developed economies continues
to promote global trade, helping East Asia, Latin America and
emerging Europe. However, Goldman Sachs feels that, with global
growth above trend, the European Central Bank may need to continue
to tighten interest rates both to curb inflation and to boost the
weak Euro.
As a whole, developed-country equity market returns were
generally in negative territory during the second quarter of 2000.
Morgan Stanley Asset Management asserts that tough talk and
actions by central bankers took their toll, while uncertainty
about economic prospects -- and profits -- going forward kept many
investors on the sidelines. Yet, contrasting this was the strong
performance of emerging markets debt. Powerful economic growth,
along with many credit upgrades and continued positive political
developments, led emerging markets debt to outperform other
fixed-income asset classes during this period.
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Federated sees positive forces on the horizon, as growth has
picked up overseas and markets now provide value, due to low
levels of inflation. Tax cuts are spurring strong markets in
places like Germany, thus lifting economic growth and
profitability there. They expect a very strong overseas market in
the fourth quarter, both in equities and bonds.
PORTFOLIO PERFORMANCE SUMMARIES
Cash Management Portfolio (SunAmerica Asset Management Corp.)
For the six-month period ending July 31, 2000 the Cash
Management Portfolio returned +2.9%, taking advantage of
increasing yields on short-term money market instruments. Citing
concerns that demand would continue to exceed the growth of
potential supply, Federal Reserve policy makers raised interest
rates by a total of 100 basis points since the beginning of 2000.
Corporate Bond Portfolio (Federated Investors)
For the six-month period ended July 31, 2000, the portfolio
generated a total return of +2.6%, compared to a benchmark, the
Lehman Brothers Aggregate Bond Index return of +5.3%. The
portfolio's duration (a measure of price sensitivity to changes in
interest rates) was extended, as we took a more positive rate
outlook in early April. The portfolio benefited from this slightly
longer duration but also felt the negative effects of
underperformance in both the investment grade corporate and
high-yield sectors.
Looking ahead, the portfolio will continue to focus on the
higher income and total return potential of medium-quality
corporate bonds. The period closed with strong performance in June
and July, and with an economy that continues to grow, the
corporate sector could be poised for a period of strong
performance. Our top five corporate holdings as of July 31, 2000
were: Regional Diversified Funding, Geico, Amvescap PLC,
International Speedway and Unisys.
Global Bond Portfolio (Goldman Sachs Asset Management
International)
The Global Bond Portfolio returned +4.0% for the six-month
period ended July 31, 2000, underperforming its benchmark, the JP
Morgan Global Government Bond Index, which returned +5.3%.
At July 31, 2000, the Portfolio had an intermediate effective
duration (a measure of sensitivity to changes in interest rates)
of 5.6 years and average maturity of 8.9 years. Towards the end of
the period, we reduced exposure to long-term positions in the
United States. We also sold our positions in Japanese debt due to
a stronger growth outlook and our thoughts that the termination of
the zero interest rate policy was fully reflected in the markets.
Finally, we sold our already underweighted exposure in Sweden and
introduced an overweight position in Europe and an underweight
position in the U.S.
High-Yield Bond Portfolio (SunAmerica Asset Management Corp.)
The High-Yield Bond Portfolio's total return over the semiannual
period ending July 31, 2000 was +0.1%. In an environment of rising
interest rates, the portfolio outperformed its primary benchmark,
the Merrill Lynch High Yield Master II Index (-0.1%). Factors
impacting the high-yield market during the period included: high
default rates, rising interest rates, weak and choppy equity
markets and negative cash flows into the sector.
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In an effort to offset these factors, we added to higher-rated
positions, increasing the overall credit quality of the portfolio.
Some of our stronger performing holdings included Wavetek and
United GlobalCom (which was sold before the end of the period).
Over the coming six months, we are excited about the telecom
player, Mpower, and expect outperformance from PSI Net and P&L
Coal as well.
Worldwide High Income Portfolio (Morgan Stanley Asset Management)
Our overweight in emerging markets debt, particularly Brazil,
Russia and Mexico, provided strong results early in the year and
allowed for positive performance, +2.3%, for the period, although
underperforming the +6.5% for its blended benchmark (50% First
Boston High Yield Index and 50% J.P. Morgan Emerging Markets Bond
Index Plus). We continue to overweight these countries with
particular emphasis on Brazil and Russia. These gains, however,
were more than offset by a high exposure to the domestic
Telecommunications sector. This sector was hampered by a poor
technical situation, the sell-off in the Nasdaq and
lower-than-expected operational results.
We are optimistic about the global high-yield markets over the
next six months. We expect the emerging markets countries to
continue to experience good growth and better political and
structural environments.
SunAmerica Balanced Portfolio (SunAmerica Asset Management Corp.)
The SunAmerica Balanced Portfolio slightly underperformed for
the six-month period ending July 31, 2000. The portfolio returned
+2.3% relative to its blended benchmark (55% S&P 500, 35% Lehman
Brothers Aggregate Index and 10% Treasury Bills) return of +4.0%.
Equity markets were quite volatile during the period as the
markets digested multiple interest rate increases by the Fed.
Although the portfolio's equity exposure hurt overall performance
during the short term, we continue to believe these holdings have
the potential to outperform going forward. The top five equity
holdings in the portfolio at the end of July were EMC Corp., Cisco
Systems, Inc., General Electric Co., Intel Corp. and Citigroup,
Inc. We have a positive outlook for domestic equities and continue
to focus on high-quality growth stocks, maintaining our core
investment discipline and philosophy, which, although past
performance does not guarantee future results, has led to very
strong performance for the past several years.
MFS Total Return Portfolio (MFS Investment Management)
For the six months ended July 31, 2000, the portfolio returned
+7.8%, nearly doubling the +4.0% return for its blended benchmark
(55% S&P 500, 35% Lehman Brothers Aggregate Index and 10% Treasury
Bills).
Despite rising interest rates, the portfolio's bond holdings
posted positive returns during the past six months and generally
added stability to the portfolio in a period of highly volatile
equity markets. At the same time, our equity stake was bolstered
by our focus on value stocks, and strong security selection in
energy and insurance stocks, which contributed positively to the
portfolio's total return.
Looking forward, while certain pockets of the market may be
overvalued, we continue to find quality companies at attractive
prices. In addition, we feel there is potential for strong
corporate earnings across a wide range of industries. However, we
intend to
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proceed with some caution given the Federal Reserve Board's
determination to slow down the economy. As a result, we believe it
is prudent for investors to maintain a well-diversified portfolio.
Asset Allocation Portfolio (Goldman Sachs Asset Management)
The Asset Allocation Portfolio returned +5.0% for the six months
ended July 31, 2000, outperforming its blended benchmark of 60%
S&P 500 Index and 40% Lehman Brothers Aggregate Index, which
returned +4.1%.
As of July 31, 2000, the Portfolio was slightly overweighted in
growth stocks with a 33% position, while 27% of assets were
invested in value equities, and the remaining 40% in fixed income
and a small cash position. Although the market experienced heavy
volatility during the period, we believe that the growth positions
in the portfolio, defined by strong franchise names, recurring
revenue, and solid management teams, will withstand uncertain
market conditions. Additionally, we feel that many of our value
holdings are attractively priced, have strong balance sheets,
strong cash flows and are well positioned to benefit from any
gradual improvements in overall industry pricing conditions.
Telecom Utility Portfolio (Federated Investors)
In a turbulent period for the overall market, the utility sector
had extraordinarily divergent results. The S&P Utility Index
returned +11.1% for the six-month period, but the S&P
Communications Index returned -18.8%. The Telecom Utility
Portfolio returned -5.8%, significantly outperforming the
market-weighted benchmark return of -11.6%.
The negative returns from our telecommunications stocks more
than offset the positive returns from our natural gas stocks.
Nevertheless, we consider the stocks attractive since the industry
continues to grow faster than the overall economy, and the stocks
seem undervalued. Natural gas stocks continued to benefit from
record high prices, as El Paso Energy, our largest holding,
returned +51% for the period. Electric utilities also held up well
amid the market turbulence, as higher earnings and tight power
markets contributed to the sector's strength.
We continue to focus on the three main sectors,
Telecommunications, Natural Gas and Electricity, which we feel are
highly attractive. They offer a combination of potential growth
and value as the importance of reliable telecommunications and
electric power to the Internet economy grows steadily.
Equity Income Portfolio (First American Asset Management)
The portfolio posted a return of +1.5%, slightly underperforming
the +3.2% return of the S&P 500 for the six-month period ended
July 31, 2000.
The portfolio benefited from modest overweight positions in
several strong performing sectors, including the Utilities sector,
with standout performance from Enron and Reliant Energy; the
Healthcare sector, with strong performance from American Home
Products and Pfizer; and the Financial sector, with significant
contributions from John Hancock Financial and Bank of New York.
Offsetting these positive contributors was negative performance
from other sectors, including Sprint, AT&T and Vodafone in the
Telecommunications area; Kimberly Clark in the Consumer Staples
sector; and Energy holdings Exxon Mobil, Chevron and BPAmoco.
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The portfolio continues to maintain its strategy of emphasizing
dividend-paying stocks and market sectors, with a significant
underweight position in Technology, where few companies pay
meaningful dividends. Sector emphasis continues to be placed on
the Energy, Financials, Utilities and Healthcare industries.
Equity Index Portfolio (First American Asset Management)
The Equity Index Portfolio continued to perform close, at +2.9%,
to its target index, the S&P 500, +3.2%, for the six-month period.
Performance was volatile as interest rate concerns caused negative
results in April and May, wiping out gains from earlier in the
period.
Many of the portfolio's changes reflect the dramatic expansion
of the Technology component of the U.S. equity marketplace.
Further, existing holdings such as Cisco, Intel, Microsoft, Nortel
and Oracle have grown dramatically. Approximately 34% of the
portfolio is in technology and technology-related issues (i.e.
semiconductors, software, networking), while finance and consumer
stocks each account for approximately 15% of the portfolio.
Resource firms (energy and basic materials) account for about 18%
of the weight. Finally, traditional industrial firms, utilities,
transportations and business services, which many investors
associate with the S&P 500 Index, currently total less than 17% of
the portfolio.
Growth-Income Portfolio (Alliance Capital Management L.P.)
The Growth-Income Portfolio returned +6.0%, nearly doubling the
+3.2% return of the S&P 500 for the six-month period ended July
31, 2000. The portfolio benefited from strong performance in
several sectors. The strongest contributor to positive performance
came from the financial sector, where a number of holdings,
including Ace Ltd., MGIC Investment Corp., PMI Group, Merrill
Lynch, Morgan Stanley and Citigroup all performed very well. The
health care sector also made a strong positive contribution, with
Human Genome Sciences performing well. Technology performance was
quite volatile, but modestly positive. Intel, Oracle, Sanmina,
Altera and Micron all made positive contributions, while Microsoft
and Cisco underperformed in the second quarter. Overall
performance was negative in April and May as markets reacted to
interest rate increases enacted by the Federal Reserve. Holdings
such as AT&T and some economically sensitive issues like
Honeywell, which was sold, and Circuit City reported modestly
negative performance.
As of July 31, 2000, the Growth-Income Portfolio was broadly
diversified, holding 107 issues across 13 Sectors. The largest
sector allocations were to Technology (29%), Consumer Services
(19%), Finance (14%) and Healthcare (10%). The top ten holdings
were Intel, Cisco Systems, General Electric, Pfizer, Microsoft,
Citigroup, Oracle, Wal-Mart, Morgan Stanley Dean Witter and Noble
Drilling.
Federated Value Portfolio (Federated Investors)
In the six-month period ending July 31, 2000, value sectors
lagged relative to growth and the portfolio returned -0.8% for the
period, underperforming the +3.2% for the S&P 500 Index. Growth
stocks benefited from strong secular performance in Technology,
Finance, and Healthcare, while traditional value sectors like
Basic Materials and Consumer Cyclicals reported negative
performance.
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Aiding portfolio performance was an overweight in utilities and
favorable security selection in Healthcare and healthcare-related
areas (Oxford Health Plans, an insurance provider, +69% and
UnitedHealth Group, +54%) and energy (Diamond Offshore, +36% and
Schlumberger, +21%). More than offsetting these favorable
influences was unfavorable performance of some of our Technology
holdings (Novell, -72%, Unisys, -69% and Lexmark, -52%). Overall,
the portfolio is positioned to take advantage of increasing market
breadth, as some value sectors may gain relative to the
higher-valued growth stocks.
Davis Venture Value Portfolio (Davis Selected Advisors, L.P.)
The Davis Venture Value Portfolio delivered a total return of
+7.4% for the six-month period ended July 31, 2000, significantly
outperforming the +3.2% for the S&P 500 Index. The portfolio
benefited from strong performance among several of its largest
positions. Hewlett Packard (+30% for the period), Household
International (+28%), Golden West Financial (+57%), and American
International Group (+26%) have all solidly outperformed the
market. Interestingly, these top performers were among the
Technology and Finance sectors, despite high stock price
volatility and higher interest rates during the period.
Unfortunately, we have experienced some notable disappointments,
including Motorola (-27%) and Lexmark International (-52%). We
have taken advantage of price weakness to purchase additional
shares of these companies and others that we have the most
confidence in for the long term. Recent additions to the
portfolio, American Home Products and Tyco International, were
among our top performers at the close of the period.
We select high quality, well-managed companies with strong
potential for long-term earnings growth. However, we strive to
purchase stocks of these companies at value prices, when Wall
Street is unable to effectively perceive their true long-term
value, and hold them for the long term.
"Dogs" of Wall Street Portfolio (SunAmerica Asset Management
Corp.)
For the six-month period ended July 31, 2000, the "Dogs" of Wall
Street underperformed, returning -6.2% relative to the +3.2% for
the S&P 500. The portfolio's largest holdings at the end of the
period were American Home Products Corp., AIR Products and
Chemicals, Inc., Philip Morris and Sherwin-Williams Co. Volatility
intensified during the period, and while the portfolio did
outperform when growth was out of favor, as a whole the value
positions underperformed. The "Dogs" of Wall Street Portfolio is a
concentrated portfolio of quality value stocks, and we believe
that these stocks should benefit as the market broadens.
The "Dogs" of Wall Street Portfolio seeks total return through a
quantitatively modeled, passively managed strategy involving the
annual selection of 30 high dividend-yielding common stocks from
the Dow Jones Industrial Average and the broader market.
Alliance Growth Portfolio (Alliance Capital Management L.P.)
Alliance Growth significantly outperformed (+6.6%) both the S&P
500 (+3.2) and the Russell 1000 Growth (+4.8) indices for the
six-month period ended July 31, 2000. Although somewhat volatile
in April and May, portfolio performance was particularly strong
due to stock selection within the Technology and Finance sectors.
Intel, EMC, Cisco
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Systems, Corning, Nortel Networks, Citigroup and Morgan Stanley
Dean Witter all contributed positively.
As of July 31, 2000, Technology, Consumer Services and Finance
were the largest weighted sectors. The top ten portfolio holdings
were Tyco (6.3%), Intel (5.5%), Nokia (5.3%), Pfizer (5.0%), Cisco
Systems (5.0%), Citigroup (4.1%), Applied Materials (4.1%), Home
Depot (3.6%), Liberty Media (3.5%) and Time Warner (3.4%). We will
continue to emphasize quality companies with excellent management
and strong financial resources.
Goldman Sachs Research Portfolio (Goldman Sachs Asset Management)
The Portfolio commenced operation on July 5, 2000 and seeks to
deliver the sector views of Goldman Sachs Investment Research
through an actively managed, focused portfolio of 25-35 equity
securities that comprise the U.S. Select List. The portfolio
consists of equity securities that the Goldman Sachs U.S. Stock
Selection Committee expects, as a whole, to outperform the S&P 500
Index over the next 12 to 18 months. The list is consistent with
overall investment policy and emphasizes strategically favored
economic sectors. Updated on a regular basis, the U.S. Select List
has consisted primarily of common stocks of relatively large U.S.
companies, although the list is not restricted to large-cap
companies.
MFS Growth and Income Portfolio (MFS Investment Management)
The Portfolio returned +3.0% for the six-month period ended July
31, 2000, slightly underperforming the +3.2% return of the S&P
500. An underweight in the volatile Technology sector had a
significant impact on performance and portfolio volatility. The
sector has had periods of both strong over and under market
performance thus far in 2000.
We continue to maintain a broadly diversified portfolio with
positions in a wide array of firms classified as both value and
growth (at a reasonable price). Holdings such as: Hartford
Financial Services, State Street Bank, Pharmacia, Pfizer, Safeway
and BP Amoco offer favorable growth opportunities at reasonable
valuations and provided exceptional performance during the period.
We were able to find some value in pharmaceutical stocks early in
the period and many of these holdings appreciated, as pipelines
remained full of new products. We also see strong investment
opportunities and the potential for large profits in the
Technology sector -- which contains some of the fastest-growing
and most innovative companies in the world. Given an environment
of healthy economic growth, reasonable interest rates, and a
favorable outlook for corporate earnings growth, we continue to
have a positive long-term outlook for domestic equity markets.
Putnam Growth Portfolio (Putnam Investments)
The Putnam Growth Portfolio returned +2.2%, slightly
underperforming the S&P 500 Index, which returned +3.2% for the
six months ended July 31, 2000. Performance was largely mixed as
many positions that benefited the portfolio in the first portion
of the period later detracted from returns. For example, our
overweighting in Technology -- an early boon -- later dragged on
results as the Technology sector plummeted. We did, however, take
advantage of lower prices to add to some positions in the sector.
Financials and Healthcare performed well during the period as
investors increasingly gravitated to the perceived stability of
these two sectors.
We expect the current economic environment of moderating growth
and low inflation to continue for the rest of 2000. We also
believe that the current environment will reward
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high-quality growth companies that are experiencing strong demand
for their products and stable or improving pricing power. Going
forward, within the Technology sector we will emphasize
communications equipment, semiconductors, and software. We will
concentrate on entertainment, cable programming, media, and
household products.
Blue Chip Growth Portfolio (SunAmerica Asset Management Corp.)
The Blue Chip Growth Portfolio launched on July 5, 2000; the
portfolio invests in high-quality companies with established track
records in consistent growth sectors such as Finance, Healthcare
and Technology. The top equity holdings in the portfolio as of
July 31, 2000 were EMC Corp., General Electric Co., Cisco Systems,
Tycom Ltd. and Intel Corp.
The prospects for the remainder of 2000 are favorable for U.S.
equity markets. Although volatility will likely remain as strong
growth unwinds and the Fed watches inflation, the basic
underpinnings for the financial markets are positive.
Real Estate Portfolio (Davis Selected Advisors, L.P.)
The Real Estate Portfolio generated a total return of +22.5% for
the six-month period ended July 31, 2000, significantly
outperforming the Wilshire REIT ("Real Estate Investment Trust")
Index return of +19.8% over the same time period.
During the past six months, stock investors shifted assets to
REITs and real estate companies in an effort to find "safe havens"
from the volatility in big cap equities and real estate
investments improved significantly. The portfolio benefited from
top positions in Avalon Bay Communities (+41% for the period) and
Boston Properties (+42%). We will continue to apply our investment
discipline, and invest only in well-run businesses, purchased at
attractive valuations, that are capable of generating steady
growth and solid returns on capital over time.
Small Company Value Portfolio (First American Asset Management)
The portfolio returned +11.0% for the period, in line with the
+12.3% for the Russell 2000 Value Index. The primary factors
contributing to the slight underperformance were sharp moves
during July within three sectors. The Energy sector, in which the
portfolio is overweighted, gave up some of the ground made earlier
in the year as prospective oil supply increased. Also, an
overweighting in Technology stocks was negative, as investors
reassessed the growth rates of certain segments such as wireless
communications and semiconductors, and those segments were quite
volatile. Finally, we were somewhat underweighted in Financial
Services stocks, which, aided by expectations for an end to the
Federal Reserve's interest rate increases, closed the period with
strong results.
Overall, small-cap valuations are improving relative to large
cap, and the gap between small-cap value and small-cap growth is
narrowing. In spite of the recent strong performance, small-cap
value stocks remain attractively valued and could be poised for
potential relative performance strength. The portfolio's largest
holdings are well-balanced, in multiple industries and include
some strong performers for the period: Radian Group, Alliant
Techsystems, TCF Financial, Radisys Corp, National Computer
Systems and Venator Group all provided good results.
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MFS Mid-Cap Growth Portfolio (MFS Investment Management)
The Portfolio returned over +21.4% for the six-month period
ended July 31, 2000, significantly outpacing the +13.9% results
for its benchmark index, the S&P 400 MidCap. The strong
outperformance can be attributed to a valuation driven shift away
from Technology holdings before the correction in March and April.
We were then able to move money back into some of these firms at
significantly lower prices.
We currently see opportunity in Technology, Business Services,
and Energy. In the Technology sector, we feel that data storage
companies such as Emulex and Seagate Technology remain at
reasonable valuations and offer strong growth prospects. We will,
however, continue to avoid areas of Technology where we feel that
higher valuations cannot be justified by projected earnings. In
the Business Services area, we are invested in several firms that
enable business transactions on the Internet. Companies such as
RSA Security and CheckFree provide services that we believe will
be essential to making the Internet a reliable medium for
conducting business. Finally, we see opportunity in two areas of
the Energy sector: deep-water oil drillers and natural gas
exploration and production.
We will continue to look for growing businesses and industry
leaders that have made the transition from small cap to mid cap.
Our goal is to use our research to find the companies that will
dominate their fields and to invest early, before the market
recognizes their growth potential.
Aggressive Growth Portfolio (SunAmerica Asset Management Corp.)
The Aggressive Growth Portfolio returned +3.0% for the six-month
period ending July 31, 2000, slightly underperforming the
portfolio's benchmark return of +3.7% for the Russell 3000 Growth
Index, but outperforming the Nasdaq Composite Index return of
-4.4%.
During this period we made significant changes to the portfolio.
While our industry investments within the Technology,
Telecommunications, Healthcare, Energy and Consumer sectors
remained dominant in the portfolio, weightings were reduced and
the focus within each sector changed. Many of the portfolio's best
performing investments from 1998 and 1999 have either been trimmed
or sold outright to lock in significant gains achieved during
these years. New positions were established in the optical
networking and components arena with investments in JDS Uniphase,
Ciena, Redback Networks, Avanex and New Focus Corp. Other new
areas of technology focused on established software companies such
as Siebel Systems and BEA Systems and B2B software companies
including i2 Technologies and Ariba. While the portfolio's
holdings in Healthcare were unchanged, a 5% position was added in
biotech -- specifically in specialty pharmaceutical companies.
While volatility and perhaps a slowing in economic growth
achieved by the Federal Reserve have characterized the year thus
far, we remain optimistic for the remainder of 2000. Currently,
the portfolio is well positioned with fewer but well-focused
investments and an opportunistic approach as we enter the third
and fourth quarters of 2000.
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Growth Opportunities Portfolio (SunAmerica Asset Management Corp.)
The Growth Opportunities Portfolio enjoyed a smooth launch on
July 5, 2000. We put the assets to work immediately, investing in
industry leaders in some of our favorite areas including
Biotechnology, Technology and Oil Services.
Second quarter 2000 earnings were very strong, lending support
to our conviction that we remain in a moderate growth, benign
inflationary environment. Volatility remains high, as there is a
fair amount of liquidity rotating through the sectors and segments
of the market. We continue to favor companies that deliver
impressive revenue gains and have sustainable business models,
dominant franchises and the ability to demonstrate operating
leverage.
International Growth and Income Portfolio (Putnam Investments)
For the six-month period ending July 31, 2000, the portfolio
gained +6.4%, significantly outperforming the MSCI EAFE Index,
which returned -1.9% during the same period.
Financial services, particularly in Europe, rallied as the pace
of interest-rate hikes slowed. In addition, we were overweighted
in Pharmaceuticals, which was another strong sector globally.
Aventis (France) and Eisai (Japan) performed very well as their
individual drug sales rallied. As a whole, Japan continued to
struggle against its ongoing recession, rising national debt, and
related credit fears.
Most Asian economies continued to recover, particularly South
Korea. Despite current problems in the Japanese economy, continued
corporate actions as well as a weakening yen will help the
Japanese economy over the long term. The outlook for European
markets is encouraging amid increased economic activity,
especially an upturn in the large German and British economies. In
addition, European corporations continue to pursue aggressive
consolidation in an effort to gain greater scale and
competitiveness while enhancing shareholder value.
Global Equities Portfolio (Alliance Capital Management L.P.)
The Global Equities Portfolio (+3.2) outperformed the MSCI World
Index (+0.6%) for the six-month period ended July 31, 2000. Strong
portfolio performance was due to stock selection, particularly in
North America. Overall, holdings such as Nokia, Intel, Sanmina,
Vodafone and Morgan Stanley Dean Witter contributed positively to
portfolio performance. Performance was somewhat volatile, as
developed-country equity markets experienced some trouble during
the second quarter of 2000. Actions by central bankers took their
toll, while uncertainty about economic prospects caused some
market volatility, although overall performance was positive.
Based on market indicators, we expect slower economic growth
going forward. In our way of thinking, the resumption of
textbook-like economics and the bursting of the Internet bubble
imply that we are back into a more normal investment
environment -- one that favors those companies exhibiting the best
available combination of growth and value.
International Diversified Equities Portfolio (Morgan Stanley Asset
Management)
For this six-month period ended July 31, 2000 the International
Diversified Equities Portfolio (-5.3%) underperformed the MSCI
EAFE Index (-1.8%). There were two major
---------------------
11
<PAGE> 12
---------------------
reasons for the underperformance: overweights in Japan and
Singapore, and our allocation to the Technology sector.
Japan's performance has been disappointing and we have reduced
our overall exposure. We have moved to an underweighted position
until we see political consensus to push forward with banking
reform and corporate restructuring. We increased positions in both
the United Kingdom and Switzerland. Both markets look relatively
attractive on valuations and have attractive Financial and
Pharmaceutical sector components. On an overall secular basis, we
currently are underweighted in telecommunication services and
technology equipment manufacturers. The Energy sector is
overweighted, as we believe oil prices are very supportive of
corporate earnings -- especially given the very small cushion of
excess supply currently available in the global oil markets.
Emerging Markets Portfolio (Putnam Investments)
Performance was quite volatile in the short-term period. For the
six months ended July 31, 2000, the portfolio declined -15.7% in
U.S. dollar terms versus -13.2% for the MSCI Emerging Markets Free
Index. Emerging markets experienced losses as the correction in
global stock markets that began in the first quarter of 2000
generally continued into the second quarter of the year. Country
selection was generally favorable. Overweight positions in Latin
America's two largest countries, Brazil and Mexico, had a positive
impact on relative performance.
The prospects for emerging markets are improving, as
interest-rate concerns have begun to ease, and we believe that we
have seen the worst of the correction. In the near term, we expect
the fate of key emerging markets to remain closely linked to
developments in the U.S. financial markets. Over the long term, we
remain bullish on emerging-markets stocks. Economic recovery in
Asia is generally strong, and the key Latin American economies
continue to gather momentum. The relatively low valuations of many
of these markets, and the fact that they tend to benefit from an
improving global economic growth outlook, should produce superior
long-term returns from investments in emerging-equity markets.
Technology Portfolio (Morgan Stanley Asset Management)
After the portfolio's inception on July 5, 2000, the rest of
July was characterized by significant volatility in technology
markets. Market volatility was caused by investors' rapid rotation
between old and new economy stocks.
Companies such as SDL Inc., Extreme Networks, Nortel Networks
and QLogic, were major contributors to performance. Although
software was the worst performing Technology sector for July, our
underweight position helped performance relative to the benchmark.
With the second quarter earnings season largely over, results
were, for the majority of the companies, in line with Wall
Street's expectations or better. We believe that fundamentals
remain strong across industries -- more specifically technology.
We continue to feel the Fed is in the latter stages of interest
rate increases and the combination of moderate growth globally,
moderating interest rates and inflation provide a favorable
backdrop for growth stocks.
---------------------
12
<PAGE> 13
---------------------
CONCLUSION
We appreciate the opportunity to help you meet your long-term
retirement goals and thank you for your investment in the
SunAmerica Series Trust.
Sincerely,
[ELI BROAD SIGNATURE]
Eli Broad
Chairman and Chief Executive Officer
Anchor National Life Insurance Company
First SunAmerica Life Insurance Company
September 13, 2000
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.
---------------------
13
<PAGE> 14
---------------------
SUNAMERICA SERIES TRUST
CASH MANAGEMENT PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES -- 81.3% AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
CERTIFICATES OF DEPOSIT -- 3.1%
CIBC Canadian Imperial 6.72% due 2/12/01.................... $ 5,000,000 $ 4,988,400
Citibank Canada, Inc. 6.77% due 8/23/00(1).................. 5,000,000 4,999,500
Deutsche Bank 6.52% due 1/16/01............................. 5,000,000 4,986,795
-------------
TOTAL CERTIFICATES OF DEPOSIT (cost $14,997,454)............ 14,974,695
-------------
COMMERCIAL PAPER -- 47.0%
Abbey National NA 6.11% due 11/09/00........................ 5,000,000 4,909,722
American Greetings Corp. 6.57% due 8/28/00.................. 5,000,000 4,975,363
ANC Rental Funding 6.53% due 8/28/00........................ 5,000,000 4,975,513
Asset Securitization Corp. 6.58% due 9/08/00................ 5,000,000 4,965,272
Bear Stearns Cos., Inc. 6.05% due 10/06/00.................. 5,000,000 4,940,208
British Telecommunications PLC 6.17% due 11/17/00........... 5,000,000 4,902,500
British Telecommunications PLC 6.19% due 12/08/00........... 5,000,000 4,883,183
British Telecommunications PLC 6.20% due 11/29/00........... 5,000,000 4,891,666
Caterpillar Financial Services 6.13% due 11/14/00........... 5,000,000 4,904,771
Citizens Utilities Co. 6.54% due 9/26/00.................... 5,000,000 4,949,133
Compass Security 6.56% due 8/21/00.......................... 5,000,000 4,981,778
Computer Sciences 6.62% due 9/05/00......................... 5,000,000 4,967,819
Cooper River Funding, Inc. 6.57% due 8/04/00................ 5,000,000 4,997,262
Corporate Asset Security Ltd. 6.55% due 8/23/00............. 5,000,000 4,979,986
Delaware Funding Corp. 6.60% due 9/11/00.................... 5,000,000 4,962,417
Falcon Asset Securitization Corp. 6.58% due 8/02/00......... 5,000,000 4,999,086
Forrestal Funding Master 6.58% due 10/18/00................. 5,000,000 4,929,367
FPL Fuels, Inc. 6.50% due 8/07/00........................... 5,000,000 4,994,583
Gap, Inc. 6.55% due 8/21/00................................. 5,000,000 4,981,806
General Motors Acceptance Corp. 6.55% due 10/03/00.......... 5,000,000 4,944,450
Goldman Sachs Group LP 6.52% due 10/16/00................... 5,000,000 4,931,494
Goldman Sachs Group LP 6.58% due 8/18/00.................... 5,000,000 4,984,464
Govco, Inc. 6.55% due 8/24/00............................... 5,000,000 4,979,076
Greyhawk Capital Corp. 6.52% due 9/22/00.................... 5,000,000 4,952,911
Homeside Lending 6.51% due 8/22/00.......................... 5,000,000 4,981,013
Kittyhawk Funding 6.55% due 10/16/00........................ 5,000,000 4,931,389
Knight Ridder, Inc. 6.58% due 8/28/00....................... 5,000,000 4,975,325
Moat Funding LLC 6.60% due 12/08/00......................... 5,000,000 4,886,632
Motorola, Inc. 6.53% due 8/24/00............................ 5,000,000 4,979,140
Motorola, Inc. 6.59% due 9/29/00............................ 5,000,000 4,945,999
Park Avenue Receivables Corp. 6.52% due 8/28/00............. 5,000,000 4,975,550
Perry II Funding Corp. 6.62% due 8/16/00.................... 5,000,000 4,986,208
Petrobras International Finance 6.50% due 8/14/00........... 5,000,000 4,988,264
Pooled Accounts Receivable Capital Corp. 6.55% due
10/05/00.................................................. 5,000,000 4,941,410
Redwood Receivables Corp. 6.51% due 8/04/00................. 5,000,000 4,997,287
Scaldis & Scaldis 6.55% due 10/17/00........................ 5,000,000 4,930,272
Seven Hills Funding Corp. 6.53% due 8/07/00................. 5,000,000 4,994,558
Silver Tower US Funding, LLC 6.16% due 10/10/00............. 5,000,000 4,936,222
Silver Tower US Funding, LLC 6.17% due 11/28/00............. 8,000,000 7,826,260
Silver Tower US Funding, LLC 6.34% due 12/29/00............. 5,000,000 4,862,708
Sydney Capital Corp., Inc. 6.61% due 8/14/00................ 5,000,000 4,988,065
Victory Receivables Corp. 6.54% due 8/09/00................. 5,000,000 4,992,733
Windmill Funding Corp. 6.59% due 8/23/00.................... 5,000,000 4,979,864
</TABLE>
---------------------
14
<PAGE> 15
<TABLE>
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES (CONTINUED) AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
COMMERCIAL PAPER (continued)
Wisconsin Energy Corp. 6.50% due 8/16/00.................... $ 5,000,000 $ 4,986,458
Wisconsin Energy Corp. 6.50% due 9/01/00.................... 5,000,000 4,972,014
-------------
TOTAL COMMERCIAL PAPER (cost $225,983,324).................. 225,941,201
-------------
CORPORATE SHORT-TERM NOTES -- 19.3%
ABB Treasury Centre, Inc. 6.52% due 9/08/00................. 5,000,000 4,965,589
American Express Centurion Bank 6.59% due 8/23/00(1)........ 5,000,000 5,000,000
American Honda Finance Corp. 6.19% due 8/08/00(1)........... 5,000,000 5,000,000
AT&T Corp. 6.56% due 8/08/00(1)............................. 5,000,000 4,997,540
AT&T Corp. 6.75% due 8/14/00(1)............................. 5,000,000 5,000,000
Bank of America 6.65% due 10/27/00(1)....................... 5,000,000 5,000,000
Bank of America 6.67% due 8/01/00(1)........................ 7,000,000 7,000,000
Bear Stearns Cos., Inc. 6.68% due 8/09/00(1)................ 5,000,000 5,000,000
Bear Stearns Cos., Inc. 6.74% due 8/09/00(1)................ 5,000,000 5,000,000
DaimlerChrysler NA 6.69% due 8/22/00(1)..................... 5,000,000 5,000,000
First Union National 6.67% due 8/16/00(1)................... 5,000,000 5,000,000
Fleet Boston Corp. 6.71% due 9/13/00(1)..................... 5,000,000 4,993,750
Formosa Plastics Corp. 6.60% due 1/17/01.................... 5,000,000 4,846,491
Goldman Sachs Group LP 6.86% due 10/16/00(1)................ 2,000,000 2,000,000
Merrill Lynch & Co., Inc. 6.58% due 8/21/00(1).............. 5,000,000 5,000,000
Merrill Lynch & Co., Inc. 6.69% due 10/18/00(1)............. 5,000,000 5,000,000
National Rural Utilities Corp. 6.71% due 10/20/00(1)........ 4,000,000 4,000,000
SBC Communications, Inc. 6.50% due 8/15/00.................. 5,000,000 5,000,811
Sigma Finance Corp. 6.80% due 8/25/00(1).................... 5,000,000 5,000,000
-------------
TOTAL CORPORATE SHORT-TERM NOTES (cost $92,806,260)......... 92,804,181
-------------
FEDERAL AGENCY OBLIGATIONS -- 9.5%
Federal Home Loan Banks 6.04% due 9/01/00................... 5,000,000 5,000,000
Federal Home Loan Banks 6.40% due 8/11/00................... 11,000,000 10,980,444
Federal Home Loan Mortgage Corp. 6.39% due 9/19/00.......... 20,000,000 19,826,050
Federal Home Loan Mortgage Corp. 6.44% due 8/01/00.......... 10,000,000 10,000,000
-------------
TOTAL FEDERAL AGENCY OBLIGATIONS (cost $45,806,494)......... 45,806,494
-------------
MUNICIPAL BONDS -- 2.4%
Illinois Student Assistance Corp., Series B 6.61% due
8/02/00(1)................................................ 4,000,000 4,000,000
Illinois Student Assistance Corp., Series D 6.61% due
8/02/00(1)................................................ 3,000,000 3,000,000
Texas State General Obligation 6.61% due 8/02/00(1)......... 4,445,000 4,445,000
-------------
TOTAL MUNICIPAL BONDS (cost $11,445,000).................... 11,445,000
-------------
TOTAL SHORT-TERM SECURITIES (cost $391,038,532)............. 390,971,571
-------------
</TABLE>
---------------------
15
<PAGE> 16
<TABLE>
<CAPTION>
PRINCIPAL
REPURCHASE AGREEMENTS -- 27.3% AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENTS -- 27.3%
Paine Webber, Inc. Joint Repurchase Agreement Account (Note
3)........................................................ $80,000,000 $ 80,000,000
State Street Bank & Trust Co. Joint Repurchase Agreement
Account (Note 3).......................................... 51,531,000 51,531,000
-------------
TOTAL REPURCHASE AGREEMENTS (cost 131,531,000).............. 131,531,000
-------------
TOTAL INVESTMENTS --
(cost $522,569,532) 108.6% 522,502,571
Liabilities in excess of other assets -- (8.6) (41,344,069)
------ -------------
NET ASSETS -- 100.0% $ 481,158,502
====== =============
</TABLE>
-----------------------------
(1) Variable rate security; date shown reflects next reset date;
rate as of July 31, 2000
See Notes to Financial Statements
---------------------
16
<PAGE> 17
---------------------
SUNAMERICA SERIES TRUST
CORPORATE BOND PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES -- 90.7% AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 9.4%
Apparel & Textiles -- 0.7%
Collins & Aikman Floorcoverings, Inc., Series B 10.00%
2007...................................................... $ 50,000 $ 48,750
Collins & Aikman Products Co., Series B 11.50% 2006......... 150,000 145,500
GFSI, Inc., Series B 9.63% 2007............................. 200,000 148,000
Pillowtex Corp. 9.00% 2007.................................. 75,000 15,000
Pillowtex Corp. 10.00% 2006................................. 175,000 35,000
Polymer Group, Inc., Series B 8.75% 2008.................... 150,000 124,500
Polymer Group, Inc., Series B 9.00% 2007.................... 250,000 210,625
Reliance Industries Ltd. 8.25% 2027*........................ 500,000 469,500
Automotive -- 1.8%
Aftermarket Technology Corp. 12.00% 2004.................... 150,000 149,438
American Axle & Manufacturing, Inc. 9.75% 2009.............. 400,000 379,000
Dana Corp. 6.25% 2004....................................... 1,150,000 1,086,882
General Motors Acceptance Corp. 6.75% 2002.................. 600,000 591,498
HDA Parts Systems, Inc. 12.00% 2005......................... 150,000 100,500
JL French Automotive Casting, Series B 11.50% 2009.......... 200,000 171,000
Lear Corp. 9.50% 2006....................................... 125,000 122,461
Lear Corp., Series B 8.11% 2009............................. 400,000 360,964
Nationsrent, Inc. 10.38% 2008............................... 125,000 92,500
Oxford Automotive, Inc., Series A 10.13% 2007............... 200,000 180,000
Transportation Manufacturing Operations 11.25% 2009......... 200,000 173,500
Housing -- 0.3%
American Builders & Contractors Supply Co., Inc. 10.63%
2007...................................................... 75,000 63,000
Formica Corp., Series B 10.88% 2009......................... 175,000 135,187
Juno Lighting, Inc. 11.88% 2009............................. 100,000 84,000
NCI Buildings Systems, Inc., Series B 9.25% 2009............ 75,000 69,750
Sleepmaster LLC, Series B 11.00% 2009....................... 150,000 141,000
Retail -- 6.6%
Boyds Collection Ltd., Series B 9.00% 2008.................. 89,000 80,100
Buhrmann US, Inc. 12.25% 2009............................... 175,000 182,437
Jitney Jungle Stores of America, Inc. 10.38% 2007(1)........ 125,000 938
Jostens, Inc. 12.75% 2010*(2)............................... 125,000 123,750
KMart Corp., Series 95K3 8.54% 2015......................... 1,416,257 1,279,050
Kroger Co. 7.25% 2009....................................... 1,950,000 1,844,751
May Department Stores Co. 9.88% 2021........................ 1,500,000 1,596,375
Sealy Mattress Co., Series B zero coupon 2007(3)............ 250,000 183,750
Sears, Roebuck & Co. 10.00% 2012............................ 1,300,000 1,468,766
ShopKo Stores, Inc. 8.50% 2002.............................. 450,000 452,340
ShopKo Stores, Inc. 9.25% 2022.............................. 1,300,000 1,162,082
Target Corp. 7.50% 2005..................................... 1,000,000 1,015,255
TJX Cos., Inc. 7.45% 2009................................... 2,000,000 1,913,666
U.S. Office Products Co. 9.75% 2008......................... 300,000 60,000
Wal-Mart Stores, Inc. 6.88% 2009............................ 900,000 880,119
-------------
17,340,934
-------------
</TABLE>
---------------------
17
<PAGE> 18
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER STAPLES -- 3.0%
Food, Beverage & Tobacco -- 2.3%
Agrilink Foods, Inc. 11.88% 2008............................ $ 225,000 $ 175,500
Anheuser-Busch Cos., Inc. 7.00% 2005........................ 250,000 244,953
Anheuser-Busch Cos., Inc. 7.10% 2007........................ 325,000 317,398
Carrols Corp. 9.50% 2008.................................... 150,000 126,750
Del Monte Foods Co., Series B zero coupon 2007(3)........... 125,000 94,063
Dominos, Inc., Series B 10.38% 2009......................... 200,000 191,000
Eagle Family Foods, Inc. 8.75% 2008......................... 250,000 147,500
Fred Meyer, Inc. 7.45% 2008................................. 250,000 240,332
International Home Foods, Inc. 10.38% 2006.................. 250,000 268,750
National Wine & Spirits 10.13% 2009......................... 200,000 194,000
Nebco Evans Holding Co. zero coupon 2007(1)(3).............. 125,000 0
Royster-Clark, Inc. 10.25% 2009............................. 125,000 102,187
Safeway, Inc. 7.25% 2004.................................... 1,750,000 1,729,450
Triarc Consumer Products Group LLC 10.25% 2009.............. 200,000 194,500
Volume Services America, Inc. 11.25% 2009................... 100,000 91,500
Household Products -- 0.7%
Fort James Corp. 6.23% 2011(4).............................. 600,000 595,140
Fort James Corp. 8.38% 2001................................. 250,000 251,930
NBTY, Inc., Series B 8.63% 2007............................. 100,000 86,500
Playtex Family Products Corp. 9.00% 2003.................... 200,000 196,500
Revlon Consumer Products Corp. 8.63% 2008................... 500,000 255,000
-------------
5,502,953
-------------
ENERGY -- 6.7%
Energy Services -- 1.2%
Coastal Corp. 9.75% 2003.................................... 250,000 264,950
Continental Resources, Inc. 10.25% 2008..................... 125,000 112,813
Enersis SA 7.40% 2016....................................... 600,000 517,260
ISG Resources, Inc. 10.00% 2008............................. 50,000 45,500
Phillips Petroleum Co. 8.75% 2010........................... 500,000 531,610
Pride Petroleum Services, Inc. 9.38% 2007................... 175,000 175,000
R&B Falcon Corp. 12.25% 2006................................ 250,000 275,000
Veritas DGC, Inc., Series C 9.75% 2003...................... 250,000 251,250
Energy Sources -- 5.5%
Edison Mission Holdings Co. 8.73% 2026*..................... 1,200,000 1,169,556
Forest Oil Corp. 10.50% 2006................................ 150,000 154,500
Husky Oil Ltd. 7.13% 2006................................... 1,350,000 1,278,652
Husky Oil Ltd. 7.55% 2016................................... 1,000,000 899,050
Pemex Finance Ltd. 9.03% 2011*.............................. 2,000,000 2,032,560
Pogo Producing Co., Series B 10.38% 2009.................... 200,000 206,500
Sun Co., Inc. 9.00% 2024.................................... 1,750,000 1,868,116
Tosco Corp. 8.13% 2030...................................... 1,400,000 1,416,247
Triton Energy Ltd. 8.75% 2002............................... 125,000 124,375
Union Pacific Resources Group, Inc. 7.00% 2006.............. 500,000 482,850
USX Corp. 9.38% 2022........................................ 550,000 619,834
-------------
12,425,623
-------------
FINANCE -- 25.9%
Banks -- 3.4%
ABN Amro Holdings NV 7.30% 2026............................. 500,000 466,885
City National Bank California 6.38% 2008.................... 1,225,000 1,128,494
Corporacion Andina de Fomento 7.25% 2007.................... 750,000 714,645
Corporacion Andina de Fomento 8.88% 2005.................... 435,000 448,498
Den Danske Bank 7.40% 2007*(4).............................. 500,000 495,350
Firstbank Puerto Rico 7.63% 2005............................ 750,000 693,159
</TABLE>
---------------------
18
<PAGE> 19
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (continued)
Banks (continued)
National Bank of Canada, Series B 8.13% 2004................ $ 1,850,000 $ 1,879,785
Swedbank 7.50% 2049*(4)..................................... 500,000 467,701
Financial Services -- 17.4%
125 Home Loan Owner Trust, Series 1998-1A, Class B 9.26%
2029(5)................................................... 1,250,000 1,155,859
Amvescap PLC 6.60% 2005..................................... 2,400,000 2,261,791
Arvin Capital I 9.50% 2027.................................. 1,000,000 937,090
Barclays North American Capital Corp. 9.75% 2021............ 1,200,000 1,264,524
Capital One Financial Corp. 7.13% 2008...................... 300,000 279,075
CNA Financial Corp. 6.95% 2018.............................. 500,000 389,400
Conseco Finance Corp. 10.25% 2002........................... 970,000 708,100
Continental Global Group, Inc., Series B 11.00% 2007........ 150,000 49,125
Delphi Financial Group, Inc. 8.00% 2003..................... 1,250,000 1,215,655
Delphi Funding LLC, Series A 9.31% 2027..................... 800,000 596,088
Deutsche Telekom International Finance BV 8.25% 2030........ 1,600,000 1,632,288
Donaldson, Lufkin & Jenrette, Inc. 6.88% 2005............... 500,000 480,010
Farmer Corp. 7.57% 2029*.................................... 2,200,000 2,125,750
Fertinitro Finance, Inc. 8.29% 2020*........................ 1,005,000 619,874
Finova Capital Corp. 7.25% 2004............................. 1,750,000 1,569,102
Florida Panthers Holdings, Inc. 9.88% 2009.................. 225,000 211,500
Ford Motor Credit Co. 7.38% 2009............................ 1,500,000 1,449,540
General Electric Capital Corp., Series A 6.65% 2002......... 1,750,000 1,737,120
General Motors Corp. 9.45% 2011............................. 250,000 282,725
Golden State Holdings 7.13% 2005............................ 625,000 567,950
Green Tree Financial Corp., Series 1999-A, Class B2A 7.44%
2029...................................................... 11,071 11,059
Lehman Brothers Holdings, Inc., Series F 7.00% 2003......... 450,000 441,138
Lehman Brothers, Inc. 7.38% 2007............................ 1,250,000 1,210,587
Merrill Lynch & Co., Inc. 5.50% 2029(5)..................... 272,240 257,054
Merrill Lynch & Co., Inc. 6.00% 2009........................ 1,250,000 1,119,388
Paine Webber Group, Inc. 7.63% 2009......................... 2,000,000 1,973,920
Regional Diversified Funding Ltd. 9.25% 2030*............... 2,500,000 2,458,827
Reinsurance Group America, Inc. 7.25% 2006*................. 500,000 469,203
Resolution Funding Corp. zero coupon 2021................... 640,000 174,502
Salomon, Inc. 7.20% 2004.................................... 525,000 521,168
Santander Financial Issuances Ltd. 7.25% 2015............... 1,000,000 932,770
Sprint Capital Corp. 6.38% 2009............................. 1,000,000 905,320
Sun Communities Operating LP 6.77% 2005..................... 900,000 823,652
Susa Partnership LP 7.50% 2027.............................. 1,050,000 875,406
Susa Partnership LP 8.20% 2017.............................. 250,000 232,158
Trizec Finance Corp., Ltd. 10.88% 2005...................... 200,000 203,000
Insurance -- 5.1%
Conseco, Inc. 10.50% 2004................................... 750,000 596,250
Continental Corp. 7.25% 2003................................ 750,000 721,935
Equitable Life Assurance Society USA 7.70% 2015*............ 1,000,000 1,027,140
Geico Corp. 9.15% 2021...................................... 2,200,000 2,357,784
Life Re Capital Trust I 8.72% 2027*......................... 1,000,000 972,550
Marsh & McLennan Cos., Inc. 7.13% 2009...................... 1,250,000 1,193,388
Provident Financing Trust, Inc. 7.41% 2038.................. 350,000 262,373
Union Central Life Insurance 8.20% 2026*.................... 1,250,000 1,125,084
USF&G Capital II, Series B 8.47% 2027....................... 850,000 865,436
USF&G Capital III 8.31% 2046*............................... 250,000 230,837
-------------
47,789,012
-------------
HEALTHCARE -- 1.4%
Health Services -- 1.1%
Columbia/HCA Healthcare Corp. 6.91% 2005.................... 300,000 275,250
Everest Healthcare Services Corp. 9.75% 2008................ 150,000 129,000
</TABLE>
---------------------
19
<PAGE> 20
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE (continued)
Health Services (continued)
Genesis Health Ventures, Inc. 9.88% 2009(1)................. $ 200,000 $ 20,000
Hudson Respiratory Care, Inc. 9.13% 2008.................... 125,000 88,750
Tenet Healthcare Corp. 8.00% 2005........................... 450,000 438,188
Tenet Healthcare Corp., Series B 8.13% 2008................. 1,050,000 989,625
Medical Products -- 0.3%
Conmed Corp. 9.00% 2008..................................... 200,000 174,000
Hanger Orthopedic Group 11.25% 2009......................... 100,000 85,500
Kinetic Concepts, Inc., Series B 9.63% 2007................. 300,000 228,000
Medical Products & Services -- 0.0%
Dade International, Inc., Series B 11.13% 2006.............. 200,000 78,000
-------------
2,506,313
-------------
INDUSTRIAL & COMMERCIAL -- 6.8%
Aerospace & Military Technology -- 0.2%
Eagle-Picher Industries, Inc. 9.38% 2008.................... 300,000 250,500
Fairchild Corp. 10.75% 2009................................. 225,000 164,250
Business Services -- 3.7%
Albecca, Inc. 10.75% 2008................................... 200,000 177,500
Allied Waste North America, Inc., Series B 7.63% 2006....... 500,000 448,750
Allied Waste North America, Inc., Series B 10.00% 2009...... 600,000 522,000
Coinmach Corp., Series D 11.75% 2005........................ 50,000 48,750
Condor Systems, Inc. 11.88% 2009*........................... 50,000 24,500
Glenoit Corp. 11.00% 2007(1)................................ 50,000 7,000
Hertz Corp. 7.00% 2028...................................... 780,000 688,319
Neenah Corp., Series B 11.13% 2007.......................... 150,000 112,875
Neenah Corp., Series F 11.13% 2007.......................... 75,000 56,438
SITEL Corp. 9.25% 2006...................................... 200,000 183,500
SMFC Trust 7.76% 2025(5).................................... 228,474 182,208
Unisys Corp. 11.75% 2004.................................... 2,050,000 2,173,000
United Rentals, Inc., Series B 9.00% 2009................... 150,000 136,125
United Rentals, Inc., Series B 9.25% 2009................... 250,000 231,875
URS Corp., Series B 12.25% 2009............................. 125,000 127,500
USA Waste Services, Inc. 7.13% 2007......................... 750,000 683,062
Waste Management, Inc. 8.75% 2018........................... 850,000 794,197
WESCO Distribution, Inc., Series B 9.13% 2008............... 300,000 280,875
Electronics -- 0.1%
Amphenol Corp. 9.88% 2007................................... 90,000 91,800
Machinery -- 0.2%
Accuride Corp., Series B 9.25% 2008......................... 100,000 84,500
Clark Material Handling Co., Series D 10.75% 2006(1)........ 100,000 15,000
National Equipment Services, Inc., Series B 10.00% 2004..... 50,000 41,000
National Equipment Services, Inc., Series C 10.00% 2004..... 150,000 124,500
Woods Equipment Co., Series B 12.00% 2009................... 100,000 80,000
Manufacturing -- 0.0%
International Utility Structures 10.75% 2008................ 50,000 41,000
Multi-Industry -- 1.9%
AES Drax Energy, Ltd. 11.50% 2010*.......................... 100,000 102,750
Blount Inc. 13.00% 2009..................................... 150,000 150,563
Cabot Safety Corp. 12.50% 2005.............................. 150,000 150,750
Fisher Scientific International, Inc. 9.00% 2008............ 450,000 415,125
Hexcel Corp. 9.75% 2009..................................... 75,000 68,250
Russell Stanley Holdings, Inc. 10.88% 2009.................. 75,000 37,500
SCG Holding & Semiconductor Corp. 12.00% 2009............... 97,000 104,760
</TABLE>
---------------------
20
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<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL (continued)
Multi-Industry (continued)
Tekni-Plex, Inc. 12.75% 2010*............................... $ 50,000 $ 51,000
Williams Cos., Inc. 6.50% 2008.............................. 550,000 505,401
Yosemite Security Trust I 8.25% 2004*....................... 1,850,000 1,846,762
Transportation -- 0.7%
Allied Holdings, Inc. 8.63% 2007............................ 100,000 86,500
Ameritruck Distribution Corp. 12.25% 2005(1)................ 100,000 1,500
Burlington Northern Santa Fe Corp., Series 99-2 7.57%
2021...................................................... 521,182 504,191
Gearbulk Holdings Ltd. 11.25% 2004.......................... 250,000 250,625
Holt Group, Inc. 9.75% 2006................................. 100,000 11,000
Railworks Corp. 11.50% 2009................................. 150,000 135,000
Stena AB 8.75% 2007......................................... 200,000 174,000
Stena AB 10.50% 2005........................................ 100,000 98,750
Stena Line AB 10.63% 2008................................... 100,000 58,000
-------------
12,523,451
-------------
INFORMATION & ENTERTAINMENT -- 12.4%
Broadcasting & Media -- 8.1%
Acme Television LLC zero coupon 2004(3)..................... 150,000 142,687
AMFM Operating, Inc. 12.63% 2006............................ 31,700 37,248
Big City Radio, Inc. zero coupon 2005(3).................... 200,000 106,000
Capstar Broadcasting Partners, Inc. 12.00% 2009(6).......... 63,100 72,881
CF Cable TV, Inc. 9.13% 2007................................ 500,000 526,530
Chancellor Media Corp. 9.00% 2008........................... 150,000 153,375
Chancellor Media Corp., Series B 8.13% 2007................. 600,000 604,500
Chancellor Media Corp., Series B 8.75% 2007................. 50,000 50,500
Charter Communications Holdings zero coupon 2011(3)......... 925,000 531,875
Comcast Cable Communications Corp. 8.50% 2027............... 500,000 517,715
Continental Cablevision, Inc. 9.50% 2013.................... 1,950,000 2,058,985
Cox Communications, Inc. 6.69% 2004......................... 250,000 242,017
CSC Holdings, Inc. 9.25% 2005............................... 325,000 329,062
CSC Holdings, Inc. 9.88% 2006............................... 100,000 102,250
Diamond Cable PLC zero coupon 2007(3)....................... 150,000 117,188
Echostar DBS Corp. 9.38% 2009............................... 450,000 433,687
Fox/Liberty Networks LLC zero coupon 2007(3)................ 250,000 206,875
Fox/Liberty Networks LLC 8.88% 2007......................... 100,000 100,500
Garden State Newspapers, Inc., Series B 8.75% 2009.......... 50,000 45,875
Golden Sky DBS, Inc., Series B zero coupon 2007(3).......... 125,000 86,250
Harcourt General, Inc. 6.70% 2007........................... 2,000,000 1,775,240
Hollinger International Publishing, Inc. 9.25% 2007......... 125,000 123,750
International CableTel., Inc., Series B zero coupon
2006(3)................................................... 250,000 245,000
News America Holdings, Inc. 7.90% 2095...................... 450,000 394,898
News America Holdings, Inc. 8.00% 2016...................... 650,000 631,540
News America Holdings, Inc. 10.13% 2012..................... 750,000 792,382
Paramount Communications, Inc. 7.50% 2002................... 400,000 399,032
Paramount Communications, Inc. 8.25% 2022................... 1,800,000 1,746,738
Pegasus Communications Corp., Series B 9.63% 2005........... 100,000 97,250
Pegasus Communications Corp., Series B 9.75% 2006........... 150,000 145,875
RCN Corp., Series B zero coupon 2007(3)..................... 400,000 228,000
Regal Cinemas, Inc. 9.50% 2008.............................. 350,000 70,000
Sinclair Broadcast Group, Inc. 8.75% 2007................... 250,000 227,500
Sinclair Broadcast Group, Inc. 9.00% 2007................... 225,000 208,125
Telewest Communications PLC zero coupon 2007(3)............. 425,000 408,000
United Pan-Europe Communications NV zero coupon 2009(3)..... 150,000 69,000
United Pan-Europe Communications, Series B zero coupon
2009(3)................................................... 600,000 276,000
Viacom International, Inc. 10.25% 2001...................... 400,000 411,232
XM Satellite Radio Holdings, Inc. 14.00% 2010*(2)........... 125,000 116,563
Ziff Davis Media, Inc. 12.00% 2010*......................... 75,000 76,125
</TABLE>
---------------------
21
<PAGE> 22
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT (continued)
Cable -- 0.5%
Diamond Holdings PLC 9.13% 2008............................. $ 100,000 $ 94,000
NTL Communications Corp., Series B zero coupon 2008(3)...... 475,000 313,500
Telewest Communications PLC zero coupon 2009(3)............. 125,000 70,000
UIH Australia Pacific, Inc., Series B zero coupon 2006(3)... 200,000 185,000
United International Holdings, Inc., Series B zero coupon
2008(3)................................................... 350,000 253,750
Entertainment Products -- 0.2%
True Temper Sports, Inc., Series B 10.88% 2008.............. 125,000 118,906
Williams Communications Group, Inc. 10.88% 2009............. 300,000 285,000
Leisure & Tourism -- 3.6%
Advantica Restaurant Group, Inc. 11.25% 2008................ 100,000 66,000
AMF Bowling Worldwide, Inc. zero coupon 2006(3)............. 197,000 39,400
Continental Airlines, Inc., Series 974B 6.90% 2017.......... 734,701 670,958
Continental Airlines, Inc., Series 99-2 7.73% 2011.......... 313,815 300,509
Courtyard by Marriott II Ltd., Series B 10.75% 2008......... 50,000 49,125
Delta Air Lines, Inc. 8.30% 2029............................ 650,000 587,373
HMH Properties, Inc., Series B 7.88% 2008................... 450,000 408,375
HMH Properties, Inc., Series C 8.45% 2008................... 200,000 188,000
International Speedway Corp. 7.88% 2004..................... 2,250,000 2,239,880
Northwest Airlines Corp. 8.07% 2019......................... 600,000 601,392
Premier Parks, Inc. zero coupon 2008(3)..................... 650,000 433,875
Premier Parks, Inc. 9.75% 2007.............................. 250,000 237,500
Southwest Airlines Co. 7.38% 2027........................... 215,000 203,061
United Air Lines, Inc., Series 00-1 7.73% 2010.............. 650,000 649,519
-------------
22,903,373
-------------
INFORMATION TECHNOLOGY -- 10.2%
Cellular -- 0.6%
Centennial Cellular Operating Co. 10.75% 2008............... 175,000 168,437
Crown Castle International Corp. zero coupon 2011#(3)....... 425,000 265,625
Crown Castle International Corp. zero coupon 2011#(3)....... 250,000 161,250
US Unwired, Inc., Series B zero coupon 2009*(3)............. 100,000 52,250
Voicestream Wireless Corp. zero coupon 2009*(3)............. 575,000 414,000
Computers & Business Equipment -- 0.8%
Anteon Corp. 12.00% 2009.................................... 125,000 110,625
Dell Computer Corp. 7.10% 2028.............................. 1,600,000 1,428,912
Electronics -- 0.3%
Fairchild Semiconductor Corp. 10.38% 2007................... 125,000 127,813
Flextronics International Ltd. 9.88% 2010................... 50,000 51,000
Metromedia Fiber Network, Inc. 10.00% 2009.................. 250,000 242,500
Unifrax Investment Corp. 10.50% 2003........................ 150,000 141,000
Internet Software -- 1.1%
Exodus Communications, Inc. 11.63% 2010*.................... 125,000 125,625
PSINet, Inc., Series B 10.00% 2005.......................... 200,000 160,000
PSINet, Inc. 11.00% 2009.................................... 150,000 121,500
PSINet, Inc. 11.50% 2008.................................... 100,000 83,000
Rhythms Netconnections, Inc. 14.00% 2010*................... 100,000 67,000
Verio, Inc. 10.63% 2009..................................... 100,000 115,000
Verio, Inc. 11.25% 2008..................................... 1,100,000 1,273,250
Paging -- 0.0%
Arch Communications Group, Inc. 12.75% 2007................. 100,000 77,000
Telecommunications -- 7.4%
Anixter, Inc. 8.00% 2003.................................... 1,300,000 1,229,826
Call-Net Enterprises, Inc. zero coupon 2007(3).............. 250,000 100,000
Dolphin Telecom PLC, Series B zero coupon 2009(3)........... 200,000 66,000
</TABLE>
---------------------
22
<PAGE> 23
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Telecommunications (continued)
Global Crossing Holdings Ltd. 9.50% 2009.................... $ 725,000 $ 703,250
Hermes Europe Railtel BV 11.50% 2007........................ 350,000 280,000
Intermedia Communications, Inc. zero coupon 2006(3)......... 175,000 150,500
Intermedia Communications, Inc., Series B zero coupon
2007(3)................................................... 275,000 189,750
Intermedia Communications, Inc., Series B 8.60% 2008........ 200,000 161,000
Level 3 Communications, Inc. zero coupon 2008(3)............ 400,000 238,000
Level 3 Communications, Inc. 9.13% 2008..................... 675,000 585,562
McLeodUSA, Inc. zero coupon 2007(3)......................... 350,000 290,500
McLeodUSA, Inc. 8.13% 2009.................................. 175,000 157,500
McLeodUSA, Inc. 8.38% 2008.................................. 100,000 91,000
Metricom Inc. 13.00% 2010................................... 50,000 36,500
Metronet Communications Corp. 10.63% 2008................... 1,100,000 1,214,125
Metronet Communications Corp. 12.00% 2007................... 500,000 561,875
Millicom International Cellular SA zero coupon 2006(3)...... 300,000 264,000
NATG Holdings LLC/Orius Capital Corp. 12.75% 2010*.......... 175,000 179,375
Nextel Communications, Inc. zero coupon 2008(3)............. 500,000 363,750
Nextel Communications, Inc. 9.38% 2009...................... 725,000 688,750
Nextel International, Inc. zero coupon 2008(3).............. 75,000 49,370
Nextlink Communications, Inc. zero coupon 2009(3)........... 900,000 553,500
Nextlink Communications, Inc. 9.00% 2008.................... 100,000 90,000
Nextlink Communications, Inc. 10.75% 2009................... 150,000 145,500
North Point Communications Group, Inc. 12.88% 2010.......... 175,000 122,500
NTL, Inc., Series B zero coupon 2008(3)..................... 525,000 336,000
Orion Network Systems, Inc. 11.25% 2007(4).................. 200,000 124,000
Qwest Communications International, Inc. zero coupon
2007(3)................................................... 100,000 86,293
Qwest Communications International, Inc., Series B zero
coupon 2008(3)............................................ 50,000 40,437
Qwest Communications International, Inc., Series B 7.50%
2008...................................................... 800,000 781,216
Rogers Cantel, Inc. 8.80% 2007.............................. 75,000 74,625
Spectrasite Holdings, Inc., Series B zero coupon 2010(3).... 200,000 113,000
Telecom de Puerto Rico, Inc. 6.65% 2006..................... 2,000,000 1,889,636
Telecommunications Techniques LLC 9.75% 2008................ 375,000 345,000
Telesystem International Wireless, Inc., Series B zero
coupon 2007(3)............................................ 300,000 207,000
Teligent, Inc. 11.50% 2007.................................. 225,000 172,125
Teligent, Inc., Series B zero coupon 2008(3)................ 200,000 90,000
Tritel PCS, Inc. zero coupon 2009(3)........................ 325,000 216,937
Triton PCS, Inc. zero coupon 2008(3)........................ 250,000 184,063
Viatel, Inc. zero coupon 2008(3)............................ 450,000 157,500
Viatel, Inc. 11.25% 2008.................................... 75,000 46,500
Viatel, Inc. 11.50% 2009.................................... 100,000 64,000
Winstar Communications, Inc. zero coupon 2010*(3)........... 372,000 159,960
Winstar Communications, Inc. 12.75% 2010*................... 127,000 114,300
-------------
18,900,512
-------------
MATERIALS -- 7.3%
Chemicals -- 0.9%
Chattem, Inc., Series B 8.88% 2008.......................... 175,000 145,906
Foamex L.P. 13.50% 2005..................................... 150,000 127,500
General Chemical Industrial Products, Inc. 10.63% 2009...... 100,000 86,000
Georgia Gulf Corp. 10.38% 2007.............................. 100,000 104,000
Huntsman Corp. 9.50% 2007*.................................. 175,000 161,000
Huntsman ICI Chemicals LLC 10.13% 2009...................... 100,000 101,750
ISP Holdings, Inc., Series B 9.00% 2003..................... 75,000 72,375
ISP Holdings, Inc., Series B 9.75% 2002..................... 50,000 49,000
Lyondell Chemical Co. 10.88% 2009........................... 525,000 528,282
Texas Petrochemicals Corp. 11.13% 2006...................... 125,000 108,750
United Industries Corp. 9.88% 2009.......................... 75,000 41,250
</TABLE>
---------------------
23
<PAGE> 24
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
MATERIALS (continued)
Forest Products -- 1.9%
Amscan Holdings, Inc. 9.88% 2007............................ $ 175,000 $ 144,375
Buckeye Cellulose Corp. 9.25% 2008.......................... 125,000 125,312
Donohue Forest Products, Inc. 7.63% 2007.................... 1,150,000 1,126,867
Pope & Talbot, Inc. 8.38% 2013.............................. 250,000 227,500
Quno Corp. 9.13% 2005....................................... 1,500,000 1,567,500
Stone Container Corp. 11.50% 2004........................... 225,000 229,500
Stone Container Corp. 12.25% 2002........................... 50,000 50,250
Metals & Minerals -- 4.5%
AEI Resources, Inc. 10.50% 2005*............................ 200,000 34,000
AEI Resources, Inc. 11.50% 2006*............................ 150,000 12,000
Barrick Gold Finance, Inc. 7.50% 2007....................... 1,807,000 1,747,351
Euramax International PLC 11.25% 2006....................... 100,000 95,500
Inco Ltd. 9.60% 2022(2)..................................... 1,460,000 1,428,062
Metals USA, Inc. 8.63% 2008................................. 125,000 108,750
MMI Products, Inc., Series B 11.25% 2007.................... 150,000 148,125
Noranda, Inc. 8.13% 2004.................................... 1,250,000 1,226,525
Normandy Finance Ltd. 7.50% 2005*........................... 1,150,000 1,059,587
Owens-Illinois, Inc. 7.15% 2005............................. 400,000 351,908
Placer Dome, Inc., Series B 8.50% 2045...................... 1,870,000 1,566,592
Republic Technologies International LLC 13.75% 2009(2)...... 150,000 32,250
Ryerson Tull, Inc. 9.13% 2006............................... 100,000 105,625
Santa Fe Pacific Gold Corp. 8.38% 2005...................... 225,000 220,199
Scotts Co. 8.63% 2009*...................................... 50,000 46,750
Sterling Chemicals, Inc. 11.75% 2006........................ 150,000 120,000
-------------
13,300,341
-------------
MUNICIPAL BONDS -- 0.4%
Municipal Bonds -- 0.4%
Atlanta & Fulton County Georgia Recreation 7.00% 2028....... 500,000 456,560
McKeesport Pennsylvania 7.30% 2020.......................... 250,000 238,305
-------------
694,865
-------------
NON-U.S. GOVERNMENT OBLIGATIONS -- 0.9%
Foreign Government -- 0.9%
Province of Quebec 7.13% 2024............................... 1,500,000 1,432,350
Republic of Columbia 7.25% 2003............................. 250,000 225,625
-------------
1,657,975
-------------
REAL ESTATE -- 0.7%
Real Estate Investment Trusts -- 0.7%
Apache Finance Property Ltd. 7.00% 2009..................... 550,000 521,461
Price REIT, Inc. 7.50% 2006................................. 750,000 724,380
-------------
1,245,841
-------------
U.S. GOVERNMENT & AGENCIES -- 1.9%
U.S. Government & Agencies -- 1.9%
Federal Home Loan Mortgage Corp. 8.29% 2009................. 500,000 497,030
Federal National Mortgage Association, Series B 7.25%
2010...................................................... 1,000,000 1,008,440
United States Treasury Bonds 6.38% 2027..................... 682,000 712,690
United States Treasury Bonds 9.88% 2015..................... 1,000,000 1,365,470
-------------
3,583,630
-------------
UTILITIES -- 2.7%
Electric Utilities -- 2.3%
Caithness Coso Funding Corp., Series B 9.05% 2009........... 150,000 149,250
El Paso Electric Co. 9.40% 2011............................. 225,000 238,417
Israel Electric Corp., Ltd. 7.75% 2009*..................... 500,000 485,625
</TABLE>
---------------------
24
<PAGE> 25
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
UTILITIES (continued)
Electric Utilities (continued)
Israel Electric Corp., Ltd. 7.88% 2026*..................... $ 1,250,000 $ 1,135,937
Israel Electric Corp., Ltd. 8.25% 2009*..................... 150,000 151,047
Niagara Mohawk Power Corp., Series H zero coupon 2010(3).... 50,000 38,269
Puget Sound Energy, Inc. 7.02% 2027......................... 900,000 814,491
Tenaga Nasional Berhad 7.50% 2096*.......................... 1,000,000 725,000
Tenaga Nasional Berhad 7.63% 2007*.......................... 500,000 479,980
Telephone -- 0.4%
Callable Net Enterprises, Inc. zero coupon 2008(3).......... 175,000 57,750
Callable Net Enterprises, Inc. zero coupon 2009(3).......... 375,000 112,500
LCI International, Inc. 7.25% 2007.......................... 650,000 628,258
-------------
5,016,524
-------------
EDUCATION -- 1.0%
University -- 1.0%
Boston University, Series A 7.63% 2097...................... 2,000,000 1,899,636
-------------
TOTAL BONDS & NOTES (cost $179,892,607)..................... 167,290,983
-------------
<CAPTION>
PREFERRED STOCK -- 3.5% SHARES
-----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER STAPLES -- 0.0%
Food, Beverage & Tobacco -- 0.0%
Nebco Evans Holding Co. 11.25%(6)........................... 422 53
-------------
FINANCE -- 2.2%
Financial Services -- 2.2%
Citigroup, Inc., Series F 6.37%............................. 42,000 1,974,000
Lehman Brothers Holdings, Inc., Series D 5.67%.............. 30,000 1,170,000
Prologis Trust, Series C 8.54%.............................. 20,000 867,500
-------------
4,011,500
-------------
INFORMATION & ENTERTAINMENT -- 0.4%
Broadcasting & Media -- 0.4%
Benedek Communications Corp. 11.50%(6)...................... 75 39,000
Pegasus Communications Corp., Series A 12.75%(6)............ 149 151,903
Primedia, Inc., Series D 10.00%............................. 1,500 144,000
Primedia, Inc., Series F 9.20%.............................. 3,000 273,000
Sinclair Capital 11.65%..................................... 1,000 96,000
-------------
703,903
-------------
INFORMATION TECHNOLOGY -- 0.4%
Telecommunications -- 0.4%
Nextel Communications, Inc., Series E 11.13%(6)............. 62 62,000
TCI Communications Financing I 10.00%....................... 20,000 511,250
TCI Communications Financing I 8.72%........................ 4,535 113,375
-------------
686,625
-------------
REAL ESTATE -- 0.4%
Real Estate Investment Trusts -- 0.4%
Highwood Properties, Inc., Series A 8.63%................... 1,000 821,250
-------------
</TABLE>
---------------------
25
<PAGE> 26
<TABLE>
<CAPTION>
PREFERRED STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
UTILITIES -- 0.1%
Gas & Pipeline Utilities -- 0.1%
R&B Falcon Corp. 13.88%..................................... 230 $ 261,859
-------------
TOTAL PREFERRED STOCK (cost $6,948,695)..................... 6,485,190
-------------
<CAPTION>
WARRANTS -- 0.0%+ WARRANTS
-----------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE -- 0.0%
Financial Services -- 0.0%
Arcadia Financial Ltd. 3/15/07.............................. 1,300 0
-------------
INFORMATION & ENTERTAINMENT -- 0.0%
Broadcasting & Media -- 0.0%
Australis Holdings Property Ltd. 10/31/01*.................. 50 0
Cable -- 0.0%
UIH Australia Pacific, Inc. 5/15/06(5)...................... 100 3,000
-------------
3,000
-------------
INFORMATION TECHNOLOGY -- 0.0%
Telecommunications -- 0.0%
Metricom, Inc. 2/15/10(5)................................... 100 250
Metronet Communications Corp. 8/15/07*...................... 50 5,052
-------------
5,302
-------------
MATERIALS -- 0.0%
Metals & Minerals -- 0.0%
Republic Technologies International, Inc. 7/15/09(5)........ 150 2
-------------
UTILITIES -- 0.0%
Gas & Pipeline Utilities -- 0.0%
R&B Falcon Corp. 5/01/09.................................... 100 40,500
-------------
TOTAL WARRANTS (cost $54,778)............................... 48,804
-------------
TOTAL INVESTMENT SECURITIES (cost $186,896,080)............. 173,824,977
-------------
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES -- 3.8% AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE SHORT-TERM NOTES -- 3.5%
Chelsea GCA Realty, Inc. 7.75% due 1/26/01.................. $ 150,000 149,300
Continental Bank NA, Series XW 12.50% due 4/1/01(2)......... 300,000 309,789
Dayton Hudson Corp. 10.00% due 12/1/00...................... 1,750,000 1,766,940
Federated Department Stores, Inc. 10.00% due 2/15/01........ 1,250,000 1,263,454
Ford Capital BV 9.38% due 5/15/01........................... 600,000 607,980
Ford Capital BV 9.50% due 7/1/01............................ 200,000 203,276
Ford Motor Credit Co. 6.88% due 6/5/01...................... 550,000 548,269
General Motors Acceptance Corp. 5.63% due 2/5/01............ 300,000 297,918
Lucent Technologies, Inc. 6.90% due 7/15/01................. 375,000 374,861
Security Pacific Corp. 11.50% due 11/15/00.................. 275,000 278,272
Tanger Properties Ltd. 8.75% due 3/11/01.................... 85,000 83,988
USA Waste Services, Inc. zero coupon due 7/15/01............ 650,000 631,583
-------------
6,515,630
-------------
</TABLE>
---------------------
26
<PAGE> 27
<TABLE>
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES (CONTINUED) AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
TIME DEPOSIT -- 0.3%
Euro Dollar Time Deposit with State Street Bank & Trust Co.
3.00% due 8/01/00......................................... $ 603,000 $ 603,000
-------------
TOTAL SHORT-TERM SECURITIES (cost $7,169,512)............... 7,118,630
-------------
TOTAL INVESTMENTS --
(cost $194,065,592) 98.0% 180,943,607
Other assets less liabilities -- 2.0 3,516,064
------ -------------
NET ASSETS -- 100.0% $ 184,459,671
====== =============
</TABLE>
-----------------------------
+ Non-income producing securities
* Resale restricted to qualified institutional buyers
# Security represents an investment in an affiliated company
(1) Bond in default
(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) Variable rate security; rate as of July 31, 2000
(5) Fair valued security; see Note 2
(6) PIK ("Payment-in-Kind") payment made with additional
securities in lieu of cash
See Notes to Financial Statements
---------------------
27
<PAGE> 28
---------------------
SUNAMERICA SERIES TRUST
GLOBAL BOND PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(DENOMINATED IN
FOREIGN BONDS & NOTES -- 67.9% LOCAL CURRENCY) VALUE
------------------------------------------------------------------------------------------------
<S> <C> <C>
AUSTRIA -- 0.7%
Oesterreich Kontrollbank 1.80% 2010......................... JPY 100,000,000 $ 917,434
-------------
BELGIUM -- 1.7%
Kingdom of Belgium 4.75% 2005............................... 1,200,000 1,079,346
Kingdom of Belgium 6.50% 2005............................... 1,100,000 1,060,553
-------------
2,139,899
-------------
CANADA -- 2.7%
GMAC Canada Ltd. 6.50% 2004................................. GBP 800,000 1,179,339
Government of Canada 5.50% 2009............................. 3,600,000 2,349,484
-------------
3,528,823
-------------
CAYMAN ISLAND -- 0.5%
Santander Financial Issuances Ltd. 7.88% 2005............... USD 600,000 605,964
-------------
DENMARK -- 1.5%
Kingdom of Denmark 8.00% 2003............................... 15,000,000 1,959,064
-------------
FRANCE -- 11.2%
Government of France 3.50% 2004............................. 7,900,000 6,887,164
Government of France 5.50% 2029............................. 3,300,000 3,046,309
Natexis Banques Populaires SA 7.00% 2005.................... USD 800,000 774,040
Republique Francaise 5.00% 2005............................. 4,100,000 3,765,202
-------------
14,472,715
-------------
GERMANY -- 3.3%
Deutschland Republic 4.50% 2009............................. 2,400,000 2,108,205
Deutschland Republic 5.25% 2010............................. 2,300,000 2,137,378
-------------
4,245,583
-------------
ITALY -- 6.4%
Republic of Italy 4.25% 2009................................ 5,400,000 4,547,298
Republic of Italy 5.13% 2003................................ JPY 100,000,000 1,035,267
Republic of Italy 6.50% 2027................................ 2,700,000 2,716,269
-------------
8,298,834
-------------
JAPAN -- 19.7%
Asian Development Bank 5.82% 2028........................... USD 1,700,000 1,556,731
European Investment Bank 2.13% 2007......................... 100,000,000 958,963
Government of Japan zero coupon 2008........................ 90,000,000 776,305
Government of Japan 1.20% 2005.............................. 880,000,000 8,065,497
Government of Japan 1.50% 2008.............................. 1,110,000,000 10,101,764
Government of Japan 1.50% 2019.............................. 240,000,000 1,962,438
Government of Japan 1.60% 2005.............................. 210,000,000 1,961,672
-------------
25,383,370
-------------
</TABLE>
---------------------
28
<PAGE> 29
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(DENOMINATED IN
FOREIGN BONDS & NOTES (CONTINUED) LOCAL CURRENCY) VALUE
------------------------------------------------------------------------------------------------
<S> <C> <C>
LUXEMBOURG -- 1.1%
Tyco International Group SA 6.13% 2007...................... 720,000 $ 654,413
Tyco International Group SA 6.88% 2002*..................... USD 800,000 794,350
-------------
1,448,763
-------------
NETHERLANDS -- 3.9%
ICI Investment BV 6.75% 2002................................ USD 700,000 688,240
ICI Investment BV 7.63% 2007................................ GBP 200,000 306,749
Imperial Tobacco Overseas BV 7.13% 2009..................... USD 800,000 714,000
Netherlands Government 3.00% 2002........................... 2,500,000 2,243,772
Tecnost International NV 6.13% 2009......................... 1,200,000 1,033,047
-------------
4,985,808
-------------
NORWAY -- 0.5%
Sparebanken Rogaland 9.20% 2004*............................ USD 700,000 710,835
-------------
SPAIN -- 3.6%
BSCH Issuances Ltd. 7.63% 2009.............................. USD 600,000 595,488
Kingdom of Spain 4.50% 2004................................. 4,500,000 4,040,058
-------------
4,635,546
-------------
SWEDEN -- 1.2%
Kingdom of Sweden 3.50% 2006................................ 16,000,000 1,591,485
-------------
UNITED KINGDOM -- 9.9%
Abbey National Treasury Services PLC 8.00% 2003............. 700,000 1,081,210
BAT International Finance PLC 4.88% 2009.................... EUR 900,000 715,347
Cable & Wireless PLC 6.50% 2003............................. USD 700,000 677,915
Diageo Capital PLC 6.00% 2003............................... USD 600,000 579,300
Eastern Electric PLC 8.38% 2004............................. 400,000 619,109
Lehman Brothers Holdings, Inc. PLC 6.95% 2004............... 800,000 1,178,620
Midland Bank PLC 8.63% 2004................................. USD 1,300,000 1,344,070
Royal Bank of Scotland PLC 5.25% 2008....................... DEM 1,200,000 529,743
Standard Charter Bank 5.38% 2009............................ EUR 700,000 591,670
United Kingdom Treasury 6.00% 2028.......................... 500,000 921,265
United Kingdom Treasury 7.25% 2007.......................... 1,600,000 2,645,930
United Kingdom Treasury 8.00% 2021.......................... 600,000 1,284,541
United Kingdom Treasury 9.00% 2012.......................... 300,000 600,190
-------------
12,768,910
-------------
TOTAL FOREIGN BONDS & NOTES (cost $89,778,314).............. 87,693,033
-------------
<CAPTION>
DOMESTIC BONDS & NOTES -- 17.7%
------------------------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE BONDS -- 6.4%
-------------
Ameritech Capital Funding Corp. 5.88% 2003.................. 800,000 770,400
Associates Corp. NA 5.80% 2004.............................. 1,200,000 1,127,496
Citicorp 5.50% 2010......................................... DEM 1,400,000 606,127
Clear Channel Communications, Inc. 6.50% 2005............... EUR 800,000 741,286
GMAC Swift Trust 5.00% 2005*................................ EUR 1,100,000 988,789
Household Finance Corp. 6.13% 2003.......................... 1,100,000 1,059,949
KFW International Finance, Inc. 7.63% 2003.................. GBP 1,000,000 1,545,657
Niagara Mohawk Power Corp. 7.63% 2005....................... 226,829 224,095
</TABLE>
---------------------
29
<PAGE> 30
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(DENOMINATED IN
DOMESTIC BONDS & NOTES (CONTINUED) LOCAL CURRENCY) VALUE
------------------------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE BONDS (continued)
North America Capital Corp. 8.25% 2003...................... GBP 300,000 $ 459,471
Safeway, Inc. 7.00% 2002.................................... 400,000 397,533
Simon Property Group, Inc. 7.13% 2005....................... 300,000 284,856
-------------
8,205,659
-------------
U.S. GOVERNMENT -- 11.3%
United States Treasury Bonds 6.13% 2029..................... 4,500,000 4,631,490
United States Treasury Bonds 6.25% 2030..................... 5,600,000 5,965,736
United States Treasury Bonds 6.75% 2026..................... 300,000 327,468
United States Treasury Notes 3.63% 2008(1).................. 1,378,260 1,341,212
United States Treasury Notes 6.38% 2002..................... 2,300,000 2,301,081
-------------
14,566,987
-------------
TOTAL DOMESTIC BONDS & NOTES (cost $24,211,915)............. 22,772,646
-------------
TOTAL INVESTMENT SECURITIES (cost $113,990,229)............. 110,465,679
-------------
<CAPTION>
SHORT-TERM SECURITIES -- 11.2%
------------------------------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM SECURITIES -- 11.2%
Kingdom of Denmark 4.00% due 2/15/01........................ DKK 20,000,000 2,458,017
Government of France 3.00% due 7/12/01...................... EUR 10,100,000 9,186,272
Landesbank Baden Wurttemberg 4.52% due 9/13/00.............. USD 3,000,000 2,841,750
-------------
TOTAL SHORT-TERM SECURITIES (cost $15,649,888).............. 14,486,039
-------------
TOTAL INVESTMENTS --
(cost $129,640,117) 96.8% 124,951,718
Other assets less liabilities -- 3.2 4,133,991
------ -------------
NET ASSETS -- 100.0% $ 129,085,709
====== =============
</TABLE>
-----------------------------
* Resale restricted to qualified institutional buyers
(1) U.S. Treasury Inflation Protection Security
---------------------
30
<PAGE> 31
<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* 3,430,206 USD 2,003,000 09/28/00 $ 14,339
CHF* 5,181,774 EUR 3,344,375 08/18/00 18,478
DKK 36,021,000 USD 4,526,389 10/19/00 39,307
EUR* 3,316,000 CHF 5,181,774 08/18/00 83,094
EUR* 850,045 GBP 534,500 09/14/00 20,830
EUR* 856,000 GBP 538,826 09/14/00 20,080
EUR* 845,807 GBP 534,000 09/14/00 21,420
EUR 868,675 GBP 537,000 09/14/00 7,631
EUR* 51,167,000 USD 49,055,082 10/13/00 1,432,934
EUR 1,705,469 USD 1,605,000 10/13/00 17,686
EUR 497,380 USD 466,363 10/13/00 3,442
EUR 1,737,000 USD 1,621,750 10/13/00 5,089
EUR 6,420,088 USD 6,050,291 10/13/00 74,987
GBP* 6,304,000 USD 9,556,171 09/14/00 101,776
GBP 1,069,000 USD 1,610,481 09/14/00 7,253
GBP 1,784,434 USD 2,694,317 09/14/00 18,120
GBP 536,892 EUR 856,000 09/14/00 3,163
JPY* 174,871,248 USD 1,632,000 08/17/00 32,341
JPY* 175,535,472 USD 1,632,000 08/17/00 26,265
JPY* 2,520,215,692 USD 23,454,558 08/17/00 400,540
JPY 170,618,460 USD 1,598,000 08/17/00 37,244
JPY 52,423,404 USD 493,369 08/17/00 13,819
JPY 26,904,362 USD 256,511 08/17/00 10,399
JPY 336,972,255 USD 3,203,000 08/17/00 120,500
JPY 193,286,256 USD 1,839,000 08/17/00 70,888
JPY 167,118,586 USD 1,596,500 08/17/00 67,760
JPY 166,961,790 USD 1,596,500 08/17/00 69,193
JPY 167,078,514 USD 1,596,500 08/17/00 68,126
JPY 343,428,270 USD 3,210,000 08/17/00 68,443
JPY 16,680,000 USD 155,224 08/17/00 2,642
JPY 171,842,136 USD 1,608,000 10/20/00 18,307
JPY 880,748,000 USD 8,285,494 10/20/00 137,789
SEK 14,722,853 USD 1,639,845 09/21/00 28,323
-----------
$3,062,208
===========
</TABLE>
---------------------
31
<PAGE> 32
<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>
AUD* 2,562,294 USD 1,483,479 09/28/00 $ (2,011)
CAD* 3,517,000 USD 2,352,870 08/25/00 (13,569)
CHF* 5,181,774 EUR 3,344,375 08/18/00 (27,221)
EUR* 3,316,000 CHF 5,181,774 08/14/00 (48,025)
EUR 878,829 GBP 540,000 09/14/00 (5,271)
EUR 251,000 USD 232,777 10/13/00 (833)
EUR* 850,045 GBP 534,500 09/14/00 (9,169)
EUR 856,000 GBP 538,826 09/14/00 (7,465)
EUR* 845,807 GBP 534,000 09/14/00 (6,570)
EUR* 868,675 GBP 537,000 09/14/00 (9,534)
EUR* 878,829 GBP 540,000 09/14/00 (1,568)
GBP* 1,069,000 EUR 1,664,767 09/14/00 (49,598)
GBP* 536,892 EUR 856,000 09/14/00 (12,877)
GBP* 1,069,000 EUR 1,664,767 09/14/00 (6,550)
USD* 1,608,048 AUD 2,670,000 09/28/00 (60,116)
USD* 1,600,741 AUD 2,658,000 09/28/00 (59,766)
USD* 397,663 AUD 664,500 09/28/00 (12,420)
USD* 3,215,000 CAD 4,721,459 08/25/00 (38,132)
USD* 232,179 EUR 243,000 10/13/00 (6,014)
USD* 1,613,528 EUR 1,678,000 10/13/00 (51,780)
USD* 2,008,331 EUR 2,136,000 10/13/00 (20,313)
USD* 544,771 EUR 579,500 10/13/00 (5,418)
USD* 1,054,751 EUR 1,124,156 10/13/00 (8,476)
USD* 797,658 GBP 526,000 09/14/00 (8,792)
USD* 809,942 GBP 534,000 09/14/00 (9,078)
USD* 814,269 GBP 537,000 09/14/00 (8,906)
USD* 817,603 GBP 540,000 09/14/00 (7,741)
USD* 5,533,934 JPY 591,536,035 08/17/00 (122,777)
USD* 1,632,000 JPY 172,837,776 08/17/00 (50,943)
USD* 1,041,863 JPY 112,043,000 08/17/00 (16,934)
USD* 790,000 JPY 85,207,820 08/17/00 (10,550)
USD* 790,000 JPY 83,768,440 08/17/00 (23,717)
USD* 3,202,000 JPY 331,544,686 08/17/00 (169,150)
USD* 3,202,000 JPY 331,797,644 08/17/00 (166,836)
USD* 3,210,000 JPY 343,787,790 08/17/00 (65,154)
USD* 3,215,000 JPY 345,082,989 08/17/00 (58,306)
USD* 1,613,000 JPY 174,204,000 08/17/00 (19,445)
USD* 1,562,000 JPY 168,867,820 08/17/00 (17,258)
------------
(1,218,283)
============
Net Unrealized Appreciation............ $ 1,843,925
============
</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 JPY -- Japanese Yen
CAD -- Canadian Dollar EUR -- Euro Dollar SEK -- Swedish Krona
CHF -- Swiss Franc GBP -- Pound Sterling USD -- United States Dollar
</TABLE>
See Notes to Financial Statements
---------------------
32
<PAGE> 33
---------------------
SUNAMERICA SERIES TRUST
HIGH-YIELD BOND PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES -- 90.9% AMOUNT VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 2.3%
Apparel & Textiles -- 2.3%
Phillips Van Heusen Corp. 7.75% 2023........................ $2,000,000 $ 1,440,000
Polymer Group, Inc., Series B 8.75% 2008.................... 4,085,000 3,390,550
Polymer Group, Inc., Series B 9.00% 2007.................... 2,445,000 2,059,913
-------------
6,890,463
-------------
CONSUMER STAPLES -- 1.9%
Food, Beverage & Tobacco -- 0.0%
SFC Subordinated, Inc. zero coupon 2009*(1)(2).............. 251,442 25
Household Products -- 1.9%
Evenflo Co, Inc., Series B 11.75% 2006...................... 5,900,000 5,811,500
-------------
5,811,525
-------------
ENERGY -- 11.5%
Energy Services -- 7.2%
Gulfmark Offshore, Inc. 8.75% 2008.......................... 4,400,000 4,103,000
Key Energy Services, Inc., Series B 14.00% 2009............. 2,450,000 2,768,500
Parker Drilling Co. 5.50% 2004.............................. 125,000 98,438
Parker Drilling Co., Series D 9.75% 2006.................... 4,100,000 3,956,500
R&B Falcon Corp. 12.25% 2006................................ 2,370,000 2,607,000
R&B Falcon Corp., Series B 6.75% 2005....................... 1,000,000 887,500
Statia Terminals International, Series B 11.75% 2003........ 7,175,000 7,192,937
Energy Sources -- 4.3%
P&L Coal Holdings Corp., Series B 8.88% 2008................ 6,150,000 5,904,000
Triton Energy Ltd. 8.75% 2002............................... 2,465,000 2,452,675
Triton Energy Ltd. 9.25% 2005............................... 1,175,000 1,175,000
Western Gas Resources, Inc. 10.00% 2009..................... 3,250,000 3,363,750
-------------
34,509,300
-------------
FINANCE -- 2.2%
Banks -- 1.0%
Bankunited Capital Trust 10.25% 2026(2)..................... 2,000,000 1,622,500
Western Financial Savings Bank 8.88% 2007................... 1,500,000 1,346,250
Financial Services -- 1.2%
Labranche & Co. 12.00% 2007................................. 3,500,000 3,543,750
-------------
6,512,500
-------------
HEALTHCARE -- 6.8%
Drugs -- 1.5%
Schein Pharmaceutical, Inc. 9.73% 2000(3)................... 4,500,000 4,567,500
Health Services -- 5.3%
Fresenius Medical Care Capital Trust I 9.00% 2006........... 5,175,000 5,097,375
Fresenius Medical Care Capital Trust II 7.88% 2008.......... 1,750,000 1,636,250
Tenet Healthcare Corp. 8.00% 2005........................... 8,450,000 8,228,187
Tenet Healthcare Corp. 9.25% 2010*.......................... 1,000,000 1,026,750
-------------
20,556,062
-------------
</TABLE>
---------------------
33
<PAGE> 34
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL -- 6.8%
Business Services -- 4.6%
Allied Waste North America, Inc., Series B 7.63% 2006....... $5,500,000 $ 4,908,750
Browning Ferris Industries, Inc. 7.88% 2005................. 1,950,000 1,755,000
Earthwatch, Inc. zero coupon 2007*(1)(4).................... 2,750,000 1,622,500
Pentacon, Inc., Series B 12.25% 2009........................ 5,750,000 3,162,500
URS Corp., Series B 12.25% 2009............................. 2,500,000 2,550,000
Manufacturing -- 2.0%
Filtronic PLC 10.00% 2005................................... 4,000,000 3,480,000
International Utility Structures 10.75% 2008................ 3,000,000 2,460,000
Transportation -- 0.2%
Golden Ocean Group Ltd. 10.00% 2001(4)(5)................... 3,350,000 552,750
-------------
20,491,500
-------------
INFORMATION & ENTERTAINMENT -- 26.2%
Broadcasting & Media -- 7.0%
Big City Radio, Inc. zero coupon 2005(1).................... 5,500,000 2,970,000
Callahan Nordrhein Westfalen 14.00% 2010*................... 2,250,000 2,199,375
CD Radio, Inc. zero coupon 2007(1)(4)....................... 1,500,000 855,000
Central European Media Enterprises Ltd. 9.38% 2004.......... 3,695,000 1,339,438
Chancellor Media Corp. 8.00% 2008........................... 2,000,000 2,020,000
Chancellor Media Corp., Series B 8.75% 2007................. 1,400,000 1,414,000
Orion Network Systems, Inc. zero coupon 2007(1)............. 6,500,000 2,860,000
Radio One, Inc., Series B 12.00% 2004....................... 2,200,000 2,376,000
Shop At Home, Inc. 11.00% 2005.............................. 4,000,000 3,920,000
XM Satellite Radio Holdings, Inc. 14.00% 2010*(4)........... 1,000,000 932,500
Cable -- 14.7%
Adelphia Communications Corp. 8.13% 2003.................... 6,620,000 6,289,000
Australis Holdings Property Ltd. zero coupon
2002(1)(2)(5)............................................. 1,000,000 20,000
Comcast UK Cable Partners Ltd. zero coupon 2007(1).......... 2,375,000 2,226,563
Diamond Holdings PLC 9.13% 2008............................. 4,075,000 3,830,500
Echostar Communications Corp. 4.88% 2007*................... 625,000 664,906
Echostar DBS Corp. 9.25% 2006............................... 950,000 921,500
Echostar DBS Corp. 9.38% 2009............................... 3,000,000 2,891,250
Mediacom LLC/Capital Corp. 7.88% 2011....................... 3,150,000 2,764,125
Mediacom LLC/Capital Corp., Series B 8.50% 2008............. 3,000,000 2,760,000
NTL, Inc. 5.75% 2009*....................................... 2,250,000 1,563,750
NTL, Inc., Series B zero coupon 2008(1)..................... 3,900,000 2,496,000
Park N View, Inc., Series B 13.00% 2008..................... 3,875,000 1,550,000
Telewest Communications PLC zero coupon 2009(1)............. 1,000,000 560,000
Telewest Communications PLC zero coupon 2010*(1)............ 1,250,000 690,625
Telewest Communications PLC 11.25% 2008..................... 3,000,000 3,015,000
UIH Australia Pacific, Inc., Series B zero coupon 2006(1)... 5,650,000 5,282,750
United International Holdings, Inc., Series B zero coupon
2008(1)................................................... 9,475,000 6,893,062
Gaming -- 3.3%
Circus Circus Enterprises, Inc. 6.75% 2003.................. 1,000,000 927,500
Mandalay Resort Group 10.25% 2007*.......................... 1,500,000 1,511,250
Mohegan Tribal Gaming Authority 8.13% 2006.................. 2,000,000 1,915,000
Station Casinos, Inc. 9.88% 2010*........................... 2,600,000 2,600,000
Venetian Casino Resort LLC 12.25% 2004...................... 3,000,000 3,045,000
Leisure & Tourism -- 1.2%
ITT Corp. 6.75% 2005........................................ 500,000 452,345
Park Place Entertainment Corp. 7.88% 2005................... 1,500,000 1,425,000
Park Place Entertainment Corp. 9.38% 2007................... 1,500,000 1,507,500
-------------
78,688,939
-------------
</TABLE>
---------------------
34
<PAGE> 35
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY -- 25.2%
Cellular -- 6.5%
Airgate PCS, Inc. zero coupon 2009(1)(4).................... $2,700,000 $ 1,539,000
Alamosa PCS Holdings, Inc. zero coupon 2010(1).............. 2,500,000 1,275,000
Celcaribe SA 14.50% 2004*................................... 2,390,000 1,965,775
Centennial Cellular Operating Co. 10.75% 2008............... 4,050,000 3,898,125
Leap Wireless International, Inc. 12.50% 2010*.............. 3,500,000 3,167,500
McCaw International Ltd. zero coupon 2007(1)................ 6,500,000 5,005,000
Occidente Y Caribe Celular SA, Series B zero coupon
2004(1)................................................... 2,000,000 1,400,000
Paging Network Do Brasil SA 13.50% 2005..................... 1,594,000 111,580
US Unwired, Inc., Series B zero coupon 2009(1).............. 1,900,000 992,750
Electronics -- 1.0%
Flextronics International Ltd. 9.88% 2010*.................. 1,750,000 1,785,000
Flextronics International Ltd., Series B 8.75% 2007......... 1,185,000 1,143,525
Telecommunications -- 17.7%
AMSC Acquisition Co., Inc., Series B 12.25% 2008............ 2,750,000 2,048,750
Dolphin Telecom PLC, Series B zero coupon 2009(1)........... 1,250,000 425,000
E.spire Communications, Inc. zero coupon 2005(1)............ 2,025,000 931,500
Flag Ltd. 8.25% 2008........................................ 2,250,000 1,957,500
Flag Telecom Holdings Ltd. 11.63% 2010...................... 1,200,000 1,128,000
Global Crossing Holdings Ltd. 9.13% 2006.................... 2,175,000 2,098,875
Global Crossing Holdings Ltd. 9.50% 2009.................... 2,950,000 2,861,500
Globix Corp. 12.50% 2010.................................... 5,700,000 4,560,000
GT Group Telecom, Inc. zero coupon 2010*(1)(4).............. 2,250,000 1,192,500
ICG Holdings, Inc. zero coupon 2007(1)...................... 2,500,000 1,675,000
ICG Services, Inc. zero coupon 2008(1)...................... 3,250,000 1,625,000
Intermedia Communications, Inc., Series B 8.60% 2008........ 1,000,000 805,000
Intermedia Communications, Inc., Series B 9.50% 2009........ 1,500,000 1,230,000
MGC Communications, Inc. 13.00% 2010*....................... 4,700,000 4,371,000
Midcom Communications, Inc. 8.25% 2003(2)(5)................ 550,000 0
Nextel Partners, Inc. 11.00% 2010........................... 2,000,000 1,975,000
Nextlink Communications, Inc. zero coupon 2009(1)........... 2,000,000 1,130,000
North Point Communications Group, Inc. 12.88% 2010.......... 2,500,000 1,750,000
Orbcomm Global LP, Series B 14.00% 2004..................... 2,250,000 787,500
Poland Telecom Finance BV, Series B 14.00% 2007............. 1,000,000 150,000
Primus Telecommunications, Inc. 12.75% 2009................. 4,175,000 2,505,000
PSINet, Inc. 11.00% 2009.................................... 5,250,000 4,252,500
PSINet, Inc. 11.50% 2008.................................... 2,950,000 2,448,500
Spectrasite Holdings, Inc., Series B 12.88% 2010(1)......... 4,500,000 2,542,500
Telehub Communications Corp. zero coupon 2005(1)............ 2,000,000 400,000
Vialog Corp. 12.75% 2001.................................... 2,000,000 1,760,000
Viatel, Inc. zero coupon 2008(1)............................ 3,000,000 1,050,000
Viatel, Inc. 11.50% 2009.................................... 1,000,000 640,000
Worldwide Fiber, Inc. 12.00% 2009........................... 1,000,000 920,000
Worldwide Fiber, Inc. 12.50% 2005........................... 3,900,000 3,939,000
-------------
75,442,880
-------------
MATERIALS -- 8.0%
Chemicals -- 2.2%
Georgia Gulf Corp. 10.38% 2007.............................. 3,225,000 3,354,000
Huntsman Corp. 10.26% 2001*(3).............................. 3,500,000 3,220,000
Forest Products -- 1.5%
Ainsworth Lumber Ltd. 12.50% 2007(6)........................ 4,600,000 4,565,500
Metals & Minerals -- 4.3%
Acme Metals, Inc. 12.50% 2002(5)............................ 1,727,000 1,472,267
AK Steel Holding Corp. 9.13% 2006........................... 1,000,000 990,000
Armco, Inc. 8.88% 2008...................................... 6,900,000 6,555,000
</TABLE>
---------------------
35
<PAGE> 36
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
MATERIALS (continued)
Metals & Minerals (continued)
Metal Management, Inc. 10.00% 2008.......................... $3,500,000 $ 1,750,000
Schuff Steel Co. 10.50% 2008................................ 3,000,000 2,070,000
-------------
23,976,767
-------------
TOTAL BONDS & NOTES (cost $309,489,763)..................... 272,879,936
-------------
<CAPTION>
COMMON STOCK -- 0.0% SHARES
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT -- 0.0%
Gaming -- 0.0%
Capital Gaming International, Inc.+(2)...................... 103 1
-------------
INFORMATION TECHNOLOGY -- 0.0%
Cellular -- 0.0%
International Wireless Communications Holdings, Inc.+(2).... 181,292 18,129
Paging Network Do Brazil Holdings Co. LLC, Class B+*(2)..... 1,594 16
Telecommunications -- 0.0%
Vialog Corp.+............................................... 20,177 131,151
-------------
149,296
-------------
TOTAL COMMON STOCK (cost $475,849).......................... 149,297
-------------
<CAPTION>
PREFERRED STOCK -- 7.5%
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT -- 3.0%
Broadcasting & Media -- 3.0%
CSC Holdings, Inc. Series M 11.13%(6)....................... 85,462 9,016,283
-------------
INFORMATION TECHNOLOGY -- 4.5%
Telecommunications -- 4.5%
Global Crossing Ltd. 6.75%.................................. 2,750 580,250
Global Crossing Ltd. 7.00%.................................. 625 106,250
Global Crossing Ltd. 7.00%*................................. 4,000 680,000
IXC Communications, Inc., Series B 12.50%................... 6,900 7,141,500
MGC Communications, Inc., Series D 7.25%.................... 20,400 767,550
Nextel Communications, Inc., Series E 11.13%(6)............. 4,273 4,273,000
-------------
13,548,550
-------------
TOTAL PREFERRED STOCK (cost $22,685,327).................... 22,564,833
-------------
<CAPTION>
WARRANTS -- 0.1%+ WARRANTS
----------------------------------------------------------------------------------------
<S> <C> <C>
ENERGY -- 0.0%
Energy Services -- 0.0%
Key Energy Services, Inc. 1/15/09........................... 3,000 109,500
-------------
INDUSTRIAL & COMMERCIAL -- 0.0%
Transportation -- 0.0%
Golden Ocean Group Ltd. 8/31/01(2).......................... 2,500 0
-------------
</TABLE>
---------------------
36
<PAGE> 37
<TABLE>
<CAPTION>
WARRANTS (CONTINUED) WARRANTS VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT -- 0.0%
Cable -- 0.0%
Knology, Inc. 10/22/07*(2).................................. 6,000 $ 15,000
Park N View, Inc.*(2)....................................... 3,875 23,250
UIH Australia Pacific, Inc. 5/15/06(2)...................... 1,000 60,000
-------------
98,250
-------------
INFORMATION TECHNOLOGY -- 0.1%
Cellular -- 0.0%
Leap Wireless International, Inc. 4/15/10*.................. 3,500 7,875
Occidente Y Caribe Celular SA 3/15/04*(2)................... 8,000 80
Telecommunications -- 0.1%
KMC Telecom Holdings, Inc. 4/15/08*(2)...................... 4,650 11,625
Motient Corp. 4/1/08*....................................... 2,750 137,500
Poland Telecom Finance BV 12/1/07*(2)....................... 1,000 10
Telehub Communications Corp. 7/31/05*(2).................... 2,000 20
-------------
157,110
-------------
TOTAL WARRANTS (cost $588,672).............................. 364,860
-------------
TOTAL INVESTMENT SECURITIES (cost $333,239,611)............. 295,958,926
-------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS --
(cost $333,239,611) 98.5% 295,958,926
Other assets less liabilities -- 1.5 4,370,023
------ -------------
NET ASSETS -- 100.0% $ 300,328,949
====== =============
</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) Fair valued security; see Note 2
(3) Variable rate security; rate as of July 31, 2000
(4) Consists of more than one class of securities traded together
as a unit; generally bonds with attached stocks or warrants
(5) Bond in default
(6) PIK ("Payment-in-Kind") payment made with additional
securities in lieu of cash
See Notes to Financial Statements
---------------------
37
<PAGE> 38
---------------------
SUNAMERICA SERIES TRUST
WORLDWIDE HIGH INCOME
PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(DENOMINATED IN
BONDS & NOTES -- 91.3% LOCAL CURRENCY) VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 6.1%
Automotive -- 3.2%
Hayes Lemmerz International, Inc., Series B 8.25% 2008...... 1,500,000 $ 1,297,500
Sanluis Corp. SA de CV 8.88% 2008........................... 2,200,000 2,075,040
Tenneco Automotive, Inc., Series B 11.63% 2009.............. 480,000 428,400
Housing -- 0.9%
Centex Corp. 9.75% 2005..................................... 450,000 451,598
D.R. Horton, Inc. 8.00% 2009................................ 365,000 328,500
Lennar Corp. 9.95% 2010*.................................... 365,000 368,650
Retail -- 2.0%
Grupo Elektra SA de CV 12.00% 2008*......................... 1,300,000 1,243,125
HMV Media Group PLC, Series B 10.88% 2008................... GBP 350,000 358,179
Musicland Group, Inc. 9.00% 2003............................ 135,000 125,550
Musicland Group, Inc., Series B 9.88% 2008.................. 800,000 670,000
-------------
7,346,542
-------------
ENERGY -- 1.5%
Energy Services -- 0.1%
EES Coke Battery Co., Inc., Series B 9.38% 2007*............ 175,000 165,520
Energy Sources -- 1.4%
Oil Purchase Co. 7.10% 2002*................................ 129,942 122,685
Petroleos Mexicanos 9.50% 2027.............................. 950,000 973,750
Vintage Petroleum, Inc. 8.63% 2009.......................... 300,000 288,000
Vintage Petroleum, Inc. 9.75% 2009.......................... 290,000 297,975
-------------
1,847,930
-------------
FINANCE -- 5.2%
Banks -- 1.8%
Banco Nacional de Desenvolvimento 12.55% 2008(1)............ 2,350,000 2,219,291
Financial Services -- 3.4%
Aircraft Lease Portfolio Securitization, Series 96-1, Class
D 12.72% 2006............................................. 300,925 287,384
California FM Lease Trust 8.50% 2017*....................... 443,871 432,676
Cellco Finance NV 15.00% 2005............................... 770,000 830,350
Dillon Read Structured Finance Corp., Series 1993, Class A-1
6.66% 2010................................................ 78,941 59,699
Dillon Read Structured Finance Corp., Series 1994, Class A-1
7.60% 2007................................................ 222,859 186,087
Dillon Read Structured Finance Corp., Series 1994, Class A-2
8.38% 2015................................................ 625,000 462,500
Dillon Read Structured Finance Corp., Series 1994, Class A-2
9.35% 2019................................................ 200,000 154,500
FMAC Loan Receivables Trust, Series 1996-B, Class C 7.93%
2018...................................................... 145,832 48,125
Indah International Financial, Series B 11.88% 2002......... 200,000 165,469
Long Beach Acceptance Auto Grantor Trust, Series 1997-1,
Class B 6.85% 2003........................................ 53,465 53,230
</TABLE>
---------------------
38
<PAGE> 39
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(DENOMINATED IN
BONDS & NOTES (CONTINUED) LOCAL CURRENCY) VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (continued)
Financial Services (continued)
OHA Auto Grantor Trust, Series 1997, Class A 11.00% 2004.... 577,078 $ 550,610
Paiton Energy Funding BV 9.34% 2014*........................ 650,000 136,500
PTC International Finance II SA 11.25% 2009................. EUR 650,000 627,955
Securitized Multiple Asset, Series 1997-5, Class A1 7.72%
2005...................................................... 496,340 124,085
-------------
6,338,461
-------------
HEALTHCARE -- 2.2%
Health Services -- 2.2%
Columbia/HCA Healthcare Corp. 7.69% 2025.................... 1,030,000 854,900
Columbia/HCA Healthcare Corp. 8.85% 2007.................... 340,000 336,600
Tenet Healthcare Corp. 8.63% 2007 @......................... 1,200,000 1,172,100
Tenet Healthcare Corp., Series B 8.13% 2008*................ 275,000 259,188
-------------
2,622,788
-------------
INDUSTRIAL & COMMERCIAL -- 2.2%
Aerospace & Military Technology -- 0.3%
Jet Equipment Trust, Series C1 11.79% 2013*................. 300,000 337,381
Business Services -- 1.2%
USA Waste Services, Inc. 7.13% 2007......................... 720,000 651,773
USA Waste Services, Inc. 7.13% 2017......................... 125,000 103,447
Waste Management, Inc. 6.88% 2009........................... 235,000 209,764
Waste Management, Inc. 7.65% 2011........................... 80,000 72,995
WMX Technologies, Inc. 7.00% 2006........................... 450,000 414,225
Multi-Industry -- 0.7%
Nortek, Inc., Series B 8.88% 2008........................... 695,000 641,137
Reliance Industries Ltd. 10.50% 2046*....................... 250,000 231,100
-------------
2,661,822
-------------
INFORMATION & ENTERTAINMENT -- 12.6%
Broadcasting & Media -- 7.4%
Adelphia Communications Corp., Series B 7.75% 2009.......... 1,550,000 1,294,250
Adelphia Communications Corp., Series B 8.38% 2008.......... 300,000 258,000
Adelphia Communications Corp., Series B 9.88% 2007.......... 240,000 228,000
British Sky Broadcasting Group 8.20% 2009................... 255,000 234,748
Cablevision SA 13.75% 2009.................................. 600,000 553,408
Callahan Nordrhein Westfalen 14.00% 2010*................... 700,000 689,500
Chancellor Media Corp. 9.00% 2008........................... 900,000 920,250
Chancellor Media Corp., Series B 8.13% 2007................. 450,000 453,375
Charter Communications Holdings 10.25% 2010................. 650,000 635,375
Echostar DBS Corp. 9.38% 2009............................... 650,000 626,437
Globalstar LP 11.38% 2004................................... 425,000 112,625
Multicanal SA 13.13% 2009................................... 520,000 494,000
Telewest Communications PLC zero coupon 2009(2)............. GBP 400,000 314,706
TV Azteca SA, Series A 10.13% 2004.......................... 1,100,000 1,047,750
United Pan-Europe Communications NV, Series B 10.88% 2009... 745,000 633,250
XM Satellite Radio Holdings, Inc. 14.00% 2010*(3)........... 500,000 468,750
Leisure & Tourism -- 5.2%
Hilton Hotels Corp. 7.95% 2007.............................. 740,000 703,562
HMH Properties, Inc., Series A 7.88% 2005................... 360,000 334,350
Horseshoe Gaming LLC, Series B 8.63% 2009................... 2,165,000 2,056,750
Host Marriot LP, Series E 8.38% 2006........................ 110,000 104,775
International Game Technology 8.38% 2009.................... 900,000 861,750
Park Place Entertainment Corp. 7.88% 2005................... 570,000 541,500
Park Place Entertainment Corp. 8.50% 2006................... 250,000 250,043
Station Casinos, Inc. 8.88% 2008 @.......................... 1,005,000 959,775
</TABLE>
---------------------
39
<PAGE> 40
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(DENOMINATED IN
BONDS & NOTES (CONTINUED) LOCAL CURRENCY) VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT (continued)
Leisure & Tourism (continued)
Station Casinos, Inc. 9.75% 2007............................ 160,000 $ 159,200
Station Casinos, Inc. 10.13% 2006........................... 355,000 360,325
-------------
15,296,454
-------------
INFORMATION TECHNOLOGY -- 23.7%
Cellular -- 0.6%
Occidente Y Caribe Celular SA, Series B zero coupon
2004(2)................................................... 1,100,000 770,000
Computer Software -- 1.3%
Netia Holdings II BV 13.50% 2009............................ EUR 1,050,000 981,579
Wam!Net, Inc., Series B zero coupon 2005(2)................. 1,050,000 588,000
Electronics -- 0.9%
Hyundai Semiconductor 8.63% 2007*........................... 1,300,000 1,132,196
Internet Software -- 1.3%
Exodus Communications, Inc. 11.63% 2010*.................... 465,000 467,325
PSINet, Inc., Series B 10.00% 2005.......................... 1,410,000 1,128,000
Telecommunications -- 19.6%
AMSC Acquisition Co., Inc., Series B 12.25% 2008............ 415,000 309,175
Bayan Telecommunications 13.50% 2006* @..................... 1,450,000 924,375
CIA International de Telecommunicaciones 10.38% 2004*....... 2,650,000 2,279,000
Colt Telecom Group PLC 7.63% 2008........................... DEM 1,450,000 610,446
CTI Holdings SA zero coupon 2008(2)......................... 900,000 508,500
Dolphin Telecom PLC zero coupon 2008(2)..................... 850,000 280,500
Dolphin Telecom PLC, Series B zero coupon 2009(2)........... 550,000 187,000
Espirit Telecom Group PLC 10.88% 2008....................... 400,000 264,000
Focal Communications Corp. 11.88% 2010...................... 390,000 388,050
Global Crossing Holdings Ltd. 9.63% 2008.................... 1,825,000 1,779,375
Globix Corp. 12.50% 2010.................................... 365,000 292,000
Grupo Iusacell SA de CV 14.25% 2006......................... 850,000 913,750
GT Group Telecom, Inc. 13.25% 2010*(2)(3)................... 700,000 371,000
Hermes Europe Railtel BV 10.38% 2009........................ 525,000 404,250
Hermes Europe Railtel BV 11.50% 2007........................ 490,000 392,000
Intermedia Communications, Inc. 8.50% 2008.................. 275,000 221,375
Intermedia Communications, Inc., Series B zero coupon
2007(2)................................................... 1,200,000 828,000
Level 3 Communications, Inc. 9.13% 2008..................... 1,525,000 1,322,937
Nextel Communications, Inc. zero coupon 2007(2)............. 3,700,000 2,886,000
Nextlink Communications, Inc. zero coupon 2008(2)........... 2,070,000 1,314,450
Nextlink Communications, Inc. 10.75% 2008................... 675,000 661,500
NTL, Inc. 10.75% 2008(2).................................... GBP 750,000 685,610
NTL, Inc., Series B zero coupon 2008(2)..................... 550,000 352,000
Onepoint Communications Corp., Series B 14.50% 2008......... 370,000 214,600
Primus Telecommunications Group, Inc. 11.25% 2009........... 310,000 186,000
Primus Telecommunications Group, Inc., Series B 9.88%
2008...................................................... 415,000 232,400
RCN Corp., Series B zero coupon 2007(2)..................... 1,160,000 661,200
RCN Corp., Series B zero coupon 2008(2)..................... 750,000 401,250
Rhythms NetConnections, Inc., Series B zero coupon
2008(2)................................................... 1,780,000 658,600
RSL Communications Ltd. zero coupon 2008(2)................. DEM 1,650,000 147,541
RSL Communications Ltd. 12.25% 2006......................... 118,000 42,480
RSL Communications PLC zero coupon 2008(2).................. 275,000 53,625
RSL Communications PLC 9.13% 2008........................... 1,065,000 330,150
Tele I Europe BV 13.00% 2009*(3)............................ EUR 490,000 469,976
Viatel, Inc. zero coupon 2008(2)............................ 1,200,000 420,000
Winstar Communications, Inc. zero coupon 2010*(2)........... 4,065,000 1,747,950
-------------
28,808,165
-------------
</TABLE>
---------------------
40
<PAGE> 41
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(DENOMINATED IN
BONDS & NOTES (CONTINUED) LOCAL CURRENCY) VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
MATERIALS -- 3.8%
Chemicals -- 1.6%
Huntsman ICI Chemicals Inc. 10.13% 2009..................... EUR 625,000 $ 589,323
Huntsman ICI Chemicals LLC 10.13% 2009...................... 875,000 890,313
Lyondell Chemical Co., Series A 9.63% 2007.................. 440,000 440,000
Forest Products -- 1.0%
Tjiwi Kimia 13.25% 2001..................................... 1,400,000 1,253,000
Metals & Minerals -- 1.2%
Acindar Industria Argentina de Aceros SA 11.25% 2004........ 800,000 504,000
Murrin Murrin Holdings Property Ltd. 9.38% 2007............. 410,000 350,550
National Steel Corp., Series D 9.88% 2009*.................. 630,000 557,550
NSM Steel, Inc., Series B 12.25% 2008*(3)(4)................ 270,000 270
-------------
4,585,006
-------------
NON-U.S. GOVERNMENT OBLIGATIONS -- 33.6%
Foreign Government -- 33.6%
Ivory Coast, Inc. 2.00% 2018(1)(4).......................... 1,400,000 209,329
Kingdom of Jordan 7.75% 2023(1)............................. 400,000 318,000
Province of Buenos Aires 13.25% 2010*....................... 1,000,000 965,000
Republic of Argentina 7.38% 2005(1)......................... 520,000 484,782
Republic of Argentina 10.25% 2030........................... 1,000,000 820,000
Republic of Argentina 11.75% 2009........................... 1,530,000 1,455,719
Republic of Argentina 11.75% 2015........................... 670,000 618,075
Republic of Argentina 12.13% 2005........................... 700,000 695,450
Republic of Brazil 5.75% 2024(1)............................ 500,000 326,250
Republic of Brazil 7.38% 2006(1)............................ 1,116,000 1,024,628
Republic of Brazil 7.38% 2012............................... 1,030,000 766,706
Republic of Brazil 7.38% 2024(1)............................ 1,700,000 1,336,628
Republic of Brazil 7.44% 2009(1)............................ 800,000 676,380
Republic of Brazil 7.44% 2012(1)............................ 700,000 519,386
Republic of Brazil 8.00% 2014............................... 2,419,721 1,797,894
Republic of Brazil 12.25% 2030.............................. 3,100,000 2,921,300
Republic of Brazil 12.75% 2020.............................. 600,000 585,600
Republic of Brazil 14.50% 2009.............................. 1,552,000 1,691,680
Republic of Bulgaria 7.75% 2001(1).......................... 1,350,000 1,096,132
Republic of Bulgaria, Series A 6.69% 2024(1)................ 1,200,000 973,500
Republic of Colombia 9.75% 2009............................. 750,000 603,750
Republic of Colombia 11.75% 2020............................ 2,050,000 1,767,100
Republic of Colombia 13.58% 2005(1)......................... 380,000 364,800
Republic of Ecuador 7.69% 2025(4)........................... 720,000 334,800
Republic of Panama 7.75% 2016(1)............................ 273,363 224,841
Republic of Panama 10.75% 2020.............................. 600,000 600,000
Republic of Peru 3.75% 2017(1).............................. 3,180,000 1,968,725
Republic of Philippines 9.88% 2019.......................... 1,350,000 1,103,146
Republic of Philippines 10.63% 2025......................... 2,800,000 2,332,000
Republic of Venezuela 6.75% 2020............................ 900,000 642,375
Republic of Venezuela 7.88% 2007(1)......................... 357,141 294,927
Republic of Venezuela 9.25% 2027............................ 850,000 565,250
Russian Federation 2.25% 2030............................... 1,500,000 597,125
Russian Federation 10.00% 2007.............................. 3,350,000 2,629,750
Russian Federation 12.75% 2028.............................. 4,950,000 4,333,725
United Mexican States 7.50% 2010*........................... EUR 600,000 547,679
United Mexican States, Series A 7.31% 2019(1)............... 1,300,000 1,290,250
United Mexican States, Series B 7.60% 2019(1)............... 1,250,000 1,240,625
-------------
40,723,307
-------------
</TABLE>
---------------------
41
<PAGE> 42
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(DENOMINATED IN
BONDS & NOTES (CONTINUED) LOCAL CURRENCY) VALUE
--------------------------------------------------------------------------------------------------
<S> <C> <C>
REAL ESTATE -- 0.1%
Real Estate Companies -- 0.1%
Glencore Nickel Property Ltd. 9.00% 2014.................... 135,000 $ 111,881
-------------
UTILITIES -- 0.3%
Gas & Pipeline Utilities -- 0.1%
Ras Laffan Liquified Natural Gas Co. 8.29% 2014*............ 150,000 139,875
Telephone -- 0.2%
Maxcom Telecomunicaciones SA 13.75% 2007*(3)................ 425,000 293,250
-------------
433,125
-------------
TOTAL BONDS & NOTES (cost $119,500,656)..................... 110,775,481
-------------
<CAPTION>
LOAN AGREEMENTS -- 1.5%
--------------------------------------------------------------------------------------------------
<S> <C> <C>
LOAN AGREEMENTS -- 1.5%
Foreign Government -- 1.5%
Algeria Tranche III 7.19% 2010.............................. 1,450,000 1,178,125
Algerian Loan Agreement Trust 7.19% 2006.................... 300,000 258,000
Kingdom of Morroco Series A 7.75% 2009(1)................... 392,450 357,129
-------------
TOTAL LOAN AGREEMENTS (cost $1,704,049)..................... 1,793,254
-------------
<CAPTION>
COMMON STOCK -- 0.6% SHARES
--------------------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY -- 0.1%
Telecommunications -- 0.1%
Tele1 Europe Holding AB+.................................... 9,208 120,855
-------------
UTILITIES -- 0.5%
Electric Utilities -- 0.5%
TNP Enterprises, Inc.*(3)................................... 600,000 607,500
-------------
TOTAL COMMON STOCK (cost $629,061).......................... 728,355
-------------
<CAPTION>
PREFERRED STOCK -- 1.6%
--------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 0.2%
Retail -- 0.2%
Kmart Financing I 7.75%..................................... 7,500 262,500
-------------
INFORMATION & ENTERTAINMENT -- 0.4%
Broadcasting & Media -- 0.4%
Paxson Communications Corp. 9.75%*(5)....................... 9 88,022
Paxson Communications Corp. 13.25%(5)....................... 47 458,994
-------------
547,016
-------------
INFORMATION TECHNOLOGY -- 1.0%
Telecommunications -- 1.0%
Dobson Communications Corp. 13.00%(5)....................... 341,376 336,255
IXC Communications, Inc., Series B 12.50%................... 538 539,654
Nextlink Communications, Inc., Series B 13.50%.............. 313 300,576
-------------
1,176,485
-------------
TOTAL PREFERRED STOCK (cost $1,898,417)..................... 1,986,001
-------------
</TABLE>
---------------------
42
<PAGE> 43
<TABLE>
<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 (cost $0)..................... 3,923,000 $ 0
-------------
<CAPTION>
WARRANTS -- 0.1%+ WARRANTS
--------------------------------------------------------------------------------------------------
<S> <C> <C>
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%
Paxson Communications Corp. 6/30/03......................... 256 58
-------------
INFORMATION TECHNOLOGY -- 0.1%
Cellular -- 0.1%
Occidente Y Caribe Celular SA 3/15/04*...................... 4,400 66,550
Computer Software -- 0.0%
Wam!Net, Inc. 3/01/05*(3)................................... 1,200 13,350
Telecommunications -- 0.0%
Globalstar Telecommunications 02/15/04...................... 175 1,750
Motient Corp. 4/1/08*....................................... 415 14,525
Onepoint Communications Corp. 6/01/08....................... 370 7,400
-------------
103,575
-------------
TOTAL WARRANTS (cost $46,999)............................... 105,342
-------------
TOTAL INVESTMENT SECURITIES (cost $123,779,182)............. 115,388,433
-------------
<CAPTION>
PRINCIPAL
AMOUNT
(DENOMINATED IN
SHORT-TERM SECURITIES -- 1.0% LOCAL CURRENCY)
--------------------------------------------------------------------------------------------------
<S> <C> <C>
FOREIGN SHORT-TERM NOTES -- 0.9%
Turkey Treasury Bill zero coupon due 8/23/00................ TRL 772,950,000,000 1,112,678
U.S. GOVERNMENT -- 0.1%
United States Treasury Bills 5.61% due 9/21/00@............. 100,000 99,154
-------------
TOTAL SHORT-TERM SECURITIES (cost $1,429,037)............... 1,211,832
-------------
TOTAL INVESTMENTS --
(cost $125,208,219) 96.1% 116,600,265
Other assets less liabilities 3.9 4,674,637
------ -------------
NET ASSETS -- 100.0% $ 121,274,902
====== =============
</TABLE>
-----------------------------
+ Non-income producing securities
* Resale restricted to qualified institutional buyers
(1) Variable rate security; rate as of July 31, 2000
(2) Represents a zero coupon bond which will convert to an
interest-bearing security at a later date
(3) Consists of more than one class of securities traded together
as a unit; generally bonds with attached stocks or warrants
(4) Bond in default
(5) PIK ("Payment-in-Kind") payment made with additional
securities in lieu of cash
---------------------
43
<PAGE> 44
Allocation of investments as a percentage of net assets by country
as of July 31, 2000:
<TABLE>
<S> <C>
United States............................................... 44.3%
Brazil...................................................... 11.4%
Mexico...................................................... 8.3%
Russia...................................................... 6.2%
Argentina................................................... 6.1%
Philippines................................................. 2.8%
Colombia.................................................... 2.3%
United Kingdom.............................................. 2.0%
Netherlands................................................. 1.8%
Bulgaria.................................................... 1.7%
Peru........................................................ 1.6%
Venezuela................................................... 1.2%
Luxembourg.................................................. 1.1%
Algeria..................................................... 1.0%
Korea....................................................... 0.9%
Turkey...................................................... 0.9%
Panama...................................................... 0.7%
Australia................................................... 0.4%
Morocco..................................................... 0.3%
Jordan...................................................... 0.3%
Ecuador..................................................... 0.3%
China....................................................... 0.2%
India....................................................... 0.2%
Qatar....................................................... 0.1%
----
96.1%
====
</TABLE>
-----------------------------
@ The security or a portion thereof represents collateral for the
following open futures contracts:
<TABLE>
<CAPTION>
OPEN FUTURE CONTRACTS
--------------------------------------------------------------------------------------------------------
EXPIRATION VALUE AT VALUE AS OF UNREALIZED
CONTRACTS DESCRIPTION DATE TRADE DATE JULY 31, 2000 APPRECIATION
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
16 Long U.S. Treasury 10 Year Note September 2000 $1,527,314 $1,582,250 $54,936
7 Short U.K. LIF Gilt September 2000 1,198,894 1,188,665 10,229
-------
$65,165
=======
</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* 414,978 USD 398,354 08/07/00 $ 13,615
EUR 1,050,000 USD 985,772 10/26/00 7,864
EUR 275,000 USD 258,184 10/26/00 2,065
EUR 1,355,000 USD 1,283,863 10/30/00 21,636
EUR 640,000 USD 606,336 10/30/00 10,155
GBP* 980,000 USD 1,523,165 08/03/00 54,455
GBP 125,000 USD 191,636 08/10/00 4,277
---------
$114,067
---------
</TABLE>
<TABLE>
<CAPTION>
GROSS UNREALIZED
DEPRECIATION
-------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
EUR 230,000 USD 205,908 08/08/00 $ (7,347)
EUR 490,000 USD 440,706 08/10/00 (13,679)
USD* 391,370 EUR 414,978 08/07/00 (6,631)
USD* 182,328 GBP 120,000 08/03/00 (2,486)
---------
(30,143)
---------
Net Unrealized Appreciation........ $ 83,924
=========
</TABLE>
-----------------------------
* Represents partially offsetting forward foreign currency
contracts that to the extent they are offset do not have
additional market risk but have counterparty settlement risk.
<TABLE>
<S> <C> <C> <C> <C> <C>
GBP -- Pound Sterling TRL -- Turkish Lire
EUR -- Euro Dollar USD -- United States Dollar
DEM -- Deutsche Mark
</TABLE>
See Notes to Financial Statements
---------------------
44
<PAGE> 45
---------------------
SUNAMERICA SERIES TRUST
SUNAMERICA BALANCED
PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 65.9% SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 5.1%
Automotive -- 1.2%
General Motors Corp., Class H............................... 270,000 $ 6,986,250
Retail -- 3.9%
Gap, Inc. .................................................. 110,750 3,966,234
Home Depot, Inc. ........................................... 100,000 5,175,000
Tiffany & Co. .............................................. 90,000 3,082,500
Wal-Mart Stores, Inc. ...................................... 190,000 10,438,125
-------------
29,648,109
-------------
ENERGY -- 3.8%
Energy Services -- 1.5%
Baker Hughes, Inc. ......................................... 87,700 3,036,613
Halliburton Co. ............................................ 51,000 2,352,375
Schlumberger Ltd. .......................................... 50,000 3,696,875
Energy Sources -- 2.3%
Burlington Resources, Inc. ................................. 30,000 978,750
Chevron Corp. .............................................. 30,000 2,370,000
Exxon Mobil Corp. .......................................... 60,806 4,864,480
Nabors Industries, Inc.+.................................... 42,500 1,769,062
Royal Dutch Petroleum Co. ADR............................... 60,000 3,495,000
-------------
22,563,155
-------------
FINANCE -- 9.5%
Banks -- 2.6%
Bank of New York Co., Inc. ................................. 30,000 1,404,375
Chase Manhattan Corp. ...................................... 142,500 7,080,469
FleetBoston Financial Corp. ................................ 70,000 2,506,875
Mellon Financial Corp. ..................................... 40,000 1,507,500
Summit Bancorp ............................................. 110,000 2,701,875
Financial Services -- 6.9%
American Express Co. ....................................... 160,000 9,070,000
Capital One Financial Corp. ................................ 50,000 2,931,250
Citigroup, Inc. ............................................ 200,000 14,112,500
Merrill Lynch & Co., Inc. .................................. 40,000 5,170,000
Morgan Stanley, Dean Witter & Co. .......................... 100,000 9,125,000
-------------
55,609,844
-------------
HEALTHCARE -- 7.3%
Drugs -- 5.3%
ALZA Corp.+................................................. 65,000 4,208,750
Biogen, Inc.+............................................... 45,000 2,385,000
Genentech, Inc.+............................................ 25,000 3,803,125
Merck & Co., Inc. .......................................... 65,000 4,659,687
Pfizer, Inc. ............................................... 170,000 7,331,250
</TABLE>
---------------------
45
<PAGE> 46
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE (continued)
Drugs (continued)
Schering-Plough Corp. ...................................... 110,000 $ 4,750,625
Teva Pharmaceutical Industries Ltd. ADR..................... 65,000 3,948,750
Medical Products -- 2.0%
Amgen, Inc.+................................................ 90,000 5,844,375
Johnson & Johnson Co. ...................................... 65,000 6,049,063
-------------
42,980,625
-------------
INDUSTRIAL & COMMERCIAL -- 6.9%
Electrical Equipment -- 3.4%
General Electric Co. ....................................... 390,000 20,060,625
Machinery -- 1.0%
SPX Corp. .................................................. 38,800 5,555,675
Multi-Industry -- 2.5%
Sycamore Networks, Inc.+.................................... 40,000 4,932,500
Tyco International Ltd. .................................... 185,000 9,897,500
-------------
40,446,300
-------------
INFORMATION & ENTERTAINMENT -- 2.3%
Broadcasting & Media -- 2.0%
AT&T Corp. Liberty Media Group, Inc., Class A+.............. 200,000 4,450,000
Pegasus Communications Corp.+............................... 50,600 2,137,850
Time Warner, Inc. .......................................... 70,000 5,368,125
Entertainment Products -- 0.3%
Oakley, Inc.+............................................... 125,000 1,812,500
-------------
13,768,475
-------------
INFORMATION TECHNOLOGY -- 27.6%
Communication Equipment -- 1.4%
Juniper Networks, Inc.+..................................... 8,700 1,239,206
Motorola, Inc. ............................................. 150,000 4,959,375
Nokia Corp. ADR............................................. 50,000 2,215,625
Computers & Business Equipment -- 10.3%
Cisco Systems, Inc.+........................................ 330,000 21,594,375
Dell Computer Corp.+........................................ 65,000 2,855,938
EMC Corp.+.................................................. 260,000 22,132,500
International Business Machines Corp. ...................... 90,000 10,119,375
Sun Microsystems, Inc.+..................................... 35,000 3,690,312
Computer Services -- 0.8%
Oracle Corp.+............................................... 60,000 4,511,250
Computer Software -- 3.4%
BEA Systems, Inc.+.......................................... 50,000 2,153,125
i2 Technologies, Inc.+...................................... 37,700 4,891,575
Microsoft Corp.+............................................ 189,000 13,194,563
Electronics -- 6.4%
Flextronics International Ltd.+............................. 25,000 1,769,922
Intel Corp. ................................................ 260,000 17,355,000
JDS Uniphase Corp.+......................................... 100,000 11,812,500
Texas Instruments, Inc. .................................... 110,000 6,455,625
Internet Software -- 0.5%
America Online, Inc.+....................................... 50,000 2,665,625
</TABLE>
---------------------
46
<PAGE> 47
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Telecommunications -- 4.8%
Comcast Corp., Class A+..................................... 100,000 $ 3,401,562
Corning, Inc. .............................................. 58,800 13,755,525
Lucent Technologies, Inc. .................................. 85,000 3,718,750
Nortel Networks Corp. ...................................... 100,000 7,437,500
-------------
161,929,228
-------------
MATERIALS -- 1.0%
Chemicals -- 0.4%
du Pont (E.I.) de Nemours & Co. ............................ 45,000 2,039,063
Metals & Minerals -- 0.6%
Alcoa, Inc. ................................................ 120,000 3,630,000
-------------
5,669,063
-------------
UTILITIES -- 2.4%
Electric Utilities -- 0.1%
PECO Energy Co. ............................................ 20,000 853,750
Gas & Pipeline Utilities -- 1.3%
Enron Corp.................................................. 100,000 7,362,500
Telephone -- 1.0%
AT&T Corp. ................................................. 77,000 2,382,188
WorldCom, Inc.+............................................. 85,000 3,320,312
-------------
13,918,750
-------------
TOTAL COMMON STOCK (cost $324,898,107)...................... 386,533,549
-------------
<CAPTION>
PRINCIPAL
BONDS & NOTES -- 22.5% AMOUNT
-----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 0.1%
Automotive -- 0.1%
DaimlerChrysler AG 7.45% 2027............................... $ 750,000 716,640
-------------
FINANCE -- 0.6%
Financial Services -- 0.6%
CS First Boston Mortgage Securities Corp. 6.48% 2008........ 2,500,000 2,344,853
Morgan Stanley Group, Inc. 6.88% 2007....................... 1,000,000 962,410
-------------
3,307,263
-------------
INFORMATION TECHNOLOGY -- 0.2%
Electronics -- 0.2%
Texas Instruments, Inc. 6.13% 2006.......................... 1,000,000 915,230
-------------
U.S. GOVERNMENT & AGENCIES -- 21.6%
U.S. Government & Agencies -- 21.6%
Federal National Mortgage Association 5.25% 2009............ 7,000,000 6,164,340
Federal National Mortgage Association 5.75% 2003............ 3,385,000 3,285,041
Federal National Mortgage Association 5.75% 2008............ 750,000 690,585
Overseas Private Investment Corp. 6.99% 2009................ 4,188,597 4,123,884
Small Business Administration 6.30% 2018.................... 1,788,864 1,670,426
United States Treasury Bonds 6.13% 2029..................... 10,500,000 10,806,810
United States Treasury Notes 5.88% 2004..................... 7,000,000 6,910,330
United States Treasury Notes 6.38% 2002..................... 25,000,000 25,011,750
</TABLE>
---------------------
47
<PAGE> 48
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT & AGENCIES (continued)
U.S. Government & Agencies (continued)
United States Treasury Notes 6.50% 2002..................... $25,000,000 $ 25,043,000
United States Treasury Notes 6.50% 2010..................... 22,000,000 22,725,340
United States Treasury Notes 6.75% 2005..................... 20,000,000 20,487,400
-------------
126,918,906
-------------
TOTAL BONDS & NOTES (cost $133,317,527)..................... 131,858,039
-------------
TOTAL INVESTMENT SECURITIES (cost $458,215,634)............. 518,391,588
-------------
<CAPTION>
SHORT-TERM SECURITIES -- 6.0%
-----------------------------------------------------------------------------------------
<S> <C> <C>
FEDERAL AGENCY OBLIGATIONS -- 6.0%
Federal Home Loan Mortgage Discount Notes 6.38% due
8/1/00.................................................... 15,000,000 15,000,000
Federal Home Loan Mortgage Discount Notes 6.39% due
8/16/00................................................... 10,000,000 9,973,375
Federal National Mortgage Association Discount Notes 6.38%
due 8/10/00............................................... 10,000,000 9,984,050
-------------
TOTAL SHORT-TERM SECURITIES (cost $34,957,425).............. 34,957,425
-------------
<CAPTION>
REPURCHASE AGREEMENT -- 2.5%
-----------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 2.5%
State Street Bank & Trust Co. Joint Repurchase Agreement
Account (Note 3) (cost $14,688,000)....................... 14,688,000 14,688,000
-------------
TOTAL INVESTMENTS --
(cost $507,861,059) 96.9% 568,037,013
Other assets less liabilities -- 3.1 18,445,690
------ ------------
NET ASSETS -- 100.0% $586,482,703
====== ============
</TABLE>
-----------------------------
+ Non-income producing securities
ADR -- American Depository Receipt
See Notes to Financial Statements
---------------------
48
<PAGE> 49
---------------------
SUNAMERICA SERIES TRUST
MFS TOTAL RETURN PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 55.3% SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 1.9%
Automotive -- 1.3%
Delphi Automotive Systems Corp. ............................ 76,900 $ 1,139,081
Ford Motor Co. ............................................. 9,700 451,656
TRW, Inc. .................................................. 32,000 1,438,000
Retail -- 0.6%
Kroger Co................................................... 70,200 1,452,263
-------------
4,481,000
-------------
CONSUMER STAPLES -- 3.7%
Food, Beverage & Tobacco -- 3.2%
Anheuser-Busch Cos., Inc. .................................. 9,900 796,950
Archer-Daniels-Midland Co. ................................. 46,750 438,281
Diageo PLC.................................................. 142,797 1,254,015
General Mills, Inc. ........................................ 15,300 525,937
Hershey Foods Corp. ........................................ 4,800 222,000
Nestle SA................................................... 730 1,521,435
PepsiCo, Inc. .............................................. 7,000 320,688
Quaker Oats Co. ............................................ 13,600 914,600
Safeway, Inc.+.............................................. 32,400 1,460,025
Household Products -- 0.5%
Fortune Brands, Inc. ....................................... 29,000 652,500
Kimberly-Clark Corp. ....................................... 10,400 597,350
-------------
8,703,781
-------------
ENERGY -- 10.8%
Energy Services -- 4.8%
Coastal Corp. .............................................. 70,000 4,042,500
Halliburton Co. ............................................ 61,300 2,827,462
Noble Drilling Corp.+....................................... 80,700 3,515,494
Transocean Sedco Forex, Inc. ............................... 15,500 767,250
Energy Sources -- 6.0%
Apache Corp. ............................................... 24,800 1,233,800
BP Amoco PLC ADR............................................ 53,250 2,785,641
Chevron Corp. .............................................. 4,800 379,200
Conoco, Inc., Class A....................................... 55,300 1,237,337
Devon Energy Corp. ......................................... 37,200 1,701,900
Exxon Mobil Corp. .......................................... 39,938 3,195,040
Royal Dutch Petroleum Co. ADR............................... 49,200 2,865,900
Sunoco, Inc. ............................................... 27,600 672,750
-------------
25,224,274
-------------
FINANCE -- 13.7%
Banks -- 2.6%
Bank of America Corp. ...................................... 25,726 1,218,769
Bank of New York Co., Inc. ................................. 13,500 631,969
Bank One Corp. ............................................. 7,000 222,688
Mellon Financial Corp. ..................................... 62,100 2,340,394
PNC Financial Services Group................................ 32,300 1,643,262
</TABLE>
---------------------
49
<PAGE> 50
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (continued)
Financial Services -- 6.5%
A.G. Edwards, Inc. ......................................... 22,700 $ 1,200,263
Axa Financial, Inc. ........................................ 61,500 2,352,375
Citigroup, Inc. ............................................ 29,000 2,046,312
Federal Home Loan Mortgage Corp. ........................... 16,500 650,719
HSBC Holdings PLC........................................... 98,400 1,332,322
ING Groep NV ADR............................................ 25,503 1,715,077
Merrill Lynch & Co., Inc. .................................. 2,901 374,954
Morgan Stanley, Dean Witter & Co. .......................... 9,600 876,000
ReliaStar Financial Corp. .................................. 23,300 1,239,269
The Hartford Financial Services Group, Inc. ................ 53,370 3,429,022
Insurance -- 4.6%
Allstate Corp. ............................................. 9,700 267,356
Axa SA de CV................................................ 1,700 258,364
Chubb Corp. ................................................ 12,100 895,400
CIGNA Corp. ................................................ 9,800 978,775
Jefferson-Pilot Corp. ...................................... 8,500 518,500
Lincoln National Corp. ..................................... 46,600 2,032,925
Marsh & McLennan Cos., Inc. ................................ 17,500 2,135,000
MetLife, Inc.+.............................................. 21,010 441,210
St. Paul Cos., Inc. ........................................ 71,500 3,177,282
-------------
31,978,207
-------------
HEALTHCARE -- 3.8%
Drugs -- 2.4%
American Home Products Corp. ............................... 33,700 1,788,206
Bristol-Myers Squibb Co. ................................... 25,600 1,270,400
Pharmacia & Upjohn, Inc. ................................... 38,575 2,111,982
SmithKline Beecham PLC ADR.................................. 7,000 448,000
Health Services -- 0.5%
HCA-Healthcare Co. ......................................... 32,000 1,088,000
Medical Products -- 0.9%
Abbott Laboratories, Inc. .................................. 43,200 1,798,200
Baxter International, Inc. ................................. 3,000 233,250
-------------
8,738,038
-------------
INDUSTRIAL & COMMERCIAL -- 3.5%
Aerospace & Military Technology -- 1.6%
Boeing Co. ................................................. 35,200 1,724,800
Honeywell International, Inc. .............................. 20,900 702,763
United Technologies Corp. .................................. 21,100 1,231,712
Business Services -- 0.3%
United Parcel Service, Inc. ................................ 2,920 171,550
W. W. Grainger, Inc. ....................................... 17,800 565,150
Electrical Equipment -- 0.0%
General Electric Co. ....................................... 1,600 82,300
Machinery -- 1.1%
Deere & Co. ................................................ 45,300 1,746,881
Ingersoll-Rand Co. ......................................... 19,600 769,300
Multi-Industry -- 0.1%
Tyco International Ltd. .................................... 3,000 160,500
Transportation -- 0.4%
Burlington Northern Santa Fe Corp. ......................... 40,200 982,388
-------------
8,137,344
-------------
</TABLE>
---------------------
50
<PAGE> 51
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT -- 3.6%
Broadcasting & Media -- 2.5%
Gannett Co., Inc. .......................................... 30,200 $ 1,627,025
New York Times Co. ......................................... 34,800 1,433,325
Time Warner, Inc. .......................................... 16,900 1,296,019
Tribune Co. ................................................ 25,400 825,500
Viacom, Inc., Class B+...................................... 7,812 518,033
Entertainment Products -- 0.0%
Eastman Kodak Co. .......................................... 1,000 54,875
Leisure & Tourism -- 1.1%
Harrah's Entertainment, Inc.+............................... 61,500 1,541,344
McDonald's Corp. ........................................... 12,100 381,150
MGM Grand, Inc. ............................................ 13,000 467,187
Walt Disney Co.+............................................ 5,200 201,175
-------------
8,345,633
-------------
INFORMATION TECHNOLOGY -- 4.0%
Communication Equipment -- 0.5%
Motorola, Inc. ............................................. 32,900 1,087,756
Computers & Business Equipment -- 0.2%
Hewlett-Packard Co. ........................................ 1,300 141,944
International Business Machines Corp. ...................... 2,600 292,337
Xerox Corp. ................................................ 2,800 41,650
Computer Services -- 0.4%
Automatic Data Processing, Inc. ............................ 20,400 1,011,075
Computer Software -- 0.3%
Microsoft Corp.+............................................ 9,000 628,313
Electronics -- 0.6%
Emerson Electric Co. ....................................... 24,900 1,520,456
Telecommunications -- 2.0%
Comcast Corp., Class A+..................................... 29,400 1,000,060
Verizon Communications...................................... 78,546 3,691,662
-------------
9,415,253
-------------
MATERIALS -- 2.4%
Chemicals -- 2.1%
Air Products and Chemicals, Inc. ........................... 18,000 600,750
Akzo Nobel NV............................................... 63,730 2,834,221
Rohm and Haas Co. .......................................... 54,200 1,409,200
Forest Products -- 0.2%
Bowater, Inc. .............................................. 9,400 462,950
Metals & Minerals -- 0.1%
Alcoa, Inc.................................................. 10,600 320,650
-------------
5,627,771
-------------
REAL ESTATE -- 0.6%
Real Estate Investment Trusts -- 0.6%
Equity Residential Properties Trust......................... 25,600 1,276,800
-------------
UTILITIES -- 7.3%
Electric Utilities -- 2.0%
CMS Energy Corp. ........................................... 10,100 258,181
CP&L, Energy, Inc. ......................................... 26,900 899,469
Duke Energy Corp. .......................................... 25,200 1,554,525
PECO Energy Co. ............................................ 18,000 768,375
</TABLE>
---------------------
51
<PAGE> 52
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
UTILITIES (continued)
Electric Utilities (continued)
Pinnacle West Capital Corp. ................................ 27,800 $ 1,099,837
Sierra Pacific Resources.................................... 10,840 153,115
Gas & Pipeline Utilities -- 2.9%
Columbia Energy Group....................................... 11,000 750,750
Eastern Enterprises......................................... 15,800 989,475
El Paso Energy Corp. ....................................... 9,300 449,888
National Fuel Gas Co. ...................................... 33,700 1,661,831
The Williams Cos., Inc. .................................... 55,600 2,321,300
Washington Gas Light Co. ................................... 19,000 467,875
Telephone -- 2.4%
ALLTEL Corp. ............................................... 13,600 838,100
AT&T Corp. ................................................. 9,750 301,641
Nippon Telegraph & Telephone Corp. ADR...................... 7,800 477,750
SBC Communications, Inc. ................................... 52,900 2,251,556
Sprint Corp. ............................................... 4,600 163,875
Telephone and Data Systems, Inc. ........................... 14,000 1,559,250
-------------
16,966,793
-------------
TOTAL COMMON STOCK (cost $120,587,116)...................... 128,894,894
-------------
<CAPTION>
PREFERRED STOCK -- 1.5%
-----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 0.3%
Retail -- 0.3%
CVS Automatic Common Exchange CV Trust 6.00%................ 9,500 686,375
-------------
ENERGY -- 0.4%
Energy Services -- 0.1%
TXU Corp. 9.25%............................................. 9,000 358,875
Energy Sources -- 0.3%
El Paso Energy Capital Trust I 4.75%........................ 10,800 664,200
-------------
1,023,075
-------------
FINANCE -- 0.3%
Insurance -- 0.3%
Lincoln National Corp. 7.75%................................ 26,000 617,500
-------------
MATERIALS -- 0.1%
Forest Products -- 0.1%
Owens Illinois, Inc. 4.75%.................................. 14,600 332,150
-------------
UTILITIES -- 0.4%
Electric Utilities -- 0.4%
CMS Energy Corp. 8.75%...................................... 14,300 454,919
Nisource, Inc. 7.75%........................................ 12,000 495,000
-------------
949,919
-------------
TOTAL PREFERRED STOCK (cost $3,967,863)..................... 3,609,019
-------------
</TABLE>
---------------------
52
<PAGE> 53
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES -- 36.3% AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 1.9%
Automotive -- 1.7%
DaimlerChrysler NA Holding Corp. 7.75% 2003................. $ 348,000 $ 351,240
DaimlerChrysler NA Holding Corp. 6.63% 2001................. 1,609,000 1,594,648
DaimlerChrysler NA Holding Corp. 7.40% 2005................. 567,000 562,810
Ford Motor Co. 7.45% 2031................................... 275,000 258,637
General Motors Acceptance Corp. 6.75% 2002.................. 1,000,000 985,830
General Motors Corp. 9.40% 2021............................. 103,000 117,799
Retail -- 0.2%
Federated Department Stores, Inc. 6.30% 2009................ 60,000 52,170
Federated Department Stores, Inc. 8.50% 2003................ 465,000 465,154
-------------
4,388,288
-------------
CONSUMER STAPLES -- 0.1%
Food, Beverage & Tobacco -- 0.1%
Joseph E. Seagram & Sons, Inc. 7.50% 2018................... 312,000 303,788
-------------
ENERGY -- 1.8%
Energy Services -- 0.4%
Coastal Corp. 6.20% 2004.................................... 386,000 368,861
Coastal Corp. 7.75% 2010.................................... 558,000 557,180
Energy Sources -- 1.4%
AEP Generating Co. 9.81% 2022............................... 999,348 1,128,014
NRG Energy South Central LLC 8.96% 2016*.................... 241,000 243,630
NRG Energy, Inc. 8.70% 2005*(1)............................. 165,000 165,730
Occidental Petroleum Corp. 6.40% 2003(1).................... 1,496,000 1,451,419
Phillips Petroleum Co. 8.50% 2005........................... 254,000 263,850
-------------
4,178,684
-------------
FINANCE -- 7.3%
Banks -- 1.0%
Chase Commercial Mortgage Securities Corp. 6.39% 2008....... 273,000 253,990
Chase Commercial Mortgage Securities Corp. 7.54% 2009....... 135,527 136,280
Chase Manhattan Corp. 6.75% 2004............................ 406,000 396,568
Fleet National Bank 5.75% 2009.............................. 167,000 146,733
Lehman Brothers Holdings Inc. 7.75% 2005.................... 641,000 639,558
Riggs National Corp. 9.65% 2009............................. 550,000 550,000
State Street Corp. 7.65% 2010............................... 116,000 116,449
Financial Services -- 6.1%
Aesop Funding II LLC 6.40% 2003*............................ 600,000 591,756
Associates Corp. NA 5.50% 2004.............................. 2,000,000 1,865,060
Bear Stearns Commercial Mortgage Securities, Inc. 6.80%
2008...................................................... 400,793 391,808
Capita Equipment Receivables Corp, Trust 6.45% 2002......... 360,000 353,354
Comm, Series 2000-FL1A 6.95% 2011*(1)(2).................... 231,070 231,214
Comm, Series 2000-FL2A 6.85% 2011*(1)(2).................... 439,000 439,000
Copelco Capital Funding Corp. 5.78% 2001.................... 425,441 424,237
Countrywide Alternative Loan Trust, Series 2000-1 A5 8.00%
2030(2)................................................... 694,000 689,663
Countrywide Funding Corp. 6.25% 2009........................ 155,000 136,947
Deere John Capital Corp. 7.00% 2002......................... 191,000 190,047
Fleetwood Credit Grantor Trust 6.90% 2012................... 29,258 28,909
Ford Credit Auto Owner Trust 6.20% 2002..................... 316,489 315,400
Ford Motor Credit Co. 5.80% 2009............................ 264,000 231,000
Ford Motor Credit Co. 7.75% 2007............................ 754,000 747,825
Ford Motor Credit Co. 7.60% 2005............................ 1,111,000 1,108,822
General Electric Capital Corp. 7.38% 2010................... 344,000 348,207
General Electric Capital Corp. 7.50% 2005................... 424,000 429,249
General Electric Capital Corp. 8.50% 2008................... 181,000 195,413
</TABLE>
---------------------
53
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<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (continued)
Financial Services (continued)
General Electric Capital Corp. 8.70% 2007................... $ 536,000 $ 578,998
General Electric Capital Corp. 8.75% 2007................... 109,000 118,219
General Electric Capital Corp. 8.85% 2007................... 140,000 152,320
General Motors Acceptance Corp. 5.95% 2003.................. 212,000 204,300
General Motors Acceptance Corp. 7.50% 2005.................. 847,000 842,799
GS Mortgage Securities Corp. II 6.06% 2030.................. 687,114 658,015
MidAmerican Funding LLC 5.85% 2001*......................... 215,000 212,910
MidAmerican Funding LLC 6.93% 2029.......................... 339,000 286,497
Midland Funding Corp I 10.33% 2002.......................... 16,939 17,325
Midland Funding Corp II 13.25% 2006......................... 100,000 117,760
Morgan (J.P.) Commercial Mortgage Finance Corp. 6.61%
2030...................................................... 136,000 128,865
Morgan (J.P.) Commercial Mortgage Finance Corp. 6.93%
2010*(1)(2)............................................... 234,981 237,404
Morgan Stanley, Dean Witter & Co. 7.75% 2005................ 270,000 272,827
Providian Capital I 9.53% 2027*............................. 89,000 73,466
Residential Accredit Loans, Inc. 6.75% 2028................. 490,000 463,202
Residential Funding Mortgage 7.66% 2012..................... 121,000 121,000
Salton Sea Funding Corp. 8.30% 2011......................... 783,415 770,278
Structured Asset Securities Corp. 6.95% 2007................ 140,000 135,749
Insurance -- 0.2%
AFLAC, Inc. 6.50% 2009...................................... 560,000 511,743
-------------
16,861,166
-------------
INDUSTRIAL & COMMERCIAL -- 0.8%
Business Services -- 0.1%
Enron Corp. 7.88% 2003...................................... 184,000 186,188
Multi-Industry -- 0.6%
Loews Corp. 3.13% 2007...................................... 1,680,000 1,423,968
Transportation -- 0.1%
Compania Sud Americana de Vapores SA 7.38% 2003............. 50,000 46,520
Union Pacific Corp. 5.78% 2001.............................. 128,000 125,260
Union Pacific Corp. 6.34% 2003.............................. 130,000 124,706
-------------
1,906,642
-------------
INFORMATION & ENTERTAINMENT -- 2.6%
Broadcasting & Media -- 1.6%
Belo Corp. 7.75% 2027....................................... 168,000 140,703
Hearst Argyle Television, Inc. 7.50% 2027................... 647,000 568,183
News America, Inc. 6.63% 2008............................... 22,000 20,279
News America, Inc. 7.30% 2028............................... 288,000 253,524
Time Warner Entertainment Co. 8.38% 2033.................... 253,000 260,350
Time Warner Entertainment Co. 10.15% 2012................... 830,000 961,173
Time Warner, Inc. 6.88% 2018................................ 334,000 298,840
Time Warner Pass Through Asset Trust 6.10% 2001*............ 1,202,000 1,180,556
Leisure & Tourism -- 1.0%
American Airlines, Inc. 6.86% 2009.......................... 172,160 168,042
Continental Airlines, Inc. 6.55% 2019....................... 1,044,008 939,660
Northwest Airlines Corp. 8.07% 2019......................... 304,000 304,705
Northwest Airlines, Inc. 6.81% 2020......................... 985,006 882,890
-------------
5,978,905
-------------
INFORMATION TECHNOLOGY -- 1.1%
Telecommunications -- 1.1%
American Tower Corp. 5.00% 2010*............................ 360,000 373,950
Deutsche Telekom International 8.00% 2010................... 461,000 464,987
Metronet Communications Corp. zero coupon 2008(1)........... 74,000 60,530
</TABLE>
---------------------
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<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Telecommunications (continued)
TCI Communications Financing II 9.65% 2027.................. $ 1,383,000 $ 1,546,083
Telecom de Puerto Rico, Inc. 6.65% 2006..................... 150,000 141,723
-------------
2,587,273
-------------
MATERIALS -- 0.3%
Forest Products -- 0.3%
Georgia-Pacific Corp. 7.70% 2015............................ 400,000 374,996
Georgia-Pacific Corp. 9.50% 2022............................ 220,000 229,064
Georgia-Pacific Corp. 9.95% 2002............................ 110,000 113,732
-------------
717,792
-------------
REAL ESTATE -- 0.0%
Real Estate Companies -- 0.0%
Socgen Real Estate Co. LLC, 7.64% 2007*(1)(3)............... 124,000 114,070
-------------
U.S. GOVERNMENT & AGENCIES -- 15.0%
U.S. Government & Agencies -- 15.0%
Crimi Mae Corp. 6.70% 2008*................................. 140,000 126,077
Federal Home Loan Banks 5.70% 2009.......................... 510,000 464,498
Federal National Mortgage Association 5.72% 2008............ 385,000 350,257
Federal National Mortgage Association 6.50% 2028............ 1,319,438 1,247,218
Federal National Mortgage Association 6.50% 2028............ 345,512 326,509
Federal National Mortgage Association 6.50% 2028............ 338,540 319,920
Federal National Mortgage Association 6.63% 2009............ 425,000 410,325
Federal National Mortgage Association 7.00% 2029............ 2,000,001 1,931,241
Federal National Mortgage Association 7.00% 2030............ 2,906,686 2,806,755
Federal National Mortgage Association 7.00% 2030............ 804,335 776,682
Federal National Mortgage Association 7.25% 2010............ 3,389,000 3,417,603
Federal National Mortgage Association 7.50% 2030............ 1,999,801 1,970,424
Government National Mortgage Association 7.00% 2027......... 1,733,254 1,684,498
Government National Mortgage Association 7.00% 2028......... 483,250 469,657
Government National Mortgage Association 7.50% 2026......... 1,103,782 1,094,819
Government National Mortgage Association 7.50% 2029......... 951,265 942,637
Government National Mortgage Association 8.00% 2022......... 1,858,617 1,880,679
Government National Mortgage Association 8.00% 2029......... 1,869,530 1,884,711
Government National Mortgage Association 8.00% 2029......... 986,116 994,123
United States Treasury Bonds 6.13% 2029..................... 3,952,000 4,067,477
United States Treasury Bonds 9.88% 2015..................... 1,072,000 1,463,784
United States Treasury Notes 6.00% 2004..................... 406,000 402,699
United States Treasury Notes 6.00% 2009..................... 292,000 290,038
United States Treasury Notes 6.50% 2010..................... 3,522,000 3,638,120
United States Treasury Notes 6.75% 2005..................... 2,000,000 2,048,740
-------------
35,009,491
-------------
UTILITIES -- 5.4%
Electric Utilities -- 3.5%
Cleveland Electric Illuminating Co. 7.67% 2004.............. 1,694,000 1,672,063
CMS Energy Corp. 8.00% 2011*(1)............................. 191,000 188,474
CMS Energy Corp. 8.38% 2003*(1)............................. 126,000 121,984
Commonwealth Edison Co. 8.50% 2022.......................... 423,000 426,329
Connecticut Light & Power Co. 8.59% 2003*................... 250,000 248,660
Dominion Resources, Inc. 7.63% 2005......................... 275,000 275,011
Entergy Mississippi, Inc. 6.20% 2004........................ 208,000 198,726
Niagara Mohawk Power Corp. 7.25% 2002....................... 1,005,610 996,117
Niagara Mohawk Power Corp. 7.38% 2003....................... 66,000 65,865
Niagara Mohawk Power Corp. 7.75% 2006....................... 649,000 651,421
</TABLE>
---------------------
55
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<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
UTILITIES (continued)
Electric Utilities (continued)
Northeast Utilities 8.58% 2006.............................. $ 150,216 $ 151,222
NSTAR 8.00% 2010............................................ 204,000 205,446
Texas Utilities Co. 5.94% 2001*(1).......................... 160,000 156,922
Toledo Edison Co. 7.88% 2004................................ 1,000,000 978,890
TXU Eastern Funding Co. 6.15% 2002.......................... 112,000 108,935
UtiliCorp United, Inc. 7.00% 2004........................... 108,000 103,481
Waterford 3 Funding-Entergy Corp. 8.09% 2017................ 297,893 283,466
Wisconsin Electric Power Co. 6.63% 2002..................... 1,400,000 1,382,304
Gas & Pipeline Utilities -- 0.4%
Tennessee Gas Pipeline Co. 7.63% 2037....................... 325,000 301,945
Texas Gas Transmission Corp. 7.25% 2027..................... 550,000 510,515
Williams Gas Pipelines 7.38% 2006*.......................... 115,000 113,269
Telephone -- 1.5%
BellSouth Capital Funding Corp. 7.75% 2010.................. 637,000 638,828
Sprint Capital Corp. 5.88% 2004............................. 612,000 578,040
Sprint Capital Corp. 6.50% 2001............................. 1,135,000 1,121,721
Sprint Capital Corp. 6.90% 2019............................. 765,000 679,345
United States West Communications, Inc. 7.63% 2003*......... 397,000 398,036
-------------
12,557,015
-------------
TOTAL BONDS & NOTES (cost $86,195,634)...................... 84,603,113
-------------
<CAPTION>
RIGHTS -- 0.0%+ RIGHTS
-----------------------------------------------------------------------------------------
<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 $210,750,613)............. 217,107,026
-------------
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES -- 5.9% AMOUNT
-----------------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE SHORT-TERM NOTES -- 0.2%
AT&T Capital Corp. 6.25% due 5/15/01........................ $ 99,000 98,063
Connecticut Light & Power Co. 7.88% due 6/1/01.............. 49,000 49,177
Joseph E. Seagram & Sons, Inc. 6.79% due 4/15/01............ 319,000 315,344
-------------
462,584
-------------
</TABLE>
---------------------
56
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<TABLE>
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES (CONTINUED) AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
FEDERAL AGENCY OBLIGATIONS -- 5.7%
Federal Home Loan Bank Consolidated Discount Notes 6.43% due
8/1/00.................................................... $13,300,000 $ 13,300,000
------------
TOTAL SHORT-TERM SECURITIES (cost $13,766,703).............. 13,762,584
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS --
(cost $224,517,316) 99.0% 230,869,610
Other assets less liabilities -- 1.0 2,285,956
------ ------------
NET ASSETS -- 100.0% $233,155,566
====== ============
</TABLE>
-----------------------------
+ Non-income producing securities
* Resale restricted to qualified institutional buyers
ADR -- American Depository Receipt
(1) Variable rate security; rate as of July 31, 2000
(2) Fair valued security; see Note 2
(3) Represents a zero coupon bond which will convert to an
interest-bearing security at a later date
See Notes to Financial Statements
---------------------
57
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---------------------
SUNAMERICA SERIES TRUST
ASSET ALLOCATION PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 59.4% SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 3.9%
Apparel & Textiles -- 0.1%
NIKE, Inc., Class B......................................... 21,200 $ 927,500
Automotive -- 0.6%
Crane Co. .................................................. 34,300 754,600
Ford Motor Co. ............................................. 25,400 1,182,688
General Motors Corp. ....................................... 13,388 762,279
General Motors Corp., Class H............................... 53,694 1,389,332
Retail -- 3.2%
CVS Corp. .................................................. 48,100 1,896,944
Gap, Inc. .................................................. 17,000 608,813
Home Depot, Inc. ........................................... 83,400 4,315,950
Kroger Co. ................................................. 76,600 1,584,662
May Department Stores Co. .................................. 30,200 717,250
RadioShack Corp. ........................................... 19,400 1,093,675
Wal-Mart Stores, Inc.@ ..................................... 166,200 9,130,612
Walgreen Co. ............................................... 79,100 2,466,931
-------------
26,831,236
-------------
CONSUMER STAPLES -- 3.9%
Food, Beverage & Tobacco -- 2.6%
Anheuser-Busch Cos., Inc. .................................. 16,000 1,288,000
Coca-Cola Co. .............................................. 80,300 4,923,394
Nabisco Group Holding Corp. ................................ 50,400 1,335,600
PepsiCo, Inc. .............................................. 81,000 3,710,812
Philip Morris Cos., Inc. ................................... 103,700 2,618,425
Quaker Oats Co. ............................................ 22,300 1,499,675
Safeway, Inc.+.............................................. 19,100 860,694
W.M. Wrigley Jr. Co. ....................................... 16,800 1,276,800
Household Products -- 1.3%
Avon Products, Inc. ........................................ 25,100 996,156
Colgate-Palmolive Co. ...................................... 52,900 2,945,869
Energizer Holdings, Inc.+................................... 47,166 1,137,880
Fort James Corp. ........................................... 15,600 476,775
Gillette Co. ............................................... 18,600 542,887
Kimberly-Clark Corp. ....................................... 8,700 499,706
Procter & Gamble Co. ....................................... 42,000 2,388,750
-------------
26,501,423
-------------
ENERGY -- 4.0%
Energy Services -- 1.0%
Baker Hughes, Inc. ......................................... 7,700 266,613
Diamond Offshore Drilling, Inc. ............................ 8,900 334,306
Halliburton Co. ............................................ 29,300 1,351,462
Santa Fe International Corp. ............................... 15,900 558,488
Schlumberger Ltd. .......................................... 49,000 3,622,937
Transocean Sedco Forex, Inc. ............................... 14,100 697,950
Energy Sources -- 3.0%
Anadarko Petroleum Corp. ................................... 39,721 1,899,161
Chevron Corp. .............................................. 13,200 1,042,800
</TABLE>
---------------------
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
ENERGY (continued)
Energy Sources (continued)
Exxon Mobil Corp.@.......................................... 123,880 $ 9,910,400
Royal Dutch Petroleum Co. ADR............................... 78,500 4,572,625
Texaco, Inc. ............................................... 25,700 1,270,544
Unocal Corp. ............................................... 41,300 1,249,325
USX-Marathon Group, Inc. ................................... 35,700 867,956
-------------
27,644,567
-------------
FINANCE -- 7.2%
Banks -- 1.9%
Ambac Financial Group, Inc. ................................ 27,700 1,784,919
Bank of America Corp. ...................................... 33,100 1,568,113
Bank of New York Co., Inc. ................................. 35,300 1,652,481
Bank One Corp. ............................................. 18,500 588,531
Chase Manhattan Corp. ...................................... 20,700 1,028,531
Mellon Financial Corp. ..................................... 46,600 1,756,237
State Street Corp. ......................................... 26,200 2,629,825
Wells Fargo & Co. .......................................... 58,700 2,425,044
Financial Services -- 3.9%
Charles Schwab Corp. ....................................... 52,800 1,907,400
Citigroup, Inc. ............................................ 133,100 9,391,869
Federal Home Loan Mortgage Corp. ........................... 95,100 3,750,506
Federal National Mortgage Association....................... 45,700 2,279,288
Household International, Inc. .............................. 9,700 432,256
MBNA Corp. ................................................. 82,200 2,743,425
Merrill Lynch & Co., Inc. .................................. 6,700 865,975
Morgan (J.P.) & Co., Inc. .................................. 3,000 400,500
Morgan Stanley, Dean Witter & Co. .......................... 18,800 1,715,500
Nationwide Financial Services, Inc., Class A................ 20,800 764,400
The Hartford Financial Services Group, Inc. ................ 32,600 2,094,550
Insurance -- 1.4%
AFLAC, Inc. ................................................ 54,700 2,840,981
MetLife, Inc.+.............................................. 103,800 2,179,800
XL Capital Ltd., Class A.................................... 68,100 4,494,600
-------------
49,294,731
-------------
HEALTHCARE -- 6.1%
Drugs -- 4.9%
American Home Products Corp. ............................... 24,300 1,289,419
Bristol-Myers Squibb Co.@................................... 122,200 6,064,175
Eli Lilly & Co. ............................................ 29,300 3,043,538
Merck & Co., Inc. .......................................... 55,500 3,978,656
Pfizer, Inc.@............................................... 313,375 13,514,297
Pharmacia & Upjohn, Inc. ................................... 20,924 1,145,589
Schering-Plough Corp. ...................................... 81,900 3,537,056
SmithKline Beecham PLC ADR.................................. 15,200 972,800
Medical Products -- 1.2%
Abbott Laboratories, Inc. .................................. 19,200 799,200
Amgen, Inc.+................................................ 34,600 2,246,837
Baxter International, Inc. ................................. 11,600 901,900
Edwards Lifesciences Corp................................... 3,460 75,471
Johnson & Johnson Co. ...................................... 44,300 4,122,669
-------------
41,691,607
-------------
</TABLE>
---------------------
59
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL -- 5.0%
Aerospace & Military Technology -- 0.3%
Honeywell International, Inc. .............................. 23,200 $ 780,100
United Technologies Corp. .................................. 19,100 1,114,962
Business Services -- 0.9%
Agilent Technologies, Inc.+................................. 3,166 129,015
Cendant Corp.+.............................................. 67,300 862,281
Convergys Corp.+............................................ 39,200 1,766,450
Electronic Data Systems Corp. .............................. 8,400 361,200
First Data Corp. ........................................... 50,000 2,303,125
Maxim Integrated Products, Inc.+............................ 5,400 356,737
S1 Corp.+................................................... 10,100 256,919
Waste Management, Inc. ..................................... 14,700 274,706
Electrical Equipment -- 2.4%
Best Buy Co., Inc.+......................................... 5,400 392,850
General Electric Co.@....................................... 313,300 16,115,369
Machinery -- 0.3%
Caterpillar, Inc. .......................................... 13,800 470,063
Deere & Co. ................................................ 15,300 590,006
Parker-Hannifin Corp. ...................................... 22,200 789,487
Multi-Industry -- 1.0%
Minnesota Mining & Manufacturing Co. ....................... 43,100 3,881,694
Textron, Inc. .............................................. 12,200 696,163
Tyco International Ltd. .................................... 41,200 2,204,200
Transportation -- 0.1%
Canadian National Railway Co. .............................. 31,900 1,014,819
-------------
34,360,146
-------------
INFORMATION & ENTERTAINMENT -- 5.4%
Broadcasting & Media -- 3.7%
AMFM, Inc.+................................................. 12,800 914,400
AT&T Corp. Liberty Media Group, Inc., Class A+.............. 131,780 2,932,105
Belo A.H. Corp., Series A................................... 82,200 1,587,488
Cablevision Systems Corp., Class A+......................... 11,300 743,681
Crown Castle International Corp.+# ......................... 24,400 829,600
EchoStar Communications Corp., Class A+..................... 14,600 575,788
Gannett Co., Inc. .......................................... 12,600 678,825
Gemstar-TV Guide International, Inc.+....................... 5,800 352,713
Infinity Broadcasting Corp., Class A+....................... 48,000 1,692,000
New York Times Co., Class A................................. 28,500 1,173,844
Time Warner, Inc. .......................................... 81,100 6,219,356
Tribune Co. ................................................ 13,800 448,500
Valassis Communications, Inc.+.............................. 41,850 1,407,206
Viacom, Inc., Class B+...................................... 89,512 5,935,764
Leisure & Tourism -- 1.7%
Carnival Corp. ............................................. 84,400 1,577,225
Harrah's Entertainment, Inc.+............................... 69,330 1,737,583
Marriott International, Inc., Class A....................... 44,300 1,772,000
McDonald's Corp. ........................................... 86,800 2,734,200
Southwest Airlines Co. ..................................... 56,900 1,344,263
Walt Disney Co. ............................................ 69,800 2,700,387
-------------
37,356,928
-------------
</TABLE>
---------------------
60
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY -- 18.8%
Communication Equipment -- 0.7%
Motorola, Inc. ............................................. 78,765 $ 2,604,168
Network Appliance, Inc.+.................................... 4,200 361,988
QUALCOMM, Inc.+............................................. 25,800 1,675,387
Computers & Business Equipment -- 6.1%
Apple Computer, Inc.+....................................... 5,400 274,388
Cisco Systems, Inc.+@....................................... 229,500 15,017,906
Compaq Computer Corp. ...................................... 42,600 1,195,463
Dell Computer Corp.+........................................ 81,400 3,576,512
EMC Corp.+.................................................. 80,300 6,835,537
Hewlett-Packard Co. ........................................ 19,900 2,172,831
International Business Machines Corp. ...................... 59,300 6,667,544
Sun Microsystems, Inc.+..................................... 49,500 5,219,156
VERITAS Software Corp.+..................................... 9,650 983,697
Xerox Corp. ................................................ 10,700 159,163
Computer Services -- 1.4%
Automatic Data Processing, Inc. ............................ 34,200 1,695,038
CheckFree Holdings Corp.+................................... 10,100 613,575
Oracle Corp.+............................................... 92,800 6,977,400
Computer Software -- 1.9%
Computer Associates International, Inc. .................... 10,300 255,569
E.piphany, Inc.+............................................ 1,800 167,512
Microsoft Corp.+@........................................... 180,800 12,622,100
Electronics -- 3.8%
Advanced Micro Devices, Inc.+............................... 2,700 194,231
Analog Devices, Inc.+....................................... 6,100 407,938
Applied Materials, Inc.+.................................... 18,300 1,388,512
Broadcom Corp., Class A+.................................... 1,100 246,675
Emerson Electric Co. ....................................... 8,400 512,925
Intel Corp.@ ............................................... 234,800 15,672,900
JDS Uniphase Corp.+......................................... 20,140 2,379,037
KLA-Tencor Corp.+........................................... 3,200 170,400
Novellus Systems, Inc.+..................................... 3,500 188,781
PMC-Sierra, Inc.+........................................... 2,200 426,525
Texas Instruments, Inc. .................................... 60,000 3,521,250
Xilinx, Inc.+............................................... 12,300 923,269
Internet Content -- 0.2%
DoubleClick, Inc.+.......................................... 8,600 309,062
Yahoo!, Inc.+............................................... 9,700 1,248,269
Internet Software -- 0.6%
America Online, Inc.+....................................... 61,300 3,268,056
VeriSign, Inc.+............................................. 7,095 1,125,888
Telecommunications -- 4.1%
Amdocs, Ltd.+@.............................................. 3,500 235,156
Clear Channel Communications, Inc.+......................... 6,300 479,981
Comcast Corp., Class A+..................................... 56,000 1,904,875
Corning, Inc.@.............................................. 15,400 3,602,637
Corvis Corp.+............................................... 14,800 1,218,456
Lucent Technologies, Inc. .................................. 107,800 4,716,250
Nortel Networks Corp. ...................................... 109,800 8,166,375
Qwest Communications International, Inc.+................... 29,800 1,398,738
Verizon Communications...................................... 122,982 5,780,154
Vodafone AirTouch PLC ADR+.................................. 22,100 953,063
-------------
129,514,337
-------------
</TABLE>
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COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
MATERIALS -- 1.4%
Chemicals -- 0.6%
Dow Chemical Co. ........................................... 51,480 $ 1,480,050
du Pont (E.I.) de Nemours & Co. ............................ 66,083 2,994,386
Forest Products -- 0.6%
Bowater, Inc. .............................................. 18,900 930,825
International Paper Co. .................................... 54,600 1,856,400
Weyerhaeuser Co. ........................................... 12,100 552,819
Willamette Industries, Inc. ................................ 24,700 748,718
Metals & Minerals -- 0.2%
Alcoa, Inc. ................................................ 47,200 1,427,800
-------------
9,990,998
-------------
REAL ESTATE -- 0.3%
Real Estate Investment Trusts -- 0.3%
Starwood Hotels & Resorts Worldwide, Inc. .................. 54,100 1,846,163
-------------
UTILITIES -- 3.4%
Electric Utilities -- 1.1%
AES Corp.+ ................................................. 61,200 3,270,375
Duke Energy Corp. .......................................... 7,100 437,981
Entergy Corp. .............................................. 32,900 892,413
FPL Group, Inc. ............................................ 23,600 1,138,700
Niagara Mohawk Holdings, Inc.+.............................. 83,800 1,115,587
Southern Co. ............................................... 14,900 364,119
Unicom Corp. ............................................... 9,700 398,306
Gas & Pipeline Utilities -- 0.1%
Enron Corp. ................................................ 11,400 839,325
Telephone -- 2.2%
ALLTEL Corp. ............................................... 4,700 289,638
AT&T Corp. ................................................. 40,923 1,266,055
NEXTLINK Communications, Inc., Class A+..................... 8,000 264,500
SBC Communications, Inc. ................................... 95,726 4,074,338
Sprint Corp. ............................................... 44,200 1,574,625
Sprint Corp. (PCS Group)+................................... 49,900 2,756,975
WorldCom, Inc.+............................................. 112,700 4,402,344
-------------
23,085,281
-------------
TOTAL COMMON STOCK (cost $371,390,695)...................... 408,117,417
-------------
<CAPTION>
PREFERRED STOCK -- 0.0%
-----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT -- 0.0%
Broadcasting & Media -- 0.0%
CSC Holdings, Inc. Series M 11.13%(4) (cost $299,585)....... 2,940 310,121
-------------
<CAPTION>
PRINCIPAL
BONDS & NOTES -- 36.0% AMOUNT
-----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 0.6%
Automotive -- 0.4%
DaimlerChrysler AG 7.45% 2027............................... $ 335,000 320,099
DaimlerChrysler NA Holdings 6.90% 2004...................... 265,000 258,873
</TABLE>
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<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY (continued)
Automotive (continued)
Ford Motor Co. 6.63% 2028................................... $ 800,000 $ 679,328
Lear Corp. 9.50% 2006....................................... 500,000 489,845
TRW, Inc. 6.63% 2004........................................ 1,250,000 1,192,153
Housing -- 0.1%
Owens Corning Co. 7.50% 2005................................ 1,555,000 746,338
Retail -- 0.1%
Federated Department Stores, Inc. 8.50% 2003................ 650,000 650,214
-------------
4,336,850
-------------
CONSUMER STAPLES -- 0.7%
Food, Beverage & Tobacco -- 0.7%
Ahold Finance USA, Inc. 8.25% 2010.......................... 335,000 337,425
Aurora Foods, Inc., Series B 8.75% 2008..................... 185,000 114,700
Aurora Foods, Inc., Series B 9.88% 2007..................... 160,000 99,200
Fred Meyer, Inc. 7.45% 2008................................. 800,000 769,064
International Home Foods, Inc. 10.38% 2006.................. 500,000 537,500
Keebler Corp. 10.75% 2006................................... 500,000 531,250
Philip Morris Cos., Inc. 6.95% 2006......................... 465,000 458,881
Philip Morris Cos., Inc. 7.00% 2005......................... 800,000 755,192
R.J. Reynolds Tobacco Holdings, Inc., Series B 7.38% 2003... 770,000 721,935
Safeway, Inc. 5.88% 2001.................................... 310,000 304,178
Safeway, Inc. 6.05% 2003.................................... 530,000 507,157
-------------
5,136,482
-------------
ENERGY -- 0.5%
Energy Services -- 0.1%
Edison Mission Energy Funding Corp., Series A 6.77% 2003*... 155,635 151,034
Petroleum Geo-Services ASA 7.13% 2028....................... 275,000 232,403
Energy Sources -- 0.4%
Calenergy Co., Inc. 7.23% 2005.............................. 685,000 670,046
Gulf Canada Resources Ltd. 9.25% 2004....................... 490,000 492,754
Occidental Petroleum Corp. 6.50% 2005....................... 390,000 373,444
Occidental Petroleum Corp. 7.20% 2028....................... 315,000 285,548
Occidental Petroleum Corp. 7.65% 2006....................... 355,000 354,854
Pemex Finance Ltd. 9.03% 2011*.............................. 300,000 304,884
Phillips Petroleum Co. 8.50% 2005........................... 450,000 467,451
-------------
3,332,418
-------------
FINANCE -- 7.3%
Banks -- 1.3%
Bank of America Corp. 7.25% 2025............................ 1,650,000 1,529,847
Capital One Bank 6.38% 2003................................. 1,000,000 961,590
Capital One Bank 6.76% 2002................................. 1,000,000 982,242
Citicorp, Inc. 8.00% 2003................................... 750,000 763,680
First Union Corp. 7.10% 2004................................ 990,000 969,794
Hanvit Bank 11.75% 2010(1)(3)............................... 200,000 198,500
Hanvit Bank 11.75% 2010*(3)................................. 240,000 235,200
HSBC Holdings PLC 7.50% 2009................................ 295,000 290,619
National Westminster Bank 7.38% 2009........................ 690,000 673,495
Providian National Bank 6.65% 2004.......................... 500,000 474,255
Wells Fargo & Co. 6.63% 2004................................ 1,185,000 1,155,279
Wells Fargo Bank 7.80% 2010(3).............................. 485,000 489,254
Financial Services -- 5.2%
Arcadia Auto Receivables Trust 7.20% 2000(1)................ 2,900,165 2,890,649
Asset Securitization Corp. 7.49% 2029....................... 1,450,000 1,448,353
</TABLE>
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PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (continued)
Financial Services (continued)
Autoflow Grantor Trust 7.48% 2002(1)........................ $ 73,050 $ 72,868
Chase Commercial Mortgage Securities Corp. 7.37% 2007....... 2,500,000 2,489,648
Chemical Master Credit Card Trust 1 5.98% 2008.............. 1,610,000 1,528,486
Countrywide Capital Corp., Series B 8.05% 2027.............. 1,300,000 1,167,062
Countrywide Funding Corp. 6.70% 2005........................ 300,000 287,322
Countrywide Funding Corp., Series B 6.97% 2003.............. 1,000,000 986,030
Countrywide Funding Corp., Series F 6.45% 2003.............. 300,000 292,458
Credit Suisse First Boston Mortgage Securities Corp. 6.55%
2007...................................................... 2,000,000 1,895,136
Credit Suisse First Boston Mortgage Securities Corp. 6.91%
2008(1)................................................... 2,396,847 2,350,269
Discover Card Master Trust I 7.18% 2000..................... 700,000 696,717
Fasco Auto Trust 6.65% 2001................................. 106,223 105,715
First Union-Lehman Brothers Commercial Mortgage Trust 6.60%
2007...................................................... 2,250,000 2,177,789
First Union-Lehman Brothers Commercial Mortgage Trust 7.30%
2006...................................................... 1,050,000 1,047,305
Ford Motor Credit Co. 6.00% 2003............................ 1,000,000 968,330
Ford Motor Credit Co. 6.70% 2004............................ 235,000 227,879
General Motors Acceptance Corp. 5.75% 2003.................. 2,645,000 2,514,776
General Motors Acceptance Corp. 7.48% 2003.................. 1,400,000 1,403,849
Household Finance Corp. 6.00% 2004.......................... 1,440,000 1,365,336
IMC Home Equity Loan Trust 8.05% 2026....................... 2,000,000 2,014,280
Merrill Lynch Mortgage Investments, Inc. 6.39% 2030......... 3,000,000 2,818,440
NWA Trust, Series A 8.26% 2006.............................. 200,355 199,267
PTC International Finance zero coupon 2007(1)(2)............ 550,000 368,500
Residential Funding Mortgage Securities I, Inc. 7.00%
2028...................................................... 3,000,000 2,754,270
U.S. West Capital Funding, Inc. 6.88% 2028.................. 475,000 412,119
United States West Capital Funding, Inc. 6.88% 2001......... 1,500,000 1,493,460
Insurance -- 0.8%
Conseco, Inc. 8.50% 2002.................................... 715,000 521,950
Providian Master Trust 6.60% 2007(1)........................ 5,000,000 4,938,281
-------------
50,160,299
-------------
HEALTHCARE -- 0.1%
Health Services -- 0.1%
Tenet Healthcare Corp. 8.00% 2005........................... 430,000 418,712
-------------
INDUSTRIAL & COMMERCIAL -- 1.3%
Aerospace & Military Technology -- 0.2%
Raytheon Co. 5.70% 2003..................................... 1,200,000 1,127,136
Business Services -- 0.6%
Allied Waste North America, Inc., Series B 7.63% 2006....... 500,000 446,250
Allied Waste North America, Inc., Series B 10.00% 2009...... 250,000 217,500
Comdisco Inc. 6.13% 2003.................................... 2,070,000 1,942,227
Hertz Corp. 7.00% 2003...................................... 750,000 737,257
United Rentals, Inc., Series B 8.80% 2008................... 500,000 451,250
WESCO Distribution, Inc., Series B 9.13% 2008............... 250,000 234,063
Machinery -- 0.1%
Hayes Lemmerz International, Inc. 11.00% 2006............... 500,000 502,500
Multi-Industry -- 0.3%
Fisher Scientific International, Inc 9.00% 2008............. 500,000 461,250
Fisher Scientific International, Inc. 9.00% 2008............ 250,000 230,625
Tyco International Group SA 5.88% 2004...................... 1,765,000 1,659,706
Transportation -- 0.1%
MRS Logistica SA 10.63% 2005*............................... 110,000 91,575
MRS Logistica SA, Series B 10.63% 2005...................... 180,000 150,642
Newport News Shipbuilding, Inc. 8.63% 2006.................. 375,000 367,500
</TABLE>
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<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL (continued)
Transportation (continued)
Newport News Shipbuilding, Inc. 9.25% 2006.................. $ 125,000 $ 124,375
TFM SA de CV zero coupon 2009(1)(2)......................... 370,000 284,900
-------------
9,028,756
-------------
INFORMATION & ENTERTAINMENT -- 1.9%
Broadcasting & Media -- 1.5%
Adelphia Communications Corp. 7.88% 2009.................... 250,000 207,500
Adelphia Communications Corp. 9.38% 2009.................... 250,000 227,500
Chancellor Media Corp. 8.00% 2008........................... 250,000 252,500
Chancellor Media Corp., Series B 8.13% 2007................. 500,000 503,750
Charter Communications Holdings zero coupon 2011(2)......... 750,000 431,250
Joseph E. Seagram & Sons, Inc. 6.25% 2001................... 940,000 926,132
Lenfest Communications, Inc. 8.25% 2008..................... 500,000 496,250
Lenfest Communications, Inc. 8.38% 2005..................... 140,000 143,972
News America Holdings, Inc. 8.00% 2016...................... 135,000 131,166
News America Holdings, Inc. 8.50% 2005...................... 550,000 566,781
News America, Inc. 7.25% 2018............................... 1,600,000 1,438,768
Paramount Communications, Inc. 7.50% 2002................... 200,000 199,516
Rogers Cablesystems Ltd. 9.63% 2002......................... 440,000 448,800
Time Warner, Inc. 6.85% 2026................................ 1,750,000 1,702,942
Viacom Inc. 7.70% 2010...................................... 325,000 323,664
Viacom, Inc. 6.75% 2003..................................... 2,020,000 1,987,478
Cable -- 0.2%
Comcast UK Cable Partners Ltd. zero coupon 2007(2).......... 500,000 468,750
Telewest Communications PLC zero coupon 2007(2)............. 625,000 600,000
Telewest Communications PLC zero coupon 2009(2)............. 250,000 140,000
Telewest Communications PLC 11.38% 2010*(2)................. 500,000 276,250
Leisure & Tourism -- 0.2%
Continental Airlines, Inc. 6.54% 2009....................... 373,201 352,578
ITT Corp. 6.25% 2000........................................ 1,215,000 1,205,559
-------------
13,031,106
-------------
INFORMATION TECHNOLOGY -- 1.6%
Cellular -- 0.1%
Crown Castle International Corp. zero coupon 2011#(2)....... 750,000 468,750
Crown Castle International Corp. zero coupon 2011#(2)....... 250,000 161,250
Electronics -- 0.1%
Flextronics International Ltd. 9.88% 2010*.................. 250,000 255,000
Metromedia Fiber Network, Inc. 10.00% 2009.................. 250,000 242,500
Telecommunications -- 1.4%
Alaska Communications Systems Holdings, Inc. 9.38% 2009..... 375,000 345,937
Global Crossing Holdings Ltd. 9.13% 2006.................... 375,000 361,875
Intermedia Communications, Inc., Series B zero coupon
2007(2)................................................... 250,000 172,500
Intermedia Communications, Inc., Series B 8.60% 2008........ 500,000 402,500
Level 3 Communications, Inc. 11.00% 2008.................... 625,000 600,000
MCI Worldcom, Inc. 6.13% 2001............................... 200,000 197,634
MCI Worldcom, Inc. 6.40% 2005............................... 1,380,000 1,318,699
McLeodUSA, Inc. 8.13% 2009.................................. 250,000 225,000
Metronet Communications Corp. zero coupon 2008(2)........... 835,000 683,005
Nextel Communications, Inc. 9.38% 2009...................... 500,000 475,000
Northwest Airlines, Inc. 8.97% 2015......................... 1,548,646 1,556,637
Orange PLC 9.00% 2009....................................... 750,000 762,187
PanAmSat Corp. 6.13% 2005................................... 880,000 785,902
Price Communications Wireless, Inc., Series B 9.13% 2006.... 750,000 746,250
</TABLE>
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<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Telecommunications (continued)
Tele-Communications, Inc. 8.25% 2003........................ $ 500,000 $ 514,740
Tele-Communications, Inc. 9.65% 2003........................ 300,000 310,143
-------------
10,585,509
-------------
MATERIALS -- 0.3%
Chemicals -- 0.1%
Huntsman ICI Chemicals LLC 10.13% 2009...................... 250,000 254,375
Lyondell Chemical Co., Series B 9.88% 2007.................. 375,000 375,000
Forest Products -- 0.2%
Grupo Industrial Durango SA de CV 12.63% 2003(1)............ 260,000 262,382
Riverwood International Corp. 10.25% 2006................... 250,000 246,250
Riverwood International Corp. 10.63% 2007................... 250,000 246,875
SD Warren Co. 14.00% 2006................................... 500,000 552,500
-------------
1,937,382
-------------
NON-U.S. GOVERNMENT OBLIGATIONS -- 1.4%
Foreign Government -- 1.4%
Government of Poland 4.00% 2000(2).......................... 450,000 278,743
Province of Quebec 5.74% 2001............................... 265,000 263,535
Province of Quebec 7.50% 2023............................... 2,135,000 2,127,378
Province of Saskatchewan 8.50% 2022......................... 220,000 242,911
Republic of Brazil 8.00% 2014(3)............................ 417,448 310,171
Republic of Brazil 12.25% 2030.............................. 330,000 319,894
Republic of Brazil 14.50% 2009.............................. 90,000 97,474
Republic of Bulgaria, Series A 3.00% 2001(3)................ 1,420,000 1,073,875
Republic of Panama 7.88% 2002............................... 680,000 671,500
Republic of Panama 7.93% 2000(3)............................ 1,043,133 1,021,778
Republic of Panama 9.38% 2029............................... 510,000 493,221
Republic of Peru 3.75% 2001* (3)............................ 1,270,000 785,813
Republic of Philippines 9.50% 2024(1)....................... 370,000 344,100
Republic of Philippines 10.63% 2025(1)...................... 740,000 613,737
Republic of Turkey 11.75% 2010.............................. 390,000 402,675
State of Qatar 9.50% 2009................................... 310,000 318,950
State of Qatar 9.75% 2030*.................................. 200,000 202,000
United Mexican States 9.88% 2010............................ 270,000 283,500
-------------
9,851,255
-------------
REAL ESTATE -- 0.3%
Real Estate Companies -- 0.1%
EOP Operating LP 6.38% 2002................................. 1,000,000 979,510
Real Estate Investment Trusts -- 0.2%
Liberty Property LP 7.10% 2004.............................. 215,000 206,667
Simon Property Group LP 6.63% 2003.......................... 1,200,000 1,149,420
-------------
2,335,597
-------------
U.S. GOVERNMENT & AGENCIES -- 19.0%
U.S. Government & Agencies -- 19.0%
Federal Home Loan Mortgage Corp. zero coupon 2022(1)(2)..... 15,000 608,510
Federal Home Loan Mortgage Corp. 6.00% 2028................. 1,367,361 1,256,263
Federal Home Loan Mortgage Corp. 6.00% 2029................. 1,958,651 1,799,511
Federal Home Loan Mortgage Corp. 6.00% 2029................. 982,060 902,267
Federal Home Loan Mortgage Corp. 6.00% 2029................. 701,595 644,591
Federal Home Loan Mortgage Corp. 6.00% 2029................. 984,033 904,080
Federal Home Loan Mortgage Corp. 7.00% 2027................. 962,701 932,308
Federal Home Loan Mortgage Corp. 7.00% 2028................. 995,429 964,003
Federal Home Loan Mortgage Corp. 7.00% 2028................. 2,815,534 2,723,129
</TABLE>
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<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT & AGENCIES (continued)
U.S. Government & Agencies (continued)
Federal Home Loan Mortgage Corp. 8.00% TBA.................. $ 5,500,000 $ 5,521,070
Federal Home Loan Mortgage Corp. 8.50% TBA.................. 4,000,000 4,072,480
Federal Home Loan Mortgage Corp. 8.50% TBA.................. 6,000,000 6,101,280
Federal National Mortgage Association zero coupon
2023(1)(2)................................................ 2,109,000 1,388,508
Federal National Mortgage Association 6.00% 2028............ 283,205 259,928
Federal National Mortgage Association 6.00% 2028............ 270,912 248,646
Federal National Mortgage Association 6.00% 2028............ 450,322 413,310
Federal National Mortgage Association 6.00% 2029............ 5,753,872 5,280,961
Federal National Mortgage Association 6.00% 2029............ 1,112,765 1,021,307
Federal National Mortgage Association 6.00% 2029............ 522,155 479,238
Federal National Mortgage Association 6.00% 2029............ 983,445 902,616
Federal National Mortgage Association 6.00% 2099............ 4,000,000 3,670,000
Federal National Mortgage Association 6.00% 2099............ 3,000,000 2,752,500
Federal National Mortgage Association 6.50% 2025............ 386,969 367,376
Federal National Mortgage Association 6.50% 2025............ 529,818 503,989
Federal National Mortgage Association 6.50% 2026............ 146,576 139,154
Federal National Mortgage Association 6.50% 2026............ 482,598 458,164
Federal National Mortgage Association 6.50% 2027............ 821,100 776,456
Federal National Mortgage Association 6.50% 2027............ 29,262 27,671
Federal National Mortgage Association 6.50% 2027............ 249,380 235,929
Federal National Mortgage Association 6.50% 2027............ 870,474 823,146
Federal National Mortgage Association 6.50% 2028............ 85,989 81,314
Federal National Mortgage Association 6.50% 2028............ 888,871 840,543
Federal National Mortgage Association 6.50% 2028............ 1,933,522 1,827,179
Federal National Mortgage Association 6.50% 2029............ 291,518 275,484
Federal National Mortgage Association 6.50% 2029............ 1,227,100 1,159,610
Federal National Mortgage Association 6.50% 2029............ 627,166 592,672
Federal National Mortgage Association 6.50% 2029............ 1,684,212 1,591,580
Federal National Mortgage Association 6.50% 2029............ 1,748,545 1,652,375
Federal National Mortgage Association 6.50% 2029............ 1,001,755 946,658
Federal National Mortgage Association 6.50% 2029............ 1,578,001 1,491,212
Federal National Mortgage Association 6.50% 2029............ 35,147 33,214
Federal National Mortgage Association 6.50% 2029............ 673,025 636,009
Federal National Mortgage Association 8.00% TBA............. 4,000,000 4,011,240
Government National Mortgage Association 6.50% 2023......... 561,763 536,091
Government National Mortgage Association 6.50% 2023......... 1,046,696 462,806
Government National Mortgage Association 6.50% 2023......... 344,360 328,647
Government National Mortgage Association 6.50% 2023......... 1,902,860 1,815,871
Government National Mortgage Association 6.50% 2023......... 1,268,876 1,210,976
Government National Mortgage Association 6.50% 2023......... 2,714,152 2,590,243
Government National Mortgage Association 6.50% 2023......... 6,173,324 5,891,059
Government National Mortgage Association 6.50% 2024......... 1,244,578 1,186,270
Government National Mortgage Association 6.50% 2024......... 334,634 318,967
Government National Mortgage Association 6.50% 2024......... 332,327 316,747
Government National Mortgage Association 6.50% 2024......... 444,303 423,629
Government National Mortgage Association 6.50% 2024......... 113,083 107,800
Government National Mortgage Association 6.50% 2026......... 1,882,015 1,790,436
Government National Mortgage Association 6.50% 2029......... 206,595 195,877
Government National Mortgage Association 7.00% 2022......... 731,724 714,345
Government National Mortgage Association 7.00% 2023......... 249,210 243,135
Government National Mortgage Association 7.00% 2023......... 964,104 943,219
Government National Mortgage Association 7.00% 2023......... 489,293 478,889
Government National Mortgage Association 7.00% 2023......... 1,285,166 1,253,835
Government National Mortgage Association 7.00% 2023......... 789,072 770,688
Government National Mortgage Association 7.00% 2023......... 819,113 800,988
Government National Mortgage Association 7.00% 2023......... 315,711 308,014
Government National Mortgage Association 8.00% TBA.......... 4,000,000 4,032,480
</TABLE>
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<CAPTION>
PRINCIPAL
BONDS & NOTES (CONTINUED) AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT & AGENCIES (continued)
U.S. Government & Agencies (continued)
Government National Mortgage Association 8.50% TBA.......... $ 4,000,000 $ 4,083,760
United States Treasury Bonds Strip zero coupon 2008......... 4,300,000 2,672,708
United States Treasury Bonds Strip zero coupon 2008......... 1,600,000 979,024
United States Treasury Bonds Strip zero coupon 2009......... 5,500,000 3,051,345
United States Treasury Bonds Strip zero coupon 2014......... 980,000 431,024
United States Treasury Bonds Strip zero coupon 2017......... 4,550,000 1,657,883
United States Treasury Bonds Strip zero coupon 2017......... 50,000 17,916
United States Treasury Bonds Strip zero coupon 2018......... 430,000 143,418
United States Treasury Bonds Strip zero coupon 2019......... 1,040,000 342,316
United States Treasury Bonds Strip zero coupon 2019......... 40,000 12,611
United States Treasury Bonds Strip zero coupon 2020......... 2,510,000 768,763
United States Treasury Bonds Strip zero coupon 2021......... 1,060,000 298,952
United States Treasury Bonds Strip zero coupon 2025......... 7,800,000 1,794,702
United States Treasury Bonds Strip zero coupon 2026......... 3,730,000 817,579
United States Treasury Bonds 7.88% 2021@.................... 1,600,000 1,925,248
United States Treasury Bonds 8.75% 2020@.................... 5,540,000 7,201,114
United States Treasury Notes 5.63% 2008..................... 2,300,000 2,225,618
United States Treasury Notes 5.75% 2002@.................... 14,000,000 13,825,000
-------------
130,287,474
-------------
UTILITIES -- 1.0%
Electric Utilities -- 0.2%
Niagara Mohawk Power Corp. 6.88% 2003....................... 870,000 851,695
Niagara Mohawk Power Corp. 7.38% 2003....................... 210,000 209,572
Niagara Mohawk Power Corp. 7.75% 2006....................... 300,000 301,119
Gas & Pipeline Utilities -- 0.3%
Williams Cos., Inc. 6.13% 2012.............................. 1,875,000 1,839,019
Telephone -- 0.5%
ALLTEL Corp. 7.13% 2003..................................... 1,330,000 1,319,853
Deutsche Telekom International Finance 7.75% 2005........... 875,000 878,413
Sprint Capital Corp. 5.88% 2004............................. 1,100,000 1,038,961
Sprint Capital Corp. 6.88% 2028............................. 350,000 302,270
-------------
6,740,902
-------------
TOTAL BONDS & NOTES (cost $251,233,118)..................... 247,182,742
-------------
TOTAL INVESTMENT SECURITIES (cost $622,923,398)............. 655,610,280
-------------
<CAPTION>
SHORT-TERM SECURITIES -- 2.1%
-----------------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE SHORT-TERM NOTES -- 1.4%
Capital One Bank 6.15% due 6/01/01.......................... 500,000 495,475
Capital One Bank 6.39% due 3/05/01.......................... 1,000,000 994,460
Chelsea GCA Realty, Inc. 7.75% due 1/26/01.................. 570,000 567,338
CMS Energy Corp., Series B 7.38% due 11/15/00............... 1,150,000 1,146,343
Continental Bank NA 12.50% due 4/01/01...................... 450,000 464,684
Kerr-McGee Corp. 10.00% due 4/01/01......................... 100,000 101,480
Long Island Savings Bank 6.20% due 4/02/01.................. 1,500,000 1,487,130
National Power Corp. 7.63% due 11/15/00..................... 620,000 618,397
Niagara Mohawk Power Corp., Series B 7.00% due 10/01/00..... 468,781 468,068
Providian National Bank 6.25% due 5/07/01................... 350,000 345,188
Security Pacific Corp. 11.50% due 11/15/00.................. 600,000 607,140
Waste Management, Inc. 7.13% due 6/15/01.................... 1,235,000 1,222,304
Westinghouse Electric Corp. 8.88% due 6/01/01............... 740,000 748,302
-------------
9,266,309
-------------
</TABLE>
---------------------
68
<PAGE> 69
<TABLE>
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES (CONTINUED) AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT & AGENCIES -- 0.7%
United States Treasury Notes 5.25% due 5/31/01@............. $5,000,000 $ 4,950,800
-------------
TOTAL SHORT-TERM SECURITIES (cost $14,273,006).............. 14,217,109
-------------
<CAPTION>
REPURCHASE AGREEMENT -- 5.5%
-----------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 5.5%
Agreement with State Street Bank & Trust Co., bearing
interest at 6.52%, dated 7/31/00, to be repurchased
8/01/00 in the amount of $37,932,869 and collateralized by
$29,675,000 of U.S. Treasury Bonds, bearing interest at
12.75%, due 11/15/10 and having an approximate value of
$38,688,781 (cost $37,926,000)........................... 37,926,000 37,926,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS --
(cost $675,122,403) 103.0% 707,753,389
Liabilities in excess of other assets -- (3.0) (20,392,797)
------ -------------
NET ASSETS -- 100.0% $ 687,360,592
====== =============
</TABLE>
-----------------------------
+ Non-income producing securities
* Resale restricted to qualified institutional buyers
# Security represents an investment in an affiliated company
ADR -- American Depository Receipt
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.
(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, 2000
(4) PIK ("Payment-in-Kind") payment made with additional
securities in lieu of cash
@ The security or a portion thereof represents collateral for
the following open futures contracts:
OPEN FUTURES CONTRACTS
------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF EXPIRATION VALUE AT VALUE AS OF
CONTRACTS DESCRIPTION DATE TRADE DATE JULY 31, 2000
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
143 Long U.S. Long Bond............... September 2000 $13,724,870 $14,098,906
192 Short U.S. 5 Year Note............. September 2000 18,588,477 19,047,000
45 Long U.S. 2 Year Note............. September 2000 8,939,991 8,941,641
10 Long U.S. 10 Year Note............ September 2000 990,044 988,900
52 Long S&P 500 Future............... September 2000 19,082,438 18,705,700
33 Long 90 Day Euro Future........... September 2002 7,661,251 7,667,138
33 Long 90 Day Euro Future........... September 2003 7,658,714 7,670,438
33 Long 90 Day Euro Future........... March 2003 7,661,214 7,669,613
33 Long 90 Day Euro Future........... March 2004 7,660,751 7,664,663
33 Long 90 Day Euro Future........... June 2003 7,661,214 7,667,963
33 Long 90 Day Euro Future........... June 2004 7,658,276 7,662,188
33 Long 90 Day Euro Future........... December 2002 7,655,827 7,665,488
33 Long 90 Day Euro Future........... December 2003 7,656,714 7,661,775
Net Unrealized Depreciation..
<CAPTION>
UNREALIZED
NUMBER OF APPRECIATION/
CONTRACTS DESCRIPTION DEPRECIATION
--------- -------------------------------- -------------
<S> <C> <C>
143 Long U.S. Long Bond............... $ 374,036
192 Short U.S. 5 Year Note............. (458,523)
45 Long U.S. 2 Year Note............. 1,650
10 Long U.S. 10 Year Note............ (1,144)
52 Long S&P 500 Future............... (376,738)
33 Long 90 Day Euro Future........... 5,887
33 Long 90 Day Euro Future........... 11,724
33 Long 90 Day Euro Future........... 8,399
33 Long 90 Day Euro Future........... 3,912
33 Long 90 Day Euro Future........... 6,749
33 Long 90 Day Euro Future........... 3,912
33 Long 90 Day Euro Future........... 9,661
33 Long 90 Day Euro Future........... 5,061
-----------
Net Unrealized Depreciation.. $ (405,414)
===========
</TABLE>
See Notes to Financial Statements
---------------------
69
<PAGE> 70
---------------------
SUNAMERICA SERIES TRUST
TELECOM UTILITY PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 50.3% SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
ENERGY -- 4.9%
Energy Services -- 3.0%
Dynegy, Inc., Class A....................................... 29,100 $ 2,047,913
TXU Corp. .................................................. 46,500 1,453,125
Energy Sources -- 1.9%
Burlington Resources, Inc. ................................. 32,500 1,060,313
Phillips Petroleum Co. ..................................... 21,000 1,067,062
-------------
5,628,413
-------------
INFORMATION & ENTERTAINMENT -- 0.5%
Broadcasting & Media -- 0.5%
Cox Communications, Inc., Class A+.......................... 16,500 609,469
-------------
INFORMATION TECHNOLOGY -- 8.4%
Communication Equipment -- 2.2%
Motorola, Inc. ............................................. 28,800 952,200
Nokia Corp. ADR............................................. 36,800 1,630,700
Telecommunications -- 6.2%
Adelphia Business Solutions+................................ 40,300 579,312
Allegiance Telecom, Inc.+................................... 17,500 972,344
Comcast Corp., Class A+..................................... 34,600 1,176,941
RCN Corp.+.................................................. 19,700 428,475
Verizon Communications...................................... 49,654 2,333,738
Western Wireless Corp., Class A+............................ 29,000 1,595,000
Winstar Communications, Inc.+............................... 713 21,568
-------------
9,690,278
-------------
UTILITIES -- 36.5%
Electric Utilities -- 5.9%
Duke Energy Corp. .......................................... 24,900 1,536,028
Edison International........................................ 108,300 2,132,156
FPL Group, Inc. ............................................ 30,700 1,481,275
Montana Power Co. .......................................... 57,800 1,672,588
Gas & Pipeline Utilities -- 14.2%
El Paso Energy Corp. ....................................... 90,800 4,392,450
Enron Corp. ................................................ 53,200 3,916,850
KeySpan Corp. .............................................. 60,000 1,905,000
NICOR, Inc. ................................................ 52,300 1,814,156
Peoples Energy Corp. ....................................... 25,700 814,369
The Williams Cos., Inc. .................................... 83,800 3,498,650
Telephone -- 16.4%
ALLTEL Corp. ............................................... 44,800 2,760,800
BellSouth Corp. ............................................ 46,100 1,835,356
British Telecommunications PLC ADR.......................... 8,500 1,130,500
CenturyTel, Inc. ........................................... 41,000 1,201,813
Nippon Telegraph & Telephone Corp. ADR...................... 18,200 1,114,750
SBC Communications, Inc. ................................... 75,700 3,221,981
Sprint Corp. ............................................... 33,600 1,197,000
</TABLE>
---------------------
70
<PAGE> 71
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
UTILITIES (continued)
Telephone (continued)
Telefonica SA ADR+.......................................... 21,700 $ 1,373,881
Telefonos de Mexico SA de CV ADR............................ 24,000 1,263,000
Telephone and Data Systems, Inc. ........................... 10,600 1,180,575
Viatel, Inc.+............................................... 14,300 199,306
WorldCom, Inc.+............................................. 59,550 2,326,172
-------------
41,968,656
-------------
TOTAL COMMON STOCK (cost $62,815,492)....................... 57,896,816
-------------
<CAPTION>
PREFERRED STOCK -- 33.1%
----------------------------------------------------------------------------------------
<S> <C> <C>
ENERGY -- 6.9%
Energy Services -- 3.3%
Coastal Corp. 6.63%......................................... 115,900 3,817,456
Energy Sources -- 3.6%
Apache Corp. 6.50%.......................................... 41,500 1,836,375
Kerr-McGee Corp. 5.50%...................................... 53,400 2,242,800
-------------
7,896,631
-------------
INFORMATION & ENTERTAINMENT -- 3.9%
Broadcasting & Media -- 3.9%
Cox Communications, Inc. 7.00%.............................. 32,700 1,659,525
MediaOne Group, Inc. 7.00%.................................. 69,200 2,854,500
-------------
4,514,025
-------------
INFORMATION TECHNOLOGY -- 9.3%
Internet Software -- 0.8%
PSINet, Inc. 6.75%*......................................... 33,800 946,400
Telecommunications -- 8.5%
Broadwing, Inc., Series B 6.75%............................. 28,700 1,348,900
DECS Trust VI 6.25%......................................... 15,500 1,009,438
Global Crossing Ltd. 6.75%+................................. 8,500 1,795,625
Global TeleSystems Group, Inc. 7.25%........................ 61,500 1,191,562
Qwest Trends Trust 5.75%*................................... 41,600 3,270,800
Winstar Communications, Inc. 7.25%*......................... 600 540,000
Winstar Communications, Inc., Series F 7.25%*(2)............ 700 631,750
-------------
10,734,475
-------------
UTILITIES -- 13.0%
Electric Utilities -- 6.8%
AES Trust VII 6.00%*........................................ 37,600 2,500,400
Calpine Capital Trust 5.75%................................. 13,800 1,700,850
CMS Energy Corp. 8.75%...................................... 68,500 2,179,157
UtiliCorp United, Inc. 9.75%................................ 55,600 1,400,425
Gas & Pipeline Utilities -- 3.7%
Enron Corp. 7.00%........................................... 80,500 2,238,906
Kinder Morgan, Inc. 5.80%................................... 43,200 2,022,300
</TABLE>
---------------------
71
<PAGE> 72
<TABLE>
<CAPTION>
PREFERRED STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
UTILITIES (continued)
Telephone -- 2.5%
Nextlink Communications, Inc. 6.50%......................... 15,800 $ 2,393,700
Viatel, Inc. 7.75%*......................................... 19,200 469,500
-------------
14,905,238
-------------
TOTAL PREFERRED STOCK (cost $38,666,460).................... 38,050,369
-------------
<CAPTION>
PRINCIPAL
BONDS & NOTES -- 10.0% AMOUNT
----------------------------------------------------------------------------------------
<S> <C> <C>
ENERGY -- 1.1%
Energy Sources -- 1.1%
Kerr-McGee Corp. 5.25% 2010................................. $1,200,000 1,320,000
-------------
INFORMATION & ENTERTAINMENT -- 4.3%
Broadcasting & Media -- 2.8%
Cox Communications, Inc. 7.00% 2029(1)...................... 31,900 3,289,687
Cable -- 1.5%
NTL, Inc. 5.75% 2009*....................................... 2,425,000 1,685,375
-------------
4,975,062
-------------
INFORMATION TECHNOLOGY -- 3.0%
Telecommunications -- 3.0%
ITC Deltacom, Inc. 4.50% 2006*.............................. 470,000 388,337
ITC Deltacom, Inc. 4.50% 2006............................... 250,000 206,563
Level 3 Communications, Inc. 6.00% 2010..................... 1,858,000 1,472,465
Nextel Communications, Inc. 5.25% 2010*..................... 1,400,000 1,397,704
-------------
3,465,069
-------------
UTILITIES -- 1.6%
Electric Utilities -- 1.6%
Alliant Energy Resources, Inc. 7.25% 2030*(1)............... 30,000 1,811,250
-------------
TOTAL BONDS & NOTES (cost $12,735,407)...................... 11,571,381
-------------
TOTAL INVESTMENT SECURITIES (cost $114,217,359)............. 107,518,566
-------------
<CAPTION>
SHORT-TERM SECURITIES -- 6.1%
----------------------------------------------------------------------------------------
<S> <C> <C>
TIME DEPOSIT -- 6.1%
Euro Dollar Time Deposit with State Street Bank & Trust Co.
5.50% due 8/01/00 (cost $7,015,000)....................... 7,015,000 7,015,000
-------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS --
(cost $121,232,359) 99.5% 114,533,566
Other assets less liabilities -- 0.5 552,692
------ -------------
NET ASSETS -- 100.0% $ 115,086,258
====== =============
</TABLE>
-----------------------------
+ Non-income producing securities
* Resale restricted to qualified institutional buyers
ADR -- American Depository Receipt
(1) Variable rate security; rate as of July 31, 2000
(2) PIK ("Payment-in-Kind") payment made with additional
securities in lieu of cash
See Notes to Financial Statements
---------------------
72
<PAGE> 73
---------------------
SUNAMERICA SERIES TRUST
EQUITY INCOME PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 93.4% SHARES VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 2.7%
Automotive -- 1.1%
Ford Motor Co. ............................................. 1,700 $ 79,156
Visteon Corp. .............................................. 196 2,744
Retail -- 1.6%
Intimate Brands, Inc. ...................................... 6,570 114,565
-----------
196,465
-----------
CONSUMER STAPLES -- 5.2%
Food, Beverage & Tobacco -- 1.5%
PepsiCo, Inc. .............................................. 2,400 109,950
Household Products -- 3.7%
Colgate-Palmolive Co. ...................................... 2,350 130,866
Kimberly-Clark Corp. ....................................... 2,400 137,850
-----------
378,666
-----------
ENERGY -- 12.7%
Energy Services -- 1.5%
Reliant Energy, Inc. ....................................... 3,200 107,200
Energy Sources -- 11.2%
BP Amoco PLC ADR............................................ 4,182 218,771
Chevron Corp. .............................................. 910 71,890
Exxon Mobil Corp. .......................................... 3,648 291,840
Royal Dutch Petroleum Co. ADR............................... 4,100 238,825
-----------
928,526
-----------
FINANCE -- 19.3%
Banks -- 7.9%
Bank of America Corp. ...................................... 1,950 92,381
Bank of New York Co., Inc. ................................. 3,250 152,140
Chase Manhattan Corp. ...................................... 2,100 104,344
Mellon Financial Corp. ..................................... 3,700 139,444
Zions Bancorp. ............................................. 1,900 83,125
Financial Services -- 8.7%
American Express Co. ....................................... 2,700 153,056
Associates First Capital Corp., Class A..................... 3,400 89,038
Citigroup, Inc. ............................................ 1,200 84,675
Federal National Mortgage Association....................... 900 44,888
Household International, Inc. .............................. 1,700 75,756
John Hancock Financial Services, Inc.+...................... 8,000 189,000
Insurance -- 2.7%
St. Paul Cos., Inc. ........................................ 1,950 86,653
XL Capital Ltd., Class A.................................... 1,700 112,200
-----------
1,406,700
-----------
</TABLE>
---------------------
73
<PAGE> 74
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE -- 11.9%
Drugs -- 8.0%
American Home Products Corp. ............................... 2,500 $ 132,656
Bristol-Myers Squibb Co. ................................... 1,550 76,919
Merck & Co., Inc. .......................................... 2,200 157,712
Pfizer, Inc. ............................................... 2,800 120,750
Schering-Plough Corp. ...................................... 2,200 95,013
Medical Products -- 3.9%
Baxter International, Inc. ................................. 1,400 108,850
Johnson & Johnson Co. ...................................... 1,900 176,819
-----------
868,719
-----------
INDUSTRIAL & COMMERCIAL -- 9.6%
Aerospace & Military Technology -- 1.5%
Honeywell International, Inc. .............................. 3,200 107,600
Business Services -- 2.3%
Ecolab, Inc. ............................................... 4,000 143,250
United Parcel Service, Inc. ................................ 500 29,375
Electrical Equipment -- 2.1%
General Electric Co. ....................................... 2,950 151,741
Multi-Industry -- 2.6%
Minnesota Mining & Manufacturing Co. ....................... 1,300 117,081
Sara Lee Corp. ............................................. 3,900 71,906
Transportation -- 1.1%
Knightsbridge Tankers Ltd. ................................. 4,300 80,625
-----------
701,578
-----------
INFORMATION & ENTERTAINMENT -- 2.4%
Broadcasting & Media -- 2.4%
Omnicom Group, Inc. ........................................ 900 76,500
Time Warner, Inc. .......................................... 1,322 101,381
-----------
177,881
-----------
INFORMATION TECHNOLOGY -- 8.7%
Communication Equipment -- 1.0%
Motorola, Inc. ............................................. 2,300 76,044
Computers & Business Equipment -- 0.6%
International Business Machines Corp. ...................... 400 44,975
Computer Services -- 2.0%
Automatic Data Processing, Inc. ............................ 2,900 143,731
Electronics -- 2.8%
Emerson Electric Co. ....................................... 1,500 91,593
Intel Corp. ................................................ 1,700 113,475
Telecommunications -- 2.3%
Verizon Communications...................................... 1,800 84,600
Vodafone AirTouch PLC ADR+.................................. 1,870 80,644
-----------
635,062
-----------
</TABLE>
---------------------
74
<PAGE> 75
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
MATERIALS -- 3.4%
Chemicals -- 1.3%
du Pont (E.I.) de Nemours & Co. ............................ 2,000 $ 90,625
Forest Products -- 0.9%
International Paper Co. .................................... 2,000 68,000
Metals & Minerals -- 1.2%
Alcoa, Inc. ................................................ 2,850 86,212
-----------
244,837
-----------
REAL ESTATE -- 7.4%
Real Estate Investment Trusts -- 7.4%
Archstone Communities Trust................................. 1,100 28,531
Crescent Real Estate Equities Co. .......................... 2,700 59,569
Duke-Weeks Realty Corp. .................................... 4,022 98,539
Equity Office Properties Trust.............................. 1,000 30,500
Equity Residential Properties Trust......................... 500 24,938
Healthcare Realty Trust, Inc. .............................. 4,000 79,500
Kimco Realty Corp. ......................................... 600 24,750
Manufactured Home Communities, Inc. ........................ 4,100 98,400
Simon Property Group, Inc. ................................. 3,700 96,662
-----------
541,389
-----------
UTILITIES -- 10.1%
Electric Utilities -- 3.9%
Consolidated Edison, Inc. .................................. 2,300 69,719
FPL Group, Inc. ............................................ 1,300 62,725
Northern States Power Co. .................................. 6,800 150,025
Gas & Pipeline Utilities -- 1.9%
Enron Corp. ................................................ 1,900 139,887
Telephone -- 4.3%
AT&T Corp. ................................................. 3,400 105,188
SBC Communications, Inc. ................................... 3,337 142,031
Sprint Corp. ............................................... 2,000 71,250
-----------
740,825
-----------
TOTAL COMMON STOCK (cost $6,392,165)........................ 6,820,648
-----------
<CAPTION>
PREFERRED STOCK -- 2.1%
-------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE -- 0.8%
Banks -- 0.8%
CNF Trust I, Class A 5.00%.................................. 1,500 60,375
-----------
INFORMATION & ENTERTAINMENT -- 1.3%
Broadcasting & Media -- 1.3%
Adelphia Communications Corp., Series D 5.50%............... 800 95,400
-----------
TOTAL PREFERRED STOCK (cost $213,152)....................... 155,775
-----------
</TABLE>
---------------------
75
<PAGE> 76
<TABLE>
<CAPTION>
PRINCIPAL
BONDS & NOTES -- 0.8% AMOUNT VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT -- 0.8%
Broadcasting & Media -- 0.8%
Tribune Co. 2.00% 2029 (cost $54,362)....................... $ 500 $ 58,937
-----------
TOTAL INVESTMENT SECURITIES (cost $6,659,679)............... 7,035,360
-----------
<CAPTION>
REPURCHASE AGREEMENT -- 5.5%
-------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 5.5%
Agreement with State Street Bank & Trust Co., bearing
interest at 5.25%, dated 7/31/00, to be repurchased
8/01/00 in the amount of $400,058 and collateralized by
$315,000 of U.S. Treasury Bonds, bearing interest at
8.50%, due 2/15/18 and having an approximate value of
$412,280 (cost $400,000).................................. 400,000 400,000
-----------
TOTAL INVESTMENTS --
(cost $7,059,679) 101.8% 7,435,360
Liabilities in excess of other
assets -- (1.8) (132,033)
------ -----------
NET ASSETS -- 100.0% $ 7,303,327
====== ===========
</TABLE>
-----------------------------
+ Non-income producing securities
ADR -- American Depository Receipt
See Notes to Financial Statements
---------------------
76
<PAGE> 77
---------------------
SUNAMERICA SERIES TRUST
EQUITY INDEX PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 99.9% SHARES VALUE
-------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 6.7%
Apparel & Textiles -- 0.2%
Liz Claiborne, Inc. ........................................ 329 $ 12,831
NIKE, Inc., Class B......................................... 1,534 67,113
Reebok International, Ltd.+................................. 327 5,518
Russell Corp. .............................................. 216 4,253
Springs Industries, Inc., Class A........................... 109 3,515
V.F. Corp. ................................................. 657 14,454
Automotive -- 1.1%
Cooper Tire & Rubber Co. ................................... 436 4,878
Crane Co. .................................................. 332 7,304
Cummins Engine Co., Inc. ................................... 220 7,040
Dana Corp. ................................................. 879 20,162
Delphi Automotive Systems Corp. ............................ 3,069 45,459
Ford Motor Co. ............................................. 6,476 301,539
General Motors Corp. ....................................... 2,945 167,681
Genuine Parts Co. .......................................... 985 19,761
Goodyear Tire & Rubber Co. ................................. 874 17,425
Harley-Davidson, Inc. ...................................... 1,600 71,800
Navistar International Corp. ............................... 331 11,813
PACCAR, Inc. ............................................... 437 19,474
TRW, Inc. .................................................. 658 29,569
Visteon Corp. .............................................. 847 11,858
Housing -- 0.3%
Cooper Industries, Inc. .................................... 545 17,474
Kaufman & Broad Home Corp. ................................. 223 4,362
Lowe's Cos., Inc. .......................................... 2,081 87,792
Masco Corp. ................................................ 2,411 47,617
Maytag Corp. ............................................... 442 14,973
Owens Corning Co. .......................................... 326 1,793
Pulte Corp. ................................................ 221 5,069
Sherwin Williams Co. ....................................... 881 18,336
Snap-On, Inc. .............................................. 331 9,992
Stanley Works............................................... 442 11,575
The Black & Decker Corp..................................... 441 16,400
Retail -- 5.1%
Albertson's, Inc. .......................................... 2,300 69,431
American Greetings Corp., Class A........................... 332 5,644
AutoZone, Inc. ............................................. 771 17,637
Bed Bath & Beyond, Inc.+.................................... 766 28,198
Circuit City Stores, Inc. .................................. 1,096 25,139
Consolidated Stores Corp.+.................................. 552 6,590
Costco Wholesale Corp.+..................................... 2,410 78,476
CVS Corp. .................................................. 2,086 82,267
Dillard's, Inc., Class A.................................... 551 7,542
Dollar General Corp. ....................................... 1,758 32,303
Federated Department Stores, Inc.+.......................... 1,099 26,445
Gap, Inc. .................................................. 4,608 165,024
Great Atlantic & Pacific Tea Co., Inc. ..................... 218 3,134
</TABLE>
---------------------
77
<PAGE> 78
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY (continued)
Retail (continued)
Harcourt General, Inc. ..................................... 334 $ 18,433
Home Depot, Inc. ........................................... 12,459 644,753
International Flavors & Fragrances, Inc. ................... 550 14,712
J.C. Penney Co., Inc. ...................................... 1,425 22,978
Kmart Corp.+................................................ 2,635 18,445
Kohl's Corp.+............................................... 1,754 99,539
Kroger Co. ................................................. 4,495 92,990
Limited, Inc. .............................................. 2,404 49,132
Longs Drug Stores Corp. .................................... 219 4,435
May Department Stores Co. .................................. 1,759 41,776
Newell Rubbermaid, Inc. .................................... 1,534 41,322
Nordstrom, Inc. ............................................ 767 13,423
Office Depot, Inc.+......................................... 1,778 11,113
RadioShack Corp. ........................................... 992 55,924
Sears, Roebuck & Co. ....................................... 1,981 59,182
SUPERVALU, Inc. ............................................ 766 13,549
Target Corp. ............................................... 4,820 139,780
Tiffany & Co. .............................................. 778 26,646
TJX Cos., Inc. ............................................. 1,651 27,654
Toys 'R' Us, Inc.+.......................................... 1,318 21,747
Wal-Mart Stores, Inc. ...................................... 24,017 1,319,434
Walgreen Co. ............................................... 5,377 167,695
Winn-Dixie Stores, Inc. .................................... 771 11,035
------------
4,542,357
------------
CONSUMER STAPLES -- 5.8%
Food, Beverage & Tobacco -- 4.1%
Adolph Coors Co., Class B................................... 218 13,734
Anheuser-Busch Cos., Inc. .................................. 2,522 203,021
Archer-Daniels-Midland Co. ................................. 3,294 30,881
Bestfoods................................................... 1,533 106,735
Brown-Forman Corp., Class B+................................ 433 21,650
Campbell Soup Co. .......................................... 2,307 61,135
Coca-Cola Co. .............................................. 13,275 813,923
Coca-Cola Enterprises, Inc. ................................ 2,302 44,170
ConAgra, Inc. .............................................. 2,632 53,791
General Mills, Inc. ........................................ 1,646 56,581
H.J. Heinz Co. ............................................. 1,971 78,717
Hershey Foods Corp. ........................................ 766 35,428
Kellogg Co. ................................................ 2,193 56,881
Nabisco Group Holding Corp. ................................ 1,755 46,508
PepsiCo, Inc. .............................................. 7,796 357,154
Philip Morris Cos., Inc. ................................... 12,624 318,756
Quaker Oats Co. ............................................ 764 51,379
Ralston Purina Group........................................ 1,754 35,409
Safeway, Inc.+.............................................. 2,743 123,606
Starbucks Corp.+............................................ 981 36,788
SYSCO Corp. ................................................ 1,757 69,182
Unilever NV................................................. 3,072 135,936
UST, Inc. .................................................. 883 12,804
W.M. Wrigley Jr. Co. ....................................... 555 42,180
Household Products -- 1.7%
Alberto-Culver Co., Class B................................. 327 9,933
Avon Products, Inc. ........................................ 1,324 52,546
Clorox Co. ................................................. 1,312 54,202
Colgate-Palmolive Co. ...................................... 3,177 176,919
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CONSUMER STAPLES (continued)
Household Products (continued)
Fort James Corp. ........................................... 1,205 $ 36,828
Fortune Brands, Inc. ....................................... 879 19,778
Gillette Co. ............................................... 5,816 169,754
Kimberly-Clark Corp. ....................................... 2,953 169,613
Owens-Illinois, Inc.+....................................... 674 8,973
Pactiv Corp.+............................................... 881 8,149
Procter & Gamble Co. ....................................... 7,132 405,632
Tupperware Corp. ........................................... 327 6,356
Whirlpool Corp. ............................................ 436 18,830
------------
3,943,862
------------
ENERGY -- 5.5%
Energy Services -- 1.0%
Baker Hughes, Inc. ......................................... 1,756 60,802
Coastal Corp. .............................................. 1,102 63,640
Halliburton Co. ............................................ 2,410 111,161
Reliant Energy, Inc. ....................................... 1,541 51,624
Rowan Cos., Inc.+........................................... 440 11,110
Schlumberger Ltd. .......................................... 3,035 224,400
Tosco Corp. ................................................ 772 20,458
Transocean Sedco Forex, Inc. ............................... 1,134 56,133
TXU Corp. .................................................. 1,532 47,875
Energy Sources -- 4.5%
Amerada Hess Corp. ......................................... 543 32,852
Anadarko Petroleum Corp. ................................... 1,261 60,292
Apache Corp. ............................................... 654 32,537
Burlington Resources, Inc. ................................. 1,184 38,628
Chevron Corp. .............................................. 3,512 277,448
Conoco, Inc., Class B+...................................... 3,398 78,366
Exxon Mobil Corp. .......................................... 18,703 1,496,240
Kerr-McGee Corp. ........................................... 541 29,687
Occidental Petroleum Corp. ................................. 1,966 39,811
Phillips Petroleum Co. ..................................... 1,321 67,123
Royal Dutch Petroleum Co. ADR............................... 11,620 676,865
Sunoco, Inc. ............................................... 443 10,798
Texaco, Inc. ............................................... 2,963 146,483
Unocal Corp. ............................................... 1,315 39,779
USX-Marathon Group, Inc. ................................... 1,647 40,043
------------
3,714,155
------------
FINANCE -- 14.2%
Banks -- 4.4%
Bank of America Corp. ...................................... 9,092 430,733
Bank of New York Co., Inc. ................................. 3,950 184,909
Bank One Corp. ............................................. 6,158 195,901
BB&T Corp. ................................................. 2,112 52,668
Charter One Financial, Inc. ................................ 1,123 24,215
Chase Manhattan Corp. ...................................... 6,744 335,092
Comerica, Inc. ............................................. 874 44,574
Fifth Third Bancorp......................................... 2,466 101,877
First Union Corp. .......................................... 5,255 135,645
Firstar Corp. .............................................. 5,268 104,043
FleetBoston Financial Corp. ................................ 4,840 173,333
Golden West Financial Corp. ................................ 878 40,388
Huntington Bancshares, Inc. ................................ 1,331 20,880
KeyCorp..................................................... 2,413 42,378
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FINANCE (continued)
Banks (continued)
Mellon Financial Corp. ..................................... 2,745 $ 103,452
National City Corp. ........................................ 3,294 58,469
Northern Trust Corp. ....................................... 1,206 90,299
PNC Financial Services Group................................ 1,545 78,602
Regions Financial Corp. .................................... 1,207 24,065
SouthTrust Corp. ........................................... 880 21,670
State Street Corp. ......................................... 819 82,207
Summit Bancorp.............................................. 984 24,170
SunTrust Banks, Inc. ....................................... 1,753 83,925
Synovus Financial Corp. .................................... 1,529 27,522
U.S. Bancorp................................................ 3,948 75,752
Union Planters Corp. ....................................... 768 22,032
Wachovia Corp. ............................................. 1,096 60,280
Wells Fargo & Co. .......................................... 8,785 362,930
Financial Services -- 6.7%
American Express Co. ....................................... 7,242 410,531
AmSouth Bancorp............................................. 2,087 35,088
Associates First Capital Corp., Class A..................... 3,946 103,336
Bear Stearns Cos., Inc. .................................... 677 36,473
C.I.T. Group, Inc., Class A................................. 1,417 26,215
Capital One Financial Corp. ................................ 1,094 64,136
Charles Schwab Corp. ....................................... 7,238 261,473
Citigroup, Inc. ............................................ 18,207 1,284,731
Countrywide Credit Industries, Inc. ........................ 654 23,013
Dun & Bradstreet Corp. ..................................... 877 25,926
Federal Home Loan Mortgage Corp. ........................... 3,631 143,198
Federal National Mortgage Association....................... 5,488 273,714
Household International, Inc. .............................. 2,528 112,654
Lehman Brothers Holdings, Inc. ............................. 657 73,830
MBIA, Inc. ................................................. 548 30,517
MBNA Corp. ................................................. 4,281 142,878
Merrill Lynch & Co., Inc. .................................. 2,059 266,126
Morgan (J.P.) & Co., Inc. .................................. 881 117,613
Morgan Stanley, Dean Witter & Co. .......................... 6,142 560,457
Old Kent Financial Corp. ................................... 630 16,931
PaineWebber Group, Inc. .................................... 769 53,253
Paychex, Inc. .............................................. 1,975 90,356
Providian Financial Corp. .................................. 767 78,186
SLM Holding Corp. .......................................... 877 37,766
Stilwell Financial, Inc.+................................... 1,142 50,319
T. Rowe Price Associates, Inc. ............................. 658 26,896
The Hartford Financial Services Group, Inc. ................ 1,208 77,614
Washington Mutual, Inc. .................................... 3,076 98,817
Insurance -- 3.1%
Aetna, Inc. ................................................ 767 42,569
AFLAC, Inc. ................................................ 1,326 68,869
Allstate Corp. ............................................. 4,280 117,967
American General Corp. ..................................... 1,319 87,961
American International Group, Inc.#......................... 12,506 1,096,576
Aon Corp. .................................................. 1,422 51,192
Chubb Corp. ................................................ 984 72,816
CIGNA Corp. ................................................ 905 90,387
Cincinnati Financial Corp. ................................. 879 33,182
Conseco, Inc. .............................................. 1,756 13,829
Jefferson-Pilot Corp. ...................................... 550 33,550
Lincoln National Corp. ..................................... 1,095 47,769
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FINANCE (continued)
Insurance (continued)
Marsh & McLennan Cos., Inc. ................................ 1,426 $ 173,972
MGIC Investment Corp. ...................................... 552 31,361
Progressive Corp. .......................................... 405 27,236
SAFECO Corp. ............................................... 663 15,290
St. Paul Cos., Inc. ........................................ 1,208 53,681
Torchmark Corp. ............................................ 663 16,492
UnumProvident Corp. ........................................ 1,314 30,222
------------
9,628,979
------------
HEALTHCARE -- 11.1%
Drugs -- 7.2%
Allergan, Inc. ............................................. 662 44,313
ALZA Corp.+................................................. 548 35,483
American Home Products Corp. ............................... 7,022 372,605
Biogen, Inc.+............................................... 800 42,400
Bristol-Myers Squibb Co. ................................... 10,645 528,258
Cardinal Health, Inc. ...................................... 1,530 112,455
Eli Lilly & Co. ............................................ 6,024 625,743
Merck & Co., Inc. .......................................... 12,521 897,599
Pfizer, Inc. ............................................... 33,917 1,462,671
Pharmacia & Upjohn, Inc. ................................... 6,781 371,260
Schering-Plough Corp. ...................................... 7,899 341,138
Watson Pharmaceuticals, Inc.+............................... 546 30,166
Health Services -- 0.5%
HCA-Healthcare Co. ......................................... 3,068 104,312
HEALTHSOUTH Corp.+.......................................... 2,097 12,451
Humana, Inc.+............................................... 880 6,435
IMS Health, Inc. ........................................... 1,649 29,785
Manor Care, Inc.+........................................... 551 5,441
McKesson HBOC, Inc. ........................................ 1,534 37,295
Tenet Healthcare Corp.+..................................... 1,648 50,161
UnitedHealth Group, Inc. ................................... 882 72,159
Wellpoint Health Networks, Inc.+............................ 331 28,859
Medical Products -- 3.4%
Abbott Laboratories, Inc. .................................. 8,324 346,486
Amgen, Inc.+................................................ 5,508 357,676
Bausch & Lomb, Inc. ........................................ 286 17,786
Baxter International, Inc. ................................. 1,539 119,657
Becton, Dickinson & Co. .................................... 1,319 33,305
Biomet, Inc. ............................................... 653 29,222
Boston Scientific Corp.+.................................... 2,197 36,388
C.R. Bard, Inc. ............................................ 324 16,220
Guidant Corp.+.............................................. 1,644 92,680
Johnson & Johnson Co. ...................................... 7,540 701,691
Mallinckrodt, Inc. ......................................... 334 15,281
MedImmune, Inc.+............................................ 1,117 66,461
Medtronic, Inc. ............................................ 6,458 329,762
PE Corp-PE Biosystems Group................................. 1,098 95,732
St. Jude Medical, Inc. ..................................... 440 18,150
------------
7,487,486
------------
INDUSTRIAL & COMMERCIAL -- 10.0%
Aerospace & Military Technology -- 1.2%
Boeing Co. ................................................. 4,857 237,993
General Dynamics Corp. ..................................... 1,095 61,799
</TABLE>
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INDUSTRIAL & COMMERCIAL (continued)
Aerospace & Military Technology (continued)
Honeywell International, Inc. .............................. 4,213 $ 141,662
Lockheed Martin Corp. ...................................... 2,088 58,725
Northrop Grumman Corp. ..................................... 433 30,770
Raytheon Co., Class B....................................... 1,861 45,129
Rockwell International Corp. ............................... 991 34,747
United Technologies Corp. .................................. 2,529 147,631
Business Services -- 1.4%
Agilent Technologies, Inc.+................................. 2,428 98,941
Allied Waste Industries, Inc.+.............................. 990 9,219
Cendant Corp.+.............................................. 3,843 49,239
Centex Corp. ............................................... 328 7,852
Ceridian Corp. ............................................. 769 17,495
Computer Sciences Corp.+.................................... 876 54,750
Convergys Corp.+............................................ 816 36,771
Deluxe Corp. ............................................... 436 9,374
Ecolab, Inc. ............................................... 662 23,708
Electronic Data Systems Corp. .............................. 2,535 109,005
Equifax, Inc. .............................................. 768 18,144
FedEx Corp.+................................................ 1,642 65,064
First Data Corp. ........................................... 2,204 101,522
Fluor Corp. ................................................ 436 12,998
Franklin Resources, Inc. ................................... 1,320 47,355
H&R Block, Inc. ............................................ 546 17,472
Johnson Controls, Inc. ..................................... 441 22,904
Leggett & Platt, Inc. ...................................... 1,094 19,145
Maxim Integrated Products, Inc.+............................ 1,521 100,481
National Service Industries, Inc. .......................... 219 4,476
Quintiles Transnational Corp.+.............................. 600 9,413
R.R. Donnelley & Sons Co. .................................. 661 14,707
W. W. Grainger, Inc. ....................................... 544 17,272
Waste Management, Inc. ..................................... 3,295 61,575
Young & Rubicam, Inc. ...................................... 400 22,600
Electrical Equipment -- 4.2%
Best Buy Co., Inc.+......................................... 1,097 79,807
Danaher Corp. .............................................. 768 39,120
General Electric Co. ....................................... 53,165 2,734,674
Machinery -- 0.5%
Briggs & Stratton Corp.+.................................... 11 387
Caterpillar, Inc. .......................................... 1,869 63,663
Deere & Co. ................................................ 1,211 46,699
Dover Corp. ................................................ 1,099 50,348
Illinois Tool Works, Inc. .................................. 1,519 86,963
Ingersoll-Rand Co. ......................................... 879 34,501
ITT Industries, Inc. ....................................... 442 14,531
Pall Corp. ................................................. 659 13,674
Parker-Hannifin Corp. ...................................... 552 19,630
Thermo Electron Corp.+...................................... 875 18,156
Multi-Industry -- 2.4%
B.F. Goodrich Co. .......................................... 552 19,699
Eaton Corp. ................................................ 434 29,431
JDS Uniphase Corp.+......................................... 4,977 587,908
Loews Corp. ................................................ 551 34,575
McDermott International, Inc. .............................. 328 2,440
Minnesota Mining & Manufacturing Co. ....................... 2,192 197,417
Sara Lee Corp. ............................................. 4,830 89,053
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INDUSTRIAL & COMMERCIAL (continued)
Multi-Industry (continued)
Seagram Co., Ltd. .......................................... 2,306 $ 129,280
Textron, Inc. .............................................. 771 43,995
Tyco International Ltd. .................................... 9,096 486,636
Transportation -- 0.3%
Burlington Northern Santa Fe Corp. ......................... 2,421 59,163
CSX Corp. .................................................. 1,204 29,874
Norfolk Southern Corp. ..................................... 2,081 38,759
Ryder System, Inc. ......................................... 333 6,952
Union Pacific Corp. ........................................ 1,318 56,921
------------
6,724,194
------------
INFORMATION & ENTERTAINMENT -- 4.0%
Broadcasting & Media -- 2.3%
Dow Jones & Co., Inc. ...................................... 443 29,210
Gannett Co., Inc. .......................................... 1,533 82,590
Interpublic Group of Cos., Inc. ............................ 1,534 61,456
Knight-Ridder, Inc. ........................................ 439 22,883
McGraw-Hill Cos., Inc. ..................................... 1,094 65,025
Meredith Corp. ............................................. 325 10,339
New York Times Co. ......................................... 883 36,369
Omnicom Group, Inc. ........................................ 984 83,640
Time Warner, Inc. .......................................... 7,058 541,260
Tribune Co. ................................................ 1,883 61,198
Viacom, Inc., Class B+...................................... 8,184 542,701
Entertainment Products -- 0.2%
Brunswick Corp. ............................................ 444 8,353
Eastman Kodak Co. .......................................... 1,651 90,598
Hasbro, Inc. ............................................... 893 10,158
Mattel, Inc. ............................................... 2,300 25,444
Polaroid Corp. ............................................. 221 4,006
Leisure & Tourism -- 1.5%
AMR Corp. .................................................. 772 25,524
Carnival Corp. ............................................. 3,292 61,519
Darden Restaurants, Inc. ................................... 663 10,815
Delta Air Lines, Inc. ...................................... 729 39,138
Harrah's Entertainment, Inc.+............................... 661 16,566
Hilton Hotels Corp. ........................................ 2,021 20,715
Marriott International, Inc., Class A....................... 1,318 52,720
McDonald's Corp. ........................................... 7,244 228,186
Sabre Holdings Corp. ....................................... 757 18,499
Southwest Airlines Co. ..................................... 2,740 64,733
Tricon Global Restaurants, Inc.+............................ 873 21,116
US Airways Group, Inc.+..................................... 334 13,110
Walt Disney Co.+............................................ 11,081 428,696
Wendy's International, Inc. ................................ 658 11,145
------------
2,687,712
------------
INFORMATION TECHNOLOGY -- 33.9%
Communication Equipment -- 1.7%
Andrew Corp.+............................................... 439 12,374
Cabletron Systems, Inc.+.................................... 983 25,681
Comverse Technology, Inc.+.................................. 866 75,991
Molex, Inc. ................................................ 1,025 48,223
Motorola, Inc. ............................................. 11,545 381,707
Network Appliance, Inc.+.................................... 1,640 141,347
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INFORMATION TECHNOLOGY (continued)
Communication Equipment (continued)
QUALCOMM, Inc.+............................................. 4,004 $ 260,010
Scientific-Atlanta, Inc. ................................... 872 67,144
Tellabs, Inc.+.............................................. 2,186 142,090
Computers & Business Equipment -- 11.5%
Apple Computer, Inc.+....................................... 1,754 89,125
Avery Dennison Corp. ....................................... 654 35,479
Cisco Systems, Inc.+........................................ 37,561 2,457,898
Compaq Computer Corp. ...................................... 9,109 255,621
Dell Computer Corp.+........................................ 13,876 609,677
EMC Corp.+.................................................. 11,712 996,984
Gateway, Inc.+.............................................. 1,749 96,523
Hewlett-Packard Co. ........................................ 5,430 592,888
International Business Machines Corp. ...................... 9,615 1,081,087
Lexmark International, Inc., Class A+....................... 684 30,823
Linear Technology Corp. .................................... 1,700 93,925
Palm, Inc. ................................................. 3,014 117,535
Pitney Bowes, Inc.+......................................... 1,427 49,410
Seagate Technology, Inc.+................................... 1,206 61,129
Staples, Inc.+.............................................. 2,521 34,821
Sun Microsystems, Inc.+..................................... 8,567 903,283
Tektronix, Inc.+............................................ 241 14,822
Unisys Corp.+............................................... 1,646 16,151
VERITAS Software Corp.+..................................... 2,118 215,904
Xerox Corp. ................................................ 3,615 53,773
Computer Services -- 2.0%
Automatic Data Processing, Inc. ............................ 3,394 168,215
Oracle Corp.+............................................... 15,334 1,152,925
Computer Software -- 3.5%
BMC Software, Inc.+......................................... 1,314 24,802
Computer Associates International, Inc. .................... 3,138 77,862
Mercury Interactive Corp.+.................................. 427 42,386
Microsoft Corp.+............................................ 28,401 1,982,745
Novell, Inc.+............................................... 1,759 16,656
PeopleSoft, Inc.+........................................... 1,416 30,886
Siebel Systems, Inc.+....................................... 1,083 157,035
Electronics -- 7.2%
Advanced Micro Devices, Inc.+............................... 829 59,636
Altera Corp.+............................................... 1,077 105,748
Analog Devices, Inc.+....................................... 1,914 127,999
Applied Materials, Inc.+.................................... 4,364 331,118
Broadcom Corp., Class A+.................................... 1,155 259,009
Conexant Systems, Inc.+..................................... 1,200 38,400
Emerson Electric Co. ....................................... 2,307 140,871
Intel Corp. ................................................ 36,182 2,415,148
KLA-Tencor Corp.+........................................... 984 52,398
LSI Logic Corp.+............................................ 1,640 55,555
Micron Technology, Inc.+.................................... 2,998 244,337
Millipore Corp. ............................................ 221 13,895
National Semiconductor Corp.+............................... 948 34,306
Novellus Systems, Inc.+..................................... 701 37,810
PerkinElmer, Inc. .......................................... 222 14,194
Sanmina Corp.+.............................................. 791 73,464
Solectron Corp.+............................................ 3,256 131,258
Teradyne, Inc.+............................................. 935 59,256
Texas Instruments, Inc. .................................... 8,835 518,504
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INFORMATION TECHNOLOGY (continued)
Electronics (continued)
Thomas & Betts Corp. ....................................... 327 $ 6,377
Xilinx, Inc.+............................................... 1,737 130,384
Internet Content -- 0.6%
Yahoo!, Inc.+............................................... 2,939 378,213
Internet Software -- 1.0%
America Online, Inc.+....................................... 12,409 661,555
Sapient Corp.+.............................................. 314 35,717
Software -- 0.2%
Adaptec, Inc.+.............................................. 549 13,588
Adobe Systems, Inc. ........................................ 658 75,341
Autodesk, Inc. ............................................. 328 7,093
Citrix Systems, Inc.+....................................... 1,000 15,250
Compuware Corp.+............................................ 1,970 15,760
NCR Corp.+.................................................. 500 17,718
Parametric Technology Corp.+................................ 1,428 14,280
Telecommunications -- 6.2%
ADC Telecommunications, Inc.+............................... 3,622 151,898
Clear Channel Communications, Inc.+......................... 1,861 141,785
Comcast Corp., Class A+..................................... 4,957 168,615
Corning, Inc. .............................................. 1,492 349,035
Global Crossing Holdings Ltd.+.............................. 4,719 114,731
Lucent Technologies, Inc. .................................. 17,546 767,637
Nextel Communications, Inc., Class A+....................... 4,089 228,728
Nortel Networks Corp. ...................................... 15,990 1,189,256
Qwest Communications International, Inc.+................... 8,738 410,140
Verizon Communications...................................... 14,764 693,908
------------
22,914,852
------------
MATERIALS -- 1.9%
Chemicals -- 0.9%
Air Products and Chemicals, Inc. ........................... 1,209 40,350
Ashland, Inc. .............................................. 434 14,295
Dow Chemical Co. ........................................... 3,615 103,931
du Pont (E.I.) de Nemours & Co. ............................ 5,603 253,886
Eastman Chemical Co. ....................................... 437 20,484
Engelhard Corp. ............................................ 660 11,921
FMC Corp. .................................................. 215 12,954
Great Lakes Chemical Corp. ................................. 292 8,577
Hercules, Inc. ............................................. 550 8,216
PPG Industries, Inc. ....................................... 883 35,927
Praxair, Inc. .............................................. 876 34,657
Rohm and Haas Co. .......................................... 1,204 31,304
Sigma-Aldrich Corp. ........................................ 548 14,933
Union Carbide Corp. ........................................ 763 34,192
W.R. Grace & Co.+........................................... 434 4,286
Forest Products -- 0.4%
Ball Corp. ................................................. 114 3,954
Bemis Co., Inc. ............................................ 325 11,172
Boise Cascade Corp. ........................................ 327 9,033
Georgia-Pacific Group....................................... 882 21,884
International Paper Co. .................................... 2,583 87,822
Louisiana-Pacific Corp. .................................... 551 5,338
Mead Corp. ................................................. 549 13,931
Potlatch Corp. ............................................. 114 3,919
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MATERIALS (continued)
Forest Products (continued)
Sealed Air Corp.+........................................... 440 $ 22,165
Temple-Inland, Inc. ........................................ 327 14,204
Westvaco Corp. ............................................. 548 15,036
Weyerhaeuser Co. ........................................... 1,212 55,373
Willamette Industries, Inc. ................................ 553 16,763
Metals & Minerals -- 0.6%
Alcan Aluminium Ltd. ....................................... 1,208 39,638
Alcoa, Inc. ................................................ 4,646 140,541
Allegheny Technologies, Inc. ............................... 448 9,268
Armstrong Holdings, Inc. ................................... 219 3,504
Barrick Gold Corp. ......................................... 2,086 33,246
Bethlehem Steel Corp.+...................................... 662 3,062
Crown Cork & Seal Co., Inc. ................................ 658 9,171
Freeport-McMoRan Copper & Gold, Inc., Class B+.............. 878 7,902
Homestake Mining Co. ....................................... 1,424 7,743
Inco Ltd. .................................................. 991 14,555
Newmont Mining Corp. ....................................... 880 15,620
Nucor Corp. ................................................ 442 16,686
Phelps Dodge Corp. ......................................... 437 17,780
Placer Dome, Inc. .......................................... 1,755 14,918
Timken Co. ................................................. 329 5,860
USX-U.S. Steel Group........................................ 442 7,928
Vulcan Materials Co. ....................................... 548 23,461
Worthington Industries, Inc. ............................... 444 4,690
------------
1,286,080
------------
UTILITIES -- 6.8%
Electric Utilities -- 1.5%
AES Corp. .................................................. 2,350 125,578
Ameren Corp. ............................................... 765 27,683
American Electric Power Co., Inc. .......................... 1,652 54,206
American Power Conversion Corp.+............................ 1,037 26,379
Cinergy Corp. .............................................. 876 22,776
CMS Energy Corp. ........................................... 656 16,769
Consolidated Edison, Inc. .................................. 1,205 36,527
CP&L, Energy, Inc. ......................................... 776 25,948
Dominion Resources, Inc. ................................... 1,304 59,250
DTE Energy Co. ............................................. 769 24,127
Duke Energy Corp. .......................................... 1,974 121,771
Edison International........................................ 1,865 36,717
Entergy Corp. .............................................. 1,317 35,724
FirstEnergy Corp. .......................................... 1,211 30,881
Florida Progress Corp. ..................................... 547 26,803
FPL Group, Inc. ............................................ 985 47,526
GPU, Inc. .................................................. 660 17,490
New Century Energies, Inc. ................................. 655 22,393
Niagara Mohawk Holdings, Inc.+.............................. 989 13,166
Northern States Power Co. .................................. 873 19,261
PECO Energy Co. ............................................ 989 42,218
Pinnacle West Capital Corp. ................................ 440 17,408
PP&L Resources, Inc. ....................................... 775 20,925
Public Service Enterprise Group, Inc. ...................... 1,204 40,484
Southern Co. ............................................... 3,625 88,586
Unicom Corp. ............................................... 1,203 49,398
</TABLE>
---------------------
86
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------------
<S> <C> <C>
UTILITIES (continued)
Gas & Pipeline Utilities -- 0.9%
Columbia Energy Group....................................... 439 $ 29,962
Constellation Energy Group, Inc. ........................... 771 25,684
Eastern Enterprises......................................... 113 7,077
El Paso Energy Corp. ....................................... 1,208 58,437
Enron Corp. ................................................ 3,907 287,653
NICOR, Inc. ................................................ 222 7,701
ONEOK, Inc. ................................................ 215 5,738
Peoples Energy Corp. ....................................... 217 6,876
PG&E Corp. ................................................. 2,083 53,897
Sempra Energy............................................... 1,114 20,887
The Williams Cos., Inc. .................................... 2,307 96,317
Telephone -- 4.4%
ALLTEL Corp. ............................................... 1,645 101,373
AT&T Corp. ................................................. 20,344 629,392
BellSouth Corp. ............................................ 10,097 401,987
CenturyTel, Inc. ........................................... 766 22,453
SBC Communications, Inc. ................................... 18,213 775,191
Sprint Corp. ............................................... 4,713 167,901
Sprint Corp. (PCS Group)+................................... 4,951 273,543
WorldCom, Inc.+............................................. 15,391 601,211
------------
4,623,274
------------
TOTAL INVESTMENT SECURITIES (cost $62,737,332).............. 67,552,951
------------
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES -- 0.1% AMOUNT
-------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT -- 0.1%
United States Treasury Bills 5.63% due 9/21/00 (cost
$49,602).................................................. $50,000 49,602
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS --
(cost $62,786,934) 100.0% 67,602,553
Other assets less liabilities -- 0.0 9,503
------ ------------
NET ASSETS -- 100.0% $ 67,612,056
====== ============
</TABLE>
-----------------------------
+ Non-income producing securities
# Security represents an investment in an affiliated company
ADR -- American Depository Receipt
See Notes to Financial Statements
---------------------
87
<PAGE> 88
---------------------
SUNAMERICA SERIES TRUST
GROWTH-INCOME PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 98.1% SHARES VALUE
-------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 11.4%
Automotive -- 1.2%
General Motors Corp., Class H............................... 390,000 $ 10,091,250
Harley-Davidson, Inc. ...................................... 314,200 14,099,725
Housing -- 1.2%
Lowe's Cos., Inc. .......................................... 170,000 7,171,875
Masco Corp. ................................................ 640,000 12,640,000
U.S. Industries, Inc. ...................................... 450,000 5,906,250
Retail -- 9.0%
Circuit City Stores, Inc. .................................. 350,000 8,028,125
Gap, Inc. .................................................. 500,000 17,906,250
Home Depot, Inc. ........................................... 590,000 30,532,500
Kohl's Corp.+............................................... 290,000 16,457,500
Kroger Co. ................................................. 570,000 11,791,875
Limited, Inc. .............................................. 810,000 16,554,375
Target Corp. ............................................... 180,000 5,220,000
Tiffany & Co. .............................................. 380,000 13,015,000
Too, Inc.+.................................................. 31,429 705,188
Wal-Mart Stores, Inc. ...................................... 815,000 44,774,063
Walgreen Co. ............................................... 570,000 17,776,875
---------------
232,670,851
---------------
CONSUMER STAPLES -- 3.0%
Food, Beverage & Tobacco -- 0.7%
Safeway, Inc.+.............................................. 330,000 14,870,625
Household Products -- 2.3%
Avon Products, Inc. ........................................ 350,000 13,890,625
Colgate-Palmolive Co. ...................................... 410,000 22,831,875
Estee Lauder Cos., Inc., Class A............................ 210,000 9,240,000
---------------
60,833,125
---------------
ENERGY -- 4.5%
Energy Services -- 2.8%
Dynegy, Inc., Class A....................................... 200,000 14,075,000
Noble Drilling Corp.+....................................... 780,000 33,978,750
Santa Fe International Corp. ............................... 230,000 8,078,750
Energy Sources -- 1.7%
BP Amoco PLC ADR............................................ 385,400 20,161,237
Kerr-McGee Corp. ........................................... 280,000 15,365,000
---------------
91,658,737
---------------
FINANCE -- 14.5%
Banks -- 2.7%
Bank of America Corp. ...................................... 450,030 21,320,171
Bank One Corp. ............................................. 450,000 14,315,625
Chase Manhattan Corp. ...................................... 397,500 19,750,781
</TABLE>
---------------------
88
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (continued)
Financial Services -- 8.2%
Associates First Capital Corp., Class A..................... 670,000 $ 17,545,625
Citigroup, Inc. ............................................ 813,900 57,430,819
Household International, Inc. .............................. 305,000 13,591,563
Legg Mason, Inc. ........................................... 154,000 8,008,000
MBNA Corp. ................................................. 270,000 9,011,250
Merrill Lynch & Co., Inc. .................................. 160,000 20,680,000
Morgan Stanley, Dean Witter & Co. .......................... 372,530 33,993,362
The Hartford Financial Services Group, Inc. ................ 110,000 7,067,500
Insurance -- 3.6%
Ace Ltd. ................................................... 650,000 23,400,000
AFLAC, Inc. ................................................ 310,000 16,100,625
MGIC Investment Corp. ...................................... 345,000 19,600,312
PMI Group, Inc. ............................................ 202,500 12,681,563
---------------
294,497,196
---------------
HEALTHCARE -- 9.4%
Drugs -- 5.2%
Pfizer, Inc. ............................................... 1,430,000 61,668,750
Pharmacia & Upjohn, Inc. ................................... 345,100 18,894,225
Schering-Plough Corp. ...................................... 600,000 25,912,500
Health Services -- 1.8%
Health Management Associates, Inc., Class A+................ 875,000 13,726,562
IMS Health, Inc. ........................................... 570,000 10,295,625
Tenet Healthcare Corp.+..................................... 415,000 12,631,563
Medical Products -- 2.4%
Guidant Corp.+.............................................. 270,000 15,221,250
Human Genome Sciences, Inc.+................................ 90,000 10,873,125
Millenium Pharmaceuticals, Inc.+............................ 100,000 9,625,000
PE Corp-PE Biosystems Group................................. 150,000 13,078,125
---------------
191,926,725
---------------
INDUSTRIAL & COMMERCIAL -- 8.0%
Aerospace & Military Technology -- 0.9%
United Technologies Corp. .................................. 315,000 18,388,125
Business Services -- 0.9%
First Data Corp. ........................................... 278,000 12,805,375
Quintiles Transnational Corp.+.............................. 380,000 5,961,250
Electrical Equipment -- 4.1%
Best Buy Co., Inc.+......................................... 195,000 14,186,250
General Electric Co. ....................................... 1,350,000 69,440,625
Multi-Industry -- 1.2%
Tyco International Ltd. .................................... 441,600 23,625,600
Transportation -- 0.9%
America West Holding Corp., Class B+........................ 325,000 5,220,313
Burlington Northern Santa Fe Corp. ......................... 520,000 12,707,500
Union Pacific Corp. ........................................ 1 43
---------------
162,335,081
---------------
</TABLE>
---------------------
89
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT -- 8.9%
Broadcasting & Media -- 4.2%
AT&T Corp. Liberty Media Group, Inc., Class A+.............. 933,848 $ 20,778,118
Fox Entertainment Group, Inc., Class A+..................... 420,000 12,862,500
Gannett Co., Inc. .......................................... 215,000 11,583,125
Time Warner, Inc. .......................................... 340,000 26,073,750
Viacom, Inc., Class B+...................................... 211,575 14,030,067
Entertainment Products -- 0.5%
Mattel, Inc. ............................................... 850,000 9,403,125
Leisure & Tourism -- 4.2%
Continental Airlines, Inc., Class B+........................ 225,000 11,756,250
MGM Grand, Inc. ............................................ 259,000 9,307,813
Northwest Airlines Corp.+................................... 270,000 9,011,250
Park Place Entertainment Corp.+............................. 950,000 11,934,375
Southwest Airlines Co. ..................................... 500,000 11,812,500
Viad Corp. ................................................. 270,000 7,036,875
Walt Disney Co.+............................................ 650,000 25,146,875
---------------
180,736,623
---------------
INFORMATION TECHNOLOGY -- 31.5%
Cellular -- 0.6%
AT&T Wireless Group+........................................ 430,000 11,825,000
Computers & Business Equipment -- 7.0%
Cisco Systems, Inc.+........................................ 1,200,000 78,525,000
Dell Computer Corp.+........................................ 670,000 29,438,125
Gateway, Inc.+.............................................. 250,000 13,796,875
Lexmark International, Inc., Class A+....................... 150,000 6,759,375
VERITAS Software Corp.+..................................... 146,000 14,882,875
Computer Services -- 2.5%
Oracle Corp.+............................................... 675,000 50,751,563
Computer Software -- 4.2%
Intuit, Inc.+............................................... 300,000 10,200,000
Mercury Interactive Corp.+.................................. 117,800 11,693,491
Microsoft Corp.+............................................ 925,000 64,576,562
Electronics -- 13.0%
Altera Corp.+............................................... 281,400 27,629,962
Applied Materials, Inc.+.................................... 340,000 25,797,500
Applied Micro Circuits Corp.+............................... 65,000 9,701,250
Fairchild Semiconductor International Corp., Class A+....... 430,000 15,211,250
Flextronics International Ltd.+............................. 170,000 12,035,469
Intel Corp. ................................................ 1,360,000 90,780,000
Micron Technology, Inc.+.................................... 300,000 24,450,000
PMC-Sierra, Inc.+........................................... 89,000 17,254,875
Sanmina Corp.+.............................................. 220,000 20,432,500
Solectron Corp.+............................................ 530,000 21,365,625
Internet Software -- 1.3%
America Online, Inc.+....................................... 132,000 7,037,250
PSINet, Inc.+............................................... 346,000 6,033,375
Sapient Corp.+.............................................. 115,000 13,081,250
</TABLE>
---------------------
90
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Telecommunications -- 1.6%
Comcast Corp., Class A+..................................... 200,000 $ 6,803,125
Global TeleSystems Group, Inc.+............................. 490,000 4,165,000
Qwest Communications International, Inc.+................... 440,976 20,698,311
Internet Content -- 1.3%
eBay, Inc.+................................................. 140,000 7,000,000
Yahoo!, Inc.+............................................... 150,000 19,303,125
---------------
641,228,733
---------------
MATERIALS -- 1.9%
Chemicals -- 1.1%
Dow Chemical Co. ........................................... 420,000 12,075,000
Lyondell Chemical Co. ...................................... 800,000 11,200,000
Metals & Minerals -- 0.8%
Alcoa, Inc. ................................................ 550,000 16,637,500
---------------
39,912,500
---------------
UTILITIES -- 5.0%
Electric Utilities -- 2.4%
AES Corp. .................................................. 520,000 27,787,500
FPL Group, Inc. ............................................ 225,000 10,856,250
Pinnacle West Capital Corp. ................................ 245,000 9,692,812
Gas & Pipeline Utilities -- 0.6%
Enron Corp. ................................................ 165,000 12,148,125
Telephone -- 2.0%
AT&T Corp. ................................................. 909,095 28,125,127
Sprint Corp. ............................................... 355,800 12,675,375
---------------
101,285,189
---------------
TOTAL INVESTMENT SECURITIES (cost $1,405,898,258)........... 1,997,084,760
---------------
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES -- 1.4% AMOUNT
-------------------------------------------------------------------------------------------
<S> <C> <C>
TIME DEPOSIT -- 1.1%
Euro Dollar Time Deposit with State Street Bank & Trust Co.
6.00% due 8/01/00@........................................ $23,267,000 23,267,000
---------------
U.S. GOVERNMENT -- 0.3%
United States Treasury Bills 5.65% due 9/14/00@............. 5,000,000 4,965,472
---------------
TOTAL SHORT-TERM SECURITIES (cost $28,232,472).............. 28,232,472
---------------
TOTAL INVESTMENTS --
(cost $1,434,130,730) 99.5% 2,025,317,232
Other assets less liabilities -- 0.5 10,402,521
------ ---------------
NET ASSETS -- 100.0% $ 2,035,719,753
====== ===============
</TABLE>
-----------------------------
+ Non-income producing securities
ADR -- American Depository Receipt
---------------------
91
<PAGE> 92
@ The security or a portion thereof represents collateral for the
following open futures contracts:
<TABLE>
<CAPTION>
OPEN FUTURES CONTRACTS
---------------------------------------------------------------------------------------
EXPIRATION VALUE AT VALUE AS OF UNREALIZED
CONTRACTS DESCRIPTION DATE TRADE DATE JULY 31, 2000 DEPRECIATION
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
55 Long S&P 500 Index September 2000 $20,595,850 $19,784,875 $(810,975)
=========
</TABLE>
See Notes to Financial Statements
---------------------
92
<PAGE> 93
---------------------
SUNAMERICA SERIES TRUST
FEDERATED VALUE PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 90.3% SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 7.9%
Apparel & Textiles -- 0.8%
Liz Claiborne, Inc. ........................................ 41,300 $ 1,610,700
Automotive -- 2.6%
Cooper Tire & Rubber Co. ................................... 55,500 620,906
Delphi Automotive Systems Corp. ............................ 23,755 351,871
Ford Motor Co. ............................................. 46,900 2,183,781
General Motors Corp. ....................................... 21,736 1,237,593
General Motors Corp., Class H............................... 22,887 592,201
TRW, Inc. .................................................. 9,000 404,438
Visteon Corp. .............................................. 6,140 85,960
Housing -- 1.3%
Lowe's Cos., Inc. .......................................... 25,000 1,054,688
Sherwin Williams Co. ....................................... 81,800 1,702,462
Retail -- 3.2%
Federated Department Stores, Inc.+.......................... 46,600 1,121,313
Kmart Corp.+................................................ 119,100 833,700
Toys 'R' Us, Inc.+.......................................... 142,300 2,347,950
Wal-Mart Stores, Inc. ...................................... 42,200 2,318,362
-------------
16,465,925
-------------
CONSUMER STAPLES -- 4.7%
Food, Beverage & Tobacco -- 3.8%
Anheuser-Busch Cos., Inc. .................................. 31,000 2,495,500
Corn Products International, Inc. .......................... 71,500 1,787,500
Philip Morris Cos., Inc. ................................... 71,600 1,807,900
UST, Inc. .................................................. 119,600 1,734,200
Household Products -- 0.9%
Kimberly-Clark Corp. ....................................... 32,500 1,866,719
-------------
9,691,819
-------------
ENERGY -- 8.0%
Energy Services -- 4.0%
Coastal Corp. .............................................. 41,800 2,413,950
Diamond Offshore Drilling, Inc. ............................ 63,100 2,370,194
Schlumberger Ltd. .......................................... 44,300 3,275,431
Transocean Sedco Forex, Inc. ............................... 6,408 317,196
Energy Sources -- 4.0%
Exxon Mobil Corp............................................ 43,826 3,506,080
Royal Dutch Petroleum Co. ADR............................... 46,000 2,679,500
Sunoco, Inc. ............................................... 28,900 704,438
USX-Marathon Group, Inc. ................................... 55,700 1,354,206
-------------
16,620,995
-------------
</TABLE>
---------------------
93
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE -- 14.3%
Banks -- 3.2%
Bank of America Corp. ...................................... 54,100 $ 2,562,987
Chase Manhattan Corp. ...................................... 30,000 1,490,625
PNC Financial Services Group................................ 50,400 2,564,100
Financial Services -- 4.9%
Bear Stearns Cos., Inc. .................................... 68,219 3,675,299
C.I.T. Group, Inc., Class A................................. 33,300 616,050
Countrywide Credit Industries, Inc. ........................ 34,800 1,224,525
MBIA, Inc. ................................................. 45,900 2,556,056
Washington Mutual, Inc. .................................... 64,200 2,062,425
Insurance -- 6.2%
Allstate Corp. ............................................. 81,400 2,243,587
CIGNA Corp. ................................................ 24,800 2,476,900
Conseco, Inc. .............................................. 190,932 1,503,590
Lincoln National Corp. ..................................... 57,800 2,521,525
Marsh & McLennan Cos., Inc. ................................ 22,300 2,720,600
Oxford Health Plans, Inc.+.................................. 65,900 1,577,481
-------------
29,795,750
-------------
HEALTHCARE -- 8.4%
Drugs -- 4.1%
Bristol-Myers Squibb Co. ................................... 51,800 2,570,575
Merck & Co., Inc. .......................................... 35,300 2,530,569
Pharmacia & Upjohn, Inc. ................................... 60,696 3,323,106
Health Services -- 1.7%
HEALTHSOUTH Corp.+.......................................... 244,100 1,449,344
UnitedHealth Group, Inc. ................................... 24,700 2,020,769
Medical Products -- 2.6%
Abbott Laboratories, Inc. .................................. 58,700 2,443,387
Baxter International, Inc. ................................. 39,000 3,032,250
-------------
17,370,000
-------------
INDUSTRIAL & COMMERCIAL -- 16.0%
Aerospace & Military Technology -- 2.3%
Boeing Co. ................................................. 67,100 3,287,900
Honeywell International, Inc. .............................. 43,300 1,455,963
Business Services -- 5.5%
Cendant Corp.+.............................................. 90,800 1,163,375
Computer Sciences Corp.+.................................... 23,800 1,487,500
Electronic Data Systems Corp. .............................. 50,000 2,150,000
First Data Corp. ........................................... 75,400 3,473,112
H&R Block, Inc. ............................................ 67,000 2,144,000
Waste Management, Inc. ..................................... 56,500 1,055,844
Machinery -- 0.9%
Ingersoll-Rand Co. ......................................... 47,700 1,872,225
Multi-Industry -- 7.3%
Koninklijke Philips Electronics NV ADR...................... 83,808 3,766,122
Loews Corp. ................................................ 36,200 2,271,550
Minnesota Mining & Manufacturing Co. ....................... 19,100 1,720,194
Sara Lee Corp. ............................................. 110,000 2,028,125
Textron, Inc. .............................................. 30,600 1,746,112
Tyco International Ltd. .................................... 68,354 3,656,939
-------------
33,278,961
-------------
</TABLE>
---------------------
94
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT -- 5.6%
Broadcasting & Media -- 4.5%
AT&T Corp. Liberty Media Group, Inc., Class A+.............. 40,000 $ 890,000
Knight-Ridder, Inc. ........................................ 37,600 1,959,900
Viacom, Inc., Class A+...................................... 33,700 2,247,369
Viacom, Inc., Class B+...................................... 65,033 4,312,501
Cable -- 0.5%
Charter Communications, Inc., Class A+...................... 81,200 1,070,825
Entertainment Products -- 0.6%
Brunswick Corp. ............................................ 60,900 1,145,681
-------------
11,626,276
-------------
INFORMATION TECHNOLOGY -- 14.8%
Communication Equipment -- 0.9%
Motorola, Inc. ............................................. 55,500 1,834,969
Computers & Business Equipment -- 8.2%
Compaq Computer Corp. ...................................... 79,000 2,216,937
International Business Machines Corp. ...................... 28,400 3,193,225
Lexmark International, Inc., Class A+....................... 35,600 1,604,225
Seagate Technology, Inc.+................................... 41,800 2,118,738
Sun Microsystems, Inc.+..................................... 67,100 7,074,856
Unisys Corp.+............................................... 76,400 749,675
Computer Software -- 0.9%
Computer Associates International, Inc. .................... 42,400 1,052,050
Novell, Inc.+............................................... 86,300 817,153
Electronics -- 0.7%
Micron Technology, Inc.+.................................... 18,800 1,532,200
Telecommunications -- 4.1%
BCE, Inc. .................................................. 9,800 223,563
Lucent Technologies, Inc. .................................. 22,800 997,500
Nortel Networks Corp. ...................................... 15,389 1,144,557
Qwest Communications International, Inc.+................... 59,993 2,815,921
Verizon Communications...................................... 72,956 3,428,932
-------------
30,804,501
-------------
MATERIALS -- 2.6%
Chemicals -- 1.9%
Ashland, Inc. .............................................. 68,900 2,269,394
PPG Industries, Inc. ....................................... 38,800 1,578,675
Metals & Minerals -- 0.7%
Nucor Corp. ................................................ 39,100 1,476,025
-------------
5,324,094
-------------
UTILITIES -- 8.0%
Electric Utilities -- 3.7%
Edison International........................................ 85,000 1,673,437
Entergy Corp. .............................................. 101,000 2,739,625
FPL Group, Inc. ............................................ 55,300 2,668,225
Montana Power Co. .......................................... 18,800 544,025
Gas & Pipeline Utilities -- 0.7%
The Williams Cos., Inc. .................................... 35,200 1,469,600
</TABLE>
---------------------
95
<PAGE> 96
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
UTILITIES (continued)
Telephone -- 3.6%
AT&T Corp. ................................................. 61,650 $ 1,907,297
SBC Communications, Inc. ................................... 59,400 2,528,212
Telephone and Data Systems, Inc. ........................... 10,200 1,136,025
WorldCom, Inc.+............................................. 51,000 1,992,188
-------------
16,658,634
-------------
TOTAL COMMON STOCK (cost $190,279,932)...................... 187,636,955
-------------
<CAPTION>
PREFERRED STOCK -- 4.1%
----------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE -- 1.0%
Insurance -- 1.0%
Metlife Capital Trust I 8.00%............................... 32,000 2,188,000
-------------
INDUSTRIAL & COMMERCIAL -- 1.1%
Business Services -- 0.2%
Cendant Corp. 7.50%......................................... 18,500 374,625
Transportation -- 0.9%
Union Pacific Capital Trust 6.25%*.......................... 48,000 1,998,000
-------------
2,372,625
-------------
INFORMATION & ENTERTAINMENT -- 2.0%
Broadcasting & Media -- 2.0%
News Corp., Ltd. ADR........................................ 96,400 4,066,875
-------------
TOTAL PREFERRED STOCK (cost $6,252,888)..................... 8,627,500
-------------
TOTAL INVESTMENT SECURITIES (cost $196,532,820)............. 196,264,455
-------------
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES -- 4.4% AMOUNT
----------------------------------------------------------------------------------------
<S> <C> <C>
TIME DEPOSIT -- 4.4%
Euro Dollar Time Deposit with State Street Bank & Trust Co.
5.50% due 8/01/00 (cost $9,156,000)....................... $9,156,000 9,156,000
------------
TOTAL INVESTMENTS --
(cost $205,688,820) 98.8% 205,420,455
Other assets less liabilities -- 1.2 2,430,785
------ -------------
NET ASSETS -- 100.0% $207,851,240
====== =============
</TABLE>
-----------------------------
+ Non-income producing securities
* Resale restricted to qualified institutional buyers
ADR -- American Depository Receipt
See Notes to Financial Statements
---------------------
96
<PAGE> 97
---------------------
SUNAMERICA SERIES TRUST
DAVIS VENTURE VALUE
PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 93.2% SHARES VALUE
------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 4.8%
Housing -- 2.3%
Masco Corp. ................................................ 2,962,600 $ 58,511,350
Maytag Corp. ............................................... 4,200 142,275
Retail -- 2.5%
Costco Wholesale Corp.+..................................... 1,990,400 64,812,400
---------------
123,466,025
---------------
CONSUMER STAPLES -- 1.5%
Food, Beverage & Tobacco -- 1.2%
Coca-Cola Co. .............................................. 12,400 760,275
Gallaher Group PLC ADR...................................... 4,200 87,938
Philip Morris Cos., Inc. ................................... 1,175,900 29,691,475
Household Products -- 0.3%
Fortune Brands, Inc. ....................................... 4,200 94,500
Gillette Co. ............................................... 234,300 6,838,631
---------------
37,472,819
---------------
ENERGY -- 1.2%
Energy Services -- 0.5%
Schlumberger Ltd. .......................................... 181,600 13,427,050
Energy Sources -- 0.7%
Amerada Hess Corp. ......................................... 1,800 108,900
BP Amoco PLC ADR............................................ 7,872 411,804
Burlington Resources, Inc. ................................. 700 22,838
Chevron Corp. .............................................. 8,100 639,900
Devon Energy Corp. ......................................... 331,826 15,181,039
Exxon Mobil Corp. .......................................... 27,704 2,216,320
---------------
32,007,851
---------------
FINANCE -- 33.3%
Banks -- 6.8%
Bank of America Corp. ...................................... 3,064 145,157
Bank One Corp. ............................................. 135,600 4,313,775
First Union Corp. .......................................... 4,500 116,156
Golden West Financial Corp. ................................ 1,318,700 60,660,200
State Street Corp. ......................................... 110,500 11,091,437
U.S. Bancorp................................................ 427,000 8,193,063
Wells Fargo & Co. .......................................... 2,175,900 89,891,869
Financial Services -- 21.5%
American Express Co. ....................................... 2,708,900 153,560,769
Citigroup, Inc. ............................................ 1,758,496 124,083,874
Donaldson, Lufkin & Jenrette, Inc. ......................... 445,000 22,945,312
Dun & Bradstreet Corp. ..................................... 400 11,825
Federal Home Loan Mortgage Corp. ........................... 467,300 18,429,144
Household International, Inc. .............................. 2,289,600 102,030,300
Morgan (J.P.) & Co., Inc. .................................. 3,400 453,900
</TABLE>
---------------------
97
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
------------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (continued)
Financial Services (continued)
Morgan Stanley, Dean Witter & Co. .......................... 836,450 $ 76,326,062
Providian Financial Corp. .................................. 448,700 45,739,356
Stilwell Financial, Inc.+................................... 128,600 5,666,438
Insurance -- 5.0%
American International Group, Inc.#......................... 137,438 12,051,551
Chubb Corp. ................................................ 287,600 21,282,400
Progressive Corp. .......................................... 473,100 31,815,975
Sun Life Financial Services of Canada+...................... 211,000 3,521,063
Transatlantic Holdings, Inc.# .............................. 567,400 48,193,537
UnumProvident Corp. ........................................ 504,170 11,595,910
---------------
852,119,073
---------------
HEALTHCARE -- 9.1%
Drugs -- 9.1%
American Home Products Corp. ............................... 1,721,500 91,347,094
Bristol-Myers Squibb Co. ................................... 1,074,000 53,297,250
Eli Lilly & Co. ............................................ 210,500 21,865,687
Merck & Co., Inc. .......................................... 386,000 27,671,375
Pfizer, Inc. ............................................... 32,800 1,414,500
Pharmacia & Upjohn, Inc. ................................... 154,300 8,447,925
SmithKline Beecham PLC ADR.................................. 449,200 28,748,800
Health Services -- 0.0%
IMS Health, Inc. ........................................... 800 14,450
Medical Products -- 0.0%
Johnson & Johnson Co. ...................................... 5,900 549,069
---------------
233,356,150
---------------
INDUSTRIAL & COMMERCIAL -- 9.7%
Business Services -- 0.8%
AC Nielsen Corp.+........................................... 133 3,259
Agilent Technologies, Inc.+................................. 425,599 17,343,159
Gartner Group, Inc., Class B+............................... 104 1,151
Waste Management, Inc. ..................................... 1,215 22,705
WPP Group PLC ADR........................................... 24,400 1,683,600
Electrical Equipment -- 0.1%
General Electric Co. ....................................... 36,600 1,882,612
Machinery -- 0.9%
Dover Corp. ................................................ 517,900 23,726,294
Multi-Industry -- 7.9%
Berkshire Hathaway, Inc., Class A+.......................... 1,550 85,405,000
Berkshire Hathaway, Inc., Class B+.......................... 30 54,750
Koninklijke Philips Electronics NV ADR...................... 282,608 12,699,697
Tyco International Ltd. .................................... 1,954,300 104,555,050
---------------
247,377,277
---------------
INFORMATION & ENTERTAINMENT -- 4.6%
Broadcasting & Media -- 1.1%
Dow Jones & Co., Inc. ...................................... 103,900 6,850,906
Gannett Co., Inc. .......................................... 227,200 12,240,400
R.H. Donnelley Corp.+....................................... 80 1,605
Tribune Co. ................................................ 220,000 7,150,000
Washington Post Co., Class B................................ 500 240,000
</TABLE>
---------------------
98
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
------------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT (continued)
Leisure & Tourism -- 3.5%
Marriott International, Inc., Class A....................... 551,100 $ 22,044,000
McDonald's Corp. ........................................... 2,168,900 68,320,350
---------------
116,847,261
---------------
INFORMATION TECHNOLOGY -- 22.6%
Cellular -- 0.3%
AT&T Wireless Group+........................................ 284,500 7,823,750
Communication Equipment -- 5.3%
Molex, Inc. ................................................ 401,326 18,881,134
Motorola, Inc. ............................................. 1,604,400 53,045,475
Tellabs, Inc.+.............................................. 999,900 64,993,500
Computers & Business Equipment -- 9.4%
Hewlett-Packard Co. ........................................ 1,061,800 115,935,287
International Business Machines Corp. ...................... 767,300 86,273,294
Lexmark International, Inc., Class A+....................... 826,500 37,244,156
Computer Software -- 1.1%
BMC Software, Inc.+......................................... 764,100 14,422,388
Novell, Inc.+............................................... 729,600 6,908,400
SAP AG ADR.................................................. 122,400 6,823,800
Electronics -- 4.3%
Applied Materials, Inc.+.................................... 130,100 9,871,338
Intel Corp. ................................................ 536,000 35,778,000
Texas Instruments, Inc. .................................... 1,091,500 64,057,406
Telecommunications -- 2.2%
Globalstar Telecommunications Ltd.+......................... 77,496 600,594
Loral Space & Communications Corp.+......................... 792,400 4,110,575
Lucent Technologies, Inc. .................................. 1,183,200 51,765,000
---------------
578,534,097
---------------
MATERIALS -- 3.9%
Chemicals -- 0.0%
Dow Chemical Co. ........................................... 1,800 51,750
Forest Products -- 1.9%
International Paper Co. .................................... 4,270 145,180
Sealed Air Corp.+........................................... 964,900 48,606,837
Metals & Minerals -- 2.0%
Martin Marietta Materials, Inc. ............................ 560,500 23,646,094
Vulcan Materials Co. ....................................... 612,500 26,222,656
---------------
98,672,517
---------------
REAL ESTATE -- 0.6%
Real Estate Investment Trusts -- 0.6%
CenterPoint Properties Corp. ............................... 46,100 1,959,250
Equity Residential Properties Trust......................... 69,600 3,471,300
General Growth Properties, Inc. ............................ 333,000 11,280,375
---------------
16,710,925
---------------
UTILITIES -- 1.9%
Electric Utilities -- 0.0%
CP&L Energy, Inc. .......................................... 900 30,094
Duke Energy Corp. .......................................... 1,400 86,362
Edison International........................................ 700 13,781
</TABLE>
---------------------
99
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
------------------------------------------------------------------------------------------
<S> <C> <C>
UTILITIES (continued)
Electric Utilities (continued)
Southern Co. ............................................... 1,600 $ 39,100
Wisconsin Energy Corp. ..................................... 800 15,900
Gas & Pipeline Utilities -- 0.0%
El Paso Energy Corp. ....................................... 2,200 106,425
Sempra Energy............................................... 500 9,375
Telephone -- 1.9%
AT&T Corp. ................................................. 1,222,655 37,825,889
SBC Communications, Inc. ................................... 2,400 102,150
Sprint Corp. ............................................... 107,600 3,833,250
WorldCom, Inc.+............................................. 146,600 5,726,563
---------------
47,788,889
---------------
TOTAL COMMON STOCK (cost $1,895,884,392).................... 2,384,352,884
---------------
<CAPTION>
PREFERRED STOCK -- 0.3%
------------------------------------------------------------------------------------------
<S> <C> <C>
REAL ESTATE -- 0.3%
Real Estate Investment Trusts -- 0.3%
General Growth Properties, Inc. convertible 7.25%........... 280,400 6,396,625
Vornado Realty Trust Series A convertible 6.50%............. 9,100 505,619
---------------
TOTAL PREFERRED STOCK (cost $7,503,751)..................... 6,902,244
---------------
TOTAL INVESTMENT SECURITIES (cost $1,903,388,143)........... 2,391,255,128
---------------
<CAPTION>
PRINCIPAL
REPURCHASE AGREEMENT -- 6.7% AMOUNT
------------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 6.7%
Agreement with State Street Bank & Trust Co., bearing
interest at 6.51%, dated 7/31/00, to be repurchased
8/01/00 in the amount of $171,452,999 and collateralized
by $30,230,000 of Federal Home Loan Mortgage Corp. Notes,
bearing interest at 5.75%, due 3/15/09, $99,280,000 of
Federal Home Loan Mortgage Corp. Discount Notes, bearing
interest at 6.45%, due 8/22/00 and $49,260,000 of Federal
National Mortgage Association Discount Notes, bearing
interest at 7.00%, due 7/15/05, which together have an
approximate value of $176,579,718 (cost $171,422,000)..... $171,422,000 171,422,000
---------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS --
(cost $2,074,810,143) 100.2% 2,562,677,128
Liabilities in excess of other assets -- (0.2) (4,733,879)
------ ---------------
NET ASSETS -- 100.0% $ 2,557,943,249
====== ===============
</TABLE>
+ Non-income producing securities
# Security represents an investment in an affiliated company
ADR -- American Depository Receipt
See Notes to Financial Statements
---------------------
100
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---------------------
SUNAMERICA SERIES TRUST
"DOGS" OF WALL STREET
PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 97.9% SHARES VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 30.6%
Apparel & Textiles -- 2.8%
V.F. Corp. ................................................. 101,044 $ 2,222,968
Automotive -- 8.8%
Cooper Tire & Rubber Co. ................................... 202,094 2,260,927
General Motors Corp. ....................................... 40,937 2,330,851
Genuine Parts Co. .......................................... 123,238 2,472,462
Housing -- 3.9%
Sherwin Williams Co. ....................................... 148,580 3,092,321
Retail -- 15.1%
Albertson's, Inc. .......................................... 92,789 2,801,068
American Greetings Corp., Class A........................... 127,866 2,173,722
International Flavors & Fragrances, Inc. ................... 82,800 2,214,900
May Department Stores Co. .................................. 95,962 2,279,097
Newell Rubbermaid, Inc. .................................... 99,569 2,682,140
------------
24,530,456
------------
CONSUMER STAPLES -- 13.2%
Food, Beverage & Tobacco -- 13.2%
ConAgra, Inc. .............................................. 139,050 2,841,834
Hershey Foods Corp. ........................................ 60,294 2,788,598
Philip Morris Cos., Inc. ................................... 127,183 3,211,371
UST, Inc. .................................................. 120,438 1,746,351
------------
10,588,154
------------
ENERGY -- 3.6%
Energy Sources -- 3.6%
Exxon Mobil Corp. .......................................... 35,564 2,845,120
------------
FINANCE -- 3.9%
Financial Services -- 3.9%
Morgan (J.P.) & Co., Inc. .................................. 23,160 3,091,860
------------
HEALTHCARE -- 5.0%
Drugs -- 5.0%
American Home Products Corp. ............................... 75,945 4,029,831
------------
INDUSTRIAL & COMMERCIAL -- 18.1%
Aerospace & Military Technology -- 5.7%
Honeywell International, Inc. .............................. 54,133 1,820,222
Raytheon Co., Class B....................................... 113,555 2,753,709
Business Services -- 2.6%
National Service Industries, Inc. .......................... 103,233 2,109,824
</TABLE>
---------------------
101
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL (continued)
Machinery -- 2.8%
Caterpillar, Inc. .......................................... 66,516 $ 2,265,701
Multi-Industry -- 3.6%
Minnesota Mining & Manufacturing Co. ....................... 32,026 2,884,342
Transportation -- 3.4%
Norfolk Southern Corp. ..................................... 145,852 2,716,494
------------
14,550,292
------------
INFORMATION & ENTERTAINMENT -- 3.2%
Entertainment Products -- 3.2%
Eastman Kodak Co. .......................................... 46,987 2,578,412
------------
INFORMATION TECHNOLOGY -- 6.7%
Computers & Business Equipment -- 2.8%
Pitney Bowes, Inc. ........................................ 66,148 2,290,374
Electronics -- 3.9%
Emerson Electric Co. ....................................... 50,897 3,107,898
------------
5,398,272
------------
MATERIALS -- 10.5%
Chemicals -- 6.7%
Air Products and Chemicals, Inc. ........................... 96,741 3,228,731
du Pont (E.I.) de Nemours & Co. ............................ 46,302 2,098,059
Forest Products -- 3.8%
Bemis Co., Inc. ............................................ 88,813 3,052,947
------------
8,379,737
------------
UTILITIES -- 3.1%
Telephone -- 3.1%
SBC Communications, Inc. ................................... 58,661 2,496,759
------------
TOTAL INVESTMENT SECURITIES (cost $100,382,578)............. 78,488,893
------------
PRINCIPAL
REPURCHASE AGREEMENT -- 0.2% AMOUNT
-------------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 0.2%
State Street Bank & Trust Co. Joint Repurchase Agreement
Account (Note 3)
(cost $183,000)........................................... $183,000 183,000
------------
TOTAL INVESTMENTS --
(cost $100,565,578) 98.1% 78,671,893
Other assets less liabilities -- 1.9 1,514,512
------ -------------
NET ASSETS -- 100.0% $80,186,405
====== =============
</TABLE>
See Notes to Financial Statements
---------------------
102
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---------------------
SUNAMERICA SERIES TRUST
ALLIANCE GROWTH PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 98.4% SHARES VALUE
-------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 6.0%
Retail -- 6.0%
Home Depot, Inc. ........................................... 2,285,500 $ 118,274,625
Kohl's Corp.+............................................... 720,100 40,865,675
Target Corp. ............................................... 332,200 9,633,800
Walgreen Co. ............................................... 735,100 22,925,931
---------------
191,700,031
---------------
CONSUMER STAPLES -- 1.1%
Household Products -- 1.1%
Colgate-Palmolive Co. ...................................... 627,200 34,927,200
---------------
FINANCE -- 14.4%
Banks -- 1.0%
Chase Manhattan Corp. ...................................... 645,400 32,068,312
Financial Services -- 13.4%
Associates First Capital Corp., Class A..................... 2,594,100 67,932,994
Citigroup, Inc. ............................................ 1,905,500 134,456,844
Federal Home Loan Mortgage Corp. ........................... 646,000 25,476,625
Federal National Mortgage Association....................... 213,500 10,648,312
Goldman Sachs Group, Inc. .................................. 144,500 14,296,469
MBNA Corp. ................................................. 2,611,700 87,165,487
Merrill Lynch & Co., Inc. .................................. 27,482 3,552,049
Morgan Stanley, Dean Witter & Co. .......................... 907,080 82,771,050
---------------
458,368,142
---------------
HEALTHCARE -- 9.7%
Drugs -- 8.7%
Pfizer, Inc. ............................................... 3,802,275 163,973,109
Pharmacia & Upjohn, Inc. ................................... 313,300 17,153,175
Schering-Plough Corp. ...................................... 2,188,200 94,502,888
Medical Products -- 1.0%
Medtronic, Inc. ............................................ 635,500 32,450,219
---------------
308,079,391
---------------
INDUSTRIAL & COMMERCIAL -- 9.3%
Aerospace & Military Technology -- 1.2%
United Technologies Corp. .................................. 643,800 37,581,825
Electrical Equipment -- 1.0%
General Electric Co. ....................................... 665,300 34,221,369
Multi-Industry -- 7.1%
JDS Uniphase Corp.+......................................... 110,020 12,996,112
Sycamore Networks, Inc.+.................................... 48,300 5,955,994
Tyco International Ltd. .................................... 3,853,600 206,167,600
---------------
296,922,900
---------------
</TABLE>
---------------------
103
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT -- 10.3%
Broadcasting & Media -- 9.9%
AMFM, Inc.+................................................. 288,300 $ 20,595,431
AT&T Corp. Liberty Media Group, Inc., Class A+.............. 5,052,600 112,420,350
Cox Communications, Inc., Class A+.......................... 23,000 849,563
Time Warner, Inc. .......................................... 1,433,600 109,939,200
Viacom, Inc., Class B+...................................... 1,056,126 70,034,355
Leisure & Tourism -- 0.4%
Walt Disney Co.+............................................ 378,700 14,650,956
---------------
328,489,855
---------------
INFORMATION TECHNOLOGY -- 46.6%
Cellular -- 1.8%
AT&T Wireless Group+........................................ 2,082,100 57,257,750
Communication Equipment -- 5.5%
Foundry Networks, Inc.+..................................... 23,200 1,898,050
Nokia Corp. ADR............................................. 3,901,460 172,883,446
Computers & Business Equipment -- 11.2%
Cisco Systems, Inc.+........................................ 2,484,500 162,579,469
Dell Computer Corp.+........................................ 1,492,600 65,581,112
EMC Corp.+.................................................. 1,115,200 94,931,400
Sun Microsystems, Inc.+..................................... 227,700 24,008,119
Veritas Software Corp.+..................................... 76,400 7,788,025
Computer Services -- 2.3%
Oracle Corp.+............................................... 983,200 73,924,350
Computer Software -- 3.0%
Microsoft Corp.+............................................ 1,353,800 94,512,163
Electronics -- 13.1%
Altera Corp.+............................................... 28,600 2,808,163
Applied Materials, Inc.+.................................... 1,752,700 132,986,112
Applied Micro Circuits Corp.+............................... 16,800 2,507,400
Intel Corp. ................................................ 2,686,600 179,330,550
Micron Technology, Inc.+.................................... 337,600 27,514,400
PMC-Sierra, Inc.+........................................... 179,800 34,858,725
Texas Instruments, Inc. .................................... 614,700 36,075,206
Internet Software -- 0.6%
VeriSign, Inc.+............................................. 126,130 20,015,254
Telecommunications -- 8.6%
Amdocs, Ltd.+............................................... 25,000 1,679,688
Comcast Corp., Class A+..................................... 236,400 8,041,294
Corning, Inc. .............................................. 244,700 57,244,506
Nortel Networks Corp. ...................................... 1,460,000 108,587,500
Tycom Ltd.+................................................. 323,200 11,009,000
Vodafone AirTouch PLC ADR+.................................. 1,993,800 85,982,625
Internet Content -- 0.5%
Yahoo!, Inc.+............................................... 132,600 17,063,963
---------------
1,481,068,270
---------------
</TABLE>
---------------------
104
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------------
<S> <C> <C>
UTILITIES -- 1.0%
Telephone -- 1.0%
AT&T Corp. ................................................. 884,462 $ 27,363,043
Sprint Corp. ............................................... 99,000 3,526,875
---------------
30,889,918
---------------
TOTAL INVESTMENT SECURITIES (cost $2,584,340,917)........... 3,130,445,707
---------------
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES -- 2.4% AMOUNT
-------------------------------------------------------------------------------------------
<S> <C> <C>
TIME DEPOSIT -- 2.4%
Euro Dollar Time Deposit with State Street Bank & Trust Co.
6.00% due 8/01/00 (cost $77,591,000)...................... $77,591,000 77,591,000
---------------
TOTAL INVESTMENTS --
(cost $2,661,931,917) 100.8% 3,208,036,707
Liabilities in excess of other assets -- (0.8) (26,698,282)
------ ---------------
NET ASSETS -- 100.0% $3,181,338,425
====== ===============
</TABLE>
-----------------------------
+ Non-income producing securities
ADR -- American Depository Receipt
See Notes to Financial Statements
---------------------
105
<PAGE> 106
---------------------
SUNAMERICA SERIES TRUST
GOLDMAN SACHS RESEARCH
PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 99.6% SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER STAPLES -- 3.4%
Food, Beverage & Tobacco -- 3.4%
Philip Morris Cos., Inc. ................................... 10,100 $ 255,025
-----------
ENERGY -- 7.2%
Energy Services -- 3.6%
Schlumberger Ltd. .......................................... 3,600 266,175
Energy Sources -- 3.6%
Anadarko Petroleum Corp. ................................... 5,700 272,531
-----------
538,706
-----------
FINANCE -- 13.8%
Financial Services -- 13.8%
Charles Schwab Corp. ....................................... 7,200 260,100
Citigroup, Inc. ............................................ 3,600 254,025
Household International, Inc. .............................. 5,700 254,006
MBNA Corp. ................................................. 8,100 270,338
-----------
1,038,469
-----------
HEALTHCARE -- 6.9%
Drugs -- 3.4%
Merck & Co., Inc. .......................................... 3,600 258,075
Medical Products -- 3.5%
Guidant Corp.+.............................................. 4,600 259,325
-----------
517,400
-----------
INDUSTRIAL & COMMERCIAL -- 13.6%
Aerospace & Military Technology -- 3.5%
United Technologies Corp. .................................. 4,500 262,687
Business Services -- 3.4%
First Data Corp. ........................................... 5,500 253,344
Electrical Equipment -- 3.3%
General Electric Co. ....................................... 4,900 252,044
Multi-Industry -- 3.4%
Tyco International Ltd. .................................... 4,800 256,800
-----------
1,024,875
-----------
INFORMATION & ENTERTAINMENT -- 10.1%
Broadcasting & Media -- 10.1%
AT&T Corp. Liberty Media Group, Inc., Class A+.............. 11,200 249,200
Cablevision Systems Corp., Class A+......................... 3,900 256,669
Viacom, Inc., Class B+...................................... 3,900 258,619
-----------
764,488
-----------
</TABLE>
---------------------
106
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY -- 31.4%
Communication Equipment -- 3.5%
Comverse Technology, Inc.+.................................. 3,000 $ 263,250
Computers & Business Equipment -- 10.6%
Cisco Systems, Inc.+........................................ 4,100 268,294
International Business Machines Corp. ...................... 2,300 258,606
Linear Technology Corp. .................................... 4,900 270,725
Computer Software -- 3.7%
Rational Software Corp.+.................................... 2,700 274,725
Electronics -- 3.7%
Teradyne, Inc.+............................................. 4,400 278,850
Telecommunications -- 9.9%
Amdocs, Ltd.+............................................... 3,500 235,156
Clear Channel Communications, Inc.+......................... 3,400 259,037
Nextel Communications, Inc., Class A+....................... 4,500 251,719
-----------
2,360,362
-----------
UTILITIES -- 13.2%
Electric Utilities -- 3.3%
Calpine Corp.+.............................................. 3,500 249,375
Gas & Pipeline Utilities -- 6.6%
Enron Corp. ................................................ 3,500 257,687
The Williams Cos., Inc. .................................... 5,700 237,975
Telephone -- 3.3%
NEXTLINK Communications, Inc., Class A+..................... 7,500 247,969
-----------
993,006
-----------
TOTAL INVESTMENT SECURITIES (cost $7,437,209)............... 7,492,331
-----------
<CAPTION>
PRINCIPAL
REPURCHASE AGREEMENT -- 5.2% AMOUNT
-------------------------------------------------------------------------------------
<S> <C> <C>
</TABLE>
<TABLE>
<CAPTION>
REPURCHASE AGREEMENT -- 5.2%
<S> <C> <C>
Agreement with State Street Bank & Trust Co., bearing
interest at 6.52%, dated 7/31/00, to be repurchased
8/01/00 in the amount of $394,071 and collateralized by
$394,000 of U.S. Treasury Bonds, bearing interest at
12.75%, due 11/15/10 and having an approximate value of
$404,163 (cost $394,000).................................. $394,000 394,000
-----------
TOTAL INVESTMENTS --
(cost $7,831,209) 104.8% 7,886,331
Liabilities in excess of other
assets -- (4.8) (360,171)
------ -----------
NET ASSETS -- 100.0% $7,526,160
====== ===========
</TABLE>
-----------------------------
+ Non-income producing securities
See Notes to Financial Statements
---------------------
107
<PAGE> 108
---------------------
SUNAMERICA SERIES TRUST
MFS GROWTH AND INCOME
PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 94.2% SHARES VALUE
---------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 3.9%
Apparel & Textiles -- 0.2%
Fast Retailing Co., Ltd. ................................... 2,500 $ 900,305
Automotive -- 0.5%
Delphi Automotive Systems Corp. ............................ 44,800 663,600
TRW, Inc. .................................................. 24,400 1,096,475
Retail -- 3.2%
CVS Corp. .................................................. 112,000 4,417,000
Kroger Co. ................................................. 79,000 1,634,313
Wal-Mart Stores, Inc. ...................................... 97,500 5,356,406
------------
14,068,099
------------
CONSUMER STAPLES -- 6.7%
Food, Beverage & Tobacco -- 5.7%
Anheuser-Busch Cos., Inc. .................................. 36,400 2,930,200
Coca-Cola Co. .............................................. 43,300 2,654,831
Nestle SA................................................... 1,087 2,265,479
PepsiCo, Inc. .............................................. 13,600 623,050
Philip Morris Cos., Inc. ................................... 23,300 588,325
Quaker Oats Co. ............................................ 38,400 2,582,400
Safeway, Inc.+.............................................. 192,500 8,674,532
Household Products -- 1.0%
Clorox Co. ................................................. 12,300 508,144
Colgate-Palmolive Co. ...................................... 45,600 2,539,350
Gillette Co. ............................................... 12,600 367,762
Procter & Gamble Co. ....................................... 4,000 227,500
------------
23,961,573
------------
ENERGY -- 10.1%
Energy Services -- 2.7%
Baker Hughes, Inc. ......................................... 67,700 2,344,113
Coastal Corp. .............................................. 65,500 3,782,625
Global Marine, Inc.+........................................ 18,800 532,275
Transocean Sedco Forex, Inc. ............................... 25,500 1,262,250
TXU Corp. .................................................. 50,200 1,568,750
Energy Sources -- 7.4%
BP Amoco PLC ADR............................................ 168,900 8,835,581
Chevron Corp. .............................................. 14,900 1,177,100
Conoco, Inc., Class B+...................................... 127,300 2,935,856
Exxon Mobil Corp. .......................................... 122,037 9,762,960
Royal Dutch Petroleum Co. NV................................ 63,300 3,754,247
USX-Marathon Group, Inc. ................................... 1,200 29,175
------------
35,984,932
------------
</TABLE>
---------------------
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
---------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE -- 11.8%
Banks -- 3.4%
Bank of New York Co., Inc. ................................. 14,100 $ 660,056
Bank One Corp. ............................................. 42,600 1,355,213
Chase Manhattan Corp. ...................................... 9,900 491,906
Comerica, Inc. ............................................. 600 30,600
PNC Financial Services Group................................ 8,900 452,788
State Street Corp. ......................................... 47,400 4,757,775
U.S. Bancorp................................................ 85,000 1,630,938
Wells Fargo & Co. .......................................... 63,000 2,602,687
Financial Services -- 7.3%
American Express Co. ....................................... 48,900 2,772,019
Axa Financial, Inc. ........................................ 72,800 2,784,600
Capital One Financial Corp. ................................ 20,200 1,184,225
Citigroup, Inc. ............................................ 43,800 3,090,637
Federal Home Loan Mortgage Corp. ........................... 129,000 5,087,437
Federal National Mortgage Association....................... 35,100 1,750,613
HSBC Holdings PLC........................................... 118,800 1,608,535
ING Groep NV................................................ 13,301 889,200
Merrill Lynch & Co., Inc. .................................. 2,300 297,275
Providian Financial Corp. .................................. 7,000 713,563
The Hartford Financial Services Group, Inc. ................ 92,400 5,936,700
Insurance -- 1.1%
CIGNA Corp. ................................................ 11,100 1,108,613
Lincoln National Corp. ..................................... 10,800 471,150
Marsh & McLennan Cos., Inc. ................................ 8,600 1,049,200
St. Paul Cos., Inc. ........................................ 30,700 1,364,231
------------
42,089,961
------------
HEALTHCARE -- 10.5%
Drugs -- 8.4%
American Home Products Corp. ............................... 36,800 1,952,700
AstraZeneca Group PLC....................................... 30,900 1,331,783
Bristol-Myers Squibb Co. ................................... 111,100 5,513,338
Pfizer, Inc. ............................................... 266,225 11,480,953
Pharmacia & Upjohn, Inc. ................................... 159,408 8,727,588
Schering-Plough Corp. ...................................... 24,700 1,066,731
Health Services -- 0.2%
UnitedHealth Group, Inc. ................................... 8,700 711,769
Medical Products -- 1.9%
Abbott Laboratories, Inc. .................................. 22,500 936,562
Bausch & Lomb, Inc. ........................................ 21,300 1,324,594
Johnson & Johnson Co. ...................................... 5,300 493,231
Medtronic, Inc. ............................................ 64,320 3,284,340
PE Corp-PE Biosystems Group................................. 8,900 775,969
------------
37,599,558
------------
INDUSTRIAL & COMMERCIAL -- 12.4%
Aerospace & Military Technology -- 3.8%
Boeing Co. ................................................. 94,300 4,620,700
General Dynamics Corp. ..................................... 15,700 886,068
United Technologies Corp. .................................. 139,800 8,160,825
</TABLE>
---------------------
109
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<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
---------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL (continued)
Business Services -- 1.9%
Agilent Technologies, Inc.+................................. 4,383 $ 178,607
Cintas Corp. ............................................... 11,250 474,610
Computer Sciences Corp.+.................................... 36,500 2,281,250
First Data Corp. ........................................... 69,700 3,210,556
W.W. Grainger, Inc. ........................................ 19,500 619,125
Electrical Equipment -- 3.5%
General Electric Co. ....................................... 244,400 12,571,325
Machinery -- 1.5%
Deere & Co. ................................................ 104,700 4,037,494
Ingersoll-Rand Co. ......................................... 37,400 1,467,950
Multi-Industry -- 1.5%
Tyco International Ltd. .................................... 96,700 5,173,450
Transportation -- 0.2%
Canadian National Railway Co. .............................. 27,327 869,340
------------
44,551,300
------------
INFORMATION & ENTERTAINMENT -- 4.5%
Broadcasting & Media -- 4.3%
Gannett Co., Inc. .......................................... 46,100 2,483,638
Infinity Broadcasting Corp., Class A+....................... 32,300 1,138,575
New York Times Co. ......................................... 69,800 2,874,887
Reuters Group PLC ADR....................................... 11,800 1,357,000
Time Warner, Inc. .......................................... 54,700 4,194,806
Tribune Co. ................................................ 53,700 1,745,250
Viacom, Inc., Class B+...................................... 21,200 1,405,825
Leisure & Tourism -- 0.2%
McDonald's Corp. ........................................... 27,700 872,550
------------
16,072,531
------------
INFORMATION TECHNOLOGY -- 28.2%
Communication Equipment -- 2.2%
Cabletron Systems, Inc.+.................................... 50,900 1,329,762
Motorola, Inc. ............................................. 129,786 4,291,050
Tellabs, Inc.+.............................................. 32,700 2,125,500
Computers & Business Equipment -- 8.8%
Cisco Systems, Inc.+........................................ 129,100 8,447,981
Compaq Computer Corp. ...................................... 63,500 1,781,969
Dell Computer Corp.+........................................ 60,900 2,675,794
EMC Corp.+.................................................. 27,600 2,349,450
Hewlett-Packard Co. ........................................ 66,500 7,260,969
International Business Machines Corp. ...................... 26,300 2,957,106
Linear Technology Corp. .................................... 500 27,625
Sun Microsystems, Inc.+..................................... 51,300 5,408,944
Veritas Software Corp. +.................................... 7,500 764,531
Computer Services -- 2.0%
Automatic Data Processing, Inc. ............................ 88,300 4,376,369
DST Systems, Inc.+.......................................... 4,700 438,862
Oracle Corp.+............................................... 32,100 2,413,519
</TABLE>
---------------------
110
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
---------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Computer Software -- 2.8%
BMC Software, Inc.+......................................... 16,400 $ 309,550
Computer Associates International, Inc. .................... 31,900 791,519
Microsoft Corp.+............................................ 111,200 7,763,150
Rational Software Corp.+.................................... 10,400 1,058,200
Electronics -- 5.2%
Analog Devices, Inc.+....................................... 5,600 374,500
Emerson Electric Co. ....................................... 21,800 1,331,162
Flextronics International Ltd.+............................. 500 35,398
Intel Corp. ................................................ 196,800 13,136,400
LSI Logic Corp.+............................................ 1,700 57,588
Micron Technology, Inc.+.................................... 9,300 757,950
National Semiconductor Corp.+............................... 32,700 1,183,331
Solectron Corp.+............................................ 18,000 725,625
Teradyne, Inc.+............................................. 7,800 494,325
Texas Instruments, Inc. .................................... 8,200 481,238
Internet Software -- 0.1%
America Online, Inc.+....................................... 7,200 383,850
Telecommunications -- 7.1%
BroadWing, Inc. ............................................ 38,600 1,013,250
Comcast Corp., Class A+..................................... 7,400 251,715
Corning, Inc. .............................................. 28,100 6,573,644
Global Crossing Holdings Ltd.+.............................. 51,200 1,244,800
Koninklijke KPN NV.......................................... 4,332 156,604
Nortel Networks Corp. ...................................... 123,100 9,155,562
Qwest Communications International, Inc.+................... 10,500 492,844
Verizon Communications...................................... 102,900 4,836,300
Vodafone AirTouch PLC....................................... 394,273 1,743,033
------------
101,000,969
------------
MATERIALS -- 0.8%
Chemicals -- 0.8%
Akzo Nobel NV............................................... 27,800 1,236,331
Dow Chemical Co. ........................................... 4,800 138,000
du Pont (E.I.) de Nemours & Co. ............................ 8,600 389,687
Rohm and Haas Co. .......................................... 41,200 1,071,200
------------
2,835,218
------------
UTILITIES -- 5.3%
Electric Utilities -- 1.0%
PECO Energy Co. ............................................ 70,800 3,022,275
Unicom Corp. ............................................... 13,400 550,237
Gas & Pipeline Utilities -- 0.7%
Enron Corp. ................................................ 13,900 1,023,388
The Williams Cos., Inc. .................................... 39,100 1,632,425
Telephone -- 3.6%
ALLTEL Corp. ............................................... 54,500 3,358,563
BellSouth Corp. ............................................ 11,600 461,825
Nippon Telegraph & Telephone Corp. ADR...................... 18,520 1,134,350
SBC Communications, Inc. ................................... 66,507 2,830,704
Sprint Corp. ............................................... 13,200 470,250
</TABLE>
---------------------
111
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
---------------------------------------------------------------------------------------
<S> <C> <C>
UTILITIES (continued)
Telephone (continued)
Sprint Corp. (PCS Group)+................................... 37,100 $ 2,049,775
WorldCom, Inc.+............................................. 64,656 2,525,625
------------
19,059,417
------------
TOTAL COMMON STOCK (cost $311,041,251)...................... 337,223,558
------------
<CAPTION>
PREFERRED STOCK -- 0.3%
---------------------------------------------------------------------------------------
INFORMATION TECHNOLOGY -- 0.3%
Telecommunications -- 0.3%
Global Crossing Ltd. 6.75% (cost $1,500,000)................ 6,000 1,267,500
------------
<CAPTION>
PRINCIPAL
BONDS & NOTES -- 0.4% AMOUNT
---------------------------------------------------------------------------------------
<S> <C> <C>
ENERGY -- 0.1%
Energy Services -- 0.1%
Transocean Sedco Forex, Inc. zero coupon 2020............... $ 380,000 221,350
------------
INFORMATION & ENTERTAINMENT -- 0.2%
Cable -- 0.2%
NTL, Inc. 5.75% 2009*....................................... 1,042,000 724,190
------------
UTILITIES -- 0.1%
Telephone -- 0.1%
Bell Atlantic Financial Services, Inc. 4.25% 2005*.......... 442,000 519,350
------------
TOTAL BONDS & NOTES (cost $1,746,260)....................... 1,464,890
------------
TOTAL INVESTMENT SECURITIES (cost $314,287,511)............. 339,955,948
------------
<CAPTION>
SHORT-TERM SECURITIES -- 4.6%
---------------------------------------------------------------------------------------
<S> <C> <C>
FEDERAL AGENCY OBLIGATIONS -- 4.6%
Federal Home Loan Bank Consolidated Discount Notes 6.43% due
8/01/00 (cost $16,300,000)................................ 16,300,000 16,300,000
------------
TOTAL INVESTMENTS -- (cost $330,587,511) 99.5% 356,255,948
Other assets less liabilities -- 0.5 1,861,736
------ ------------
NET ASSETS -- 100.0% $358,117,684
====== ============
</TABLE>
-----------------------------
+ Non-income producing securities
* Resale restricted to qualified institutional buyers
ADR -- American Depository Receipt
See Notes to Financial Statements
---------------------
112
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---------------------
SUNAMERICA SERIES TRUST
PUTNAM GROWTH PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 96.5% SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 6.1%
Automotive -- 0.4%
General Motors Corp., Class H............................... 141,600 $ 3,663,900
Retail -- 5.7%
CVS Corp. .................................................. 77,400 3,052,463
Home Depot, Inc. ........................................... 300,800 15,566,400
Kohl's Corp.+............................................... 64,600 3,666,050
RadioShack Corp. ........................................... 152,200 8,580,275
TJX Cos., Inc. ............................................. 149,400 2,502,450
Wal-Mart Stores, Inc. ...................................... 273,000 14,997,937
-------------
52,029,475
-------------
CONSUMER STAPLES -- 3.7%
Food, Beverage & Tobacco -- 1.0%
Anheuser-Busch Cos., Inc. .................................. 52,600 4,234,300
SYSCO Corp. ................................................ 96,700 3,807,562
Household Products -- 2.7%
Avon Products, Inc. ........................................ 51,100 2,028,031
Colgate-Palmolive Co. ...................................... 117,600 6,548,850
Estee Lauder Cos., Inc., Class A............................ 147,100 6,472,400
Kimberly-Clark Corp. ....................................... 139,700 8,024,019
-------------
31,115,162
-------------
ENERGY -- 4.1%
Energy Sources -- 4.1%
Anadarko Petroleum Corp. ................................... 93,600 4,475,250
Apache Corp. ............................................... 82,200 4,089,450
Conoco, Inc., Class A....................................... 286,000 6,399,250
Exxon Mobil Corp. .......................................... 154,600 12,368,000
Royal Dutch Petroleum Co. ADR............................... 129,300 7,531,725
-------------
34,863,675
-------------
FINANCE -- 12.0%
Banks -- 2.8%
Bank of America Corp. ...................................... 57,000 2,700,375
Bank of New York Co., Inc. ................................. 35,300 1,652,481
Fifth Third Bancorp......................................... 181,200 7,485,825
Firstar Corp. .............................................. 251,600 4,969,100
Northern Trust Corp. ....................................... 34,800 2,605,650
State Street Corp. ......................................... 22,500 2,258,438
Zions Bancorp. ............................................. 38,300 1,675,625
Financial Services -- 7.6%
American Express Co. ....................................... 198,800 11,269,475
Charles Schwab Corp. ....................................... 251,100 9,070,988
Citigroup, Inc. ............................................ 303,400 21,408,662
Merrill Lynch & Co., Inc. .................................. 113,800 14,708,650
Morgan Stanley, Dean Witter & Co. .......................... 86,100 7,856,625
</TABLE>
---------------------
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<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE (continued)
Insurance -- 1.6%
American International Group, Inc.#......................... 122,577 $ 10,748,470
CIGNA Corp. ................................................ 31,200 3,116,100
-------------
101,526,464
-------------
HEALTHCARE -- 11.3%
Drugs -- 8.6%
Allergan, Inc. ............................................. 87,000 5,823,563
American Home Products Corp. ............................... 132,000 7,004,250
Eli Lilly & Co. ............................................ 97,100 10,086,262
Genentech, Inc.+............................................ 37,900 5,765,538
Pfizer, Inc. ............................................... 540,375 23,303,672
Pharmacia & Upjohn, Inc. ................................... 118,900 6,509,775
Schering-Plough Corp. ...................................... 331,900 14,333,931
Medical Products -- 2.7%
Amgen, Inc.+................................................ 157,500 10,227,656
Baxter International, Inc. ................................. 89,700 6,974,175
PE Corp-PE Biosystems Group................................. 64,900 5,658,469
-------------
95,687,291
-------------
INDUSTRIAL & COMMERCIAL -- 8.4%
Business Services -- 0.4%
United Parcel Service, Inc. ................................ 56,500 3,319,375
Electrical Equipment -- 4.0%
General Electric Co. ....................................... 653,800 33,629,838
Multi-Industry -- 4.0%
Tyco International Ltd. .................................... 638,300 34,149,050
-------------
71,098,263
-------------
INFORMATION & ENTERTAINMENT -- 8.4%
Broadcasting & Media -- 8.4%
AT&T Corp. Liberty Media Group, Inc., Class A+.............. 699,400 15,561,650
EchoStar Communications Corp., Class A+..................... 62,400 2,460,900
Interpublic Group of Cos., Inc. ............................ 193,100 7,736,069
Omnicom Group, Inc. ........................................ 44,300 3,765,500
Time Warner, Inc. .......................................... 154,600 11,855,887
Viacom, Inc., Class B+...................................... 415,280 27,538,255
Voicestream Wireless Corp.+................................. 19,150 2,455,988
-------------
71,374,249
-------------
INFORMATION TECHNOLOGY -- 38.5%
Communication Equipment -- 2.9%
Comverse Technology, Inc.+.................................. 75,400 6,616,350
Juniper Networks, Inc.+..................................... 10,800 1,538,325
Nokia Corp. ADR............................................. 230,123 10,197,325
Tellabs, Inc.+.............................................. 88,700 5,765,500
</TABLE>
---------------------
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Computers & Business Equipment -- 11.1%
Apple Computer, Inc.+....................................... 148,400 $ 7,540,575
Avery Dennison Corp. ....................................... 53,800 2,918,650
Cisco Systems, Inc.+........................................ 489,000 31,998,937
EMC Corp.+.................................................. 190,200 16,190,775
Hewlett-Packard Co. ........................................ 34,500 3,766,969
Linear Technology Corp. .................................... 117,000 6,464,250
Sun Microsystems, Inc.+..................................... 145,400 15,330,613
VERITAS Software Corp.+..................................... 98,000 9,989,875
Computer Services -- 1.8%
Brocade Communications Systems, Inc.+....................... 30,600 5,465,925
Oracle Corp.+............................................... 131,200 9,864,600
Computer Software -- 4.1%
BEA Systems, Inc.+.......................................... 63,200 2,721,550
i2 Technologies, Inc.+...................................... 42,300 5,488,425
Microsoft Corp.+............................................ 317,900 22,193,394
Siebel Systems, Inc.+....................................... 32,400 4,698,000
Electronics -- 10.9%
Applied Materials, Inc.+.................................... 134,300 10,190,012
Broadcom Corp., Class A+.................................... 18,400 4,126,200
Intel Corp. ................................................ 452,800 30,224,400
JDS Uniphase Corp.+......................................... 97,700 11,540,812
LSI Logic Corp.+............................................ 79,500 2,693,063
PMC-Sierra, Inc.+........................................... 22,500 4,362,187
SCI Systems, Inc.+.......................................... 105,200 4,826,050
Teradyne, Inc.+............................................. 82,800 5,247,450
Texas Instruments, Inc. .................................... 175,300 10,287,919
Xilinx, Inc.+............................................... 112,400 8,437,025
Internet Software -- 0.8%
America Online, Inc.+....................................... 129,400 6,898,638
Telecommunications -- 6.9%
Clear Channel Communications, Inc.+......................... 153,700 11,710,019
Corning, Inc. .............................................. 35,800 8,374,963
Nextel Communications, Inc., Class A+....................... 176,200 9,856,187
Nortel Networks Corp. ...................................... 277,900 20,668,812
Vodafone AirTouch PLC ADR+.................................. 180,400 7,779,750
-------------
325,973,525
-------------
MATERIALS -- 0.3%
Forest Products -- 0.3%
Sealed Air Corp.+........................................... 53,900 2,715,213
-------------
UTILITIES -- 3.7%
Gas & Pipeline Utilities -- 1.9%
Enron Corp. ................................................ 211,800 15,593,775
Telephone -- 1.8%
ALLTEL Corp. ............................................... 16,200 998,325
Sprint Corp. ............................................... 192,500 6,857,812
Sprint Corp. (PCS Group)+................................... 138,100 7,630,025
-------------
31,079,937
-------------
TOTAL INVESTMENT SECURITIES (cost $636,271,583)............. 817,463,254
-------------
</TABLE>
---------------------
115
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<TABLE>
<CAPTION>
PRINCIPAL
REPURCHASE AGREEMENT -- 3.6% AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 3.6%
Agreement with SG Warburg Dillon Read LLC, bearing interest
at 6.54%, dated 7/31/00, to be repurchased 8/01/00 in the
amount of $30,200,485 and collateralized by $30,608,000 of
United States Treasury Notes, bearing interest at 6.62%,
due 6/30/01 and having an approximate value of $30,827,839
(cost $30,195,000)........................................ $30,195,000 $ 30,195,000
-------------
TOTAL INVESTMENTS --
(cost $666,466,583) 100.1% 847,658,254
Other assets less liabilities -- (0.1) (1,099,024)
------ -------------
NET ASSETS -- 100.0% $846,559,230
====== =============
</TABLE>
-----------------------------
+ Non-income producing securities
# Security represents an investment in an affiliated company
ADR -- American Depository Receipt
See Notes to Financial Statements
---------------------
116
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---------------------
SUNAMERICA SERIES TRUST
BLUE CHIP GROWTH PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 66.1% SHARES VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 4.4%
Automotive -- 1.3%
General Motors Corp., Class H............................... 2,100 $ 54,338
Retail -- 3.1%
Gap, Inc. .................................................. 800 28,650
Home Depot, Inc. ........................................... 500 25,875
Tiffany & Co. .............................................. 600 20,550
Wal-Mart Stores, Inc. ...................................... 1,000 54,937
-----------
184,350
-----------
ENERGY -- 3.6%
Energy Services -- 1.3%
Baker Hughes, Inc. ......................................... 500 17,312
Halliburton Co. ............................................ 300 13,838
Schlumberger Ltd. .......................................... 300 22,181
Energy Sources -- 2.3%
Burlington Resources, Inc. ................................. 200 6,525
Chevron Corp. .............................................. 200 15,800
Exxon Mobil Corp. .......................................... 500 40,000
Nabors Industries, Inc.+.................................... 300 12,488
Royal Dutch Petroleum Co. ADR............................... 400 23,300
-----------
151,444
-----------
FINANCE -- 7.4%
Banks -- 2.0%
Bank of New York Co., Inc. ................................. 400 18,725
Chase Manhattan Corp. ...................................... 700 34,782
FleetBoston Financial Corp. ................................ 500 17,906
Mellon Financial Corp. ..................................... 300 11,306
Financial Services -- 5.4%
American Express Co. ....................................... 1,000 56,688
Capital One Financial Corp. ................................ 400 23,450
Citigroup, Inc. ............................................ 900 63,506
Merrill Lynch & Co., Inc. .................................. 300 38,775
Morgan Stanley, Dean Witter & Co. .......................... 500 45,625
-----------
310,763
-----------
HEALTHCARE -- 6.2%
Drugs -- 4.6%
ALZA Corp.+................................................. 300 19,425
Biogen, Inc.+............................................... 300 15,900
Genentech, Inc.+............................................ 300 45,638
Merck & Co., Inc. .......................................... 300 21,506
Pfizer, Inc. ............................................... 1,000 43,125
Schering-Plough Corp. ...................................... 700 30,231
Teva Pharmaceutical Industries Ltd. ADR..................... 300 18,225
</TABLE>
---------------------
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE (continued)
Medical Products -- 1.6%
Amgen, Inc.+................................................ 600 $ 38,962
Johnson & Johnson Co. ...................................... 300 27,919
-----------
260,931
-----------
INDUSTRIAL & COMMERCIAL -- 7.8%
Electrical Equipment -- 2.8%
General Electric Co. ....................................... 2,300 118,306
Machinery -- 0.7%
SPX Corp. .................................................. 200 28,638
Multi-Industry -- 4.3%
JDS Uniphase Corp.+......................................... 700 82,687
Sycamore Networks, Inc.+.................................... 300 36,994
Tyco International Ltd. .................................... 1,100 58,850
-----------
325,475
-----------
INFORMATION & ENTERTAINMENT -- 4.2%
Broadcasting & Media -- 2.0%
AT&T Corp. Liberty Media Group, Inc., Class A+.............. 1,600 35,600
Pegasus Communications Corp.+............................... 300 12,675
Time Warner, Inc. .......................................... 500 38,344
Entertainment Products -- 2.2%
CIENA Corp.+................................................ 500 71,062
Oakley, Inc.+............................................... 1,400 20,300
-----------
177,981
-----------
INFORMATION TECHNOLOGY -- 30.0%
Communication Equipment -- 3.3%
Juniper Networks, Inc.+..................................... 400 56,975
Motorola, Inc. ............................................. 1,000 33,062
Nokia Corp. ADR............................................. 1,100 48,744
Computers & Business Equipment -- 9.5%
Cisco Systems, Inc.+........................................ 1,800 117,787
Dell Computer Corp.+........................................ 800 35,150
EMC Corp.+.................................................. 2,000 170,250
International Business Machines Corp. ...................... 500 56,219
Sun Microsystems, Inc.+..................................... 200 21,088
Computer Services -- 0.9%
Oracle Corp.+............................................... 500 37,594
Computer Software -- 3.0%
BEA Systems, Inc.+.......................................... 400 17,225
i2 Technologies, Inc.+...................................... 300 38,925
Microsoft Corp.+............................................ 1,000 69,812
Electronics -- 5.7%
Flextronics International Ltd.+............................. 900 63,717
Integrated Device Technology, Inc.+......................... 700 37,100
Intel Corp. ................................................ 1,600 106,800
Texas Instruments, Inc. .................................... 500 29,344
Internet Software -- 0.8%
America Online, Inc.+....................................... 600 31,988
</TABLE>
---------------------
118
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Telecommunications -- 6.8%
Comcast Corp., Class A+..................................... 700 $ 23,811
Corning, Inc. .............................................. 400 93,575
Lucent Technologies, Inc. .................................. 500 21,875
Nortel Networks Corp. ...................................... 500 37,187
Tycom Ltd.+................................................. 3,200 109,000
-----------
1,257,228
-----------
MATERIALS -- 0.5%
Chemicals -- 0.1%
du Pont (E.I.) de Nemours & Co. ............................ 100 4,531
Metals & Minerals -- 0.4%
Alcoa, Inc. ................................................ 500 15,125
-----------
19,656
-----------
UTILITIES -- 2.0%
Electric Utilities -- 0.4%
PECO Energy Co. ............................................ 400 17,075
Gas & Pipeline Utilities -- 0.9%
Enron Corp. ................................................ 500 36,812
Telephone -- 0.7%
AT&T Corp. ................................................. 300 9,281
WorldCom, Inc.+............................................. 500 19,532
-----------
82,700
-----------
TOTAL INVESTMENT SECURITIES (cost $2,827,208)............... 2,770,528
-----------
<CAPTION>
PRINCIPAL
REPURCHASE AGREEMENTS -- 28.5% AMOUNT
-------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENTS -- 28.5%
Paine Webber, Inc. Joint Repurchase Agreement Account (Note
3)........................................................ $400,000 400,000
State Street Bank & Trust Co. Joint Repurchase Agreement
Account (Note 3).......................................... 795,000 795,000
-----------
TOTAL REPURCHASE AGREEMENTS (cost $1,195,000)............... 1,195,000
-----------
TOTAL INVESTMENTS --
(cost $4,022,208) 94.6% 3,965,528
Other assets less liabilities -- 5.4 227,934
------ -----------
NET ASSETS -- 100.0% $4,193,462
====== ===========
</TABLE>
-----------------------------
+ Non-income producing securities
ADR -- American Depository Receipt
See Notes to Financial Statements
---------------------
119
<PAGE> 120
---------------------
SUNAMERICA SERIES TRUST
REAL ESTATE PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 85.7% SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT -- 4.9%
Broadcasting & Media -- 0.4%
Crown Castle International Corp.+#.......................... 4,850 $ 259,475
Leisure & Tourism -- 4.5%
Marriott International, Inc., Class A....................... 57,300 2,292,000
Six Flags, Inc. ............................................ 32,000 486,000
Vail Resorts, Inc.+......................................... 22,400 397,600
------------
3,435,075
------------
REAL ESTATE -- 80.8%
Real Estate Companies -- 7.0%
Boardwalk Equities, Inc.+................................... 323,200 2,749,390
Catellus Development Corp.+................................. 123,600 2,132,100
Real Estate Investment Trusts -- 73.8%
Alexandria Real Estate Equities, Inc. ...................... 100,700 3,606,319
AMB Property Corp. ......................................... 39,100 933,512
Apartment Investment & Management Co., Class A.............. 80,575 3,897,816
Archstone Communities Trust................................. 144,500 3,747,969
Avalonbay Communities, Inc. ................................ 87,567 4,126,595
Boston Properties, Inc. .................................... 94,400 3,917,600
CarrAmerica Realty Corp. ................................... 28,900 863,388
CenterPoint Properties Corp. ............................... 91,300 3,880,250
Duke-Weeks Realty Corp. .................................... 109,700 2,687,650
Equity Office Properties Trust.............................. 67,787 2,067,503
Equity Residential Properties Trust......................... 49,100 2,448,862
General Growth Properties, Inc. ............................ 22,700 768,963
Home Properties of New York, Inc. .......................... 109,400 3,357,212
Kilroy Realty Corp. ........................................ 33,700 893,050
Kimco Realty Corp. ......................................... 29,200 1,204,500
Liberty Property Trust...................................... 45,400 1,305,250
Parkway Properties, Inc. ................................... 25,000 800,000
Public Storage, Inc. ....................................... 145,200 3,720,750
Spieker Properties, Inc. ................................... 54,400 2,811,800
Summit Properties, Inc. .................................... 46,400 1,107,800
Vornado Realty Trust........................................ 92,400 3,615,150
------------
56,643,429
------------
TOTAL COMMON STOCK (cost $52,753,180)....................... 60,078,504
------------
<CAPTION>
PREFERRED STOCK -- 9.5%
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION & ENTERTAINMENT -- 2.3%
Leisure & Tourism -- 2.3%
Six Flags, Inc. convertible 7.50%........................... 47,100 1,595,513
------------
REAL ESTATE -- 7.2%
Real Estate Investment Trusts -- 7.2%
Equity Residential Properties Trust convertible Series E
7.00%..................................................... 6,900 189,319
General Growth Properties, Inc. convertible 7.25%........... 107,300 2,447,781
</TABLE>
---------------------
120
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<TABLE>
<CAPTION>
PREFERRED STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
REAL ESTATE (continued)
Real Estate Investment Trusts (continued)
SL Green Realty Corp. convertible 8.00%..................... 68,900 $ 2,144,512
Vornado Realty Trust convertible Series A 6.50%............. 4,800 266,700
------------
5,048,312
------------
TOTAL PREFERRED STOCK (cost $7,241,531)..................... 6,643,825
------------
TOTAL INVESTMENT SECURITIES (cost $59,994,711).............. 66,722,329
------------
<CAPTION>
PRINCIPAL
REPURCHASE AGREEMENT -- 5.1% AMOUNT
----------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 5.1%
Agreement with State Street Bank & Trust Co., bearing
interest at 6.51%, dated 7/31/00, to be repurchased
8/01/00 in the amount of $3,600,651 and collateralized by
$3,625,000 of Federal National Mortgage Association Notes,
bearing interest at 6.41%, due 2/06/02 and having an
approximate value of $3,711,094 (cost $3,600,000)......... $3,600,000 3,600,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS --
(cost $63,594,711) 100.3% 70,322,329
Liabilities in excess of other assets -- (0.3) (207,942)
------ ------------
NET ASSETS -- 100.0% $70,114,387
====== ============
</TABLE>
-----------------------------
+ Non-income producing securities
# Security represents an investment in an affiliated company
See Notes to Financial Statements
---------------------
121
<PAGE> 122
---------------------
SUNAMERICA SERIES TRUST
SMALL COMPANY VALUE
PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 91.4% SHARES VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 11.2%
Apparel & Textiles -- 1.8%
Ashworth, Inc.+............................................. 500 $ 2,703
Sport-Haley, Inc.+.......................................... 2,400 8,850
Venator Group, Inc. ........................................ 6,900 97,463
Automotive -- 1.6%
Dollar Thrifty Automotive Group+............................ 2,200 41,387
Tower Automotive, Inc.+..................................... 4,400 53,625
Housing -- 2.2%
D.R. Horton, Inc. .......................................... 3,500 54,250
Stanley Furniture Co., Inc.+................................ 3,400 76,925
Retail -- 5.6%
Applebee's International, Inc. ............................. 1,000 22,188
David's Bridal, Inc.+....................................... 3,600 71,775
Regis Corp.+................................................ 9,200 120,750
School Specialty, Inc.+..................................... 2,200 38,087
The Topps Co., Inc.+........................................ 5,300 50,930
Whitehall Jewellers, Inc.+.................................. 3,000 26,625
-----------
665,558
-----------
CONSUMER STAPLES -- 4.9%
Food, Beverage & Tobacco -- 4.0%
Cadiz, Inc.+................................................ 2,600 25,025
Michael Foods, Inc. ........................................ 4,000 96,000
Performance Food Group Co.+................................. 900 29,644
Suiza Foods Corp.+.......................................... 1,900 88,112
Household Products -- 0.9%
Steiner Leisure Ltd.+....................................... 2,800 54,250
-----------
293,031
-----------
ENERGY -- 12.2%
Energy Services -- 2.6%
Atwood Oceanics, Inc.+...................................... 600 25,200
Marine Drilling Co., Inc.+.................................. 1,200 26,100
Newpark Resources, Inc.+.................................... 4,300 35,744
Veritas DGC, Inc.+.......................................... 3,100 66,650
Energy Sources -- 9.6%
Basin Exploration, Inc.+.................................... 5,500 87,312
Callon Petroleum Co. ....................................... 900 12,038
Catalytica, Inc.+........................................... 9,200 105,225
Chieftain International, Inc.+.............................. 3,000 48,938
Core Laboratories NV+....................................... 2,700 53,831
Evergreen Resources, Inc.+.................................. 1,900 52,012
Forest Oil Corp.+........................................... 6,500 83,687
</TABLE>
---------------------
122
<PAGE> 123
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
ENERGY (continued)
Energy Sources (continued)
Houston Exploration Co.+.................................... 900 $ 19,800
Newfield Exploration Co.+................................... 2,400 81,750
Tesoro Petroleum Corp.+..................................... 2,400 22,950
-----------
721,237
-----------
FINANCE -- 21.2%
Banks -- 9.2%
Astoria Financial Corp. .................................... 1,400 40,775
Community First Bankshares, Inc. ........................... 5,000 83,750
Cullen/Frost Bankers, Inc. ................................. 1,600 45,500
Dime Bancorp, Inc. ......................................... 2,700 43,538
First Republic Bank+........................................ 2,300 50,025
National Commerce Bancorp. ................................. 2,700 47,250
Roslyn Bancorp, Inc. ....................................... 3,225 60,066
TCF Financial Corp. ........................................ 4,600 135,412
Webster Financial Corp. .................................... 1,800 40,275
Financial Services -- 2.2%
Dain Rauscher Corp. ........................................ 600 40,687
Metris Cos., Inc. .......................................... 1,250 36,641
NCO Group, Inc.+............................................ 1,500 37,125
Sterling Bancshares, Inc. .................................. 1,200 16,200
Insurance -- 9.8%
Enhance Financial Services Group, Inc. ..................... 4,500 71,156
Farm Family Holdings, Inc.+................................. 1,500 49,969
Horace Mann Educators Corp. ................................ 2,700 37,631
Penn Treaty American Corp.+................................. 1,600 25,600
Philadelphia Consolidated Holding Corp.+.................... 3,100 50,181
Protective Life Corp. ...................................... 2,500 67,813
Radian Group, Inc. ......................................... 4,500 273,937
-----------
1,253,531
-----------
HEALTHCARE -- 7.1%
Drugs -- 0.2%
Osteotech, Inc.+............................................ 1,000 10,000
Health Services -- 1.7%
America Service Group, Inc. ................................ 2,000 34,750
Renal Care Group, Inc.+..................................... 2,000 46,375
Res-Care, Inc.+............................................. 3,000 21,000
Medical Products -- 5.2%
ATS Medical, Inc. .......................................... 1,400 18,638
Kensey Nash Corp. .......................................... 1,600 15,150
Lifecore Biomedical, Inc.+.................................. 2,000 14,875
Mentor Corp. ............................................... 2,600 46,800
PolyMedica Corp.+........................................... 2,500 94,609
Respironics, Inc.+.......................................... 900 15,356
Spacelabs Medical, Inc.+.................................... 1,900 19,119
The Cooper Cos., Inc. ...................................... 2,400 84,300
-----------
420,972
-----------
INDUSTRIAL & COMMERCIAL -- 16.4%
Aerospace & Military Technology -- 4.5%
Alliant Techsystems, Inc.+.................................. 3,400 240,550
REMEC, Inc.+................................................ 1,050 26,873
</TABLE>
---------------------
123
<PAGE> 124
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL (continued)
Business Services -- 6.4%
Astec Industries, Inc.+..................................... 2,700 $ 52,566
Interlogix, Inc.+........................................... 366 3,866
ITT Educational Services, Inc.+............................. 1,300 24,700
Morrison Knudsen Corp. ..................................... 2,000 19,250
National Computer Systems, Inc. ............................ 1,500 107,812
Pentair, Inc. .............................................. 3,000 91,875
Simpson Manufacturing Co., Inc.+............................ 650 31,850
Spherion Corp. ............................................. 1,700 32,513
United Shipping and Technology, Inc.+....................... 2,500 16,406
Electrical Equipment -- 1.0%
Benchmark Electronics, Inc.+................................ 900 37,013
BOLDER Technologies Corp.+.................................. 3,800 23,750
Machinery -- 4.2%
Dura Automotive Systems, Inc.+.............................. 5,400 55,687
Edelbrock Corp.+............................................ 1,100 10,725
FSI International, Inc.+.................................... 2,300 37,806
MagneTek, Inc.+............................................. 4,190 33,258
Park-Ohio Holdings Corp.+................................... 2,600 24,050
Rayovac Corp.+.............................................. 500 12,469
SPX Corp. .................................................. 500 71,594
Multi-Industry -- 0.3%
Tredegar Corp. ............................................. 800 17,600
-----------
972,213
-----------
INFORMATION & ENTERTAINMENT -- 2.1%
Broadcasting & Media -- 1.0%
LodgeNet Entertainment Corp.+............................... 2,400 62,400
Leisure & Tourism -- 1.1%
Buca, Inc.+................................................. 1,600 22,500
Buffets, Inc.+.............................................. 3,300 41,456
-----------
126,356
-----------
INFORMATION TECHNOLOGY -- 12.0%
Computers & Business Equipment -- 3.3%
GateField Corp.+............................................ 470 2,218
Micron Electronics, Inc.+................................... 1,200 12,675
Pomeroy Computer Resources, Inc.+........................... 1,700 28,900
RadiSys Corp.+.............................................. 2,100 129,150
S3, Inc.+................................................... 1,300 13,325
Zamba Corp.+................................................ 1,600 9,000
Computer Services -- 1.3%
Bell & Howell Co.+.......................................... 3,800 77,900
Computer Software -- 2.7%
Acxiom Corp.+............................................... 1,000 21,313
Braun Consulting, Inc.+..................................... 600 12,975
Catalyst International, Inc.+............................... 400 2,350
Evolving Systems, Inc.+..................................... 3,500 18,375
JDA Software Group, Inc.+................................... 1,100 17,875
PLATO Learning, Inc.+....................................... 1,600 20,600
Project Software & Development, Inc.+....................... 2,000 35,250
Rainbow Technologies, Inc. ................................. 800 34,700
</TABLE>
---------------------
124
<PAGE> 125
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Electronics -- 4.7%
Actel Corp.+................................................ 2,200 $ 81,812
Cohu, Inc. ................................................. 1,200 21,225
Digital Microwave Corp.+.................................... 1,000 27,187
Innovex, Inc.+.............................................. 4,600 55,200
Methode Electronics, Inc., Class A.......................... 200 9,088
Moog, Inc., Class A+........................................ 1,800 52,200
Pioneer Standard Electrics, Inc. ........................... 2,200 29,700
-----------
713,018
-----------
MATERIALS -- 0.7%
Metals & Minerals -- 0.7%
Global Industries, Inc.+.................................... 2,300 28,750
L.B. Foster Co., Class A+................................... 3,300 11,963
-----------
40,713
-----------
REAL ESTATE -- 2.4%
Real Estate Investment Trusts -- 2.4%
Chelsea GCA Realty, Inc. ................................... 1,500 54,375
Highwoods Properties, Inc. ................................. 1,300 35,100
Lexington Corporate Properties Trust........................ 2,100 25,069
Pacific Gulf Properties, Inc. .............................. 1,000 25,500
-----------
140,044
-----------
UTILITIES -- 1.2%
Electric Utilities -- 0.9%
Applied Power, Inc., Class A................................ 1,400 55,387
Gas & Pipeline Utilities -- 0.3%
NOVA Corp.+................................................. 1,400 16,188
-----------
71,575
-----------
TOTAL INVESTMENT SECURITIES (cost $5,192,903)............... 5,418,248
-----------
<CAPTION>
PRINCIPAL
REPURCHASE AGREEMENT -- 10.0% AMOUNT
-------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 10.0%
Agreement with State Street Bank & Trust Co., bearing
interest at 5.25%, dated 7/31/00, to be repurchased
8/01/00 in the amount of $590,086 and collateralized by
$395,000 of U.S. Treasury Bonds, bearing interest at
11.25%, due 2/15/15 and having an approximate value of
$605,975 (cost $590,000).................................. $590,000 590,000
-----------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS --
(cost $5,782,903) 101.4% 6,008,248
Liabilities in excess of other assets -- (1.4) (80,919)
------ -----------
NET ASSETS -- 100.0% $5,927,329
====== ===========
</TABLE>
-----------------------------
+ Non-income producing securities
See Notes to Financial Statements
---------------------
125
<PAGE> 126
---------------------
SUNAMERICA SERIES TRUST
MFS MID-CAP GROWTH
PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 93.5% SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 4.9%
Automotive -- 0.0%
Federal-Mogul Corp. ........................................ 200 $ 1,825
Retail -- 4.9%
BJ's Wholesale Club, Inc.+.................................. 153,050 4,581,935
Gymboree Corp.+............................................. 39,170 203,194
Kroger Co. ................................................. 338,700 7,006,856
-------------
11,793,810
-------------
CONSUMER STAPLES -- 1.5%
Food, Beverage & Tobacco -- 1.5%
Del Monte Foods Co.+........................................ 185,150 1,342,337
Keebler Foods Co. .......................................... 54,510 2,405,254
-------------
3,747,591
-------------
ENERGY -- 20.6%
Energy Services -- 9.7%
BJ Services Co.+............................................ 31,100 1,815,462
Diamond Offshore Drilling, Inc. ............................ 59,690 2,242,106
Global Marine, Inc.+........................................ 84,800 2,400,900
Noble Drilling Corp.+....................................... 201,690 8,786,121
Transocean Sedco Forex, Inc. ............................... 166,710 8,252,145
Energy Sources -- 10.9%
Apache Corp. ............................................... 122,350 6,086,913
EOG Resources, Inc. ........................................ 344,600 10,187,237
Houston Exploration Co.+.................................... 82,480 1,814,560
Newfield Exploration Co.+................................... 234,950 8,002,984
Noble Affiliates, Inc. ..................................... 13,300 399,000
-------------
49,987,428
-------------
HEALTHCARE -- 12.0%
Drugs -- 5.7%
ArthroCare Corp.+........................................... 43,700 1,586,856
IntraBiotics Pharmaceuticals, Inc.+......................... 98,190 2,933,426
United Therapeutics Corp.+.................................. 94,400 9,251,200
Health Services -- 1.1%
Cerner Corp.+............................................... 44,800 1,568,000
Total Renal Care Holdings, Inc.+............................ 141,040 1,075,430
Medical Products -- 5.2%
Cytyc Corp.+................................................ 143,000 6,864,000
Illumina, Inc.+............................................. 770 26,950
Martek Biosciences Corp.+................................... 26,000 513,500
VISX, Inc.+................................................. 211,800 5,334,713
-------------
29,154,075
-------------
</TABLE>
---------------------
126
<PAGE> 127
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL -- 13.4%
Business Services -- 9.3%
Applied Science and Technology, Inc.+....................... 15,610 $ 262,443
National Data Corp. ........................................ 91,100 2,505,250
Radiant Systems, Inc.+...................................... 45,850 853,956
RSA Security, Inc.+......................................... 109,205 6,920,867
S1 Corp.+................................................... 286,512 7,288,149
W. W. Grainger, Inc. ....................................... 150,000 4,762,500
Electrical Equipment -- 1.5%
Cable Design Technologies Corp.+............................ 100,480 3,541,920
Capstone Turbine Corp.+..................................... 710 39,050
Machinery -- 2.6%
AGCO Corp. ................................................. 277,110 3,567,791
Cooper Cameron Corp.+....................................... 36,100 2,332,963
MKS Instruments, Inc.+...................................... 12,790 322,148
-------------
32,397,037
-------------
INFORMATION & ENTERTAINMENT -- 2.4%
Broadcasting & Media -- 2.4%
EchoStar Communications Corp., Class A+..................... 37,100 1,463,131
Hearst-Argyle Television, Inc.+............................. 16,430 313,197
Scholastic Corp.+........................................... 37,710 2,408,726
Sinclair Broadcast Group, Inc., Class A+.................... 6,860 75,031
SportsLine.com, Inc.+....................................... 97,910 1,542,083
Entertainment Products -- 0.0%
Collectors Universe, Inc.+.................................. 20,380 75,151
-------------
5,877,319
-------------
INFORMATION TECHNOLOGY -- 34.1%
Communication Equipment -- 6.4%
Ancor Communications, Inc.+................................. 132,095 5,217,752
Avici Systems, Inc.+........................................ 880 86,570
Cabletron Systems, Inc.+.................................... 39,600 1,034,550
Comverse Technology, Inc.+.................................. 12,100 1,061,775
Emulex Corp.+............................................... 150,200 7,510,000
JNI Corp.+.................................................. 14,600 623,238
Triton Networks Systems, Inc.+.............................. 430 11,879
Computers & Business Equipment -- 2.4%
MMC Networks, Inc.+......................................... 41,400 2,046,712
Seagate Technology, Inc.+................................... 73,600 3,730,600
StorageNetworks, Inc.+...................................... 1,110 121,129
Computer Services -- 7.5%
CheckFree Holdings Corp.+................................... 157,700 9,580,275
Computer Network Technology Corp.+.......................... 25,500 414,375
CSG Systems International, Inc.+............................ 143,230 7,618,046
InterCept Group, Inc.+...................................... 29,600 691,900
Mainspring, Inc.+........................................... 880 13,200
Computer Software -- 0.9%
Aspen Technology, Inc.+..................................... 17,630 530,002
Pegrine Systems, Inc.+...................................... 62,677 1,563,008
Talarian Corp.+............................................. 690 8,754
</TABLE>
---------------------
127
<PAGE> 128
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Electronics -- 3.7%
DuPont Photomasks, Inc.+.................................... 20,200 $ 1,209,475
Marvell Technology Group Ltd.+.............................. 600 27,413
QLogic Corp.+............................................... 34,800 2,592,600
Sawtek, Inc.+............................................... 7,250 386,063
SIPEX Corp.+................................................ 66,500 2,065,656
Teradyne, Inc.+............................................. 29,300 1,856,887
Veeco Instruments, Inc+..................................... 11,700 921,375
Internet Software -- 4.4%
Blue Martini Software, Inc.+................................ 920 54,683
Check Point Software Technologies Ltd.+..................... 18,800 2,180,800
Chordiant Software, Inc.+................................... 21,530 285,272
ePresence, Inc. ............................................ 47,700 298,125
VeriSign, Inc.+............................................. 49,665 7,881,215
Telecommunications -- 8.1%
Adelphia Business Solutions+................................ 22,300 320,562
Airspan Networks, Inc.+..................................... 770 17,229
Allegiance Telecom, Inc.+................................... 25,400 1,411,287
American Tower Corp., Class A+.............................. 180,100 7,721,787
Aware, Inc.+................................................ 17,400 685,125
Cnet Networks, Inc.+........................................ 105,900 3,170,381
Corvis Corp.+............................................... 160 13,173
Covad Communications Group, Inc.+........................... 16,000 264,000
i3 Mobile, Inc.+............................................ 390 5,168
ICG Communications, Inc.+................................... 7,800 118,950
Intermedia Communications, Inc.+............................ 138,510 2,441,239
MGC Communications, Inc.+................................... 23,400 1,053,000
Network Engines, Inc.+...................................... 700 19,337
Spectrasite Holdings, Inc.+................................. 8,100 172,125
Stratos Lightwave, Inc.+.................................... 660 24,750
Tekelec, Inc.+.............................................. 14,100 553,425
Time Warner Telecom, Inc., Class A+......................... 24,900 1,542,244
Internet Content -- 0.7%
iVillage, Inc.+............................................. 82,400 533,025
Switchboard, Inc.+.......................................... 111,880 825,115
Ziff-Davis, Inc.+........................................... 21,300 364,762
-------------
82,880,013
-------------
MATERIALS -- 3.1%
Forest Products -- 1.6%
Smurfit Stone Container Corp.+.............................. 307,400 3,823,288
Metals & Minerals -- 1.5%
Global Industries, Inc.+.................................... 286,100 3,576,250
-------------
7,399,538
-------------
REAL ESTATE -- 0.2%
Real Estate Investment Trusts -- 0.2%
Pinnacle Holdings, Inc.+.................................... 9,000 505,688
-------------
UTILITIES -- 1.3%
Gas & Pipeline Utilities -- 1.3%
NOVA Corp.+................................................. 276,140 3,192,869
-------------
TOTAL INVESTMENT SECURITIES (cost $224,563,904)............. 226,935,368
-------------
</TABLE>
---------------------
128
<PAGE> 129
<TABLE>
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES -- 9.6% AMOUNT VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM SECURITIES -- 9.6%
Federal Home Loan Bank Consolidated Discount Notes 6.43% due
8/01/00................................................... $13,400,000 $ 13,400,000
Federal Home Loan Mortgage Discount Notes 6.38% due
8/04/00................................................... 10,000,000 9,994,683
-------------
TOTAL SHORT-TERM SECURITIES (cost $23,394,683).............. 23,394,683
-------------
TOTAL INVESTMENTS --
(cost $247,958,587) 103.1% 250,330,051
Liabilities in excess of other assets -- (3.1) (7,582,103)
------ -------------
NET ASSETS -- 100.0% $ 242,747,948
====== =============
</TABLE>
-----------------------------
+ Non-income producing securities
See Notes to Financial Statements
---------------------
129
<PAGE> 130
---------------------
SUNAMERICA SERIES TRUST
AGGRESSIVE GROWTH
PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 73.1% SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DISCRETIONARY -- 3.0%
Apparel & Textiles -- 0.4%
Talbots, Inc. .............................................. 51,200 $ 2,585,600
Automotive -- 1.3%
General Motors Corp., Class H............................... 201,800 5,221,575
Oshkosh Truck Corp. ........................................ 67,650 2,291,644
Retail -- 1.3%
The Yankee Candle, Inc.+.................................... 119,600 2,496,650
Wal-Mart Stores, Inc. ...................................... 98,500 5,411,344
-------------
18,006,813
-------------
ENERGY -- 7.4%
Energy Services -- 6.4%
BJ Services Co.+............................................ 117,900 6,882,412
Diamond Offshore Drilling, Inc. ............................ 100,000 3,756,250
Global Marine, Inc.+........................................ 171,900 4,866,919
Grant Prideco, Inc.+........................................ 178,900 3,600,363
Maverick Tube Corp.+........................................ 120,200 2,742,063
Precision Drilling Corp.+................................... 163,900 5,593,087
R&B Falcon Corp.+........................................... 185,300 3,694,419
Transocean Sedco Forex, Inc. ............................... 42,500 2,103,750
Weatherford International, Inc.+............................ 145,400 5,825,087
Energy Sources -- 1.0%
Nabors Industries, Inc.+.................................... 138,700 5,773,387
-------------
44,837,737
-------------
FINANCE -- 1.3%
Financial Services -- 1.3%
Paychex, Inc. .............................................. 177,750 8,132,063
-------------
HEALTHCARE -- 9.3%
Drugs -- 3.0%
Abgenix, Inc.+.............................................. 186,600 9,353,325
Alkermes, Inc.+............................................. 178,200 5,902,875
Cephalon, Inc.+............................................. 72,100 2,906,531
Medical Products -- 6.3%
Affymetrix, Inc.+........................................... 33,200 4,533,356
Genzyme Corp.+.............................................. 77,200 5,360,575
MedImmune, Inc.+............................................ 100,400 5,973,800
Millenium Pharmaceuticals, Inc.+............................ 83,000 7,988,750
Myriad Genetics, Inc.+...................................... 34,200 4,542,188
QLT PhotoTherapeutics, Inc.+................................ 116,500 7,674,437
Visible Genetics, Inc.+..................................... 84,800 2,713,600
-------------
56,949,437
-------------
</TABLE>
---------------------
130
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL -- 1.9%
Business Services -- 0.7%
Critical Path, Inc.+........................................ 49,400 $ 2,750,962
Mobile Mini, Inc.+.......................................... 94,200 1,807,463
Machinery -- 0.4%
Kulicke & Soffa Industries, Inc.+........................... 51,700 2,332,963
Transportation -- 0.8%
Offshore Logistics, Inc.+................................... 123,900 1,564,237
RailWorks Corp.+............................................ 336,500 3,112,625
-------------
11,568,250
-------------
INFORMATION & ENTERTAINMENT -- 2.1%
Broadcasting & Media -- 2.1%
Cinar Corp., Class B+(1).................................... 137,800 689,000
EchoStar Communications Corp., Class A+..................... 63,500 2,504,281
Martha Stewart Living Omnimedia, Inc.+...................... 75,000 1,860,938
Pegasus Communications Corp.+............................... 136,500 5,767,125
Spanish Broadcasting System, Inc.+.......................... 176,300 1,961,337
-------------
12,782,681
-------------
INFORMATION TECHNOLOGY -- 46.9%
Communication Equipment -- 2.7%
Copper Mountain Networks, Inc.+............................. 49,700 3,919,311
Netro Corp.+................................................ 70,600 3,816,812
Network Appliance, Inc.+.................................... 80,100 6,903,619
RF Micro Devices, Inc.+..................................... 22,900 1,726,088
Computers & Business Equipment -- 3.1%
Linear Technology Corp. .................................... 97,000 5,359,250
StorageNetworks, Inc.+...................................... 4,000 436,500
Sun Microsystems, Inc.+..................................... 100,000 10,543,750
VERITAS Software Corp.+..................................... 28,400 2,895,025
Computer Services -- 4.4%
Brocade Communications Systems, Inc.+....................... 64,700 11,557,037
CheckFree Holdings Corp.+................................... 29,600 1,798,200
Documentum, Inc.+........................................... 45,900 2,151,563
Oracle Corp.+............................................... 147,200 11,067,600
Computer Software -- 6.7%
BEA Systems, Inc.+.......................................... 103,700 4,465,581
i2 Technologies, Inc.+...................................... 63,300 8,213,175
Macromedia, Inc.+........................................... 8,200 627,300
Micromuse, Inc.+............................................ 73,400 9,522,503
Scientific Learning Corp.+.................................. 50,000 317,969
Siebel Systems, Inc.+....................................... 74,800 10,846,000
TIBCO Software, Inc.+....................................... 64,300 6,622,900
Electronics -- 13.6%
Avanex Corp.+............................................... 77,800 9,875,738
Bookham Technology PLC ADR+................................. 46,700 2,930,425
Broadcom Corp., Class A+.................................... 49,400 11,077,950
CIENA Corp.+................................................ 75,900 10,787,287
Digital Microwave Corp.+.................................... 48,500 1,318,594
JDS Uniphase Corp.+......................................... 136,900 16,171,312
New Focus, Inc.+............................................ 64,800 6,504,300
PMC-Sierra, Inc.+........................................... 68,300 13,241,662
Redback Networks, Inc.+..................................... 90,800 11,804,000
</TABLE>
---------------------
131
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Internet Software -- 11.3%
Agile Software Corp.+....................................... 11,800 $ 652,688
Akamai Technologies, Inc. .................................. 25,700 2,026,686
Ariba, Inc.+................................................ 69,900 8,104,031
Art Technology Group, Inc.+................................. 118,700 10,326,900
BroadVision, Inc.+.......................................... 89,400 3,235,163
Check Point Software Technologies Ltd.+..................... 55,800 6,472,800
Commerce One, Inc.+......................................... 34,100 1,434,331
Entrade, Inc.+(1)........................................... 46,000 173,363
Inktomi Corp.+.............................................. 59,700 6,387,900
RealNetworks, Inc.+......................................... 105,900 4,494,131
VeriSign, Inc.+............................................. 73,700 11,695,269
Vignette Corp.+............................................. 200,100 6,778,387
Watchguard Technologies, Inc.+.............................. 144,100 7,069,906
Software -- 0.7%
Portal Software, Inc.+...................................... 82,500 4,154,648
Telecommunications -- 3.9%
Amdocs Ltd.+................................................ 105,400 7,081,562
Clear Channel Communications, Inc.+......................... 50,410 3,840,612
Comcast Corp., Class A+..................................... 70,200 2,387,897
Entercom Communications Corp.+.............................. 2,200 85,388
Finisar Corp.+.............................................. 46,100 1,224,531
Metalink Ltd.+.............................................. 40,500 916,313
Qwest Communications International, Inc.+................... 180,700 8,481,606
Internet Content -- 0.5%
Internet Capital Group, Inc.+............................... 4,000 135,250
Stamps.com, Inc.+........................................... 111,500 557,500
Yahoo!, Inc.+............................................... 18,400 2,367,850
-------------
286,586,163
-------------
MATERIALS -- 0.0%
Metals & Minerals -- 0.0%
Global Industries, Inc.+.................................... 17,900 223,750
-------------
UTILITIES -- 1.0%
Energy Sources -- 1.0%
Smith International, Inc.+.................................. 81,300 5,802,788
-------------
EDUCATION -- 0.2%
Education -- 0.2%
Career Education Corp.+..................................... 19,000 1,085,375
-------------
TOTAL COMMON STOCK (cost $420,098,141)...................... 445,975,057
-------------
</TABLE>
---------------------
132
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<TABLE>
<CAPTION>
OPTIONS -- 1.1%+ CONTRACTS VALUE
----------------------------------------------------------------------------------------------------
<S> <C> <C>
PUT OPTIONS -- 1.1%
Broadcom Corp. expires 9/00................................. 40,800 $ 790,500
Brocade Communications Systems, Inc. expires 9/00........... 26,400 660,000
Ciena Corp. expires 9/00.................................... 40,400 1,105,950
JDS Uniphase Corp. expires 9/00............................. 44,600 802,800
Network Appliance, Inc. expires 9/00........................ 32,400 534,600
PHLX Semiconductor Index expires 9/00....................... 14,800 1,008,250
PMC-Sierra, Inc. expires 9/00............................... 33,000 561,000
Redback Network, Inc. expires 9/00.......................... 29,800 677,950
Siebel Systems, Inc. expires 9/00........................... 39,600 762,300
------------
TOTAL OPTIONS (cost $6,292,127)............................. 6,903,350
------------
TOTAL INVESTMENT SECURITIES (cost $426,390,268)............. 452,878,407
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
REPURCHASE AGREEMENTS -- 17.9% AMOUNT
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS -- 17.9%
Paine Webber, Inc. Joint Repurchase Agreement Account (Note 3)......... $55,000,000 55,000,000
State Street Bank & Trust Co. Joint Repurchase Agreement Account (Note
3)................................................................... 53,859,000 53,859,000
-------------
TOTAL REPURCHASE AGREEMENTS (cost $108,859,000)........................ 108,859,000
-------------
TOTAL INVESTMENTS --
(cost $535,249,268) 92.1% 561,737,407
Other assets less liabilities -- 7.9 48,293,540
------ -------------
NET ASSETS -- 100.0% $ 610,030,947
====== =============
</TABLE>
-----------------------------
+ Non-income producing securities
ADR -- American Depository Receipt
(1) Fair valued security; see Note 2
See Notes to Financial Statements
---------------------
133
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---------------------
SUNAMERICA SERIES TRUST
GROWTH OPPORTUNITIES
PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 78.3% SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
ENERGY -- 5.0%
Energy Services -- 5.0%
Baker Hughes, Inc. ......................................... 300 $ 10,388
Diamond Offshore Drilling, Inc. ............................ 600 22,537
Global Marine, Inc.+........................................ 1,100 31,144
Halliburton Co. ............................................ 400 18,450
Lone Star Technologies, Inc.+............................... 800 32,600
Marine Drilling Co., Inc.+.................................. 1,100 23,925
National-Oilwell, Inc.+..................................... 800 26,400
Patterson Energy, Inc.+..................................... 1,100 27,431
R&B Falcon Corp.+........................................... 500 9,969
Rowan Cos., Inc.+........................................... 800 20,200
Transocean Sedco Forex, Inc. ............................... 700 34,650
Veritas DGC, Inc.+.......................................... 1,000 21,500
------------
279,194
------------
FINANCE -- 5.3%
Financial Services -- 4.5%
Eaton Vance Corp. .......................................... 1,000 51,812
Lehman Brothers Holdings, Inc. ............................. 600 67,425
Merrill Lynch & Co., Inc. .................................. 600 77,550
Morgan Stanley, Dean Witter & Co. .......................... 600 54,750
Insurance -- 0.8%
AFLAC, Inc. ................................................ 800 41,550
------------
293,087
------------
HEALTHCARE -- 21.0%
Drugs -- 11.6%
Alpharma, Inc., Class A..................................... 1,000 65,500
Biogen, Inc.+............................................... 500 26,500
Celgene Corp.+.............................................. 900 46,744
Cell Therapeutics, Inc.+.................................... 900 29,137
COR Therapeutics, Inc.+..................................... 300 24,150
CuraGen Corp.+.............................................. 900 31,219
CV Therapeutics, Inc.+...................................... 500 29,063
Forest Labs, Inc.+.......................................... 800 85,600
Maxim Pharmaceuticals, Inc.+................................ 900 43,819
Medarex, Inc.+.............................................. 500 36,437
Merck & Co., Inc. .......................................... 900 64,519
Pfizer, Inc. ............................................... 2,400 103,500
Schering-Plough Corp. ...................................... 1,400 60,462
Health Services -- 2.6%
Celera Genomics Corp.+...................................... 600 52,125
Charles River Laboratories International, Inc.+............. 500 15,094
Gene Logic, Inc.+........................................... 500 9,750
Invitrogen Corp.+........................................... 800 50,200
MedQuist, Inc.+............................................. 800 17,200
</TABLE>
---------------------
134
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE (continued)
Medical Products -- 6.8%
Affymetrix, Inc.+........................................... 200 $ 27,309
BioSource International, Inc.+.............................. 1,300 24,375
Genzyme Corp.+.............................................. 400 27,775
Human Genome Sciences, Inc.+................................ 300 36,244
Immunex Corp.+.............................................. 600 30,412
MedImmune, Inc.+............................................ 600 35,700
Millenium Pharmaceuticals, Inc.+............................ 600 57,750
PE Corp-PE Biosystems Group................................. 940 81,956
Serono SA ADR............................................... 2,000 54,000
Valentis, Inc.+............................................. 300 2,391
------------
1,168,931
------------
INDUSTRIAL & COMMERCIAL -- 3.5%
Machinery -- 0.9%
Kulicke & Soffa Industries, Inc.+........................... 1,100 49,637
Multi-Industry -- 2.6%
GSI Lumonics, Inc.+......................................... 2,100 57,488
Lightpath Technologies, Inc., Class A+...................... 1,700 49,300
Sycamore Networks, Inc.+.................................... 300 36,994
------------
193,419
------------
INFORMATION & ENTERTAINMENT -- 1.7%
Broadcasting & Media -- 1.7%
EchoStar Communications Corp., Class A+..................... 1,300 51,269
Sirius Satellite Radio, Inc.+............................... 900 34,537
UnitedGlobalCom, Inc., Class A+............................. 200 9,813
------------
95,619
------------
INFORMATION TECHNOLOGY -- 40.6%
Cellular -- 0.9%
GoAmerica, Inc.+............................................ 3,300 38,775
US Unwired, Inc., Class A+.................................. 700 9,975
Communication Equipment -- 4.3%
Advanced Fibre Communications, Inc.+........................ 600 25,725
Foundry Networks, Inc.+..................................... 300 24,544
JNI Corp.+.................................................. 600 25,612
Juniper Networks, Inc.+..................................... 400 56,975
Network Appliance, Inc.+.................................... 800 68,950
ONI Systems Corp.+.......................................... 400 35,425
Computers & Business Equipment -- 2.1%
EMC Corp.+.................................................. 800 68,100
VERITAS Software Corp.+..................................... 500 50,969
Computer Services -- 1.4%
Brocade Communications Systems, Inc.+....................... 400 71,450
Futurelink Corp.+........................................... 1,700 8,500
Computer Software -- 1.7%
BEA Systems, Inc.+.......................................... 800 34,450
Siebel Systems, Inc.+....................................... 400 58,000
Electronics -- 22.6%
Altera Corp.+............................................... 600 58,912
American Superconductor Corp.+.............................. 600 22,200
Analog Devices, Inc.+....................................... 600 40,125
Applied Micro Circuits Corp.+............................... 400 59,700
Atmel Corp.+................................................ 1,700 50,894
</TABLE>
---------------------
135
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Electronics (continued)
Avanex Corp.+............................................... 200 $ 25,387
Bookham Technology PLC ADR+................................. 600 37,650
Broadcom Corp., Class A+.................................... 400 89,700
Conexant Systems, Inc.+..................................... 400 12,800
Flextronics International Ltd.+............................. 600 42,478
Integrated Device Technology, Inc.+......................... 400 21,200
International Rectifier Corp.+.............................. 500 27,656
JDS Uniphase Corp.+......................................... 900 106,312
Lam Research Corp.+......................................... 900 26,325
LTX Corp.+.................................................. 1,700 37,400
National Semiconductor Corp.+............................... 600 21,713
Newport Corp.+.............................................. 700 68,512
Pericom Semiconductor Corp.+................................ 800 42,400
PMC-Sierra, Inc.+........................................... 400 77,550
QLogic Corp.+............................................... 800 59,600
Sanmina Corp.+.............................................. 600 55,725
SCG Holding Corp.+.......................................... 5,000 110,625
TriQuint Semiconductor, Inc.+............................... 1,000 38,313
Varian Semiconductor Equipment Associates, Inc.+............ 300 14,569
Vitesse Semiconductor Corp.+................................ 800 47,700
Zygo Corp.+................................................. 800 58,650
Internet Software -- 4.1%
BroadVision, Inc.+.......................................... 600 21,713
Check Point Software Technologies Ltd.+..................... 400 46,400
Commerce One, Inc.+......................................... 1,000 42,062
Exodus Communications, Inc.+................................ 600 26,662
Inktomi Corp.+.............................................. 400 42,800
Interliant, Inc.+........................................... 800 13,600
USinternetworking, Inc.+.................................... 900 14,288
Verio, Inc.+................................................ 400 21,775
Software -- 0.8%
Adobe Systems, Inc. ........................................ 400 45,800
Telecommunications -- 2.5%
Corning, Inc. .............................................. 400 93,575
Corvis Corp.+............................................... 400 32,931
Vyyo, Inc.+................................................. 400 10,800
Internet Content -- 0.2%
Yahoo!, Inc.+............................................... 100 12,869
------------
2,256,821
------------
UTILITIES -- 1.2%
Energy Sources -- 0.4%
Smith International, Inc.+.................................. 300 21,413
Gas & Pipeline Utilities -- 0.8%
Enron Corp. ................................................ 600 44,175
------------
65,588
------------
TOTAL INVESTMENT SECURITIES (cost $4,595,734)............... 4,352,659
------------
</TABLE>
---------------------
136
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<TABLE>
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES -- 17.5% AMOUNT VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT -- 17.5%
United States Treasury Bills 6.02% due 1/25/01 (cost
$970,402)................................................. $1,000,000 $ 970,058
------------
<CAPTION>
REPURCHASE AGREEMENTS -- 40.0%
----------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENTS -- 40.0%
Paine Webber, Inc. Joint Repurchase Agreement Account (Note
3)........................................................ 1,100,000 1,100,000
State Street Bank & Trust Co. Joint Repurchase Agreement
Account (Note 3).......................................... 1,122,000 1,122,000
------------
TOTAL REPURCHASE AGREEMENTS (cost $2,222,000)............... 2,222,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS --
(cost $7,788,136) 135.8% 7,544,717
Liabilities in excess of other assets -- (35.8) (1,988,195)
------ ------------
NET ASSETS -- 100.0% $ 5,556,522
====== ============
</TABLE>
-----------------------------
+ Non-income producing securities
ADR -- American Depository Receipt
See Notes to Financial Statements
---------------------
137
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---------------------
SUNAMERICA SERIES TRUST
INTERNATIONAL GROWTH
AND INCOME PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 97.0% SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
AUSTRALIA -- 2.2%
AMP Ltd. (Industrial & Commercial).......................... 460,740 $ 4,617,088
Australia & New Zealand Banking Group Ltd. (Finance)........ 246,790 1,859,820
CSR Ltd. (Industrial & Commercial).......................... 115,200 296,947
-------------
6,773,855
-------------
BELGIUM -- 0.9%
Groupe Bruxelles Lambert SA (Industrial & Commercial)....... 9,954 2,658,464
-------------
CANADA -- 7.1%
Abitibi-Consolidated, Inc. (Materials)...................... 330,257 3,120,346
Alberta Energy Co., Ltd. (Energy)........................... 39,500 1,427,743
Bank of Nova Scotia (Finance)............................... 199,396 5,035,015
BCE, Inc. (Information Technology).......................... 248,000 5,657,500
Canadian National Railway Co. (Industrial & Commercial)..... 71,996 2,227,105
Canadian Pacific Ltd. (Industrial & Commercial)+............ 87,690 2,246,723
National Bank of Canada (Finance)........................... 168,025 2,429,332
-------------
22,143,764
-------------
FRANCE -- 10.9%
Alcatel (Information Technology)............................ 22,700 1,674,473
Assurances Generales de France (Finance).................... 45,591 2,353,279
Aventis SA (Healthcare)..................................... 96,056 7,397,153
Axa (Finance)............................................... 28,612 4,348,417
Lafarge SA (Materials)...................................... 30,500 2,362,899
Rhodia SA (Materials)....................................... 141,200 2,126,313
Schneider Electric SA (Industrial & Commercial)............. 49,581 3,383,975
Total Fina SA, Class B (Energy)+............................ 42,570 6,307,993
Valeo SA (Consumer Discretionary)........................... 85,505 3,961,874
-------------
33,916,376
-------------
GERMANY -- 4.7%
Allianz AG (Finance)........................................ 11,535 4,275,900
Deutsche Lufthansa AG (Information & Entertainment)......... 77,501 1,910,416
Henkel KGaA (Materials)..................................... 35,667 1,917,382
Veba AG (Utilities)......................................... 114,887 6,419,886
-------------
14,523,584
-------------
GREECE -- 0.3%
Hellenic Telecommunications Organization SA (Information
Technology)............................................... 46,079 1,035,682
-------------
HONG KONG -- 0.7%
Hong Kong Electric Holdings Ltd. (Utilities)................ 695,751 2,145,672
-------------
</TABLE>
---------------------
138
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
INDIA -- 0.5%
Mahanagar Telephone Nigam Ltd. GDR (Information
Technology)............................................... 210,862 $ 1,619,230
-------------
IRELAND -- 1.6%
CRH PLC (Industrial & Commercial)........................... 108,630 1,837,180
Jefferson Smurfit Group PLC (Materials)..................... 1,789,059 3,162,341
-------------
4,999,521
-------------
ITALY -- 2.9%
ENI SpA (Energy)............................................ 808,733 4,526,695
San Paolo-IMI SpA (Finance)................................. 254,033 4,308,046
-------------
8,834,741
-------------
JAPAN -- 19.1%
Aiful Corp. (Finance)....................................... 21,650 1,855,404
Asahi Glass Co., Ltd. (Materials)........................... 144,000 1,378,493
Canon, Inc. (Information & Entertainment)................... 68,000 3,025,391
Dai Nippon Printing Co., Ltd. (Industrial & Commercial)..... 123,000 2,108,219
Eisai Co., Ltd. (Healthcare)................................ 81,000 2,016,046
Fujitsu Ltd. (Information Technology)....................... 148,000 4,155,901
Hirose Electric Co., Ltd. (Information Technology).......... 15,400 1,965,629
Honda Motor Co., Ltd. (Consumer Discretionary).............. 184,000 6,710,125
Marui Co., Ltd. (Consumer Discretionary).................... 123,000 2,016,265
NEC Corp. (Information Technology).......................... 91,000 2,422,574
Nikko Securities Co., Ltd. (Finance)........................ 561,000 4,291,188
Nippon Telegraph & Telephone Corp. (Information
Technology)+.............................................. 576 6,879,336
Nomura Securities Co., Ltd. (Finance)....................... 119,000 2,327,164
Promise Co., Ltd. (Finance)................................. 58,560 4,009,533
Ricoh Co., Ltd. (Information Technology).................... 112,000 1,982,988
Shiseido Co., Ltd. (Healthcare)............................. 173,000 2,208,142
TDK Corp. (Information & Entertainment)..................... 23,000 2,872,772
Teijin Ltd. (Materials)..................................... 430,000 1,760,222
Toshiba Corp. (Industrial & Commercial)..................... 258,000 2,269,864
Yamanouchi Pharmaceutical Co., Ltd. (Healthcare)............ 60,000 2,811,688
-------------
59,066,944
-------------
KOREA -- 2.4%
Hyundai Motor Co., Ltd. (Consumer Discretionary)............ 196,000 2,623,864
Pohang Iron & Steel Co., Ltd. (Materials)................... 2,340 186,236
Pohang Iron & Steel Co., Ltd. ADR (Materials)............... 77,700 1,685,119
Samsung Electronics (Information Technology)................ 10,750 2,839,713
-------------
7,334,932
-------------
MEXICO -- 1.7%
Fomento Economico Mexicano SA de CV (Consumer Staples)...... 561,289 2,319,227
Telefonos de Mexico SA de CV ADR (Utilities)................ 53,400 2,810,175
-------------
5,129,402
-------------
NETHERLANDS -- 6.5%
Akzo Nobel NV (Materials)................................... 152,805 6,795,594
ING Groep NV (Finance)...................................... 103,851 6,942,661
Philips Electronics NV (Information Technology)............. 99,796 4,520,468
Wolters Kluwer NV (Information & Entertainment)............. 73,041 1,798,446
-------------
20,057,169
-------------
</TABLE>
---------------------
139
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
PORTUGAL -- 1.0%
Portugal Telecom SA (Information Technology)................ 296,824 $ 3,232,035
-------------
SINGAPORE -- 1.1%
DBS Group Holdings Ltd. (Finance)........................... 124,244 1,497,822
Oversea-Chinese Banking Corp., Ltd. (Finance)............... 280,600 2,039,374
-------------
3,537,196
-------------
SOUTH AFRICA -- 0.8%
Sappi Ltd. (Materials)...................................... 316,542 2,601,466
-------------
SPAIN -- 2.8%
Iberdrola SA (Utilities).................................... 290,395 3,350,407
Telefonica SA (Information Technology)+..................... 258,186 5,431,224
-------------
8,781,631
-------------
SWEDEN -- 2.2%
Investor AB (Finance)....................................... 117,854 1,709,333
SKF AB, Class B (Materials)................................. 157,620 2,449,384
Svenska Cellulosa AB, Class B (Materials)................... 121,844 2,617,586
-------------
6,776,303
-------------
SWITZERLAND -- 2.4%
Clariant AG (Materials)..................................... 8,995 3,181,112
Nestle SA (Consumer Staples)................................ 1,231 2,565,598
UBS AG (Finance)............................................ 11,300 1,628,994
-------------
7,375,704
-------------
TAIWAN -- 0.5%
Taiwan Semiconductor Manufacturing Co., Ltd. (Information
Technology)+.............................................. 387,320 1,586,251
-------------
UNITED KINGDOM -- 24.7%
Allied Zurich PLC (Finance)................................. 245,048 3,172,860
AstraZeneca Group PLC (Healthcare).......................... 77,123 3,323,983
Barclays PLC (Finance)...................................... 136,626 3,091,693
Bass PLC (Consumer Staples)................................. 323,191 3,424,244
BOC Group PLC (Materials)................................... 268,728 3,986,889
BP Amoco PLC (Energy)....................................... 621,546 5,439,665
British Aerospace PLC (Industrial & Commercial)............. 318,730 2,149,421
British American Tobacco PLC (Consumer Staples)............. 253,387 1,518,904
Cable & Wireless PLC (Information Technology)............... 84,049 1,463,608
Cookson Group PLC (Materials)............................... 767,221 2,667,439
Diageo PLC (Consumer Staples)............................... 737,732 6,478,617
Granada Compass PLC (Information & Entertainment)+.......... 248,652 3,055,567
Invensys PLC (Industrial & Commercial)...................... 1,302,149 4,668,729
Misys PLC (Information Technology).......................... 281,400 2,614,579
Reed International PLC (Information & Entertainment)........ 437,800 3,500,227
Rolls-Royce PLC (Industrial & Commercial)................... 185,944 652,055
Royal Bank of Scotland Group PLC -- Value Shares
(Finance)+................................................ 148,400 175,690
Royal Bank of Scotland Group PLC (Finance).................. 311,000 4,903,003
Scottish & Southern Energy PLC (Utilities).................. 363,710 2,986,908
Scottish Power PLC (Utilities).............................. 800,204 6,715,445
SmithKline Beecham PLC (Healthcare)......................... 322,106 4,151,292
Smiths Industries PLC (Multi-industry)...................... 148,100 2,030,777
</TABLE>
---------------------
140
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
UNITED KINGDOM (continued)
Tesco PLC (Consumer Discretionary).......................... 754,320 $ 2,486,934
Tomkins PLC (Industrial & Commercial)....................... 572,648 1,892,267
-------------
76,550,796
-------------
TOTAL COMMON STOCK (cost $292,286,748)...................... 300,680,718
-------------
<CAPTION>
WARRANTS -- 0.6%+ WARRANTS
-----------------------------------------------------------------------------------------
<S> <C> <C>
FRANCE -- 0.6%
Alcatel 10/17/00 (Information Technology) (cost
$1,897,910)............................................... 26,100 1,847,659
-------------
TOTAL INVESTMENT SECURITIES (cost $294,184,658)............. 302,528,377
-------------
<CAPTION>
PRINCIPAL
REPURCHASE AGREEMENT -- 1.1% AMOUNT
-----------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 1.1%
Agreement with J.P. Morgan Securities, Inc., bearing
interest at 6.52%, dated 7/31/00, to be repurchased
8/01/00 in the amount of $3,361,609 and collateralized by
$2,691,000 of U.S. Treasury Bonds, bearing interest at
8.13%, due 8/15/21 and having an approximate value of
$3,429,079 (cost $3,361,000).............................. $3,361,000 3,361,000
-------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS --
(cost $297,545,658) 98.7% 305,889,377
Other assets less liabilities -- 1.3 4,125,260
------ -------------
NET ASSETS -- 100.0% $310,014,637
====== =============
</TABLE>
-----------------------------
+ Non-income producing securities
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
OPEN FORWARD FOREIGN CURRENCY CONTRACTS
------------------------------------------------------------------
<TABLE>
<CAPTION>
CONTRACT IN DELIVERY GROSS UNREALIZED
TO DELIVER EXCHANGE FOR DATE APPRECIATION
-------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
JPY 288,190,000 USD 2,756,348 09/06/00 $ 110,218
----------
<CAPTION>
GROSS UNREALIZED
DEPRECIATION
-------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
USD 14,531,681 EUR 14,875,300 10/18/00 (683,391)
----------
$(573,173)
Net Unrealized Depreciation...........
==========
</TABLE>
-----------------------------
<TABLE>
<S> <C> <C>
EUR -- Euro Dollar
JPY -- Japanese Yen
USD -- United States Dollar
</TABLE>
See Notes to Financial Statements
---------------------
141
<PAGE> 142
---------------------
SUNAMERICA SERIES TRUST
GLOBAL EQUITIES PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 98.7% SHARES VALUE
---------------------------------------------------------------------------------------
<S> <C> <C>
CANADA -- 1.5%
Nortel Networks Corp. (Information Technology).............. 136,000 $ 10,115,000
-------------
FINLAND -- 1.1%
Nokia Oyj (Information Technology).......................... 163,500 7,243,953
-------------
FRANCE -- 6.3%
BNP Paribas (Finance)....................................... 178,000 17,567,450
STMicroelectronics NV (Information Technology).............. 270,336 15,381,949
Total Fina SA, Class B (Energy)............................. 67,000 9,928,014
-------------
42,877,413
-------------
HONG KONG -- 2.2%
China Mobile (Hong Kong) Ltd. (Information Technology)+..... 1,642,000 13,054,473
Citic Pacific Ltd. (Industrial & Commercial)................ 400,000 2,133,771
-------------
15,188,244
-------------
IRELAND -- 0.5%
CRH PLC (Industrial & Commercial)........................... 202,000 3,425,639
-------------
ITALY -- 1.1%
Alleanza Assicurazioni (Finance)............................ 594,000 7,403,683
-------------
JAPAN -- 11.2%
Bank of Fukuoka Ltd. (Finance).............................. 572,000 3,285,408
Banyu Pharmaceutical Co., Ltd. (Healthcare)................. 291,000 6,566,304
Canon, Inc. (Information & Entertainment)................... 414,000 18,419,292
Fast Retailing Co., Ltd. (Consumer Discretionary)........... 24,800 8,931,030
Kao Corp. (Materials)....................................... 108,000 3,190,226
NEC Corp. (Information Technology).......................... 329,000 8,758,536
NTT Mobile Communications Network, Inc. (Information
Technology)............................................... 293 7,346,036
Sumitomo Trust & Banking Co., Ltd. (Finance)................ 813,000 5,232,967
Takeda Chemical Industries Ltd. (Healthcare)................ 237,000 14,044,765
-------------
75,774,564
-------------
KOREA -- 2.4%
Korea Telecom Corp. ADR (Information Technology)............ 89,000 3,326,375
Samsung Electronics Co., Ltd. ADR (Information
Technology)*.............................................. 56,000 8,022,000
SK Telecom Co., Ltd. ADR (Information Technology)........... 153,500 4,681,750
-------------
16,030,125
-------------
MEXICO -- 0.9%
Telefonos de Mexico SA de CV ADR (Utilities)................ 117,000 6,157,125
-------------
NETHERLANDS -- 2.4%
ASM Lithography Holding NV (Information Technology)+........ 163,000 6,306,424
United Pan-Europe Communications NV, Class A (Information
Technology)+.............................................. 397,509 10,130,218
-------------
16,436,642
-------------
</TABLE>
---------------------
142
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
---------------------------------------------------------------------------------------
<S> <C> <C>
SWEDEN -- 0.8%
Securitas AB, Class B (Industrial & Commercial)............. 253,400 $ 5,526,717
-------------
UNITED KINGDOM -- 11.3%
Bank of Scotland (Finance).................................. 119,060 934,047
BP Amoco PLC (Energy)....................................... 484,000 4,235,886
British Sky Broadcasting Group PLC (Information &
Entertainment)............................................ 697,200 12,788,654
CGNU PLC (Finance).......................................... 506,319 7,959,499
Prudential PLC (Finance).................................... 208,800 2,850,591
Reuters Group PLC (Information & Entertainment)............. 313,600 6,010,805
Royal Bank of Scotland Group PLC (Finance).................. 438,143 6,907,448
Standard Chartered PLC (Finance)............................ 790,616 11,172,833
Vodafone AirTouch PLC (Information Technology).............. 5,286,129 23,369,306
-------------
76,229,069
-------------
UNITED STATES -- 57.0%
AES Corp. (Utilities)....................................... 295,300 15,780,094
Altera Corp. (Information Technology)+...................... 188,800 18,537,800
American International Group, Inc. (Finance)#............... 84,468 7,406,788
Applied Materials, Inc. (Information Technology)+........... 171,700 13,027,737
AT&T Corp. Liberty Media Group, Inc., Class A (Information &
Entertainment)+........................................... 705,300 15,692,925
AT&T Wireless Group (Information Technology)+............... 472,000 12,980,000
Bank of America Corp. (Finance)............................. 89,700 4,249,538
Cardinal Health, Inc. (Healthcare).......................... 56,000 4,116,000
Chase Manhattan Corp. (Finance)............................. 235,950 11,723,766
Cisco Systems, Inc. (Information Technology)+............... 313,000 20,481,937
Citigroup, Inc. (Finance)................................... 319,898 22,572,803
Dell Computer Corp. (Information Technology)+............... 293,800 12,908,837
Home Depot, Inc. (Consumer Discretionary)................... 214,150 11,082,263
Hon Hai Precision Industry Co., Ltd. GDR (Information
Technology)+*............................................. 292,500 4,987,125
Hon Hai Precision Industry Co., Ltd. GDR (Information
Technology)+.............................................. 132,600 2,260,830
Intel Corp. (Information Technology)........................ 448,000 29,904,000
MBNA Corp. (Finance)........................................ 197,187 6,581,116
Microsoft Corp. (Information Technology)+................... 158,000 11,030,375
Morgan Stanley, Dean Witter & Co. (Finance)................. 190,000 17,337,500
Oracle Corp. (Information Technology)+...................... 61,000 4,586,438
PE Corp-PE Biosystems Group (Healthcare).................... 30,000 2,615,625
Pfizer, Inc. (Healthcare)................................... 582,050 25,100,906
Pharmacia & Upjohn, Inc.. (Healthcare)...................... 211,000 11,552,250
PMC-Sierra, Inc. (Information Technology)+.................. 11,200 2,171,400
Sanmina Corp. (Information Technology)+..................... 202,700 18,825,762
Schering-Plough Corp. (Healthcare).......................... 343,500 14,834,906
Solectron Corp. (Information Technology)+................... 295,000 11,892,187
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
(Information Technology)+................................. 167,320 5,082,345
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
(Information Technology)+................................. 46,800 1,409,850
Time Warner, Inc. (Information & Entertainment)............. 84,000 6,441,750
</TABLE>
---------------------
143
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
---------------------------------------------------------------------------------------
<S> <C> <C>
UNITED STATES (continued)
Tyco International Ltd. (Industrial & Commercial)........... 525,600 $ 28,119,600
Viacom, Inc., Class B (Information & Entertainment)+........ 125,168 8,300,203
Yahoo!, Inc. (Information Technology)+...................... 11,000 1,415,563
-------------
385,010,219
-------------
TOTAL INVESTMENT SECURITIES (cost $547,614,402)............. 667,418,393
-------------
TOTAL INVESTMENTS --
(cost $547,614,402) 98.7% 667,418,393
Other assets less liabilities -- 1.3 8,611,561
------ -------------
NET ASSETS -- 100.0% $ 676,029,954
====== =============
</TABLE>
-----------------------------
+ Non-income producing securities
* Resale restricted to qualified institutional buyers
# Security represents an investment in an affiliated company
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
See Notes to Financial Statements
---------------------
144
<PAGE> 145
---------------------
SUNAMERICA SERIES TRUST
INTERNATIONAL DIVERSIFIED
EQUITIES PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 83.6% SHARES VALUE
---------------------------------------------------------------------------------------------
<S> <C> <C>
AUSTRALIA -- 1.3%
Amcor Ltd. (Materials)...................................... 23,394 $ 75,452
AMP Diversified Property Trust (Real Estate)................ 14,106 19,692
AMP Ltd. (Industrial & Commercial).......................... 34,589 346,617
AMP, Inc. (Information Technology)(1)....................... 8,021 0
Australian Gas Light Co., Ltd. (Utilities).................. 18,585 110,991
Brambles Industries Ltd. (Industrial & Commercial).......... 7,859 228,072
Broken Hill Proprietary Co., Ltd. (Energy).................. 36,309 383,834
Coca-Cola Amatil Ltd. (Consumer Staples).................... 23,036 43,500
Coles Myer Ltd. (Consumer Discretionary).................... 39,723 151,633
Commonwealth Bank of Australia (Finance).................... 10,339 166,467
CSL Ltd. (Healthcare)....................................... 3,815 75,134
FH Faulding & Co., Ltd. (Healthcare)........................ 4,524 22,143
Foster's Brewing Group Ltd. (Consumer Staples).............. 63,810 175,126
General Property Trust (Real Estate)........................ 51,469 82,881
Goodman Fielder Ltd. (Consumer Staples)..................... 43,853 32,006
Leighton Holdings Ltd. (Industrial & Commercial)............ 10,082 34,164
Lend Lease Corp., Ltd. (Finance)............................ 19,603 236,412
Mayne Nickless Ltd. (Industrial & Commercial)............... 13,781 29,616
National Australia Bank Ltd. (Finance)...................... 51,804 742,985
News Corp., Ltd. (Information & Entertainment).............. 67,570 818,024
Normandy Mining Ltd. (Materials)............................ 46,160 26,471
North Ltd. (Materials)...................................... 15,211 39,473
OMV AG (Energy)............................................. 424 31,041
Orca Ltd. (Materials)....................................... 4,618 19,915
Pacific Dunlop Ltd. (Multi-industry)........................ 38,583 33,524
Paperlinx Ltd. (Materials)+................................. 7,798 15,719
QBE Insurance Group Ltd. (Finance).......................... 14,994 67,745
Rio Tinto Ltd. (Materials).................................. 4,209 63,004
Santos Ltd. (Energy)........................................ 36,193 114,489
Southcorp Ltd. (Multi-industry)............................. 22,990 65,120
Stockland Trust Group (Real Estate)......................... 11,709 25,393
Suncorp-Metway Ltd. (Finance)............................... 11,381 57,684
TABCORP Holdings Ltd. (Information & Entertainment)......... 11,966 65,847
Telstra Corp., Ltd. (Information Technology)................ 67,055 276,164
Wesfarmers Ltd. (Consumer Discretionary).................... 6,691 49,804
Westfield Trust (Real Estate)............................... 48,612 93,486
Westfield Trust new units (Real Estate)+.................... 1,835 3,476
Westpac Banking Corp., Ltd. (Finance)....................... 68,169 484,346
WMC Ltd. (Materials)........................................ 40,373 180,611
Woolworths Ltd. (Consumer Discretionary).................... 41,206 144,644
-------------
5,632,705
-------------
BELGIUM -- 0.1%
Electrabel SA (Energy)...................................... 716 163,292
UCB SA (Healthcare)......................................... 900 33,528
-------------
196,820
-------------
</TABLE>
---------------------
145
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
---------------------------------------------------------------------------------------------
<S> <C> <C>
BERMUDA -- 0.0%
Esprit Holdings Ltd. (Consumer Discretionary)............... 54,000 $ 49,856
-------------
BRAZIL -- 0.3%
Banco Bradesco SA (Finance)................................. 21,000,000 139,369
Centrais Electricas Brasileiras SA (Utilities).............. 15,492,000 344,752
Companhia Siderurgica Nacional (Materials).................. 3,428,000 110,082
Embratel Participacoes SA (Information Technology).......... 2,356,000 39,820
Petroleo Brasileiro SA (Energy)............................. 23,520 614,833
Souza Cruz SA (Consumer Staples)............................ 15,000 76,479
Tele Norte Lests Participacoes SA (Information
Technology)............................................... 2,356,000 46,854
-------------
1,372,189
-------------
DENMARK -- 0.0%
Novo-Nordisk A/S, Class B (Healthcare)...................... 500 97,494
-------------
FINLAND -- 1.7%
Instrumentarium Oyj (Healthcare)............................ 800 20,758
Kemira Oyj (Materials)...................................... 175 835
Kesko Oyj, Class B (Consumer Discretionary)................. 5,500 56,014
Kone Oyj, Class B (Industrial & Commercial)................. 1,900 122,371
Metra Oyj, Class B (Industrial & Commercial)................ 2,800 46,187
Metso Oyj (Industrial & Commercial)......................... 7,900 86,021
Nokia Oyj (Information Technology).......................... 124,008 5,494,239
Outokumpu Oyj (Materials)................................... 7,100 69,085
Oyj Hartwall Abp (Consumer Staples)......................... 3,700 78,519
Pohjola Group Insurance Corp., Class A (Finance)............ 1,400 60,004
Pohjola Group Insurance Corp., Class B (Finance)............ 1,400 60,069
Raisio Group PLC (Consumer Staples)......................... 8,700 16,366
Rautaruukki Oyj (Materials)................................. 409 1,744
Sampo Insurance Co., Ltd., Class A (Finance)................ 3,300 131,805
Sonera Oyj (Information Technology)......................... 11,532 454,185
Stockmann AB, Class A (Consumer Discretionary).............. 1,800 27,857
Stockmann AB, Class B (Consumer Discretionary).............. 2,000 28,820
Tietoenator Oyj (Information Technology).................... 4,500 159,508
UPM-Kymmene Oyj (Materials)................................. 14,700 362,358
-------------
7,276,745
-------------
FRANCE -- 9.7%
Accor SA (Information & Entertainment)...................... 9,599 409,188
Air Liquide SA (Materials).................................. 2,651 337,794
Alcatel (Information Technology)............................ 28,673 2,115,073
Aventis SA (Materials)...................................... 36,105 2,780,401
Axa SA de CV (Finance)...................................... 15,848 2,408,560
BNP Paribas (Finance)....................................... 13,472 1,329,599
Bouygues SA (Industrial & Commercial)....................... 9,480 583,771
Canal Plus (Information & Entertainment).................... 6,504 1,030,661
Cap Gemini SA (Industrial & Commercial)..................... 2,846 558,862
Carrefour SA (Consumer Discretionary)....................... 31,723 2,334,177
Coflexip SA (Utilities)..................................... 230 27,282
Compagnie de Saint-Gobain (Materials)....................... 4,364 640,993
Dassault Systemes SA (Information Technology)............... 3,829 319,350
Eridania Beghin-Say SA (Consumer Staples)................... 1,597 149,178
Essilor International SA (Healthcare)....................... 404 120,066
Establissements Economiques du Casino Guichard-Perrachon SA
(Consumer Staples)........................................ 1,157 119,871
France Telecom SA (Information Technology).................. 12,865 1,632,121
Gecina (Real Estate)........................................ 1,710 166,389
</TABLE>
---------------------
146
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
---------------------------------------------------------------------------------------------
<S> <C> <C>
FRANCE (continued)
Groupe Danone (Consumer Staples)............................ 11,768 $ 1,767,766
Klepierre (Real Estate)..................................... 3,610 339,557
L'Oreal SA (Consumer Staples)............................... 27,670 2,260,323
Lafarge SA (Materials)...................................... 1,462 113,264
Lagardere Group SCA (Industrial & Commercial)............... 6,097 394,659
LVMH (Moet Henessy Louis Vuitton) (Consumer Staples)........ 21,895 1,904,225
Michelin SA, Class B (Consumer Discretionary)............... 6,470 193,663
Pechiney SA, Class A (Industrial & Commercial).............. 1,275 55,769
Pernod-Ricard SA (Consumer Staples)......................... 3,104 169,568
Pinault-Printemps-Redoute SA (Consumer Discretionary)....... 5,521 1,147,077
PSA Peugeot Citroen SA (Consumer Discretionary)............. 1,863 378,781
Sagem SA (Information Technology)........................... 1,035 287,740
Sanofi-Synthelabo SA (Healthcare)........................... 29,577 1,577,388
Schneider Electric SA (Industrial & Commercial)............. 7,034 480,081
Simco SA (Real Estate)...................................... 5,124 332,389
Societe BIC SA (Consumer Staples)........................... 2,918 151,430
Societe des Immeubles de France (Real Estate)............... 5,960 113,556
Societe Eurafrance SA (Finance)............................. 159 76,693
Societe Fonciere Lyonnaise (Real Estate).................... 1,650 166,667
Societe Generale (Finance).................................. 12,796 794,489
Societe Immobiliere de Location pour L'Industrie et le
Commerce (Real Estate).................................... 645 90,854
Sodexho Alliance SA (Industrial & Commercial)............... 1,585 249,552
STMicroelectronics NV (Information Technology).............. 16,300 927,460
Suez Lyonnaise des Eaux SA (Multi-industry)................. 6,762 1,106,010
Thomson CSF (Industrial & Commercial)....................... 6,663 290,206
Total Fina SA, Class B (Energy)............................. 40,024 5,930,729
Unibail (Union du Credit-Bail Immobilier) SA (Real
Estate)................................................... 3,645 530,318
Usinor SA (Materials)....................................... 11,104 129,655
Valeo SA (Consumer Discretionary)........................... 3,716 172,181
Vivendi (Industrial & Commercial)........................... 24,238 1,936,169
-------------
41,131,555
-------------
GERMANY -- 10.5%
Allianz AG (Finance)........................................ 20,523 7,607,655
BASF AG (Materials)......................................... 29,275 1,212,673
Bayer AG (Industrial & Commercial).......................... 33,295 1,392,154
Beiersdorf AG (Healthcare).................................. 9,967 1,025,242
Continental AG (Consumer Discretionary)..................... 5,482 103,635
DaimlerChrysler AG (Consumer Discretionary)................. 48,594 2,562,774
Deutsche Bank AG (Finance).................................. 38,151 3,402,873
Deutsche Lufthansa AG (Information & Entertainment)......... 10,100 248,967
Deutsche Telekom AG (Information Technology)................ 38,155 1,662,191
Douglas Holding AG (Consumer Discretionary)................. 4,150 126,527
Dresdner Bank AG (Finance).................................. 30,488 1,399,947
E.M. TV & Merchandising AG (Information & Entertainment)+... 2,900 145,068
Fresenius Medical Care AG (Healthcare)...................... 5,050 423,291
Gehe AG (Healthcare)........................................ 3,200 114,169
Heidelberg Zement AG (Materials)............................ 2,900 175,301
HypoVereinsbank AG (Finance)................................ 26,467 1,536,614
IVG Holding AG (Industrial & Commercial).................... 18,946 241,412
Karstadt AG (Consumer Discretionary)........................ 4,050 124,604
Linde AG (Industrial & Commercial).......................... 7,520 330,320
MAN AG (Industrial & Commercial)............................ 6,010 187,134
Merck KGAA (Healthcare)..................................... 5,900 182,616
Metro AG (Consumer Discretionary)........................... 17,635 719,064
Munchener Ruckversicherungs-Gesellschaft AG (Finance)....... 14,298 4,730,234
Preussag AG (Industrial & Commercial)....................... 9,820 289,386
</TABLE>
---------------------
147
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
---------------------------------------------------------------------------------------------
<S> <C> <C>
GERMANY (continued)
RWE AG (Utilities).......................................... 1,100 $ 31,091
RWE AG (Utilities).......................................... 37,915 1,352,729
SAP AG (Information Technology)............................. 11,790 2,163,307
Schering AG (Healthcare).................................... 6,600 385,016
Siemens AG (Industrial & Commercial)........................ 36,394 5,632,295
Thyssen Krupp AG (Industrial & Commercial).................. 27,130 465,618
Veba AG (Utilities)......................................... 62,659 3,501,385
Volkswagen AG (Consumer Discretionary)...................... 15,530 670,651
WCM Beteiligungs-und Grandbesitz AG (Real Estate)........... 4,450 121,653
-------------
44,267,596
-------------
HONG KONG -- 2.5%
ASM Pacific Technology Ltd. (Industrial & Commercial)....... 10,000 35,905
Bank of East Asia Ltd. (Finance)............................ 325,767 737,303
Cable & Wireless HKT Ltd. (Information Technology).......... 325,140 742,138
Cathay Pacific Airways Ltd. (Industrial & Commercial)....... 276,000 576,888
CLP Holdings Ltd. (Utilities)............................... 163,500 735,901
Hang Seng Bank Ltd. (Finance)............................... 111,500 1,143,824
Henderson Land Development Co., Ltd. (Real Estate).......... 113,000 508,604
Hong Kong & China Gas Co., Ltd. (Utilities)................. 615,070 721,672
Hutchison Whampoa Ltd. (Multi-industry)..................... 105,500 1,467,833
Johnson Electric Holdings Ltd. (Industrial & Commercial).... 36,200 351,630
Li & Fung Ltd. (Consumer Discretionary)..................... 141,000 701,529
New World Development Co., Ltd. (Real Estate)............... 351,379 466,349
Pacific Century CyberWorks Ltd. (Finance)+.................. 145,000 304,005
QPL International Holdings Ltd. (Information Technology)+... 14,000 13,285
Shangri-La Asia Ltd. (Information & Entertainment).......... 34,000 36,405
Sino Land Co., Ltd. (Real Estate)........................... 183,363 78,768
South China Morning Post Holdings Ltd. (Information &
Entertainment)............................................ 52,000 36,674
Sun Hung Kai Properties Ltd. (Real Estate).................. 174,000 1,366,627
Swire Pacific Ltd., Class A (Multi-industry)................ 37,500 239,472
Television Broadcasting Ltd. (Information &
Entertainment)............................................ 11,000 59,525
Varitronix International Ltd. (Industrial & Commercial)..... 8,000 14,413
Wharf Holdings Ltd. (Multi-industry)........................ 152,742 325,133
-------------
10,663,883
-------------
INDIA -- 0.0%
HDFC Bank Ltd. (Finance).................................... 17,000 87,943
Titan Industries Ltd. (Consumer Discretionary).............. 32,400 42,433
-------------
130,376
-------------
ITALY -- 3.7%
Assicurazione Generali SpA (Finance)........................ 58,288 1,922,951
Autogrill SpA (Consumer Staples)............................ 9,570 112,630
Banca Intesa SpA (Finance).................................. 140,149 618,210
Banca Popolare di Milano (Finance).......................... 11,135 79,558
Banco di Roma (Finance)..................................... 131,070 148,184
Benetton Group SpA (Consumer Discretionary)................. 80,178 162,348
Enel SpA (Utilities)........................................ 374,377 1,536,923
ENI SpA (Energy)............................................ 524,338 2,934,860
Fiat SpA (Consumer Discretionary)........................... 8,840 224,953
Impreglio SpA (Industrial & Commercial)..................... 20,034 11,325
Italgas SpA (Utilities)..................................... 30,696 133,696
La Rinascente SpA (Consumer Discretionary).................. 10,189 55,803
Mediaset SpA (Information & Entertainment).................. 55,898 883,201
Mediobanca SpA (Finance).................................... 17,637 174,066
Olivetti Spa (Information Technology)....................... 47,149 157,295
Parmalat Finanziaria SpA (Consumer Discretionary)........... 83,197 120,659
</TABLE>
---------------------
148
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<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
---------------------------------------------------------------------------------------------
<S> <C> <C>
ITALY (continued)
Pirelli SpA (Industrial & Commercial)....................... 105,202 $ 273,949
Reno de Medici SpA (Materials).............................. 5,697 11,166
Riunione Adriatica de Sicurta SpA (Finance)................. 27,454 310,388
San Paolo-IMI SpA (Finance)................................. 39,618 671,866
Sirti SpA (Consumer Discretionary).......................... 8,929 16,177
Snia SpA (Multi-industry)................................... 17,430 19,415
Societa Assicuratrice Industriale SpA (Healthcare).......... 3,250 59,904
Telecom Italia Mobile SpA (Information Technology).......... 341,046 3,223,682
Telecom Italia Mobile SpA RNC (Information Technology)...... 81,265 442,813
Telecom Italia SpA (Information Technology)................. 46,511 598,252
Telecom Italia SpA RNC (Information Technology)............. 5,056 31,767
UniCredito Italiano SpA (Finance)........................... 133,897 652,673
-------------
15,588,714
-------------
JAPAN -- 15.6%
77 Bank Ltd. (Finance)...................................... 13,000 94,224
Acom Co., Ltd. (Finance).................................... 5,100 385,923
Advantest Corp. (Information Technology).................... 300 49,970
Ajinomoto Co., Inc. (Consumer Discretionary)................ 51,000 578,885
Asahi Bank Ltd. (Finance)................................... 80,000 280,075
Asahi Breweries Ltd. (Consumer Staples)..................... 27,400 258,300
Asahi Chemical Industry Co., Inc. (Materials)............... 51,000 324,548
Asahi Glass Co., Ltd. (Materials)........................... 87,200 834,754
Bank of Fukuoka Ltd. (Finance).............................. 5,000 28,719
Bank of Tokyo-Mitsubishi Ltd. (Finance)..................... 130,400 1,318,445
Bank of Yokohama Ltd. (Finance)............................. 17,000 64,941
Benesse Corp. (Information & Entertainment)................. 3,900 195,560
Bridgestone Corp. (Consumer Discretionary).................. 34,400 788,768
Canon, Inc. (Information & Entertainment)................... 10,200 453,809
Casio Computer Co., Ltd. (Information Technology)........... 18,600 201,966
Central Japan Railway Co. (Industrial & Commercial)......... 94 510,772
Chugai Pharmaceutical Co., Ltd. (Healthcare)................ 30,400 552,375
Chuo Mitsui Trust & Banking Co., Ltd. (Finance)............. 4,000 12,144
Credit Saison Co., Ltd. (Finance)........................... 800 17,432
Dai Nippon Printing Co., Ltd. (Industrial & Commercial)..... 36,400 623,896
Daiei, Inc. (Consumer Discretionary)+....................... 36,200 101,651
Daiichi Pharmaceutical Co., Ltd. (Healthcare)............... 3,000 66,463
Daikin Industries Ltd. (Industrial & Commercial)............ 29,400 615,152
Daiwa Bank Ltd. (Finance)................................... 66,000 149,227
Daiwa House Industry Co., Ltd. (Consumer Discretionary)..... 33,400 211,633
Daiwa Securities Group, Inc. (Finance)...................... 76,000 827,315
Denso Corp. (Consumer Discretionary)........................ 17,859 415,193
East Japan Railway Co. (Industrial & Commercial)............ 229 1,329,927
Ebara Corp. (Industrial & Commercial)....................... 20,600 285,472
Eisai Co., Ltd. (Healthcare)................................ 7,000 174,226
Fanuc Ltd. (Information Technology)......................... 8,600 824,051
Fuji Bank Ltd. (Finance).................................... 115,000 742,308
Fuji Photo Film Co., Ltd. (Information & Entertainment)..... 19,600 727,283
Fuji Software ABC, Inc. (Information Technology)............ 300 16,547
Fujitsu Ltd. (Information Technology)....................... 21,400 600,921
Furukawa Electric Co., Ltd. (Industrial & Commercial)....... 23,600 642,257
Gunma Bank Ltd. (Finance)................................... 26,000 125,633
Hitachi Ltd. (Information Technology)....................... 40,800 487,286
Honda Motor Co., Ltd. (Consumer Discretionary).............. 22,000 802,298
Hoya Corp. (Information Technology)......................... 1,000 83,877
Industrial Bank of Japan Ltd. (Finance)..................... 91,000 583,243
Ito-Yokado Co., Ltd. (Consumer Discretionary)............... 14,600 869,198
Japan Airlines Co., Ltd. (Information & Entertainment)...... 18,100 74,423
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JAPAN (continued)
Japan Energy Corp. (Energy)................................. 7,400 $ 6,814
Japan Tobacco, Inc. (Consumer Staples)...................... 148 1,119,934
Joyo Bank Ltd. (Finance).................................... 8,000 26,913
Jusco Co., Ltd. (Consumer Discretionary).................... 16,800 327,009
Kadokawa Shoten Publishing Co., Ltd. (Information &
Entertainment)............................................ 100 9,226
Kajima Corp. (Industrial & Commercial)...................... 56,800 170,372
Kaneka Corp. (Materials).................................... 2,000 19,602
Kansai Electric Power Co., Inc. (Utilities)................. 49,500 831,280
Kao Corp. (Materials)....................................... 50,800 1,500,588
Kawasaki Heavy Industries Ltd. (Industrial & Commercial).... 10,000 13,129
Kawasaki Steel Corp. (Materials)............................ 34,000 45,877
Kinden Corp. (Utilities).................................... 2,000 11,980
Kinki Nippon Railway Co., Ltd. (Industrial & Commercial).... 81,500 338,082
Kirin Brewery Co., Ltd. (Consumer Staples).................. 84,800 935,479
Komatsu Ltd. (Industrial & Commercial)...................... 57,800 321,448
Konami Co., Ltd. (Information Technology)................... 500 35,055
Kubota Corp. (Industrial & Commercial)...................... 90,000 298,673
Kuraray Co., Ltd. (Industrial & Commercial)................. 3,000 27,843
Kyocera Corp. (Information Technology)...................... 2,800 401,550
Kyowa Hakko Kogyo Co., Ltd. (Healthcare).................... 30,400 246,947
Marubeni Corp. (Consumer Discretionary)..................... 200 540
Marui Co., Ltd. (Consumer Discretionary).................... 3,000 49,177
Matsushita Electric Industrial Co., Ltd. (Information &
Entertainment)............................................ 73,000 1,860,191
Minebea Co., Ltd. (Information Technology).................. 2,000 22,428
Mitsubishi Chemical Corp. (Materials)....................... 71,000 258,923
Mitsubishi Corp. (Consumer Discretionary)................... 9,000 67,448
Mitsubishi Electric Corp. (Information Technology).......... 109,800 875,917
Mitsubishi Estate Co., Ltd. (Real Estate)................... 31,000 307,781
Mitsubishi Heavy Industries Ltd. (Industrial &
Commercial)............................................... 177,400 656,648
Mitsubishi Materials Corp. (Materials)...................... 49,600 169,124
Mitsubishi Trust & Banking Corp. (Finance).................. 44,800 278,558
Mitsui & Co., Ltd. (Consumer Discretionary)................. 10,600 74,800
Mitsui Fudosan Co., Ltd. (Real Estate)...................... 22,000 213,612
Mitsui Marine & Fire Co., Ltd. (Finance).................... 3,000 13,347
Mitsukoshi Ltd. (Consumer Discretionary).................... 29,200 101,162
Murata Manufacturing Co., Ltd. (Information Technology)..... 2,800 331,859
Mycal Corp. (Consumer Discretionary)........................ 18,600 54,264
Namco Ltd. (Information & Entertainment).................... 300 8,506
NEC Corp. (Information Technology).......................... 17,800 473,866
NGK Insulators Ltd. (Industrial & Commercial)............... 29,400 335,855
Nichiei Co., Ltd. (Finance)................................. 2,300 24,345
Nidec Corp. (Industrial & Commercial)....................... 2,100 158,144
Nintendo Co., Ltd. (Information & Entertainment)............ 5,000 819,620
Nippon Express Co., Ltd. (Industrial & Commercial).......... 31,400 178,635
Nippon Meat Packers, Inc. (Consumer Staples)................ 29,400 426,184
Nippon Mitsubishi Oil Corp. (Energy)........................ 118,200 580,843
Nippon Paper Industries Co., Ltd. (Consumer
Discretionary)............................................ 6,000 43,762
Nippon Steel Corp. (Materials).............................. 277,000 530,337
Nippon Telegraph & Telephone Corp. (Information
Technology)............................................... 181 2,161,736
Nippon Yusen Kabushiki Kaisha (Industrial & Commercial)..... 82,000 403,702
Nissan Motor Co., Ltd. (Consumer Discretionary)+............ 77,600 386,992
Nissin Food Products Co., Ltd. (Consumer Staples)........... 1,200 30,743
Nitto Denko Corp. (Information Technology).................. 1,000 35,921
Nomura Securities Co., Ltd. (Finance)....................... 65,000 1,271,140
NSK Ltd. (Industrial & Commercial).......................... 3,000 21,744
Obayashi Corp. (Consumer Discretionary)..................... 13,000 50,964
Oji Paper Co., Ltd. (Materials)............................. 64,800 446,041
Olympus Optical Co., Ltd (Information Technology)........... 2,000 34,426
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JAPAN (continued)
Oriental Land Co., Ltd. (Information & Entertainment)....... 3,700 $ 321,812
Orix Corp. (Finance)........................................ 2,400 309,614
Osaka Gas Co., Ltd. (Utilities)............................. 156,200 393,046
Pioneer Corp. (Industrial & Commercial)..................... 7,600 249,442
Promise Co., Ltd. (Finance)................................. 2,900 198,560
Rohm Co., Ltd. (Information Technology)..................... 1,800 471,806
Sakura Bank Ltd. (Finance).................................. 130,400 754,925
Sankyo Co., Ltd. (Healthcare)............................... 31,600 740,411
Sanyo Electric Co., Ltd. (Information Technology)........... 75,000 551,807
Secom Co., Ltd. (Industrial & Commercial)................... 14,000 871,769
Sega Enterprises Ltd. (Information & Entertainment)......... 1,400 17,486
Sekisui House Ltd. (Consumer Discretionary)................. 35,400 314,351
Sharp Corp. (Information Technology)........................ 45,800 684,797
Shimamura Co., Ltd. (Consumer Discretionary)................ 200 18,070
Shimano, Inc. (Information & Entertainment)................. 7,500 147,696
Shimizu Corp. (Consumer Discretionary)...................... 44,000 117,135
Shin-Etsu Chemical Co., Ltd. (Materials).................... 8,000 401,149
Shionogi & Co., Ltd. (Healthcare)........................... 5,000 81,597
Shiseido Co., Ltd. (Healthcare)............................. 13,600 173,588
Shizuoka Bank Ltd. (Finance)................................ 20,000 160,277
Showa Shell Sekiyu K.K. (Energy)............................ 8,000 37,343
SMC Corp. (Industrial & Commercial)......................... 2,500 441,036
Softbank Corp. (Finance).................................... 7,300 608,971
Sony Corp. (Information & Entertainment).................... 23,800 2,185,039
Sumitomo Bank Ltd. (Finance)................................ 86,000 873,447
Sumitomo Chemical Co., Ltd. (Materials)..................... 76,400 390,062
Sumitomo Corp. (Consumer Discretionary)..................... 6,400 57,182
Sumitomo Electric Industries Ltd. (Industrial &
Commercial)............................................... 45,200 731,046
Sumitomo Forestry Co., Ltd. (Materials)..................... 17,800 134,695
Sumitomo Marine & Fire Insurance Co., Ltd. (Finance)........ 3,000 16,629
Sumitomo Metal Industries Ltd. (Materials)+................. 59,800 37,073
Sumitomo Metal Mining Co., Ltd. (Materials)................. 26,400 101,330
Taisei Corp. (Consumer Discretionary)....................... 60,800 83,147
Taisho Pharmaceutical Co., Ltd. (Healthcare)................ 24,600 827,588
Taiyo Yuden Co., Ltd. (Information Technology).............. 6,000 268,040
Takara Shuzo Co., Ltd. (Consumer Staples)................... 2,000 39,750
Takeda Chemical Industries Ltd. (Healthcare)................ 52,200 3,093,404
Takefuji Corp. (Finance).................................... 5,200 521,493
Teijin Ltd. (Consumer Discretionary)........................ 44,800 183,391
Terumo Corp. (Healthcare)................................... 12,000 375,256
Tobu Railway Co., Ltd. (Industrial & Commercial)............ 38,200 104,829
Tohoku Electric Power Co., Inc. (Utilities)................. 27,900 353,567
Tokai Bank Ltd. (Finance)................................... 66,000 293,641
Tokio Marine & Fire Insurance Co., Ltd. (Finance)........... 33,000 332,452
Tokyo Broadcasting System, Inc. (Information &
Entertainment)............................................ 3,000 116,242
Tokyo Electric Power Co., Inc. (Utilities).................. 67,900 1,600,233
Tokyo Electron Ltd. (Information Technology)................ 2,100 226,877
Tokyo Gas Co., Ltd. (Utilities)............................. 144,400 339,656
Tokyu Corp. (Industrial & Commercial)....................... 46,000 215,982
Toppan Printing Co., Ltd. (Industrial & Commercial)......... 38,200 386,580
Toray Industries, Inc. (Materials).......................... 48,100 172,342
Toshiba Corp. (Industrial & Commercial)..................... 33,000 290,331
Tostem Corp. (Industrial & Commercial)...................... 2,000 26,731
Toto Ltd. (Materials)....................................... 29,200 207,649
Toyo Seikan Kaisha Ltd. (Industrial & Commercial)........... 2,000 30,834
Toyota Motor Corp. (Consumer Discretionary)................. 95,200 4,027,242
Ube Industries Ltd. (Materials)............................. 54,800 121,905
Uni-Charm Corp. (Consumer Staples).......................... 500 28,263
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JAPAN (continued)
World Co., Ltd. (Consumer Discretionary).................... 300 $ 9,573
Yamanouchi Pharmaceutical Co., Ltd. (Healthcare)............ 8,000 374,892
Yamato Transport Co., Ltd. (Information & Entertainment).... 2,000 47,044
Yokogawa Electric Corp. (Information Technology)............ 8,000 72,571
-------------
66,142,872
-------------
NETHERLANDS -- 5.2%
ABN AMRO Holdings NV (Finance).............................. 43,215 1,048,840
Aegon NV (Finance).......................................... 50,270 1,916,981
Akzo Nobel NV (Materials)................................... 6,345 282,177
Buhrmann NV (Materials)..................................... 3,314 100,731
Elsevier NV (Information & Entertainment)................... 24,949 276,287
Getronics NV (Information Technology)....................... 10,293 173,601
Hagemeyer NV (Consumer Discretionary)....................... 3,880 108,587
Heineken NV (Consumer Staples).............................. 23,642 1,351,788
ING Groep NV (Finance)...................................... 39,872 2,665,528
Koninklijke Ahold NV (Consumer Discretionary)............... 26,020 710,602
Koninklijke KPN NV (Information Technology)................. 10,378 375,170
Nedlloyd NV (Industrial & Commercial)+...................... 1,086 20,128
Oce NV (Information Technology)............................. 1,304 19,033
Philips Electronics NV (Information Technology)............. 56,012 2,537,181
Rodamco Continental Europe NV (Real Estate)................. 5,240 210,504
Royal Dutch Petroleum Co. NV (Energy)....................... 120,753 7,161,715
Stork NV (Industrial & Commercial).......................... 2,104 26,127
TNT Post Group NV (Industrial & Commercial)................. 21,007 516,464
Uni-Invest NV (Real Estate)................................. 16,037 193,199
Unilever NV (Consumer Staples).............................. 39,234 1,719,740
Vedior NV (Industrial & Commercial)......................... 2,730 32,256
Wolters Kluwer NV (Information & Entertainment)............. 11,849 291,751
-------------
21,738,390
-------------
PORTUGAL -- 0.1%
Electricidade de Portugal SA (Information Technology)....... 39,420 132,971
INAPA-Investimentos Participacoes e Gestao SA (Materials)... 320 1,996
Portugal Telecom SA (Information Technology)................ 19,519 212,537
-------------
347,504
-------------
SINGAPORE -- 1.9%
City Developments Ltd. (Real Estate)........................ 76,000 324,402
Creative Technology Ltd. (Information Technology)........... 3,100 67,770
Cycle & Carriage Ltd. (Consumer Discretionary).............. 32,000 73,833
DBS Group Holdings Ltd. (Finance)........................... 143,344 1,728,082
DBS Land Ltd. (Real Estate)................................. 146,750 212,467
First Capital Corp., Ltd. (Real Estate)..................... 33,000 31,598
Fraser & Neave Ltd. (Consumer Staples)...................... 37,000 142,993
Hotel Properties Ltd. (Real Estate)......................... 96,000 83,062
Keppel Corp., Ltd. (Multi-industry)......................... 92,000 203,778
Neptune Orient Lines Ltd. (Industrial & Commercial)......... 74,000 81,101
Oversea-Chinese Banking Corp., Ltd. (Finance)............... 136,260 990,324
Parkway Holdings Ltd. (Real Estate)......................... 49,000 135,668
Sembcorp Industries Ltd. (Industrial & Commercial).......... 206,331 223,749
Singapore Airlines Ltd. (Information & Entertainment)....... 137,000 1,382,920
Singapore Press Holdings Ltd. (Information &
Entertainment)............................................ 41,918 713,282
Singapore Technologies Engineering Ltd. (Industrial &
Commercial)............................................... 341,000 527,142
Singapore Telecommunications Ltd. (Information
Technology)............................................... 119,300 165,154
United Industrial Corp., Ltd. (Multi-industry).............. 177,000 78,104
United Overseas Bank Ltd. (Finance)......................... 111,152 795,019
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SINGAPORE (continued)
United Overseas Land Ltd. (Consumer Discretionary).......... 68,000 $ 62,366
Venture Manufacturing Ltd. (Information Technology)......... 9,000 102,789
-------------
8,125,603
-------------
SPAIN -- 3.1%
Acerinox SA (Materials)..................................... 3,382 101,545
ACS, Actividades de Construccion y Servicios SA (Industrial
& Commercial)............................................. 3,857 92,896
Altadis SA (Consumer Staples)............................... 12,464 182,612
Autopistas, Concesionaria Espanola SA (Industrial &
Commercial)............................................... 18,464 144,755
Azucarera Ebro Agricolas SA (Consumer Staples).............. 5,231 60,837
Banco Bilbao Vizcaya SA (Finance)+.......................... 206,279 2,982,076
Banco Santander Central Hispano SA (Finance)................ 165,048 1,703,863
Corporacion Financiera Alba SA (Industrial & Commercial).... 6,150 145,330
Corporacion Mapfre SA (Finance)............................. 5,133 76,584
Empresa Nacional de Celulosas SA (Materials)................ 63 1,092
Endesa SA (Utilities)....................................... 82,630 1,714,474
Fomento de Construccciones y Contratas SA (Industrial &
Commercial)............................................... 10,372 185,026
Gas Natural SDG SA (Utilities).............................. 37,263 635,382
Grupo Dragados SA (Industrial & Commercial)................. 12,438 94,861
Iberdrola SA (Utilities).................................... 74,498 859,514
Inmobiliaria Colonial SA (Real Estate)...................... 9,970 126,577
Metrovacesa SA (Real Estate)................................ 18,909 315,413
Prima Inmobiliaria SA (Consumer Discretionary)+............. 15,750 154,421
Repsol SA (Energy).......................................... 65,069 1,236,138
Sociedad General de Aguas de Barcelona SA (Utilities)....... 12,063 153,708
Sol Melia SA (Information & Entertainment).................. 6,777 72,662
Telefonica SA (Information Technology)...................... 50,399 1,060,198
TelePizza SA (Information & Entertainment)+................. 15,230 82,706
Union Electrica Fenosa SA (Utilities)....................... 24,748 444,919
Vallehermoso SA (Real Estate)............................... 72,338 432,380
Zardoya Otis SA (Industrial & Commercial)................... 3,556 30,317
-------------
13,090,286
-------------
SWEDEN -- 3.0%
Atlas Copco AB, Class A (Industrial & Commercial)........... 8,550 179,485
Atlas Copco AB, Class B (Industrial & Commercial)........... 4,800 94,744
Castellum AB (Real Estate).................................. 18,130 176,950
Drott AB, Class B (Real Estate)............................. 29,620 323,010
Electrolux AB, Class B (Consumer Discretionary)............. 20,900 311,107
Fastighets AB Tornet (Real Estate).......................... 10,230 122,715
ForeningsSparbanken AB, Class A (Finance)................... 23,800 363,359
Hennes & Mauritz AB, Class B (Consumer Discretionary)....... 52,600 1,069,782
JM AB, Class B (Real Estate)................................ 9,800 170,992
NetCom AB, Class B (Information Technology)+................ 1,600 100,327
Nordic Baltic Holding AB (Finance).......................... 37,944 263,720
OM Gruppen AB (Finance)..................................... 4,800 222,465
Sandvik AB (Industrial & Commercial)........................ 18,800 414,133
Securitas AB, Class B (Industrial & Commercial)............. 26,844 585,474
Skandia Forsakrings AB (Finance)............................ 69,800 1,556,608
Skandinaviska Enskilda Bank, Class A (Finance).............. 27,000 334,188
Skanska AB, Class B (Industrial & Commercial)............... 8,600 285,104
SKF AB, Class B (Materials)................................. 5,900 91,685
SSAB Svenskt Stal AB, Class A (Materials)................... 4,000 41,658
Svenska Cellulosa AB, Class B (Materials)................... 14,500 311,505
Svenska Handelsbanken AB, Series A (Finance)................ 29,100 437,928
Telefonaktiebolaget LM Ericsson AB (Information
Technology)............................................... 251,700 4,913,228
Trelleborg AB, Class B (Multi-industry)..................... 9,700 67,699
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SWEDEN (continued)
Volvo AB, Class A (Consumer Discretionary).................. 2,900 $ 51,865
Volvo AB, Class B (Consumer Discretionary).................. 11,000 202,126
WM-Data AB (Information Technology)......................... 24,000 122,748
-------------
12,814,605
-------------
SWITZERLAND -- 5.3%
ABB Ltd. (Industrial & Commercial).......................... 8,800 1,049,691
Adecco SA (Industrial & Commercial)......................... 755 617,287
Alusuisse Lonza Group AG (Multi-industry)................... 160 110,100
Credit Suisse Group (Finance)............................... 7,250 1,557,948
Georg Fisher AG (Industrial & Commercial)................... 135 40,460
Givaudan AG (Consumer Staples)+............................. 408 118,979
Nestle SA (Consumer Staples)................................ 2,700 5,627,225
Novartis AG (Healthcare)@................................... 3,100 4,788,527
Roche Holding AG (Healthcare)............................... 78 829,887
Roche Holding AG Gerusscheine NPV (Healthcare).............. 330 3,101,601
Schweizerische Rueckversicherungs-Gesellschaft (Consumer
Discretionary)............................................ 600 1,260,565
SGS Societe Generale de Surveillance Holding SA, Series B
(Industrial & Commercial)................................. 70 119,163
Sulzer AG (Multi-industry).................................. 170 116,166
Swatch Group AG (Consumer Discretionary).................... 205 287,415
Swisscom AG (Information Technology)........................ 710 236,624
UBS AG (Finance)............................................ 11,026 1,589,494
Valora Holding AG (Industrial & Commercial)................. 265 71,004
Zurich Allied AG (Finance).................................. 1,945 1,049,272
-------------
22,571,408
-------------
THAILAND -- 0.0%
Advance Agro PCL alien shares (Materials)+.................. 660 283
CMIC Finance & Security PCL alien shares (Finance)+(1)...... 6,700 0
Finance One PCL alien shares (Finance)+(1).................. 37,700 0
General Finance & Securities PLC alien shares
(Finance)+(1)............................................. 7,650 0
Univest Land PLC alien shares (Real Estate)+(1)............. 22,500 0
-------------
283
-------------
UNITED KINGDOM -- 19.6%
3i Group PLC (Finance)...................................... 36,088 767,958
Abbey National PLC (Finance)................................ 50,406 565,783
Allied Zurich PLC (Finance)................................. 64,698 837,704
Amvescap PLC (Finance)...................................... 26,979 481,126
ARM Holdings PLC (Information Technology)+.................. 40,497 459,111
AstraZeneca Group PLC (Healthcare).......................... 74,127 3,194,856
BAA PLC (Industrial & Commercial)........................... 50,041 400,830
Barclays PLC (Finance)...................................... 65,250 1,476,534
Bass PLC (Consumer Staples)................................. 55,781 591,006
BG Group PLC (Energy)....................................... 184,807 1,217,896
BOC Group PLC (Materials)................................... 31,327 464,772
Boots Co. PLC (Consumer Discretionary)...................... 38,133 294,303
BP Amoco PLC (Energy)@...................................... 1,129,963 9,889,244
British Aerospace PLC (Industrial & Commercial)............. 141,576 954,747
British Airways PLC (Information & Entertainment)........... 51,191 288,832
British American Tobacco PLC (Consumer Staples)............. 98,398 589,837
British Land Co. PLC (Real Estate).......................... 123,950 783,872
British Sky Broadcasting Group PLC (Information &
Entertainment)............................................ 80,926 1,484,416
British Telecommunications PLC (Information Technology)..... 233,358 3,084,447
Burford Holdings PLC (Real Estate)+......................... 82,400 119,780
Burmah Castrol PLC (Energy)................................. 10,948 273,992
Cadbury Schweppes PLC (Consumer Staples).................... 80,773 522,618
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UNITED KINGDOM (continued)
Canary Wharf Group PLC (Real Estate)........................ 68,496 $ 488,605
Capita Group PLC (Industrial & Commercial).................. 15,162 366,502
Carlton Communications PLC (Information & Entertainment).... 34,002 400,000
Centrica PLC (Utilities).................................... 175,766 595,291
CGNU PLC (Finance).......................................... 73,391 1,153,730
Diageo PLC (Consumer Staples)............................... 147,886 1,298,706
Dixons Group PLC (Information Technology)................... 85,022 372,686
EMI Group PLC (Information & Entertainment)................. 36,953 343,342
GKN PLC (Consumer Discretionary)............................ 69,311 887,565
Glaxo Wellcome PLC (Healthcare)............................. 152,118 4,381,472
Granada Compass PLC (Information & Entertainment)+.......... 125,459 1,541,707
Grantchester Holdings PLC (Real Estate)..................... 171,580 426,836
Great Portland Estates PLC (Real Estate).................... 84,140 288,121
Great Universal Stores PLC (Consumer Discretionary)......... 54,773 362,396
Halifax Group PLC (Finance)................................. 71,821 562,910
Hammerson PLC (Real Estate)................................. 29,810 188,968
Hays PLC (Industrial & Commercial).......................... 86,721 480,853
Hilton Group PLC (Information & Entertainment).............. 105,723 356,482
HSBC Holdings PLC (Finance)................................. 260,355 3,525,170
Imperial Chemical Industries PLC (Materials)................ 66,096 474,952
Invensys PLC (Industrial & Commercial)...................... 208,587 747,868
Kingfisher PLC (Consumer Discretionary)..................... 65,448 549,250
Land Securities PLC (Real Estate)........................... 67,320 780,856
Legal & General Group PLC (Finance)......................... 262,669 675,086
Lloyds TSB Group PLC (Finance).............................. 226,432 2,022,414
Logica PLC (Information Technology)......................... 17,147 444,550
Marconi PLC (Information Technology)........................ 119,529 1,930,086
Marks & Spencer PLC (Consumer Discretionary)................ 140,798 459,980
MEPC PLC (Real Estate)...................................... 11,418 98,987
Misys PLC (Information Technology).......................... 31,295 290,772
National Grid Group PLC (Utilities)......................... 69,571 571,340
National Power PLC (Utilities).............................. 37,219 256,432
Nycomed Amersham PLC (Healthcare)........................... 31,235 297,938
Pearson PLC (Information & Entertainment)................... 25,403 695,901
Peninsular & Oriental Steam Navigation PLC (Industrial &
Commercial)............................................... 29,491 238,212
Pilkington PLC (Materials).................................. 4,021 5,966
Prudential PLC (Finance).................................... 85,874 1,172,374
Psion PLC (Information Technology).......................... 5,066 57,471
Railtrack Group PLC (Industrial & Commercial)............... 22,595 344,365
Reed International PLC (Information & Entertainment)........ 47,667 381,099
Rentokil Initial PLC (Industrial & Commercial).............. 95,550 214,429
Reuters Group PLC (Information & Entertainment)............. 66,861 1,281,532
Rexam PLC (Materials)....................................... 5,222 20,269
Rio Tinto PLC (Materials)................................... 54,026 867,928
Royal Bank of Scotland Group PLC (Finance).................. 81,233 1,280,661
Sage Group PLC (Information Technology)..................... 57,503 481,713
Sainsbury (J) PLC (Consumer Discretionary).................. 89,225 434,232
Schroders PLC (Finance)..................................... 12,951 249,786
ScottishPower PLC (Utilities)............................... 86,685 727,475
SEMA Group PLC (Information Technology)..................... 19,511 295,024
Slough Estates PLC (Real Estate)............................ 62,350 360,670
Smith & Nephew PLC (Healthcare)............................. 28,370 106,288
SmithKline Beecham PLC (Healthcare)......................... 235,664 3,037,230
Tesco PLC (Consumer Discretionary).......................... 327,118 1,078,483
Thames Water PLC (Industrial & Commercial).................. 4,481 53,554
Unilever PLC (Consumer Staples)............................. 123,352 737,573
United Utilities PLC (Utilities)............................ 26,715 266,234
</TABLE>
---------------------
155
<PAGE> 156
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
---------------------------------------------------------------------------------------------
<S> <C> <C>
UNITED KINGDOM (continued)
Vodafone AirTouch PLC (Information Technology)@............. 2,600,373 $ 11,495,920
WPP Group PLC (Industrial & Commercial)..................... 39,941 541,993
-------------
82,791,899
-------------
TOTAL COMMON STOCK (cost $335,031,304)...................... 354,030,783
-------------
<CAPTION>
PREFERRED STOCK -- 1.3%
---------------------------------------------------------------------------------------------
<S> <C> <C>
AUSTRALIA -- 0.1%
News Corp., Ltd. (Information & Entertainment).............. 59,933 629,544
-------------
BRAZIL -- 0.7%
Aracruz Celulose SA (Consumer Discretionary)................ 41,000 87,082
Banco Bradesco SA (Finance)................................. 21,000,000 182,789
Banco Itau SA (Finance)..................................... 3,210,000 299,280
Companhia Brasileira de Distribuicao Grupo Pao de Acucar SA
(Consumer Discretionary).................................. 3,339,758 106,496
Companhia Cervejaraia Brahma (Finance)...................... 211,000 222,293
Companhia Vale do Rio Doce (Industrial & Commercial)........ 18,000 498,930
Compania Energetica de Minas Gerais (Utilities)............. 9,911,000 186,773
Embratel Participa SA (Information Technology).............. 10,170,000 217,724
Petroleo Brasileiro SA (Utilities).......................... 16,800 443,141
Tele Centro Sul Participacoes SA (Information Technology)... 11,244,000 161,724
Tele Norte Leste Participacoes SA (Information
Technology)............................................... 12,198,620 293,110
Telesp Celular Participacoes SA (Information Technology).... 9,456,000 141,174
-------------
2,840,516
-------------
GERMANY -- 0.5%
SAP AG non-voting (Information Technology).................. 8,331 1,845,161
Volkswagen AG (Consumer Discretionary)...................... 2,630 68,851
-------------
1,914,012
-------------
ITALY -- 0.0%
Fiat SpA (Consumer Discretionary)........................... 1,701 25,804
-------------
TOTAL PREFERRED STOCK (cost $4,837,193)..................... 5,409,876
-------------
<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 13,319
Sodexho Alliance SA 6.00% 2004 (Real Estate)................ FRF 30,000 4,252
-------------
17,571
-------------
PORTUGAL -- 0.0%
Jeronimo Martins SGPS SA zero coupon 2004 (Consumer
Staples).................................................. PTE1,746,000 10,008
-------------
TOTAL BONDS & NOTES (cost $23,975).......................... 27,579
-------------
TOTAL INVESTMENT SECURITIES (cost $339,892,472)............. 359,468,238
-------------
</TABLE>
---------------------
156
<PAGE> 157
<TABLE>
<CAPTION>
PRINCIPAL
SHORT-TERM SECURITIES -- 6.3% AMOUNT VALUE
---------------------------------------------------------------------------------------------
<S> <C> <C>
TIME DEPOSIT -- 6.3%
Euro Dollar Time Deposit with State Street Bank & Trust Co.
4.88% due 8/01/00 @ (cost $26,651,000).................... $26,651,000 $ 26,651,000
-------------
TOTAL INVESTMENTS --
(cost $366,543,472) 91.2% 386,119,238
Other assets less liabilities -- 8.8 37,364,174
------ -------------
NET ASSETS -- 100.0% $423,483,412
====== =============
</TABLE>
-----------------------------
+ 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:
OPEN FUTURES CONTRACTS
------------------------------------------------------------------
<TABLE>
<CAPTION>
EXPIRATION VALUE AT VALUE AS OF UNREALIZED
CONTRACTS DESCRIPTION DATE TRADE DATE JULY 31, 2000 DEPRECIATION
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
39 Long PLUB 35 Index August 2000 $ 3,955,853 $ 3,805,630 $ (150,223)
155 Long CAC 40 Index September 2000 9,579,755 9,415,924 (163,831)
192 Long TOPIX Index September 2000 27,867,577 25,668,910 (2,198,667)
5 Long DAX 30 Index September 2000 852,779 842,279 (10,500)
------------
$(2,523,221)
============
</TABLE>
OPEN FORWARD FOREIGN CURRENCY CONTRACTS
------------------------------------------------------------------
<TABLE>
<CAPTION>
CONTRACT IN DELIVERY GROSS UNREALIZED
TO DELIVER EXCHANGE FOR DATE APPRECIATION
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
EUR* 7,970,625 USD 7,672,125 9/8/00 $ 267,331
EUR* 205,000 USD 195,109 9/8/00 4,662
EUR* 51,813 USD 50,000 9/8/00 1,865
EUR* 145,948 USD 141,000 9/8/00 5,413
JPY 109,695,265 USD 1,031,135 8/4/00 30,253
JPY* 81,978,000 USD 780,000 9/11/00 26,679
------------
336,203
------------
<CAPTION>
GROSS UNREALIZED
DEPRECIATION
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
USD* 17,567,810 EUR 18,401,875 9/8/00 $ (472,276)
USD* 4,582,728 EUR 4,810,000 9/8/00 (114,187)
USD* 2,333,859 JPY 244,691,107 9/11/00 (85,316)
USD 5,608,091 JPY 586,830,665 9/11/00 (215,522)
USD 22,310,506 JPY 2,389,455,169 9/11/00 (353,058)
------------
(1,240,359)
------------
Net Unrealized Depreciation............. $ (904,156)
============
</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>
EUR -- Euro Dollar
FRF -- French Franc
JPY -- Japanese Yen
PTE -- Portuguese Escudo
USD -- United States Dollar
</TABLE>
See Notes to Financial Statements
---------------------
157
<PAGE> 158
---------------------
SUNAMERICA SERIES TRUST
EMERGING MARKETS
PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 93.7% SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
ARGENTINA -- 1.2%
Telecom Argentina Stet ADR (Information Technology)......... 25,100 $ 643,188
TV Azteca SA de CV ADR (Information & Entertainment)........ 47,600 556,325
-------------
1,199,513
-------------
BRAZIL -- 6.9%
Aracruz Celulose SA ADR (Materials)......................... 13,608 293,422
Brasil Telecom Participacoes SA ADR (Information
Technology)............................................... 5,000 360,000
Centrais Geradoras do Sul do Brasil SA (Utilities)+......... 62,400,000 87,536
Companhia Brasileira de Distribuicao Grupo Pao de Acucar ADR
(Consumer Discretionary).................................. 11,100 350,344
Companhia Paulista de Forca e Luz (Utilities)+.............. 48 0
Companhia Vale do Rio Doce ADR (Materials).................. 42,915 1,193,385
Embratel Participacoes SA (Information Technology).......... 11,900,000 201,127
Embratel Participacoes SA ADR (Information Technology)...... 17,300 371,950
Globo Cabo SA ADR (Information & Entertainment)+............ 12,500 192,969
Petroleo Brasileiro SA (Energy)............................. 12,000 313,690
Petroleo Brasileiro SA ADR (Energy)......................... 32,465 868,069
Tele Celular Sul Participacoes SA (Information
Technology)+.............................................. 97,000,000 256,845
Tele Celular Sul Participacoes SA ADR (Information
Technology)............................................... 20,050 715,534
Tele Norte Leste Participacoes SA ADR (Information
Technology)............................................... 31,500 754,031
Telefonica SA (Information Technology)+..................... 1 21
Telesp Celular Participacoes SA ADR (Information
Technology)............................................... 14,344 540,589
Uniao de Bancos Brasileiros SA GDR (Finance)................ 7,500 224,531
Votorantim Celulose e Papel SA ADR (Materials).............. 15,900 349,110
-------------
7,073,153
-------------
CANADA -- 0.1%
Global Light Telecommunications, Inc. (Information
Technology)+.............................................. 11,200 122,500
-------------
CHILE -- 0.2%
Compania de Telecomunicaciones de Chile SA ADR
(Utilities)............................................... 16,500 247,500
-------------
CHINA -- 1.9%
Beijing Capital International Airport Co., Ltd. (Industrial
& Commercial)+............................................ 462,000 109,007
Beijing Datang Power Generation Co., Ltd. (Utilities)....... 1,262,000 307,473
Beijing Yanhua Petrochemical Co., Ltd. (Materials).......... 1,850,000 265,696
China Eastern Airlines Corp., Ltd. (Information &
Entertainment)+........................................... 1,420,000 273,133
PetroChina Co., Ltd. (Energy)+.............................. 2,660,000 607,150
Shanghai Industrial Holdings Ltd. (Industrial &
Commercial)............................................... 116,000 247,666
Sinopec Zhenhai Refining & Chemical Co., Ltd. (Energy)...... 682,000 136,428
-------------
1,946,553
-------------
</TABLE>
---------------------
158
<PAGE> 159
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
EGYPT -- 0.6%
Al Ahram Beverages Co. SAE (Consumer Staples)+.............. 19,950 $ 337,360
Al Ahram Beverages Co. SAE GDR (Consumer Staples)+*......... 15,150 257,285
-------------
594,645
-------------
GREECE -- 1.1%
Hellenic Telecommunications Organization SA (Information
Technology)............................................... 26,793 602,206
Panafon Hellenic Telecom SA GDR (Information Technology).... 1,000 11,650
Panafon Hellenic Telecom SA GDR (Information Technology)+... 46,500 545,491
-------------
1,159,347
-------------
HONG KONG -- 6.3%
China Everbright Ltd. (Finance)............................. 396,000 357,997
China Mobile (Hong Kong) Ltd. (Information Technology)+..... 464,000 3,688,962
China Unicom Ltd. (Information Technology)+................. 271,000 627,250
Citic Pacific Ltd. (Industrial & Commercial)................ 145,000 773,492
Johnson Electric Holdings Ltd. (Industrial & Commercial).... 54,500 529,387
Legend Holdings Ltd. (Information Technology)............... 462,000 521,338
-------------
6,498,426
-------------
HUNGARY -- 0.8%
Cosco Pacific Ltd. (Industrial & Commercial)................ 510,000 454,516
OTP Bank Ltd. ADR (Finance)................................. 5,400 278,627
OTP Bank Ltd. GDR (Finance)................................. 2,200 113,300
-------------
846,443
-------------
INDIA -- 7.0%
BSES Ltd. (Utilities)....................................... 47,100 245,485
HCL Technologies Ltd. (Information Technology)+*............ 12,400 290,160
HCL Technologies Ltd. (Information Technology)+(1).......... 11,100 600,177
Hindustan Lever Ltd. (Consumer Staples)+.................... 224,200 1,204,857
Hindustan Petroleum Corp., Ltd. (Energy).................... 41,800 107,585
Housing Developmental Finance Corp., Ltd. (Finance)......... 39,900 447,757
Hughes Software Systems Ltd. (Information Technology)+...... 100 5,923
ICICI Bank Ltd. ADR (Finance)+.............................. 36,600 439,200
ICICI Ltd. ADR (Finance).................................... 19,000 294,500
Infosys Technologies Ltd. (Information Technology).......... 700 105,675
Infosys Technologies Ltd. (Information Technology).......... 300 45,289
Infosys Technologies Ltd. (Information Technology).......... 6,600 996,366
Infosys Technologies Ltd. (Information Technology).......... 750 113,223
ITC Ltd. (Consumer Staples)................................. 18,100 297,736
Larsen & Toubro Ltd. (Industrial & Commercial).............. 41,000 178,243
Mahanagar Telephone Nigam Ltd. GDR (Information
Technology)............................................... 30,000 230,373
Mahindra & Mahindra Ltd. (Consumer Discretionary)........... 34,100 148,889
Mahindra & Mahindra Ltd. GDR (Consumer Discretionary)....... 4,100 19,475
Reliance Industries Ltd. (Materials)........................ 69,300 519,865
Satyam Computer Services Ltd. (Information Technology)...... 5,500 300,321
Silverline Technologies Ltd. ADR (Information
Technology)+.............................................. 13,760 234,780
Videsh Sanchar Nigam Ltd. GDR (Information Technology)...... 22,700 246,295
Wipro Ltd. (Information Technology)......................... 200 10,799
Wipro Ltd. (Information Technology)......................... 1,500 80,990
-------------
7,163,963
-------------
ISRAEL -- 4.8%
Advanced Vision Technology Ltd. (Information &
Entertainment)+........................................... 17,400 314,429
AudioCodes Ltd. (Information Technology)+................... 5,500 544,500
ESC Medical Systems Ltd. (Healthcare)+...................... 31,500 519,750
Gilat Satellite Networks Ltd. (Information Technology)+..... 6,810 544,800
</TABLE>
---------------------
159
<PAGE> 160
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
ISRAEL (continued)
M-Systems Flash Disk Pioneers Ltd. (Information
Technology)+.............................................. 8,600 $ 519,225
Magic Software Enterprises Ltd. (Information Technology)+... 22,300 228,575
NICE Systems Ltd. ADR (Information Technology)+............. 11,410 835,783
Orbotech Ltd. (Information Technology)+..................... 14,750 1,215,031
Orckit Communications Ltd. (Information Technology)+........ 19,300 174,906
-------------
4,896,999
-------------
KOREA -- 11.8%
BreezeCom Ltd. (Information Technology)+.................... 8,400 296,100
Cheil Communication, Inc. (Information & Entertainment)..... 3,680 395,433
H&CB (Finance).............................................. 20,320 420,320
Hyundai Motor Co., Ltd. (Consumer Discretionary)............ 17,700 236,951
Kookmin Bank (Finance)...................................... 36,270 430,336
Korea Electric Power Corp. (Utilities)...................... 60,650 1,748,762
Korea Telecom Corp. ADR (Information Technology)............ 15,800 590,525
Korea Telecom Freetel (Information Technology)+............. 7,250 390,172
Pohang Iron & Steel Co., Ltd. (Materials)................... 4,350 346,208
Pohang Iron & Steel Co., Ltd. ADR (Materials)............... 9,700 210,369
Samsung Electro Mechanics Co., Ltd. (Information
Technology)+.............................................. 13,650 611,148
Samsung Electronics (Information Technology)................ 14,226 3,757,932
Samsung SDI Co., Ltd. (Information Technology).............. 5,600 247,217
Shinhan Bank (Finance)...................................... 55,000 556,526
SK Telecom Co., Ltd. (Information Technology)............... 7,010 1,745,046
SK Telecom Co., Ltd. ADR (Information Technology)........... 4,700 143,350
-------------
12,126,395
-------------
MALAYSIA -- 3.3%
Commerce Asset-Holding Berhad (Finance)..................... 112,000 291,790
Digi.com Berhad (Information Technology)+................... 159,000 255,237
IJM Corp. Berhad (Industrial & Commercial).................. 388,000 336,947
Malayan Banking Berhad (Finance)............................ 102,000 378,474
Malaysian Pacific Industries Berhad (Information
Technology)............................................... 45,200 356,842
Public Bank Berhad (Finance)................................ 306,000 235,942
Resorts World Berhad (Information & Entertainment).......... 120,000 271,579
Tanjong PLC (Information & Entertainment)................... 161,000 383,434
Telekom Malaysia Berhad (Information Technology)............ 117,000 366,395
Tenaga Nasional Berhad (Utilities).......................... 134,000 458,421
WTK Holdings Berhad (Materials)............................. 29,500 59,388
-------------
3,394,449
-------------
MEXICO -- 13.8%
Alfa SA, Class A (Multi-industry)........................... 88,000 231,134
Carso Global Telecom, Series A1 (Information Technology)+... 461,224 1,199,104
Cemex SA de CV ADR (Materials).............................. 32,724 769,014
Coca-Cola Femsa SA ADR (Consumer Staples)................... 42,900 852,638
Compania de Minas Buenaventura SA, Series B ADR
(Materials)............................................... 11,000 181,500
Consorico ARA SA de CV (Real Estate)+....................... 193,800 285,548
Controladora Comercial Mexicana SA de CV (Consumer
Discretionary)............................................ 151,300 177,696
Corporacion Moctezuma SA de CV (Materials).................. 272,584 451,105
Fomento Economico Mexicano SA de CV (Industrial &
Commercial)............................................... 138,478 572,186
Grupo Carso SA de CV, Series A1 (Multi-industry)+........... 143,200 489,259
Grupo Elektra SA de CV ADR (Consumer Discretionary)......... 41,800 412,775
Grupo Financiero Banamex Accival SA de CV (Finance)+........ 441,037 2,114,303
Grupo Iusacell SA de CV ADR (Information Technology)+....... 15,200 200,450
Grupo Mexico SA, Series B (Materials)....................... 83,805 314,067
Grupo Modelo SA de CV, Series C (Consumer Staples).......... 298,000 690,433
Grupo Sanborns SA (Consumer Discretionary)+................. 253,700 410,644
</TABLE>
---------------------
160
<PAGE> 161
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
MEXICO (continued)
Grupo Televisa SA GDR (Information & Entertainment)+........ 17,402 $ 1,124,604
Organizacion Soriana SA de CV, Series B (Consumer
Discretionary)............................................ 77,700 288,700
Telefonos de Mexico SA de CV ADR (Utilities)................ 64,900 3,415,363
-------------
14,180,523
-------------
PERU -- 0.9%
Companhia Cervejaria Brahma ADR (Consumer Staples).......... 44,800 949,200
-------------
PHILIPPINES -- 0.2%
Manila Electric Co. (Utilities)............................. 121,520 156,800
-------------
POLAND -- 2.6%
Agora SA GDR (Information & Entertainment)+................. 18,700 474,980
Agora SA GDR (Information & Entertainment)+*................ 10,700 271,780
Bank Polska Kasa Opieki Grupa Pekao SA (Finance)+........... 40,000 500,720
Europejski Fundusz Leasingowy SA GDR (Finance)+*............ 11,800 192,930
Europejski Fundusz Leasingowy SA GDR (Finance)+............. 2,700 43,605
Orbis SA (Information & Entertainment)+..................... 53,500 356,441
Polski Koncern Naftowy Orlen SA GDR (Energy)*(1)............ 83,300 793,433
-------------
2,633,889
-------------
RUSSIA -- 2.2%
A.O. Tatneft ADR (Energy)................................... 53,300 533,000
Surgutneftegaz ADR (Energy)................................. 85,250 1,302,194
Vimpel-Communications ADR (Information Technology)+......... 17,200 438,600
-------------
2,273,794
-------------
SOUTH AFRICA -- 6.0%
African Bank Investments Ltd. (Finance)+.................... 138,440 162,110
AngloGold Ltd. (Materials).................................. 8,300 328,661
De Beers Centenary AG (Materials)........................... 30,810 721,556
Dimension Data Holdings PLC (Information Technology)+....... 11,800 101,215
Impala Platinum Holdings Ltd. (Materials)................... 26,600 1,014,316
Johnnic Holdings Ltd. (Industrial & Commercial)............. 81,370 1,110,654
Profurn Ltd. (Consumer Discretionary)....................... 61,500 40,647
Sappi Ltd. (Materials)...................................... 134,300 1,103,730
Sasol Ltd. (Energy)......................................... 128,400 811,724
Standard Bank Investment Corp., Ltd. (Finance).............. 201,000 778,297
-------------
6,172,910
-------------
TAIWAN -- 12.0%
Acer Communications & Multimedia, Inc. (Information
Technology)............................................... 18,080 50,724
ASE Test Ltd. (Information Technology)+..................... 22,440 614,295
Asustek Computer, Inc. (Information Technology)............. 88,721 695,234
Bank Sinopac (Finance)+..................................... 560,423 375,905
Cathay Life Insurance Co., Ltd. (Finance)................... 298,080 725,735
Chinatrust Commercial Bank (Finance)+....................... 358,600 342,295
D-Link Corp. (Information Technology)....................... 148,250 389,628
Delta Electronics, Inc. (Utilities)......................... 85,000 333,038
Far Eastern Textile Ltd. (Consumer Discretionary)........... 231,470 312,757
Hon Hai Precision Industry Co., Ltd. (Information
Technology)............................................... 147,739 1,148,181
Macronix International Co., Ltd. (Information
Technology)+.............................................. 18,330 38,126
Nan Ya Plastic Corp. (Materials)............................ 374,000 753,789
President Chain Store Corp. (Consumer Discretionary)........ 119,136 439,893
Siliconware Precision Industries Co. ADR (Information
Technology)+.............................................. 45,700 368,456
</TABLE>
---------------------
161
<PAGE> 162
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
TAIWAN (continued)
Taishin International Bank (Finance)+....................... 462,400 $ 322,084
Taiwan Semiconductor Manufacturing Co., Ltd. (Information
Technology)+.............................................. 636,308 2,605,970
United Microelectronics Corp. (Information Technology)+..... 601,520 1,454,821
United World Chinese Commercial Bank (Finance).............. 416,640 440,690
Winbond Electronics Corp. GDR (Information
Technology)+*(1).......................................... 34,837 836,088
-------------
12,247,709
-------------
THAILAND -- 1.4%
Advanced Info Service PCL (Information Technology)+......... 33,300 370,717
BEC World PCL (Information & Entertainment)................. 51,300 263,204
PTT Exploration & Production PCL (Energy)................... 44,000 200,194
Siam Cement PCL (Materials)+................................ 11,300 140,019
TelecomAsia Corp. PCL (Utilities)+.......................... 374,100 253,504
Thai Farmers Bank PCL (Finance)+............................ 325,700 189,177
-------------
1,416,815
-------------
TURKEY -- 5.7%
Anadolu Efes Biracilik ve Malt Sanayii AS (Consumer
Staples)+................................................. 13,649,267 816,357
Dogan Sirketler Grubu Holding AS (Industrial &
Commercial)+.............................................. 23,716,900 587,930
Enka Holding Yatirim AS (Industrial & Commercial)........... 3,598,880 849,661
Haci Omer Sabanci Holdings AS ADR (Industrial &
Commercial)*.............................................. 137,047 366,601
Hurriyet Gazetecilik ve Matbaacilik AS (Information &
Entertainment)............................................ 59,218,550 624,481
Turkcell Iletisim Hizmetleri AS (Information Technology)+... 9,381,400 634,926
Turkiye Garanti Bankasi AS (Finance)+....................... 46,568,600 527,731
Vestel Elektronik Sanayi ve Ticaret AS (Information &
Entertainment)+........................................... 2,435,700 517,541
Yapi Ve Kredi Bankasi AS GDR (Finance)...................... 43,856 460,484
Yapi Ve Kredi Bankasi AS GDR (Finance)*..................... 14,592 153,216
Yazicilar AS (Industrial & Commercial)+..................... 3,871,800 255,946
-------------
5,794,874
-------------
UNITED KINGDOM -- 1.5%
Billiton PLC (Materials).................................... 185,800 706,093
Old Mutual PLC (Finance).................................... 384,200 866,523
-------------
1,572,616
-------------
UNITED STATES -- 1.1%
DSP Group, Inc. (Information Technology)+................... 14,900 624,869
MIH Ltd. (Information & Entertainment)+..................... 11,000 332,062
Tioga Technologies Ltd. (Information Technology)+........... 19,400 145,500
-------------
1,102,431
-------------
VENEZUELA -- 0.3%
Compania Anonima Nacional Telefonos de Venezuela ADR
(Utilities)............................................... 11,950 292,775
-------------
TOTAL COMMON STOCK (cost $100,661,420)...................... 96,064,222
-------------
</TABLE>
---------------------
162
<PAGE> 163
<TABLE>
<CAPTION>
PREFERRED STOCK -- 3.4% SHARES VALUE
-----------------------------------------------------------------------------------------
<S> <C> <C>
BRAZIL -- 3.4%
Banco Bradesco SA (Finance)................................. 45,000,190 $ 391,692
Banco Itau SA (Finance)..................................... 5,030,000 468,966
Celular CRT Participacoes SA (Information Technology)+...... 1,000,000 476,090
Companhia Paulista de Forca e Luz, Class A (Utilities)...... 68 3
Eletropaulo Metropolitana -- eletricidade de Sao Paulo SA
(Utilities)............................................... 9,200,000 624,563
Embraer -- Empresa Brasileira de Aeronautica SA (Industrial
& Commercial)............................................. 119,080 670,873
Gerdau SA (Materials)....................................... 36,400,000 481,505
Usinas Siderurgicas de Minas Gerais SA (Materials).......... 58,400 322,434
-------------
3,436,126
-------------
TOTAL PREFERRED STOCK (cost $2,703,517)..................... 3,436,126
-------------
<CAPTION>
RIGHTS -- 0.0%+ RIGHTS
-----------------------------------------------------------------------------------------
<S> <C> <C>
THAILAND -- 0.0%
TelecomAsia Corp. 4/3/08.................................... 124,768 0
-------------
TOTAL INVESTMENT SECURITIES (cost $103,364,937)............. 99,500,348
-------------
<CAPTION>
PRINCIPAL
REPURCHASE AGREEMENT -- 0.4% AMOUNT
-----------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 0.4%
Agreement with SG Warburg Dillon Read LLC, bearing interest
at 6.54%, dated 7/31/00, to be repurchased 8/01/00 in the
amount of $438,080 and collateralized by $343,000 of U.S.
Treasury Bonds, bearing interest at 8.13%, due 8/15/21 and
having an approximate value of $447,936 (cost $438,000)... $ 438,000 438,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS --
(cost $103,802,937) 97.5% 99,938,348
Other assets less liabilities -- 2.5 2,539,503
------ -------------
NET ASSETS -- 100.0% $ 102,477,851
====== =============
</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
---------------------
163
<PAGE> 164
---------------------
SUNAMERICA SERIES TRUST
TECHNOLOGY PORTFOLIO INVESTMENT PORTFOLIO -- JULY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK -- 98.5% SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE -- 6.1%
Drugs -- 3.0%
Corixa Corp.+............................................... 1,100 $ 37,537
CV Therapeutics, Inc.+...................................... 1,000 58,125
Genentech, Inc.+............................................ 350 53,244
Gilead Sciences, Inc.+...................................... 850 63,006
NPS Pharmaceuticals, Inc.+.................................. 2,000 56,500
Tularik, Inc.+.............................................. 950 25,294
Health Services -- 0.4%
Applied Molecular Evolution, Inc.+.......................... 100 2,637
Exelixis, Inc.+............................................. 950 36,991
Medical Products -- 2.7%
Aclara Biosciences, Inc.+................................... 600 25,200
Argonaut Technologies, Inc.+................................ 200 3,947
BioSource International, Inc.+.............................. 2,500 46,875
Illumina, Inc.+............................................. 100 3,500
MedImmune, Inc.+............................................ 600 35,700
Millenium Pharmaceuticals, Inc.+............................ 350 33,688
PE Corp-PE Biosystems Group................................. 1,250 108,984
------------
591,228
------------
INDUSTRIAL & COMMERCIAL -- 3.5%
Business Services -- 2.2%
Corporate Executive Board Co.+.............................. 1,100 70,400
Maxim Integrated Products, Inc.+............................ 2,200 145,337
Multi-Industry -- 1.3%
Sycamore Networks, Inc.+.................................... 450 55,491
Tyco International Ltd. .................................... 1,250 66,875
------------
338,103
------------
INFORMATION & ENTERTAINMENT -- 1.6%
Broadcasting & Media -- 1.6%
Gemstar-TV Guide International, Inc.+....................... 1,550 94,269
Pegasus Communications Corp.+............................... 1,400 59,150
------------
153,419
------------
INFORMATION TECHNOLOGY -- 85.8%
Cellular -- 0.6%
China Mobile Hong Kong Ltd. ADR+............................ 1,325 55,236
Communication Equipment -- 9.6%
Accord Networks Ltd.+....................................... 2,300 18,975
Advanced Fibre Communications, Inc.+........................ 2,300 98,612
Ariba, Inc.+................................................ 800 92,750
Ericsson L.M. Telecommunications Co., Class B ADR........... 2,100 41,212
Extreme Networks, Inc.+..................................... 1,050 146,623
Foundry Networks, Inc.+..................................... 200 16,363
Gilat Satellite Networks Ltd.+.............................. 400 32,000
Juniper Networks, Inc.+..................................... 650 92,584
</TABLE>
---------------------
164
<PAGE> 165
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Communication Equipment (continued)
Motorola, Inc. ............................................. 2,350 $ 77,697
Proxim, Inc.+............................................... 1,050 79,866
SBA Communications Corp.+................................... 2,250 101,531
Scientific-Atlanta, Inc. ................................... 1,650 127,050
Computers & Business Equipment -- 10.3%
ASM Lithography Holdings NV+................................ 3,100 123,225
Cisco Systems, Inc.+........................................ 5,850 382,809
Linear Technology Corp. .................................... 1,600 88,400
SanDisk Corp.+.............................................. 2,550 162,563
StorageNetworks, Inc.+...................................... 350 38,194
Sun Microsystems, Inc.+..................................... 1,200 126,525
VERITAS Software Corp.+..................................... 750 76,453
Computer Services -- 2.1%
Brocade Communications Systems, Inc.+....................... 400 71,450
Documentum, Inc.+........................................... 1,050 49,219
Oracle Corp.+............................................... 1,150 86,465
Computer Software -- 8.1%
BEA Systems, Inc.+.......................................... 1,100 47,369
i2 Technologies, Inc.+...................................... 200 25,950
Informatica Corp.+.......................................... 1,050 84,000
Mercury Interactive Corp.+.................................. 650 64,523
Micromuse, Inc.+............................................ 300 38,920
Microsoft Corp.+............................................ 1,950 136,134
Netegrity, Inc.+............................................ 600 47,400
PeopleSoft, Inc.+........................................... 2,500 54,531
Rational Software Corp.+.................................... 550 55,963
Red Hat, Inc.+.............................................. 1,550 29,063
Saga Systems, Inc.+......................................... 10,850 109,856
TIBCO Software, Inc.+....................................... 600 61,800
Vertel Corp.+............................................... 3,150 26,381
Electronics -- 30.3%
Advanced Micro Devices, Inc.+............................... 2,000 143,875
Altera Corp.+............................................... 700 68,731
Analog Devices, Inc.+....................................... 1,550 103,656
Applied Materials, Inc.+.................................... 800 60,700
ASM International NV+....................................... 2,000 52,000
Asyst Technologies, Inc.+................................... 2,600 62,725
Atmel Corp.+................................................ 1,100 32,931
Bookham Technology PLC ADR+................................. 700 43,925
Broadcom Corp., Class A+.................................... 350 78,488
Chartered Semiconductor Manufacturing Ltd. ADR+............. 150 10,800
CIENA Corp.+................................................ 550 78,169
Credence Systems Corp.+..................................... 500 21,375
Cypress Semiconductor Corp.+................................ 2,200 82,087
Hi/fn, Inc.+................................................ 1,150 55,703
Infineon Technologies AG ADR+............................... 450 30,600
Intel Corp. ................................................ 4,200 280,350
Intersil Holding Corp.+..................................... 1,650 94,566
KLA-Tencor Corp.+........................................... 2,100 111,825
Lam Research Corp.+......................................... 2,650 77,513
LSI Logic Corp.+............................................ 1,350 45,731
Metromedia Fiber Network, Inc., Class A+.................... 1,550 54,444
Micrel, Inc.+............................................... 2,150 107,634
Microchip Technology, Inc.+................................. 1,200 83,325
National Semiconductor Corp.+............................... 750 27,141
</TABLE>
---------------------
165
<PAGE> 166
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
INFORMATION TECHNOLOGY (continued)
Electronics (continued)
Novellus Systems, Inc.+..................................... 1,700 $ 91,694
PerkinElmer, Inc. .......................................... 800 51,150
PMC-Sierra, Inc.+........................................... 550 106,631
QLogic Corp.+............................................... 3,650 271,925
Redback Networks, Inc.+..................................... 700 91,000
Texas Instruments, Inc. .................................... 1,000 58,688
TranSwitch Corp.+........................................... 4,150 331,481
Veeco Instruments, Inc+..................................... 1,000 78,750
Virage Logic Corp.+......................................... 100 1,200
Waters Corp.+............................................... 450 53,381
Internet Software -- 4.8%
CacheFlow, Inc.+............................................ 850 57,800
Espeed, Inc., Class A+...................................... 100 3,063
Inktomi Corp.+.............................................. 500 53,500
Mediaplex, Inc.+............................................ 1,900 17,219
Portal Software, Inc.+...................................... 1,850 93,165
VeriSign, Inc.+............................................. 1,250 198,359
Vignette Corp.+............................................. 1,200 40,650
Telecommunications -- 18.7%
American Tower Corp., Class A+.............................. 2,600 111,475
Corning, Inc. .............................................. 600 140,362
Corvis Corp.+............................................... 100 8,233
CTC Communications Group, Inc.+............................. 1,250 32,422
Ditech Communications Corp.+................................ 550 26,331
Efficient Networks, Inc.+................................... 1,950 122,484
Exfo Electro-Optical Engineering, Inc.+..................... 350 18,134
Harmonic, Inc.+............................................. 5,900 139,019
Lexent, Inc.+............................................... 200 5,325
Lucent Technologies, Inc. .................................. 950 41,563
Net2000 Communications, Inc.+............................... 3,400 32,300
Next Level Communications, Inc.+............................ 250 22,434
Nortel Networks Corp. ...................................... 6,300 468,562
Powerwave Technologies, Inc.+............................... 3,250 112,734
SDL, Inc.+.................................................. 950 329,709
Spectrasite Holdings, Inc.+................................. 1,700 36,125
Terayon Communication Systems, Inc.+........................ 700 35,700
Time Warner Telecom, Inc., Class A+......................... 400 24,775
Tycom Ltd.+................................................. 600 20,438
Vodafone AirTouch PLC ADR+.................................. 1,100 47,438
Westell Technologies, Inc., Class A+........................ 1,750 42,109
Internet Content -- 1.3%
PurchasePro.com, Inc.+...................................... 1,550 60,450
Yahoo!, Inc.+............................................... 550 70,778
------------
8,324,542
------------
REAL ESTATE -- 0.7%
Real Estate Investment Trusts -- 0.7%
Pinnacle Holdings, Inc.+.................................... 1,200 67,425
------------
</TABLE>
---------------------
166
<PAGE> 167
<TABLE>
<CAPTION>
COMMON STOCK (CONTINUED) SHARES VALUE
----------------------------------------------------------------------------------------
<S> <C> <C>
UTILITIES -- 0.8%
Telephone -- 0.8%
NEXTLINK Communications, Inc., Class A+..................... 2,550 $ 84,310
------------
TOTAL INVESTMENT SECURITIES (cost $10,300,471).............. 9,559,027
------------
<CAPTION>
PRINCIPAL
REPURCHASE AGREEMENT -- 1.4% AMOUNT
----------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 1.4%
Agreement with State Street Bank & Trust Co., bearing
interest at 6.44%, dated 7/31/00, to be repurchased
8/01/00 in the amount of $138,025 and collateralized by
$125,000 of U.S. Treasury Bonds, bearing interest at
10.38%, due 11/15/09 and having an approximate value of
$145,625 (cost $138,000).................................. $138,000 138,000
-----------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS --
(cost $10,438,471) 99.9% 9,697,027
Other assets less liabilities -- 0.1 6,700
------ -----------
NET ASSETS -- 100.0% $ 9,703,727
====== ===========
</TABLE>
----------------------------
+ Non-income producing securities
ADR -- American Depository Receipt
See Notes to Financial Statements
---------------------
167
<PAGE> 168
---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES
JULY 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
WORLDWIDE
CASH CORPORATE GLOBAL HIGH-YIELD HIGH SUNAMERICA
MANAGEMENT BOND BOND BOND INCOME BALANCED
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investment securities, at
value*...................... $ -- $173,824,977 $110,465,679 $295,958,926 $115,388,433 $ 518,391,588
Short-term securities*....... 390,971,571 7,118,630 14,486,039 -- 1,211,832 34,957,425
Repurchase agreements (cost
equals market).............. 131,531,000 -- -- -- -- 14,688,000
Cash......................... 269 143 10,264 -- 1,295,540 218
Foreign currency............. -- -- 33,281 -- 98,345 --
Receivables for--
Fund shares sold............ 6,622,325 159,900 46,982 347,232 45,879 1,038,666
Dividends and accrued
interest.................. 1,426,145 3,627,386 1,737,956 6,642,117 3,007,085 2,392,521
Sales of investments........ -- 133,750 700,910 9,844,254 927,243 15,779,506
Foreign currency
contracts................. -- -- -- -- -- --
Variation margin on futures
contracts................. -- -- -- -- 10,730 --
Prepaid expenses............. 6,824 4,128 1,706 3,855 1,551 6,305
Due from Adviser............. -- -- -- -- -- --
Deferred organizational
expenses.................... -- -- -- -- -- --
Unrealized appreciation on
forward foreign currency
contracts................... -- -- 3,062,208 -- 114,067 --
---------------------------------------------------------------------------------------------
530,558,134 184,868,914 130,545,025 312,796,384 122,100,705 587,254,229
---------------------------------------------------------------------------------------------
LIABILITIES:
Payables for--
Fund shares redeemed........ 49,143,031 135,512 105,811 775,834 46,135 432,817
Purchases of investments.... -- 138,000 -- 4,096,815 597,125 --
Management fees............. 188,614 96,584 75,083 166,791 103,953 292,879
Foreign currency
contracts................. -- -- -- -- -- --
Variation margin on futures
contracts................. -- -- -- -- -- --
Line of credit.............. -- -- -- 7,376,304 -- --
Other accrued expenses....... 67,987 39,147 60,139 51,691 48,447 45,830
Unrealized depreciation on
forward foreign currency
contracts................... -- -- 1,218,283 -- 30,143 --
Due to custodian............. -- -- -- -- -- --
Due to Adviser............... -- -- -- -- -- --
---------------------------------------------------------------------------------------------
49,399,632 409,243 1,459,316 12,467,435 825,803 771,526
---------------------------------------------------------------------------------------------
NET ASSETS................... $481,158,502 $184,459,671 $129,085,709 $300,328,949 $121,274,902 $ 586,482,703
=============================================================================================
Shares of beneficial interest
outstanding (unlimited
shares authorized).......... 42,747,956 16,164,029 11,462,922 28,466,619 11,197,902 30,068,727
Net asset value per share.... $ 11.26 $ 11.41 $ 11.26 $ 10.55 $ 10.83 $ 19.50
=============================================================================================
COMPOSITION OF NET ASSETS:
Capital paid in.............. $445,812,601 $182,807,516 $122,410,622 $314,044,917 $137,057,741 $ 497,243,141
Accumulated undistributed net
investment income (loss).... 35,419,009 19,780,776 9,167,779 47,354,012 19,584,487 11,970,237
Accumulated undistributed net
realized gain (loss) on
investments, futures
contracts and options
contracts................... (6,147) (5,006,636) 384,041 (23,789,295) (26,903,467) 17,093,371
Unrealized appreciation
(depreciation) on
investments................. (66,961) (13,121,985) (4,688,399) (37,280,685) (8,607,954) 60,175,954
Unrealized foreign exchange
gain (loss) on other assets
and liabilities............. -- -- 1,811,666 -- 78,930 --
Unrealized appreciation
(depreciation) on futures
and written options
contracts................... -- -- -- -- 65,165 --
---------------------------------------------------------------------------------------------
$481,158,502 $184,459,671 $129,085,709 $300,328,949 $121,274,902 $ 586,482,703
=============================================================================================
---------------
* Cost
Investment securities....... $ -- $186,896,080 $113,990,229 $333,239,611 $123,779,182 $ 458,215,634
=============================================================================================
Short-term securities....... $391,038,532 $ 7,169,512 $ 15,649,888 $ -- $ 1,429,037 $ 34,957,425
=============================================================================================
</TABLE>
See Notes to Financial Statements
---------------------
168
<PAGE> 169
---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES (continued)
JULY 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MFS TOTAL ASSET TELECOM EQUITY EQUITY GROWTH-
RETURN ALLOCATION UTILITY+ INCOME INDEX INCOME
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investment securities, at
value*....................... $217,107,026 $655,610,280 $107,518,566 $7,035,360 $67,552,951 $ 1,997,084,760
Short-term securities*........ 13,762,584 14,217,109 7,015,000 -- 49,602 28,232,472
Repurchase agreements (cost
equals market)............... -- 37,926,000 -- 400,000 -- --
Cash.......................... 49,955 1,714,907 947 738 3,957 42,217
Foreign currency.............. 45,310 -- -- -- -- --
Receivables for--
Fund shares sold............. 288,925 243,455 168,322 2,699 30,981 2,292,629
Dividends and accrued
interest................... 1,338,785 2,985,213 416,063 12,701 41,779 617,560
Sales of investments......... 3,495,757 40,242,101 2,255,551 6,881 25,318 17,189,464
Foreign currency contracts... -- -- -- -- -- --
Variation margin on futures
contracts.................. -- 51,872 -- -- -- 94,875
Prepaid expenses.............. 2,816 9,106 1,474 86 57 23,988
Due from Adviser.............. -- -- -- 6,791 -- --
Deferred organizational
expenses..................... -- -- -- -- -- --
Unrealized appreciation on
forward foreign currency
contracts.................... -- -- -- -- -- --
--------------------------------------------------------------------------------------------
236,091,158 753,000,043 117,375,923 7,465,256 67,704,645 2,045,577,965
--------------------------------------------------------------------------------------------
LIABILITIES:
Payables for--
Fund shares redeemed......... 109,513 966,113 14,686 659 26,589 1,090,628
Purchases of investments..... 2,664,445 64,237,364 2,165,813 129,382 7,326 7,704,051
Management fees.............. 129,745 348,289 76,951 4,044 23,557 930,598
Foreign currency contracts... -- -- -- -- -- --
Variation margin on futures
contracts.................. -- -- -- -- -- --
Line of credit............... -- -- -- -- -- --
Other accrued expenses........ 31,889 87,685 32,215 27,844 31,441 132,935
Unrealized depreciation on
forward foreign currency
contracts.................... -- -- -- -- -- --
Due to custodian.............. -- -- -- -- -- --
Due to Adviser................ -- -- -- -- 3,676 --
--------------------------------------------------------------------------------------------
2,935,592 65,639,451 2,289,665 161,929 92,589 9,858,212
--------------------------------------------------------------------------------------------
NET ASSETS.................... $233,155,566 $687,360,592 $115,086,258 $7,303,327 $67,612,056 $ 2,035,719,753
============================================================================================
Shares of beneficial interest
outstanding (unlimited shares
authorized).................. 15,588,632 45,116,037 8,476,000 702,395 5,534,903 61,461,200
Net asset value per share..... $ 14.96 $ 15.24 $ 13.58 $ 10.40 $ 12.22 $ 33.12
============================================================================================
COMPOSITION OF NET ASSETS:
Capital paid in............... $215,058,065 $607,878,776 $114,611,811 $7,125,501 $62,418,930 $ 1,287,936,138
Accumulated undistributed net
investment income (loss)..... 9,754,438 28,382,894 4,910,017 75,623 238,555 12,331,352
Accumulated undistributed net
realized gain (loss) on
investments, futures
contracts and options
contracts.................... 1,992,392 18,873,351 2,263,223 (273,478) 138,952 145,076,736
Unrealized appreciation
(depreciation) on
investments.................. 6,352,294 32,630,985 (6,698,793) 375,681 4,815,619 591,186,502
Unrealized foreign exchange
gain (loss) on other assets
and liabilities.............. (1,623) -- -- -- -- --
Unrealized appreciation
(depreciation) on futures and
written options contracts.... -- (405,414) -- -- -- (810,975)
--------------------------------------------------------------------------------------------
$233,155,566 $687,360,592 $115,086,258 $7,303,327 $67,612,056 $ 2,035,719,753
============================================================================================
---------------
* Cost
Investment securities........ $210,750,613 $622,923,398 $114,217,359 $6,659,679 $62,737,332 $ 1,405,898,258
============================================================================================
Short-term securities........ $ 13,766,703 $ 14,273,006 $ 7,015,000 $ -- $ 49,602 $ 28,232,472
============================================================================================
+ Formerly Utility
</TABLE>
See Notes to Financial Statements
---------------------
169
<PAGE> 170
---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES (continued)
JULY 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MFS
DAVIS GOLDMAN GROWTH
FEDERATED VENTURE "DOGS" OF ALLIANCE SACHS AND
VALUE VALUE+ WALL STREET GROWTH RESEARCH INCOME
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investment securities, at
value*.................... $196,264,455 $2,391,255,128 $ 78,488,893 $3,130,445,707 $7,492,331 $ 339,955,948
Short-term securities*..... 9,156,000 -- -- 77,591,000 -- 16,300,000
Repurchase agreements (cost
equals market)............ -- 171,422,000 183,000 -- 394,000 --
Cash....................... 539 201,982 934 205,035 321 508
Foreign currency........... -- -- -- -- -- 34,101
Receivables for--
Fund shares sold.......... 185,299 3,104,248 36,864 7,776,017 37,153 275,733
Dividends and accrued
interest................ 174,774 1,197,024 164,852 894,814 71 187,360
Sales of investments...... 2,406,065 1,404,741 1,495,043 661,582 -- 3,798,504
Foreign currency
contracts............... -- -- -- -- -- 661,985
Variation margin on
futures contracts....... -- -- -- -- -- --
Prepaid expenses........... 2,706 31,728 1,200 36,064 -- 3,292
Due from Adviser........... -- -- -- -- 7,724 --
Deferred organizational
expenses.................. -- -- 2,147 -- -- --
Unrealized appreciation on
forward foreign currency
contracts................. -- -- -- -- -- --
-----------------------------------------------------------------------------------------------
208,189,838 2,568,616,851 80,372,933 3,217,610,219 7,931,600 361,217,431
-----------------------------------------------------------------------------------------------
LIABILITIES:
Payables for--
Fund shares redeemed...... 173,221 2,303,816 112,856 4,203,596 108 331,299
Purchases of
investments............. -- 6,615,382 -- 30,209,165 392,024 1,847,614
Management fees........... 128,657 1,569,529 42,404 1,678,773 5,314 218,074
Foreign currency
contracts............... -- -- -- -- -- 663,645
Variation margin on
futures contracts....... -- -- -- -- -- --
Line of credit............ -- -- -- -- -- --
Other accrued expenses..... 36,720 184,875 31,268 180,260 7,994 39,115
Unrealized depreciation on
forward foreign currency
contracts................. -- -- -- -- -- --
Due to custodian........... -- -- -- -- -- --
Due to Adviser............. -- -- -- -- -- --
-----------------------------------------------------------------------------------------------
338,598 10,673,602 186,528 36,271,794 405,440 3,099,747
-----------------------------------------------------------------------------------------------
NET ASSETS................. $207,851,240 $2,557,943,249 $ 80,186,405 $3,181,338,425 $7,526,160 $ 358,117,684
===============================================================================================
Shares of beneficial
interest outstanding
(unlimited
shares authorized)........ 13,196,100 90,075,677 10,201,818 81,575,630 737,439 26,040,312
Net asset value per
share..................... $ 15.75 $ 28.40 $ 7.86 $ 39.00 $ 10.21 $ 13.75
===============================================================================================
COMPOSITION OF NET ASSETS:
Capital paid in............ $193,712,656 $1,738,545,713 $101,916,112 $2,092,750,658 $7,487,830 $ 323,831,108
Accumulated undistributed
net investment income
(loss).................... 4,444,938 15,565,486 3,438,859 (2,224,093) 701 2,983,247
Accumulated undistributed
net realized gain (loss)
on investments, futures
contracts and options
contracts................. 9,962,011 315,965,065 (3,274,881) 544,707,070 (17,493) 5,635,898
Unrealized appreciation
(depreciation) on
investments............... (268,365) 487,866,985 (21,893,685) 546,104,790 55,122 25,668,437
Unrealized foreign exchange
gain (loss) on other
assets
and liabilities........... -- -- -- -- -- (1,006)
Unrealized appreciation
(depreciation) on futures
and written options
contracts................. -- -- -- -- -- --
-----------------------------------------------------------------------------------------------
$207,851,240 $2,557,943,249 $ 80,186,405 $3,181,338,425 $7,526,160 $ 358,117,684
===============================================================================================
---------------
* Cost
Investment securities..... $196,532,820 $1,903,388,143 $100,382,578 $2,584,340,917 $7,437,209 $ 314,287,511
===============================================================================================
Short-term securities..... $ 9,156,000 $ -- $ -- $ 77,591,000 $ -- $ 16,300,000
===============================================================================================
+ Formerly Venture Value
</TABLE>
See Notes to Financial Statements
---------------------
170
<PAGE> 171
---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES (continued)
JULY 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
SMALL MFS
PUTNAM BLUE CHIP REAL COMPANY MID-CAP AGGRESSIVE
GROWTH GROWTH ESTATE VALUE GROWTH GROWTH
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investment securities, at
value*.......................... $817,463,254 $2,770,528 $ 66,722,329 $5,418,248 $226,935,368 $ 452,878,407
Short-term securities*........... -- -- -- -- 23,394,683 --
Repurchase agreements (cost
equals market).................. 30,195,000 1,195,000 3,600,000 590,000 -- 108,859,000
Cash............................. 962 205 1,292 9,990 64,498 709
Foreign currency................. -- -- -- -- -- --
Receivables for--
Fund shares sold................ 1,318,509 265,782 141,262 9,837 3,681,625 4,120,307
Dividends and accrued
interest...................... 96,191 365 66,829 1,658 7,461 48,565
Sales of investments............ 4,474,641 79,260 -- 5,996 788,212 47,290,325
Foreign currency contracts...... -- -- -- -- -- --
Variation margin on futures
contracts..................... -- -- -- -- -- --
Prepaid expenses................. 9,757 -- 914 10 1,760 5,778
Due from Adviser................. -- 7,838 -- 6,617 -- --
Deferred organizational
expenses........................ -- -- 2,401 -- -- --
Unrealized appreciation on
forward foreign currency
contracts....................... -- -- -- -- -- --
-----------------------------------------------------------------------------------------
853,558,314 4,318,978 70,535,027 6,042,356 254,873,607 613,203,091
-----------------------------------------------------------------------------------------
LIABILITIES:
Payables for--
Fund shares redeemed............ 1,028,162 67 82,306 122 1,210,536 2,765,461
Purchases of investments........ 5,352,176 115,839 259,475 81,528 10,734,212 --
Management fees................. 548,702 1,782 45,868 5,081 153,891 367,624
Foreign currency contracts...... -- -- -- -- -- --
Variation margin on futures
contracts..................... -- -- -- -- -- --
Line of credit.................. -- -- -- -- -- --
Other accrued expenses........... 70,015 7,828 32,991 28,296 27,020 39,059
Unrealized depreciation on
forward foreign currency
contracts....................... -- -- -- -- -- --
Due to custodian................. 29 -- -- -- -- --
Due to Adviser................... -- -- -- -- -- --
-----------------------------------------------------------------------------------------
6,999,084 125,516 420,640 115,027 12,125,659 3,172,144
-----------------------------------------------------------------------------------------
NET ASSETS....................... $846,559,230 $4,193,462 $ 70,114,387 $5,927,329 $242,747,948 $ 610,030,947
=========================================================================================
Shares of beneficial interest
outstanding (unlimited shares
authorized)..................... 31,271,363 422,128 6,708,048 507,376 12,819,903 26,060,974
Net asset value per share........ $ 27.07 $ 9.93 $ 10.45 $ 11.68 $ 18.94 $ 23.41
=========================================================================================
COMPOSITION OF NET ASSETS:
Capital paid in.................. $572,588,953 $4,252,726 $ 72,541,554 $5,084,105 $212,866,246 $ 452,135,472
Accumulated undistributed net
investment income (loss)........ (694,915) 3,772 3,940,971 (13,092) (88,789) 351,920
Accumulated undistributed net
realized gain (loss) on
investments, futures contracts
and options contracts........... 93,473,521 (6,356) (13,095,756) 630,971 27,599,027 131,055,416
Unrealized appreciation
(depreciation) on investments... 181,191,671 (56,680) 6,727,618 225,345 2,371,464 26,488,139
Unrealized foreign exchange gain
(loss) on other assets and
liabilities..................... -- -- -- -- -- --
Unrealized appreciation
(depreciation) on futures and
written options contracts....... -- -- -- -- -- --
-----------------------------------------------------------------------------------------
$846,559,230 $4,193,462 $ 70,114,387 $5,927,329 $242,747,948 $ 610,030,947
=========================================================================================
---------------
* Cost
Investment securities........... $636,271,583 $2,827,208 $ 59,994,711 $5,192,903 $224,563,904 $ 426,390,268
=========================================================================================
Short-term securities........... $ -- $ -- $ -- $ -- $ 23,394,683 $ --
=========================================================================================
</TABLE>
See Notes to Financial Statements
---------------------
171
<PAGE> 172
---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF ASSETS AND LIABILITIES (continued)
JULY 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
INTERNATIONAL INTERNATIONAL
GROWTH GROWTH AND GLOBAL DIVERSIFIED EMERGING
OPPORTUNITIES INCOME EQUITIES EQUITIES MARKETS TECHNOLOGY
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investment securities, at
value*.................... $4,352,659 $302,528,377 $667,418,393 $359,468,238 $ 99,500,348 $ 9,559,027
Short-term securities*..... 970,058 -- -- 26,651,000 -- --
Repurchase agreements (cost
equals market)............ 2,222,000 3,361,000 -- -- 438,000 138,000
Cash....................... 928 150 -- 8,146,189 595 209
Foreign currency........... -- 3,085,617 2,030,187 1,402,905 1,397,663 --
Receivables for--
Fund shares sold.......... 84,347 4,147,055 4,903,170 18,948,136 719,808 149,080
Dividends and accrued
interest................ 569 689,173 463,355 579,665 212,221 149
Sales of investments...... 16,924 2,130,374 11,975,430 38,123,427 2,340,850 295,943
Foreign currency
contracts............... -- 6,915,985 787,246 44,642,223 798,236 --
Variation margin on
futures contracts....... -- -- -- -- -- --
Prepaid expenses........... -- 3,417 8,168 9,595 1,157 --
Due from Adviser........... 7,375 -- -- -- -- 6,330
Deferred organizational
expenses.................. -- 2,401 -- -- 2,401 --
Unrealized appreciation on
forward foreign currency
contracts................. -- 110,218 -- 336,203 -- --
----------------------------------------------------------------------------------------------
7,654,860 322,973,767 687,585,949 498,307,581 105,411,279 10,148,738
----------------------------------------------------------------------------------------------
LIABILITIES:
Payables for--
Fund shares redeemed...... 23,774 175,587 806,526 256,136 896,870 295,368
Purchases of
investments............. 2,064,687 4,784,700 9,280,644 25,568,465 1,033,802 134,830
Management fees........... 2,171 254,466 417,170 375,768 117,448 6,872
Foreign currency
contracts............... -- 6,951,856 788,216 44,704,899 798,961 --
Variation margin on
futures contracts....... -- -- -- 2,523,221 -- --
Line of credit............ -- -- -- -- -- --
Other accrued expenses..... 7,706 109,130 107,873 155,321 86,347 7,941
Unrealized depreciation on
forward foreign currency
contracts................. -- 683,391 -- 1,240,359 -- --
Due to custodian........... -- -- 155,566 -- -- --
Due to Adviser............. -- -- -- -- -- --
----------------------------------------------------------------------------------------------
2,098,338 12,959,130 11,555,995 74,824,169 2,933,428 445,011
----------------------------------------------------------------------------------------------
NET ASSETS................. $5,556,522 $310,014,637 $676,029,954 $423,483,412 $102,477,851 $ 9,703,727
==============================================================================================
Shares of beneficial
interest outstanding
(unlimited
shares authorized)........ 574,651 23,730,398 31,073,201 30,182,796 11,050,942 998,425
Net asset value per
share..................... $ 9.67 $ 13.06 $ 21.76 $ 14.03 $ 9.27 $ 9.72
==============================================================================================
COMPOSITION OF NET ASSETS:
Capital paid in............ $5,828,186 $282,823,902 $455,300,697 $315,884,077 $101,988,684 $ 10,473,672
Accumulated undistributed
net investment income
(loss).................... 7,128 130,766 (104,479) 4,596,480 (358,558) 1,400
Accumulated undistributed
net realized gain (loss)
on investments, futures
contracts and options
contracts................. (35,373) 19,302,587 101,055,983 86,918,848 4,715,498 (29,901)
Unrealized appreciation
(depreciation) on
investments............... (243,419) 8,343,719 119,803,991 19,575,766 (3,864,589) (741,444)
Unrealized foreign exchange
gain (loss) on other
assets and liabilities.... -- (586,337) (26,238) (968,538) (3,184) --
Unrealized appreciation
(depreciation) on futures
and written options
contracts................. -- -- -- (2,523,221) -- --
----------------------------------------------------------------------------------------------
$5,556,522 $310,014,637 $676,029,954 $423,483,412 $102,477,851 $ 9,703,727
==============================================================================================
---------------
*Cost
Investment securities..... $4,595,734 $294,184,658 $547,614,402 $339,892,472 $103,364,937 $ 10,300,471
==============================================================================================
Short-term securities..... $ 970,402 $ -- $ -- $ 26,651,000 $ -- $ --
==============================================================================================
</TABLE>
See Notes to Financial Statements
---------------------
172
<PAGE> 173
---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JULY 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
WORLDWIDE
CASH CORPORATE GLOBAL HIGH-YIELD HIGH
MANAGEMENT BOND BOND BOND INCOME
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INCOME:
Interest....................................... $14,860,728 $ 7,724,930 $ 3,240,787 $ 16,901,900 $ 7,281,379
Dividends...................................... -- 252,238 -- 568,173 37,878
--------------------------------------------------------------------
Total income*.............................. 14,860,728 7,977,168 3,240,787 17,470,073 7,319,257
--------------------------------------------------------------------
EXPENSES:
Management fees................................ 1,170,512 566,067 437,067 950,732 612,657
Custodian fees................................. 65,826 48,466 62,722 82,152 49,619
Auditing fees.................................. 11,830 11,830 14,525 11,830 14,525
Reports to investors........................... 11,750 4,980 3,700 8,115 3,700
Legal fees..................................... 857 607 561 2,512 527
Trustees' fees................................. 317 182 175 324 108
Interest expense............................... -- -- -- 6,612 --
Amortization of organizational expenses........ -- -- -- -- --
Other expenses................................. 2,373 878 551 1,148 420
--------------------------------------------------------------------
Total expenses before reimbursement and
custody credits.......................... 1,263,465 633,010 519,301 1,063,425 681,556
Expenses reimbursed by the investment
adviser.................................. -- -- -- -- --
Custody credits earned on cash balances.... (4,646) (1,686) (5,572) (9,182) (4,699)
--------------------------------------------------------------------
Net investment income (loss).................... 13,601,909 7,345,844 2,727,058 16,415,830 6,642,400
--------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments**...... (2,416) (1,991,511) (485,782) (6,677,764) 3,095,533
Net realized gain (loss) on futures and options
contracts.................................... -- -- -- -- 18,303
Net realized foreign exchange gain (loss) on
other assets and liabilities................. -- -- 4,274,158 -- 329,129
Change in unrealized appreciation/depreciation
on investments............................... 44,238 (549,943) (1,643,019) (9,097,253) (7,239,965)
Change in unrealized foreign exchange gain/loss
on other assets and liabilities.............. -- -- 29,189 -- 9,811
Change in unrealized appreciation/depreciation
on futures and options contracts............. -- -- -- -- (160)
--------------------------------------------------------------------
Net realized and unrealized gain (loss) on
investments and foreign currencies............. 41,822 (2,541,454) 2,174,546 (15,775,017) (3,787,349)
--------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS................................ $13,643,731 $ 4,804,390 $ 4,901,604 $ 640,813 $ 2,855,051
====================================================================
---------------
* Net of foreign withholding taxes on interest
and dividends of.............................. $ -- $ -- $ 6,486 $ -- $ 473
====================================================================
** Net of foreign withholding taxes on capital
gains of....................................... $ -- $ -- $ -- $ -- $ 147,580
====================================================================
<CAPTION>
SUNAMERICA
BALANCED
------------------------------------------------ -----------
<S> <C>
INCOME:
Interest....................................... $ 5,872,490
Dividends...................................... 1,062,302
-----------
Total income*.............................. 6,934,792
-----------
EXPENSES:
Management fees................................ 1,623,426
Custodian fees................................. 97,831
Auditing fees.................................. 10,885
Reports to investors........................... 13,805
Legal fees..................................... 1,953
Trustees' fees................................. 573
Interest expense............................... --
Amortization of organizational expenses........ --
Other expenses................................. 1,759
-----------
Total expenses before reimbursement and
custody credits.......................... 1,750,232
Expenses reimbursed by the investment
adviser.................................. --
Custody credits earned on cash balances.... (256)
-----------
Net investment income (loss).................... 5,184,816
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments**...... 16,428,124
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............................... (9,705,903)
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............. 6,722,221
-----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS................................ $11,907,037
===========
---------------
* Net of foreign withholding taxes on interest
and dividends of.............................. $ 13,740
===========
** Net of foreign withholding taxes on capital
gains of....................................... $ --
===========
</TABLE>
See Notes to Financial Statements
---------------------
173
<PAGE> 174
---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF OPERATIONS (continued)
FOR THE SIX MONTHS ENDED JULY 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MFS TOTAL ASSET TELECOM EQUITY EQUITY GROWTH-
RETURN ALLOCATION UTILITY+ INCOME INDEX INCOME
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCOME:
Interest....................................... $ 3,386,541 $ 9,470,147 $ 317,765 $ 10,430 $ 23,438 $ 2,742,055
Dividends...................................... 1,318,583 2,135,304 1,804,075 87,165 380,065 6,839,338
------------------------------------------------------------------------------
Total income*.............................. 4,705,124 11,605,451 2,121,840 97,595 403,503 9,581,393
------------------------------------------------------------------------------
EXPENSES:
Management fees................................ 731,212 2,032,585 448,089 22,481 136,868 5,187,810
Custodian fees................................. 58,164 137,505 35,465 34,738 33,507 290,957
Auditing fees.................................. 10,885 10,885 10,885 11,255 11,255 10,885
Reports to investors........................... 3,540 17,715 3,700 115 763 48,530
Legal fees..................................... 607 1,348 499 391 425 5,521
Trustees' fees................................. 216 607 108 108 108 1,949
Interest expense............................... -- -- -- -- -- --
Amortization of organizational expenses........ -- -- -- -- -- --
Other expenses................................. 2,934 2,045 573 202 336 5,653
------------------------------------------------------------------------------
Total expenses before reimbursement and
custody credits.......................... 807,558 2,202,690 499,319 69,290 183,262 5,551,305
Expenses reimbursed by the investment
adviser.................................. -- -- -- (36,355) -- --
Custody credits earned on cash balances.... (11,114) -- (3,075) (78) (122) (6,457)
------------------------------------------------------------------------------
Net investment income (loss).................... 3,908,680 9,402,761 1,625,596 64,738 220,363 4,036,545
------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments**...... 1,229,464 6,790,605 1,239,556 (141,771) 8,550 49,252,053
Net realized gain (loss) on futures and options
contracts.................................... -- 1,930,647 -- -- 15,942 19,637
Net realized foreign exchange gain (loss) on
other assets and liabilities................. (1,330) 84,003 (10) -- -- --
Change in unrealized appreciation/depreciation
on investments............................... 11,256,811 15,136,277 (9,853,330) 185,418 1,547,590 55,059,208
Change in unrealized foreign exchange gain/loss
on other assets and liabilities.............. (998) (84,805) -- -- -- --
Change in unrealized appreciation/depreciation
on futures and options contracts............. -- 116,686 -- -- 3,875 1,334,588
------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on
investments and foreign currencies............. 12,483,947 23,973,413 (8,613,784) 43,647 1,575,957 105,665,486
------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS................................ $16,392,627 $33,376,174 $(6,988,188) $ 108,385 $1,796,320 $109,702,031
==============================================================================
---------------
* Net of foreign withholding taxes on interest
and dividends of.............................. $ 24,124 $ 12,009 $ 5,747 $ 681 $ 1,964 $ 12,847
==============================================================================
** Net of foreign withholding taxes on capital
gains of....................................... $ -- $ -- $ -- $ -- $ -- $ --
==============================================================================
+ Formerly Utility
</TABLE>
See Notes to Financial Statements
---------------------
174
<PAGE> 175
---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF OPERATIONS (continued)
FOR THE SIX MONTHS ENDED JULY 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
DAVIS GOLDMAN
FEDERATED VENTURE "DOGS" OF ALLIANCE SACHS
VALUE VALUE+ WALL STREET GROWTH RESEARCH#
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INCOME:
Interest....................................... $ 203,090 $ 3,322,556 $ 17,041 $ 1,249,500 $ 6,680
Dividends...................................... 2,765,543 10,868,572 1,538,344 6,328,310 --
--------------------------------------------------------------------
Total income*.............................. 2,968,633 14,191,128 1,555,385 7,577,810 6,680
--------------------------------------------------------------------
EXPENSES:
Management fees................................ 743,984 8,908,392 264,958 9,273,813 5,314
Custodian fees................................. 43,049 379,670 33,504 444,211 5,140
Auditing fees.................................. 10,885 10,885 10,885 10,885 2,700
Reports to investors........................... 5,890 61,555 3,295 69,570 410
Legal fees..................................... 641 6,819 774 8,539 101
Trustees' fees................................. 182 2,488 108 3,042 20
Interest expense............................... -- 770 6,227 -- --
Amortization of organizational expenses........ -- -- 588 -- --
Other expenses................................. 863 6,398 598 9,914 28
--------------------------------------------------------------------
Total expenses before reimbursement and
custody credits.......................... 805,494 9,376,977 320,937 9,819,974 13,713
Expenses reimbursed by the investment
adviser.................................. -- -- -- -- (7,724)
Custody credits earned on cash balances.... (304) (18,555) (4) (18,071) (10)
--------------------------------------------------------------------
Net investment income (loss).................... 2,163,443 4,832,706 1,234,452 (2,224,093) 701
--------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments**...... 2,011,846 292,600,569 (3,858,488) 144,423,518 (17,493)
Net realized gain (loss) on futures and options
contracts.................................... -- -- -- -- --
Net realized foreign exchange gain (loss) on
other assets and liabilities................. (31) -- -- -- --
Change in unrealized appreciation/depreciation
on investments............................... (5,793,873) (130,531,333) (3,340,167) 42,689,985 55,122
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............. (3,782,058) 162,069,236 (7,198,655) 187,113,503 37,629
--------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS................................ $(1,618,615) $ 166,901,942 $(5,964,203) $184,889,410 $ 38,330
====================================================================
---------------
* Net of foreign withholding taxes on interest
and dividends of.............................. $ 10,955 $ 45,899 $ -- $ 126,703 $ --
====================================================================
** Net of foreign withholding taxes on capital
gains of....................................... $ -- $ -- $ -- $ -- $ --
====================================================================
+ Formerly Venture Value
# Commenced operations July 5, 2000
<CAPTION>
MFS
GROWTH
AND
INCOME
------------------------------------------------ ----------
<S> <C>
INCOME:
Interest....................................... $ 438,791
Dividends...................................... 1,890,254
----------
Total income*.............................. 2,329,045
----------
EXPENSES:
Management fees................................ 1,231,104
Custodian fees................................. 72,890
Auditing fees.................................. 10,885
Reports to investors........................... 8,620
Legal fees..................................... 782
Trustees' fees................................. 324
Interest expense............................... --
Amortization of organizational expenses........ --
Other expenses................................. 926
----------
Total expenses before reimbursement and
custody credits.......................... 1,325,531
Expenses reimbursed by the investment
adviser.................................. --
Custody credits earned on cash balances.... (1,300)
----------
Net investment income (loss).................... 1,004,814
----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments**...... 8,480,533
Net realized gain (loss) on futures and options
contracts.................................... --
Net realized foreign exchange gain (loss) on
other assets and liabilities................. (64,694)
Change in unrealized appreciation/depreciation
on investments............................... 512,374
Change in unrealized foreign exchange gain/loss
on other assets and liabilities.............. 124
Change in unrealized appreciation/depreciation
on futures and options contracts............. --
----------
Net realized and unrealized gain (loss) on
investments and foreign currencies............. 8,928,337
----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS................................ $9,933,151
==========
---------------
* Net of foreign withholding taxes on interest
and dividends of............................. $ 26,144
==========
** Net of foreign withholding taxes on capital
gains of..................................... $ --
==========
+ Formerly Venture Value
# Commenced operations July 5, 2000
</TABLE>
See Notes to Financial Statements
---------------------
175
<PAGE> 176
---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF OPERATIONS (continued)
FOR THE SIX MONTHS ENDED JULY 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
SMALL MFS
PUTNAM BLUE CHIP REAL COMPANY MID-CAP AGGRESSIVE
GROWTH GROWTH# ESTATE VALUE GROWTH GROWTH
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCOME:
Interest....................................... $ 443,041 $ 5,785 $ 120,270 $ 10,443 $ 493,737 $ 2,230,367
Dividends...................................... 2,112,300 151 1,645,535 16,197 88,595 114,907
-----------------------------------------------------------------------------
Total income*.............................. 2,555,341 5,936 1,765,805 26,640 582,332 2,345,274
-----------------------------------------------------------------------------
EXPENSES:
Management fees................................ 3,084,913 1,782 249,004 28,380 620,899 1,930,576
Custodian fees................................. 130,470 5,137 34,172 34,746 39,410 97,818
Auditing fees.................................. 10,885 2,700 10,885 11,255 11,255 10,885
Reports to investors........................... 20,745 242 3,160 108 3,824 13,605
Legal fees..................................... 1,456 101 425 391 633 1,993
Trustees' fees................................. 829 20 108 108 182 479
Interest expense............................... -- -- -- -- -- --
Amortization of organizational expenses........ -- -- 646 -- -- --
Other expenses................................. 2,253 27 391 201 288 1,077
-----------------------------------------------------------------------------
Total expenses before reimbursement and
custody credits............................ 3,251,551 10,009 298,791 75,189 676,491 2,056,433
Expenses reimbursed by the investment
adviser.................................... -- (7,838) -- (35,371) -- --
Custody credits earned on cash balances...... (1,295) (7) (182) (86) (5,370) (17,158)
-----------------------------------------------------------------------------
Net investment income (loss).................... (694,915) 3,772 1,467,196 (13,092) (88,789) 305,999
-----------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments**...... 23,484,748 (6,356) (1,101,654) 522,431 22,542,253 82,908,466
Net realized gain (loss) on futures and options
contracts.................................... -- -- -- -- -- (1,359,367)
Net realized foreign exchange gain (loss) on
other assets and liabilities................. -- -- -- -- -- --
Change in unrealized appreciation/depreciation
on investments............................... (6,089,551) (56,680) 12,562,543 72,512 (1,704,357) (95,283,073)
Change in unrealized foreign exchange gain/loss
on other assets and liabilities.............. -- -- -- -- -- --
Change in unrealized appreciation/depreciation
on futures and options contracts............. -- -- -- -- -- (261,410)
-----------------------------------------------------------------------------
Net realized and unrealized gain (loss) on
investments and foreign currencies............. 17,395,197 (63,036) 11,460,889 594,943 20,837,896 (13,995,384)
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS................................ $16,700,282 $(59,264) $12,928,085 $581,851 $20,749,107 $(13,689,385)
=============================================================================
---------------
* Net of foreign withholding taxes on interest
and dividends of............................. $ 27,033 $ -- $ 1,559 $ -- $ -- $ --
=============================================================================
** Net of foreign withholding taxes on capital
gains of..................................... $ -- $ -- $ -- $ -- $ -- $ --
=============================================================================
# Commenced operations July 5, 2000
</TABLE>
See Notes to Financial Statements
---------------------
176
<PAGE> 177
---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF OPERATIONS (continued)
FOR THE SIX MONTHS ENDED JULY 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
INTERNATIONAL INTERNATIONAL
GROWTH GROWTH AND GLOBAL DIVERSIFIED EMERGING
OPPORTUNITIES# INCOME EQUITIES EQUITIES MARKETS
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INCOME:
Interest....................................... $ 9,839 $ 295,964 $ 407,714 $ 1,856,147 $ 94,800
Dividends...................................... 184 3,493,481 2,166,049 3,636,830 734,982
---------------------------------------------------------------------------
Total income*.............................. 10,023 3,789,445 2,573,763 5,492,977 829,782
---------------------------------------------------------------------------
EXPENSES:
Management fees................................ 2,171 1,363,711 2,398,362 2,254,796 768,170
Custodian fees................................. 5,145 263,117 405,164 442,029 128,470
Auditing fees.................................. 2,700 14,930 14,525 14,525 14,930
Reports to investors........................... 121 7,575 16,870 11,815 3,160
Legal fees..................................... 101 782 2,384 1,107 499
Trustees' fees................................. 20 249 688 499 108
Interest expense............................... -- -- 20,097 -- --
Amortization of organizational expenses........ -- 646 -- -- 646
Other expenses................................. 27 965 1,761 1,241 419
---------------------------------------------------------------------------
Total expenses before reimbursement and
custody credits............................ 10,285 1,651,975 2,859,851 2,726,012 916,402
Expenses reimbursed by the investment
adviser.................................... (7,375) -- -- -- --
Custody credits earned on cash balances...... (15) (1,267) (4,884) (1,044) (1,725)
---------------------------------------------------------------------------
Net investment income (loss).................... 7,128 2,138,737 (281,204) 2,768,009 (84,895)
---------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments**...... (35,373) 16,256,595 51,720,611 32,881,499 6,884,774
Net realized gain (loss) on futures and options
contracts.................................... -- -- -- (2,629,585) --
Net realized foreign exchange gain (loss) on
other assets and liabilities................. -- (55,845) (835,006) (2,697,670) (111,329)
Change in unrealized appreciation/depreciation
on investments............................... (243,419) (919,062) (28,329,665) (38,554,482) (28,661,167)
Change in unrealized foreign exchange gain/loss
on other assets and liabilities.............. -- (571,861) 81,170 (507,931) (3,862)
Change in unrealized appreciation/depreciation
on futures and options contracts............. -- -- -- (5,063,302) --
---------------------------------------------------------------------------
Net realized and unrealized gain (loss) on
investments and foreign currencies............. (278,792) 14,709,827 22,637,110 (16,571,471) (21,891,584)
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS................................ $(271,664) $16,848,564 $ 22,355,906 $(13,803,462) $(21,976,479)
===========================================================================
---------------
* Net of foreign withholding taxes on interest
and dividends of............................. $ -- $ 555,375 $ 299,808 $ 599,810 $ 66,852
==========================================================================
** Net of foreign withholding taxes on capital
gains of..................................... $ -- $ -- $ 55,595 $ 27,544 $ 238,913
===========================================================================
# Commenced operations July 5, 2000
<CAPTION>
TECHNOLOGY#
------------------------------------------------ -----------
<S> <C>
INCOME:
Interest....................................... $ 10,152
Dividends...................................... 124
---------
Total income*.............................. 10,276
---------
EXPENSES:
Management fees................................ 6,872
Custodian fees................................. 5,146
Auditing fees.................................. 2,700
Reports to investors........................... 356
Legal fees..................................... 101
Trustees' fees................................. 20
Interest expense............................... --
Amortization of organizational expenses........ --
Other expenses................................. 27
---------
Total expenses before reimbursement and
custody credits............................ 15,222
Expenses reimbursed by the investment
adviser.................................... (6,330)
Custody credits earned on cash balances...... (16)
---------
Net investment income (loss).................... 1,400
---------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments**...... (29,901)
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............................... (741,444)
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............. (771,345)
---------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS................................ $(769,945)
=========
---------------
* Net of foreign withholding taxes on interest
and dividends of............................ $ --
=========
** Net of foreign withholding taxes on capital
gains of.................................... $ --
=========
# Commenced operations July 5, 2000
</TABLE>
See Notes to Financial Statements
---------------------
177
<PAGE> 178
---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED JULY 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
WORLDWIDE
CASH CORPORATE GLOBAL HIGH-YIELD HIGH
MANAGEMENT BOND BOND BOND INCOME
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)................. $ 13,601,909 $ 7,345,844 $ 2,727,058 $ 16,415,830 $ 6,642,400
Net realized gain (loss) on investments...... (2,416) (1,991,511) (485,782) (6,677,764) 3,095,533
Net realized gain (loss) on futures and
options contracts........................... -- -- -- -- 18,303
Net realized foreign exchange gain (loss) on
other assets and liabilities................ -- -- 4,274,158 -- 329,129
Change in unrealized
appreciation/depreciation on investments.... 44,238 (549,943) (1,643,019) (9,097,253) (7,239,965)
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... -- -- 29,189 -- 9,811
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... -- -- -- -- (160)
---------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations................... 13,643,731 4,804,390 4,901,604 640,813 2,855,051
---------------------------------------------------------------------------
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.................... 3,351,445,457 28,079,379 23,056,699 81,267,385 16,314,547
Proceeds from shares issued for reinvestment
of dividends and distributions.............. -- -- -- -- --
Cost of shares repurchased................... (3,350,518,457) (32,732,656) (26,017,548) (91,611,326) (22,298,217)
---------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from capital share transactions... 927,000 (4,653,277) (2,960,849) (10,343,941) (5,983,670)
---------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 14,570,731 151,113 1,940,755 (9,703,128) (3,128,619)
NET ASSETS:
Beginning of period.......................... 466,587,771 184,308,558 127,144,954 310,032,077 124,403,521
---------------------------------------------------------------------------
End of period................................ $ 481,158,502 $184,459,671 $129,085,709 $300,328,949 $121,274,902
===========================================================================
---------------
Undistributed net investment income (loss)... $ 35,419,009 $ 19,780,776 $ 9,167,779 $ 47,354,012 $ 19,584,487
===========================================================================
Shares issued and repurchased:
Sold......................................... 302,049,392 2,503,904 2,088,773 7,725,964 1,511,678
Issued in reinvestment of dividends and
distributions............................... -- -- -- -- --
Repurchased.................................. (301,966,046) (2,918,373) (2,366,631) (8,664,914) (2,059,559)
---------------------------------------------------------------------------
Net increase (decrease)...................... 83,346 (414,469) (277,858) (938,950) (547,881)
===========================================================================
<CAPTION>
SUNAMERICA
BALANCED
--------------------------------------------- -------------
<S> <C>
OPERATIONS:
Net investment income (loss)................. $ 5,184,816
Net realized gain (loss) on investments...... 16,428,124
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.... (9,705,903)
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................... 11,907,037
-------------
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.................... 128,896,787
Proceeds from shares issued for reinvestment
of dividends and distributions.............. --
Cost of shares repurchased................... (63,375,246)
-------------
Net increase (decrease) in net assets
resulting from capital share transactions... 65,521,541
-------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 77,428,578
NET ASSETS:
Beginning of period.......................... 509,054,125
-------------
End of period................................ $ 586,482,703
=============
---------------
Undistributed net investment income (loss)... $ 11,970,237
=============
Shares issued and repurchased:
Sold......................................... 6,607,700
Issued in reinvestment of dividends and
distributions............................... --
Repurchased.................................. (3,240,089)
-------------
Net increase (decrease)...................... 3,367,611
=============
</TABLE>
See Notes to Financial Statements
---------------------
178
<PAGE> 179
---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (continued)
FOR THE SIX MONTHS ENDED JULY 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
MFS TOTAL ASSET TELECOM EQUITY EQUITY
RETURN ALLOCATION UTILITY+ INCOME INDEX
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)................. $ 3,908,680 $ 9,402,761 $ 1,625,596 $ 64,738 $ 220,363
Net realized gain (loss) on investments...... 1,229,464 6,790,605 1,239,556 (141,771) 8,550
Net realized gain (loss) on futures and
options contracts........................... -- 1,930,647 -- -- 15,942
Net realized foreign exchange gain (loss) on
other assets and liabilities................ (1,330) 84,003 (10) -- --
Change in unrealized
appreciation/depreciation on investments.... 11,256,811 15,136,277 (9,853,330) 185,418 1,547,590
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... (998) (84,805) -- -- --
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... -- 116,686 -- -- 3,875
---------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations................... 16,392,627 33,376,174 (6,988,188) 108,385 1,796,320
---------------------------------------------------------------------
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.................... 72,399,959 35,584,563 20,927,375 922,914 6,910,820
Proceeds from shares issued for reinvestment
of dividends and distributions.............. -- -- -- -- --
Cost of shares repurchased................... (64,556,488) (80,662,819) (19,011,863) (397,620) (4,581,918)
---------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from capital share transactions... 7,843,471 (45,078,256) 1,915,512 525,294 2,328,902
---------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 24,236,098 (11,702,082) (5,072,676) 633,679 4,125,222
NET ASSETS:
Beginning of period.......................... 208,919,468 699,062,674 120,158,934 6,669,648 63,486,834
---------------------------------------------------------------------
End of period................................ $233,155,566 $687,360,592 $115,086,258 $7,303,327 $67,612,056
=====================================================================
---------------
Undistributed net investment income (loss)... $ 9,754,438 $ 28,382,894 $ 4,910,017 $ 75,623 $ 238,555
=====================================================================
Shares issued and repurchased:
Sold......................................... 5,009,296 2,354,951 1,462,213 90,927 569,412
Issued in reinvestment of dividends and
distributions............................... -- -- -- -- --
Repurchased.................................. (4,467,960) (5,373,536) (1,317,596) (39,490) (379,215)
---------------------------------------------------------------------
Net increase (decrease)...................... 541,336 (3,018,585) 144,617 51,437 190,197
=====================================================================
<CAPTION>
GROWTH-
INCOME
--------------------------------------------- ---------------
<S> <C>
OPERATIONS:
Net investment income (loss)................. $ 4,036,545
Net realized gain (loss) on investments...... 49,252,053
Net realized gain (loss) on futures and
options contracts........................... 19,637
Net realized foreign exchange gain (loss) on
other assets and liabilities................ --
Change in unrealized
appreciation/depreciation on investments.... 55,059,208
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... --
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... 1,334,588
---------------
Net increase (decrease) in net assets
resulting from operations................... 109,702,031
---------------
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.................... 369,083,386
Proceeds from shares issued for reinvestment
of dividends and distributions.............. --
Cost of shares repurchased................... (271,405,373)
---------------
Net increase (decrease) in net assets
resulting from capital share transactions... 97,678,013
---------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 207,380,044
NET ASSETS:
Beginning of period.......................... 1,828,339,709
---------------
End of period................................ $ 2,035,719,753
===============
---------------
Undistributed net investment income (loss)... $ 12,331,352
===============
Shares issued and repurchased:
Sold......................................... 11,261,444
Issued in reinvestment of dividends and
distributions............................... --
Repurchased.................................. (8,323,436)
---------------
Net increase (decrease)...................... 2,938,008
===============
</TABLE>
+ Formerly Utility
See Notes to Financial Statements
---------------------
179
<PAGE> 180
---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (continued)
FOR THE SIX MONTHS ENDED JULY 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
DAVIS GOLDMAN
FEDERATED VENTURE "DOGS" OF ALLIANCE SACHS
VALUE VALUE+ WALL STREET GROWTH RESEARCH#
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)................. $ 2,163,443 $ 4,832,706 $ 1,234,452 $ (2,224,093) $ 701
Net realized gain (loss) on investments...... 2,011,846 292,600,569 (3,858,488) 144,423,518 (17,493)
Net realized gain (loss) on futures and
options contracts........................... -- -- -- -- --
Net realized foreign exchange gain (loss) on
other assets and liabilities................ (31) -- -- -- --
Change in unrealized
appreciation/depreciation on investments.... (5,793,873) (130,531,333) (3,340,167) 42,689,985 55,122
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................... (1,618,615) 166,901,942 (5,964,203) 184,889,410 38,330
--------------------------------------------------------------------------
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.................... 54,971,442 446,461,229 16,723,179 710,892,303 7,497,169
Proceeds from shares issued for reinvestment
of dividends and distributions.............. -- -- -- -- --
Cost of shares repurchased................... (53,989,442) (359,414,137) (29,497,034) (589,856,650) (9,339)
--------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from capital share transactions... 982,000 87,047,092 (12,773,855) 121,035,653 7,487,830
--------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... (636,615) 253,949,034 (18,738,058) 305,925,063 7,526,160
NET ASSETS:
Beginning of period.......................... 208,487,855 2,303,994,215 98,924,463 2,875,413,362 --
--------------------------------------------------------------------------
End of period................................ $207,851,240 $2,557,943,249 $ 80,186,405 $3,181,338,425 $7,526,160
==========================================================================
---------------
Undistributed net investment income (loss)... $ 4,444,938 $ 15,565,486 $ 3,438,859 $ (2,224,093) $ 701
==========================================================================
Shares issued and repurchased:
Sold......................................... 3,453,646 15,626,739 2,051,199 18,347,989 738,334
Issued in reinvestment of dividends and
distributions............................... -- -- -- -- --
Repurchased.................................. (3,393,788) (12,707,382) (3,647,334) (15,372,237) (895)
--------------------------------------------------------------------------
Net increase (decrease)...................... 59,858 2,919,357 (1,596,135) 2,975,752 737,439
==========================================================================
<CAPTION>
MFS
GROWTH
AND
INCOME
--------------------------------------------- -------------
<S> <C>
OPERATIONS:
Net investment income (loss)................. $ 1,004,814
Net realized gain (loss) on investments...... 8,480,533
Net realized gain (loss) on futures and
options contracts........................... --
Net realized foreign exchange gain (loss) on
other assets and liabilities................ (64,694)
Change in unrealized
appreciation/depreciation on investments.... 512,374
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... 124
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... --
-------------
Net increase (decrease) in net assets
resulting from operations................... 9,933,151
-------------
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.................... 53,998,612
Proceeds from shares issued for reinvestment
of dividends and distributions.............. --
Cost of shares repurchased................... (43,035,682)
-------------
Net increase (decrease) in net assets
resulting from capital share transactions... 10,962,930
-------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 20,896,081
NET ASSETS:
Beginning of period.......................... 337,221,603
-------------
End of period................................ $ 358,117,684
=============
---------------
Undistributed net investment income (loss)... $ 2,983,247
=============
Shares issued and repurchased:
Sold......................................... 3,916,712
Issued in reinvestment of dividends and
distributions............................... --
Repurchased.................................. (3,127,729)
-------------
Net increase (decrease)...................... 788,983
=============
</TABLE>
+ Formerly Venture Value
# Commenced operations July 5, 2000
See Notes to Financial Statements
---------------------
180
<PAGE> 181
---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (continued)
FOR THE SIX MONTHS ENDED JULY 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
SMALL MFS
PUTNAM BLUE CHIP REAL COMPANY MID-CAP
GROWTH GROWTH# ESTATE VALUE GROWTH
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)................. $ (694,915) $ 3,772 $ 1,467,196 $ (13,092) $ (88,789)
Net realized gain (loss) on investments...... 23,484,748 (6,356) (1,101,654) 522,431 22,542,253
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.... (6,089,551) (56,680) 12,562,543 72,512 (1,704,357)
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................... 16,700,282 (59,264) 12,928,085 581,851 20,749,107
--------------------------------------------------------------------
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.................... 144,599,219 4,253,773 35,494,141 680,417 198,090,277
Proceeds from shares issued for reinvestment
of dividends and distributions.............. -- -- -- -- --
Cost of shares repurchased................... (98,636,391) (1,047) (32,073,543) (561,383) (57,727,735)
--------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from capital share transactions... 45,962,828 4,252,726 3,420,598 119,034 140,362,542
--------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 62,663,110 4,193,462 16,348,683 700,885 161,111,649
NET ASSETS:
Beginning of period.......................... 783,896,120 -- 53,765,704 5,226,444 81,636,299
--------------------------------------------------------------------
End of period................................ $846,559,230 $4,193,462 $ 70,114,387 $5,927,329 $242,747,948
====================================================================
---------------
Undistributed net investment income (loss)... $ (694,915) $ 3,772 $ 3,940,971 $ (13,092) $ (88,789)
====================================================================
Shares issued and repurchased:
Sold......................................... 5,284,155 422,230 3,914,668 60,344 10,777,507
Issued in reinvestment of dividends and
distributions............................... -- -- -- -- --
Repurchased.................................. (3,620,342) (102) (3,513,217) (49,912) (3,191,010)
--------------------------------------------------------------------
Net increase (decrease)...................... 1,663,813 422,128 401,451 10,432 7,586,497
====================================================================
<CAPTION>
AGGRESSIVE
GROWTH
--------------------------------------------- --------------
<S> <C>
OPERATIONS:
Net investment income (loss)................. $ 305,999
Net realized gain (loss) on investments...... 82,908,466
Net realized gain (loss) on futures and
options contracts........................... (1,359,367)
Net realized foreign exchange gain (loss) on
other assets and liabilities................ --
Change in unrealized
appreciation/depreciation on investments.... (95,283,073)
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... --
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... (261,410)
--------------
Net increase (decrease) in net assets
resulting from operations................... (13,689,385)
--------------
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.................... 460,107,733
Proceeds from shares issued for reinvestment
of dividends and distributions.............. --
Cost of shares repurchased................... (286,460,326)
--------------
Net increase (decrease) in net assets
resulting from capital share transactions... 173,647,407
--------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 159,958,022
NET ASSETS:
Beginning of period.......................... 450,072,925
--------------
End of period................................ $ 610,030,947
==============
---------------
Undistributed net investment income (loss)... $ 351,920
==============
Shares issued and repurchased:
Sold......................................... 18,304,595
Issued in reinvestment of dividends and
distributions............................... --
Repurchased.................................. (12,052,493)
--------------
Net increase (decrease)...................... 6,252,102
==============
</TABLE>
# Commenced operations July 5, 2000
See Notes to Financial Statements
---------------------
181
<PAGE> 182
---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (continued)
FOR THE SIX MONTHS ENDED JULY 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
INTERNATIONAL INTERNATIONAL
GROWTH GROWTH AND GLOBAL DIVERSIFIED EMERGING
OPPORTUNITIES# INCOME EQUITIES EQUITIES MARKETS
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)................. $ 7,128 $ 2,138,737 $ (281,204) $ 2,768,009 $ (84,895)
Net realized gain (loss) on investments...... (35,373) 16,256,595 51,720,611 32,881,499 6,884,774
Net realized gain (loss) on futures and
options contracts........................... -- -- -- (2,629,585) --
Net realized foreign exchange gain (loss) on
other assets and liabilities................ -- (55,845) (835,006) (2,697,670) (111,329)
Change in unrealized
appreciation/depreciation on investments.... (243,419) (919,062) (28,329,665) (38,554,482) (28,661,167)
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... -- (571,861) 81,170 (507,931) (3,862)
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... -- -- -- (5,063,302) --
-----------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations................... (271,664) 16,848,564 22,355,906 (13,803,462) (21,976,479)
----------------------------------------------------------------------------
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.................... 5,849,102 229,038,226 578,033,130 1,736,882,165 92,974,800
Proceeds from shares issued for reinvestment
of dividends and distributions.............. -- -- -- -- --
Cost of shares repurchased................... (20,916) (189,834,193) (556,853,760) (1,764,583,313) (71,260,420)
-----------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from capital share transactions... 5,828,186 39,204,033 21,179,370 (27,701,148) 21,714,380
-----------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 5,556,522 56,052,597 43,535,276 (41,504,610) (262,099)
NET ASSETS:
Beginning of period.......................... -- 253,962,040 632,494,678 464,988,022 102,739,950
-----------------------------------------------------------------------------
End of period................................ $5,556,522 $ 310,014,637 $ 676,029,954 $ 423,483,412 $102,477,851
=============================================================================
---------------
Undistributed net investment income (loss)... $ 7,128 $ 130,766 $ (104,479) $ 4,596,480 $ (358,558)
=============================================================================
Shares issued and repurchased:
Sold......................................... 576,700 17,737,007 26,222,510 117,980,734 8,481,944
Issued in reinvestment of dividends and
distributions............................... -- -- -- -- --
Repurchased.................................. (2,049) (14,683,858) (25,144,556) (119,163,680) (6,770,238)
-----------------------------------------------------------------------------
Net increase (decrease)...................... 574,651 3,053,149 1,077,954 (1,182,946) 1,711,706
=============================================================================
<CAPTION>
TECHNOLOGY#
--------------------------------------------- ------------
<S> <C>
OPERATIONS:
Net investment income (loss)................. $ 1,400
Net realized gain (loss) on investments...... (29,901)
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.... (741,444)
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................... (769,945)
------------
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.................... 12,927,423
Proceeds from shares issued for reinvestment
of dividends and distributions.............. --
Cost of shares repurchased................... (2,453,751)
------------
Net increase (decrease) in net assets
resulting from capital share transactions... 10,473,672
------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 9,703,727
NET ASSETS:
Beginning of period.......................... --
------------
End of period................................ $ 9,703,727
============
---------------
Undistributed net investment income (loss)... $ 1,400
============
Shares issued and repurchased:
Sold......................................... 1,240,870
Issued in reinvestment of dividends and
distributions............................... --
Repurchased.................................. (242,445)
------------
Net increase (decrease)...................... 998,425
============
</TABLE>
# Commenced operations July 5, 2000
See Notes to Financial Statements
---------------------
182
<PAGE> 183
---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED JANUARY 31, 2000
<TABLE>
<CAPTION>
WORLDWIDE
CASH CORPORATE GLOBAL HIGH-YIELD HIGH
MANAGEMENT BOND BOND BOND INCOME
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)................. $21,827,619..... $ 12,445,912 $ 4,657,272 $ 30,948,163 $ 12,734,968
Net realized gain (loss) on investments...... (3,292) (2,851,684) (5,166,305) (13,896,284) 677,539
Net realized gain (loss) on futures and
options contracts........................... -- -- -- -- 98,391
Net realized foreign exchange gain (loss) on
other assets and liabilities................ -- -- 4,032,014 -- 401,422
Change in unrealized
appreciation/depreciation on
investments................................. (213,087) (14,305,964) (6,974,420) (1,437,940) 6,825,212
Change in unrealized foreign exchange
gain/loss on other
assets and liabilities...................... -- -- 1,172,246 -- 50,084
Change in unrealized
appreciation/depreciation on futures
and options contracts....................... -- -- -- -- 123,142
----------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from
operations.................................. 21,611,240..... (4,711,736) (2,279,193) 15,613,939 20,910,758
----------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... (12,240,000) (8,230,000) (5,160,000) (30,360,000) (13,765,000)
Distributions from net realized gain on
investments................................. (2,500) -- (4,504,000) -- --
----------------------------------------------------------------------------
Total dividends and distributions to
shareholders................................ (12,242,500) (8,230,000) (9,664,000) (30,360,000) (13,765,000)
----------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 4,388,297,563 90,669,345 51,027,350 203,819,890 37,099,911
Proceeds from shares issued for reinvestment
of dividends
and distributions........................... 12,242,500 8,230,000 9,664,000 30,360,000 13,765,000
Cost of shares repurchased................... (4,220,690,574) (60,453,154) (43,909,286) (202,438,836) (50,583,732)
----------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from capital
share transactions.......................... 179,849,489 38,446,191 16,782,064 31,741,054 281,179
----------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 189,218,229 25,504,455 4,838,871 16,994,993 7,426,937
NET ASSETS:
Beginning of period.......................... 277,369,542 158,804,103 122,306,083 293,037,084 116,976,584
----------------------------------------------------------------------------
End of period................................ $ 466,587,771 $184,308,558 $127,144,954 $ 310,032,077 $124,403,521
============================================================================
---------------
Undistributed net investment income (loss)... $ 21,817,100 $ 12,434,932 $ 6,440,721 $ 30,938,182 $ 12,942,087
============================================================================
Shares issued and repurchased:
Sold......................................... 406,632,893 7,899,649 4,514,740 18,488,582 3,548,135
Issued in reinvestment of dividends and
distributions............................... 1,146,301 749,545 905,717 2,959,064 1,444,386
Repurchased.................................. (391,100,913) (5,311,866) (3,918,582) (18,342,951) (4,806,758)
----------------------------------------------------------------------------
Net increase (decrease)...................... 16,678,281..... 3,337,328 1,501,875 3,104,695 185,763
============================================================================
<CAPTION>
SUNAMERICA
BALANCED
------------------------------------------------------------
<S> <C>
OPERATIONS:
Net investment income (loss)................. $ 6,794,534
Net realized gain (loss) on investments...... 1,075,070
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................................. 40,470,065
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.................................. 48,339,669
-------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... (2,250,000)
Distributions from net realized gain on
investments................................. (4,125,000)
-------------
Total dividends and distributions to
shareholders................................ (6,375,000)
-------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 347,827,921
Proceeds from shares issued for reinvestment
of dividends
and distributions........................... 6,375,000
Cost of shares repurchased................... (81,991,264)
-------------
Net increase (decrease) in net assets
resulting from capital
share transactions.......................... 272,211,657
-------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 314,176,326
NET ASSETS:
Beginning of period.......................... 194,877,799
-------------
End of period................................ $ 509,054,125
=============
---------------
Undistributed net investment income (loss)... $ 6,785,421
=============
Shares issued and repurchased:
Sold......................................... 19,590,678
Issued in reinvestment of dividends and
distributions............................... 376,328
Repurchased.................................. (4,570,322)
-------------
Net increase (decrease)...................... 15,396,684
=============
</TABLE>
See Notes to Financial Statements
---------------------
183
<PAGE> 184
---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (continued)
FOR THE YEAR ENDED JANUARY 31, 2000
<TABLE>
<CAPTION>
MFS TOTAL ASSET TELECOM EQUITY EQUITY
RETURN ALLOCATION UTILITY+ INCOME INDEX
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)................. $ 5,862,934 $ 19,283,357 $ 3,367,434 $ 120,213 $ 314,118
Net realized gain (loss) on investments...... 780,275 14,357,105 1,067,698 (131,707) 84,382
Net realized gain (loss) on futures and
options contracts........................... -- (684,649) -- -- 35,075
Net realized foreign exchange gain (loss) on
other assets and liabilities................ (5,562) (98,731) (4,606) -- --
Change in unrealized
appreciation/depreciation on investments.... (7,757,621) 9,240,954 263,120 47,548 2,111,164
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... (625) 33,659 -- -- --
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... -- (3,734,616) -- -- (3,875)
------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations................... (1,120,599) 38,397,079 4,693,646 36,054 2,540,864
------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... (3,330,000) (21,955,000) (1,675,000) (110,000) (298,000)
Distributions from net realized gain on
investments................................. (20,238,000) (36,667,000) (4,225,000) (135,000) (5,000)
------------------------------------------------------------------------
Total dividends and distributions to
shareholders................................ (23,568,000) (58,622,000) (5,900,000) (245,000) (303,000)
------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 104,423,766 140,892,369 78,569,397 7,214,357 65,055,102
Proceeds from shares issued for reinvestment
of dividends and distributions.............. 23,568,000 58,622,000 5,900,000 245,000 303,000
Cost of shares repurchased................... (39,715,767) (204,743,239) (40,427,165) (5,867,921) (15,276,845)
------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from capital share transactions... 88,275,999 (5,228,870) 44,042,232 1,591,436 50,081,257
------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 63,587,400 (25,453,791) 42,835,878 1,382,490 52,319,121
NET ASSETS:
Beginning of period.......................... 145,332,068 724,516,465 77,323,056 5,287,158 11,167,713
------------------------------------------------------------------------
End of period................................ $208,919,468 $ 699,062,674 $120,158,934 $ 6,669,648 $ 63,486,834
========================================================================
---------------
Undistributed net investment income (loss)... $ 5,845,758 $ 18,980,133 $ 3,284,421 $ 10,885 $ 18,192
========================================================================
Shares issued and repurchased:
Sold......................................... 6,864,765 9,430,552 5,379,926 672,842 5,631,230
Issued in reinvestment of dividends and
distributions............................... 1,657,384 4,241,823 417,256 23,340 24,328
Repurchased.................................. (2,647,509) (13,730,751) (2,771,040) (546,657) (1,312,250)
------------------------------------------------------------------------
Net increase (decrease)...................... 5,874,640 (58,376) 3,026,142 149,525 4,343,308
========================================================================
<CAPTION>
GROWTH- FEDERATED
INCOME VALUE
-----------------------------------------------------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss)................. $ 8,299,198 $ 2,286,797
Net realized gain (loss) on investments...... 93,405,209 8,090,370
Net realized gain (loss) on futures and
options contracts........................... 6,590,063 --
Net realized foreign exchange gain (loss) on
other assets and liabilities................ 47 27
Change in unrealized
appreciation/depreciation on investments.... 155,039,489 (12,756,709)
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... -- --
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... (6,330,938) --
------------------------------
Net increase (decrease) in net assets
resulting from operations................... 257,003,068 (2,379,515)
------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... (7,340,000) (1,340,000)
Distributions from net realized gain on
investments................................. (68,910,000) (7,780,000)
------------------------------
Total dividends and distributions to
shareholders................................ (76,250,000) (9,120,000)
------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 753,127,119 150,995,496
Proceeds from shares issued for reinvestment
of dividends and distributions.............. 76,250,000 9,120,000
Cost of shares repurchased................... (387,903,829) (99,303,632)
------------------------------
Net increase (decrease) in net assets
resulting from capital share transactions... 441,473,290 60,811,864
------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 622,226,358 49,312,349
NET ASSETS:
Beginning of period.......................... 1,206,113,351 159,175,506
------------------------------
End of period................................ $1,828,339,709 $ 208,487,855
==============================
---------------
Undistributed net investment income (loss)... $ 8,294,807 $ 2,281,495
==============================
Shares issued and repurchased:
Sold......................................... 25,761,982 8,867,483
Issued in reinvestment of dividends and
distributions............................... 2,769,706 549,398
Repurchased.................................. (13,272,829) (5,860,458)
------------------------------
Net increase (decrease)...................... 15,258,859 3,556,423
==============================
</TABLE>
+ Formerly Utility
See Notes to Financial Statements
---------------------
184
<PAGE> 185
---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (continued)
FOR THE YEAR ENDED JANUARY 31, 2000
<TABLE>
<CAPTION>
MFS
DAVIS GROWTH
VENTURE "DOGS" OF ALLIANCE AND PUTNAM
VALUE+ WALL STREET GROWTH INCOME GROWTH
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)................. $ 10,739,261 $ 2,206,734 $ (2,562,576) 2,005,675 $ (556,550)
Net realized gain (loss) on investments...... 23,467,320 592,966 404,269,862 (2,652,416) 70,783,758
Net realized gain (loss) on futures and
options contracts........................... -- -- -- -- --
Net realized foreign exchange gain (loss) on
other assets and liabilities................ -- -- 28 (17,880) --
Change in unrealized
appreciation/depreciation on investments.... 222,877,928 (15,502,372) (75,289,682) 5,348,598 33,747,739
Change in unrealized foreign exchange
gain/loss on other assets and liabilities... -- -- -- (1,130) --
Change in unrealized
appreciation/depreciation on futures and
options contracts........................... -- -- -- -- --
----------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations................... 257,084,509 (12,702,672) 326,417,632 4,682,847 103,974,947
----------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... (15,550,000) (550,000) (2,760,000) (555,000) (270,000)
Distributions from net realized gain on
investments................................. (73,875,000) (2,840,000) (186,455,000) (66,583,000) (19,595,000)
----------------------------------------------------------------------------
Total dividends and distributions to
shareholders................................ (89,425,000) (3,390,000) (189,215,000) (67,138,000) (19,865,000)
----------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 754,798,296 80,595,371 1,562,412,801 143,219,383 340,299,010
Proceeds from shares issued for reinvestment
of dividends and distributions.............. 89,425,000 3,390,000 189,215,000 67,138,000 19,865,000
Cost of shares repurchased................... (548,242,140) (47,030,085) (878,340,940) (76,749,569) (155,190,371)
----------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from capital share transactions... 295,981,156 36,955,286 873,286,861 133,607,814 204,973,639
----------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 463,640,665 20,862,614 1,010,489,493 71,152,661 289,083,586
NET ASSETS:
Beginning of period.......................... 1,840,353,550 78,061,849 1,864,923,869 266,068,942 494,812,534
----------------------------------------------------------------------------
End of period................................ $2,303,994,215 $ 98,924,463 $2,875,413,362 $337,221,603 $783,896,120
============================================================================
---------------
Undistributed net investment income (loss)... $ 10,732,780 $ 2,204,407 $ -- $ 1,978,433 $ --
============================================================================
Shares issued and repurchased:
Sold......................................... 29,377,168 8,317,272 45,030,620 9,484,980 14,097,987
Issued in reinvestment of dividends and
distributions............................... 3,632,210 337,649 6,089,958 5,148,620 891,207
Repurchased.................................. (21,346,303) (4,985,379) (25,415,768) (5,048,143) (6,415,096)
----------------------------------------------------------------------------
Net increase (decrease)...................... 11,663,075 3,669,542 25,704,810 9,585,457 8,574,098
============================================================================
<CAPTION>
SMALL
REAL COMPANY
ESTATE VALUE
--------------------------------------------------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss)................. $ 2,488,531 $ (20,513)
Net realized gain (loss) on investments...... (9,206,296) 131,700
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.... 1,868,892 153,921
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................... (4,848,873) 265,108
--------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... (2,075,000) --
Distributions from net realized gain on
investments................................. -- (24,000)
--------------------------
Total dividends and distributions to
shareholders................................ (2,075,000) (24,000)
--------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 33,782,063 2,811,470
Proceeds from shares issued for reinvestment
of dividends and distributions.............. 2,075,000 24,000
Cost of shares repurchased................... (33,671,802) (2,874,170)
--------------------------
Net increase (decrease) in net assets
resulting from capital share transactions... 2,185,261 (38,700)
--------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... (4,738,612) 202,408
NET ASSETS:
Beginning of period.......................... 58,504,316 5,024,036
--------------------------
End of period................................ $ 53,765,704 $ 5,226,444
==========================
---------------
Undistributed net investment income (loss)... $ 2,473,775 $ --
==========================
Shares issued and repurchased:
Sold......................................... 3,599,952 273,480
Issued in reinvestment of dividends and
distributions............................... 223,841 2,323
Repurchased.................................. (3,608,121) (279,818)
--------------------------
Net increase (decrease)...................... 215,672 (4,015)
==========================
</TABLE>
+ Formerly Venture Value
See Notes to Financial Statements
---------------------
185
<PAGE> 186
---------------------
SUNAMERICA SERIES TRUST
STATEMENT OF CHANGES IN NET ASSETS (continued)
FOR THE YEAR ENDED JANUARY 31, 2000
<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)................. $ (25,315) $ 48,289 $ 2,301,910 $ 1,528,058 $ 3,818,521
Net realized gain (loss) on investments...... 5,957,086 55,875,808 22,478,721 51,315,681 57,615,434
Net realized gain (loss) on futures and
options contracts........................... -- (4,533,482) -- -- 6,817,431
Net realized foreign exchange gain (loss) on
other assets
and liabilities............................. 3 -- (1,191,924) (807,539) (2,392,903)
Change in unrealized
appreciation/depreciation on
investments................................. 4,075,821 84,249,404 3,849,811 61,644,825 3,235,811
Change in unrealized foreign exchange
gain/loss on other
assets and liabilities...................... -- -- 1,073,259 (96,050) (47,677)
Change in unrealized
appreciation/depreciation on futures
and options contracts....................... -- 261,410 -- -- 2,420,745
------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from
operations.................................. 10,007,595 135,901,429 28,511,777 113,584,975 71,467,362
------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... -- (388,000) (7,900,000) (5,295,000) (6,460,000)
Distributions from net realized gain on
investments................................. (875,000) (16,975,000) (15,640,000) (34,510,000) (2,475,000)
------------------------------------------------------------------------------
Total dividends and distributions to
shareholders................................ (875,000) (17,363,000) (23,540,000) (39,805,000) (8,935,000)
------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 98,056,668 318,418,623 313,818,789 752,838,815 2,370,358,397
Proceeds from shares issued for reinvestment
of dividends
and distributions........................... 875,000 17,363,000 23,540,000 39,805,000 8,935,000
Cost of shares repurchased................... (26,427,964) (186,560,288) (230,865,197) (697,067,540) (2,350,622,260)
------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from capital
share transactions.......................... 72,503,704 149,221,335 106,493,592 95,576,275 28,671,137
------------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 81,636,299 267,759,764 111,465,369 169,356,250 91,203,499
NET ASSETS:
Beginning of period.......................... -- 182,313,161 142,496,671 463,138,428 373,784,523
------------------------------------------------------------------------------
End of period................................ $ 81,636,299 $ 450,072,925 $ 253,962,040 $ 632,494,678 $ 464,988,022
==============================================================================
---------------
Undistributed net investment income (loss)... $ -- $ 45,921 $ (2,007,971) $ 176,725 $ 1,828,471
==============================================================================
Shares issued and repurchased:
Sold......................................... 7,178,260 17,586,736 24,187,004 39,611,565 172,093,962
Issued in reinvestment of dividends and
distributions............................... 54,825 1,212,500 1,827,598 2,303,530 676,893
Repurchased.................................. (1,999,679) (10,737,769) (17,733,019) (36,807,549) (170,003,902)
------------------------------------------------------------------------------
Net increase (decrease)...................... 5,233,406 8,061,467 8,281,583 5,107,546 2,766,953
==============================================================================
# Commenced operations April 1, 1999
<CAPTION>
EMERGING
MARKETS
-------------------------------------------------------------
<S> <C>
OPERATIONS:
Net investment income (loss)................. $ (240,963)
Net realized gain (loss) on investments...... 9,519,304
Net realized gain (loss) on futures and
options contracts........................... --
Net realized foreign exchange gain (loss) on
other assets
and liabilities............................. (230,976)
Change in unrealized
appreciation/depreciation on
investments................................. 25,006,364
Change in unrealized foreign exchange
gain/loss on other
assets and liabilities...................... 72,542
Change in unrealized
appreciation/depreciation on futures
and options contracts....................... --
-------------
Net increase (decrease) in net assets
resulting from
operations.................................. 34,126,271
-------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income......... (4,000)
Distributions from net realized gain on
investments................................. --
-------------
Total dividends and distributions to
shareholders................................ (4,000)
-------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold.................... 89,264,149
Proceeds from shares issued for reinvestment
of dividends
and distributions........................... 4,000
Cost of shares repurchased................... (53,358,624)
-------------
Net increase (decrease) in net assets
resulting from capital
share transactions.......................... 35,909,525
-------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...... 70,031,796
NET ASSETS:
Beginning of period.......................... 32,708,154
-------------
End of period................................ $ 102,739,950
=============
---------------
Undistributed net investment income (loss)... $ (273,663)
=============
Shares issued and repurchased:
Sold......................................... 10,036,047
Issued in reinvestment of dividends and
distributions............................... 492
Repurchased.................................. (5,958,373)
-------------
Net increase (decrease)...................... 4,078,166
=============
# Commenced operations April 1, 1999
</TABLE>
See Notes to Financial Statements
---------------------
186
<PAGE> 187
---------------------
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 TELECOM UTILITY PORTFOLIO (formerly 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 DAVIS VENTURE VALUE PORTFOLIO (formerly 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.
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<PAGE> 188
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.
The GOLDMAN SACHS RESEARCH PORTFOLIO seeks long-term growth of capital by
investing under normal circumstances, at least 90% of its total assets in
U.S. equity securities, including securities of foreign issuers that are
traded in the U.S. Under normal circumstances, the Portfolio will only
purchase equity securities that are included in the Goldman Sachs Global
Investment Research Division's U.S. Select List and will sell securities that
have been removed from the U.S. Select List.
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 BLUE CHIP GROWTH PORTFOLIO seeks capital appreciation by investing
primarily in common stocks that demonstrate the potential for capital
appreciation, issued by large-cap companies.
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 GROWTH OPPORTUNITIES PORTFOLIO seeks capital appreciation by investing
primarily in common stocks that demonstrate the potential for capital
appreciation, issued generally by mid-cap companies.
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.
The TECHNOLOGY PORTFOLIO seeks long-term capital appreciation by investing
primarily in equity securities that demonstrate the potential for capital
appreciation, issued by companies the Subadvisor believes are positioned to
benefit from involvement in technology and technology-related industries
worldwide.
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
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<PAGE> 189
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.
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 ended January 31, 2000, 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>
Cash Management........................................ $ -- $ -- $ --
Corporate Bond......................................... (2,359) 2,359 --
Global Bond............................................ 2,266,228 (2,266,228) --
High-Yield Bond........................................ -- -- --
Worldwide High Income.................................. 232,643 (232,643) --
SunAmerica Balanced.................................... (4,280) 4,280 --
MFS Total Return....................................... (13,321) 13,321 --
Asset Allocation....................................... (244,323) 244,323 --
Telecom Utility........................................ (111,424) 119,241 (7,817)
Equity Income.......................................... (3,637) 3,637 --
Equity Index........................................... -- -- --
Growth-Income.......................................... 47 (47) --
</TABLE>
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<PAGE> 190
<TABLE>
<CAPTION>
ACCUMULATED ACCUMULATED
UNDISTRIBUTED NET UNDISTRIBUTED NET PAID-IN
INVESTMENT INCOME/(LOSS) REALIZED GAIN/(LOSS) CAPITAL
-------------------------------------------------------------
<S> <C> <C> <C>
Federated Value........................................ $ 27 $ (27) $ --
Davis Venture Value.................................... (1,231) 1,231 --
"Dogs" of Wall Street.................................. 1,179 -- (1,179)
Alliance Growth........................................ 2,564,824 (2,564,824) --
MFS Growth and Income.................................. (21,248) 21,248 --
Putnam Growth.......................................... 559,433 (559,433) --
Real Estate............................................ (5,073) 27,596 (22,523)
Small Company Value.................................... 20,513 (20,513) --
MFS Mid-Cap Growth..................................... 25,315 (25,315) --
Aggressive Growth...................................... -- -- --
International Growth and Income........................ 2,839,589 (2,827,747) (11,842)
Global Equities........................................ 312,176 (312,176) --
International Diversified Equities..................... (2,266,857) 1,948,261 318,596
Emerging Markets....................................... 172,715 (171,419) (1,296)
</TABLE>
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. Effective June
30, 1998, any organizational expenses will be expensed as incurred.
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, 2000 the Cash Management, SunAmerica Balanced, "Dogs" of Wall
Street, Blue Chip Growth, Aggressive Growth and Growth Opportunities
Portfolios had a 19.0%, 5.4%, 0.1%, 0.3%, 19.9% and 0.4%, respectively,
undivided interest, representing $51,531,000, $14,688,000, $183,000,
$795,000, $53,859,000 and $1,122,000, respectively, in principal amount, in a
joint repo with State Street Bank & Trust Co., which is dated July 31, 2000,
bears interest at the rate of 6.44% per annum, has a principal amount of
$271,076,000, and a repurchase price of $271,124,492, matures on August 1,
2000 and is collateralized by $45,910,000 U.S. Treasury Notes (bearing
interest at the rate of 6.125% per annum and maturing August 15, 2007),
$48,810,000 U.S. Treasury Notes (bearing interest at the rate of 6.875% per
annum and maturing May 15, 2006), $19,250,000 U.S. Treasury Bonds (bearing
interest at the rate of 8.875% per annum and maturing August 15, 2017),
$120,450,000 U.S. Treasury Notes (bearing interest at the rate of 6.625% per
annum and maturing May 15, 2007) and $24,880,000 U.S. Treasury Notes (bearing
interest at the rate of 6.625% per annum and maturing March 31, 2002), which
together have an approximate value of $276,541,500.
In addition, at July 31, 2000 the Cash Management, Blue Chip Growth,
Aggressive Growth and Growth Opportunities Portfolios had a 32.0%, 0.2%,
22.0% and 0.4%, respectively, undivided interest, representing $80,000,000,
$400,000, $55,000,000 and $1,100,000, respectively, in principal amount, in a
joint repo with Paine Webber, Inc., which is dated July 31, 2000, bears
interest at the rate of 6.50% per annum, has a principal amount of
$250,000,000, and a repurchase price of $250,045,139, matures on August 1,
2000 and is collateralized by $50,000,000 U.S. Treasury Bonds (bearing
interest at the rate of 7.50% per annum and maturing November 15, 2016),
$35,000,000 U.S. Treasury Bonds (bearing interest at the rate of 11.25% per
annum and maturing February 15, 2015), $100,000,000 U.S. Treasury Bonds
(bearing interest at the rate of 6.25% per annum and maturing May 15, 2030)
and $31,450,000 U.S. Treasury Notes (bearing interest at the rate of 10.75%
and maturing February 15, 2003), which together have an approximate value of
$255,547,646.
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.
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<PAGE> 191
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, 2000 the Worldwide High Income, Asset Allocation and
International Diversified Equities Portfolios had $40,500, $1,700,000 and
$6,145,351, respectively, in cash 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 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, 2000, transactions in written option
contracts were as follows:
<TABLE>
<CAPTION>
AGGRESSIVE GROWTH
-------------------------
CONTRACTS AMOUNT
--------- ------------
<S> <C> <C>
Written option contracts as of 1/31/00...................... (172) $ (472,110)
Option written during the period............................ (6,244) (13,139,288)
Written options assigned during the period.................. -- --
Written options closed during the period.................... 6,416 9,614,690
Written options expired during the period................... -- --
Net realized gain on written options closed/expired......... -- 3,996,708
------ ------------
Written option contracts as of 7/31/00...................... -- $ --
====== ============
</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, 2000, were as
follows:
<TABLE>
<CAPTION>
AGGREGATE AGGREGATE CAPITAL
UNREALIZED UNREALIZED GAIN/(LOSS) COST OF CAPITAL LOSS LOSS
GAIN LOSS NET INVESTMENTS CARRYOVER*+ UTILIZED
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Cash Management#..................... $ 12,825 $ 79,786 $ (66,961) $ 522,569,532 $ -- $ --
Corporate Bond#...................... 770,032 13,892,017 (13,121,985) 194,065,592 1,244,271 --
Global Bond#......................... 960,589 5,648,988 (4,688,399) 129,640,117 2,524,770 --
High-Yield Bond#..................... 2,866,651 40,147,336 (37,280,685) 333,239,611 11,652,345 --
Worldwide High Income................ 2,496,877 11,104,831 (8,607,954) 125,208,219 29,920,449 --
SunAmerica Balanced#................. 80,743,997 20,568,043 60,175,954 507,861,059 -- --
MFS Total Return#@................... 16,197,876 9,845,582 6,352,294 224,517,316 -- --
Asset Allocation#.................... 74,085,893 41,454,908 32,630,985 675,122,404 -- --
Telecom Utility#..................... 8,562,938 15,261,731 (6,698,793) 121,232,359 -- --
Equity Income#....................... 784,871 409,190 375,681 7,059,679 67,110 --
Equity Index......................... 11,822,821 7,007,202 4,815,619 62,786,934 -- --
Growth-Income#....................... 687,974,120 96,787,618 591,186,502 1,434,130,730 -- --
Federated Value...................... 32,484,679 32,753,044 (268,365) 205,688,820 -- --
Davis Venture Value#................. 658,318,857 170,451,872 487,866,985 2,074,810,143 -- --
"Dogs" of Wall Street................ 1,655,455 23,549,140 (21,893,685) 100,565,578 -- --
Alliance Growth...................... 682,995,512 136,890,722 546,104,790 2,661,931,917 -- --
Goldman Sachs Research............... 251,028 195,906 55,122 7,831,209 -- --
</TABLE>
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<PAGE> 192
<TABLE>
<CAPTION>
AGGREGATE AGGREGATE CAPITAL
UNREALIZED UNREALIZED GAIN/(LOSS) COST OF CAPITAL LOSS LOSS
GAIN LOSS NET INVESTMENTS CARRYOVER*+ UTILIZED
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
MFS Growth and Income@............... $ 46,535,373 $ 20,866,936 $ 25,668,437 $ 330,587,511 $ 2,233,544 $ --
Putnam Growth........................ 209,629,530 28,437,859 181,191,671 666,466,583 -- --
Blue Chip Growth..................... 89,367 146,047 (56,680) 4,022,208 -- --
Real Estate#......................... 9,197,116 2,469,498 6,727,618 63,594,711 8,675,657 --
Small Company Value.................. 854,566 629,221 225,345 5,782,903 -- --
MFS Mid-Cap Growth................... 26,052,829 23,681,365 2,371,464 247,958,587 -- --
Aggressive Growth.................... 68,639,464 42,151,325 26,488,139 535,249,268 -- --
Growth Opportunities................. 66,951 310,370 (243,419) 7,788,136 -- --
International Growth and Income@..... 24,778,524 16,434,805 8,343,719 297,545,658 -- --
Global Equities@..................... 138,870,730 19,066,739 119,803,991 547,614,402 -- --
International Diversified
Equities@.......................... 44,767,896 25,192,130 19,575,766 366,543,472 -- --
Emerging Markets@.................... 7,938,504 11,803,093 (3,864,589) 103,802,937 1,679,121 7,264,452
Technology........................... 119,621 861,065 (741,444) 10,438,471 -- --
</TABLE>
---------------
* Expires 2004-2008
# Post 10/31/99 Capital Loss Deferrals: Cash Management $6,347; Corporate
Bond $1,770,854; Global Bond $849,158; High-Yield Bond $5,047,999;
SunAmerica Balanced $1,300,099; MFS Total Return $412,854; Asset
Allocation $967,009; Telecom Utility $183,457; Equity Income $64,597;
Growth-Income $5,722,479; Davis Venture Value $2,566,698 and Real Estate
$3,282,327.
@ Post 10/31/99 Currency Loss Deferrals: MFS Total Return $2,505; MFS
Growth and Income $6,535; International Growth and Income $52,542; Global
Equities $672,732; International Diversified Equities $1,343,458 and
Emerging Markets $185.
+ Net capital loss carryovers reported as of January 31, 2000, 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.
5. MANAGEMENT OF THE TRUST: SunAmerica Asset Management Corp. ("SAAMCo" or
the "Adviser"), an indirect wholly-owned subsidiary of American International
Group, Inc. ("AIG"), 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, Blue Chip
Growth, Aggressive Growth and Growth Opportunities 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>
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%
</TABLE>
<TABLE>
-------------------------------------------------------------------
<S> <C> <C>
Worldwide High Income- > $ 0 million 1.00%
Small Company Value-
International Diversified
Equities
SunAmerica Balanced- $0--$ 50 million 0.70%
Growth-Income 0.65%
> $ 50 million 0.60%
0.55%
> $150 million 0.50%
> $300 million
> $500 million
MFS Total Return $0--$ 50 million 0.70%
0.65%
> $ 50 million
Telecom Utility- $0--$150 million 0.75%
Federated Value 0.60%
> $150 million 0.50%
> $500 million
</TABLE>
---------------------
192
<PAGE> 193
<TABLE>
<CAPTION>
MANAGEMENT
PORTFOLIO ASSETS FEES
----------------------------------------------------------------
<S> <C> <C>
Equity Income > $ 0 0.65%
Equity Index > $ 0 0.40%
Davis Venture Value- $0--$100 million 0.80%
Real Estate 0.75%
> $100 million 0.70%
> $500 million
"Dogs" of Wall Street > $ 0 0.60%
Alliance Growth $0--$ 50 million 0.70%
0.65%
> $ 50 million 0.60%
> $150 million
Goldman Sachs Research- $ 0 1.20%
Technology
MFS Growth and Income $0--$600 million 0.70%
0.65%
> $600 million 0.60%
> $ 1.5 billion
Putnam Growth $0--$150 million 0.85%
> $150 million 0.80%
> $300 million 0.70%
Blue Chip Growth $0--$250 million 0.70%
> $250 million 0.65%
> $500 million 0.60%
</TABLE>
<TABLE>
---------------------------------------------------------------
<S> <C> <C>
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%
Growth Opportunities $0--$250 million 0.75%
> $250 million 0.70%
> $500 million 0.65%
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>
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. Davis Venture Value
Real Estate
Federated Investment Counseling Corporate Bond
Telecom Utility
Federated Value
First American Asset Management Equity Income
Equity Index
Small Company Value
Goldman Sachs Asset Management Asset Allocation
Goldman Sachs Research
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
Technology
Putnam Investment Management, Inc. Putnam Growth
International Growth and Income
Emerging Markets
</TABLE>
---------------------
193
<PAGE> 194
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>
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%
Telecom Utility- $0--$ 20 million 0.55%
Federated Value > $ 20 million 0.35%
> $ 50 million 0.25%
> $150 million 0.20%
> $500 million 0.15%
Growth-Income $0--$ 50 million 0.35%
0.30%
> $ 50 million 0.25%
0.20%
> $150 million 0.15%
> $300 million
> $500 million
Equity Income > $ 0 0.30%
Equity Index > $ 0 0.125%
Davis Venture Value- $0--$100 million 0.45%
Real Estate > $100 million 0.40%
> $500 million 0.35%
</TABLE>
<TABLE>
------------------------------------------------------------------
<S> <C> <C>
Alliance Growth $0--$ 50 million 0.35%
0.30%
> $ 50 million 0.25%
> $150 million
Goldman Sachs Research $0--$500 million 0.80%
> $500 million 0.70%
MFS Growth and Income $0--$300 million 0.40%
0.375%
> $300 million 0.35%
0.325%
> $600 million 0.25%
> $900 million
> $ 1.5 billion
Putnam Growth $0--$150 million 0.50%
> $150 million 0.45%
> $300 million 0.35%
Small Company Value > $ 0 0.80%
International Growth $0--$150 million 0.65%
and Income 0.55%
> $150 million 0.45%
> $300 million
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%
Technology $0--$250 million 0.70%
> $250 million 0.65%
> $500 million 0.60%
</TABLE>
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%; Goldman Sachs
Research Portfolio -- 1.35%; Blue Chip Growth Portfolio -- 0.85%; Small
Company Value Portfolio -- 1.40%; MFS Mid-Cap Growth Portfolio -- 1.15%;
Growth Opportunities Portfolio -- 1.00%; Emerging Markets
Portfolio -- 1.90%; and Technology Portfolio -- 1.55%. 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, 2000, 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............................................... $ -- $ 89,742
Equity Index................................................ 3,676 106,898
Goldman Sachs Research...................................... -- 7,724
Blue Chip Growth............................................ -- 7,838
Small Company Value......................................... -- 95,249
MFS Mid-Cap Growth.......................................... 4,045 --
Growth Opportunities........................................ -- 7,375
Emerging Markets............................................ 44,522 --
Technology.................................................. -- 6,330
</TABLE>
---------------------
194
<PAGE> 195
6. PURCHASES AND SALES OF SECURITIES: Information with respect to purchases
and sales of long-term securities for the period ended July 31, 2000 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................... 34,138,045 19,789,521 5,717,365
Global Bond...................... 102,595,434 75,154,834 35,968,352
High-Yield Bond.................. 171,490,713 167,896,278 --
Worldwide High Income............ 85,837,778 86,897,299 --
SunAmerica Balanced.............. 153,501,197 123,925,094 541,376,520
MFS Total Return................. 74,414,260 54,144,019 45,903,218
Asset Allocation................. 97,276,773 145,972,947 306,494,950
Telecom Utility.................. 66,286,657 63,964,159 --
Equity Income.................... 2,330,495 1,571,763 --
Equity Index..................... 3,867,132 466,097 --
Growth-Income.................... 596,037,949 379,636,088 --
Federated Value.................. 51,450,935 54,763,116 --
Davis Venture Value.............. 458,803,370 464,835,971 --
"Dogs" of Wall Street............ -- 12,254,322 --
Alliance Growth.................. 1,430,085,002 1,281,448,386 --
Goldman Sachs Research........... 7,636,961 182,259 --
MFS Growth and Income............ 139,517,902 136,472,645 --
Putnam Growth.................... 293,959,060 269,796,988 --
Blue Chip Growth................. 3,031,256 197,692 --
Real Estate...................... 17,015,011 12,942,026 --
Small Company Value.............. 1,903,902 1,698,013 --
MFS Mid-Cap Growth............... 232,991,476 101,077,726 --
Aggressive Growth................ 730,063,847 661,927,674 --
Growth Opportunities............. 4,810,840 179,733 --
International Growth and
Income......................... 133,061,333 94,253,745 --
Global Equities.................. 353,118,521 307,260,367 --
International Diversified
Equities....................... 179,841,345 181,007,618 --
Emerging Markets................. 108,311,997 84,488,372 --
Technology....................... 10,838,364 507,932 --
<CAPTION>
SALES OF U.S.
GOVERNMENT SECURITIES
---------------------
<S> <C>
Cash Management.................. $ --
Corporate Bond................... 15,264,907
Global Bond...................... 41,206,008
High-Yield Bond.................. --
Worldwide High Income............ --
SunAmerica Balanced.............. 522,241,055
MFS Total Return................. 52,653,410
Asset Allocation................. 277,990,879
Telecom Utility.................. --
Equity Income.................... --
Equity Index..................... --
Growth-Income.................... --
Federated Value.................. --
Davis Venture Value.............. --
"Dogs" of Wall Street............ --
Alliance Growth.................. --
Goldman Sachs Research........... --
MFS Growth and Income............ --
Putnam Growth.................... --
Blue Chip Growth................. --
Real Estate...................... --
Small Company Value.............. --
MFS Mid-Cap Growth............... --
Aggressive Growth................ --
Growth Opportunities............. --
International Growth and
Income......................... --
Global Equities.................. --
International Diversified
Equities....................... --
Emerging Markets................. --
Technology....................... --
</TABLE>
7. TRANSACTIONS WITH AFFILIATES: The following Portfolios incurred
brokerage commissions with an affiliated broker:
<TABLE>
<CAPTION>
DONALDSON,
GOLDMAN SHELBY LUFKIN
SACHS & CO. CULLOM DAVIS & JENRETTE
----------- ------------ ----------
<S> <C> <C> <C>
Asset Allocation..................................... $1,699 $ -- $ --
Davis Venture Value.................................. -- 5,560 --
Alliance Growth...................................... -- -- 1,740
</TABLE>
As disclosed in the investment portfolios, certain portfolios own securities
issued by AIG or an affiliate thereof. Effective January 1, 1999 SAAMCo, the
investment adviser, became a wholly-owned subsidiary of AIG. During the six
months ended July 31, 2000, the following portfolios recorded realized
gains/losses and income on security transactions of AIG and subsidiaries of
AIG as follows:
<TABLE>
<CAPTION>
REALIZED
SECURITY GAIN/LOSS INCOME
-------- --------- ------
<S> <C> <C> <C>
Corporate Bond Crown Castle International Corp. $ -- $ 22,923
Asset Allocation Crown Castle International Corp. 7,218 33,721
Equity Index American International Group, Inc. -- 834
Davis Venture American International Group, Inc.
Value -- 9,163
Transatlantic Holdings, Inc. -- 141,850
Putnam Growth American International Group, Inc. -- 8,172
Real Estate Crown Castle International Corp. -- --
Global Equities American International Group, Inc. -- 5,631
</TABLE>
---------------------
195
<PAGE> 196
8. COMMITMENTS AND CONTINGENCIES: The High-Yield Bond, SunAmerica Balanced,
Growth-Income, Davis Venture Value, "Dogs" of Wall Street, Alliance Growth,
Aggressive Growth and Global Equities Portfolios have established committed and
uncommitted lines of credit with State Street Bank and Trust Company, the
Portfolios' custodian. Interest is currently payable at the Federal Funds rate
plus 50 basis points on the committed line and Federal Funds rate plus 100 basis
points on the uncommitted line of credit. There is also a commitment fee of 8
basis points per day for the daily unused portion of the committed line of
credit. 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.
---------------------
196
<PAGE> 197
---------------------
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
11/30/95 $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
1/31/00 10.67 0.51 -- 0.51
7/31/00+ 10.94 0.31 0.01 0.32
Corporate Bond Portfolio
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
1/31/00 11.99 0.81 (1.15) (0.34)
7/31/00+ 11.12 0.45 (0.16) 0.29
Global Bond Portfolio
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
1/31/00 11.95 0.42 (0.66) (0.24)
7/31/00+ 10.83 0.24 0.19 0.43
High-Yield Bond Portfolio
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
1/31/00 11.14 1.09 (0.55) 0.54
7/31/00+ 10.54 0.57 (0.56) 0.01
Worldwide High Income Portfolio
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)
1/31/00 10.12 1.13 0.67 1.80
7/31/00+ 10.59 0.57 (0.33) 0.24
<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
11/30/95 $ (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
1/31/00 (0.24) -- 10.94 4.85 466,588
7/31/00+ -- -- 11.26 2.93 481,159
Corporate Bond Portfolio
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
1/31/00 (0.53) -- 11.12 (2.75) 184,309
7/31/00+ -- -- 11.41 2.61 184,460
Global Bond Portfolio
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
1/31/00 (0.47) (0.41) 10.83 (1.86) 127,145
7/31/00+ -- -- 11.26 3.97 129,086
High-Yield Bond Portfolio
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
1/31/00 (1.14) -- 10.54 5.09 310,032
7/31/00+ -- -- 10.55 0.09 300,329
Worldwide High Income Portfolio
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
1/31/00 (1.33) -- 10.59 19.22 124,404
7/31/00+ -- -- 10.83 2.27 121,275
<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
11/30/95 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+ --
1/31/00 0.53 4.82 --
7/31/00+ 0.53+ 5.71+ --
Corporate Bond Portfolio
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
1/31/00 0.71 7.05 37
7/31/00+ 0.69+ 8.02+ 19
Global Bond Portfolio
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
1/31/00 0.84 3.68 189
7/31/00+ 0.81+@ 4.30+@ 104
High-Yield Bond Portfolio
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
1/31/00 0.67 10.00 105
7/31/00+ 0.69+@ 10.76+@ 57
Worldwide High Income Portfolio
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
1/31/00 1.12@ 10.68@ 116
7/31/00+ 1.10+@ 10.60+@ 73
</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%, 0.01%, 0.02%, and 0.01% for the
periods ending November 30, 1998, January 31, 1999, January 31,
2000, and July 31, 2000 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
--------------------------------------------------------
11/95 11/96 11/97 11/98 1/99+ 1/00 7/00+
--------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Cash Management............. 0.67% 0.62% 0.63% 0.58% 0.62% 0.53% 0.53%
Corporate Bond.............. 0.97 0.97 0.91 0.77 0.80 0.71 0.69
Global Bond................. 0.95 0.89 0.90 0.85 0.97 0.84 0.81
High-Yield Bond............. 0.80 0.77 0.75 0.69 0.72 0.67 0.69
Worldwide High Income....... 1.30 1.18 1.10 1.08 1.11 1.12 1.10
<CAPTION>
NET INVESTMENT INCOME (LOSS)
--------------------------------------------------------
11/95 11/96 11/97 11/98 1/99+ 1/00 7/00+
--------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Cash Management............. 5.32% 4.90% 5.06% 4.97% 5.02% 4.82% 5.71%
Corporate Bond.............. 5.92 6.11 6.99 6.61 6.16 7.05 8.02
Global Bond................. 5.89 5.44 4.70 4.27 3.65 3.68 4.30
High-Yield Bond............. 10.80 9.41 9.26 9.75 9.71 10.00 10.76
Worldwide High Income....... 10.46 10.45 7.58 8.90 9.57 10.68 10.60
</TABLE>
See Notes to Financial Statements
---------------------
197
<PAGE> 198
---------------------
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
1/31/00 17.24 0.36 1.80 2.16
7/31/00+ 19.06 0.18 0.26 0.44
MFS Total Return Portfolio
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
1/31/00 15.84 0.48 (0.38) 0.10
7/31/00+ 13.88 0.25 0.83 1.08
Asset Allocation Portfolio
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
1/31/00 15.03 0.40 0.37 0.77
7/31/00+ 14.52 0.20 0.52 0.72
Telecom 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
1/31/00 14.57 0.48 0.23 0.71
7/31/00+ 14.42 0.19 (1.03) (0.84)
Equity Income Portfolio
12/14/98-1/31/99 10.00 0.03 0.54 0.57
1/31/00 10.54 0.22 (0.08) 0.14
7/31/00+ 10.25 0.10 0.05 0.15
<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
1/31/00 (0.12) (0.22) 19.06 12.76 509,054
7/31/00+ -- -- 19.50 2.31 586,483
MFS Total Return Portfolio
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
1/31/00 (0.29) (1.77) 13.88 0.29 208,919
7/31/00+ -- -- 14.96 7.78 233,156
Asset Allocation Portfolio
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
1/31/00 (0.48) (0.80) 14.52 5.51 699,063
7/31/00+ -- -- 15.24 4.96 687,361
Telecom 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
1/31/00 (0.24) (0.62) 14.42 5.01 120,159
7/31/00+ -- -- 13.58 (5.83) 115,086
Equity Income Portfolio
12/14/98-1/31/99 (0.03) -- 10.54 5.70 5,287
1/31/00 (0.18) (0.25) 10.25 1.29 6,670
7/31/00+ -- -- 10.40 1.46 7,303
<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
1/31/00 0.66 2.01 197
7/31/00+ 0.64+ 1.89+ 131
MFS Total Return Portfolio
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
1/31/00 0.75@ 3.18@ 116
7/31/00+ 0.72+@ 3.53+@ 52
Asset Allocation Portfolio
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
1/31/00 0.63 2.70 191
7/31/00+ 0.63+ 2.71+ 61
Telecom 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
1/31/00 0.84 3.31 121
7/31/00+ 0.83+@ 2.72+@ 56
Equity Income Portfolio
12/14/98-1/31/99 0.95+++ 1.87+++ 14
1/31/00 0.95++ 2.05++ 34
7/31/00+ 0.95+++ 1.87+++ 24
</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
----------------------------------------------------
11/95 11/96 11/97 11/98 1/99+ 1/00 7/00+
----------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
SunAmerica Balanced..... --% 1.43% 1.00% 0.78% 0.74% 0.66% 0.64%
MFS Total Return........ 1.11 0.84 0.82 0.77 0.81 0.75 0.72
Asset Allocation........ 0.81 0.74 0.68 0.64 0.66 0.63 0.63
Telecom Utility......... -- 1.93 1.24 1.01 0.93 0.84 0.83
Equity Income........... -- -- -- -- 3.47 1.56 2.00
<CAPTION>
NET INVESTMENT INCOME (LOSS)
----------------------------------------------------
11/95 11/96 11/97 11/98 1/99+ 1/00 7/00+
----------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
SunAmerica Balanced..... --% 1.49% 1.82% 2.10% 1.73% 2.01% 1.89%
MFS Total Return........ 2.95 2.74 2.63 2.43 2.40 3.18 3.53
Asset Allocation........ 3.62 3.66 2.88 3.15 2.60 2.70 2.71
Telecom Utility......... -- 3.53 2.96 3.04 3.02 3.31 2.72
Equity Income........... -- -- -- -- (0.65) 1.44 0.82
</TABLE>
See Notes to Financial Statements
---------------------
198
<PAGE> 199
---------------------
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
ASSET INVEST- NET REALIZED FROM DECLARED FROM FROM NET
VALUE MENT & UNREALIZED INVEST- NET REALIZED
PERIOD BEGINNING INCOME GAIN (LOSS) ON MENT INVESTMENT GAIN ON
ENDED OF PERIOD (LOSS)** INVESTMENTS OPERATIONS INCOME INVESTMENTS
----------------------------------------------------------------------------------------------------------------------------
<S> <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) $ --
1/31/00 11.15 0.12 0.67 0.79 (0.06) --
7/31/00+ 11.88 0.04 0.30 0.34 -- --
Growth-Income Portfolio
11/30/95 10.33 0.17 3.31 3.48 (0.10) --
11/30/96 13.71 0.18 3.48 3.66 (0.12) (0.43)
11/30/97 16.82 0.17 4.69 4.86 (0.13) (0.73)
11/30/98 20.82 0.17 4.33 4.50 (0.13) (0.96)
1/31/99# 24.23 0.02 3.63 3.65 -- --
1/31/00 27.88 0.16 4.75 4.91 (0.15) (1.40)
7/31/00+ 31.24 0.07 1.81 1.88 -- --
Federated Value Portfolio
6/3/96-11/30/96 10.00 0.07 1.01 1.08 -- --
11/30/97 11.08 0.13 2.72 2.85 (0.03) --
11/30/98 13.90 0.17 2.35 2.52 (0.06) (0.30)
1/31/99# 16.06 0.02 0.54 0.56 -- --
1/31/00 16.62 0.20 (0.14) 0.06 (0.12) (0.69)
7/31/00+ 15.87 0.16 (0.28) (0.12) -- --
Davis Venture Value Portfolio
11/30/95 9.78 0.17 3.55 3.72 (0.03) --
11/30/96 13.47 0.18 3.46 3.64 (0.09) (0.12)
11/30/97 16.90 0.19 4.73 4.92 (0.09) (0.26)
11/30/98 21.47 0.20 2.23 2.43 (0.12) (0.68)
1/31/99# 23.10 0.03 1.25 1.28 -- --
1/31/00 24.38 0.13 3.06 3.19 (0.20) (0.93)
7/31/00+ 26.44 0.05 1.91 1.96 -- --
"Dogs" of Wall Street Portfolio
4/1/98-11/30/98 10.00 0.11 (0.30) (0.19) -- --
1/31/99# 9.81 0.02 (0.23) (0.21) -- --
1/31/00 9.60 0.21 (1.12) (0.91) (0.05) (0.26)
7/31/00+ 8.38 0.11 (0.63) (0.52) -- --
<CAPTION>
NET NET RATIO OF NET
ASSET ASSETS RATIO OF INVESTMENT
VALUE END OF EXPENSES TO INCOME TO
PERIOD END OF TOTAL PERIOD AVERAGE NET AVERAGE NET PORTFOLIO
ENDED PERIOD RETURN*** (000'S) ASSETS ASSETS TURNOVER
-------------------------------------- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Equity Index Portfolio
12/14/98-1/31/99 $11.15 11.81% $ 11,168 0.55%+++ 0.75%+++ --%
1/31/00 11.88 7.05 63,487 0.55++ 1.02++ 1
7/31/00+ 12.22 2.86 67,612 0.55+ 0.66+ 1
Growth-Income Portfolio
11/30/95 13.71 33.89 171,281 0.77 1.42 59
11/30/96 16.82 27.41 325,463 0.72 1.21 82
11/30/97 20.82 30.11 622,062 0.65 0.89 44
11/30/98 24.23 21.91 1,019,590 0.60 0.78 53
1/31/99# 27.88 15.06 1,206,113 0.60+ 0.55+ 16
1/31/00 31.24 18.37 1,828,340 0.56 0.56 43
7/31/00+ 33.12 6.02 2,035,720 0.56+ 0.41+ 20
Federated Value Portfolio
6/3/96-11/30/96 11.08 10.80 12,460 1.05+++ 1.26+++ 30
11/30/97 13.90 25.75 59,024 1.03 1.03 46
11/30/98 16.06 18.22 145,900 0.83 1.13 51
1/31/99# 16.62 3.49 159,176 0.86+ 0.75+ 4
1/31/00 15.87 0.17 208,488 0.77 1.17 34
7/31/00+ 15.75 (0.76) 207,851 0.76+ 2.05+ 25
Davis Venture Value Portfolio
11/30/95 13.47 38.17 154,908 1.00++ 1.43++ 18
11/30/96 16.90 27.44 516,413 0.85 1.21 22
11/30/97 21.47 29.62 1,140,053 0.79 0.98 22
11/30/98 23.10 11.36 1,725,411 0.75 0.89 25
1/31/99# 24.38 5.54 1,840,354 0.77+ 0.86+ 5
1/31/00 26.44 13.42 2,303,994 0.74 0.51 23
7/31/00+ 28.40 7.41 2,557,943 0.75+ 0.39+ 19
"Dogs" of Wall Street Portfolio
4/1/98-11/30/98 9.81 (1.90) 65,283 0.85+++ 2.04+++ --
1/31/99# 9.60 (2.14) 78,062 0.85+ 0.93+ 58
1/31/00 8.38 (10.02) 98,924 0.67 2.11 51
7/31/00+ 7.86 (6.21) 80,186 0.73+ 2.80+ --
</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
-----------------------------------------------------
11/95 11/96 11/97 11/98 1/99+ 1/00 7/00+
-----------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Equity Index ......... --% --% --% --% 1.80% 0.85% 0.55%
Growth-Income......... 0.77 0.72 0.65 0.60 0.60 0.56 0.56
Federated Value....... -- 1.57 1.03 0.83 0.86 0.77 0.76
Davis Venture Value... 1.02 0.85 0.79 0.75 0.77 0.74 0.75
"Dogs" of Wall
Street................ -- -- -- 0.92 0.85 0.67 0.73
<CAPTION>
NET INVESTMENT INCOME (LOSS)
-----------------------------------------------------
11/95 11/96 11/97 11/98 1/99+ 1/00 7/00+
-----------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Equity Index ......... --% --% --% --% 0.50% 0.72% 0.66%
Growth-Income......... 1.42 1.21 0.89 0.78 0.55 0.56 0.41
Federated Value....... -- 0.74 1.03 1.13 0.75 1.17 2.05
Davis Venture Value... 1.41 1.21 0.98 0.89 0.86 0.51 0.39
"Dogs" of Wall
Street................ -- -- -- 1.97 0.93 2.11 2.80
</TABLE>
See Notes to Financial Statements
---------------------
199
<PAGE> 200
---------------------
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
11/30/95 $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
1/31/00 35.26 (0.04) 4.46 4.42 (0.05) (3.05) 36.58
7/31/00+ 36.58 (0.03) 2.45 2.42 -- -- 39.00
Goldman Sachs Research Portfolio
7/5/00-7/31/00+ 10.00 -- 0.21 0.21 -- -- 10.21
MFS Growth and Income Portfolio
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
1/31/00 16.98 0.10 0.11 0.21 (0.03) (3.81) 13.35
7/31/00+ 13.35 0.04 0.36 0.40 -- -- 13.75
Putnam Growth Portfolio
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
1/31/00 23.53 (0.02) 3.76 3.74 (0.01) (0.78) 26.48
7/31/00+ 26.48 (0.02) 0.61 0.59 -- -- 27.07
Blue Chip Growth Portfolio
7/5/00-7/31/00+ 10.00 0.02 (0.09) (0.07) -- -- 9.93
<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
11/30/95 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
1/31/00 14.09 2,875,413 0.63 (0.11) 77
7/31/00+ 6.62 3,181,338 0.64+ (0.14)+ 42
Goldman Sachs Research Portfolio
7/5/00-7/31/00+ 2.10 7,526 1.35+++ 0.16+++ 5
MFS Growth and Income Portfolio
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
1/31/00 1.77 337,222 0.75 0.66 64
7/31/00+ 3.00 358,118 0.75+ 0.57+ 40
Putnam Growth Portfolio
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
1/31/00 16.51 783,896 0.80 (0.09) 76
7/31/00+ 2.23 846,559 0.78+ (0.17)+ 33
Blue Chip Growth Portfolio
7/5/00-7/31/00+ (0.70) 4,193 0.85+++ 1.48+++ 17
</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
----------------------------------------------------
11/95 11/96 11/97 11/98 1/99+ 1/00 7/00+
----------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Alliance Growth............... 0.79% 0.71% 0.65% 0.58% 0.63% 0.63% 0.64%
Goldman Sachs Research........ -- -- -- -- -- -- 3.09
MFS Growth and Income......... 0.76 0.74 0.73 0.70 0.75 0.75 0.75
Putnam Growth................. 0.93 0.90 0.91 0.86 0.86 0.80 0.78
Blue Chip Growth.............. -- -- -- -- -- -- 3.93
<CAPTION>
NET INVESTMENT INCOME(LOSS)
-----------------------------------------------------
11/95 11/96 11/97 11/98 1/99+ 1/00 7/00+
-----------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Alliance Growth............... 0.51% 0.51% 0.37% 0.27% (0.01)% (0.11)% (0.14)%
Goldman Sachs Research........ -- -- -- -- -- -- (1.58)
MFS Growth and Income......... 1.01 0.82 0.77 0.17 0.38 0.66 0.57
Putnam Growth................. (0.05) (0.02) 0.18 0.09 (0.19) (0.09) (0.17)
Blue Chip Growth.............. -- -- -- -- -- -- (1.60)
</TABLE>
See Notes to Financial Statements
---------------------
200
<PAGE> 201
---------------------
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>
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
1/31/00 9.61 0.39 (1.14) (0.75) (0.33) -- 8.53
7/31/00+ 8.53 0.22 1.70 1.92 -- -- 10.45
Small Company Value Portfolio
12/14/98-1/31/99 10.00 -- 0.05 0.05 (0.02) -- 10.03
1/31/00 10.03 (0.04) 0.58 0.54 -- (0.05) 10.52
7/31/00+ 10.52 (0.03) 1.19 1.16 -- -- 11.68
MFS Mid-Cap Growth Portfolio
4/1/99-1/31/00 10.00 (0.01) 5.84 5.83 -- (0.23) 15.60
7/31/00+ 15.60 (0.01) 3.35 3.34 -- -- 18.94
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
1/31/00 15.52 -- 8.59 8.59 (0.03) (1.36) 22.72
7/31/00+ 22.72 0.01 0.68 0.69 -- -- 23.41
Growth Opportunities Portfolio
7/5/00-7/31/00+ 10.00 0.02 (0.35) (0.33) -- -- 9.67
<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>
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
1/31/00 (8.03) 53,766 0.92 4.24 61
7/31/00+ 22.51 70,114 0.96+ 4.71+ 22
Small Company Value Portfolio
12/14/98-1/31/99 0.49 5,024 1.40+++ 0.12+++ 6
1/31/00 5.37 5,226 1.40++ (0.40)++ 65
7/31/00+ 11.03 5,927 1.40+++ (0.46)+++ 32
MFS Mid-Cap Growth Portfolio
4/1/99-1/31/00 58.26 81,636 1.15+++@ (0.13)+++@ 108
7/31/00+ 21.41 242,748 0.82+ (0.11)+ 66
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
1/31/00 60.62 450,073 0.75 0.02 131
7/31/00+ 3.04 610,031 0.69+@ 0.10+@ 135
Growth Opportunities Portfolio
7/5/00-7/31/00+ (3.30) 5,557 1.00+++@ 2.46+++@ 8
</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
@ Net of custody credits of 0.02% and 0.01% for the periods ending
January 31, 2000 and July 31, 2000, respectively.
++ 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 NET INVESTMENT INCOME(LOSS)
-------------------------------------------- ---------------------------------------------
11/96 11/97 11/98 1/99+ 1/00 7/00+ 11/96 11/97 11/98 1/99+ 1/00 7/00+
-------------------------------------------- ---------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Real Estate................... --% 1.36% 0.95% 1.01% 0.92% 0.96% --% 3.14% 4.21% 5.63% 4.24% 4.71%
Small Company Value........... -- -- -- 3.87 2.25 2.65 -- -- -- (2.35) (1.25) (1.71)
MFS Mid-Cap Growth............ -- -- -- -- 1.17 0.82 -- -- -- -- (0.15) (0.11)
Aggressive Growth............. 1.09 0.90 0.83 0.82 0.75 0.69 0.42 (0.13) 0.32 0.13 0.02 0.10
Growth Opportunities.......... -- -- -- -- -- 3.55 -- -- -- -- -- (0.09)
</TABLE>
See Notes to Financial Statements
---------------------
201
<PAGE> 202
---------------------
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>
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
1/31/00 11.50 0.15 1.97 2.12 (0.45) (0.89) 12.28
7/31/00+ 12.28 0.10 0.68 0.78 -- -- 13.06
Global Equities Portfolio
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
1/31/00 18.61 0.06 4.00 4.06 (0.21) (1.37) 21.09
7/31/00+ 21.09 (0.01) 0.68 0.67 -- -- 21.76
International Diversified Equities Portfolio
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
1/31/00 13.07 0.13 1.91 2.04 (0.21) (0.08) 14.82
7/31/00+ 14.82 0.09 (0.88) (0.79) -- -- 14.03
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
1/31/00 6.22 (0.03) 4.81 4.78 -- -- 11.00
7/31/00+ 11.00 (0.01) (1.72) (1.73) -- -- 9.27
Technology Portfolio
7/5/00-7/31/00+ 10.00 -- (0.28) (0.28) -- -- 9.72
<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>
International Growth and Income
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
1/31/00 17.99 253,962 1.21 1.16 75
7/31/00+ 6.35 310,015 1.15+ 1.49+ 34
Global Equities Portfolio
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
1/31/00 23.67 632,495 0.84 0.30 94
7/31/00+ 3.18 676,030 0.83+ (0.08)+ 47
International Diversified Equities Portfolio
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
1/31/00 15.85 464,988 1.22 0.95 65
7/31/00+ (5.33) 423,483 1.21+ 1.22+ 48
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
1/31/00 76.86 102,740 1.90@ (0.41)@ 145
7/31/00+ (15.73) 102,478 1.58+ (0.15)+ 77
Technology Portfolio
7/5/00-7/31/00+ (2.80) 9,704 1.55+++ 0.24+++ 11
</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
-----------------------------------------------------
11/95 11/96 11/97 11/98 1/99+ 1/00 7/00+
-----------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
International Growth and Income... --% --% 2.02% 1.46% 1.46% 1.21% 1.15%
Global Equities................... 1.14 1.03 0.95 0.88 0.86 0.84 0.83
International Diversified
Equities.......................... 2.09 1.59 1.35 1.26 1.26 1.22 1.21
Emerging Markets.................. -- -- 2.60 2.01 2.29 1.90 1.58
Technology........................ -- -- -- -- -- -- 2.66
<CAPTION>
NET INVESTMENT INCOME (LOSS)
-----------------------------------------------------
11/95 11/96 11/97 11/98 1/99+ 1/00 7/00+
-----------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
International Growth and Income... --% --% 0.19% 1.12% (0.10)% 1.16% 1.49%
Global Equities................... 1.02 1.04 0.58 0.46 (0.04) 0.30 (0.08)
International Diversified
Equities.......................... 0.37 0.47 0.82 1.18 (0.43) 0.95 1.22
Emerging Markets.................. -- -- 0.63 0.50 0.21 (0.41) (0.15)
Technology........................ -- -- -- -- -- -- (0.87)
</TABLE>
See Notes to Financial Statements
---------------------
202
